Company to Pay Quarterly Cash Dividend of $0.07 Per Share, An
Eight Percent Increase Over Prior Quarterly Cash Dividend
EVANSVILLE, Ind.--(BUSINESS WIRE)--Jun. 17, 2016--
Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of moderately
priced footwear and accessories, announced today that its Board of
Directors has approved the payment of a quarterly cash dividend.
The quarterly cash dividend of $0.07 per share will be paid on July 18,
2016, to shareholders of record as of the close of business on July 5,
2016.
“We are pleased with the Board’s decision to once again increase our
quarterly cash dividend. We believe this reflects our expectation for
continued generation of free cash-flow and aligns with our ongoing goal
of enhancing total return to our shareholders,” stated Cliff Sifford,
Shoe Carnival’s President and Chief Executive Officer.
Future declarations of dividends are subject to approval of the Board of
Directors and will depend on the Company's results of operations,
financial condition, business conditions and other factors deemed
relevant by the Board of Directors.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear
retailers, offering a broad assortment of moderately priced dress,
casual and athletic footwear for men, women and children with emphasis
on national and regional name brands. As of June 17, 2016, the Company
operates 406 stores in 34 states and Puerto Rico, and offers online
shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ
Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases
and annual report are available on the Company's website at www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, that
involve a number of risks and uncertainties. A number of factors could
cause our actual results, performance, achievements or industry results
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements.
These factors include, but are not limited to: general economic
conditions in the areas of the continental United States in which our
stores are located and the impact of the ongoing economic crisis in
Puerto Rico on sales at, and cash flows of, our stores located in Puerto
Rico; the effects and duration of economic downturns and unemployment
rates; changes in the overall retail environment and more specifically
in the apparel and footwear retail sectors; our ability to generate
increased sales at our stores; the potential impact of national and
international security concerns on the retail environment; changes in
our relationships with key suppliers; the impact of competition and
pricing; our ability to successfully manage and execute our marketing
initiatives and maintain positive brand perception and recognition;
changes in weather patterns, consumer buying trends and our ability to
identify and respond to emerging fashion trends; the impact of
disruptions in our distribution or information technology operations;
the effectiveness of our inventory management; the impact of hurricanes
or other natural disasters on our stores, as well as on consumer
confidence and purchasing in general; risks associated with the
seasonality of the retail industry; the impact of unauthorized
disclosure or misuse of personal and confidential information about our
customers, vendors and employees; our ability to manage our third-party
vendor relationships; our ability to successfully execute our growth
strategy, including the availability of desirable store locations at
acceptable lease terms, our ability to open new stores in a timely and
profitable manner, including our entry into major new markets, and the
availability of sufficient funds to implement our growth plans; higher
than anticipated costs or impairment charges associated with the closing
of underperforming stores; our ability to successfully grow our
e-commerce sales; the inability of manufacturers to deliver products in
a timely manner; changes in the political and economic environments in
China, Brazil, Europe and East Asia, where the primary manufacturers of
footwear are located; the impact of regulatory changes in the United
States and the countries where our manufacturers are located; the
continued favorable trade relations between the United States and China
and the other countries which are the major manufacturers of footwear;
the resolution of litigation or regulatory proceedings in which we are
or may become involved; our ability to meet our labor needs while
controlling costs; and future stock repurchases under our stock
repurchase program and future dividend payments; and other factors
described in the Company’s SEC filings, including the Company’s latest
Annual Report on Form 10-K.
In addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may be incorrect or imprecise and
involve known and unknown risks, uncertainties and other factors.
Accordingly, any forward-looking statements included in this press
release do not purport to be predictions of future events or
circumstances and may not be realized. Forward-looking statements can be
identified by, among other things, the use of forward-looking terms such
as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “pro forma,”
“anticipates,” “intends” or the negative of any of these terms, or
comparable terminology, or by discussions of strategy or intentions.
Given these uncertainties, we caution investors not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. We disclaim any obligation to update any of these factors
or to publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or developments.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160617005844/en/
Source: Shoe Carnival, Inc.
Shoe Carnival, Inc.
Cliff Sifford
President
and Chief Executive Officer
or
W. Kerry Jackson
Senior
Executive Vice President,
Chief Operating and Financial
Officer and Treasurer
(812) 867-6471