EVANSVILLE, Ind.--(BUSINESS WIRE)--Dec. 19, 2017--
Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of moderately
priced footwear and accessories, today announced that its Board of
Directors authorized a new share repurchase program for up to $50
million of its outstanding common stock, effective January 1, 2018. In
addition, its Board of Directors approved the payment of a quarterly
cash dividend of $0.075 per share to be paid on January 22, 2018, to
shareholders of record as of the close of business on January 8, 2018.
The new share repurchase program will replace the existing $50 million
share repurchase program that was authorized on December 6, 2016, which
will expire in accordance with its terms on December 31, 2017. There is
currently $13.0 million that remains authorized for repurchases under
the existing share repurchase program. Additional purchases may be made
under the existing share repurchase program prior to its expiration.
The purchases under the new share repurchase program may be made in the
open market or through privately negotiated transactions from
time-to-time through December 31, 2018, and in accordance with
applicable laws, rules and regulations. Repurchases may also be made
pursuant to a Rule 10b5-1 plan, which, if adopted by the Company, would
permit shares to be repurchased in accordance with pre-determined
criteria when the Company might otherwise be prohibited from doing so
under insider trading laws or because of self-imposed trading blackout
periods. The share repurchase program may be amended, suspended or
discontinued at any time and does not commit the Company to repurchase
shares of its common stock. The Company intends to fund the share
repurchase program from cash on hand and any shares acquired will be
available for stock-based compensation awards and other corporate
purposes. The actual number and value of the shares to be purchased will
depend on the performance of the Company’s stock price and other market
conditions.
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 December 19, 2017, the
Company operates 416 stores in 35 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 and
hurricane recovery 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; our
ability to successfully navigate the increasing use of on-line retailers
for fashion purchases and the impact on traffic and transactions in our
physical stores; our ability to attract customers to our e-commerce
website and to successfully grow our e-commerce sales; 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
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 business 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 business plans; higher than anticipated costs
associated with the closing of underperforming stores; the inability of
manufacturers to deliver products in a timely manner; changes in the
political and economic environments in, and continued favorable trade
relations with, China and other countries which are the major
manufacturers of footwear; the impact of regulatory changes in the
United States and the countries where our manufacturers are located; 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; the impact of any tax reform; 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/20171219006164/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