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Shoe Carnival with new share repurchase program

Dec 16, 2019 United States
Shoe Carnival with new share repurchase program
The footwear retailer announced a new 50 million US dollars share repurchase program. At the same time Shoe Carnival also announced the payment of a quarterly dividend to shareholders
The Indiana-based footwear company has announced that its Board of Directors authorized a new share repurchase program for up to 50 million US dollars of its outstanding common stock, effective from the 1st of January 2020.

In addition, its Board of Directors approved the payment of a quarterly cash dividend of 0.085 US dollars per share to be paid on the 27th of January 2020, to shareholders of record as of the close of business on the 13th of January 2020.

The new share repurchase program will replace the existing 50 million US dollars share repurchase program that was authorized on the 13th of December 2018, which will expire in accordance with its terms on the 31st of December 2019. There is currently a 19.1 million US dollars 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 the 31st of December 2020, and in accordance with applicable laws, rules and regulations. Shoe Carnival 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.

Image credits: Jp Valery on Unsplash

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