Shoe Carnival, Inc (NASDAQ:SCVL) reported a $50-million buyback program and declared a quarterly cash dividend of $0.085 per share.
The chain, based in Evansville, Indiana, announced Friday the new share repurchase program will replace the existing $50 million share repurchase program that was authorized on December 13, which will expire in accordance with its terms on December 31.
There is currently $19.1 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, 2020, 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.
Shoe Carnival, claims to be 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 name brands. The Company operates 393 stores in 35 states and Puerto Rico.
SCVL shares took on 54 cents, or 1.5%, to $36.78