Shoe Carnival's Board of Directors authorized a new share repurchase program for up to $50 million of its outstanding common stock. This program will become effective on January 1, 2025, and will replace an existing $50 million share repurchase program set to expire on December 31, 2024.
The company intends to fund the repurchases from cash on hand, demonstrating its strong capital structure and liquidity management. Purchases under the new program may occur in the open market or through privately negotiated transactions until December 31, 2025.
Mark Worden, President and CEO, stated that the company continues to drive solid cash flow, funding operations and growth strategies without debt. This initiative underscores the company's commitment to delivering enhanced shareholder value.
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