Shoe Carnival (SCVL) Announces 2-for-1 Stock Split; Provides Guidance

June 21, 2021 4:06 PM EDT

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Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of footwear and accessories for the family, announced today that its Board of Directors has authorized a two-for-one stock split of the Company's common stock. The stock split will be effected by the payment of a stock dividend of one share on each share of common stock to shareholders of record at the close of business on Tuesday, July 6, 2021. The dividend shares are scheduled to be distributed on Monday, July 19, 2021. The Company expects the adjusted number of shares outstanding and adjusted per share stock price reported by the Nasdaq Stock Market to be effective Tuesday, July 20, 2021. The recently announced cash dividend of $0.14 per share, which is also payable on July 19, 2021, will be paid on a pre-split basis.

“The Board’s approval of this stock split along with the recent dividend increase, further underscores its confidence in Shoe Carnival’s long-term growth trajectory. We are truly excited about the strength of our concept, dedication of our team and unwavering commitment to our customers continuing to position Shoe Carnival as a leader in the family footwear segment,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

Fiscal 2021 Guidance

The Company also provided full year net sales and earnings guidance for fiscal 2021. For the full fiscal year 2021, Shoe Carnival anticipates net sales to be in excess of $1.15 billion and diluted net income per share to be in excess of $6.00 pre-stock split, or in excess of $3.00 post-stock split. Net sales are expected to surpass any previous full fiscal year record by over $100 million, and diluted net income per share is expected to more than double the Company’s previous fiscal year record of $2.92 per share (pre-split basis).

“The fundamentals of our business remain robust. We have maintained strong momentum as we move through the second fiscal quarter, and as a result, we have provided an initial outlook for our full fiscal year 2021. We look forward to providing more detail on our second quarter earnings call,” noted Mark Worden, President and Incoming Chief Executive Officer



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