By Shan Zee
9:45 AM UTC
With 7 days remaining to its next earnings and a rise of 10.23% over the past week, shares of the moderately priced footwear and accessories retailer Shoe Carnival Inc. (SCVL) have been trending upward. SCVL stock has added $0.97 or 2.09% in mid-session today reaching $47.31.
Shoe Carnival ranks among the biggest sellers of family footwear in the United States. It provides a wide selection of relatively affordable sports, dress and casual footwear for people of all ages with a focus on national popular brands. The business has 383 stores in 35 states and Puerto Rico as of December 17, 2020, and provides online purchasing facility on its website.
The Evansville, Ind.-based company this month paid its shareholders with a dividend of $0.09. Dividend that was paid on January 8, was initially announced to be paid by January 25, 2021 and came up with a dividend yield of 0.98% to the price levels at the time.
Last month, the company announced its Board of Directors’ authorization, effective January 1, 2021, of a new share repurchase scheme for up to $50 million of its outstanding common stock. The new share repurchase program came replacing the company previous $50 million share repurchase program approved by the BOD a year earlier and was to be expired on 31 December 2020 in compliance with its terms. Under the new equity repurchase scheme, the actual amount approved for making repurchases was $43.1 million with a condition of making further purchases prior to the expiry under the current equity repurchase program.
However, considering the uncertainties surrounding the COVID-19 pandemic, Shoe Carnival Inc. (SCVL) was not intending to repurchase any new stock under the existing repurchase program. At the time, the company planned to keep tracking the effects of the deadly virus on its business and to be vigilant with the buyback of shares under the newly approved program when more information on the efficacy of the COVID-19 spread management mechanisms becomes clear and was analyzed.