Benzinga | Dec 20, 2021 07:04AM EST

Shoe Carnival Adopts $50M Share Buyback Program

* Shoe Carnival Inc (NASDAQ:SCVL) said its Board of Directors authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2022.

* The new share repurchase program will replace an existing $50 million share repurchase program authorized on December 15, 2020, which will expire on December 31, 2021.

* The Board also approved a quarterly cash dividend of $0.07 per share, payable on January 24, 2022, to shareholders of record on January 10, 2022.

* Shoe carnival held $191.2 million in cash and equivalents as of October 30, 2021.

* Price Action: SCVL shares closed 1.99% higher at $37.97 on Friday.