EVANSVILLE, Ind., Jan. 7 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL) announced today that its board of directors has authorized a
share repurchase program that will allow the Company to purchase up to
$10 million of its common stock.
The purchases are to be made from time to time at prevailing market prices
in the open market or in privately negotiated transactions, depending on
market conditions and other factors. The program is authorized through
December 31, 2000. At yesterday's closing price of $7.438, the repurchase
program would allow the Company to purchase approximately 1,344,447 shares, or
10.1 percent of the approximately 13,341,225 shares of common stock
outstanding. The repurchase program may be suspended from time to time
without further notice.
This press release contains certain forward looking statements that
involve a number of risks and uncertainties. Among the factors that could
cause actual results to differ materially are the following: general economic
conditions in the areas of the United States in which the Company's stores are
located; changes in the overall retail environment and more specifically in
the apparel and footwear retail sectors; the impact of competition, weather
patterns, consumer buying trends and the ability of the Company to identify
and respond to emerging fashion trends; the availability of desirable store
locations and management's ability to negotiate acceptable lease terms and
open new stores in a timely manner; and changes in the political and economic
environments in the People's Republic of China and Brazil, where most of the
Company's products are manufactured, and the continued favorable trade
relationships between those countries and the United States.
Shoe Carnival is a chain of 139 footwear stores located in the Midwest and
mid-South. Combining value pricing with an entertaining store format, Shoe
Carnival is a leading retailer of name brand and private label footwear for
the entire family. Headquartered in Evansville, IN, Shoe Carnival trades on
the Nasdaq Stock Market under the symbol SCVL. Shoe Carnival's press releases
and annual report are available on the Company's website at
http://www.shoecarnival.com/ .
SOURCE Shoe Carnival, Inc.
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Related links:
http://www.shoecarnival.com
Company News On-Call:
http://www.prnewswire.com/comp/127183.html or fax,
800-758-5804, ext. 127183
CONTACT:
Mark L. Lemond, President and Chief Executive
Officer, or W. Kerry Jackson, Vice President and Chief Financial
Officer of Shoe Carnival, Inc., 812-867-4034
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