Shoe Carnival (SCVL) will raise its quarterly dividend by 28.6 percent to 9 cents per share in 2022. This follows a dividend hike of no less than 55.6 percent to 14 cents quarterly in 2021. The company is on of very few retailers not cutting or suspending the dividend in 2020 because of COVID-19. The retailer of moderately priced footwear and accessories will now pay an estimated $10 million in dividends to shareholders annually.

The Board of Directors of SCVL approved a 29 percent increase to the quarterly cash dividend from $0.07 to $0.09 per share. The quarterly cash dividend will be paid on April 18, 2022, to shareholders of record as of the close of business on April 4, 2022. Additionally, the Company has $50 million available in calendar 2022 for future repurchases under its share repurchase program. A new annual rate of 36 cents per share yields 0.9% at a stock price of $34.49.

Shoe Carnival, Inc. is a family footwear retailer, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. In addition to footwear, its stores carry selected accessory items, such as socks, belts, shoe care items, handbags, sport bags, backpacks, jewelry, scarves and wallets. The company operates stores in The United States and Puerto Rico. Shoe Carnival went public in 1993 and has paid a dividend every year since 2012.