On September 21, 2023, Shoe Carnival (SCVL) announced a 20% dividend hike to $0.12 quarterly per share. This is the second dividend hike in 2023 for a total increase of 33.3%. The retailer of moderately priced footwear and accessories will now pay an estimated $13 million in dividends to shareholders annually. Last year SCVL announced a dividend hike of 28.6%.

The increased quarterly cash dividend of $0.12 per share will be paid on October 17, 2023, to shareholders of record as of the close of business on October 3, 2023. The dividend yield for Shoe Carnival is 2.14% at a stock price of $23.37. The next ex-dividend date for SCVL will be October 2, 2023.

“This marks our 46th consecutive quarterly dividend. With continued strong cash flow generation and no long-term debt, the Board’s decision to significantly increase the quarterly dividend demonstrates our confidence in driving continued shareholder returns, while also investing to grow the business,” commented Mark Worden, Shoe Carnival’s President and Chief Executive Officer.

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.