Shoe Carnival’s board authorized a new share repurchase program of up to $50 million, effective from Jan. 1.

The share buyback will replace the existing $50 million share buyback that was cleared on Dec. 12, 2019. Currently, $43.1 million remain available under the existing program and additional purchases may still be made prior to its expiry. But, the shoe retailer does not anticipate buying shares due to the uncertainty caused by the Covid-19 pandemic. It stressed that it will also be cautious with share repurchases under the new program.

The company declared a quarterly cash dividend of $0.090 per share to be paid on Jan. 25.