Shoe Carnival expects sales in the current fiscal year to be more than $1.15 billion and diluted net income per share to be in excess of $6.00 before a planned two-for-one stock split, or above $3.00 post-stock split.
The forecast sales would surpass its previous sales record by over $100 million, while diluted net income per share would to more than double the company’s previous full-year record of $2.92.
“The fundamentals of our business remain robust. We have maintained strong momentum as we move through the second fiscal quarter, and as a result, we have provided an initial outlook for our full fiscal year 2021,” noted Mark Worden, president and incoming CEO.
Shoe Carnival’s board authorized the two-for-one stock split of the company’s common stock. The stock split will be effected by the payment of a stock dividend of one share on each share of common stock to shareholders of record at the close of business on July 6. The dividend shares are scheduled to be distributed on July 19. The announced cash dividend of $0.14 per share, which is also due on July 19, will be paid on a pre-split basis.