Shoe Carnival Gains As Guidance, Stock Split Buoy Sentiment

By Dhirendra Tripathi

Investing.com – Shoe Carnival (NASDAQ:SCVL) rose nearly 4% during Monday’s session after the company’s positive guidance and the announcement of a stock split.

For fiscal 2021, Shoe Carnival anticipates net sales to be in excess of $1.15 billion and diluted net income per share to be in excess of $6 pre-stock split.

The EPS is seen in excess of $3 post-stock split.

Net sales are expected to surpass any previous full fiscal year record by over $100 million, and diluted net income per share is expected to more than double the company’s previous fiscal year record of $2.92 per share on pre-split basis.

The footwear retailer will also do a two-for-one stock split. Each holder of the company’s common stock will get one share for every share held.

The record date for the stock split is July 6. The dividend shares are scheduled to be distributed on July 19. The company expects the adjusted number of shares outstanding and adjusted per share stock price to be effective July 20.

The recently announced cash dividend of 14 cents per share, which is also payable on July 19, will be paid on a pre-split basis.

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