Shoe Carnival Declares Increased Quarterly Cash Dividend

Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of footwear and accessories for the family, announced today that its Board of Directors has approved the payment of a quarterly cash dividend of $0.135 per share, representing a quarterly increase of 12.5 percent and an increased annualized dividend rate to $0.54 per share.

The quarterly cash dividend will be paid on April 22, 2024, to shareholders of record as of the close of business on April 8, 2024.

“This marks our 48th consecutive quarterly dividend and the 10th consecutive year we have increased the dividend. In the last twelve months, we have increased the quarterly dividend by 35 percent. Our growth strategy and profit transformation position us to continue generating strong cash flows and fund our operations without long-term debt. The Board’s decision to increase the quarterly dividend demonstrates our confidence in delivering growth and further enhancing shareholder returns,” commented Mark Worden, Shoe Carnival’s President and Chief Executive Officer.

Future declarations of dividends are subject to approval of the Board of Directors and will depend on the Company’s results of operations, financial condition, business conditions and other factors deemed relevant by the Board of Directors.

About Shoe Carnival

Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of dress, casual and athletic footwear for men, women and children with emphasis on national name brands. As of March 14, 2024, the Company operates 429 stores in 36 states and Puerto Rico under its Shoe Carnival and Shoe Station banners and offers shopping at www.shoecarnival.com and www.shoestation.com. Headquartered in Evansville, IN, Shoe Carnival, Inc. trades on The Nasdaq Stock Market LLC under the symbol SCVL. Press releases and annual reports are available on the Company's website at www.shoecarnival.com.

Cautionary Statement Regarding Forward-Looking Information

As used herein, “we,” “our” and “us” refer to Shoe Carnival, Inc. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties, such as statements about our future growth, operations, cash flows and shareholder returns, as well as our growth strategy and profit transformation.