Footwear company Shoe Carnival Inc. said in a Dec. 19 SEC filing that its board of directors authorized a new share repurchase program for $50 million of its outstanding common stock, effective Jan. 1, 2018.
Buyers can purchase shares either in the open market or through privately negotiated transactions until Dec. 31, 2018. The actual number and value of shares will depend on the stock price performance of the footwear retailer and other market conditions.
The program will replace the company's current $50 million share repurchase program, which was authorized Dec. 6, 2016 and is set to expire Dec. 31, 2017. Under the existing share buyback plan, the company can still repurchase $13 million worth of shares.