Shoe Carnival Reiterates Fiscal 2015 Sales and Earnings Outlook

EVANSVILLE, Ind.–(BUSINESS WIRE)–Shoe Carnival, Inc. (Nasdaq: SCVL), a leading retailer of moderately
priced footwear and accessories, today announced the reiteration of its
sales and earnings outlook for the fourth quarter ending January 30,
2016. In addition, the Company announced that comparable store sales
increased 2.9 percent for the first two months of the fourth quarter.

The Company continues to expect fiscal 2015 net sales to be in the range
of $980 million to $987 million, with a comparable store sales increase
of approximately 3.0 percent. Earnings per diluted share for the fiscal
year are expected to be in the range of $1.38 to $1.43. This represents
an increase of 9 percent to 13 percent over fiscal 2014 earnings per
diluted share of $1.27.

The Company does not plan to provide preliminary financial information
in the future other than in unique circumstances, or in the event of a
material event that requires disclosure. As previously disclosed,
members of the Shoe Carnival management team will present at the 18^th
Annual ICR Conference on Tuesday, January 12, 2016, at 12:30 p.m.
Eastern Time in Orlando, FL. The audio portion of the presentation will
be webcast live, and a replay will be available on the Investors section
of Shoe Carnival’s web site at www.shoecarnival.com.

About Shoe Carnival

Shoe Carnival, Inc. is one of the nation’s largest family footwear
retailers, offering a broad assortment of moderately priced dress,
casual and athletic footwear for men, women and children, with emphasis
on national and regional name brands. As of January 11, 2016, the
Company operates 405 stores in 34 states and Puerto Rico, and offers
online shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ
Stock Market LLC under the symbol SCVL. Shoe Carnival’s press releases
and annual report are available on the Company’s website at www.shoecarnival.com.

Cautionary Statement Regarding Forward-Looking Information

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. A number of factors could
cause our actual results, performance, achievements or industry results
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements.
These factors include, but are not limited to: general economic
conditions in the areas of the continental United States and Puerto Rico
in which our stores are located; the effects and duration of economic
downturns and unemployment rates; changes in the overall retail
environment and more specifically in the apparel and footwear retail
sectors; our ability to generate increased sales at our stores; the
potential impact of national and international security concerns on the
retail environment; changes in our relationships with key suppliers; the
impact of competition and pricing; our ability to successfully manage
and execute our marketing initiatives and maintain positive brand
perception and recognition; changes in weather patterns, consumer buying
trends and our ability to identify and respond to emerging fashion
trends; the impact of disruptions in our distribution or information
technology operations; the effectiveness of our inventory management;
the impact of hurricanes or other natural disasters on our stores, as
well as on consumer confidence and purchasing in general; risks
associated with the seasonality of the retail industry; the impact of
unauthorized disclosure or misuse of personal and confidential
information about our customers, vendors and employees; our ability to
manage our third-party vendor relationships; our ability to successfully
execute our growth strategy, including the availability of desirable
store locations at acceptable lease terms, our ability to open new
stores in a timely and profitable manner, including our entry into major
new markets, and the availability of sufficient funds to implement our
growth plans; higher than anticipated costs associated with the closing
of underperforming stores; our ability to successfully grow our
e-commerce business; the inability of manufacturers to deliver products
in a timely manner; changes in the political and economic environments
in China, Brazil, Europe and East Asia, where the primary manufacturers
of footwear are located; the impact of regulatory changes in the United
States and the countries where our manufacturers are located; the
continued favorable trade relations between the United States and China
and the other countries which are the major manufacturers of footwear;
the resolution of litigation or regulatory proceedings in which we are
or may become involved; and our ability to meet our labor needs while
controlling costs; and other factors described in the Company’s SEC
filings, including the Company’s latest Annual Report on Form 10-K.

In addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may be incorrect or imprecise and
involve known and unknown risks, uncertainties and other factors.
Accordingly, any forward-looking statements included in this press
release do not purport to be predictions of future events or
circumstances and may not be realized. Forward-looking statements can be
identified by, among other things, the use of forward-looking terms such
as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “pro forma,”
“anticipates,” “intends” or the negative of any of these terms, or
comparable terminology, or by discussions of strategy or intentions.
Given these uncertainties, we caution investors not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. We disclaim any obligation to update any of these factors
or to publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or developments.

Contacts

Shoe Carnival, Inc.
Cliff Sifford
President,
Chief Executive Officer and
Chief Merchandising Officer
or
W.
Kerry Jackson
Senior Executive Vice President
Chief
Operating and Financial Officer and Treasurer
(812) 867-6471