Shoe Carnival CEO to Retire

October 17, 2012

News Release

Evansville, Ind. -- Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of value-priced footwear and accessories, announced today that Mark L. Lemond is retiring for health reasons from his positions as president, chief executive officer and director effective October 27, 2012.

The Company also announced several promotions of its senior executives effective October 27, 2012 to reallocate key responsibilities. Clifton E. Sifford, currently Executive Vice President – General Merchandise Manager, will succeed Mr. Lemond as President and Chief Executive Officer, on a permanent basis, and will also have the title of Chief Merchandising Officer. Mr. Sifford will join the Board of Directors effective October 27, 2012. W. Kerry Jackson, currently Executive Vice President – Chief Financial Officer and Treasurer, will assume the additional position of Chief Operating Officer. Timothy T. Baker, who is Executive Vice President – Store Operations, will also oversee all real estate operations at the Company.

"The Board of Directors is grateful to Mark for his many years of leadership," said Wayne Weaver, chairman of the board of the Company. "Mark's contributions have helped make Shoe Carnival the successful and innovative retailer that it is today. The Board and management team join me in wishing him a return to full health and good luck with any future pursuits."

Mr. Lemond said, "Due to certain health reasons and my desire to spend more time with my family, I have decided to retire at the end of this fiscal quarter. It has been my great pleasure to have been associated with this company for nearly 25 years and to have been its CEO for 16 years. In my opinion, we have assembled the best executive management team in the retail footwear industry. I am proud of our record of accomplishments and am confident that team will continue to drive this company forward to realize its full potential."

Mr. Weaver added, "As Mark said, we are fortunate to have a highly-experienced team of senior executives, one that is highly-regarded in the industry. The Board has full confidence in Cliff, Kerry and Tim's ability to continue and surpass the many accomplishments that were achieved during Mark's tenure."

The Company also reaffirmed that it expects its third quarter net sales to be in the range of $240 to $245 million with a comparable store sales increase in the range of 4 to 6 percent. Expected earnings per diluted share in the third quarter of fiscal 2012 were also reaffirmed in the range of $0.55 to $0.60. In the third quarter of fiscal 2011, the Company earned $0.52 per diluted share.

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 today, the Company operates 347 stores in 32 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.

Source: Shoe Carnival Inc.