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Shoe Carnival Updates Fourth Quarter 2011 Sales And Earnings Guidance

Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories, today announced updated sales and earnings guidance for the 13-week fourth quarter ended January 28, 2012. 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.

The Company expects fourth quarter net sales to be in the range of $181 to $182 million with a comparable store sales decline in the range of 3.0 to 3.5 percent. Earnings per diluted share in the fourth quarter of fiscal 2011 are expected to be in the range of $0.20 to $0.23. In the fourth quarter of fiscal 2010, comparable store sales increased 4.6 percent and earnings per diluted share were $0.33.

For fiscal 2011, the Company expects net sales to be in the range of $761 to $762 million and comparable store sales to increase approximately 0.7 percent. Earnings per diluted share for fiscal 2011 are expected to be in the range of $1.92 to $1.95. For fiscal 2010, comparable store sales increased 8.2 percent and earnings per diluted share were $2.05.

Speaking on the results for the quarter, Mark Lemond, president and chief executive officer, said, “Our fourth quarter sales and earnings results have been significantly affected by a decline in the sale of boots, particularly women’s boots. Our boot sales in the first two months of the fourth quarter last year increased 20 percent on a comparable basis, whereas this year boot sales have declined 15 percent in our comparable stores. We attribute this decline in large part to unseasonably warm weather. Additionally, due to increased promotional activity focused on boot sales, we expect the gross profit margin for the fourth quarter to decline by approximately 170 basis points.”

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