Shoe Carnival Declares Quarterly Cash Dividend

Company to Pay Quarterly Cash Dividend of $0.085 Per Share, a Six
Percent Increase Over Prior Quarterly Cash Dividend

EVANSVILLE, Ind.–(BUSINESS WIRE)–Shoe Carnival, Inc. (NASDAQ: SCVL) a leading retailer of moderately
priced footwear and accessories, announced today that its Board of
Directors has approved a six percent increase in its quarterly cash
dividend.

The quarterly cash dividend of $0.085 per share will be paid on July 22,
2019, to shareholders of record as of the close of business on July 8,
2019.

“We are happy to announce another increase to our quarterly cash
dividend, as approved by our Board of Directors. This action further
demonstrates our ongoing goal of enhancing total return to our
shareholders,” stated Cliff Sifford, 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 moderately priced dress,
casual and athletic footwear for men, women and children with emphasis
on national name brands. As of June 14, 2019, the Company operates 395
stores in 35 states and Puerto Rico, and offers online shopping at www.shoecarnival.com.
Headquartered in Evansville, Indiana, 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.

Contacts

Cliff Sifford
President and Chief Executive Officer, or
W.
Kerry Jackson
Senior Executive Vice President, Chief Operating and
Financial Officer and Treasurer

7500 East Columbia Street
Evansville, IN 47715
www.shoecarnival.com
(812)
867-6471