Shoe Carnival Updates Fourth Quarter 2011 Sales and Earnings Guidance; Cuts Forecast; Guides Q4 EPS $0.20-0.23 vs $0.34 Est

Shoe Carnival, Inc. SCVL 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.