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

Shoe Carnival, Inc. 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.

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