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<SEC-DOCUMENT>0000895447-06-000055.txt : 20061215
<SEC-HEADER>0000895447-06-000055.hdr.sgml : 20061215
<ACCEPTANCE-DATETIME>20061215145131
ACCESSION NUMBER:		0000895447-06-000055
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20061215
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061215
DATE AS OF CHANGE:		20061215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHOE CARNIVAL INC
		CENTRAL INDEX KEY:			0000895447
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-SHOE STORES [5661]
		IRS NUMBER:				351736614
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21360
		FILM NUMBER:		061280066

	BUSINESS ADDRESS:	
		STREET 1:		8233 BAUMGART ROAD
		CITY:			EVANSVILLE
		STATE:			IN
		ZIP:			47725
		BUSINESS PHONE:		8128674661

	MAIL ADDRESS:	
		STREET 1:		8233 BAUMGART RD
		CITY:			EVANSVILLE
		STATE:			IN
		ZIP:			47725
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>buyback8k.htm
<DESCRIPTION>SCVL STOCK BUY BACK 8-K
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=738>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=4><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" HEIGHT=4><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B>Washington, D.C. 20549</P>
<P ALIGN="CENTER"></P>
<B><FONT SIZE=4><P ALIGN="CENTER">FORM 8-K</P>
<P ALIGN="CENTER"><BR>
</FONT>CURRENT REPORT</P>
<P ALIGN="CENTER">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</P>
</B>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P>Date of Report (Date of earliest event reported) </TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><P ALIGN="CENTER">December 11, 2006</B></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<U></U>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<B><P ALIGN="CENTER">SHOE CARNIVAL, INC.</B></TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="32%" VALIGN="TOP">
<B><P ALIGN="CENTER">Indiana</B></TD>
<TD WIDTH="5%" VALIGN="TOP">
<B><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</B></TD>
<TD WIDTH="30%" VALIGN="TOP">
<B><P ALIGN="CENTER">0-21360</B></TD>
<TD WIDTH="5%" VALIGN="TOP">
<B><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</B></TD>
<TD WIDTH="28%" VALIGN="TOP">
<B><P ALIGN="CENTER">35-1736614</B></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P ALIGN="CENTER">(State or other jurisdiction <BR>
of incorporation)</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P ALIGN="CENTER">(Commission File <BR>
Number)</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">
<P ALIGN="CENTER">(IRS Employer<BR>
 Identification No.)</TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="60%" VALIGN="TOP">
<B><P>8233 Baumgart Road, Evansville, IN</B></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD WIDTH="27%" VALIGN="TOP">
<B><P ALIGN="CENTER">47725</B></TD>
</TR>
<TR><TD WIDTH="60%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="60%" VALIGN="TOP">
<P>(Address of principal executive offices)</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="CENTER">(Zip Code)</TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="54%" VALIGN="TOP">
<P>Registrant's telephone number, including area code</TD>
<TD WIDTH="46%" VALIGN="TOP">
<B><P ALIGN="CENTER">(812) 867-6471</B></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="46%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP">
<B><P ALIGN="CENTER">Not Applicable</B></TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">(Former name or former address if changed since last report)</TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="JUSTIFY">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General Instruction A.2. below):</P>

<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=641>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>[&nbsp;&nbsp;]</TD>
<TD WIDTH="90%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>[&nbsp;&nbsp;]</TD>
<TD WIDTH="90%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>[&nbsp;&nbsp;]</TD>
<TD WIDTH="90%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>[&nbsp;&nbsp;]</TD>
<TD WIDTH="90%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=738>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" HEIGHT=4><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=4><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<P>&nbsp;</P>
<B><P>Item 1.01.&nbsp;&nbsp;Entry into a Material Definitive Agreement.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;15, 2006, Shoe Carnival, Inc. (the "Company") entered into an Amendment (the "Amendment") to its Amended and Restated Credit Agreement (the "Credit Facility") with U.S. Bank National Association, Wachovia Bank, National Association and Fifth Third Bank.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Amendment amends the Credit Facility to (a)&nbsp;extend the maturity date to April&nbsp;30, 2010, (b)&nbsp;permit stock repurchases of up to $50&nbsp;million during the term of the Credit Facility, (c)&nbsp;exclude the effect of stock repurchases from the minimum net worth test, (d)&nbsp;provide that the net worth at the end of each fiscal year must equal or exceed the net worth at the end of the preceding fiscal year and (e)&nbsp;provide that the net worth at the end of each fiscal quarter must equal or exceed the net worth at the end of the most recently completed fiscal year.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit&nbsp;4(x) hereto and is incorporated herein by reference and constitutes a part of this report.</P>

<B><P>Item 8.01.  Other Events.</P>

</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;15, 2006, the Company announced a share repurchase program for up to $50&nbsp;million of its outstanding common stock.  A copy of the press release is filed as Exhibit&nbsp;99.1 hereto and is incorporated herein by reference.</P>
<B>
<P>Item 9.01.&nbsp;&nbsp;Financial Statements and Exhibits.<BR>
</P>
</B><P>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:</P>

<P>The following exhibits are being filed herewith:<BR>
</P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=594>
<TR><TD WIDTH="17%" VALIGN="TOP">
<U><P>Exhibit No.</U></TD>
<TD WIDTH="83%" VALIGN="TOP">
<U><P>Exhibits</U></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<P>4(x)</TD>
<TD WIDTH="83%" VALIGN="TOP">
<P>Eighth Amendment to Amended and Restated Credit Agreement dated December&nbsp;15, 2006 between Registrant and U.S. Bank National Association, Wachovia Bank, National Association and Fifth Third Bank</TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<P>99.1</TD>
<TD WIDTH="83%" VALIGN="TOP">
<P>Press Release of Registrant dated December&nbsp;15, 2006</TD>
</TR>
</TABLE>
</CENTER></P>

<B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SIGNATURES</P>
</B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=622>
<TR><TD VALIGN="TOP">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</TD>
</TR>
</TABLE>
</CENTER></P>


<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=625>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="43%" VALIGN="MIDDLE" COLSPAN=2>
<B><P ALIGN="CENTER">SHOE CARNIVAL, INC.</B></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="43%" VALIGN="MIDDLE" COLSPAN=2>
<P ALIGN="CENTER">(Registrant)</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="38%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="38%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P ALIGN="RIGHT">Dated:&nbsp;&nbsp;December 15, 2006</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="MIDDLE">
<FONT SIZE=2><P>By:</FONT></TD>
<TD WIDTH="38%" VALIGN="MIDDLE">
<B><P>/s/ W. Kerry Jackson</B></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="28%" VALIGN="MIDDLE" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="MIDDLE" HEIGHT=1><P></P></TD>
<TD WIDTH="38%" VALIGN="MIDDLE" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="MIDDLE">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="38%" VALIGN="MIDDLE">
<P>W. Kerry Jackson</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="MIDDLE">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="38%" VALIGN="MIDDLE">
<P>Executive Vice President and<BR>
Chief Financial Officer</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="MIDDLE">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="38%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
</TABLE>
</CENTER></P>


<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>EXHIBIT INDEX</P>
</B>
<P>&nbsp;</P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=594>
<TR><TD WIDTH="17%" VALIGN="TOP">
<U><P>Exhibit No.</U></TD>
<TD WIDTH="83%" VALIGN="TOP">
<U><P>Exhibits</U></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<P>4(x)</TD>
<TD WIDTH="83%" VALIGN="TOP">
<P>Eighth Amendment to Amended and Restated Credit Agreement dated December&nbsp;15, 2006 between Registrant and U.S. Bank National Association, Wachovia Bank, National Association and Fifth Third Bank</TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<P>99.1</TD>
<TD WIDTH="83%" VALIGN="TOP">
<P>Press Release of Registrant dated December&nbsp;15, 2006</TD>
</TR>
</TABLE>
</CENTER></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>2
<FILENAME>scvl8thcreditagreementamend.htm
<DESCRIPTION>SCVL 8TH CREDIT AGREEMENT AMENDMENT
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT</TITLE>
</HEAD>
<BODY LINK="#008080" VLINK="#800080">

<B><U><FONT SIZE=3><P ALIGN="CENTER">EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "<U>Amendment</U>"), effective as of December 15, 2006, is made by and between:  U.S. BANK NATIONAL ASSOCIATION, a national banking association, formerly known as Firstar Bank, N. A., successor by merger to Firstar Bank Missouri, National Association, formerly known as Mercantile Bank National Association ("<U>U.S. Bank</U>"), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, formerly known as First Union National Bank ("<U>Wachovia</U>"), FIFTH THIRD BANK, a Michigan banking corporation ("<U>Fifth Third</U>"; and collectively with U.S. Bank and Wachovia referred to herein as the "<U>Banks</U>"); U.S. BANK NATIONAL ASSOCIATION, a national banking association, formerly known as Firstar Bank, N.A., a national banking association, successor by merger to Firstar Bank Missouri, National Association, formerly known as Mercantile Bank National Association, in its
 capacity as agent for the Banks (in such capacity, "<U>Agent</U>"); and SHOE CARNIVAL, INC., an Indiana corporation ("<U>Borrower</U>").</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="CENTER">WITNESSETH</U>:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Banks, Agent and Borrower are parties to the Amended and Restated Credit Agreement dated as of April 16, 1999, as amended by the First Amendment to Amended and Restated Credit Agreement dated as of March 24, 2000, the Second Amendment to Amended and Restated Credit Agreement dated as of November 8, 2000, the Third Amendment to Amended and Restated Credit Agreement dated as of March 18, 2002, the Fourth Amendment to Amended and Restated Credit Agreement dated as of March 12, 2003, the Fifth Amendment to Amended and Restated Credit Agreement dated as of April 5, 2004, the Sixth Amendment to Amended and Restated Credit Agreement dated as of April 5, 2005, and the Seventh Amendment to Amended and Restated Credit Agreement dated as of March 31, 2006 (as amended, the "<U>Agreement</U>");</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Banks, Agent and Borrower wish to further amend the Agreement and to make certain revisions to the Agreement as hereinafter set forth;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in order to effect such amendments and in consideration of the premises herein set forth, Borrower, Agent and Banks agree as follows:</P>
</FONT><B><FONT SIZE=4><P ALIGN="JUSTIFY"></B></FONT><FONT SIZE=3>1.</FONT><B><FONT SIZE=4>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=3>The Agreement is amended as follows:</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">(a)</FONT><B><FONT SIZE=4>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=3>The definition of "Term" set forth in Section 1.01 of the Agreement is deleted and replaced with the following:</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">""<U>Term</U>" means the period from the Effective Date up to and including April 30, 2010, except that (i) all, but not less than all, of the Banks may, in their sole discretion, extend such Term for additional one-year periods by notifying Borrower of each such extension at least twelve (12) months prior to the expiration of the then current Term end of their intention to extend the Term by an additional year; and (ii) Agent may terminate the Banks' obligations hereunder at any time prior to such stated maturity date or any extension thereof pursuant to Article 6 herein."</P>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1(e)(i) of the Agreement is deleted and replaced with the following:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Have, as of the end of each fiscal quarter during the Term hereof, a Net Worth of not less than the amount shown as Borrower's Net Worth on its most recent fiscal year end financial statements delivered in pursuant to Section 5.1(a)(i), provided that Net Worth for any fiscal year end shall not in any event be less than the Net Worth for the previous fiscal year end.  For purposes of determining compliance with the foregoing covenant, the impact of any repurchases of Borrower's common stock will not be included in the calculation of Net Worth."</P>
</DIR>
</DIR>

<P>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2(e) of the Agreement is deleted and replaced with the following:</P>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Redemptions and Distributions</U>.  With respect to its capital stock, Borrower will not declare or make any dividend or other Distribution to its shareholders (excluding any stock split or stock dividend) unless, immediately after giving effect to the proposed Distribution, (i) no Default or Event of Default is existing or would occur as a result of such dividend or Distribution, and (ii) such proposed Distribution, if made for the repurchase of Borrower's common stock after the date of this Agreement, shall not exceed Fifty Million Dollars ($50,000,000.00) in the aggregate; provided, that, nothing in this Agreement shall be deemed to prohibit Borrower from redeeming Borrower's common stock for tax withholding purposes in connection with Borrower's 2000 stock option and incentive plan."</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the amendments made by Agent and Banks herein, contemporaneously with the execution of this Amendment, Borrower shall pay to Agent, for distribution to Banks on an equal basis, a non-refundable and fully earned amendment fee in the aggregate amount of Six Thousand Dollars ($6,000.00) (the "Amendment Fee").</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower hereby represents and warrants to Agent and to Banks that:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Borrower of this Amendment are within the corporate powers of Borrower, have been duly authorized by all necessary corporate action and require no action by or in respect of, or filing with, any governmental or regulatory body, agency or official.  The execution, delivery and performance by Borrower of this Amendment do not conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under or result in any violation of, and Borrower is not now in default under or in violation of, the terms of the Articles of Incorporation or Bylaws of Borrower, any applicable law, any rule, regulation, order, writ, judgment or decree of any court or governmental or regulatory agency or instrumentality, or any agreement or instrument to which Borrower is a party or by which it is bound or to which it is subject;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment has been duly executed and delivered and constitutes the legal, valid and binding obligation of Borrower enforceable in accordance with its terms; and</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, all of the covenants, representations and warranties of Borrower set forth in the Agreement are true and correct and no "Event of Default" (as defined therein) under or within the meaning of the Agreement, as hereby amended, has occurred and is continuing.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement, as hereby amended, is and shall remain the binding obligation of Borrower, and except to the extent amended by this Amendment, all of the terms, provisions, conditions, agreements, covenants, representations, warranties and powers contained in the Agreement shall be and remain in full force and effect and the same are hereby ratified and confirmed.  This Amendment amends the Agreement and is not a novation thereof.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references in the Agreement to "this Agreement" and any other references of similar import shall henceforth mean the Agreement as amended by this Amendment.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that Borrower may not assign, transfer or delegate any of its rights or obligations hereunder.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment is made solely for the benefit of Borrower, Agent and Banks as set forth herein, and is not intended to be relied upon or enforced by any other person or entity.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Notice Required by Section 432.047 R.S. Mo.</U>  ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S)) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall be governed by and construed in accordance with the internal laws of the State of Missouri.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any inconsistency or conflict between this Amendment and the Agreement, the terms, provisions and conditions of this Amendment shall govern and control.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision contained in this Amendment to the contrary, this Amendment shall not be effective unless and until Agent shall have received the following, all in form and substance acceptable to Agent: </P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this Amendment, duly executed by Borrower, Banks, and Agent; </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Secretary's Certificate and Resolutions which evidence the approval of this Amendment, duly certified by the Secretary of Borrower;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Certificate of Good Standing for Borrower, issued by the Indiana Secretary of State, or other proof of current good standing acceptable to Agent; </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Amendment Fee; and</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such other documents and information as reasonably requested by Agent or Banks.</P>
<B><P ALIGN="JUSTIFY"></P></DIR>
</DIR>

</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the parties hereto have executed this Amendment as of the day and year first above written.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(SIGNATURES ON FOLLOWING PAGE)</P>
</B><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">SIGNATURE PAGE-</P>
<P ALIGN="CENTER">EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT </P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHOE CARNIVAL, INC.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;<U>/s/ W. Kerry Jackson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;W. Kerry Jackson, Executive Vice President,</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Commitment:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. BANK NATIONAL ASSOCIATION</P>
<P ALIGN="JUSTIFY">$24,000,000.00 (34.28571%)</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;<U>/s/ Karen A. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karen Meyer, Vice President</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. BANK NATIONAL ASSOCIATION, as Agent</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;<U>/s/ Karen A. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karen Meyer, Vice President&#9;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Commitment:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WACHOVIA BANK, NATIONAL ASSOCIATION</P>
<P ALIGN="JUSTIFY">$24,000,000.00 (34.28571%)</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;<U>/s/ Mimi Howard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</U><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mimi Howard, Vice President</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Commitment: :&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH THIRD BANK</P>
<P ALIGN="JUSTIFY">$22,000,000.00 (31.42857%)</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;<U>/s/ Dwight Hamilton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Hamilton, Senior Vice President</P></FONT></BODY>
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<DESCRIPTION>SCVL STOCK BUY BACK PRESS RELEASE
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<B><FONT SIZE=1><P>8233 Baumgart Road<BR>
Evansville, IN 47725<BR>
www.shoecarnival.com<BR>
(812) 867-4037</B></FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">Contact Mark L. Lemond<BR>
President and Chief Executive Officer<BR>
or W. Kerry Jackson<BR>
Executive Vice President, Chief Financial Officer<BR>
and Treasurer</B></FONT></TD>
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<TR><TD WIDTH="39%" VALIGN="TOP">
<B><I><P>FOR IMMEDIATE RELEASE</B></I></TD>
<TD WIDTH="61%" VALIGN="TOP">
<P>&nbsp;</TD>
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<P><HR></P>
<B><P ALIGN="CENTER">SHOE CARNIVAL, INC. ANNOUNCES SHARE REPURCHASE PROGRAM</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evansville, Indiana, December 15, 2006 - Shoe Carnival, Inc. (Nasdaq: SCVL), a leading retailer of value-priced footwear and accessories, announced today that, in view of the Company's current cash position and anticipated future operating cash flows, its Board of Directors authorized the Company to acquire up to $50&nbsp;million of its outstanding common stock. The purchases may be made in the open market or in any private transaction, from time-to-time through December&nbsp;31, 2008 and in accordance with applicable laws, rules and regulations. Any shares acquired will be available for stock-based compensation awards and other corporate purposes. The Company had approximately 13.5&nbsp;million shares of common stock outstanding as of December&nbsp;1, 2006. The closing price of the Common Stock on the Nasdaq Global Select Market as of December&nbsp;14, 2006, was $29.43.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This press release contains forward-looking statements that involve a number of risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: general economic conditions in the areas of the United States in which our stores are located; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; the potential impact of national and international security concerns on the retail environment; changes in our relationships with key suppliers; the impact of competition and pricing; changes in weather patterns, consumer buying trends and our ability to identify and respond to emerging fashion trends; the impact of hurricanes or other natural disasters on our st
ores, as well as on consumer confidence and purchasing in general; risks associated with the seasonality of the retail industry; the availability of desirable store locations at acceptable lease terms and our ability to open new stores in a timely and profitable manner; higher than anticipated costs associated with the closing of under-performing stores; the inability of manufacturers to deliver products in a timely manner; changes in the political and economic environments in the People's Republic of China, a major manufacturer of footwear; and the continued favorable trade relations between the United States and China and other countries which are the major manufacturers of footwear.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. Forward-looking statements can be identified by, among other things, the use of forward-looking terms such as "believes," "expects," "may," "will," "should," "seeks," "pro forma," "anticipates," "intends" or the negative of any of these terms, or comparable terminology, or by discussions of strategy or intentions. Given these uncertainties, we caution investors not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We disclaim any obligation to update any of these factors or to publicly announce any revisions to the forward-l
ooking statements contained in this press release to reflect future events or developments.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shoe Carnival is a chain of 272 footwear stores located in the Midwest, South and Southeast. Combining value pricing with an entertaining store format, Shoe Carnival is a leading retailer of name brand and private label footwear for the entire family. 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.</P>
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