<SEC-DOCUMENT>0001174947-15-001376.txt : 20150924
<SEC-HEADER>0001174947-15-001376.hdr.sgml : 20150924
<ACCEPTANCE-DATETIME>20150820144849
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001174947-15-001376
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150820

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:			0130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7500 EAST COLUMBIA STREET
		CITY:			EVANSVILLE
		STATE:			IN
		ZIP:			47715
		BUSINESS PHONE:		8128676471

	MAIL ADDRESS:	
		STREET 1:		7500 EAST COLUMBIA STREET
		CITY:			EVANSVILLE
		STATE:			IN
		ZIP:			47715
</SEC-HEADER>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">7500 East Columbia Street &bull; Evansville,
        IN 47715 &bull; 812-867-6471 &bull; Fax: 812-471-9914</P></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">August 20, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Attn:</TD><TD>Ms. Tia L. Jenkins<BR>
Senior Assistant Chief Accountant<BR>
Office of Beverages, Apparel and Mining</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Shoe Carnival, Inc.<BR>
Form 10-K for the Fiscal Year Ended January 31, 2015<BR>
Filed on April 16, 2015<BR>
File No. 000-21360</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Jenkins:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On behalf of Shoe Carnival, Inc. (the &ldquo;Company&rdquo;), we
enclose for filing, via direct transmission to the EDGAR system of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;),
this response to the comments received from the staff (the &ldquo;Staff&rdquo;) of the Commission by letter dated July 23, 2015,
relating to the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (the &ldquo;Form 10-K&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For your convenience, we have reproduced each of the Staff&rsquo;s
comments in bold immediately preceding the Company&rsquo;s response. We have referenced the comments as numbered in the Commission&rsquo;s
comment letter and did not change the references to page numbers contained in your comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Form 10-K for the Fiscal Year Ended January 31, 2015</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Item 6. Select Financial Data, page 19</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>We note your disclosure in footnote 3 that e-commerce sales were included in the comparable store sales measure starting
with fiscal 2013. We further note in footnote 5 that average sales per square foot includes net e-commerce sale for fiscal years
2014, 2013, and 2012. In future filings please discuss and quantify the impact e-commerce sales had on both your comparable store
sales and average sales per square foot measures. Please provide your proposed disclosure based on the effect of e-commerce sales
in fiscal 2014. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shoe Carnival management has considered the disclosure of e-commerce
sales since the inception of shoecarnival.com and has concluded that such disclosure would not provide meaningful information to
investors. As Shoe Carnival continues to evolve its multi-channel strategy, the distinction between e-commerce and physical store
sales becomes increasingly less important to our initiative to become more customer focused. The foundation of our multi-channel
strategy is to make available the breadth and depth of our entire store-level inventory to customers shopping by whatever channel
they prefer for that particular transaction. We believe over time the majority of our customers will utilize more than one of our
available channels to purchase footwear or accessories based on their needs at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our e-commerce presence is an integral component of our multi-channel
retail strategy which today&rsquo;s customer expects. Shoecarnival.com provides another method for us to connect with customers.
During the third quarter of fiscal 2014, we initiated the first multi-channel purchase opportunity for our customer utilizing the
inventory in our physical stores when we brought fulfillment of our e-commerce orders in house. By fulfilling e-commerce orders
from our store level inventory, we are able to minimize out-of-stocks, offer our customers an expanded online assortment, and leverage
store level inventory and overhead. Items purchased online can be returned to any store or our distribution center. Due to our
multi-channel retailer strategy, items purchased online and returned to the store are treated as a reduction to sales at the store.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As we discussed during our earnings call for the first quarter of
fiscal 2015, in June 2015, we initiated the second multi-channel purchase opportunity for our customers with our Shoes 2U program.
Shoes 2U allows customers to purchase merchandise that is not available in the store they are currently shopping and the Company
will ship the merchandise to the customers&rsquo; home. Our Shoes 2U program utilizes our proprietary point-of-sale system and
e-commerce platform with the inventory order fulfillment completed by our physical stores.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Two further enhancements to our multi-channel strategy that we plan
to roll out over the next 12 months include the capability to purchase online and pick up in store and an enhanced mobile app with
purchase capability, both of which further intertwine the relationship between e-commerce and store sales and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As a result of our multi-channel retailer strategy, the Company
includes both e-commerce and physical store sales in the comparable store sales and average sales per square foot measurement calculations.
We believe this presentation provides the most meaningful and beneficial information to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In light of the Commission&rsquo;s comment, we have reviewed our
prior disclosure and propose to enhance our existing discussion of comparable store sales and average sales per square foot in
the footnotes to Item 6, Selected Financial Data, in filings of future Form 10-Ks, as follows (additions to the existing disclosure
are underlined):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Comparable store sales for the periods indicated include stores that have been open for 13 full months prior to the beginning
of the period, including those stores that have been relocated or remodeled. Therefore, stores opened or closed during the periods
indicated are not included in comparable store sales. Our e-commerce sales were included in comparable sales starting with fiscal
2013. <U>We include e-commerce sales in our comparable store sales as a result of our multi-channel retailer strategy. We view
the e-commerce sales as an extension of our physical stores.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Average sales per square foot includes e-commerce sales for fiscal years 2014, 2013 and 2012. <U>We include e-commerce sales
in our average sales per square foot as a result of our multi-channel retailer strategy. We view the e-commerce sales as an extension
of our physical stores.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Item 7. Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations, page 20</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note your disclosure on page 20 that the decision to fulfill your e-commerce orders in house played a key role in your
second-half sales performance. We further note the statement by management in the fourth quarter 2014 earnings conference call
transcript that your e-commerce business was slightly accretive to your increase for the fourth quarter, and you believe it will
also be accretive to your increases in 2015. Please tell us if your e-commerce sales had a significant impact on the changes in
net sales, gross profit, operating income, or net income for the comparable periods presented in your Form 10-K and, if so, tell
us how you considered describing and quantifying such changes pursuant to Item 303(a)(3) of Regulation S-K.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Management believes that our e-commerce sales were not material
to our net sales for the comparable periods in our Form 10-K. E-commerce net sales were less than 2.0%, 1.0% and 1.0% for the fiscal
years ended January 31, 2015, February 1, 2014 and February 2, 2013, respectively. Due to our multi-channel strategy as discussed
in our response to Comment 1, the Company does not separately identify all components of gross profit, operating income and net
income related to e-commerce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Item 8. Financial Statements and Supplementary Data</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Revenue Recognition</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>We note your Shoe Perks reward program that offers points which customers may redeem on qualified future purchases. Please
tell us how you account for the reward program and any related breakage, and also cite the authoritative guidance that you follow.
To the extent significant, also confirm that you will disclose your accounting policy in future filings and provide us with the
text of your proposed future disclosure. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s Shoe Perks program allows a customer to enroll
at no charge, does not impose a membership fee, and provides members with the ability to earn points by making qualifying purchases
at the Company&rsquo;s stores and website. For every 200 points earned, a member is issued a ten dollar reward certificate, which
is emailed or mailed to the member. A reward certificate expires 90 days from issuance, has no cash value and may be redeemed for
items in the Company&rsquo;s stores and website with a total purchase price equal to or greater than the value of the reward certificate.
Shoe Perks points earned in a member&rsquo;s account expire in twelve months if there is no sales activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company evaluated the necessity for disclosure of its loyalty
program accounting policy and activity in the footnotes to its consolidated financial statements and determined that disclosure
was not warranted due to immateriality. As of January 31, 2015, the Company had recorded deferred revenue of $233,000 related to
its loyalty program and during the year ended January 31, 2015, customers redeemed $1,097,000 of reward certificates related to
the program. The deferred revenue represented 0.30% of the Company&rsquo;s total current liabilities as of January 31, 2015, and
the loyalty program revenue recognized during the year ended January 31, 2015 was 0.12% of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Existing generally accepted accounting principles in the United
States of America do not specifically address revenue recognition for customer reward programs. The Emerging Issues Task Force
(&ldquo;EITF&rdquo;) discussed the issue in EITF Issue No. 00-22 but did not provide a conclusion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s policy is to defer revenue for the estimated
reward certificates expected to be redeemed and record a corresponding liability for the deferred revenue in our balance sheet.&nbsp;
The deferred revenue is adjusted for breakage based on historical redemption patterns.&nbsp; As customers redeem reward certificates,
we recognize revenue and reduce deferred revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company will continue to monitor the impact of the Shoe Perks
program on its consolidated financial statements and the need for disclosure of its accounting policy for the program in future
filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">In connection with our response to the Commission&rsquo;s
comments, the Company acknowledges that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company is responsible for the adequacy and accuracy of the disclosure
in the filing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff comments or changes to disclosure in response to Staff comments
do not foreclose the Commission from taking any action with respect to the filing; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company may not assert Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities law of the United States. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Should you have additional questions regarding the above,
please contact Kerry Jackson at (812) 867-4037 or via e-mail at kjackson@scvl.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ W. Kerry Jackson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">W. Kerry Jackson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Brian McAllister<BR>
John Archfield<BR>
Clifton Sifford</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
