<SEC-DOCUMENT>0001104659-23-074258.txt : 20230623
<SEC-HEADER>0001104659-23-074258.hdr.sgml : 20230623
<ACCEPTANCE-DATETIME>20230623161804
ACCESSION NUMBER:		0001104659-23-074258
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230623
DATE AS OF CHANGE:		20230623
EFFECTIVENESS DATE:		20230623

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:			0128

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272881
		FILM NUMBER:		231037921

	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>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2319175d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As filed with the Securities and Exchange Commission
on June&nbsp;23, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5in 0pt 0; text-align: right">Registration No.&nbsp; 333-&nbsp;</P>

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S&#45;8</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE<BR>
<FONT STYLE="text-transform: uppercase">Securities Act of 1933<BR></FONT></B></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHOE CARNIVAL,&nbsp;INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Indiana</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>35-1736614</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7500 East Columbia Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Evansville,&nbsp;Indiana</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 18.75pt">(Address of principal executive
    offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>47715</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip Code)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHOE CARNIVAL,&nbsp;INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED 2017 EQUITY INCENTIVE PLAN<BR>
</B></FONT>(Full title of the plan)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mark J. Worden</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>President and Chief Executive Officer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7500 East Columbia Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Evansville,&nbsp;Indiana 47715</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(812) 867-4034</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code, of agent
    for service)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copy to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Janelle Blankenship</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Faegre Drinker Biddle&nbsp;&amp; Reath LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>600 E. 96<SUP>th</SUP> Street, Suite&nbsp;600</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Indianapolis,&nbsp;Indiana 46240</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(317) 569-9600</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Non-accelerated
    filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Smaller reporting
    company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 225pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #211d1e">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities
Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE PURSUANT TO GENERAL INSTRUCTION
E</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF FORM&nbsp;S-8 &ldquo;REGISTRATION OF ADDITIONAL
SECURITIES&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Registration Statement on Form&nbsp;S-8 is being filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
for the purpose of registering 1,800,000 additional shares of common stock, par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;),
of Shoe Carnival,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;) reserved for issuance and delivery under the Company&rsquo;s Amended and
Restated 2017 Equity Incentive Plan (the &ldquo;<U>Amended and Restated Plan</U>&rdquo;). The increase in the number of shares of Common
Stock authorized to be issued under the Amended and Restated Plan was approved by the Company's shareholders on June&nbsp;20, 2023. &nbsp;Shares
of the Company&rsquo;s Common Stock issuable under the Shoe Carnival,&nbsp;Inc. 2017 Equity Incentive Plan were previously registered
pursuant to a </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000117494717001014/scvl613s8.htm" STYLE="-sec-extract: exhibit">Registration Statement on Form&nbsp;S-8 (File No.&nbsp;333-218694) filed by the Company with the Commission on June&nbsp;13, 2017</A>. Such Registration Statement on Form&nbsp;S-8 is currently effective and, except to the extent that the contents thereof are modified
or superseded by the information contained herein or in exhibits hereto, the contents of such Registration Statement on Form&nbsp;S-8
are incorporated herein by reference pursuant to General Instruction E to Form&nbsp;S-8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B>Incorporation of Documents by
                                            Reference.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents of
the Company, filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
are, as of their respective dates, incorporated herein by reference and made a part hereof:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895447/000095017023009730/scvl-20230128.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the fiscal year ended January&nbsp;28, 2023 filed with the Commission
                                            on March&nbsp;24, 2023</A> (the &ldquo;<U>Annual Report</U>&rdquo;), including the portions
                                            of the Company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895447/000095017023019596/scvl-20230505.htm" STYLE="-sec-extract: exhibit">Definitive
                                            Proxy Statement on Schedule 14A for its 2023 Annual Meeting of Shareholders, filed with the
                                            Commission on May&nbsp;9, 2023</A>, incorporated by reference into the Annual Report</FONT>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895447/000095017023026066/scvl-20230429.htm" STYLE="-sec-extract: exhibit">The Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended April&nbsp;29, 2023, filed with the Commission on June&nbsp;2, 2023;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company&rsquo;s Current Reports on
                                                                                                                                                Form&nbsp;8-K filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895447/000095017023008453/scvl-20230314.htm" STYLE="-sec-extract: exhibit">March&nbsp;16,
                                                                                                                                                2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895447/000095017023008648/scvl-20230314.htm" STYLE="-sec-extract: exhibit">March&nbsp;17,
                                                                                                                                                2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895447/000095017023029269/scvl-20230620.htm">June&nbsp;22, 2023</A> (only the first Form 8-K filed on such date)</FONT>; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            description of the Company&rsquo;s Common Stock contained in&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017023009730/scvl-ex4_c.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4-C</A> to the
                                            Annual Report, together with any amendment or report that the Registrant may file with the
                                            Commission for the purpose of updating such description</FONT>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All reports and other documents
filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act subsequent to the date of this Registration
Statement and prior to the filing of a post&#45;effective amendment that indicates that all of the securities offered have been sold
or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in and a part of this Registration
Statement from the date of filing of such documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
a document incorporated, or deemed to be incorporated, by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or incorporated herein by reference or in any other subsequently
filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>Item 8.</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><U></U></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit</U></FONT></TD><TD STYLE="text-align: center"><U>Description</U></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017022012190/scvl-ex3_a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017022012190/scvl-ex3_a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
                                            and Restated Articles of Incorporation of the Company (incorporated herein by reference to
                                            Exhibit&nbsp;3-A to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission
                                            on June&nbsp;27, 2022)</FONT>.</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017023008648/scvl-ex3_b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017023008648/scvl-ex3_b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws
                                            of the Company, as amended to date (incorporated herein by reference to Exhibit&nbsp;3.B
                                            to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on March&nbsp;17,
                                            2023)</FONT>.</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017023029269/scvl-ex10_1.htm">4.3</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/895447/000095017023029269/scvl-ex10_1.htm">Shoe Carnival,&nbsp;Inc. Amended and Restated
                                            2017 Equity Incentive Plan (incorporated herein by reference to Exhibit&nbsp;10.1 to the
                                            Company&rsquo;s Current Report on Form&nbsp;8-K filed on June&nbsp;22, 2023).</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="tm2319175d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></TD><TD STYLE="text-align: justify"><A HREF="tm2319175d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Faegre Drinker Biddle&nbsp;&amp; Reath LLP.</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="tm2319175d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD><TD STYLE="text-align: justify"><A HREF="tm2319175d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Faegre Drinker Biddle&nbsp;&amp; Reath LLP (contained in Exhibit&nbsp;5.1 to this Registration
Statement).</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="tm2319175d1_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD><TD STYLE="text-align: justify"><A HREF="tm2319175d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of Deloitte&nbsp;&amp; Touche LLP.</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="#axxs_001">24.1*</A></TD><TD STYLE="text-align: justify"><A HREF="#axxs_001">Powers of Attorney (included on the Signature Page&nbsp;of this Registration Statement).</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: center; width: 0.5in"><A HREF="tm2319175d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107*</A></TD><TD STYLE="text-align: justify"><A HREF="tm2319175d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filing Fee Table.</A></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">* Filed herewith.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="axxs_001"></A><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the Company certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form&nbsp;S&#45;8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Evansville, State of Indiana, on June&nbsp;23, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">2023</FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SHOE CARNIVAL,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Mark J. Worden</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mark J. Worden</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below hereby authorizes Mark J. Worden and Erik D. Gast, each with full power of substitution, to execute in the name and on behalf
of such person any amendment to this Registration Statement, including post-effective amendments, and to file the same, with exhibits
thereto, and other documents in connection therewith, making such changes in this Registration Statement as the Company deems appropriate,
and appoints each of Mark J. Worden and Erik D. Gast, each with full power of substitution, attorney-in-fact to sign any amendment to
this Registration Statement, including post-effective amendments, and to file the same, with exhibits thereto, and other documents in
connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
indicated on </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">June&nbsp;23, 2023</FONT>:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 62%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ J. Wayne Weaver</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J. Wayne Weaver</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Clifton E. Sifford</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice Chairman and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clifton E. Sifford</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Mark J. Worden</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark J. Worden</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ James A. Aschleman</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James A. Aschleman</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Andrea R. Guthrie</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea R. Guthrie</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Diane Randolph</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diane Randolph</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Charles B. Tomm</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles B. Tomm</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Erik D. Gast</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President, Chief Financial Officer and Treasurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erik D. Gast</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Patrick C. Edwards</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Chief Accounting Officer, Corporate Controller</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick C. Edwards</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and Secretary (Principal Accounting Officer) </FONT></TD></TR>
  </TABLE>
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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2319175d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;5.1</B></FONT></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2319175d1_ex5-1img001.jpg" ALT="" STYLE="height: 97px; width: 850px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Faegre Drinker Biddle&nbsp;&amp; Reath LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">600 East 96th Street, Suite&nbsp;600<BR>
Indianapolis,&nbsp;Indiana 46240</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">+1 317 569 9600 main</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">+1 317 569 4800 fax</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;23, 2023</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7500 East Columbia Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evansville,&nbsp;Indiana 47715</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: <U>Registration Statement on Form&nbsp;S-8</U></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to Shoe Carnival,&nbsp;Inc., an Indiana corporation
(the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
of the Company&rsquo;s Registration Statement on Form&nbsp;S-8 (the &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), registering the offer and sale of up to 1,800,000 additional shares of the Company&rsquo;s
Common Stock, par value $0.01 per share (the &ldquo;<U>Shares</U>&rdquo;), issuable pursuant to the Shoe Carnival,&nbsp;Inc. Amended and
Restated 2017 Equity Incentive Plan (the &ldquo;<U>Amended and Restated Plan</U>&rdquo;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this opinion letter, we have examined the Amended and
Restated Plan, the Registration Statement, the Company&rsquo;s Amended and Restated Articles of Incorporation, as currently in effect,
the Company&rsquo;s By-Laws, as amended and currently in effect, and the resolutions of the Company&rsquo;s Board of Directors authorizing
the issuance of the Shares. We have also examined a certificate of the Secretary of the Company dated the date hereof (the &ldquo;<U>Certificate</U>&rdquo;)
and originals, or copies certified or otherwise authenticated to our satisfaction, of such corporate and other records, agreements, instruments,
certificates of public officials and documents as we have deemed necessary as a basis for the opinions hereinafter expressed and have
made such examination of statutes as we have deemed relevant and necessary in connection with the opinions hereinafter expressed. As to
facts material to this opinion letter, we have relied upon certificates, statements or representations of public officials, of officers
and representatives of the Company (including the Certificate) and of others, without any independent verification thereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In our examination, we have assumed, without
independent verification or investigation: (i)&nbsp;the legal capacity of all natural persons; (ii)&nbsp;the genuineness of all signatures,
including electronic signatures; (iii)&nbsp;the authenticity of all documents submitted to us as originals; (iv)&nbsp;the conformity to
original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies; (v)&nbsp;the authenticity
of the originals of such latter documents; (vi)&nbsp;the truth, accuracy and completeness of the information, representations and warranties
contained in the agreements, documents, instruments, certificates and records we have reviewed; and (vii)&nbsp;the absence of any undisclosed
modifications to the agreements and instruments reviewed by us.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Based upon such examination and review, and
subject to the foregoing and the other qualifications, assumptions and limitations set forth herein, we are of the opinion that all necessary
corporate action on the part of the Company has been taken to authorize the issuance and sale of the Shares to be issued in accordance
with the Amended and Restated Plan and that, when (a)&nbsp;the Shares have been issued and sold as contemplated in the Registration Statement
and related prospectus and in accordance with the Amended and Restated Plan and any applicable award agreement, and (b)&nbsp;where applicable,
the consideration for the Shares specified in the Amended and Restated Plan and any applicable award agreement has been received by the
Company, the Shares will be validly issued, fully paid and nonassessable.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not express any opinion herein with respect to the laws of any
jurisdiction other than, subject to the limitations and assumptions contained herein, the laws of the State of Indiana.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion speaks only as of the date the Registration Statement
becomes effective under the Act, and we assume no obligation to revise or supplement this opinion thereafter. This opinion is limited
to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required
under Section&nbsp;7 of the Act or the rules&nbsp;and regulations of the Commission thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FAEGRE DRINKER BIDDLE&nbsp;&amp; REATH LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Janelle Blankenship&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Janelle Blankenship, Partner</FONT></TD></TR>
  </TABLE>


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

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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2319175d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form S-8 of our reports dated March 24, 2023, relating to the financial statements of Shoe Carnival, Inc. and the effectiveness of
Shoe Carnival, Inc.&#8217;s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Shoe Carnival, Inc.
for the year ended January 28, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deloitte &amp; Touche LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2023</P>

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2319175d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B><U>Exhibit&nbsp;107</U></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Table</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHOE CARNIVAL,&nbsp;INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Class&nbsp;Title</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee <BR>
Calculation<BR>
 Rule</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 1pt; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
 Registered&nbsp;<SUP>(1)(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 11%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
 Maximum<BR>
 Aggregate<BR>
 Offering&nbsp;Price<BR>
 Per&nbsp;Share&nbsp;<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 11%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
 Maximum<BR>
 Aggregate<BR>
 Offering&nbsp;Price</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; border-left: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
 Registration&nbsp;Fee</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;457(c)&nbsp;and (h)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,800,000 </FONT><FONT STYLE="font-size: 10pt">shares</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$21.885</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$39,393,000.00</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">0.00011020</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,341.11</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$39,393,000.00</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,341.11</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 1pt; border-bottom: Black medium double; padding-bottom: 2.5pt; border-right: Black 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.5pt double; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,341.11</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">As described in the Explanatory Note in this Registration Statement, represents 1,800,000 additional shares
of the Registrant&rsquo;s common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;) being registered pursuant to the Shoe Carnival,&nbsp;Inc.
Amended and Restated 2017 Equity Incentive Plan (the &ldquo;Amended and Restated Plan&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
this Registration Statement also includes an indeterminate number of additional shares of Common Stock that become issuable under the
Amended and Restated Plan as a result of the anti-dilution and adjustment provisions described therein by reason of a stock split, stock
dividend, recapitalization or any other similar transaction affected without the receipt of consideration which results in the increase
in the number of the Registrant&rsquo;s outstanding shares of Common Stock.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimated solely for the purpose of calculating
the amount of the registration fee pursuant to Rule&nbsp;457(c)&nbsp;and Rule&nbsp;457(h)&nbsp;under the Securities Act, based on the
average of the high and low sales prices per share of the Registrant&rsquo;s Common Stock on June&nbsp;20, 2023</FONT>, as reported on
the Nasdaq Stock Market.</TD></TR></TABLE>

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

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

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2319175d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
