Exhibit 99.1

8233 Baumgart Road Evansville, IN 47725 www.shoecarnival.com (812) 867-4034	Contact Mark L. Lemond President and Chief Executive Officer or W. Kerry Jackson Senior Vice President, Chief Financial Officer and Treasurer
FOR IMMEDIATE RELEASE

SHOE CARNIVAL REPORTS FIRST QUARTER 2004 RESULTS

        Evansville, Indiana, May 13, 2004 - Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories, today announced sales and earnings for the first quarter ended May 1, 2004. Net earnings for the 13-week first quarter were $4.6 million as compared with net earnings of $5.1 million in the first quarter ended May 3, 2003. Diluted earnings per share were $0.35 per share compared with $0.39 per share last year.

        Net sales for the first quarter increased 6.3 percent to $145.5 million from $136.9 million last year. Comparable store sales decreased 2.2 percent for the 13-week period.

        The gross profit margin for the first quarter of 2004 decreased to 29.2 percent from 29.9 percent in the first quarter of 2003 due to the deleveraging effect of lower same store sales and the lower sales productivity of new stores on buying, distribution and occupancy costs. Selling, general and administrative expenses for the first quarter, as a percentage of sales, increased to 23.9 percent from 23.8 percent in last year's first quarter. New store pre-opening costs incurred in the first quarter were $729,000 or 0.5 percent of sales, compared with $772,000 or 0.6 percent of sales last year. The Company opened 11 new stores in the first quarter of 2004 versus opening 13 stores in the first quarter of 2003.

        Commenting on the results, Mark Lemond, president and chief executive officer said, "We are clearly disappointed in our results for the first quarter of 2004. In an effort to increase customer traffic during the quarter, we tried new approaches in advertising and merchandise promotions, including a reduction of "buy one get one at half price" promotions. Although it is apparent these strategies were not successful in total, we did gain valuable insights on a market-by-market basis. We have responded by effecting changes to our advertising and merchandise promotions, continuing the media and message that did resonate and changing what did not. While certain of these changes will be implemented in the second quarter, the primary effect will be seen during back-to-school, our next peak selling period."

        "Although sales fell short of our original expectations for the quarter, we effectively managed our inventories and expenses. Our per-store inventories at the end of the quarter were down 1.2 percent. Tight expense controls during the quarter limited the deleveraging effect of the lower than expected sales results."

        The Company also issued sales and earnings guidance for the second quarter of 2004. Due to tax-free shopping days in multiple states shifting from late in the second quarter last year to early in the third quarter this year, comparable store sales are expected to decline low single digits for the second quarter. Earnings per diluted share are expected to range from $0.12 to $0.15 in the second quarter.

        Currently, the Company expects to open between 20 to 25 stores in fiscal 2004, net of store closings. Eleven stores were opened in the first quarter and two stores are expected to open in the second quarter. Store openings in the second half of 2004 will occur primarily in the third quarter.

        The 11 stores opened during the first quarter included locations in:

City
Conway, AR
Covington, LA
St. Louis, MO
Spartanburg, SC
Summerville, SC
Austin TX (2)
Lufkin, TX
San Antonio, TX
Wichita Falls, TX
Vienna, WV Market/Stores
Little Rock/4
New Orleans/4
St. Louis/10
Greenville/6
Charleston/3
Austin/3
Tyler/2
San Antonio/2
Wichita Falls/1
Vienna/1

        Today, at 2:00 p.m. Eastern time, the Company will host a conference call to discuss the first quarter results. The public can listen to the live webcast of the call by visiting Shoe Carnival's Investor Relations page atwww.shoecarnival.com. While the question-and-answer session will be available to all listeners, questions from the audience will be limited to institutional analysts and investors. A replay of the webcast will be available on our website beginning approximately two hours after the conclusion of the conference call and will be archived for one year.

        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; 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 underperforming 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.

        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-looking statements contained in this press release to reflect future events or developments.

        Shoe Carnival is a chain of 248 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 under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at www.shoecarnival.com.

Financial Tables Follow

SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share)
(Unaudited)

	Thirteen			Thirteen
	Weeks Ended			Weeks Ended
	May 1, 2004			May 3, 2003
Net sales		$	145,462		$	136,850
Cost of sales (including buying,
distribution and occupancy costs)			103,017			95,969
Gross profit			42,445			40,881
Selling, general and administrative
expenses			34,765			32,587
Operating income			7,680			8,294
Interest expense			193			166
Income before income taxes			7,487			8,128
Income tax expense			2,920			3,048
Net income		$	4,567		$	5,080
Net income per share:
Basic		$	.36		$	.40
Diluted		$	.35		$	.39
Average shares outstanding:
Basic			12,788			12,625
Diluted			13,098			12,962

SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	May 1,		January 31,		May 3,
	2004		2004		2003
ASSETS
Current Assets:
Cash and cash equivalents	$	4,872	$	4,071	$	4,140
Accounts receivable		1,647		587		2,236
Merchandise inventories		167,099		165,110		150,063
Deferred income tax benefit		1,998		1,954		1,197
Other		4,353		6,753		1,405
Total Current Assets		179,969		178,475		159,041
Property and equipment-net		70,166		69,246		66,956
Total Assets	$	250,135	$	247,721	$	225,997
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	44,703	$	53,181	$	43,736
Accrued and other liabilities		8,611		8,208		12,771
Current portion of long-term debt		182		222		360
Total Current Liabilities		53,496		61,611		56,867
Long-term debt		26,077		21,956		18,559
Deferred lease incentives		8,232		8,033		6,270
Accrued rent		2,844		2,808		2,536
Deferred income taxes		8,136		7,544		4,740
Other		1,289		1,218		798
Total Liabilities		100,074		103,170		89,770
Total Shareholders' Equity		150,061		144,551		136,227
Total Liabilities and Shareholders' Equity	$	250,135	$	247,721	$	225,997

SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Thirteen			Thirteen
	Weeks Ended			Weeks Ended
	May 1, 2004			May 3, 2003
Cash flows from operating activities:
Net income	$	4,567		$	5,080
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization		3,632			3,335
Stock option income tax benefit		646			131
Loss (gain) on retirement of assets		45			(60	)
Deferred income taxes		548			(527	)
Other		(86	)		151
Changes in operating assets and liabilities:
Accounts receivable		(1,059	)		(1,003	)
Merchandise inventories		(1,989	)		(3,972	)
Accounts payable and accrued liabilities		(8,074	)		(2,627	)
Other		2,397			506
Net cash provided by operating activities		627			1,014
Cash flows from investing activities:
Purchases of property and equipment		(4,596	)		(6,862	)
Lease incentives		392			1,093
Net cash used in investing activities		(4,204	)		(5,769	)
Cash flows from financing activities:
Net borrowings under line of credit		4,150			3,125
Payments on long-term debt		(69	)		(137	)
Proceeds from issuance of stock		297			125
Net cash provided by financing activities		4,378			3,113
Net increase (decrease) in cash and cash equivalents		801			(1,642	)
Cash and cash equivalents at beginning of period		4,071			5,782
Cash and Cash Equivalents at End of Period	$	4,872		$	4,140