Shoe Carnival, Inc.'s Mark Lemond is retiring for health
reasons from his positions as president, CEO and director, effective Oct. 27.
Clifton Sifford, currently EVP, general merchandise manager, will succeed
Lemond as president and CEO, on a permanent basis, and will also retain the
title of CMO. Kerry Jackson, currently EVP CFO and treasurer, will assume the
additional position of COO. Timothy Baker, EVP, store operations, will also
oversee all real estate operations at the company.

Lemond said, “Due to certain health reasons and my
desire to spend more time with my family, I have decided to retire at the end
of this fiscal quarter. It has been my great pleasure to have been associated
with this company for nearly 25 years and to have been its CEO for 16 years. In
my opinion, we have assembled the best executive management team in the retail
footwear industry. I am proud of our record of accomplishments and am confident
that team will continue to drive this company forward to realize its full

Wayne Weaver, chairman, added, “Mark's contributions
have helped make Shoe Carnival the successful and innovative retailer that it
is today…We are fortunate to have a highly-experienced team of senior executives,
one that is highly-regarded in the industry. The Board has full confidence in
Cliff, Kerry and Tim's ability to continue and surpass the many accomplishments
that were achieved during Mark's tenure.”

The company also reaffirmed that it expects its third
quarter net sales to be in the range of $240 to $245 million with a comparable
store sales increase in the range of 4 to 6 percent. Expected earnings per
diluted share in the third quarter of fiscal 2012 were also reaffirmed in the
range of 55 cents to 60 cents a share. In the third quarter of fiscal 2011, the
company earned 52 cents per diluted share.