| [X]        |                    | Quarterly report pursuant to Section 13      or 15(d) of the Securities Exchange Act of 1934  |
|------------|--------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
|            |                                                                                                              | For the quarterly period ended   May 1, 2010                                        |
| or         |
| [   ] |                                                                                                              | Transition report pursuant to Section 13      or 15(d) of the Securities Exchange Act of 1934 |
|            |                                                                                                              | For the transition period from __________________ to      __________________                  |

| Commission File Number: |  |                   0-21360 |
|-------------------------|--|---------------------------------------------------------------------------------------|

| Shoe Carnival, Inc.                                         |
|-------------------------------------------------------------|
| (Exact name of registrant as specified      in its charter) |

| Indiana                                       |      | 35-1736614                                |
|-----------------------------------------------|--------------------------|-------------------------------------------|
| (State or other jurisdiction      of          |                          | (IRS Employer Identification      Number) |
| incorporation or      organization)           |                          |                                           |
| 7500 East Columbia    Street                  |                          |                                           |
| Evansville, IN                                |                          | 47715                                     |
| (Address of principal executive      offices) |                          | (Zipcode)                                 |

| (812) 867-6471                                                                               |
|----------------------------------------------------------------------------------------------|
| (Registrant's telephone number,      including area code)                                    |
|                                                                                              |
| NOT APPLICABLE                                                                               |
| (Former name,      former address and former fiscal year, if changed since last      report) |

|               | [X]Yes |               | [   ]No |
|--------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|-------------------|

|               | [   ]Yes |               | [   ]No |
|--------------------------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------|-------------------|

|               | [   ]Yes |               | [X]No |
|--------------------------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------|-------|

----

|                |                                                                                                    |       |                                                                                            | Page |
|----------------|----------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------|------|
| Part I         | Financial Information                                                                              |                                |
|                | Item 1.                                                                                            |                           | Financial Statements (Unaudited)                                                           |      |
|                |             Condensed Consolidated Balance Sheets                    | 3                              |
|           |             Condensed Consolidated Statements of Income              | 4                              |
|                |             Condensed Consolidated Statement of Shareholders' Equity | 5                              |
|                |             Condensed Consolidated Statements of Cash Flows          | 6                              |
|                |             Notes to Condensed Consolidated Financial Statements     | 7                              |
|                |                                                                                               |                                |                                                                                            |      |
|                | Item 2.                                                                                            |                           | Management's Discussion and Analysis of      Financial Condition and Results of Operations | 13   |
|                |                                                                                               |                                |                                                                                       |      |
|                | Item 3.                                                                                            |                           | Quantitative and Qualitative Disclosures      About Market Risk                            | 18   |
|                |                                                                                               |                                |                                                                                            |      |
|                | Item 4.                                                                                            |                           | Controls and Procedures                                                                    | 18   |
|                |                                                                                               |                                |
| Part II   | Other Information                                                                                  |                                |
|                | Item 1A.                                                                                           |                           | Risk Factors                                                                               | 19   |
|                |                                                                                               |                                |                                                                                            |      |
|                | Item 2.                                                                                            |                           | Unregistered Sales of Equity Securities      and Use of Proceeds                           | 19   |
|                |                                                                                               |                                |                                                                                            |      |
|                | Item 6.                                                                                            |                           | Exhibits                                                                                   | 19   |
|                |                                                                                               |                                |                                                                                            |
|                | Signature                                                                                          |                                | 21                                                                                         |

----

|                                                                                                                                                                                           |       | May 1,                          |       | January 30, |       | May 2,                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------|--------------------------------|-------------|--------------------------------|---------------------------------|
| (In thousands, except per share      data)                                                                                                                                                |                                | 2010                            |                                | 2010        |                                | 2009                            |
| Assets                                                                                                                                                                                    |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
| Current Assets:                                                                                                                                                                           |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|             Cash and cash equivalents                                                                                                                       |                                | $      | 51,760                         |             |                                | $      | 44,168 |  |  | $      | 20,231 |  |
|                    Accounts receivable                                                                                   |                                |                                 | 1,376                          |             |                                |                                 | 746 |  |  |  | 1,055 |  |
|                    Merchandise inventories                                                                               |                                |                                 | 200,157                        |             |                                |                                 | 197,452 |  |  |  | 188,234 |  |
|                    Deferred income tax    benefit                                                                        |                                |                                 | 3,453                          |             |                                |                                 | 3,255 |  |  |  | 2,376 |  |
|                    Other                                                                                                 |                                |                                 | 7,727                          |             |                                |                                 | 2,480 |  |  |  | 7,326 |  |
|        Total Current Assets                                                                                                                                 |                                |                                 | 264,473                        |             |                                |                                 | 248,101 |  |  |  | 219,222 |  |
|             Property and equipment-net                                                                                                                      |                                |                                 | 60,879                         |             |                                |                                 | 62,162 |  |  |  | 69,445 |  |
|        Other                                                                                                                                                |                                |                                 | 1,270                          |             |                                |                                 | 1,378 |  |  |  | 635 |  |
|             Total Assets                                                                                                                                    |                                | $                               | 326,622                        |             |                                | $                               | 311,641 |  |  | $ | 289,302 |  |
|                                                                                                                                                                                      |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|             Liabilities and Shareholders' Equity                                                                                                            |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|        Current Liabilities:                                                                                                                                 |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|                    Accounts payable                                                                                      |                                | $                               | 53,722                         |             |                                | $                               | 57,235 |  |  | $ | 48,520 |  |
|                    Accrued and other      liabilities                                                                    |                                |                                 | 21,633                         |             |                                |                                 | 14,353 |  |  |  | 15,775 |  |
|             Total Current Liabilities                                                                                                                       |                                |                                 | 75,355                         |             |                                |                                 | 71,588 |  |  |  | 64,295 |  |
|        Deferred lease      incentives                                                                                                                       |                                |                                 | 6,766                          |             |                                |                                 | 6,501 |  |  |  | 5,621 |  |
|             Accrued rent                                                                                                                                    |                                |                                 | 5,115                          |             |                                |                                 | 5,155 |  |  |  | 5,221 |  |
|        Deferred incometaxes                                                                                                                                 |                                |                                 | 542                            |             |                                |                                 | 1,052 |  |  |  | 1,104 |  |
|             Deferred compensation                                                                                                                           |                                |                                 | 4,087                          |             |                                |                                 | 3,548 |  |  |  | 2,865 |  |
|        Other                                                                                                                                                |                                |                                 | 2,262                          |             |                                |                                 | 2,008 |  |  |  | 1,681 |  |
|             Total Liabilities                                                                                                                               |                                |                                 | 94,127                         |             |                                |                                 | 89,812 |  |  |  | 80,787 |  |
|                                                                                                                                                                                      |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|             Shareholders' Equity:                                                                                                                           |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|                    Common stock, $.01 par value, 50,000      shares                                                      |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|                           authorized, 13,655, 13,655 and 13,657      shares issued at |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|                           May 1, 2010, January 30, 2010 and May 2,      2009,         |                                |                                 |                                |             |                                |                                 |  |  |  |  |  |  |
|                           respectively                                                |                                |                                 | 137                            |             |                                |                                 | 137 |  |  |  | 137 |  |
|                    Additional paid-in    capital                                                                         |                                |                                 | 64,993                         |             |                                |                                 | 66,851 |  |  |  | 67,309 |  |
|                    Retained earnings                                                                                     |                                |                                 | 178,279                        |             |                                |                            | 169,032 |  |  |  | 157,998 |  |
|                    Treasury stock, at cost, 478, 622 and 739      shares at                                              |                                |                                 |                                |             |                                |                                 |  |   |  |   |  |  |
|                           May 1, 2010, January 30, 2010 and May 2,      2009,         |                                |                            |                                |             |                                |                                 |  |  |  |  |  |  |
|                           respectively                                                |                                |                                 | (10,914                        | )           |                                |                                 | (14,191 | ) |  |  | (16,929 | ) |
|        Total Shareholders'      Equity                                                                                                                      |                                |                                 | 232,495                        |             |                                |                                 | 221,829 |  |  |  | 208,515 |  |
|             Total Liabilities and Shareholders' Equity                                                                                                      |                                | $                               | 326,622                        |             |                                | $                               | 311,641 |  |  | $ | 289,302 |   |

----

|                                                                             |       | Thirteen                                                 |       | Thirteen         |
|-----------------------------------------------------------------------------|--------------------------------|----------------------------------------------------------|--------------------------------|------------------|
|                                                                             |                                | Weeks Ended                                              |                                | Weeks Ended      |
| (In thousands, except per share      data)                                  |                                | May 1,      2010                                         |                                | May 2,      2009 |
| Net sales                                                                   |                                | $                | 189,457                        |                  |  | $                | 167,269 |  |
| Cost of sales (including buying,                                            |                                |                                                          |                                |                  |  |  |  |  |
|        distribution and occupancy      costs) |                                |                                                          | 130,185                        |                  |  |  | 120,629 |  |
| Gross profit                                                                |                                |                                                          | 59,272                         |                  |  |  | 46,640 |  |
| Selling, general and administrative expenses                                |                                |                                                          | 44,281                         |                  |  |  | 40,056 |  |
| Operating income                                                            |                                |                                                          | 14,991                         |                  |  |  | 6,584 |  |
| Interest income                                                             |                                |                                                          | (23                            | )                |  |  | (3 | ) |
| Interest expense                                                            |                                |                                                          | 69                             |                  |  |  | 42 |  |
| Income before income taxes                                                  |                                |                                                          | 14,945                         |                  |  |  | 6,545 |  |
| Income tax expense                                                          |                                |                                                     | 5,698                          |                  |  |  | 2,413 |  |
| Net income                                                                  |                                | $                                                        | 9,247                          |                  |  | $ | 4,132 |  |
|                                                                        |                                |                                                          |                                |                  |  |  |  |  |
| Net income per share:                                                       |                                |                                                          |                                |                  |  |  |  |  |
|        Basic                                  |                                | $                                                        | .73                            |                  |  | $ | .33 |  |
|             Diluted                           |                           | $                                                        | .72                            |                  |   | $ | .33 |  |
|                                                                        |                                |                                                          |                                |                  |  |  |  |  |
| Average shares outstanding:                                                 |                                |                                                          |                                |                  |  |  |  |  |
|        Basic                                  |                                |                                                          | 12,687                         |                  |  |  | 12,480 |  |
|        Diluted                                |                                |                                                          | 12,874                         |             |  |  | 12,520 |  |

----

|                                                         |                           |              |                           | Additional                                            |                           |     |                            |     |                           |                            |                           |        |
|--------------------------------------------------------------|--------------------------------|-------------------|--------------------------------|-------------------------------------------------------|--------------------------------|----------|---------------------------------|----------|--------------------------------|---------------------------------|--------------------------------|-------------|
|                                                              |                                | Common      Stock |                                | Paid-In                                               |                                | Retained |                                 | Treasury |                                |                                 |                                |             |
| (In thousands)                                               |       | Issued            |       | Treasury                                              |       | Amount   |        | Capital  |       | Earnings                        |       |  Stock |       | Total |
| Balance at January 30, 2010                                  |                                | 13,655            |                                |          (622 | )                              |          | $      | 137      |                                | $      | 66,851                         |             |  | $      | 169,032 |  | $      | (14,191 | ) |  | $      | 221,829 |  |
| Stock option exercises                                       |                                |                   |                                | 23                                                    |                                |          |                                 |          |                                |                                 | (201                           | )           |  |  |  |  |  | 514 |  |  |  | 313 |  |
| Stock-based compensation                                     |                                |                   |                                |                                                       |                                |          |                                 |          |                                |                                 |                                |             |  |  |  |  |  |  |  |  |  |  |  |
|             income tax benefit |                                |                   |                                |                                                       |                                |          |                                 |          |                                |                                 | 216                            |             |  |  |  |  |  |  |  |  |  | 216 |  |
| Employee stock purchase plan                                 |                                |                   |                                |                                                       |                                |          |                                 |          |                                |                                 |                                |             |  |  |  |  |  |  |  |  |  |  |  |
|        purchases               |                                |                   |                                | 3                                                     |                                |          |                                 |          |                                |                                 | (11                            | )           |  |  |  |  |  | 70 |  |  |  | 59 |  |
| Restricted stock awards                                      |                                |                   |                                | 130                                                   |                                |          |                                 |          |                                |                                 | (2,968                         | )           |  |  |  |  |  | 2,968 |  |  |  |  |  |
| Common stock repurchased                                     |                                |                   |                                | (12                                                   | )                              |          |                                 |          |                                |                                 |                                |             |  |  |  |  |  | (275 | ) |  |  | (275 | ) |
| Stock-based compensation                                     |                                |                   |                                |                                                       |                                |          |                                 |          |                                |                                 |                                |             |  |  |  |  |  |  |  |  |  |  |  |
|             expense            |                                |                   |                                |                                                       |                                |          |                                 |          |                                |                                 | 1,106                          |             |  |  |  |  |  |  |  |  |  | 1,106 |  |
| Net income                                                   |                                |                   |                                |                                                       |                                |          |                                 |          |                                |                                 |                                |             |  |  | 9,247 |  |  |  |  |  |  | 9,247 |  |
| Balance at May 1, 2010                                       |                                | 13,655            |                                | (478                                                  | )                              |          | $                               | 137      |                                | $                               | 64,993                         |             |  | $ | 178,279 |  | $ | (10,914 | ) |  | $ | 232,495 |  |

----

|                                                                                                                                                                             |       | Thirteen                                                            |       | Thirteen         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------|--------------------------------|------------------|
|                                                                                                                                                                             |                                | Weeks Ended                                                         |                                | Weeks Ended      |
| (In thousands)                                                                                                                                                              |                                | May 1,      2010                                                    |                                | May 2,      2009 |
| Cash Flows From Operating      Activities                                                                                                                                   |                                |                                                                     |                                |                  |  |  |  |  |
|        Net income                                                                                                                             |                                | $            | 9,247                          |                  |  | $            | 4,132 |  |
|        Adjustments to reconcile net income to      net                                                                                        |                                |                                                                     |                                |                  |  |  |  |  |
|                    cash provided by (used in) operating      activities:                                   |                                |                                                                     |                                |                  |  |  |  |  |
|                    Depreciation and      amortization                                                      |                                |                                                                     | 3,509                          |                  |  |  | 3,883 |  |
|                    Stock-based compensation                                                                |                                |                                                                     | 1,285                          |                  |  |  | (230 | ) |
|                    Loss on retirement and impairment of      assets                                        |                                |                                                                     | 1,171                          |                  |  |  | 32 |  |
|                    Deferred income taxes                                                                   |                                |                                                                     | (708                           | )                |  |  | (111 | ) |
|                    Lease incentives                                                                        |                                |                                                                     | 652                            |                  |  |  | 119 |  |
|                    Other                                                                                   |                                |                                                                     | 228                            |                  |  |  | (206 | ) |
|                    Changes in operating assets and      liabilities:                                       |                                |                                                                     |                                |                  |  |  |  |  |
|                           Accounts receivable                           |                                |                                                                     | (630                           | )                |  |  | 552 |  |
|                           Merchandise inventories                       |                                |                                                                     | (2,705                         | )                |  |  | 1,260 |  |
|                           Accounts payable and accrued      liabilities |                                |                                                                     | (1,807                         | )                |  |  | (7,721 | ) |
|                           Other                                         |                                |                                                                     | 77                             |                  |  |  | (3,211 | ) |
| Net cash provided by (used in) operating      activities                                                                                                                    |                                |                                                                     | 10,319                         |                  |  |  | (1,501 | ) |
|                                                                                                                                                                        |                                |                                                                     |                                |                  |  |  |  |  |
| Cash Flows From Investing      Activities                                                                                                                                   |                                |                                                                     |                                |                  |  |  |  |  |
|        Purchases of property and      equipment                                                                                               |                                |                                                                     | (3,280                         | )                |  |  | (3,173 | ) |
|        Proceeds from sale of property and      equipment                                                                                      |                                |                                                                     | 300                            |                  |  |  | 0 |  |
| Net cash used in investing activities                                                                                                                                       |                                |                                                                     | (2,980                         | )                |   |  | (3,173 | ) |
|                                                                                                                                                                        |                                |                                                                     |                                |                  |  |  |  |  |
| Cash Flows From Financing      Activities                                                                                                                                   |                                |                                                                     |                                |                  |  |  |   |  |
|        Proceeds from issuance ofstock                                                                                                         |                                |                                                                     | 372                            |                  |  |  | 48 |  |
|        Excess tax benefits from stock-based      compensation                                                                                 |                                |                                                                     | 156                            |                  |  |  | 40 |  |
|        Purchase of treasury stock                                                                                                             |                                |                                                                     | (275                           | )                |  |  | 0 |  |
| Net cash provided by financing      activities                                                                                                                              |                                |                                                                     | 253                            |                  |  |  | 88 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                                                        |                                |                                                                     | 7,592                          |                  |  |   | (4,586 | ) |
| Cash and cash equivalents at beginning      of period                                                                                                                       |                           |                                                                     | 44,168                         |                  |  |  | 24,817 |  |
| Cash and Cash Equivalents at End of Period                                                                                                                                  |                                | $                                                                   | 51,760                         |                  |  | $ | 20,231 |  |
|                                                                                                                                                                        |                                |                                                                     |                                |                  |  |  |  |  |
| Supplemental disclosures of cash flow      information:                                                                                                                     |                                |                                                                     |                                |                  |  |  |  |  |
|        Cash paid during period for      interest                                                                                              |                                | $                                                                   | 60                             |                  |  | $ | 42 |  |
|        Cash paid during period for income      taxes                                                                                          |                                | $                                                                   | 957                            |                  |  | $ | 15 |  |
|        Capital expenditures incurred but not yet      paid                                                                                    |                                | $                                                                   | 680                            |                  |  | $ | 1,665 |  |

----

|                                       |                                            | Thirteen    |                                            | Thirteen    |
|---------------------------------------|--------------------------------------------|-------------|--------------------------------------------|-------------|
|                                       |         | Weeks Ended |         | Weeks Ended |
| (In thousands)                        |                                            | May 1, 2010 |                                            | May 2,2009  |
| Basic shares                          |                                            | 12,687      |                                            | 12,480      |
| Dilutive effect of stock-based awards |                                            | 187         |                                            | 40          |
| Diluted shares                        |                                            | 12,874      |                                            | 12,520      |

----

- Level 1 – Quoted prices in active  markets that are unadjusted and accessible at the measurement date for  identical, unrestricted assets or liabilities;  
- Level 2 – Quoted prices for  identical assets and liabilities in markets that are not active, quoted prices  for similar assets and liabilities in active markets or financial instruments  for which significant inputs are observable, either directly or indirectly;  and  
- Level 3 – Prices or valuations  that require inputs that are both significant to the fair value measurement  and unobservable. 

|                                       |                                            | Quoted Prices             |                                            | Significant    |                                            |                |                                            |                           |        |        |
|---------------------------------------|--------------------------------------------|---------------------------|--------------------------------------------|----------------|--------------------------------------------|----------------|--------------------------------------------|---------------------------|--------|--------|
|                                       |                                            | in Active Markets         |                                            | Other          |                                            | Significant    |                                            |                           |        |
|                                       |                                            | for                       |                                            | Observable     |                                            | Unobservable   |                                            |                           |        |
|                                       |                                            | Identical Assets          |                                            | Inputs         |                                            | Inputs         |                                            |                           |        |
| (In thousands)                        |         | (Level      1)            |         | (Level      2) |         | (Level      3) |         | Total Fair      Value     |
| As of May 1, 2010                     |                                            |                           |                                            |                |                                            |                |                                            |                           |        |        |  |  |
| Cash and short-term investments (1)   |                                            | $     | 45,667                                     |                | $                      | 0              |                                            | $     | 0      |        | $     | 45,667 |
| Credit and debit card receivables (2) |                                            |                           | 6,093                                      |                |                                            | 0              |                                            |                           | 0      |        |  | 6,093 |
|                                       |                                            | $                         | 51,760                                     |                | $                                          | 0              |                                            | $                         | 0      |        | $ | 51,760 |
|                                  |                                       |                      |                                       |           |                                       |           |                                       |                      |   |   |   |   |
| As of January 30, 2010                |                                            |                           |                                            |                |                                            |                |                                            |                           |        |        |  |  |
| Cash and short-term investments (1)   |                                            | $                         | 40,148                                     |                | $                                          | 0              |                                            | $                         | 0      |        | $ | 40,148 |
| Credit and debit card receivables (2) |                                            |                           | 4,020                                      |                |                                            | 0              |                                            |                           | 0      |        |  | 4,020 |
|                                       |                                            | $                         | 44,168                                     |                | $                                          | 0              |                                            | $                         | 0      |        | $ | 44,168 |
|                                  |                                       |                      |                                       |           |                                       |           |                                       |                      |   |   |   |   |
| As of May 2, 2009                     |                                            |                           |                                            |                |                                            |                |                                            |                           |        |        |  |  |
| Cash (1)                              |                                            | $                         | 14,680                                     |                | $                                          | 0              |                                            | $                         | 0      |        | $ | 14,680 |
| Credit and debit card receivables (2) |                                            |                           | 5,551                                      |                |                                            | 0              |                                            |                           | 0      |        |  | 5,551 |
|                                       |                                            | $                         | 20,231                                     |                | $                                          | 0              |                                            | $                         | 0      |        | $ | 20,231 |

| (1) |                                            | Cash and      short-term investments represent cash deposits and short-term investments      held with financial institutions. Short-term investments consist of      commercial paper and money market funds. To date, we have experienced no      loss or lack of access to either invested cash or cash held in our bank      accounts. |
|-----|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |         |                                                                                                                                                                                                                                                                                                                                            |
| (2) |                                            | Our credit and      debit card receivables are highly liquid financial assets that typically      settle in less than three days.                                                                                                                                                                                                          |

----

|                                                                                      |                                            | Quoted Prices                   |                                            | Significant    |                                            |                |                                            |                                 |       |  |
|--------------------------------------------------------------------------------------|--------------------------------------------|---------------------------------|--------------------------------------------|----------------|--------------------------------------------|----------------|--------------------------------------------|---------------------------------|-------|--|
|                                                                                      |                                            | in Active Markets               |                                            | Other          |                                            | Significant    |                                            |                                 |       |
|                                                                                      |                                            | for                             |                                            | Observable     |                                            | Unobservable   |                                            |                                 |       |
|                                                                                      |                                            | Identical Assets                |                                            | Inputs         |                                            | Inputs         |                                            |                                 |       |
| (In thousands)                                                                       |         | (Level      1)                  |         | (Level      2) |         | (Level      3) |         | Total Fair      Value           |
| For the period ended May 1,    2010                                                  |                                            |                                 |                                            |                |                                            |                |                                            |                                 |       |  |  |  |
|        Long-lived assets held      and used       |                                            | $      | 0                                          |                | $                 | 0              |                                            | $      | 1,086 |  | $      | 1,086 |
| For the period ended January 30, 2010                                                |                                            |                                 |                                            |                |                                            |                |                                            |                                 |       |  |  |  |
|         Long-lived assets      held and used |                                            | $                               | 0                                          |                | $                                          | 0              |                                            | $                               | 90    |  | $ | 90 |

|                                                                             |           |                                            |                     |                                            |              |                                            | Weighted-           |           |                                 |       |
|-----------------------------------------------------------------------------|-----------|--------------------------------------------|---------------------|--------------------------------------------|--------------|--------------------------------------------|---------------------|-----------|---------------------------------|-------|
|                                                                             |           |                                            |                     |                                            |              |                                            | Average             |           |                                 |       |
|                                                                             |           |                                            |                     | Weighted-                                  |              | Remaining                                  |                     | Aggregate |
|                                                                             | Number of |                                            | Average             |                                            | Contractual  |                                            | Intrinsic Value     |
|                                                                             | Shares    |         | Exercise      Price |         | Term (Years) |         | (in      thousands) |
| Outstanding at January 30,2010                                              | 393,632   |                                            |                     | $                                          | 14.29        |                                            |                     |           |                                 |       |
|        Grants                            | 0         |                                            |                     |                                            | 0.00         |                                            |                     |           |                                 |       |
|        Forfeited or      expired         | (500      | )                                          |                     |                                            | 17.12        |                                            |                     |           |                                 |       |
|        Exercised                         | (22,500   | )                                          |                     |                                            | 13.92        |                                            |                     |           |                                 |       |
|        Outstanding May 1,      2010      | 370,632   |                                            |                     | $                 | 14.31        |                                            | 3.02                |           | $      | 4,947 |
| Options outstanding at May 1, 2010,                                         |           |                                            |                     |                                            |              |                                            |                     |           |                                 |       |
|        net of estimated      forfeitures | 369,687   |                                            |                     | $                                          | 14.32        |                                            | 3.01                |           | $                               | 4,933 |
| Exercisable at May 1, 2010                                                  | 352,297   |                                            |                     | $                                          | 14.40        |                                            | 2.77                |           | $                               | 4,671 |

----

|                                                    | Thirteen                        |                                            | Thirteen         |
|----------------------------------------------------|---------------------------------|--------------------------------------------|------------------|
|                                                    | Weeks Ended                     |                                            | Weeks Ended      |
| (In thousands)                                     | May 1,      2010                |         | May 2,      2009 |
| Total intrinsic value (1)                          | $      | 198                                        |                  | $       | 0 |
| Total cash received                                | $                               | 313                                        |                  | $ | 0 |
| Associated excess income tax      benefits         |                                 |                                            |                  |  |  |
|        recorded | $                               | 67                                         |                  | $ | 0 |

| (1) |         | Defined as the      difference between the market value at exercise and the grant price of      stock options exercised. |
|-----|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|

|                     |                                            |             | Options      Outstanding                   |               | Options      Exercisable                   |
|---------------------|--------------------------------------------|-------------|--------------------------------------------|---------------|--------------------------------------------|
|                     |                                            |             | Number                                     |               | Weighted                                   |  | Weighted |  | Number |  | Weighted |
| Range of            |                                            | of Options  |                                            | Average       |                                            | Average |  | of Options |  | Average |
| Exercise      Price |         | Outstanding |         | RemainingLife |         | Exercise      Price |  | Exercisable |         | Exercise      Price |
| $                   | 4.38 – 5.75                          |             | 11,017                                     |               | 0.52                                       |  | $ | 4.66 |  | 11,017 |  | $ | 4.66 |
| $                   | 8.94 – 12.67                         |             | 177,945                                    |               | 3.59                                       |  | $ | 12.43 |  | 166,277 |  | $ | 12.49 |
| $                   | 13.68 – 16.30                        |             | 34,550                                     |               | 5.62                                       |  | $ | 15.13 |  | 27,883 |  | $ | 15.28 |
| $                   | 17.12                                      |             | 147,120                                    |               | 1.92                                       |  | $ | 17.12 |  | 147,120 |  | $ | 17.12 |

|                                                                        |                                            | Thirteen                        |                                            | Thirteen         |
|------------------------------------------------------------------------|--------------------------------------------|---------------------------------|--------------------------------------------|------------------|
|                                                                        |                                            | Weeks Ended                     |                                            | Weeks Ended      |
| (In thousands)                                                         |         | May 1,      2010                |         | May 2,      2009 |
| Stock-based compensation expense before      the recognized income tax |                                            |                                 |                                            |                  |  |  |
|        benefit                      |                                            | $      | 22                                         |                  | $      | 21 |
| Income tax benefit                                                     |                                            | $                               | 8                                          |                  | $ | 8 |

|                                |           |                                            |           | Weighted-     |
|--------------------------------|-----------|--------------------------------------------|-----------|---------------|
|                                |           |                                            |           | Average Grant |
|                                | Number of |                                            | Date Fair |
|                                | Shares    |         | Value     |
| Non-vested at January 30, 2010 | 366,334   |                                            |           | $             | 16.89 |
| Granted                        | 130,000   |                                            |           |               | 21.59 |
| Vested                         | (37,889   | )                                          |           |               | 12.50 |
| Forfeited                      | 0         |                                            |           |               | 0.00 |
| Non-vested at May 1, 2010      | 458,445   |                                            |           | $             | 18.59 |

----

|                                                                      |                                            | Thirteen         |                                            | Thirteen         |
|----------------------------------------------------------------------|--------------------------------------------|------------------|--------------------------------------------|------------------|
|                                                                      |                                            | Weeks Ended      |                                            | Weeks Ended      |
| (In thousands)                                                       |         | May 1,      2010 |         | May 2,      2009 |
| Stock-based compensation expense      (income) before the recognized |                                            |                  |                                            |                  |  |  |  |
|        income tax    benefit      |                                            | $                |      1,074        |                  | $ | (362 | ) |
| Income tax benefit (expense)                                         |                                            | $                | 409                                        |                  | $ |      (133 | ) |

|                                                                     |                                            |           |                                            |                     |                                            |               |           | Weighted- |
|---------------------------------------------------------------------|--------------------------------------------|-----------|--------------------------------------------|---------------------|--------------------------------------------|---------------|-----------|-----------|
|                                                                     |                                            |           |                                            |                     |                                            |               |           | Average   |
|                                                                     |                                            |           |                                            |                     | Weighted-                                  |               | Remaining |
|                                                                     |                                            | Number of |                                            | Average             |                                            | Contractual   |
|                                                                     |         | Shares    |         | Exercise      Price |         | Term  (Years) |
| Outstanding at January 30,2010                                      |                                            | 103,364   |                                            |                     | $                                          | 9.72          |           |           |
|        Granted                   |                                            | 0         |                                            |                     |                                            | 0.00          |           |           |
|        Forfeited or      expired |                                            | (1,334    | )                                          |                     |                                            | 9.72          |           |           |
|        Exercised                 |                                            | 0         |                                            |                     |                                            | 0.00          |           |           |
| Outstanding at May 1, 2010                                          |                                            | 102,030   |                                            |                     | $                                          | 9.72          |           | 3.63      |
|                                                                |                                            |           |                                            |                     |                                            |               |           |           |
| Exercisable at May 1, 2010                                          |                                            | 0         |                                            |                     | $                                          | 0.00          |           | 0.00      |

----

|                                          |         | May 1,2010        |
|------------------------------------------|--------------------------------------------|-------------------|
| Risk free interest rate yield      curve |                                            | 0.14% - 2.43%     |
| Expected dividend yield                  |                                            | 0.0%              |
| Expected volatility                      |                                            | 60.11%            |
| Maximum life                             |                                            | 3.63 Years        |
| Exercise multiple                        |                                            | 1.71 – 1.74 |
| Maximum payout                           |                                            | $9.72             |
| Employee exit rate                       |                                            | 2.2% -9.0%        |

|                                                                 |                                            | Thirteen                        |                                            | Thirteen         |
|-----------------------------------------------------------------|--------------------------------------------|---------------------------------|--------------------------------------------|------------------|
|                                                                 |                                            | Weeks Ended                     |                                            | Weeks Ended      |
| (In thousands)                                                  |         | May 1,      2010                |         | May 2,      2009 |
| Stock-based compensation expense before      the recognized     |                                            |                                 |                                            |                  |  |  |
|        Income tax    benefit |                                            | $      | 179                                        |                  | $      | 103 |
| Income tax benefit                                              |                                            | $                               | 68                                         |                  | $ | 38 |

|                                                                        |                                            | Thirteen         |                                            | Thirteen         |
|------------------------------------------------------------------------|--------------------------------------------|------------------|--------------------------------------------|------------------|
|                                                                        |                                            | Weeks Ended      |                                            | Weeks Ended      |
| (In thousands)                                                         |         | May 1,      2010 |         | May 2,      2009 |
| Stock-based compensation expense before      the recognized income tax |                                            |                  |                                            |                  |  |  |
|        benefit (1)                  |                                            | $                | 10                                         |                  | $ | 8 |
| Income tax benefit                                                     |                                            | $                | 4                                          |                  | $ | 3 |

| (1) |         | Amounts are      representative of the 15% discount employees are provided for purchases      under the employee stock purchase plan. |
|-----|--------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM      2. |       | MANAGEMENT'S DISCUSSION AND ANALYSIS OF      FINANCIAL CONDITION AND RESULTS OFOPERATIONS |
|--------------|--------------------------------|-------------------------------------------------------------------------------------------|

----

----

|               |        | Number of      Stores |                          | Store Square      Footage |                          |        |                          |
|---------------|--------|-----------------------|--------------------------|---------------------------|--------------------------|--------|--------------------------|
|               |        | Beginning             |                          |                           |                          |        |                          |  |  | End of |  | Net |  | End |  | Comparable |
| Quarter Ended |   | Of Period             |      | Opened                    |      | Closed |      | Period |      | Change |      | of Period |      | Store      Sales |
| May 1, 2010   | 311    |                       |           |  3                   |           |   | 3                        |   | 311 |   | 2,000 |  | 3,374,000 |  | 13.1 | % |
|          |   |                  |                     |                      |                     |   |                     |   |   |   |   |   |   |   |   |   |
| May 2, 2009   | 304    |                       |                          | 10                        |                          |        | 1                        |  | 313 |  | 78,000 |  | 3,413,000 |  | (0.3 | )% |

|                                                                             | Thirteen         |                          | Thirteen         |
|-----------------------------------------------------------------------------|------------------|--------------------------|------------------|
|                                                                             | Weeks Ended      |                          | Weeks Ended      |
|                                                                             | May 1,      2010 |      | May 2,      2009 |
| Net sales                                                                   | 100.0            | %                        |                  | 100.0 | % |
| Cost of sales (including buying,                                            |                  |                          |                  |   |  |
|        distribution and occupancy      costs) | 68.7             |                          |                  | 72.1 |  |
| Gross profit                                                                | 31.3             |                          |                  | 27.9 |  |
| Selling, general and                                                        |             |                          |                  |  |  |
|        administrative expenses                | 23.4             |                          |                  | 24.0 |   |
| Operating income                                                            | 7.9              |                     |                  | 3.9 |  |
| Interest (income) expense, net                                              | 0.0              |                          |                  | 0.0 |  |
| Income before income taxes                                                  | 7.9              |                          |                  | 3.9 |  |
| Income tax expense                                                          | 3.0              |                          |                  | 1.4 |  |
| Net income                                                                  | 4.9              | %                        |                  | 2.5 | % |

- Net sales increased $22.2 million to $189.5 million, a 13.3%  increase over the prior year.   
- During the first quarter of fiscal 2010, our comparable store  sales increased 13.1%, which represents the highest quarterly comparable store  sales growth achieved in the history of Shoe Carnival. Our sales gains were  largely driven by an increase in the number of footwear units sold as the  consumer responded favorably to our assortment of footwear. We also raised our  average price through an increase in the sale of higher priced footwear and by  operating in a less promotional selling environment than during the comparable  prior year period.   
- Our gross profit margin increased to 31.3% from 27.9% in the  first quarter of fiscal 2009. Significantly reduced promotional activity  combined with strong sales of athletic and toning footwear as compared to the  prior year resulted in our merchandise margin increasing 2.2%. Buying,  distribution and occupancy costs decreased 1.2%, as a percentage of sales, due  to the leveraging effect of higher sales.  
- Selling, general and administrative expenditures remained  well controlled and decreased 0.6% as a percentage of sales as compared to the  first quarter of fiscal 2009.   
- We generated $7.0 million of cash from operating activities  (net of purchases of property and equipment) and ended the first quarter of  fiscal 2010 with $51.8 million in cash and cash equivalents and no interest  bearing debt. 

----

----

----

----

|                                            |                                |              |                                |                |                                |             | Total Number                   |              | Approximate  |
|--------------------------------------------|--------------------------------|--------------|--------------------------------|----------------|--------------------------------|-------------|--------------------------------|--------------|--------------|
|                                            |                                |              |                                |                |                                |             | Of Shares                      |              | Dollar Value |
|                                            |                                |              |                                |                |                                |             | Purchased                      |              | of Shares    |
|                                            |                                |              |                                |                |                                |             | as Part                        |              | that May Yet |
|                                            |                                | Total Number |                                | Average        |                                | of Publicly |                                | Be Purchased |
|                                            |                                | of Shares    |                                | Price Paid     |                                | Announced   |                                | Under        |
| Period                                     |       | Purchased1   |       | per      Share |       | Programs    |       | Programs     |
| January 31, 2010 to February 27,      2010 |                                | 0            |                           | $              | 0.0                            |             | 0                              |         | $            | 0 |
| February 28, 2010 to April 3, 2010         |                                | 11,918       |                           | $              | 23.08                          |             | 0                              |         | $            | 0 |
| April 4, 2010 to May 1, 2010               |                                | 0            |                           | $              | 0.0                            |             | 0                              |         | $            | 0 |
|                                            |                                | 11,918       |                                |                |                                |             | 0                              |         |              |  |

| 1 |       | Delivered to or withheld by us in      connection with employee payroll tax withholding upon the vesting of      certain restricted stock awards. |
|---|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|         |                                |                                                                                                                                                                                                                  |                                | Incorporated      by Reference To |                                |         |
|---------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------|--------------------------------|---------|
| Exhibit |                                |                                                                                                                                                                                                                  |                                |                                   |                                |         |  | Filing |  | Filed |
| No.     |       | Description                                                                                                                                                                                                      |       | Form                              |       | Exhibit |       | Date |       | Herewith |
| 3-A     |                           | Restated      Articles of Incorporation of Registrant                                                                                                                                                            |                                | 10-K                              |                                | 3-A     |   | 4/25/2002 |  |  |
|    |
| 3-B     |                           | By-laws of      Registrant, as amended to date                                                                                                                                                                   |                                | 8-K                               |                                | 3-B     |   | 6/12/2009 |  |  |
|    |
| 4       |                           | Credit      Agreement, dated as of January 20, 2010, among Shoe Carnival, Inc., the      financial institutions from time to time party thereto as Banks, and      Wachovia Bank, National Association, as Agent |                                | 8-K                               |                                | 4.1     |  | 1/25/2010 |  |  |
|    |
| 31.1    |                           | Certification      of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the      Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002        |                                |                                   |                                |         |  |  |  | X |

----

|              |                                |                                                                                                                                                                                                           |                                | Incorporated      by Reference To |                                |         |
|--------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------|--------------------------------|---------|
| Exhibit      |                                |                                                                                                                                                                                                           |                                |                                   |                                |         |  | Filing |  | Filed |
| No.          |       | Description                                                                                                                                                                                               |       | Form                              |       | Exhibit |       | Date |       | Herewith |
| 31.2         |                                | Certification      of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the      Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 |                                |                                   |                           |         |   |  |   | X |
|    |
| 32.1         |                                | Certification      of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                               |                                |                                   |                           |         |   |  |   | X |
|    |
| 32.2         |                                | Certification      of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                               |                                |                                   |                           |         |   |  |   | X |

----

| Date:  June 10, 2010                                      | SHOE CARNIVAL, INC.          |                 |
|----------------------------------------------------------------|------------------------------|----------------------|
|                                                                | (Registrant)                 |                      |
|                                                           |                              |
|                                                                |                              |
|                                                                | By:           | /s/ W. Kerry Jackson |   |
|                                                                | W. Kerry Jackson             |                      |
|                                                                | Executive Vice President and |                      |
|                                                                | Chief Financial Officer      |                      |
| (Duly Authorized Officer and Principal      Financial Officer) |                              |

----