SCHEDULE: Weaver Family Maintains 32.3% Stake in Shoe Carnival

Delores and J. Wayne Weaver collectively report a 32.3% beneficial ownership in Shoe Carnival Inc., totaling 8,843,994 shares.

Summary

• Delores B. Weaver and J. Wayne Weaver, both U.S. citizens, have filed an Amendment No. 15 to Schedule 13G regarding their beneficial ownership in Shoe Carnival Inc.
• As of September 30, 2025, each reporting person beneficially owns an aggregate of 8,843,994 shares of Shoe Carnival Inc. common stock.
• This aggregate amount represents 32.3% of the issuer's outstanding common stock.
• The ownership percentage is based on 27,372,822 outstanding shares of Shoe Carnival Inc. common stock as of August 27, 2025, as reported in the company's Form 10-Q.
• Delores B. Weaver holds sole voting and dispositive power over 4,666,512 shares and shared power over 4,177,482 shares (held by her spouse).
• J. Wayne Weaver holds sole voting and dispositive power over 4,177,482 shares and shared power over 4,666,512 shares (held by his spouse).

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the disclosure of a significant and stable insider ownership stake (32.3%) by the Weavers. This level of ownership typically signals strong confidence in the company's long-term prospects and aligns insider interests with those of other shareholders. While it's a routine filing, the sheer size of the stake is a positive indicator.

Positives

• Significant insider ownership (32.3%) by the Weavers, indicating strong alignment of interests with long-term shareholder value.
• The continued substantial stake suggests confidence from a major long-term investor in the company's future.

Negatives

• NA

Risks

• NA

Future Outlook

This filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing primarily concerns beneficial ownership by significant individual shareholders and does not directly provide insights into broader industry trends or competitive landscape within the retail footwear sector. However, a substantial insider stake can be viewed positively by the market, suggesting long-term commitment from key individuals.

Comparison to Industry Standards

• NA

Related Party Transactions

• The beneficial ownership reported by Delores B. Weaver includes shares held by her spouse, J. Wayne Weaver, and vice versa, indicating a combined family holding.

Stakeholder Impact

• Shareholders: The significant and stable beneficial ownership by the Weavers may instill confidence, suggesting a long-term commitment to the company's success and alignment of interests.
• Management: The substantial insider stake could influence strategic decisions, potentially favoring long-term growth and stability over short-term gains.

Key Dates

Recommendation

This Schedule 13G filing primarily reports a stable, significant beneficial ownership stake by the Weaver family, representing 32.3% of Shoe Carnival Inc. While a large insider stake is generally a positive indicator of confidence and alignment, this filing itself does not contain new operational, financial, or strategic information that would warrant a change in investment recommendation. It confirms a long-standing ownership position. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on existing fundamental analysis rather than this ownership update alone.

Keywords

Shoe Carnival, Beneficial Ownership, Schedule 13G, Insider Ownership, Common Stock, SEC Filing, Weaver Family, Retail Footwear