SCHEDULE: Weavers Maintain Significant 32.3% Stake in Shoe Carnival

J. Wayne Weaver and Delores B. Weaver have reported a combined beneficial ownership of 32.3% of Shoe Carnival Inc.'s common stock.

Summary

• J. Wayne Weaver and Delores B. Weaver collectively beneficially own 8,843,994 shares of Shoe Carnival Inc. common stock.
• This aggregate ownership represents 32.3% of the company's outstanding common stock.
• The percentage is based on 27,372,822 outstanding shares of Shoe Carnival Inc. common stock as of August 27, 2025.
• 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).
• 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).

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of beneficial ownership. The substantial insider stake (32.3%) by the Weavers could be viewed as a positive for aligning interests with long-term company performance, hence a slightly positive sentiment.

Positives

• The significant beneficial ownership of 32.3% by J. Wayne Weaver and Delores B. Weaver indicates strong alignment of insider interests with the long-term performance and strategic direction of Shoe Carnival Inc.

Future Outlook

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

Industry Context

Significant insider ownership, such as the 32.3% stake reported, is a notable factor in corporate governance and can influence strategic decisions within the retail footwear industry, potentially signaling long-term commitment from key stakeholders.

Comparison to Industry Standards

• A 32.3% beneficial ownership by individuals is a substantial stake, indicating a high level of control or influence, which is generally higher than typical institutional or individual holdings in many publicly traded companies of similar market capitalization within the retail sector.

Corporate Governance

Stakeholder Impact

• Shareholders: The significant insider ownership by the Weavers may be viewed positively, as it aligns their interests with the company's long-term performance, potentially fostering stability and a focus on sustainable growth.

Key Dates

Recommendation

This Schedule 13G filing primarily updates beneficial ownership information, confirming a substantial 32.3% stake held by J. Wayne Weaver and Delores B. Weaver. While significant insider alignment can be a positive long-term signal, the filing itself does not contain new financial performance data, strategic updates, or other material information that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current positions based on broader company fundamentals and market conditions.

Keywords

Shoe Carnival, beneficial ownership, Schedule 13G, insider ownership, common stock, retail, footwear