As sales dropped in September and October, so profits followed at Shoe Carnival in the third quarter. Revenues fell by 2.2 percent to $170.1 million, but net earnings plunged by 38.1 percent to $2.6 million. The gross profit margin dropped by 1.9 percentage points.

For the first nine months of 2008, sales were off slightly by 0.7 percent to $490.7 million, and comparable store sales were down by 3.7 percent. The gross profit margin fell by 0.9 percentage points to 27.6 percent compared with the same period in 2007.

The value retail chain has 311 stores, with 24 new ones in fiscal 2008 while shutting down 12. Eight stores opened in the third quarter.