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Working Shoes Evansville-based retailer Shoe Carnival saw first quarter earnings plunge 34 percent on disappointing sales of sandals and dress shoes. But the company beat anaylst estimates.The company earned $4.8 million, or 38 cents per share, compared to $7.3 million, or 53 cents per share, in the same 13-week period in 2007.Thomson One had forecast 37 cents per share earnings.Shoe Carnival is working to tighten expenses and reduce inventory in weaker performing footwear categories because the "challenging economic environment" will continue to impact the company's targeted moderate-income consumer for the rest of the year, Chief Executive Officer Mark Lemond said in a statement today.Shoe Carnival operates 291 stores in 27 states primarily in the Midwest, South and Southeast