According to a SEC filing from Brown Shoe Corp., sales of Avia and Nevados, recently sold to Galaxy Brand Holdings, Inc., were a combined $77.5 million in 2012, down from $98.1 million a year ago.
Operating earnings for the two brands reached $4.2 million, up from $22,000 a year ago. Net earnings were $4.1 million, or 10 cents a share, against a loss of $2,000, or less than one cent a share.
The figures were pulled out in the filing as part of adjustments made to financial statements.
Brown Shoe Company, Inc. on May 14 announced that itsold Avia and Nevados for $74 million, with the transaction closing immediately. Galaxy Brand Holdings, Inc. acquired the Avia and Nevados brands, while Brown Shoe Company retained Ryka, and other brands, and plans to use the proceeds from the sale to pay down debt.
Brown Shoe acquired Avia and Nevados as part of its American Sporting Goods (ASG) acquisition completed in February 2011 for $145 million and assumed debt. In October of 2011, the company sold the AND 1 brand, which was also part of the ASG acquisition, for $55 million, also to the Galaxy group.
