Brown Shoe Company, Inc. reported its first quarter sales rose 4.5 percent to $624.6 million from $597.7 million a year ago, reflecting the acquisition of American Sporting Goods. On an adjusted basis, net earnings fell 37.5 percent to $7.0 million, or 16 cents per
share, from $11.2 million, or 26 cents, in the first quarter of 2010.
Net earnings were $3.7 million, or 8 cents per share, compared to net earnings of $10.0 million, or 23 cents per diluted share, in the first quarter of 2010.
Gross profit margin in the first quarter of 2011 was 40.0 percent versus 41.4 percent in the first quarter of 2010.
“As expected, we saw revenue improvement in the first quarter, although our overall results were mixed. Despite tough year-over-year comparisons, we were able to grow our gross profit margin at Famous Footwear and experienced revenue growth in our Wholesale Operations,” said Diane Sullivan, president and chief operating officer of Brown Shoe. “I continue to feel good about our overall strategy, and the entire company is looking forward to heading into the back-to-school selling season and to meeting our consumers needs and driving market share in our target areas of healthy living, contemporary fashion and family.”
US$ in millions, except per share data (unaudited) |
13 Weeks Ended |
52 Weeks Ended |
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4/30/11 |
5/1/10 |
Change |
4/30/11 |
5/1/10 |
Change |
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Famous Footwear |
342.7 |
362.2 |
-5.4% |
1,467.1 |
1,408.2 |
4.2% |
|
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Wholesale Operations |
222.1 |
174.7 |
27.1% |
801.8 |
637.7 |
25.7% |
|
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Specialty Retail |
59.8 |
60.8 |
-1.7% |
262.1 |
255.0 |
2.8% |
|
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Consolidated net sales |
$624.6 |
$597.7 |
4.5% |
$2,531.0 |
$2,300.9 |
10.0% |
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Gross profit |
249.8 |
247.6 |
0.9% |
1,005.8 |
942.5 |
6.7% |
|
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Margin |
40.0% |
41.4% |
-140 bps |
39.7% |
41.0% |
-130 bps |
|
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SG&A expenses |
235.5 |
224.6 |
4.9% |
934.0 |
871.5 |
7.2% |
|
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% of net sales |
37.7% |
37.5% |
20 bps |
36.9% |
37.9% |
-100 bps |
|
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Net restructuring, other special charges |
1.7 |
1.7 |
1.6% |
7.9 |
11.0 |
-28.0% |
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Operating earnings |
12.6 |
21.3 |
-41.0% |
63.9 |
60.0 |
6.5% |
|
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% of net sales |
2.0% |
3.6% |
-160 bps |
2.5% |
2.6% |
-10 bps |
|
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Net interest expense |
6.6 |
4.5 |
47.2% |
21.5 |
19.2 |
12.3% |
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Earnings before income taxes |
6.0 |
16.8 |