Brown Shoe Company, Inc. reported that retail sales at Famous Footwear were $91.9 million for the four-week period ended May 1, 2004, even with the same period last year (ended May 3, 2003). Same-store sales decreased 1.2% for the month, partially due to the Easter calendar shift to earlier in April. Same-store sales for the combined March-April period were up 4.2%.
For the first quarter of 2004, Famous Footwear sales were $272,100,000, a 4.2 percent increase compared to the same 13-week period last year. The chain experienced sales gains in athletic footwear, women's and men's dress shoes and sandals. Same-store sales for the quarter were up 2.6 percent.
Retail sales at Brown Shoe's domestic Naturalizer retail division, a 206-store chain selling the Naturalizer brand of women's footwear, were $11,000,000 in April, up slightly versus last year. Same-store sales increased 2.3 percent for April, and were up 2.2 percent for the March-April period.
For the first quarter of 2004, Naturalizer Retail sales were $29,800,000 versus $28,800,000 for the year-ago quarter. Same-store sales for the quarter were up 4.1 percent.
“At Famous Footwear, same-store sales for the combined March-April period and for the full first quarter, were ahead of plan. This along with continued improvement in gross margins, allows us to increase both our first quarter and full-year earnings per share estimates,” said Brown Shoe Chairman and CEO Ron Fromm. First quarter earnings also benefit from better-than-expected results in our wholesale segment, as some wholesale shipments that were previously expected to ship in our second quarter occurred in the first quarter.”
Accordingly for the first quarter, the Company now estimates diluted earnings per share in the range of $0.43 – $0.45, as compared to its previous guidance of $0.30 – $0.35. First quarter fiscal 2003 diluted earnings per share were $0.49. Estimated first quarter results for 2004 include approximately $0.10 per share cost for the assimilation and transition of the Bass footwear license, which Brown Shoe acquired on February 2, 2004.
Brown Shoe estimates earnings for its second quarter of fiscal 2004 will be in the range of $0.60 – $0.65 per share, as compared to second quarter fiscal 2003 diluted earnings per share of $0.62. This estimate includes transition costs for the Bass footwear license of approximately $0.04 per share in the second quarter and reflects a more difficult wholesale children's business than anticipated.
The Company currently estimates fiscal 2004 diluted earnings per share in the range of $3.20 – $3.25, as compared to its previous guidance of $3.15 and last year's diluted earnings per share of $2.52. Fiscal 2004 net sales are currently estimated at $2.0 billion, versus fiscal 2003 net sales of $1.8 billion.
