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Famous Footwear drives double-digit sales gain
Aug '10
Brown Shoe Company, Inc. reported financial results for the 13-week period ended July 31, 2010. Net sales for the second quarter increased 14.5 percent from the second quarter of 2009 to $585.8 million.

Net earnings (loss) attributable to Brown Shoe Company, Inc. were $5.3 million, or $0.12 per diluted share, compared to a net loss of $4.2 million, or $0.10 per diluted share, in the second quarter of 2009.

On an adjusted basis, excluding charges related to the Company's information technology initiatives, net earnings were $6.5 million, or $0.15 per diluted share, compared to a net loss of $3.0 million, or $0.07 per diluted share in the second quarter of 2009. See Schedule 4 attached for a reconciliation to net earnings (loss) on a GAAP basis and the discussion of "Non-GAAP Financial Measures."

Ron Fromm, Brown Shoe's Chairman and Chief Executive Officer, said, "The positive momentum for our retail and wholesale brands continued in the second quarter and resulted in strong sales growth across our multi-channel portfolio and a significant improvement in earnings during the period. This performance reflects our growing engagement with our consumers, built upon exceptional product and compelling merchandising and marketing plans.

“We have seen tremendous growth from our Wholesale division, with strong performances in the quarter from Naturalizer, Dr. Scholl's, and our contemporary fashion brands. Additionally, Famous Footwear drove a double-digit sales gain with a significantly reduced promotional cadence in the quarter, resulting in solid year-over-year gross profit rate improvement.

“As a result of the strong performance for the first six months of the year, we are proud to have achieved our short-term milestone of delivering adjusted earnings of $1.00 per diluted share on a trailing 12-month basis in a much faster timeframe than previously anticipated."

Fromm concluded, "We remain well-positioned to continue our market share gains during the important Back-to-School season and are encouraged by the early results we have seen. Historically, one out of 10 American families shops at Famous Footwear during Back-to-School, and we expect 2010 to be no exception.

“We plan to drive increased market share gains with a powerful assortment of brands and traffic-generating TV, print and digital-marketing campaigns. Our portfolio of wholesale brands is equally poised for growth, as evidenced by our strong backlog for fall and holiday shipments. While the economic environment remains uncertain, we expect our initiatives to fuel a strong year for Brown Shoe and lead to increased value for our shareholders, as we continue to invest in our core brands to support our long-term growth."

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Brown Shoe Company Inc

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