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Brown Shoe announces Q2 results, sales raise 20%

Aug '05
Footwear company Brown Shoe Company Inc reported consolidated net sales for the second quarter of 2005 rose 20.2 percent to $551,480,000, compared to $458,657,000 in last year's second quarter. Net earnings were $4,083,000, or $0.22 per diluted share for the second fiscal quarter ended July 30, 2005, and included after-tax charges of $1,798,000, or $0.09 per share, related to the Company's previously announced initiative to further strengthen its flagship Naturalizer brand by closing underperforming stores and streamlining certain wholesale functions.

Excluding this item, adjusted net earnings per share for the second quarter 2005 were $0.31 per share. Net earnings also were negatively affected by $1,272,000, or $0.07 per diluted share, from the impact of lower margins on the sales of inventory that had been written-up to fair market value in the Bennett acquisition, as required by purchase accounting rules.

In the year-ago quarter, net income was $7,668,000, or $0.40 per diluted share, which included after-tax costs of $945,000, or $0.05 per diluted share, to transition the licensed Bass business to Brown Shoe.

Brown Shoe's inventories at quarter-end were under plan at $494 million, up from $453 million last year due to the addition of Bennett and additional stores at Famous Footwear. The Company's debt-to-capital ratio at the end of the quarter was 41.2 percent. This compares to 25.8 percent at the end of the year-ago quarter, prior to the debt incurred in connection with Brown Shoe's acquisition of Bennett Footwear.

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