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Brown Shoe surges 7 percent on earnings report
2012-11-22
Qifeng Shoes Machine-Brown Shoe's third-quarter net income dropped 28 percent from year-ago results that included a hefty gain related to the sale of basketball footwear and clothing company And1.
 
(FILE PHOTO August 10, 2007-- Brown Shoe Co. located at 8300 Maryland Ave. Brittanie Williams | Post-Dispatch)
 
Its earnings and revenue topped analysts' expectations, however, on back-to-school sales and strong sales at its Famous Footwear shops. The shoe retailer boosted its full-year adjusted earnings outlook. 
Its stock finished Tuesday up $1.08, or 7 percent, to $16.82 a share, its highest level since June 2010. 
For the quarter ended Oct. 27, the company that also owns the Naturalizer shoe chains earned $24.3 million, or 56 cents per share, down from $33.7 million, or 79 cents per share, a year earlier. 
Removing portfolio realignment charges and other items, earnings increased to 60 cents per share from 51 cents per share. Analysts polled by FactSet forecast earnings of 46 cents per share. 
Revenue climbed 3 percent to $732.2 million from $713.8 million. Wall Street expected $703.2 million in revenue. 
Revenue at Famous Footwear locations open at least a year rose 6.8 percent for the quarter. This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
That included a 5.5 percent increase in the back-to-school season. The company said sales of boat shoes, running shoes and accessories were strong. 
Contemporary fashion wholesale sales rose 5.2 percent, with strong performances from the Sam Edelman, Franco Sarto and Fergie brands. In the Healthy Living portfolio, wholesale sales climbed 2.1 percent, driven by LifeStride, Ryka and Dr. Scholl's.
Brown Shoe Co. anticipates full-year adjusted earnings of $1.06 to $1.10 per share. Its prior forecast was for earnings between 85 cents and 95 cents per share. The retailer maintained its outlook for revenue in a range of $2.57 billion to $2.59 billion. Analysts expected 2012 earnings of 92 cents per share on revenue of $2.57 billion. ---From Qifeng Shoes Machine.
 
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