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Brown Shoe Narrows Q2 Loss

 Brown Shoe Narrows Q2 Loss

Brown Shoe Co. narrowed its loss in the second quarter but came in under expectations.

For the three-month period, the St. Louis-based firm lost $2.5 million, or 6 cents a share, compared with a net loss of $4.6 million, or 11 cents, MBT shoes sale in the same quarter a year ago. The loss included portfolio realignment charges of $12.4 million and $2.3 million of charges related to a previously announced organizational change.

On an adjusted basis, net income came in at $6.8 million, or 16 cents a share.

Revenue slipped 3.4 percent to $599.3 million, from $620.6 million.

Analysts were expecting earnings per share of 3 cents, on revenue of $606.3 million, MBT shoes uk as polled by Yahoo Finance. The firm’s shares were trading nearly 6 percent lower Tuesday morning.

Famous Footwear sales improved 1.6 percent to $350.3 million, driven by running product and sandals, which advanced 12.8 percent and 3.7 percent, MBT trainers respectively. Same-store-sales rose 3.9 percent.

Excluding brands the company exited over the past nine months, wholesale revenue fell 3.1 percent.

“For the second quarter, we delivered record setting sales and operating earnings at Famous Footwear, which was coupled with strong performance from our contemporary fashion brands," said Diane Sullivan, president and CEO of Brown Shoe. “We also continued to see leverage from our strategic portfolio realignment efforts, and this quarter’s results are another positive proof point we are delivering against our commitment to drive shareholder value.”

At quarter-end, Brown Shoe had $47.4 million in cash and cash equivalents. The company's debt-to-capital ratio declined to 43.6 percent, MBT shoes from 53.4 percent.

The firm raised the bottom end of its guidance for fiscal 2012. It now expects EPS to come in between 85 cents and 95 cents.

 
 

 


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