Brown Shoe Company Q1 gross profit hits 40.8 percent

REPORT_ For the first quarter of 2013, Brown Shoe Company

reported net sales of 588.7 million dollars compared to first quarter of 2012 net sales of 598.2 million dollars. Gross profit margin for the first quarter of 2013 improved to 40.8 percent from 39.2 percent in 2012. On a GAAP basis, the company reported a net loss of 10.8 million dollars, or 0.26 dollar per diluted share, in the first quarter of 2013 versus earnings of 1.7 million dollars, or 0.04 dollar per diluted share, in the prior year.

Brown Shoe Company is a 2.6 billion dollars, global footwear company. “In addition to stronger-than-expected adjusted EPS of 0.32 dollar, we reported record first quarter operating profit of 29 million dollars at Famous Footwear,” said Diane Sullivan, President and Chief Executive Officer of Brown Shoe Company. “At wholesale, we refined our portfolio, with the recent sale of Avia and Nevados, and we intend to use the related proceeds in our 2013 debt reduction efforts. In the first quarter, prior to the divestiture, we reduced our short-term borrowings by 39 million dollars.”