Brown Shoe Company reports marginal rise in Q1 net sales

REPORT_ Brown Shoe Company reported first quarter 2014 financial results,

with net sales of 591.2 million dollars up slightly versus first quarter 2013 net sales of 588.7 million dollars. First quarter 2014 net earnings of 15.4 million dollars, or 0.35 dollars per diluted share, were up compared to a net loss of 10.8 million dollars, or 0.26 dollars per diluted share, in the first quarter of 2013. Gross profit margin for the first quarter of 2014 improved to 41 percent from 40.8 percent in the prior year.

“First quarter results exceeded our expectations, thanks to strong contemporary fashion platform sales and a return to more seasonal weather for the last two weeks of April,” said Diane Sullivan, CEO, President and Chairman of Brown Shoe Company, adding, “We feel optimistic about second quarter and the potential to benefit from pent-up spring shoe demand.”

Famous Footwear first quarter 2014 sales were up 0.7 percent year-over-year, with same-store-sales up 1.3 percent. During the quarter, 21 stores were closed or relocated and 11 new stores were added. Wholesale sales were up 5.6 percent in the first quarter. For the Healthy Living platform, wholesale sales increased 0.7 percent. Consolidated gross profit was up 1 percent in the first quarter, while gross margin increased by 20 basis points to 41.0 percent.

“We’re pleased with our first quarter results -- especially with the weather-related headwinds we faced in February and March -- and we are optimistic about the remainder of the year,” said Russ Hammer, Chief Financial Officer of Brown Shoe Company. Hammer further added saying, “To account for a better-than-anticipated first quarter, we are raising our annual guidance range to 1.47 dollars to 1.57 dollars, as we’re also slightly more positive regarding our potential at wholesale for the year.”