UPDATE: Brown Shoe Posts Upbeat Q1 Profit, Raises Full-Year Earnings Forecast
Brown Shoe Co (NYSE: BWS) posted a profit in the fiscal first quarter profit and lifted its earnings forecast for the year.
Brown Shoe posted its quarterly earnings of $15.4 million, or $0.35 per share, versus a year-ago loss of $10.8 million, or $0.26 per share.
Its sales increased 0.4% to $591.2 million. However, analysts were projecting earnings of $0.31 per share on sales of $592 million. Its same-store sales gained 1.3% in the period.
Brown Shoe's sales at Famous Footwear climbed 0.7% to $354.6 million, while sales at wholesale unit surged 5.6% to $191.8 million. Its specialty retail sales tumbled 18.3% to $44.8 million.
Brown Shoe added 11 new stores during the period.
Diane Sullivan, CEO, president and chairman of Brown Shoe Company said, “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.”
Brown Shoe now expects full-year earnings of $1.47 to $1.57 per share, versus its earlier outlook of $1.45 to $1.55 per share. It also reaffirmed its revenue guidance.
The executive added, “We feel optimistic about second quarter and the potential to benefit from pent-up spring shoe demand.”
Brown Shoe shares gained 2.32% to close at $26.44 yesterday.
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