Brown Shoe Company BWS (brownshoe.com) today announced it plans to release its fourth quarter 2014 financial results before market open on Wednesday, March 11. Company executives will host a financial analyst call at 9:00 a.m. ET that day, to discuss fourth quarter earnings and to provide a general business update.
The dial-in number for financial analysts in North America is (877) 217-9089, or (706) 679-1723 for international analysts, and the conference ID is 94046375. To participate, please dial in a few minutes before the scheduled time. Employees, the media and the public are invited to listen to the call at investor.brownshoe.com/news/events.
A replay of the call will be available through Wednesday, March 25, 2015, by dialing (855) 859-2056 in North America, or (404) 537-3406 internationally, and using the conference ID 94046375. A webcast replay will also be archived for a limited period at investor.brownshoe.com/news/events/archive.
The company also announced it is realigning its reportable segments, following the sale of Shoes.com in December of 2014. The new segments align with the way the executive team evaluates performance and allocates resources, and are also consistent with the company's omni-channel approach to managing its branded footwear business across all distribution channels.
"Our new reportable segments are designed to align our brands and businesses with our internal operations and to provide increased financial visibility," said Ken Hannah, chief financial officer of Brown Shoe Company. "We expect this new reporting structure will improve clarity for investors and allow for easier financial modeling and peer comparisons."
The reportable segments will include the following:
- Famous Footwear will include Famous Footwear retail operations, on a historical and continuing basis, and Shoes.com through December 12, 2014.
- Brand Portfolio will include Healthy Living and Contemporary Fashion wholesale brands and any related retail operations.
Quarterly historical segment results for 2013 and 2014, are included in this release as schedules. The company's fourth quarter and full year 2014 results will reflect the new reportable segments.
About Brown Shoe Company
Brown Shoe Company is a $2.5 billion, global, footwear company whose shoes are worn by people of all ages, from all walks of life. Our products are available virtually everywhere - in the over 1,200 Famous Footwear and Naturalizer retail stores we operate, in hundreds of major department and specialty stores, on 13 branded ecommerce sites, and on many additional third-party retail websites. Through our broad range of products, we serve three key market segments. Famous Footwear and Famous.com serve as our Family brands and provide one-stop-shopping destinations for high quality, affordable styles for a family's every occasion. Active people who want comfort, style and performance, can look to our Healthy Living brands - Naturalizer, Dr. Scholl's, LifeStride and Ryka. Our Contemporary Fashion brands - Sam Edelman, Franco Sarto, Vince, Via Spiga, Fergie Footwear and Carlos Santana - keep fashionistas in step with the latest trends. At Brown Shoe Company, we inspire people to feel good and live better... feet first!
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BROWN SHOE COMPANY, INC. |
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| SUMMARY FINANCIAL RESULTS BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||
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(Unaudited) |
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| SUMMARY FINANCIAL RESULTS | |||||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) | May 3, 2014 | May 4, 2013 | May 3, 2014 | May 4, 2013 | May 3, 2014 | May 4, 2013 | May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||||
| Net Sales | $ | 366,726 | $ | 367,904 | $ | 224,436 | $ | 220,752 | $ | — | $ | — | $ | 591,162 | $ | 588,656 | |||||||||||||||||||||||||
| Gross Profit | $ | 165,362 | $ | 163,420 | $ | 76,979 | $ | 76,596 | $ | — | $ | — | $ | 242,341 | $ | 240,016 | |||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 165,362 | $ | 163,420 | $ | 76,979 | $ | 76,596 | $ | — | $ | — | $ | 242,341 | $ | 240,016 | |||||||||||||||||||||||||
| Gross Profit Rate | 45.1 | % | 44.4 | % | 34.3 | % | 34.7 | % | — | % | — | % | 41.0 | % | 40.8 | % | |||||||||||||||||||||||||
| Adjusted Gross Profit Rate | 45.1 | % | 44.4 | % | 34.3 | % | 34.7 | % | — | % | — | % | 41.0 | % | 40.8 | % | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 26,730 | $ | 28,654 | $ | 11,203 | $ | 2,166 | $ | (9,207 | ) | $ | (9,862 | ) | $ | 28,726 | $ | 20,958 | |||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 26,730 | $ | 28,654 | $ | 11,203 | $ | 7,329 | $ | (9,207 | ) | $ | (9,846 | ) | $ | 28,726 | $ | 26,137 | |||||||||||||||||||||||
| Operating Earnings % | 7.3 | % | 7.8 | % | 5.0 | % | 1.0 | % | — | % | — | % | 4.9 | % | 3.6 | % | |||||||||||||||||||||||||
| Adjusted Operating Earnings % | 7.3 | % | 7.8 | % | 5.0 | % | 3.3 | % | — | % | — | % | 4.9 | % | 4.4 | % | |||||||||||||||||||||||||
|
Same-store Sales % (on a 13-week basis) |
1.3 | % | 1.1 | % | (5.6 | )% | (0.3 | )% | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
| Number of Stores | 1,034 | 1,054 | 172 | 215 | — | — | 1,206 | 1,269 | |||||||||||||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | |||||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) | May 3, 2014 | May 4, 2013 | May 3, 2014 | May 4, 2013 | May 3, 2014 | May 4, 2013 | May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||||
| Gross Profit | $ | 165,362 | $ | 163,420 | $ | 76,979 | $ | 76,596 | $ | — | $ | — | $ | 242,341 | $ | 240,016 | |||||||||||||||||||||||||
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Charges/Other Items: |
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| Portfolio realignment | |||||||||||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 165,362 | $ | 163,420 | $ | 76,979 | $ | 76,596 | $ | — | $ | — | $ | 242,341 | $ | 240,016 | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 26,730 | $ | 28,654 | $ | 11,203 | $ | 2,166 | $ | (9,207 | ) | $ | (9,862 | ) | $ | 28,726 | $ | 20,958 | |||||||||||||||||||||||
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Charges/Other Items: |
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| Portfolio realignment | |||||||||||||||||||||||||||||||||||||||||
| Non-cash impairment charges | — | — | — | 4,660 | — | — | — | 4,660 | |||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | 503 | — | 16 | — | 519 | |||||||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | 5,163 | — | 16 | — | 5,179 | |||||||||||||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 26,730 | $ | 28,654 | $ | 11,203 | $ | 7,329 | $ | (9,207 | ) | $ | (9,846 | ) | $ | 28,726 | $ | 26,137 | |||||||||||||||||||||||
| BROWN SHOE COMPANY, INC. | |||||||||||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS | |||||||||||||||||||||||||||||||||||||||||
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| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) | August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | |||||||||||||||||||||||||||||||||
| Net Sales | $ | 404,069 | $ | 400,572 | $ | 231,808 | $ | 221,134 | $ | — | $ | — | $ | 635,877 | $ | 621,706 | |||||||||||||||||||||||||
| Gross Profit | $ | 180,974 | $ | 180,948 | $ | 78,668 | $ | 73,678 | $ | — | $ | — | $ | 259,642 | $ | 254,626 | |||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 180,974 | $ | 180,948 | $ | 78,668 | $ | 73,678 | $ | — | $ | — | $ | 259,642 | $ | 254,626 | |||||||||||||||||||||||||
| Gross Profit Rate | 44.8 | % | 45.2 | % | 33.9 | % | 33.3 | % | — | % | — | % | 40.8 | % | 41.0 | % | |||||||||||||||||||||||||
| Adjusted Gross Profit Rate | 44.8 | % | 45.2 | % | 33.9 | % | 33.3 | % | — | % | — | % | 40.8 | % | 41.0 | % | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 25,524 | $ | 28,335 | $ | 17,497 | $ | 7,004 | $ | (11,719 | ) | $ | (12,527 | ) | $ | 31,302 | $ | 22,812 | |||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 25,524 | $ | 28,335 | $ | 17,497 | $ | 7,747 | $ | (11,719 | ) | $ | (12,527 | ) | $ | 31,302 | $ | 23,555 | |||||||||||||||||||||||
| Operating Earnings % | 6.3 | % | 7.1 | % | 7.5 | % | 3.2 | % | — | % | — | % | 4.9 | % | 3.7 | % | |||||||||||||||||||||||||
| Adjusted Operating Earnings % | 6.3 | % | 7.1 | % | 7.5 | % | 3.5 | % | — | % | — | % | 4.9 | % | 3.8 | % | |||||||||||||||||||||||||
| Same-store Sales % (on a 13-week basis) | 1.6 | % | 6.8 | % | 2.3 | % | 4.8 | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
| Number of Stores | 1,035 | 1,059 | 170 | 215 | — | — | 1,205 | 1,274 | |||||||||||||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | |||||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) | August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | |||||||||||||||||||||||||||||||||
| Gross Profit | $ | 180,974 | $ | 180,948 | $ | 78,668 | $ | 73,678 | $ | — | $ | — | $ | 259,642 | $ | 254,626 | |||||||||||||||||||||||||
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Charges/Other Items: |
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| Portfolio realignment | |||||||||||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 180,974 | $ | 180,948 | $ | 78,668 | $ | 73,678 | $ | — | $ | — | $ | 259,642 | $ | 254,626 | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 25,524 | $ | 28,335 | $ | 17,497 | $ | 7,004 | $ | (11,719 | ) | $ | (12,527 | ) | $ | 31,302 | $ | 22,812 | |||||||||||||||||||||||
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Charges/Other Items: |
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| Portfolio realignment | |||||||||||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | 743 | — | — | — | 743 | |||||||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | 743 | — | — | — | 743 | |||||||||||||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 25,524 | $ | 28,335 | $ | 17,497 | $ | 7,747 | $ | (11,719 | ) | $ | (12,527 | ) | $ | 31,302 | $ | 23,555 | |||||||||||||||||||||||
| BROWN SHOE COMPANY, INC. | |||||||||||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS | |||||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) |
November 1, |
November 2, |
November 1, |
November 2, |
November 1, |
November 2, |
November 1, |
November 2, |
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| Net Sales | $ | 449,085 | $ | 453,589 | $ | 280,192 | $ | 249,199 | $ | — | $ | — | $ | 729,277 | $ | 702,788 | |||||||||||||||||||||||||
| Gross Profit | $ | 193,783 | $ | 191,764 | $ | 96,947 | $ | 86,476 | $ | — | $ | — | $ | 290,730 | $ | 278,240 | |||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 193,783 | $ | 191,764 | $ | 96,947 | $ | 86,476 | $ | — | $ | — | $ | 290,730 | $ | 278,240 | |||||||||||||||||||||||||
| Gross Profit Rate | 43.2 | % | 42.3 | % | 34.6 | % | 34.7 | % | — | % | — | % | 39.9 | % | 39.6 | % | |||||||||||||||||||||||||
| Adjusted Gross Profit Rate | 43.2 | % | 42.3 | % | 34.6 | % | 34.7 | % | — | % | — | % | 39.9 | % | 39.6 | % | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 37,405 | $ | 35,807 | $ | 27,642 | $ | 18,243 | $ | (11,834 | ) | $ | (9,382 | ) | $ | 53,213 | $ | 44,668 | |||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 37,405 | $ | 35,807 | $ | 27,642 | $ | 18,243 | $ | (11,834 | ) | $ | (9,382 | ) | $ | 53,213 | $ | 44,668 | |||||||||||||||||||||||
| Operating Earnings % | 8.3 | % | 7.9 | % | 9.9 | % | 7.3 | % | — | % | — | % | 7.3 | % | 6.4 | % | |||||||||||||||||||||||||
| Adjusted Operating Earnings % | 8.3 | % | 7.9 | % | 9.9 | % | 7.3 | % | — | % | — | % | 7.3 | % | 6.4 | % | |||||||||||||||||||||||||
| Same-store Sales % (on a 13-week basis) | (0.2 | )% | 4.9 | % | (6.9 | )% | 0.6 | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
| Number of Stores | 1,041 | 1,048 | 172 | 185 | — | — | 1,213 | 1,233 | |||||||||||||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | |||||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) |
November 1, |
November 2, |
November 1, |
November 2, |
November 1, |
November 2, |
November 1, |
November 2, |
|||||||||||||||||||||||||||||||||
| Gross Profit | $ | 193,783 | $ | 191,764 | $ | 96,947 | $ | 86,476 | $ | — | $ | — | $ | 290,730 | $ | 278,240 | |||||||||||||||||||||||||
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Charges/Other Items: |
|||||||||||||||||||||||||||||||||||||||||
| Portfolio realignment | |||||||||||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 193,783 | $ | 191,764 | $ | 96,947 | $ | 86,476 | $ | — | $ | — | $ | 290,730 | $ | 278,240 | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 37,405 | $ | 35,807 | $ | 27,642 | $ | 18,243 | $ | (11,834 | ) | $ | (9,382 | ) | $ | 53,213 | $ | 44,668 | |||||||||||||||||||||||
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Charges/Other Items: |
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| Portfolio realignment | |||||||||||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 37,405 | $ | 35,807 | $ | 27,642 | $ | 18,243 | $ | (11,834 | ) | $ | (9,382 | ) | $ | 53,213 | $ | 44,668 | |||||||||||||||||||||||
| BROWN SHOE COMPANY, INC. | |||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS BY SEGMENT | |||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS | |||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||
| (Thousands) |
January 31, |
February 1, |
January 31, |
February 1, |
January 31, |
February 1, |
January 31, |
February 1, |
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| Net Sales | $ | 366,487 | $ | 233,475 | $ | — | $ | 599,962 | |||||||||||||||||||||||||
| Gross Profit | $ | 165,047 | $ | 76,360 | $ | — | $ | 241,407 | |||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 165,047 | $ | 76,360 | $ | — | $ | 241,407 | |||||||||||||||||||||||||
| Gross Profit Rate | 45.0 | % | 32.7 | % | — | % | 40.2 | % | |||||||||||||||||||||||||
| Adjusted Gross Profit Rate | 45.0 | % | 32.7 | % | — | % | 40.2 | % | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 12,587 | $ | 12,493 | $ | (14,902 | ) | $ | 10,178 | ||||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 12,587 | $ | 12,493 | $ | (14,902 | ) | $ | 10,178 | ||||||||||||||||||||||||
| Operating Earnings % | 3.4 | % | 5.4 | % | — | % | 1.7 | % | |||||||||||||||||||||||||
| Adjusted Operating Earnings % | 3.4 | % | 5.4 | % | — | % | 1.7 | % | |||||||||||||||||||||||||
| Same-store Sales % (on a 13-week basis) | (1.8 | )% | 1.3 | % | — | % | — | % | |||||||||||||||||||||||||
| Number of Stores | 1,044 | 179 | — | 1,223 | |||||||||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | |||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | ||||||||||||||||||||||||||||||
| (Thousands) |
January 31, |
February 1, |
January 31, |
February 1, |
January 31, |
February 1, |
January 31, |
February 1, |
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| Gross Profit | $ | 165,047 | $ | 76,360 | $ | — | $ | 241,407 | |||||||||||||||||||||||||
|
Charges/Other Items: |
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| Portfolio realignment | |||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | — | |||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | — | |||||||||||||||||||||||||||||
| Adjusted Gross Profit | $ | 165,047 | $ | 76,360 | $ | — | $ | 241,407 | |||||||||||||||||||||||||
| Operating Earnings (Loss) | $ | 12,587 | $ | 12,493 | $ | (14,902 | ) | $ | 10,178 | ||||||||||||||||||||||||
|
Charges/Other Items: |
|||||||||||||||||||||||||||||||||
| Portfolio realignment | |||||||||||||||||||||||||||||||||
| Business exits and cost reductions | — | — | — | — | |||||||||||||||||||||||||||||
| Total charges/other items | — | — | — | — | |||||||||||||||||||||||||||||
| Adjusted Operating Earnings (Loss) | $ | 12,587 | $ | 12,493 | $ | (14,902 | ) | $ | 10,178 | ||||||||||||||||||||||||
* Summary financial results and the reconciliation of adjusted results (non-GAAP) for the thirteen weeks ended January 31, 2015 will be released on March 11, 2015.
Brown Shoe Company
Peggy Reilly Tharp, 314-854-4134
ptharp@brownshoe.com
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