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Brown Shoe Posts Upbeat Q1 Results, Lifts Earnings Forecast


Brown Shoe Company, Inc. (NYSE: BWS) reported upbeat results for the first quarter and raised its earnings forecast for the full year.

The St. Louis, Missouri-based company posted quarterly net earnings of $19.3 million, or $0.44 per share, compared to $15.4 million, or $0.35 per share, in the year-ago quarter.

Its revenue gained 1.9 percent year-over-year to $602.3 million from $591.2 million. However, analysts were expecting a profit of $0.36 per share on revenue of $593.3 million.

The average estimate among 5 Estimize users was for earnings of $0.22 per share and revenue of $621.66 million.

Famous Footwear sales rose 1.5 percent to $360.0 million, excluding, which was sold in December. Brand Portfolio sales climbed 7.9 percent to $242.3 million in the quarter.

Its gross margin rose 30 basis points year-over-year to 41.3 percent in the quarter, while operating margin widened 10 basis points to 5.0 percent.

Inventory at the end of the quarter was $498.5 million, versus $512.8 million in the previous year.

"First quarter exceeded our expectations virtually across the board – including sales, margin and earnings — despite a late start to spring and caution around potential west coast port delays," said Diane Sullivan, CEO, president and chairman of Brown Shoe Company. "We're pleased with our first quarter results, which were achieved thanks to strong sales from our Brand Portfolio and exceptional gross margin and operating margin gains at Famous Footwear combined with better than expected same-store-sales."

Brown Shoe projects full-year earnings of $1.84 to $1.94 per share, on revenue of $2.61 billion to $2.63 billion. The company had earlier expected earnings of $1.78 to $1.88 per share.

Brown Shoe shares fell 2.77 percent to close at $30.16 yesterday.


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