Brown Shoe Co. swings from loss to profit

St. Louis – Brown Shoe Company swung from a net loss in the second quarter of fiscal 2012 to net earnings in the second quarter of fiscal 2013. The retailer also boosted net sales and same-store sales.

For the quarter, Brown Shoe reported net earnings of $15.4 million, compared to a net loss of $2.5 million a year earlier. Net sales grew 10.1% to $621.7 million from $564.9 million and same-store sales rose 6/8%. The retailer attributed this strong performance to good sales growth in running, sandal and canvas shoe styles. During the quarter, Brown Shoe closed or relocated 14 stores and added 19 new stores, as average revenue per square foot continued to improve.

While consolidated net sales were up $57 million in the quarter — or 10% year-over-year — approximately $22 million of this amount was timing related, due to a shift in sales to the second quarter from the third quarter,” said Diane Sullivan, president and CEO of Brown Shoe Company. “Both retail and wholesale contributed to this quarter’s success, with Famous delivering record second quarter sales and operating profit and both of our wholesale platforms, Healthy Living and Contemporary Fashion, reporting double-digit increases in sales.”

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