St. Louis — Brown Shoe Company Inc., which operates Famous Footwear stores, said Wednesday that its first-quarter earnings tumbled, despite rising revenue caused by higher costs.
The company earned $3.7 million, compared with year-ago earnings of $10 million. Excluding special charges for restructuring and other items, the company earned $7 million.
Revenue rose to $624.6 million from $597.7 million a year earlier. Revenue declined at the company's Famous Footwear and specialty retail operations, but wholesale revenue jumped 27%.
The cost of goods sold rose 7%. Selling, general and administrative expenses were up 5%.
Brown Shoe attributed its higher revenue mostly to the acquisition of American Sporting Goods in February.