St. Louis - Brown Shoe Company beat internal expectations with net earnings of $6.2 million during the fourth quarter of fiscal 2013, up 55% from $4 million in the same quarter of the prior year. Net sales dropped 3% to $600 million, from $618.7 million.
“Brown Shoe Company delivered a successful fourth quarter and 2013,” said Diane Sullivan, CEO, president and chairman of Brown Shoe Company. “Our wholesale brands continued to make progress, growing sales 13.5% in the fourth quarter and 5.3% in 2013. We are looking forward to continuing to execute against our strategies to deliver increasing shareholder value, as we grow our retail and wholesale businesses in 2014.”
During the full fiscal year 2013, net earnings grew 38.5% to $38.1 million, from $27.5 million. For full year 2013, net sales of $2.51 billion were up 1.4% compared to $2,478 million in 2012. Looking ahead, Brown Shoe predicts consolidated net sales for fiscal 2014 will range from $2.58 billion to $2.6 billion.