FINANCE

Brown Shoe Q4 earnings beat company expectations

BY Dan Berthiaume

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.

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FINANCE

The Buckle’s Q4 net income, sales decline

BY Dan Berthiaume

Kearney, Neb. –- The impact of an extra week in the fourth quarter of fiscal 2012 helped drive down net income and sales at The Buckle during the fourth quarter of fiscal 2013. On a year-over-year basis, net income dropped 3% to $59.4 million from $61.3 million, while net sales declined 6% to $339 million from $360.6 million.

Same-store sales for the quarter decreased 2.8%.

Year-over-year results were more favorable in the full fiscal year. Although net income declined 1% to $162.6 million from $164.3 million, net sales grew 0.4% to $1.128 billion from $1.124 billion and same-store sales were flat.

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SUPPLY CHAIN

Amazon to build DC in Kent, Wash.

BY Dan Berthiaume

Seattle — Amazon said it will open a 1-milllion-sq-.ft. distribution center in Kent, Wash., which will be its fourth in Washington state. IDS Real Estate Group and Clarion Partners are building the site as part of a joint venture.

Amazon’s other Washington fulfillment centers are located in Sumner and Bellevue, and a DuPont site is near completion.

“We’re excited to bring hundreds of great full-time jobs with benefits to Kent and proud to further invest in Washington state with this new fulfillment center,” said Mike Roth, Amazon’s VP of North America operations. “We are grateful to local and state elected officials who have supported Amazon in bringing a new fulfillment center to the state of Washington.”

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