Brown Shoe swings to loss in Q2
St. Louis — Brown Shoe Co., parent to the Famous Footwear chain, reported Thursday a loss of $4.6 million for the second quarter, compared with a profit of $5.3 million in the year-ago period.
Sales increased 7.2% to $628.1 million, from $585.8 million.
The company said Thursday it will sell its AND 1 sports and lifestyle brand to Galaxy International for $55 million cash. The brand was part of the $145 million American Sporting Goods acquisition completed earlier this year. It was the addition of ASG that boosted the second-quarter sales by 7.2%.
Famous Footwear reported a year-over-year decline in second quarter net sales of 7%. Same-store sales in the division edged up 0.2%. During the quarter, the company closed eight underperforming Famous Footwear stores and added 12 new stores.
Shoe Carnival profit drops in Q2, on track to open 13 net new stores
Evansville, Ind. — Shoe Carnival reported Thursday that net income for the quarter ended July 30 dropped to $2.7 million from $4.1 million in the year-ago period. Sales edged up 0.8% to $166.7 million, and same-store sales dipped 1.1%.
The shoe retailer said it expects to open 17 new stores and close four stores in fiscal 2011.
Ahold Q2 profit drops on increased U.S. competition
Amsterdam — Royal Ahold NV reported Thursday that net income in the second quarter declined to $287 million from $290 million a year earlier, dragged down by performance of its U.S.-based Stop & Shop grocery stores.
The company cited increased competition in the U.S. for its lackluster quarter. Ahold said it will seek to limit price increases and cut costs in the United States, particularly at its Giant-Carlisle chain, which competes with Wal-Mart Stores.
Second-quarter sales declined 3.5% to $9.9 billion.