Brown Shoe Company Inc reported results for the first quarter of fiscal 2007 ended May 5, 2007.
All earnings per share data included in this release are on a post-split basis following the Company's April 2, 2007 3-for-2 stock split.
Consolidated net sales were $566.3 million, a decrease of 1.6 percent compared to $575.5 million in the first quarter of fiscal 2006. Net earnings were $9.6 million, or $0.22 per diluted share, versus net earnings of $10.0 million, or $0.23 per diluted share in the prior-year period.
First quarter 2007 earnings include charges related to the Company's Earnings Enhancement Plan of $0.07 per diluted share. On an adjusted basis,excluding these charges, net earnings were $13.0 million, or $0.29 per diluted share, an increase of 26.1 percent compared to $0.23 per diluted share for the same period last year and guidance range of $0.25 - $0.26 per diluted share on an adjusted basis. See Schedule 4 attached for a reconciliation to GAAP net earnings and the discussion of "Non-GAAP Financial Measures".
Ron Fromm, Brown Shoe's Chairman and CEO, stated, "Our first quarter results were ahead of expectations, driven primarily by the ongoing strength of our Famous Footwear chain. Famous Footwear generated a 3.4 percent same-store-sales gain in the quarter, fueled by its fashion-right merchandise selection."
Our Specialty Retail segment, which includes our Naturalizer stores and Shoes.com business, achieved solid progress in the quarter, also generating a 3.4 percent same-store-sales gain.
marketing@alchempro.com
