Brown Shoe Company Inc reported results for the fourth quarter and fiscal year ended February 3, 2007.
Ron Fromm, Brown Shoe's Chairman and CEO, stated, "Fiscal 2006 was a year of many accomplishments for Brown Shoe Company. Our growth was balanced across our wholesale and retail platforms with a record performance at Famous Footwear and significant strides made with our Naturalizer and Dr. Scholl's brands during the year."
"Our ability to satisfy consumers' desires for compelling brands and fashion at all channels of distribution remains core strength. Adherence to our sell-through model and inventory discipline also contributed to our double-digit increase in earnings for the year. During the year, we continued to evaluate our portfolio to ensure that we are focused on opportunities that maximize our long-term sales and profit growth."
"To this end, we made decisions to exit our Bass license and reposition our Brown New York brands to the consumer-driven model that has been successful in our core brands. Lastly, we began to implement an earnings enhancement plan that has already begun to positively impact our business, as we benefit from increased talent, a more efficient operation, and a reduction in costs."
Fromm continued, "As a result of our strong performance in 2006 and confidence in our 2007 outlook, our Board of Directors authorized a 3-for-2 stock split, to be effected in the form of a stock dividend, and an increase in the quarterly dividend. This is the second such stock split and dividend increase in the past 12 months."
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