Brown Shoe Company Reports Second Quarter 2012 Res Brown Shoe Company Reports Second Quarter 2012 Results
Consolidated net sales of $599 million with record sales and operating earnings at Famous Footwear
Operating cash flow improved to $119 million, up $76 million year-over-year
ST. LOUIS--(BUSINESS WIRE)--Aug. 28, 2012-- Brown Shoe Company, Inc. (NYSE: BWS, brownshoe.com) today reported its second quarter 2012 financial results, with net sales of $599.3 million versus second quarter 2011 net sales of $620.6 million. Results for both the second quarter of 2012 and 2011 included sales of $8.5 million and $25.8 million, respectively, from brands and businesses the company has exited over the past nine months. Excluding exited sales, net sales were down 0.7% year-over-year.
The second quarter net loss of ($2.5) million, or (
.06) per diluted share, improved when compared to ($4.6) million, or (
.11) per diluted share, in 2011. The second quarter 2012 loss included portfolio realignment charges of $12.4 million and $2.3 million of charges related to a previously announced organizational change. On an adjusted* basis, net earnings of $6.8 million, or
.16 per diluted share, improved compared to a loss of ($2.7) million, or (
.06) per diluted share, in the prior year. Gross profit margin for the second quarter of 2012 was 39.0% versus 37.6% in 2011.
“For the second quarter, we delivered record setting sales and operating earnings at Famous Footwear, which was coupled with strong performance from our Contemporary Fashion brands,” said Diane Sullivan, president and chief executive officer of Brown Shoe Company. “We also continued to see leverage from our strategic portfolio realignment efforts, and this quarter’s results are another positive proof point we are delivering against our commitment to drive shareholder value.”
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