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Brown Shoe Company Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 30, 2012 05:06PM

Brown Shoe Company Inc. (BWS) filed Quarterly Report for the period ended 2012-10-27. Brown Shoe Company, Inc. has a market cap of $744.8 million; its shares were traded at around $19.05 with a P/E ratio of 15.9 and P/S ratio of 0.3. The dividend yield of Brown Shoe Company, Inc. stocks is 1.6%.



Highlight of Business Operations:

Consolidated net sales increased $18.4 million, or 2.6%, to $732.2 million for the third quarter of 2012, compared to $713.8 million for the third quarter of last year. Net sales of our Famous Footwear segment increased by $20.6 million, reflecting our strong back-to-school season, while our Specialty Retail and Wholesale Operations segments decreased by $1.2 million and $1.0 million, respectively. Our Famous Footwear segment experienced an increase in same-store sales of 6.8% in the third quarter of 2012, as compared to a decrease of 0.4% in the third quarter of 2011. Our Specialty Retail segment also experienced an increase in same-store sales of 8.4% in the third quarter of 2012, as compared to a decrease of 1.9% in the third quarter of 2011.

Net sales increased $18.4 million, or 2.6%, to $732.2 million for the third quarter of 2012, compared to $713.8 million for the third quarter of last year. Net sales of our Famous Footwear segment increased, while net sales at our Specialty Retail and Wholesale Operations segments decreased slightly. Our Famous Footwear segment reported a $20.6 million increase in net sales, which reflects a same-store sales increase of 6.8%, during the third quarter of 2012. Famous Footwear experienced increases in conversion rate, customer traffic levels and average retail price. The net sales of our Specialty Retail segment decreased $1.2 million, reflecting a lower store count and a decrease in sales at Shoes.com, partially offset by an increase in same-store sales of 8.4% and an improvement in the Canadian dollar exchange rate. Our Wholesale Operations segment reported a $1.0 million decrease in net sales, primarily attributable to lower sales of our exited brands and our Avia division, partially offset by increases in our Dr. Scholl’s Shoes, Fergie, LifeStride, Sam Edelman, Rykä, Vince, Nevados and Franco Sarto divisions.

Net sales increased $4.0 million, or 0.2%, to $1,957.9 million for the thirty-nine weeks ended October 27, 2012, compared to $1,953.9 million for the thirty-nine weeks ended October 29, 2011. Net sales of our Famous Footwear segment increased, while net sales of our Wholesale Operations and Specialty Retail segments decreased. Our Famous Footwear segment reported a $30.3 million increase in net sales, which reflects a same-store sales increase of 4.6% during the thirty-nine weeks ended October 27, 2012. Famous Footwear experienced a higher average retail price, an improvement in customer traffic levels and an increase in the conversion rate. Our Wholesale Operations segment reported a $15.1 million decrease in net sales primarily attributable to lower sales of our exited brands and our Avia division, partially offset by increases in our Sam Edelman, Fergie, Franco Sarto, LifeStride and Rykä divisions. The net sales of our Specialty Retail segment decreased $11.4 million, reflecting a lower store count, a decrease in sales at Shoes.com and a decline in the Canadian dollar exchange rate, partially offset by an increase in our same-store sales of 3.2%.

Gross profit increased $9.3 million, or 3.4%, to $285.8 million for the third quarter of 2012, compared to $276.5 million for the third quarter of last year, driven by our Famous Footwear division, which experienced higher net sales. As a percent of net sales, our gross profit increased to 39.0% for the third quarter of 2012 from 38.7% for the third quarter of last year. The increase in gross profit rate was primarily due to a higher mix of retail sales. Retail and Wholesale Operations net sales were 68% and 32%, respectively, in the third quarter of 2012, compared to 67% and 33% in the third quarter of 2011. Gross profit rates in our retail businesses are higher, on average, than in our wholesale business.

Net sales increased $20.6 million, or 4.9%, to $436.8 million for the third quarter of 2012, compared to $416.2 million for the third quarter of last year. Same-store sales, including e-commerce, increased 6.8% during the third quarter of 2012, primarily due to increases in our conversion rate, customer traffic levels and average retail price. Boat shoes, running shoes and accessories were contributors to the increase in net sales. During the third quarter of 2012, we opened 18 new stores and closed 11 stores, resulting in 1,061 stores and total square footage of 7.2 million at the end of the third quarter of 2012, compared to 1,121 stores and total square footage of 7.7 million at the end of the third quarter of last year. Sales per square foot, excluding e-commerce, increased 10.3% to $58 in the third quarter of 2012, compared to $53 in the third quarter of last year. Members of our customer loyalty program, Rewards, continue to account for a majority of the segment’s sales, as approximately 71% of our net sales were made to members of our Rewards program in the third quarter of 2012 compared to approximately 63% in the third quarter of 2011.

Read the The complete Report



Stocks Discussed: BWS,
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