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Brown Shoe Company Inc. (BWS) filed Quarterly Report for the period ended 2011-10-29.
Brown Shoe Co. Inc. has a market cap of $373.5 million; its shares were traded at around $8.9 with a P/E ratio of 12.5 and P/S ratio of 0.1. The dividend yield of Brown Shoe Co. Inc. stocks is 3.2%.
This is the annual revenues and earnings per share of BWS over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BWS.
Highlight of Business Operations:
Net sales decreased $2.3 million, or 0.3%, to $713.8 million for the third quarter of 2011, compared to $716.1 million for the third quarter of last year. Net sales of our Famous Footwear and Specialty Retail segments decreased, while net sales of our Wholesale Operations segment increased. Our Famous Footwear segment reported a $5.3 million decrease in net sales. Net sales were lower from our new and closed stores and the segment also reported a same-store sales decrease of 0.4%, primarily driven by the relative weakness in toning footwear sales in the third quarter of 2011 compared to 2010. Our Wholesale Operations segment reported a $6.5 million increase in net sales, due to the acquisition of ASG during the first quarter of 2011 (which contributed $33.3 million in net sales), which was partially offset by a decline in legacy (non-ASG) wholesale operations. The net sales of our Specialty Retail segment decreased $3.4 million, reflecting a lower store count and a same-store sales decrease of 1.9%, partially offset by an increase in the Canadian dollar exchange rate.Net sales increased $54.3 million, or 2.9%, to $1,953.9 million for the thirty-nine weeks ended October 29, 2011, compared to $1,899.6 million for the thirty-nine weeks ended October 30, 2010. Famous Footwear reported a $27.1 million decrease in net sales, reflecting a 1.3% decrease in same-store sales, primarily driven by the relative weakness in toning footwear sales in the first nine months of 2011 compared to 2010. Our Wholesale Operations segment reported a $85.3 million increase in net sales, due to our acquisition of ASG (which contributed $107.9 million in net sales), which was partially offset by a decline in legacy (non-ASG) wholesale operations. The net sales of our Specialty Retail segment decreased $3.8 million, reflecting a lower store count, partially offset by an increase in the Canadian dollar exchange rate and a 0.7% same-store sales increase.
Gross profit decreased $10.1 million, or 1.3%, to $758.1 million for the thirty-nine weeks ended October 29, 2011, compared to $768.2 million for the thirty-nine weeks ended October 30, 2010. Although we experienced higher net sales, due primarily to the inclusion of ASG in 2011, this increase was offset by our lower gross profit rate at each of our segments. As a percent of net sales, our gross profit was 38.8% for the first nine months of 2011, compared to 40.4% for the first nine months of last year. Our Wholesale and Retail segments experienced margin pressure as the toning footwear business declined, resulting in lower margin sales and higher inventory markdowns of toning products. Our Wholesale Operations segment was also negatively impacted by incremental cost of goods sold of $3.9 million for the inventory fair value adjustment related to our acquisition of ASG, which was recorded during the first and second quarters of 2011. In addition, we recognized higher inventory markdowns in 2011 related to the exit of certain women s specialty and private brands. A higher mix of wholesale net sales, primarily due to the ASG acquisition, also negatively impacted our gross profit rate in the first nine months of the year. Retail and Wholesale Operations net sales were 65% and 35%, respectively, in the first nine months of 2011 compared to 69% and 31% in the first nine months of 2010. Gross profit margins in our retail businesses are higher than in wholesale operations.
Net sales increased $6.5 million, or 2.9%, to $233.6 million for the third quarter of 2011, compared to $227.1 million for the third quarter of last year. The increase was due to the acquisition of ASG during the first quarter of 2011, which contributed $33.3 million in net sales. Partially offsetting this increase, sales of our legacy (non-ASG) footwear brands were lower in the aggregate in the third quarter by $26.8 million, or 11.8%. We experienced sales growth in our Fergie, Vera Wang, Sam Edelman, LifeStride and Via Spiga brands and declines in our Dr. Scholl s, Naturalizer, Children s, Women s and Men s Specialty, Nickels Soft, Etienne Aigner, Carlos by Carlos Santana and Franco Sarto brands. Our unfilled order position increased $32.4 million, or 10.1%, to $352.4 million as of October 29, 2011, compared to $320.0 million as of October 30, 2010 primarily due to the acquisition of ASG during the first quarter of 2011.
Net sales decreased $3.4 million, or 5.2%, to $64.0 million for the third quarter of 2011, compared to $67.4 million for the third quarter of last year. The sales decrease reflects a lower store count and a same-store sales decrease of 1.9%, partially offset by an increase in the Canadian dollar exchange rate. We have experienced some delays in the receipt of product into our retail stores due primarily to the challenges with the start-up of our ERP platform, resulting in lower retail sales for the third quarter. We opened nine new stores and closed 12 stores during the third quarter of 2011, resulting in a total of 242 stores (including 17 Naturalizer stores in China) and total square footage of 0.4 million at the end of the third quarter of 2011, compared to 259 stores (including seven Naturalizer stores in China) and total square footage of 0.4 million at the end of the third quarter of last year. As a result of the above named factors, sales per square foot, excluding e-commerce, increased 1.0% to $100 for the third quarter of 2011, compared to $99 for the third quarter of last year. In addition, the net sales of Shoes.com decreased $0.4 million, or 1.9%, to $19.1 million for the third quarter of 2011, compared to $19.5 million for the third quarter of last year.
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