Brown Shoe could double profits in 2010
05/03/2010
The company achieved almost the same sales as in the previous year, $2.24 billion in 2009 compared to $2.27 billion, but it achieved a net profit of $10.4 million on the 2009 figure, compared to a net loss of $134.8 million for 2008, owing to restructuring costs at that time.
Chief executive, Ron Fromm, said on announcing the results: “We are pleased to report better-than-expected fourth quarter results and an overall strong second-half performance. This achievement is even more gratifying given the challenging economic environment that existed throughout the year. Our core brands, Famous Footwear, Naturalizer, and Dr Scholl’s, led the way."
He went on to say that Brown Shoe would continue in 2010 to try to drive "profitable sales from our core brands", and generating greater efficiencies from its operating platform. "We are encouraged that the trends we saw in the fourth quarter have continued into the first quarter," Mr Fromm said, "and, while there remains uncertainty as to the pace of economic recovery, we believe we will see a return to mid-single digit sales growth for Brown Shoe during the year, coupled with a doubling of our earnings in the next 12 to 15 months.”
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