Cautious outlook at Brown Shoe
Brown Shoe has posted better-than-expected profit for its second quarter, with wholesale revenues performing particularly well. However, while the company said it is encouraged by early results from its back-to-school season, it expects sales for the year to grow in the low double-digit range.
The company, which sells Dr Scholl's, Franco Sarto, Naturalizer and other brands, posted quarterly net income of $5.3 million compared with a loss of $4.2 million during the prior-year period.
Revenue rose more than 14% to $585.8 million, with sales for the Famous Footwear division up almost 11% to $357.3 million. Wholesale revenues rose 26% to $178.6 million.
The company plans to open between 30 and 35 Famous Footwear stores this year, although it also said it would close 50.
