Brown Shoe to sell another brand as profit shrinks
23/11/2012
The news comes after the retailer reported third-quarter profits of $24.3 million - down from $33.7 million a year ago.
Despite the dip, some of its brands such as Famous Footwear did well, with strong back-to-school sales. In the Healthy Living portfolio, wholesale sales climbed 2.1%, driven by LifeStride, Ryka and Dr. Scholl's.
"We really don't think (promotions are) the way to go ... It's a short-lived strategy and doesn't really engage the customer long term," Brown chief executive Diane Sullivan told Reuters. She declined to give details of the brand it was selling.
The company, which operates 1,300 stores, expects strong sales of its Sam Edelman brand – which it purchased in 2010 – and increased demand for its casual boots over the coming few weeks.
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