Footwear Retailer Brown&Nbsp; Shoe Second Profit In Excess Of Market Expectations
footwear
Retailer
Brown Shoe Co. Inc (BWS) said that in the second quarter, it turned out to be profitable and exceeded market expectations, mainly due to revenue growth, especially its wholesale sector, plus its Famous Footwear chain promotions.
In the fiscal quarter of July 31st, the company's net profit was $5 million 300 thousand, or 12 cents per share.
In the same period last year, the company lost 4 million 200 thousand US dollars, or 10 cents per share.
After deducting expenses related to a technology plan and other one-time items, the company earned 15 cents a share in the quarter, much better than the 7 loss per share in the same period last year.
Revenue grew 14% to $586 million.
Analysts surveyed by Thomson Reuters average expected earnings of 9 cents per share and 580 million revenue per quarter.
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The company's Famous Footwear revenue grew by nearly 11% to $357 million, while same store sales increased by 11.8%.
Wholesale sector revenue grew 26% to $179 million, while the retail sector grew by about 8% to $59 million 800 thousand.
Brown Shoe said that although the initial results of the homecoming season were impressive.
Uplift
But annual revenue is expected to remain low double-digit growth.
The company had expected annual revenue to show high unit to low double-digit growth.
Analysts expect the company to earn $2 billion 440 million in fiscal year 2010.
The company plans to open 30 to 35 Famous Footwear stores this year and close 50.
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