US: Brown Shoe Co lifts outlook on Q2 profit
- Net earnings US$15.4m versus a $2.5m loss last year
- Sales rose 10.1% to $621.7m from $564.9m
- Gross margin improved 70 basis points to 41%
Footwear firm Brown Shoe Company has lifted its full year earnings guidance after it returned to profit during the second quarter, helped by higher sales and margins.
The company, which operates 1,300 stores, today (27 August) said sales at Famous Footwear increased 10.8% to $388.2m and same-store-sales rose 6.8%.
Wholesale revenue grew 12.4% to $180.5m, with sales at Healthy Living and Contemporary Fashion up 14.4% and 10.2% respectively.
President and CEO Diane Sullivan said the sales increase was helped by a shift in sales to the second quarter from the third quarter.
"Both retail and wholesale contributed to this quarter's success, with Famous delivering record second quarter sales and operating profit and both of our wholesale platforms - Healthy Living and Contemporary Fashion - reporting double-digit increases in sales," Sullivan noted.
The company now expects full year adjusted earnings per share to $1.27-1.32, up from its earlier guidance of $1.22-1.29.
"For the back half of the year, we are maintaining a realistic but cautious stance, as we continue to monitor the macro retail environment," CFO Russ Hammer said.
Help test our new apparel sourcing tool.
Brown Shoe Company president and chief executive officer Diane Sullivan has added the role of chairman to her title following the departure of Ron Fromm....
Brown Shoe Company today (26 November) raised its full-year earnings guidance after reporting a 12.4% jump in third-quarter profit....
- China leads US apparel sources with falling prices
- Hard hit Turkish industry is not knocked out
- "Power of the many" drives change at Otto Group
- Vietnam grows share of US apparel imports in 2016
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Foot Locker, Nordstrom, Carter's
- Bangladesh crackdown has cost garment sector $100m
- Adidas and Burberry recognised for sustainability
- Inditex and H&M boycott Dhaka Apparel Summit
- Macy's will "do the right thing", says Lundgren
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022