US: Brown shoe Q3 profit rises 11%
- Net earnings rose 11% to $18.6m
- Sales surged 14.5% to $716.1m
- Famous Footwear comps up 10.6%
US footwear firm Brown Shoe Company has posted an 11% profit increase for the third quarter, on the back of record sales.
Net sales for the third quarter increased 14.5% from the third quarter of 2009 to a record $716.1m.
Net earnings rose to $18.6m, or $0.42 per diluted share, compared to net earnings of $16.3m, or $0.38 per diluted share, in the third quarter of 2009.
"Our record sales performance in the quarter was gratifying and reinforces that our targeted efforts to bring national brands and value to our core consumer are succeeding," said chairman and CEO Ron Fromm.
"More important, earnings were ahead of expectations, even as our previously discussed investments in marketing and incentives moderated improvement in operating margins by 230 basis points. Famous Footwear registered a record back-to-school season, driven by broad-based gains across athletics, dress and casual styles."
Click here to view the company's full quarterly earnings report.
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