US: Brown Shoe raises full year forecast on strong Q3
Brown Shoe Company has raised its full year forecast after posting a strong third quarter result, helped by a good back-to-school performance.
The company has lifted its full-year earnings forecast to US$1.06-1.10 per share, up on the previously forecast $0.85-0.95.
Net income fell, however, down to US$24.3m from $33.7m over the quarter ended 27 October. However, excluding a series of one-off impacts from portfolio realignment charges this year and gains on the sale of the AND 1 brand in the third quarter of last year, net income was up 18.3% to $25.9m. Sales were up 2.6% to $732.2m.
Famous Footwear recorded a 4.9% increase in sales to reach $436.8m, with same store sales rising 6.8%, rising 5.5% over the back-to-school season.
The contemporary fashion division recorded a 5.2% increase in wholesale revenue. Its healthy living portfolio recorded a 2.1% increase in sales over the period.
"With the third quarter, we delivered not only solid back-to-school results, but also overall strong quarterly same-store-sales growth of 6.8% at Famous Footwear," said president and CEO Diane Sullivan.
"We also saw improvement in sales for both our contemporary fashion and healthy living brand portfolios, as we continued to deliver trend-right products that are must-haves for consumers."
Footwear retailer Brown Shoe Company has returned to profit during the fourth quarter, helped by higher sales and a restructuring of its business....
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