Brown Shoe swings into second quarter profit

US footwear firm Brown Shoe Company has posted a rise in profits and sales for 13-week period ended 31 July.

In the second quarter of last year Brown Shoe reported a net loss of $4.2m.

Ron Fromm, Brown Shoe’s chairman and CEO, said: “The positive momentum for our retail and wholesale brands continued in the second quarter and resulted in strong sales growth across our multi-channel portfolio and a significant improvement in earnings during the period.

“This performance reflects our growing engagement with our consumers, built upon exceptional product and compelling merchandising and marketing plans. We have seen tremendous growth from our Wholesale division, with strong performances in the quarter from Naturalizer, Dr Scholl’s, and our contemporary fashion brands.

“Additionally, Famous Footwear drove a double-digit sales gain with a significantly reduced promotional cadence in the quarter, resulting in solid year-over-year gross profit rate improvement. As a result of the strong performance for the first six months of the year, we are proud to have achieved our short-term milestone of delivering adjusted earnings of $1.00 per diluted share on a trailing 12-month basis in a much faster timeframe than previously anticipated.”

Click here to view the company’s full second quarter financial statement.

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