Brown Shoe Company Down 11% After Missing Earnings Estimates

Shares of Brown Shoe Company

are down 11% after the company missed earnings estimates. The company today reported its 2011 financial results, with net sales of $2.6 billion, an increase compared to 2010 net sales of $2.5 billion. Full year net earnings of $24.6 million, or $0.56 per diluted share, were down compared to $37.2 million, or $0.85 per diluted share, in 2010. On an adjusted* basis, net earnings were $30.3 million, or $0.70 per diluted share, compared to $42.5 million, or $0.97 per diluted share, in the prior year. Gross profit margin for 2011 was 38.6% versus 40.1% in 2010. For the fourth quarter, net sales of $628.9 million increased compared to fourth quarter 2010 net sales of $604.5 million. A net loss of ($8.2) million, or ($0.21) per diluted share, was down when compared to earnings of $3.4 million, or $0.08 per diluted share, in the fourth quarter of 2010. On an adjusted* basis, net earnings were $4.1 million, or $0.10 per diluted share, compared to $5.0 million, or $0.11 per diluted share, in the fourth quarter of 2010. Gross profit margin in the fourth quarter of 2011 was 37.9% versus 38.9% in the prior year.