UPDATE: Brown Shoe Reports 63% Drop In FQ1 Earnings

Brown Shoe Co BWS reported a 63% decline in its fiscal first-quarter earnings. Brown Shoe reported its quarterly profit at $3.69 million, or $0.08 per share, down from $10 million, or $0.23 per share, in the year-earlier period. Excluding items like acquisition-related costs and an adjustment to the cost of goods sold, the company's earnings dropped to $0.16 per share from $0.26 per share. However, analysts were expecting earnings of $0.13 per share. The company's sales surged 4.5% to $624.6 million. Brown Shoe's gross margin dropped to 40% from 41.4%. Same-store sales at Famous Footwear declined 3.9%, versus a rise of 15.5% in the prior year. Brown Shoe shares closed at $10.91 yesterday. Read more from Benzinga's Company news.