Brown Shoe Expects Q1 Consolidated Net Sales of $619M to $634M

Brown Shoe Company, Inc. BWS today announced preliminary net sales results for the nine-week period ended April 2, 2011. Consolidated net sales increased by 2.1 percent versus the year-ago period to $426 million. Famous Footwear net sales decreased 8.1 percent in the period, driven by a same-store sales decrease of 7.0 percent. Net sales in the Wholesale division increased 23.6 percent to $155 million. Net sales in the Specialty Retail division decreased 1.0 percent during the period, with flat same-store sales. For the first quarter, the Company now expects consolidated net sales of $619 to $634 million, which includes an expectation for a same-store sales decrease at Famous Footwear in the 2.0 to 4.0 percent range. In addition, a significant portion of wholesale shipments typically occurs in the last week of the quarter and may be dependent upon whether retail partners take receipt in the last week of April or first week of May. The Company has not provided quarterly earnings per share guidance. The Company remains comfortable with its previously stated full year 2011 guidance range of $1.25 to $1.32 per diluted share, or $1.37 to $1.47 per diluted share on an adjusted basis.