Brown Shoe Turns To Profit In Q2; Lifts FY13 Adj. EPS View - Quick Facts

(RTTNews) - Footwear retailer Brown Shoe Co., Inc. (BWS) posted second-quarter GAAP net earnings of $15.4 million, or $0.35 per share, versus a loss of $2.5 million, or $0.06 per share, a year ago. Second-quarter 2013 results included $1.8 million of pre-tax costs associated with portfolio realignment efforts, while the second-quarter 2012 included $14.6 million of costs related to the portfolio realignment and for other organizational changes.

On an adjusted basis, net earnings were $14.2 million, or $0.33 per share for the period. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly consolidated net sales of $621.7 million, were 10.1% higher when compared to the prior year's $564.9 million, excluding sales from discontinued operations for both quarters. Results for the second quarter of 2013 and 2012 included sales of $1.0 million and $2.8 million, respectively, from brands and businesses the company has exited.

Five analysts estimated revenue of $596.73 million for the quarter.

Commenting on the future, the company said: "Despite uneven weather patterns and a decline in retail traffic, our performance in the first half of the year exceeded expectations. As a result, we are increasing our adjusted EPS guidance to $1.27 to $1.32 for fiscal 2013." Six analysts project annual earnings of $1.33 per share.