Brown Shoe Company shares positive Q1 2015 results
Brown Shoe Company exceeded its expectations for the first quarter of 2015. The company last week reported its financial results that showed an increase in sales and net earnings company-wide.
Diane Sullivan, CEO, president and chairman of Brown Shoe Company, said, "We’re pleased with our first quarter results, which were achieved thanks to strong sales from our Brand Portfolio and exceptional gross margin and operating margin gains at Famous Footwear combined with better than expected same-store-sales."
Net sales for Q1 2015 was $602.3 million, up 1.9% from $591.2 million in the previous year. Net earnings went up 24.8% to $19.3 million compared to $15.4 million in the previous year. The gross margin of 41.3% was up 30 basis points year-over-year, and the operating margin of 5.0% was up 10 basis points.
Famous Footwear had sales of $360 million in the first quarter. 15 stores were opened despite 13 store closures. The Brand Portfolio as a whole had sales of $242.3 million, up 7.9% compared to Q1 2014. Performance in the quarter was driven by a 9.1% improvement in Healthy Living and a 4.9% improvement in Contemporary Fashion sales.
As of May 28th, Brown Shoe Company became Caleres. Caleres owns Famous Footwear and Famous.com, Sam Edelman, Franco Sarto, Vince, Via Spiga, Dr. Scholl’s, celebrity lines Fergie Footwear and Carlos Santana, and most recently signed a license agreement with DVF for the Resort 2016 season.
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