Brown Shoe Co. reported mixed results for the fourth quarter, beating Wall Street’s earnings estimates but missing its revenue forecast. The St. Louis-based company said net income was $16.2 million, or 37 cents per diluted share. That included a 17-cents-per-share gain from the sale of Shoes.com last year. Adjusted earnings were 20 cents a share. (Analysts polled by Yahoo Finance had predicted adjusted earnings of 16 cents.)
Revenues for the period were $615.4 million, up 2.6 percent compared with the year-ago period. But that was lower than the $626 million expected by analysts.
The parent company of Famous Footwear and Naturalizer said it is “cautious” about its 2015 outlook due to the ongoing consequences of the West Coast port delays.
CFO Ken Hannah said he expects per-share earnings of $1.78 to $1.88 and revenue of $2.61 billion to $2.63 billion for the year ahead.
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“While we’re confident about our 2015 strategy, we are also cautious about the potential for product delays in the first half of the year, as the West Coast port situation is gradually untangled,” Hannah said.
Hannah noted that the company’s recent supply-chain changes, implemented last fall, should mitigate most of the port dispute’s impact.
Brown Shoe sold Shoes.com late last year to focus on Famous Footwear, which helped boost the company’s performance. “Both of our business segments helped drive fourth-quarter results, with Famous Footwear delivering strong same-store sales growth of 4 percent, while Brand Portfolio sales improved 5.4 percent,” said Diane Sullivan, CEO, president and chairman of Brown Shoe.