Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CALERES INC | bws8k111709.htm |
| EX-99.2 - EXHIBIT 99.2 - CALERES INC | bws8k111709ex99_2.htm |
Exhibit
99.1
BROWN
SHOE ANNOUNCES PRELIMINARY THIRD QUARTER RESULTS
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·
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Famous
Footwear comparable store sales increased 4.7 percent in the third
quarter
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·
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Expects
third quarter diluted earnings per share to be in the range of $0.36 to
$0.37, or $0.40 to $0.41 on an adjusted
basis
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ST.
LOUIS, MISSOURI, November 17, 2009 – Brown Shoe Company, Inc. (NYSE:BWS) today
announced preliminary sales and earnings for the third quarter ended October 31,
2009. In a separate press release today, the Company also announced a
series of divisional leadership changes, with the expected retirements of Joe
Wood, Division President – Retail, and Gary Rich, Division President –
Wholesale, in early 2010 and details to their succession plans.
Preliminary
results for the 13-week period ended October 31, 2009:
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·
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Total
net sales of $625.6 million, a one percent decline from net sales of
$631.7 million in the third quarter
of 2008;
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·
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Famous
Footwear comparable store sales increased 4.7 percent, as compared to a
5.0 percent decline in the third quarter
of 2008;
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·
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Specialty
Retail comparable store sales increased 4.1 percent, as compared to a 6.7
percent decline in the third quarter of 2008;
and
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·
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Wholesale
sales declined 16.5 percent in the quarter, in line with the Company’s
previous stated outlook.
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The
Company currently expects third quarter net earnings per diluted share
attributable to Brown Shoe Company, Inc. (hereafter “net earnings per diluted
share”) in the range of $0.36 to $0.37. Excluding charges of $0.04
per diluted share related to its information technology initiatives, the Company
expects to generate $0.40 to $0.41 per diluted share on an adjusted basis in the
quarter. This compares to net earnings per diluted share of $0.25 in
the third quarter of 2008, which included $0.24 per diluted share in charges
related to the Company’s headquarters consolidation and its information
technology initiatives. The Company plans to provide its fourth
quarter outlook when it reports full results for the third quarter on November
24, 2009.
CONFERENCE CALL
INFORMATION
The
Company will hold a conference call to discuss its third quarter financial
results and fourth quarter outlook on Tuesday, November 24, 2009 at 8:00 a.m.
Central time/9:00 a.m. Eastern time. The question-and-answer session of the call
will be limited to institutional analysts and investors, but retail brokers,
individual investors, and other interested parties are invited to attend via a
live webcast at http://www.brownshoe.com/investor
website (type in the BWS ticker symbol to locate the broadcast). The Company
plans to issue its quarterly results press release before the market opens that
day.
Non-GAAP
Financial Measures
In this
press release, the Company’s financial results are provided both in accordance
with generally accepted accounting principles (GAAP) and using certain non-GAAP
financial measures. In particular, the Company provides historic and preliminary
net earnings and earnings per diluted share adjusted to exclude certain charges,
which are non-GAAP financial measures. These results are included as a
complement to results provided in accordance with GAAP because management
believes these non-GAAP financial measures help identify underlying trends in
the Company’s business and provide useful information to both management and
investors by excluding certain items that may not be indicative of the Company’s
core operating results. These measures should not be considered a substitute for
or superior to GAAP results.
Safe
Harbor Statement Under the Private Securities Litigation Reform Act of
1995:
This
press release contains certain forward-looking statements and expectations
regarding the Company’s future performance and the future performance of its
brands. Such statements are subject to various risks and uncertainties that
could cause actual results to differ materially. These include, among other
things, the preliminary nature of the estimates of Company’s quarterly results.
The Company's reports to the Securities and Exchange Commission contain detailed
information relating to such factors, including, without limitation, the
information under the caption “Risk Factors” in Item 1A of the Company’s Annual
Report on Form 10-K for the year ended January 31, 2009, which information is
incorporated by reference herein and updated by the Company’s Quarterly Reports
on Form 10-Q. The Company does not undertake any obligation or plan to update
these forward-looking statements, even though its situation may
change.
About
Brown Shoe Company, Inc.
Brown
Shoe is a $2.2 billion footwear company with global operations. Brown
Shoe’s Retail division operates Famous Footwear, the more than 1,100-store chain
that sells brand name shoes for the family, approximately 300 specialty retail
stores in the U.S., Canada, and China primarily under the Naturalizer brand
name, and footwear e-tailer shoes.com. Through its Wholesale divisions, Brown
Shoe markets leading footwear brands including Naturalizer, Dr. Scholl's, Franco
Sarto, LifeStride, Etienne Aigner, Via Spiga, and Sam Edelman. Brown
Shoe press releases are available on the Company's website at
http://www.brownshoe.com.
| Contacts: | ||
| For investors | For media: | |
| Ken Golden | Erin Conroy | |
| Brown Shoe Company, Inc. | Brown Shoe Company, Inc. | |
| kgolden@brownshoe.com | econroy@brownshoe.com | |
| 314-854-4134 | 212-324-4515 |
SCHEDULE
1
BROWN
SHOE COMPANY, INC.
Reconciliation
of Historic and Preliminary Diluted Earnings Per Share Attributable to Brown
Shoe Company, Inc. (GAAP Basis) to Adjusted Diluted Earnings Per Share
Attributable to Brown Shoe Company, Inc. (Non-GAAP Basis)
The
following are reconciliations of the Company’s historic and preliminary GAAP
Diluted Earnings Per Share Attributable to Brown Shoe Company, Inc. to Adjusted
Diluted Earnings Per Share Attributable to Brown Shoe Company,
Inc.:
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Preliminary
3rd
Quarter 2009
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3rd Quarter 2008 | |||
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(Thousands,
except per share data)
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Diluted
Earnings Per
Share
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Diluted
Earnings Per
Share
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GAAP
EPS Attributable to Brown Shoe Company, Inc.
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$
0.36 – 0.37
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$ 0.25
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Charges / Other Items:
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||||
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IT
Initiatives
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0.04
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0.01
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Headquarters
Consolidation
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-
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0.23
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Total
Charges / Other Items
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0.04
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0.24
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Adjusted
EPS Attributable to Brown Shoe Company, Inc.
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$
0.40 – 0.41
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$ 0.49
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