BROWN SHOE COMPANY, INC.
(Exact name of registrant as specified in its charter)
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New York
(State or other jurisdiction of incorporation or organization)
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1-2191
(Commission File Number)
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43-0197190
(IRS Employer Identification Number)
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8300 Maryland Avenue
St. Louis, Missouri
(Address of principal executive offices)
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63105
(Zip Code)
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(314) 854-4000
(Registrant's telephone number, including area code)
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(c)
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Exhibit
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99.1
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Press Release issued November 21, 2011
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BROWN SHOE COMPANY, INC.
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||
(Registrant)
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||
Date: November 21, 2011
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/s/ Michael I. Oberlander
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Michael I. Oberlander
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||
Senior Vice President, General Counsel and
Corporate Secretary
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Exhibit Number
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Description
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99.1
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Press Release dated November 21, 2011
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News
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Contacts:
Media and Investors
Peggy Reilly Tharp, Brown Shoe Company
(314) 854-4134, ptharp@brownshoe.com
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US$M, except per share (unaudited)
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13 Weeks
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39 Weeks
|
52 Weeks
|
||||||
3Q’11
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3Q’10
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Chg.
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3Q’11
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3Q’10
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Chg.
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3Q’11
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3Q’10
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Chg.
|
|
Famous Footwear
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416.2
|
421.5
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-1.3%
|
1,103.9
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1,131.0
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-2.4%
|
1,459.4
|
1,473.7
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-1.0%
|
Wholesale Operations
|
233.6
|
227.1
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2.9%
|
665.8
|
580.5
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14.7%
|
839.7
|
731.5
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14.8%
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Specialty Retail
|
64.0
|
67.4
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-5.2%
|
184.3
|
188.1
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-2.0%
|
259.4
|
260.3
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-0.4%
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Consolidated net sales
|
$713.8
|
$716.1
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-0.3%
|
$1,953.9
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$1,899.6
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2.9%
|
$2,558.5
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$2,465.5
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3.8%
|
Gross profit
|
276.5
|
282.2
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-2.0%
|
758.1
|
768.2
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-1.3%
|
993.4
|
1,000.6
|
-0.7%
|
Margin
|
38.7%
|
39.4%
|
-70 bps
|
38.8%
|
40.4%
|
-160 bps
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38.8%
|
40.6%
|
-180 bps
|
SG&A expenses
|
239.4
|
247.0
|
-3.1%
|
707.6
|
696.0
|
1.6%
|
934.4
|
914.0
|
2.2%
|
% of net sales
|
33.5%
|
34.5%
|
-100 bps
|
36.2%
|
36.6%
|
-40 bps
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36.5%
|
37.1%
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-60 bps
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Net restructuring,
other special charges
|
4.7
|
1.9
|
154.6%
|
7.1
|
5.5
|
30.9%
|
9.6
|
10.5
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-9.0%
|
Operating earnings
|
32.4
|
33.3
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-2.8%
|
43.4
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66.7
|
-34.9%
|
49.4
|
76.1
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-35.1%
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% of net sales
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4.5%
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4.6%
|
-10 bps
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2.2%
|
3.5%
|
-130 bps
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1.9%
|
3.1%
|
-120 bps
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Net interest expense
|
(6.6)
|
(4.9)
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35.3%
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(20.6)
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(14.1)
|
46.3%
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(26.0)
|
(19.1)
|
36.0%
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Earnings before
income tax
|
25.8
|
28.4
|
-9.3%
|
22.8
|
52.6
|
-56.7%
|
23.4
|
57.0
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-58.9%
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Tax rate
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31.7%
|
34.9%
|
-320 bps
|
32.0%
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35.7%
|
-370 bps
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19.9%
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32.4%
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n/m
|
Discontinued operations
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16.1
|
--
|
n/m
|
17.1
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--
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n/m
|
17.1
|
--
|
n/m
|
Net earnings
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$33.7
|
$18.6
|
81.6%
|
$32.8
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$33.9
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-3.2%
|
$36.2
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$38.9
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-7.1%
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Per share
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$0.79
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$0.42
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88.1%
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$0.75
|
$0.77
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-2.6%
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$0.82
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$0.89
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-7.9%
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Adjusted per share
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$0.51
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$0.45
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13.3%
|
$0.60
|
$0.86
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-30.2%
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$0.71
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$1.04
|
-31.7%
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Metric
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FY’11
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Consolidated net sales
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$2.60 to $2.62 billion
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Famous Footwear same-store sales
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Down 1%
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Wholesale Operations net sales, excluding ASG
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Down 2%
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Gross profit margin
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Down 100 to 140 basis points
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Net interest expense
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$26 to $27 million
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Effective tax rate
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31.0% to 32.0%
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Earnings per diluted share
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$0.73 to $0.85
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Adjusted earnings per diluted share
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$0.73 to $0.85
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Depreciation and amortization
|
$59 to $61 million
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Capital expenditures
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$43 to $45 million
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SCHEDULE 1
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||||||||||||||||||||||||
BROWN SHOE COMPANY, INC.
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||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
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||||||||||||||||||||||||
(Unaudited)
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||||||||||||||||||||||||
13 Weeks Ended
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39 Weeks Ended
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52 Weeks Ended
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||||||||||||||||||||||
(Thousands, except per share data)
|
October 29, 2011
|
October 30, 2010
|
October 29, 2011
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October 30, 2010
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October 29, 2011
|
October 30, 2010
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||||||||||||||||||
Net sales
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$ | 713,788 | $ | 716,093 | $ | 1,953,933 | $ | 1,899,567 | $ | 2,558,457 | $ | 2,465,539 | ||||||||||||
Cost of goods sold
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437,290 | 433,874 | 1,195,866 | 1,131,318 | 1,565,084 | 1,464,898 | ||||||||||||||||||
Gross profit
|
276,498 | 282,219 | 758,067 | 768,249 | 993,373 | 1,000,641 | ||||||||||||||||||
Selling and administrative expenses
|
239,422 | 247,089 | 707,476 | 696,052 | 934,401 | 914,024 | ||||||||||||||||||
Restructuring and other special charges, net
|
4,715 | 1,852 | 7,148 | 5,460 | 9,602 | 10,549 | ||||||||||||||||||
Operating earnings
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32,361 | 33,278 | 43,443 | 66,737 | 49,370 | 76,068 | ||||||||||||||||||
Interest expense
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(6,685 | ) | (4,916 | ) | (19,903 | ) | (14,238 | ) | (25,312 | ) | (19,241 | ) | ||||||||||||
Loss on early extinguishment of debt
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- | - | (1,003 | ) | - | (1,003 | ) | - | ||||||||||||||||
Interest income
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98 | 46 | 248 | 113 | 338 | 147 | ||||||||||||||||||
Earnings from continuing operations before income taxes
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25,774 | 28,408 | 22,785 | 52,612 | 23,393 | 56,974 | ||||||||||||||||||
Income tax provision
|
(8,180 | ) | (9,918 | ) | (7,294 | ) | (18,799 | ) | (4,655 | ) | (18,435 | ) | ||||||||||||
Net earnings from continuing operations
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17,594 | 18,490 | 15,491 | 33,813 | 18,738 | 38,539 | ||||||||||||||||||
Discontinued operations:
|
||||||||||||||||||||||||
Earnings from operations of AND 1, net of tax of $595, $1,285 and $1,285, respectively
|
725 | - | 1,701 | - | 1,701 | - | ||||||||||||||||||
Gain on sale of subsidiary, net of tax of $6,196
|
15,374 | - | 15,374 | - | 15,374 | - | ||||||||||||||||||
Net earnings from discontinued operations
|
16,099 | - | 17,075 | - | 17,075 | - | ||||||||||||||||||
Net earnings
|
33,693 | 18,490 | 32,566 | 33,813 | 35,813 | 38,539 | ||||||||||||||||||
Net loss attributable to noncontrolling interests
|
(39 | ) | (83 | ) | (245 | ) | (67 | ) | (351 | ) | (389 | ) | ||||||||||||
Net earnings attributable to Brown Shoe Company, Inc.
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$ | 33,732 | $ | 18,573 | $ | 32,811 | $ | 33,880 | $ | 36,164 | $ | 38,928 | ||||||||||||
Basic earnings per common share:
|
||||||||||||||||||||||||
From continuing operations
|
$ | 0.42 | $ | 0.42 | $ | 0.36 | $ | 0.78 | $ | 0.44 | $ | 0.90 | ||||||||||||
From discontinued operations
|
0.38 | - | 0.40 | - | 0.39 | - | ||||||||||||||||||
Basic earnings per common share attributable to
Brown Shoe Company, Inc. shareholders |
$ | 0.80 | $ | 0.42 | $ | 0.76 | $ | 0.78 | $ | 0.83 | $ | 0.90 | ||||||||||||
Diluted earnings per common share:
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||||||||||||||||||||||||
From continuing operations
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$ | 0.41 | $ | 0.42 | $ | 0.36 | $ | 0.77 | $ | 0.43 | $ | 0.89 | ||||||||||||
From discontinued operations
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0.38 | - | 0.39 | - | 0.39 | - | ||||||||||||||||||
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders
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$ | 0.79 | $ | 0.42 | $ | 0.75 | $ | 0.77 | $ | 0.82 | $ | 0.89 | ||||||||||||
Basic number of shares
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40,079 | 42,348 | 41,469 | 42,084 | 41,695 | 41,963 | ||||||||||||||||||
Diluted number of shares
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40,610 | 42,608 | 42,005 | 42,370 | 42,192 | 42,254 |
SCHEDULE 2
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||||||||||||
BROWN SHOE COMPANY, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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||||||||||||
(Unaudited)
|
||||||||||||
(Thousands)
|
October 29, 2011
|
October 30, 2010
|
January 29, 2011
|
|||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$ | 41,951 | $ | 29,707 | $ | 126,548 | ||||||
Receivables
|
155,754 | 131,352 | 113,937 | |||||||||
Inventories
|
580,154 | 539,881 | 524,250 | |||||||||
Prepaid expenses and other current assets
|
32,948 | 31,910 | 43,546 | |||||||||
Total current assets
|
810,807 | 732,850 | 808,281 | |||||||||
Other assets
|
137,590 | 122,996 | 133,538 | |||||||||
Goodwill and intangible assets, net
|
142,544 | 72,218 | 70,592 | |||||||||
Property and equipment, net
|
136,817 | 136,533 | 135,632 | |||||||||
Total assets
|
$ | 1,227,758 | $ | 1,064,597 | $ | 1,148,043 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
Borrowings under revolving credit agreement
|
$ | 222,000 | $ | 113,000 | $ | 198,000 | ||||||
Trade accounts payable
|
177,521 | 172,789 | 167,190 | |||||||||
Other accrued expenses
|
138,074 | 154,895 | 146,715 | |||||||||
Total current liabilities
|
537,595 | 440,684 | 511,905 | |||||||||
Long-term debt
|
198,586 | 150,000 | 150,000 | |||||||||
Deferred rent
|
32,829 | 35,631 | 34,678 | |||||||||
Other liabilities
|
39,155 | 28,554 | 35,551 | |||||||||
Total other liabilities
|
270,570 | 214,185 | 220,229 | |||||||||
Total Brown Shoe Company, Inc. shareholders’ equity
|
418,600 | 408,804 | 415,080 | |||||||||
Noncontrolling interests
|
993 | 924 | 829 | |||||||||
Total equity
|
419,593 | 409,728 | 415,909 | |||||||||
Total liabilities and equity
|
$ | 1,227,758 | $ | 1,064,597 | $ | 1,148,043 | ||||||
SCHEDULE 3
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||||||||
BROWN SHOE COMPANY, INC.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
39 Weeks Ended
|
||||||||
(Thousands)
|
October 29, 2011
|
October 30, 2010
|
||||||
OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$ | 32,566 | $ | 33,813 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
44,523 | 37,005 | ||||||
Amortization of debt issuance costs
|
1,757 | 1,646 | ||||||
Loss on early extinguishment of debt
|
1,003 | - | ||||||
Share-based compensation expense
|
5,116 | 4,494 | ||||||
Tax deficiency related to share-based plans
|
371 | 212 | ||||||
Loss on disposal of facilities and equipment
|
850 | 783 | ||||||
Impairment charges for facilities and equipment
|
1,067 | 2,273 | ||||||
Deferred rent
|
(1,849 | ) | (3,238 | ) | ||||
Provision for doubtful accounts
|
562 | 286 | ||||||
Gain on sale of subsidiary, net
|
(15,374 | ) | - | |||||
Changes in operating assets and liabilities, net of acquired and discontinued operations:
|
||||||||
Receivables
|
(27,298 | ) | (47,317 | ) | ||||
Inventories
|
(14,746 | ) | (82,520 | ) | ||||
Prepaid expenses and other current and noncurrent assets
|
28,879 | 15,698 | ||||||
Trade accounts payable
|
415 | (5,064 | ) | |||||
Accrued expenses and other liabilities
|
(44,410 | ) | 9,981 | |||||
Other, net
|
(814 | ) | (890 | ) | ||||
Net cash provided by (used for) operating activities
|
12,618 | (32,838 | ) | |||||
INVESTING ACTIVITIES:
|
||||||||
Capital expenditures
|
(30,982 | ) | (40,914 | ) | ||||
Acquisition cost (American Sporting Goods Corporation)
|
(156,636 | ) | - | |||||
Cash recognized on initial consolidation
|
3,121 | - | ||||||
Net proceeds from sale of subsidiary
|
55,350 | - | ||||||
Net cash used for investing activities
|
(129,147 | ) | (40,914 | ) | ||||
FINANCING ACTIVITIES:
|
||||||||
Borrowings under revolving credit agreement
|
1,410,500 | 753,000 | ||||||
Repayments under revolving credit agreement
|
(1,386,500 | ) | (734,500 | ) | ||||
Proceeds from issuance of 2019 Senior Notes
|
198,586 | - | ||||||
Redemption of 2012 Senior Notes
|
(150,000 | ) | - | |||||
Dividends paid
|
(9,135 | ) | (9,183 | ) | ||||
Debt issuance costs
|
(6,428 | ) | - | |||||
Acquisition of treasury stock
|
(25,484 | ) | - | |||||
Proceeds from stock options exercised
|
734 | 561 | ||||||
Tax deficiency related to share-based plans
|
(371 | ) | (212 | ) | ||||
Contributions by noncontrolling interests
|
- | 527 | ||||||
Acquisition of noncontrolling interests (Edelman Shoe, Inc.)
|
- | (32,692 | ) | |||||
Net cash provided by (used for) financing activities
|
31,902 | (22,499 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents
|
30 | 125 | ||||||
Decrease in cash and cash equivalents
|
(84,597 | ) | (96,126 | ) | ||||
Cash and cash equivalents at beginning of period
|
126,548 | 125,833 | ||||||
Cash and cash equivalents at end of period
|
$ | 41,951 | $ | 29,707 | ||||
SCHEDULE 4
|
||||||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||||||
Reconciliation of Operating Earnings, Net Earnings and Diluted Earnings Per Share (GAAP Basis) to Adjusted Operating Earnings, Net Earnings and Diluted Earnings Per Share (Non-GAAP Basis)
|
||||||||||||||||
13 Weeks Ended
October 29, 2011
|
13 Weeks Ended
October 30, 2010
|
|||||||||||||||
(Thousands, except per share data)
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings
Per Share
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings
Per Share
|
||||||||||||
GAAP earnings
|
$ | 33,732 | $ | 0.79 | $ | 18,573 | $ | 0.42 | ||||||||
Charges/Other Items:
|
||||||||||||||||
Gain on sale of subsidiary
|
(15,374 | ) | (0.37 | ) | - | - | ||||||||||
Wholesale brand exit costs
|
2,752 | 0.07 | - | - | ||||||||||||
ASG integration costs
|
784 | 0.02 | - | - | ||||||||||||
IT initiatives
|
- | - | 1,195 | 0.03 | ||||||||||||
Total charges/other items
|
(11,838 | ) | (0.28 | ) | 1,195 | 0.03 | ||||||||||
Adjusted earnings
|
$ | 21,894 | $ | 0.51 | $ | 19,768 | $ | 0.45 | ||||||||
39 Weeks Ended
October 29, 2011
|
39 Weeks Ended
October 30, 2010
|
|||||||||||||||
(Thousands, except per share data)
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings
Per Share
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings
Per Share
|
||||||||||||
GAAP earnings
|
$ | 32,811 | $ | 0.75 | $ | 33,880 | $ | 0.77 | ||||||||
Charges/Other Items:
|
||||||||||||||||
Gain on sale of subsidiary
|
(15,374 | ) | (0.37 | ) | - | - | ||||||||||
ASG acquisition and integration-related costs
|
2,890 | 0.08 | - | - | ||||||||||||
Wholesale brand exit costs
|
2,752 | 0.07 | - | - | ||||||||||||
ASG cost of goods sold adjustment (1)
|
2,477 | 0.05 | - | - | ||||||||||||
Loss on early extinguishment of debt
|
638 | 0.02 | - | - | ||||||||||||
IT initiatives
|
- | - | 3,642 | 0.09 | ||||||||||||
Total charges/other items
|
(6,617 | ) | (0.15 | ) | 3,642 | 0.09 | ||||||||||
Adjusted earnings
|
$ | 26,194 | $ | 0.60 | $ | 37,522 | $ | 0.86 | ||||||||
52 Weeks Ended
October 29, 2011
|
52 Weeks Ended
October 30, 2010
|
|||||||||||||||
(Thousands, except per share data)
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings
Per Share
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings
Per Share
|
||||||||||||
GAAP earnings
|
$ | 36,164 | $ | 0.82 | $ | 38,928 | $ | 0.89 | ||||||||
Charges/Other Items:
|
||||||||||||||||
Gain on sale of subsidiary
|
(15,374 | ) | (0.37 | ) | - | - | ||||||||||
ASG acquisition and integration-related costs
|
3,613 | 0.09 | - | - | ||||||||||||
Wholesale brand exit costs
|
2,752 | 0.07 | - | - | ||||||||||||
ASG cost of goods sold adjustment (1)
|
2,477 | 0.05 | - | - | ||||||||||||
IT initiatives
|
893 | 0.03 | 5,014 | 0.12 | ||||||||||||
Loss on early extinguishment of debt
|
638 | 0.02 | - | - | ||||||||||||
Organizational changes
|
- | - | 2,825 | 0.06 | ||||||||||||
Headquarters consolidation
|
- | - | (1,139 | ) | (0.03 | ) | ||||||||||
Total charges/other items
|
(5,001 | ) | (0.11 | ) | 6,700 | 0.15 | ||||||||||
Adjusted earnings
|
$ | 31,163 | $ | 0.71 | $ | 45,628 | $ | 1.04 | ||||||||
(1) In accordance with GAAP, purchase accounting rules require the company to record inventory at fair value (i.e., expected selling price less costs to sell) on the acquisition date. This results in lower than typical gross margins when the acquired inventory is sold. This adjustment reflects the elimination of the unfavorable impact of lower gross margins for ASG product sold in the first and second quarters of 2011.
|
||||||||||||||||
SCHEDULE 5
|
||||||||||||||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||||||||||||||
OPERATING RESULTS BY MAJOR SEGMENT
|
||||||||||||||||||||||||
Famous Footwear
|
Wholesale Operations
|
Specialty Retail
|
||||||||||||||||||||||
($ millions)
|
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
|||||||||||||||||||||
October 29,
|
October 30,
|
October 29,
|
October 30,
|
October 29,
|
October 30,
|
|||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||
Net Sales
|
$ | 416.2 | $ | 421.5 | $ | 233.6 | $ | 227.1 | $ | 64.0 | $ | 67.4 | ||||||||||||
Gross Profit
|
$ | 178.3 | $ | 186.7 | $ | 70.3 | $ | 65.0 | $ | 27.9 | $ | 30.5 | ||||||||||||
Gross Profit Rate
|
42.8% | 44.3% | 30.1% | 28.6% | 43.6% | 45.2% | ||||||||||||||||||
Operating Earnings
|
$ | 28.4 | $ | 32.2 | $ | 9.6 | $ | 13.7 | $ | 0.1 | $ | 0.7 | ||||||||||||
Operating Earnings %
|
6.8% | 7.6% | 4.1% | 6.0% | 0.1% | 1.0% | ||||||||||||||||||
Same-store Sales %
|
(0.4)% | 10.6% | - | - | (1.9)% | 2.1% | ||||||||||||||||||
Number of Stores
|
1,121 | 1,118 | - | - | 242 | 259 | ||||||||||||||||||
Famous Footwear
|
Wholesale Operations
|
Specialty Retail
|
||||||||||||||||||||||
($ millions)
|
39 Weeks Ended
|
39 Weeks Ended
|
39 Weeks Ended
|
|||||||||||||||||||||
October 29,
|
October 30,
|
October 29,
|
October 30,
|
October 29,
|
October 30,
|
|||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
Net Sales
|
$ | 1,103.9 | $ | 1,131.0 | $ | 665.8 | $ | 580.5 | $ | 184.3 | $ | 188.1 | ||||||||||||
Gross Profit
|
$ | 484.0 | $ | 510.5 | $ | 196.7 | $ | 175.7 | $ | 77.5 | $ | 82.0 | ||||||||||||
Gross Profit Rate
|
43.8% | 45.1% | 29.5% | 30.3% | 42.0% | 43.6% | ||||||||||||||||||
Operating Earnings (Loss)
|
$ | 54.7 | $ | 76.1 | $ | 18.5 | $ | 31.4 | $ | (6.7) | $ | (5.0) | ||||||||||||
Operating Earnings (Loss) %
|
5.0% | 6.7% | 2.8% | 5.4% | (3.6)% | (2.6)% | ||||||||||||||||||
Same-store Sales %
|
(1.3)% | 12.4% | - | - | 0.7% | 7.8% | ||||||||||||||||||
Famous Footwear
|
Wholesale Operations
|
Specialty Retail
|
||||||||||||||||||||||
52 Weeks Ended
|
52 Weeks Ended
|
52 Weeks Ended
|
||||||||||||||||||||||
October 29,
|
October 30,
|
October 29,
|
October 30,
|
October 29,
|
October 30,
|
|||||||||||||||||||
($ millions)
|
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||
Net Sales
|
$ | 1,459.4 | $ | 1,473.7 | $ | 839.7 | $ | 731.5 | $ | 259.4 | $ | 260.3 | ||||||||||||
Gross Profit
|
$ | 642.5 | $ | 661.6 | $ | 243.0 | $ | 227.9 | $ | 107.9 | $ | 111.1 | ||||||||||||
Gross Profit Rate
|
44.0% | 44.9% | 28.9% | 31.2% | 41.6% | 42.7% | ||||||||||||||||||
Operating Earnings (Loss)
|
$ | 68.9 | $ | 90.0 | $ | 19.3 | $ | 42.1 | $ | (7.7) | $ | (7.3) | ||||||||||||
Operating Earnings (Loss) %
|
4.7% | 6.1% | 2.3% | 5.8% | (3.0)% | (2.8)% | ||||||||||||||||||
Same-store Sales %
|
0.1% | 11.6% | - | - | 1.4% | 7.8% | ||||||||||||||||||