BROWN SHOE COMPANY, INC.
(Exact name of registrant as specified in its charter)
|
|
New York
(State or other jurisdiction of incorporation or organization)
|
|
1-2191
(Commission File Number)
|
43-0197190
(IRS Employer Identification Number)
|
8300 Maryland Avenue
St. Louis, Missouri
(Address of principal executive offices)
|
63105
(Zip Code)
|
(314) 854-4000
(Registrant's telephone number, including area code)
|
|
(c)
|
Exhibit
|
|
99.1
|
Press Release issued May 29, 2013
|
|
BROWN SHOE COMPANY, INC.
|
||
(Registrant)
|
||
Date: May 29, 2013
|
/s/ Michael I. Oberlander
|
|
Michael I. Oberlander
|
||
Senior Vice President, General Counsel and Corporate Secretary
|
Exhibit Number
|
Description
|
|
99.1
|
Press Release dated May 29, 2013
|
News
|
|
Contacts: | |
Investors | |
Peggy Reilly Tharp, Brown Shoe Company
|
|
(314) 854-4134, ptharp@brownshoe.com
|
|
Media
|
|
Kelly Malone, Brown Shoe Company
|
|
314) 854-4093, kmalone@brownshoe.com |
US$M, except per share (unaudited)
|
13 Weeks
|
1Q
|
|
1Q’13
|
1Q’12
|
Change
|
|
Consolidated net sales
|
$588.7
|
$598.2
|
(1.6%)
|
Famous Footwear
|
352.3
|
347.1
|
1.5%
|
Wholesale Operations
|
181.6
|
194.9
|
(6.8%)
|
Specialty Retail
|
54.8
|
56.1
|
(2.5%)
|
Gross profit
|
240.0
|
234.3
|
2.5%
|
Margin
|
40.8%
|
39.2%
|
160 bps
|
SG&A
|
213.8
|
211.5
|
1.1%
|
% of net sales
|
36.3%
|
35.4%
|
90 bps
|
Restructuring and other special charges, net
|
5.2
|
10.2
|
(49.2%)
|
Operating earnings
|
21.0
|
12.6
|
66.5%
|
% of net sales
|
3.6%
|
2.1%
|
150 bps
|
Net interest expense
|
5.7
|
6.0
|
(5.0%)
|
Earnings from continuing operations before income taxes
|
15.3
|
6.6
|
130.6%
|
Tax rate
|
51.9%
|
39.4%
|
1250 bps
|
Net (loss) from discontinued operations
|
(18.2)
|
(2.4)
|
659.9%
|
Net (loss) earnings
|
($10.8)
|
$1.7
|
(734.9%)
|
Per diluted share
|
($0.26)
|
$0.04
|
(750.0%)
|
Adjusted net earnings
|
$13.8
|
$10.0
|
37.7%
|
Per diluted share
|
$0.32
|
$0.23
|
39.1%
|
Metric
|
FY’13
|
Consolidated net sales
|
$2.54 to $2.57 billion
|
Famous Footwear same-store sales
|
Up low-single digits
|
Wholesale Operations net sales
|
Up low-single digits, excluding brand exits
|
Gross profit margin
|
Up 30 to 50 basis points
|
SG&A
|
$900 to $910 million
|
Non-recurring costs
|
$32 to $34 million
|
Net interest expense
|
$21 to $22 million
|
Effective tax rate, on adjusted basis
|
32% to 33%
|
Earnings per diluted share
|
$0.63 to $0.70
|
Adjusted earnings per diluted share
|
$1.22 to $1.29
|
Depreciation and amortization
|
$54 to $56 million
|
Capital expenditures
|
$50 to $55 million
|
SCHEDULE 1
|
||||||||
BROWN SHOE COMPANY, INC.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
|
||||||||
(Unaudited)
|
||||||||
13 Weeks Ended
|
||||||||
(Thousands, except per share data)
|
May 4,
2013
|
April 28,
2012
|
||||||
Net sales
|
$ | 588,656 | $ | 598,179 | ||||
Cost of goods sold
|
348,640 | 363,925 | ||||||
Gross profit
|
240,016 | 234,254 | ||||||
Selling and administrative expenses
|
213,879 | 211,475 | ||||||
Restructuring and other special charges, net
|
5,179 | 10,188 | ||||||
Operating earnings
|
20,958 | 12,591 | ||||||
Interest expense
|
(5,721 | ) | (6,036 | ) | ||||
Interest income
|
68 | 83 | ||||||
Earnings before income taxes from continuing operations
|
15,305 | 6,638 | ||||||
Income tax provision
|
(7,946 | ) | (2,616 | ) | ||||
Net earnings from continuing operations
|
7,359 | 4,022 | ||||||
Discontinued operations:
|
||||||||
Loss from discontinued operations, net of tax of $3,583 in 2013 and $1,623 in 2012
|
(5,637 | ) | (2,394 | ) | ||||
Impairment charge on net assets of discontinued operations, net of tax of $0
|
(12,554 | ) | - | |||||
Net loss from discontinued operations
|
(18,191 | ) | (2,394 | ) | ||||
Net (loss) earnings
|
(10,832 | ) | 1,628 | |||||
Net loss attributable to noncontrolling interests
|
(70 | ) | (67 | ) | ||||
Net (loss) earnings attributable to Brown Shoe Company, Inc.
|
$ | (10,762 | ) | $ | 1,695 | |||
Basic earnings (loss) per common share:
|
||||||||
From continuing operations
|
$ | 0.18 | $ | 0.10 | ||||
From discontinued operations
|
(0.44 | ) | (0.06 | ) | ||||
Basic (loss) earnings per common share attributable to
|
||||||||
Brown Shoe Company, Inc. shareholders
|
$ | (0.26 | ) | $ | 0.04 | |||
Diluted earnings (loss) per common share:
|
||||||||
From continuing operations
|
$ | 0.18 | $ | 0.10 | ||||
From discontinued operations
|
(0.44 | ) | (0.06 | ) | ||||
Diluted (loss) earnings per common share attributable to
|
||||||||
Brown Shoe Company, Inc. shareholders
|
$ | (0.26 | ) | $ | 0.04 | |||
Basic number of shares
|
41,070 | 40,422 | ||||||
Diluted number of shares
|
41,268 | 40,744 |
SCHEDULE 2
|
||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Unaudited)
|
||||||||||||
(Thousands)
|
May 4,
2013
|
April 28,
2012
|
February 2,
2013
|
|||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$ | 44,669 | $ | 39,792 | $ | 68,223 | ||||||
Receivables, net
|
96,734 | 115,911 | 111,392 | |||||||||
Inventories, net
|
485,923 | 475,557 | 503,688 | |||||||||
Prepaid expenses and other current assets
|
43,167 | 41,375 | 42,016 | |||||||||
Current assets - held for sale
|
12,496 | - | - | |||||||||
Current assets - discontinued operations
|
39,159 | 65,515 | 47,109 | |||||||||
Total current assets
|
722,148 | 738,150 | 772,428 | |||||||||
Property and equipment, net
|
137,299 | 124,551 | 144,856 | |||||||||
Goodwill and intangible assets, net
|
68,442 | 81,975 | 82,504 | |||||||||
Other assets
|
115,591 | 137,479 | 119,695 | |||||||||
Non current assets - discontinued operations
|
51,227 | 58,667 | 51,776 | |||||||||
Total assets
|
$ | 1,094,707 | $ | 1,140,822 | $ | 1,171,259 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
Borrowings under revolving credit agreement
|
$ | 66,000 | $ | 124,000 | $ | 105,000 | ||||||
Trade accounts payable
|
188,948 | 172,894 | 213,660 | |||||||||
Other accrued expenses
|
118,632 | 129,852 | 137,190 | |||||||||
Current liabilities - held for sale
|
5,306 | – | – | |||||||||
Current liabilities - discontinued operations
|
16,183 | 15,118 | 13,259 | |||||||||
Total current liabilities
|
395,069 | 441,864 | 469,109 | |||||||||
Long-term debt
|
198,870 | 198,680 | 198,823 | |||||||||
Deferred rent
|
35,631 | 29,746 | 33,711 | |||||||||
Other liabilities
|
45,435 | 47,569 | 36,719 | |||||||||
Non current liabilities - discontinued operations
|
6,768 | 9,969 | 6,996 | |||||||||
Total other liabilities
|
286,704 | 285,964 | 276,249 | |||||||||
Total Brown Shoe Company, Inc. shareholders’ equity
|
412,190 | 412,012 | 425,129 | |||||||||
Noncontrolling interests
|
744 | 982 | 772 | |||||||||
Total equity
|
412,934 | 412,994 | 425,901 | |||||||||
Total liabilities and equity
|
$ | 1,094,707 | $ | 1,140,822 | $ | 1,171,259 |
SCHEDULE 3
|
||||||||
BROWN SHOE COMPANY, INC.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
13 Weeks Ended
|
||||||||
(Thousands)
|
May 4,
2013
|
April 28,
2012
|
||||||
OPERATING ACTIVITIES:
|
||||||||
Net (loss) earnings
|
$ | (10,832 | ) | $ | 1,628 | |||
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
13,805 | 13,280 | ||||||
Amortization of debt issuance costs
|
629 | 629 | ||||||
Share-based compensation expense
|
1,617 | 1,444 | ||||||
Tax benefit related to share-based plans
|
(1,962 | ) | (753 | ) | ||||
Loss on disposal of facilities and equipment
|
68 | 456 | ||||||
Impairment charges for facilities and equipment
|
5,026 | 2,756 | ||||||
Impairment of net assets of discontinued operations
|
12,554 | - | ||||||
Deferred rent
|
1,920 | (2,615 | ) | |||||
Provision for doubtful accounts
|
307 | 950 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Receivables
|
16,363 | 13,587 | ||||||
Inventories
|
17,223 | 49,251 | ||||||
Prepaid expenses and other current and noncurrent assets
|
653 | 6,377 | ||||||
Trade accounts payable
|
(26,561 | ) | (8,268 | ) | ||||
Accrued expenses and other liabilities
|
(1,565 | ) | 1,900 | |||||
Other, net
|
(3,284 | ) | (724 | ) | ||||
Net cash provided by operating activities
|
25,961 | 79,898 | ||||||
INVESTING ACTIVITIES:
|
||||||||
Capital expenditures
|
(8,407 | ) | (7,008 | ) | ||||
Proceeds from sale of assets
|
1,500 | - | ||||||
Net cash used for investing activities
|
(6,907 | ) | (7,008 | ) | ||||
FINANCING ACTIVITIES:
|
||||||||
Borrowings under revolving credit agreement
|
383,000 | 165,000 | ||||||
Repayments under revolving credit agreement
|
(422,000 | ) | (242,000 | ) | ||||
Dividends paid
|
(3,027 | ) | (2,999 | ) | ||||
Issuance of common stock under share-based plans, net
|
(2,070 | ) | (2,148 | ) | ||||
Tax benefit related to share-based plans
|
1,962 | 753 | ||||||
Net cash used for financing activities
|
(42,135 | ) | (81,394 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
|
(473 | ) | 614 | |||||
Decrease in cash and cash equivalents
|
(23,554 | ) | (7,890 | ) | ||||
Cash and cash equivalents at beginning of period
|
68,223 | 47,682 | ||||||
Cash and cash equivalents at end of period
|
$ | 44,669 | $ | 39,792 |
RECONCILIATION OF NET (LOSS) EARNINGS AND DILUTED (LOSS) EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)
|
||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||
13 Weeks Ended May 4, 2013
|
13 Weeks Ended April 28, 2012
|
|||||||||||||||||||||||
(Thousands, except per share data)
|
Pre-Tax
Impact of
Charges/
Other Items
|
Net (Loss)
Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted (Loss)
Earnings Per
Share
|
Pre-Tax Impact
of Charges/
Other Items
|
Net Earnings
Attributable to
Brown Shoe
Company, Inc.
|
Diluted
Earnings Per
Share
|
||||||||||||||||||
GAAP (loss) earnings
|
$ | (10,762 | ) | $ | (0.26 | ) | $ | 1,695 | $ | 0.04 | ||||||||||||||
Charges/Other Items:
|
||||||||||||||||||||||||
Portfolio realignment
|
||||||||||||||||||||||||
Non-cash impairment charges
|
$ | 17,214 | 17,214 | 0.41 | $ | – | – | – | ||||||||||||||||
Business exits and cost reductions
|
11,627 | 7,347 | 0.17 | 12,091 | 7,883 | 0.18 | ||||||||||||||||||
ASG integration-related costs
|
– | – | – | 675 | 441 | 0.01 | ||||||||||||||||||
Total charges/other items
|
$ | 28,841 | 24,561 | 0.58 | $ | 12,766 | 8,324 | 0.19 | ||||||||||||||||
Adjusted earnings
|
$ | 13,799 | $ | 0.32 | $ | 10,019 | $ | 0.23 |
SCHEDULE 5
|
||||||||||||||||||||||||||||||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||||||||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS BY SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS
|
||||||||||||||||||||||||||||||||||||||||
Famous Footwear
|
Wholesale Operations
|
Specialty Retail
|
Other
|
Consolidated
|
||||||||||||||||||||||||||||||||||||
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
||||||||||||||||||||||||||||||||||||
May 4,
|
April 28,
|
May 4,
|
April 28,
|
May 4,
|
April 28,
|
May 4,
|
April 28,
|
May 4,
|
April 28,
|
|||||||||||||||||||||||||||||||
(Thousands)
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||||||||||||||||
Net Sales
|
$ | 352,279 | $ | 347,107 | $ | 181,625 | $ | 194,941 | $ | 54,752 | $ | 56,131 | $ | – | $ | – | $ | 588,656 | $ | 598,179 | ||||||||||||||||||||
Gross Profit
|
$ | 158,661 | $ | 155,140 | $ | 57,819 | $ | 55,945 | $ | 23,536 | $ | 23,169 | $ | – | $ | – | $ | 240,016 | $ | 234,254 | ||||||||||||||||||||
Adjusted Gross Profit
|
$ | 158,661 | $ | 155,140 | $ | 57,819 | $ | 57,035 | $ | 23,536 | $ | 23,390 | $ | – | $ | – | $ | 240,016 | $ | 235,565 | ||||||||||||||||||||
Gross Profit Rate
|
45.0 | % | 44.7% | 31.8% | 28.7% | 43.0% | 41.3% | – | – | 40.8% | 39.2% | |||||||||||||||||||||||||||||
Adjusted Gross Profit Rate
|
45.0 | % | 44.7% | 31.8% | 29.3% | 43.0% | 41.7% | – | – | 40.8% | 39.4% | |||||||||||||||||||||||||||||
Operating Earnings (Loss)
|
$ | 29,042 | $ | 18,301 | $ | 3,107 | $ | 5,875 | $ | (1,329 | ) | $ | (3,527 | ) | $ | (9,862 | ) | $ | (8,058 | ) | $ | 20,958 | $ | 12,591 | ||||||||||||||||
Adjusted Operating Earnings (Loss)
|
$ | 29,042 | $ | 25,326 | $ | 8,270 | $ | 8,904 | $ | (1,329 | ) | $ | (2,538 | ) | $ | (9,846 | ) | $ | (7,602 | ) | $ | 26,137 | $ | 24,090 | ||||||||||||||||
Operating Earnings (Loss) %
|
8.2 | % | 5.3% | 1.7% | 3.0% | (2.4%) | (6.3%) | – | – | 3.6% | 2.1% | |||||||||||||||||||||||||||||
Adjusted Operating Earnings (Loss) %
|
8.2 | % | 7.3% | 4.6% | 4.6% | (2.4%) | (4.5%) | – | – | 4.4% | 4.0% | |||||||||||||||||||||||||||||
Same-store Sales % (on a 13-week basis)
|
1.1 | % | 2.5% | – | – | (0.3%) | 2.6% | – | – | – | – | |||||||||||||||||||||||||||||
Number of Stores
|
1,054 | 1,066 | – | – | 215 | 227 | – | – | 1,269 | 1,293 | ||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
|
||||||||||||||||||||||||||||||||||||||||
Famous Footwear
|
Wholesale Operations
|
Specialty Retail
|
Other
|
Consolidated
|
||||||||||||||||||||||||||||||||||||
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
13 Weeks Ended
|
||||||||||||||||||||||||||||||||||||
May 4,
|
April 28,
|
May 4,
|
April 28,
|
May 4,
|
April 28,
|
May 4,
|
April 28,
|
May 4,
|
April 28,
|
|||||||||||||||||||||||||||||||
(Thousands)
|
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Gross Profit
|
$ | 158,661 | $ | 155,140 | $ | 57,819 | $ | 55,945 | $ | 23,536 | $ | 23,169 | $ | – | $ | – | $ | 240,016 | $ | 234,254 | ||||||||||||||||||||
Charges/Other Items:
|
||||||||||||||||||||||||||||||||||||||||
Portfolio realignment
|
||||||||||||||||||||||||||||||||||||||||
Business exits and cost reductions
|
– | – | – | 1,090 | – | 221 | – | – | – | 1,311 | ||||||||||||||||||||||||||||||
Total charges/other items
|
– | – | – | 1,090 | – | 221 | – | – | – | 1,311 | ||||||||||||||||||||||||||||||
Adjusted Gross Profit
|
$ | 158,661 | $ | 155,140 | $ | 57,819 | $ | 57,035 | $ | 23,536 | $ | 23,390 | $ | – | $ | – | $ | 240,016 | $ | 235,565 | ||||||||||||||||||||
Operating Earnings (Loss)
|
$ | 29,042 | $ | 18,301 | $ | 3,107 | $ | 5,875 | $ | (1,329 | ) | $ | (3,527 | ) | $ | (9,862 | ) | $ | (8,058 | ) | $ | 20,958 | $ | 12,591 | ||||||||||||||||
Charges/Other Items:
|
||||||||||||||||||||||||||||||||||||||||
Portfolio realignment
|
||||||||||||||||||||||||||||||||||||||||
Non-cash impairment charges
|
– | – | 4,660 | – | – | – | – | – | 4,660 | – | ||||||||||||||||||||||||||||||
Business exits and cost reductions
|
– | 7,025 | 503 | 3,029 | – | 989 | 16 | 456 | 519 | 11,499 | ||||||||||||||||||||||||||||||
Total charges/other items
|
– | 7,025 | 5,163 | 3,029 | – | 989 | 16 | 456 | 5,179 | 11,499 | ||||||||||||||||||||||||||||||
Adjusted Operating Earnings (Loss)
|
$ | 29,042 | $ | 25,326 | $ | 8,270 | $ | 8,904 | $ | (1,329 | ) | $ | (2,538 | ) | $ | (9,846 | ) | $ | (7,602 | ) | $ | 26,137 | $ | 24,090 |
Note: April 28, 2012 information has been updated for the impact of discontinued operations.
|
SCHEDULE 6
|
||||||||
BROWN SHOE COMPANY, INC.
|
||||||||
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
|
||||||||
(Unaudited)
|
||||||||
13 Weeks Ended
|
||||||||
May 4,
|
April 28,
|
|||||||
(Thousands, except per share data)
|
2013
|
2012
|
||||||
Net earnings attributable to Brown Shoe Company, Inc.:
|
||||||||
Net earnings from continuing operations
|
$ | 7,359 | $ | 4,022 | ||||
Net loss attributable to noncontrolling interests
|
70 | 67 | ||||||
Net earnings allocated to participating securities
|
– | (155 | ) | |||||
Net earnings from continuing operations
|
7,429 | 3,934 | ||||||
Net loss from discontinued operations
|
(18,191 | ) | (2,394 | ) | ||||
Net earnings allocated to participating securities
|
– | – | ||||||
Net loss from discontinued operations
|
(18,191 | ) | (2,394 | ) | ||||
Net (loss) earnings attributable to Brown Shoe Company, Inc. after allocation of earnings to participating securities
|
$ | (10,762 | ) | $ | 1,540 | |||
Basic and diluted common shares attributable to Brown Shoe Company, Inc.:
|
||||||||
Basic common shares for continuing operations and discontinued operations
|
41,070 | 40,422 | ||||||
Dilutive effect of share-based awards for continuing operations and discontinued operations
|
198 | 322 | ||||||
Diluted common shares for continuing operations and discontinued operations attributable to Brown Shoe Company, Inc.
|
41,268 | 40,744 | ||||||
Basic earnings (loss) per share:
|
||||||||
From continuing operations
|
$ | 0.18 | $ | 0.10 | ||||
From discontinued operations
|
(0.44 | ) | (0.06 | ) | ||||
Basic (loss) earnings per common share attributable to Brown Shoe Company, Inc. shareholders
|
$ | (0.26 | ) | $ | 0.04 | |||
Diluted earnings (loss) per share:
|
||||||||
From continuing operations
|
$ | 0.18 | $ | 0.10 | ||||
From discontinued operations
|
(0.44 | ) | (0.06 | ) | ||||
Diluted (loss) earnings per common share attributable to Brown Shoe Company, Inc. shareholders
|
$ | (0.26 | ) | $ | 0.04 |
SCHEDULE 7
|
||||||||
BROWN SHOE COMPANY, INC.
|
||||||||
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION
|
||||||||
(Unaudited)
|
||||||||
13 Weeks Ended
|
||||||||
May 4,
|
April 28,
|
|||||||
(Thousands, except per share data)
|
2013
|
2012
|
||||||
Adjusted net earnings attributable to Brown Shoe Company, Inc.:
|
||||||||
Adjusted net earnings from continuing operations
|
$ | 12,336 | $ | 11,520 | ||||
Net loss attributable to noncontrolling interests
|
70 | 67 | ||||||
Net earnings allocated to participating securities
|
(591 | ) | (489 | ) | ||||
Adjusted net earnings from continuing operations
|
11,815 | 11,098 | ||||||
Adjusted net earnings (loss) from discontinued operations
|
1,393 | (1,568 | ) | |||||
Net earnings allocated to participating securities
|
(67 | ) | – | |||||
Net earnings (loss) from discontinued operations
|
1,326 | (1,568 | ) | |||||
Adjusted net earnings attributable to Brown Shoe Company, Inc. after allocation of earnings to participating securities
|
$ | 13,141 | $ | 9,530 | ||||
Basic and diluted common shares attributable to Brown Shoe Company, Inc.:
|
||||||||
Basic common shares for continuing operations and discontinued operations
|
41,070 | 40,422 | ||||||
Dilutive effect of share-based awards for continuing operations and discontinued operations
|
198 | 322 | ||||||
Diluted common shares for continuing operations and discontinued operations attributable to Brown Shoe Company, Inc.
|
41,268 | 40,744 | ||||||
Basic adjusted earnings (loss) per share:
|
||||||||
From continuing operations
|
$ | 0.29 | $ | 0.28 | ||||
From discontinued operations
|
0.03 | (0.04 | ) | |||||
Basic adjusted earnings per common share attributable to Brown Shoe Company, Inc. shareholders
|
$ | 0.32 | $ | 0.24 | ||||
Diluted adjusted earnings (loss) per share:
|
||||||||
From continuing operations
|
$ | 0.29 | $ | 0.27 | ||||
From discontinued operations
|
0.03 | (0.04 | ) | |||||
Diluted adjusted earnings per common share attributable to Brown Shoe Company, Inc. shareholders
|
$ | 0.32 | $ | 0.23 |
SCHEDULE 8
|
||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||
ADJUSTMENTS TO FIRST QUARTER 2012 RESULTS FOR DISCONTINUED OPERATIONS
|
||||||||||||
13 Weeks Ended
|
||||||||||||
(Thousands)
|
Previously
Reported
April 28, 2012
|
Adjustments for Discontinued
Operations
|
April 28, 2012
|
|||||||||
Net sales
|
$ | 626,441 | $ | (28,262 | ) | $ | 598,179 | |||||
Cost of goods sold
|
387,377 | (23,452 | ) | 363,925 | ||||||||
Gross profit
|
239,064 | (4,810 | ) | 234,254 | ||||||||
Selling and administrative expenses
|
218,914 | (7,439 | ) | 211,475 | ||||||||
Restructuring and other special charges, net
|
11,455 | (1,267 | ) | 10,188 | ||||||||
Operating earnings
|
8,695 | 3,896 | 12,591 | |||||||||
Interest expense
|
(6,157 | ) | 121 | (6,036 | ) | |||||||
Interest income
|
83 | – | 83 | |||||||||
Earnings before income taxes from continuing operations
|
2,621 | 4,017 | 6,638 | |||||||||
Income tax provision
|
(993 | ) | (1,623 | ) | (2,616 | ) | ||||||
Net earnings from continuing operations
|
1,628 | 2,394 | 4,022 | |||||||||
Net loss from discontinued operations
|
– | (2,394 | ) | (2,394 | ) | |||||||
Net earnings
|
1,628 | – | 1,628 | |||||||||
Net loss attributable to noncontrolling interests
|
(67 | ) | – | (67 | ) | |||||||
Net earnings attributable to Brown Shoe Company, Inc.
|
$ | 1,695 | $ | – | $ | 1,695 | ||||||
Note: Beginning with the first quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. We have provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|
SCHEDULE 8 - CONTINUED
|
||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||
ADJUSTMENTS TO SECOND QUARTER 2012 RESULTS FOR DISCONTINUED OPERATIONS
|
||||||||||||
13 Weeks Ended
|
||||||||||||
(Thousands)
|
Previously
Reported
July 28, 2012
|
Adjustments for
Discontinued
Operations
|
July 28, 2012
|
|||||||||
Net sales
|
$ | 599,279 | $ | (34,382 | ) | $ | 564,897 | |||||
Cost of goods sold
|
365,465 | (28,222 | ) | 337,243 | ||||||||
Gross profit
|
233,814 | (6,160 | ) | 227,654 | ||||||||
Selling and administrative expenses
|
219,261 | (7,555 | ) | 211,706 | ||||||||
Restructuring and other special charges, net
|
7,491 | (165 | ) | 7,326 | ||||||||
Impairment of intangible assets
|
5,777 | (5,777 | ) | – | ||||||||
Operating earnings
|
1,285 | 7,337 | 8,622 | |||||||||
- | ||||||||||||
Interest expense
|
(5,758 | ) | 113 | (5,645 | ) | |||||||
Interest income
|
77 | – | 77 | |||||||||
(Loss) earnings before income taxes from continuing operations
|
(4,396 | ) | 7,450 | 3,054 | ||||||||
Income tax benefit (provision)
|
1,682 | (2,923 | ) | (1,241 | ) | |||||||
Net (loss) earnings from continuing operations
|
(2,714 | ) | 4,527 | 1,813 | ||||||||
Net loss from discontinued operations
|
– | (4,527 | ) | (4,527 | ) | |||||||
Net loss
|
(2,714 | ) | – | (2,714 | ) | |||||||
Net loss attributable to noncontrolling interests
|
(179 | ) | – | (179 | ) | |||||||
Net loss attributable to Brown Shoe Company, Inc.
|
$ | (2,535 | ) | $ | – | $ | (2,535 | ) | ||||
Note: Beginning with the first quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. We have provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|
SCHEDULE 8 - CONTINUED
|
||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||
ADJUSTMENTS TO THIRD QUARTER 2012 RESULTS FOR DISCONTINUED OPERATIONS
|
||||||||||||
13 Weeks Ended
|
||||||||||||
(Thousands)
|
Previously
Reported
October 27, 2012
|
Adjustments for
Discontinued
Operations
|
October 27, 2012
|
|||||||||
Net sales
|
$ | 732,169 | $ | (36,184 | ) | $ | 695,985 | |||||
Cost of goods sold
|
446,387 | (29,737 | ) | 416,650 | ||||||||
Gross profit
|
285,782 | (6,447 | ) | 279,335 | ||||||||
Selling and administrative expenses
|
242,317 | (6,121 | ) | 236,196 | ||||||||
Restructuring and other special charges, net
|
2,342 | (196 | ) | 2,146 | ||||||||
Operating earnings
|
41,123 | (130 | ) | 40,993 | ||||||||
Interest expense
|
(5,513 | ) | 115 | (5,398 | ) | |||||||
Interest income
|
76 | – | 76 | |||||||||
Earnings before income taxes from continuing operations
|
35,686 | (15 | ) | 35,671 | ||||||||
Income tax provision
|
(11,399 | ) | (19 | ) | (11,418 | ) | ||||||
Net earnings from continuing operations
|
24,287 | (34 | ) | 24,253 | ||||||||
Net earnings from discontinued operations
|
– | 34 | 34 | |||||||||
Net earnings
|
24,287 | – | 24,287 | |||||||||
Net loss attributable to noncontrolling interests
|
(5 | ) | – | (5 | ) | |||||||
Net earnings attributable to Brown Shoe Company, Inc.
|
$ | 24,292 | $ | – | $ | 24,292 | ||||||
Note: Beginning with the first quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. We have provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|
SCHEDULE 8 - CONTINUED
|
||||||||||||
BROWN SHOE COMPANY, INC.
|
||||||||||||
ADJUSTMENTS TO FOURTH QUARTER 2012 RESULTS FOR DISCONTINUED OPERATIONS
|
||||||||||||
14 Weeks Ended
|
||||||||||||
(Thousands)
|
Previously
Reported
February 2, 2013
|
Adjustments for
Discontinued
Operations
|
February 2, 2013
|
|||||||||
Net sales
|
$ | 640,176 | $ | (21,441 | ) | $ | 618,735 | |||||
Cost of goods sold
|
388,477 | (17,074 | ) | 371,403 | ||||||||
Gross profit
|
251,699 | (4,367 | ) | 247,332 | ||||||||
Selling and administrative expenses
|
238,465 | (6,176 | ) | 232,289 | ||||||||
Restructuring and other special charges, net
|
2,730 | 41 | 2,771 | |||||||||
Operating earnings
|
10,504 | 1,768 | 12,272 | |||||||||
Interest expense
|
(5,954 | ) | 60 | (5,894 | ) | |||||||
Interest income
|
86 | – | 86 | |||||||||
Earnings before income taxes from continuing operations
|
4,636 | 1,828 | 6,464 | |||||||||
Income tax provision
|
(633 | ) | (748 | ) | (1,381 | ) | ||||||
Net earnings from continuing operations
|
4,003 | 1,080 | 5,083 | |||||||||
Net loss from discontinued operations
|
– | (1,080 | ) | (1,080 | ) | |||||||
Net earnings
|
4,003 | – | 4,003 | |||||||||
Net loss attributable to noncontrolling interests
|
(36 | ) | – | (36 | ) | |||||||
Net earnings attributable to Brown Shoe Company, Inc.
|
$ | 4,039 | $ | – | $ | 4,039 | ||||||
Note: Beginning with the first quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. We have provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|