Rochester, NY 8/29/2009 1:51:16 AM
Brown Shoe dips loss, lowered sales outlook
Brown Shoe Company, Inc.
Brown Shoe Co. slipped last Thursday after the footwear company lowered its full-year sales guidance and reported a second-quarter loss.based company said it moved to a second-quarter loss on some charges and declining sales. It now anticipates 2009 sales of $2.18 billion to $2.2 billion, down from a prior forecast for sales of $2.2 billion to $2.3 billion.
said in a client note that the second quarter is usually Brown Shoe's smallest of the year, "and with back-to-school shopping delayed several weeks, it was even less meaningful."But the analyst said he prefers to stay on the sidelines right now, citing Brown Shoe's somewhat expensive stock price, uncertainty on retail traffic trends, higher-than-ideal inventory levels and a wholesale revenue outlook that assumes a big fourth-quarter pickup.
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