Brown Shoe swings to loss in Q2
St. Louis -- Brown Shoe Co., parent to the Famous Footwear chain, reported Thursday a loss of $4.6 million for the second quarter, compared with a profit of $5.3 million in the year-ago period.
Sales increased 7.2% to $628.1 million, from $585.8 million.
The company said Thursday it will sell its AND 1 sports and lifestyle brand to Galaxy International for $55 million cash. The brand was part of the $145 million American Sporting Goods acquisition completed earlier this year. It was the addition of ASG that boosted the second-quarter sales by 7.2%.
Famous Footwear reported a year-over-year decline in second quarter net sales of 7%. Same-store sales in the division edged up 0.2%. During the quarter, the company closed eight underperforming Famous Footwear stores and added 12 new stores.