US footwear retailer Brown Shoe Co. Inc. made losses of $27.3 million in the fourth quarter ending February 2, 2002 partly due to one-off costs associated with the closure of 97 Naturalizer stores that were not performing. Other costs included inventory markdowns at Famous Footwear stores and debt charges.

Sales for the full year rose 4.2% to $1.75 billion from $1.68 billion in fiscal 2000. Despite the fourth quarter losses, the company, based in St Louis, Missouri said that it expected positive earnings in the first and second quarters of this year with a full-year earnings estimate of $2.75 per share.

Share this story: