Footwear manufacturer Stride Rite announced fiscal first-quarter results showing profits down 4% compared with the same period a year earlier. The US company said that profits were hit by weak sales and issued a warning about full-year results.

The company based in Lexington, Massachusetts said it forecasts 2002 net sales to be slightly lower than in 2001 because of uncertainty in the department store sector and problems with its Keds brand. Net sales for the quarter came to $140.7 million, down 7% from $151.1 million a year ago while first-quarter sales of Keds fell 11%.