The US footwear retailer Brown Shoe Company, Inc. said last week that ongoing difficulties in the footwear retailing sector had resulted in lower-than-anticipated sales at its chain of 907 Famous Footwear stores.

When combined with higher-than-planned markdowns during Famous Footwear's spring inventory clearance, the trend is likely to result in earnings per share in the range of $0.37 to $0.40 for the second quarter, which ends August 4, compared to $0.51 in the year-ago quarter. Full year earnings will also be affected.

Continuing gains in the company's wholesale divisions, particularly Naturalizer, will not be enough to offset second quarter shortfalls at Famous Footwear.

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