Brown Shoe Company, Inc. (BWS) reported that its fourth-quarter of 2012 net earnings were $4.0 million, or $0.09 per share, compared to a loss of $8.2 million, or $0.21 per share, in the prior year. Fourth quarter 2012 results included portfolio realignment costs of $2.9 million, while earnings for the fourth quarter of 2011 included portfolio realignment and integration related costs of $18.5 million.
On an adjusted basis, net earnings were $5.9 million, or $0.14 per share, compared to $4.1 million, or $0.10 per share, in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter $640.2 million up from $628.9 million in the year ago quarter. Fourth analysts had consensus revenue estimate of $634.33 million for the quarter. Results for both the fourth quarter of 2012 and 2011 included sales of $2.8 million and $16.5 million, respectively, from brands and businesses the company has exited. Excluding exited brands, year-over-year net sales were up 4.8% in the quarter.
For fiscal 2013, the company expects earnings per share to be in the range of $1.16 to $1.23, adjusted earnings per share of $1.18 to $1.25, and net sales of billion $2.55 to $2.58 billion. Analysts expect the company to report earnings of $1.31 per share on revenues of $2.64 billion for fiscal 2013.
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