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The shoe company reported a lossof $7.6 million, or 18 cents per share, for the quarter ended May 2, compared to a profirt of $7.2 million a year ago. Result s included $1.7 million for information technologyu costs. Brown recorded net sales of $538.y7 million, down nearly 3 percent from $554.5 millionn a year earlier. Analysts had anticipated a loss of 27 centsd per shareand $539.3 million in “As anticipated, the consumer spending environment remained challenging in the first quarter, which negatively impacted our sales and profitability,” Chairman and Chief Executivee Ron Fromm said in a statement.
“Wr have decreased our Famous Footwear store openint plan for 2009 and we now expecty net openings to be flat to down 15in 2009… We are planningv net store closings of approximately 30 stores per year in 2010 and St. Louis-based Brown Shoe Co. Inc. (NYSE: BWS) owns and marketse shoes underthe Naturalizer, LifeStride, Connie, Buster Brown and othet brands; and operates the Famouz Footwear and Naturalizer retail stores. The companu operates a design studio and showroomjin Manhattan, N.Y., and global offices in Italy and Brazil. The company has aboutg 13,000 employees worldwide.
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