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46 2012 BROWN SHOE COMPANY, INC. FORM 10-K
Consolidated Statements of Earnings
($ thousands, except per share amounts) 2012 2011 2010
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,598,065 $ 2,582,824 $ 2,504,091
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587,706 1,586,184 1,500,537
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,359 996,640 1,003,554
Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,957 937,419 922,976
Restructuring and other special charges, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,018 23,671 7,914
Impairment of intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,777 – –
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,607 35,550 72,664
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,382) (26,141) (19,647)
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (1,003) –
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322 644 203
Earnings before income taxes from continuing operations. . . . . . . . . . . . . . . . . . . . . 38,547 9,050 53,220
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1 1,343) (326) (16,160)
Net earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,204 8,724 37,060
Discontinued operations:
Earnings from operations of subsidiary, net of tax of $1,312 in 2011. . . . . . . . . . . . . . – 1,701 –
Gain on sale of subsidiary, net of tax of $6,670 in 2011 . . . . . . . . . . . . . . . . . . . . . – 13,965 –
Net earnings from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 15,666 –
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,204 24,390 37,060
Net loss attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . (287) (199) (173)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . . . . $ 27,491 $ 24,589 $ 37,233
Basic earnings per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.64 $ 0.20 $ 0.85
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 0.37 –
Basic earnings per common share attributable to
Brown Shoe Company, Inc. shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.64 $ 0.57 $ 0.85
Diluted earnings per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.64 $ 0.20 $ 0.85
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 0.36 –
Diluted earnings per common share attributable
to Brown Shoe Company, Inc. shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.64 $ 0.56 $ 0.85
See notes to consolidated financial statements.