Famous Footwear 2004 Annual Report Download - page 37

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Table of Contents
BROWN SHOE COMPANY, INC. 2003 FORM 10-K
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Report of Independent Auditors
The Shareholders and Board of Directors
Brown Shoe Company, Inc.
We have audited the accompanying consolidated balance sheets of Brown Shoe Company, Inc. as of January 31, 2004 and February 1, 2003
and the related statements of consolidated earnings, shareholders’ equity and cash flows for each of the three years in the period ended
January 31, 2004. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and
schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements
and schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Brown
Shoe Company, Inc. at January 31, 2004 and February 1, 2003 and the consolidated results of its operations and its cash flows for each of
the three years in the period ended January 31, 2004, in conformity with accounting principles generally accepted in the United States. Also,
in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.
/s/ ERNST & YOUNG LLP
St. Louis Missouri
February 24, 2004
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