Famous Footwear 2011 Annual Report Download - page 4

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2 2011 BROWN SHOE COMPANY ANNUAL REPORT
When it comes to our portfolio realignment eorts,
our analysis and actions have been bold. After a
strategic review of our businesses – including our
infrastructure, our retail locations and our brands –
we took decisive action and began implementing
these changes in the fourth quarter.
INFRASTRUCTURE
To improve our eciency, we…
j Announced closure of Sun Prairie, Wisc.,
distribution center in November 2011
j Closed JiangXi, China, factory in December 2011
j Announced closure of Sikeston, Mo.,
distribution center in March 2012
RETAIL LOCATIONS
To improve our productivity, we…
j Closed or relocated 70 underperforming
Famous Footwear stores in 2011
j Announced plans to close or relocate
90 underperforming Famous Footwear
stores in 2012
j Announced closure of 20 Brown Shoe Closet
and F.X. LaSalle stores in November 2011
BRANDS
To better align with our consumers’ needs, we…
j Sold AND 1 for $55 million in October 2011
j Exited children’s wholesale business by
licensing Buster Brown, Avia and
Sam Edelman brands in November 2011
j Announced exit of some women’s specialty
and private brands, such as Connie, Hotkiss,
Reba and Zodiac
CONTEMPORARY FASHION
j New focus: We intensified our eorts
and focused our resources around our
strongest and most successful brands –
in contemporary fashion and across
the company.
j New opportunities: Our Sam Edelman
brand continued to capitalize on its
position as one of the hottest properties
in the marketplace, and we’re expanding
its reach through a new retail location in
New York and a variety of new licenses.
j New talent: We continued to invest in
these brands and hired new creative
and design talent. By expanding our
breadth and depth in this area, we’ll be
able to accelerate the growth of these
strong brands.
j New licenses: The development of our
brand portfolio continued with the
addition of the Vince footwear license,
providing an exciting opportunity to
expand our presence in the $1.7 billion
premier department store channel.
j New numbers: For 2011, Vera Wang
sales were up 23 percent, Via Spiga was
up 7 percent, while Franco Sarto
and Sam Edelman were both up
more than 10 percent.