Famous Footwear 2011 Annual Report Download - page 45

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2011 BROWN SHOE COMPANY, INC. FORM 10-K 43
Consolidated Statements of Earnings
($ thousands, except per share amounts) 2011 2010 2009
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,582,824 $ 2,504,091 $ 2,241,968
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586,184 1,500,537 1,338,829
Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 996,640 1,003,554 903,139
Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 937,419 922,976 859,693
Restructuring and other special charges, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,671 7,914 11,923
Operating earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,550 72,664 31,523
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,141) (19,647) (20,195)
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,003) – –
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 644 203 374
Earnings before income taxes from continuing operations. . . . . . . . . . . . . . . . . . . . . 9,050 53,220 11,702
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (326) (16,160) (1,259)
Net earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,724 37,060 10,443
Discontinued operations:
Earnings from operations of subsidiary, net of tax of $1,312 . . . . . . . . . . . . . . . . . 1,701 – –
Gain on sale of subsidiary, net of tax of $6,670. . . . . . . . . . . . . . . . . . . . . . . . . 13,965 – –
Net earnings from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,666 – –
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,390 37,060 10,443
Net (loss) earnings attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . (199) (173) 943
Net earnings attributable to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . . . . $ 24,589 $ 37,233 $ 9,500
Basic earnings per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.20 $ 0.85 $ 0.22
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.37 – –
Basic earnings per common share attributable to
Brown Shoe Company, Inc. shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.57 $ 0.85 $ 0.22
Diluted earnings per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.20 $ 0.85 $ 0.22
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36 – –
Diluted earnings per common share attributable
to Brown Shoe Company, Inc. shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.56 $ 0.85 $ 0.22
See notes to consolidated fi nancial statements.