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44 2013 BROWN SHOE COMPANY, INC. FORM 10-K
Consolidated Statements of Earnings
($ thousands, except per share amounts) 2013 2012 2011
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,513,113 $ 2,477,796 $ 2,434,766
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498,825 1,489,221 1,470,270
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014,288 988,575 964,496
Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909,749 891,666 910,293
Restructuring and other special charges, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,262 22,431 23,671
Impairment of assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,660 – –
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,617 74,478 30,532
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,254) (22,973) (25,428)
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (1,003)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377 322 569
Earnings before income taxes from continuing operations. . . . . . . . . . . . . . . . . . . . . 77,740 51,827 4,670
Income tax (provision) benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,758) (16,656) 1,421
Net earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,982 35,171 6,091
Discontinued operations:
(Loss) earnings from discontinued operations,
net of tax of $5,922, $3,066, $3,059, respectively . . . . . . . . . . . . . . . . . . . . . . . (4,574) (4,437) 4,334
Disposition/impairment of discontinued operations,
net of tax of $0, $2,247, and $6,670, respectively . . . . . . . . . . . . . . . . . . . . . . . (11,512) (3,530) 13,965
Net (loss) earnings from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . (16,086) (7,967) 18,299
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,896 27,204 24,390
Net loss attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . (177) (287) (199)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . . . . $ 38,073 $ 27,491 $ 24,589
Basic earnings (loss) per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.25 $ 0.83 $ 0.15
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.37) (0.19) 0.42
Basic earnings per common share attributable to Brown Shoe Company, Inc. shareholders . . $ 0.88 $ 0.64 $ 0.57
Diluted earnings (loss) per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.25 $ 0.83 $ 0.14
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.37) (0.19) 0.42
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders . $ 0.88 $ 0.64 $ 0.56
See notes to consolidated financial statements.