Famous Footwear 2014 Annual Report Download

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2014 ANNUAL REPORT
BROWN SHOE COMPANY

Table of contents

  • Page 1
    Brown Shoe Company 2014 ANNUAL REPORT

  • Page 2
    ... Famous Footwear ecommerce, and also includes Shoes.com through December 2014. our Brand portfolio segment includes all of our healthy Living and Contemporary Fashion wholesale brands and any of their related retail operations and branded ecommerce sites. 2014 Brown Shoe Company annuaL reporT...

  • Page 3
    ... to expand our online sales. +1,200 { FAMOUS FOOTWEAR, NATURALIZER AND SAM EDELMAN RETAIL STORES For our Brand Portfolio segment, we reported 2014 sales of $982 million, up 6%, and gross margin of 34.0%. This business also delivered outstanding improvement in adjusted operating margin of 7.5%, up...

  • Page 4
    ... of retail will help Brown Shoe Company, as we drive toward achieving our long-term financial targets of 8% adjusted operating margin and 15% adjusted return on invested capital. our infrastructure investments for 2015 are specifically focused on our consumer fulfillment capabilities. This year, our...

  • Page 5
    ... Scholl's Sam Edelman Franco Sarto Vince LifeStride Ryka Via Spiga Carlos Fergie CONTEMPORARY FASHION Brand Portfolio Mix Net Sales* 2012 2013 2014 dollars in millions *Excludes sales from discontinued brands 2014 Net Sales $ $207 215 $ 2,572 Famous Footwear Average Store Revenue Per Square...

  • Page 6
    ...BROWN SHOE COMPANY, INC. (Exact name of registrant as specified in its charter) new york (State or other jurisdiction of incorporation or organization) 8300 maryland avenue St. Louis, missouri (Address of principal executive offices) 43-0197190 (IRS Employer Identification Number) 63105 (Zip Code...

  • Page 7
    ... "the Company" or "Brown Shoe Company" refers to Brown Shoe Company, inc. and its subsidiaries. information in this form 10-k is current as of march 31, 2015, unless otherwise specified. CAUTION REGARDING FORWARD-LOOKING STATEMENTS in this report, and from time to time throughout the year, we share...

  • Page 8
    ...management's report on internal Control over financial reporting ...report of independent registered public accounting firm...report of independent registered public accounting firm...Consolidated Balance Sheets ...Consolidated Statements of earnings...Consolidated Statements of Comprehensive income...

  • Page 9
    ..., nike, Skechers, Bearpaw, Converse, Vans, new Balance, adidas, asics, Sperry and Sof Sole, as well as company-owned and licensed brands including, among others, LifeStride, Dr. Scholl's, fergalicious, naturalizer and Carlos. our company-owned and licensed products are sold to our famous footwear...

  • Page 10
    ...loyalty program ("rewards"), which informs and rewards frequent consumers with product previews, earned incentives based upon purchase continuity, and other periodic promotional offers. in 2014, approximately 73% of our famous footwear net sales were generated by our rewards members. During the year...

  • Page 11
    ... 2017 for Latin america. During 2014, we closed our remaining four Dr. Scholl's stores to focus on wholesale distribution and e-commerce sales for this brand. LifeStride: for more than 70 years, LifeStride has created quality footwear for women who value style and comfort. offering work-to-weekend...

  • Page 12
    ... stores, national chains, our famous footwear stores and online. marketed under a license agreement with legendary musician Carlos Santana, this brand targets trend-conscious consumers with hot, fashionable shoes inspired by the passion and energy of Santana's music. Suggested retail price points...

  • Page 13
    ... expansion into new markets outside of China, developing more progressive processes to improve factory capacity and material planning, and continuing to understand ways to drive excellence in product value and execution in a rapidly changing manufacturing landscape. 12 2014 Brown Shoe Company, inC...

  • Page 14
    ... president, Brown Shoe wholesale from July 2006 to January 2010. Senior Vice president and Chief merchandising officer of famous footwear from January 2002 to July 2006. Daniel R. Friedman, Division president - Global Supply Chain since January 2010. Senior Vice president, product Development...

  • Page 15
    ...fail to successfully anticipate and respond to changes in consumer demand and fashion trends, develop new products and designs, and implement effective, responsive merchandising and marketing strategies and programs, we could experience lower sales, excess inventories and lower gross margins, any of...

  • Page 16
    ... products consistent with our standards or manufacture our footwear in a cost and time efficient manner, our customers may cancel orders, refuse to accept deliveries or demand reductions in purchase prices, any of which could have a material adverse effect on our business and results of operations...

  • Page 17
    ... our business. our computer network and systems are essential to all aspects of our operations, including design, pricing, production, forecasting, ordering, manufacturing, transportation, sales and distribution. our ability to manage and maintain our inventory and to deliver products in a timely...

  • Page 18
    ... new famous footwear stores in our existing markets may result in reduced net sales in existing stores as our stores become more concentrated in the markets we serve. as a result, the number of consumers and financial performance of individual stores may decline and the average sales per square foot...

  • Page 19
    ... cancel orders without penalty. Our wholesale customers set the delivery schedule for shipments of our products, which could cause shifts of sales between quarters. Our estimated annual tax rate is based on projections of our domestic and international operating results for the year, which we review...

  • Page 20
    ... periodic or current reports under the Securities exchange act of 1934, as amended. ITEM 2 pROpERTIES we own our principal executive, sales and administrative offices located in Clayton ("St. Louis"), missouri. our retail operations, included in both our famous footwear and Brand portfolio segments...

  • Page 21
    ... EQUITy SECURITIES our common stock is listed on the new york Stock exchange ("nySe") under the trading symbol "BwS." as of January 31, 2015, we had approximately 3,840 shareholders of record. The following table sets forth the high and low sales prices per share of our common stock as reported on...

  • Page 22
    ...the S&p© SmallCap 600 Stock index and (ii) a peer group of companies believed to be engaged in similar businesses. our peer group consists of DSw, inc., Genesco, inc., Shoe Carnival, inc., Skechers U.S.a., inc., Steven madden, Ltd. and wolverine world wide, inc. our fiscal year ends on the Saturday...

  • Page 23
    ... above. (1) return on average invested capital is calculated by dividing operating earnings for the period, adjusted for income taxes at the applicable effective rate, by the average of each month-end invested capital balance during the year. invested capital is defined as Brown Shoe Company, inc...

  • Page 24
    ... is comprised of the naturalizer, Sam edelman, Dr. Scholl's, franco Sarto, LifeStride, Vince, Via Spiga, fergie, ryka and Carlos brands. Through these brands, and brand families, we offer our customers a diversified selection of footwear, each designed and targeted to a specific consumer segment...

  • Page 25
    ... in net sales, reflecting strong performance from many of our brands and a 1.6% increase in same-store sales at our branded retail stores. our famous footwear segment reported a $5.4 million increase in net sales, reflecting a 2.9% same-store sales increase. 24 2014 Brown Shoe Company, inC. form...

  • Page 26
    ... portfolio realignment efforts. in anticipation of the sale, we recognized an impairment charge of $4.7 million in 2013 to adjust the assets to their estimated fair value. refer to note 4 to the consolidated financial statements for additional information. 2014 Brown Shoe Company, inC. form 10-k 25

  • Page 27
    ....6%, consistent with last year. refer to note 6 to the consolidated financial statements for additional information regarding our tax rates. Net Earnings from Continuing Operations we reported net earnings from continuing operations of $82.9 million in 2014, compared to $54.0 million in 2013 and $35...

  • Page 28
    ... we reported net earnings attributable to Brown Shoe Company, inc. of $82.8 million in 2014, compared to $38.1 million last year and $27.5 million in 2012. Geographic Results we have both domestic and foreign operations. Domestic operations include the nationwide operation of our famous footwear and...

  • Page 29
    ... dollar exchange rate. in 2014, we expanded our efforts to connect with and engage our customers to build a strong brand preference for our famous footwear stores and famous.com through our loyalty program, rewards. as a result, approximately 73% of our net sales were to rewards members in 2014...

  • Page 30
    ... exchange rate. we opened seven stores and closed 15 stores during 2014, resulting in a total of 171 stores at the end of 2014, compared to 179 stores at the end of last year. Sales per square foot, excluding e-commerce, decreased 5.1% to $377 compared to $397 last year. our unfilled order position...

  • Page 31
    ...year, primarily due to lower warehouse expenses, our lower branded retail store count and a lower Canadian dollar exchange rate, partially offset by an increase in anticipated payments under our cash and stock-based incentive plans and higher marketing expenses. as a percentage of net sales, selling...

  • Page 32
    ..., payments of dividends, the guarantee or pledge of assets, certain investments, common stock repurchases, mergers and acquisitions and sales of assets. as of January 31, 2015, we were in compliance with all covenants and restrictions relating to the 2019 Senior notes. 2014 Brown Shoe Company...

  • Page 33
    ... to an increase in prepaid rent in 2014 as a result of the timing of payments compared to last year. A decrease in trade accounts payable in 2014 as compared to an increase in 2013 due to the timing of purchases and payments to vendors. Cash used for investing activities was $132.1 million higher...

  • Page 34
    ... values of inventories to a level where, upon sale of the product, we will realize our normal gross profit rate. we believe these policies reflect the difference in operating models between our famous footwear segment and our Brand portfolio segment. famous footwear periodically runs promotional...

  • Page 35
    ... working capital requirements are based on our internal projections. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit directly resulting from the use of its assets in its operations. we also considered assumptions that market...

  • Page 36
    ... life insurance plans that cover both salaried and hourly employees who had become eligible for benefits by January 1, 1995. we determine our expense and obligations for retirement and other benefit plans based on assumptions related to discount rates, expected long-term rates of return on...

  • Page 37
    ...plan for non-employee directors and restricted stock units for non-employee directors, respectively, due to the uncertain nature in timing of payments. refer to note 5, note 13 and note 15 to the consolidated financial statements. SAFE hARbOR STATEMENT UNDER ThE pRIVATE SECURITIES LITIGATION REFORM...

  • Page 38
    ... as of January 31, 2015. The effectiveness of our internal control over financial reporting as of January 31, 2015 has been audited by ernst & young LLp, an independent registered public accounting firm, as stated in its report which is included herein. 2014 Brown Shoe Company, inC. form 10-k 37

  • Page 39
    ... statements of earnings, comprehensive income, cash flows and shareholders' equity for each of the three years in the period ended January 31, 2015, and our report dated march 31, 2015, expressed an unqualified opinion thereon. St. Louis, missouri march 31, 2015 38 2014 Brown Shoe Company...

  • Page 40
    ... Registered public Accounting Firm The Board of Directors and Shareholders Brown Shoe Company, inc. we have audited the accompanying consolidated balance sheets of Brown Shoe Company, inc. (the Company) as of January 31, 2015 and february 1, 2014, and the related consolidated statements of earnings...

  • Page 41
    ...Sheets ($ thousands, except number of shares and per share amounts) ASSETS Current assets: Cash and cash equivalents ...receivables, net of allowances of $25,393 in 2014 and $21,470 in 2013 ...inventories, net of adjustment to last-in, first-out cost of $3,668 in 2014 and $3,965 in 2013 income taxes...

  • Page 42
    ... operations ...Diluted earnings per common share attributable to Brown Shoe Company, inc. shareholders . See notes to consolidated financial statements. $ $ 1.90 - 1.90 $ $ 1.25 (0.37) 0.88 $ $ 0.83 (0.19) 0.64 $ $ 1.89 - 1.89 $ $ 1.25 (0.37) 0.88 $ $ 0.83 (0.19) 0.64 2014 Brown Shoe...

  • Page 43
    ..., net of tax ...Comprehensive income ...Comprehensive income (loss) attributable to noncontrolling interests Comprehensive income attributable to Brown Shoe Company, inc...See notes to consolidated financial statements...2014 $ 82,943 (3,145) (10,349) (514) (14,008) 68,935 49 $ 68,886 2013 $ 37,896...

  • Page 44
    ... subsidiaries ...Deferred rent ...Deferred income taxes (benefit) provision ...provision for doubtful accounts ...Changes in operating assets and liabilities: receivables ...inventories ...prepaid expenses and other current and noncurrent assets ...Trade accounts payable...accrued expenses and other...

  • Page 45
    ... benefits adjustments, net of tax of $5,777 ...Comprehensive income ...Dividends ($0.28 per share) ...Stock issued under employee and director benefit and restricted stock plans ...Tax benefit related to share-based plans. . Share-based compensation expense ...bALANCE FEbRUARy 2, 2013...net earnings...

  • Page 46
    ... Company currently operates 1,209 retail shoe stores in the United States, Canada and Guam primarily under the famous footwear and naturalizer names. in addition, through its Brand portfolio segment, the Company designs, sources and markets footwear to retail stores domestically and internationally...

  • Page 47
    ..., upon sale of the product, the Company will realize its normal gross profit rate. The Company believes these policies reflect the difference in operating models between the famous footwear and Brand portfolio segments. famous footwear periodically runs promotional events to drive sales to clear...

  • Page 48
    ...of the estimated fair value of the reporting units are based on the best information available to the Company's management as of the date of the assessment. as of January 31, 2015, the Company had two reporting units, famous footwear and Brand portfolio, for goodwill impairment testing. Based on the...

  • Page 49
    ... Company also offers exclusive member mailings that offer additional incentives to purchase. Savings certificates earned must be redeemed within stated expiration dates. The value of points and rewards earned by famous footwear's rewards program members are recorded as a reduction of net sales and...

  • Page 50
    ... and penalties related to unrecognized tax positions within the income tax provision on the consolidated statements of earnings. Operating Leases The Company leases its store premises and certain office locations, distribution centers and equipment under operating leases. approximately one-half of...

  • Page 51
    ...statements of earnings amounts are translated at average exchange rates for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive income in total Brown Shoe Company...

  • Page 52
    ... at closing, from the sale of stock, the sale of inventory, and for the provision of transitional services, less working capital adjustments. The promissory note was due november 14, 2013, earned interest at a 3% annual rate, and was secured by a guarantee by american Sporting Goods Corporation and...

  • Page 53
    ... services. The aggregate purchase price of the sale was $15.0 million, subject to working capital and other adjustments. The Company received $4.4 million in cash and a $7.5 million face value secured convertible note ("convertible note") at closing, from the sale of stock, the sale of inventory...

  • Page 54
    ... tax benefits were driven in part by the utilization of operating and capital loss carryforwards that previously were not anticipated to be utilized, and therefore, fully reserved on the Company's consolidated balance sheet. The operating results of Shoes.com were included in the famous footwear...

  • Page 55
    ... years at market pricing, which can be fulfilled from a defined group of facilities owned by the purchaser. Organizational Change During 2014, the Company incurred costs of $1.9 million ($1.2 million on an after-tax basis, or $0.03 per diluted share) related to a management change at the corporate...

  • Page 56
    ... financial statements, in response to the sale of Shoes.com, the Company incurred restructuring and other special charges of $1.5 million. The reserve balance of $1.5 million as of January 31, 2015 is included in employee compensation and benefits on the consolidated balance sheets. 5. RETIREMENT...

  • Page 57
    ... benefit payments with a wide diversification of asset types, fund strategies and fund managers. The target allocations for plan assets for 2014 were 70% equities and 30% debt securities. allocations may change periodically based upon changing market conditions. equities did not include any Company...

  • Page 58
    ... of plan assets at beginning of year actual return on plan assets ...employer contributions ...plan participants' contributions ...Benefits paid ...foreign exchange rate changes ...fair value of plan assets at end of year...pension Benefits 2014 2013 $ 356,320 $ 336,445 79,986 30,628 206 331 12 12...

  • Page 59
    ... used to determine net periodic benefit (income) cost: 2014 5.00% 3.00% 8.25% pension Benefits 2013 2012 4.50% 4.75% 3.50% 3.50% 8.25% 8.25% other postretirement Benefits 2014 2013 2012 5.00% 4.50% 4.75% N/A n/a n/a N/A n/a n/a Discount rate ...rate of compensation increase ...expected return...

  • Page 60
    ... was earned. Dividend equivalents are paid on pSUs at the same rate as dividends on the Company's common stock and are reinvested in additional pSUs at the next fiscal quarter-end. The pSUs are payable in cash based on the number of pSUs credited to the participating director's account, valued on...

  • Page 61
    ... reserved on the Company's consolidated balance sheet. The Company also recognized a tax expense of $1.0 million related to foreign exchange gains on a dividend received from an international subsidiary. Domestic income taxes had been previously provided on the foreign earnings of this subsidiary...

  • Page 62
    ... 82 branded retail stores in the United States and 89 branded retail stores in Canada at the end of 2014, selling primarily naturalizer brand footwear in regional malls and outlet centers. The Company's famous footwear and Brand portfolio reportable segments are operating units that are managed...

  • Page 63
    ..., including the Company's famous footwear and Brand portfolio stores and e-commerce businesses, as well as the Company's domestic retail operations. The Company's foreign operations primarily consist of wholesale operations in the far east and Canada and retail operations in Canada and the far...

  • Page 64
    ..., the Company paid a cash purchase price of $65.0 million at the time of closing. as a result of entering into and closing the asset purchase agreement, the Company's license agreement, granting the Company the right to sell footwear and other products using the franco Sarto trademarks through...

  • Page 65
    ..., less applicable reserves. Under the Credit agreement, the Loan parties' obligations are secured by a first-priority security interest in all accounts receivable, inventory and certain other collateral. interest on borrowings is at variable rates based on the London interbank offered rate ("LiBor...

  • Page 66
    ... year or more were as follows at January 31, 2015: ($ thousands) 2015 ...2016 ...2017 ...2018 ...2019 ...Thereafter ...Total minimum operating lease payments ... ... ... ... ... ... ... ... ... ... ... ... ... $ 153,334 127,184 97,447 74,236 53,686 169,981 $ 675,868 2014 Brown Shoe Company, inC...

  • Page 67
    ... in thousands) Foreign exchange forwards contracts: January 31, 2015 ...february 1, 2014 ...66 2014 Brown Shoe Company, inC. form 10-k asset Derivatives Balance Sheet Location prepaid expenses and other current assets prepaid expenses and other current assets fair Value $ 1,863 $ 1,056 Liability...

  • Page 68
    ... whereby deferred compensation amounts are valued as if invested in the Company's common stock through the use of pSUs. Under the plan, each participating director's account is credited with the number of pSUs equal to the number of shares of the Company's 2014 Brown Shoe Company, inC. form 10-k 67

  • Page 69
    ... was earned. Dividend equivalents are paid on pSUs at the same rate as dividends on the Company's common stock and are re-invested in additional pSUs at the next fiscal quarter-end. The pSUs are payable in cash based on the number of pSUs credited to the participating director's account, valued on...

  • Page 70
    ... notes ...Carrying Value $ 199,197 Fair Value $208,000 february 1, 2014 Carrying Value $199,010 fair Value $210,500 The fair value of the Company's Senior notes was based upon quoted prices in an inactive market as of the end of the respective periods (Level 2). 2014 Brown Shoe Company, inC. form...

  • Page 71
    ... on market conditions. The repurchase program does not have an expiration date. repurchases of common stock are limited under the Company's debt agreements. There have been no shares repurchased under the 2011 program. Repurchases Related to Employee Share-based Awards During 2014 and 2013, 172...

  • Page 72
    ... the stock award based upon fair value of the award on the date of grant. The fair value of the restricted stock grants is the quoted market price for the Company's common stock on the date of grant. The following table summarizes restricted stock activity for the year ended January 31, 2015: number...

  • Page 73
    ... in the payment of up to 297,070 units at the end of the service periods. The following table summarizes performance share activity for the year ended January 31, 2015: number of nonvested Stock performance awards at Target Level nonvested at february 1, 2014 Granted ...Vested...expired ...forfeited...

  • Page 74
    ... period and through the settlement date are reported in the Company's consolidated statements of earnings. See note 5 and note 13 to the consolidated financial statements for information regarding the deferred compensation plan for non-employee directors. 2014 Brown Shoe Company, inC. form 10-k 73

  • Page 75
    ..., which in turn sells the naturalizer products through department store shops and free-standing stores in China. During 2013, B&h footwear transferred the operation of the retail stores in China to CBi. B&h footwear continues to sell footwear to CBi on a wholesale basis. During 2014, 2013 and 2012...

  • Page 76
    ... course of business. in the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not expected to have a material adverse effect on the Company's results of operations or financial position. Legal costs associated with litigation...

  • Page 77
    ... statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. CONDENSED CONSOLIDATING bALANCE ShEET AS OF JANUARy 31, 2015 ($ thousands) Assets Current...

  • Page 78
    ...cash provided by (used for) financing activities ...effect of exchange rate changes on cash and cash equivalents increase (decrease) in cash and cash equivalents ...Cash and cash equivalents at beginning of year ...Cash and cash equivalents at end of year ... $ 2014 Brown Shoe Company, inC. form 10...

  • Page 79
    ... CONSOLIDATING STATEMENT OF EARNINGS FOR ThE FISCAL yEAR ENDED FEbRUARy 1, 2014 ($ thousands) net sales ...Cost of goods sold ...Gross profit ...Selling and administrative expenses ...restructuring and other special charges, net ...impairment of assets held for sale ...operating (loss) earnings...

  • Page 80
    ... CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR ThE FISCAL yEAR ENDED FEbRUARy 2, 2013 ($ thousands) net sales ...Cost of goods sold ...Gross profit ...Selling and administrative expenses ...restructuring and other special charges, net ...operating (loss) earnings ...interest expense ...interest...

  • Page 81
    CONDENSED CONSOLIDATING STATEMENT OF COMpREhENSIVE INCOME FOR ThE FISCAL yEAR ENDED FEbRUARy 2, 2013 ($ thousands) net earnings ...other comprehensive (loss) income, net of tax: foreign currency translation adjustment ...pension and other postretirement benefits adjustments . Derivative financial ...

  • Page 82
    ... attributable to Brown Shoe Company, inc. per share of common stock: Basic earnings per common share attributable to Brown Shoe Company, inc. shareholders (1) . Diluted earnings per common share attributable to Brown Shoe Company, inc. shareholders (1) . Dividends paid ...market value: high...Low...

  • Page 83
    .... e Balance at end of period Description ($ thousands) yEAR ENDED JANUARy 31, 2015 Deducted from assets or accounts: Doubtful accounts and allowances ...Customer allowances ...Customer discounts ...inventory valuation allowances ...Deferred tax asset valuation allowance yEAR ENDED FEbRUARy 1, 2014...

  • Page 84
    ... 10 OThER INFORMATION DIRECTORS, EXECUTIVE OFFICERS AND CORpORATE GOVERNANCE information regarding Directors of the Company is set forth under the caption Proposal 1 - Election of Directors in the proxy Statement for the annual meeting of Shareholders to be held may 28, 2015, which information is...

  • Page 85
    ...principal accounting fees and Services is set forth under the caption Fees Paid to Independent Registered Public Accountants in the proxy Statement for the annual meeting of Shareholders to be held may 28, 2015, which information is incorporated herein by reference. 84 2014 Brown Shoe Company, inC...

  • Page 86
    ... by reference to exhibit 10.3(b)(3) to the Company's form 10-k for the year ended february 2, 2013, and filed april 2, 2013. form of performance award agreement (for 2014-2016 performance period) under the Brown Shoe Company, inc. incentive and Stock Compensation plan of 2011, incorporated herein by...

  • Page 87
    ..., dated may 14, 2013, by and among Brown Shoe Company, inc., Brown Shoe international Corp. and Galaxy Brand holdings, inc., incorporated herein by reference to exhibit 10.1 to the Company's form 8-k filed may 20, 2013. Subsidiaries of the registrant. Consent of registered public accounting firm...

  • Page 88
    ... the Securities exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Brown Shoe Company, inC. By: /s/ kenneth h. hannah kenneth h. hannah Senior Vice president and Chief financial officer Date: march 31, 2015 know...

  • Page 89
    ... or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Diane m. Sullivan Diane m. Sullivan Chief executive officer, president and Chairman of the Board of Directors Brown Shoe Company, inc. march 31, 2015 88 2014 Brown Shoe Company, inC...

  • Page 90
    ..., that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ kenneth h. hannah kenneth h. hannah Senior Vice president and Chief financial officer Brown Shoe Company, inc. march 31, 2015 2014 Brown Shoe Company, inC...

  • Page 91
    ... Quarterly report of Brown Shoe Company, inc. (the "registrant") on form 10-k for the year ended January 31, 2015, as filed with the Securities and exchange Commission on the date hereof (the "report"), we, Diane m. Sullivan, Chief executive officer, president and Chairman of the Board of Directors...

  • Page 92
    ... Information Officer, Logistics and Customer Care TRANSFER AGENT Computershare p.o. Box 30170 College Station, TX 77842-3170 866.865.6319 computershare.com/investor INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ernst & young LLp COMMON STOCK Brown Shoe Company is traded on nySe under the symbol...

  • Page 93
    .... The company's reports to the Securities and exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption risk factors in item 1a of the company's annual report on form 10-k for the year ended January 31, 2015, which...

  • Page 94
    8 3 0 0 m a r y l a n d ave. St . Louis , mo 6 3 1 0 5 314.854.4000 b row n s h o e .co m