Famous Footwear 2014 Annual Report Download - page 42

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2014 BROWN SHOE COMPANY, INC. FORM 10-K 41
Consolidated Statements of Earnings
($ thousands, except per share amounts) 2014 2013 2012
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,571,709 $ 2,513,113 $ 2,477,796
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,531,609 1,498,825 1,489,221
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040,100 1,014,288 988,575
Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910,682 909,749 891,666
Restructuring and other special charges, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,484 1,262 22,431
Impairment of assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 4,660 –
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,934 98,617 74,478
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,445) (21,254) (22,973)
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (420) – –
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379 377 322
Gain on sale of subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,679 – –
Earnings before income taxes from continuing operations. . . . . . . . . . . . . . . . . . . . . 110,127 77,740 51,827
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,184) (23,758) (16,656)
Net earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,943 53,982 35,171
Discontinued operations:
Loss from discontinued operations, net of tax of $0, $5,922 and $3,066, respectively . . . . . – (4,574) (4,437)
Disposition/impairment of discontinued operations,
net of tax of $0, $0 and $2,247, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . – (11,512) (3,530)
Net loss from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (16,086) (7,967)
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,943 37,896 27,204
Net earnings (loss) attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . 93 (177) (287)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . . . . $ 82,850 38,073 27,491
Basic earnings (loss) per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.90 $ 1.25 $ 0.83
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (0.37) (0.19)
Basic earnings per common share attributable to Brown Shoe Company, Inc. shareholders . . $ 1.90 $ 0.88 $ 0.64
Diluted earnings (loss) per common share:
From continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.89 $ 1.25 $ 0.83
From discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (0.37) (0.19)
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders . $ 1.89 $ 0.88 $ 0.64
See notes to consolidated financial statements.