“First quarter exceeded our expectations virtually across the board – including sales, margin and earnings — despite a late start to spring and caution around potential west coast port delays”, stated Diane Sullivan, CEO, President and Chairman of Brown Shoe Company, adding: “We’re pleased with our first quarter results, which were achieved thanks to strong sales from our Brand Portfolio and exceptional gross margin and operating margin gains at Famous Footwear combined with better than expected same-store-sales.”

Brown Shoe Company reported first quarter 2015 financial results, with net sales of 602.3 million US dollars, up by 1.9% versus first quarter 2014 net sales of 591.2 million US dollars. First quarter 2015 net earnings of 19.3 million US dollars (0.44 US dollars per diluted share) increased by 24.8% (compares to 15.4 million US dollars, or 0.35 US dollars per diluted share).

Gross margin of 41.3% was up approximately 30 basis points year-over-year, while operating margin of 5.0% was up approximately 10 basis points.

Famous Footwear first quarter 2015 sales reached 360.0 million US dollars, up by 1.5% year-over-year, excluding Shoes.com, sold in December of 2014. For the quarter, same-store-sales were up by 3.1%, mainly driven by continued strength in canvas, residual boot sales, and spring sandals. During the quarter, 13 stores were closed and 15 new stores were opened.

Brand Portfolio sales of 242.3 million US dollars grew by 7.9% in the first quarter, a performance mainly driven by a 9.1% improvement in Healthy Living, combined with a 4.9% improvement in Contemporary Fashion sales.

Consolidated gross profit of 248.5 million US dollars was up 2.6% in the first quarter, while gross margin of 41.3% was up approximately 30 basis points year-over-year.

“We reported a very strong first quarter, which included a relatively uneventful untangling of the west coast port situation,” stated Ken Hannah, Chief Financial Officer of Brown Shoe Company, adding: “With the strong sales and margin performance we saw in the first quarter, we feel comfortable raising our diluted EPS guidance range for 2015 to 1.84 US dollars to 1.94 US dollars.”