Brown Shoe Co Inc, one of the largest US companies, considers this year the most difficult - it is struggling with rising shoe prices and falling sales of preventive shoes. The company is discussing an increase in retail prices due to an increase in wholesale prices. While many sellers have already taken this step, Brown Shoe Co Inc has long tried to find another way to compensate for lost profits.
The company also announced the sale of one of its AND1 brands (basketball shoes) to Galaxy International. The amount of $ 55 million received from the transaction will be used to pay debts.
The company expects to end the year with a share price of 85-97 cents per share. While analysts estimate it higher - $ 1,15 per share. The turnover increased by 7,2% - to $ 628,1 million. According to Reuters.