ST LOUIS — Shares of Brown Shoe Co. fell Wednesday as the footwear retailer posted a disappointing outlook for the year and said it might face product delays due to a West Coast port slowdown.
U.S. companies have been hurt by a labor dispute that has slowed the import of goods to the country. Brown Shoe CEO Ken Hannah said the company is "cautious about the potential for product delays in the first half of the year."
For the full the year, the company expects earnings between $1.78 per share and $1.88 per share, with revenue in the range of $2.61 billion to $2.63 billion. Analysts expected higher earnings of $1.93 per share and revenue of $2.67 billion, according to FactSet.
Brown Shoe shares fell $2.05, or 6.4 percent, to $30.01 in midday trading Wednesday.
The St. Louis company reported its fiscal fourth-quarter net income amounted to $16.2 million, or 37 cents per share.
Earnings, adjusted for non-recurring gains, were 20 cents per share. The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
It reported revenue of $615.4 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $626.3 million, on average.
For the year, the company reported profit of $82.9 million, or $1.89 per share. Revenue was reported as $2.57 billion.
Brown Shoe operates about 1,200 Famous Footwear and Naturalizer stores and makes sells shoes under several brands, including Dr. Scholl's, LifeStride and Via Spiga.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BWS at http://www.zacks.com/ap/BWS
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