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Brown Shoe Co. Inc.
Standard & Poors, May 2004
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Diversified sourcing and distribution base Improving profitability due to more efficient operations Participation in the highly competitive footwear retail and wholesale industries Low profitability relative to those of its peers The speculative-grade rating on Brown Shoe Co. Inc. is based on the company's participation in the competitive wholesale and retail footwear businesses, low operating margins relative to those of its peers, and high debt leverage. These factors are mitigated by the company's diversified sourcing and wholesale customer base, which includes major department store and discount department store operators, and its satisfactory cash flow protection measures. Although sales declined mildly in 2003 due to a 2.4% decrease in same-store sales at Brown Shoe's Famous Footwear chain and a 0.9% decline at...
Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: Review
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