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Brown Shoe Co. Inc.
Standard & Poors, Aug 2005
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
Largest specialty family footwear retailer in the U.S.; and Diversified sourcing and wholesale customer base. Participation in the intensely competitive, mature and fragmented wholesale and retail footwear industry; Low profitability relative to peers; and Substantial debt leverage. The speculative-grade rating on Brown Shoe Co. Inc. is based on the company's participation in the mature, competitive, and fragmented wholesale and retail footwear businesses, as well as low operating margins relative to those of its peers and substantial debt leverage. These factors are tempered by the St. Louis, Mo.-based company's good position as the largest specialty family footwear retailer and a diversified sourcing and wholesale customer base. Famous Footwear, which accounts for over half of Brown Shoe's revenues and operating profits, is...
Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: Review
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