Summary: Brown Shoe Co. Inc.

Standard & Poors, August 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
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 the company's core retail operation. Following a period of flat to slightly negative same-store sales trends, Famous Footwear's operating performance is improving due to benefits from merchandising and operating efficiency initiatives, as well as store remodeling efforts....

Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: Review

Brown Shoe Co. Inc.

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