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Brown Shoe Co., the owner of Famous Footwear and Naturalizer stores, said Wednesday that the combination of asset writedowns, restructuring charges and a decline in sales led to a $153 million loss in the fourth quarter ended Jan. 31.

The company, based in Clayton, said the loss equaled $3.68 a share, compared with a profit of $14 million, or 33 cents, in the same quarter last year. Sales were $521 million versus $571 million a year ago.

"The fourth quarter marked one of the most challenging quarters in our 130-year history," Ron Fromm, Brown Shoe’s chief executive, said in a statement.

Famous Footwear recorded a $11.9 million operating loss as it boosted advertising spending to maintain market share and manage inventory my credit score. The company’s specialty business, including Naturalizer and online retailer shoes.com, saw its loss widen to $19.7 million from $1.2 million.
Brown Shoe estimated 2009 sales of $2.2 billion to $2.3 billion versus last year’s $2.3 billion. The company didn’t provide an earnings forecast because of the "uncertain economic environment and lack of sufficient visibility." Shares of Brown Shoe closed Wednesday at $3.25 per share, up 8 cents, or 2.5 percent.

—JEFFREY TOMICH

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