Brown Shoe Company's Curious Case of Deferred Rent
posted on: March 06, 2008
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BWS
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Brown Shoe Company (BWS) announced that Q4 sales decreased
approximately 10% but net earnings increased 2.7% on a diluted per
share basis. They are opening new stores in North America and are
stepping up their expansion in China. But...
Management has not
provided any commentary on the growing Deferred Rent Category. This
item has grown 9% from $38 million to $41.4 million over the last year.
It is rapidly approaching one year’s worth of net earnings and is
growing in significance.
Management has not
provided any commentary on the growing Deferred Rent Category. This
item has grown 9% from $38 million to $41.4 million over the last year.
It is rapidly approaching one year’s worth of net earnings and is
growing in significance. It may seem simple and basic, but this liability will eventually have to be settled. The question is how and when? Management needs to comment on why this shoe still fits.
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