Susquehanna Downgrades Brown Shoe Company (BWS) to Neutral
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Susquehanna downgrades Brown Shoe Company (NYSE: BWS) from Positive to Neutral.
Susquehanna analyst says, "We are reducing our rating on BWS from Positive to Neutral given last night's pre-announcement and what were weaker than anticipated sales results from several department store retailers...According to management, comparable-store sales at FF declined 7.3% during September, and were down 4.8% quarter-to-date compared to management's guidance of a 1-3% decline for the quarter. Wholesale sales are also expected to come in below plan for the quarter at down 4-5% from guidance of flat to down 4%...We still believe management is taking the right steps to drive sales and margins with the consolidation of its operations and the migration towards a more branded wholesale portfolio. However, after weak sales reports yesterday from several department stores and specialty retailers, visibility has diminished..."
Brown Shoe Company, Inc. (Brown Shoe) operates in the footwear industry.
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