SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 27, 1996
BROWN GROUP, INC.
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation or organization)
1-2191 43-0197190
(Commission File Number) (IRS Employer Identification Number)
8300 Maryland Avenue
St. Louis, Missouri 63105
(Address of principal executive offices) (Zip Code)
(314) 854-4000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
Page 1 of 3 Pages
Item 5. Other Events
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Results for Brown Group, Inc. for the four weeks
ended August 31, 1996 and August 26, 1995, and for
the seven months ended August 31, 1996 and August
26, 1995 are set forth below. August results
reflect a substantial portion of the back-to-school
selling season, and the month is generally the most
profitable of the year.
The Corporation's business is subject to seasonal
influences, and interim results may not necessarily
be indicative of results which may be expected for
any other interim period or for the year as a whole.
BROWN GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands, except per share)
One Month Ended Seven Months Ended
---------------------- -------------------------
August 31, August 26, August 31, August 26,
1996 1995 1996 1995
---------- ---------- ---------- ----------
Net Sales $159,701 $147,739 $905,469 $848,042
Cost of Goods Sold 100,359 95,075 565,729 558,674
-------- -------- -------- --------
Gross Profit 59,342 52,664 339,740 289,368
Selling and Administrative Expenses 46,808 43,455 308,278 288,796
Interest Expense 1,251 1,175 10,506 9,055
Other (Income) Expense (694) 26 (834) 3,448
-------- -------- -------- --------
Earnings (Loss) Before Income Taxes 11,977 8,008 21,790 (11,931)
Income Tax (Provision) Benefit (3,673) (2,942) (7,445) 4,205
-------- -------- -------- --------
Net Earnings (Loss) $ 8,304 $ 5,066 $ 14,345 $ (7,726)
======== ======== ======== ========
Net Earnings (Loss)
Per Common Share $ .47 $ .29 $ .81 $ (.44)
======== ======== ======== ========
Average Shares of Common
Stock Outstanding 17,669 17,591 17,632 17,593
(1) Results for the seven month period ended August 31, 1996 include an after
tax credit of $2,620,000 relating to the LIFO liquidation of footwear
manufactured in closed domestic facilities. Results for the four weeks
ended August 31, 1996 were not affected by the LIFO credit.
(2) Results for the four weeks ended August 26, 1995 include an after tax credit
of $1,105,000 from the liquidation of LIFO inventories. Results for the
seven month period ended August 26, 1995 include an after tax charge of
$9,632,000 to provide for the cost of factory closings, partially offset
by an after tax credit of $3,507,000 from associated LIFO inventory
liquidation, for a net charge of 35 cents per share.
BROWN GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands)
August 31, August 26,
1996 1995
---------- ----------
ASSETS
Cash and Cash Equivalents $ 21,686 $ 26,205
Receivables, Net 84,439 98,083
Inventories (less reserve for valuation of
last-in, first-out cost at August 31, 1996
of $23,188 and August 26, 1995 of $30,774) 401,919 358,683
Other Current Assets 42,094 47,752
-------- --------
550,138 530,723
Property and Equipment - Net 83,792 94,017
Other Assets 69,637 64,267
-------- --------
$703,567 $689,007
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LIABILITIES AND SHAREHOLDERS' EQUITY
Notes Payable and Current Maturities of
Long-Term Debt $107,000 $151,648
Other Current Liabilities 227,738 218,475
-------- --------
Total Current Liabilities 334,738 370,123
Long-Term Debt and Capitalized Leases 104,023 57,468
Other Liabilities 26,037 31,081
Shareholders' Equity 238,769 230,335
-------- --------
$703,567 $689,007
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BROWN GROUP, INC.
(Registrant)
By /S/ H. E. Rich
--------------------------------
Executive Vice President and
Chief Financial Officer and on
Behalf of the Corporation as
the Principal Financial Officer
Date: September 27, 1996
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