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Brown Shoe Company, Inc. 2009 Annual Report

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Brown Shoe Company, Inc. 2009 Annual Report Brown Shoe Company, Inc. 2009 Annual Report Dear fellow shareholders, 2009 was both one of the most challenging and most rewarding years in Brown Shoe’s history. It began with the bottoming of the longest, deepest recession in the last half century — and ended with a solid second-half performance and some wind in our sails as we began 2010. I can’t say that I would want to repeat the experience, but I can and do say — proudly — that Brown Shoe emerged from 2009 as a leaner, more unified, and more consumer-centric organization. Our ability to navigate the recession and deliver better-than-expected results for the year is a testament to the hard work and talent of our associates around the globe, who remained relentlessly focused on meeting the needs of our customers throughout. Prior to the economic downturn, we launched a series of strategic initiatives — in logistics, technology, talent, business processes, and marketing — aimed at enhancing our ability to connect with our customers and improve the earnings power of our brands and platform. As it became clear that recession loomed, we made the commitment, following much deliberation and risk analysis, to continue our investments to create a stronger competitive position for Brown Shoe when the economy would ultimately recover. At the same time, we planned for the worst by taking immediate actions to lower expenses, reduce capital spending, and secure long-term liquidity to ensure that we could continue to provide great consumer experiences every day while continuing to support our long-term initiatives. Importantly, we never lost sight of our core principles by continuing to invest in our customers, our brands, and our people. These investments in our global platform and our consumer have now positioned us to accelerate out of the downturn and drive sustainable growth. ***** Throughout the downturn, we were intently focused on protecting the value of our brands and increasing their relevancy to consumers. As we streamlined costs across the organization in 2009, one area in which we increased our investment was marketing. In a challenging and changing marketplace driven by promotions and lower inventory levels at retail, we knew we had to be in front of the customer more often and in more meaningful ways, highlighting our enhanced value proposition, innovative products, and great experiences across our brands. We immersed ourselves in our consumers, employing research to develop a deeper understanding of their needs, motivations, and shopping patterns, while capturing their interest with engagement initiatives through social media, digital marketing, and grassroots efforts. Foremost among these efforts was “Make Today Famous”, which we launched prior to the Back-to-School season and which is the largest and most aggressive marketing initiative in our company’s history. “Make Today Famous”, a re-imagination of Famous Footwear’s identity, emphasizes the customer experience by delivering compelling value, access to great national brands and convenient, easy-to-shop stores and websites. More than a campaign that lasts a few seasons, this is a comprehensive effort to engage consumers more deeply and to evolve from transactions into long-standing relationships. “Make Today Famous” was a key driver of consumer traffic during the all-important Back-to-School and holiday seasons as well as our strong same-store sales gain in the second half of the year. In 2009, we saw two major consumer trends emerge — healthy living and contemporary fashion. These concepts are at the heart of the heritage of our core brands. Famous Footwear has been a destination for great casual and athletic footwear brands for families for 50 years; now customers also see us as an authority for fitness footwear. Naturalizer’s mix of comfort, quality, and style, which it has provided consumers for more than 80 years, fulfills their desire today to feel as good as they look. Dr. Scholl’s, which introduced the original wellness shoe more than 40 years ago, is the most highly regarded name in foot comfort. On the contemporary fashion side, Via Spiga, Sam Edelman, and Vera Wang offer world- class design with exceptional value. Combined, these two trends helped fuel the second-half upturn in the footwear industry and we positioned our brands at the forefront through aggressive investments in inventory, product development, and marketing. We will accelerate our growth in these categories in 2010 as they become a bigger part of our customers’ lives. ***** As we look to 2010 and beyond, uncertainty concerning the pace of economic recovery still lingers while a “new normal” has been established in consumers’ lifestyles and their shopping habits. The hallmarks of this new reality are trusted brands, recognizable value, family connections, and the convenience of shopping in a store or across a multitude of consumer platforms. We believe our portfolio of brands and retail concepts, steeped in a heritage of healthy living, comfort, and contemporary fashion, are front and center with the consumer today — and will continue to be for some time. Building on this foundation, we will seek new ways to keep in step with evolving consumer needs and offer compelling footwear from our great brands. While we are pleased with our ability to adapt and execute over the last two years, we are not satisfied with our returns to you, our shareholders. Our pre-recession goal was to deliver high-single digit operating returns. Although the recession disrupted our progress over the last two years, that goal remains intact today. As the next step on that path, we are intensely focused on returning to peak operating performance. To do so, our key areas of focus in 2010 will be: • Reaching out to the consumer more often and in more compelling ways. Building on the success of our “Make Today Famous” initiative, we plan to increase our marketing 15 to 20 percent in 2010 to develop even more compelling branding strategies and create a tool box of consumer engagement initiatives that reflect the new, grassroots nature of how people interact with the brands and companies they prefer. • Growing the heart of Brown Shoe. We will continue to direct our marketing and product development resources to our core Famous Footwear, Naturalizer, and Dr. Scholl’s brands to augment their market-leading positions. And we’ll focus on driving greater productivity from the multi-channel platforms for each to increase their fundamental earnings power. • Developing our pipeline. We’ll reach new consumers and develop new opportunities for future value creation through brand extensions, advanced concepts, and innovations in product technology. • Realizing the value of our infrastructure and technology investments. We opened our West Coast Retail Distribution Center in 2009 and launched several streams of our information technology initiatives. Through these programs, we are creating a more efficient end-to-end supply chain and improving our customers’ multi-channel shopping experience — in- store, at home, and on the move. • Growing and developing our talent. Our people remain our most valuable asset, and we will continue to ensure that Brown Shoe has the leadership we need to deliver our brand promises to our consumers in a dynamic environment. We proved that again in 2009 when we announced that two of our senior executives would retire, and in the same breath introduced the existing members of our leadership team who would step in to lead the next evolution of our brands. Our deep bench has been and will remain our greatest resource and is a testament to our philosophy of seeking out and developing industry-leading talent. We have accomplished much in the last year and, as we indicated in our year-end release, these initiatives continued to yield strong results into the first month of 2010. However, we still have more to do to achieve our long-term objectives. Our commitment to our profitability goal is unwavering. Our confidence, tempered by the crucible of the last few years, is strong. And, as you have come to expect from Brown Shoe, we will support the communities in which we live and work, promote diversity in our workplace and make choices that are good for our planet. The steps we took in 2009 strengthened our foundation for growth, and we will continue to plan thoughtfully, invest wisely, and grow our earnings and our brand preference during 2010 — and beyond. Ronald A. Fromm Chairman of the Board and Chief Executive Officer BROWN SHOE COMPANY, INC. 2009 FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 30, 2010 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-2191 BROWN SHOE COMPANY, INC. (Exact name of registrant as specified in its charter) New York 43-0197190 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number) 8300 Maryland Avenue 63105 St. Louis, Missouri (Zip Code) (Address of principal executive offices) (314) 854-4000 (Registrant’s telephone number, including area code) Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock — par value $0.01 per share New York Stock Exchange Chicago Stock Exchange Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¥ No n Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
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