DOW JONES NEWSWIRES

Brown Shoe Co. (NYSE:BWS) (BWS) said first-quarter net income fell 25% to $7.2 million, or 17 cents a share, from $9.6 million, or 22 cents, in the year-earlier period.

The latest quarter's per-share results included 3 cents in costs related to its headquarters relocation and 15 cents in gains for insurance recoveries.

On average, analysts polled by FactSet Research expected earnings of 8 cents a share.

The St. Louis shoe company said sales fell 2.1% to $554.5 million from $566.3 million.

Brown Shoe (NYSE:BWS) said it expects second-quarter earnings of 5 cents to 10 cents a share, including costs of 14 cents a share for an office relocation. The company also projects full-year earnings of $1.29 to $1.53 a share, including items.

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    (END) Dow Jones Newswires   05-21-08 0810   Copyright (c) 2008 Dow Jones & Company, Inc.