(RTTNews) - Brown Shoe (BWS) declined in pre-market trading, after the company reported a drop in second quarter earnings and cut its 2008 fiscal year guidance.

The stock was down 87 cents just after 8:55 am ET, sliding to $15.00. If pre-market losses hold, the stock will open at its lowest level since late July.

Brown Shoe on Wednesday reported financial results for the second quarter, posting net income of $2.2 million or $0.05 per share, down from $9.8 million or $0.22 per share in last year period.

On average, five analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.06 per share.

Net sales in the quarter decreased 1.3% to $569.2 million from $576.6 million in the year-ago quarter. Five Wall Street analysts expected revenues of $588.76 million.

Looking forward, for the third quarter, the company said it expects earnings per share in the range of $0.31 to $0.41. Consolidated net sales are estimated in the range of $650 to $660 million.

Further ahead, for the full year 2008, the company said it expects earnings in the range of $1.12 to $1.29 per share. Net sales are forecast to range from $2.38 to $2.40 billion. Previously, the company expected earnings to be in the range of $1.29 - $1.53 per share. Consolidated net sales for the year were previously are expected to be $2.43 - $2.48 billion.

In addition, the company said it now expects 90 new store openings for Famous Footwear during the year, compared to its original plan of 130.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved