Brown Shoe raised its Fiscal 2002 guidance to $2.48 to $2.50 EPS, up from its previous estimates of $2.35 to $2.40 EPS. The increased guidance is a result of better-than-anticipated January margins, higher wholesale shipments, and the completion of several Project IMPACT initiatives at a lower cost than originally reserved.

Strong January margins at the company’s Famous Footwear unit were attributed to fresher inventories and consumer response, despite lower traffic levels and a same-store sales decline.