After reporting a jump in profits during its fourth quarter, Clayton-based Brown Shoe Co. announced that it has acquired the shoe and handbag brand Franco Sarto for $65 million. The deal closed Feb. 24, but wasn’t disclosed until an earnings call with analysts.
Brown Shoe acquired the Franco Sarto license when it acquired Bennett Footwear in 2005. Brown Shoe reported a $6.2 million profit for the fourth quarter of 2013, a 55 percent increase from the same period in 2012, despite a slight decrease in net sales to $600 million, from $618.7 million in the prior-year quarter. For the full year, Brown’s net earnings were up nearly 39 percent and net sales were up slightly. The company also disclosed that CEO Diane Sullivan will receive an incentive award of $1.36 million.