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NEW YORK (TheStreet) -- Brown Shoe Co. (BWS) shares are up 5.67% to $31.87 in early market trading on Wednesday after the global footwear retailer reported its first quarter earnings results before the opening bell today.

The St. Louis-based company reported  first quarter net income of $19.3 million, or 44 cents per share, topping analysts' consensus estimates of 35 cents per share by 9 cents. Revenue for the period increased 2% year over year to $602.3 million, also ahead of analysts' $593.3 million guidance.

The company raised its fiscal 2016 earnings outlook to between $1.84 and $1.94 per share from its previous view between $1.78 and $1.88 per share, on revenue between $2.61 billion and $2.63 billion.

Analysts are expecting the company to report earnings of $1.90 per share on revenue of $2.62 billion.

TheStreet Ratings team rates BROWN SHOE CO INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate BROWN SHOE CO INC (BWS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, solid stock price performance, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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