Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Brown Shoe Company (NYSE:BWS) were stepping up to the next level today, gaining as much 11% on a strong first-quarter earnings report.

So what: The parent of brands such as Dr. Scholls and Via Spiga posted a per-share profit of $0.35, better than estimates of $0.31, as revenue inched up 0.4% to $591.2 million, just short of expectations at $593.8 million. CEO Diane Sullivan said the performance in the quarter "exceeded expectations thanks to strong Contemporary Fashion platform sales" and more seasonable weather at the end of the quarter. Same-store sales were up 1.3% in the quarter, a sign that the company was able to overcome the severe weather many had retailers had complained about. 

Now what: Looking ahead, the company raised its full-year EPS guidance to $1.47-$1.57, against estimates at $1.55, and expects revenue of $2.58-$2.6 billion, or a growth rate of 2.9%. That figure was in line with analyst estimates at $2.59 billion. Today's earnings beat was promising, and it was Brown's fifth in a row, a sign that more could come. But the company's top-line growth is also an indication that the stock's 70% appreciation in the past year cannot continue without inflating its value. I'd wait for a better entry point for a stock like this.

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Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.