Question about the origin of the slang term "Broad". Please read details before getting insulted.?

I have always thought that the slang term "Broad" was derogatory means by which to refer to women. I assumed it's origin was due to the wide hips or pelvic region that some women have especially after they have had children.

Then my father, an 80 year old from Brooklyn, New York, told me that originally it was not a derogatory term. He said the term was actually used to refer to a pretty or beautiful woman and that it was considered a compliment. He said the word derived from the word "Broadway" because all the prettiest or most beautiful women were working on Broadway. So, according to Dad, the women working on Broadway became known as Broads. Then it slowly spread in usage during the 30's and later evolved into a more derogatory term and the origin was forgotten.

Can anyone especially those from New York or the NE coast of the US confirm this? I have done searches and found some evidence that the term was used to refer to pretty women but I can't confirm his story