Caleres Reports Third Quarter Results and Updates Fiscal 2024 Outlook

St. Louis, Dec. 5, 2024 – Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, reported its financial results for the third quarter of 2024. The company indicated:

– Reported sales of $740.9 million, showing a 2.8% year-on-year decline.
– Famous Footwear sales dropped 4.8% compared to the same quarter in 2023, with a 2.5% increase in comparable store sales.
– Brand Portfolio sales saw a rise of 0.7% from the third quarter of 2023.
– Consolidated gross margin rate settled at 44.1%, down 55 basis points year-on-year.
– Earnings per diluted share were $1.19, with adjusted earnings per diluted share standing at $1.23 for the quarter.
– The company generated EBITDA of $71.4 million in the third quarter.
– The fiscal 2024 guidance was updated with a net sales projection down 2.5% to 3%, adjusted earnings per diluted share revised to $3.35 to $3.45.
– The company repurchased approximately 1.5 million shares for a total of $50 million during the quarter and plans to focus on reducing debt.

Jay Schmidt, President and CEO of Caleres, expressed that despite challenges like softer seasonal demand and issues in the Chinese market, the company is aligning expenses with expected sales and investing where necessary for ROI. He mentioned a reduction in outlook for the fiscal year due to sales trends and future inventory management actions.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Caleres’s 8K filing here.

About Caleres

Caleres, Inc engages in the retail and wholesale of footwear business in the United States, Canada, East Asia, and internationally. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label athletic, casual, and dress footwear products. The company provides brand name athletic, casual, and dress shoes, including Nike, Skechers, adidas, Vans, Crocs, Converse, Puma, Birkenstock, New Balance, Under Armour, Dr.