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Caleres (NYSE: CAL) reported its first quarter 2024 financial results, achieving earnings per share of $0.88, surpassing expectations. The company generated a record first-quarter consolidated gross margin of 47%. Net sales were $659.2 million, down 0.5% from the previous year, with Famous Footwear segment net sales increasing by 0.1% while Brand Portfolio segment net sales declined by 2.6%.
Direct-to-consumer sales accounted for 69% of total net sales. The company reported a gross profit of $309.1 million and a gross margin of 46.9%, up 120 basis points from last year. SG&A expenses represented 40.4% of net sales.
Caleres reaffirmed its fiscal 2024 outlook, projecting net sales to be flat to up 2% and earnings per share to range between $4.30 and $4.60. The company also plans capital expenditures of $60 million to $70 million in 2024. Additionally, Caleres repurchased 416,000 shares of common stock for $15.1 million and returned $2.4 million to shareholders through dividends.
Caleres (NYSE: CAL), a leading portfolio of consumer-driven footwear brands, has declared a regular quarterly cash dividend of $0.07 per share. The dividend will be paid on June 20, 2024, to shareholders of record as of June 5, 2024. This announcement marks the continuation of a tradition, as the company has consistently paid a quarterly dividend for over 100 years.
Caleres (NYSE: CAL) will announce its first quarter 2024 financial results on May 30. The company will host a conference call to discuss the results and provide a business update. Participants can join via dial-in or webcast.