Caleres Inc Stock Price, News & Analysis

Caleres (NYSE: CAL) reported third quarter 2024 financial results with net sales of $740.9 million, down 2.8% year-over-year. Famous Footwear sales declined 4.8% while Brand Portfolio sales increased 0.7%. The company reported earnings per diluted share of $1.19 and adjusted earnings of $1.23, below expectations.

The company revised its fiscal 2024 outlook, now expecting net sales to decline 2.5% to 3% compared to previous guidance of low-single-digits decrease. Earnings guidance was lowered to $3.35-$3.45 per diluted share from $3.94-$4.09, with adjusted earnings now expected at $3.45-$3.55 versus prior $4.00-$4.15.

Performance was impacted by softer seasonal boot demand, late athletic product receipts, customer credit issues affecting shipments, and weaker Chinese market performance.

Caleres (NYSE: CAL) has appointed Nancy Bitetto as senior vice president of New York brands, overseeing Franco Sarto, Vince, Veronica Beard, and private brand offerings. Bitetto brings over two decades of experience, most recently leading footwear and jewelry at Tory Burch, where she improved profitability and productivity. Her previous roles include head of women's footwear merchandising at Prada North America and leadership positions at Ferragamo and Sergio Rossi. The appointment aims to accelerate growth and expand profitability within the Caleres Brand Portfolio.

Caleres (NYSE: CAL) has expanded its board of directors to twelve members with the addition of Kyle Gendreau and Molly Langenstein. Gendreau, currently CEO of Samsonite International, brings expertise in global brand building, M&A, and financial management. Langenstein, former CEO of Chico's FAS, offers extensive retail industry experience and strategic leadership. Diane Sullivan, executive chairman of Caleres, emphasized how their combined experience will support the company's growth plans and shareholder value. Notably, Caleres maintains 50% women representation on its board and has been recognized by the Women's Forum of New York for achieving gender parity.

Caleres (NYSE: CAL), a portfolio of footwear brands, has scheduled its third quarter 2024 financial results release for Thursday, December 5, 2024, before market opening. A conference call with company executives will follow at 10 a.m. Eastern time to discuss quarterly results and provide business updates. The call will be accessible to North American participants at (877) 704-4453 and international callers at (201) 389-0920. A replay will be available through December 19, 2024, and can be accessed via phone or webcast.

Caleres (NYSE: CAL) reported second quarter 2024 results and updated guidance. Key points include:

- Net sales of $683.3 million, down 1.8% year-over-year

- Famous Footwear sales up 1.5%, Brand Portfolio sales down 5.1%

- Gross margin improved to 45.5%, up 30 basis points

- Earnings per share of $0.85, below expectations

- Lowered fiscal 2024 outlook: net sales now expected to decline low-single-digits percent

- Revised EPS guidance to $3.94-$4.09, down from $4.30-$4.60 previously

- Announced restructuring actions for $7.5 million in annualized SG&A savings

The company cited operational challenges from SAP implementation and weak seasonal demand as factors impacting results.

Caleres (NYSE: CAL), a leading footwear brand portfolio company, has announced a regular quarterly cash dividend of $0.07 per share. The dividend will be paid on September 27, 2024, to shareholders of record as of September 13, 2024. This announcement highlights Caleres' commitment to shareholder returns, as the company has maintained a consistent quarterly dividend for over 100 years. The continuation of this long-standing dividend policy demonstrates Caleres' financial stability and dedication to providing value to its investors.

Allen Edmonds, a leading brand in the Caleres (NYSE: CAL) portfolio, has launched The Reserve Collection, showcasing over 100 years of American craftsmanship. This exclusive capsule represents the pinnacle of American shoemaking, featuring eight distinctive styles meticulously handcrafted in Port Washington, Wisconsin. The collection, priced from $800 to $3,000, uses the finest leathers and revitalized heritage machinery.

Jay Schmidt, CEO of Caleres, emphasized the collection's role in elevating American luxury and expanding Allen Edmonds' market presence. The Reserve Collection will be available in September at select retailers, supported by a campaign titled 'An Exhibition of Distinction', featuring model Sean O'Pry.

Caleres (NYSE: CAL), a leading portfolio of consumer-driven footwear brands, has announced its plans to release second quarter 2024 financial results on September 12, 2024, before the market opens. The company will host a conference call at 10 a.m. Eastern time to discuss the quarterly results and provide a business update. Investors can dial in using the numbers (877) 704-4453 for North America or (201) 389-0920 for international participants. The call will also be accessible via the "Investors" section of the Caleres website. A replay will be available until September 26, 2024, through various methods including phone and webcast.

Naturalizer, a Caleres (NYSE: CAL) brand, has launched a global inclusivity ambassador collective with founding members Deepica Mutyala and Lauren Chan. This initiative aims to advance the brand's commitment to inclusivity in fashion and create comfortable footwear designed for women's feet. The collective will drive conversations on inclusivity through digital campaigns and events over the next 12 months.

Naturalizer has also introduced Contoured Calf technology to address fit issues in tall shaft boots. The new collection offers sizes from 5M-12XW and extended calf sizing. This innovation is supported by the 'United in Fashion' campaign, featuring Chan and other thought leaders, promoting greater access to fashion that fits more women.