World Footwear

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Caleres announces revenue and earnings growth

Mar 16, 2022 United States
Caleres announces revenue and earnings growth
The footwear group reported consolidated net sales of 2.78 billion US dollars in year 2021. “Record-setting” fourth quarter results have provided momentum for the beginning of fiscal 2022
“The Caleres team delivered its best-ever financial performance in 2021, with adjusted earnings per share that was nearly double the company’s previous all-time record. Caleres capped off that exceptional 2021 performance with record-setting fourth quarter results, providing significant momentum as we head into fiscal 2022. These excellent results demonstrate the strength of our portfolio of brands, the success of our advanced operating capabilities, the tremendous efforts and talents of our global Associates and the significant value-enhancing transformation of the organization”, commented Diane Sullivan, Chairman and Chief Executive Officer.

Fourth Quarter Results

In the fourth quarter of fiscal 2021, which ended on the 29th of January 2022, Caleres’ net sales increased by 19.0%, reaching 679.3 million US dollars, on a comparable basis with the same period of the prior year. In detail, the Famous Footwear segment sales grew by 15.9%, totalling 401.9 million US dollars and sales of the Brand Portfolio segment generated 291.2 million US dollars, up by 24.4%. Direct-to-Consumer sales represented 73.6% of total net sales.

Gross profit in the last quarter of fiscal 2021 corresponded to 294.8 million US dollars, while gross margin improved by 389 basis points over the fourth quarter of 2020 to 43.4%.

In the fourth quarter of the previous fiscal year, net earnings totalled 33.9 million US dollars, or earnings of 0.88 US dollars per diluted share, as compared to a net loss of 77.0 million US dollars, or a loss of 2.11 US dollars per diluted share in the fourth quarter of fiscal 2020.

Adjusted net income reached 34.9 million US dollars, or 0.91 US dollars per diluted share, as compared to adjusted net earnings of 1.3 million US dollars, or 0.03 US dollars per diluted share in the fourth quarter of fiscal 2020.

Full Year 2021

In fiscal 2021, consolidated net sales totalled 2.78 billion US dollars, reflecting growth of 31.2% over fiscal 2020. In detail, Famous Footwear segment sales increased by 38.4%, generating 1.75 billion US dollars, and Brand Portfolio segment sales rose by 19.8%, reaching 1.08 billion US dollars. Direct-to-Consumer sales represented 75.1% of total net sales.

Gross profit in 2021 corresponded to 1.23 billion US dollars, while gross margin widened approximately by 701 basis points over fiscal 2020 to 44.2%.

Net earnings for the year totalled 137.0 million US dollars, resulting in earnings per diluted share of 3.56 US dollars. Adjusted net earnings per share were of 165.2 million US dollars, or adjusted earnings of 4.29 US dollars per diluted share, as compared to an adjusted net loss of 52.0 million US dollars, or adjusted loss of 1.40 US dollars per diluted share in fiscal 2020.

“Fiscal 2021 was an exceptional year for Caleres with the company delivering record adjusted earnings per share. We believe that our business has taken a step-change forward in its sustainable earnings expectations. Going forward, given the significant structural changes we have made across a range of critical performance areas, including financial, operational, marketing and logistics we expect our operating margin rate, return on sales and gross margin rate will exceed historical averages”, commented Diane Sullivan.

Fiscal 2022 Outlook

Accounting for “anticipated macro challenges that include inflationary pressures, ongoing supply chain dislocations, and lack of comparable governmental stimulus efforts”, Caleres is expecting consolidated sales to be flat up to 3% to 2021 sales, and earnings per diluted share to be in the range of 3.75 US dollars to 4.00 US dollars.


Image Credits: gazellemagazine.com


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