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Caleres reports continued improvement in net earnings

Jun 5, 2018 United States
Caleres reports continued improvement in net earnings
The St. Louis-based footwear giant reported its first quarter 2018 financial results, marked by stable sales. Based on that the company remains on track for 2018 and is maintaining our guidance for the year
“In the first quarter, we once again delivered improvement in gross margin, net earnings and earnings per share. Not surprisingly, the late start to spring delayed sales but – as expected – spring arrived and trends improved appreciably, with this momentum continuing into the second quarter,” said Diane Sullivan, CEO, President and Chairman of Caleres, adding: “In the first quarter, Brand Portfolio sales were up 1.4%, and both Brand Portfolio and Famous Footwear experienced continued growth in ecommerce-related sales. We remain on track for 2018 and are maintaining our guidance for the year.”

In the first quarter, consolidated sales totaled 632.1 million US dollars, up by 0.1% from 631.5 million US dollars in the same quarter a year ago. Famous Footwear total sales of 363.4 million US dollars were down by 0.8%, as were same-store-sales, and we operated 39 fewer doors year-over-year. Brand Portfolio sales of 268.7 million US dollars were up by 1.4%.

Net earnings reached 17.2 million US dollars, growing by 15.5% from 14.9 million US dollars, while diluted earnings per share were 0.40 US dollars and included a 0.03 US dollars charge for the previously announced transition of Allen Edmonds’ consumer-facing activities to St. Louis. Adjusted net earnings of 18.5 million US dollars were up 6.3%, while adjusted diluted net earnings per share of 0.43 US dollars were up by 7.5%.



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