World Footwear

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Caleres second-quarter profit rises

Sep 6, 2018 / United States
Caleres second-quarter profit rises
The St. Louis-based company has announced a set of good results for the second quarter and first half. Increasing sales and two digits growth rate in net earnings marked the pace of the company's performance
“Record second quarter consolidated sales were up by 4.4%, while adjusted earnings per share were up by 2.9%. Famous Footwear also delivered a record second quarter – for both sales and operating profit – with strength in women’s sandals and athletic-inspired styles driving improvement”, commented Diane Sullivan, CEO, President and Chairman of Caleres. “For Brand Portfolio, second quarter sales were up 1.9%, as Sam Edelman delivered the largest second quarter in its history, and Naturalizer reported its fourth consecutive quarter of wholesale growth in North America. During the quarter, we also announced the acquisition of Blowfish Malibu, which allows us to continue to expand and diversify our overall business”, she added.

Second Quarter results

Second quarter consolidated sales reached 706.6 million US dollars, up by 4.4% from similar period last year. Famous Footwear total sales totaled 429.5 million US dollars, up by 6.1%, while same-store-sales were up by 2.6%. Brand Portfolio sales of 277.1 million US dollars  were up 1.9%. In the period under analysis, net earnings totaled 23.6 million US dollars, while diluted earnings per share were 0.55 US dollars and included 0.04 US dollars charge for the previously announced transition of Allen Edmonds’ consumer-facing activities to St. Louis and for the July acquisition of Blowfish Malibu. Adjusted net earnings of 25.6 million US dollars were up by 24.1%, while adjusted diluted net earnings per share of 0.59 US dollars were up by 22.9%.

First Half results

During the first six months of the year, consolidated sales reached 1 338.8 million US dollars, up by 2.3%. Famous Footwear total sales reached 792.9 million US dollars, up by 2.8%, while same-store-sales were up by 1.0% – in-line with FY’18 guidance. Brand Portfolio sales of 545.9 million US dollars were up by 1.6%. Net earnings were 40.9 million US dollars, while diluted earnings per share were 0.94 US dollars and included an 0.08 US dollars charge for the previously announced transition of Allen Edmonds’ consumer-facing activities to St. Louis and for the acquisition of Blowfish Malibu. Adjusted net earnings of 44.1 million US dollars were up 16.0%, while adjusted diluted net earnings per share of 1.02 US dollars were up by 15.9%.

2018 Outlook

The company now expects consolidated net sales for the financial year to total 2.8 billion US dollars. 

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