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Famous Footwear boosts Caleres performance

Dec 8, 2015 United States
Famous Footwear boosts Caleres performance
Same-store-sales of the brand increased by 4.4% in the third quarter. Net sales in the period totaled 728.6 million US dollars, compared to 729.3 million US dollars in the third quarter of 2014
“With solid inventory planning and careful expense management, we delivered good performance in the third quarter, despite a challenging retail environment”, stated Diane Sullivan, CEO, President and Chairman of Caleres, adding: “Famous Footwear delivered same-store-sales growth of 4.4%, capping another successful back-to-school season, as athletic footwear continued to resonate with consumers.”

Caleres reported third quarter 2015 financial results, with net sales totaling 728.6 million US dollars, compared to 729.3 million US dollars in similar period in 2014. Excluding sales from Shoes.com, which was sold in December of 2014, sales were up by 1.8%. Third quarter 2015 net earnings reached 34.0 million US dollars (0.78 US dollars per diluted share) and included 1.2 million US dollars of after-tax expense related to the company’s debt extinguishment in the second quarter. Excluding this expense, net earnings totaled 35.2 million US dollars (0.80 US dollars per diluted share) up by 6.2% compared to similar period in 2014.

Famous Footwear third quarter 2015 sales of 456.2 million US dollars were up by 4.8% year-over-year, excluding Shoes.com, which was sold in December of 2014. For the quarter, same-store-sales were up by 4.4%, with strong performance in athletic product, continued solid improvement in e-commerce sales, and good growth in women’s footwear. During the quarter, 13 new stores were opened and 13 stores were closed.

For the first nine months of 2015, Famous Footwear sales were up by 2.4%, excluding Shoes.com, while same-store-sales increased by 2.6%. Year-to-date, the company has opened 38 new stores, including one in Canada, and closed 32 stores.

Brand Portfolio sales of 272.5 million US dollars were down by 2.8% and reflect the unseasonably warm weather in the third quarter, which led to slower tall-shaft boot sales. The company’s Contemporary Fashion sales were down by 2.5%, while Healthy Living sales declined 2.8%.



Brand Portfolio sales were up by 2.7% for the first nine months of 2015. Contemporary Fashion sales were up 4.5%, with good growth from Sam Edelman and Vince. Healthy Living sales were up by 1.4%, year-to-date, with contribution from Naturalizer wholesale, Dr. Scholl’s and LifeStride.

Consolidated gross profit was down by 0.8% and reached 288.4 million US dollars in the third quarter; while year-to-date, consolidated gross profit totaled 799.8 million US dollars (up by 0.9%).

“Our performance at both Famous Footwear and our Brand Portfolio is a reflection of the work we’ve done to manage inventory and expenses – while investing to grow our businesses – during a challenging third quarter”, stated Ken Hannah, Chief Financial Officer of Caleres, adding: “While we expect the retail environment will be promotional during the fourth quarter, we remain focused on delivering consistent, profitable and sustainable growth.”                                                      

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