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Sales increase by 34.7% at Caleres

Sep 6, 2021 United States
Sales increase by 34.7% at Caleres
Net sales for the Caleres group in the second quarter reached 675.5 million US dollars, up by 34.7% from the second quarter of fiscal 2020
“The Caleres team continued to execute at a high level during the quarter, achieving another significant sequential increase in sales and delivering earnings well in excess of pre-pandemic levels. This exceptional performance was led by record-setting quarterly results at Famous Footwear, which in a single quarter delivered operating earnings that exceeded full year 2019. Driving these results, Famous Footwear achieved a more than 8% increase in revenue, a more than 100% increase in return on sales, and a 670-basis-point increase in gross margin to reach approximately 50% versus the same period of 2019. Complementing Famous Footwear’s outstanding performance, our Brand Portfolio surpassed its operating earnings for the same period of 2019, led by strong and improving earnings results from key leadership and emerging brands, including Vionic, Sam Edelman, Allen Edmonds and Blowfish Malibu", commented Diane Sullivan, Chairman and Chief Executive Officer.

Second Quarter Highlights

(for the 13-weeks ended on the 31st July 2021 compared to 13-weeks ended on the 1st of August 2020)

Net sales for the period reached 675.5 million US dollars, up by 34.7% from the second quarter of fiscal 2020, with the following highlights:
- 35.8% sales increase in the Famous Footwear segment;
- 30.2% sales increase in the Brand Portfolio segment;
- Direct-to-consumer sales represented 79% of total net sales.

Gross profit in the period was 322.3 million US dollars, while gross margin reached 47.7%, or an approximately 11 full percentage point improvement over the second quarter of 2020.  

Net income in the second quarter totaled 37.4 million US dollars, or earnings of 0.97 US dollars per diluted share, compared to net loss of 30.7 million US dollars, or a loss of 0.83 US dollars per diluted share, in the second quarter of fiscal 2020. 

Adjusted net income reached approximately 46.0 million US dollars, or adjusted earnings of 1.19 US dollars per diluted share compared to adjusted net loss of 21.1 million US dollars, or adjusted loss of 0.57 US dollars per diluted share, in the second quarter of fiscal 2020.

Image credits: Scott Graham on Unsplash

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