Caleres reports marginal quarterly sales decline

Caleres net sales were 659.2 million dollars in the first quarter, down 0.5 percent.

Famous Footwear segment net sales increased 0.1 percent, with comparable sales down 2.3 percent, brand portfolio segment net sales declined 2.6 percent, while direct-to-consumer sales represented approximately 69 percent of total net sales

“Caleres began 2024 in strong fashion, achieving earnings per share ahead of expectations, generating record first quarter consolidated gross margin, and making significant progress on our key strategic initiatives, all while investing for the long-term,” said Jay Schmidt, Caleres president and chief executive officer.

Gross profit for the quarter was 309.1 million dollars, while gross margin was 46.9 percent, up 120 basis points versus last year.

Net earnings decreased to 30.9 million dollars or earnings per diluted share of 88 cents, while EBITDA reached 57.4 million dollars or 8.7 percent of sales.

Caleres is reiterating its fiscal 2024 financial outlook and continues to expect consolidated net sales to be flat to up 2 percent compared to 2023, and earnings per diluted share to be in the range of 4.30 dollars to 4.60 dollars.

For the second quarter of 2024 the company expects net sales to be up 3 percent to 4 percent and earnings per diluted share of 1.20 dollars to 1.25 dollars.