Caleres expects Q3 sales at low-end of guidance, announces 3-year growth plan

US footwear group Caleres said Friday it expects sales for the third quarter of the year to be at the lower end of its previously announced guidance.

It expects Q3 sales to be down low-single digits compared to the prior year due to a “challenging consumer demand environment in September”.

The company has reiterated its outlook for the full year, expecting consolidated net sales to be down 3 percent to 5 percent.

It expects diluted earnings per share of between 4.02 dollars and 4.22 dollars.

Also on Friday, Caleres chief executive Jay Schmidt announced a new three-year strategy focused on four key areas to take the company to “an even higher level of growth and profitability”.

It expects net sales to grow at a three-year CAGR of 3 percent to 5 percent, and diluted adjusted EPS to increase at a three-year CAGR of 11 percent to 13 percent.