Caleres Updates Full Year 2024 Outlook
14 January 2025 - 12:30AM
Business Wire
Caleres, (NYSE: CAL), a market-leading portfolio of
consumer-driven footwear brands, today updated its financial
outlook for consolidated sales, earnings per share and adjusted
earnings per share for full year 2024.
“We entered the holiday period encouraged by the broad positive
momentum in our athletic business at Famous Footwear. However,
sales trends softened in mid-December and into January, and were
below our expectations. Based on quarter-to-date trends, including
the impact of weather-related closures at Famous Footwear, we now
anticipate that full year sales and earnings will be below our most
recent guidance,” said Jay Schmidt, President and Chief Executive
Officer. “As we look ahead to 2025, we are focused on driving
long-term value for our shareholders and executing on our strategic
plan to return to growth by creating exceptional products and
experiences for our consumers while rigorously managing our
costs.”
Caleres now expects the following for fiscal year 2024:
- Consolidated net sales to be down 3.0% to 3.5%;
- Diluted earnings per share in the range of $3.10 to $3.20;
- Adjusted diluted earnings per share in the range of $3.20 to
$3.30.
The company’s adjusted earnings per share guidance for fiscal
year 2024 reflects the adjustment in the reconciliation table
below.
(Unaudited)
Fiscal 2024 Guidance
Low
High
GAAP diluted earnings per share
$
3.10
$
3.20
Charges/other
items:
Restructuring costs
0.10
0.10
Adjusted diluted earnings per share
$
3.20
$
3.30
ICR Conference
Due to a scheduling conflict, the company is cancelling its
presentation at the 2025 Annual ICR Conference on January 14, 2025.
Jack Calandra, Chief Financial Officer, and Liz Dunn, SVP of
Corporate Development and Strategic Communications, will still
attend to participate in previously scheduled meetings with
investors and analysts at the conference.
About Caleres
Caleres is a market-leading portfolio of global footwear brands
that includes Famous Footwear, Sam Edelman, Allen Edmonds,
Naturalizer, Vionic, and more. Our products are available virtually
everywhere - in the nearly 1,000 retail stores we operate, in
hundreds of major department and specialty stores, on our 15
branded e-commerce sites, and on many additional third-party retail
websites. Combined, these brands make Caleres a company with both a
legacy and a mission. Our legacy is our more than 140 years of
craftsmanship and our passion for fit, while our mission is to
continue to inspire people to feel great… feet first. Visit
caleres.com to learn more about us.
Non-GAAP Financial Measures
In this press release, the company’s financial results are
provided both in accordance with generally accepted accounting
principles (GAAP) and using certain non-GAAP financial measures. In
particular, the company provides earnings per diluted share,
adjusted to exclude certain gains, charges, and recoveries, which
are non-GAAP financial measures. These results are included as a
complement to results provided in accordance with GAAP because
management believes these non-GAAP financial measures help identify
underlying trends in the company’s business and provide useful
information to both management and investors by excluding certain
items that may not be indicative of the company’s core operating
results. These measures should not be considered a substitute for
or superior to GAAP results.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
and expectations regarding the company’s future performance and the
performance of its brands. Such statements are subject to various
risks and uncertainties that could cause actual results to differ
materially. These risks include (i) changing consumer demands,
which may be influenced by general economic conditions and other
factors; (ii) inflationary pressures and supply chain disruptions
(iii) rapidly changing consumer preferences and purchasing patterns
and fashion trends; (iv) supplier concentration, customer
concentration and increased consolidation in the retail industry;
(v) intense competition within the footwear industry; (vi) foreign
currency fluctuations; (vii) political and economic conditions or
other threats to the continued and uninterrupted flow of inventory
from China and other countries, where the company relies heavily on
third-party manufacturing facilities for a significant amount of
its inventory; (viii) cybersecurity threats or other major
disruption to the company’s information technology systems
including those related to our ERP upgrade; (ix) the ability to
accurately forecast sales and manage inventory levels; (x) a
disruption in the company’s distribution centers; (xi) the ability
to recruit and retain senior management and other key associates;
(xii) the ability to secure/exit leases on favorable terms; (xiii)
the ability to maintain relationships with current suppliers; (xiv)
transitional challenges with acquisitions and divestitures; (xiv)
changes to tax laws, policies and treaties; (xvi) our commitments
and shareholder expectations related to environmental, social and
governance considerations; (xvii) compliance with applicable laws
and standards with respect to labor, trade and product safety
issues; and (xvii) the ability to attract, retain, and maintain
good relationships with licensors and protect our intellectual
property rights. The company's reports to the Securities and
Exchange Commission contain detailed information relating to such
factors, including, without limitation, the information under the
caption Risk Factors in Item 1A of the company’s Annual Report on
Form 10-K for the year ended February 3, 2024, which information is
incorporated by reference herein and updated by the company’s
Quarterly Reports on Form 10-Q. The company does not undertake any
obligation or plan to update these forward-looking statements, even
though its situation may change.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250113169566/en/
Investor Contact Liz Dunn ldunn@caleres.com
Media Contact Kelly Malone kmalone@caleres.com
Caleres (NYSE:CAL)
Historical Stock Chart
From Dec 2024 to Jan 2025
Caleres (NYSE:CAL)
Historical Stock Chart
From Jan 2024 to Jan 2025