Caleres Reports Q2 Earnings Beat Amid Strong Brand Portfolio Performance
Caleres reported second-quarter earnings that exceeded its guidance, leading to a more than 6% rise in pre-market trading. The company's net sales for the quarter reached $695.5 million, up from $658.5 million last year. Adjusted net earnings were $16.1 million or 47 cents per diluted share compared to $11.7 million and 35 cents in the prior-year period. The brand portfolio division saw a significant increase of 23.6% in net sales, although this dipped by 0.8% when excluding Stuart Weitzman. In contrast, Famous Footwear experienced a decline with net sales down 6.3%. CEO Jay Schmidt attributed these results to the delayed back-to-school season and weak performance from lifestyle athletic shoes. Looking ahead, Caleres expects third-quarter consolidated net sales to rise by low single digits compared to last year, while earnings per share are projected between $0.62 and $0.70 for Q3.
Tickers: $CAL
Topics: brand performance footwear retail earnings