Caleres beats earnings forecast in Q2 despite retail turbulence
Missouri-based footwear company Caleres managed to exceed estimates across the board in its second quarter, despite a turbulent retail environment.
The company, which owns brands such as Diane von Furstenberg, Vince and Sam Edelman, as well as footwear retailer Famous Footwear, announced on Tuesday consolidated sales of $677 million, for the quarter ended July 29, 2017, up 8.3 percent compared to the same period last year.
Brand Portfolio sales were up 16.8 percent at $272 million including contributions from Allen Edmonds, which was acquired in December of 2016. Meanwhile, Famous Footwear sales totaled $404.9 million, up 3.8 percent.
“In the second quarter, we delivered solid sales improvement across both sides of our business, with Famous Footwear same-store-sales up 2.8% and Brand Portfolio sales up 16.8%,” said Diane Sullivan, CEO, president and chairman of Caleres, in a news statement. “At Famous Footwear, sales were ahead of expectations, including a stronger start to the key back-to-school selling season and – as a result – we delivered second quarter earnings ahead of expectations.”
Net earnings were $17.6 million, while diluted earnings per share were $0.41.
Following a strong first and second quarter totaling consolidated sales of $1,308.5 million, up 8.3 percent, the company reaffirmed its fiscal 2017 guidance.
“We have confidence in the execution of our strategic plan and are maintaining our guidance for fiscal 2017,” added Sullivan.
Calares expects consolidated net sales in the range of $2.7 billion to $2.8 billion for the fiscal year.
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