Caleres Q2 earnings up, reiterates forecast

Net sales at Caleres Inc., rose 9.3 percent to 738.3 million dollars in the second quarter, driven by positive momentum in the brand portfolio segment.

The company achieved net earnings of 51.2 million dollars and generated a 45.6 percent consolidated gross profit margin.

“During the second quarter, Caleres delivered another exceptional financial and operational performance with record second quarter sales and earnings and strong gross profit margins – marking yet another period of outstanding results,” said Diane Sullivan, the company’s chairman and chief executive officer.

Caleres reported a 3.8 percent sales decline in the Famous Footwear segment and a 35.6 percent sales increase in the brand portfolio segment.

Direct-to-consumer sales represented approximately 72 percent of the company’s total net sales.

Gross profit was 336.8 million dollars, while gross margin was 45.6 percent, while EBITDA was 324.2 million dollars or 11 percent of sales.

“With 2.70 dollars of diluted earnings per share delivered in the first half, 2022 is shaping up to be another outstanding year for Caleres. Even with ongoing inflationary pressures and uncertainties around the direction of consumer spending, Caleres is exceptionally well-positioned to maintain its significant momentum,” added Sullivan.

Caleres is raising its consolidated sales levels from up between 2 percent and 5 percent to up between 4 percent to 6 percent when compared to fiscal year 2021 and still expects earnings per diluted share to be between 4.20 dollars and 4.40 dollars.