Driven by Famous Footwear, Caleres Q1 sales rise 60.8 percent

Caleres net sales for the first quarter were 638.6 million dollars, up 60.8 percent from the first quarter of fiscal 2020. The company reported 108.2 percent sales increase in the Famous Footwear segment and 15.2 percent sales increase in the Brand Portfolio segment.

Total company owned ecommerce website sales increased 21.4 percent, with ecommerce penetration of 25.6 percent of net sales.

“Caleres had a strong start to the year, maintaining its solid upward momentum in the first quarter of 2021, driven in large part by an outstanding performance in our Famous Footwear business, where we achieved record quarterly earnings and delivered record first quarter sales levels,” said Diane Sullivan, the company’s chairman and chief executive officer.

Highlights of Caleres Q1 results

The company said, gross profit was 274.9 million dollars, while gross margin was 43.0 percent. Net income was 6.1 million dollars or earnings of 16 cents per diluted share compared to net loss of 345.8 million dollars or a loss of 8.95 dollars per diluted share, in the first quarter of fiscal 2020.

Adjusted net income was 22.8 million dollars or adjusted earnings of 60 cents per diluted share compared to adjusted net loss of 50.4 million dollars or adjusted loss of 1.30 dollars per diluted share, in the first quarter of fiscal 2020.

The company’s board of directors declared a regular quarterly cash dividend of 7 cents per share to be paid on June 30, 2021 to shareholders of record as of June 11, 2021.

For the second quarter, Caleres expects sales levels to be between 625 million dollars and 650 million dollars– effectively flat to the first quarter of 2021 and adjusted earnings per share of between 50 cents and 55 cents.