Caleres Q1 Results Miss Estimates; Reiterates FY24 Outlook

(RTTNews) - Footwear brand Caleres Inc. (CAL) reported Thursday that net earnings for the first quarter decreased to $30.94 million or $0.88 per share from $34.73 million or $0.97 per share in the prior-year quarter.

Net sales for the quarter edged down 0.5 percent to $659.20 million from $662.73 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share on net sales of $665.45 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company now expects earnings in a range of $1.20 to $1.25 per share on consolidated net sales growth of 3 to 4 percent from last year. Analysts expect earnings of $1.22 per share on sales of $712.36 million for the quarter.

For fiscal 2024, the company continues to project earnings in a range of $4.30 to $4.60 per share on consolidated net sales to be flat to up 2 percent from last year.

The Street is looking for earnings of $4.60 per share on sales of $2.87 billion for the year.

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