Caleres Q4 Profit Matches Estimates; Net Sales Up 2.5%

(RTTNews) - Caleres (CAL) reported fourth-quarter net earnings of $40.8 million, or earnings per share of $1.13, compared to $33.9 million, or earnings per share of $0.88, a year ago. Adjusted net earnings was $23.4 million, or adjusted earnings per share was $0.65, compared to $34.9 million, or adjusted earnings per share of $0.91, prior year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.65, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $696.4 million, up 2.5 percent from the fourth quarter of 2021. Analysts on average had estimated $689.71 million in revenue.

For fiscal 2023, Caleres expects consolidated net sales to be flat to up 2 percent, including the 53rd week. Earnings per share is projected to be in the range of $4.10 to $4.30.

For first quarter, the company expects: consolidated net sales down 4 percent to 6 percent, due to timing of wholesale shipments in the Brand Portfolio in first quarter 2022 to satisfy customer restocking efforts. Earnings per share is projected in a range of $0.92 to $0.97.

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