Caleres Slashes FY24 Outlook

(RTTNews) - Footwear brand Caleres, Inc. (CAL) on Monday slashed its earnings, adjusted earnings and net sales growth outlook for the full-year 2024, based on quarter-to-date trends.

"Based on quarter-to-date trends, including the impact of weather-related closures at Famous Footwear, we now anticipate that full year sales and earnings will be below our most recent guidance," said Jay Schmidt, President and Chief Executive Officer.

For fiscal 2024, the company now projects earnings in a range of $3.10 to $3.20 per share and adjusted earnings in a range of $3.20 to $3.30 per share on consolidated net sales decline of 3.0 to 3.5 percent from last year.

Previously, the company expected earnings in the range of $3.35 to $3.45 per share and adjusted earnings in the range of $3.45 to $3.55 per share on consolidated net sales decline of 2.5 to 3.0 percent.

The Street is looking for earnings of $3.50 per share on net sales decline of 2.79 percent to $2.74 billion for the year.

"As we look ahead to 2025, we are focused on driving long-term value for our shareholders and executing on our strategic plan to return to growth by creating exceptional products and experiences for our consumers while rigorously managing our costs," added Schmidt.

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