Caleres Slashes FY24 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Thursday, footwear brand Caleres Inc. (CAL) slashed its earnings and net sales growth outlook for the full-year 2024 and provided outlook for the second quarter.

Looking ahead to the second quarter, the company now expects earnings in a range of $1.24 to $1.34 per share and adjusted earnings in a range of $1.30 to $1.40 per share on consolidated net sales to be flat to down 2 percent from last year.

On average, four analysts polled by Thomson Reuters expect the company to report earnings of $1.50 per share on net sales of $764.43 million for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2024, the company continues to project earnings in a range of $3.94 to $4.09 per share and adjusted earnings in a range of $4.00 to $4.15 per share on consolidated net sales to decline in the low-single-digit percent from last year.

Previously, the company expected earnings and adjusted earnings in the 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 $4.42 per share on net sales decline of 1.10 percent to $2.85 billion for the year.

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