US Footwear Caleres Stock Is Soaring Today - Here's Why?
Portfolio Pulse from Vandana Singh
Caleres Inc (NYSE:CAL) reported a Q2 2023 sales decline of 5.8% Y/Y to $695.53 million, missing the consensus of $704.85 million. Net sales in the Famous Footwear segment declined 5.1% Y/Y, and the Brand Portfolio segment fell 7.2% Y/Y. The operating margin was 7.4%, down from 9.3% a year ago. However, EPS of $0.98 beat the consensus of $0.88 and the management guidance of $0.87-$0.92. The company reiterated the adjusted EPS outlook for 2023 at $4.10-$4.30. CAL shares are trading higher by 9.66% at $27.12.
August 31, 2023 | 1:48 pm
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Despite a sales decline and lower operating margin, Caleres Inc's EPS beat the consensus and management guidance, leading to a rise in its stock price.
Caleres Inc reported a decline in sales and operating margin for Q2 2023. However, the company's EPS beat the consensus and management guidance, which is a positive signal to investors. This has led to an increase in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100