Footwear Giant Caleres' Q4: Flat Sales, Expanding Margins, Moderate Guidance & More
Portfolio Pulse from Shivani Kumaresan
Caleres Inc (NYSE:CAL) reported a slight Q4 FY23 sales increase of 0.1% Y/Y to $697.12 million, surpassing analyst expectations. The company saw a decline in its Famous Footwear segment but growth in its Brand Portfolio segment. Gross profit rose by 8.7% Y/Y, with margins expanding significantly. Adjusted EPS exceeded forecasts, and the company provided moderate guidance for FY24, expecting flat to +2% net sales growth and an EPS range of $4.30 to $4.60. CAL shares dropped 3.28% in premarket trading.
March 19, 2024 | 1:08 pm
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Caleres Inc reported modest Q4 sales growth and provided moderate FY24 guidance, with shares falling 3.28% in premarket trading.
The slight sales growth and moderate guidance for FY24 indicate a cautious outlook, which, combined with the premarket share price drop, suggests a negative short-term impact on CAL's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100