Why Is Footwear Company Caleres Stock Falling After Q1 Results?
Portfolio Pulse from Nabaparna Bhattacharya
Caleres, Inc. (NYSE:CAL) shares are trading lower after the company reported Q1 results that missed analyst expectations. Earnings per share were 88 cents, below the expected 91 cents, and revenues were $659.198 million, missing the $665.45 million consensus. Despite a 5.2% reduction in inventory and a slight increase in gross margin, net sales and operating earnings declined year over year. The company expects flat to 2% growth in net sales for FY 2024 and aims to reduce debt significantly by 2026.
May 30, 2024 | 3:12 pm
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Caleres, Inc. (NYSE:CAL) shares are down 4.72% after Q1 earnings and revenue missed analyst expectations. Despite a slight increase in gross margin, net sales and operating earnings declined year over year.
The stock price decline is due to the company missing both earnings and revenue expectations for Q1. Despite some positive aspects like inventory reduction and gross margin improvement, the overall financial performance was weaker than expected, leading to a negative market reaction.
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