Caleres shares were generally flat on Thursday morning after the company reported fourth-quarter earnings in line with its most recent guidance.<\/p>\n
The St. Louis-based footwear company<\/a> said net earnings for the quarter were $4.9 million, or 15 cents a share, compared to net earnings of $55.8 million, or $1.57 a share in Q4 2023. Net sales were $639.2 million, down 8.3 percent year-over-year. (The total excluded the impact of the 53rd week, which was down 4.0 percent.) Sales in Q4 missed analysts\u2019 expectations, which called for net revenues of $646 million in the quarter.<\/p>\n By segment, Caleres said net sales at Famous Footwear declined 9.6 percent, with comparable sales down 2.9 percent. Its brand portfolio \u2013 which includes labels like Sam Edelman, Allen Edmonds, Naturalizer and Vionic<\/a> \u2013 saw net sales decrease 7.2 percent in the period.<\/p>\n As for the full fiscal year 2024, Caleres reported net sales were $2.72 billion, down 3.4 percent from 2023. Net earnings for the year were $107.3 million, down $64.1 million from the prior year, with earnings per diluted share of $3.09 as compared with earnings per diluted share of $4.80 in 2023.<\/p>\n By segment, the company noted that Famous Footwear<\/a> saw net sales decline 3.3 percent in fiscal 2024, with the brand portfolio down 3.5 percent for the year.<\/p>\n Jay Schmidt<\/a>, president and chief executive officer of Caleres, said in a statement on Thursday that the company gained market share in women\u2019s fashion footwear, its brands segment outperformed and the company grew its sneaker penetration in the fourth quarter. However, the executive added that Famous Footwear\u2019s business softened in Q4.<\/p>\n What\u2019s more, the CEO said that the company invested to support its long-term growth while continuing to evolve its supply chain and further mitigate the impact of additional tariffs. Caleres noted that it now expects 75 percent of its brand portfolio, and an even greater percentage of its lead brands\u2019 sourcing to be outside of China by the second half of 2025.<\/p>\n \u201cWhile 2024 overall was disappointing<\/a> relative to our initial expectations, we made meaningful progress in advancing our strategic priorities and positioning our brands for sustainable growth,\u201d Schmidt said. \u201cWe also returned $75 million to shareholders in the form of dividends and share repurchases.\u201d<\/p>\n Looking ahead, the company is forecasting net sales in fiscal 2025 to be down 1 percent to up 1 percent, with earnings per share between $2.80 to $3.20. For the first quarter of 2025, Caleres is expecting net sales to be down between 5 percent and 6 percent, with earnings per share to be between 35 cents and 40 cents.<\/p>\n Schmidt noted that this lowered guidance for 2025 is in line with the macroeconomic environment with persistent inflation and newer tariffs adding to the mix.<\/p>\n \u201cDespite this posture, I am optimistic about what we have in store for 2025,\u201d the CEO added. \u201cOur Lead Brands remain strong and are collectively gaining market share, and we have expanded our customer reach with greater focus on the significant opportunity we see in contemporary. The hard work of our talented teams and the impact of new leadership across several areas of our business, along with strategic brand partnerships and the planned acquisition of Stuart Weitzman<\/a>, position us well to drive significant value in 2025 and beyond.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Caleres shares were generally flat on Thursday morning after the company reported fourth-quarter earnings in line with its most recent guidance. The St. Louis-based footwear company said net earnings for the quarter were $4.9 million, or 15 cents a share, compared to net earnings of $55.8 million, or $1.57 a share in Q4 2023. 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