Caleres Q1 EPS Tops Estimates; Reiterates FY23 Adj. EPS Outlook

(RTTNews) - Footwear brand Caleres Inc. (CAL) reported Thursday that net earnings for the first quarter decreased to $34.73 million or $0.97 per share from $50.51 million or $1.32 per share in the prior-year quarter.

Net sales for the quarter declined 9.8 percent to $662.73 million from $735.12 million in the same quarter last year.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share on net sales of $699.98 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company now expects earnings in a range of $0.79 to $0.84 per share and adjusted earnings in a range of $0.87 to $0.92 per share on consolidated net sales decline of 4 to 5 percent from last year. Analysts expect earnings of $1.18 per share on sales of $745.46 million for the quarter.

For fiscal 2023, the company continues to project earnings in a range of $4.02 to $4.22 per share and adjusted earnings in a range of $4.10 to $4.30 per share on consolidated net sales decline of 3 to 5 percent from last year.

Previously, the company expected earnings in a range of $4.02 to $4.22 per share and adjusted earnings in a range of $4.10 to $4.30 per share on consolidated net sales to be flat to up 2 percent from last year.

The Street is looking for earnings of $4.17 per share on sales of $2.98 billion for the year.

The Caleres board of directors also recently approved its next quarterly dividend, which will be paid on June 28, 2023, to shareholders of record as of June 9, 2023.

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