Caleres Reiterates Q3, FY23 Outlook
(RTTNews) - Ahead of its Investor Day later on Thursday, footwear brand Caleres Inc. (CAL) reiterated its earnings, adjusted earnings and sales growth guidance for the third quarter and fiscal year 2023. However, it expects to be at the low-end of the sales range for both third quarter and fiscal year 2023, given the challenging consumer demand environment in September.
For the third quarter, the company continue to expect earnings in the range of $1.25 to $1.30 per share and adjusted earnings in the range of $1.30 to $1.35 per share on consolidated net sales decline in low-single digits.
On average, four analysts polled by Thomson Reuters expect the company to report earnings of $0.89 per share on sales of $698.16 million for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2023, the company still projects earnings in the range of $4.02 to $4.22 per share and adjusted earnings in the range of $4.10 to $4.30 per share on consolidated net sales decline of 3 to 5 percent.
The Street is looking for earnings of $4.14 per share on sales of $2.84 billion for the year.
Looking ahead to the long-term plan, the company expects net sales to grow at a three-year CAGR of 3 to 5 percent, adjusted earnings per share to increase at a three-year CAGR of 11 to 13 percent to reach $6.00 at the mid-point of the range; and annual Total Shareholder Return in low-to-mid-teens.
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