Caleres Stock Jumps After Q2 Profits Beat Expectations
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Shares for Caleres Inc. are climbing in after-hours trading after the shoe-focused brand management firm posted better-than-expected results following market close today.
As of 4:25 p.m. ET, its shares were up 3.4% to $15.77.
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The parent firm to Sam Edelman, Famous Footwear, Naturalizer and a bevy of other footwear brands said today that its second-quarter sales advanced nearly 7% to $753 million, modestly outdoing analysts’ bets of $752 million, thanks to a $420 million contribution from Famous Footwear and another $359.6 million from the company’s brand portfolio. Caleres’ longtime breadwinner, Famous Footwear, also saw same-store sales edge up 1.5% — likely boosted by back-to-school shopping at the teen mall staple.
Adjusted profits, meanwhile, improved 5.1% to $25.8 million, or 62 cents per diluted share, besting market watchers’ bets of 58 cents per share. (Caleres’ Q2 results were for the period ended Aug. 3.)
“During the quarter we successfully executed on our strategies to strengthen the emotional connections we have with our consumers. Our deep insights, combined with our industry-leading footwear capabilities, allowed us to deliver relevant product, supporting growth in the Brand Portfolio and positive same-store-sales growth at Famous Footwear,” said Caleres president and CEO Diane Sullivan. “A continued focus on expense discipline improved profitability for the quarter. As a company, we remain focused on creating consistent, profitable and sustainable growth over the long term.”
Overall, the firm’s inventory in the first half is up 10.7% to $792.1 million, including $50.7 million in inventory from Vionic, which it acquired in 2018.
Caleres said it returned $35.8 million to shareholders in the first half of 2019, via share repurchases and dividends.
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