Why Caleres Stock Is Soaring Today

Shares of footwear retailer Caleres (NYSE: CAL) spiked today after the company reported first-quarter results that beat Wall Street's top- and bottom-line consensus estimates. Caleres reported adjusted earnings per share of $1.32 in the first quarter, a huge increase from $0.16 in the year-ago quarter and far outpacing analysts' consensus estimate of $0.83 per share. Caleres beating Wall Street's bottom line estimate was impressive enough, but investors were also happy that the company's first-quarter sales of $735.1 million -- up 15% year over year -- blew past analysts' average estimate of $677.2 million.