Caleres (CAL) Updates Full Year 2024 Outlook

Caleres, (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today updated its financial outlook for consolidated sales, earnings per share and adjusted earnings per share for full year 2024.

“We entered the holiday period encouraged by the broad positive momentum in our athletic business at Famous Footwear. However, sales trends softened in mid-December and into January, and were below our expectations. Based on quarter-to-date trends, including the impact of weather-related closures at Famous Footwear, we now anticipate that full year sales and earnings will be below our most recent guidance,” said Jay Schmidt, President and Chief Executive Officer. “As we look ahead to 2025, we are focused on driving long-term value for our shareholders and executing on our strategic plan to return to growth by creating exceptional products and experiences for our consumers while rigorously managing our costs.”

Caleres now expects the following for fiscal year 2024:

• Consolidated net sales to be down 3.0% to 3.5%;
• Diluted earnings per share in the range of $3.10 to $3.20;
• Adjusted diluted earnings per share in the range of $3.20 to $3.30.

The company’s adjusted earnings per share guidance for fiscal year 2024 reflects the adjustment in the reconciliation table below.

ICR Conference

Due to a scheduling conflict, the company is cancelling its presentation at the 2025 Annual ICR Conference on January 14, 2025. Jack Calandra, Chief Financial Officer, and Liz Dunn, SVP of Corporate Development and Strategic Communications, will still attend to participate in previously scheduled meetings with investors and analysts at the conference.

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