Caleres Q1 Earnings Beat Street View, Raises FY22 Outlook

Caleres Inc CAL reported first-quarter FY22 sales growth of 15.1% year-over-year to $735.12 million, beating the consensus of $677.28 million.
Net sales in the Famous Footwear segment declined 3.4% Y/Y, and the Brand Portfolio segment rose 46.1%.
The gross profit increased 19% Y/Y to $327 million, with the margin expanding 144 points to 44.5%.
The operating margin was 9%, and operating income for the quarter was $66.2 million versus $17.8 million last year.
Caleres held $33.7 million in cash and equivalents as of April 30, 2022. Net cash provided by operating activities for the quarter totaled $19.7 million.
Inventory increased 45% Y/Y, reflecting the ongoing efforts to align stock with consumer demand, including expanded in-transit inventory resulting from port delays and protracted transportation time.
EPS of $1.32 beat the analyst consensus of $0.83.
Outlook: Caleres raised FY22 sales growth guidance to 2% - 5% Y/Y from earlier expected 0% - 3%.
The company raised its FY22 EPS outlook to $4.20 - $4.40 from $3.75 - $4.00 versus the consensus of $3.92.
Price Action: CAL shares closed higher by 11.1% at $23.20 in after-hours on Tuesday.

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