US Footwear Caleres Stock Is Soaring Today - Here's Why?

Caleres Inc CAL reported a Q2 2023 sales decline of 5.8% Y/Y to $695.53 million, missing the consensus of $704.85 million.

Net sales in the Famous Footwear segment declined 5.1% Y/Y to $414.2 million, and the Brand Portfolio segment fell 7.2% Y/Y to $300.9 million.

The operating margin was 7.4%, down from 9.3% a year ago.

EPS of $0.98, down from $1.38 a year ago and beating the consensus of $0.88 and the management guidance of $0.87-$0.92.

Inventory was down 14.3% Y/Y due to disciplined inventory management and improved supply chain flow.

"Once again, we gained market share in our Lead Brands and Famous Footwear...We also invested in high-return growth opportunities, including enhancing the omnichannel experience and marketing technologies and analytics", said Jay Schmidt, President and CEO.

Outlook: For 2023, Caleres reiterated the adjusted EPS outlook at $4.10-$4.30 versus the consensus of $4.13. The company expects FY23 sales to decline 3%-5%.

For Q3 FY23, the company forecasts adjusted EPS of $1.30-$1.35 versus the consensus of $1.29.

Price Action: CAL shares are trading higher by 9.66% at $27.12 on the last check Thursday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceSmall CapMoversGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!