Caleres Q4 adjusted net earnings increase 44.5 percent

Fourth quarter consolidated sales at Caleres of 702.5 million dollars were up 9.8 percent, including Allen Edmonds, while full year consolidated sales including Allen Edmonds were 2,785.6 million dollars, up 8 percent. Adjusted net earnings for the quarter of 20.6 million dollars were up 44.5 percent, while adjusted diluted net earnings per share of 0.48 dollar were up 45.5 percent. For the fiscal year, the company reported adjusted net earnings of 93.1 million dollars, up 7.5 percent, while adjusted diluted earnings per share of 2.16 dollars were up 8 percent.

“We capped off an outstanding year by delivering a consolidated fourth quarter sales increase of nearly 10 percent and earnings improvement on both a reported and adjusted basis. Our success in 2017 is reflective of the foundational strength of our diversified portfolio of brands and is directly attributable to our ability to move to where the consumer is going. We expect to leverage our success in both of these areas in 2018 and to deliver adjusted earnings per share of between 2.40 and 2.50 dollars,” commented Diane Sullivan, CEO, President and Chairman of Caleres in a statement.

Fourth quarter and FY17 results at Caleres

Famous Footwear total sales of 393.1 million dollars were up 7 percent, while same-store-sales were up 2.8 percent on a 13-week basis in the fourth quarter. Brand Portfolio sales of 309.4 million dollars were up 13.8 percent including contribution from Allen Edmonds, which was acquired on December 13, 2016.

For fiscal year 2017, Famous Footwear total sales of 1,637.6 million dollars were up 3 percent, while same-store-sales were up 1.4 percent on a 52-week basis. Brand Portfolio sales of 1,148 million dollars were up 16 percent including contribution from Allen Edmonds.

Gross profit for the quarter was 293.4 million dollars, while gross margin of 41.8 percent was up 97 basis points. Net earnings were 20.3 million dollars, while diluted earnings per share were 0.47 dollar and included a 0.02 dollar charge for operations restructuring and a 0.01 dollar benefit related to the Tax Cuts and Jobs Act.

Gross profit for the full year of 1,168.6 million dollars– including 4.9 million dollars of expected fair value inventory adjustment amortization related to the Allen Edmonds acquisition – was up 10 percent, while gross margin of 42 percent was up 78 basis points. Net earnings were 87.2 million dollars, while diluted earnings per share were 2.02 dollars and included 0.13 dollar of charges related to the acquisition, integration and reorganization of men’s brands, a 0.02 dollar charge for operations restructuring, and a 0.01 dollar benefit related to the Tax Cuts and Jobs Act.

Picture:Facebook/Famous Footwear

 
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