Caleres reports 6.3 percent growth in Q1 adjusted net earnings

Caleres , in its results announcement for the first quarter said that consolidated sales were 632.1 million dollars. Famous Footwear total sales of 363.4 million dollars were down 0.8 percent, as were same-store-sales. The company operated 39 fewer doors year-over-year. Brand Portfolio sales of 268.7 million dollars were up 1.4 percent. Adjusted net earnings of 18.5 million dollars were up 6.3 percent, while adjusted diluted net earnings per share of 0.43 dollar were up 7.5 percent.

“In the first quarter, we once again delivered improvement in gross margin, net earnings and earnings per share. Not surprisingly, the late start to spring delayed sales but – as expected – spring arrived and trends improved appreciably, with this momentum continuing into the second quarter,” said Diane Sullivan, CEO, President and Chairman of Caleres in a media statement.

Caleres – review of first quarter

Gross profit was 274.9 million dollars, while gross margin of 43.5 percent was up 59 basis points. Operating earnings were 22.9 million dollars and operating margin was 3.6 percent, while adjusted operating earnings were 24.7 million dollars and adjusted operating margin was 3.9 percent.

Net earnings were 17.2 million dollars, while diluted earnings per share were 0.40 dollar and included a 0.03 dollar charge for the previously announced transition of Allen Edmonds’ consumer-facing activities to St. Louis.

Caleres reiterates FY18 outlook

For fiscal year 2018, Caleres continues to expect consolidated net sales of 2.8 billion dollars, Famous Footwear and Brand Portfolio sales to be up low single-digits, gross margin to rise 5 to 10 basis points, and adjusted earnings per diluted share of 2.40 dollars to 2.50 dollars.

Picture:Facebook/Allen Edmonds