Caleres Plunges on Missed 3Q Targets, Slashed Guidance

Dow Jones

05 Dec 2024

By Sarina Isaacs

Shares of Caleres were losing ground on disappointing third-quarter results and full-year guidance.

The stock was down 19% to $27.02 in early trading and hit a new 52-week low of $26.43 earlier in the session. It's off 5.9% for the year and 30% over the last three months.

The St. Louis-based operator of Famous Footwear said Thursday that it earned $41.4 million, or $1.19 a share. Adjusted earnings came to $1.23 a share, under the company's prior guidance of $1.30 to $1.40 a share and also missing the average analyst estimate of $1.36 a share, according to FactSet.

Quarterly sales came to $740.9 million, whereas analysts had sought $751.4 million.

Chief Executive Jay Schmidt attributed the poor third-quarter performance to several factors: "softer seasonal demand in the boot category, late receipts of key athletic product at Famous Footwear, and a discrete customer credit issue that impacted shipments."

For the full year, Caleres has cut its EPS guidance to $3.35 to $3.45 a share, down from the prior $3.94 to $4.09 a share. Adjusted EPS is now expected at $3.45 to $3.55 a share, also lower than the prior guide. Analyst expectations were for $4.03 a share.

Schmidt said the reduced outlook comes as the company expects the unfavorable sales trends to continue in the current quarter. He also anticipates a pressured gross margin as the company removes excess inventory in order to be better positioned for next year.

Write to Sarina Isaacs at sarina.isaacs@wsj.com

(END) Dow Jones Newswires

December 05, 2024 10:21 ET (15:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It's off 5.9% for the year and 30% over the last three months. \n</p>\n<p>\n  The St. Louis-based operator of Famous Footwear said Thursday that it earned $41.4 million, or $1.19 a share. Adjusted earnings came to $1.23 a share, under the company's prior guidance of $1.30 to $1.40 a share and also missing the average analyst estimate of $1.36 a share, according to FactSet. \n</p>\n<p>\n  Quarterly sales came to $740.9 million, whereas analysts had sought $751.4 million. \n</p>\n<p>\n  Chief Executive Jay Schmidt attributed the poor third-quarter performance to several factors: \"softer seasonal demand in the boot category, late receipts of key athletic product at Famous Footwear, and a discrete customer credit issue that impacted shipments.\" \n</p>\n<p>\n  For the full year, Caleres has cut its EPS guidance to $3.35 to $3.45 a share, down from the prior $3.94 to $4.09 a share. Adjusted EPS is now expected at $3.45 to $3.55 a share, also lower than the prior guide. 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It's off 5.9% for the year and 30% over the last three months. \n</p>\n<p>\n  The St. Louis-based operator of Famous Footwear said Thursday that it earned $41.4 million, or $1.19 a share. Adjusted earnings came to $1.23 a share, under the company's prior guidance of $1.30 to $1.40 a share and also missing the average analyst estimate of $1.36 a share, according to FactSet. \n</p>\n<p>\n  Quarterly sales came to $740.9 million, whereas analysts had sought $751.4 million. \n</p>\n<p>\n  Chief Executive Jay Schmidt attributed the poor third-quarter performance to several factors: \"softer seasonal demand in the boot category, late receipts of key athletic product at Famous Footwear, and a discrete customer credit issue that impacted shipments.\" \n</p>\n<p>\n  For the full year, Caleres has cut its EPS guidance to $3.35 to $3.45 a share, down from the prior $3.94 to $4.09 a share. Adjusted EPS is now expected at $3.45 to $3.55 a share, also lower than the prior guide. Analyst expectations were for $4.03 a share. \n</p>\n<p>\n  Schmidt said the reduced outlook comes as the company expects the unfavorable sales trends to continue in the current quarter. He also anticipates a pressured gross margin as the company removes excess inventory in order to be better positioned for next year. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Sarina Isaacs at sarina.isaacs@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 05, 2024 10:21 ET (15:21 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0031619046.USD","symbol_name":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2489463502","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2489463502","pubTimestamp":1733412060,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Caleres were losing ground on disappointing third-quarter results and full-year guidance.The stock was down 19% to $27.02 in early trading and hit a new 52-week low of $26.43 earlier in the session. 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For the full year, Caleres has cut its EPS guidance to $3.35 to $3.45 a share, down fro","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","CAL":"Caleres鞋业","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","BK4094":"服装零售"},"translate_title":"Caleres因未实现第三季度目标而暴跌，并大幅下调指引","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAL":0.9},"content_text":"By Sarina Isaacs \n\n\n \n\n\n  Shares of Caleres were losing ground on disappointing third-quarter results and full-year guidance. \n\n\n  The stock was down 19% to $27.02 in early trading and hit a new 52-week low of $26.43 earlier in the session. It's off 5.9% for the year and 30% over the last three months. \n\n\n  The St. Louis-based operator of Famous Footwear said Thursday that it earned $41.4 million, or $1.19 a share. Adjusted earnings came to $1.23 a share, under the company's prior guidance of $1.30 to $1.40 a share and also missing the average analyst estimate of $1.36 a share, according to FactSet. \n\n\n  Quarterly sales came to $740.9 million, whereas analysts had sought $751.4 million. \n\n\n  Chief Executive Jay Schmidt attributed the poor third-quarter performance to several factors: \"softer seasonal demand in the boot category, late receipts of key athletic product at Famous Footwear, and a discrete customer credit issue that impacted shipments.\" \n\n\n  For the full year, Caleres has cut its EPS guidance to $3.35 to $3.45 a share, down from the prior $3.94 to $4.09 a share. Adjusted EPS is now expected at $3.45 to $3.55 a share, also lower than the prior guide. Analyst expectations were for $4.03 a share. \n\n\n  Schmidt said the reduced outlook comes as the company expects the unfavorable sales trends to continue in the current quarter. He also anticipates a pressured gross margin as the company removes excess inventory in order to be better positioned for next year. \n\n\n \n\n\n  Write to Sarina Isaacs at sarina.isaacs@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 05, 2024 10:21 ET (15:21 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}