Caleres posts 21.1 percent rise in Q3 sales

Caleres third quarter net sales were 784.2 million dollars, up 21.1 percent from the third quarter of fiscal 2020. The company reported a 26.3 percent sales increase in the Famous Footwear segment; a 12.3 percent sales increase in the brand portfolio segment. Direct-to-consumer sales represented 73.5 percent of total net sales.

“Caleres achieved another record performance in the quarter just ended, driven principally by continued, exceptional upward momentum in our Famous Footwear business,” said Diane Sullivan, chairman and chief executive officer of Caleres in a release.

Gross profit for the quarter was 335.4 million dollars, while gross margin was 42.8 percent, or a 308-basis point improvement over third quarter 2020. The company reported net income of 59.6 million dollars or earnings of 1.54 dollars per diluted share, compared to 14.4 million dollars or earnings of 38 cents per diluted share, in the third quarter of fiscal 2020.

The company said, adjusted net income was approximately 61.5 million dollars or adjusted earnings of 1.59 dollars per diluted share compared to 18.2 million dollars or adjusted earnings of 48 cents per diluted share, in the third quarter of fiscal 2020.

“As we progress through the remainder of the year and head into 2022, we expect supply chain challenges to persist,” added Sullivan.