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Caleres posts Q1 loss of 345.8 million dollars

By Prachi Singh

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Report

Caleres net sales for the first quarter were 397.2 million dollars compared to 677.8 million dollars in the first quarter of fiscal 2019. Famous Footwear total sales of 191.3 million dollars, were down 45.7 percent with same-store-sales up 12.8 percent through mid-March, and up 12.6 percent for the entire quarter; and Brand Portfolio sales of 217.2 million dollars, were down 36.3 percent. The company said in a statement that first quarter results were significantly impacted by the Covid-19 health crisis and subsequent closures of the company’s retail stores along with the closure of its wholesale partners’ store operations.

“This past quarter represented a period of tremendous uncertainty and challenge for the global community, our consumers and our company,” said Diane Sullivan, the company’s CEO, President and Chairman, adding, “While we are taking a realistic view of the broader economic recovery, we are encouraged by the reception we have seen in the regions where our stores are now open.”

Gross profit for the quarter was 121.9 million dollars, while gross margin was 30.7 percent and adjusted gross margin was 39.5 percent. The company added that net loss was 345.8 million dollars or a loss of 8.95 dollars per diluted share compared to net income of 9.1 million dollars or 22 cents per diluted share in the first quarter of fiscal 2019, while adjusted net loss was 50.4 million dollars or an adjusted loss of 1.30 dollars per diluted share compared to adjusted net income of 15 million dollars or adjusted earnings of 36 cents per diluted share.

Picture:Facebook/Allen Edmonds

Caleres
Coronavirus
Famous Footwear