- Prachi Singh |
Caleres said its consolidated sales for the second quarter of 706.6 million dollars, were up 4.4 percent. For the six month period, the company reported Consolidated sales of 1,338.8 million dollars, up 2.3 percent. Adjusted second quarter net earnings of 25.6 million dollars were up 24.1 percent, while adjusted diluted net earnings per share of 0.59 dollars were up 22.9 percent, while adjusted first half earnings of 44.1 million dollars were up 16 percent and adjusted diluted net earnings per share of 1.02 dollars were up 15.9 percent.
“Record second quarter consolidated sales were up 4.4 percent, while adjusted earnings per share were up 22.9 percent. Famous Footwear also delivered a record second quarter – for both sales and operating profit – with strength in women’s sandals and athletic-inspired styles driving improvement,” said Diane Sullivan, CEO, President and Chairman of Caleres in a statement, adding, “During the quarter, we also announced the acquisition of Blowfish Malibu, which allows us to continue to expand and diversify our overall business.”
Review of Caleres’ second quarter and first half results
Famous Footwear total sales of 429.5 million dollars in the second quarter, were up 6.1 percent, while same-store-sales were up 2.6 percent, whole brand portfolio sales of 277.1 million dollars, rose 1.9 percent.
First half Famous Footwear total sales increased 2.8 percent to 792.9 million dollars, while same-store-sales were up 1 percent and brand portfolio sales of 545.9 million dollars were up 1.6 percent.
Gross profit in the second quarter was 293.1 million dollars, while gross margin was 41.5 percent. Operating earnings were 32.1 million dollars and operating margin was 4.5 percent, while adjusted operating earnings were 34.8 million dollars and adjusted operating margin was 4.9 percent. Net earnings for the quarter were 23.6 million dollars, while diluted earnings per share were 0.55 dollar.
First half gross profit was 568 million dollars, while gross margin was 42.4 percent. Operating earnings were 55.1 million dollars and operating margin was 4.1 percent, while adjusted operating earnings were 59.5 million dollars and adjusted operating margin was 4.4 percent. Net earnings for the period were 40.9 million dollars, while diluted earnings per share were 0.94 dollar.
For the fiscal 2018, the company expects consolidated net sales to reach 2.8 billion dollars, low-single digits Famous Footwear same-store sales growth and low-single digits brand portfolio sales growth. Gross margin is expected to rise 5 to 10 bps, and adjusted earnings per share to range between 2.40 to 2.50 dollars.