The St. Louis-based firm behind Famous Footwear, Via Spiga, Sam Edelman and other popular shoe brands said its fourth-quarter profit declined 30 percent, to $11.4 million, or 26 cents per diluted share, from $16.2 million, or 37 cents per diluted share, in the comparable period. Despite the decrease, it was a beat on analysts’ estimates for diluted earnings per share of 23 cents.
Fourth-quarter sales slid 1.1 percent, to $608.7 million, from $615.4 million in the prior year’s same period, missing market watchers’ forecast for sales of $632.9 million. Same-store sales at Famous Footwear advanced 0.8 percent in Q4 while total sales at the rest of the brand portfolio also gained 0.8 percent.
“We actively managed through what was poised to be a difficult quarter. We cut through the noise in the marketplace during the holiday season and delivered improved gross and operating margin, while maintaining our inventory position,” said Diane Sullivan, CEO, president and chairman of Caleres, in a release. “For the full year, we saw improvement at both the top and bottom line, and delivered double-digit earnings per share growth for the fourth year in a row.”
Full-year sales remained flat year-over-year, at $2.6 billion, while profit declined 1.7 percent year-over-year, to $81.5 million, or $1.85 per diluted share.
Looking ahead to FY16, Caleres predicts revenue in the range of $2.65 billion to $2.68 billion and diluted EPS in the range of $2 to $2.10.
Caleres CFO Ken Hannah said that while the firm was “pleased” with its performance in 2015, he expects Q4’s macroeconomic challenges and uncertainty to continue into the first half of 2016.