Shares for Caleres Inc. are sinking in after-hours trading after the firm posted second-quarter earnings that missed Wall Street’s mark.
As of 6:15 p.m. ET, the stock remained in the red nearly 11 percent, to $36.01.
The owner of Famous Footwear and shoe brands such as Sam Edelman, Naturalizer and Dr. Scholl’s said today that its Q2 sales were up 4.4 percent to $706.6 million — below analysts’ bets for $709 million.
Famous Footwear continued to bring in the lion’s share of revenues with a sales gain of 6.1 percent to $429.5 million — and comp sales up 2.6 percent — but, there was significant strength in other parts of the portfolio too, according to chairman, president and CEO Diane Sullivan.
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. “For Brand Portfolio, second quarter sales were up 1.9 percent, as Sam Edelman delivered the largest second quarter in its history, and Naturalizer reported its fourth consecutive quarter of wholesale growth in North America,” Sullivan said. “During the quarter, we also announced the acquisition of Blowfish Malibu, which allows us to continue to expand and diversify our overall business.” (Overall sales in the Brand Portfolio were $277.1 million.)
Profits, meanwhile, fell more than 40 percent year over year to $23.6 million, or 55 cents per diluted share. On an adjusted basis, however, profits were up 24.1 percent to $25.6 million, or 59 cents per share — just shy of market watchers’ estimate of 60 cents.
Caleres maintained its outlook for the fiscal year.
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