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Caleres raises full year outlook


The footwear group reported net sales of 784.2 million US dollars in the third quarter of 2021, as compared to the same quarter of 2020, driven by Famous Footwear business' performance

“Caleres achieved another record performance in the quarter just ended, driven principally by continued, exceptional upward momentum in our Famous Footwear business. As robust consumer demand dynamics continue to accelerate, we fully expect the ongoing recovery in the Brand Portfolio to be an increasingly strong complement to the ongoing success at Famous Footwear in the quarters ahead”, commented Diane Sullivan, Chairman and Chief Executive Officer.

Third Quarter Results

In the third quarter of 2021, which ended on the 30th of October, Caleres’ total net sales increased by 21.1%, totalling 784.2 million US dollars, as compared to the same period of last year. Concretely, the Famous Footwear segment generated 494.7 million US dollars, reflecting growth of 26.3%, and net sales from the brand portfolio segment were up by 12.3%, amounting to 300.5 million US dollars. Direct-to-consumer sales represented 73.5% of total net sales in the third quarter of the current year.

Gross profit in the third quarter of fiscal 2021 corresponded to 335.4 million US dollars, while gross margin improved by 308 points to 42.8%, on a comparable basis to the similar period of the prior year.

In the third quarter of the current year, net income totalled 59.6 million US dollars, or earnings of 1.54 US dollars per diluted share, as compared to net income of 14.4 million US dollars, or earnings per diluted share of 0.38 US dollars, in the same quarter of 2020.

Adjusted net income reached approximately 61.5 million US dollars, or adjusted earnings of 1.59 US dollars per diluted share, as compared to adjusted net income of 18.2 million US dollars, or adjusted earnings of 0.48 US dollars per diluted share, in the third quarter of last year.

Full Year Outlook

“As we progress through the remainder of the year and head into 2022, we expect supply chain challenges to persist. However, our global Associates have taken quick action – leaning into our capabilities; optimizing our inventory position; and diversifying and leveraging our sourcing model to help offset the impacts caused by the ongoing disruptions. We believe we are well-positioned to navigate this dynamic market environment and we are confident in our ability to utilize our diversified brand model, achieve our short and long-term strategic objectives, and continue to create value for our shareholders", added Diane Sullivan, Chairman and Chief Executive Officer.

Therefore, for the fiscal year of 2021, Caleres now expects record adjusted earnings per share between 3.80 US dollars and 3.90 US dollars, as compared to the previous guidance of adjusted earnings per share between 3.25 US dollars and 3.50 US dollars.


Image Credits: abestfashion.com

 
 
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