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Caleres Inc (NYSE:CAL) reported fourth-quarter FY23 sales growth of 0.1% year-on-year to $697.12 million, beating the analyst consensus estimate of $694.33 million.
Net sales in the Famous Footwear segment declined 1.5% Y/Y, and the Brand Portfolio segment rose 4.5%.
The gross profit increased 8.7% Y/Y to $305.7 million, with the margin expanding 350 points to 43.9%.
The operating margin was 4.4%, and operating income for the quarter was $30.7 million versus $25.8 million last year.
Adjusted EPS of $0.86 beat the analyst consensus of $0.85.
Caleres held $21.4 million in cash and equivalents as of February 3, 2024. Net cash provided by operating activities for the year totaled $200.2 million.
Inventory decreased 6.8% Y/Y due to strategic inventory management – primarily in the Brand Portfolio segment.
Outlook: Caleres expects first-quarter FY24 net sales to be flat to +1%. EPS to be in line with the fourth quarter of 2023 on an adjusted basis.
Caleres sees FY24 net sales to be flat to +2% and EPS of $4.30 – $4.60 versus an estimate of $4.51.
Price Action: CAL shares are trading lower by 3.28% at $37.50 in premarket on the last check Tuesday.
Posted In: CAL
