Caleres Q2 sales jump 6.5% in record fashion
Caleres 'brand portfolio' segment drove record-breaking total revenues for the second quarter, the St. Louis, Missouri-based footwear company reported on Monday.
The company’s consolidated sales came to $752.5 million, up 6.5 percent from $706.6 reported in the prior-year period.
Brand portfolio sales accounted for $359.6 million, up 17.9 percent, which includes Sam Edelman, Naturalizer, Allen Edmonds, Vionic and Dr. School’s Shoes, among others. Meanwhile, the company’s Famous Footwear chain saw total sales of $419.8 million, with same-store-sales up 1.5 percent.
“During the quarter we successfully executed on our strategies to strengthen the emotional connections we have with our consumers. Our deep insights, combined with our industry-leading footwear capabilities, allowed us to deliver relevant product, supporting growth in the brand portfolio and positive same-store-sales growth at Famous Footwear,” said Diane Sullivan, CEO, president and chairman of Caleres.
“A continued focus on expense discipline improved profitability for the quarter. As a company, we remain focused on creating consistent, profitable and sustainable growth over the long term.”
The company delivered strong earnings per diluted share of $0.61, up 10.9 percent, and beating the Zacks Consensus Estimate of $0.57 per share.
In July, Caleres relaunched and rebranded the popular footwear brand of the 1970s - Zodiac USA. The company also announced plans to distribute footwear in greater China, as part of a joint venture with Brand Investment Holding.
In 2019, Caleres expects to report annual consolidated net sales of around $3 billion, with brand portfolio sales expected to increase in the low to mid-teens, while same-store sales at Famous Footwear are predicted to remain flat or increase in the low-single digits.
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