Caleres cut its target for consolidated sales, earnings per share and adjusted earnings per share for full year 2024 on Monday, due to weak holiday sales and weather-related disruptions at its Famous Footwear chain.
Caleres lowers full-year outlook amid softened holiday sales. – Caleres
The St. Louis-based footwear company now expects full year consolidated net sales to be down 3.0% to 3.5%, compared to 2.5% to 3%. Meanwhile, the company is expecting full-year diluted earnings per share in the range of $3.10 to $3.20, versus prior guidance of $3.35 to $3.45. Adjusted diluted earnings per share is expected to be in the range of $3.20 to $3.30.
“We entered the holiday period encouraged by the broad positive momentum in our athletic business at Famous Footwear. However, sales trends softened in mid-December and into January, and were below our expectations. Based on quarter-to-date trends, including the impact of weather-related closures at Famous Footwear, we now anticipate that full year sales and earnings will be below our most recent guidance,” said Jay Schmidt, president and chief executive officer.
“As we look ahead to 2025, we are focused on driving long-term value for our shareholders and executing on our strategic plan to return to growth by creating exceptional products and experiences for our consumers while rigorously managing our costs.”
