U.S. footwear company Caleres said on Thursday net sales for 2024 fell 3.4% to $2.72 billion, on the back of fourth-quarter sales which dropped 8.3% to $639.2 million for the three months ending February 1.
Caleres reports 3.4% sales decline in 2024. – Caleres
The St. Louis-based footwear company said the Brand portfolio segment recorded a 7.2 percent fall in net sales, while Famous Footwear witnessed another decline of 9.6 percent in net sales, in the quarter. Direct-to-consumer sales represented approximately 73 percent of total net sales.
Likewise, Famous Footwear segment net sales declined 3.3 percent, for the year. Brand portfolio segment net sales declined 3.5 percent. Annual direct-to-consumer sales represented approximately 72 percent of total net sales.
The company’s profits dropped in 2024, with net earnings of $107.3 million, down $64.1 million from 2023 and adjusted net earnings of $114.6 million, down $34.7 million from 2023.
“Our fourth quarter earnings were at the high end of our most recent guidance. We gained market share in women’s fashion footwear, our Lead Brands outperformed, and we grew our sneaker penetration. Famous Footwear’s business softened in the quarter, but we maximized key selling periods. We invested to support our long-term growth while continuing to evolve our supply chain and further mitigate the impact of additional tariffs,” said Jay Schmidt, president and chief executive officer.
Looking ahead to fiscal 2025, Caleres anticipates net sales to be down 1% to up 1%, with earnings per diluted share expected to range between $2.80 and $3.20.
For the first quarter of 2025, net sales are expected to be down 5% to 6%. Earnings per diluted share are expected to range between $0.35 to $0.40.
