Caleres, Inc., the parent company of Famous Footwear and the Naturalizer, Vionic, Allen Edmonds, Blowfish Malibu, and Sam Edelman brands, has adjusted its financial outlook for consolidated sales, earnings per share and adjusted earnings per share for full-year 2024 ahead of its presentation at the ICR conference in Orlando, FL this week.

“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,” shared Jay Schmidt, president and CEO of Caleres, Inc.

Based on quarter-to-date trends, including the impact of weather-related closures at Famous Footwear, Caleres reported that it now expects fiscal full-year sales and earnings to be below the company’s most recent guidance.

“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,” Schmidt added.

Caleres now expects the following for fiscal year 2024:

  • Consolidated net sales to be down 3.0 percent to 3.5 percent;
  • Diluted earnings per share in the range of $3.10 to $3.20; and
  • Adjusted diluted earnings per share between $3.20 to $3.30.

In December, the company adjusted its fiscal 2024 outlook for net sales to be down between 2.5 percent to 3.0 percent versus previous guidance of down in the low-single-digits percent.

The latest adjusted earnings per share guidance for fiscal year 2024 reflects the following adjustment:

  • Caleres initially cut its initial fiscal 2024 full-year guidance in early December 2024, lowering its range for earnings per diluted share to $3.35 to $3.45 per diluted share, versus prior guidance of $3.94 to $4.09 per diluted share.
  • The adjusted EPS outlook was revised at the time to a range of $3.35 to $3.45 per diluted share. That revision came versus prior guidance for adjusted EPS in the range of $4.00 to $4.15 per diluted share.

“As we begin the fourth quarter, our strategies are working to drive market share, and we are aligning our expenses with expected sales while appropriately investing behind areas of the business that are expected to deliver a strong ROI,” Schmidt said at the time. “Longer term, we believe we are well-positioned to execute our strategic plan, invest to fuel our ambition and drive sustained value for our shareholders.”

Image courtesy Caleres, Inc./Famous Footwear