Caleres Inc. (NYSE: CAL ) has reported robust financial results for the first quarter of 2024, surpassing earnings per share (EPS) expectations with a figure of $0.88.
Despite a slight miss in sales, the company achieved a record high gross margin of 47% and reiterated its full-year earnings guidance. The Brand Portfolio segment, including prominent brands like Sam Edelman and Allen Edmonds, saw a strong operating margin despite a dip in sales, while Famous Footwear experienced flat sales with a notable performance in the kids category. The company's e-commerce platforms continued to grow, and investments were made in marketing, international expansion, and systems upgrades.
Shareholders benefited from $18 million in share repurchases and dividends. Key Takeaways Caleres' EPS of $0.88 exceeded expectations, with a record gross margin of 47%.
Sales were slightly below expectations, with total sales at $659 million. The Brand Portfolio's operating margin remained strong, despite a sales decline. Famous Footwear's sales were flat, but the kids category gained market share.
E-commerce business for both segments showed growth. The company invested in marketing, international expansion, and improving consumer experience. Caleres returned $18 million to shareholders and maintained its full-year 2024 guidance.
Company Outlook Full-year sales expected to be flat to up 2%. Earnings per diluted share projected to be between $4.30 and $4.
60 for the full year. Q2 consolidated net sales an.
