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Caleres Reports Second Quarter 2019 Results

Nachrichtenquelle: Business Wire (engl.)
26.08.2019, 22:10  |  5874   |   |   

Caleres (NYSE: CAL) (caleres.com), a diverse portfolio of global footwear brands, today reported second quarter 2019 financial results.

  • Delivered earnings per diluted share of $0.61, up 10.9%.
  • Record second quarter sales of $752.5 million, up 6.5% year-over-year
  • Positive same-store-sales of 1.5% at Famous Footwear
  • On-track to deliver eighth consecutive year of positive back-to-school same-store-sales
  • Continued to evolve portfolio, announcing partnership with Veronica Beard and relaunch of Zodiac

“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.”

Second Quarter 2019 Results Versus Second Quarter 2018

  • Consolidated sales of $752.5 million, up 6.5%.
    • Brand Portfolio sales of $359.6 million, up 17.9%.
    • Famous Footwear total sales of $419.8 million, with same-store-sales up 1.5%.
  • Gross profit of $305.9 million, up 4.4%, representing gross margin of 40.7%.
  • SG&A expense of $267.5 million, up 3.4%, representing 35.6% of sales.
  • Operating earnings of $37.8 million, up 17.6%, representing operating margin of 5.0%.
  • Adjusted operating earnings of $38.4 million, up 10.4%, representing adjusted operating margin of 5.1%.
  • Net earnings of $25.3 million, resulting in earnings per diluted share of $0.61, up 10.9%.
  • Adjusted net earnings of $25.8 million, resulting in adjusted earnings per diluted share of $0.62, up 5.1%.

First Half 2019 Results Versus First Half 2018

  • Consolidated sales of $1,430.2 million, up 6.8%.
    • Brand Portfolio sales of $700.6 million, up 19.0%.
    • Famous Footwear total sales of $772.0 million, with same-store-sales up 0.4%.
  • Gross profit of $585.8 million, up 3.1%, representing gross margin of 41.0%.
  • Adjusted gross margin of 41.5%, excluding $7.2 million related to Vionic inventory adjustment amortization and Brand Portfolio business exit expense.
  • SG&A expense of $529.6 million, up 4.0%, representing 37.0% of sales.
  • Operating earnings of $54.7 million, down 0.8%, representing operating margin of 3.8%.
  • Adjusted operating earnings of $63.3 million, up 6.3%, representing adjusted operating margin of 4.4%.
  • Net earnings of $34.4 million, resulting in earnings per diluted share of $0.82, down 12.8%.
  • Adjusted net earnings of $40.8 million, resulting in adjusted earnings per diluted share of $0.98, down 3.9%.

Balance Sheet and Cash Flow

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