Caleres lowers its outlook for the full year once again
The US-based footwear company has announced a further cut in its full year sales and earnings outlook, after recording lower-than-expected sales in mid-December and January
“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”, Jay Schmidt, President and Chief Executive Officer, said.
As a result, Caleres now expects a decline in sales of between 3.0% and 3.5% in 2024, as compared to the previous guidance of a decline of between 2.5% and 3.0%. Diluted earnings per share are now expected to be in the range of 3.10 to 3.20 US dollars and adjusted diluted earnings per share in the range of 3.20 to 3.30 US dollars (previously: 3.45 to 3.55 US dollars).
“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 concluded.
Image Credits: triadmfg.com
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