Companies

Caleres reports fourth quarter and full year sales decline

Mar 25, 2025 United States

As it continues to invest in initiatives to support long-term growth, the US-based company has reported an 8.3% year-on-year decline in net sales in the fourth quarter and a 3.4% year-on-year decline in full year net sales

“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”, commented Jay Schmidt, president and chief executive officer.

Fourth Quarter Results

In the three months to the 1^stof February, the company’s net sales totalled 639.2 million US dollars, a decrease of 8.3%, on a comparable basis to the same period of the prior year. In this period, Famous Footwear net sales decreased by 9.6% year-on-year, with comparable sales down 2.9%, and Brand Portfolio net sales decreased by 7.6% year-on-year.

Caleres’ fourth quarter net earnings decreased to 4.9 million US dollars, or earnings per diluted share of 0.15 US dollars, on a comparable basis to 55.8 million US dollars, or earnings per diluted share of 1.57 US dollars in the same period of the prior fiscal year.

In addition, adjusted net earnings were 11.1 million US dollars, or adjusted earnings per diluted share of 0.33 US dollars, on a comparable basis to adjusted net earnings of 30.8 million US dollars, or adjusted earnings per diluted share of 0.86 US dollars, in the fourth quarter of 2023.

Full Year Results

Caleres reported full year net sales of 2.72 billion US dollars, a decrease of 3.4%, as compared to fiscal 2023. In this period, Famous Footwear net sales decreased by 3.3% year-on-year and the Brand Portfolio segment decreased by 3.5% year-on-year. The company highlighted that direct-to-consumer sales accounted for 72% of total net sales.

The company’s gross profit decreased slightly to 1.22 billion US dollars in fiscal 2024 from 1.26 billion US dollars in fiscal 2023, with the full year gross margin improving 10 basis points to 44.9%.

Caleres highlighted that SG&A (Selling, General & Administrative) expenses accounted for 39.1% of total net sales last year, up by 140 basis points, as compared to the prior year, thanks to inflationary factors and strategic investments.

The US company’s full year net earnings were 107.3 million US dollars, as compared to 64.1 million US dollars in the previous year, and full year adjusted net earnings were 114.6 million US dollars, as compared to 34.7 million US dollars in the previous year.

Accordingly, full year earnings per diluted share were 3.09 US dollars, as compared to 4.80 US dollars in 2023, and adjusted earnings per diluted share were 3.30 US dollars, as compared to 4.18 US dollars in 2023.

Fiscal 2025 Outlook

For fiscal 2025, Caleres expects net sales to be down by 1% or up by 1% over 2024 and GAAP earnings per share to be between 2.80 and 3.20 US dollars.

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United States Caleres Companies Footwear Quarter Results Results Year Results