The U.S. footwear business Caleres reported on Tuesday that, despite a 0.1 percent increase in fourth-quarter sales to $697.1 million for the three months ending January 28, net sales for 2023 dropped to $2.82 billion.

The footwear company, situated in St. Louis, reported that during the quarter, net sales for the Brand Portfolio segment increased by 4.5 percent, while net sales for Famous Footwear saw a little dip of 1.5 percent. Of total net revenues, sales to consumers accounted for almost 74%.

Similarly, net sales for the Famous Footwear category fell by 5.6% in 2023, while comparable sales fell by 6.3 percent over a 52-week period. Net sales for the Brand Portfolio division decreased by 3.9%. Roughly 72% of total net sales were attributed to direct-to-consumer sales annually.

Compared to fiscal 2022, when net earnings of $181.7 million, or earnings per diluted share of $4.92, were reported, the company’s profits decreased in 2023 to $171.4 million, or earnings per diluted share of $4.80.

Jay Schmidt, president and chief executive officer, stated, “The Caleres team delivered another strong operational performance in the fourth quarter, culminating in a third consecutive year of adjusted earnings per share in excess of our $4.00 baseline and underscoring the durability of our earnings power.”

“Our Brand Portfolio set records in several important financial metrics, driving our fourth-quarter results. In addition to this impressive outcome, Famous Footwear leveraged its competitive advantages to increase its market share, especially in Kids, where sales have exceeded overall business for a 12-quarter running.

Caleres projects consolidated net sales for fiscal 2024 to be flat to up 2%, and profits per diluted share to be in the $4.30 to $4.60 range.