Caleres sales drop in 2023

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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.

Emily Mitchell

Emily's passion for fashion journalism and her keen eye for runway trends make her the ultimate source for the latest fashion news and exclusive insights into the glamorous world of catwalks.

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