By Robb M. Stewart
Caleres’ shares rallied Thursday after the footwear company logged better-than-expected earnings for the latest quarter and stuck with financial targets for the full year.
In morning trading, the shares were 14% higher at $28.17, widening the advance so far this year to 26%.
Caleres recorded second-quarter earnings of $33.9 million, or 95 cents a share, down from $51.2 million, or $1.38, a year earlier.
Stripping out charges for cost-cutting efforts in the period, adjusted per-share earnings were 98 cents, beating the 79 cents to 84 cents forecast by the company and ahead of the 88 cents mean estimate of analysts polled by FactSet.
Sales for the 13-week period to July 29 were down 5.8% to $695.5 million, slightly steeper than the 4% to 5% fall Caleres was targeting and missing the $704.9 million forecast by analysts.
The company affirmed guidance for full-year earnings of between $4.02 and $4.22 a share, including $4 million in restructuring charges associated with efforts to cut costs, and adjusted per-share earnings of $4.10 to $4.30. It continues to expect sales will be down by 3% to 5% for the year.
For the third quarter, Caleres said it anticipates earnings per share of $1.25 to $1.30, or $1.30 to $1.35 on an adjusted basis, and sales to be down by low-single digits.
Write to Robb M. Stewart at [email protected]
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