Caleres sales drop in 2023

U.S. footwear company Caleres said on Tuesday net sales for 2023 fell 5.1 percent to $2.82 billion, on the back of fourth-quarter sales which lifted 0.1 percent to $697.1 million for the three months ending January 28. 

The St. Louis-based footwear company said the Brand Portfolio segment recorded a 4.5-percent increase in net sales, while Famous Footwear witnessed a modest decline of 1.5 percent in net sales, in the quarter. Direct-to-consumer sales represented approximately 74 percent of total net sales. 

Likewise, Famous Footwear segment net sales declined 5.6 percent, with comparable sales down 6.3 percent on a 52-week basis in 2023. Brand Portfolio segment net sales declined 3.9 percent. Annual direct-to-consumer sales represented approximately 72 percent of total net sales. 

The company’s profits dropped in 2023, with net earnings of $171.4 million, or earnings per diluted share of $4.80, compared to net earnings of $181.7 million, or earnings per diluted share of $4.92 in fiscal 2022.

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

“Our fourth quarter results were led by our Brand Portfolio, which achieved a record-setting performance across key financial metrics. Complementing that strong result, Famous Footwear leaned into its competitive advantages to expand market share, particularly in Kids, which has outpaced the total business for 12 straight quarters.”

Looking ahead to fiscal 2024, Caleres anticipates consolidated net sales to be flat to up 2 percent, with earnings per diluted share expected to range between $4.30 and $4.60.