Caleres prelim 2022 sales beat guidance
Caleres announced on Wednesday prelim consolidated sales of approximately $2.97 billion for fiscal 2022, up 7%, exceeding prior expectations for growth of 4% to 6% percent for the twelve months.
The St. Louis-based footwear company also reported prelim earnings per diluted share of $4.86 to $4.92, with adjusted earnings per diluted share between $4.50 and $4.52, beating previous expectations for adjusted earnings per share between $4.30 to $4.40.
“The strong finish to 2022 capped off a significant year of growth at Caleres, with results surpassing our recent expectations,” said Jay Schmidt, president and chief executive officer. “This record performance demonstrates the power of our brands, the strength of our platform and the successful execution of our strategies.”
Consolidated inventory down approximately 3% compared to fiscal year 2021, versus previous expectation for an increase of mid-single digit percent.In addition.
“Looking ahead, we believe the strength of our brands combined with the structural changes we’ve made in recent years have increased the annual earnings baseline of the company to in excess of $4.00 per share,” said Schmidt. “We look forward to discussing our 2022 results and providing a detailed outlook for 2023 on our fourth quarter earnings call in mid-March.”
The company, which owns Famous Footwear, Sam Edelman, Vionic, Naturalizer, Allen Edmonds, Lifestride, and more, will release fourth quarter and fiscal year 2022 results on March 14.
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