DVF owner reports positive first quarter, sales and earnings lift
Missouri-based footwear and accessories company Caleres faced some challenges due to the late start to spring, but revenue was still ultimately in the green for the company’s first quarter.
The company, which owns brands such as Diane von Furstenberg, Vince and Sam Edelman, as well as footwear retailer Famous Footwear, announced consolidated sales of $632.1 million for the quarter.
By brand category, Brand Portfolio sales were up 1.4 percent, at $268.7 million. Meanwhile, Famous Footwear total sales of $363.4 million were down 0.8 percent. Continued growth in e-commerce is expected for both segments.
“In the first quarter, we once again delivered improvement in gross margin, net earnings and earnings per share. Not surprisingly, the late start to spring delayed sales but – as expected – spring arrived and trends improved appreciably, with this momentum continuing into the second quarter,” said Diane Sullivan, CEO, president and chairman of Caleres, in a news statement.
Gross profit was $274.9 million. Adjusted net earnings were $18.5 million, up 6.3 percent, while adjusted diluted net earnings per share were $0.43, up 7.5 percent.
The company expects to deliver adjusted earnings per share of between $2.40 and $2.50 for the year.
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