2024

Strong

Million

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Caleres (NYSE: CAL), a leading portfolio of global footwear brands, has recently disclosed its financial outcomes for the <a href="https://investor.caleres.com/news/news-details/2024/Caleres-Reports-Fourth-Quarter-and-Full-Year-2023-Results/default.aspx" target="_blank" aria-label="fourth quarter and the entire fiscal year of 2023 (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">fourth quarter and the entire fiscal year of 2023</a>, offering insights into its performance and future expectations. </p> 
<h3 id="caleres-reports-0-86-adjusted-eps-for-fiscal-q4">Caleres Reports $0.86 Adjusted EPS for Fiscal Q4</h3> 
<p>Caleres has demonstrated a commendable performance in the fourth quarter of fiscal 2023, with its earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">EPS</a>) reaching $1.57 and adjusted EPS at $0.86, reflecting a significant 32% increase year over year. <br><br>This growth has been driven by robust sales and a record-setting adjusted operating income within its Brand Portfolio segment, encompassing leading brands such as Sam Edelman, Allen Edmonds, Naturalizer, and Vionic. <br><br>The quarter also saw a strategic reduction in revolver borrowings, enhancing the company’s financial health. Notably, the Brand Portfolio segment outshone with a 4.5-percent increase in net sales and a remarkable 660-basis-point improvement in gross margin, establishing a new benchmark for annual adjusted operating earnings at over $148 million.</p> 
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<h3 id="caleres-outperforms-eps-and-revenue-expectations-in-q4-reports-net-sales-of-697-1-million">Caleres Outperforms EPS and Revenue Expectations in Q4, Reports Net Sales of $697.1 Million</h3> 
<p>Caleres’ fourth-quarter results have not only met but exceeded the market expectations. Analysts had projected an EPS of $0.85 and revenue of $691.92 million, positioning the actual adjusted earnings per share of $0.86 as a favorable outcome. <br><br>Although the net sales of $697.1 million in the fourth quarter presented modest growth, the company’s ability to surpass earnings expectations amidst challenging market conditions signifies solid operational efficiency and a focused growth strategy. <br><br>The Brand Portfolio’s exceptional performance and Famous Footwear’s resilience in expanding market share, especially in the Kids category, have been pivotal in driving this success.</p> 
<h3 id="caleres-expects-net-sales-to-remain-flat-or-increase-2-in-fiscal-2024">Caleres Expects Net Sales to Remain Flat or Increase 2% in Fiscal 2024</h3> 
<p>Looking ahead, Caleres is setting a cautious yet optimistic tone for fiscal 2024, with anticipated net sales to range from flat to a 2 percent increase compared to fiscal 2023. <br><br>The company forecasts earnings per share in the range of $4.30 to $4.60, mindful of the potential market volatility, inflationary pressures, and higher freight costs that could impact the footwear industry. <br><br>However, with a consolidated operating margin expected to be between 7.3 percent and 7.5 percent and capital expenditures projected at $60 million to $70 million, Caleres demonstrates confidence in its strategic direction and operational resilience.</p> 
<p>Caleres has capped off fiscal 2023 on a strong note, with its strategic focus on brand portfolio optimization and cost management yielding impressive financial results. </p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/caleres-cal-ends-fiscal-2023-with-strong-earnings-growth-sets-optimistic-outlook-for-2024/">Caleres (CAL) Ends Fiscal 2023 with Strong Earnings Growth, Sets Optimistic Outlook for 2024</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Caleres (CAL) Ends Fiscal 2023 with Strong Earnings Growth, Sets Optimistic Outlook for 2024

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