Caleres Reiterates Full Year 2023 Outlook
08 Janeiro 2024 - 6:20PM
Business Wire
Caleres, (NYSE: CAL), a market-leading portfolio of
consumer-driven footwear brands, today announced that it is
reaffirming its financial outlook for consolidated sales, earnings
per share and adjusted earnings per share for full year 2023.
“Caleres continues to expect full year 2023 adjusted earnings of
$4.10 to $4.20 per share, which would mark the third consecutive
year with earnings per share in excess of our $4.00 baseline,” said
Jay Schmidt, president and chief executive officer. “Our ability to
deliver results ahead of expectations throughout the year and to
maintain our earnings outlook, despite a challenging demand
environment, underscores yet again the powerful transformation
we’ve achieved in the earnings profile of the organization. As we
look ahead to 2024, we are focused on executing on our strategic
plan to drive long-term value for our shareholders, creating
exceptional products and experiences for our consumers, and
managing our costs rigorously.”
Caleres still expects the following for fiscal year 2023:
- Consolidated net sales to be down 4.5 percent to 5.5 percent
compared to fiscal 2022, including the impact of the 53rd
week;
- Diluted earnings per share of $3.96 to $4.06; and
- Adjusted diluted earnings per share of $4.10 and $4.20.
As previously announced, the company will be participating in
the 2024 Annual ICR Conference on January 9, 2024. Caleres is
scheduled to host a fireside chat on Tuesday, January 9 at 11:30
a.m. Eastern Time. A live audio webcast of the event will be
available via the “Investors” section of the company’s website at
https://investor.caleres.com/events-and-presentations. An online
archive will be available on the site following the event.
About Caleres:
Caleres is a market-leading portfolio of global footwear brands
that includes Famous Footwear, Sam Edelman, Allen Edmonds,
Naturalizer, Vionic, and more. Our products are available virtually
everywhere - in the nearly 1,000 retail stores we operate, in
hundreds of major department and specialty stores, on our branded
e-commerce sites, and on many additional third-party retail
websites. Combined, these brands make Caleres a company with both a
legacy and a mission. Our legacy is our more than 140 years of
craftsmanship and our passion for fit, while our mission is to
continue to inspire people to feel great… feet first. Visit
caleres.com to learn more about us.
Definitions
All references in this press release, outside of the condensed
consolidated financial statements that follow, unless otherwise
noted, related to net earnings attributable to Caleres, Inc. and
diluted earnings per common share attributable to Caleres, Inc.
shareholders, are presented as net earnings and earnings per
diluted share, respectively.
Non-GAAP Financial Measures
In this press release, the company’s financial results are
provided both in accordance with generally accepted accounting
principles (GAAP) and using certain non-GAAP financial measures. In
particular, the company provides earnings per diluted share,
adjusted to exclude certain gains, charges, and recoveries, which
are non-GAAP financial measures. These results are included as a
complement to results provided in accordance with GAAP because
management believes these non-GAAP financial measures help identify
underlying trends in the company’s business and provide useful
information to both management and investors by excluding certain
items that may not be indicative of the company’s core operating
results. These measures should not be considered a substitute for
or superior to GAAP results.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
and expectations regarding the company’s future performance and the
performance of its brands. Such statements are subject to various
risks and uncertainties that could cause actual results to differ
materially. These risks include (i) changing consumer demands,
which may be influenced by general economic conditions and other
factors; (ii) inflationary pressures (iii) supply chain disruptions
(iv) rapidly changing consumer preferences and purchasing patterns
and fashion trends; (v) customer concentration and increased
consolidation in the retail industry; (vi) intense competition
within the footwear industry; (vii) foreign currency fluctuations;
(viii) political and economic conditions or other threats to the
continued and uninterrupted flow of inventory from China and other
countries, where the company relies heavily on third-party
manufacturing facilities for a significant amount of its inventory;
(ix) cybersecurity threats or other major disruption to the
company’s information technology systems; (x) the ability to
accurately forecast sales and manage inventory levels; (xi) a
disruption in the company’s distribution centers; (xii) the ability
to recruit and retain senior management and other key associates;
(xiii) the ability to secure/exit leases on favorable terms; (xiv)
the ability to maintain relationships with current suppliers; (xv)
transitional challenges with acquisitions and divestitures; (xvi)
changes to tax laws, policies and treaties; (xvii) our commitments
and shareholder expectations related to environmental, social and
governance considerations; (xviii) compliance with applicable laws
and standards with respect to labor, trade and product safety
issues; and (xix) the ability to attract, retain, and maintain good
relationships with licensors and protect our intellectual property
rights. The company's reports to the Securities and Exchange
Commission contain detailed information relating to such factors,
including, without limitation, the information under the caption
Risk Factors in Item 1A of the company’s Annual Report on Form 10-K
for the year ended January 28, 2023, which information is
incorporated by reference herein and updated by the company’s
Quarterly Reports on Form 10-Q. The company does not undertake any
obligation or plan to update these forward-looking statements, even
though its situation may change.
SCHEDULE 1
CALERES, INC.
RECONCILIATION OF DILUTED EARNINGS PER
SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP
BASIS) – FISCAL 2023 GUIDANCE
Fiscal 2023 Guidance
Low
High
GAAP diluted earnings per share
$
3.96
$
4.06
Charges/other
items:
Expense reduction initiatives
0.14
0.14
Adjusted diluted earnings per share
$
4.10
$
4.20
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240107253661/en/
Investor Contact: Logan Bonacorsi
lbonacorsi@caleres.com
Media Contact: Kelly Malone kmalone@caleres.com
Caleres (NYSE:CAL)
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