US' Caleres expects record high consolidated sales of $2.97 bn in FY22

16 Feb '23

2 min read

Pic: Caleres

American footwear company Caleres expects consolidated preliminary sales to increase by 7 per cent in fiscal 2022 (FY22) compared to fiscal 2021, with sales expected to reach approximately $2.97 billion. This figure is higher than the company's previous estimate for growth of 4 to 6 per cent. The company's earnings per diluted share are predicted to be between $4.86 and $4.92.

Adjusted earnings per diluted share are estimated to be between $4.50 and $4.52. This is an improvement from the company's earlier forecast of adjusted earnings per share between $4.30 and $4.40, Caleres said in a press release.

In FY22, Caleres also anticipates a 3 per cent reduction in consolidated inventory compared to FY21, which is in contrast to its earlier expectation for an increase of mid-single digit per cent.

Jay Schmidt, president and chief executive officer, said: “The strong finish to 2022 capped off a significant year of growth at Caleres, with results surpassing our recent expectations. This record performance demonstrates the power of our brands, the strength of our platform and the successful execution of our strategies.

“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 per share. We look forward to discussing our 2022 results and providing a detailed outlook for 2023 on our fourth quarter earnings call in mid-March.”

Fibre2Fashion News Desk (DP)

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