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Caleres sales rise 3.1% in FY19

Mar '20
Pic: Caleres/ Famous Footwear
Pic: Caleres/ Famous Footwear
Caleres, a diverse portfolio of global footwear brands, posted 3.1 per cent increase in its sales to $2,921.6 million compared to $2,834.8 million in prior year. Sales in fourth quarter (Q4) FY19 that ended on February 1, 2020 fell 3 per cent to $698.9 million compared to $720.2 million in same period prior year. Net earnings for the year was $62.8 million.
"Despite a challenging footwear market that resulted in our earnings to be less than expected, Caleres made excellent progress on a range of value-creating strategic objectives during 2019," Diane Sullivan, CEO, president and chairman of Caleres, said in a press release.
Gross profit in the year was $1,184.4 million, while gross margin was 40.5 per cent. Selling general & administrative (SG&A) expense of $1,065.8 million representing 36.5 per cent of sales in FY19. 
Brand Portfolio sales in 2019 grew 7 per cent to $1,406.5 million, reportedly driven by the company's 2018 acquisitions. However, Famous Footwear sales were down 1.2 per cent to $1,588.1 million, with same-store-sales up 2.0 per cent. 
Gross profit in fourth quarter was $278.8 million, while gross margin was 39.9 per cent. SG&A expense of $260.8 million represented 37.3 per cent of sales. Net earnings for the quarter were $0.4 million.
Famous Footwear total sales in Q4 rose 1.2 per cent to $369.5 million, with same-store-sales up 5.1 per cent. Caleres reported that Famous Footwear registered highest brick and mortar sales in last five years. Brand Portfolio sales fell 9.4 per cent to $346.0 million. Brand Portfolio's 6 brands were in top 20 women's fashion brands in the quarter, as reported.
Caleres stated in the release that it is actively monitoring the Coronavirus, focusing first and foremost on the health and well-being of its global workforce. The executive management team is meeting regularly to rigorously evaluate the potential impact of the virus on the supply chain and broader consumer sentiment and is taking prudent steps to protect the business and adjust its short term strategy in response to this dynamic health crisis.
"Looking ahead, in the short-term, we do anticipate disruptions related to the Coronavirus and are expecting headwinds between $0.15 and $0.20 per share in the first quarter of 2020. While potential impacts on full year 2020 results are difficult to quantify at this early stage, we will continue to actively assess the situation," Sullivan said.
"We are approaching 2020 with a laser focus on managing the variables within our control and leveraging the capabilities of our operations and the investments we've made for the future."

Fibre2Fashion News Desk (JL)

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