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US footwear company Caleres' Q1 FY21 sales grow 61% to $639 mn
03 Jun 21 2 min read
Caleres, a US-based diverse portfolio of consumer-driven footwear brands, reported 60.8 per cent sales rise to $638.6 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the sales of $397.2 million in the corresponding period of previous fiscal. The company’s net earnings improved to $6.1 million (Q1 FY20: loss $345.8 million).
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“Caleres had a strong start to the year, maintaining its solid upward momentum in the first quarter of 2021, driven in large part by an outstanding performance in our Famous Footwear business, where we achieved record quarterly earnings and delivered record first quarter sales levels,” Diane Sullivan, chairman and chief executive officer at Caleres, said in a press release.
Gross profit for Q1 FY21 increased to $274.8 million ($121.9 million), while selling and administrative expenses were $243.5 million ($225.2 million). The company’s operating earnings was $11.8 million (loss: $426.2 million).
Famous Footwear segment’s sales surged 108.2 per cent to $398.1 million ($191.2 million), while Brand Portfolio segment sales grew 74.5 per cent to $250.3 million ($217.2 million). The company’s e-commerce sales for the reported period increased 21.4 per cent.
“Looking ahead, we plan to lean into the robust momentum at Famous Footwear and our enhanced direct-to-consumer capabilities; ensure alignment of supply and demand; and – as always – maintain our balanced approach to capital allocation. In short, we are excited about our strategy for continued value creation and believe we are exceptionally well positioned to capitalise on the accelerated recovery in the marketplace and to chase and capture market share opportunities as they develop throughout the year,” Sullivan concluded.
Fibre2Fashion News Desk (JL)
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