US firm Caleres projects downturn in FY23 sales with steady EPS

09 Jan '24

1 min read

Pic: JHVEPhoto - stock.adobe.com

Insights

American footwear firm Caleres expects a 4.5 to 5.5 per cent decrease in consolidated net sales for fiscal 2023, including the effect of an extra week in the fiscal calendar.
Despite this, the company forecasts stable earnings, projecting diluted earnings per share between $3.96 and $4.06, and adjusted diluted earnings per share between $4.10 and $4.20.

Caleres, a leading portfolio of consumer-driven footwear brands, anticipates a decrease in consolidated net sales in fiscal 2023 (FY23), expecting a decline of between 4.5 and 5.5 per cent compared to fiscal 2022. This projection includes the impact of the additional 53rd week in the fiscal calendar.

Despite the predicted downturn in sales, Caleres forecasts a stable range for its earnings per share. The company expects diluted earnings per share to be between $3.96 and $4.06. Furthermore, Caleres also projects its adjusted diluted earnings per share to be slightly higher, ranging from $4.10 to $4.20, the company said in a press release.

“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 organisation.”

Fibre2Fashion News Desk (DP)

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