Plus   Neg

Stock Alert: Caleres Slips

Shares of footwear wholesaler Caleres, Inc. (CAL) tanked $3.67 or 20.46% on February 14 to hit a new low of $14.26, after preliminary fourth-quarter sales fell short of estimates.

Caleres expects to report quarterly sales of approximately $700 million, down 3% from the previous-year quarter. This compares with $732.49 million expected by analysts polled by Thomson Reuters.

".....Holiday sales at a number of our retail partners were disappointing and our selling in the value channel has been difficult. Retail partners continue to tightly manage inventory levels and limit reordering and replenishment," said Diane Sullivan, CEO, president and chairman of Caleres.

Caleres' Brand Portfolio segment sources approximately 60% of its footwear from China. Therefore, the company is now assessing the situation, the details of which will be provided on the March 12 earnings call.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
Follow RTT