logo
  

Caleres Swings To Q2 Profit; Shares Up 9%

Shares of Caleres (CAL) gained nearly 9% in extended trading session on Tuesday after the company said it turned to profit in the second quarter, as revenues jumped nearly 35% and margins also improved.

Caleres reported second-quarter profit of $37.4 million or $0.97 per share, compared to net loss of $30.7 million or a loss of $0.83 per share last year.

Adjusted earnings were $46.0 million or $1.19 per share, compared to loss of $21.1 million or $0.57 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.53 per share for the quarter.

Sales for the three-month period jumped 34.7% to $675.5 million from $501.4 million last year, driven by a 35.8% increase in the Famous Footwear segment and a 30.2% increase in the Brand Portfolio segment. Direct-to-consumer sales represented 79% of total sales. Analysts had a consensus revenue estimate of $640.4 million for the quarter.

Gross margin was 47.7 percent, or an approximately 11 full percentage point improvement last year.

Looking forward, Caleres expects third quarter adjusted earnings of between $1.10 and $1.25 per share and for full year 2021 adjusted earnings to be between $3.25 and $3.50 per share.

CAL closed Tuesday's trading at $24.59, down $0.27 or 1.09%, on the NYSE. The stock, however, gained $2.16 or 8.78%, in the after-hours trading.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The National Restaurant Association or NRA has urged the U.S. Congress to refill the Restaurant Revitalization Fund or RRF, which is expected to save more than 1.6 million jobs in the restaurant industry hit hard by the surge in Omicron Variant. In a letter to Congress, the association highlighted, based on its survey on 4,200 restaurant operators, the devastating impact so far on the industry... Industrial conglomerate General Electric Co. reported Tuesday a net loss for the fourth quarter compared to a profit last year, hurt by steep debt extinguishment costs and lower revenues. However, adjusted earnings per share topped analysts' expectations, while quarterly revenues missed them. Shares of LM Ericsson were gaining more than 7 percent in Swedish trading as well as in pre-market activity on Nasdaq, after the telecom equipment maker reported Tuesday higher profit and sales in its fourth quarter with strong demand. Further, the company lifted its full-year dividend, and maintained targets for fiscal 2022 EBIT growth as well as long-term target of EBITA margin.
RELATED NEWS
Follow RTT