Caleres Q4 Results Beat Street View; Shares Up 5%

Shares of Caleres, Inc. (CAL) gained over 5% in the extended trading session on Tuesday after fourth-quarter results trumped Wall Street view.

Fourth-quarter net earnings were $33.9 million or $0.88 per share, compared to a net loss of $77.0 million or $2.11 per share last year.

Adjusted net income for the quarter were $34.9 million or $0.91 per share, compared to adjusted net earnings of $1.3 million or $0.03 per share last year.

Net sales for the fourth quarter rose 19% to $679.3 million from $571.0 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.67 per share on revenues of $677.21 million for the quarter. Analysts' estimates typically exclude one-time items.

The company reported a 15.9% sales increase in the Famous Footwear segment, while the Brand Portfolio segment increased 24.4%. Direct-to-consumer sales represented 73.6 percent of total net sales.

Looking forward to full year 2022, Caleres expects sales to be flat to up 3 percent to 2021 sales and earnings of $3.75 to $4.00 per share.

"Clearly, fiscal 2021 was an exceptional year for Caleres with the company delivering record adjusted earnings per share," said Sullivan. "We believe that our business has taken a step-change forward in its sustainable earnings expectations. Going forward, given the significant structural changes we have made across a range of critical performance areas, including financial, operational, marketing and logistics we expect our operating margin rate, return on sales and gross margin rate will exceed historical averages."

CAL closed Tuesday's trading at $19.73, up $0.29 or 1.49%, on the NYSE. The stock further gained $1.14 or 5.78% in the after-hours trading.

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