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Famous Footwear Parent Sees Fiscal 2022 Sales Up 7 Percent

Famous Footwear Parent Sees Fiscal 2022 Sales Up 7 Percent

Caleres reported that after a stronger-than-expected holiday performance and continued demand for its brands, the company provided preliminary, unaudited fiscal 2022 consolidated sales and earnings per share range that exceeded its expectations. The results represent another record year for the company.

“The strong finish to 2022 capped off a significant year of growth at Caleres, with results surpassing our recent expectations,” said Jay Schmidt, president and chief executive officer. “This record performance demonstrates the power of our brands, the strength of our platform and the successful execution of our strategies.”

On a preliminary basis, Caleres now expects the following for fiscal year 2022:

  • Consolidated sales of approximately $2.97 billion, up 7 percent compared to fiscal year 2021, versus previous expectations for growth of 4 percent to 6 percent;
  • Earnings per diluted share of $4.86 to $4.92. Adjusted earnings per diluted share between $4.50 and $4.52 versus previous expectations for adjusted earnings per share between $4.30 to $4.40; and
  • Consolidated inventory down approximately 3 percent compared to fiscal year 2021, versus its previous expectation for an increase of mid-single-digit percent.

Caleres used cash generated during the quarter to pay its quarterly dividend, marking 100 consecutive years of regular dividend payments, and to reduce borrowings on its asset-based revolving credit facility by approximately $57 million ending the fiscal year at approximately $308 million borrowed.

“Looking ahead, we believe the strength of our brands, combined with the structural changes we’ve made in recent years, have increased the annual earnings baseline of the company to in excess of $4.00 per share,” said Schmidt. “We look forward to discussing our 2022 results and providing a detailed outlook for 2023 on our fourth-quarter earnings call in mid-March.”

The company will release its fourth quarter and fiscal year 2022 results on March 14.

Caleres’s businesses include Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic, Blowfish Malibu, Dr. Scholl’s, and Ryka.