Caleres revenues and earnings jump

Fourth quarter net sales at Caleres were 679.3 million dollars, up 19 percent from the fourth quarter of fiscal 2020. The company reported 15.9 percent sales increase in the Famous Footwear segment and a 24.4 percent sales increase in the brand portfolio segment.

Gross profit for the quarter was 294.8 million dollars, while gross margin was 43.4 percent, or a 389-basis point improvement over the fourth quarter of 2020.

Net earnings were 33.9 million dollars or 88 cents per diluted share compared to a net loss of 77 million dollars or a loss of 2.11 dollars per diluted share in the fourth quarter of fiscal 2020. Adjusted net income was 34.9 million dollars or 91 cents per diluted share compared to adjusted net earnings of 1.3 million dollars or 3 cents per diluted share in the fourth quarter of fiscal 2020.

“The Caleres team delivered its best-ever financial performance in 2021, with adjusted earnings per share that was nearly double the company’s previous all-time record,” said Diane Sullivan, the company’s chairman and chief executive officer, adding, “Caleres capped off that exceptional 2021 performance with record-setting fourth quarter results, providing significant momentum as we head into fiscal 2022.”

Caleres FY21 sales improve 31.2 percent Caleres full year consolidated sales of 2,777.6 million dollars, were up 31.2 percent from fiscal year 2020. The company reported a 38.4 percent sales increase in the Famous Footwear segment and a 19.8 percent sales increase in the brand portfolio segment.

The company’s gross profit was 1,227.3 million dollars, while gross margin was 44.2 percent, or an approximately 701-basis point improvement over fiscal year 2020.

Net earnings for the year were 137 million dollars, resulting in earnings per diluted share of 3.56 dollars. Adjusted net earnings were 165.2 million dollars or adjusted earnings of 4.29 dollars per diluted share compared to adjusted net loss of 52 million dollars or adjusted loss of 1.40 dollars per diluted share, in fiscal 2020

Caleres expects to report jump in FY22 earnings Inclusive of the company’s current expectations for its underlying business along with anticipated macro challenges that include inflationary pressures, ongoing supply chain dislocations, and lack of comparable governmental stimulus efforts, among others, Caleres expects FY22 consolidated sales to be flat to up 3 percent and earnings per diluted share to be in the range of 3.75 dollars to 4 dollars.

The company said, this earnings range reflects an approximately 75 percent increase – at the midpoint – above the company’s pre-pandemic high-water mark of 2.21 dollars. With the momentum coming out of the fourth quarter, the company expects 50 percent of its earnings to be in the first half of 2022.