For the fourth quarter of the 2022 financial year, the company reported net sales of US$696.4 million, up 2.5% year-on-year.
Caleres’ Famous Footwear segment achieved a sales increase of 0.1%, while its Brand Portfolio segment increased sales by 6.4%. The company also noted that direct-to-consumer sales accounted for around 75% of total net sales.
Gross profit for the quarter totalled US$281.2 million, while the gross margin was 40.4%. For Famous Footwear, the gross margin was 42.4% and it was 36% for Brand Portfolio.
For the full 2022 fiscal year, Caleres reported net sales of US$2.97 billion, up by 6.9% year-on-year. Famous Footwear saw sales drop by 2.5%, while the Brand Portfolio segment grew by 22.4%. Direct-to-consumer sales represented approximately 72% of total net sales.
Gross profit for the full year was US$1.28 billion with a gross margin of 43.3%. Famous Footwear alone had a gross margin of 46.3% while Brand Portfolio has a gross margin for 37.6%.
Looking forward to the full 2023 fiscal year, Caleres notes that this will be a 53-week year compared against the 52-week 2022 fiscal year. The company is expecting net sales to be flat up to a 2% increase over 2022.
President and CEO Jay Schmidt said: “Caleres closed a record-setting 2022 with another quarter of strong sales and earnings performance that exceeded initial expectations. Our fourth quarter results were led by our Brand Portfolio, which experienced strong growth in sales, gross margin and earnings and a solid performance from Famous Footwear, which continues to provide the brands, trends and value aligned with consumer preferences.
“Overall, Caleres generated annual results well ahead of pre-pandemic levels. The power of the Caleres portfolio and the structural changes made in recent years have effectively doubled the baseline earnings power of the company.”
