In the full year, the Famous Footwear segment had a decline of 5.6%, while Brand Portfolio was down 3.9% and direct-to-consumer (DTC) sales represented 72% of the total.

Gross profit was US$1.26 million for 2023 with a gross margin of 44.8%. The Famous Footwear segment had a margin of 44.7% while Brand Portfolio had a margin of 43%.

The company reported net earnings of US$171.4 million for the full fiscal year, a decline of 5.7%.

In the fourth quarter alone, net sales were up 0.1% year-on-year to US$697.1 million. Famous Footwear had a decline of 1.5%, while Brand Portfolio was up 4.5%. DTC sales represented 74% of the total.

Gross profit was US$305.7 million for the quarter with a gross margin of 43.9%. The margin for Famous Footwear was 42.9% while Brand Portfolio came in at 42.6%. Net earnings totalled US$55.8 million, up by 36.8%.

Looking forward, Caleres expects consolidated net sales to be flat with growth potentially up to 2%. Sales in the first quarter are forecast at flat to an increase of 1%.

President and CEO Jay Schmidt said: “I am proud of the Caleres team and the tremendous progress we have made across a wide range of strategic objectives. The transformation in earnings power that we have achieved in recent years – combined with our value-driving organisational structure, powerful brands, and best-in-class capabilities – positions us exceptionally well for growth in 2024 and beyond.

“Our Brand Portfolio – powered by our Lead Brands – has tremendous growth potential, and Famous is poised to strengthen its position as the No. 1 footwear destination for the Millennial family. Looking ahead, we are confident in our ability to execute on our growth strategy, deliver on our long-term financial targets, and create sustained value for our shareholders.”