The company’s Famous Footwear segment had a net sales improvement of 0.1% while comparable sales were down 2.3%. The Brand Portfolio segment saw net sales decline by 2.6% while Caleres reported that direct-to-consumer sales represented around 69% of total sales.

Gross profit was US$309.1 million for the quarter with a margin of 46.9%. The margin was 46.1% for Famous Footwear, and 46.6% for Brand Portfolio.

Looking forward to the full 2024 fiscal year, Caleres is expecting consolidated net sales to be flat or up to 2% better than FY23, while second quarter consolidated net sales are expected to grow by 3-4%.

President and CEO Jay Schmidt said: “Caleres began 2024 in strong fashion, achieving earnings per share ahead of expectations, generating record first quarter consolidated gross margin, and making significant progress on our key strategic initiatives, all while investing for the long-term. While the consumer demand environment remained challenging, we achieved growth in sales and profitability from our Lead Brands and strong margin performance across the Brand Portfolio.”