Caleres posts best-ever first-quarter sales

United States
Published:  27 May, 2022
Credit: Allen Edmonds

The U.S.-based footwear company has reported its first-quarter financial results, delivering its best-ever first-quarter sales performance.

The company saw a growth of 15.1% year-on-year in sales, with net sales at US$735.1 million for the period.

For the first quarter, the company reported a 3.4% sales decline in its Famous Footwear segment (with a 49.2% gross margin), but a 46.1% increase for its Brand Portfolio segment (with a 38.1% gross margin).

Direct-to-consumer sales represented around 65% of the total net sales and the company achieved a gross profit of US$327 million, with a gross margin of 44.5%.

Thanks to the strong start to the year, Caleres has raised its full-year outlook, now forecasting consolidated sales up 2-5% over 2021.

“Looking ahead, even with ongoing supply chain challenges and persistent macro-economic headwinds, Caleres is exceptionally well-positioned to capitalise on favourable market dynamics,” said Diane Sullivan, Chairman and CEO.

“As we progress through the year, we are committed to advancing our strategic priorities and have redoubled our efforts to unlock the growth opportunities identified across the enterprise. With the significant step-change achieved in the long-term cash generating potential of our diversified portfolio, coupled with our carefully defined capital return program, we are confident we can drive substantial, long-term value for our shareholders.”