Caleres exceeds first quarter 2019 earnings levels

United States
Published:  03 June, 2021

The U.S. headquartered footwear Group has reported financial results for the first quarter ended May 1, 2021, in which it exceeded first quarter 2019 earnings levels; drove sequential sales and operating earnings improvement; Famous Footwear achieved first quarter record sales and operating earnings; and it paid down an additional US$50 million of debt.

Net sales were US$638.6 million, up 60.8% year-on-year. Direct-to-consumer sales represented 74.5% of total net sales. 108.2% of sales increase in the Famous Footwear segment while 15.2% sales increase in the Brand Portfolio segment. Total company owned ecommerce website sales increased 21.4%, with ecommerce penetration of 25.6% of net sales.

Gross profit was US$274.9 million, while gross margin was 43.0%.

Outlook

For the second quarter of 2021, Caleres expects sales levels to be between US$625 million and US$650 million.