Caleres, Inc. (NYSE:CAL) shares are trading lower after the company reported worse-than-expected second-quarter results and lowered its annual outlook.
The company reported revenues of $683.32 million, missing the analyst consensus of $723.80 million. Famous Footwear sales rose 1.5% Y/Y, driven by a later-than-expected back-to-school season.
Meanwhile, Brand Portfolio sales fell 5.1%, impacted by operational reporting challenges from its SAP ERP implementation and weak seasonal demand in certain areas.
The company’s gross margin rate expanded 30 basis points year-over-year to 45.5%, with EBITDA totaling $57.2 million. Adjusted EPS of $0.85 missed the consensus of $1.22.
The company disclosed restructuring actions that are expected to result in $7.5 million in annualized SG&A savings, with $2 million in savings anticipated for fiscal 2024.
Outlook: The company lowered its guidance for FY24 ...
