Overview of Caleres (CAL) 2nd quarter 2022 earnings
Category: Caleres (CAL)
Date: 25 August 2022 Stock price of Calares (CAL): $27.09 Market Capital of Caleres (CAL): $993 miliion We take a look at the 2nd quarter 2022 earnings report of Caleres, a premium footwear company operating nearly 1,000 Caleres-owned retail locations, 13-owned e-commerce sites and specialty stores and our partner’s websites. The group recorded record net sales of $738.3 milllion during the quarter.
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During the second quarter, Caleres delivered another exceptional financial and operational performance with record second quarter sales and earnings and strong gross profit margins – marking yet another period of outstanding results- said Diane Sullivan, Chairman and Chief Executive Officer."
More About Caleres
Caleres – a premiere global footwear company – is home to a powerful portfolio of coveted brands that span all of life’s styles and experiences. Caleres’ brands live in all channels of today’s marketplace, including our nearly 1,000 Caleres-owned retail locations, 13-owned e-commerce sites, leading department and specialty stores and our partner’s websites. Its diverse collection of brands reaches a number of consumer segments and has been developed, cultivated, and curated to meet the consumer’s ever-evolving needs and preferences. The company’s multi-faceted platform for engaging consumers is a significant and differentiating strength – one that greatly enhances its overall value proposition.
Overview of Caleres 2nd quarter 2022 earnings
ST. LOUIS--(BUSINESS WIRE)-- Caleres (NYSE: CAL, caleres.com), a diverse portfolio of consumer-driven footwear brands, today reported financial results for the second quarter ended July 30, 2022. During the quarter, Caleres continued its strong execution, delivering record second quarter sales and earnings and making significant accomplishments toward its enterprise-wide strategies. Net sales rose 9.3 percent year-over-year driven by positive momentum in the Brand Portfolio segment reflecting the successful execution of its initiatives to elevate product design, refine product assortments and increase the availability of inventory to meet demand. Notably, the company achieved net earnings of $51.2 million and generated a 45.6 percent consolidated gross profit margin. In addition, Caleres strategically deployed cash to augment inventory levels ahead of the fall buying and back-to-school seasons, prioritized investment in value-enhancing growth opportunities and repurchased $27.0 million, or 1.1 million shares, of Caleres common stock.
- Delivers record second quarter consolidated net sales of $738.3 million
- Generates record second quarter earnings per diluted share of $1.38
- Repurchases approximately 1.1 million shares of Caleres common stock
- Reiterates fiscal year 2022 earnings per share guidance
Caleres management commentary on 2nd quarter 2022 earnings
“During the second quarter, Caleres delivered another exceptional financial and operational performance with record second quarter sales and earnings and strong gross profit margins – marking yet another period of outstanding results,” said Diane Sullivan, Chairman and Chief Executive Officer. “In particular, Caleres utilized its growing and dynamic portfolio to capitalize on robust consumer demand in trending footwear categories, to support strong consolidated margin levels and to drive another excellent quarter of return on sales. In short, we demonstrated again that our versatile structure provides a significant and differentiating strength that, over the long term, enables Caleres to drive exceptional results in strong market environments while still generating attractive levels of profitability in difficult macro environments.”
Outlook
“With $2.70 of diluted earnings per share delivered in the first half, 2022 is shaping up to be another outstanding year for Caleres,” said Sullivan. “Even with ongoing inflationary pressures and uncertainties around the direction of consumer spending, Caleres is exceptionally well-positioned to maintain its significant momentum due to its diversified portfolio that can capitalize on opportunities across a broad spectrum of consumer segments and throughout a wide a range of market environments. Furthermore, the Caleres team is committed to utilizing our core competencies – in brand building, merchandising, marketing and logistics – to further our strategic priorities, while mobilizing quickly to unlock enterprise-wide growth opportunities. With the work we’ve done to structurally strengthen the long-term cash generating potential of the enterprise we are enthusiastic about the long-term prospects for profitability and remain sharply focused on creating value for our shareholders through our capital return program.”
Outlook
“With $2.70 of diluted earnings per share delivered in the first half, 2022 is shaping up to be another outstanding year for Caleres,” said Sullivan. “Even with ongoing inflationary pressures and uncertainties around the direction of consumer spending, Caleres is exceptionally well-positioned to maintain its significant momentum due to its diversified portfolio that can capitalize on opportunities across a broad spectrum of consumer segments and throughout a wide a range of market environments. Furthermore, the Caleres team is committed to utilizing our core competencies – in brand building, merchandising, marketing and logistics – to further our strategic priorities, while mobilizing quickly to unlock enterprise-wide growth opportunities. With the work we’ve done to structurally strengthen the long-term cash generating potential of the enterprise we are enthusiastic about the long-term prospects for profitability and remain sharply focused on creating value for our shareholders through our capital return program.”
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