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Caleres Inc. (CAL-1.51%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports a decrease in net sales to $740.9 million from $761.9 million in the same quarter the previous year, primarily due to a decline in the Famous Footwear segment sales.
Gross profit for the quarter was $327.0 million, down from $340.4 million, with a gross margin of 44.1% compared to 44.7% in the previous year.
Operating earnings decreased to $56.7 million from $64.4 million, attributed to lower net sales and increased promotional activity.
Net earnings attributable to Caleres, Inc. were $41.4 million, compared to $46.9 million in the previous year, with diluted earnings per share of $1.19, down from $1.32.
The Famous Footwear segment reported net sales of $428.3 million, a 4.8% decrease, while the Brand Portfolio segment's net sales increased slightly to $322.9 million.
The company highlighted a strong liquidity position with $33.4 million in cash and cash equivalents and $252.1 million in borrowing availability under its revolving credit agreement.
Caleres repurchased 1,522,324 shares of common stock during the quarter, utilizing its revolving credit facility.
The filing also details an increase in inventory levels and a decrease in accrued expenses, impacting cash flow from operating activities.
Caleres continues to focus on expanding its direct-to-consumer sales channels, which represented 72% of consolidated net sales for the quarter.
The company is in the process of a multi-year ERP implementation, which has required significant investment and impacted operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Caleres Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.