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Caleres (CAL) Misses Q1 EPS by 2c, Offers Guidance

May 26, 2016 4:23 PM EDT

Caleres (NYSE: CAL) reported Q1 EPS of $0.41, $0.02 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $584.7 million versus the consensus estimate of $610.58 million.

Famous Footwear comps rose 1 percent.

Brand Portfolio

  • Sales down 9.1%, reflecting a planned reduction in Healthy Living sales
  • Gross margin up 279 basis points to 35.9%, benefitting from the exit of some lower margin categories
  • Opened four Sam Edelman retail stores and invested in the development of the Diane von Furstenberg and George Brown brands
  • Inventory down 4.1%, on solid inventory management

GUIDANCE:

Caleres sees FY2016 EPS of $2.00-$2.10, versus the consensus of $2.09. Caleres sees FY2016 revenue of $2.60-2.63 billion, versus the consensus of $2.66 billion.

Outlook for 2016

Consolidated net sales $2.60B to $2.63B
Famous Footwear same-store-sales Up low-single digits
Brand Portfolio sales Flat to down low-single digits
Gross margin Up 15 to 25 bps
SG&A as a percent of revenue Down 5 to 15 bps
Effective tax rate 30% to 32%
Earnings per diluted share $2.00 to $2.10
Capital expenditures ~$70M

For earnings history and earnings-related data on Caleres (CAL) click here.



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