Caleres (NYSE: CAL) reported Q3 EPS of $0.78, $0.05 worse than the analyst estimate of $0.83. Revenue for the quarter came in at $792.4 million versus the consensus estimate of $820.42 million.

• Consolidated sales of $792.4 million, up 2.1%.
  • Famous Footwear total sales of $446.6 million, with same-store-sales up 2.5%.
  • Brand Portfolio sales of $359.9 million, up 4.9%.
• Gross profit of $319.8 million, up 2.9%, representing gross margin of 40.4%.
• SG&A expense of $275.3 million, up 3.7%, representing 34.7% of sales.
• Operating earnings of $43.5 million, representing operating margin of 5.5%.
• Adjusted operating earnings of $44.4 million, down 5.3%, representing adjusted operating margin of 5.6% excluding Vionic integration expense.
• Net earnings of $28.0 million, resulting in earnings per diluted share of $0.69, up 3.0%, including $0.07 of fair value adjustment associated with the mandatory purchase obligation of Blowfish Malibu and $0.02 of Vionic integration expense.
• Adjusted net earnings of $31.6 million, resulting in adjusted earnings per diluted share of $0.78, down 3.7%, including a $0.03 net impact from increased tariffs in the quarter.

“Our third quarter results demonstrate continued execution against our strategy to broaden the reach of our powerful portfolio and strengthen consumer connections,” said Diane Sullivan, CEO, president and chairman of Caleres. “We delivered our eighth consecutive year of positive back-to-school same-store-sales growth at Famous Footwear and our top brands continued to gain share within the Brand Portfolio. While the demand environment remains dynamic, we are focused on executing on our plan with fresh and compelling inventory and a continued emphasis on cost discipline across the organization.”

GUIDANCE:

Caleres sees FY2019 EPS of $2.35-$2.40, versus the consensus of $2.40.

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