Caleres Shares Surge 8% on Q1 Earnings Beat and Raise

Caleres (NYSE: CAL) shares surged around 8% after-hours following the company's reported Q1 results, with EPS of $1.32 coming in above the consensus estimate of $0.83.

Revenue grew 15.1% year-over-year to $735.1 million, compared to the consensus estimate of $677.28 million. Famous Footwear segment revenue declined 3.4%, while Brand Portfolio segment revenue grew 46.1%.

According to Diane Sullivan, Chairman and CEO of Caleres, the company is exceptionally well-positioned to capitalize on favorable market dynamics even with ongoing supply chain challenges and persistent macro-economic headwinds.

The company raised its full 2022-year outlook, now expecting consolidated sales levels to be up 2-5% year-over-year and diluted EPS to be between $4.20-$4.40.

By Davit Kirakosyan

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