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Peggy Reilly Tharp, Caleres
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Caleres Reports First Quarter 2018 Results
Continued improvement in gross margin and net earnings, with reported earnings per share up 14.3% and adjusted earnings per share up 7.5%
ST. LOUIS, May 31, 2018 - Caleres (NYSE: CAL, caleres.com), a diverse portfolio of global footwear brands which fit people’s lives, today reported first quarter 2018 financial results.
“In the first quarter, we once again delivered improvement in gross margin, net earnings and earnings per share. Not surprisingly, the late start to spring delayed sales but - as expected - spring arrived and trends improved appreciably, with this momentum continuing into the second quarter,” said Diane Sullivan, CEO, president and chairman of Caleres. “In the first quarter, Brand Portfolio sales were up 1.4%, and both Brand Portfolio and Famous Footwear experienced continued growth in ecommerce-related sales. We remain on track for 2018 and are maintaining our guidance for the year.”
First Quarter 2018 Results Versus 2017
Consolidated sales of $632.1 million.
Famous Footwear total sales of $363.4 million were down 0.8%, as were same-store-sales, and we operated 39 fewer doors year-over-year.
Brand Portfolio sales of $268.7 million were up 1.4%.
Gross profit was $274.9 million, while gross margin of 43.5% was up 59 basis points.
SG&A expense of $250.2 million was up 1.5%.
Operating earnings were $22.9 million and operating margin was 3.6%, while adjusted operating earnings were $24.7 million and adjusted operating margin was 3.9%, reflecting the new accounting standard related to the presentation of retirement benefits.
Net earnings were $17.2 million, while diluted earnings per share were $0.40 and included a $0.03 charge for the previously announced transition of Allen Edmonds’ consumer-facing activities to St. Louis.
Adjusted net earnings of $18.5 million were up 6.3%, while adjusted diluted net earnings per share of $0.43 were up 7.5%.
Balance Sheet and Cash Flow
Cash and equivalents were $96.5 million and up $24.7 million year-over-year.
There were no outstanding borrowings under the revolving credit facility.
Inventory of $579.9 million was up 2.6% year-over-year.
Capital expenditures of $9.4 million were down 24.3% year-over-year.
The following information was filed by Caleres Inc (CAL) on Thursday, May 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.