Caleres maintains 2023 earnings outlook amid market challenges

ST. LOUIS – Caleres (NYSE: NYSE:), a diversified portfolio of global footwear brands, has reaffirmed its financial forecast for the full year 2023, maintaining its adjusted earnings per share projection despite a tough retail environment.

The company, which owns brands such as Famous Footwear and Naturalizer, expects adjusted diluted earnings per share to range between $4.10 and $4.20 for the year.

According to Jay Schmidt, president and chief executive officer of Caleres, the company’s consistent performance above the $4.00 baseline for the third consecutive year demonstrates the significant transformation in its earnings profile. Schmidt emphasized the company’s commitment to shareholder value, consumer satisfaction, and cost management looking forward to 2024.

The company also anticipates a decrease in consolidated net sales of 4.5% to 5.5% compared to the previous fiscal year, factoring in the impact of an additional week in the fiscal calendar. The guidance includes a GAAP diluted earnings per share range of $3.96 to $4.06 and an adjusted range accounting for expense reduction initiatives.

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