Caleres reports 34.7 percent increase in Q2 sales

Caleres net sales for the second quarter were 675.5 million dollars, up 34.7 percent from the second quarter of fiscal 2020.

The company reported a 35.8 percent sales increase in the Famous Footwear segment and a 30.2 percent sales increase in the Brand Portfolio segment. Direct-to-consumer sales represented 79 percent of total net sales.

For the third quarter, the company expects adjusted earnings per share of between 1.10 dollars and 1.25 dollars and for fiscal full year 2021, Caleres expects adjusted earnings per share to be between 3.25 dollars and 3.50 dollars.

“The Caleres team continued to execute at a high level during the quarter, achieving another significant sequential increase in sales and delivering earnings well in excess of pre-pandemic levels,” said Diane Sullivan, the company’s chairman and chief executive officer.

Gross profit for the quarter was 322.3 million dollars, while gross margin was 47.7 percent, or an approximately 11 full percentage point improvement over second quarter 2020.

Net income was 37.4 million dollars or earnings of 97 cents per diluted share, compared to net loss of 30.7 million dollars or a loss of 83 cents per diluted share, in the second quarter of fiscal 2020.

Adjusted net income for the quarter was approximately 46 million dollars or adjusted earnings of 1.19 dollars per diluted share compared to adjusted net loss of 21.1 million dollars or adjusted loss of 57 cents per diluted share, in the second quarter of fiscal 2020.