Caleres Announces Record 2021 Results, Driven by Famous Footwear – Footwear News

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Caleres is coming off a record-breaking 2021.

Famous Footwear’s parent company, Sam Edelman, Vince, Dr. Scholl’s Shoes and others achieved record adjusted earnings per share that was nearly double the company’s previous all-time high. Net income for fiscal 2021 was $165.2 million, or adjusted earnings of $4.29 per diluted share. The company also achieved an all-time high in operating margins and also set records with its fourth quarter results.

“These excellent results demonstrate the strength of our brand portfolio, the success of our advanced operational capabilities, the considerable efforts and talents of our global associates and the significant transformation of the organization in terms of added value,” said the president. -General Manager Diane Sullivan.

Caleres shares rose slightly after markets closed on Tuesday.

In the fourth quarter, Famous Footwear‘s sales increased 8.8% compared to the same quarter in 2019, which management attributed to a strong portfolio of high-temperature brands and products. The retail chain’s sales increased 15.9% in the fourth quarter compared to fiscal 2020. In fiscal 2021, Famous Footwear recorded a 38.4% increase in sales of one year to the next.

Throughout the past year, Famous Footwear has consistently generated explosive growth for Caleres. Last quarter, Famous Footwear achieved its highest Q3 sales ever at approximately $495 million, representing a 26.3% sales increase for the retailer.

Sam Edelman, Allen Edmonds, Vionic and Blowfish also posted strong results in 2021, each exceeding their levels from the fourth quarter of 2019.

“Clearly, fiscal 2021 was a banner year for Caleres, with the company posting record adjusted earnings per share,” Sullivan said. “Going forward, given the significant structural changes we have made across a range of critical performance areas, including finance, operations, marketing and logistics, we expect our operating margin rate, return on sales and our gross margin rate will exceed historical averages.”

Given inflationary pressures and supply chain challenges, Caleres expects consolidated sales to be flat or up 3% in fiscal 2022, with diluted earnings per share between 3, $75 and $4, which is a 75% increase from pre-pandemic levels.

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