Q3 2024 Caleres Inc Earnings Call Transcript
Key Points
- Caleres Inc (CAL) reported growth in its Brand Portfolio segment, with sales increasing approximately 1% year-over-year.
- Famous Footwear delivered positive comparable store sales, increasing by 2.5% during the third quarter.
- The company gained market share in both its Brand Portfolio and Famous Footwear segments.
- Caleres Inc (CAL) saw strong demand for fashion sneakers, which represented over 30% of retail selling for the quarter.
- The company's own brands, such as Sam Edelman and Naturalizer, showed strong performance, contributing significantly to sales and operating earnings.
- Overall sales for Caleres Inc (CAL) declined by 2.8% year-over-year in the third quarter.
- Boot sales were weak across both segments, with wholesale boot shipments declining by 5% and retail short boots down 18%.
- The company faced challenges with late receipts of trending athletic products at Famous Footwear.
- Caleres Inc (CAL) experienced a credit issue with a customer in the Brand Portfolio, resulting in lower shipments.
- The company's business in China softened, impacting overall performance and leading to a more cautious outlook for the region.
Good morning, and welcome to the Caleres third-quarter 2024 earnings conference call. My name is Darryl, and I will be your conference coordinator. (Operator Instructions)
As a reminder, this conference is being recorded. At this time, I will turn the call over to Liz Dunn, Senior Vice President of Strategic Communications and Corporate Development. Please go ahead.
Thank you, Darryl. Good morning, and thank you for joining our third quarter 2024 earnings call and webcast. A press release with detailed financial tables as well as our quarterly slide presentation are available at caleres.com.
Please be aware today's discussion contains forward-looking statements, which are subject to several risks and uncertainties. Actual results may differ materially due to various risk factors, including those disclosed in the company's Form 10-K and other filings with the US Securities and Exchange Commission. Please refer to today's press release and our SEC
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