Q4 2024 Caleres Inc Earnings Call Transcript
Key Points
- Caleres Inc (CAL) was honored with the Nordstrom Vendor Partner and Excellence Award for Footwear in 2024, highlighting the strength of its brands and products.
- Fourth quarter earnings were at the high end of guidance, with market share gains in women's fashion footwear.
- The company successfully reduced its reliance on China for direct product sourcing, expecting 75% of sourcing to be outside China by mid-2025.
- Lead Brands such as Sam Edelman, Allen Edmonds, Naturalizer, and Vionic outperformed, reinforcing their strategic importance.
- Caleres Inc (CAL) returned approximately $75 million to shareholders through buybacks and dividends in 2024.
- Fourth quarter sales were down approximately 4% year-over-year, excluding the impact of the 53rd week, due to weak boot sales and softer wholesale demand.
- Brand Portfolio sales declined 7.2% in the fourth quarter, with weakness in boots and value-oriented brands.
- Famous Footwear's comp-store sales were down 2.9%, with brick-and-mortar sales declining 4.1%.
- The company faces challenges from persistent inflation and new tariffs, impacting its 2025 outlook.
- Caleres Inc (CAL) anticipates continued headwinds with value-based consumers and cautious retail partner inventory management.
Greetings, and welcome to the Caleres Inc fourth quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Liz Dunn, Senior Vice President, Corporate Development & Strategic Communications. Thank you. You may begin.
Good morning and thank you for joining our fourth quarter and full year 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
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