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Caleres Q4 sales decline by 18.3 percent

By Prachi Singh

17 Mar 2021

Business

Caleres For its fourth quarter, Caleres recorded net sales of 571 million dollars, down 18.3 percent. The company reported a 6.2 percent sales decline in the Famous Footwear segment and a 32.4 percent sales decline in the Brand Portfolio segment, while total company owned ecommerce website sales increased approximately 25 percent, with ecommerce penetration rising to approximately 30 percent of net sales.

Gross profit for the quarter was 225.6 million dollars, while gross margin was 39.5 percent, net loss was 77 million dollars or loss of 2.11 dollars per diluted share compared to net earnings of 0.4 million dollars or earnings of 1 cent per diluted share in the fourth quarter of fiscal 2019. Adjusted net income was 1.3 million dollars or 3 cents per diluted share compared to 13.9 million dollars or 34 cents per diluted share.

“We continued to execute at a very high level at Famous Footwear, which rebounded quickly following the extended store closures and capped off 2020 with a modest decline in fourth quarter sales and a significant increase in year-over-year earnings. For the Brand Portfolio, we have identified areas of opportunity that are expected to position this segment for improved performance including actions to ensure the optimal alignment of our product assortment and omnichannel capabilities to more closely reflect rapidly evolving consumer behaviours, preferences and priorities,” said Diane Sullivan, the company’s Chairman and CEO in a statement.

Caleres full year sales decline 27.5 percent

For the full year, consolidated sales of 2,117.1 million dollars were down 27.5 percent, while the company reported a 20.4 percent sales decline in the Famous Footwear segment and a 35.8 percent sales decline in the Brand Portfolio segment. Total company owned ecommerce website sales increased approximately 40 percent, with ecommerce penetration rising to approximately 30 percent of net sales.

Gross profit for the year was 787 million dollars, while gross margin was 37.2 percent. Net loss for the year was 439.1 million dollars, resulting in a loss per diluted share of 11.80 dollars, while adjusted net loss was 52 million dollars or adjusted loss of 1.40 dollars per diluted share compared to adjusted net income of 86.4 million dollars or adjusted earnings of 2.10 dollars per diluted share, in fiscal 2019.

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