Caleres Q1 EPS $0.97 at upper end of guidance; revenue down 9.8% YoY

CALERES INC

2023-Q1 EPS reported $0.97 revenue$662,734,000

Diluted EPS $0.97; net earnings $34.7M vs $50.5M YoY.
Revenue $662.7M (-9.8%); Famous Footwear comps down 8.5%; Brand Portfolio -11.0% on shipment timing.
Reiterates FY23 adjusted EPS $4.10-$4.30; cuts net sales guidance to down 3%-5% on Famous Footwear softness.
Announces $20M expense reductions and $10M freight savings; expects $4M one-time Q2 charge.
Reduced revolver borrowings by $16M; quarterly dividend approved payable June 28, 2023.

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