Caleres Q1 EPS $0.88 beats expectations; record gross margin 46.9%

CALERES INC

2024-Q1 EPS reported $0.88 revenue$659,198,000

Net sales $659.2M, down 0.5% YoY; diluted EPS $0.88 vs $0.97 prior year.
Record Q1 consolidated gross margin 46.9%, up 120 bps; Brand Portfolio gross margin up 240 bps.
Famous Footwear sales flat, comps down 2.3%; Kids category sales and market share up significantly.
Reaffirms FY2024: EPS $4.30-$4.60, net sales flat to up 2%; Q2 EPS guidance $1.20-$1.25.
Repurchased 416K shares for $15.1M; borrowings down ~$100M YoY to $191M.

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