Caleres Q2 EPS $0.85 below expectations; cuts FY GAAP EPS guidance to $3.94-$4.09

CALERES INC

2024-Q2 EPS reported $1.73 revenue$1,342,515,000

Net earnings $30.0M, EPS $0.85 (vs $0.95 prior year); sales $683.3M down 1.8% YoY.
Famous Footwear sales +1.5% but comps -2.9%; Brand Portfolio sales -5.1% due to ERP issues and weak demand.
Gross margin improved 30bps to 45.5%; SG&A up 100bps to 39.3% of sales.
FY 2024 GAAP EPS guidance cut to $3.94-$4.09 (from $4.30-$4.60); sales now down low single digits.
Restructuring actions to yield $7.5M annualized SG&A savings, $2M in FY2024; adjusted EPS guidance $4.00-$4.15 excluding $0.06 restructuring.

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