Caleres Q3 adj. EPS $1.23; sales down 2.8%; FY2024 EPS guidance cut 13%

CALERES INC

2024-Q3 EPS reported $2.92 revenue$2,083,456,000

Q3 net sales $740.9M, down 2.8% YoY; Famous Footwear sales -4.8%, Brand Portfolio +0.7%.
Reported EPS $1.19; adjusted EPS $1.23, down from $1.37 YoY; gross margin 44.1% (-55bps).
FY2024 guidance cut: net sales now down 2.5-3%; GAAP EPS $3.35-$3.45 (prior $3.94-$4.09).
Adjusted EPS guidance lowered to $3.45-$3.55 from $4.00-$4.15; cites soft boot demand and late athletic receipts.
Repurchased 1.5M shares for $50M; expects borrowings under ABL to be <$100M by end 2026.

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