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Article Date: June 2019
Word Count: 524

Caleres Cuts Guidance after Weak Q1

Net income dropped 47% to $9,083,000 in the first quarter ended May 4 from $17,212,000 last year pulled down by weakness at Famous Footwear, Vionic integration costs and restructuring in the brand portfolio, on sales that increased 7% to $677,754,000 from $632,142,000. Excluding a net $4.5 million of Vionic costs and $1.4 million of costs for exiting the Carlos brand, adjusted earnings were off 19% to $15,042,000 from $18,527,000. CAL warned that it has a huge exposure to tariffs with about 60% of its footwear sourced from China, despite efforts in recent years to diversify sourcing. Its strategy if footwear ... Log in to view full article.


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