$CAL reports strong Q4 and fiscal 2022 results, issues positive outlook for fiscal 2023
Mar 14th 2023, 11:36 am
Analyst Summary: Caleres (NYSE: CAL), a portfolio of consumer-driven footwear brands, reported strong financial results for Q4 and fiscal 2022, as well as its fiscal 2023 outlook. Q4 results were driven by the Brand Portfolio, with a 6.4 percent increase in net sales and a nearly 200 basis point improvement in gross margin, resulting in record Q4 earnings of $112 million with an 8.5 percent return on sales. Famous Footwear achieved record Q4 sales, and its annual operating earnings topped $300 million for the second consecutive year. Jay Schmidt, President, and CEO, credited the company's portfolio strength and structural changes for doubling the company's earnings power. Caleres' fiscal 2023 outlook forecasts consolidated net sales to be flat to up 2 percent, including the 53rd week, compared to 2022, with earnings per diluted share in the range of $4.10 to $4.30, which balances strong momentum with anticipated headwinds. Caleres paid down $57 million during Q4 and $73.4 million in 2022 to repurchase shares and pay dividends. The company will host a conference call today.