Caleres, a leading footwear brand company, has reported its financial results for the fourth quarter and full year of 2023. The company's fourth-quarter earnings per share were $1.57, a significant increase from the previous year. Adjusted earnings per share also saw a substantial rise, reaching $0.86, marking a 32% year-over-year increase.
In the fourth quarter, net sales reached $697.1 million, a 0.1% increase from the same period in 2022. The brand portfolio segment experienced a notable growth of 4.5% in net sales, while famous footwear segment net sales declined by 1.5%. Gross profit for the quarter was $305.7 million, with a gross margin of 43.9%.
For fiscal 2023, net sales amounted to $2.82 billion, down 5.1% from the previous fiscal year. The famous footwear segment saw a decline of 5.6% in net sales, while the brand portfolio segment experienced a 3.9% decrease. Gross profit for the fiscal year stood at $1.26 billion, with a gross margin of 44.8%.
Caleres reported net earnings of $171.4 million, or earnings per diluted share of $4.80 for fiscal 2023. Adjusted net earnings for the same period were $149.3 million, or adjusted earnings per diluted share of $4.18.
The company achieved a reduction in revolver borrowings by $40 million compared to the third quarter of 2023 and more than $125 million from fiscal 2022. Additionally, inventory was down by 6.8% compared to the end of fiscal year 2022 due to strategic inventory management.
Looking ahead to fiscal 2024, Caleres expects consolidated net sales to be flat to up 2% compared to fiscal 2023. The company also anticipates earnings per diluted share to be in the range of $4.30 to $4.60. In the first quarter of 2024, consolidated net sales are expected to be flat to up 1%, with earnings per diluted share in line with the fourth quarter of 2023 on an adjusted basis.
Following these announcements, the company's shares moved 1.6%, and are now trading at a price of $39.39. If you want to know more, read the company's complete 8-K report here.
