The following is a summary of the Caleres, Inc. (CAL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Q1 2024 earnings per share were $0.88, exceeding expectations despite a slight decline in sales (less than 1% YOY).

• Consolidated gross margin reached a first quarter record of 47%, contributing to bottom line strength.

• Brand portfolio sales declined by 2.6% but achieved a strong operating margin, contributing significantly to operating earnings.

Business Progress:

• Accelerated investment in marketing initiatives, especially for Sam Edelman and Naturalizer, leading to improved consumer metrics.

• Expanded international presence with new Sam Edelman stores, including a flagship store in Southeast Asia.

• Enhanced consumer experiences at Famous Footwear with 10 stores converted to FLAIR and upgrading financial and operational systems to a new SAP platform.

• Returned $18 million to shareholders through share buybacks and dividends.

Opportunities:

• Strong demand and performance in fashion sneakers, flats, and casual footwear, with plans to increase inventory in these categories.

• Enhanced e-commerce capabilities with a 9% increase in own e-commerce sales, focusing on further digital growth.

• Expansion of international operations and consumer reach, particularly through new store openings and strategic marketing.

Risks:

• Seasonal products underperformed with dress sandals and boots both declining, impacting overall performance.

More details: Caleres IR

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