Footwear Firm Caleres Struggles in Q3, Cuts Annual Forecast Amid Sales, Margin Pressures
Footwear Firm Caleres Struggles in Q3, Cuts Annual Forecast Amid Sales, Margin Pressures
The company's gross Caleres, Inc. (NYSE:CAL) shares are trading lower after the company reported worse-than-expected third-quarter results.
caleres, Inc. (紐交所:CAL) 的股票在公司公佈三季度業績不及預期後下跌。
Caleres reported third-quarter revenues of $740.9 million, missing the analyst consensus of $751.36 million. Revenues fell 2.8% year-on-year. Adjusted EPS of $1.23 missed the consensus of $1.35.
caleres 報告的三季度收入爲74090萬，低於分析師共識的75136萬。收入同比下降2.8%。調整後每股收益爲1.23，未達到1.35的共識。
Famous Footwear sales fell 4.8% year over year (Y/Y), with comparable store sales up 2.5% Y/Y. Meanwhile, Brand Portfolio sales increased 0.7% Y/Y in the quarter.
Famous Footwear 的銷售額同比下降4.8%，而可比店銷售額同比增長2.5%。與此同時，品牌組合的銷售額在本季度同比增長0.7%。
The company's gross margin rate contracted 55 basis points year-over-year to 44.1%, with EBITDA totaling $71.4 million.
公司毛利率同比收縮55個點子，降至44.1%，EBITDA總計爲7140萬。
Buyback: In the third quarter, Caleres repurchased approximately 1.5 million shares for $50 million.
回購：在第三季度，caleres 回購了約150萬股，耗資5000萬。
The company aims to reduce debt, with expected borrowings under its credit facility to be less than $100 million by the end of 2026.
公司旨在減少債務，預計到2026年底，其信貸設施下的借款將低於10000萬。
Caleres will evaluate free cash flow opportunities based on business performance and market conditions for the remainder of the year.
caleres 將根據業務表現和市場條件，評估剩餘年度內的自由現金流機會。
Borrowings under the asset-based revolving credit facility totaled $238.5 million at the end of the period.
截至期末，基於資產的循環信用設施的借款總額爲23850萬。
Outlook: The company lowered its guidance for FY24 net sales to decline by 2.5%-3% (vs. a decline of low single digits prior) and adjusted EPS to $3.45-$3.55 (consensus $4.44) vs. $4.00 to $4.15 prior.
展望：公司將2024財年的淨銷售預期下調至下降2.5%-3%（此前預期爲低個位數的下降），調整後的每股收益爲3.45美元至3.55美元（共識爲4.44美元），而此前爲4.00美元至4.15美元。
Jay Schmidt, President and Chief Executive Officer said, "The third quarter saw progress toward our strategy highlighted by the Brand Portfolio delivering growth, Famous Footwear delivering positive comparable store sales, and both segments increasing market share."
傑伊·施密特，總裁兼首席執行官說："第三季度我們的策略取得了進展，品牌組合實現了增長，著名鞋業實現了正的可比門店銷售，兩大業務線均增加了市場份額。"
"That said, performance was below our expectations reflecting softer seasonal demand in the boot category, late receipts of key athletic product at Famous Footwear, and a discrete customer credit issue that impacted shipments. In addition, our business in China was also weaker than planned."
"但總體表現低於我們的預期，反映出鞋類的季節性需求疲軟，著名鞋業關鍵運動產品的入貨延遲，以及影響運輸的單獨客戶信貸問題。此外，我們在中國的業務也低於計劃。"
"However, we have reduced our outlook as we expect our season-to-date sales trend to continue in the final quarter of the year and anticipate pressure on our gross margin as we take action to move through excess inventory and position ourselves well for 2025."
"然而，我們已經下調了展望，因爲我們預計到目前爲止的銷售趨勢將在年末的最後一個季度持續，並預計由於採取行動處理過剩庫存，將對我們的毛利率施加壓力，以便爲2025年做好準備。"
Price Action: CAL shares are down 18.50% at $27.07 at the last check Thursday.
價格動態：CAL股票在週四最後檢查時下跌18.50%，價格爲27.07美元。
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照片來源於shutterstock的Helen89
