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Caleres Reports Mixed Finish to Q3

Caleres Inc. today reported a mixed finish to its third-quarter as sales topped expectations but profits fell short.
The parent of Famous Footwear and shoe brands such as Sam Edelman and Dr. Scholls also lowered its earnings expectations for the year, citing its decision to pull out of an expensive third-party distribution center and its Vionic acquisition, announced last month.
Overall, Caleres said its sales during the period were flat year over year $776 million, topping analysts’ bets of $765 million.
Famous Footwear’s same-store-sales were up 2.8 percent although its revenues fell 5 percent to $448.8 million as one week of back-to-school sales shifted into the second quarter of this year versus the third quarter of last year, according to the company.
Revenues at the brand portfolio were up 8.5 percent to $327.1 million, including contributions from Vionic.
Caleres’ total profits declined 15 percent to $29.2 million, or 67 cents per diluted share. On adjusted basis, however, earnings improved 1.6 percent year over year to $34.9 million, or 81 cents per share. Still, it fell short of the 88 cents per share market watchers were expecting.
“Famous Footwear delivered its seventh consecutive year of positive back-to-school same-store-sales, while Brand Portfolio showed sales improvement as our top

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Via:: https://footwearnews.com/2018/business/earnings/caleres-q3-earnings-2018-famous-footwear-sales-1202709338/