Thu, Sep 12, 8:04 PM (99 days ago)
Caleres, Inc. reported a decline in net sales for the second quarter of 2024, totaling $683.3 million, down 1.8% from $695.5 million in the prior year. The decrease was largely attributed to a 5.1% drop in the Brand Portfolio segment, impacted by operational disruptions from a new ERP system implementation. Gross profit fell slightly to $310.9 million, with a gross margin increase to 45.5%. Operating earnings decreased by 14.4% to $42.5 million, while net earnings attributable to Caleres, Inc. were $30.0 million, down from $33.9 million. Liquidity remained strong, with $51.8 million in cash and $344.1 million available under a revolving credit agreement. The company reduced borrowings to $146.5 million, reflecting a shift in vendor payments. Cash flow from operations decreased to $115.7 million, primarily due to increased inventory and accounts receivable. The company anticipates continued challenges from macroeconomic factors and aims to control costs while executing strategic initiatives for sustainable growth. Overall, the quarterly performance reflects ongoing operational adjustments amid external pressures, with a focus on long-term stability.