For its fourth quarter, Caleres’ consolidated sales of 720.3 million dollars were up 2.5 percent. While the company’s brand portfolio sales of 355.1 million dollars increased 14.8 percent, including Vionic, Famous Footwear same-store-sales were up 1.1 percent but total sales of 365.2 million dollars were down. Consolidated sales for fiscal 2018 of 2,834.8 million dollars were up 1.8 percent. Brand portfolio sales of 1,228 million dollars rose 7 percent, including Vionic and Blowfish and Famous Footwear same-store-sales were up 1.5 percent but total sales of 1,606.8 million dollars declined.
“In 2018, we continued to build on our strategic plan, as we gained market share in brand portfolio, delivered our seventh consecutive year of same-store-sales improvement at Famous Footwear, transitioned to an in-house distribution centre facility, and acquired two new brands. This work has prepared us for the future and also positioned us for growth,” said Diane Sullivan, CEO, President and Chairman of Caleres in a statement.
Review of Caleres’ Q4 and FY18 performance
Gross profit for the quarter was 277.7 million dollars, while gross margin was 38.6 percent and adjusted gross margin was 39.9 percent. Operating loss was 94.4 million dollars and adjusted operating earnings reached 20.5 million dollars. The company’s net loss for the quarter was 75.5 million dollars, resulting in a loss per diluted share of 1.83 cents. Adjusted net earnings were 16 million dollars, while adjusted diluted net earnings per share were 38 cents.
Gross profit for the fiscal year 2018 was 1,156.3 million dollars, while gross margin was 40.8 percent and adjusted gross margin was 41.2 percent. Operating earnings were 0.4 million dollars and adjusted operating earnings were 127 million dollars. The net loss for the year was 5.4 million dollars, resulting in a loss per diluted share of 13 cents. Adjusted net earnings were 95.1 million dollars, up 2.1 percent, while adjusted diluted net earnings per share of 2.21 dollars were up 2.3 percent.
For fiscal 2019, Caleres expects consolidate net sales to range from 3 billion to 3.05 billion dollars, brand portfolio sales to be up low to mid-teens including acquisitions, Famous Footwear same-store sales to be up low to mid-single digits and adjusted earnings per diluted share in the range of 2.45 to 2.55 dollars.