Caleres down on annual sales forecast update, Q3 results miss

Caleres

05/12/2024 12:52

** Shares of footwear retailer Caleres  CAL.N  fall ~16% to
$28 premarket  
    ** Co narrows annual sales decline forecast to 2.5% to 3%
from previous forecast of drop in low-single digits
    ** Posts Q3 revenue of $740.9 mln vs estimates of $751.4 mln
and adjusted EPS of $1.23 below estimates of $1.36- data
compiled by LSEG
    ** Says Q3 results reflect softer seasonal demand for boot
category, late receipts at Famous Footwear, a customer credit
issue that impacted shipments and weaker business in China  
    ** Up to Wednesday's close, stock has risen 8% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))