Caleres falls on downbeat forecast, Q1 revenue miss

Caleres

01/06/2023 13:30

** Shares of U.S.-based footwear company Caleres Inc  CAL.N 
down 1.5% at $17 premarket
    ** Sees Q2 adjusted income between $0.87/shr and $0.92/shr,
compared with analysts' average estimate of $1.18/shr -
Refinitiv
    ** Forecasts Q2 consolidated net sales to be down 4%-5% 
    ** For the full-year, co now expects sales to be down 3%-5% 
    ** Reports a 9.8% decline in Q1 revenue to $662.7 mln,
missing analysts' estimates of ~$700 mln
    ** Says it has taken up steps to reduce expenses across its
business, including "eliminating open corporate positions,
reducing non-merchandise procurement costs", among others
    ** As of last close, CAL down 22.5% YTD
    

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))