Caleres plunges on annual sales forecast update, Q3 results miss

Caleres

05/12/2024 16:37

(Updates)
    ** Shares of footwear retailer Caleres  CAL.N  fall as much
as 21% to $26.26
        ** Stock set for worst day since April 2020, if losses
hold
  
    ** Co narrows annual sales decline forecast to 2.5% to 3%,
from previous guidance of 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
    ** Telsey Advisory Group notes that while some of these
issues are macro in nature, others appear to be operational,
citing disappointing Q2 results given the disruptions in
enterprise resource planning implementation 
    ** Up to Wednesday's close, stock had risen 8% YTD

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