Caleres set for worst day in over two years on cutting annual forecasts

Caleres

12/09/2024 14:51

** Shares of U.S.-based footwear company Caleres  CAL.N 
down as much as 20% at near eight-month low of $29.88
    ** Stock last down 13% and is set for worst day since August
2022 if losses hold
    ** Company cuts annual sales and profit forecasts as demand
for footwear remains tepid
    ** CAL now expects annual sales to be down in the low
single-digit percentage ranges, compared with prior forecast of
flat to up 2% rise
    ** Company now sees adjusted EPS between $4.00 and $4.15,
compared with previous expectation of $4.30 to $4.60
    ** CAL also misses Q2 sales estimates
    ** Company announces restructuring actions that will result
in $7.5 million in annualized SG&A savings and $2 million in
SG&A savings in fiscal 2024
    ** Up to Wednesday's close, stock had risen ~21% so far this
year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))