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Caleres, parent of footwear brands including Dr Scholl’s, Famous Footwear and Vince, said Thursday it now expects sales for its third quarter and all of fiscal 2023 will come in at the low end of its guidance.
The St. Louis-based company updated guidance as it set goals for the next three years, ahead of an investor day that will kick off later Thursday.
The company is aiming to deliver sales growth at a compound annual growth rate (CAGR) of 3% to 5% over the three-year period; per-share earnings growth at a CAGR of 11% to 13% to reach $6.00 at the midpoint of the range; and for annual shareholder returns in the low-to-mid teens.
The company still expects third-quarter adjusted EPS of $1.30 to $1.35 and fiscal 2023 adjusted earnings of $4.10 to $4.30.
But it expects sales to fall by low-single digits in the third quarter and be down 3% to 5% for the year.
“Given the challenging consumer demand environment in September, it expects to be at the low-end of the sales range for both third quarter and fiscal year 2023,” the company said in a statement.
The stock
CAL,
was up 1.5% premarket and has gained 20% in the year to date, while the S&P 500
SPX
has gained 11%.
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