Caleres Inc (NYSE:CAL) reported weaker-than-expected results for its fourth quarter. The company issued strong 2019 earnings and sales guidance.
The St. Louis-based Caleres, providing a diverse portfolio of global footwear brands, reported consolidated sales of $720.3 million, up 2.5% from the prior-year quarter.
The net loss for the quarter was $75.5 million, resulting in a loss per diluted share of $1.83 including $2.31 for the below items and a $0.10 benefit primarily related to the 2017 Tax Cuts and Jobs Act.
Cash and equivalents of $30.2 million and cash from operations were $129.6 million. For 2019, CAL projects consolidated net sales from $3 billion to $3.05 billion. Adjusted earnings per share are foreseen to be $2.45 to $2.55
CEO Diane Sullivan phrased it thus: "In 2018, we continued to build on our strategic plan, as we gained market share in Brand Portfolio, delivered our seventh consecutive year of same-store-sales improvement at Famous Footwear, transitioned to an in-house distribution center facility, and acquired two new brands. This work has prepared us for the future and also positioned us for growth.
"For 2019, we are focused on elevating our product assortment and our marketing at Famous Footwear, while delivering profitable growth. At Brand Portfolio, we plan to continue to expand our market share gains with strong organic growth and contribution from our new brands, Vionic and Blowfish."
Shares ducked back $2.48, or 9.6%, to $23.27 approaching noon Friday
