Stock to Track: Caleres, Inc. (NYSE: CAL)

On Friday, Shares of Caleres, Inc. (NYSE: CAL) rose 0.45% to $35.50. The stock recorded $35.27 as its minimum price and hit the max level of $35.96, during its most recent trading session. It traded total volume of 66,687 shares lower than the average volume of 333.77K shares.

Caleres (CAL), a diverse portfolio of global footwear brands, recently stated second quarter 2018 financial results.

Second Quarter 2018 Results As Compared To 2017:

  • Consolidated sales of $706.60M, up 4.4%.
    • Famous Footwear total sales of $429.50M were up 6.1%, while same-store-sales were up 2.6%.
    • Brand Portfolio sales of $277.10M were up 1.9%.
  • Gross profit was $293.10M, while gross margin was 41.5%.
  • SG&A expense of $258.80M represented 36.6% of sales – a 121 basis point improvement.
  • Operating earnings were $32.10M and operating margin was 4.5%, while adjusted operating earnings were $34.80M and adjusted operating margin was 4.9%.
  • Net earnings were $23.60M, while diluted earnings per share were $0.55 and included a $0.04 charge for the formerly declared transition of Allen Edmonds’ consumer-facing activities to St. Louis and for the July acquisition of Blowfish Malibu.
  • Adjusted net earnings of $25.60M were up 24.1%, while adjusted diluted net earnings per share of $0.59 were up 22.9%.

First Half 2018 Results As Compared To 2017

  • Consolidated sales of $1,338.80M, up 2.3%.
    • Famous Footwear total sales of $792.90M were up 2.8%, while same-store-sales were up 1.0% – in-line with FY’18 guidance.
    • Brand Portfolio sales of $545.90M were up 1.6%.
  • Gross profit was $568.00M, while gross margin was 42.4%.
  • SG&A expense of $509.00M represented 38.0% of sales – a 39 basis point improvement.
  • Operating earnings were $55.10M and operating margin was 4.1%, while adjusted operating earnings were $59.50M and adjusted operating margin was 4.4%.
  • Net earnings were $40.90M, while diluted earnings per share were $0.94 and included an $0.08 charge for the formerly declared transition of Allen Edmonds’ consumer-facing activities to St. Louis and for the acquisition of Blowfish Malibu.
  • Adjusted net earnings of $44.10M were up 16.0%, while adjusted diluted net earnings per share of $1.02 were up 15.9%.

Balance Sheet and Cash Flow

  • Cash and equivalents were $102.90M and up $49.90M year-over-year, counting the acquisition of Blowfish Malibu. There were no outstanding borrowings under the revolving credit facility.
  • Inventory of $715.70M was down 0.9% year-over-year.
  • Capital expenditures of $12.10M were down 19.2% year-over-year.

Pension Presentation:

Results for this year reflect the new accounting standard related to the presentation of retirement benefits, which influenced stated and adjusted 2017 operating income and margin. The effect of this new standard resulted in a shift of $2.70M of retirement plan income from second quarter 2017 SG&A expense to other income, net. For the first half of 2017, this amount was $5.10M. There was no impact to second quarter or first half 2017 net earnings or earnings per share, because of the adoption of this standard.

CAL has the market capitalization of $1.55B and its EPS growth ratio for the past five years was 19.50%. The return on assets ratio of the Company was 6.10% while its return on investment ratio stands at 11.40%. Price to sales ratio was 0.55 while 95.00% of the stock was owned by institutional investors.

Chad Pitman

Chad Pitman

I am Chad Pitman and I focus on breaking news stories and ensuring we (“Stocks Market Cap”) offer timely reporting on some of the most recent stories released through market wires about “Emerging Stocks”. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for stocksmarketcap.com specializing in quicker moving active shares with a short term view on investment opportunities and trends.

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