Caleres has announced strong sales and earnings figures for fiscal year 2022 after a better-than-expected performance in the holiday season, which helped propel the company to a record year.
The parent company to Famous Footwear, Allen Edmonds, Vince and more brands preliminarily reported that sales in 2022 totaled about $2.97 billion, up 7% over 2021 and beating growth expectations of between 4% to 6%. Adjusted earnings per diluted share are expected to land between $4.50 and $4.52, ahead of previously outlined guidance of between $4.30 and $4.40. Inventory was down 3% compared to 2021.
“The strong finish to 2022 capped off a significant year of growth at Caleres, with results surpassing our recent expectations,” said president and CEO Jay Schmidt in a statement. “This record performance demonstrates the power of our brands, the strength of our platform and the successful execution of our strategies.”
Caleres officially reports earnings for the fourth quarter and full year on March 14.
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Caleres in January reaffirmed its guidance for fiscal year 2022. At the time, Schmidt said the company will focus on managing costs and leveraging brands to connect with consumers in 2023.
The positive outlook comes as other retailers report sluggish sales and earnings misses for the most recent quarter. Macy’s in January said that holiday sales would come in at the low end of its previously issued guidance, in part due to slower than expected sales during non-peak holiday weeks. Lululemon in January also issued a disappointing update to its fourth quarter after a tough holiday season and Genesco said Q4 comparable sales grew 3% year over year and lowered its full-year guidance.
