Boot Barn, Caleres + More Footwear Companies Give Glimpse Into Holiday Performance
Stephen Garner
Senior Editor
Ahead of this week’s ICR conference, several public footwear companies have provided updates to their financial outlooks.
While some companies saw a boost in sales from the most recent holiday shopping period, some still cite headwinds like weather-related closures and currency exchange for impacting their bottom line.
Here FN takes a look at how Amer Sports, Boot Barn, Caleres and Genesco are updating their latest financial results.
Amer Sports
Amer Sports, the parent company of brands like Arc’teryx and Salomon, said on Monday that it expects full year 2024 revenue growth to be at the high end of the previous guidance range of 16 percent to 17 percent despite rising headwinds related to unfavorable foreign currency exchange rate fluctuations in the fourth quarter.
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The company added that it also expects full year 2024 adjusted operating margin to be at the high end of the previous guidance range of 10.5 percent to 11.0 percent.
“Despite increasing currency headwinds, our portfolio delivered another strong quarter of growth and profitability to close out 2024, with all segments and regions delivering solid top-and bottom-line results,” Andrew Page, chief financial officer or Amer Sports, said in a statement. “Furthermore, our recent capital raise and strong cash conversion in the fourth quarter has allowed us to pay down more than half of our debt prior to year end and significantly deleverage our balance sheet.”
Page added, “Looking forward, led by the continued global expansion of our flagship Arc’teryx brand as well as Salomon footwear, we are well positioned to deliver sustainable long-term growth and margin expansion.”
Amer Sports will report its full fourth quarter and fiscal 2024 results on Feb. 25.
Boot Barn
The Irvine, Calif.-based footwear retail said late Friday that it expects net sales of approximately $608.2 million, representing growth of 16.9 percent over the prior year, for the third quarter of fiscal year 2025.
Boot Barn also noted that its net income per diluted share in Q3 is expected to be approximately $2.43, compared to net income per diluted share of $1.81 in the prior-year period. Included in net income per diluted share is an estimated $0.22 benefit related to the CEO transition.
“I am very pleased with our third quarter results,” John Hazen, interim chief executive officer of Boot Barn, said in a statement. “We once again experienced broad-based growth, driving same store sales up 8.6 percent versus last year and above our expectations. Both channels and all geographies and major merchandise categories were nicely positive, with the latter led by our ladies and men’s western businesses, which were up low-double digits and high-single digits, respectively. We are pleased that our sales outperformance, driven by strong full-price selling, translated into strong earnings per share as we expanded merchandise margin approximately 130 basis points. I am proud of the entire team for delivering a strong holiday quarter, and I look forward to a successful finish to our fiscal year.”
Boot Barn will report third quarter earnings on Jan. 30.
Caleres
Caleres readjusted its guidance in light of its post-holiday performance. The St. Louis-based company now expects consolidated net sales to be down between 3 percent and 3.5 percent, with diluted earnings per share in the range of $3.10 to $3.20.
“We entered the holiday period encouraged by the broad positive momentum in our athletic business at Famous Footwear,” Jay Schmidt, president and chief executive officer of Caleres, said. “However, sales trends softened in mid-December and into January, and were below our expectations. Based on quarter-to-date trends, including the impact of weather-related closures at Famous Footwear, we now anticipate that full year sales and earnings will be below our most recent guidance.
Schmidt added, “As we look ahead to 2025, we are focused on driving long-term value for our shareholders and executing on our strategic plan to return to growth by creating exceptional products and experiences for our consumers while rigorously managing our costs.”
The company noted that it has canceled its presentation at ICR this week due to a “scheduling conflict.”
Genesco
Sales trends at Journeys accelerated somewhat more than Genesco anticipated following a good start to the holiday season led by strong full price selling in the weeks leading up to Christmas, according to Mimi Vaughn, Genesco board chair, president and chief executive officer.
The company said late on Friday that comparable sales, including both stores and direct sales, increased 10 percent for the quarter-to-date period ended Dec. 28, 2024. What’s more, Genesco said that its same store sales increased 6 percent and sales for the company’s e-commerce businesses increased 20 percent on a comparable basis for that period.
By business unit, Journeys Group saw comparable sales jump 14 percent versus last year, while Schuh Group increased 3 percent and Johnston & Murphy Group dipped 1 percent.
“Thanks to the incredible efforts and execution of our teams, we are pleased with our overall comparable sales results quarter-to-date which are highlighted by double digit total comp growth with both stores and digital performing well,” Vaughn said. “Total sales for the year will reflect this performance, which triggered additional incentive compensation expense, and an acceleration in store closures as we continue to optimize the fleet.”
Vaughn added, “Based on our performance and the increased efforts to close more stores in the fourth quarter, we reaffirm our prior expectation for full year EPS to be in the range of $0.80 to $1.00. Looking ahead to fiscal 2026, we are excited to build on our recent progress elevating the Journeys business and continue our work driving growth and improved profitability across the company.”
