Second quarter (Q2) sales at Caleres, a US-based footwear company, reported 34.7 per cent increase to $675.5 million compared to the sales of $501.4 million in the corresponding period of previous fiscal. The company’s direct-to-consumer (D2C) sales for the quarter ended on July 31, 2021, comprised over one-third of the net sales.
Second quarter (Q2) sales at Caleres, a US-based footwear company, reported 34.7 per cent sales increase to $675.5 million in the second quarter (Q2) of FY21, ended on July 31, 2021, compared to the sales of $501.4 million in the same period of prior fiscal. The company's direct-to-consumer (D2C) segment comprised over one-third of the net sales.#
Caleres performance in the second quarter of FY21 was driven by Famous Footwear segment sales which advanced 35.8 per cent to $453.6 million ($333.9 million). Also, Brand Portfolio segment sales climbed 30.2 per cent to $239.0 million ($183.6 million).
“The Caleres team continued to execute at a high level during the quarter, achieving another significant sequential increase in sales and delivering earnings well in excess of pre-pandemic levels,” Diane Sullivan, chairman and chief executive officer at Caleres, said in a press release. “This exceptional performance was led by record-setting quarterly results at Famous Footwear, which in a single quarter delivered operating earnings that exceeded full year 2019.”
American footwear company's gross profit escalated to $322.3 million (Q2 FY20: $182.6 million). Operating income for the three-month period shot up to $62.8 million (loss: $24.1 million). Moreover, net earnings during Q2 FY21 improved to $38.1 million (loss: $30.6 million).
“Looking ahead, we remain cautious about the macro environment given the uncertainty surrounding new COVID-19 variants and ongoing challenges in the global supply chain,” Sullivan added. “To that end, we are taking actions to minimise these disruptions and believe we are well-equipped to partially offset some of these cost headwinds.
“Even with these uncertainties, I remain highly confident in the team’s ability to build upon our recent strong performance at Famous and improving results in the Brand Portfolio, leverage our diversified brand model and continue to execute on our long-term strategic priorities in the year’s back half. We strongly believe in our prospects for delivering record annual adjusted earnings per share for fiscal year 2021 and are enthusiastic about our strategy for ongoing value creation and for the long-term opportunities that lie ahead for Caleres,” Sullivan concluded.
ALCHEMPro News Desk (JL)
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