Caleres Inc., whose brands include Famous Footwear, Sam Edelman, Allen Edmonds and more, posted a wider than expected first-quarter loss. But the company is seeing a positive uptick in its re-opened stores.
The company has announced an adjusted net loss of $50.4M or a loss of $1.30 per share, a much higher figure than analysts had predicted, which was $0.34 per share. By the end of last week, Famous Footwear has re-opened 553 stores, which equates to around 60 per cent of its fleet. The target for the end of the month is around 90 per cent of its fleet.
“Our branded portfolio of stores that have re-opened are experiencing sales trends above our internal expectations, and our wholesale partners have begun to re-open their locations and place some new orders for delivery,” CEO Diane Sullivan said on the company’s earnings call. “We are working closely with our key retail partners to ensure we are liquidating spring inventory very aggressively and that we are set up well for fall.”
Caleres operates more than 1,100 stores and also sells its product in hundreds of major department and specialty stores, branded e-commerce sites, and on many additional third-party retail websites.
