Footwear company Caleres Inc. (CAL) announced a reduction in its earnings and net sales growth projections for the full-year 2024 during its second-quarter financial results release on Thursday. The company also provided an updated outlook for the second quarter.For the upcoming second quarter, Caleres now anticipates earnings between $1.24 and $1.34 per share, with adjusted earnings projected between $1.30 and $1.40 per share. Consolidated net sales are expected to be flat or decrease by up to 2% from the same period last year.Analyst forecasts compiled by Thomson Reuters suggest an average earnings expectation of $1.50 per share on net sales of $764.43 million for the quarter. Typically, analyst estimates exclude special items.For fiscal year 2024, Caleres maintains its earnings projection in the range of $3.94 to $4.09 per share, with adjusted earnings expected to be between $4.00 and $4.15 per share. The company predicts a decline in consolidated net sales in the low-single-digit percentage from the previous year’s figures.This is a revision from their earlier forecast, which estimated earnings and adjusted earnings between $4.30 and $4.60 per share, and anticipated net sales to remain flat or increase by up to 2% from last year.Market consensus, according to analysts, expects earnings of $4.42 per share with a net sales decline of 1.10%, totaling $2.85 billion for the year.The material has been provided by InstaForex Company – www.instaforex.com
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