Children’s shoe sales boost Caleres’ results
US shoe group Caleres, owner of Sam Edelman and Allen Edmonds (pictured) and retailer Famous Footwear, has reported fiscal year 2023 revenues of $2.82 billion, down 5.1% from fiscal 2022.
However, CEO Jay Schmidt said the group delivered a strong operational performance. “Our fourth quarter results were led by our brand portfolio, which achieved a record-setting performance across key financial metrics, “ he said.
“Complementing that strong result, Famous Footwear expanded market share, particularly in Kids, which has outpaced the total business for 12 straight quarters.
“The transformation in earnings power that we have achieved in recent years – combined with our organisational structure, powerful brands and best-in-class capabilities – positions us exceptionally well for growth in 2024 and beyond."
For the next year, the group expects sales to rise around 2%, taking into account a forecasted decline in the footwear market, inflationary pressures that could affect consumer demand, and higher freight costs.
