Caleres(CAL) - 2025 Q1 - Quarterly Results

Financial Performance - Net sales for the first quarter of 2024 were $659.2 million, a decrease of 0.5% compared to the same period in 2023[12] - Gross profit was $309.1 million, with a gross margin of 46.9%, an increase of 120 basis points year-over-year[12] - Net earnings attributable to Caleres, Inc. were $30.9 million, or $0.88 per diluted share, compared to $34.7 million, or $0.97 per diluted share in the first quarter of 2023[12] - EBITDA for the first quarter was $57.4 million, representing 8.7% of sales, down from 9.6% in the prior year[12] - Famous Footwear segment net sales increased by 0.1%, while Brand Portfolio segment net sales declined by 2.6%[12] - Net sales for the first quarter of 2024 were $349,553 thousand, a slight increase from $349,158 thousand in the same period last year[24] - Gross profit reached $161,005 thousand with a gross margin of 46.1%, compared to $159,133 thousand and 45.6% in the prior year[24] - Operating earnings were $16,855 thousand, resulting in an operating margin of 4.8%, down from $17,056 thousand and 4.9% year-over-year[24] - Net earnings attributable to Caleres, Inc. were $30,939 thousand, compared to $34,727 thousand in the previous year[25] - Basic earnings per common share were $0.88, a decrease from $0.97 in the same quarter last year[25] - The company achieved a record first quarter consolidated gross margin of 47%[28] Future Outlook - The company expects fiscal 2024 consolidated net sales to be flat to up 2% compared to 2023, with earnings per diluted share projected between $4.30 and $4.60[14] - For fiscal 2024, Caleres expects net sales to be flat to up 2% and earnings per share to be between $4.30 and $4.60[28] Inventory and Debt Management - Inventory decreased by 5.2% from the first quarter of 2023 due to strategic inventory management[12] - Borrowings under the asset-based revolving credit facility were $191.0 million at the end of the period, down approximately $100 million from the first quarter of 2023[12] - The debt/EBITDA leverage ratio improved to 0.8 from 1.1 year-over-year, with borrowings under the revolving credit agreement decreasing to $191,000 thousand from $291,500 thousand[26] Capital Expenditures and Share Repurchase - Capital expenditures for fiscal 2024 are estimated to be between $60 million and $70 million[14] - The company repurchased 416,000 shares of common stock for $15.1 million at an average price of $36.23 per share during the quarter[31] SG&A Expenses - SG&A expenses as a percentage of net sales were 40.4%, reflecting planned investments in marketing and international expansion[12]