Across the board improvements helped Caleres beat Wall Street estimates for the second quarter.
The footwear conglomerate, which touts Famous Footwear and a portfolio of brands, including Sam Edelman and Ryka, reported Tuesday that sales increased nearly 9 percent to $677 million during the second quarter. Analysts’ estimates were around the $669 million mark.
The company’s stock rose 10 percent in early morning trading Wednesday.
Famous Footwear total sales increased 3.8% to $404.9 million, while same-store-sales were up 2.8%. “At Famous Footwear, sales were ahead of expectations, including a stronger start to the key back-to-school selling season and—as a result—we delivered second quarter earnings ahead of expectations,” said Diane Sullivan, Caleres CEO, president and chairman.
Sales for Caleres’ Brand Portfolio jumped 16.8% to $272.0 million, including contribution from Allen Edmonds, which was acquired in December 2016.
Caleres maintains its outlook for 2017, expecting sales to reach $2.7 billion to $2.8 billion. Famous Footwear same-store-sales are estimated to see a small increase in the low-single digits. Sales for Caleres’ brands business is projected to increase in the high-teens.