Caleres reported consolidated sales of $790.1 million, a 6.6% increase compared to the previous year.
Owned eCommerce sales across Famous Footwear and Brand Portfolio grew at a double-digit rate.
The company's GAAP earnings per diluted share were $0.07.
Caleres completed the acquisition of Stuart Weitzman for a preliminary purchase price of $108.9 million.
Sales Performance
Brand Portfolio sales increased 18.8% with $45.8 million from Stuart Weitzman, while Lead Brands showed double-digit growth.
Earnings Comparison
Adjusted earnings per diluted share were $0.38, a decrease from last year's $1.23, primarily impacted by the Stuart Weitzman acquisition.
Strategic Plans
The company aims to transition the Stuart Weitzman business to Caleres systems and focus on long-term growth and profitability strategies.
- Caleres experienced organic sales growth in the Brand Portfolio segment and strong performance from Lead Brands.
- The acquisition of Stuart Weitzman contributed significantly to the company's sales, but also impacted earnings due to tariffs and acquisition dilution.
- The integration process with Stuart Weitzman is expected to lead to synergistic cost savings and operational enhancements for Caleres.
Caleres delivered ahead of expectations in the third quarter, with a focus on leveraging the newly acquired Stuart Weitzman brand.