Caleres Inc. beats 4Q profit forecasts

ST LOUIS (AP) _ Caleres Inc. (CAL) on Tuesday reported fiscal fourth-quarter net income of $20.3 million, after reporting a loss in the same period a year earlier.

The St. Louis-based company said it had profit of 47 cents per share. Earnings, adjusted for one-time gains and costs, came to 48 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The footwear wholesaler and retailer posted revenue of $702.5 million in the period.

For the year, the company reported profit of $87.2 million, or $2.02 per share. Revenue was reported as $2.79 billion.

Caleres Inc. expects full-year earnings in the range of $2.40 to $2.50 per share, with revenue expected to be $2.8 billion.

Caleres Inc. shares have dropped 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $29.08, a decline of almost 4 percent in the last 12 months.


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