It was another successful quarter for Caleres, the footwear giant behind Famous Footwear, Sam Edelman, Vince, Dr. Scholl’s Shoes, and more brand.
Caleres posted record results for the third quarter, with net sales of $784.2 million, up 21.1% from Q3 of 2020. Net income was about $59.6 million, with an earnings per diluted share of $1.54. Adjusted net income was about $61.5 million.
The company also generated record quarterly sales at Famous Footwear, the brand that has consistently delivered explosive growth for the company. Famous Footwear delivered its highest level of Q3 sales in history at about $495 million, which represents a 26.3% sales increase in the brand.
“Caleres achieved another record performance in the quarter just ended, driven principally by continued, exceptional upward momentum in our Famous Footwear business,” said Diane Sullivan, Chairman and CEO. “As robust consumer demand dynamics continue to accelerate, we fully expect the ongoing recovery in the Brand Portfolio to be an increasingly strong complement to the ongoing success at Famous Footwear in the quarters ahead.”
Like other family footwear chains, Famous Footwear is seeing positive results this quarter. Shoe Carnival on Tuesday posted record-breaking quarterly sales, earnings, and profit, with net sales of $356.3 million.
In light of its quarterly results, Caleres raised its full year outlook and now expects record adjusted earnings per share between $3.80 and $3.90 for fiscal year 2021.
“As we progress through the remainder of the year and head into 2022, we expect supply chain challenges to persist,” said Sullivan. “However, our global associates have taken quick action – leaning into our capabilities; optimizing our inventory position; and diversifying and leveraging our sourcing model to help offset the impacts caused by the ongoing disruptions. We believe we are well-positioned to navigate this dynamic market environment and we are confident in our ability to utilize our diversified brand model, achieve our short and long-term strategic objectives, and continue to create value for our shareholders.”