Caleres Stock Gains On Q2 Earnings Beat, Strong FY21 Outlook - Caleres (NYSE:CAL)

Caleres Inc CAL reported second-quarter FY21 sales growth of 34.7% year-on-year, to $675.5 million, beating the analyst consensus of $640.40 million.
Net sales in the Famous Footwear segment improved 35.8% Y/Y, and the Brand Portfolio segment rose 30.2%.
The gross profit increased 76.5% Y/Y to $322 million, with the margin expanding 1130 points to 47.7%.
The operating margin was 9.3%, and operating income for the quarter was $62.79 million compared to $(24.14) million in Q2 FY20.
Caleres held $54.7 million in cash and equivalents as of July 31, 2021.
Net cash provided by operating activities for the six months totaled $135.6 million.
Inventory declined 2% Y/Y, reflecting ongoing disruptions in the global supply chain.
Adjusted EPS of $1.19 beat the analyst consensus of $0.53.
"Looking ahead, we remain cautious about the macro environment given the uncertainty surrounding new COVID-19 variants and ongoing challenges in the global supply chain," said Diane Sullivan, Chairman and CEO.
Outlook: Caleres sees FY21 adjusted EPS $3.25 - $3.50 versus the consensus of $2.24.
The company expects Q3 adjusted EPS of $1.10 - $1.25 versus the consensus of $0.66.
Price Action: CAL shares are trading higher by 2.44% at $25.15 on the last check Wednesday