CLAYTON — Caleres reported its most profitable fourth quarter in decades on Tuesday afternoon, capping a record year as the pandemic returned.
The Clayton-based shoe retailer, formerly known as Brown Shoe Co., reported earnings of $33.9 million, or 88 cents per share, for the period ended Jan. 29. The company reported a loss of $77 million, or $2.11 per share, in the same setting last year.
Higher sales from the company’s Famous Footwear division drove the improvement. CEO Diane Sullivan said the brand had its best holiday season despite entering the quarter with inventory down a quarter from 2019.
“Our global workforce has not let up on the significant rebound in demand and rapid consumer return,” she said.
That, coupled with resurgence in consumer demand, boosted by government stimulus and improving margins, drove full-year earnings to $137 million, or $3.55 per share – by far the best numbers for at least three decades.
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Leaders expect the good times to continue. They forecast a 6% improvement in earnings per share for 2022. “We have seen a dramatic change in the earnings power of the organization,” Sullivan said.
After the company reported results, its shares rose 87 cents, or 4.4%, to $20.60 in after-market trading.