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Caleres (NYSE: CAL) has declared a quarterly cash dividend of $0.07 per share, set for payment on January 6, 2021, to shareholders on record as of December 22, 2020. This marks the 391st consecutive quarterly dividend, showcasing the company's commitment to returning value to shareholders. Caleres is known for its diverse portfolio of footwear brands, including Famous Footwear and Sam Edelman, catering to a wide range of consumer needs and preferences.
Caleres (NYSE: CAL) has announced significant changes to its leadership structure aimed at enhancing alignment with strategic goals and driving growth. Jay Schmidt has been appointed president, overseeing the entire brand portfolio, while Lydia Park Luis and Keith Duplain assume new leadership roles focused on international business and brand strategies. The company is also establishing a digital acceleration team to boost its ecommerce capabilities, leveraging past investments to meet evolving consumer needs and maximize growth opportunities.
Caleres reported its Q3 2020 financial results, showing sequential sales growth and a return to profitability despite ongoing COVID-19 challenges. Key achievements include a net income of $14.4 million, a gross margin of 39.7%, and a $50 million reduction in debt. The company announced a strategic realignment of its Naturalizer brand, planning to close approximately 133 stores to focus on digital growth, while expecting annual savings of $10-12 million post-realignment. Direct-to-consumer sales made up 71.4% of total sales, with a notable increase in e-commerce revenue.
Famous Footwear has successfully raised $1 million for the Ticket to Dream Foundation, aiding over 54,000 foster children across the U.S. since July. The initiative includes over 19,000 pairs of shoes and other donations, enhancing support during the holidays. A portion of funds will provide essential items like coats and toys for foster youth. The collaboration aims to fulfill the needs of these children during a challenging holiday season.
Caleres (NYSE: CAL) has appointed Michael Edwards as president of Famous Footwear, effective November 20, 2020. Edwards, a 12-year veteran at Caleres, previously served as senior vice president of digital commerce and played a key role in navigating the brand through the economic downturn due to COVID-19. He replaces Molly Adams, who resigned to pursue other opportunities. Edwards aims to enhance sales and profit growth by leveraging his extensive experience in digital commerce and customer engagement.
Caleres' brand Allen Edmonds has launched a casual sneaker line remixing its iconic styles, the Park Avenue and the Strand, to meet evolving consumer preferences. These new sneakers, which debuted in September 2020, utilize high-quality leather and have quickly become best-sellers, outselling their dress counterparts online. Casual styles now comprise over 40% of Allen Edmonds' sales, reflecting a shift since Caleres' acquisition in 2016. The brand also emphasizes sustainability with recraftable shoes, decreasing landfill impact while extending the lifespan of over 70,000 shoes annually.
Caleres (NYSE: CAL) is set to release its third quarter 2020 financial results after market close on November 19, 2020. The company will conduct a conference call at 5:00 p.m. Eastern Time to discuss the results and provide a business update. Interested parties can listen in via the investor section of the Caleres website.
A replay of the call will be available until December 2, 2020. Caleres boasts a diverse portfolio of footwear brands and is dedicated to meeting the evolving needs of a global audience.
