Caleres to Close Stores as Financials Worsen

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Caleres, Inc. reported am 18.3% annual decline in net sales to $647.5 million for the third quarter ending October 31, 2020 with Direct-to-consumer sales representing 71.4 percent of total net sales. The Company also revealed a 12.3 percent sales decline in the Famous Footwear segment and 25.6 percent sales decline in the Brand Portfolio segment. Meanwhile, net income reached $14.4 million, or earnings of $0.38 per diluted share, down from net income of $28.0 million, or $0.69 per diluted share, in the third quarter of fiscal 2019.

The Company plans to close 133 Naturalizer stores by the end of fiscal year 2020 and expects pre-tax charges in the fourth quarter of 2020 of between $20 million and $25 million. Once complete, Caleres expects an annual pre-tax benefit of between $10 million and $12 million.

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