Why Caleres Stock Plunged Today
Shares of Caleres (NYSE: CAL), the parent of Famous Footwear and other footwear brands, were tumbling today after the company posted disappointing results in its second-quarter earnings report. As of 11:34 a.m. ET, the stock was down 19.1% on the news.
Image source: Getty Images.
Caleres said revenue in the quarter was down 1.8% to $683.3 million, well below estimates at $723.8 million. Famous Footwear sales rose 1.5%, which included a later-than-expected back-to-school season, with most sales occurring in the third quarter. Brand portfolio sales declined 5.1% due to some weak seasonal demand and challenges with its new enterprise resource planning system implementation.
Source Fool.com
Caleres Inc. Stock
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-0.850%
The community is currently still undecided about Caleres Inc. with 2 Buy predictions and 0 Sell predictions.
With a target price of 13 € there is a slightly positive potential of 11.11% for Caleres Inc. compared to the current price of 11.7 €.
