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.
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
The community is currently still undecided about Caleres Inc. with 1 Buy predictions and 0 Sell predictions.
With a target price of 41 € there is a positive potential of 49.64% for Caleres Inc. compared to the current price of 27.4 €.