Why Shares of Caleres Rocketed Higher Today
Shares of Caleres (NYSE: CAL) soared on Tuesday after the footwear specialist matched analyst expectations for revenue and beat expectations for earnings with its second-quarter report. The company recorded same-store sales growth at Famous Footwear, and double-digit revenue growth for its brand portfolio. As of 11:50 a.m. EDT, the stock was up about 25.7%.
Caleres reported second-quarter revenue of $752.5 million, up 6.5% year over year and in line with the average analyst estimate. Brand portfolio sales rose 17.9% to $359.6 million, while same-store sales at Famous Footwear were up 1.5%.
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Source Fool.com
