Caleres Inc (NYSE:CAL), the owner of footwear brands including Dr Scholl's, Bzees and Famous Footwear, expects sales for its third quarter and all of fiscal 2023 will come in at the low end of its guidance.
"Given the challenging consumer demand environment in September, it expects to be at the low-end of the sales range for both third quarter and fiscal year 2023," the company said in a statement.
The St Louis-based company updated guidance as it set goals for the next three years, ahead of an investor day that will kick off later today.
The company is aiming to deliver sales growth at a compound annual growth rate (CAGR) of 3% to 5% over the three-year period, EPS growth at a CAGR of 11% to 13% and for annual shareholder returns in the low-to-mid teens.
The company still expects third-quarter adjusted EPS of $1.30 to $1.35 and fiscal 2023 adjusted earnings of $4.10 to $4.30.
But it expects sales to fall by low-single digits in the third quarter and be down 3% to 5% for the year.
Jay Schmidt, president and chief executive officer, said the three-year strategic and financial plan is "expected to take our company to an even higher level of growth and profitability.
“We believe our brand assets, competitive advantages, and core competencies put us in a unique position to achieve these results and deliver long-term value for our shareholders.”
Shares were around 3% lower in pre-market trading.