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CALERES (CAL) has reported 2.20 percent rise in profit for the quarter ended Oct. 29, 2016. The company has earned $34.73 million, or $0.81 a share in the quarter, compared with $33.98 million, or $0.78 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $34.73 million, or $0.81 a share compared with $35.17 million or $0.80 a share, a year ago.
Revenue during the quarter went up marginally by 0.49 percent to $732.23 million from $728.64 million in the previous year period. Gross margin for the quarter expanded 53 basis points over the previous year period to 40.12 percent. Total expenses were 92.43 percent of quarterly revenues, down from 92.83 percent for the same period last year. This has led to an improvement of 41 basis points in operating margin to 7.57 percent.
Operating income for the quarter was $55.45 million, compared with $52.22 million in the previous year period.
"Our teams did a fantastic job of continuing to adapt to changes in consumer shopping trends, and - as a result - delivered both improved sales and gross margin," said Ken Hannah, chief financial officer of Caleres. "We continued to return value to shareholders and strengthen our balance sheet in the third quarter, as we increased cash and equivalents by more than 100% and reduced our inventory by 3.6%."
For financial year 2016, CALERES expects revenue to be in the range of $2,570 million to $2,600 million. The company projects diluted earnings per share to be in the range of $2 to $2.10.
Operating cash flow improves significantlyCALERES has generated cash of $137 million from operating activities during the nine month period, up 63 percent or $52.95 million, when compared with the last year period. The company has spent $48.69 million cash to meet investing activities during the nine month period as against cash outgo of $45.33 million in the last year period. It has incurred net capital expenditure of $37.35 million on net basis during the nine month period, down 17.62 percent or $7.99 million from year ago period.
The company has spent $33.17 million cash to carry out financing activities during the nine month period as against cash outgo of $19.32 million in the last year period.
Cash and cash equivalents stood at $173.44 million as on Oct. 29, 2016, up 100.97 percent or $87.14 million from $86.30 million on Oct. 31, 2015.
Debt remains almost stableTotal debt of CALERES remained almost stable for the quarter at $196.89 million, when compared with the last year period. Long-term debt of CALERES remained almost stable for the quarter at $196.89 million, when compared with the last year period. Total debt was 15.10 percent of total assets as on Oct. 29, 2016, compared with 15.59 percent on Oct. 31, 2015. Debt to equity ratio was at 0.30 as on Oct. 29, 2016, down from 0.33 as on Oct. 31, 2015. Interest coverage ratio improved to 15.96 for the quarter from 12.63 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
