According to Jay Schmidt, president and chief executive officer of Caleres, the delay in sales for back-to-school shifted late into Q2 and into the start of Q3 due to changing con

Key Takeaways Caleres, the parent of discount shoe retailer Famous Footwear, said weak demand, a later back-to-school period, and challenges with its resource planning system hurt second-quarter results.

Famous Footwear parent company Caleres, Inc. became the latest retailer to lower its fiscal full-year guidance after reporting second-quarter fiscal 2024 sales and earnings. The company reported sales of $683.3 million, down 1.8 percent year-over-year (y/y). Direct-to-consumer sales represented approximately 75 percent of total net sales.

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.