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Somebody is getting new shoes this Christmas


In addition to the requisite comment about expecting the holidays to be highly promotional, Famous Footwear also expects the momentum it saw during back-to-school season to carry over to the fourth quarter.

Famous Footwear’s third quarter same store sales increased 4.4% and total sales increased 4.8% to $456 million, excluding the performance of the divested business, to represent 63% of parent company Caleres total sales of $728.6 million. Caleres is the company formerly known as Brown Shoe Company that changed its name earlier this year.

“Famous Footwear delivered same store sales growth of 4.4%, capping another successful back-to-school season, as athletic footwear continued to resonate with customers,” said Caleres President and CEO Diane Sullivan.

Same store sales at Famous Footwear are expected to increase in the low single digits during the fourth quarter.

The company’s other major division, referred to as “Brand Portfolio,” because it is comprised of brands sold through other retailers, saw sales decline 2.8% to $ 272.5 million. The explanation for the weakness, as was the case at rival DSW, involved unseasonably warm weather which hurt the sales of boots.

Total company profits in the third quarter, adjusted to exclude non-recurring expenses, were $35.2 million, or 80 cents a share, compared to $33.1 million, or 75 cents a share the prior year.

“Our performance at both Famous Footwear and our Brand Portfolio is a reflection of the work we’ve done to manage inventory and expenses, while investing to grow our business, during a challenging third quarter,” said Ken Hannah, Caleres CFO. “While we expect the retail environment will be promotional during the fourth quarter, we remain focused on delivering consistent, profitable and sustainable growth.”

Some of Caleres brands include Sam Edelman, Via Spiga, Diane von Furstenberg, Naturalizer, Dr. Scholl’s and Ryka.

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