RTTNews | Aug 31, 2021 04:46PM EDT

16:45 Tuesday, August 31, 2021 (RTTNews.com) - Shares of Caleres (CAL) gained nearly 9% in extended trading session on Tuesday after the company said it turned to profit in the second quarter, as revenues jumped nearly 35% and margins also improved.

Caleres reported second-quarter profit of $37.4 million or $0.97 per share, compared to net loss of $30.7 million or a loss of $0.83 per share last year.

Adjusted earnings were $46.0 million or $1.19 per share, compared to loss of $21.1 million or $0.57 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.53 per share for the quarter.

Sales for the three-month period jumped 34.7% to $675.5 million from $501.4 million last year, driven by a 35.8% increase in the Famous Footwear segment and a 30.2% increase in the Brand Portfolio segment. Direct-to-consumer sales represented 79% of total sales. Analysts had a consensus revenue estimate of $640.4 million for the quarter.

Gross margin was 47.7 percent, or an approximately 11 full percentage point improvement last year.

Looking forward, Caleres expects third quarter adjusted earnings of between $1.10 and $1.25 per share and for full year 2021 adjusted earnings to be between $3.25 and $3.50 per share.

CAL closed Tuesday's trading at $24.59, down $0.27 or 1.09%, on the NYSE. The stock, however, gained $2.16 or 8.78%, in the after-hours trading.

Read the original article on RTTNews ( https://www.rttnews.com/3222270/caleres-swings-to-q2-profit-shares-up-9.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved