07:22 AM EDT, 09/12/2024 (MT Newswires) -- Caleres ( CAL ) reported fiscal Q2 adjusted earnings Thursday of $0.85 per diluted share, down from $0.98 a year earlier.

Four analysts polled by Capital IQ expected $1.22.

Net sales for the quarter ended Aug. 3 were $683.3 million, compared with $695.5 million a year earlier.

Four analysts surveyed by Capital IQ expected $723.8 million.

The company said it expects fiscal 2024 adjusted earnings of $4 to $4.15 per diluted share, compared with $4.30 to $4.60 anticipated previously. Four analysts polled by Capital IQ expect $4.42.

Sales growth is expected to be down low single digits compared with flat to up 2% previously. Four analysts surveyed by Capital IQ are expecting revenue of $2.85 billion.

For fiscal Q3, the company expects adjusted earnings of $1.30 to $1.40 per diluted share on sales growth of flat to down 2%. Four analysts polled by Capital IQ expect $1.50 adjusted earnings on revenue of $764.4 million.

Shares of Caleres ( CAL ) dropped 16.8% in recent premarket activity.

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