Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Caleres, parent of footwear brands including Dr Scholl’s, Famous Footwear and Vince, said Thursday it now expects sales for its third quarter and all of fiscal 2023 will come in at the low end of its guidance.
The company is aiming to deliver sales growth at a compound annual growth rate of 3% to 5% over the three-year period; per-share earnings growth at a CAGR of 11% to 13% to reach $6.00 at the midpoint of the range; and for annual shareholder returns in the low-to-mid teens. But it expects sales to fall by low-single digits in the third quarter and be down 3% to 5% for the year.
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