Stock Alert: Caleres Slips

(RTTNews) - Shares of footwear wholesaler Caleres, Inc. (CAL) tanked $3.67 or 20.46% on February 14 to hit a new low of $14.26, after preliminary fourth-quarter sales fell short of estimates.

Caleres expects to report quarterly sales of approximately $700 million, down 3% from the previous-year quarter. This compares with $732.49 million expected by analysts polled by Thomson Reuters.

".....Holiday sales at a number of our retail partners were disappointing and our selling in the value channel has been difficult. Retail partners continue to tightly manage inventory levels and limit reordering and replenishment," said Diane Sullivan, CEO, president and chairman of Caleres.

Caleres' Brand Portfolio segment sources approximately 60% of its footwear from China. Therefore, the company is now assessing the situation, the details of which will be provided on the March 12 earnings call.