Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Digital sales help drive profit for Caleres - Profit for Clayton-based shoemaker Caleres rose about 15 percent in its first fiscal quarter when compared with the same time period last year, rising from $14.9 million, or 35 cents a share, to $17.2 million, or 40 cents a share.

Revenue for the company rose slightly to $632.1 million for the quarter that ended May 5, up from $631.5 million a year earlier. Famous Footwear, the shoe store chain and website that accounts for more than half of Caleres' annual sales, saw quarterly revenue drop less than 1 percent to $363.4 million. The rest of Caleres' brands saw collective sales grow 1.4 percent.

The results missed analysts' expectations, sending Caleres' stock down more than 2 percent to close at $34.60 a share Friday.

Analysts on average were expecting revenue to total $645 million in the quarter, according to Thomson Reuters I/B/E/S.

"At Famous, like most in the retail space, we battled unseasonably cold weather early in the quarter. But as expected, spring arrived and so did the customer," said Diane Sullivan, CEO, president and chairman of Caleres in a call with investors and analysts.

E-commerce sales for Famous Footwear and the rest of the Caleres portfolio were up 10 percent and 12 percent, respectively.

U.S. may open door to more temporary immigrant workers - The administration of President Donald Trump is examining ways U.S. industries could hire more immigrant workers on a temporary basis, White House economic adviser Larry Kudlow said on Friday, as data showed the United States unemployment rate at an 18-year low.

"We are looking at ways to bring temporary immigrants with temporary visas legally into the United States in a number of industries," Kudlow told CNBC in an interview, adding he did not want to say more that would "get ahead of the curve."

Kudlow, who also spoke on Fox Business Network, noted that while the White House was wrestling with Congress over legislation to address immigration long term, "I think you're going to see some progress" on immigrant employment visas near term. …

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