Key Takeaways Caleres, the parent of discount shoe retailer Famous Footwear, said weak demand, a later back-to-school period, and challenges with its resource planning system hurt second-quarter results.

According to Jay Schmidt, president and chief executive officer of Caleres, the delay in sales for back-to-school shifted late into Q2 and into the start of Q3 due to changing consumer shopping habits.

Famous Footwear parent company Caleres, Inc. became the latest retailer to lower its fiscal full-year guidance after reporting second-quarter fiscal 2024 sales and earnings. The company reported sales of $683.3 million, down 1.8 percent year-over-year (y/y). Direct-to-consumer sales represented approximately 75 percent of total net sales.

Shares of Caleres (NYSE: CAL), the parent of Famous Footwear and other footwear brands, were tumbling today after the company posted disappointing results in its second-quarter earnings report. As of 11:34 a.m. ET, the stock was down 19.1% on the news.