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Missed earnings expectations and lowered guidance typically result in negative investor sentiment.
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Caleres reported Q3 revenues of $740.9 million, missing expectations. Famous Footwear sales dropped 4.8% Y/Y; brand portfolio sales rose 0.7%. Adjusted EPS of $1.23 fell short of the $1.35 consensus. Company lowered FY24 guidance; expects 2.5%-3% decline in net sales. CAL shares down 18.50% after disappointing earnings results.
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