Caleres Inc., the footwear company behind brands like Sam Edelman, Naturalizer, and Famous Footwear, reported disappointing second-quarter results, with sales and earnings falling short of expectations. The company's shares soared 5.01% on Thursday, despite the earnings miss, as investors pinned hopes on Caleres' plans to address the challenges faced during the quarter and its optimism for the back half of the year.

For the second quarter ended July 29, 2024, Caleres' sales declined 1.8% year-over-year to $683 million, missing analysts' estimates. The company's earnings per share came in at $0.85, down from $0.98 a year earlier and below the consensus forecast.

Caleres attributed the underwhelming performance to several factors, including challenges stemming from an ERP system upgrade, weak demand for seasonal products like sandals, and a late start to the back-to-school season. The ERP system upgrade, which aimed to move the company to a cloud-based platform, caused disruptions in reporting, replenishment, and order fulfillment during the quarter, impacting the brand portfolio segment's sales by an estimated $10 million to $15 million.