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Q2 Earnings Beat Boosts Caleres Stock 24%, But Is There Room to Run in This Rally?

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Investors responded favorably to this footwear stock's Q2/19 results, elevating the stock price 24% on Tuesday. However, the stock is still down quite a bit from its 6-month and 1-year highs.

Footwear company Caleres Inc. (CAL:NYSE) reported an assortment of positive financial results, most notably $0.62 earnings per share, which beat the $0.58 FactSet consensus handily.

Also included in the Q2 report were record sales of $752.5 million, up 6.5% year-over-year. Total sales came to $359.6 million, and same-store sales rose 1.5% at Famous Footwear.

The 3/4-billion-dollar market cap company owns quite a few popular shoe brands, including Dr. Scholl's, Naturalizer, Sam Edelman, Vionic, Franco Sarto and more.

Is there still room to run in this shoe stock rally? Despite the large and rapid surge of 24% up to $19.90/share on Tuesday, Caleres' stock price is still below the 6-month high of $31.10 and well below the 1-year high of $40.48. Time will tell, but for now, this shoe company is putting its best foot forward.

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