Footwear retailer Caleres saw net earnings decline 5.6 per cent to $171.8 million after net sales fell 5.1 per cent to $2.82 billion last fiscal year.

For the current fiscal year, the footwear company forecasts consolidated net sales to be flat to up 2 per cent, considering the anticipated decline in the footwear market, inflationary pressures that could affect demand, and higher freight costs.

The company’s Famous Footwear’s net sales slid 1.5 per cent while the brand portfolio’s net sales dropped 3.9 per cent despite the additional week in the year.

Meanwhile, direct-to-consumer sales represented about 72 per cent of total net sales.

The capital expenditure for this year is estimated at between $60 million and $70 million.