S&P reviews Caleres for downgrade

S&P said it placed Caleres Inc.’s ratings, including the BB issuer credit rating, on CreditWatch negative, based on weak holiday performance and deleveraging uncertainty.

“Caleres Inc. recently reported weaker-than-expected sales over the holiday season, including a 3% decline in overall sales as well as a sharp drop in sales (about 9%) in its Brand Portfolio segment (which represents 40% of its total sales),” the agency said in a news release.

S&P said it expects to resolve the CreditWatch placement after evaluating the company's operating and credit metric trends as well as its financial policy, including debt reduction.

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