Caleres pays down $90 million of revolving credit facility borrowings

By Sarah Lizee

Olympia, Wash., Nov. 21 – Caleres paid down $90 million of borrowings under its revolving credit facility during the first nine months of the year, according to the company’s earnings release for the third quarter.

Borrowings decreased to $20 million, down from $110 million at the end of 2016.

“Our strong start to the third quarter in August was interrupted by hurricanes in September and an unseasonably warm start to fall in October,” Diane Sullivan, chief executive officer, president and chairman of Caleres, said in the release.

“Even though the quarter became progressively more challenging, we delivered improvement in gross margin and generated strong cash flow, while paying down our revolver borrowings.”

Caleres is a diverse portfolio of global footwear brands based in St. Louis.

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