Caleres Inc (NYSE: CAL) stock fell over 9.7% on 22nd march, 2019 (as of 10:56 am GMT-4 ; Source: Google finance). Excluding the acquisition-related inventory, amortization and brand exits, the adjusted gross margin of 39.9% declined approximately 180 basis points year-over-year. The company in the fourth quarter of FY 18 has reported the 2.6% rise in the sales to $ $720.3 million. For quarter same-store sales were up 1.1% and total sales for the quarter at Famous Footwear of $365.2 million were down as expected year-over-year as CAL operated 34 fewer doors in 2018, and additionally, last year’s quarter included $19.7 million of revenue related to the 53rd week.
For the fourth quarter, SG&A expense was flat at $267 million, including the addition of both Vionic and Blowfish and represented 37.1% of sales, down nearly 90 basis points versus the prior year’s fourth quarter. For the fourth quarter of 2018, our depreciation and amortization of $17.3 million was up 9.3% versus the same period in 2017, primarily due to the addition of trademark amortization related to our Vionic acquisition.
Moreover, for the fourth quarter net interest expense of $6.8 million was up $2.7 million versus the fourth quarter of last year. The increases for both the quarter and the year were for Vionic as the company used the revolving credit facility to finance the October acquisition of the brand.
Additionally, the company ended the year with $30.2 million of cash and equivalents and outstanding borrowings under the revolving credit facility of $335 million at year end, due to the October acquisition of Vionic. The consolidated inventory position at the end of the year was $683.2 million. For the brand portfolio, the company saw an increase in inventory, primarily related to the Vionic and Blowfish acquisitions, but also in part due to the earlier Chinese New Year and the decision to pull forward deliveries to be able to meet customer demands in early 2019.
For FY 19, CAL expects consolidated net sales to be in the range of $3.0 billion to $3.05 billion, Brand Portfolio sales is expected to be in the range of up low- to mid-teens, including acquisitions, Famous Footwear same-store-sales is expected to be in the range of Up low- to mid-single digits and adjusted earnings per diluted share is expected to be in the range of $2.45 to $2.55. In 2019 the company expect interest expense of approximately $27 million.