Shares of Caleres (CAL) - Get Report surged 24.2% to $18.92 Tuesday after the footwear and accessories company beat Wall Street's second-quarter earnings expectations.

The St. Louis-based company reported net income of $25.3 million, or 61 cents a share, up from $23.6 million, or 55 cents a share, a year ago. Adjusted earnings came to 62 cents a share, beating the FactSet consensus of 58 cents a share. Revenue totaled $752.5 million, up 6.5% from a year ago, and matched analysts' estimates.

Caleres owns such brands as Dr. Scholl's Shoes, LifeStride, Naturalizer and Fergie Footwear.

"The weather certainly resulted in a later spring that impacted our sandal business and there was a noticeable increase in demand for novelty and newness," Diane Sullivan, CEO, president and chairman, said during a conference call with analysts, according to a transcript of the event.

The company also "experienced retailers managing their inventories, which led to a moderation and replenishment orders," she said.

"Fortunately, the investments we have made in product design, development and speed to market allowed us to manage and respond to these trends in a timely, efficient and profitable way across our brand portfolio," Sullivan said.

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