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NEW YORK (TheStreet) -- Caleres (CAL) - Get Caleres Inc. Report reported lower-than-expected earnings and revenue for the 2016 second quarter after Tuesday's closing bell.

The St. Louis-based footwear retailer posted earnings of 46 cents per diluted share, below analysts' estimates of 50 cents per share. Revenue for the quarter was $622.9 million, while Wall Street was projecting revenue of $638.3 million.

Same-store sales at Famous Footwear were down 1.1% during the period.

For 2016, Caleres continues to see earnings per share between $2 and $2.16. Analysts are looking for earnings of $2.07 for the year.

Full-year revenue is now forecast to be between $2.57 billion and $2.6 billion, down from the company's prior view of $2.6 billion to $2.63 billion, the Fly noted. Wall Street is expecting revenue of $2.6 billion.

"While realistic about the retail environment for the second half of the year, we are maintaining our fiscal 2016 EPS guidance," CFO Ken Hannah said in a statement, "We will continue to expand our gross margin and to manage the areas within our deliver bottom-line results."

Jefferies maintained its "hold" rating and $24 price target on shares following the quarterly report.

"Top line continued to struggle, reflecting a tough environment as was seen in 1Q. However, we believe management did a good job of keeping things in control, yielding better GM% and flattish expenses," the firm wrote in a note earlier today.

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The quarter saw particular weakness in May and July, but there was improvement in June as overall conversion rose, e-commerce was up and contemporary fashion did well, Jefferies noted.

The firm was also encouraged that business has sequentially improved throughout the month of August.

Shares of Caleres were gaining 5.77% to $25.66 on heavy trading volume late this afternoon.

About 1.35 million of the company's shares changed hands so far today compared to its average 30-day volume of 282,830 shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its attractive valuation levels, good cash flow from operations, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. 

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CAL

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