Caleres Inc. (CAL) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this footwear wholesaler and retailer, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.For Caleres Inc. Strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:12 Month EPSCurrent-Quarter Estimate RevisionsThe earnings estimate of $0.53 per share for the current quarter represents a change of +192.98% from the number reported a year ago.Over the last 30 days, one estimate has moved higher for Caleres Inc. compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 12.77%.Current-Year Estimate RevisionsFor the full year, the earnings estimate of $2 per share represents a change of +242.86% from the year-ago number.There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, one estimate has moved up for Caleres Inc. versus no negative revisions. This has pushed the consensus estimate 53.85% higher.Favorable Zacks RankThanks to promising estimate revisions, Caleres Inc. currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.Bottom LineCaleres Inc. shares have added 16.1% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Caleres, Inc. (CAL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research