Generated $34.2 million of cash from
operations
Paid down $50 million of debt during the third
quarter
Announces strategic exit of Naturalizer stores
to drive digital growth
Caleres (NYSE: CAL, caleres.com) a diverse portfolio of
consumer-driven footwear brands, today reported financial results
for the third quarter ended October 31, 2020. Caleres continued its
steady progress – recording sequential top-line growth, a return to
profitability, stronger gross margins and a further improved
working capital position – despite the still uncertain economic
environment. For the second straight quarter the company used free
cash to markedly reduce its overall debt levels, paying down $50
million during the period and bringing total debt reduction since
the end of the first quarter of 2020 to approximately $139
million.
“Caleres furthered its recovery during the third quarter
delivering results significantly better than anticipated in nearly
all major financial metrics,” said Diane Sullivan, Chairman,
president and chief executive officer. “At the same time, the team
has continued to overcome the ongoing COVID-related pressures in an
impressive manner, further advancing the company’s key strategic
objectives. During the quarter, we:
- Maintained rigorous cost discipline leading to an approximately
$38 million decline in expenses year-over-year – attributable to
improved store productivity and prior actions to align our
resources with the current market environment;
- Adjusted effectively to and capitalized on the extended
back-to-school season achieving a strong sequential increase in
sales at Famous Footwear;
- Gained momentum in the Brand Portfolio with an approximately 45
percent sequential increase in sales – led by positive consumer
reaction to our casual, sport and athletic-inspired assortment
across the portfolio; and
- Used free cash to further strengthen the balance sheet and
reduce overall indebtedness, which is now approaching pre-COVID
levels.”
Third Quarter 2020 Highlights
(13-weeks ended October 31, 2020 compared to 13-weeks ended
November 2, 2019)
- Net sales were $647.5 million, down 18.3 percent from the third
quarter of fiscal 2019
- Direct-to-consumer sales represented 71.4 percent of total net
sales;
- A 12.3 percent sales decline in the Famous Footwear
segment;
- A 25.6 percent sales decline in the Brand Portfolio
segment;
- Total company owned ecommerce website sales increased 24.6
percent, with ecommerce penetration rising to 25.4 percent of net
sales;
- Gross profit was $257.0 million, while gross margin was 39.7
percent;
- SG&A expense of $236.9 million, down $38.4 million compared
to the third quarter of 2019;
- Net income of $14.4 million, or earnings of $0.38 per diluted
share, compared to net income of $28.0 million, or $0.69 per
diluted share, in the third quarter of fiscal 2019. Earnings of
$0.38 per share includes $0.10 of adjustments related to the fair
value adjustment to the Blowfish purchase obligation;
- Adjusted net income was $18.2 million, or adjusted earnings of
$0.48 per diluted share compared to adjusted net income of $31.6
million, or adjusted earnings of $0.78 per diluted share, in the
third quarter of fiscal 2019;
- Generated $34.2 million in cash from operations and ended the
third quarter with $124.3 million of cash on hand;
- Reduced inventory levels approximately 21 percent
year-over-year, reflecting ongoing actions taken to liquidate
seasonal orders;
- Reduced credit facility borrowings by $50 million from the
second quarter of 2020 to end the third quarter at $300
million;
- Returned $2.7 million to shareholders during the quarter
through its long-standing quarterly dividend.
Strategic Realignment to Drive Digital Growth
In an effort to continue to improve future profitability and
allow greater focus on high-growth, digital channels, the company
has commenced a strategic realignment of the Naturalizer retail
locations in the U.S. and Canada. In addition to the store
closures, Caleres will right-size the back-office infrastructure to
better align with the reduced store footprint, shift talent to
amplify our digital presence, capture consumers where they want to
shop and reallocate capital to further enhance our ecommerce
platform and capabilities.
“Like the rest of the industry we have seen a structural shift
in the shopping behavior of the consumer – a change that has been
further accelerated by the global health crisis,” said Sullivan.
“With a larger percentage of Naturalizer’s sales originating
online, now is the opportune time to shed the legacy stores and
evolve it to be more profitable. We are confident this step will
better align the brand with the Naturalizer consumer of the future
and position the brand for growth and further success.”
The company plans to close approximately 133 Naturalizer stores
by the end of fiscal year 2020. The company expects pre-tax charges
in the fourth quarter of 2020 of between $20 million and $25
million. Once complete, Caleres expects an annual pre-tax benefit
of between $10 million and $12 million.
“Caleres is adjusting rapidly to the current and evolving market
environment and I am excited about the value-creating potential of
the business going forward,” said Sullivan. “The actions we have
taken in recent months to fortify our financial position; leverage
our digital investments to capitalize on shifting consumer
behaviors; further align our merchandise mix to reflect
ever-changing consumer desires; and right-size our cost structure
and capital budget provide a strong and durable foundation upon
which to build and grow. Moving forward, we plan to drive
innovation in our brands, lean into our consumer insights, enhance
our already significant digital capabilities still further, and
continuously strengthen and hone our portfolio to expand greater
cash generation and value creation in the future.”
Investor Conference Call
Caleres will host an investor conference call at 5:00 p.m. ET
today, Thursday, November 19. The webcast and associated slides
will be available at investor.caleres.com/news/events. A live
conference call will be available at (877) 217-9089 for analysts in
North America or (706) 679-1723 for international analysts by using
the conference ID 7391019. A replay will be available at
investor.caleres.com/news/events/archive for a limited period.
Investors may also access the replay by dialing (855) 859-2056 in
North America or (404) 537-3406 internationally and using the
conference ID 7391019 through Wednesday, December 2.
Definitions
All references in this press release, outside of the condensed
consolidated financial statements that follow, unless otherwise
noted, related to net earnings (loss) attributable to Caleres, Inc.
and diluted earnings (loss) per common share attributable to
Caleres, Inc. shareholders, are presented as net earnings (loss)
and earnings (loss) per diluted share, respectively.
Non-GAAP Financial Measures
In this press release, the company’s financial results are
provided both in accordance with generally accepted accounting
principles (GAAP) and using certain non-GAAP financial measures. In
particular, the company provides historic and estimated future
gross profit, operating earnings (loss), net earnings (loss) and
earnings (loss) per diluted share adjusted to exclude certain
gains, charges and recoveries, which are non-GAAP financial
measures. These results are included as a complement to results
provided in accordance with GAAP because management believes these
non-GAAP financial measures help identify underlying trends in the
company’s business and provide useful information to both
management and investors by excluding certain items that may not be
indicative of the company’s core operating results. These measures
should not be considered a substitute for or superior to GAAP
results.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
and expectations regarding the company’s future performance and the
performance of its brands. Such statements are subject to various
risks and uncertainties that could cause actual results to differ
materially. These risks include (i) the coronavirus outbreak and
its adverse impact on our business operations, store traffic and
financial condition (ii) changing consumer demands, which may be
influenced by consumers' disposable income, which in turn can be
influenced by general economic conditions and other factors; (iii)
impairment charges resulting from a long-term decline in our stock
price; (iv) rapidly changing fashion trends and consumer
preferences and purchasing patterns; (v) intense competition within
the footwear industry; (vi) political and economic conditions or
other threats to the continued and uninterrupted flow of inventory
from China and other countries, where the company relies heavily on
third-party manufacturing facilities for a significant amount of
its inventory; (vii) imposition of tariffs; (viii) the ability to
accurately forecast sales and manage inventory levels; (ix)
cybersecurity threats or other major disruption to the company’s
information technology systems; (x) customer concentration and
increased consolidation in the retail industry; (xi) transitional
challenges with acquisitions; (xii) a disruption in the company’s
distribution centers; (xiii) foreign currency fluctuations; (xiv)
changes to tax laws, policies and treaties; (xv) the ability to
recruit and retain senior management and other key associates;
(xvi) compliance with applicable laws and standards with respect to
labor, trade and product safety issues; (xvii) the ability to
maintain relationships with current suppliers; (xviii) the ability
to attract, retain, and maintain good relationships with licensors
and protect our intellectual property rights; and (xix) the ability
to secure/exit leases on favorable terms. The company's reports to
the Securities and Exchange Commission contain detailed information
relating to such factors, including, without limitation, the
information under the caption Risk Factors in Item 1A of the
company’s Annual Report on Form 10-K for the year ended February 1,
2020, which information is incorporated by reference herein and
updated by the company’s Quarterly Reports on Form 10-Q. The
company does not undertake any obligation or plan to update these
forward-looking statements, even though its situation may
change.
About Caleres
Caleres is a diverse portfolio of global footwear brands. Our
products are available virtually everywhere - in the more than
1,100 retail stores we operate, in hundreds of major department and
specialty stores, on our branded e-commerce sites, and on many
additional third-party retail websites. Famous Footwear offers
great casual and athletic brands for the entire family with
convenient, curated, affordable collections. Sam Edelman keeps
expressive women in step with the latest trends in a playful,
whimsical way. Naturalizer shoes are beautiful from the inside out,
with elegant simplicity and legendary fit re-imagined for today’s
consumer. Allen Edmonds combines old world craft with new world
technology to create luxe footwear for the discerning man who wants
sophisticated, modern classics. Rounding out our family of brands
are Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride,
Blowfish Malibu, Bzees, Circus by Sam Edelman and Ryka. Combined,
these brands make Caleres a company with both a legacy and a
mission. Our legacy is our more than 140 years of craftsmanship and
our passion for fit, while our mission is to continue to inspire
people to feel great… feet first. Visit caleres.com to learn more
about us.
SCHEDULE 1
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS (LOSS)
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
(Thousands, except per share data)
October 31, 2020
November 2, 2019
October 31, 2020
November 2, 2019
Net sales
$
647,480
$
792,375
$
1,546,111
$
2,222,614
Cost of goods sold
390,508
472,605
984,621
1,317,064
Gross profit
256,972
319,770
561,490
905,550
Selling and administrative expenses
236,901
275,330
663,425
804,972
Impairment of goodwill and intangible
assets
—
—
262,719
—
Restructuring and other special charges,
net
—
969
65,625
2,434
Operating earnings (loss)
20,071
43,471
(430,279
)
98,144
Interest expense, net
(10,881
)
(10,559
)
(33,747
)
(25,288
)
Other income, net
5,461
2,633
12,718
7,902
Earnings (loss) before income taxes
14,651
35,545
(451,308
)
80,758
Income tax benefit (provision)
275
(7,784
)
89,393
(18,685
)
Net earnings (loss)
14,926
27,761
(361,915
)
62,073
Net earnings (loss) attributable to
noncontrolling interests
509
(226
)
223
(338
)
Net earnings (loss) attributable to
Caleres, Inc.
$
14,417
$
27,987
$
(362,138
)
$
62,411
Basic earnings (loss) per common share
attributable to Caleres, Inc. shareholders
$
0.38
$
0.69
$
(9.67
)
$
1.51
Diluted earnings (loss) per common share
attributable to Caleres, Inc. shareholders
$
0.38
$
0.69
$
(9.67
)
$
1.51
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
October 31, 2020
November 2, 2019
February 1, 2020
(Thousands)
ASSETS
Cash and cash equivalents
$
124,330
$
52,502
$
45,218
Receivables, net
141,059
156,253
162,181
Inventories, net
507,365
644,646
618,406
Prepaid expenses and other current
assets
99,401
48,245
56,494
Total current assets
872,155
901,646
882,299
Lease right-of-use assets
601,574
704,244
695,594
Property and equipment, net
189,207
230,261
224,846
Goodwill and intangible assets, net
267,074
542,845
539,579
Other assets
97,050
92,214
89,389
Total assets
$
2,027,060
$
2,471,210
$
2,431,707
LIABILITIES AND EQUITY
Borrowings under revolving credit
agreement
$
300,000
$
295,000
$
275,000
Mandatory purchase obligation
30,146
—
—
Trade accounts payable
285,582
275,699
267,018
Lease obligations
156,200
144,501
127,869
Other accrued expenses
187,980
179,030
181,063
Total current liabilities
959,908
894,230
850,950
Noncurrent lease obligations
556,343
629,731
629,032
Long-term debt
198,736
198,276
198,391
Other liabilities
50,418
95,623
104,204
Total other liabilities
805,497
923,630
931,627
Total Caleres, Inc. shareholders’
equity
256,671
650,840
645,950
Noncontrolling interests
4,984
2,510
3,180
Total equity
261,655
653,350
649,130
Total liabilities and equity
$
2,027,060
$
2,471,210
$
2,431,707
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Thirty-Nine Weeks Ended
(Thousands)
October 31, 2020
November 2, 2019
OPERATING ACTIVITIES:
Net cash provided by operating
activities
$
101,766
$
145,737
INVESTING ACTIVITIES:
Purchases of property and equipment
(12,016
)
(37,354
)
Disposals of property and equipment
—
636
Capitalized software
(3,525
)
(4,893
)
Net cash used for investing activities
(15,541
)
(41,611
)
FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement
340,500
237,000
Repayments under revolving credit
agreement
(315,500
)
(277,000
)
Dividends paid
(8,148
)
(8,631
)
Acquisition of treasury stock
(23,348
)
(31,168
)
Issuance of common stock under share-based
plans, net
(1,078
)
(2,605
)
Contributions by noncontrolling
interests
1,500
1,500
Other
(980
)
(1,022
)
Net cash used for financing activities
(7,054
)
(81,926
)
Effect of exchange rate changes on cash
and cash equivalents
(59
)
102
Increase in cash and cash equivalents
79,112
22,302
Cash and cash equivalents at beginning of
period
45,218
30,200
Cash and cash equivalents at end of
period
$
124,330
$
52,502
SCHEDULE 4
CALERES, INC.
RECONCILIATION OF NET EARNINGS (LOSS)
AND DILUTED EARNINGS (LOSS) PER SHARE (GAAP BASIS) TO ADJUSTED NET
EARNINGS (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
(NON-GAAP BASIS)
(Unaudited)
Thirteen Weeks Ended
October 31, 2020
November 2, 2019
Net
Net
Pre-Tax
Earnings
Pre-Tax
Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
(Thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
14,417
$
0.38
$
27,987
$
0.69
Charges/other
items:
Fair value adjustment to Blowfish purchase
obligation
$
5,124
3,805
0.10
3,883
$
2,884
0.07
Vionic integration-related costs
—
—
—
969
719
0.02
Total charges/other items
$
5,124
$
3,805
$
0.10
$
4,852
$
3,603
$
0.09
Adjusted earnings
$
18,222
$
0.48
$
31,590
$
0.78
(Unaudited)
Thirty-Nine Weeks Ended
October 31, 2020
November 2, 2019
Net (Loss)
Net
Pre-Tax
Earnings
Diluted
Pre-Tax
Earnings
Impact of
Attributable
(Loss)
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
(Thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP (loss) earnings
$
(362,138
)
$
(9.67
)
$
62,411
$
1.51
Charges/other
items:
Goodwill and intangible asset impairment
charges
$
262,719
218,506
5.84
$
—
—
—
COVID-19-related expenses (1)
99,040
78,047
2.08
—
—
—
Fair value adjustment to Blowfish purchase
obligation
14,946
11,098
0.30
3,883
2,884
0.07
Brand Portfolio - business exits
1,598
1,187
0.03
1,905
1,415
0.03
Vionic acquisition and integration-related
costs
—
—
—
7,696
5,714
0.14
Total charges/other items
$
378,303
$
308,838
$
8.25
$
13,484
$
10,013
$
0.24
Adjusted (loss) earnings
$
(53,300
)
$
(1.42
)
$
72,424
$
1.75
__________________________________
(1)
Represents costs associated with the economic impact of the
COVID‑19 pandemic, primarily consisting of impairment charges
associated with property and equipment and lease right of use
assets, inventory markdowns, expenses associated with factory order
cancellations, provision for expected credit losses and
severance.
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
(Thousands)
2020
2019
2020
2019
2020
2019
2020
2019
Net sales
$
391,706
$
446,583
$
267,587
$
359,863
$
(11,813
)
$
(14,071
)
$
647,480
$
792,375
Gross profit
160,019
183,267
94,312
133,761
2,641
2,742
256,972
319,770
Adjusted gross profit
160,019
183,267
94,312
133,761
2,641
2,742
256,972
319,770
Gross profit rate
40.9
%
41.0
%
35.2
%
37.2
%
(22.4
)%
(19.5
)%
39.7
%
40.4
%
Adjusted gross profit rate
40.9
%
41.0
%
35.2
%
37.2
%
(22.4
)%
(19.5
)%
39.7
%
40.4
%
Operating earnings (loss)
27,845
27,681
7,304
19,398
(15,078
)
(3,608
)
20,071
43,471
Adjusted operating earnings (loss)
27,845
27,681
7,304
19,398
(15,078
)
(2,639
)
20,071
44,440
Operating earnings %
7.1
%
6.2
%
2.7
%
5.4
%
127.6
%
25.6
%
3.1
%
5.5
%
Adjusted operating earnings %
7.1
%
6.2
%
2.7
%
5.4
%
127.6
%
18.8
%
3.1
%
5.6
%
Same-store sales % (on a 13-week
basis)
(9.1
)%
2.5
%
(41.0
)%
(5.1
)%
—
%
—
%
—
%
—
%
Number of stores
925
960
197
232
—
—
1,122
1,192
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
(Thousands)
2020
2019
2020
2019
2020
2019
2020
2019
Gross profit
$
160,019
$
183,267
$
94,312
$
133,761
$
2,641
$
2,742
$
256,972
$
319,770
Charges/Other
Items:
Vionic integration-related costs
—
—
—
—
—
—
—
—
Total charges/other items
—
—
—
—
—
—
—
—
Adjusted gross profit
$
160,019
$
183,267
$
94,312
$
133,761
$
2,641
$
2,742
$
256,972
$
319,770
Operating earnings (loss)
$
27,845
$
27,681
$
7,304
$
19,398
$
(15,078
)
$
(3,608
)
$
20,071
$
43,471
Charges/Other
Items:
Vionic integration-related costs
—
—
—
—
—
969
—
969
Total charges/other items
—
—
—
—
—
969
—
969
Adjusted operating (loss) earnings
$
27,845
$
27,681
$
7,304
$
19,398
$
(15,078
)
$
(2,639
)
$
20,071
$
44,440
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
(Thousands)
2020
2019
2020
2019
2020
2019
2020
2019
Net sales
$
916,893
$
1,218,589
$
668,447
$
1,060,488
$
(39,229
)
$
(56,463
)
$
1,546,111
$
2,222,614
Gross profit
348,267
518,261
211,707
385,461
1,516
1,828
561,490
905,550
Adjusted gross profit
354,225
518,261
240,763
392,628
1,516
1,828
596,504
912,717
Gross profit rate
38.0
%
42.5
%
31.7
%
36.3
%
(3.9
)%
(3.2
)%
36.3
%
40.7
%
Adjusted gross profit rate
38.6
%
42.5
%
36.0
%
37.0
%
(3.9
)%
(3.2
)%
38.6
%
41.1
%
Operating (loss) earnings
(38,651
)
70,036
(352,556
)
46,225
(39,072
)
(18,117
)
(430,279
)
98,144
Adjusted (loss) operating earnings
(16,100
)
70,036
(12,386
)
54,019
(38,436
)
(16,310
)
(66,922
)
107,745
Operating (loss) earnings%
(4.2
)%
5.7
%
(52.7
)%
4.4
%
99.6
%
32.1
%
(27.8
)%
4.4
%
Adjusted (loss) operating earnings%
(1.8
)%
5.7
%
(1.9
)%
5.1
%
98.0
%
28.9
%
(4.3
)%
4.8
%
Same-store sales % (on a 39-week
basis)
3.0
%
1.1
%
(32.3
)%
(7.6
)%
—
%
—
%
—
%
—
%
Number of stores
925
960
197
232
—
—
1,122
1,192
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
October 31,
November 2,
(Thousands)
2020
2019
2020
2019
2020
2019
2020
2019
Gross profit
$
348,267
$
518,261
$
211,707
$
385,461
$
1,516
$
1,828
$
561,490
$
905,550
Charges/Other
Items:
COVID-19-related expenses
5,958
—
27,458
—
—
—
33,416
—
Brand Portfolio - brand exits
—
—
1,598
1,355
—
—
1,598
1,355
Vionic integration-related costs
—
—
—
5,812
—
—
—
5,812
Brand Portfolio - brand exits
—
—
—
—
—
—
—
—
Total charges/other items
5,958
—
29,056
7,167
—
—
35,014
7,167
Adjusted gross profit
$
354,225
$
518,261
$
240,763
$
392,628
$
1,516
$
1,828
$
596,504
$
912,717
Operating (loss) earnings
$
(38,651
)
$
70,036
$
(352,556
)
$
46,225
$
(39,072
)
$
(18,117
)
$
(430,279
)
$
98,144
Charges/Other
Items:
Goodwill and intangible asset impairment
charges
—
—
262,719
—
—
—
262,719
—
COVID-19-related expenses
22,551
—
75,853
—
636
—
99,040
—
Brand Portfolio - brand exits
—
—
1,598
1,905
—
—
1,598
1,905
Vionic acquisition and integration-related
costs
—
—
—
5,889
—
1,807
—
7,696
Total charges/other items
22,551
—
340,170
7,794
636
1,807
363,357
9,601
Adjusted operating (loss) earnings
$
(16,100
)
$
70,036
$
(12,386
)
$
54,019
$
(38,436
)
$
(16,310
)
$
(66,922
)
$
107,745
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS (LOSS) PER
SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 31,
November 2,
October 31,
November 2,
(Thousands, except per share data)
2020
2019
2020
2019
Net earnings (loss) attributable to
Caleres, Inc.:
Net earnings (loss)
$
14,926
$
27,761
$
(361,915
)
$
62,073
Net (earnings) loss attributable to
noncontrolling interests
(509
)
226
(223
)
338
Net earnings (loss) attributable to
Caleres, Inc.
14,417
27,987
(362,138
)
62,411
Net earnings allocated to participating
securities
(512
)
(946
)
—
(2,042
)
Net earnings (loss) attributable to
Caleres, Inc. after allocation of earnings to participating
securities
$
13,905
$
27,041
$
(362,138
)
$
60,369
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
36,554
39,258
37,439
39,983
Dilutive effect of share-based awards
176
55
—
57
Diluted common shares attributable to
Caleres, Inc.
36,730
39,313
37,439
40,040
Basic earnings (loss) per common share
attributable to Caleres, Inc. shareholders
$
0.38
$
0.69
$
(9.67
)
$
1.51
Diluted earnings (loss) per common share
attributable to Caleres, Inc. shareholders
$
0.38
$
0.69
$
(9.67
)
$
1.51
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS
(LOSS) PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 31,
November 2,
October 31,
November 2,
(Thousands, except per share data)
2020
2019
2020
2019
Adjusted net earnings (loss) attributable
to Caleres, Inc.:
Adjusted net earnings (loss)
$
18,731
$
31,364
$
(53,077
)
$
72,086
Net (earnings) loss attributable to
noncontrolling interests
(509
)
226
(223
)
338
Adjusted net earnings (loss) attributable
to Caleres, Inc.
18,222
31,590
(53,300
)
72,424
Net earnings allocated to participating
securities
(647
)
(1,070
)
—
(2,376
)
Adjusted net earnings (loss) attributable
to Caleres, Inc. after allocation of earnings to participating
securities
$
17,575
$
30,520
$
(53,300
)
$
70,048
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
36,554
39,258
37,439
39,983
Dilutive effect of share-based awards
176
55
—
57
Diluted common shares attributable to
Caleres, Inc.
36,730
39,313
37,439
40,040
Basic adjusted earnings (loss) per common
share attributable to Caleres, Inc. shareholders
$
0.48
$
0.78
$
(1.42
)
$
1.75
Diluted adjusted earnings (loss) per
common share attributable to Caleres, Inc. shareholders
$
0.48
$
0.78
$
(1.42
)
$
1.75
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201119006235/en/
Investor Contact: Logan Bonacorsi
lbonacorsi@caleres.com
Caleres (NYSE:CAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Caleres (NYSE:CAL)
Historical Stock Chart
From Apr 2023 to Apr 2024