News Details

View all news

Caleres Reports First Quarter 2021 Results

05/28/2021
  • Exceeded first quarter 2019 earnings levels
  • Drove sequential sales and operating earnings improvement
  • Famous Footwear achieved first quarter record sales and operating earnings
  • Paid down an additional $50 million of debt during the first quarter

Caleres (NYSE: CAL) (caleres.com), a diverse portfolio of consumer-centric footwear brands, today reported financial results for the first quarter ended May 1, 2021. Caleres continued its strong recovery in the quarter just ended – recording sequential top-line and earnings growth, stronger gross margins and an improved working capital and expense position. For the fourth straight period, the company put its free cash flow to work strengthening its balance sheet and reducing further its overall indebtedness, paying down an additional $50 million during the quarter. In total, the company has reduced its total debt levels by approximately $240 million since March of 2020.

“Caleres had a strong start to the year, maintaining its solid upward momentum in the first quarter of 2021, driven in large part by an outstanding performance in our Famous Footwear business, where we achieved record quarterly earnings and delivered record first quarter sales levels,” said Diane Sullivan, Chairman and Chief Executive Officer. “Notably, Famous Footwear’s quarterly sales increased 13 percent over the first quarter of 2019, benefitting from strong demand for the category, increased consumer confidence and improving in-store traffic trends. Famous continues to leverage its enhanced omni-channel capabilities and capitalize on its direct-to-consumer model, as evidenced by a 13.2 percent increase in new rewards members – compared to the first quarter 2019 – and still-strong ecommerce sales levels.”

“We remain positive about our outlook and expect continued strength at Famous Footwear to be combined with an improving performance in our Brand Portfolio as we progress through the year,” said Sullivan. We are particularly enthusiastic about the recent strong performances from our Vionic, Sam Edelman, Blowfish Malibu and Ryka brands, and are increasingly optimistic about our ability to drive margin growth and return to 2019 earnings levels for the segment in the year’s second half.”

“Looking ahead, we plan to lean into the robust momentum at Famous Footwear and our enhanced direct-to-consumer capabilities; ensure alignment of supply and demand; and – as always – maintain our balanced approach to capital allocation. In short, we are excited about our strategy for continued value creation and believe we are exceptionally well positioned to capitalize on the accelerated recovery in the marketplace and to chase and capture market share opportunities as they develop throughout the year.”

First Quarter 2021 Highlights
(13-weeks ended May 1, 2021 compared to 13-weeks ended May 2, 2020)

  • Net sales were $638.6 million, up 60.8 percent from the first quarter of fiscal 2020
    • Direct-to-consumer sales represented 74.5 percent of total net sales;
    • A 108.2 percent sales increase in the Famous Footwear segment;
    • A 15.2 percent sales increase in the Brand Portfolio segment;
    • Total company owned ecommerce website sales increased 21.4 percent, with ecommerce penetration of 25.6 percent of net sales;
  • Gross profit was $274.9 million, while gross margin was 43.0 percent;
  • SG&A expense of $243.5 million, up $18.3 million compared to the first quarter of 2020;
  • Net income of $6.1 million, or earnings of $0.16 per diluted share, compared to net loss of $345.8 million, or a loss of $8.95 per diluted share, in the first quarter of fiscal 2020. Earnings of $0.16 per share includes $0.44 for the below items:
    • Brand Portfolio expense of $0.31 related to the Naturalizer brand retail exits; and
    • Fair value adjustment of $0.13 associated with the mandatory purchase obligation for Blowfish Malibu; and
  • Adjusted net income was $22.8 million, or adjusted earnings of $0.60 per diluted share compared to adjusted net loss of $50.4 million, or adjusted loss of $1.30 per diluted share, in the first quarter of fiscal 2020;
  • Generated $70.4 million in cash from operations and ended the first quarter with $98.2 million of cash on hand;
  • Reduced inventory levels approximately 24 percent year-over-year, reflecting the final liquidation of Naturalizer store inventory and global/industry-wide supply chain disruptions;
  • Reduced credit facility borrowings by $50 million from the fourth quarter of 2020 to end the first quarter at $200 million;
  • Returned $2.7 million to shareholders during the quarter through its long-standing quarterly dividend.

Quarterly Cash Dividend

The company’s board of directors declared a regular quarterly cash dividend of $0.07 per share to be paid on June 30, 2021 to shareholders of record as of June 11, 2021. This dividend will be the 393rd consecutive quarterly dividend paid by the company.

Fiscal Second Quarter 2021 Outlook

For the second quarter of 2021, Caleres expects sales levels to be between $625 million and $650 million – effectively flat to the first quarter of 2021 – and adjusted earnings per share of between $0.50 and $0.55, which excludes $0.06 related to the fair value adjustment to Blowfish purchase obligation.

Investor Conference Call

Caleres will host an investor conference call at 10:00 a.m. ET today, Friday, May 28. 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 7644157. 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 7644157 through Thursday, June 10.

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 pandemic 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) rapidly changing consumer preferences and purchasing patterns and fashion trends; (iv) intense competition within the footwear industry; (v) customer concentration and increased consolidation in the retail industry; (vi) foreign currency fluctuations; (vii) impairment charges resulting from a long-term decline in our stock price; (viii) 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; (ix) cybersecurity threats or other major disruption to the company’s information technology systems; (x) the ability to accurately forecast sales and manage inventory levels; (xi) a disruption in the company’s distribution centers; (xii) the ability to recruit and retain senior management and other key associates; (xiii) the ability to maintain relationships with current suppliers; (xiv) the ability to secure/exit leases on favorable terms; (xv) transitional challenges with acquisitions and divestitures; (xvi) changes to tax laws, policies and treaties; (xvii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xviii) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights.

About Caleres

Caleres is a diverse portfolio of global footwear brands. Our products are available virtually everywhere - in the more than 1,000 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

($ thousands, except per share data)

 

May 1, 2021

 

May 2, 2020

Net sales

 

$

638,636

 

 

$

397,184

 

Cost of goods sold

 

 

363,749

 

 

 

275,286

 

Gross profit

 

 

274,887

 

 

 

121,898

 

Selling and administrative expenses

 

 

243,535

 

 

 

225,194

 

Impairment of goodwill and intangible assets

 

 

 

 

 

262,719

 

Restructuring and other special charges, net

 

 

13,482

 

 

 

60,196

 

Operating earnings (loss)

 

 

17,870

 

 

 

(426,211

)

Interest expense, net

 

 

(11,792

)

 

 

(9,478

)

Other income, net

 

 

3,828

 

 

 

3,585

 

Earnings (loss) before income taxes

 

 

9,906

 

 

 

(432,104

)

Income tax (provision) benefit

 

 

(3,521

)

 

 

85,932

 

Net earnings (loss)

 

 

6,385

 

 

 

(346,172

)

Net earnings (loss) attributable to noncontrolling interests

 

 

238

 

 

 

(334

)

Net earnings (loss) attributable to Caleres, Inc.

 

$

6,147

 

 

$

(345,838

)

 

 

 

 

 

 

 

Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders

 

$

0.16

 

 

$

(8.95

)

 

 

 

 

 

 

 

Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders

 

$

0.16

 

 

$

(8.95

)

SCHEDULE 2

 

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

($ thousands)

 

May 1, 2021

 

May 2, 2020

 

January 30, 2021

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

98,244

 

$

187,717

 

$

88,295

Receivables, net

 

 

132,698

 

 

145,333

 

 

126,994

Inventories, net

 

 

445,299

 

 

585,307

 

 

487,955

Prepaid expenses and other current assets

 

 

80,877

 

 

91,433

 

 

79,312

Total current assets

 

 

757,118

 

 

1,009,790

 

 

782,556

 

 

 

 

 

 

 

 

 

 

Lease right-of-use assets

 

 

526,011

 

 

648,534

 

 

554,303

Property and equipment, net

 

 

165,118

 

 

200,800

 

 

172,437

Goodwill and intangible assets, net

 

 

236,924

 

 

273,648

 

 

240,071

Other assets

 

 

117,652

 

 

90,913

 

 

117,683

Total assets

 

$

1,802,823

 

$

2,223,685

 

$

1,867,050

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Borrowings under revolving credit agreement

 

$

200,000

 

$

438,500

 

$

250,000

Mandatory purchase obligation - Blowfish Malibu

 

 

45,523

 

 

 

 

39,134

Trade accounts payable

 

 

293,309

 

 

297,557

 

 

280,501

Lease obligations

 

 

133,327

 

 

160,138

 

 

153,060

Other accrued expenses

 

 

193,778

 

 

181,344

 

 

182,814

Total current liabilities

 

 

865,937

 

 

1,077,539

 

 

905,509

 

 

 

 

 

 

 

 

 

 

Noncurrent lease obligations

 

 

490,355

 

 

601,133

 

 

518,942

Long-term debt

 

 

198,966

 

 

198,506

 

 

198,851

Other liabilities

 

 

40,909

 

 

61,384

 

 

39,894

Total other liabilities

 

 

730,230

 

 

861,023

 

 

757,687

 

 

 

 

 

 

 

 

 

 

Total Caleres, Inc. shareholders’ equity

 

 

202,869

 

 

282,296

 

 

200,247

Noncontrolling interests

 

 

3,787

 

 

2,827

 

 

3,607

Total equity

 

 

206,656

 

 

285,123

 

 

203,854

Total liabilities and equity

 

$

1,802,823

 

$

2,223,685

 

$

1,867,050

SCHEDULE 3

 

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

($ thousands)

 

May 1, 2021

 

May 2, 2020

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net cash provided by operating activities

 

$

70,378

 

 

$

728

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(2,659

)

 

 

(3,523

)

Capitalized software

 

 

(1,218

)

 

 

(977

)

Net cash used for investing activities

 

 

(3,877

)

 

 

(4,500

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Borrowings under revolving credit agreement

 

 

110,500

 

 

 

168,500

 

Repayments under revolving credit agreement

 

 

(160,500

)

 

 

(5,000

)

Dividends paid

 

 

(2,663

)

 

 

(2,810

)

Acquisition of treasury stock

 

 

 

 

 

(12,932

)

Issuance of common stock under share-based plans, net

 

 

(3,501

)

 

 

(906

)

Other

 

 

(450

)

 

 

(323

)

Net cash (used for) provided by financing activities

 

 

(56,614

)

 

 

146,529

 

Effect of exchange rate changes on cash and cash equivalents

 

 

62

 

 

 

(258

)

Increase in cash and cash equivalents

 

 

9,949

 

 

 

142,499

 

Cash and cash equivalents at beginning of period

 

 

88,295

 

 

 

45,218

 

Cash and cash equivalents at end of period

 

$

98,244

 

 

$

187,717

 

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

 

 

May 1, 2021

 

May 2, 2020

 

 

 

 

 

Net

 

 

 

 

 

 

 

Net (Loss)

 

 

 

 

 

Pre-Tax

 

Earnings

 

 

 

 

Pre-Tax

 

Earnings

 

Diluted

 

 

Impact of

 

Attributable

 

 

Diluted

 

Impact of

 

Attributable

 

(Loss)

 

 

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 (loss)

 

 

 

 

$

6,147

 

$

0.16

 

 

 

 

$

(345,838

)

 

$

(8.95

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charges/other items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Portfolio - business exits

 

$

13,482

 

 

11,927

 

 

0.31

 

$

1,598

 

 

1,187

 

 

 

0.03

 

Fair value adjustment to Blowfish purchase obligation

 

 

6,389

 

 

4,745

 

 

0.13

 

 

3,233

 

 

2,401

 

 

 

0.06

 

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

 

262,719

 

 

218,506

 

 

 

5.66

 

COVID-19-related expenses (1)

 

 

 

 

 

 

 

 

93,612

 

 

73,338

 

 

 

1.90

 

Total charges/other items

 

$

19,871

 

$

16,672

 

$

0.44

 

$

361,162

 

$

295,432

 

 

$

7.65

 

Adjusted earnings (loss)

 

 

 

 

$

22,819

 

$

0.60

 

 

 

 

$

(50,406

)

 

$

(1.30

)

__________________________

(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

 

($ thousands)

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

 

Net sales

 

$

398,104

 

$

191,252

 

 

$

250,305

 

 

$

217,238

 

 

$

(9,773

)

 

$

(11,306

)

 

$

638,636

 

$

397,184

 

 

Gross profit

 

 

179,815

 

 

69,093

 

 

 

94,003

 

 

 

53,393

 

 

 

1,069

 

 

 

(588

)

 

 

274,887

 

 

121,898

 

 

Adjusted gross profit

 

 

179,815

 

 

75,051

 

 

 

94,003

 

 

 

82,449

 

 

 

1,069

 

 

 

(588

)

 

 

274,887

 

 

156,912

 

 

Gross profit rate

 

 

45.2

%

 

36.1

 

%

 

37.6

 

%

 

24.6

 

%

 

(10.9

)

%

 

5.2

 

%

 

43.0

%

 

30.7

 

%

Adjusted gross profit rate

 

 

45.2

%

 

39.2

 

%

 

37.6

 

%

 

38.0

 

%

 

(10.9

)

%

 

5.2

 

%

 

43.0

%

 

39.5

 

%

Operating earnings (loss)

 

 

47,873

 

 

(67,540

)

 

 

(2,821

)

 

 

(345,748

)

 

 

(27,182

)

 

 

(12,923

)

 

 

17,870

 

 

(426,211

)

 

Adjusted operating earnings (loss)

 

 

47,873

 

 

(45,578

)

 

 

10,661

 

 

 

(10,138

)

 

 

(27,182

)

 

 

(12,566

)

 

 

31,352

 

 

(68,282

)

 

Operating earnings (loss) %

 

 

12.0

%

 

(35.3

)

%

 

(1.1

)

%

 

(159.2

)

%

 

278.1

 

%

 

114.3

 

%

 

2.8

%

 

(107.3

)

%

Adjusted operating earnings (loss) %

 

 

12.0

%

 

(23.8

)

%

 

4.3

 

%

 

(4.7

)

%

 

278.1

 

%

 

111.1

 

%

 

4.9

%

 

(17.2

)

%

Same-store sales % (on a 13-week basis)

 

 

3.3

%

 

12.6

 

%

 

5.1

 

%

 

(24.8

)

%

 

 

%

 

 

%

 

%

 

 

%

Number of stores

 

 

913

 

 

934

 

 

 

95

 

 

 

203

 

 

 

 

 

 

 

 

 

1,008

 

 

1,137

 

 

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

Famous Footwear

 

Brand Portfolio

 

Eliminations and Other

 

Consolidated

($ thousands)

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

Gross profit

 

$

179,815

 

$

69,093

 

 

$

94,003

 

 

$

53,393

 

 

$

1,069

 

 

$

(588

)

 

$

274,887

 

$

121,898

 

Charges/Other Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COVID-19-related expenses

 

 

 

 

5,958

 

 

 

 

 

 

27,458

 

 

 

 

 

 

 

 

 

 

 

33,416

 

Brand Portfolio - business exits

 

 

 

 

 

 

 

 

 

 

1,598

 

 

 

 

 

 

 

 

 

 

 

1,598

 

Total charges/other items

 

 

 

 

5,958

 

 

 

 

 

 

29,056

 

 

 

 

 

 

 

 

 

 

 

35,014

 

Adjusted gross profit

 

$

179,815

 

$

75,051

 

 

$

94,003

 

 

$

82,449

 

 

$

1,069

 

 

$

(588

)

 

$

274,887

 

$

156,912

 

Operating earnings (loss)

 

$

47,873

 

$

(67,540

)

 

$

(2,821

)

 

$

(345,748

)

 

$

(27,182

)

 

$

(12,923

)

 

$

17,870

 

$

(426,211

)

Charges/Other Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Portfolio - business exits

 

 

 

 

 

 

 

13,482

 

 

 

1,598

 

 

 

 

 

 

 

 

 

13,482

 

 

1,598

 

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

 

 

 

262,719

 

 

 

 

 

 

 

 

 

 

 

262,719

 

COVID-19-related expenses

 

 

 

 

21,962

 

 

 

 

 

 

71,293

 

 

 

 

 

 

357

 

 

 

 

 

93,612

 

Total charges/other items

 

 

 

 

21,962

 

 

 

13,482

 

 

 

335,610

 

 

 

 

 

 

357

 

 

 

13,482

 

 

357,929

 

Adjusted operating earnings (loss)

 

$

47,873

 

$

(45,578

)

 

$

10,661

 

 

$

(10,138

)

 

$

(27,182

)

 

$

(12,566

)

 

$

31,352

 

$

(68,282

)

SCHEDULE 6

 

CALERES, INC.

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

May 1, 2021

 

May 2, 2020

($ thousands, except per share data)

 

 

 

 

 

 

Net earnings (loss) attributable to Caleres, Inc.:

 

 

 

 

 

 

Net earnings (loss)

 

$

6,385

 

 

$

(346,172

)

Net (earnings) loss attributable to noncontrolling interests

 

 

(238

)

 

 

334

 

Net earnings (loss) attributable to Caleres, Inc.

 

 

6,147

 

 

 

(345,838

)

Net earnings allocated to participating securities

 

 

(210

)

 

 

 

Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities

 

$

5,937

 

 

$

(345,838

)

 

 

 

 

 

 

 

Basic and diluted common shares attributable to Caleres, Inc.:

 

 

 

 

 

 

Basic common shares

 

 

36,707

 

 

 

38,649

 

Dilutive effect of share-based awards

 

 

158

 

 

 

 

Diluted common shares attributable to Caleres, Inc.

 

 

36,865

 

 

 

38,649

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders

 

$

0.16

 

 

$

(8.95

)

 

 

 

 

 

 

 

Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders

 

$

0.16

 

 

$

(8.95

)

SCHEDULE 7

 

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS (LOSS) PER SHARE RECONCILIATION

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

May 1, 2021

 

May 2, 2020

($ thousands, except per share data)

 

 

 

 

 

 

Adjusted net earnings (loss) attributable to Caleres, Inc.:

 

 

 

 

 

 

Adjusted net earnings (loss)

 

$

23,057

 

 

$

(50,740

)

Net (earnings) loss attributable to noncontrolling interests

 

 

(238

)

 

 

334

 

Adjusted net earnings (loss) attributable to Caleres, Inc.

 

 

22,819

 

 

 

(50,406

)

Net earnings allocated to participating securities

 

 

(828

)

 

 

 

Adjusted net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities

 

$

21,991

 

 

$

(50,406

)

 

 

 

 

 

 

 

Basic and diluted common shares attributable to Caleres, Inc.:

 

 

 

 

 

 

Basic common shares

 

 

36,707

 

 

 

38,649

 

Dilutive effect of share-based awards

 

 

158

 

 

 

 

Diluted common shares attributable to Caleres, Inc.

 

 

36,865

 

 

 

38,649

 

 

 

 

 

 

 

 

Basic adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders

 

$

0.60

 

 

$

(1.30

)

 

 

 

 

 

 

 

Diluted adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders

 

$

0.60

 

 

$

(1.30

)

 

Logan Bonacorsi
lbonacorsi@caleres.com

Source: Caleres

Multimedia Files:

Categories: Press Releases
View all news