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Caleres Reports First Quarter 2022 Results

May 24, 2022
  • Delivers record first quarter consolidated net sales of $735.1 million
  • Generates record first quarter consolidated gross profit margin of 44.5 percent
  • Achieves record first quarter consolidated net earnings of $50.5 million
  • Delivers record first quarter earnings per diluted share of $1.32
  • Repurchases approximately 701,000 shares, or nearly 2 percent of shares outstanding
  • Raises fiscal year 2022 sales and earnings per share guidance

Caleres (NYSE: CAL, caleres.com), a diverse portfolio of consumer-driven footwear brands, today reported financial results for the first quarter ended April 30, 2022. Caleres maintained its strong momentum from 2021, delivering its best-ever first quarter performance for sales, gross profit margins and earnings. The company recorded a 15.1 percent year-over-year sales improvement, generated 44.5 percent consolidated gross profit margin and achieved net earnings of $50.5 million. In addition, the company utilized its robust cash generation to augment inventory levels to better align with strong consumer demand, to repurchase approximately 701,000 shares of Caleres common stock and to fund its quarterly dividend.

“Caleres had an outstanding start to the year, executing at a high level and delivering record first quarter sales, gross profit margins and earnings despite significant and ongoing macro-challenges,” said Diane Sullivan, Chairman and Chief Executive Officer. “Notably, Famous extended its exceptional performance from 2021, achieving another quarter of strong gross profit margin and generating nearly $50 million in operating earnings, while strategically investing for growth. In addition, our Brand Portfolio returned to nearly full strength during the first quarter, setting the stage for a significantly improved earnings contribution in 2022. In fact, our strong product design, diverse and targeted assortments, and bold and strategic approach to inventory drove the best-ever quarterly sales and operating earnings performance for the Brand Portfolio.”

First Quarter 2022 Highlights
(13-weeks ended April 30, 2022 compared to 13-weeks ended May 1, 2021)

  • Net sales were $735.1 million, up 15.1 percent from the first quarter of fiscal 2021

-- A 3.4 percent sales decline in the Famous Footwear segment

-- A 46.1 percent sales increase in the Brand Portfolio segment

-- Direct-to-consumer sales represented approximately 65 percent of total net sales

  • Gross profit was $327.0 million, while gross margin was 44.5 percent, or a 144-basis point improvement over the first quarter of 2021;

-- A 49.2 percent gross margin in the Famous Footwear segment, or a 405-basis point improvement over the first quarter of 2021

-- A 38.1 percent gross margin in the Brand Portfolio segment, or a 53-basis point improvement over the first quarter of 2021

  • SG&A as percentage of sales was 35.5 percent, 266-basis points higher than first quarter of fiscal 2021 due primarily to an increase in variable costs on increased sales, an increase to marketing costs and higher wages and labor costs;
  • Net earnings of $50.5 million, or earnings of $1.32 per diluted share, compared to net earnings of $6.1 million, or earnings of $0.16 per diluted share in the first quarter of fiscal 2021;
  • Trailing twelve-month adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $320 million;
  • Inventory levels were up approximately 45 percent, year-over-year, reflecting ongoing efforts to align inventory with robust consumer demand and includes increased in-transit inventory resulting from port delays and protracted transportation time;
  • Generated $19.7 million in cash from operations; and
  • Returned $17.3 million to shareholders through dividends and share repurchases.

Capital Return Progress

During the first quarter, Caleres utilized its healthy operating cash generation to repurchase 701,000 shares of common stock, representing approximately 1.9 percent of shares outstanding, at a total cost of $14.7 million. At quarter-end, nearly 8.3 million shares remained available in the current share repurchase authorization.

"We remain optimistic about the company's long-term prospects and potential for strong cash flows," said Ken Hannah, senior vice president and chief financial officer. "We continue to view our stock as an attractive investment option and buying back shares as a prudent use of cash and expect to make ongoing purchases under the existing authorization during the remainder of 2022.”

In addition, the company paid $2.6 million in cash dividends to shareholders during the first quarter of 2022.

Future dividend declarations and share repurchases will be based on a number of factors, including business and market conditions, the company’s future financial performance and other capital priorities.

Outlook

“Looking ahead, even with ongoing supply chain challenges and persistent macro-economic headwinds, Caleres is exceptionally well-positioned to capitalize on favorable market dynamics,” said Sullivan. “As we progress through the year, we are committed to advancing our strategic priorities and have redoubled our efforts to unlock the growth opportunities identified across the enterprise. With the significant step-change achieved in the long-term cash generating potential of our diversified portfolio, coupled with our carefully defined capital return program, we are confident we can drive substantial, long-term value for our shareholders.”

Fiscal Year 2022 Outlook:

Given the strong start to the year, robust consumer demand for its brands and products and the significant structural changes implemented across its business, Caleres is raising its fiscal-year 2022 financial outlook. Specifically, the company now expects consolidated sales levels to be up between 2 percent and 5 percent when compared to fiscal year 2021 and expects earnings per diluted share to be between $4.20 and $4.40, representing another year of record or near-record earnings for the organization.

Investor Conference Call

Caleres will host an investor conference call at 5:00 p.m. ET today, Tuesday, May 24. 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 1948187. 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 1948187.

Definitions

All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings attributable to Caleres, Inc. and diluted earnings per common share attributable to Caleres, Inc. shareholders, are presented as net earnings and earnings 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 net earnings and earnings per diluted share adjusted to exclude certain gains, charges, and recoveries, earnings before interest, taxes, depreciation and amortization, 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) supply chain disruptions and inflationary pressures; (ii) the coronavirus pandemic and its adverse impact on our business operations and financial condition (iii) changing consumer demands, which may be influenced by general economic conditions and other factors; (iv) rapidly changing consumer preferences and purchasing patterns and fashion trends; (v) customer concentration and increased consolidation in the retail industry; (vi) intense competition within the footwear industry; (vii) foreign currency fluctuations; (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 secure/exit leases on favorable terms; (xiv) the ability to maintain relationships with current suppliers; (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. 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 January 29, 2022, 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.

 

SCHEDULE 1

 

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

($ thousands, except per share data)

 

April 30, 2022

 

May 1, 2021

Net sales

 

$

735,116

 

$

638,636

Cost of goods sold

 

 

408,122

 

 

363,749

Gross profit

 

 

326,994

 

 

274,887

Selling and administrative expenses

 

 

260,799

 

 

243,535

Restructuring and other special charges, net

 

 

 

 

13,482

Operating earnings

 

 

66,195

 

 

17,870

Interest expense, net

 

 

(2,299)

 

 

(11,792)

Other income, net

 

 

3,422

 

 

3,828

Earnings before income taxes

 

 

67,318

 

 

9,906

Income tax provision

 

 

(17,333)

 

 

(3,521)

Net earnings

 

 

49,985

 

 

6,385

Net (loss) earnings attributable to noncontrolling interests

 

 

(524)

 

 

238

Net earnings attributable to Caleres, Inc.

 

$

50,509

 

$

6,147

 

 

 

 

 

 

 

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

 

$

1.34

 

$

0.16

 

 

 

 

 

 

 

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

 

$

1.32

 

$

0.16

SCHEDULE 2

 

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

(Unaudited)

($ thousands)

 

April 30, 2022

 

May 1, 2021

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

33,717

 

$

98,244

Receivables, net

 

 

181,551

 

 

132,698

Inventories, net

 

 

643,527

 

 

445,299

Property and equipment, held for sale

 

 

16,777

 

 

Prepaid expenses and other current assets

 

 

58,069

 

 

80,877

Total current assets

 

 

933,641

 

 

757,118

 

 

 

 

 

 

 

Lease right-of-use assets

 

 

503,393

 

 

526,011

Property and equipment, net

 

 

137,600

 

 

165,118

Goodwill and intangible assets, net

 

 

224,475

 

 

236,924

Other assets

 

 

129,189

 

 

117,652

Total assets

 

$

1,928,298

 

$

1,802,823

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Borrowings under revolving credit agreement

 

$

305,000

 

$

200,000

Mandatory purchase obligation - Blowfish Malibu

 

 

 

 

45,523

Trade accounts payable

 

 

386,821

 

 

293,309

Lease obligations

 

 

118,692

 

 

133,327

Other accrued expenses

 

 

259,374

 

 

193,778

Total current liabilities

 

 

1,069,887

 

 

865,937

 

 

 

 

 

 

 

Noncurrent lease obligations

 

 

452,742

 

 

490,355

Long-term debt

 

 

 

 

198,966

Other liabilities

 

 

47,641

 

 

40,909

Total other liabilities

 

 

500,383

 

 

730,230

 

 

 

 

 

 

 

Total Caleres, Inc. shareholders’ equity

 

 

352,236

 

 

202,869

Noncontrolling interests

 

 

5,792

 

 

3,787

Total equity

 

 

358,028

 

 

206,656

Total liabilities and equity

 

$

1,928,298

 

$

1,802,823

SCHEDULE 3

 

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

($ thousands)

 

April 30, 2022

 

May 1, 2021

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net cash provided by operating activities

 

$

19,686

 

$

70,378

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(9,305)

 

 

(2,659)

Capitalized software

 

 

(2,345)

 

 

(1,218)

Net cash used for investing activities

 

 

(11,650)

 

 

(3,877)

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Borrowings under revolving credit agreement

 

 

205,000

 

 

110,500

Repayments under revolving credit agreement

 

 

(190,000)

 

 

(160,500)

Dividends paid

 

 

(2,648)

 

 

(2,663)

Acquisition of treasury stock

 

 

(14,673)

 

 

Issuance of common stock under share-based plans, net

 

 

(3,599)

 

 

(3,501)

Contributions by noncontrolling interests, net

 

 

1,500

 

 

Other

 

 

 

 

(450)

Net cash used for provided by financing activities

 

 

(4,420)

 

 

(56,614)

Effect of exchange rate changes on cash and cash equivalents

 

 

(14)

 

 

62

Increase in cash and cash equivalents

 

 

3,602

 

 

9,949

Cash and cash equivalents at beginning of period

 

 

30,115

 

 

88,295

Cash and cash equivalents at end of period

 

$

33,717

 

$

98,244

SCHEDULE 4

 

CALERES, INC.

RECONCILIATION OF NET EARNINGS (LOSS) AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

April 30, 2022

 

May 1, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Tax

 

Net Earnings

 

 

 

 

Pre-Tax

 

Net 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

 

 

 

 

$

50,509

 

$

1.32

 

 

 

 

$

6,147

 

$

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charges/other items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Portfolio - business exits

 

 

 

 

 

 

 

 

13,482

 

 

11,927

 

 

0.31

Fair value adjustment to Blowfish purchase obligation

 

 

 

 

 

 

 

 

6,389

 

 

4,745

 

 

0.13

Total charges/other items

 

$

 

$

 

$

 

$

19,871

 

$

16,672

 

$

0.44

Adjusted earnings

 

 

 

 

$

50,509

 

$

1.32

 

 

 

 

$

22,819

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Trailing Twelve Months

 

 

April 30, 2022

 

May 1, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Tax

 

Net Earnings

 

 

Pre-Tax

 

Net (Loss)

 

 

 

Impact of

 

Attributable

 

 

Impact of

 

Earnings

 

 

 

Charges/Other

 

to Caleres,

 

 

Charges/Other

 

Attributable to

 

($ thousands)

 

Items

 

Inc.

 

 

Items

 

Caleres, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP earnings (loss)

 

 

 

 

$

181,381

 

 

 

 

 

$

(87,129)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charges/other items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustment to Blowfish purchase obligation

 

$

9,034

 

 

6,709

 

 

$

27,091

 

 

20,117

 

Loss on early extinguishment of debt

 

 

1,011

 

 

750

 

 

 

 

 

 

Deferred tax valuation allowances

 

 

 

 

4,040

 

 

 

 

 

 

Brand Portfolio - business exits

 

 

 

 

 

 

 

28,256

 

 

25,607

 

Intangible asset impairment charges

 

 

 

 

 

 

 

23,805

 

 

17,854

 

COVID-19-related expenses

 

 

 

 

 

 

 

20,673

 

 

42,195

 

Vionic integration-related costs

 

 

 

 

 

 

 

3,436

 

 

2,552

 

Total charges/other items

 

$

10,045

 

$

11,499

 

 

$

103,261

 

$

108,325

 

Adjusted earnings

 

 

 

 

$

192,880

 

 

 

 

 

$

21,196

 

 

SCHEDULE 5

 

 

 

 

 

 

 

 

 

CALERES, INC.

SUMMARY FINANCIAL RESULTS BY SEGMENT

 

 

 

 

 

 

 

 

 

SUMMARY FINANCIAL RESULTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

 

 

Famous Footwear

 

Brand Portfolio

 

Eliminations and Other

 

Consolidated

 

 

 

April 30,

 

May 1,

 

April 30,

 

May 1,

 

April 30,

 

May 1,

 

April 30,

 

May 1,

 

($ thousands)

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

Net sales

 

$

384,502

 

$

398,104

 

$

365,740

 

$

250,305

 

$

(15,126)

 

$

(9,773)

 

$

735,116

 

$

638,636

 

Gross profit

 

 

189,234

 

 

179,815

 

 

139,299

 

 

94,003

 

 

(1,539)

 

 

1,069

 

 

326,994

 

 

274,887

 

Adjusted gross profit

 

 

189,234

 

 

179,815

 

 

139,299

 

 

94,003

 

 

(1,539)

 

 

1,069

 

 

326,994

 

 

274,887

 

Gross profit rate

 

 

49.2

%

 

45.2

%

 

38.1

%

 

37.6

%

 

10.2

%

 

(10.9)

%

 

44.5

%

 

43.0

%

Adjusted gross profit rate

 

 

49.2

%

 

45.2

%

 

38.1

%

 

37.6

%

 

10.2

%

 

(10.9)

%

 

44.5

%

 

43.0

%

Operating earnings (loss)

 

 

49,688

 

 

47,873

 

 

41,349

 

 

(2,821)

 

 

(24,842)

 

 

(27,182)

 

 

66,195

 

 

17,870

 

Adjusted operating earnings (loss)

 

 

49,688

 

 

47,873

 

 

41,349

 

 

10,661

 

 

(24,842)

 

 

(27,182)

 

 

66,195

 

 

31,352

 

Operating earnings (loss) %

 

 

12.9

%

 

12.0

%

 

11.3

%

 

(1.1)

%

 

n/m

%

 

n/m

%

 

9.0

%

 

2.8

%

Adjusted operating earnings (loss) %

 

 

12.9

%

 

12.0

%

 

11.3

%

 

4.3

%

 

n/m

%

 

n/m

%

 

9.0

%

 

4.9

%

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

 

 

(4.0)

%

 

3.3

%

 

66.0

%

 

5.1

%

 

%

 

%

 

%

 

%

Number of stores

 

 

887

 

 

913

 

 

83

 

 

95

 

 

 

 

 

 

970

 

 

1,008

 

n/m – Not meaningful

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

Famous Footwear

 

Brand Portfolio

 

Eliminations and Other

 

Consolidated

 

 

April 30,

 

May 1,

 

April 30,

 

May 1,

 

April 30,

 

May 1,

 

April 30,

 

May 1,

($ thousands)

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

Gross profit

 

$

189,234

 

$

179,815

 

$

139,299

 

$

94,003

 

$

(1,539)

 

$

1,069

 

$

326,994

 

$

274,887

Charges/Other Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Portfolio - business exits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total charges/other items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross profit

 

$

189,234

 

$

179,815

 

$

139,299

 

$

94,003

 

$

(1,539)

 

$

1,069

 

$

326,994

 

$

274,887

Operating earnings (loss)

 

$

49,688

 

$

47,873

 

$

41,349

 

$

(2,821)

 

$

(24,842)

 

$

(27,182)

 

$

66,195

 

$

17,870

Charges/Other Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Portfolio - business exits

 

 

 

 

 

 

 

 

13,482

 

 

 

 

 

 

 

 

13,482

Total charges/other items

 

 

 

 

 

 

 

 

13,482

 

 

 

 

 

 

 

 

13,482

Adjusted operating earnings (loss)

 

$

49,688

 

$

47,873

 

$

41,349

 

$

10,661

 

$

(24,842)

 

$

(27,182)

 

$

66,195

 

$

31,352

SCHEDULE 6

 

CALERES, INC.

BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

April 30,

 

May 1,

 

 

2022

 

2021

($ thousands, except per share data)

 

 

 

 

 

 

Net earnings attributable to Caleres, Inc.:

 

 

 

 

 

 

Net earnings

 

$

49,985

 

$

6,385

Net loss (earnings) attributable to noncontrolling interests

 

 

524

 

 

(238)

Net earnings attributable to Caleres, Inc.

 

 

50,509

 

 

6,147

Net earnings allocated to participating securities

 

 

(2,017)

 

 

(210)

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

 

$

48,492

 

$

5,937

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Basic common shares

 

 

36,209

 

 

36,707

Dilutive effect of share-based awards

 

 

467

 

 

158

Diluted common shares attributable to Caleres, Inc.

 

 

36,676

 

 

36,865

 

 

 

 

 

 

 

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

 

$

1.34

 

$

0.16

 

 

 

 

 

 

 

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

 

$

1.32

 

$

0.16

SCHEDULE 7

 

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Thirteen Weeks Ended

 

 

April 30,

 

May 1,

 

 

2022

 

2021

($ thousands, except per share data)

 

 

 

 

 

 

Adjusted net earnings attributable to Caleres, Inc.:

 

 

 

 

 

 

Adjusted net earnings

 

$

49,985

 

$

23,057

Net loss (earnings) attributable to noncontrolling interests

 

 

524

 

 

(238)

Adjusted net earnings attributable to Caleres, Inc.

 

 

50,509

 

 

22,819

Net earnings allocated to participating securities

 

 

(2,017)

 

 

(828)

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

 

$

48,492

 

$

21,991

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Basic common shares

 

 

36,209

 

 

36,707

Dilutive effect of share-based awards

 

 

467

 

 

158

Diluted common shares attributable to Caleres, Inc.

 

 

36,676

 

 

36,865

 

 

 

 

 

 

 

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

 

$

1.34

 

$

0.60

 

 

 

 

 

 

 

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

 

$

1.32

 

$

0.60

SCHEDULE 8

 

CALERES, INC.

CALCULATION OF EBITDA AND ADJUSTED EBITDA (NON-GAAP METRICS)

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Trailing Twelve Months Ended

($ thousands)

 

April 30, 2022

 

May 1, 2021

EBITDA:

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to Caleres, Inc.

 

$

181,381

 

 

$

(87,129)

 

Income tax provision

 

 

64,893

 

 

 

11,336

 

Interest expense, net

 

 

21,437

 

 

 

50,601

 

Loss on early extinguishment of debt

 

 

1,011

 

 

 

 

Depreciation and amortization (1)

 

 

51,076

 

 

 

57,326

 

EBITDA

 

$

319,798

 

 

$

32,134

 

 

 

 

 

 

 

 

 

 

EBITDA margin

 

 

11.1

%

 

 

1.4

%

 

 

 

 

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

Adjusted net earnings attributable to Caleres, Inc. (2)

 

$

192,880

 

 

$

21,196

 

Income tax provision (3)

 

 

63,439

 

 

 

6,272

 

Interest expense, net (4)

 

 

12,403

 

 

 

23,511

 

Depreciation and amortization (1)

 

 

51,076

 

 

 

57,326

 

Adjusted EBITDA

 

$

319,798

 

 

$

108,305

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin

 

 

11.1

%

 

 

4.6

%

(1)

Includes depreciation and amortization of capitalized software and intangible assets.

(2)

Refer to Schedule 4 for the consolidated reconciliation of net earnings (loss) attributable to Caleres, Inc. to adjusted net earnings attributable to Caleres, Inc.

(3)

Excludes the income tax impacts of the adjustments on Schedule 4.

(4)

Excludes the fair value adjustment to the Blowfish purchase obligation, as reflected on Schedule 4.

 

Investor Contact:
Logan Bonacorsi
lbonacorsi@caleres.com

Source: Caleres

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