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Caleres Reports Third Quarter 2020 Results

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

 
 
 
 

Contacts:

Investor Contact:
Logan Bonacorsi
lbonacorsi@caleres.com

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