Caleres (NYSE: CAL) (caleres.com) today reported third quarter 2015 financial results, with net sales of $728.6 million versus third quarter 2014 net sales of $729.3 million. Excluding sales from Shoes.com, which was sold in December of 2014, sales were up 1.8%. Third quarter 2015 net earnings were $34.0 million, or $0.78 per diluted share, and included $1.2 million of after-tax expense related to the company’s debt extinguishment in the second quarter. Excluding this expense, net earnings were $35.2 million, or $0.80 per diluted share, up 6.2% versus third quarter 2014 net earnings of $33.1 million, or $0.75 per diluted share. Gross margin was 39.6%, while operating margin was 7.2%.
“With solid inventory planning and careful expense management, we delivered good performance in the third quarter, despite a challenging retail environment,” said Diane Sullivan, CEO, president and chairman of Caleres. “Famous Footwear delivered same-store-sales growth of 4.4%, capping another successful back-to-school season, as athletic footwear continued to resonate with consumers.”
| US$M, except per share (unaudited) | 3Q’15 | 3Q’14 | 3Q Chg | YTD’15 | YTD’14 | YTD Chg | ||||||||||||||||||||||||||
| Consolidated net sales | $728.6 | $729.3 | (0.1%) | $1,968.8 | $1,956.3 | 0.6% | ||||||||||||||||||||||||||
| Famous Footwear | 456.2 | 449.1 | 1.6% | 1,212.1 | 1,219.9 | (0.6%) | ||||||||||||||||||||||||||
| Brand Portfolio | 272.5 | 280.2 | (2.8%) | 756.7 | 736.4 | 2.7% | ||||||||||||||||||||||||||
| Gross profit | 288.4 | 290.7 | (0.8%) | 799.8 | 792.7 | 0.9% | ||||||||||||||||||||||||||
| Margin | 39.6% | 39.9% | -30 bps | 40.6% | 40.5% | +10 bps | ||||||||||||||||||||||||||
| SG&A | 236.2 | 237.5 | (0.5%) | 681.5 | 679.5 | 0.3% | ||||||||||||||||||||||||||
| % of net sales | 32.4% | 32.6% | -20 bps | 34.6% | 34.7% | -10 bps | ||||||||||||||||||||||||||
| Operating earnings | 52.2 | 53.2 | (1.9%) | 118.3 | 113.2 | 4.5% | ||||||||||||||||||||||||||
| Margin | 7.2% | 7.3% | -10 bps | 6.0% | 5.8% | +20 bps | ||||||||||||||||||||||||||
| Net interest expense | 3.9 | 5.1 | (23.3%) | 12.2 | 15.3 | (20.6%) | ||||||||||||||||||||||||||
| Earnings before income taxes | 46.3 | 48.1 | (3.7%) | 95.5 | 97.9 | (2.5%) | ||||||||||||||||||||||||||
| Tax rate | 26.7% | 30.9% | -420 bps | 26.4% | 31.8% | -540 bps | ||||||||||||||||||||||||||
| Net earnings | $34.0 | $33.1 | 2.6% | $70.1 | $66.6 | 5.2% | ||||||||||||||||||||||||||
| Per diluted share | $0.78 | $0.75 | 4.0% | $1.59 | $1.52 | 4.6% | ||||||||||||||||||||||||||
| Adjusted net earnings | $35.2 | $33.1 | 6.2% | $76.5 | $66.6 | 14.9% | ||||||||||||||||||||||||||
| Per diluted share | $0.80 | $0.75 | 6.7% | $1.74 | $1.52 | 14.5% | ||||||||||||||||||||||||||
Third Quarter and Year-to-Date Highlights
Famous Footwear
third quarter 2015 sales of $456.2 million were up 4.8% year-over-year,
excluding Shoes.com, which was sold in December of 2014. For the
quarter, same-store-sales were up 4.4%, with strong performance in
athletic product, continued solid improvement in e-commerce sales, and
good growth in women’s footwear. During the quarter, 13 new stores were
opened and 13 stores were closed.
For the first nine months of 2015, Famous Footwear sales were up 2.4%, excluding Shoes.com, while same-store-sales were up 2.6%. Year-to-date, the company has opened 38 new stores, including one in Canada, and closed 32 stores.
Brand Portfolio sales of $272.5 million were down 2.8% and reflect the unseasonably warm weather in the third quarter, which led to slower tall-shaft boot sales. The company’s Contemporary Fashion sales were down 2.5%, while Healthy Living sales declined 2.8%.
Brand Portfolio sales were up 2.7% for the first nine months of 2015. Contemporary Fashion sales were up 4.5%, with good growth from Sam Edelman and Vince. Healthy Living sales were up 1.4%, year-to-date, with contribution from Naturalizer wholesale, Dr. Scholl’s and LifeStride.
Consolidated gross profit of $288.4 million was down 0.8% in the third quarter, while gross margin of 39.6% was down approximately 30 basis points year-over-year. SG&A for the third quarter was $236.2 million, representing 32.4% of net sales – down approximately 20 basis points versus the prior year. For the quarter, operating margins declined by approximately 10 basis points year-over-year to 7.2%.
Year-to-date, consolidated gross profit of $799.8 million was up 0.9%, with gross margin of 40.6% up 10 basis points. SG&A of $681.5 million represented 34.6% of sales – down 10 basis points for the first nine months of the year. For the same timeframe, operating margin of 6.0% was up 20 basis points.
Inventory at the end of the third quarter was $544.3 million, down 4.1% from $567.8 million in the prior year. Famous Footwear inventory was down 5.6%, while Brand Portfolio inventory was down 0.6%. At quarter-end, Caleres had $86.3 million of cash and equivalents and no borrowings against its revolving credit facility.
Financial Review and 2015 Outlook
“Our performance at both
Famous Footwear and our Brand Portfolio is a reflection of the work
we’ve done to manage inventory and expenses – while investing to grow
our businesses – during a challenging third quarter,” said Ken Hannah,
chief financial officer of Caleres. “While we expect the retail
environment will be promotional during the fourth quarter, we remain
focused on delivering consistent, profitable and sustainable growth.”
| Guidance Metric | FY’15 | ||||||||||
| Consolidated net sales | ~$2.61B | ||||||||||
Famous Footwear same-store-sales | Up low-single digits | ||||||||||
Famous Footwear reported sales | Flat, due to sale of Shoes.com | ||||||||||
| Brand Portfolio sales | Up mid-single digits | ||||||||||
| Gross margin | Up 15 to 20 bps | ||||||||||
| SG&A | Less than or equal to 35.4% of sales | ||||||||||
| Net interest expense | ~$16M | ||||||||||
| Effective tax rate | 28% to 30% | ||||||||||
| Adjusted earnings per diluted share | $1.95 to $2.00 | ||||||||||
| Depreciation and amortization | ~$53M | ||||||||||
| Capital expenditures | ~$75M | ||||||||||
Investor Conference Call
Caleres will host an investor
conference call at 4:30 p.m. ET today, November 24, 2015. The webcast
and 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 77126121. 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 77126121 through Tuesday, December 8, 2015.
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, 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. Reconciliations to the
applicable GAAP financial measures have been included in the attached
schedules.
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) changing consumer demands,
which may be influenced by consumers’ disposable income, which in turn
can be influenced by general economic conditions; (ii) rapidly changing
fashion trends and purchasing patterns; (iii) intense competition within
the footwear industry; (iv) 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; (v)
the ability to accurately forecast sales and manage inventory levels;
(vi) cybersecurity threats or other major disruption to the Company’s
information technology systems; (vii) customer concentration and
increased consolidation in the retail industry; (viii) a disruption in
the Company’s distribution centers; (ix) the ability to recruit and
retain senior management and other key associates; (x) foreign currency
fluctuations; (xi) compliance with applicable laws and standards with
respect to labor, trade and product safety issues; (xii) the ability to
secure/exit leases on favorable terms; (xiii) the ability to attract,
retain, and maintain good relationships with licensors and protect
intellectual property rights; and (xiv) the ability to maintain
relationships with current suppliers. 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 31, 2015, 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
brands, which fit people’s lives: Family, Healthy Living and
Contemporary Fashion. Our products are available virtually everywhere -
in the over 1,200 retail stores we operate, in hundreds of major
department and specialty stores, on our branded ecommerce sites, and on
many additional third-party retail websites. Famous Footwear and
Famous.com serve as our Family brands. Our Contemporary Fashion brands
include Sam Edelman, Franco Sarto, Vince, Via Spiga, Diane von
Furstenberg, Fergie Footwear and Carlos Santana. Naturalizer, Dr.
Scholl’s, LifeStride, Bzees and Ryka represent our Healthy Living
brands. Combined, these brands help make Caleres a company with both a
legacy and a mission. Our legacy is our more than 130 years of
craftsmanship, our passion for fit and our business savvy, while our
mission is to continue to inspire people to feel better feet first.
Visit caleres.com
to learn more about us.
| SCHEDULE 1 | ||||||||||||||||||||||||||||||
| CALERES, INC. | ||||||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
| (Thousands, except per share data) | October 31, 2015 | November 1, 2014 | October 31, 2015 | November 1, 2014 | ||||||||||||||||||||||||||
| Net sales | $ | 728,639 | $ | 729,277 | $ | 1,968,756 | $ | 1,956,316 | ||||||||||||||||||||||
| Cost of goods sold | 440,205 | 438,547 | 1,169,001 | 1,163,603 | ||||||||||||||||||||||||||
| Gross profit | 288,434 | 290,730 | 799,755 | 792,713 | ||||||||||||||||||||||||||
| Selling and administrative expenses | 236,211 | 237,517 | 681,462 | 679,472 | ||||||||||||||||||||||||||
| Operating earnings | 52,223 | 53,213 | 118,293 | 113,241 | ||||||||||||||||||||||||||
| Interest expense | (4,136 | ) | (5,207 | ) | (12,944 | ) | (15,637 | ) | ||||||||||||||||||||||
| Loss on early extinguishment of debt | (1,961 | ) | — | (10,651 | ) | — | ||||||||||||||||||||||||
| Interest income | 224 | 109 | 766 | 294 | ||||||||||||||||||||||||||
| Earnings before income taxes | 46,350 | 48,115 | 95,464 | 97,898 | ||||||||||||||||||||||||||
| Income tax provision | (12,358 | ) | (14,878 | ) | (25,218 | ) | (31,146 | ) | ||||||||||||||||||||||
| Net earnings | 33,992 | 33,237 | 70,246 | 66,752 | ||||||||||||||||||||||||||
| Net earnings attributable to noncontrolling interests | 9 | 124 | 177 | 146 | ||||||||||||||||||||||||||
| Net earnings attributable to Caleres, Inc. | $ | 33,983 | $ | 33,113 | $ | 70,069 | $ | 66,606 | ||||||||||||||||||||||
| Basic earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.78 | $ | 0.76 | $ | 1.60 | $ | 1.53 | ||||||||||||||||||||||
| Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.78 | $ | 0.75 | $ | 1.59 | $ | 1.52 | ||||||||||||||||||||||
| Basic number of shares | $ | 42,345 | $ | 42,144 | $ | 42,483 | $ | 42,035 | ||||||||||||||||||||||
| Diluted number of shares | $ | 42,465 | $ | 42,328 | $ | 42,615 | $ | 42,245 | ||||||||||||||||||||||
| SCHEDULE 2 | ||||||||||||||||||||
| CALERES, INC. | ||||||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| October 31, 2015 | November 1, 2014 | January 31, 2015 | ||||||||||||||||||
| (Thousands) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | $ | 86,298 | $ | 39,080 | $ | 67,403 | ||||||||||||||
| Receivables, net | 148,192 | 138,217 | 136,646 | |||||||||||||||||
| Inventories, net | 544,341 | 567,777 | 543,103 | |||||||||||||||||
| Prepaid expenses and other current assets | 40,815 | 37,845 | 43,744 | |||||||||||||||||
| Total current assets | 819,646 | 782,919 | 790,896 | |||||||||||||||||
| Property and equipment, net | 163,442 | 151,289 | 149,743 | |||||||||||||||||
| Goodwill and intangible assets, net | 131,818 | 135,774 | 134,587 | |||||||||||||||||
| Other assets | 145,377 | 139,878 | 141,586 | |||||||||||||||||
| Total assets | $ | 1,260,283 | $ | 1,209,860 | $ | 1,216,812 | ||||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Borrowings under revolving credit agreement | $ | — | $ | 14,000 | $ | — | ||||||||||||||
| Trade accounts payable | 200,251 | 203,062 | 215,921 | |||||||||||||||||
| Other accrued expenses | 175,649 | 172,077 | 181,162 | |||||||||||||||||
| Total current liabilities | 375,900 | 389,139 | 397,083 | |||||||||||||||||
| Long-term debt | 200,000 | 199,150 | 199,197 | |||||||||||||||||
| Deferred rent | 43,231 | 37,571 | 39,742 | |||||||||||||||||
| Other liabilities | 39,297 | 42,983 | 39,168 | |||||||||||||||||
| Total other liabilities | 282,528 | 279,704 | 278,107 | |||||||||||||||||
| Total Caleres, Inc. shareholders’ equity | 601,003 | 540,254 | 540,910 | |||||||||||||||||
| Noncontrolling interests | 852 | 763 | 712 | |||||||||||||||||
| Total equity | 601,855 | 541,017 | 541,622 | |||||||||||||||||
| Total liabilities and equity | $ | 1,260,283 | $ | 1,209,860 | $ | 1,216,812 | ||||||||||||||
| SCHEDULE 3 | ||||||||||||||||
| CALERES, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Thirty-nine Weeks Ended | ||||||||||||||||
| (Thousands) | October 31, 2015 | November 1, 2014 | ||||||||||||||
| OPERATING ACTIVITIES: | ||||||||||||||||
| Net cash provided by operating activities | $ | 84,050 | $ | 68,502 | ||||||||||||
| INVESTING ACTIVITIES: | ||||||||||||||||
| Capital expenditures | (52,766 | ) | (40,380 | ) | ||||||||||||
| Proceeds from disposal of property and equipment | 7,433 | — | ||||||||||||||
| Acquisition of trademarks | — | (65,065 | ) | |||||||||||||
| Investment in nonconsolidated affiliate | — | (7,000 | ) | |||||||||||||
| Net cash used for investing activities | (45,333 | ) | (112,445 | ) | ||||||||||||
| FINANCING ACTIVITIES: | ||||||||||||||||
| Borrowings under revolving credit agreement | 117,000 | 741,000 | ||||||||||||||
| Repayments under revolving credit agreement | (117,000 | ) | (734,000 | ) | ||||||||||||
| Proceeds from issuance of 2023 senior notes | 200,000 | — | ||||||||||||||
| Redemption of 2019 senior notes | (200,000 | ) | — | |||||||||||||
| Debt issuance costs | (3,650 | ) | — | |||||||||||||
| Dividends paid | (9,195 | ) | (9,173 | ) | ||||||||||||
| Acquisition of treasury stock | (4,921 | ) | — | |||||||||||||
| Issuance of common stock under share-based plans, net | (4,606 | ) | 237 | |||||||||||||
| Tax benefit related to share-based plans | 3,049 | 2,482 | ||||||||||||||
| Net cash (used for) provided by financing activities | (19,323 | ) | 546 | |||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (499 | ) | (69 | ) | ||||||||||||
| Increase (decrease) in cash and cash equivalents | 18,895 | (43,466 | ) | |||||||||||||
| Cash and cash equivalents at beginning of period | 67,403 | 82,546 | ||||||||||||||
| Cash and cash equivalents at end of period | $ | 86,298 | $ | 39,080 | ||||||||||||
| SCHEDULE 4 | ||||||||||||||||||||||||||||||||||||||
| CALERES, INC. | ||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF NET EARNINGS AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended October 31, 2015 | Thirteen Weeks Ended November 1, 2014 | |||||||||||||||||||||||||||||||||||||
| (Thousands, except per share data) |
Pre-Tax Impact |
Net Earnings |
Diluted |
Pre-Tax Impact |
Net Earnings |
Diluted | ||||||||||||||||||||||||||||||||
| GAAP earnings | $ | 33,983 | $ | 0.78 | $ | 33,113 | $ | 0.75 | ||||||||||||||||||||||||||||||
Charges/Other Items | ||||||||||||||||||||||||||||||||||||||
| Loss on early extinguishment of debt | $ | 1,961 | 1,191 | 0.02 | $ | — | — | — | ||||||||||||||||||||||||||||||
| Total charges/other items | $ | 1,961 | $ | 1,191 | $ | 0.02 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
| Adjusted earnings | $ | 35,174 | $ | 0.80 | $ | 33,113 | $ | 0.75 | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Thirty-nine Weeks Ended October 31, 2015 | Thirty-nine Weeks Ended November 1, 2014 | |||||||||||||||||||||||||||||||||||||
| (Thousands, except per share data) |
Pre-Tax Impact |
Net Earnings |
Diluted |
Pre-Tax Impact |
Net Earnings |
Diluted | ||||||||||||||||||||||||||||||||
| GAAP earnings | $ | 70,069 | $ | 1.59 | $ | 66,606 | $ | 1.52 | ||||||||||||||||||||||||||||||
Charges/Other Items | ||||||||||||||||||||||||||||||||||||||
| Loss on early extinguishment of debt | $ | 10,651 | 6,472 | 0.15 | $ | — | — | — | ||||||||||||||||||||||||||||||
| Total charges/other items | $ | 10,651 | 6,472 | 0.15 | $ | — | — | — | ||||||||||||||||||||||||||||||
| Adjusted earnings | $ | 76,541 | $ | 1.74 | $ | 66,606 | $ | 1.52 | ||||||||||||||||||||||||||||||
| SCHEDULE 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CALERES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS BY SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUMMARY FINANCIAL RESULTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Thousands) |
October 31, |
November 1, |
October 31, |
November 1, |
October 31, |
November 1, |
October 31, |
November 1, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 456,177 | $449,085 | $ | 272,462 | $ | 280,192 | $ | — | $ | — | $ | 728,639 | $ | 729,277 | |||||||||||||||||||||||||||||||||||||||||||
| Gross profit | $ | 194,877 | $193,783 | $ | 93,557 | $ | 96,947 | $ | — | $ | — | $ | 288,434 | $ | 290,730 | |||||||||||||||||||||||||||||||||||||||||||
| Gross profit rate | 42.7 | % | 43.2 | % | 34.3 | % | 34.6 | % | — | % | — | % | 39.6 | % | 39.9 | % | ||||||||||||||||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 39,638 | $37,405 | $ | 21,042 | $ | 27,642 | $ | (8,457 | ) | $ | (11,834 | ) | $ | 52,223 | $ | 53,213 | |||||||||||||||||||||||||||||||||||||||||
| Operating earnings % | 8.7 | % | 8.3 | % | 7.7 | % | 9.9 | % | — | % | — | % | 7.2 | % | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||
| Same-store sales % (on a 13-week basis) | 4.4 | % | (0.2 | )% | 2.5 | % | (6.9 | )% | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Number of stores | 1,044 | 1,041 | 164 | 172 | — | — | 1,208 | 1,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Thirty-nine Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Thousands) |
October 31, |
November 1, |
October 31, |
November 1, |
October 31, |
November 1, |
October 31, |
November 1, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 1,212,069 | $ | 1,219,880 | $ | 756,687 | $ | 736,436 | $ | — | $ | — | $ | 1,968,756 | $ | 1,956,316 | ||||||||||||||||||||||||||||||||||||||||||
| Gross profit | $ | 542,601 | $ | 540,119 | $ | 257,154 | $ | 252,594 | $ | — | $ | — | $ | 799,755 | $ | 792,713 | ||||||||||||||||||||||||||||||||||||||||||
| Gross profit rate | 44.8 | % | 44.3 | % | 34.0 | % | 34.3 | % | — | % | — | % | 40.6 | % | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 95,269 | $ | 89,659 | $ | 48,107 | $ | 56,342 | $ | (25,083 | ) | $ | (32,760 | ) | $ | 118,293 | $ | 113,241 | ||||||||||||||||||||||||||||||||||||||||
| Operating earnings % | 7.9 | % | 7.3 | % | 6.4 | % | 7.7 | % | — | % | — | % | 6.0 | % | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||
| Same-store sales % (on a 39-week basis) | 2.6 | % | 0.8 | % | (1.7 | )% | (3.5 | )% | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Number of stores | 1,044 | 1,041 | 164 | 172 | — | — | 1,208 | 1,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE 6 | ||||||||||||||||||||||||||||||
| CALERES, INC. | ||||||||||||||||||||||||||||||
| BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
| (Thousands, except per share data) |
October 31, |
November 1, |
October 31, |
November 1, | ||||||||||||||||||||||||||
| Net earnings attributable to Caleres, Inc.: | ||||||||||||||||||||||||||||||
| Net earnings | $ | 33,992 | $ | 33,237 | $ | 70,246 | $ | 66,752 | ||||||||||||||||||||||
| Net earnings attributable to noncontrolling interests | (9 | ) | (124 | ) | (177 | ) | (146 | ) | ||||||||||||||||||||||
| Net earnings allocated to participating securities | (1,063 | ) | (1,208 | ) | (2,272 | ) | (2,486 | ) | ||||||||||||||||||||||
| Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 32,920 | $ | 31,905 | $ | 67,797 | $ | 64,120 | ||||||||||||||||||||||
| Basic and diluted common shares attributable to Caleres, Inc.: | ||||||||||||||||||||||||||||||
| Basic common shares | 42,345 | 42,144 | 42,483 | 42,035 | ||||||||||||||||||||||||||
| Dilutive effect of share-based awards | 120 | 184 | 132 | 210 | ||||||||||||||||||||||||||
| Diluted common shares attributable to Caleres, Inc. | 42,465 | 42,328 | 42,615 | 42,245 | ||||||||||||||||||||||||||
| Basic earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.78 | $ | 0.76 | $ | 1.60 | $ | 1.53 | ||||||||||||||||||||||
| Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.78 | $ | 0.75 | $ | 1.59 | $ | 1.52 | ||||||||||||||||||||||
| SCHEDULE 7 | ||||||||||||||||||||||||||||||
| CALERES, INC. | ||||||||||||||||||||||||||||||
| BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
| (Thousands, except per share data) |
October 31, |
November 1, |
October 31, |
November 1, | ||||||||||||||||||||||||||
| Adjusted net earnings attributable to Caleres, Inc.: | ||||||||||||||||||||||||||||||
| Adjusted net earnings | $ | 35,183 | $ | 33,237 | $ | 76,718 | $ | 66,752 | ||||||||||||||||||||||
| Net earnings attributable to noncontrolling interests | (9 | ) | (124 | ) | (177 | ) | (146 | ) | ||||||||||||||||||||||
| Net earnings allocated to participating securities | (1,100 | ) | (1,208 | ) | (2,482 | ) | (2,486 | ) | ||||||||||||||||||||||
| Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 34,074 | $ | 31,905 | $ | 74,059 | $ | 64,120 | ||||||||||||||||||||||
| Basic and diluted common shares attributable to Caleres, Inc.: | ||||||||||||||||||||||||||||||
| Basic common shares | 42,345 | 42,144 | 42,483 | 42,035 | ||||||||||||||||||||||||||
| Dilutive effect of share-based awards | 120 | 184 | 132 | 210 | ||||||||||||||||||||||||||
| Diluted common shares attributable to Caleres, Inc. | 42,465 | 42,328 | 42,615 | 42,245 | ||||||||||||||||||||||||||
| Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.80 | $ | 0.76 | $ | 1.74 | $ | 1.53 | ||||||||||||||||||||||
| Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.80 | $ | 0.75 | $ | 1.74 | $ | 1.52 | ||||||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151124006110/en/
Contacts:
Peggy Reilly Tharp, 314-854-4134
ptharp@caleres.com
