1-2191 (Commission File Number) | 43-0197190 (IRS Employer Identification Number) |
8300 Maryland Avenue St. Louis, Missouri (Address of principal executive offices) | 63105 (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(c) | Exhibit | |
99.1 | Press Release issued March 16, 2017 | |
CALERES, INC. | ||
(Registrant) | ||
Date: March 16, 2017 | /s/ Thomas C. Burke | |
Thomas C. Burke | ||
Vice President, General Counsel and Secretary |
Exhibit Number | Description | |
99.1 | Press Release dated March 16, 2017 |
Investor and Media Contact: | |
Peggy Reilly Tharp, Caleres | |
(314) 854-4134, ptharp@caleres.com |
• | Famous Footwear total sales of $367.5 million, up 1.9% |
– | Same-store-sales up 0.3% |
– | Famous.com sales increased nearly 40% to 8.2% of total sales |
• | Brand Portfolio sales of $272.0 million were up 9.6%, including approximately six weeks of contribution from Allen Edmonds, which was acquired in December of 2016 |
• | Gross margin of 40.8%, up 4 basis points |
– | Famous Footwear gross margin of 44.0% was down 148 basis points, reflecting product mix shift within the boot category and sales growth at famous.com |
– | Brand Portfolio gross margin of 36.4% was up nearly 260 basis points, benefitting from higher volume and improved mix |
• | $12.7 million, or $0.29 per diluted share, related to the acquisition, integration and reorganization of men’s brands |
• | $3.3 million, or $0.08 per diluted share, related to Brand Portfolio business exits and restructuring |
• | $4.9 million, or $0.12 per diluted share, related to impairment of note and account receivable |
• | Adjusted net earnings of $14.3 million were up 25.0% |
• | Adjusted diluted earnings per share of $0.33, up 26.9% excluding above charges and other items |
• | Famous Footwear total sales of $1,590.1 million were up 1.1% |
– | Same-store-sales up 0.6% |
– | Famous.com sales increased more than 50% to 5.9% of total sales |
• | Brand Portfolio sales of $989.3 million were down 1.5%, reflecting a significant shift away from the mass channel throughout 2016 |
• | Gross margin of 41.2%, up 52 basis points |
– | Famous Footwear gross margin of 44.2% was down 75 basis points, reflecting seasonal product mix shift and sales growth at famous.com |
– | Brand Portfolio gross margin of 36.3% was up nearly 240 basis points, benefitting from better inventory management and a shift away from the lower margin mass channel |
• | Adjusted operating earnings of $137.2 million were up 1.5%, excluding above charges and other items |
• | Adjusted operating margin of 5.3%, up 8 basis points, excluding above charges and other items |
• | Adjusted net earnings of $86.5 million were down 1.6% |
• | Adjusted diluted EPS of $2.00 was flat, excluding above charges and other items in the fourth quarter of 2016 and a loss on early extinguishment of debt in 2015 |
• | Cash from operations of $183.6 million, up 23.1% |
• | Borrowings against the revolving credit facility of $110 million, following Allen Edmonds acquisition |
• | Inventory down 2.3%, excluding Allen Edmonds |
– | Famous Footwear inventory down 5.1%, per store on a dollar basis |
– | Brand Portfolio inventory up 1.8%, to support spring orders |
• | Capital expenditures of $59.6 million, including completion and ramp up of Lebanon, Tennessee distribution center expansion in the fourth quarter |
Consolidated net sales | $2.7B to $2.8B |
Famous Footwear same-store-sales | Up low-single digits |
Brand Portfolio sales | Up high-teens |
Gross margin | Up 45 to 55 bps |
SG&A as a percent of revenue | Up 30 to 40 bps |
Effective tax rate | 31% to 33% |
Adjusted earnings per diluted share | $2.10 to $2.20 |
SCHEDULE 1 | |||||||||||||||
CALERES, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||
(Unaudited) | |||||||||||||||
Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||||
(Thousands, except per share data) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | |||||||||||
Net sales | $ | 639,488 | $ | 608,674 | $ | 2,579,388 | $ | 2,577,430 | |||||||
Cost of goods sold | 378,616 | 360,626 | 1,517,397 | 1,529,627 | |||||||||||
Gross profit | 260,872 | 248,048 | 1,061,991 | 1,047,803 | |||||||||||
Selling and administrative expenses | 242,936 | 231,233 | 927,602 | 912,696 | |||||||||||
Restructuring and other special charges, net | 23,404 | — | 23,404 | — | |||||||||||
Operating (loss) earnings | (5,468 | ) | 16,815 | 110,985 | 135,107 | ||||||||||
Interest expense | (4,547 | ) | (3,646 | ) | (15,111 | ) | (16,589 | ) | |||||||
Loss on early extinguishment of debt | — | — | — | (10,651 | ) | ||||||||||
Interest income | 473 | 133 | 1,380 | 899 | |||||||||||
(Loss) earnings before income taxes | (9,542 | ) | 13,302 | 97,254 | 108,766 | ||||||||||
Income tax benefit (provision) | 3,346 | (1,724 | ) | (31,168 | ) | (26,942 | ) | ||||||||
Net (loss) earnings | (6,196 | ) | 11,578 | 66,086 | 81,824 | ||||||||||
Net earnings attributable to noncontrolling interests | 426 | 168 | 428 | 345 | |||||||||||
Net (loss) earnings attributable to Caleres, Inc. | $ | (6,622 | ) | $ | 11,410 | $ | 65,658 | $ | 81,479 | ||||||
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders | $ | (0.16 | ) | $ | 0.26 | $ | 1.52 | $ | 1.86 | ||||||
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders | $ | (0.16 | ) | $ | 0.26 | $ | 1.52 | $ | 1.85 | ||||||
SCHEDULE 2 | |||||||
CALERES, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
January 28, 2017 | January 30, 2016 | ||||||
(Thousands) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 55,332 | $ | 118,151 | |||
Receivables, net | 153,121 | 153,664 | |||||
Inventories, net | 585,764 | 546,745 | |||||
Prepaid expenses and other current assets | 49,528 | 56,505 | |||||
Total current assets | 843,745 | 875,065 | |||||
Property and equipment, net | 219,196 | 179,010 | |||||
Goodwill and intangible assets, net | 343,758 | 130,899 | |||||
Other assets | 68,574 | 118,349 | |||||
Total assets | $ | 1,475,273 | $ | 1,303,323 | |||
LIABILITIES AND EQUITY | |||||||
Borrowings under revolving credit agreement | $ | 110,000 | $ | — | |||
Trade accounts payable | 266,370 | 237,802 | |||||
Other accrued expenses | 151,225 | 152,497 | |||||
Total current liabilities | 527,595 | 390,299 | |||||
Long-term debt | 197,003 | 196,544 | |||||
Deferred rent | 51,124 | 46,506 | |||||
Other liabilities | 85,065 | 67,502 | |||||
Total other liabilities | 333,192 | 310,552 | |||||
Total Caleres, Inc. shareholders’ equity | 613,117 | 601,484 | |||||
Noncontrolling interests | 1,369 | 988 | |||||
Total equity | 614,486 | 602,472 | |||||
Total liabilities and equity | $ | 1,475,273 | $ | 1,303,323 |
SCHEDULE 3 | |||||||
CALERES, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Fifty-two Weeks Ended | |||||||
(Thousands) | January 28, 2017 | January 30, 2016 | |||||
OPERATING ACTIVITIES: | |||||||
Net cash provided by operating activities | $ | 183,622 | $ | 149,152 | |||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | (50,523 | ) | (73,479 | ) | |||
Proceeds from disposal of property and equipment | — | 7,433 | |||||
Capitalized software | (9,039 | ) | (7,735 | ) | |||
Acquisition cost | (259,932 | ) | — | ||||
Net cash used for investing activities | (319,494 | ) | (73,781 | ) | |||
FINANCING ACTIVITIES: | |||||||
Borrowings under revolving credit agreement | 623,000 | 198,000 | |||||
Repayments under revolving credit agreement | (513,000 | ) | (198,000 | ) | |||
Proceeds from issuance of 2023 senior notes | — | 200,000 | |||||
Redemption of 2019 senior notes | — | (200,000 | ) | ||||
Debt issuance costs | — | (3,650 | ) | ||||
Dividends paid | (12,104 | ) | (12,253 | ) | |||
Acquisition of treasury stock | (23,139 | ) | (4,921 | ) | |||
Issuance of common stock under share-based plans, net | (4,188 | ) | (5,297 | ) | |||
Excess tax benefit related to share-based plans | 2,251 | 2,651 | |||||
Net cash provided by (used for) financing activities | 72,820 | (23,470 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 233 | (1,153 | ) | ||||
(Decrease) increase in cash and cash equivalents | (62,819 | ) | 50,748 | ||||
Cash and cash equivalents at beginning of period | 118,151 | 67,403 | |||||
Cash and cash equivalents at end of period | $ | 55,332 | $ | 118,151 |
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 | |||||||||||||||||||
January 28, 2017 | January 30, 2016 | ||||||||||||||||||
(Thousands, except per share data) | Pre-Tax Impact of Charges/Other Items | Net (Loss) Earnings Attributable to Caleres, Inc. | Diluted (Loss) Earnings Per Share | Pre-Tax Impact of Charges/Other Items | Net Earnings Attributable to Caleres, Inc. | Diluted Earnings Per Share | |||||||||||||
GAAP (loss) earnings | $ | (6,622 | ) | $ | (0.16 | ) | $ | 11,410 | $ | 0.26 | |||||||||
Charges/other items: | |||||||||||||||||||
Acquisition, integration and reorganization of men's brands | $ | 13,975 | 12,685 | 0.29 | — | — | — | ||||||||||||
Brand Portfolio - business exits and restructuring | 4,200 | 3,315 | 0.08 | — | — | — | |||||||||||||
Impairment of note and account receivable | 8,000 | 4,888 | 0.12 | — | — | — | |||||||||||||
Total charges/other items | $ | 26,175 | $ | 20,888 | $ | 0.49 | $ | — | $ | — | $ | — | |||||||
Adjusted earnings | $ | 14,266 | $ | 0.33 | $ | 11,410 | $ | 0.26 | |||||||||||
(Unaudited) | |||||||||||||||||||
Fifty-two Weeks Ended | |||||||||||||||||||
January 28, 2017 | January 30, 2016 | ||||||||||||||||||
(Thousands, except per share data) | Pre-Tax Impact of Charges/Other Items | Net Earnings Attributable to Caleres, Inc. | Diluted Earnings Per Share | Pre-Tax Impact of Charges/Other Items | Net Earnings Attributable to Caleres, Inc. | Diluted Earnings Per Share | |||||||||||||
GAAP earnings | $ | 65,658 | $ | 1.52 | $ | 81,479 | $ | 1.85 | |||||||||||
Charges/other items: | |||||||||||||||||||
Acquisition, integration and reorganization of men's brands | $ | 13,975 | $ | 12,685 | 0.29 | — | — | — | |||||||||||
Brand Portfolio - business exits and restructuring | 4,200 | 3,315 | 0.08 | — | — | — | |||||||||||||
Impairment of note and account receivable | 8,000 | 4,888 | 0.11 | — | — | — | |||||||||||||
Loss on early extinguishment of debt | — | — | — | 10,651 | 6,473 | 0.15 | |||||||||||||
Total charges/other items | $ | 26,175 | $ | 20,888 | $ | 0.48 | $ | 10,651 | $ | 6,473 | $ | 0.15 | |||||||
Adjusted earnings | $ | 86,546 | $ | 2.00 | $ | 87,952 | $ | 2.00 | |||||||||||
SCHEDULE 5 | ||||||||||||||||||||||||
CALERES, INC. | ||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS BY SEGMENT | ||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
(Thousands) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | ||||||||||||||||
Net sales | $ | 367,530 | $ | 360,596 | $ | 271,958 | $ | 248,078 | $ | — | $ | — | $ | 639,488 | $ | 608,674 | ||||||||
Gross profit | $ | 161,830 | $ | 164,114 | $ | 99,042 | $ | 83,934 | $ | — | $ | — | $ | 260,872 | $ | 248,048 | ||||||||
Adjusted gross profit | $ | 161,830 | $ | 164,114 | $ | 101,813 | $ | 83,934 | $ | — | $ | — | $ | 263,643 | $ | 248,048 | ||||||||
Gross profit rate | 44.0 | % | 45.5 | % | 36.4 | % | 33.8 | % | — | % | — | % | 40.8 | % | 40.8 | % | ||||||||
Adjusted gross profit rate | 44.0 | % | 45.5 | % | 37.4 | % | 33.8 | % | — | % | — | % | 41.2 | % | 40.8 | % | ||||||||
Operating earnings (loss) | $ | 2,668 | $ | 13,762 | $ | 18,709 | $ | 18,471 | $ | (26,845 | ) | $ | (15,418 | ) | $ | (5,468 | ) | $ | 16,815 | |||||
Adjusted operating earnings (loss) | $ | 2,668 | $ | 13,762 | $ | 25,370 | $ | 18,471 | $ | (7,331 | ) | $ | (15,418 | ) | $ | 20,707 | $ | 16,815 | ||||||
Operating earnings % | 0.7 | % | 3.8 | % | 6.9 | % | 7.4 | % | — | % | — | % | (0.9 | )% | 2.8 | % | ||||||||
Adjusted operating earnings % | 0.7 | % | 3.8 | % | 9.3 | % | 7.4 | % | — | % | — | % | 3.2 | % | 2.8 | % | ||||||||
Same-store sales % (on a 13-week basis) (1) | 0.3 | % | 0.8 | % | 4.4 | % | 2.5 | % | — | % | — | % | — | % | — | % | ||||||||
Number of stores | 1,055 | 1,046 | 234 | 165 | — | — | 1,289 | 1,211 | ||||||||||||||||
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
(Thousands) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | ||||||||||||||||
Gross profit | $ | 161,830 | $ | 164,114 | $ | 99,042 | $ | 83,934 | $ | — | $ | — | $ | 260,872 | $ | 248,048 | ||||||||
Charges/Other Items: | ||||||||||||||||||||||||
Acquisition, integration and reorganization of men's brands | — | — | 1,201 | — | — | — | 1,201 | — | ||||||||||||||||
Brand Portfolio - business exits and restructuring | — | — | 1,570 | — | — | — | 1,570 | — | ||||||||||||||||
Total charges/other items | — | — | 2,771 | — | — | — | 2,771 | — | ||||||||||||||||
Adjusted gross profit | $ | 161,830 | $ | 164,114 | $ | 101,813 | $ | 83,934 | $ | — | $ | — | $ | 263,643 | $ | 248,048 | ||||||||
Operating earnings (loss) | $ | 2,668 | $ | 13,762 | $ | 18,709 | $ | 18,471 | $ | (26,845 | ) | $ | (15,418 | ) | $ | (5,468 | ) | $ | 16,815 | |||||
Charges/Other Items: | ||||||||||||||||||||||||
Acquisition, integration and reorganization of men's brands | — | — | 1,743 | — | 12,232 | — | 13,975 | — | ||||||||||||||||
Brand Portfolio - business exits and restructuring | — | — | 4,200 | — | — | — | 4,200 | — | ||||||||||||||||
Impairment of note and account receivable | — | — | 718 | — | 7,282 | — | 8,000 | — | ||||||||||||||||
Total charges/other items | — | — | 6,661 | — | 19,514 | — | 26,175 | — | ||||||||||||||||
Adjusted operating earnings (loss) | $ | 2,668 | $ | 13,762 | $ | 25,370 | $ | 18,471 | $ | (7,331 | ) | $ | (15,418 | ) | $ | 20,707 | $ | 16,815 |
SUMMARY FINANCIAL RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Fifty-two Weeks Ended | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
(Thousands) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | ||||||||||||||||
Net sales | $ | 1,590,065 | $ | 1,572,665 | $ | 989,323 | $ | 1,004,765 | $ | — | $ | — | $ | 2,579,388 | $ | 2,577,430 | ||||||||
Gross profit | $ | 702,604 | $ | 706,716 | $ | 359,387 | $ | 341,087 | $ | — | $ | — | $ | 1,061,991 | $ | 1,047,803 | ||||||||
Adjusted gross profit | $ | 702,604 | $ | 706,716 | $ | 362,158 | $ | 341,087 | $ | — | $ | — | $ | 1,064,762 | $ | 1,047,803 | ||||||||
Gross profit rate | 44.2 | % | 44.9 | % | 36.3 | % | 33.9 | % | — | % | — | % | 41.2 | % | 40.7 | % | ||||||||
Adjusted gross profit rate | 44.2 | % | 44.9 | % | 36.6 | % | 33.9 | % | — | % | — | % | 41.3 | % | 40.7 | % | ||||||||
Operating earnings | $ | 83,735 | $ | 109,030 | $ | 76,248 | $ | 66,578 | $ | (48,998 | ) | $ | (40,501 | ) | $ | 110,985 | $ | 135,107 | ||||||
Adjusted operating earnings | $ | 83,735 | $ | 109,030 | $ | 82,909 | $ | 66,578 | $ | (29,484 | ) | $ | (40,501 | ) | $ | 137,160 | $ | 135,107 | ||||||
Operating earnings % | 5.3 | % | 6.9 | % | 7.7 | % | 6.6 | % | — | % | — | % | 4.3 | % | 5.2 | % | ||||||||
Adjusted operating earnings % | 5.3 | % | 6.9 | % | 8.4 | % | 6.6 | % | — | % | — | % | 5.3 | % | 5.2 | % | ||||||||
Same-store sales % (on a 52-week basis) (1) | 0.6 | % | 1.9 | % | (2.9 | )% | (0.7 | )% | — | % | — | % | — | % | — | % | ||||||||
Number of stores | 1,055 | 1,046 | 234 | 165 | — | — | 1,289 | 1,211 | ||||||||||||||||
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Fifty-two Weeks Ended | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
(Thousands) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | ||||||||||||||||
Gross profit | $ | 702,604 | $ | 706,716 | $ | 359,387 | $ | 341,087 | $ | — | $ | — | $ | 1,061,991 | $ | 1,047,803 | ||||||||
Charges/Other Items: | ||||||||||||||||||||||||
Acquisition, integration and reorganization of men's brands | — | — | 1,201 | — | — | — | 1,201 | — | ||||||||||||||||
Brand Portfolio - business exits and restructuring | — | — | 1,570 | — | — | — | 1,570 | — | ||||||||||||||||
Total charges/other items | — | — | 2,771 | — | — | — | 2,771 | — | ||||||||||||||||
Adjusted gross profit | $ | 702,604 | $ | 706,716 | $ | 362,158 | $ | 341,087 | $ | — | $ | — | $ | 1,064,762 | $ | 1,047,803 | ||||||||
Operating earnings (loss) | $ | 83,735 | $ | 109,030 | $ | 76,248 | $ | 66,578 | $ | (48,998 | ) | $ | (40,501 | ) | $ | 110,985 | $ | 135,107 | ||||||
Charges/Other Items: | ||||||||||||||||||||||||
Acquisition, integration and reorganization of men's brands | — | — | 1,743 | — | 12,232 | — | 13,975 | — | ||||||||||||||||
Brand Portfolio - business exits and restructuring | — | — | 4,200 | — | — | — | 4,200 | — | ||||||||||||||||
Impairment of note and account receivable | — | — | 718 | — | 7,282 | — | 8,000 | — | ||||||||||||||||
Total charges/other items | — | — | 6,661 | — | 19,514 | — | 26,175 | — | ||||||||||||||||
Adjusted operating earnings (loss) | $ | 83,735 | $ | 109,030 | $ | 82,909 | $ | 66,578 | $ | (29,484 | ) | $ | (40,501 | ) | $ | 137,160 | $ | 135,107 |
SCHEDULE 6 | |||||||||||||
CALERES, INC. | |||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION | |||||||||||||
(Unaudited) | |||||||||||||
Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||
(Thousands, except per share data) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | |||||||||
Net (loss) earnings attributable to Caleres, Inc.: | |||||||||||||
Net (loss) earnings | $ | (6,196 | ) | $ | 11,578 | $ | 66,086 | $ | 81,824 | ||||
Net earnings attributable to noncontrolling interests | (426 | ) | (168 | ) | (428 | ) | (345 | ) | |||||
Net (loss) earnings attributable to Caleres, Inc. | (6,622 | ) | 11,410 | 65,658 | 81,479 | ||||||||
Net earnings allocated to participating securities | — | (339 | ) | (1,750 | ) | (2,587 | ) | ||||||
Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | (6,622 | ) | $ | 11,071 | $ | 63,908 | $ | 78,892 | ||||
Basic and diluted common shares attributable to Caleres, Inc.: | |||||||||||||
Basic common shares | 41,827 | 42,372 | 42,026 | 42,455 | |||||||||
Dilutive effect of share-based awards | 177 | 177 | 155 | 201 | |||||||||
Diluted common shares attributable to Caleres, Inc. | 42,004 | 42,549 | 42,181 | 42,656 | |||||||||
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders | $ | (0.16 | ) | $ | 0.26 | $ | 1.52 | $ | 1.86 | ||||
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders | $ | (0.16 | ) | $ | 0.26 | $ | 1.52 | $ | 1.85 |
SCHEDULE 7 | |||||||||||||
CALERES, INC. | |||||||||||||
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION | |||||||||||||
(Unaudited) | |||||||||||||
Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||
(Thousands, except per share data) | January 28, 2017 | January 30, 2016 | January 28, 2017 | January 30, 2016 | |||||||||
Adjusted net earnings attributable to Caleres, Inc.: | |||||||||||||
Adjusted net earnings | $ | 14,692 | $ | 11,578 | $ | 86,974 | $ | 88,297 | |||||
Net earnings attributable to noncontrolling interests | (426 | ) | (168 | ) | (428 | ) | (345 | ) | |||||
Adjusted net earnings attributable to Caleres, Inc. | 14,266 | 11,410 | 86,546 | 87,952 | |||||||||
Net earnings allocated to participating securities | (376 | ) | (339 | ) | (2,308 | ) | (2,793 | ) | |||||
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 13,890 | $ | 11,071 | $ | 84,238 | $ | 85,159 | |||||
Basic and diluted common shares attributable to Caleres, Inc.: | |||||||||||||
Basic common shares | 41,827 | 42,372 | 42,026 | 42,455 | |||||||||
Dilutive effect of share-based awards | 177 | 177 | 155 | 201 | |||||||||
Diluted common shares attributable to Caleres, Inc. | 42,004 | 42,549 | 42,181 | 42,656 | |||||||||
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.33 | $ | 0.26 | $ | 2.00 | $ | 2.00 | |||||
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.33 | $ | 0.26 | $ | 2.00 | $ | 2.00 |