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)) |
(d) | Exhibit | |
99.1 | ||
CALERES, INC. | ||
(Registrant) | ||
Date: March 13, 2018 | /s/ Thomas C. Burke | |
Thomas C. Burke | ||
Vice President, General Counsel and Secretary |
Exhibit Number | Description | |
99.1 | Press Release dated March 13, 2018 |
Investor and Media Contact: | |
Peggy Reilly Tharp, Caleres | |
(314) 854-4134, ptharp@caleres.com |
• | Consolidated sales of $702.5 million were up 9.8%, including Allen Edmonds. |
– | Famous Footwear total sales of $393.1 million were up 7.0%, while same-store-sales were up 2.8% on a 13-week basis. |
– | Brand Portfolio sales of $309.4 million were up 13.8% including contribution from Allen Edmonds, which was acquired on December 13, 2016. |
• | Gross profit was $293.4 million, while gross margin of 41.8% was up 97 basis points. |
• | SG&A expense of $262.1 million was up 7.9%, including Allen Edmonds. |
• | Operating earnings were $30.3 million and operating margin was 4.3%, while adjusted operating earnings were $31.3 million - up more than 50% - and adjusted operating margin of 4.5% was up 122 basis points. |
• | Net earnings were $20.3 million, while diluted earnings per share were $0.47 and included a $0.02 charge for operations restructuring and a $0.01 benefit related to the Tax Cuts and Jobs Act. |
• | Adjusted net earnings of $20.6 million were up 44.5%, while adjusted diluted net earnings per share of $0.48 were up 45.5%. |
• | Consolidated sales of $2,785.6 million were up 8.0%, including Allen Edmonds. |
– | Famous Footwear total sales of $1,637.6 million were up 3.0%, while same-store-sales were up 1.4% on a 52-week basis. |
– | Brand Portfolio sales of $1,148.0 million were up 16.0% including contribution from Allen Edmonds, which was acquired on December 13, 2016. |
• | Gross profit of $1,168.6 million - including $4.9 million of expected fair value inventory adjustment amortization related to the Allen Edmonds acquisition - was up 10.0%, while gross margin of 42.0% was up 78 basis points. |
• | SG&A expense of $1,023.7 million was up 10.4%, including Allen Edmonds. |
• | Operating earnings were $140.0 million and operating margin was 5.0%, while adjusted operating earnings were $149.9 million - up 9.3% - and adjusted operating margin was 5.4%. |
• | Net earnings were $87.2 million, while diluted earnings per share were $2.02 and included $0.13 of charges related to the acquisition, integration and reorganization of men’s brands, a $0.02 charge for operations restructuring, and a $0.01 benefit related to the Tax Cuts and Jobs Act. |
• | Adjusted net earnings of $93.1 million were up 7.5%, while adjusted diluted earnings per share of $2.16 were up 8.0%. |
• | Cash and equivalents were $64.0 million and up $8.7 million year-over-year. |
• | There were no outstanding borrowings under the revolving credit facility, as the company paid down the entirety of the $110 million associated with the December 2016 acquisition of Allen Edmonds. |
• | Inventory of $569.4 million was down 2.8% year-over-year, including Allen Edmonds. |
• | Capital expenditures of $51.2 million were down 14.1% year-over-year. |
Consolidated net sales | $23.4 million |
Famous Footwear sales | $19.7 million |
Brand Portfolio sales | $3.7 million |
Consolidated net sales | ~$2.8B |
Famous Footwear same-store-sales | Up low-single digits |
Brand Portfolio sales | Up low-single digits |
Gross margin | Up ~5 to 10 bps |
SG&A as a percent of revenue | Down ~5 to 10 bps |
Interest expense | ~$16M |
Effective tax rate | 25% to 26% |
Adjusted earnings per diluted share | $2.40 to $2.50 |
SCHEDULE 1 | |||||||||||||||
CALERES, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||
(Unaudited) | |||||||||||||||
Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-three Weeks Ended | Fifty-two Weeks Ended | ||||||||||||
(Thousands, except per share data) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | |||||||||||
Net sales | $ | 702,465 | $ | 639,488 | $ | 2,785,584 | $ | 2,579,388 | |||||||
Cost of goods sold | 409,070 | 378,616 | 1,616,935 | 1,517,397 | |||||||||||
Gross profit | 293,395 | 260,872 | 1,168,649 | 1,061,991 | |||||||||||
Selling and administrative expenses | 262,113 | 242,936 | 1,023,703 | 927,602 | |||||||||||
Restructuring and other special charges, net | 942 | 23,404 | 4,915 | 23,404 | |||||||||||
Operating earnings (loss) | 30,340 | (5,468 | ) | 140,031 | 110,985 | ||||||||||
Interest expense | (4,267 | ) | (4,547 | ) | (18,089 | ) | (15,111 | ) | |||||||
Interest income | 172 | 473 | 764 | 1,380 | |||||||||||
Earnings (loss) before income taxes | 26,245 | (9,542 | ) | 122,706 | 97,254 | ||||||||||
Income tax (provision) benefit | (5,944 | ) | 3,346 | (35,475 | ) | (31,168 | ) | ||||||||
Net earnings (loss) | 20,301 | (6,196 | ) | 87,231 | 66,086 | ||||||||||
Net (loss) earnings attributable to noncontrolling interests | (15 | ) | 426 | 31 | 428 | ||||||||||
Net earnings (loss) attributable to Caleres, Inc. | $ | 20,316 | $ | (6,622 | ) | $ | 87,200 | $ | 65,658 | ||||||
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders | $ | 0.47 | $ | (0.16 | ) | $ | 2.03 | $ | 1.52 | ||||||
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders | $ | 0.47 | $ | (0.16 | ) | $ | 2.02 | $ | 1.52 | ||||||
SCHEDULE 2 | |||||||
CALERES, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
February 3, 2018 | January 28, 2017 | ||||||
(Thousands) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 64,047 | $ | 55,332 | |||
Receivables, net | 152,613 | 153,121 | |||||
Inventories, net | 569,379 | 585,764 | |||||
Prepaid expenses and other current assets | 60,750 | 49,528 | |||||
Total current assets | 846,789 | 843,745 | |||||
Property and equipment, net | 212,799 | 219,196 | |||||
Goodwill and intangible assets, net | 339,168 | 343,758 | |||||
Other assets | 90,659 | 68,574 | |||||
Total assets | $ | 1,489,415 | $ | 1,475,273 | |||
LIABILITIES AND EQUITY | |||||||
Borrowings under revolving credit agreement | $ | — | $ | 110,000 | |||
Trade accounts payable | 272,962 | 266,370 | |||||
Other accrued expenses | 157,197 | 151,225 | |||||
Total current liabilities | 430,159 | 527,595 | |||||
Long-term debt | 197,472 | 197,003 | |||||
Deferred rent | 53,071 | 51,124 | |||||
Other liabilities | 89,751 | 85,065 | |||||
Total other liabilities | 340,294 | 333,192 | |||||
Total Caleres, Inc. shareholders’ equity | 717,489 | 613,117 | |||||
Noncontrolling interests | 1,473 | 1,369 | |||||
Total equity | 718,962 | 614,486 | |||||
Total liabilities and equity | $ | 1,489,415 | $ | 1,475,273 |
SCHEDULE 3 | |||||||
CALERES, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Fifty-three Weeks Ended | Fifty-two Weeks Ended | ||||||
(Thousands) | February 3, 2018 | January 28, 2017 | |||||
OPERATING ACTIVITIES: | |||||||
Net cash provided by operating activities | $ | 191,375 | $ | 183,622 | |||
INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (44,720 | ) | (50,523 | ) | |||
Capitalized software | (6,458 | ) | (9,039 | ) | |||
Acquisition cost, net of cash received | — | (259,932 | ) | ||||
Net cash used for investing activities | (51,178 | ) | (319,494 | ) | |||
FINANCING ACTIVITIES: | |||||||
Borrowings under revolving credit agreement | 454,000 | 623,000 | |||||
Repayments under revolving credit agreement | (564,000 | ) | (513,000 | ) | |||
Dividends paid | (12,027 | ) | (12,104 | ) | |||
Acquisition of treasury stock | (5,993 | ) | (23,139 | ) | |||
Issuance of common stock under share-based plans, net | (3,816 | ) | (4,188 | ) | |||
Excess tax benefit related to share-based plans | — | 2,251 | |||||
Net cash (used for) provided by financing activities | (131,836 | ) | 72,820 | ||||
Effect of exchange rate changes on cash and cash equivalents | 354 | 233 | |||||
Increase (decrease) in cash and cash equivalents | 8,715 | (62,819 | ) | ||||
Cash and cash equivalents at beginning of period | 55,332 | 118,151 | |||||
Cash and cash equivalents at end of period | $ | 64,047 | $ | 55,332 |
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) | |||||||||||||||||||
Fourteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||||
February 3, 2018 | January 28, 2017 | ||||||||||||||||||
(Thousands, except per share data) | Pre-Tax Impact of Charges/Other Items | Net Earnings (Loss) Attributable to Caleres, Inc. | Diluted Earnings (Loss) Per Share | Pre-Tax Impact of Charges/Other Items | Net (Loss) Earnings Attributable to Caleres, Inc. | Diluted (Loss) Earnings Per Share | |||||||||||||
GAAP earnings (loss) | $ | 20,316 | $ | 0.47 | $ | (6,622 | ) | $ | (0.16 | ) | |||||||||
Charges/other items: | |||||||||||||||||||
Tax Cuts and Jobs Act | $ | — | (294 | ) | (0.01 | ) | $ | — | — | — | |||||||||
Retail operations restructuring | 942 | 596 | 0.02 | — | — | — | |||||||||||||
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 | $ | 942 | $ | 302 | $ | 0.01 | $ | 26,175 | $ | 20,888 | $ | 0.49 | |||||||
Adjusted earnings | $ | 20,618 | $ | 0.48 | $ | 14,266 | $ | 0.33 | |||||||||||
(Unaudited) | |||||||||||||||||||
Fifty-three Weeks Ended | Fifty-two Weeks Ended | ||||||||||||||||||
February 3, 2018 | January 28, 2017 | ||||||||||||||||||
(Thousands, except per share data) | Pre-Tax Impact of Charges/Other Items | Net Earnings (Loss) Attributable to Caleres, Inc. | Diluted Earnings (Loss) Per Share | Pre-Tax Impact of Charges/Other Items | Net Earnings Attributable to Caleres, Inc. | Diluted Earnings Per Share | |||||||||||||
GAAP earnings | $ | 87,200 | $ | 2.02 | $ | 65,658 | $ | 1.52 | |||||||||||
Charges/other items: | |||||||||||||||||||
Tax Cuts and Jobs Act | $ | — | (294 | ) | (0.01 | ) | $ | — | — | — | |||||||||
Retail operations restructuring | 942 | 596 | 0.02 | — | — | — | |||||||||||||
Acquisition, integration and reorganization of men's brands | 8,912 | 5,569 | 0.13 | 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 | |||||||||||||
Total charges/other items | $ | 9,854 | $ | 5,871 | $ | 0.14 | $ | 26,175 | $ | 20,888 | $ | 0.48 | |||||||
Adjusted earnings | $ | 93,071 | $ | 2.16 | $ | 86,546 | $ | 2.00 | |||||||||||
SCHEDULE 5 | ||||||||||||||||||||||||
CALERES, INC. | ||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS BY SEGMENT | ||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
14 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 13 Weeks Ended | |||||||||||||||||
(Thousands) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | ||||||||||||||||
Net sales | $ | 393,085 | $ | 367,530 | $ | 309,380 | $ | 271,958 | $ | — | $ | — | $ | 702,465 | $ | 639,488 | ||||||||
Gross profit | $ | 175,362 | $ | 161,830 | $ | 118,033 | $ | 99,042 | $ | — | $ | — | $ | 293,395 | $ | 260,872 | ||||||||
Adjusted gross profit | $ | 175,362 | $ | 161,830 | $ | 118,033 | $ | 101,813 | $ | — | $ | — | $ | 293,395 | $ | 263,643 | ||||||||
Gross profit rate | 44.6 | % | 44.0 | % | 38.2 | % | 36.4 | % | — | % | — | % | 41.8 | % | 40.8 | % | ||||||||
Adjusted gross profit rate | 44.6 | % | 44.0 | % | 38.2 | % | 37.4 | % | — | % | — | % | 41.8 | % | 41.2 | % | ||||||||
Operating earnings (loss) | $ | 13,093 | $ | 2,668 | $ | 26,700 | $ | 18,709 | $ | (9,453 | ) | $ | (26,845 | ) | $ | 30,340 | $ | (5,468 | ) | |||||
Adjusted operating earnings (loss) | $ | 13,657 | $ | 2,668 | $ | 26,855 | $ | 25,370 | $ | (9,230 | ) | $ | (7,331 | ) | $ | 31,282 | $ | 20,707 | ||||||
Operating earnings % | 3.3 | % | 0.7 | % | 8.6 | % | 6.9 | % | — | % | — | % | 4.3 | % | (0.9 | )% | ||||||||
Adjusted operating earnings % | 3.5 | % | 0.7 | % | 8.7 | % | 9.3 | % | — | % | — | % | 4.5 | % | 3.2 | % | ||||||||
Same-store sales % (on a 13-week basis) (1) | 2.8 | % | 0.3 | % | 5.9 | % | 4.4 | % | — | % | — | % | — | % | — | % | ||||||||
Number of stores | 1,026 | 1,055 | 236 | 234 | — | — | 1,262 | 1,289 | ||||||||||||||||
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
14 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 13 Weeks Ended | |||||||||||||||||
(Thousands) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | ||||||||||||||||
Gross profit | $ | 175,362 | $ | 161,830 | $ | 118,033 | $ | 99,042 | $ | — | $ | — | $ | 293,395 | $ | 260,872 | ||||||||
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 | $ | 175,362 | $ | 161,830 | $ | 118,033 | $ | 101,813 | $ | — | $ | — | $ | 293,395 | $ | 263,643 | ||||||||
Operating earnings (loss) | $ | 13,093 | $ | 2,668 | $ | 26,700 | $ | 18,709 | $ | (9,453 | ) | $ | (26,845 | ) | $ | 30,340 | $ | (5,468 | ) | |||||
Charges/Other Items: | ||||||||||||||||||||||||
Retail operations restructuring | 564 | — | 155 | — | 223 | — | 942 | — | ||||||||||||||||
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 | 564 | — | 155 | 6,661 | 223 | 19,514 | 942 | 26,175 | ||||||||||||||||
Adjusted operating earnings (loss) | $ | 13,657 | $ | 2,668 | $ | 26,855 | $ | 25,370 | $ | (9,230 | ) | $ | (7,331 | ) | $ | 31,282 | $ | 20,707 |
SCHEDULE 5 | ||||||||||||||||||||||||
CALERES, INC. | ||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS BY SEGMENT | ||||||||||||||||||||||||
SUMMARY FINANCIAL RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
53 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | |||||||||||||||||
(Thousands) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | ||||||||||||||||
Net sales | $ | 1,637,627 | $ | 1,590,065 | $ | 1,147,957 | $ | 989,323 | $ | — | $ | — | $ | 2,785,584 | $ | 2,579,388 | ||||||||
Gross profit | $ | 724,434 | $ | 702,604 | $ | 444,215 | $ | 359,387 | $ | — | $ | — | $ | 1,168,649 | $ | 1,061,991 | ||||||||
Adjusted gross profit | $ | 724,434 | $ | 702,604 | $ | 449,154 | $ | 362,158 | $ | — | $ | — | $ | 1,173,588 | $ | 1,064,762 | ||||||||
Gross profit rate | 44.2 | % | 44.2 | % | 38.7 | % | 36.3 | % | — | % | — | % | 42.0 | % | 41.2 | % | ||||||||
Adjusted gross profit rate | 44.2 | % | 44.2 | % | 39.1 | % | 36.6 | % | — | % | — | % | 42.1 | % | 41.3 | % | ||||||||
Operating earnings (loss) | $ | 92,230 | $ | 83,735 | $ | 80,211 | $ | 76,248 | $ | (32,410 | ) | $ | (48,998 | ) | $ | 140,031 | $ | 110,985 | ||||||
Adjusted operating earnings (loss) | $ | 92,794 | $ | 83,735 | $ | 86,787 | $ | 82,909 | $ | (29,696 | ) | $ | (29,484 | ) | $ | 149,885 | $ | 137,160 | ||||||
Operating earnings % | 5.6 | % | 5.3 | % | 7.0 | % | 7.7 | % | — | % | — | % | 5.0 | % | 4.3 | % | ||||||||
Adjusted operating earnings % | 5.7 | % | 5.3 | % | 7.6 | % | 8.4 | % | — | % | — | % | 5.4 | % | 5.3 | % | ||||||||
Same-store sales % (on a 52-week basis) (1) | 1.4 | % | 0.6 | % | 6.4 | % | (2.9 | )% | — | % | — | % | — | % | — | % | ||||||||
Number of stores | 1,026 | 1,055 | 236 | 234 | — | — | 1,262 | 1,289 | ||||||||||||||||
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
53 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | |||||||||||||||||
Famous Footwear | Brand Portfolio | Other | Consolidated | |||||||||||||||||||||
(Thousands) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | ||||||||||||||||
Gross profit | $ | 724,434 | $ | 702,604 | $ | 444,215 | $ | 359,387 | $ | — | $ | — | $ | 1,168,649 | $ | 1,061,991 | ||||||||
Charges/Other Items: | ||||||||||||||||||||||||
Acquisition, integration and reorganization of men's brands | — | — | 4,939 | 1,201 | — | — | 4,939 | 1,201 | ||||||||||||||||
Brand Portfolio - business exits and restructuring | — | — | — | 1,570 | — | — | — | 1,570 | ||||||||||||||||
Total charges/other items | — | — | 4,939 | 2,771 | — | — | 4,939 | 2,771 | ||||||||||||||||
Adjusted gross profit | $ | 724,434 | $ | 702,604 | $ | 449,154 | $ | 362,158 | $ | — | $ | — | $ | 1,173,588 | $ | 1,064,762 | ||||||||
Operating earnings (loss) | $ | 92,230 | $ | 83,735 | $ | 80,211 | $ | 76,248 | $ | (32,410 | ) | $ | (48,998 | ) | $ | 140,031 | $ | 110,985 | ||||||
Charges/Other Items: | ||||||||||||||||||||||||
Retail operations restructuring | 564 | — | 155 | — | 223 | — | 942 | — | ||||||||||||||||
Acquisition, integration and reorganization of men's brands | — | — | 6,421 | 1,743 | 2,491 | 12,232 | 8,912 | 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 | 564 | — | 6,576 | 6,661 | 2,714 | 19,514 | 9,854 | 26,175 | ||||||||||||||||
Adjusted operating earnings (loss) | $ | 92,794 | $ | 83,735 | $ | 86,787 | $ | 82,909 | $ | (29,696 | ) | $ | (29,484 | ) | $ | 149,885 | $ | 137,160 |
SCHEDULE 6 | |||||||||||||
CALERES, INC. | |||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION | |||||||||||||
(Unaudited) | |||||||||||||
Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-three Weeks Ended | Fifty-two Weeks Ended | ||||||||||
(Thousands, except per share data) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | |||||||||
Net earnings attributable to Caleres, Inc.: | |||||||||||||
Net earnings (loss) | $ | 20,301 | $ | (6,196 | ) | $ | 87,231 | $ | 66,086 | ||||
Net loss (earnings) attributable to noncontrolling interests | 15 | (426 | ) | (31 | ) | (428 | ) | ||||||
Net earnings attributable to Caleres, Inc. | 20,316 | (6,622 | ) | 87,200 | 65,658 | ||||||||
Net earnings allocated to participating securities | (545 | ) | — | (2,384 | ) | (1,750 | ) | ||||||
Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 19,771 | $ | (6,622 | ) | $ | 84,816 | $ | 63,908 | ||||
Basic and diluted common shares attributable to Caleres, Inc.: | |||||||||||||
Basic common shares | 41,799 | 41,827 | 41,801 | 42,026 | |||||||||
Dilutive effect of share-based awards | 198 | 177 | 179 | 155 | |||||||||
Diluted common shares attributable to Caleres, Inc. | 41,997 | 42,004 | 41,980 | 42,181 | |||||||||
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders | $ | 0.47 | $ | (0.16 | ) | $ | 2.03 | $ | 1.52 | ||||
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders | $ | 0.47 | $ | (0.16 | ) | $ | 2.02 | $ | 1.52 |
SCHEDULE 7 | |||||||||||||
CALERES, INC. | |||||||||||||
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION | |||||||||||||
(Unaudited) | |||||||||||||
Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-three Weeks Ended | Fifty-two Weeks Ended | ||||||||||
(Thousands, except per share data) | February 3, 2018 | January 28, 2017 | February 3, 2018 | January 28, 2017 | |||||||||
Adjusted net earnings attributable to Caleres, Inc.: | |||||||||||||
Adjusted net earnings | $ | 20,603 | $ | 14,692 | $ | 93,102 | $ | 86,974 | |||||
Net loss (earnings) attributable to noncontrolling interests | 15 | (426 | ) | (31 | ) | (428 | ) | ||||||
Adjusted net earnings attributable to Caleres, Inc. | 20,618 | 14,266 | 93,071 | 86,546 | |||||||||
Net earnings allocated to participating securities | (553 | ) | (376 | ) | (2,546 | ) | (2,308 | ) | |||||
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 20,065 | $ | 13,890 | $ | 90,525 | $ | 84,238 | |||||
Basic and diluted common shares attributable to Caleres, Inc.: | |||||||||||||
Basic common shares | 41,799 | 41,827 | 41,801 | 42,026 | |||||||||
Dilutive effect of share-based awards | 198 | 177 | 179 | 155 | |||||||||
Diluted common shares attributable to Caleres, Inc. | 41,997 | 42,004 | 41,980 | 42,181 | |||||||||
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.48 | $ | 0.33 | $ | 2.17 | $ | 2.00 | |||||
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.48 | $ | 0.33 | $ | 2.16 | $ | 2.00 |
SCHEDULE 8 | ||||||||||||
CALERES, INC. | ||||||||||||
RECONCILIATION OF INCOME TAX PROVISION AND EFFECTIVE TAX RATE (GAAP BASIS) TO ADJUSTED INCOME TAX PROVISION AND ADJUSTED EFFECTIVE TAX RATE (NON-GAAP BASIS) | ||||||||||||
(Unaudited) | ||||||||||||
Fifty-three Weeks Ended | ||||||||||||
February 3, 2018 | ||||||||||||
Earnings Before Income Taxes | Income Tax Provision | Effective Tax Rate | ||||||||||
(Thousands) | ||||||||||||
GAAP basis | $ | 122,706 | $ | (35,475 | ) | 28.9 | % | |||||
Charges/other items: | ||||||||||||
Tax Cuts and Jobs Act | — | (294 | ) | |||||||||
Retail operations restructuring | 942 | (346 | ) | |||||||||
Acquisition, integration and reorganization of men's brands | 8,912 | (3,343 | ) | |||||||||
Total charges/other items | $ | 9,854 | $ | (3,983 | ) | |||||||
Adjusted basis | $ | 132,560 | $ | (39,458 | ) | 29.8 | % |