- Delivers second quarter adjusted earnings per share ahead of
expectations
- Reiterates full year 2023 sales and adjusted earnings per share
guidance
- Drives inventory decline of 14.3 percent compared to second
quarter 2022
- Reduces revolving credit facility borrowings by $47.5 million
from first quarter 2023 and by $104.5 million from second quarter
2022
- Repurchases 763,000 shares for $17.4 million
Caleres (NYSE: CAL), the market-leading portfolio of
consumer-driven footwear brands, today reported financial results
for the second quarter of 2023, and reiterated its full year 2023
sales and adjusted earnings per share outlook.
“The Caleres team performed at a high level during the second
quarter, delivering a strong consolidated operating margin and
exceeding adjusted earnings per share expectations despite a choppy
macro environment,” said Jay Schmidt, president and chief executive
officer. “Once again, we gained market share in our Lead Brands and
Famous Footwear.”
“During the quarter, we achieved:
- sequential sales improvement from first quarter in the
year-over-year change in the Brand Portfolio and Famous
Footwear;
- outperformance in the Brand Portfolio ecommerce business;
- record second quarter gross margin in the Brand Portfolio;
and
- year-over-year sales growth in Kids at Famous Footwear and an
improved year-over-year inventory position heading into the key
back-to-school period.
Just as significantly, we strengthened our financial and
long-term competitive position by controlling expenses and by
putting free cash to work, reducing revolver borrowings by nearly
$50 million. We also invested in high-return growth opportunities,
including enhancing the omni-channel experience and marketing
technologies and analytics, while at the same time returning
approximately $20 million to shareholders through share buybacks
and dividends.”
Second Quarter 2023 Results
(13-weeks ended July 29, 2023, compared to 13-weeks ended July
30, 2022)
- Net sales were $695.5 million, down 5.8 percent from the second
quarter of 2022;
- Famous Footwear segment net sales declined 5.1 percent, with
comparable sales down 4.3 percent
- Brand Portfolio segment net sales decreased 7.2 percent
- Direct-to-consumer sales represented approximately 74 percent
of total net sales
- Gross profit was $314.2 million, while gross margin was 45.2
percent;
- Famous Footwear segment gross margin of 46.2 percent
- Brand Portfolio segment gross margin of 41.3 percent
- SG&A as a percentage of net sales was 37.8 percent;
- Net earnings of $33.9 million, or earnings per diluted share of
$0.95, compared to net earnings of $51.2 million, or earnings per
diluted share of $1.38 in the second quarter of 2022;
- Adjusted net earnings of $35.2 million, or adjusted earnings
per diluted share of $0.98, which excludes $0.03 related to charges
associated with expense reduction initiatives during the second
quarter;
- Earnings before interest, taxes, depreciation, and amortization
(EBITDA) of $63.6 million, or 9.1 percent of net sales;
- Inventory was down 14.3 percent compared to second quarter of
2022, due to disciplined inventory management and improved supply
chain flow; and
- Borrowings under the asset-based revolving credit facility were
$244.0 million at the end of the period.
Capital Allocation Update
In line with its capital allocation priorities, Caleres
continued to reduce the borrowings under its asset-based revolving
credit facility, paying down $47.5 million during the second
quarter. With this reduction, the company is now at its leverage
ratio target of 1.0x on a debt/EBITDA trailing twelve-month basis.
In addition, Caleres opportunistically repurchased 763,000 shares
for $17.4 million at an average price of $22.86 per share. As of
July 29, 2023, approximately 5.6 million shares remained available
under the company’s share repurchase program. Caleres also invested
$10.3 million in capital expenditures and returned $2.5 million to
shareholders through its quarterly dividend.
The Caleres board of directors recently approved its next
quarterly dividend, which will be paid on September 29, 2023, to
shareholders of record as of September 8, 2023.
Full Year 2023 Outlook
“Looking ahead, we are confident in our ability to achieve our
full year financial outlook and are reaffirming our 2023 sales and
earnings guidance,” said Schmidt. “We also remain on course to
deliver earnings in excess of the $4.00 per share baseline we
established in 2022. This underscores yet again the structural
changes to the organization’s normalized earnings profile that the
team has executed in recent years. We are making progress on our
clearly defined strategic initiatives. We continue to leverage the
power of our brands, the strength of our diversified structure, and
the rigor of our expense management initiatives to position the
company for long-term growth and drive even greater value for our
shareholders.”
For full year 2023, the company is reiterating its diluted
earnings per share guidance of $4.02 to $4.22, inclusive of the $4
million of restructuring charges associated with expense reduction
actions, and adjusted diluted earnings per share of $4.10 to $4.30
and consolidated net sales to be down 3 percent to down 5
percent.
In addition, Caleres still expects:
- Consolidated operating margin of 7.3 percent to 7.5
percent;
- Interest expense of $17 million to $19 million;
- Effective tax rate of about 25 percent; and
- Weighted average shares outstanding of 34.3 million.
The company is revising its forecasted capital expenditures to
$50 million to $60 million from $55 million to $65 million. Caleres
is fully committed to its strategic initiatives and the change
relates to additional visibility on the timing of certain
projects.
For third quarter of 2023 the company expects:
- Consolidated net sales to be down low-single digits;
- Diluted earnings per share of $1.25 to $1.30; and
- Adjusted diluted earnings per share of $1.30 to $1.35.
Investor Conference Call
Caleres will host a conference call at 10:00 a.m. ET today,
Thursday, August 31. The webcast and associated slides will be
available at investor.caleres.com/news/events. A live conference
call will be available at (877) 704-4453 for North America
participants or (201) 389-0920 for international participants, no
passcode necessary. A replay will be also available at
investor.caleres.com/news/events/archive for a limited period.
Investors may also access the replay by dialing (844) 512-2921 in
North America or (412) 317-6671 internationally and using the
conference pin 13740501.
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 earnings before interest, taxes,
depreciation and amortization, and estimated and future 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.
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 general economic conditions and other
factors; (ii) inflationary pressures (iii) supply chain disruptions
(iv) rapidly changing consumer preferences and purchasing patterns
and fashion trends; (v) customer concentration and increased
consolidation in the retail industry; (vi) intense competition
within the footwear industry; (vii) foreign currency fluctuations;
(viii) political and economic conditions or other threats to the
continued and uninterrupted flow of inventory from China and other
countries, where the company relies heavily on third-party
manufacturing facilities for a significant amount of its inventory;
(ix) cybersecurity threats or other major disruption to the
company’s information technology systems; (x) the ability to
accurately forecast sales and manage inventory levels; (xi) a
disruption in the company’s distribution centers; (xii) the ability
to recruit and retain senior management and other key associates;
(xiii) the ability to secure/exit leases on favorable terms; (xiv)
the ability to maintain relationships with current suppliers; (xv)
transitional challenges with acquisitions and divestitures; (xvi)
changes to tax laws, policies and treaties; (xvii) our commitments
and shareholder expectations related to environmental, social and
governance considerations; (xviii) compliance with applicable laws
and standards with respect to labor, trade and product safety
issues; and (xix) the ability to attract, retain, and maintain good
relationships with licensors and protect our intellectual property
rights. The company's reports to the Securities and Exchange
Commission contain detailed information relating to such factors,
including, without limitation, the information under the caption
Risk Factors in Item 1A of the company’s Annual Report on Form 10-K
for the year ended January 28, 2023, which information is
incorporated by reference herein and updated by the company’s
Quarterly Reports on Form 10-Q. The company does not undertake any
obligation or plan to update these forward-looking statements, even
though its situation may change.
SCHEDULE 1
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
($ thousands, except per share data)
July 29, 2023
July 30, 2022
July 29, 2023
July 30, 2022
Net sales
$
695,533
$
738,330
$
1,358,267
$
1,473,445
Cost of goods sold
381,360
401,515
741,412
809,636
Gross profit
314,173
336,815
616,855
663,809
Selling and administrative expenses
262,823
268,395
515,918
529,194
Restructuring and other special charges,
net
1,647
—
1,647
—
Operating earnings
49,703
68,420
99,290
134,615
Interest expense, net
(5,128
)
(2,584
)
(10,751
)
(4,883
)
Other income, net
1,616
3,217
3,108
6,639
Earnings before income taxes
46,191
69,053
91,647
136,371
Income tax provision
(11,826
)
(17,500
)
(22,490
)
(34,833
)
Net earnings
34,365
51,553
69,157
101,538
Net earnings (loss) attributable to
noncontrolling interests
422
375
487
(149
)
Net earnings attributable to Caleres,
Inc.
$
33,943
$
51,178
$
68,670
$
101,687
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
0.95
$
1.40
$
1.91
$
2.74
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.95
$
1.38
$
1.91
$
2.70
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
($ thousands)
July 29, 2023
July 30, 2022
ASSETS
Cash and cash equivalents
$
47,098
$
45,955
Receivables, net
136,549
127,580
Inventories, net
660,690
770,652
Property and equipment, held for sale
16,777
16,777
Prepaid expenses and other current
assets
53,709
57,827
Total current assets
914,823
1,018,791
Lease right-of-use assets
505,423
516,486
Property and equipment, net
157,717
137,007
Goodwill and intangible assets, net
209,314
221,447
Other assets
116,683
131,477
Total assets
$
1,903,960
$
2,025,208
LIABILITIES AND EQUITY
Borrowings under revolving credit
agreement
$
244,000
$
348,500
Trade accounts payable
350,020
399,265
Lease obligations
133,743
131,601
Other accrued expenses
228,608
260,434
Total current liabilities
956,371
1,139,800
Noncurrent lease obligations
429,192
451,657
Other liabilities
46,816
48,874
Total other liabilities
476,008
500,531
Total Caleres, Inc. shareholders’
equity
464,992
379,133
Noncontrolling interests
6,589
5,744
Total equity
471,581
384,877
Total liabilities and equity
$
1,903,960
$
2,025,208
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Twenty-Six Weeks Ended
($ thousands)
July 29, 2023
July 30, 2022
OPERATING ACTIVITIES:
Net cash provided by operating
activities
$
125,176
$
27,251
INVESTING ACTIVITIES:
Purchases of property and equipment
(15,044
)
(16,820
)
Capitalized software
(1,833
)
(3,906
)
Net cash used for investing activities
(16,877
)
(20,726
)
FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement
252,000
437,500
Repayments under revolving credit
agreement
(315,500
)
(379,000
)
Dividends paid
(4,997
)
(5,200
)
Acquisition of treasury stock
(17,445
)
(41,672
)
Issuance of common stock under share-based
plans, net
(10,010
)
(3,814
)
Contributions by noncontrolling
interests
1,000
1,500
Net cash (used for) provided by financing
activities
(94,952
)
9,314
Effect of exchange rate changes on cash
and cash equivalents
51
1
Increase in cash and cash equivalents
13,398
15,840
Cash and cash equivalents at beginning of
period
33,700
30,115
Cash and cash equivalents at end of
period
$
47,098
$
45,955
SCHEDULE 4
CALERES, INC.
RECONCILIATION OF NET EARNINGS (LOSS)
AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET
EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP
BASIS)
(Unaudited)
Thirteen Weeks Ended
July 29, 2023
July 30, 2022
Pre-Tax
Net Earnings
Pre-Tax
Net Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
($ thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
33,943
$
0.95
$
51,178
$
1.38
Charges/other
items:
Expense reduction initiatives
$
1,647
1,224
0.03
$
—
—
—
Total charges/other items
$
1,647
$
1,224
$
0.03
$
—
$
—
$
—
Adjusted earnings
$
35,167
$
0.98
$
51,178
$
1.38
(Unaudited)
Twenty-Six Weeks Ended
July 29, 2023
July 30, 2022
Pre-Tax
Net Earnings
Pre-Tax
Net Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
($ thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
68,670
$
1.91
$
101,687
$
2.70
Charges/other
items:
Expense reduction initiatives
$
1,647
1,224
0.04
$
—
—
—
Total charges/other items
$
1,647
$
1,224
$
0.04
$
—
$
—
$
—
Adjusted earnings
$
69,894
$
1.95
$
101,687
$
2.70
(Unaudited)
Trailing Twelve Months Ended
July 29, 2023
July 30, 2022
Pre-Tax
Net Earnings (Loss)
Pre-Tax
Net Earnings
Impact of
Attributable
Impact of
Attributable
Charges/Other
to Caleres,
Charges/Other
to Caleres,
($ thousands)
Items
Inc.
Items
Inc.
GAAP earnings
$
148,725
$
195,163
Charges/other
items:
Organizational changes
$
2,910
2,723
$
—
—
Expense reduction initiatives
1,647
1,224
—
—
Deferred tax valuation allowance
adjustments
—
(17,374
)
—
746
Fair value adjustment to Blowfish purchase
obligation
—
—
1,918
1,424
Loss on early extinguishment of debt
—
—
1,011
750
Total charges/other items
$
4,557
$
(13,427
)
$
2,929
$
2,920
Adjusted earnings
$
135,298
$
198,083
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Net sales
$
414,238
$
436,375
$
300,873
$
324,060
$
(19,578
)
$
(22,105
)
$
695,533
$
738,330
Gross profit
191,479
213,605
124,124
124,142
(1,430
)
(932
)
314,173
336,815
Gross margin
46.2
%
48.9
%
41.3
%
38.3
%
7.3
%
4.2
%
45.2
%
45.6
%
Operating earnings (loss)
40,630
62,496
26,828
29,410
(17,755
)
(23,486
)
49,703
68,420
Adjusted operating earnings (loss)
40,830
62,496
27,709
29,410
(17,189
)
(23,486
)
51,350
68,420
Operating margin
9.8
%
14.3
%
8.9
%
9.1
%
n/m
%
n/m
%
7.1
%
9.3
%
Adjusted operating earnings %
9.9
%
14.3
%
9.2
%
9.1
%
n/m
%
n/m
%
7.4
%
9.3
%
Comparable sales % (on a 13-week
basis)
(4.3
)
%
(3.1
)
%
3.9
%
23.5
%
—
%
—
%
—
%
—
%
Number of stores
861
881
94
85
—
—
955
966
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Operating earnings (loss)
$
40,630
$
62,496
$
26,828
$
29,410
$
(17,755
)
$
(23,486
)
$
49,703
$
68,420
Charges/Other
Items:
Expense reduction initiatives
200
—
881
—
566
—
1,647
—
Total charges/other items
200
—
881
—
566
—
1,647
—
Adjusted operating earnings (loss)
$
40,830
$
62,496
$
27,709
$
29,410
$
(17,189
)
$
(23,486
)
$
51,350
$
68,420
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Twenty-Six Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Net sales
$
763,396
$
820,877
$
626,389
$
689,800
$
(31,518
)
$
(37,232
)
$
1,358,267
$
1,473,445
Gross profit
350,611
402,839
267,982
263,441
(1,738
)
(2,471
)
616,855
663,809
Gross profit rate
45.9
%
49.1
%
42.8
%
38.2
%
5.5
%
6.6
%
45.4
%
45.1
%
Operating earnings (loss)
57,686
112,184
69,497
70,760
(27,893
)
(48,329
)
99,290
134,615
Adjusted operating earnings (loss)
57,886
112,184
70,378
70,760
(27,327
)
(48,329
)
100,937
134,615
Operating earnings %
7.6
%
13.7
%
11.1
%
10.3
%
n/m
%
n/m
%
7.3
%
9.1
%
Adjusted operating earnings %
7.6
%
13.7
%
11.2
%
10.3
%
n/m
%
n/m
%
7.4
%
9.1
%
Comparable sales % (on a 26-week
basis)
(6.3
)
%
(3.5
)
%
7.0
%
43.8
%
—
%
—
%
—
%
—
%
Number of stores
861
881
94
85
—
—
955
966
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Twenty-Six Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
July 29,
July 30,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Operating earnings (loss)
$
57,686
$
112,184
$
69,497
$
70,760
$
(27,893
)
$
(48,329
)
$
99,290
$
134,615
Charges/Other
Items:
Expense reduction initiatives
200
—
881
—
566
—
1,647
—
Total charges/other items
200
—
881
—
566
—
1,647
—
Adjusted operating earnings (loss)
$
57,886
$
112,184
$
70,378
$
70,760
$
(27,327
)
$
(48,329
)
$
100,937
$
134,615
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE
RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 29,
July 30,
July 29,
July 30,
2023
2022
2023
2022
($ thousands, except per share data)
Net earnings attributable to Caleres,
Inc.:
Net earnings
$
34,365
$
51,553
$
69,157
$
101,538
Net (earnings) loss attributable to
noncontrolling interests
(422
)
(375
)
(487
)
149
Net earnings attributable to Caleres,
Inc.
33,943
51,178
68,670
101,687
Net earnings allocated to participating
securities
(1,513
)
(2,226
)
(2,990
)
(4,216
)
Net earnings attributable to Caleres, Inc.
after allocation of earnings to participating securities
$
32,430
$
48,952
$
65,680
$
97,471
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
34,280
35,031
34,343
35,620
Dilutive effect of share-based awards
—
467
—
467
Diluted common shares attributable to
Caleres, Inc.
34,280
35,498
34,343
36,087
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
0.95
$
1.40
$
1.91
$
2.74
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.95
$
1.38
$
1.91
$
2.70
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER
SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 29,
July 30,
July 29,
July 30,
2023
2022
2023
2022
($ thousands, except per share data)
Adjusted net earnings attributable to
Caleres, Inc.:
Adjusted net earnings
$
35,589
$
51,553
$
70,381
$
101,538
Net (earnings) loss attributable to
noncontrolling interests
(422
)
(375
)
(487
)
149
Adjusted net earnings attributable to
Caleres, Inc.
35,167
51,178
69,894
101,687
Net earnings allocated to participating
securities
(1,568
)
(2,226
)
(3,044
)
(4,216
)
Adjusted net earnings attributable to
Caleres, Inc. after allocation of earnings to participating
securities
$
33,599
$
48,952
$
66,850
$
97,471
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
34,280
35,031
34,343
35,620
Dilutive effect of share-based awards
—
467
—
467
Diluted common shares attributable to
Caleres, Inc.
34,280
35,498
34,343
36,087
Basic adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.98
$
1.40
$
1.95
$
2.74
Diluted adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.98
$
1.38
$
1.95
$
2.70
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND DEBT/EBITDA
LEVERAGE RATIO (NON-GAAP METRICS)
(Unaudited)
Thirteen Weeks Ended
($ thousands)
July 29, 2023
July 30, 2022
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
33,943
$
51,178
Income tax provision
11,826
17,500
Interest expense, net
5,128
2,584
Depreciation and amortization (1)
12,734
11,997
EBITDA
$
63,631
$
83,259
EBITDA margin
9.1
%
11.3
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
35,167
$
51,178
Income tax provision (3)
12,249
17,500
Interest expense, net
5,128
2,584
Depreciation and amortization (1)
12,734
11,997
Adjusted EBITDA
$
65,278
$
83,259
Adjusted EBITDA margin
9.4
%
11.3
%
(Unaudited)
Trailing Twelve Months Ended
($ thousands)
July 29, 2023
July 30, 2022
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
148,725
$
195,163
Income tax provision
20,996
65,834
Interest expense, net
20,132
12,079
Loss on early extinguishment of debt
—
1,011
Depreciation and amortization (1)
50,105
50,065
EBITDA
$
239,958
$
324,152
EBITDA margin
8.4
%
11.0
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
135,298
$
198,083
Income tax provision (3)
38,980
65,843
Interest expense, net (4)
20,132
10,161
Depreciation and amortization (1)
50,105
50,065
Adjusted EBITDA
$
244,515
$
324,152
Adjusted EBITDA margin
8.6
%
11.0
%
(Unaudited)
($ thousands)
July 29, 2023
July 30, 2022
Debt/EBITDA leverage ratio:
Borrowings under revolving credit
agreement
$
244,000
$
348,500
EBITDA (trailing twelve months)
239,958
324,152
Debt/EBITDA
1.0
1.1
_____________________________
(1)
Includes depreciation and amortization of
capitalized software and intangible assets.
(2)
Refer to Schedule 4 for the consolidated
reconciliation of net earnings attributable to Caleres, Inc. to
adjusted net earnings attributable to Caleres, Inc.
(3)
Excludes the income tax impacts of the
adjustments on Schedule 4.
(4)
Excludes the fair value adjustment to the
Blowfish purchase obligation, as reflected on Schedule 4.
SCHEDULE 9
CALERES, INC.
RECONCILIATION OF DILUTED EARNINGS PER
SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP
BASIS) – THIRD QUARTER AND FISCAL 2023 GUIDANCE
(Unaudited)
Third Quarter 2023 Guidance
Fiscal 2023 Guidance
Low
High
Low
High
GAAP diluted earnings per share
$
1.25
$
1.30
$
4.02
$
4.22
Charges/other
items:
Expense reduction initiatives
0.05
0.05
0.08
0.08
Adjusted diluted earnings per share
$
1.30
$
1.35
$
4.10
$
4.30
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230831173569/en/
Investor Contact: Logan Bonacorsi
lbonacorsi@caleres.com
Caleres (NYSE:CAL)
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