- Delivers 22 percent year-over-year increase in earnings per
share and 19 percent year-over-year increase in adjusted earnings
per share, exceeding the top end of guidance
- Generates record third quarter operating margin in the Brand
Portfolio
- Reduces revolver borrowings by $22 million compared to second
quarter 2023 and reduced inventory 14 percent
- Updates full year 2023 sales outlook and tightens full year
2023 earnings per share range
Caleres (NYSE: CAL), a market-leading portfolio of
consumer-driven footwear brands, today reported financial results
for the third quarter of 2023, updated its full year 2023 sales
outlook and tightened its earnings per share range.
“Caleres continued its strong operational and financial
execution during the third quarter, delivering a 19-percent
increase in adjusted earnings per share and exceeding the top end
of the guidance range despite ongoing softness in the macroeconomic
environment,” said Jay Schmidt, president and chief executive
officer. “The Brand Portfolio once again led the way, achieving a
sequential improvement in sales and generating record third quarter
operating profit and operating margin. Most notably, the segment
contributed more than half of total company operating profit
through the first nine months of the fiscal year. At the same time,
Famous Footwear continued to effectively navigate the challenging
consumer demand landscape, delivering double-digit operating
margin, demonstrating strength in its cornerstone Kids business,
and achieving market share growth in shoe chains. Despite near-term
macro challenges, we remain confident that Famous is well-situated
to grow its leadership position with the Millennial family.
“In addition, we continued to strengthen our balance sheet and
financial flexibility by executing on our expense reduction
initiatives, reducing our revolver borrowings by more than $20
million, and investing in value-driving growth opportunities,
including the omni-channel experience, marketing technologies and
analytics, and international.”
Third Quarter 2023 Results
(13-weeks ended October 28, 2023, compared to 13-weeks
ended October 29, 2022)
- Net sales were $761.9 million, down 4.6 percent from the third
quarter of 2022;
- Famous Footwear segment net sales declined 6.7 percent, with
comparable sales down 6.9 percent
- Brand Portfolio segment net sales decreased 0.8 percent
- Direct-to-consumer sales represented approximately 73 percent
of total net sales
- Gross profit was $340.4 million, while gross margin was 44.7
percent;
- Famous Footwear segment gross margin of 44.2 percent
- Brand Portfolio segment gross margin of 43.7 percent
- SG&A as a percentage of net sales was 35.9 percent;
- Net earnings of $46.9 million, or earnings per diluted share of
$1.32, compared to net earnings of $39.2 million, or earnings per
diluted share of $1.08 in the third quarter of 2022;
- Adjusted net earnings of $48.6 million, or adjusted earnings
per diluted share of $1.37, which excludes $0.05 related to charges
associated with expense reduction initiatives during the third
quarter;
- Earnings before interest, taxes, depreciation, and amortization
(EBITDA) of $78.8 million, or 10.3 percent of net sales;
- Inventory was down 14.4 percent compared to third quarter of
2022, due to strategic inventory management – primarily in the
Brand Portfolio segment – and improved supply chain flow; and
- Borrowings under the asset-based revolving credit facility were
$222.0 million at the end of the period.
Capital Allocation Update
Caleres continued to reduce the borrowings under its asset-based
revolving credit facility, paying down $22.0 million during the
third quarter. At the end of the fiscal third quarter, bank-defined
leverage was approximately 0.9x on a debt/EBITDA trailing
twelve-month basis and the company had in excess of $300 million in
total liquidity. Caleres also invested $20.5 million in capital
expenditures and returned $2.5 million to shareholders through its
quarterly dividend. Given today’s higher interest rates and the
current economic environment, the company believes it’s prudent to
continue to reduce debt and maximize liquidity.
Full Year 2023 Outlook
“Looking ahead, we are confident that our leading brand assets,
unique One Caleres capabilities and strong balance sheet have set
the stage for a third consecutive year of adjusted earnings in
excess of our $4.00-per-share baseline,” said Schmidt. “Longer
term, we remain sharply focused on the strategies we outlined at
our recent Investor Day, and the Caleres team is dedicated and
poised to execute on this clear and actionable plan for long-term
value creation and growth.”
As a result of the soft consumer demand environment in its
Famous Footwear segment, Caleres now expects consolidated net sales
to be down 4.5 percent to 5.5 percent, including the impact of the
53rd week, for full year 2023.
In addition, the company is tightening its diluted earnings per
share guidance range to $3.96 to $4.06, inclusive of $7 million of
restructuring charges associated with expense reduction actions,
and adjusted diluted earnings per share range to $4.10 to
$4.20.
Caleres now expects:
- Consolidated operating margin of 7.3 percent to 7.5
percent;
- Interest expense of about $18 million;
- Effective tax rate of about 25 percent;
- Weighted average shares outstanding of 34.3 million; and
- Capital expenditures of about $50 million.
Investor Conference Call
Caleres will host a conference call at 10:00 a.m. ET today,
Tuesday, November 21. 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 13742349.
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
Thirty-Nine Weeks Ended
($ thousands, except per share data)
October 28, 2023
October 29, 2022
October 28, 2023
October 29, 2022
Net sales
$
761,904
$
798,258
$
2,120,171
$
2,271,704
Cost of goods sold
421,530
458,382
1,162,942
1,268,019
Gross profit
340,374
339,876
957,229
1,003,685
Selling and administrative expenses
273,652
283,119
789,570
812,313
Restructuring and other special charges,
net
2,304
2,910
3,951
2,910
Operating earnings
64,418
53,847
163,708
188,462
Interest expense, net
(4,488
)
(4,003
)
(15,240
)
(8,886
)
Other income, net
1,552
2,997
4,660
9,636
Earnings before income taxes
61,482
52,841
153,128
189,212
Income tax provision
(14,467
)
(13,849
)
(36,956
)
(48,683
)
Net earnings
47,015
38,992
116,172
140,529
Net earnings (loss) attributable to
noncontrolling interests
101
(254
)
588
(404
)
Net earnings attributable to Caleres,
Inc.
$
46,914
$
39,246
$
115,584
$
140,933
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
1.32
$
1.09
$
3.23
$
3.83
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.32
$
1.08
$
3.23
$
3.79
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
($ thousands)
October 28, 2023
October 29, 2022
ASSETS
Cash and cash equivalents
$
34,031
$
32,773
Receivables, net
161,544
161,367
Inventories, net
556,034
649,257
Property and equipment, held for sale
16,777
16,777
Prepaid expenses and other current
assets
54,487
60,910
Total current assets
822,873
921,084
Lease right-of-use assets
508,736
523,011
Property and equipment, net
167,681
151,798
Goodwill and intangible assets, net
206,275
218,420
Other assets
121,328
134,000
Total assets
$
1,826,893
$
1,948,313
LIABILITIES AND EQUITY
Borrowings under revolving credit
agreement
$
222,000
$
364,500
Trade accounts payable
257,224
279,704
Lease obligations
132,461
133,227
Other accrued expenses
216,236
261,483
Total current liabilities
827,921
1,038,914
Noncurrent lease obligations
431,474
453,718
Other liabilities
47,326
50,270
Total other liabilities
478,800
503,988
Total Caleres, Inc. shareholders’
equity
513,382
398,444
Noncontrolling interests
6,790
6,967
Total equity
520,172
405,411
Total liabilities and equity
$
1,826,893
$
1,948,313
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Thirty-Nine Weeks Ended
($ thousands)
October 28, 2023
October 29, 2022
OPERATING ACTIVITIES:
Net cash provided by operating
activities
$
157,183
$
46,266
INVESTING ACTIVITIES:
Purchases of property and equipment
(33,976
)
(40,056
)
Capitalized software
(3,404
)
(5,350
)
Net cash used for investing activities
(37,380
)
(45,406
)
FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement
365,000
708,500
Repayments under revolving credit
agreement
(450,500
)
(634,000
)
Dividends paid
(7,483
)
(7,698
)
Acquisition of treasury stock
(17,445
)
(63,225
)
Issuance of common stock under share-based
plans, net
(10,035
)
(4,804
)
Contributions by noncontrolling
interests
1,000
3,142
Net cash (used for) provided by financing
activities
(119,463
)
1,915
Effect of exchange rate changes on cash
and cash equivalents
(9
)
(117
)
Increase in cash and cash equivalents
331
2,658
Cash and cash equivalents at beginning of
period
33,700
30,115
Cash and cash equivalents at end of
period
$
34,031
$
32,773
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
October 28, 2023
October 29, 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
$
46,914
$
1.32
$
39,246
$
1.08
Charges/other
items:
Expense reduction initiatives
$
2,304
1,710
0.05
$
—
—
—
Organizational changes
—
—
—
2,910
2,723
0.07
Total charges/other items
$
2,304
$
1,710
$
0.05
$
2,910
$
2,723
$
0.07
Adjusted earnings
$
48,624
$
1.37
$
41,969
$
1.15
(Unaudited)
Thirty-Nine Weeks Ended
October 28, 2023
October 29, 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
$
115,584
$
3.23
$
140,933
$
3.79
Charges/other
items:
Expense reduction initiatives
$
3,951
2,934
0.08
$
—
—
$
—
Organizational changes
—
—
—
2,910
2,723
0.07
Total charges/other items
$
3,951
$
2,934
$
0.08
$
2,910
$
2,723
$
0.07
Adjusted earnings
$
118,518
$
3.31
$
143,656
$
3.86
(Unaudited)
Trailing Twelve Months Ended
October 28, 2023
October 29, 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
$
156,393
$
174,787
Charges/other
items:
Expense reduction initiatives
$
3,951
2,934
$
—
—
Deferred tax valuation allowance
adjustments
—
(17,374
)
—
746
Organizational changes
—
—
2,910
2,723
Loss on early extinguishment of debt
—
—
362
268
Total charges/other items
$
3,951
$
(14,440
)
$
3,272
$
3,737
Adjusted earnings
$
141,953
$
178,524
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Net sales
$
449,773
$
481,951
$
320,775
$
323,242
$
(8,644)
$
(6,935)
$
761,904
$
798,258
Gross profit
198,809
215,603
140,155
122,359
1,410
1,914
340,374
339,876
Gross margin
44.2
%
44.7
%
43.7
%
37.9
%
(16.3
)%
(27.6
)%
44.7
%
42.6
%
Operating earnings (loss)
46,600
59,267
38,211
22,304
(20,393)
(27,724)
64,418
53,847
Adjusted operating earnings (loss)
47,767
59,267
39,055
22,304
(20,100)
(24,814)
66,722
56,757
Operating margin
10.4
%
12.3
%
11.9
%
6.9
%
n/m
%
n/m
%
8.5
%
6.7
%
Adjusted operating earnings %
10.6
%
12.3
%
12.2
%
6.9
%
n/m
%
n/m
%
8.8
%
7.1
%
Comparable sales % (on a 13-week
basis)
(6.9
)%
(0.8
)%
(2.0
)%
26.0
%
—
%
—
%
—
%
—
%
Number of stores
862
876
96
89
—
—
958
965
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Operating earnings (loss)
$
46,600
$
59,267
$
38,211
$
22,304
$
(20,393
)
$
(27,724
)
$
64,418
$
53,847
Charges/Other
Items:
Expense reduction initiatives
1,167
—
844
—
293
—
2,304
—
Organizational changes
—
—
—
—
—
2,910
—
2,910
Total charges/other items
1,167
—
844
—
293
2,910
2,304
2,910
Adjusted operating earnings (loss)
$
47,767
$
59,267
$
39,055
$
22,304
$
(20,100
)
$
(24,814
)
$
66,722
$
56,757
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Net sales
$
1,213,169
$
1,302,828
$
947,164
$
1,013,043
$
(40,162)
$
(44,167)
$
2,120,171
$
2,271,704
Gross profit
549,420
618,442
408,137
385,800
(328)
(557)
957,229
1,003,685
Gross profit rate
45.3
%
47.5
%
43.1
%
38.1
%
0.8
%
1.3
%
45.1
%
44.2
%
Operating earnings (loss)
104,286
171,451
107,708
93,063
(48,286)
(76,052)
163,708
188,462
Adjusted operating earnings (loss)
105,653
171,451
109,433
93,063
(47,427)
(73,142)
167,659
191,372
Operating earnings %
8.6
%
13.2
%
11.4
%
9.2
%
n/m
%
n/m
%
7.7
%
8.3
%
Adjusted operating earnings %
8.7
%
13.2
%
11.6
%
9.2
%
n/m
%
n/m
%
7.9
%
8.4
%
Comparable sales % (on a 39-week
basis)
(6.5
)%
(2.5
)%
3.5
%
36.4
%
—
%
—
%
—
%
—
%
Number of stores
862
876
96
89
—
—
958
965
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
October 28,
October 29,
($ thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Operating earnings (loss)
$
104,286
$
171,451
$
107,708
$
93,063
$
(48,286
)
$
(76,052
)
$
163,708
$
188,462
Charges/Other
Items:
Expense reduction initiatives
1,367
—
1,725
—
859
—
3,951
—
Organizational changes
—
—
—
—
—
2,910
—
2,910
Total charges/other items
1,367
—
1,725
—
859
2,910
3,951
2,910
Adjusted operating earnings (loss)
$
105,653
$
171,451
$
109,433
$
93,063
$
(47,427
)
$
(73,142
)
$
167,659
$
191,372
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE
RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 28,
October 29,
October 28,
October 29,
2023
2022
2023
2022
($ thousands, except per share data)
Net earnings attributable to Caleres,
Inc.:
Net earnings
$
47,015
$
38,992
$
116,172
$
140,529
Net (earnings) loss attributable to
noncontrolling interests
(101
)
254
(588
)
404
Net earnings attributable to Caleres,
Inc.
46,914
39,246
115,584
140,933
Net earnings allocated to participating
securities
(2,121
)
(1,723
)
(5,103
)
(5,951
)
Net earnings attributable to Caleres, Inc.
after allocation of earnings to participating securities
$
44,793
$
37,523
$
110,481
$
134,982
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
33,933
34,379
34,206
35,207
Dilutive effect of share-based awards
—
507
—
450
Diluted common shares attributable to
Caleres, Inc.
33,933
34,886
34,206
35,657
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
1.32
$
1.09
$
3.23
$
3.83
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.32
$
1.08
$
3.23
$
3.79
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER
SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 28,
October 29,
October 28,
October 29,
2023
2022
2023
2022
($ thousands, except per share data)
Adjusted net earnings attributable to
Caleres, Inc.:
Adjusted net earnings
$
48,725
$
41,715
$
119,106
$
143,252
Net (earnings) loss attributable to
noncontrolling interests
(101
)
254
(588
)
404
Adjusted net earnings attributable to
Caleres, Inc.
48,624
41,969
118,518
143,656
Net earnings allocated to participating
securities
(2,199
)
(1,842
)
(5,234
)
(6,067
)
Adjusted net earnings attributable to
Caleres, Inc. after allocation of earnings to participating
securities
$
46,425
$
40,127
$
113,284
$
137,589
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
33,933
34,379
34,206
35,207
Dilutive effect of share-based awards
—
507
—
450
Diluted common shares attributable to
Caleres, Inc.
33,933
34,886
34,206
35,657
Basic adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.37
$
1.17
$
3.31
$
3.91
Diluted adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.37
$
1.15
$
3.31
$
3.86
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND DEBT/EBITDA
LEVERAGE RATIO (NON-GAAP METRICS)
(Unaudited)
Thirteen Weeks Ended
($ thousands)
October 28, 2023
October 29, 2022
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
46,914
$
39,246
Income tax provision
14,467
13,849
Interest expense, net
4,488
4,003
Depreciation and amortization (1)
12,957
12,340
EBITDA
$
78,826
$
69,438
EBITDA margin
10.3
%
8.7
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
48,624
$
41,969
Income tax provision (3)
15,061
14,036
Interest expense, net
4,488
4,003
Depreciation and amortization (1)
12,957
12,340
Adjusted EBITDA
$
81,130
$
72,348
Adjusted EBITDA margin
10.6
%
9.1
%
(Unaudited)
Trailing Twelve Months Ended
($ thousands)
October 28, 2023
October 29, 2022
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
156,393
$
174,787
Income tax provision
21,612
59,926
Interest expense, net
20,618
11,013
Loss on early extinguishment of debt
—
362
Depreciation and amortization (1)
50,722
49,544
EBITDA
$
249,345
$
295,632
EBITDA margin
8.9
%
10.0
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
141,953
$
178,524
Income tax provision (3)
40,003
59,461
Interest expense, net
20,618
11,013
Depreciation and amortization (1)
50,722
49,544
Adjusted EBITDA
$
253,296
$
298,542
Adjusted EBITDA margin
9.0
%
10.1
%
(Unaudited)
($ thousands)
October 28, 2023
October 29, 2022
Debt/EBITDA leverage ratio:
Borrowings under revolving credit
agreement (4)
$
222,000
$
364,500
EBITDA (trailing twelve months)
249,345
295,632
Debt/EBITDA
0.9
1.2
________________________________
(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)
Total availability under the revolving
credit agreement was $267.4 million and $125.4 million as of
October 28, 2023 and October 29, 2022, respectively. Total
liquidity, which includes cash and cash equivalents and
availability under the revolving credit agreement, was $301.4
million and $158.2 million for the respective periods.
SCHEDULE 9
CALERES, INC.
RECONCILIATION OF DILUTED EARNINGS PER
SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP
BASIS) – FISCAL 2023 GUIDANCE
Fiscal 2023 Guidance
Low
High
GAAP diluted earnings per share
$
3.96
$
4.06
Charges/other
items:
Expense reduction initiatives
0.14
0.14
Adjusted diluted earnings per share
$
4.10
$
4.20
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231120606128/en/
Investor Contact: Logan Bonacorsi
lbonacorsi@caleres.com
Caleres (NYSE:CAL)
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