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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caleres Inc | NYSE:CAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.255 | 0.67% | 38.435 | 39.12 | 38.33 | 39.12 | 17,117 | 14:52:21 |
Famous Footwear delivers strong fourth quarter earnings
Paid down $50 million of debt during the quarter, ending fiscal 2020 below pre-COVID levels
Caleres (NYSE: CAL) (caleres.com), diverse portfolio of consumer-driven footwear brands, today reported financial results for the fourth quarter and fiscal year ended January 30, 2021.
“I am proud of the Caleres team and the tremendous progress we have made on a wide range of strategic objectives during an unprecedented year that saw the pervasive impact of the pandemic and protracted economic lockdown,” said Diane Sullivan, Chairman and CEO. “Among the highlights, we:
“We continued to execute at a very high level at Famous Footwear, which rebounded quickly following the extended store closures and capped off 2020 with a modest decline in fourth quarter sales and a significant increase in year-over-year earnings. For the Brand Portfolio, we have identified areas of opportunity that are expected to position this segment for improved performance including actions to ensure the optimal alignment of our product assortment and omnichannel capabilities to more closely reflect rapidly evolving consumer behaviors, preferences and priorities.”
“While the pace of recovery is still uncertain, there are signs of stabilization in the marketplace,” said, Sullivan. “We believe we are well-positioned to capitalize as the market rebounds and the world returns to a greater degree of normalcy. As we plan for future success, we will focus on maintaining our strong momentum at Famous Footwear; driving enhanced consumer alignment and improved performance in the Brand Portfolio; taking a careful and disciplined approach to cost control and capital spending; reducing debt levels still further; and returning excess cash to shareholders. In short, Caleres is a more agile and focused organization than it was at the start of 2020, with an even more vigorous commitment to connecting with our consumers and providing them with compelling and fresh product – across growing footwear categories — when, where and how they want to shop. We are confident that we can leverage our talented and dedicated workforce, strong operating platform, powerful portfolio and improved financial position to capitalize on the opportunities we see ahead in order to drive long-term value for our shareholders.”
Key Financial Information: Fourth Quarter 2020 Highlights (13-weeks ended January 30, 2021 compared to 13-weeks ended February 1, 2020)
Fiscal 2020 Results Versus 2019 (52-weeks ended January 30, 2021 compared to 52-weeks ended February 1, 2020)
2021 Outlook Given the ongoing disruption related to the virus, supply chain dislocations and associated near-term uncertainty in the marketplace, Caleres is not providing fiscal year 2021 guidance at this time. The company will evaluate market conditions as the year progresses and will endeavor to reinstate its more traditional guidance practices in the future.
Investor Conference Call Caleres will host an investor conference call at 5:00 p.m. Eastern time today, Tuesday, March 16. The webcast and slides will be available at investor.caleres.com/news/events. A live conference call will be available at (877) 217-9089 for analysts in North America or (706) 679-1723 for international analysts by using the conference ID 9787564. A replay will be available at investor.caleres.com/news/events/archive for a limited period. Investors may also access the replay by dialing (855) 859-2056 in North America or (404) 537-3406 internationally and using the conference ID 9787564 through Monday, March 29.
Definitions All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings (loss) attributable to Caleres, Inc. and diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders, are presented as net earnings (loss) and earnings (loss) per diluted share, respectively.
Non-GAAP Financial Measures In this press release, the company’s financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures. In particular, the company provides historic and estimated future gross profit, operating earnings (loss), net earnings (loss) and earnings (loss) 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) the coronavirus outbreak and its adverse impact on our business operations, store traffic and financial condition (ii) changing consumer demands, which may be influenced by consumers' disposable income, which in turn can be influenced by general economic conditions and other factors; (iii) impairment charges resulting from a long-term decline in our stock price; (iv) rapidly changing fashion trends and consumer preferences and purchasing patterns; (v) intense competition within the footwear industry; (vi) 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; (vii) imposition of tariffs; (viii) the ability to accurately forecast sales and manage inventory levels; (ix) cybersecurity threats or other major disruption to the company’s information technology systems; (x) customer concentration and increased consolidation in the retail industry; (xi) transitional challenges with acquisitions; (xii) a disruption in the company’s distribution centers; (xiii) foreign currency fluctuations; (xiv) changes to tax laws, policies and treaties; (xv) the ability to recruit and retain senior management and other key associates; (xvi) compliance with applicable laws and standards with respect to labor, trade and product safety issues; (xvii) the ability to maintain relationships with current suppliers; (xviii) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights; and (xix) the ability to secure/exit leases on favorable terms. 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 February 1, 2020, 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 (LOSS)
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
($ thousands, except per share data)
January 30, 2021
February 1, 2020
January 30, 2021
February 1, 2020
Net sales
$
570,959
$
698,948
$
2,117,070
$
2,921,562
Cost of goods sold
345,400
420,138
1,330,021
1,737,202
Gross profit
225,559
278,810
787,049
1,184,360
Selling and administrative expenses
226,063
260,788
889,489
1,065,760
Impairment of goodwill and intangible assets
23,805
—
286,524
—
Restructuring and other special charges, net
31,070
12,353
96,694
14,787
Operating (loss) earnings
(55,379
)
5,669
(485,658
)
103,813
Interest expense, net
(14,541
)
(7,835
)
(48,287
)
(33,123
)
Other income, net
4,117
1
16,834
7,903
(Loss) earnings before income taxes
(65,803
)
(2,165
)
(517,111
)
78,593
Income tax (provision) benefit
(11,276
)
2,174
78,117
(16,511
)
Net (loss) earnings
(77,079
)
9
(438,994
)
62,082
Net (loss) earnings attributable to noncontrolling interests
(103
)
(399
)
120
(737
)
Net (loss) earnings attributable to Caleres, Inc.
$
(76,976
)
$
408
$
(439,114
)
$
62,819
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(2.11
)
$
0.01
$
(11.80
)
$
1.53
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(2.11
)
$
0.01
$
(11.80
)
$
1.53
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
($ thousands)
January 30, 2021
February 1, 2020
ASSETS
Cash and cash equivalents
$
88,295
$
45,218
Receivables, net
126,994
162,181
Inventories, net
487,955
618,406
Prepaid expenses and other current assets
79,312
56,494
Total current assets
782,556
882,299
Lease right-of-use assets
554,303
695,594
Property and equipment, net
172,437
224,846
Goodwill and intangible assets, net
240,071
539,579
Other assets
117,683
89,389
Total assets
$
1,867,050
$
2,431,707
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement
$
250,000
$
275,000
Mandatory purchase obligation - Blowfish Malibu
39,134
—
Trade accounts payable
280,501
267,018
Lease obligations
153,060
127,869
Other accrued expenses
182,814
181,063
Total current liabilities
905,509
850,950
Noncurrent lease obligations
518,942
629,032
Long-term debt
198,851
198,391
Other liabilities
39,894
104,204
Total other liabilities
757,687
931,627
Total Caleres, Inc. shareholders’ equity
200,247
645,950
Noncontrolling interests
3,607
3,180
Total equity
203,854
649,130
Total liabilities and equity
$
1,867,050
$
2,431,707
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Fifty-Two Weeks Ended
($ thousands)
January 30, 2021
February 1, 2020
OPERATING ACTIVITIES:
Net cash provided by operating activities
$
126,353
$
170,786
INVESTING ACTIVITIES:
Purchases of property and equipment
(16,786
)
(44,533
)
Disposals of property and equipment
—
636
Capitalized software
(5,274
)
(5,619
)
Net cash used for investing activities
(22,060
)
(49,516
)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement
438,500
288,500
Repayments under revolving credit agreement
(463,500
)
(348,500
)
Dividends paid
(10,764
)
(11,422
)
Acquisition of treasury stock
(23,348
)
(33,424
)
Issuance of common stock under share-based plans, net
(1,135
)
(2,644
)
Contributions by noncontrolling interests, net
139
2,500
Other
(1,198
)
(1,342
)
Net cash used for financing activities
(61,306
)
(106,332
)
Effect of exchange rate changes on cash and cash equivalents
90
80
Increase in cash and cash equivalents
43,077
15,018
Cash and cash equivalents at beginning of period
45,218
30,200
Cash and cash equivalents at end of period
$
88,295
$
45,218
SCHEDULE 4
CALERES, INC.
RECONCILIATION OF NET EARNINGS (LOSS) AND DILUTED EARNINGS (LOSS) PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE (NON-GAAP BASIS)
(Unaudited)
Thirteen Weeks Ended
January 30, 2021
February 1, 2020
Net (Loss)
Net
Pre-Tax
Earnings
Diluted
Pre-Tax
Earnings
Impact of
Attributable
(Loss)
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 (loss) earnings
$
(76,976
)
$
(2.11
)
$
408
$
0.01
Charges/other items:
Intangible asset impairment charges
$
23,805
17,854
0.49
$
—
—
—
COVID-19-related expenses (1)
15,245
37,486
1.03
—
—
—
Brand Portfolio - business exits
14,774
13,680
0.37
1,615
1,198
0.03
Fair value adjustment to Blowfish purchase obligation
8,989
6,675
0.18
1,545
1,147
0.03
Vionic integration-related costs
3,436
2,552
0.07
—
—
—
Expense containment initiatives
—
—
—
15,033
11,189
0.27
Total charges/other items
$
66,249
$
78,247
$
2.14
$
18,193
$
13,534
$
0.33
Adjusted earnings
$
1,271
$
0.03
$
13,942
$
0.34
(Unaudited)
Fifty-Two Weeks Ended
January 30, 2021
February 1, 2020
Net (Loss)
Net
Pre-Tax
Earnings
Diluted
Pre-Tax
Earnings
Impact of
Attributable
(Loss)
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 (loss) earnings
$
(439,114
)
$
(11.80
)
$
62,819
$
1.53
Charges/other items:
Goodwill and intangible asset impairment charges
$
286,524
236,360
6.35
$
—
—
—
COVID-19-related expenses (2)
114,285
115,533
3.10
—
—
—
Fair value adjustment to Blowfish purchase obligation
23,935
17,773
0.48
5,428
4,031
0.10
Brand Portfolio - business exits
16,372
14,867
0.40
3,520
2,613
0.06
Vionic acquisition and integration-related costs
3,436
2,552
0.07
7,696
5,714
0.14
Expense containment initiatives
—
—
—
15,033
11,189
0.27
Total charges/other items
$
444,552
$
387,085
$
10.40
$
31,677
$
23,547
$
0.57
Adjusted (loss) earnings
$
(52,029
)
$
(1.40
)
$
86,366
$
2.10
____________________(1)
Represents costs associated with the economic impact of the COVID-19 pandemic, primarily consisting of impairment charges associated with property and equipment and lease right-of use assets.
(2)
Represents costs associated with the economic impact of the COVID 19 pandemic, primarily consisting of impairment charges associated with property and equipment and lease right-of-use assets, inventory markdowns, expenses associated with factory order cancellations, provision for expected credit losses and severance.
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Net sales
$
346,657
$
369,468
$
234,034
$
345,972
$
(9,732
)
$
(16,492
)
$
570,959
$
698,948
Gross profit
141,616
157,140
83,121
121,095
822
575
225,559
278,810
Adjusted gross profit
141,616
157,140
85,506
122,710
822
575
227,944
280,425
Gross profit rate
40.9
%
42.5
%
35.5
%
35.0
%
(8.4
)%
(3.5
)%
39.5
%
39.9
%
Adjusted gross profit rate
40.9
%
42.5
%
36.5
%
35.5
%
(8.4
)%
(3.5
)%
39.9
%
40.1
%
Operating earnings (loss)
14,830
6,860
(55,888
)
11,928
(14,321
)
(13,119
)
(55,379
)
5,669
Adjusted operating earnings (loss)
14,830
10,343
1,214
18,621
(14,163
)
(9,327
)
1,881
19,637
Operating earnings (loss) %
4.3
%
1.9
%
(23.9
)%
3.4
%
147.2
%
79.5
%
(9.7
)%
0.8
%
Adjusted operating earnings %
4.3
%
2.8
%
0.5
%
5.4
%
145.5
%
56.6
%
0.3
%
2.8
%
Same-store sales % (on a 13-week basis)
(1.8
)%
5.1
%
(28.3
)%
(0.6
)%
—
%
—
%
—
%
—
%
Number of stores
916
949
170
228
—
—
1,086
1,177
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Gross profit
$
141,616
$
157,140
$
83,121
$
121,095
$
822
$
575
$
225,559
$
278,810
Charges/Other Items:
Brand Portfolio - business exits
—
—
2,385
1,615
—
—
2,385
1,615
Total charges/other items
—
—
2,385
1,615
—
—
2,385
1,615
Adjusted gross profit
$
141,616
$
157,140
$
85,506
$
122,710
$
822
$
575
$
227,944
$
280,425
Operating earnings (loss)
$
14,830
$
6,860
$
(55,888
)
$
11,928
$
(14,321
)
$
(13,119
)
$
(55,379
)
$
5,669
Charges/Other Items:
Intangible asset impairment charges
—
—
23,805
—
—
—
23,805
—
COVID-19-related expenses
—
—
15,245
—
—
—
15,245
—
Brand Portfolio - business exits
—
—
14,774
1,615
—
—
14,774
1,615
Vionic integration-related costs
—
—
3,278
—
158
—
3,436
—
Expense containment initiatives
—
3,483
—
5,078
—
3,792
—
12,353
Total charges/other items
—
3,483
57,102
6,693
158
3,792
57,260
13,968
Adjusted operating earnings (loss)
$
14,830
$
10,343
$
1,214
$
18,621
$
(14,163
)
$
(9,327
)
$
1,881
$
19,637
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Fifty-Two Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Net sales
$
1,263,551
$
1,588,057
$
902,481
$
1,406,460
$
(48,962
)
$
(72,955
)
$
2,117,070
$
2,921,562
Gross profit
489,883
675,401
294,828
506,556
2,338
2,403
787,049
1,184,360
Adjusted gross profit
495,841
675,401
326,269
515,337
2,338
2,403
824,448
1,193,141
Gross profit rate
38.8
%
42.5
%
32.7
%
36.0
%
(4.8
)%
(3.3
)%
37.2
%
40.5
%
Adjusted gross profit rate
39.2
%
42.5
%
36.2
%
36.6
%
(4.8
)%
(3.3
)%
38.9
%
40.8
%
Operating (loss) earnings
(23,821
)
76,896
(408,444
)
58,153
(53,393
)
(31,236
)
(485,658
)
103,813
Adjusted (loss) operating earnings
(1,270
)
80,379
(11,172
)
72,640
(52,599
)
(25,637
)
(65,041
)
127,382
Operating (loss) earnings%
(1.9
)%
4.8
%
(45.3
)%
4.1
%
109.1
%
42.8
%
(22.9
)%
3.6
%
Adjusted (loss) operating earnings%
(0.1
)%
5.1
%
(1.2
)%
5.2
%
107.4
%
35.1
%
(3.1
)%
4.4
%
Same-store sales % (on a 52-week basis)
1.6
%
2.0
%
(31.0
)%
(5.8
)%
—
%
—
%
—
%
—
%
Number of stores
916
949
170
228
—
—
1,086
1,177
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Fifty-Two Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
January 30,
February 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Gross profit
$
489,883
$
675,401
$
294,828
$
506,556
$
2,338
$
2,403
$
787,049
$
1,184,360
Charges/Other Items:
COVID-19-related expenses
5,958
—
27,458
—
—
—
33,416
—
Brand Portfolio - business exits
—
—
3,983
2,969
—
—
3,983
2,969
Vionic acquisition and integration-related costs
—
—
—
5,812
—
—
—
5,812
Total charges/other items
5,958
—
31,441
8,781
—
—
37,399
8,781
Adjusted gross profit
$
495,841
$
675,401
$
326,269
$
515,337
$
2,338
$
2,403
$
824,448
$
1,193,141
Operating (loss) earnings
$
(23,821
)
$
76,896
$
(408,444
)
$
58,153
$
(53,393
)
$
(31,236
)
$
(485,658
)
$
103,813
Charges/Other Items:
Goodwill and intangible asset impairment charges
—
—
286,524
—
—
—
286,524
—
COVID-19-related expenses
22,551
—
91,098
—
636
—
114,285
—
Brand Portfolio - business exits
—
—
16,372
3,520
—
—
16,372
3,520
Vionic acquisition and integration-related costs
—
—
3,278
5,889
158
1,807
3,436
7,696
Expense containment initiatives
—
3,483
—
5,078
—
3,792
—
12,353
Total charges/other items
22,551
3,483
397,272
14,487
794
5,599
420,617
23,569
Adjusted operating (loss) earnings
$
(1,270
)
$
80,379
$
(11,172
)
$
72,640
$
(52,599
)
$
(25,637
)
$
(65,041
)
$
127,382
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 30,
February 1,
January 30,
February 1,
2021
2020
2021
2020
($ thousands, except per share data)
Net (loss) earnings attributable to Caleres, Inc.:
Net (loss) earnings
$
(77,079
)
$
9
$
(438,994
)
$
62,082
Net loss (earnings) attributable to noncontrolling interests
103
399
(120
)
737
Net (loss) earnings attributable to Caleres, Inc.
(76,976
)
408
(439,114
)
62,819
Net earnings allocated to participating securities
—
(45
)
—
(1,988
)
Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
(76,976
)
$
363
$
(439,114
)
$
60,831
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
36,564
39,235
37,220
39,796
Dilutive effect of share-based awards
—
55
—
57
Diluted common shares attributable to Caleres, Inc.
36,564
39,290
37,220
39,853
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(2.11
)
$
0.01
$
(11.80
)
$
1.53
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(2.11
)
$
0.01
$
(11.80
)
$
1.53
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS (LOSS) PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 30,
February 1,
January 30,
February 1,
2021
2020
2021
2020
($ thousands, except per share data)
Adjusted net earnings (loss) attributable to Caleres, Inc.:
Adjusted net earnings (loss)
$
1,168
$
13,543
$
(51,909
)
$
85,629
Net loss (earnings) attributable to noncontrolling interests
103
399
(120
)
737
Adjusted net earnings (loss) attributable to Caleres, Inc.
1,271
13,942
(52,029
)
86,366
Net earnings allocated to participating securities
(55
)
(404
)
—
(2,766
)
Adjusted net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities
$
1,216
$
13,538
$
(52,029
)
$
83,600
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
36,564
39,235
37,220
39,796
Dilutive effect of share-based awards
162
55
—
57
Diluted common shares attributable to Caleres, Inc.
36,726
39,290
37,220
39,853
Basic adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
0.03
$
0.35
$
(1.40
)
$
2.10
Diluted adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
0.03
$
0.34
$
(1.40
)
$
2.10
View source version on businesswire.com: https://www.businesswire.com/news/home/20210316005983/en/
Logan Bonacorsi lbonacorsi@caleres.com 314.854.4134
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