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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 38.32 | 38.74 | 37.69 | 38.57 | 381,044 | 22:30:00 |
Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the fourth quarter and fiscal 2023 and provided guidance for fiscal 2024.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240318757386/en/
Caleres Brand Portfolio Lead Brands -- Sam Edelman, Allen Edmonds, Naturalizer, and Vionic.(Graphic: Business Wire)
“The Caleres team delivered another strong operational performance in the fourth quarter, culminating in a third consecutive year of adjusted earnings per share in excess of our $4.00 baseline and underscoring the durability of our earnings power,” said Jay Schmidt, president and chief executive officer. “Our fourth quarter results were led by our Brand Portfolio, which achieved a record-setting performance across key financial metrics. Complementing that strong result, Famous Footwear leaned into its competitive advantages to expand market share, particularly in Kids, which has outpaced the total business for 12 straight quarters.”
Specifically, during the quarter, the Brand Portfolio capitalized on ongoing strength in its Lead Brands to power a 4.5-percent increase in year-over-year net sales and a 660-basis-point improvement in gross margin. The Brand Portfolio segment also delivered its best-ever annual adjusted operating earnings, which topped $148 million and was accompanied by an 11.7-percent adjusted return on sales. Notably, the segment led the financial performance of the company. At the same time, Famous Footwear navigated a competitive market environment, capitalizing on pockets of holiday demand and delivering positive sales trends in its Kids business. For the full year, Famous gained share in shoe chains in the important Family Channel and achieved record annual sales in the Kids category while generating robust levels of cash flow.
“I am proud of the Caleres team and the tremendous progress we have made across a wide range of strategic objectives,” said Schmidt. “The transformation in earnings power that we have achieved in recent years – combined with our value-driving organizational structure, powerful brands, and best-in-class capabilities – positions us exceptionally well for growth in 2024 and beyond. Our Brand Portfolio – powered by our Lead Brands – has tremendous growth potential, and Famous is poised to strengthen its position as the No. 1 footwear destination for the Millennial family. Looking ahead, we are confident in our ability to execute on our growth strategy, deliver on our long-term financial targets, and create sustained value for our shareholders.”
Fourth Quarter 2023 Results
(14-weeks ended February 3, 2024, compared to 13-weeks ended January 28, 2023)
Fiscal Year 2023 Results
(53-weeks ended February 3, 2024, compared to 52-weeks ended January 28, 2023)
Fiscal 2023 Benefit from 53rd Week
Consolidated net sales
$25.0 million
Famous Footwear sales
$18.2 million
Brand Portfolio sales
$6.8 million
Capital Allocation Update
Caleres continued to reduce the borrowings under its asset-based revolving credit facility, paying down $40.0 million during the fourth quarter. The company also returned $2.5 million to shareholders through its quarterly dividend.
In fiscal 2023, Caleres continued to invest in value-driving growth opportunities while at the same time reduced short-term borrowings by $125.5 million. The company ended fiscal 2023 with $182.0 million of borrowings. This represents its lowest total indebtedness since the fiscal first quarter 2010. In addition, Caleres returned $27.4 million to shareholders through share repurchases and dividend payments. Specifically, the company repurchased 763,000 shares of common stock, or approximately 2 percent of shares outstanding, for $17.4 million and an average price of $22.86 per share. The company returned $10.0 million to shareholders through quarterly dividend payments.
Fiscal 2024 Outlook:
The company is introducing its financial outlook for fiscal 2024 and first quarter of 2024 and notes that its fiscal 2024 is a 52-week year and compares to a 53-week year in fiscal 2023.
Caleres expects consolidated net sales to be flat to up 2 percent, compared to 2023, and earnings per diluted share to be in the range of $4.30 to $4.60. This outlook considers and balances the positive momentum in our Brand Portfolio segment and ongoing companywide cost reduction initiatives against anticipated headwinds that include a forecasted decline in the footwear market, inflationary pressures that could affect consumer demand at Famous Footwear, and higher freight costs.
In addition, for fiscal 2024, the company expects:
For first quarter 2024, the company expects:
Investor Conference Call
Caleres will host a conference call at 10:00 a.m. ET today, Tuesday, March 19. 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 13744814.
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 and supply chain disruptions (iii) rapidly changing consumer preferences and purchasing patterns and fashion trends; (iv) supplier concentration, customer concentration and increased consolidation in the retail industry; (v) intense competition within the footwear industry; (vi) foreign currency fluctuations; (vii) 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; (viii) cybersecurity threats or other major disruption to the company’s information technology systems; (ix) the ability to accurately forecast sales and manage inventory levels; (x) a disruption in the company’s distribution centers; (xi) the ability to recruit and retain senior management and other key associates; (xii) the ability to secure/exit leases on favorable terms; (xiii) the ability to maintain relationships with current suppliers; (xiv) transitional challenges with acquisitions and divestitures; (xv) changes to tax laws, policies and treaties; (xvi) our commitments and shareholder expectations related to environmental, social and governance considerations; (xvii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xviii) 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)
Fourteen Weeks Ended
Thirteen Weeks Ended
Fifty-three Weeks Ended
Fifty-two Weeks Ended
($ thousands, except per share data)
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Net sales
$
697,123
$
696,434
$
2,817,294
$
2,968,138
Cost of goods sold
391,395
415,246
1,554,337
1,683,265
Gross profit
305,728
281,188
1,262,957
1,284,873
Selling and administrative expenses
272,830
255,323
1,062,399
1,067,636
Restructuring and other special charges, net
2,151
—
6,103
2,910
Operating earnings
30,747
25,865
194,455
214,327
Interest expense, net
(4,103
)
(5,378
)
(19,343
)
(14,264
)
Other income, net
1,550
3,335
6,210
12,971
Earnings before income taxes
28,194
23,822
181,322
213,034
Income tax benefit (provision)
27,466
15,343
(9,490
)
(33,339
)
Net earnings
55,660
39,165
171,832
179,695
Net (loss) earnings attributable to noncontrolling interests
(148
)
(1,643
)
441
(2,047
)
Net earnings attributable to Caleres, Inc.
$
55,808
$
40,808
$
171,391
$
181,742
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
1.57
$
1.14
$
4.80
$
4.98
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
1.57
$
1.13
$
4.80
$
4.92
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
($ thousands)
February 3, 2024
January 28, 2023
ASSETS
Cash and cash equivalents
$
21,358
$
33,700
Receivables, net
140,400
132,802
Inventories, net
540,674
580,215
Property and equipment, held for sale
16,777
16,777
Prepaid expenses and other current assets
69,700
67,961
Total current assets
788,909
831,455
Lease right-of-use assets
528,029
518,196
Property and equipment, net
167,583
160,883
Goodwill and intangible assets, net
203,310
215,392
Other assets
116,915
110,546
Total assets
$
1,804,746
$
1,836,472
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement
$
182,000
$
307,500
Trade accounts payable
251,912
229,908
Lease obligations
112,764
136,051
Other accrued expenses
196,280
237,737
Total current liabilities
742,956
911,196
Noncurrent lease obligations
453,097
444,074
Other liabilities
41,123
55,089
Total other liabilities
494,220
499,163
Total Caleres, Inc. shareholders’ equity
560,631
420,683
Noncontrolling interests
6,939
5,430
Total equity
567,570
426,113
Total liabilities and equity
$
1,804,746
$
1,836,472
SCHEDULE 3CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Fifty-three Weeks Ended
Fifty-two Weeks Ended
($ thousands)
February 3, 2024
January 28, 2023
OPERATING ACTIVITIES:
Net cash provided by operating activities
$
200,151
$
125,879
INVESTING ACTIVITIES:
Purchases of property and equipment
(44,584
)
(55,913
)
Capitalized software
(5,034
)
(8,124
)
Net cash used for investing activities
(49,618
)
(64,037
)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement
532,500
859,500
Repayments under revolving credit agreement
(658,000
)
(842,000
)
Dividends paid
(9,954
)
(10,184
)
Acquisition of treasury stock
(17,445
)
(63,225
)
Issuance of common stock under share-based plans, net
(11,094
)
(5,387
)
Contributions by noncontrolling interests
1,000
3,142
Net cash used for financing activities
(162,993
)
(58,154
)
Effect of exchange rate changes on cash and cash equivalents
118
(103
)
(Decrease) increase in cash and cash equivalents
(12,342
)
3,585
Cash and cash equivalents at beginning of period
33,700
30,115
Cash and cash equivalents at end of period
$
21,358
$
33,700
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, 2024
January 28, 2023
($ thousands, except per share data)
Pre-Tax Impact of Charges/Other Items
Net Earnings Attributable to Caleres, Inc.
Diluted Earnings Per Share
Pre-Tax Impact of Charges/Other Items
Net Earnings Attributable to Caleres, Inc.
Diluted Earnings Per Share
GAAP earnings
$
55,808
$
1.57
$
40,808
$
1.13
Charges/other items:
Deferred tax valuation allowances adjustment
$
—
(26,654
)
(0.76
)
$
—
(17,374
)
(0.48
)
Expense reduction initiatives
2,151
1,597
0.05
—
—
—
Total charges/other items
$
2,151
$
(25,057
)
$
(0.71
)
$
—
$
(17,374
)
$
(0.48
)
Adjusted earnings
$
30,751
$
0.86
$
23,434
$
0.65
(Unaudited)
Fifty-three Weeks Ended
Fifty-two Weeks Ended
February 3, 2024
January 28, 2023
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
$
171,391
$
4.80
$
181,742
$
4.92
Charges/other items:
Deferred tax valuation allowance adjustment
$
—
(26,654
)
(0.75
)
$
—
(17,374
)
(0.47
)
Expense reduction initiatives
6,103
4,532
0.13
—
—
—
Organizational changes
—
—
—
2,910
2,723
0.07
Total charges/other items
$
6,103
$
(22,122
)
$
(0.62
)
$
2,910
$
(14,651
)
$
(0.40
)
Adjusted earnings
$
149,269
$
4.18
$
167,091
$
4.52
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Famous Footwear
Brand Portfolio
Eliminations and 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
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Net sales
$
396,227
$
402,265
$
323,689
$
309,729
$
(22,793
)
$
(15,560
)
$
697,123
$
696,434
Gross profit
170,129
170,562
137,868
111,465
(2,269
)
(839
)
305,728
281,188
Gross margin
42.9
%
42.4
%
42.6
%
36.0
%
10.0
%
5.4
%
43.9
%
40.4
%
Operating earnings (loss)
19,551
24,386
37,751
19,281
(26,555
)
(17,802
)
30,747
25,865
Adjusted operating earnings (loss)
19,551
24,386
38,634
19,281
(25,287
)
(17,802
)
32,898
25,865
Operating margin
4.9
%
6.1
%
11.7
%
6.2
%
n/m
%
n/m
%
4.4
%
3.7
%
Adjusted operating earnings %
4.9
%
6.1
%
11.9
%
6.2
%
n/m
%
n/m
%
4.7
%
3.7
%
Comparable sales % (on a 13-week basis)
(5.9
)%
0.7
%
(3.8
)%
20.4
%
—
%
—
%
—
%
—
%
Number of stores
860
873
98
92
—
—
958
965
n/m – Not meaningful
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Famous Footwear
Brand Portfolio
Eliminations and 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
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Operating earnings (loss)
$
19,551
$
24,386
$
37,751
$
19,281
$
(26,555
)
$
(17,802
)
$
30,747
$
25,865
Charges/Other Items:
Expense reduction initiatives
—
—
883
—
1,268
—
2,151
—
Total charges/other items
—
—
883
—
1,268
—
2,151
—
Adjusted operating earnings (loss)
$
19,551
$
24,386
$
38,634
$
19,281
$
(25,287
)
$
(17,802
)
$
32,898
$
25,865
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Famous Footwear
Brand Portfolio
Eliminations and 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
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Net sales
$
1,609,396
$
1,705,093
$
1,270,853
$
1,322,772
$
(62,955
)
$
(59,727
)
$
2,817,294
$
2,968,138
Gross profit
719,549
789,004
546,005
497,265
(2,597
)
(1,396
)
1,262,957
1,284,873
Gross profit rate
44.7
%
46.3
%
43.0
%
37.6
%
4.1
%
2.3
%
44.8
%
43.3
%
Operating earnings (loss)
123,838
195,837
145,459
112,345
(74,842
)
(93,855
)
194,455
214,327
Adjusted operating earnings (loss)
125,204
195,837
148,067
112,345
(72,713
)
(90,945
)
200,558
217,237
Operating earnings %
7.7
%
11.5
%
11.4
%
8.5
%
n/m%
n/m%
6.9
%
7.2
%
Adjusted operating earnings %
7.8
%
11.5
%
11.7
%
8.5
%
n/m%
n/m%
7.1
%
7.3
%
Comparable sales % (on a 52-week basis)
(6.3
)%
(1.8
)%
1.3
%
31.4
%
—
%
—
%
—
%
—
%
Number of stores
860
873
98
92
—
—
958
965
n/m – Not meaningful
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Famous Footwear
Brand Portfolio
Eliminations and 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
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
February 3,
January 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Operating earnings (loss)
$
123,838
$
195,837
$
145,459
$
112,345
$
(74,842)
$
(93,855)
$
194,455
$
214,327
Charges/Other Items:
Expense reduction initiatives
1,366
—
2,608
—
2,129
—
6,103
—
Organizational changes
—
—
—
—
—
2,910
—
2,910
Total charges/other items
1,366
—
2,608
—
2,129
2,910
6,103
2,910
Adjusted operating earnings (loss)
$
125,204
$
195,837
$
148,067
$
112,345
$
(72,713)
$
(90,945)
$
200,558
$
217,237
SCHEDULE 6CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Fourteen Weeks Ended
Thirteen Weeks Ended
Fifty-three Weeks Ended
Fifty-two Weeks Ended
February 3,
January 28,
February 3,
January 28,
2024
2023
2024
2023
($ thousands, except per share data)
Net earnings attributable to Caleres, Inc.:
Net earnings
$
55,660
$
39,165
$
171,832
$
179,695
Net loss (earnings) attributable to noncontrolling interests
148
1,643
(441
)
2,047
Net earnings attributable to Caleres, Inc.
55,808
40,808
171,391
181,742
Net earnings allocated to participating securities
(2,414
)
(1,763
)
(7,517
)
(7,716
)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
53,394
$
39,045
$
163,874
$
174,026
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
33,965
34,102
34,142
34,930
Dilutive effect of share-based awards
115
548
10
475
Diluted common shares attributable to Caleres, Inc.
34,080
34,650
34,152
35,405
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
1.57
$
1.14
$
4.80
$
4.98
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
1.57
$
1.13
$
4.80
$
4.92
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
February 3,
January 28,
February 3,
January 28,
2024
2023
2024
2023
($ thousands, except per share data)
Adjusted net earnings attributable to Caleres, Inc.:
Adjusted net earnings
$
30,603
$
21,791
$
149,710
$
165,044
Net loss (earnings) attributable to noncontrolling interests
148
1,643
(441
)
2,047
Adjusted net earnings attributable to Caleres, Inc.
30,751
23,434
149,269
167,091
Net earnings allocated to participating securities
(1,324
)
(1,012
)
(6,537
)
(7,092
)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
29,427
$
22,422
$
142,732
$
159,999
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
33,965
34,102
34,142
34,930
Dilutive effect of share-based awards
115
548
10
475
Diluted common shares attributable to Caleres, Inc.
34,080
34,650
34,152
35,405
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.87
$
0.66
$
4.18
$
4.58
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.86
$
0.65
$
4.18
$
4.52
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND DEBT/EBITDA LEVERAGE RATIO (NON-GAAP METRICS)
(Unaudited)
Fourteen Weeks Ended
Thirteen Weeks Ended
($ thousands)
February 3, 2024
January 28, 2023
EBITDA:
Net earnings attributable to Caleres, Inc.
$
55,808
$
40,808
Income tax benefit
(27,466
)
(15,343
)
Interest expense, net
4,103
5,378
Depreciation and amortization (1)
14,875
12,317
EBITDA
$
47,320
$
43,160
EBITDA margin
6.8
%
6.2
%
Adjusted EBITDA:
Adjusted net earnings attributable to Caleres, Inc. (2)
$
30,751
$
23,434
Income tax (benefit) provision (3)
(258
)
2,031
Interest expense, net
4,103
5,378
Depreciation and amortization (1)
14,875
12,317
Adjusted EBITDA
$
49,471
$
43,160
Adjusted EBITDA margin
7.1
%
6.2
%
(Unaudited)
Trailing Twelve Months Ended
($ thousands)
February 3, 2024
January 28, 2023
EBITDA:
Net earnings attributable to Caleres, Inc.
$
171,391
$
181,742
Income tax provision
9,490
33,339
Interest expense, net
19,343
14,264
Depreciation and amortization (1)
53,280
49,011
EBITDA
$
253,504
$
278,356
EBITDA margin
9.0
%
9.4
%
Adjusted EBITDA:
Adjusted net earnings attributable to Caleres, Inc. (2)
$
149,269
$
167,091
Income tax provision (3)
37,715
50,900
Interest expense, net
19,343
14,264
Depreciation and amortization (1)
53,280
49,011
Adjusted EBITDA
$
259,607
$
281,266
Adjusted EBITDA margin
9.2
%
9.5
%
(Unaudited)
($ thousands)
February 3, 2024
January 28, 2023
Debt/EBITDA leverage ratio:
Borrowings under revolving credit agreement (4)
$
182,000
$
307,500
EBITDA (trailing twelve months)
253,504
278,356
Debt/EBITDA
0.7
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)
Total availability under the revolving credit agreement was $308.5 million and $181.9 million as of February 3, 2024 and January 28, 2023, respectively. Total liquidity, which includes cash and cash equivalents and availability under the revolving credit agreement, was $329.9 million and $215.6 million for the respective periods.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240318757386/en/
Logan Bonacorsi lbonacorsi@caleres.com
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