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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 | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.03% | 37.72 | 124 | 09:40:10 |
Caleres (NYSE: CAL, caleres.com), operating a powerful portfolio of consumer-centric footwear brands, today reported financial results for the second quarter ended July 31, 2021. During the quarter, through its laser focus on the consumer’s evolving preferences and ongoing efforts to drive growth across its omni-channel ecosystem, Caleres continued to capitalize on positive consumer demand trends and an accelerated recovery in the footwear marketplace, achieving sequential growth in both revenues and gross margin and delivering its most profitable quarter ever. The company made excellent progress toward its balance sheet goals, paying down $100 million of debt bringing its total amount of debt reduction to $340 million since early 2020, reducing its credit facility borrowings to $100 million at quarter end.
“The Caleres team continued to execute at a high level during the quarter, achieving another significant sequential increase in sales and delivering earnings well in excess of pre-pandemic levels,” said Diane Sullivan, Chairman and Chief Executive Officer. “This exceptional performance was led by record-setting quarterly results at Famous Footwear, which in a single quarter delivered operating earnings that exceeded full year 2019. Driving these results, Famous Footwear achieved a more than eight-percent increase in revenue, a more than 100-percent increase in return on sales, and a 670-basis-point increase in gross margin to reach approximately 50 percent versus the same period of 2019. Complementing Famous Footwear’s outstanding performance, our Brand Portfolio surpassed its operating earnings for the same period of 2019, led by strong and improving earnings results from key leadership and emerging brands, including Vionic, Sam Edelman, Allen Edmonds and Blowfish Malibu.
Second Quarter 2021 Highlights (13-weeks ended July 31, 2021 compared to 13-weeks ended August 1, 2020)
Capital Structure
The company has continued to take actions to drive long-term value for its shareholders, investing in the business and enhancing its capital structure. As indicated, Caleres reduced the borrowings under its asset-based revolving credit facility by $100 million. Subsequently, on August 16, 2021, the company proactively called $100 million, or half, of the aforementioned senior secured notes and shifted this higher-cost debt to the revolving credit facility, resulting in a nearly 50-percent reduction in the interest rate on this piece of debt. The company ended the year’s fiscal first half with $200 million of short-term debt and $100 million of long-term debt, which compares to total indebtedness of roughly $640 million at the end of the first quarter of 2020. Further complementing this effort, Caleres is currently in the process of renegotiating and renewing the terms of its asset-based revolving credit facility to better reflect the company’s dramatically improved capital structure and business outlook.
“During the period, we maintained our sharp focus on driving towards our long-term goal of zero net debt,” said Ken Hannah, Senior Vice President and Chief Financial Officer. “During the course of the past five quarters, we have utilized our strong cash generation to lower our overall indebtedness – creating significant long-term value for equity holders in the process. As we progress through 2021, we will continue to prioritize debt reduction in our capital allocation strategy, while simultaneously lowering interest expense levels still further on the debt that remains.”
Fiscal Full Year 2021 Outlook
“Looking ahead, we remain cautious about the macro environment given the uncertainty surrounding new COVID-19 variants and ongoing challenges in the global supply chain,” said Sullivan. “To that end, we are taking actions to minimize these disruptions and believe we are well-equipped to partially offset some of these cost headwinds. Even with these uncertainties, I remain highly confident in the team’s ability to build upon our recent strong performance at Famous and improving results in the Brand Portfolio, leverage our diversified brand model and continue to execute on our long-term strategic priorities in the year’s back half. We strongly believe in our prospects for delivering record annual adjusted earnings per share for fiscal year 2021 and are enthusiastic about our strategy for ongoing value creation and for the long-term opportunities that lie ahead for Caleres.”
For the third quarter we expect adjusted earnings per share of between $1.10 and $1.25 and for fiscal full year 2021, Caleres expects adjusted earnings per share to be between $3.25 and $3.50.
Investor Conference Call
Caleres will host an investor conference call at 5:00 p.m. ET today, Tuesday, 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) 217-9089 for analysts in North America or (706) 679-1723 for international analysts by using the conference ID 8448125. 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 8448125 through Tuesday, September 14.
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 pandemic 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) rapidly changing consumer preferences and purchasing patterns and fashion trends; (iv) intense competition within the footwear industry; (v) customer concentration and increased consolidation in the retail industry; (vi) foreign currency fluctuations; (vii) impairment charges resulting from a long-term decline in our stock price; (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 maintain relationships with current suppliers; (xiv) the ability to secure/exit leases on favorable terms; (xv) transitional challenges with acquisitions and divestitures; (xvi) changes to tax laws, policies and treaties; (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.
About Caleres
Caleres is a diverse portfolio of global footwear brands. Our products are available virtually everywhere - in the more than 1,000 retail stores we operate, in hundreds of major department and specialty stores, on our branded e-commerce sites, and on many additional third-party retail websites. Famous Footwear offers great casual and athletic brands for the entire family with convenient, curated, affordable collections. Sam Edelman keeps expressive women in step with the latest trends in a playful, whimsical way. Naturalizer shoes are beautiful from the inside out, with elegant simplicity and legendary fit re-imagined for today’s consumer. Allen Edmonds combines old world craft with new world technology to create luxe footwear for the discerning man who wants sophisticated, modern classics. Rounding out our family of brands are Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride, Blowfish Malibu, Bzees, Circus by Sam Edelman and Ryka. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is our more than 140 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit caleres.com to learn more about us.
SCHEDULE 1
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
($ thousands, except per share data)
July 31, 2021
August 1, 2020
July 31, 2021
August 1, 2020
Net sales
$
675,531
$
501,448
$
1,314,167
$
898,632
Cost of goods sold
353,238
318,828
716,987
594,114
Gross profit
322,293
182,620
597,180
304,518
Selling and administrative expenses
259,501
201,331
503,036
426,524
Impairment of goodwill and intangible assets
—
—
—
262,719
Restructuring and other special charges, net
—
5,429
13,482
65,625
Operating earnings (loss)
62,792
(24,140
)
80,662
(450,350
)
Interest expense, net
(11,941
)
(13,387
)
(23,734
)
(22,866
)
Other income, net
3,860
3,672
7,688
7,257
Earnings (loss) before income taxes
54,711
(33,855
)
64,616
(465,959
)
Income tax (provision) benefit
(16,559
)
3,186
(20,080
)
89,118
Net earnings (loss)
38,152
(30,669
)
44,536
(376,841
)
Net earnings (loss) attributable to noncontrolling interests
756
48
993
(286
)
Net earnings (loss) attributable to Caleres, Inc.
$
37,396
$
(30,717
)
$
43,543
$
(376,555
)
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
0.98
$
(0.83
)
$
1.14
$
(9.94
)
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
0.97
$
(0.83
)
$
1.13
$
(9.94
)
SCHEDULE 2CALERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
($ thousands)
July 31, 2021
August 1, 2020
January 30, 2021
ASSETS
Cash and cash equivalents
$
54,684
$
148,544
$
88,295
Receivables, net
110,522
110,249
126,994
Inventories, net
565,512
574,830
487,955
Prepaid expenses and other current assets
76,645
96,426
79,312
Total current assets
807,363
930,049
782,556
Lease right-of-use assets
508,597
624,881
554,303
Property and equipment, net
161,066
193,593
172,437
Goodwill and intangible assets, net
233,777
270,361
240,071
Other assets
122,095
93,510
117,683
Total assets
$
1,832,898
$
2,112,394
$
1,867,050
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement
$
100,000
$
350,000
$
250,000
Current portion of long-term debt
99,540
—
—
Mandatory purchase obligation - Blowfish Malibu
52,639
—
39,134
Trade accounts payable
348,795
280,319
280,501
Lease obligations
126,820
171,247
153,060
Other accrued expenses
250,875
216,334
182,814
Total current liabilities
978,669
1,017,900
905,509
Noncurrent lease obligations
463,746
579,399
518,942
Long-term debt
99,540
198,621
198,851
Other liabilities
45,652
71,340
39,894
Total other liabilities
608,938
849,360
757,687
Total Caleres, Inc. shareholders’ equity
240,697
242,240
200,247
Noncontrolling interests
4,594
2,894
3,607
Total equity
245,291
245,134
203,854
Total liabilities and equity
$
1,832,898
$
2,112,394
$
1,867,050
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twenty-Six Weeks Ended
($ thousands)
July 31, 2021
August 1, 2020
OPERATING ACTIVITIES:
Net cash provided by operating activities
$
135,547
$
67,520
INVESTING ACTIVITIES:
Purchases of property and equipment
(6,816
)
(6,394
)
Capitalized software
(2,581
)
(2,220
)
Net cash used for investing activities
(9,397
)
(8,614
)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement
164,500
250,500
Repayments under revolving credit agreement
(314,500
)
(175,500
)
Dividends paid
(5,336
)
(5,495
)
Acquisition of treasury stock
—
(23,348
)
Issuance of common stock under share-based plans, net
(3,752
)
(973
)
Other
(677
)
(649
)
Net cash (used for) provided by financing activities
(159,765
)
44,535
Effect of exchange rate changes on cash and cash equivalents
4
(115
)
(Decrease) increase in cash and cash equivalents
(33,611
)
103,326
Cash and cash equivalents at beginning of period
88,295
45,218
Cash and cash equivalents at end of period
$
54,684
$
148,544
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
July 31, 2021
August 1, 2020
Net
Net (Loss)
Pre-Tax
Earnings
Pre-Tax
Earnings
Diluted
Impact of
Attributable
Diluted
Impact of
Attributable
(Loss)
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 (loss)
$
37,396
$
0.97
$
(30,717
)
$
(0.83
)
Charges/other items:
Fair value adjustment to Blowfish purchase obligation
$
7,115
5,284
0.14
$
6,589
4,893
0.13
Deferred tax valuation allowances
—
3,294
0.08
—
—
—
COVID-19-related expenses (1)
—
—
—
5,429
4,709
0.13
Total charges/other items
$
7,115
$
8,578
$
0.22
$
12,018
$
9,602
$
0.26
Adjusted earnings (loss)
$
45,974
$
1.19
$
(21,115
)
$
(0.57
)
(Unaudited)
Twenty-Six Weeks Ended
July 31, 2021
August 1, 2020
Net
Net (Loss)
Pre-Tax
Earnings
Pre-Tax
Earnings
Diluted
Impact of
Attributable
Diluted
Impact of
Attributable
(Loss)
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 (loss)
$
43,543
$
1.13
$
(376,555
)
$
(9.94
)
Charges/other items:
Fair value adjustment to Blowfish purchase obligation
$
13,505
10,030
0.26
$
9,822
7,294
0.19
Deferred tax valuation allowances
—
3,294
0.09
—
—
—
Brand Portfolio - business exits
13,482
11,927
0.31
1,598
1,187
0.03
Goodwill and intangible asset impairment charges
—
—
—
262,719
218,506
5.66
COVID-19-related expenses (2)
—
—
—
99,040
78,047
2.17
Total charges/other items
$
26,987
$
25,251
$
0.66
$
373,179
$
305,034
$
8.05
Adjusted earnings (loss)
$
68,794
$
1.79
$
(71,521
)
$
(1.89
)
________________________________________
(1)
Represents costs associated with the economic impact of the COVID-19 pandemic, primarily consisting of severance and the cost of supplies and deep cleaning of our facilities.
(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
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Net sales
$
453,649
$
333,935
$
239,013
$
183,622
$
(17,131
)
$
(16,109
)
$
675,531
$
501,448
Gross profit
227,414
119,155
94,890
64,002
(11
)
(537
)
322,293
182,620
Adjusted gross profit
227,414
119,155
94,890
64,002
(11
)
(537
)
322,293
182,620
Gross profit rate
50.1
%
35.7
%
39.7
%
34.9
%
0.0
%
3.3
%
47.7
%
36.4
%
Adjusted gross profit rate
50.1
%
35.7
%
39.7
%
34.9
%
0.0
%
3.3
%
47.7
%
36.4
%
Operating earnings (loss)
85,498
1,045
16,554
(14,111
)
(39,260
)
(11,074
)
62,792
(24,140
)
Adjusted operating earnings (loss)
85,498
1,633
16,554
(9,551
)
(39,260
)
(10,793
)
62,792
(18,711
)
Operating earnings (loss) %
18.8
%
0.3
%
6.9
%
(7.7
)%
n/m
n/m
9.3
%
(4.8
)%
Adjusted operating earnings (loss) %
18.8
%
0.5
%
6.9
%
(5.2
)%
n/m
n/m
9.3
%
(3.7
)%
Same-store sales % (on a 13-week basis)
(1.1
)%
14.7
%
16.3
%
(24.7
)%
—
%
—
%
—
%
—
%
Number of stores
912
936
87
202
—
—
999
1,138
n/m – Not meaningful
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Gross profit
$
227,414
$
119,155
$
94,890
$
64,002
$
(11
)
$
(537
)
$
322,293
$
182,620
Charges/Other Items:
COVID-19-related expenses
—
—
—
—
—
—
—
—
Total charges/other items
—
—
—
—
—
—
—
—
Adjusted gross profit
$
227,414
$
119,155
$
94,890
$
64,002
$
(11
)
$
(537
)
$
322,293
$
182,620
Operating earnings (loss)
$
85,498
$
1,045
$
16,554
$
(14,111
)
$
(39,260
)
$
(11,074
)
$
62,792
$
(24,140
)
Charges/Other Items:
COVID-19-related expenses
—
588
—
4,560
—
281
—
5,429
Total charges/other items
—
588
—
4,560
—
281
—
5,429
Adjusted operating earnings (loss)
$
85,498
$
1,633
$
16,554
$
(9,551
)
$
(39,260
)
$
(10,793
)
$
62,792
$
(18,711
)
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 31,
August 1,
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Net sales
$
851,754
$
525,187
$
489,318
$
400,860
$
(26,905
)
$
(27,415
)
$
1,314,167
$
898,632
Gross profit
407,229
188,248
188,892
117,395
1,059
(1,125
)
597,180
304,518
Adjusted gross profit
407,229
194,206
188,892
146,451
1,059
(1,125
)
597,180
339,532
Gross profit rate
47.8
%
35.8
%
38.6
%
29.3
%
(3.9
)%
4.1
%
45.4
%
33.9
%
Adjusted gross profit rate
47.8
%
37.0
%
38.6
%
36.5
%
(3.9
)%
4.1
%
45.4
%
37.8
%
Operating earnings (loss)
133,371
(66,495
)
13,733
(359,860
)
(66,442
)
(23,995
)
80,662
(450,350
)
Adjusted operating earnings (loss)
133,371
(43,944
)
27,215
(19,690
)
(66,442
)
(23,359
)
94,144
(86,993
)
Operating earnings (loss) %
15.7
%
(12.7
)%
2.8
%
(89.8
)%
n/m
n/m
6.1
%
(50.1
)%
Adjusted operating earnings (loss) %
15.7
%
(8.4
)%
5.6
%
(4.9
)%
n/m
n/m
7.2
%
(9.7
)%
Same-store sales % (on a 26-week basis)
0.5
%
13.9
%
10.2
%
(24.7
)%
—
%
—
%
—
%
—
%
Number of stores
912
936
87
202
—
—
999
1,138
n/m – Not meaningful
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Twenty-Six Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
July 31,
August 1,
($ thousands)
2021
2020
2021
2020
2021
2020
2021
2020
Gross profit
$
407,229
$
188,248
$
188,892
$
117,395
$
1,059
$
(1,125
)
$
597,180
$
304,518
Charges/Other Items:
COVID-19-related expenses
—
5,958
—
27,458
—
—
—
33,416
Brand Portfolio - business exits
—
—
—
1,598
—
—
—
1,598
Total charges/other items
—
5,958
—
29,056
—
—
—
35,014
Adjusted gross profit
$
407,229
$
194,206
$
188,892
$
146,451
$
1,059
$
(1,125
)
$
597,180
$
339,532
Operating earnings (loss)
$
133,371
$
(66,495
)
$
13,733
$
(359,860
)
$
(66,442
)
$
(23,995
)
$
80,662
$
(450,350
)
Charges/Other Items:
Goodwill and intangible asset impairment charges
—
—
—
262,719
—
—
—
262,719
COVID-19-related expenses
—
22,551
—
75,853
—
636
—
99,040
Brand Portfolio - business exits
—
—
13,482
1,598
—
—
13,482
1,598
Total charges/other items
—
22,551
13,482
340,170
—
636
13,482
363,357
Adjusted operating earnings (loss)
$
133,371
$
(43,944
)
$
27,215
$
(19,690
)
$
(66,442
)
$
(23,359
)
$
94,144
$
(86,993
)
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 31,
August 1,
July 31,
August 1,
2021
2020
2021
2020
($ thousands, except per share data)
Net earnings (loss) attributable to Caleres, Inc.:
Net earnings (loss)
$
38,152
$
(30,669
)
$
44,536
$
(376,841
)
Net (earnings) loss attributable to noncontrolling interests
(756
)
(48
)
(993
)
286
Net earnings (loss) attributable to Caleres, Inc.
37,396
(30,717
)
43,543
(376,555
)
Net earnings allocated to participating securities
(1,360
)
—
(1,575
)
—
Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities
$
36,036
$
(30,717
)
$
41,968
$
(376,555
)
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
36,880
37,113
36,794
37,881
Dilutive effect of share-based awards
267
—
212
—
Diluted common shares attributable to Caleres, Inc.
37,147
37,113
37,006
37,881
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
0.98
$
(0.83
)
$
1.14
$
(9.94
)
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
0.97
$
(0.83
)
$
1.13
$
(9.94
)
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS (LOSS) PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 31,
August 1,
July 31,
August 1,
2021
2020
2021
2020
($ thousands, except per share data)
Adjusted net earnings (loss) attributable to Caleres, Inc.:
Adjusted net earnings (loss)
$
46,730
$
(21,067
)
$
69,787
$
(71,807
)
Net (earnings) loss attributable to noncontrolling interests
(756
)
(48
)
(993
)
286
Adjusted net earnings (loss) attributable to Caleres, Inc.
45,974
(21,115
)
68,794
(71,521
)
Net earnings allocated to participating securities
(1,673
)
—
(2,504
)
—
Adjusted net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities
$
44,301
$
(21,115
)
$
66,290
$
(71,521
)
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
36,880
37,113
36,794
37,881
Dilutive effect of share-based awards
267
—
212
—
Diluted common shares attributable to Caleres, Inc.
37,147
37,113
37,006
37,881
Basic adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
1.20
$
(0.57
)
$
1.80
$
(1.89
)
Diluted adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders
$
1.19
$
(0.57
)
$
1.79
$
(1.89
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210831005895/en/
Investor Contact: Logan Bonacorsi lbonacorsi@caleres.com
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