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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 | |
---|---|---|---|---|---|---|---|---|
0.57 | 1.58% | 36.70 | 37.10 | 36.58 | 36.75 | 36,328 | 16:04:46 |
Caleres (NYSE: CAL) (caleres.com), a diverse portfolio of global footwear brands, today reported third quarter 2019 financial results.
“Our third quarter results demonstrate continued execution against our strategy to broaden the reach of our powerful portfolio and strengthen consumer connections,” said Diane Sullivan, CEO, president and chairman of Caleres. “We delivered our eighth consecutive year of positive back-to-school same-store-sales growth at Famous Footwear and our top brands continued to gain share within the Brand Portfolio. While the demand environment remains dynamic, we are focused on executing on our plan with fresh and compelling inventory and a continued emphasis on cost discipline across the organization.”
Third Quarter 2019 Results Versus Third Quarter 2018
First Nine Months 2019 Results Versus First Nine Months 2018
Balance Sheet and Cash Flow
Investor Conference Call
Caleres will host an investor conference call at 4:30 p.m. ET today, Monday, November 25. The webcast and slides will be available at investor.caleres.com/news/events. The 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 5169032. A replay will be available at investor.caleres.com/news/events/archive for a limited period. Investors may also access a replay of the call through December 2 by dialing (855) 859-2056 in North America or (404) 537-3406 internationally and using the conference ID 5169032.
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 historic and estimated future gross profit, 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 consumers' disposable income, which in turn can be influenced by general economic conditions and other factors; (ii) rapidly changing fashion trends and consumer preferences and purchasing patterns; (iii) intense competition within the footwear industry; (iv) 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; (v) imposition of tariffs; (vi) the ability to accurately forecast sales and manage inventory levels; (vii) cybersecurity threats or other major disruption to the Company’s information technology systems; (viii) customer concentration and increased consolidation in the retail industry; (ix) transitional challenges with acquisitions; (x) a disruption in the Company’s distribution centers; (xi) foreign currency fluctuations; (xii) changes to tax laws, policies and treaties; (xiii) the ability to recruit and retain senior management and other key associates; (xiv) compliance with applicable laws and standards with respect to labor, trade and product safety issues; (xv) the ability to secure/exit leases on favorable terms; (xvi) the ability to maintain relationships with current suppliers; and (xvii) 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 February 2, 2019, 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.
About Caleres
Caleres is the home of today’s most coveted footwear brands and represents a diverse portfolio spanning all of life’s styles and experiences. Every shoe tells a story and Caleres has the perfect fit for every one of them. Our collections have been developed and acquired to meet the evolving needs of today’s assorted and growing global audiences, with consumer insights driving every aspect of the innovation, design, and craft that go into our distinctly positioned brands, including Famous Footwear, Sam Edelman, Naturalizer, Allen Edmonds, Vionic, Dr. Scholl’s Shoes, Franco Sarto, and more. The Caleres story is most simply defined by the company’s mission: Inspire people to feel great…feet first.
SCHEDULE 1
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
(Thousands, except per share data)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Net sales
$
792,375
$
775,829
$
2,222,614
$
2,114,583
Cost of goods sold
472,605
465,219
1,317,064
1,235,950
Gross profit
319,770
310,610
905,550
878,633
Selling and administrative expenses
275,330
265,522
804,972
774,555
Restructuring and other special charges, net
969
5,340
2,434
9,240
Operating earnings
43,471
39,748
98,144
94,838
Interest expense, net
(10,559
)
(4,210
)
(25,288
)
(11,495
)
Other income, net
2,633
3,085
7,902
9,254
Earnings before income taxes
35,545
38,623
80,758
92,597
Income tax provision
(7,784
)
(9,468
)
(18,685
)
(22,651
)
Net earnings
27,761
29,155
62,073
69,946
Net (loss) earnings attributable to noncontrolling interests
(226
)
2
(338
)
(65
)
Net earnings attributable to Caleres, Inc.
$
27,987
$
29,153
$
62,411
$
70,011
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
0.69
$
0.68
$
1.51
$
1.62
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
0.69
$
0.67
$
1.51
$
1.62
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
November 2, 2019
November 3, 2018
February 2, 2019
(Thousands)
ASSETS
Cash and cash equivalents
$
52,502
$
90,491
$
30,200
Receivables, net
156,253
192,246
191,722
Inventories, net
644,646
698,265
683,171
Prepaid expenses and other current assets
48,245
63,166
71,354
Total current assets
901,646
1,044,168
976,447
Lease right-of-use assets
704,244
—
—
Property and equipment, net
230,261
218,103
230,784
Goodwill and intangible assets, net
542,845
653,852
549,897
Other assets
92,214
92,279
81,440
Total assets
$
2,471,210
$
2,008,402
$
1,838,568
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement
$
295,000
$
350,000
$
335,000
Trade accounts payable
275,699
317,499
316,298
Lease obligations
144,501
—
—
Other accrued expenses
179,030
209,479
202,038
Total current liabilities
894,230
876,978
853,336
Noncurrent lease obligations
629,731
—
—
Long-term debt
198,276
197,817
197,932
Deferred rent
—
51,930
54,850
Other liabilities
95,623
114,592
97,015
Total other liabilities
923,630
364,339
349,797
Total Caleres, Inc. shareholders’ equity
650,840
765,753
634,053
Noncontrolling interests
2,510
1,332
1,382
Total equity
653,350
767,085
635,435
Total liabilities and equity
$
2,471,210
$
2,008,402
$
1,838,568
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Thirty-Nine Weeks Ended
(Thousands)
November 2, 2019
November 3, 2018
OPERATING ACTIVITIES:
Net cash provided by operating activities
$
145,737
$
94,410
INVESTING ACTIVITIES:
Purchases of property and equipment
(37,354
)
(35,244
)
Disposals of property and equipment
636
—
Capitalized software
(4,893
)
(3,505
)
Acquisition of Blowfish Malibu, net of cash received
—
(17,284
)
Acquisition of Vionic, net of cash received
—
(344,942
)
Net cash used for investing activities
(41,611
)
(400,975
)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement
237,000
360,000
Repayments under revolving credit agreement
(277,000
)
(10,000
)
Dividends paid
(8,631
)
(9,059
)
Acquisition of treasury stock
(31,168
)
(3,288
)
Issuance of common stock under share-based plans, net
(2,605
)
(4,318
)
Contributions by noncontrolling interests
1,500
—
Other
(1,022
)
(114
)
Net cash (used for) provided by financing activities
(81,926
)
333,221
Effect of exchange rate changes on cash and cash equivalents
102
(212
)
Increase in cash and cash equivalents
22,302
26,444
Cash and cash equivalents at beginning of period
30,200
64,047
Cash and cash equivalents at end of period
$
52,502
$
90,491
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)
Thirteen Weeks Ended
November 2, 2019
November 3, 2018
(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
$
27,987
$
0.69
$
29,153
$
0.67
Charges/other items:
Vionic acquisition and integration-related costs
$
969
719
0.02
$
5,022
4,170
0.10
Fair value adjustment to Blowfish purchase obligation
3,883
2,884
0.07
—
—
—
Blowfish Malibu acquisition and integration-related costs
—
—
—
1,000
743
0.02
Acquisition, integration and reorganization of men's brands
—
—
—
1,164
864
0.02
Total charges/other items
$
4,852
$
3,603
$
0.09
$
7,186
$
5,777
$
0.14
Adjusted earnings
$
31,590
$
0.78
$
34,930
$
0.81
(Unaudited)
Thirty-Nine Weeks Ended
November 2, 2019
November 3, 2018
(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
$
62,411
$
1.51
$
70,011
$
1.62
Charges/other items:
Vionic acquisition and integration-related costs
$
7,696
5,714
0.14
$
5,022
4,170
0.10
Fair value adjustment to Blowfish purchase obligation
3,883
2,884
0.07
—
—
—
Brand Portfolio - business exits
1,905
1,415
0.03
—
—
—
Blowfish Malibu acquisition-related costs
—
—
—
1,778
1,319
0.03
Acquisition, integration and reorganization of men's brands
—
—
—
4,826
3,573
0.08
Total charges/other items
$
13,484
$
10,013
$
0.24
$
11,626
$
9,062
$
0.21
Adjusted earnings
$
72,424
$
1.75
$
79,073
$
1.83
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
(Thousands)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Net sales
$
446,583
$
448,765
$
359,863
$
343,032
$
(14,071
)
$
(15,968
)
$
792,375
$
775,829
Gross profit
183,267
182,487
133,761
126,558
2,742
1,565
319,770
310,610
Adjusted gross profit
183,267
182,487
133,761
128,404
2,742
1,565
319,770
312,456
Gross profit rate
41.0
%
40.7
%
37.2
%
36.9
%
(19.5
)%
(9.8
)%
40.4
%
40.0
%
Adjusted gross profit rate
41.0
%
40.7
%
37.2
%
37.4
%
(19.5
)%
(9.8
)%
40.4
%
40.3
%
Operating earnings (loss)
27,681
24,414
19,398
25,114
(3,608
)
(9,780
)
43,471
39,748
Adjusted operating earnings (loss)
27,681
24,414
19,398
28,015
(2,639
)
(5,495
)
44,440
46,934
Operating earnings %
6.2
%
5.4
%
5.4
%
7.3
%
25.6
%
61.2
%
5.5
%
5.1
%
Adjusted operating earnings %
6.2
%
5.4
%
5.4
%
8.2
%
18.8
%
34.4
%
5.6
%
6.0
%
Same-store sales % (on a 13-week basis)
2.5
%
2.8
%
(5.1
)%
1.7
%
—
%
—
%
—
%
—
%
Number of stores
960
1,007
232
232
—
—
1,192
1,239
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
(Thousands)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Gross profit
$
183,267
$
182,487
$
133,761
$
126,558
$
2,742
$
1,565
$
319,770
$
310,610
Charges/Other Items:
Blowfish Malibu acquisition-related costs
—
—
—
932
—
—
—
932
Vionic acquisition-related costs
—
—
—
914
—
—
—
914
Total charges/other items
—
—
—
1,846
—
—
—
1,846
Adjusted gross profit
$
183,267
$
182,487
$
133,761
$
128,404
$
2,742
$
1,565
$
319,770
$
312,456
Operating earnings (loss)
$
27,681
$
24,414
$
19,398
$
25,114
$
(3,608
)
$
(9,780
)
$
43,471
$
39,748
Charges/Other Items:
Blowfish Malibu acquisition-related costs
—
—
—
932
—
68
—
1,000
Vionic acquisition and integration-related costs
—
—
—
914
969
4,108
969
5,022
Acquisition, integration and reorganization of men's brands
—
—
—
1,055
—
109
—
1,164
Total charges/other items
—
—
—
2,901
969
4,285
969
7,186
Adjusted operating earnings (loss)
$
27,681
$
24,414
$
19,398
$
28,015
$
(2,639
)
$
(5,495
)
$
44,440
$
46,934
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
(Thousands)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Net sales
$
1,218,589
$
1,241,648
$
1,060,488
$
931,550
$
(56,463
)
$
(58,615
)
$
2,222,614
$
2,114,583
Gross profit
518,261
534,802
385,461
343,707
1,828
124
905,550
878,633
Adjusted gross profit
518,261
534,802
392,628
346,094
1,828
124
912,717
881,020
Gross profit rate
42.5
%
43.1
%
36.3
%
36.9
%
(3.2
)%
(0.2
)%
40.7
%
41.6
%
Adjusted gross profit rate
42.5
%
43.1
%
37.0
%
37.2
%
(3.2
)%
(0.2
)%
41.1
%
41.7
%
Operating earnings (loss)
70,036
79,511
46,225
52,650
(18,117
)
(37,324
)
98,144
94,837
Adjusted operating earnings (loss)
70,036
79,511
54,019
59,473
(16,310
)
(32,521
)
107,745
106,463
Operating earnings %
5.7
%
6.4
%
4.4
%
5.7
%
32.1
%
63.7
%
4.4
%
4.5
%
Adjusted operating earnings %
5.7
%
6.4
%
5.1
%
6.4
%
28.9
%
55.5
%
4.8
%
5.0
%
Same-store sales % (on a 39-week basis)
1.1
%
1.7
%
(7.6
)%
(0.2
)%
—
%
—
%
—
%
—
%
Number of stores
960
1,007
232
232
—
—
1,192
1,239
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
(Thousands)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Gross profit
$
518,261
$
534,802
$
385,461
$
343,707
$
1,828
$
124
$
905,550
$
878,633
Charges/Other Items:
Vionic acquisition and integration-related costs
—
—
5,812
914
—
—
5,812
914
Brand Portfolio - business exits
—
—
1,355
—
—
—
1,355
—
Blowfish Malibu acquisition-related costs
—
—
—
1,473
—
—
—
1,473
Total charges/other items
—
—
7,167
2,387
—
—
7,167
2,387
Adjusted gross profit
$
518,261
$
534,802
$
392,628
$
346,094
$
1,828
$
124
$
912,717
$
881,020
Operating earnings (loss)
$
70,036
$
79,511
$
46,225
$
52,650
$
(18,117
)
$
(37,324
)
$
98,144
$
94,837
Charges/Other Items:
Vionic acquisition and integration-related costs
—
—
5,889
914
1,807
4,108
7,696
5,022
Brand Portfolio - business exits
—
—
1,905
—
—
—
1,905
—
Blowfish Malibu acquisition-related costs
—
—
—
1,473
—
305
—
1,778
Acquisition, integration and reorganization of men's brands
—
—
—
4,436
—
390
—
4,826
Total charges/other items
—
—
7,794
6,823
1,807
4,803
9,601
11,626
Adjusted operating earnings (loss)
$
70,036
$
79,511
$
54,019
$
59,473
$
(16,310
)
$
(32,521
)
$
107,745
$
106,463
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
(Thousands, except per share data)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Net earnings attributable to Caleres, Inc.:
Net earnings
$
27,761
$
29,155
$
62,073
$
69,946
Net loss (earnings) attributable to noncontrolling interests
226
(2
)
338
65
Net earnings attributable to Caleres, Inc.
27,987
29,153
62,411
70,011
Net earnings allocated to participating securities
(946
)
(800
)
(2,042
)
(1,950
)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
27,041
28,353
$
60,369
$
68,061
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
39,258
41,999
39,983
41,958
Dilutive effect of share-based awards
55
107
57
116
Diluted common shares attributable to Caleres, Inc.
39,313
42,106
40,040
42,074
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
0.69
$
0.68
$
1.51
$
1.62
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
0.69
$
0.67
$
1.51
$
1.62
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
(Thousands, except per share data)
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
Adjusted net earnings attributable to Caleres, Inc.:
Adjusted net earnings
$
31,364
$
34,932
$
72,086
$
79,008
Net loss (earnings) attributable to noncontrolling interests
226
(2
)
338
65
Adjusted net earnings attributable to Caleres, Inc.
31,590
34,930
72,424
79,073
Net earnings allocated to participating securities
(1,070
)
(961
)
(2,376
)
(2,204
)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
30,520
33,969
$
70,048
$
76,869
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
39,258
41,999
39,983
41,958
Dilutive effect of share-based awards
55
107
57
116
Diluted common shares attributable to Caleres, Inc.
39,313
42,106
40,040
42,074
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.78
$
0.81
$
1.75
$
1.83
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.78
$
0.81
$
1.75
$
1.83
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND ADJUSTED EBITDA (NON-GAAP METRICS)
(Unaudited)
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
November 2, 2019
November 3, 2018
November 2, 2019
November 3, 2018
(in 000's)
EBITDA
Net earnings attributable to Caleres, Inc.
$
27,987
$
29,153
$
62,411
$
70,011
Income tax provision
7,784
9,468
18,685
22,651
Interest expense, net
10,559
4,210
25,288
11,495
Depreciation and amortization (1)
16,238
15,831
49,012
45,351
EBITDA
$
62,568
$
58,662
$
155,396
$
149,508
EBITDA margin
7.9
%
7.6
%
7.0
%
7.1
%
Adjusted EBITDA
Adjusted net earnings attributable to Caleres, Inc.
$
31,590
$
34,930
$
72,424
$
79,073
Income tax provision
9,033
10,877
22,156
25,215
Interest expense, net
6,676
4,210
21,405
11,495
Depreciation and amortization (1)
16,238
15,831
49,012
45,351
Adjusted EBITDA
$
63,537
$
65,848
$
164,997
$
161,134
Adjusted EBITDA margin
8.0
%
8.5
%
7.4
%
7.6
%
(1) Includes depreciation and amortization of capitalized software and intangible assets
View source version on businesswire.com: https://www.businesswire.com/news/home/20191125005779/en/
Ken Hannah khannah@caleres.com Jo Ann Stoda jstoda@caleres.com
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