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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 | |
---|---|---|---|---|---|---|---|---|
0.56 | 1.53% | 37.13 | 37.505 | 36.80 | 37.17 | 111,284 | 19:55:55 |
|
[X]
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
May 5, 2018
|
|
|
[ ]
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________ to _____________
|
CALERES, INC.
(
Exact name of registrant as specified in its charter)
|
|
|
|
New York
(State or other jurisdiction
of incorporation or organization)
|
43-0197190
(IRS Employer Identification Number)
|
|
|
8300 Maryland Avenue
St. Louis, Missouri
(Address of principal executive offices)
|
63105
(Zip Code)
|
(314) 854-4000
(Registrant's telephone number, including area code)
|
|
|
|
Large accelerated filer
þ
|
Accelerated filer
¨
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
¨
|
|
Emerging growth company
¨
|
INDEX
|
|
PART I
|
|
Page
|
Item 1
|
||
Item 2
|
||
Item 3
|
||
Item 4
|
||
|
|
|
PART II
|
|
|
Item 1
|
||
Item 1A
|
||
Item 2
|
||
Item 3
|
||
Item 4
|
||
Item 5
|
||
Item 6
|
||
|
PART I
|
FINANCIAL INFORMATION
|
ITEM 1
|
FINANCIAL STATEMENTS
|
CALERES, INC.
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
||||||
|
(Unaudited)
|
|
|
|
|||||||
($ thousands)
|
May 5, 2018
|
|
|
April 29, 2017
|
|
|
February 3, 2018
|
|
|||
Assets
|
|
|
|
|
|
|
|||||
Current assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
96,481
|
|
|
$
|
71,816
|
|
|
$
|
64,047
|
|
Receivables, net
|
125,559
|
|
|
107,021
|
|
|
152,613
|
|
|||
Inventories, net
|
579,902
|
|
|
565,051
|
|
|
569,379
|
|
|||
Prepaid expenses and other current assets
|
62,385
|
|
|
38,318
|
|
|
60,750
|
|
|||
Total current assets
|
864,327
|
|
|
782,206
|
|
|
846,789
|
|
|||
|
|
|
|
|
|
||||||
Other assets
|
88,941
|
|
|
67,289
|
|
|
90,659
|
|
|||
Goodwill
|
127,081
|
|
|
127,081
|
|
|
127,081
|
|
|||
Intangible assets, net
|
212,819
|
|
|
215,127
|
|
|
212,087
|
|
|||
Property and equipment
|
542,927
|
|
|
533,421
|
|
|
542,812
|
|
|||
Allowance for depreciation
|
(334,029
|
)
|
|
(315,567
|
)
|
|
(330,013
|
)
|
|||
Property and equipment, net
|
208,898
|
|
|
217,854
|
|
|
212,799
|
|
|||
Total assets
|
$
|
1,502,066
|
|
|
$
|
1,409,557
|
|
|
$
|
1,489,415
|
|
|
|
|
|
|
|
||||||
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||
Borrowings under revolving credit agreement
|
$
|
—
|
|
|
$
|
85,000
|
|
|
$
|
—
|
|
Trade accounts payable
|
268,917
|
|
|
225,032
|
|
|
272,962
|
|
|||
Other accrued expenses
|
168,746
|
|
|
146,315
|
|
|
157,197
|
|
|||
Total current liabilities
|
437,663
|
|
|
456,347
|
|
|
430,159
|
|
|||
|
|
|
|
|
|
||||||
Other liabilities:
|
|
|
|
|
|
|
|
|
|||
Long-term debt
|
197,587
|
|
|
197,118
|
|
|
197,472
|
|
|||
Deferred rent
|
53,027
|
|
|
50,881
|
|
|
53,071
|
|
|||
Other liabilities
|
99,651
|
|
|
83,478
|
|
|
89,751
|
|
|||
Total other liabilities
|
350,265
|
|
|
331,477
|
|
|
340,294
|
|
|||
|
|
|
|
|
|
||||||
Equity:
|
|
|
|
|
|
|
|
|
|||
Common stock
|
432
|
|
|
430
|
|
|
430
|
|
|||
Additional paid-in capital
|
136,909
|
|
|
121,826
|
|
|
136,460
|
|
|||
Accumulated other comprehensive loss
|
(16,065
|
)
|
|
(29,778
|
)
|
|
(15,170
|
)
|
|||
Retained earnings
|
591,429
|
|
|
527,909
|
|
|
595,769
|
|
|||
Total Caleres, Inc. shareholders’ equity
|
712,705
|
|
|
620,387
|
|
|
717,489
|
|
|||
Noncontrolling interests
|
1,433
|
|
|
1,346
|
|
|
1,473
|
|
|||
Total equity
|
714,138
|
|
|
621,733
|
|
|
718,962
|
|
|||
Total liabilities and equity
|
$
|
1,502,066
|
|
|
$
|
1,409,557
|
|
|
$
|
1,489,415
|
|
CALERES, INC.
|
|
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
|
||||||
|
|
|
||||
|
(Unaudited)
|
|||||
|
Thirteen Weeks Ended
|
|||||
($ thousands, except per share amounts)
|
May 5, 2018
|
|
April 29, 2017
|
|
||
Net sales
|
$
|
632,142
|
|
$
|
631,509
|
|
Cost of goods sold
|
357,221
|
|
360,601
|
|
||
Gross profit
|
274,921
|
|
270,908
|
|
||
Selling and administrative expenses
|
250,197
|
|
246,511
|
|
||
Restructuring and other special charges, net
|
1,778
|
|
1,108
|
|
||
Operating earnings
|
22,946
|
|
23,289
|
|
||
Interest expense, net
|
(3,683
|
)
|
(4,809
|
)
|
||
Other income, net
|
3,091
|
|
2,436
|
|
||
Earnings before income taxes
|
22,354
|
|
20,916
|
|
||
Income tax provision
|
(5,174
|
)
|
(6,032
|
)
|
||
Net earnings
|
17,180
|
|
14,884
|
|
||
Net loss attributable to noncontrolling interests
|
(32
|
)
|
(18
|
)
|
||
Net earnings attributable to Caleres, Inc.
|
$
|
17,212
|
|
$
|
14,902
|
|
|
|
|
|
|
||
Basic earnings per common share attributable to Caleres, Inc. shareholders
|
$
|
0.40
|
|
$
|
0.35
|
|
|
|
|
|
|
||
Diluted earnings per common share attributable to Caleres, Inc. shareholders
|
$
|
0.40
|
|
$
|
0.35
|
|
|
|
|
|
|
||
Dividends per common share
|
$
|
0.07
|
|
$
|
0.07
|
|
CALERES, INC.
|
|
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||
|
|
|||||
|
(Unaudited)
|
|||||
|
Thirteen Weeks Ended
|
|||||
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
||
Net earnings
|
$
|
17,180
|
|
$
|
14,884
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
||
Foreign currency translation adjustment
|
(808
|
)
|
(540
|
)
|
||
Pension and other postretirement benefits adjustments
|
434
|
|
418
|
|
||
Derivative financial instruments
|
(521
|
)
|
778
|
|
||
Other comprehensive (loss) income, net of tax
|
(895
|
)
|
656
|
|
||
Comprehensive income
|
16,285
|
|
15,540
|
|
||
Comprehensive loss attributable to noncontrolling interests
|
(40
|
)
|
(23
|
)
|
||
Comprehensive income attributable to Caleres, Inc.
|
$
|
16,325
|
|
$
|
15,563
|
|
CALERES, INC.
|
|
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
||||
|
(Unaudited)
|
|||||
|
Thirteen Weeks Ended
|
|||||
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
||
Operating Activities
|
|
|
|
|||
Net earnings
|
$
|
17,180
|
|
$
|
14,884
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
||
Depreciation
|
11,064
|
|
11,156
|
|
||
Amortization of capitalized software
|
2,684
|
|
3,560
|
|
||
Amortization of intangible assets
|
1,037
|
|
1,033
|
|
||
Amortization of debt issuance costs and debt discount
|
432
|
|
432
|
|
||
Share-based compensation expense
|
3,575
|
|
2,711
|
|
||
Loss on disposal of property and equipment
|
284
|
|
130
|
|
||
Impairment charges for property and equipment
|
468
|
|
949
|
|
||
Deferred rent
|
(44
|
)
|
(243
|
)
|
||
Provision for doubtful accounts
|
342
|
|
91
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||
Receivables
|
26,652
|
|
46,002
|
|
||
Inventories
|
(11,264
|
)
|
20,515
|
|
||
Prepaid expenses and other current and noncurrent assets
|
(3,407
|
)
|
11,014
|
|
||
Trade accounts payable
|
(3,774
|
)
|
(41,142
|
)
|
||
Accrued expenses and other liabilities
|
6,443
|
|
(5,836
|
)
|
||
Other, net
|
(325
|
)
|
128
|
|
||
Net cash provided by operating activities
|
51,347
|
|
65,384
|
|
||
|
|
|
||||
Investing Activities
|
|
|
|
|
||
Purchases of property and equipment
|
(7,929
|
)
|
(10,978
|
)
|
||
Capitalized software
|
(1,434
|
)
|
(1,390
|
)
|
||
Net cash used for investing activities
|
(9,363
|
)
|
(12,368
|
)
|
||
|
|
|
||||
Financing Activities
|
|
|
|
|
||
Borrowings under revolving credit agreement
|
—
|
|
195,000
|
|
||
Repayments under revolving credit agreement
|
—
|
|
(220,000
|
)
|
||
Dividends paid
|
(3,023
|
)
|
(3,025
|
)
|
||
Acquisition of treasury stock
|
(3,288
|
)
|
(5,993
|
)
|
||
Issuance of common stock under share-based plans, net
|
(3,122
|
)
|
(2,422
|
)
|
||
Net cash used for financing activities
|
(9,433
|
)
|
(36,440
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(117
|
)
|
(92
|
)
|
||
Increase in cash and cash equivalents
|
32,434
|
|
16,484
|
|
||
Cash and cash equivalents at beginning of period
|
64,047
|
|
55,332
|
|
||
Cash and cash equivalents at end of period
|
$
|
96,481
|
|
$
|
71,816
|
|
Note 1
|
Basis of Presentation
|
Note 2
|
Impact of New Accounting Pronouncements
|
Note 3
|
Revenues
|
|
|
May 5, 2018
|
||||||||||
($ thousands)
|
|
As reported
|
|
Balances without adoption of Topic 606
|
|
Effect of change
Higher/(Lower)
|
||||||
|
|
|
|
|
|
|
||||||
Balance sheet
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
||||||
Receivables, net
|
|
$
|
125,559
|
|
|
$
|
120,995
|
|
|
$
|
4,564
|
|
Inventories, net
|
|
579,902
|
|
|
584,852
|
|
|
(4,950
|
)
|
|||
Prepaid expenses and other current assets
|
|
62,385
|
|
|
55,756
|
|
|
6,629
|
|
|||
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Other accrued expenses
|
|
168,746
|
|
|
157,627
|
|
|
11,119
|
|
|||
|
|
|
|
|
|
|
||||||
Equity
|
|
|
|
|
|
|
||||||
Retained earnings
|
|
591,429
|
|
|
596,305
|
|
|
(4,876
|
)
|
|
|
For the Thirteen Weeks Ended May 5, 2018
|
||||||||||
($ thousands)
|
|
As reported
|
|
Balances without the adoption of Topic 606
|
|
Effect of change
(Lower)/Higher
|
||||||
|
|
|
|
|
|
|
||||||
Statement of Earnings
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
632,142
|
|
|
$
|
633,263
|
|
|
$
|
(1,121
|
)
|
Cost of goods sold
|
|
357,221
|
|
|
357,213
|
|
|
8
|
|
|||
Gross profit
|
|
274,921
|
|
|
276,050
|
|
|
(1,129
|
)
|
|||
Selling and administrative expenses
|
|
250,197
|
|
|
251,129
|
|
|
(932
|
)
|
|||
Restructuring and other special charges, net
|
|
1,778
|
|
|
1,778
|
|
|
—
|
|
|||
Operating earnings
|
|
$
|
22,946
|
|
|
$
|
23,143
|
|
|
$
|
(197
|
)
|
($ thousands)
|
|
Famous Footwear
|
|
Brand Portfolio
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Retail stores
|
|
$
|
338,256
|
|
|
$
|
42,784
|
|
|
$
|
381,040
|
|
Landed wholesale
|
|
—
|
|
|
167,810
|
|
|
167,810
|
|
|||
First-cost wholesale
|
|
—
|
|
|
13,405
|
|
|
13,405
|
|
|||
E-commerce
|
|
25,014
|
|
|
40,950
|
|
|
65,964
|
|
|||
Licensing and royalty
|
|
—
|
|
|
3,712
|
|
|
3,712
|
|
|||
Other
(1)
|
|
141
|
|
|
70
|
|
|
211
|
|
|||
Net sales
|
|
$
|
363,411
|
|
|
$
|
268,731
|
|
|
$
|
632,142
|
|
(1)
Includes breakage revenue from unredeemed gift cards
|
($ thousands)
|
May 5, 2018
|
|
|
February 3, 2018
|
|
||
Customer allowances and discounts
|
$
|
19,416
|
|
|
$
|
20,259
|
|
Rewards program liability
|
14,920
|
|
|
8,130
|
|
||
Returns reserve
|
12,606
|
|
|
8,332
|
|
||
Gift card liability
|
4,661
|
|
|
5,509
|
|
Note 4
|
Earnings Per Share
|
|
Thirteen Weeks Ended
|
|||||
($ thousands, except per share amounts)
|
May 5, 2018
|
|
April 29, 2017
|
|
||
NUMERATOR
|
|
|
|
|
||
Net earnings
|
$
|
17,180
|
|
$
|
14,884
|
|
Net loss attributable to noncontrolling interests
|
32
|
|
18
|
|
||
Net earnings allocated to participating securities
|
(479
|
)
|
(408
|
)
|
||
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
|
16,733
|
|
14,494
|
|
||
|
|
|
||||
DENOMINATOR
|
|
|
|
|
||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders
|
41,910
|
|
41,832
|
|
||
Dilutive effect of share-based awards
|
124
|
|
169
|
|
||
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders
|
42,034
|
|
42,001
|
|
||
|
|
|
||||
Basic earnings per common share attributable to Caleres, Inc. shareholders
|
$
|
0.40
|
|
$
|
0.35
|
|
|
|
|
||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders
|
$
|
0.40
|
|
$
|
0.35
|
|
Note
5
|
Restructuring and Other Initiatives
|
Note 6
|
Business Segment Information
|
|
Famous Footwear
|
Brand Portfolio
|
|
|
||||||||
($ thousands)
|
Other
|
Total
|
||||||||||
Thirteen Weeks Ended May 5, 2018
|
||||||||||||
External sales
|
$
|
363,411
|
|
$
|
268,731
|
|
$
|
—
|
|
$
|
632,142
|
|
Intersegment sales
|
—
|
|
14,766
|
|
—
|
|
14,766
|
|
||||
Operating earnings (loss)
|
21,857
|
|
12,486
|
|
(11,397
|
)
|
22,946
|
|
||||
Segment assets
|
555,448
|
|
745,460
|
|
201,158
|
|
1,502,066
|
|
||||
|
|
|
|
|
||||||||
Thirteen Weeks Ended April 29, 2017
|
||||||||||||
External sales
|
$
|
366,494
|
|
$
|
265,015
|
|
$
|
—
|
|
$
|
631,509
|
|
Intersegment sales
|
—
|
|
14,700
|
|
—
|
|
14,700
|
|
||||
Operating earnings (loss)
|
20,279
|
|
13,314
|
|
(10,304
|
)
|
23,289
|
|
||||
Segment assets
|
540,417
|
|
743,256
|
|
125,884
|
|
1,409,557
|
|
|
Thirteen Weeks Ended
|
|||||
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
||
Operating earnings
|
$
|
22,946
|
|
$
|
23,289
|
|
Interest expense, net
|
(3,683
|
)
|
(4,809
|
)
|
||
Other income, net
|
3,091
|
|
2,436
|
|
||
Earnings before income taxes
|
$
|
22,354
|
|
$
|
20,916
|
|
Note
7
|
Inventories
|
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
February 3, 2018
|
|
|||
Raw materials
|
$
|
15,554
|
|
$
|
15,114
|
|
$
|
17,531
|
|
Work-in-process
|
708
|
|
863
|
|
689
|
|
|||
Finished goods
|
563,640
|
|
549,074
|
|
551,159
|
|
|||
Inventories, net
|
$
|
579,902
|
|
$
|
565,051
|
|
$
|
569,379
|
|
Note
8
|
Goodwill and Intangible Assets
|
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
February 3, 2018
|
|
|||
Intangible Assets
|
|
|
|
|
|
|
|||
Famous Footwear
|
$
|
2,800
|
|
$
|
2,800
|
|
$
|
2,800
|
|
Brand Portfolio
|
285,988
|
|
285,988
|
|
285,988
|
|
|||
Other
|
1,769
|
|
—
|
|
—
|
|
|||
Total intangible assets
|
290,557
|
|
288,788
|
|
288,788
|
|
|||
Accumulated amortization
|
(77,738
|
)
|
(73,661
|
)
|
(76,701
|
)
|
|||
Total intangible assets, net
|
212,819
|
|
215,127
|
|
212,087
|
|
|||
Goodwill
|
|
|
|
|
|
|
|||
Brand Portfolio
|
127,081
|
|
127,081
|
|
127,081
|
|
|||
Total goodwill
|
127,081
|
|
127,081
|
|
127,081
|
|
|||
Goodwill and intangible assets, net
|
$
|
339,900
|
|
$
|
342,208
|
|
$
|
339,168
|
|
($ thousands)
|
|
|
|
May 5, 2018
|
||||||||||
|
|
Estimated Useful Lives
|
|
Original Cost
|
|
|
Accumulated Amortization
|
|
|
Net Carrying Value
|
|
|||
Trademarks
|
|
15-40 years
|
|
$
|
165,288
|
|
|
$
|
77,219
|
|
|
$
|
88,069
|
|
Trademarks
|
|
Indefinite
|
|
118,100
|
|
|
—
|
|
|
118,100
|
|
|||
Customer relationships
|
|
15 years
|
|
5,400
|
|
|
495
|
|
|
4,905
|
|
|||
Software licenses
|
|
5 years
|
|
1,769
|
|
|
24
|
|
|
1,745
|
|
|||
|
|
|
|
$
|
290,557
|
|
|
$
|
77,738
|
|
|
$
|
212,819
|
|
|
|
|
|
April 29, 2017
|
||||||||||
|
|
Estimated Useful Lives
|
|
Original Cost
|
|
|
Accumulated Amortization
|
|
|
Net Carrying Value
|
|
|||
Trademarks
|
|
15-40 years
|
|
$
|
165,288
|
|
|
$
|
73,526
|
|
|
$
|
91,762
|
|
Trademarks
|
|
Indefinite
|
|
118,100
|
|
|
—
|
|
|
118,100
|
|
|||
Customer relationships
|
|
15 years
|
|
5,400
|
|
|
135
|
|
|
5,265
|
|
|||
|
|
|
|
$
|
288,788
|
|
|
$
|
73,661
|
|
|
$
|
215,127
|
|
|
|
|
|
February 3, 2018
|
||||||||||
|
|
Estimated Useful Lives
|
|
Original Cost
|
|
|
Accumulated Amortization
|
|
|
Net Carrying Value
|
|
|||
Trademarks
|
|
15-40 years
|
|
$
|
165,288
|
|
|
$
|
76,296
|
|
|
$
|
88,992
|
|
Trademarks
|
|
Indefinite
|
|
118,100
|
|
|
—
|
|
|
118,100
|
|
|||
Customer relationships
|
|
15 years
|
|
5,400
|
|
|
405
|
|
|
4,995
|
|
|||
|
|
|
|
$
|
288,788
|
|
|
$
|
76,701
|
|
|
$
|
212,087
|
|
Note
9
|
Shareholders’ Equity
|
($ thousands)
|
Caleres, Inc. Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|
|||
Equity at February 3, 2018
|
$
|
717,489
|
|
$
|
1,473
|
|
$
|
718,962
|
|
Net earnings (loss)
|
17,212
|
|
(32
|
)
|
17,180
|
|
|||
Other comprehensive loss
|
(895
|
)
|
(8
|
)
|
(903
|
)
|
|||
Dividends paid
|
(3,023
|
)
|
—
|
|
(3,023
|
)
|
|||
Acquisition of treasury stock
|
(3,288
|
)
|
—
|
|
(3,288
|
)
|
|||
Issuance of common stock under share-based plans, net
|
(3,122
|
)
|
—
|
|
(3,122
|
)
|
|||
Cumulative-effect adjustment from adoption of ASU 2016-16
|
(10,468
|
)
|
—
|
|
(10,468
|
)
|
|||
Cumulative-effect adjustment from adoption of ASU 2014-09 (Topic 606)
|
(4,775
|
)
|
—
|
|
(4,775
|
)
|
|||
Share-based compensation expense
|
3,575
|
|
—
|
|
3,575
|
|
|||
Equity at May 5, 2018
|
$
|
712,705
|
|
$
|
1,433
|
|
$
|
714,138
|
|
($ thousands)
|
Caleres, Inc. Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|
|||
Equity at January 28, 2017
|
$
|
613,117
|
|
$
|
1,369
|
|
$
|
614,486
|
|
Net earnings (loss)
|
14,902
|
|
(18
|
)
|
14,884
|
|
|||
Other comprehensive income (loss)
|
656
|
|
(5
|
)
|
651
|
|
|||
Dividends paid
|
(3,025
|
)
|
—
|
|
(3,025
|
)
|
|||
Acquisition of treasury stock
|
(5,993
|
)
|
—
|
|
(5,993
|
)
|
|||
Issuance of common stock under share-based plans, net
|
(2,422
|
)
|
—
|
|
(2,422
|
)
|
|||
Cumulative-effect adjustment from adoption of ASU 2016-09
|
441
|
|
—
|
|
441
|
|
|||
Share-based compensation expense
|
2,711
|
|
—
|
|
2,711
|
|
|||
Equity at April 29, 2017
|
$
|
620,387
|
|
$
|
1,346
|
|
$
|
621,733
|
|
($ thousands)
|
Foreign Currency Translation
|
|
Pension and Other Postretirement Transactions
(1)
|
|
Derivative Financial Instrument Transactions
(2)
|
|
Accumulated Other Comprehensive (Loss) Income
|
|
||||
Balance at February 3, 2018
|
$
|
1,235
|
|
$
|
(17,172
|
)
|
$
|
767
|
|
$
|
(15,170
|
)
|
Other comprehensive (loss) income before reclassifications
|
(808
|
)
|
—
|
|
(408
|
)
|
(1,216
|
)
|
||||
Reclassifications:
|
|
|
|
|
|
|||||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
585
|
|
(145
|
)
|
440
|
|
||||
Tax (benefit) provision
|
—
|
|
(151
|
)
|
32
|
|
(119
|
)
|
||||
Net reclassifications
|
—
|
|
434
|
|
(113
|
)
|
321
|
|
||||
Other comprehensive (loss) income
|
(808
|
)
|
434
|
|
(521
|
)
|
(895
|
)
|
||||
Balance at May 5, 2018
|
$
|
427
|
|
$
|
(16,738
|
)
|
$
|
246
|
|
$
|
(16,065
|
)
|
|
|
|
|
|
||||||||
Balance at January 28, 2017
|
$
|
192
|
|
$
|
(30,084
|
)
|
$
|
(542
|
)
|
$
|
(30,434
|
)
|
Other comprehensive (loss) income before reclassifications
|
(540
|
)
|
—
|
|
753
|
|
213
|
|
||||
Reclassifications:
|
|
|
|
|
||||||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
679
|
|
47
|
|
726
|
|
||||
Tax benefit
|
—
|
|
(261
|
)
|
(22
|
)
|
(283
|
)
|
||||
Net reclassifications
|
—
|
|
418
|
|
25
|
|
443
|
|
||||
Other comprehensive (loss) income
|
(540
|
)
|
418
|
|
778
|
|
656
|
|
||||
Balance at April 29, 2017
|
$
|
(348
|
)
|
$
|
(29,666
|
)
|
$
|
236
|
|
$
|
(29,778
|
)
|
(1)
|
Amounts reclassified are included in other income, net. See Note 11 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits.
|
(2)
|
Amounts reclassified are included in net sales, costs of goods sold, selling and administrative expenses and interest expense, net. See Notes 12 and 13 to the condensed consolidated financial statements for additional information related to derivative financial instruments.
|
Note 10
|
Share-Based Compensation
|
|
Thirteen Weeks Ended
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
May 5, 2018
|
|
|
April 29, 2017
|
||||||||||
|
|
|
Weighted- Average Grant Date Fair Value
|
|
|
|
|
Weighted- Average Grant Date Fair Value
|
||||||
|
Total Number of Restricted Shares
|
|
|
|
Total Number of Restricted Shares
|
|
||||||||
|
|
|
|
|
||||||||||
February 3, 2018
|
1,174,801
|
|
|
$
|
27.92
|
|
|
January 28, 2017
|
1,128,049
|
|
|
$
|
25.85
|
|
Granted
|
294,691
|
|
|
31.77
|
|
|
Granted
|
351,820
|
|
|
26.90
|
|
||
Forfeited
|
(16,550
|
)
|
|
27.47
|
|
|
Forfeited
|
(12,500
|
)
|
|
26.63
|
|
||
Vested
|
(208,610
|
)
|
|
28.15
|
|
|
Vested
|
(250,035
|
)
|
|
17.00
|
|
||
May 5, 2018
|
1,244,332
|
|
|
$
|
28.80
|
|
|
April 29, 2017
|
1,217,334
|
|
|
$
|
27.96
|
|
|
Thirteen Weeks Ended
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
May 5, 2018
|
|
|
April 29, 2017
|
||||||||||
|
|
|
Weighted- Average Grant Date Fair Value
|
|
|
|
|
Weighted- Average Grant Date Fair Value
|
||||||
|
Total Number of Stock Options
|
|
|
|
Total Number of Stock Options
|
|
||||||||
|
|
|
|
|
||||||||||
February 3, 2018
|
81,042
|
|
|
$
|
6.28
|
|
|
January 28, 2017
|
150,540
|
|
|
$
|
9.36
|
|
Granted
|
—
|
|
|
—
|
|
|
Granted
|
—
|
|
|
—
|
|
||
Exercised
|
(16,500
|
)
|
|
4.02
|
|
|
Exercised
|
(6,000
|
)
|
|
5.57
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
Forfeited
|
—
|
|
|
—
|
|
||
Expired
|
(2,500
|
)
|
|
5.71
|
|
|
Expired
|
(47,248
|
)
|
|
15.94
|
|
||
May 5, 2018
|
62,042
|
|
|
$
|
6.90
|
|
|
April 29, 2017
|
97,292
|
|
|
$
|
6.39
|
|
Note
11
|
Retirement and Other Benefit Plans
|
|
Pension Benefits
|
Other Postretirement Benefits
|
||||||||||
|
Thirteen Weeks Ended
|
Thirteen Weeks Ended
|
||||||||||
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
May 5, 2018
|
|
April 29, 2017
|
|
||||
Service cost
|
$
|
2,382
|
|
$
|
2,467
|
|
$
|
—
|
|
$
|
—
|
|
Interest cost
|
3,541
|
|
3,747
|
|
15
|
|
18
|
|
||||
Expected return on assets
|
(7,232
|
)
|
(6,880
|
)
|
—
|
|
—
|
|
||||
Amortization of:
|
|
|
|
|
|
|
|
|
||||
Actuarial loss (gain)
|
1,013
|
|
1,152
|
|
(30
|
)
|
(38
|
)
|
||||
Prior service income
|
(398
|
)
|
(435
|
)
|
—
|
|
—
|
|
||||
Total net periodic benefit (income) cost
|
$
|
(694
|
)
|
$
|
51
|
|
$
|
(15
|
)
|
$
|
(20
|
)
|
Note 12
|
Risk Management and Derivatives
|
(U.S. $ equivalent in thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
February 3, 2018
|
|
|||
Financial Instruments
|
|
|
|
||||||
Euro
|
$
|
17,180
|
|
$
|
16,446
|
|
$
|
21,223
|
|
U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars)
|
14,828
|
|
20,813
|
|
16,874
|
|
|||
Chinese yuan
|
12,520
|
|
4,476
|
|
12,058
|
|
|||
New Taiwanese dollars
|
514
|
|
545
|
|
596
|
|
|||
United Arab Emirates dirham
|
—
|
|
528
|
|
—
|
|
|||
Japanese yen
|
—
|
|
416
|
|
—
|
|
|||
Other currencies
|
422
|
|
66
|
|
415
|
|
|||
Total financial instruments
|
$
|
45,464
|
|
$
|
43,290
|
|
$
|
51,166
|
|
|
Thirteen Weeks Ended
|
Thirteen Weeks Ended
|
||||||||||
($ thousands)
|
May 5, 2018
|
April 29, 2017
|
||||||||||
Foreign Exchange Forward Contracts:
Income Statement Classification (Losses) Gains - Realized
|
Loss Recognized in OCL on Derivatives
|
|
(Loss) Gain Reclassified from Accumulated OCL into Earnings
|
|
(Loss) Gain Recognized in OCL on Derivatives
|
|
Gain (Loss) Reclassified from Accumulated OCL into Earnings
|
|
||||
|
|
|
|
|
||||||||
Net sales
|
$
|
(25
|
)
|
$
|
—
|
|
$
|
(32
|
)
|
$
|
18
|
|
Cost of goods sold
|
(402
|
)
|
(92
|
)
|
793
|
|
3
|
|
||||
Selling and administrative expenses
|
(72
|
)
|
237
|
|
310
|
|
(67
|
)
|
||||
Interest expense, net
|
—
|
|
—
|
|
4
|
|
(1
|
)
|
|
|
|
|
|
Note 13
|
Fair Value Measurements
|
•
|
Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
|
•
|
Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and
|
•
|
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
|
|
|
|
|
Fair Value Measurements
|
|||||||||
($ thousands)
|
Total
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||
Asset (Liability)
|
|
|
|
|
|
|
|
|
|
||||
May 5, 2018:
|
|
|
|
|
|
||||||||
Cash equivalents – money market funds
|
$
|
76,335
|
|
|
$
|
76,335
|
|
$
|
—
|
|
$
|
—
|
|
Non-qualified deferred compensation plan assets
|
6,898
|
|
|
6,898
|
|
—
|
|
—
|
|
||||
Non-qualified deferred compensation plan liabilities
|
(6,898
|
)
|
|
(6,898
|
)
|
—
|
|
—
|
|
||||
Deferred compensation plan liabilities for non-employee directors
|
(2,563
|
)
|
|
(2,563
|
)
|
—
|
|
—
|
|
||||
Restricted stock units for non-employee directors
|
(5,011
|
)
|
|
(5,011
|
)
|
—
|
|
—
|
|
||||
Derivative financial instruments, net
|
199
|
|
|
—
|
|
199
|
|
—
|
|
||||
April 29, 2017:
|
|
|
|
|
|
||||||||
Cash equivalents – money market funds
|
$
|
43,531
|
|
|
$
|
43,531
|
|
$
|
—
|
|
$
|
—
|
|
Non-qualified deferred compensation plan assets
|
5,402
|
|
|
5,402
|
|
—
|
|
—
|
|
||||
Non-qualified deferred compensation plan liabilities
|
(5,402
|
)
|
|
(5,402
|
)
|
—
|
|
—
|
|
||||
Deferred compensation plan liabilities for non-employee directors
|
(2,189
|
)
|
|
(2,189
|
)
|
—
|
|
—
|
|
||||
Restricted stock units for non-employee directors
|
(9,276
|
)
|
|
(9,276
|
)
|
—
|
|
—
|
|
||||
Derivative financial instruments, net
|
423
|
|
|
—
|
|
423
|
|
—
|
|
||||
February 3, 2018:
|
|
|
|
|
|
||||||||
Cash equivalents – money market funds
|
$
|
53,106
|
|
|
$
|
53,106
|
|
$
|
—
|
|
$
|
—
|
|
Non-qualified deferred compensation plan assets
|
6,445
|
|
|
6,445
|
|
—
|
|
—
|
|
||||
Non-qualified deferred compensation plan liabilities
|
(6,445
|
)
|
|
(6,445
|
)
|
—
|
|
—
|
|
||||
Deferred compensation plan liabilities for non-employee directors
|
(2,289
|
)
|
|
(2,289
|
)
|
—
|
|
—
|
|
||||
Restricted stock units for non-employee directors
|
(4,343
|
)
|
|
(4,343
|
)
|
—
|
|
—
|
|
||||
Derivative financial instruments, net
|
998
|
|
|
—
|
|
998
|
|
—
|
|
|
Thirteen Weeks Ended
|
|||||
($ thousands)
|
May 5, 2018
|
|
April 29, 2017
|
|
||
Impairment Charges
|
|
|
||||
Famous Footwear
|
$
|
150
|
|
$
|
150
|
|
Brand Portfolio
|
318
|
|
799
|
|
||
Total impairment charges
|
$
|
468
|
|
$
|
949
|
|
|
May 5, 2018
|
|
April 29, 2017
|
|
February 3, 2018
|
||||||||||||||||||
|
Carrying
|
|
|
Fair
|
|
|
Carrying
|
|
|
Fair
|
|
|
Carrying
|
|
|
Fair
|
|
||||||
($ thousands)
|
Value
|
|
|
Value
|
|
|
Value
|
|
|
Value
|
|
|
Value
|
|
|
Value
|
|
||||||
Borrowings under revolving credit agreement
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,000
|
|
|
$
|
85,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
|
197,587
|
|
|
209,500
|
|
|
197,118
|
|
|
209,500
|
|
|
197,472
|
|
|
210,000
|
|
||||||
Total debt
|
$
|
197,587
|
|
|
$
|
209,500
|
|
|
$
|
282,118
|
|
|
$
|
294,500
|
|
|
$
|
197,472
|
|
|
$
|
210,000
|
|
Note 14
|
Income Taxes
|
Note 15
|
Commitments and Contingencies
|
Note 16
|
Financial Information for the Company and its Subsidiaries
|
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
|
|||||||||||||||
MAY 5, 2018
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
41,795
|
|
$
|
10,011
|
|
$
|
44,675
|
|
$
|
—
|
|
$
|
96,481
|
|
Receivables, net
|
113,763
|
|
2,721
|
|
9,075
|
|
—
|
|
125,559
|
|
|||||
Inventories, net
|
110,242
|
|
441,144
|
|
28,516
|
|
—
|
|
579,902
|
|
|||||
Prepaid expenses and other current assets
|
28,677
|
|
31,669
|
|
6,632
|
|
(4,593
|
)
|
62,385
|
|
|||||
Intercompany receivable – current
|
919
|
|
339
|
|
14,444
|
|
(15,702
|
)
|
—
|
|
|||||
Total current assets
|
295,396
|
|
485,884
|
|
103,342
|
|
(20,295
|
)
|
864,327
|
|
|||||
Other assets
|
75,242
|
|
12,937
|
|
762
|
|
—
|
|
88,941
|
|
|||||
Goodwill and intangible assets, net
|
112,298
|
|
40,937
|
|
186,665
|
|
—
|
|
339,900
|
|
|||||
Property and equipment, net
|
36,178
|
|
160,903
|
|
11,817
|
|
—
|
|
208,898
|
|
|||||
Investment in subsidiaries
|
1,341,505
|
|
—
|
|
(24,043
|
)
|
(1,317,462
|
)
|
—
|
|
|||||
Intercompany receivable – noncurrent
|
783,315
|
|
536,213
|
|
708,992
|
|
(2,028,520
|
)
|
—
|
|
|||||
Total assets
|
$
|
2,643,934
|
|
$
|
1,236,874
|
|
$
|
987,535
|
|
$
|
(3,366,277
|
)
|
$
|
1,502,066
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||
Trade accounts payable
|
$
|
99,013
|
|
$
|
150,288
|
|
$
|
19,616
|
|
$
|
—
|
|
$
|
268,917
|
|
Other accrued expenses
|
67,588
|
|
85,180
|
|
20,571
|
|
(4,593
|
)
|
168,746
|
|
|||||
Intercompany payable – current
|
5,467
|
|
—
|
|
10,235
|
|
(15,702
|
)
|
—
|
|
|||||
Total current liabilities
|
172,068
|
|
235,468
|
|
50,422
|
|
(20,295
|
)
|
437,663
|
|
|||||
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
197,587
|
|
—
|
|
—
|
|
—
|
|
197,587
|
|
|||||
Other liabilities
|
102,303
|
|
40,200
|
|
10,175
|
|
—
|
|
152,678
|
|
|||||
Intercompany payable – noncurrent
|
1,459,271
|
|
91,100
|
|
478,149
|
|
(2,028,520
|
)
|
—
|
|
|||||
Total other liabilities
|
1,759,161
|
|
131,300
|
|
488,324
|
|
(2,028,520
|
)
|
350,265
|
|
|||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|||||
Caleres, Inc. shareholders’ equity
|
712,705
|
|
870,106
|
|
447,356
|
|
(1,317,462
|
)
|
712,705
|
|
|||||
Noncontrolling interests
|
—
|
|
—
|
|
1,433
|
|
—
|
|
1,433
|
|
|||||
Total equity
|
712,705
|
|
870,106
|
|
448,789
|
|
(1,317,462
|
)
|
714,138
|
|
|||||
Total liabilities and equity
|
$
|
2,643,934
|
|
$
|
1,236,874
|
|
$
|
987,535
|
|
$
|
(3,366,277
|
)
|
$
|
1,502,066
|
|
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
|
|||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 5, 2018
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Net sales
|
$
|
199,260
|
|
$
|
445,695
|
|
$
|
37,392
|
|
$
|
(50,205
|
)
|
$
|
632,142
|
|
Cost of goods sold
|
134,594
|
|
247,799
|
|
17,867
|
|
(43,039
|
)
|
357,221
|
|
|||||
Gross profit
|
64,666
|
|
197,896
|
|
19,525
|
|
(7,166
|
)
|
274,921
|
|
|||||
Selling and administrative expenses
|
66,342
|
|
177,886
|
|
13,135
|
|
(7,166
|
)
|
250,197
|
|
|||||
Restructuring and other special charges, net
|
525
|
|
1,253
|
|
—
|
|
—
|
|
1,778
|
|
|||||
Operating (loss) earnings
|
(2,201
|
)
|
18,757
|
|
6,390
|
|
—
|
|
22,946
|
|
|||||
Interest (expense) income
|
(3,819
|
)
|
(12
|
)
|
148
|
|
—
|
|
(3,683
|
)
|
|||||
Other income (expense)
|
3,120
|
|
—
|
|
(29
|
)
|
—
|
|
3,091
|
|
|||||
Intercompany interest income (expense)
|
2,768
|
|
(2,799
|
)
|
31
|
|
—
|
|
—
|
|
|||||
(Loss) earnings before income taxes
|
(132
|
)
|
15,946
|
|
6,540
|
|
—
|
|
22,354
|
|
|||||
Income tax provision
|
(952
|
)
|
(3,302
|
)
|
(920
|
)
|
—
|
|
(5,174
|
)
|
|||||
Equity in earnings (loss) of subsidiaries, net of tax
|
18,296
|
|
—
|
|
(478
|
)
|
(17,818
|
)
|
—
|
|
|||||
Net earnings
|
17,212
|
|
12,644
|
|
5,142
|
|
(17,818
|
)
|
17,180
|
|
|||||
Less: Net loss attributable to noncontrolling interests
|
—
|
|
—
|
|
(32
|
)
|
—
|
|
(32
|
)
|
|||||
Net earnings attributable to Caleres, Inc.
|
$
|
17,212
|
|
$
|
12,644
|
|
$
|
5,174
|
|
$
|
(17,818
|
)
|
$
|
17,212
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
16,325
|
|
$
|
12,626
|
|
$
|
4,995
|
|
$
|
(17,661
|
)
|
$
|
16,285
|
|
Less: Comprehensive loss attributable to noncontrolling interests
|
—
|
|
—
|
|
(40
|
)
|
—
|
|
(40
|
)
|
|||||
Comprehensive income attributable to Caleres, Inc.
|
$
|
16,325
|
|
$
|
12,626
|
|
$
|
5,035
|
|
$
|
(17,661
|
)
|
$
|
16,325
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
|
|||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 5, 2018
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Net cash provided by operating activities
|
$
|
5,799
|
|
$
|
38,599
|
|
$
|
6,949
|
|
$
|
—
|
|
$
|
51,347
|
|
|
|
|
|
|
|
||||||||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchases of property and equipment
|
(3,095
|
)
|
(4,334
|
)
|
(500
|
)
|
—
|
|
(7,929
|
)
|
|||||
Capitalized software
|
(1,248
|
)
|
(186
|
)
|
—
|
|
—
|
|
(1,434
|
)
|
|||||
Intercompany investing
|
286
|
|
(286
|
)
|
—
|
|
—
|
|
—
|
|
|||||
Net cash used for investing activities
|
(4,057
|
)
|
(4,806
|
)
|
(500
|
)
|
—
|
|
(9,363
|
)
|
|||||
|
|
|
|
|
|
||||||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividends paid
|
(3,023
|
)
|
—
|
|
—
|
|
—
|
|
(3,023
|
)
|
|||||
Acquisition of treasury stock
|
(3,288
|
)
|
—
|
|
—
|
|
—
|
|
(3,288
|
)
|
|||||
Issuance of common stock under share-based plans, net
|
(3,122
|
)
|
—
|
|
—
|
|
—
|
|
(3,122
|
)
|
|||||
Intercompany financing
|
23,397
|
|
(23,782
|
)
|
385
|
|
—
|
|
—
|
|
|||||
Net cash provided by (used for) financing activities
|
13,964
|
|
(23,782
|
)
|
385
|
|
—
|
|
(9,433
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
—
|
|
(117
|
)
|
—
|
|
(117
|
)
|
|||||
Increase in cash and cash equivalents
|
15,706
|
|
10,011
|
|
6,717
|
|
—
|
|
32,434
|
|
|||||
Cash and cash equivalents at beginning of period
|
26,089
|
|
—
|
|
37,958
|
|
—
|
|
64,047
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
41,795
|
|
$
|
10,011
|
|
$
|
44,675
|
|
$
|
—
|
|
$
|
96,481
|
|
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
|
|||||||||||||||
APRIL 29, 2017
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
43,201
|
|
$
|
15,601
|
|
$
|
13,014
|
|
$
|
—
|
|
$
|
71,816
|
|
Receivables, net
|
90,121
|
|
3,705
|
|
13,195
|
|
—
|
|
107,021
|
|
|||||
Inventories, net
|
117,815
|
|
422,911
|
|
24,325
|
|
—
|
|
565,051
|
|
|||||
Prepaid expenses and other current assets
|
20,499
|
|
15,134
|
|
7,313
|
|
(4,628
|
)
|
38,318
|
|
|||||
Intercompany receivable – current
|
1,487
|
|
159
|
|
18,297
|
|
(19,943
|
)
|
—
|
|
|||||
Total current assets
|
273,123
|
|
457,510
|
|
76,144
|
|
(24,571
|
)
|
782,206
|
|
|||||
Other assets
|
51,823
|
|
14,631
|
|
835
|
|
—
|
|
67,289
|
|
|||||
Goodwill and intangible assets, net
|
112,777
|
|
218,707
|
|
10,724
|
|
—
|
|
342,208
|
|
|||||
Property and equipment, net
|
32,093
|
|
173,567
|
|
12,194
|
|
—
|
|
217,854
|
|
|||||
Investment in subsidiaries
|
1,370,854
|
|
—
|
|
(22,994
|
)
|
(1,347,860
|
)
|
—
|
|
|||||
Intercompany receivable – noncurrent
|
581,957
|
|
409,466
|
|
591,105
|
|
(1,582,528
|
)
|
—
|
|
|||||
Total assets
|
$
|
2,422,627
|
|
$
|
1,273,881
|
|
$
|
668,008
|
|
$
|
(2,954,959
|
)
|
$
|
1,409,557
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||
Borrowings under revolving credit agreement
|
$
|
85,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
85,000
|
|
Trade accounts payable
|
65,364
|
|
140,924
|
|
18,744
|
|
—
|
|
225,032
|
|
|||||
Other accrued expenses
|
57,359
|
|
78,302
|
|
15,282
|
|
(4,628
|
)
|
146,315
|
|
|||||
Intercompany payable – current
|
10,398
|
|
—
|
|
9,545
|
|
(19,943
|
)
|
—
|
|
|||||
Total current liabilities
|
218,121
|
|
219,226
|
|
43,571
|
|
(24,571
|
)
|
456,347
|
|
|||||
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
197,118
|
|
—
|
|
—
|
|
—
|
|
197,118
|
|
|||||
Other liabilities
|
90,110
|
|
40,223
|
|
4,026
|
|
—
|
|
134,359
|
|
|||||
Intercompany payable – noncurrent
|
1,296,891
|
|
80,188
|
|
205,449
|
|
(1,582,528
|
)
|
—
|
|
|||||
Total other liabilities
|
1,584,119
|
|
120,411
|
|
209,475
|
|
(1,582,528
|
)
|
331,477
|
|
|||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|||||
Caleres, Inc. shareholders’ equity
|
620,387
|
|
934,244
|
|
413,616
|
|
(1,347,860
|
)
|
620,387
|
|
|||||
Noncontrolling interests
|
—
|
|
—
|
|
1,346
|
|
—
|
|
1,346
|
|
|||||
Total equity
|
620,387
|
|
934,244
|
|
414,962
|
|
(1,347,860
|
)
|
621,733
|
|
|||||
Total liabilities and equity
|
$
|
2,422,627
|
|
$
|
1,273,881
|
|
$
|
668,008
|
|
$
|
(2,954,959
|
)
|
$
|
1,409,557
|
|
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
|
|||||||||||||||
FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Net sales
|
$
|
194,440
|
|
$
|
427,539
|
|
$
|
38,045
|
|
$
|
(28,515
|
)
|
$
|
631,509
|
|
Cost of goods sold
|
132,851
|
|
231,786
|
|
18,530
|
|
(22,566
|
)
|
360,601
|
|
|||||
Gross profit
|
61,589
|
|
195,753
|
|
19,515
|
|
(5,949
|
)
|
270,908
|
|
|||||
Selling and administrative expenses
|
54,869
|
|
182,347
|
|
15,244
|
|
(5,949
|
)
|
246,511
|
|
|||||
Restructuring and other special charges, net
|
1,108
|
|
—
|
|
—
|
|
—
|
|
1,108
|
|
|||||
Operating earnings
|
5,612
|
|
13,406
|
|
4,271
|
|
—
|
|
23,289
|
|
|||||
Interest (expense) income
|
(4,947
|
)
|
(9
|
)
|
147
|
|
—
|
|
(4,809
|
)
|
|||||
Other income (expense)
|
2,445
|
|
—
|
|
(9
|
)
|
—
|
|
2,436
|
|
|||||
Intercompany interest income (expense)
|
2,083
|
|
(2,324
|
)
|
241
|
|
—
|
|
—
|
|
|||||
Earnings before income taxes
|
5,193
|
|
11,073
|
|
4,650
|
|
—
|
|
20,916
|
|
|||||
Income tax provision
|
(1,087
|
)
|
(3,875
|
)
|
(1,070
|
)
|
—
|
|
(6,032
|
)
|
|||||
Equity in earnings (loss) of subsidiaries, net of tax
|
10,796
|
|
—
|
|
(1,048
|
)
|
(9,748
|
)
|
—
|
|
|||||
Net earnings
|
14,902
|
|
7,198
|
|
2,532
|
|
(9,748
|
)
|
14,884
|
|
|||||
Less: Net loss attributable to noncontrolling interests
|
—
|
|
—
|
|
(18
|
)
|
—
|
|
(18
|
)
|
|||||
Net earnings attributable to Caleres, Inc.
|
$
|
14,902
|
|
$
|
7,198
|
|
$
|
2,550
|
|
$
|
(9,748
|
)
|
$
|
14,902
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
15,563
|
|
$
|
7,198
|
|
$
|
2,453
|
|
$
|
(9,674
|
)
|
$
|
15,540
|
|
Less: Comprehensive loss attributable to noncontrolling interests
|
—
|
|
—
|
|
(23
|
)
|
—
|
|
(23
|
)
|
|||||
Comprehensive income attributable to Caleres, Inc.
|
$
|
15,563
|
|
$
|
7,198
|
|
$
|
2,476
|
|
$
|
(9,674
|
)
|
$
|
15,563
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
|
|||||||||||||||
FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Net cash provided by operating activities
|
$
|
8,601
|
|
$
|
55,017
|
|
$
|
1,766
|
|
$
|
—
|
|
$
|
65,384
|
|
|
|
|
|
|
|
||||||||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchases of property and equipment
|
(1,915
|
)
|
(7,570
|
)
|
(1,493
|
)
|
—
|
|
(10,978
|
)
|
|||||
Proceeds from disposals of property and equipment
|
(17,238
|
)
|
17,238
|
|
—
|
|
—
|
|
—
|
|
|||||
Capitalized software
|
(1,167
|
)
|
(223
|
)
|
—
|
|
—
|
|
(1,390
|
)
|
|||||
Intercompany investing
|
(2,494
|
)
|
2,494
|
|
—
|
|
—
|
|
—
|
|
|||||
Net cash (used for) provided by investing activities
|
(22,814
|
)
|
11,939
|
|
(1,493
|
)
|
—
|
|
(12,368
|
)
|
|||||
|
|
|
|
|
|
||||||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|||||
Borrowings under revolving credit agreement
|
195,000
|
|
—
|
|
—
|
|
—
|
|
195,000
|
|
|||||
Repayments under revolving credit agreement
|
(220,000
|
)
|
—
|
|
—
|
|
—
|
|
(220,000
|
)
|
|||||
Dividends paid
|
(3,025
|
)
|
—
|
|
—
|
|
—
|
|
(3,025
|
)
|
|||||
Acquisition of treasury stock
|
(5,993
|
)
|
—
|
|
—
|
|
—
|
|
(5,993
|
)
|
|||||
Issuance of common stock under share-based plans, net
|
(2,422
|
)
|
—
|
|
—
|
|
—
|
|
(2,422
|
)
|
|||||
Intercompany financing
|
69,855
|
|
(60,384
|
)
|
(9,471
|
)
|
—
|
|
—
|
|
|||||
Net cash provided by (used for) financing activities
|
33,415
|
|
(60,384
|
)
|
(9,471
|
)
|
—
|
|
(36,440
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
—
|
|
(92
|
)
|
—
|
|
(92
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
19,202
|
|
6,572
|
|
(9,290
|
)
|
—
|
|
16,484
|
|
|||||
Cash and cash equivalents at beginning of period
|
23,999
|
|
9,029
|
|
22,304
|
|
—
|
|
55,332
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
43,201
|
|
$
|
15,601
|
|
$
|
13,014
|
|
$
|
—
|
|
$
|
71,816
|
|
CONDENSED CONSOLIDATING BALANCE SHEET
|
|||||||||||||||
FEBRUARY 3, 2018
|
|||||||||||||||
|
|
|
Non-
|
|
|
|
|||||||||
($ thousands)
|
Parent
|
|
Guarantors
|
|
Guarantors
|
|
Eliminations
|
|
Total
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
26,089
|
|
$
|
—
|
|
$
|
37,958
|
|
$
|
—
|
|
$
|
64,047
|
|
Receivables, net
|
124,957
|
|
3,663
|
|
23,993
|
|
—
|
|
152,613
|
|
|||||
Inventories, net
|
146,068
|
|
394,438
|
|
28,873
|
|
—
|
|
569,379
|
|
|||||
Prepaid expenses and other current assets
|
26,284
|
|
30,456
|
|
8,394
|
|
(4,384
|
)
|
60,750
|
|
|||||
Intercompany receivable – current
|
521
|
|
74
|
|
9,250
|
|
(9,845
|
)
|
—
|
|
|||||
Total current assets
|
323,919
|
|
428,631
|
|
108,468
|
|
(14,229
|
)
|
846,789
|
|
|||||
Other assets
|
76,317
|
|
13,610
|
|
732
|
|
—
|
|
90,659
|
|
|||||
Goodwill and intangible assets, net
|
111,108
|
|
40,937
|
|
187,123
|
|
—
|
|
339,168
|
|
|||||
Property and equipment, net
|
35,474
|
|
165,227
|
|
12,098
|
|
—
|
|
212,799
|
|
|||||
Investment in subsidiaries
|
1,329,428
|
|
—
|
|
(23,565
|
)
|
(1,305,863
|
)
|
—
|
|
|||||
Intercompany receivable – noncurrent
|
774,588
|
|
520,362
|
|
704,810
|
|
(1,999,760
|
)
|
—
|
|
|||||
Total assets
|
$
|
2,650,834
|
|
$
|
1,168,767
|
|
$
|
989,666
|
|
$
|
(3,319,852
|
)
|
$
|
1,489,415
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||
Trade accounts payable
|
$
|
136,797
|
|
$
|
102,420
|
|
$
|
33,745
|
|
$
|
—
|
|
$
|
272,962
|
|
Other accrued expenses
|
65,817
|
|
74,006
|
|
21,758
|
|
(4,384
|
)
|
157,197
|
|
|||||
Intercompany payable – current
|
5,524
|
|
—
|
|
4,321
|
|
(9,845
|
)
|
—
|
|
|||||
Total current liabilities
|
208,138
|
|
176,426
|
|
59,824
|
|
(14,229
|
)
|
430,159
|
|
|||||
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
197,472
|
|
—
|
|
—
|
|
—
|
|
197,472
|
|
|||||
Other liabilities
|
101,784
|
|
35,574
|
|
5,464
|
|
—
|
|
142,822
|
|
|||||
Intercompany payable – noncurrent
|
1,425,951
|
|
98,610
|
|
475,199
|
|
(1,999,760
|
)
|
—
|
|
|||||
Total other liabilities
|
1,725,207
|
|
134,184
|
|
480,663
|
|
(1,999,760
|
)
|
340,294
|
|
|||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|||||
Caleres, Inc. shareholders’ equity
|
717,489
|
|
858,157
|
|
447,706
|
|
(1,305,863
|
)
|
717,489
|
|
|||||
Noncontrolling interests
|
—
|
|
—
|
|
1,473
|
|
—
|
|
1,473
|
|
|||||
Total equity
|
717,489
|
|
858,157
|
|
449,179
|
|
(1,305,863
|
)
|
718,962
|
|
|||||
Total liabilities and equity
|
$
|
2,650,834
|
|
$
|
1,168,767
|
|
$
|
989,666
|
|
$
|
(3,319,852
|
)
|
$
|
1,489,415
|
|
ITEM 2
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
OVERVIEW
|
•
|
Consolidated net sales increased
$0.6 million
in the
first quarter of 2018
, driven by the Brand Portfolio segment, which reported a
$3.7 million
, or
1.4%
, increase in net sales. Our Famous Footwear segment reported a
$3.1 million
, or
0.8%
, decrease in net sales, reflecting a late start to the spring selling season due to the unseasonably cold weather in February and March. Same-store sales declined
0.8%
for the quarter.
|
•
|
Consolidated operating earnings decreased
$0.4 million
, or
1.5%
, to
$22.9 million
in the
first quarter of 2018
, compared to
$23.3 million
in the
first quarter of 2017
.
|
•
|
Consolidated net earnings attributable to Caleres, Inc. were
$17.2 million
, or
$0.40
per diluted share, in the
first quarter of 2018
, compared to
$14.9 million
, or
$0.35
per diluted share, in the
first quarter of 2017
.
|
•
|
We adopted ASU 2017-07,
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
, during the
first quarter of 2018
on a retrospective basis and reclassified $2.4 million of non-service cost components of net periodic benefit income for the
first quarter of 2017
to other income, net in the condensed consolidated statements of earnings. For the first quarter of 2018, $3.1 million of non-service cost components is reflected in other income, net. Refer to Note 2 and Note 11 to the condensed consolidated financial statements for additional information related to the adoption of this ASU.
|
•
|
In December 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law, making significant changes to the U.S. Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective January 1, 2018, the transition of U.S. international taxation from a worldwide tax system to a quasi-territorial tax system and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. The components of the Act resulted in significant adjustments to both our income tax provision and the income tax balances. Refer to Note 14 to the condensed consolidated financial statements for further discussion.
|
•
|
Acquisition, integration and reorganization of men's brands – We incurred costs of $1.8 million ($1.3 million on an after-tax basis, or $0.03 per diluted share) during the first quarter of 2018 and $1.1 million ($0.7 million on an after-tax basis, or $0.01 per diluted share) during the first quarter of 2017 related to the integration and reorganization of our men's brands, which are presented as restructuring and other special charges, net. During the first quarter of 2017, we also incurred costs of $3.0 million ($1.9 million on an after-tax basis, or $0.04 per diluted share) associated with the amortization of the inventory fair value adjustment in connection with the acquisition of Allen Edmonds during the fourth quarter of 2016. These costs are reflected within cost of goods sold. Refer to Note 5 to the condensed consolidated financial statements for additional information related to these costs.
|
CONSOLIDATED RESULTS
|
|||||||||||||
|
Thirteen Weeks Ended
|
||||||||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||||||||
|
|
|
% of
Net Sales |
|
|
|
|
% of
Net Sales |
|
||||
($ millions)
|
|
|
|
|
|
||||||||
Net sales
|
$
|
632.1
|
|
|
100.0
|
%
|
|
$
|
631.5
|
|
|
100.0
|
%
|
Cost of goods sold
|
357.2
|
|
|
56.5
|
%
|
|
360.6
|
|
|
57.1
|
%
|
||
Gross profit
|
274.9
|
|
|
43.5
|
%
|
|
270.9
|
|
|
42.9
|
%
|
||
Selling and administrative expenses
|
250.2
|
|
|
39.6
|
%
|
|
246.5
|
|
|
39.0
|
%
|
||
Restructuring and other special charges, net
|
1.8
|
|
|
0.3
|
%
|
|
1.1
|
|
|
0.2
|
%
|
||
Operating earnings
|
22.9
|
|
|
3.6
|
%
|
|
23.3
|
|
|
3.7
|
%
|
||
Interest expense, net
|
(3.6
|
)
|
|
(0.6
|
)%
|
|
(4.8
|
)
|
|
(0.8
|
)%
|
||
Other income, net
|
3.1
|
|
|
0.5
|
%
|
|
2.4
|
|
|
0.4
|
%
|
||
Earnings before income taxes
|
22.4
|
|
|
3.5
|
%
|
|
20.9
|
|
|
3.3
|
%
|
||
Income tax provision
|
(5.2
|
)
|
|
(0.8
|
)%
|
|
(6.0
|
)
|
|
(0.9
|
)%
|
||
Net earnings
|
17.2
|
|
|
2.7
|
%
|
|
14.9
|
|
|
2.4
|
%
|
||
Net loss attributable to noncontrolling interests
|
(0.0)
|
|
(0.0
|
%)
|
|
(0.0)
|
|
(0.0
|
%)
|
||||
Net earnings attributable to Caleres, Inc.
|
$
|
17.2
|
|
|
2.7
|
%
|
|
$
|
14.9
|
|
|
2.4
|
%
|
FAMOUS FOOTWEAR
|
|
|
|
|
|
||||||
|
Thirteen Weeks Ended
|
||||||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||||||
|
|
% of
Net Sales |
|
|
|
% of
Net Sales |
|
||||
($ millions, except sales per square foot)
|
|
|
|
||||||||
Operating Results
|
|
|
|
|
|
|
|
|
|
||
Net sales
|
$
|
363.4
|
|
100.0
|
%
|
|
$
|
366.5
|
|
100.0
|
%
|
Cost of goods sold
|
198.2
|
|
54.5
|
%
|
|
198.8
|
|
54.2
|
%
|
||
Gross profit
|
165.2
|
|
45.5
|
%
|
|
167.7
|
|
45.8
|
%
|
||
Selling and administrative expenses
|
143.3
|
|
39.5
|
%
|
|
147.4
|
|
40.3
|
%
|
||
Operating earnings
|
$
|
21.9
|
|
6.0
|
%
|
|
$
|
20.3
|
|
5.5
|
%
|
|
|
|
|
|
|
||||||
Key Metrics
|
|
|
|
|
|
|
|
||||
Same-store sales % change
|
(0.8
|
)%
|
|
|
|
(0.6
|
)%
|
|
|
||
Same-store sales $ change
|
$
|
(2.7
|
)
|
|
|
|
$
|
(2.1
|
)
|
|
|
Sales change from new and closed stores, net
|
$
|
(0.6
|
)
|
|
|
$
|
4.0
|
|
|
||
Impact of changes in Canadian exchange rate on sales
|
$
|
0.2
|
|
|
|
$
|
(0.0
|
)
|
|
||
|
|
|
|
|
|
||||||
Sales per square foot, excluding e-commerce (thirteen weeks ended)
|
$
|
50
|
|
|
|
$
|
50
|
|
|
||
Sales per square foot, excluding e-commerce (trailing twelve months)
|
$
|
222
|
|
|
|
|
$
|
215
|
|
|
|
Square footage (thousand sq. ft.)
|
6,712
|
|
|
|
|
6,963
|
|
|
|
||
|
|
|
|
|
|
||||||
Stores opened
|
2
|
|
|
|
|
9
|
|
|
|
||
Stores closed
|
15
|
|
|
|
|
12
|
|
|
|
||
Ending stores
|
1,013
|
|
|
|
|
1,052
|
|
|
|
BRAND PORTFOLIO
|
|||||||||||
|
Thirteen Weeks Ended
|
||||||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||||||
|
|
% of
Net Sales
|
|
|
|
% of
Net Sales
|
|
||||
($ millions, except sales per square foot)
|
|
|
|
||||||||
Operating Results
|
|
|
|
|
|
|
|
|
|
||
Net sales
|
$
|
268.7
|
|
100.0
|
%
|
|
$
|
265.0
|
|
100.0
|
%
|
Cost of goods sold
|
159.0
|
|
59.2
|
%
|
|
161.8
|
|
61.1
|
%
|
||
Gross profit
|
109.7
|
|
40.8
|
%
|
|
103.2
|
|
38.9
|
%
|
||
Selling and administrative expenses
|
95.6
|
|
35.6
|
%
|
|
89.1
|
|
33.6
|
%
|
||
Restructuring and other special charges, net
|
1.6
|
|
0.6
|
%
|
|
0.8
|
|
0.3
|
%
|
||
Operating earnings
|
$
|
12.5
|
|
4.6
|
%
|
|
$
|
13.3
|
|
5.0
|
%
|
|
|
|
|
|
|
||||||
Key Metrics
|
|
|
|
|
|
|
|
|
|
||
Wholesale/retail sales mix (%)
|
73%/27%
|
|
|
|
|
74%/26%
|
|
|
|
||
Change in wholesale net sales ($)
|
$
|
(0.1
|
)
|
|
|
$
|
5.5
|
|
|
||
Unfilled order position at end of period
|
$
|
311.0
|
|
|
|
$
|
305.9
|
|
|
||
|
|
|
|
|
|
||||||
Same-store sales % change
(1)
|
(1.0
|
)%
|
|
|
2.3
|
%
|
|
||||
Same-store sales $ change
(1)
|
$
|
(0.5
|
)
|
|
|
$
|
0.6
|
|
|
||
Sales change from new and closed stores, net
|
$
|
3.9
|
|
|
|
$
|
1.8
|
|
|
||
Sales change from acquired Allen Edmonds retail stores
(2)
|
N/A
|
|
|
$
|
37.1
|
|
|
||||
Impact of changes in Canadian exchange rate on retail sales
|
$
|
0.4
|
|
|
|
$
|
(0.1
|
)
|
|
||
|
|
|
|
|
|
||||||
Sales per square foot, excluding e-commerce (thirteen weeks ended)
|
$
|
104
|
|
|
|
$
|
101
|
|
|
||
Sales per square foot, excluding e-commerce (trailing twelve months)
(1)
|
$
|
440
|
|
|
|
$
|
314
|
|
|
||
Square footage (thousands sq. ft.)
|
405
|
|
|
|
403
|
|
|
||||
|
|
|
|
|
|
||||||
Stores opened
|
4
|
|
|
|
3
|
|
|
||||
Stores closed
|
5
|
|
|
|
4
|
|
|
||||
Ending stores
|
235
|
|
|
|
233
|
|
|
(1)
|
These metrics for the thirteen-week period ended April 29, 2017 exclude our Allen Edmonds business, acquired in December 2016, as that business was not included in our operations for 13 months.
|
(2)
|
This metric represents first quarter 2017 net sales from our 69 acquired Allen Edmonds retail stores.
|
OTHER
|
LIQUIDITY AND CAPITAL RESOURCES
|
($ millions)
|
May 5, 2018
|
|
April 29, 2017
|
|
February 3, 2018
|
|
|||
Borrowings under revolving credit agreement
|
$
|
—
|
|
$
|
85.0
|
|
$
|
—
|
|
Long-term debt
|
197.6
|
|
197.1
|
|
197.5
|
|
|||
Total debt
|
$
|
197.6
|
|
$
|
282.1
|
|
$
|
197.5
|
|
|
Thirteen Weeks Ended
|
|
|
||||||
($ millions)
|
May 5, 2018
|
|
April 29, 2017
|
|
Change
|
|
|||
Net cash provided by operating activities
|
$
|
51.3
|
|
$
|
65.4
|
|
$
|
(14.1
|
)
|
Net cash used for investing activities
|
(9.4
|
)
|
(12.4
|
)
|
3.0
|
|
|||
Net cash used for financing activities
|
(9.4
|
)
|
(36.4
|
)
|
27.0
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(0.1
|
)
|
(0.1
|
)
|
—
|
|
|||
Increase in cash and cash equivalents
|
$
|
32.4
|
|
$
|
16.5
|
|
$
|
15.9
|
|
•
|
An increase in inventory in the
three months ended May 5, 2018
compared to a decrease in the comparable period in
2017
, driven in part by the impact of the calendar shift resulting from having a 53rd week in fiscal 2017; and
|
•
|
A smaller decrease in accounts receivable in the
three months ended May 5, 2018
, compared to the three months ended April 29,
2017
; partially offset by
|
•
|
A smaller decrease in accounts payable in the
three months ended May 5, 2018
, compared to the three months ended April 29,
2017
.
|
|
May 5, 2018
|
|
April 29, 2017
|
|
February 3, 2018
|
|
|||
Working capital
($ millions
)
(1)
|
$
|
426.7
|
|
$
|
325.9
|
|
$
|
416.6
|
|
Current ratio
(2)
|
1.97:1
|
|
1.71:1
|
|
1.97:1
|
|
|||
Debt-to-capital ratio
(3)
|
21.7
|
%
|
31.2
|
%
|
21.5
|
%
|
(1)
|
Working capital has been computed as total current assets less total current liabilities.
|
(2)
|
The current ratio has been computed by dividing total current assets by total current liabilities.
|
(3)
|
The debt-to-capital ratio has been computed by dividing total debt by total capitalization. Total debt is defined as long-term debt and borrowings under the Credit Agreement. Total capitalization is defined as total debt and total equity.
|
CONTRACTUAL OBLIGATIONS
|
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
|
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
|
FORWARD-LOOKING STATEMENTS
|
ITEM 3
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4
|
CONTROLS AND PROCEDURES
|
PART II
|
OTHER INFORMATION
|
ITEM 1
|
LEGAL PROCEEDINGS
|
ITEM 1A
|
RISK FACTORS
|
ITEM 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
|
|
|
|
Total Number Purchased as Part of Publicly Announced Program
(2)
|
|
Maximum Number of Shares that May Yet be Purchased Under the Program
(2)
|
|||||
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
(1)
|
|
||||||||
|
|
|
||||||||||
Fiscal Period
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|||||
February 4, 2018 – March 3, 2018
|
1,559
|
|
|
$
|
29.24
|
|
|
—
|
|
|
1,223,500
|
|
|
|
|
|
|
|
|
|
|||||
March 4, 2018 – April 7, 2018
|
202,662
|
|
|
31.74
|
|
|
100,000
|
|
|
1,123,500
|
|
|
|
|
|
|
|
|
|
|
|||||
April 8, 2018 – May 5, 2018
|
2,561
|
|
|
34.26
|
|
|
—
|
|
|
1,123,500
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
|
206,782
|
|
|
$
|
31.75
|
|
|
100,000
|
|
|
1,123,500
|
|
(1)
|
Includes shares purchased as part of our publicly announced stock repurchase program and shares that were tendered by employees related to certain share-based awards. The employee shares were tendered in satisfaction of the exercise price
|
(2)
|
On August 25, 2011, the Board of Directors approved a stock repurchase program authorizing the repurchase of up to 2,500,000 shares of our outstanding common stock. We can use the repurchase program to repurchase shares on the open market or in private transactions from time to time, depending on market conditions. The repurchase program does not have an expiration date. Under this plan, 100,000 and 225,000 shares were repurchased during the thirteen weeks ended
May 5, 2018
and April 29, 2017, respectively. As of
May 5, 2018
, there were 1,123,500 shares authorized to be repurchased under the program. Our repurchases of common stock are limited under our debt agreements.
|
ITEM 3
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4
|
MINE SAFETY DISCLOSURES
|
ITEM 5
|
OTHER INFORMATION
|
ITEM 6
|
EXHIBITS
|
Exhibit
No.
|
|
|
3.1
|
|
|
3.2
|
|
|
31.1
|
†
|
|
31.2
|
†
|
|
32.1
|
†
|
|
101.INS
|
†
|
XBRL Instance Document
|
101.SCH
101.CAL
101.LAB
101.PRE
101.DEF
|
†
†
†
†
†
|
XBRL Taxonomy Extension Schema Document
XBRL Taxonomy Extension Calculation Linkbase Document
XBRL Taxonomy Extension Label Linkbase Document
XBRL Taxonomy Presentation Linkbase Document
XBRL Taxonomy Definition Linkbase Document
|
SIGNATURE
|
|
|
CALERES, INC.
|
|
|
|
Date: June 13, 2018
|
|
/s/ Kenneth H. Hannah
|
|
|
Kenneth H. Hannah
Senior Vice President and Chief Financial Officer
on behalf of the Registrant and as the
Principal Financial Officer and Principal Accounting Officer
|
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