Caleres (NYSE: CAL), a market-leading portfolio of
consumer-driven footwear brands, today reported financial results
for the second quarter 2024.
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Sam Edelman Sylvia Knee High Boot (Photo:
Business Wire)
- Reported Sales of $683.3 million, down 1.8% year-on-year;
- Famous Footwear sales increased 1.5% versus the second quarter
of 2023 with a later than expected back- to-school season;
- Brand Portfolio sales declined 5.1% versus the second quarter
of 2023 due to operational reporting challenges in connection with
its SAP ERP implementation, and pockets of weak seasonal
demand;
- Improved second quarter consolidated gross margin rate to 45.5
percent, up 30 basis points year-on-year;
- Reported $0.85 in earnings per share for the second quarter,
below expectations;
- Generated second quarter EBITDA of $57.2 million;
- Announces restructuring actions that will result in $7.5
million in annualized SG&A savings and $2 million in SG&A
savings in fiscal 2024;
- Lowers fiscal 2024 outlook of net sales to down
low-single-digits percent versus previous guidance of flat to up 2
percent;
- Lowers fiscal 2024 outlook for earnings per diluted share to
$3.94 - $4.09 versus prior guidance of $4.30 to $4.60 and provides
guidance for adjusted earnings per diluted share of $4.00 to $4.15,
which excludes $3 million in restructuring costs expected to occur
in the third quarter.
“Caleres reported second quarter results that were below
expectations. While our brands and products continue to resonate
with consumers and we remain confident in our long-term vision, our
second quarter results in both segments fell short of our
potential. Our systems implementation led to lack of visibility
that prevented us from delivering our expected results. We also
experienced weak seasonal demand and back-to-school business came
later than expected,” said Jay Schmidt, president and chief
executive officer. “Despite the sales miss, our gross margin
remained strong, driven by the Brand Portfolio. At the same time,
Famous Footwear gained market share in the strategically important
Kids category. Furthermore, back-to-school sales surged in August
bringing the season in total in-line with our expectations.”
“We are confident in our ability to get back on track and have
addressed the issues from the ERP implementation that temporarily
impacted visibility. We are also accelerating certain restructuring
actions to improve the efficiency and effectiveness of our teams.
Looking ahead, we are confident in our ability to deliver earnings
per share in line with our revised guidance,” said Schmidt.
“Longer-term, we believe we are exceptionally well positioned to
execute our strategic plan, invest to fuel our growth initiatives,
and drive sustained value for our shareholders.”
Second Quarter 2024 Results
(13-weeks ended August 3, 2024 compared to 13-weeks ended July
29, 2023)
- Net sales were $683.3 million, down 1.8 percent from the second
quarter of 2023;
- Famous Footwear segment net sales increased 1.5 percent, with
comparable sales down 2.9 percent
- Brand Portfolio segment net sales declined 5.1 percent
- Direct-to-consumer sales represented approximately 75 percent
of total net sales
- Gross profit was $310.9 million, while gross margin was 45.5
percent, up 30 basis points versus last year;
- Famous Footwear segment gross margin of 45.0 percent, down 120
basis points versus last year
- Brand Portfolio segment gross margin of 42.7 percent, up 140
basis points versus last year
- SG&A as a percentage of net sales was 39.3 percent,
reflecting planned investment in marketing at certain Lead Brands,
international expansion and the implementation of the integrated
SAP platform;
- Net earnings of $30.0 million, or earnings per diluted share of
$0.85, compared to net earnings of $33.9 million, or earnings per
diluted share of $0.95 in the second quarter 2023 and adjusted net
earnings of $35.2 million, or adjusted earnings per diluted share
of $0.98 in the second quarter of 2023;
- Inventory was flat to the second quarter 2023 in total;
- Borrowings under the asset-based revolving credit facility were
$146.5 million at the end of the period, down $98 million from the
second quarter of 2023, and included the benefit from a deferred
vendor payment of $49 million.
Capital Allocation Update
During the quarter, Caleres continued to invest in value-driving
growth opportunities while at the same time returning cash to
shareholders through our dividend. In the near term, the company
expects to continue to focus on reducing debt and still expects
borrowings under its asset-based revolving credit facility will be
less than $100 million by 2026. Caleres will continue to consider
business performance and market conditions as it evaluates all
opportunities for free cash flow as the year progresses, including
share repurchases.
Fiscal 2024 Outlook:
Caleres is revising its fiscal 2024 financial outlook. As
previously noted, its fiscal 2024 is a 52-week year and compares to
a 53-week year in fiscal 2023. The revised assumptions are
summarized in the table below. Our tax rate expectation of 24% is
unchanged.
Metric
Prior 2024 Annual
Guidance
Revised 2024 Annual
Guidance
Third Quarter Guidance
Sales Change
Flat to up 2%
Down low single digits
Flat to down 2%
Operating Margin
7.3% - 7.5%
7.0% - 7.1%
GAAP EPS
$4.30 - $4.60
$3.94 - $4.09
$1.24 - $1.34
Adjusted EPS
$4.30 - $4.60
$4.00 - $4.15*
$1.30 - $1.40*
Capital Expenditures
$60 - $70 million
$50 - $55 million
* Adjusted EPS excludes $0.06 associated with restructuring
costs in the third quarter.
Investor Conference Call
Caleres will host a conference call at 10:00 a.m. ET today,
Thursday, September 12, 2024. The webcast and associated slides
will be available at investor.caleres.com/events-and-presentations.
A live conference call will be available at (877) 704-4453 for
North America participants or (201) 389-0920 for international
participants, no passcode necessary. A replay will be also
available at investor.caleres.com/events-and-presentations/archive
for a limited period. Investors may also access the replay by
dialing (844) 512-2921 in North America or (412) 317-6671
internationally and using the conference pin 13748562.
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 and Metrics
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 and
metrics. In particular, the company provides earnings before
interest, taxes, depreciation and amortization (EBITDA) and
estimated and future operating earnings, net earnings and earnings
per diluted share, adjusted to exclude certain gains, charges and
recoveries, which are non-GAAP financial measures, and the debt to
EBITDA leverage ratio, which is a non-GAAP financial metric. These
results are included as a complement to results provided in
accordance with GAAP because management believes this non-GAAP
financial measure and metric 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. This measure
and metric should not be considered a substitute for or superior to
GAAP results.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
and expectations regarding the company’s future performance and the
performance of its brands. Such statements are subject to various
risks and uncertainties that could cause actual results to differ
materially. These risks include (i) changing consumer demands,
which may be influenced by general economic conditions and other
factors; (ii) inflationary pressures and supply chain disruptions
(iii) rapidly changing consumer preferences and purchasing patterns
and fashion trends; (iv) supplier concentration, customer
concentration and increased consolidation in the retail industry;
(v) intense competition within the footwear industry; (vi) foreign
currency fluctuations; (vii) political and economic conditions or
other threats to the continued and uninterrupted flow of inventory
from China and other countries, where the company relies heavily on
third-party manufacturing facilities for a significant amount of
its inventory; (viii) cybersecurity threats or other major
disruption to the company’s information technology systems
including those related to our ERP upgrade; (ix) the ability to
accurately forecast sales and manage inventory levels; (x) a
disruption in the company’s distribution centers; (xi) the ability
to recruit and retain senior management and other key associates;
(xii) the ability to secure/exit leases on favorable terms; (xiii)
the ability to maintain relationships with current suppliers; (xiv)
transitional challenges with acquisitions and divestitures; (xiv)
changes to tax laws, policies and treaties; (xvi) our commitments
and shareholder expectations related to environmental, social and
governance considerations; (xvii) compliance with applicable laws
and standards with respect to labor, trade and product safety
issues; and (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 3, 2024, which information is
incorporated by reference herein and updated by the company’s
Quarterly Reports on Form 10-Q. The company does not undertake any
obligation or plan to update these forward-looking statements, even
though its situation may change.
SCHEDULE 1
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
($ thousands, except per share data)
August 3, 2024
July 29, 2023
August 3, 2024
July 29, 2023
Net sales
$
683,317
$
695,533
$
1,342,515
$
1,358,267
Cost of goods sold
372,439
381,360
722,542
741,412
Gross profit
310,878
314,173
619,973
616,855
Selling and administrative expenses
268,349
262,823
534,685
515,918
Restructuring and other special charges,
net
—
1,647
—
1,647
Operating earnings
42,529
49,703
85,288
99,290
Interest expense, net
(3,332
)
(5,128
)
(7,111
)
(10,751
)
Other income, net
1,177
1,616
2,169
3,108
Earnings before income taxes
40,374
46,191
80,346
91,647
Income tax provision
(10,101
)
(11,826
)
(19,275
)
(22,490
)
Net earnings
30,273
34,365
61,071
69,157
Net earnings attributable to
noncontrolling interests
315
422
173
487
Net earnings attributable to Caleres,
Inc.
$
29,958
$
33,943
$
60,898
$
68,670
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
0.85
$
0.95
$
1.73
$
1.91
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.85
$
0.95
$
1.73
$
1.91
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
($ thousands)
August 3, 2024
July 29, 2023
ASSETS
Cash and cash equivalents
$
51,753
$
47,098
Receivables, net
151,055
136,549
Inventories, net
661,146
660,690
Property and equipment, held for sale
16,777
16,777
Prepaid expenses and other current
assets
58,969
53,709
Total current assets
939,700
914,823
Lease right-of-use assets
588,842
505,423
Property and equipment, net
169,459
157,717
Goodwill and intangible assets, net
197,792
209,314
Other assets
124,192
116,683
Total assets
$
2,019,985
$
1,903,960
LIABILITIES AND EQUITY
Borrowings under revolving credit
agreement
$
146,500
$
244,000
Trade accounts payable
396,450
350,020
Lease obligations
116,619
133,743
Other accrued expenses
200,854
228,608
Total current liabilities
860,423
956,371
Noncurrent lease obligations
508,950
429,192
Other liabilities
37,128
46,816
Total other liabilities
546,078
476,008
Total Caleres, Inc. shareholders’
equity
606,062
464,992
Noncontrolling interests
7,422
6,589
Total equity
613,484
471,581
Total liabilities and equity
$
2,019,985
$
1,903,960
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Twenty-Six Weeks Ended
($ thousands)
August 3, 2024
July 29, 2023
OPERATING ACTIVITIES:
Net cash provided by operating
activities
$
115,696
$
125,176
INVESTING ACTIVITIES:
Purchases of property and equipment
(20,886
)
(15,044
)
Capitalized software
(922
)
(1,833
)
Net cash used for investing activities
(21,808
)
(16,877
)
FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement
306,868
252,000
Repayments under revolving credit
agreement
(342,368
)
(315,500
)
Dividends paid
(4,899
)
(4,997
)
Acquisition of treasury stock
(15,070
)
(17,445
)
Issuance of common stock under share-based
plans, net
(8,457
)
(10,010
)
Contributions by noncontrolling
interests
500
1,000
Net cash used for financing activities
(63,426
)
(94,952
)
Effect of exchange rate changes on cash
and cash equivalents
(67
)
51
Increase in cash and cash equivalents
30,395
13,398
Cash and cash equivalents at beginning of
period
21,358
33,700
Cash and cash equivalents at end of
period
$
51,753
$
47,098
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
August 3, 2024
July 29, 2023
Pre-Tax
Net Earnings
Pre-Tax
Net Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
($ thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
29,958
$
0.85
$
33,943
$
0.95
Charges/other
items:
Expense reduction initiatives
—
—
—
1,647
1,224
0.03
Total charges/other items
$
—
$
—
$
—
$
1,647
$
1,224
$
0.03
Adjusted earnings
$
29,958
$
0.85
$
35,167
$
0.98
(Unaudited)
Twenty-Six Weeks Ended
August 3, 2024
July 29, 2023
Pre-Tax
Net Earnings
Pre-Tax
Net Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
($ thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
60,898
$
1.73
$
68,670
$
1.91
Charges/other
items:
Expense reduction initiatives
—
—
—
1,647
1,224
0.04
Total charges/other items
$
—
$
—
$
—
$
1,647
$
1,224
$
0.04
Adjusted earnings
$
60,898
$
1.73
$
69,894
$
1.95
(Unaudited)
Trailing Twelve Months Ended
August 3, 2024
July 29, 2023
Pre-Tax
Net Earnings (Loss)
Pre-Tax
Net Earnings (Loss)
Impact of
Attributable
Impact of
Attributable
Charges/Other
to Caleres,
Charges/Other
to Caleres,
($ thousands)
Items
Inc.
Items
Inc.
GAAP earnings
$
163,619
$
148,725
Charges/other
items:
Deferred tax valuation allowance
adjustments
$
—
(26,654
)
$
—
(17,374
)
Expense reduction initiatives
4,456
3,308
1,647
1,224
Organizational changes
—
—
2,910
2,723
Total charges/other items
$
4,456
$
(23,346
)
$
4,557
$
(13,427
)
Adjusted earnings
$
140,273
$
135,298
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Net sales
$
420,289
$
414,238
$
285,497
$
300,873
$
(22,469
)
$
(19,578
)
$
683,317
$
695,533
Gross profit
189,337
191,479
121,883
124,124
(342
)
(1,430
)
310,878
314,173
Gross margin
45.0
%
46.2
%
42.7
%
41.3
%
1.5
%
7.3
%
45.5
%
45.2
%
Operating earnings (loss)
34,384
40,630
23,620
26,828
(15,475
)
(17,755
)
42,529
49,703
Adjusted operating earnings (loss)
34,384
40,830
23,620
27,709
(15,475
)
(17,189
)
42,529
51,350
Operating margin
8.2
%
9.8
%
8.3
%
8.9
%
n/m
%
n/m
%
6.2
%
7.1
%
Adjusted operating earnings %
8.2
%
9.9
%
8.3
%
9.2
%
n/m
%
n/m
%
6.2
%
7.4
%
Comparable sales % (on a 13-week
basis)
(2.9
)
%
(4.3
)
%
4.4
%
3.9
%
—
%
—
%
—
%
—
%
Company-operated stores, end of period
855
861
104
94
—
—
959
955
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Operating earnings (loss)
$
34,384
$
40,630
$
23,620
$
26,828
$
(15,475
)
$
(17,755
)
$
42,529
$
49,703
Charges/Other
Items:
Expense reduction initiatives
—
200
—
881
—
566
—
1,647
Total charges/other items
—
200
—
881
—
566
—
1,647
Adjusted operating earnings (loss)
$
34,384
$
40,830
$
23,620
$
27,709
$
(15,475
)
$
(17,189
)
$
42,529
$
51,350
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
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Net sales
$
769,841
$
763,396
$
602,708
$
626,389
$
(30,034
)
$
(31,518
)
$
1,342,515
$
1,358,267
Gross profit
350,342
350,611
269,695
267,982
(64
)
(1,738
)
619,973
616,855
Gross profit rate
45.5
%
45.9
%
44.7
%
42.8
%
0.2
%
5.5
%
46.2
%
45.4
%
Operating earnings (loss)
51,240
57,686
65,045
69,497
(30,997
)
(27,893
)
85,288
99,290
Adjusted operating earnings (loss)
51,240
57,886
65,045
70,378
(30,997
)
(27,327
)
85,288
100,937
Operating earnings %
6.7
%
7.6
%
10.8
%
11.1
%
n/m
%
n/m
%
6.4
%
7.3
%
Adjusted operating earnings %
6.7
%
7.6
%
10.8
%
11.2
%
n/m
%
n/m
%
6.4
%
7.4
%
Comparable sales % (on a 26-week
basis)
(2.6
)
%
(6.3
)
%
1.9
%
7.0
%
—
%
—
%
—
%
—
%
Company-operated stores, end of period
855
861
104
94
—
—
959
955
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Twenty-Six Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
August 3,
July 29,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Operating earnings (loss)
$
51,240
$
57,686
$
65,045
$
69,497
$
(30,997
)
$
(27,893
)
$
85,288
$
99,290
Charges/Other
Items:
Expense reduction initiatives
—
200
—
881
—
566
—
1,647
Total charges/other items
—
200
—
881
—
566
—
1,647
Adjusted operating earnings (loss)
$
51,240
$
57,886
$
65,045
$
70,378
$
(30,997
)
$
(27,327
)
$
85,288
$
100,937
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE
RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 3, 2024
July 29, 2023
August 3, 2024
July 29, 2023
($ thousands, except per share data)
Net earnings attributable to Caleres,
Inc.:
Net earnings
$
30,273
$
34,365
$
61,071
$
69,157
Net earnings attributable to
noncontrolling interests
(315
)
(422
)
(173
)
(487
)
Net earnings attributable to Caleres,
Inc.
29,958
33,943
60,898
68,670
Net earnings allocated to participating
securities
(1,065
)
(1,513
)
(2,278
)
(2,990
)
Net earnings attributable to Caleres, Inc.
after allocation of earnings to participating securities
$
28,893
$
32,430
$
58,620
$
65,680
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
33,883
34,280
33,838
34,343
Dilutive effect of share-based awards
106
—
106
—
Diluted common shares attributable to
Caleres, Inc.
33,989
34,280
33,944
34,343
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
0.85
$
0.95
$
1.73
$
1.91
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.85
$
0.95
$
1.73
$
1.91
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER
SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 3, 2024
July 29, 2023
August 3, 2024
July 29, 2023
($ thousands, except per share data)
Adjusted net earnings attributable to
Caleres, Inc.:
Adjusted net earnings
$
30,273
$
35,589
$
61,071
$
70,381
Net earnings attributable to
noncontrolling interests
(315
)
(422
)
(173
)
(487
)
Adjusted net earnings attributable to
Caleres, Inc.
29,958
35,167
60,898
69,894
Net earnings allocated to participating
securities
(1,065
)
(1,568
)
(2,278
)
(3,044
)
Adjusted net earnings attributable to
Caleres, Inc. after allocation of earnings to participating
securities
$
28,893
$
33,599
$
58,620
$
66,850
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
33,883
34,280
33,838
34,343
Dilutive effect of share-based awards
106
—
106
—
Diluted common shares attributable to
Caleres, Inc.
33,989
34,280
33,944
34,343
Basic adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.85
$
0.98
$
1.73
$
1.95
Diluted adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.85
$
0.98
$
1.73
$
1.95
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND DEBT/EBITDA
LEVERAGE RATIO (NON-GAAP METRICS)
(Unaudited)
Thirteen Weeks Ended
($ thousands)
August 3, 2024
July 29, 2023
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
29,958
$
33,943
Income tax provision
10,101
11,826
Interest expense, net
3,332
5,128
Depreciation and amortization (1)
13,818
12,734
EBITDA
$
57,209
$
63,631
EBITDA margin
8.4
%
9.1
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
29,958
$
35,167
Income tax provision (3)
10,101
12,249
Interest expense, net
3,332
5,128
Depreciation and amortization (1)
13,818
12,734
Adjusted EBITDA
$
57,209
$
65,278
Adjusted EBITDA margin
8.4
%
9.4
%
(Unaudited)
Trailing Twelve Months Ended
($ thousands)
August 3, 2024
July 29, 2023
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
163,619
$
148,725
Income tax provision
6,275
20,996
Interest expense, net
15,703
20,132
Depreciation and amortization (1)
55,140
50,105
EBITDA
$
240,737
$
239,958
EBITDA margin
8.6
%
8.4
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
140,273
$
135,298
Income tax provision (3)
34,077
38,980
Interest expense, net
15,703
20,132
Depreciation and amortization (1)
55,140
50,105
Adjusted EBITDA
$
245,193
$
244,515
Adjusted EBITDA margin
8.8
%
8.6
%
(Unaudited)
($ thousands)
August 3, 2024
July 29, 2023
Debt/EBITDA leverage ratio:
Borrowings under revolving credit
agreement (4)
$
146,500
$
244,000
EBITDA (trailing twelve months)
240,737
239,958
Debt/EBITDA
0.6
1.0
________________________
(1)
Includes depreciation and amortization of
capitalized software and intangible assets.
(2)
Refer to Schedule 4 for the consolidated reconciliation of net
earnings attributable to Caleres, Inc. to adjusted net earnings
attributable to Caleres, Inc.
(3)
Excludes the income tax impacts of the adjustments on Schedule 4.
(4)
Total availability under the revolving
credit agreement was $344.1 million and $245.3 million as of August
3, 2024 and July 29, 2023, respectively. Total liquidity, which
includes cash and cash equivalents and availability under the
revolving credit agreement, was $395.9 million and $292.4 million
for the respective periods.
SCHEDULE 9
CALERES, INC.
RECONCILIATION OF DILUTED EARNINGS PER
SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP
BASIS) – GUIDANCE
(Unaudited)
Third Quarter 2024
Fiscal 2024
Low
High
Low
High
GAAP diluted earnings per share
$
1.24
$
1.34
$
3.94
$
4.09
Charges/other
items:
Restructuring costs
0.06
0.06
0.06
0.06
Adjusted diluted earnings per share
$
1.30
$
1.40
$
4.00
$
4.15
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240911641867/en/
Investor Contact: Liz Dunn ldunn@caleres.com
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