Caleres Reports Fourth Quarter and Full Year 2018 Results

Datum : 21/03/2019 @ 21h10
Quelle : Business Wire
Name : Caleres Inc (CAL)
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Caleres Reports Fourth Quarter and Full Year 2018 Results

Caleres (NYSE:CAL)
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  • Brand Portfolio FY’18 sales up 7.0%
  • Sam Edelman delivered record sales in FY’18
  • Naturalizer FY’18 same-store-sales up 4.6%
  • Famous Footwear FY’18 same-store-sales up 1.5%
  • Acquired Vionic and Blowfish Malibu in FY’18
  • Completed transition to in-house distribution center
  • Repositioning Allen Edmonds for FY’19

Caleres (NYSE: CAL)(caleres.com), a diverse portfolio of global footwear brands, today reported fourth quarter 2018 financial results.

“In 2018, we continued to build on our strategic plan, as we gained market share in Brand Portfolio, delivered our seventh consecutive year of same-store-sales improvement at Famous Footwear, transitioned to an in-house distribution center facility, and acquired two new brands. This work has prepared us for the future and also positioned us for growth,” said Diane Sullivan, CEO, president and chairman of Caleres. “For 2019, we are focused on elevating our product assortment and our marketing at Famous Footwear, while delivering profitable growth. At Brand Portfolio, we plan to continue to expand our market share gains with strong organic growth and contribution from our new brands, Vionic and Blowfish. For Allen Edmonds, we will reduce our level of promotional activity to strengthen brand equity for the long-term.”

Fourth Quarter 2018 Results Versus 2017

  • Consolidated sales of $720.3 million, up 2.5%.
    • Brand Portfolio sales of $355.1 million were up 14.8%, including Vionic.
    • Famous Footwear same-store-sales were up 1.1%. Total sales of $365.2 million were down, as expected, as the fourth quarter of 2017 included an additional week.
  • Gross profit was $277.7 million, while gross margin was 38.6% and adjusted gross margin was 39.9%.
  • SG&A expense of $267.2 million represented 37.1% of sales, an improvement of nearly 90 basis points.
  • Operating loss of $94.4 million and adjusted operating earnings of $20.5 million.
  • The net loss for the quarter was $75.5 million, resulting in a loss per diluted share of $1.83 including $2.31 for the below items and a $0.10 benefit primarily related to the 2017 Tax Cuts and Jobs Act.
    • Allen Edmonds $2.01 non-cash impairment of goodwill and intangible assets and $0.02 of integration and reorganization expense.
    • Blowfish Malibu and Vionic acquisition and integration related expense of $0.15.
    • Distribution center transition expenses of $0.08 total.
    • Brand Portfolio expense of $0.04 related to brand exits.
    • Famous Footwear retail operations restructuring expense of $0.01.
    • Non-cash loss on early extinguishment of debt.
  • Adjusted net earnings were $16.0 million, while adjusted diluted net earnings per share were $0.38 and included approximately $0.08 of dilution related to Vionic interest and amortization expense.

Fiscal 2018 Results Versus 2017

  • Consolidated sales of $2,834.8 million, up 1.8%.
    • Brand Portfolio sales of $1,228.0 million were up 7.0%, including Vionic and Blowfish.
    • Famous Footwear same-store-sales were up 1.5%. Total sales of $1,606.8 million were down, as expected, as 2017 included a 53rd week.
  • Gross profit was $1,156.3 million, while gross margin was 40.8% and adjusted gross margin was 41.2%.
  • SG&A expense of $1,041.8 million represented 36.7% of sales, an improvement of nearly 45 basis points.
  • Operating earnings were $0.4 million and adjusted operating earnings of $127.0 million.
  • The net loss for the year was $5.4 million, resulting in a loss per diluted share of $0.13 including $2.43 for the below items and a $0.09 benefit primarily related to the 2017 Tax Cuts and Jobs Act.
    • Allen Edmonds $1.93 non-cash impairment of goodwill and intangible assets and $0.10 of acquisition, integration and reorganization expense.
    • Blowfish Malibu and Vionic acquisition and integration related expense of $0.27.
    • Distribution center transition expenses of $0.08 total.
    • Brand Portfolio expense of $0.04 related to brand exits.
    • Famous Footwear retail operations restructuring expense of $0.01.
    • Non-cash loss on early extinguishment of debt.
  • Adjusted net earnings of $95.1 million were up 2.1%, while adjusted diluted net earnings per share of $2.21 were up 2.3% and included approximately $0.10 of dilution related to Vionic interest and amortization expense.

Balance Sheet and Cash Flow

  • Cash and equivalents of $30.2 million and cash from operations of $129.6 million.
  • There was $335.0 million of outstanding borrowings under the revolving credit facility, following the October 18, 2018, acquisition of Vionic.
  • Inventory of $683.2 million was up 20.0% year-over-year and included $66.5 million of Vionic and Blowfish inventory.
  • Capital expenditures of $66.9 million were up year-over-year, due to investment in in-house distribution center capabilities.
  • Returned $55.8 million to shareholders in 2018 via share repurchases and dividends.

2019 Outlook

Consolidated net sales           $3.0 billion to $3.05 billion Brand Portfolio sales Up low- to mid-teens, including acquisitions Famous Footwear same-store-sales Up low- to mid-single digits Adjusted earnings per diluted share*           $2.45 to $2.55

* Excludes ~$0.16 of expenses related to brand acquisitions and exits

 

Pension Presentation

Results for this year reflect the new accounting standard related to the presentation of retirement benefits, which impacted reported and adjusted 2017 operating income and margin. The effect of this new standard resulted in a shift of $4.7 million of retirement plan income from fourth quarter 2017 SG&A expense to other income, net. For fiscal 2017, this amount was $12.3 million. There was no impact to net earnings or earnings per share for the fourth quarter or for fiscal 2017, due to the adoption of this standard.

Investor Conference Call

Caleres will host an investor conference call at 4:30 p.m. ET today, Thursday, March 21. The webcast and slides will be available at investor.caleres.com/news/events. A live conference call will be available at (877) 217-9089 for analysts in North America or (706) 679-1723 for international analysts by using the conference ID 1580868. A replay will be available at investor.caleres.com/news/events/archive for a limited period. Investors may also access the replay by dialing (855) 859-2056 in North America or (404) 537-3406 internationally and using the conference ID 1580868 through Wednesday, March 27.

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 3, 2018, 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 a diverse portfolio of global footwear brands. Our products are available virtually everywhere - in the over 1,200 retail stores we operate, in hundreds of major department and specialty stores, on our branded e-commerce sites, and on many additional third-party retail websites. Famous Footwear offers great casual and athletic brands for the entire family with convenient, curated, affordable collections. Sam Edelman keeps expressive women in step with the latest trends in a playful, whimsical way. Naturalizer shoes are beautiful from the inside out, with elegant simplicity and legendary fit re-imagined for today’s consumer. Allen Edmonds combines old world craft with new world technology to create luxe footwear for the discerning man who wants sophisticated, modern classics. Rounding out our family of brands are Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride, Via Spiga, Blowfish Malibu, Bzees, Circus by Sam Edelman, Fergie and Ryka. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is our more than 140 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit caleres.com to learn more about us.

          SCHEDULE 1                     CALERES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)   (Unaudited) Thirteen

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(Thousands, except per share data) February 2, 2019 February 3, 2018 February 2, 2019 February 3, 2018 Net sales $ 720,263 $ 702,465 $ 2,834,846 $ 2,785,584 Cost of goods sold 442,551   409,070   1,678,502   1,616,935   Gross profit 277,712   293,395   1,156,344   1,168,649   Selling and administrative expenses 267,210 266,862 1,041,765 1,036,051 Impairment of goodwill and intangible assets 98,044 — 98,044 — Restructuring and other special charges, net 6,895   942   16,134   4,915   Operating (loss) earnings (94,437 ) 25,591   401   127,683   Interest expense, net (6,782 ) (4,095 ) (18,277 ) (17,325 ) Loss on early extinguishment of debt (186 ) — (186 ) — Other income, net 3,054   4,749   12,308   12,348   (Loss) earnings before income taxes (98,351 ) 26,245   (5,754 ) 122,706   Income tax benefit (provision) 22,924   (5,944 ) 273   (35,475 ) Net (loss) earnings (75,427 ) 20,301   (5,481 ) 87,231   Net earnings (loss) attributable to noncontrolling interests 25   (15 ) (40 ) 31   Net (loss) earnings attributable to Caleres, Inc. $ (75,452 ) $ 20,316   $ (5,441 ) $ 87,200     Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (1.83 ) $ 0.47   $ (0.13 ) $ 2.03     Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (1.83 ) $ 0.47   $ (0.13 ) $ 2.02               SCHEDULE 2     CALERES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS           (Unaudited) February 2, 2019 February 3, 2018 (Thousands) ASSETS Cash and cash equivalents $ 30,200 $ 64,047 Receivables, net 191,722 152,613 Inventories, net 683,171 569,379 Prepaid expenses and other current assets 71,354 60,750 Total current assets 976,447 846,789   Property and equipment, net 230,784 212,799 Goodwill and intangible assets, net 549,897 339,168 Other assets 81,440 90,659 Total assets $ 1,838,568 $ 1,489,415   LIABILITIES AND EQUITY Borrowings under revolving credit agreement $ 335,000 $ — Trade accounts payable 316,298 272,962 Other accrued expenses 202,038 157,197 Total current liabilities 853,336 430,159   Long-term debt 197,932 197,472 Deferred rent 54,850 53,071 Other liabilities 97,015 89,751 Total other liabilities 349,797 340,294   Total Caleres, Inc. shareholders’ equity 634,053 717,489 Noncontrolling interests 1,382 1,473 Total equity 635,435 718,962 Total liabilities and equity $ 1,838,568 $ 1,489,415             SCHEDULE 3             CALERES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Fifty-Two

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(Thousands) February 2, 2019 February 3, 2018 OPERATING ACTIVITIES:     Net cash provided by operating activities $ 129,589   $ 191,375     INVESTING ACTIVITIES: Purchases of property and equipment (62,483 ) (44,720 ) Capitalized software (4,416 ) (6,458 ) Acquisition of Blowfish Malibu, net of cash received (16,792 ) — Acquisition of Vionic, net of cash received (352,666 ) —   Net cash used for investing activities (436,357 ) (51,178 )   FINANCING ACTIVITIES: Borrowings under revolving credit agreement 360,000 454,000 Repayments under revolving credit agreement (25,000 ) (564,000 ) Repayments of capital lease obligations (406 ) — Dividends paid (11,983 ) (12,027 ) Debt issuance costs (1,298 ) — Acquisition of treasury stock (43,771 ) (5,993 ) Issuance of common stock under share-based plans, net (4,372 ) (3,816 ) Net cash provided by (used for) financing activities 273,170   (131,836 ) Effect of exchange rate changes on cash and cash equivalents (249 ) 354   (Decrease) increase in cash and cash equivalents (33,847 ) 8,715 Cash and cash equivalents at beginning of period 64,047   55,332   Cash and cash equivalents at end of period $ 30,200   $ 64,047               SCHEDULE 4                             CALERES, INC. RECONCILIATION OF NET EARNINGS (LOSS) AND DILUTED EARNINGS (LOSS) PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)   (Unaudited) Thirteen Weeks Ended   Fourteen Weeks Ended February 2, 2019 February 3, 2018 (Thousands, except per share data)

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Earnings

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  GAAP (loss) earnings $ (75,452 ) $ (1.83 ) $ 20,316 $ 0.47  

Charges/other items:

Impairment of goodwill and intangible assets $ 98,044 83,044 2.01 $ — — — Integration and reorganization of men's brands 1,014 754 0.02 — — — Logistics transition 4,488 3,326 0.08 — — — Blowfish Malibu acquisition and integration-related costs 244 238 0.01 — — — Vionic acquisition and integration-related costs 8,346 5,756 0.14 — — — Brand Portfolio - business exits 2,395 1,779 0.04 — — — Retail operations restructuring 392 287 0.01 942 596 0.02 Loss on early extinguishment of debt 186 138 0.00 — — — Income tax reform —       (3,891 )     (0.10 ) —       (294 )     (0.01 ) Total charges/other items $ 115,109       $ 91,431       $ 2.21   $ 942       $ 302       $ 0.01   Adjusted earnings $ 15,979       $ 0.38   $ 20,618       $ 0.48               SCHEDULE 4                             CALERES, INC. RECONCILIATION OF NET EARNINGS (LOSS) AND DILUTED EARNINGS (LOSS) PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) (Unaudited) Fifty-Two Weeks Ended   Fifty-Three Weeks Ended February 2, 2019 February 3, 2018 (Thousands, except per share data)

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Net Earnings

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Diluted

Earnings

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Per Share

  GAAP (loss) earnings $ (5,441 ) $ (0.13 ) $ 87,200 $ 2.02  

Charges/other items:

Impairment of goodwill and intangible assets $ 98,044 83,044 1.93 $ — — — Integration and reorganization of men's brands 5,841 4,328 0.10 8,912 5,569 0.13 Logistics transition 4,488 3,326 0.08 — — — Blowfish Malibu acquisition and integration-related costs 2,022 1,557 0.04 — — — Vionic acquisition and integration-related costs 13,368 9,926 0.23 — — — Brand Portfolio - business exits 2,395 1,779 0.04 — — — Retail operations restructuring 392 287 0.01 942 596 0.02 Loss on early extinguishment of debt 186 138 0.00 — — — Income tax reform —       (3,891 )     (0.09 ) —       (294 )     (0.01 ) Total charges/other items $ 126,736       $ 100,494       $ 2.34   $ 9,854       $ 5,871       $ 0.14   Adjusted earnings $ 95,053       $ 2.21   $ 93,071       $ 2.16               SCHEDULE 5                                     CALERES, INC. SUMMARY FINANCIAL RESULTS BY SEGMENT   SUMMARY FINANCIAL RESULTS (Unaudited) Famous Footwear     Brand Portfolio     Other     Consolidated

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Net sales $ 365,160 $ 393,085 $ 355,103 $ 309,380 $ — $ — $ 720,263 $ 702,465 Gross profit $ 156,028 $ 175,362 $ 121,684 $ 118,033 $ — $ — $ 277,712 $ 293,395 Adjusted gross profit $ 156,028 $ 175,362 $ 131,669 $ 118,033 $ — $ — $ 287,697 $ 293,395 Gross profit rate 42.7 % 44.6 % 34.3 % 38.2 % — % — % 38.6 % 41.8 % Adjusted gross profit rate 42.7 % 44.6 % 37.1 % 38.2 % — % — % 39.9 % 41.8 % Operating earnings (loss) $ 5,757 $ 13,093 $ (94,979 ) $ 26,700 $ (5,215 ) $ (14,202 ) $ (94,437 ) $ 25,591 Adjusted operating earnings (loss) $ 6,149 $ 13,657 $ 19,149 $ 26,855 $ (4,812 ) $ (13,979 ) $ 20,486 $ 26,533 Operating earnings (loss) % 1.6 % 3.3 % (26.7 )% 8.6 % — % — % (13.1 )% 3.6 % Adjusted operating earnings % 1.7 % 3.5 % 5.4 % 8.7 % — % — % 2.8 % 3.8 % Same-store sales % (on a 13-week basis) (1) 1.1 % 2.8 % 0.2 % 5.9 % — % — % — % — % Number of stores         992       1,026       229       236       —       —       1,221       1,262     RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) (Unaudited) Famous Footwear     Brand Portfolio     Other     Consolidated

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Gross profit $ 156,028 $ 175,362 $ 121,684 $ 118,033 $ — $ — $ 277,712 $ 293,395

Charges/Other Items:

Blowfish Malibu acquisition and integration-related costs — — 244 — — — 244 — Vionic acquisition and integration-related costs — — 7,973 — — — 7,973 — Brand Portfolio - business exits —       —       1,768       —       —       —       1,768       —   Total charges/other items —       —       9,985       —       —       —       9,985       —   Adjusted gross profit $ 156,028       $ 175,362       $ 131,669       $ 118,033       $ —       $ —       $ 287,697       $ 293,395   Operating earnings (loss) $ 5,757 $ 13,093 $ (94,979 ) $ 26,700 $ (5,215 ) $ (14,202 ) $ (94,437 ) $ 25,591

Charges/Other Items:

Impairment of goodwill and intangible assets — — 98,044 — — — 98,044 — Integration and reorganization of men's brands — — 984 — 30 — 1,014 — Logistics transition — — 4,488 — — — 4,488 — Blowfish Malibu acquisition and integration-related costs — — 244 — — — 244 — Vionic acquisition and integration-related costs — — 7,973 — 373 — 8,346 — Brand Portfolio - business exits — — 2,395 — — — 2,395 — Retail operations restructuring 392       564       —       155       —       223       392       942   Total charges/other items 392       564       114,128       155       403       223       114,923       942   Adjusted operating earnings (loss)         $ 6,149       $ 13,657       $ 19,149       $ 26,855       $ (4,812 )     $ (13,979 )     $ 20,486       $ 26,533   (1) Fourteen week period ended February 3, 2018 excludes sales from Allen Edmonds.             SCHEDULE 5                                     CALERES, INC. SUMMARY FINANCIAL RESULTS BY SEGMENT   SUMMARY FINANCIAL RESULTS   (Unaudited) Famous Footwear     Brand Portfolio     Other     Consolidated

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Net sales $ 1,606,808 $ 1,637,627 $ 1,228,038 $ 1,147,957 $ — $ — $ 2,834,846 $ 2,785,584 Gross profit $ 690,830 $ 724,434 $ 465,514 $ 444,215 $ — $ — $ 1,156,344 $ 1,168,649 Adjusted gross profit $ 690,830 $ 724,434 $ 477,886 $ 449,154 $ — $ — $ 1,168,716 $ 1,173,588 Gross profit rate 43.0 % 44.2 % 37.9 % 38.7 % — % — % 40.8 % 42.0 % Adjusted gross profit rate 43.0 % 44.2 % 38.9 % 39.1 % — % — % 41.2 % 42.1 % Operating earnings (loss) $ 85,268 $ 92,230 $ (42,206 ) $ 80,211 $ (42,661 ) $ (44,758 ) $ 401 $ 127,683 Adjusted operating earnings (loss) $ 85,660 $ 92,794 $ 78,745 $ 86,787 $ (37,454 ) $ (42,044 ) $ 126,951 $ 137,537 Operating earnings (loss) % 5.3 % 5.6 % (3.4 )% 7.0 % — % — % 0.0 % 4.6 % Adjusted operating earnings % 5.3 % 5.7 % 6.4 % 7.6 % — % — % 4.5 % 4.9 % Same-store sales % (on a 52-week basis) (1) 1.5 % 1.4 % (0.1 )% 6.4 % — % — % — % — % Number of stores         992       1,026       229       236       —       —       1,221       1,262   (1) Fifty-three week period ended February 3, 2018 excludes sales from Allen Edmonds             SCHEDULE 5                                     CALERES, INC. SUMMARY FINANCIAL RESULTS BY SEGMENT   RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)   (Unaudited) Famous Footwear     Brand Portfolio     Other     Consolidated

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Gross profit $ 690,830 $ 724,434 $ 465,514 $ 444,215 $ — $ — $ 1,156,344 $ 1,168,649

Charges/Other Items:

Integration and reorganization of men's brands — — — 4,939 — — — 4,939 Blowfish Malibu acquisition and integration-related costs — — 1,717 — — — 1,717 — Vionic acquisition and integration-related costs — — 8,886 — — — 8,886 — Brand Portfolio - business exits —       —       1,769       —       —       —       1,769       — Total charges/other items —       —       12,372       4,939       —       —       12,372       4,939 Adjusted gross profit $ 690,830       $ 724,434       $ 477,886       $ 449,154       $ —       $ —       $ 1,168,716       $ 1,173,588 Operating earnings (loss) $ 85,268 $ 92,230 $ (42,206 ) $ 80,211 $ (42,661 ) $ (44,758 ) $ 401 $ 127,683

Charges/Other Items:

Impairment of goodwill and intangible assets — — 98,044 — — — 98,044 — Integration and reorganization of men's brands — — 5,421 6,421 420 2,491 5,841 8,912 Logistics transition — — 4,488 — — — 4,488 — Blowfish Malibu acquisition and integration-related costs — — 1,717 — 305 — 2,022 — Vionic acquisition and integration-related costs — — 8,886 — 4,482 — 13,368 — Brand Portfolio - business exits — — 2,395 — — — 2,395 — Retail operations restructuring 392       564       —       155       —       223       392       942 Total charges/other items 392       564       120,951       6,576       5,207       2,714       126,550       9,854 Adjusted operating earnings (loss) 85,660       92,794       78,745       86,787       (37,454 )     (42,044 )     126,951       137,537                   SCHEDULE 6             CALERES, INC. BASIC AND DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION   (Unaudited) Thirteen

Weeks Ended

    Fourteen

Weeks Ended

    Fifty-Two

Weeks Ended

    Fifty-Three

Weeks Ended

(Thousands, except per share data)

February 2,

2019

   

February 3,

2018

   

February 2,

2019

   

February 3,

2018

  Net (loss) earnings attributable to Caleres, Inc.: Net (loss) earnings $ (75,427 ) $ 20,301 $ (5,481 ) $ 87,231 Net (earnings) loss attributable to noncontrolling interests (25 )     15   40       (31 ) Net (loss) earnings attributable to Caleres, Inc. (75,452 ) 20,316 (5,441 ) 87,200 Net earnings allocated to participating securities —       (545 ) —       (2,384 ) Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ (75,452 )     $ 19,771   $ (5,441 )     $ 84,816     Basic and diluted common shares attributable to Caleres, Inc.: Basic common shares 41,150 41,799 41,756 41,801 Dilutive effect of share-based awards —       198   —       179   Diluted common shares attributable to Caleres, Inc. 41,150       41,997   41,756       41,980     Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (1.83 )     $ 0.47   $ (0.13 )     $ 2.03     Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (1.83 )     $ 0.47   $ (0.13 )     $ 2.02                 SCHEDULE 7                 CALERES, INC. BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION   (Unaudited) Thirteen

Weeks Ended

    Fourteen

Weeks Ended

    Fifty-Two

Weeks Ended

    Fifty-Three

Weeks Ended

(Thousands, except per share data)

February 2,

2019

   

February 3,

2018

   

February 2,

2019

   

February 3,

2018

  Adjusted net earnings attributable to Caleres, Inc.: Adjusted net earnings $ 16,004 $ 20,603 $ 95,013 $ 93,102 Net (earnings) loss attributable to noncontrolling interests (25 )     15   40       (31 ) Adjusted net earnings attributable to Caleres, Inc. 15,979 20,618 95,053 93,071 Net earnings allocated to participating securities (462 )     (553 ) (2,678 )     (2,546 ) Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 15,517       $ 20,065   $ 92,375       $ 90,525     Basic and diluted common shares attributable to Caleres, Inc.: Basic common shares 41,150 41,799 41,756 41,801 Dilutive effect of share-based awards 127       198   118       179   Diluted common shares attributable to Caleres, Inc. 41,277       41,997   41,874       41,980     Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders $ 0.38       $ 0.48   $ 2.21       $ 2.17     Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders $ 0.38   $ 0.48   $ 2.21   $ 2.16                     SCHEDULE 8                       CALERES, INC. RECONCILIATION OF INCOME TAX PROVISION AND EFFECTIVE TAX RATE (GAAP BASIS) TO ADJUSTED INCOME TAX PROVISION AND ADJUSTED EFFECTIVE TAX RATE (NON-GAAP BASIS)   (Unaudited) Thirteen Weeks Ended Fourteen Weeks Ended February 2, 2019 February 3, 2018

(Loss)

Earnings

Before

Income

Taxes

Income

Tax

Benefit

(Provision)

Effective

Tax Rate

Earnings

Before

Income

Taxes

Income

Tax

Provision

Effective

Tax Rate

(Thousands)                   GAAP basis $ (98,351 ) $ 22,924 23.3 % $ 26,245 $ (5,944 ) 22.6 %  

Charges/other items:

Impairment of goodwill and intangible assets 98,044 (15,000 ) — — Integration and reorganization of men's brands 1,014 (260 ) — — Logistics transition 4,488 (1,161 ) — — Blowfish Malibu acquisition and integration-related costs 244 (6 ) — — Vionic acquisition and integration-related costs 8,346 (2,590 ) — — Brand Portfolio - business exits 2,395 (617 ) — — Retail operations restructuring 392 (105 ) 942 (346 ) Loss on early extinguishment of debt 186 (48 ) — — Income tax reform —       (3,891 )       —       $ (294 )       Total charges/other items $ 115,109       $ (23,678 )     20.6 % $ 942       $ (640 )     67.9 % Adjusted basis $ 16,758       $ (754 )     4.5 % $ 27,187       $ (6,584 )     24.2 %                   SCHEDULE 8                       CALERES, INC. RECONCILIATION OF INCOME TAX PROVISION AND EFFECTIVE TAX RATE (GAAP BASIS) TO ADJUSTED INCOME TAX PROVISION AND ADJUSTED EFFECTIVE TAX RATE (NON-GAAP BASIS)   (Unaudited) Fifty-Two Weeks Ended Fifty-Three Weeks Ended February 2, 2019 February 3, 2018

(Loss)

Earnings

Before

Income

Taxes

Income Tax

Benefit

(Provision)

 

Effective

Tax Rate

Earnings

Before

Income

Taxes

Income Tax

Provision

Effective

Tax Rate

(Thousands)                   GAAP basis $ (5,754 ) $ 273 4.7 % $ 122,706 $ (35,475 ) 28.9 %  

Charges/other items:

Impairment of goodwill and intangible assets 98,044 (15,000 ) — — Acquisition, integration and reorganization of men's brands 5,841 (1,513 ) 8,912 (3,343 ) Logistics transition 4,488 (1,161 ) — — Blowfish Malibu acquisition and integration-related costs 2,022 (465 ) — — Vionic acquisition and integration-related costs 13,368 (3,442 ) — — Brand Portfolio - business exits 2,395 (617 ) — — Retail operations restructuring 392 (105 ) 942 (346 ) Loss on early extinguishment of debt 186 (48 ) — — Income tax reform —       (3,891 )       —       $ (294 )       Total charges/other items $ 126,736       $ (26,242 )     20.7 % $ 9,854       $ (3,983 )     40.4 % Adjusted basis $ 120,982       $ (25,969 )     21.5 % $ 132,560       $ (39,458 )     29.8 %        

Investor and Media Contact:Peggy Reilly Tharp, Caleres(314) 854-4134, ptharp@caleres.com

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