Caleres (NYSE: CAL) (caleres.com), a diverse portfolio of global
footwear brands, today reported second quarter 2019 financial
results.
- Delivered earnings per diluted share of $0.61, up 10.9%.
- Record second quarter sales of $752.5 million, up 6.5%
year-over-year
- Positive same-store-sales of 1.5% at Famous Footwear
- On-track to deliver eighth consecutive year of positive
back-to-school same-store-sales
- Continued to evolve portfolio, announcing partnership with
Veronica Beard and relaunch of Zodiac
“During the quarter we successfully executed on our strategies
to strengthen the emotional connections we have with our consumers.
Our deep insights, combined with our industry-leading footwear
capabilities, allowed us to deliver relevant product, supporting
growth in the Brand Portfolio and positive same-store-sales growth
at Famous Footwear,” said Diane Sullivan, CEO, president and
chairman of Caleres. “A continued focus on expense discipline
improved profitability for the quarter. As a company, we remain
focused on creating consistent, profitable and sustainable growth
over the long term.”
Second Quarter 2019 Results Versus Second Quarter
2018
- Consolidated sales of $752.5 million, up 6.5%.
- Brand Portfolio sales of $359.6 million, up 17.9%.
- Famous Footwear total sales of $419.8 million, with
same-store-sales up 1.5%.
- Gross profit of $305.9 million, up 4.4%, representing gross
margin of 40.7%.
- SG&A expense of $267.5 million, up 3.4%, representing 35.6%
of sales.
- Operating earnings of $37.8 million, up 17.6%, representing
operating margin of 5.0%.
- Adjusted operating earnings of $38.4 million, up 10.4%,
representing adjusted operating margin of 5.1%.
- Net earnings of $25.3 million, resulting in earnings per
diluted share of $0.61, up 10.9%.
- Adjusted net earnings of $25.8 million, resulting in adjusted
earnings per diluted share of $0.62, up 5.1%.
First Half 2019 Results Versus First Half 2018
- Consolidated sales of $1,430.2 million, up 6.8%.
- Brand Portfolio sales of $700.6 million, up 19.0%.
- Famous Footwear total sales of $772.0 million, with
same-store-sales up 0.4%.
- Gross profit of $585.8 million, up 3.1%, representing gross
margin of 41.0%.
- Adjusted gross margin of 41.5%, excluding $7.2 million related
to Vionic inventory adjustment amortization and Brand Portfolio
business exit expense.
- SG&A expense of $529.6 million, up 4.0%, representing 37.0%
of sales.
- Operating earnings of $54.7 million, down 0.8%, representing
operating margin of 3.8%.
- Adjusted operating earnings of $63.3 million, up 6.3%,
representing adjusted operating margin of 4.4%.
- Net earnings of $34.4 million, resulting in earnings per
diluted share of $0.82, down 12.8%.
- Adjusted net earnings of $40.8 million, resulting in adjusted
earnings per diluted share of $0.98, down 3.9%.
Balance Sheet and Cash Flow
- Cash and equivalents of $42.6 million and cash from operations
of $116.6 million, year-to-date.
- There were $300.0 million of outstanding borrowings under the
revolving credit facility, following the October 18, 2018
acquisition of Vionic.
- Inventory of $792.1 million, up 10.7% year-over-year, including
$50.7 million of Vionic inventory.
- Year-to-date capital expenditures of $30.2 million, up 40.3%
year-over-year due to the investment in automation at the new Brand
Portfolio fulfillment center.
- Returned $35.8 million to shareholders in the first half of
2019, via share repurchases and dividends.
Investor Conference Call
Caleres will host an investor conference call at 4:30 p.m. ET
today, Monday, August 26. The webcast and slides will be available
at investor.caleres.com/news/events. The live conference call will
be available at (877) 217-9089 for analysts in North America or
(706) 679-1723 for international analysts by using the conference
ID 3196093. A replay will be available at
investor.caleres.com/news/events/archive for a limited period.
Investors may also access a replay of the call through September 2
by dialing (855) 859-2056 in North America or (404) 537-3406
internationally and using the conference ID
3196093.
Investor Day
Caleres also invites financial analysts and institutional
investors to save the date for an Investor Day, to be held in New
York on October 2, 2019. The event will be hosted by CEO, President
and Chairman of the Board Diane Sullivan, Senior Vice President and
Chief Financial Officer Ken Hannah, and other members of the
executive leadership team. A formal invitation will be provided at
a later date.
Definitions
All references in this press release, outside of the condensed
consolidated financial statements that follow, unless otherwise
noted, related to net earnings attributable to Caleres, Inc. and
diluted earnings per common share attributable to Caleres, Inc.
shareholders, are presented as net earnings and earnings per
diluted share, respectively.
Non-GAAP Financial Measures
In this press release, the company’s financial results are
provided both in accordance with generally accepted accounting
principles (GAAP) and using certain non-GAAP financial measures. In
particular, the company provides historic and estimated future
gross profit, operating earnings, net earnings and earnings per
diluted share adjusted to exclude certain gains, charges and
recoveries, which are non-GAAP financial measures. These results
are included as a complement to results provided in accordance with
GAAP because management believes these non-GAAP financial measures
help identify underlying trends in the company’s business and
provide useful information to both management and investors by
excluding certain items that may not be indicative of the company’s
core operating results. These measures should not be considered a
substitute for or superior to GAAP results.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
and expectations regarding the company’s future performance and the
performance of its brands. Such statements are subject to various
risks and uncertainties that could cause actual results to differ
materially. These risks include (i) changing consumer demands,
which may be influenced by consumers' disposable income, which in
turn can be influenced by general economic conditions and other
factors; (ii) rapidly changing fashion trends and consumer
preferences and purchasing patterns; (iii) intense competition
within the footwear industry; (iv) political and economic
conditions or other threats to the continued and uninterrupted flow
of inventory from China and other countries, where the Company
relies heavily on third-party manufacturing facilities for a
significant amount of its inventory; (v) imposition of tariffs;
(vi) the ability to accurately forecast sales and manage inventory
levels; (vii) cybersecurity threats or other major disruption to
the Company’s information technology systems; (viii) customer
concentration and increased consolidation in the retail industry;
(ix) transitional challenges with acquisitions; (x) a disruption in
the Company’s distribution centers; (xi) foreign currency
fluctuations; (xii) changes to tax laws, policies and treaties;
(xiii) the ability to recruit and retain senior management and
other key associates; (xiv) compliance with applicable laws and
standards with respect to labor, trade and product safety issues;
(xv) the ability to secure/exit leases on favorable terms; (xvi)
the ability to maintain relationships with current suppliers; and
(xvii) the ability to attract, retain, and maintain good
relationships with licensors and protect our intellectual property
rights. The company's reports to the Securities and Exchange
Commission contain detailed information relating to such factors,
including, without limitation, the information under the caption
Risk Factors in Item 1A of the company’s Annual Report on Form 10-K
for the year ended February 2, 2019, which information is
incorporated by reference herein and updated by the company’s
Quarterly Reports on Form 10-Q. The company does not undertake any
obligation or plan to update these forward-looking statements, even
though its situation may change.
About Caleres
Caleres is the home of today’s most coveted footwear brands and
represents a diverse portfolio spanning all of life’s styles and
experiences. Every shoe tells a story and Caleres has the perfect
fit for every one of them. Our collections have been developed and
acquired to meet the evolving needs of today’s assorted and growing
global audiences, with consumer insights driving every aspect of
the innovation, design, and craft that go into our distinctly
positioned brands, including Famous Footwear, Sam Edelman,
Naturalizer, Allen Edmonds, Vionic, Dr. Scholl’s Shoes, Franco
Sarto, and more. The Caleres story is most simply defined by the
company’s mission: Inspire people to feel great…feet first.
SCHEDULE 1
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
(Thousands, except per share data)
August 3,
2019
August 4,
2018
August 3,
2019
August 4,
2018
Net sales
$
752,485
$
706,612
$
1,430,239
$
1,338,754
Cost of goods sold
446,541
413,511
844,459
770,731
Gross profit
305,944
293,101
585,780
568,023
Selling and administrative expenses
267,531
258,835
529,642
509,033
Restructuring and other special charges,
net
609
2,123
1,465
3,900
Operating earnings
37,804
32,143
54,673
55,090
Interest expense, net
(7,389
)
(3,602
)
(14,729
)
(7,285
)
Other income, net
2,650
3,078
5,269
6,169
Earnings before income taxes
33,065
31,619
45,213
53,974
Income tax provision
(7,838
)
(8,008
)
(10,901
)
(13,183
)
Net earnings
25,227
23,611
34,312
40,791
Net loss attributable to noncontrolling
interests
(114
)
(35
)
(112
)
(67
)
Net earnings attributable to Caleres,
Inc.
$
25,341
$
23,646
$
34,424
$
40,858
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
0.61
$
0.55
$
0.83
$
0.95
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.61
$
0.55
$
0.82
$
0.94
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
August 3, 2019
August 4, 2018
February 2, 2019
(Thousands)
ASSETS
Cash and cash equivalents
$
42,601
$
102,884
$
30,200
Receivables, net
167,727
153,421
191,722
Inventories, net
792,064
715,705
683,171
Prepaid expenses and other current
assets
51,394
62,159
71,354
Total current assets
1,053,786
1,034,169
976,447
Lease right-of-use assets
723,415
—
—
Property and equipment, net
232,045
207,726
230,784
Goodwill and intangible assets, net
546,110
362,049
549,897
Other assets
89,037
89,701
81,440
Total assets
$
2,644,393
$
1,693,645
$
1,838,568
LIABILITIES AND EQUITY
Borrowings under revolving credit
agreement
$
300,000
$
—
$
335,000
Trade accounts payable
448,596
400,391
316,298
Lease obligations
143,202
—
—
Other accrued expenses
190,331
195,987
202,038
Total current liabilities
1,082,129
596,378
853,336
Noncurrent lease obligations
649,100
—
—
Long-term debt
198,161
197,702
197,932
Deferred rent
—
52,396
54,850
Other liabilities
90,325
109,975
97,015
Total other liabilities
937,586
360,073
349,797
Total Caleres, Inc. shareholders’
equity
623,429
735,853
634,053
Noncontrolling interests
1,249
1,341
1,382
Total equity
624,678
737,194
635,435
Total liabilities and equity
$
2,644,393
$
1,693,645
$
1,838,568
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Twenty-Six Weeks Ended
(Thousands)
August 3, 2019
August 4, 2018
OPERATING ACTIVITIES:
Net cash provided by operating
activities
$
116,578
$
91,007
INVESTING ACTIVITIES:
Purchases of property and equipment
(26,741
)
(18,559
)
Disposals of property and equipment
636
—
Capitalized software
(4,084
)
(2,951
)
Acquisition cost, net of cash received
—
(16,793
)
Net cash used for investing activities
(30,189
)
(38,303
)
FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement
149,000
—
Repayments under revolving credit
agreement
(184,000
)
—
Repayments of capital lease obligation
(609
)
—
Dividends paid
(5,808
)
(6,053
)
Acquisition of treasury stock
(29,995
)
(3,288
)
Issuance of common stock under share-based
plans, net
(2,547
)
(4,365
)
Other
(85
)
—
Net cash used for financing activities
(74,044
)
(13,706
)
Effect of exchange rate changes on cash
and cash equivalents
56
(161
)
Increase in cash and cash equivalents
12,401
38,837
Cash and cash equivalents at beginning of
period
30,200
64,047
Cash and cash equivalents at end of
period
$
42,601
$
102,884
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, 2019
August 4, 2018
(Thousands, except per share data)
Pre-Tax
Impact of
Charges/Other
Items
Net
Earnings
Attributable
to Caleres, Inc.
Diluted
Earnings
Per Share
Pre-Tax
Impact of
Charges/Other
Items
Net
Earnings
Attributable
to Caleres, Inc.
Diluted
Earnings
Per Share
GAAP earnings
$
25,341
$
0.61
$
23,646
$
0.55
Charges/other
items:
Vionic integration-related costs
$
609
452
0.01
$
—
—
—
Blowfish Malibu acquisition-related
costs
—
—
—
778
576
0.01
Acquisition, integration and
reorganization of men's brands
—
—
—
1,885
1,394
0.03
Total charges/other items
$
609
$
452
$
0.01
$
2,663
$
1,970
$
0.04
Adjusted earnings
$
25,793
$
0.62
$
25,616
$
0.59
(Unaudited)
Twenty-Six Weeks Ended
August 3, 2019
August 4, 2018
(Thousands, except per share data)
Pre-Tax
Impact of
Charges/Other
Items
Net
Earnings
Attributable to
Caleres, Inc.
Diluted
Earnings
Per Share
Pre-Tax
Impact of
Charges/Other
Items
Net
Earnings
Attributable
to Caleres, Inc.
Diluted
Earnings
Per Share
GAAP earnings
$
34,424
$
0.82
$
40,858
$
0.94
Charges/other
items:
Vionic acquisition and integration-related
costs
$
6,727
4,996
0.13
$
—
—
—
Brand Portfolio - business exits
1,905
1,415
0.03
—
—
—
Blowfish Malibu acquisition-related
costs
—
—
—
778
576
0.01
Acquisition, integration and
reorganization of men's brands
—
—
—
3,662
2,709
0.07
Total charges/other items
$
8,632
$
6,411
$
0.16
$
4,440
$
3,285
$
0.08
Adjusted earnings
$
40,835
$
0.98
$
44,143
$
1.02
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
(Thousands)
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
Net sales
$
419,841
$
429,472
$
359,575
$
305,021
$
(26,931
)
$
(27,881
)
$
752,485
$
706,612
Gross profit
182,301
187,114
124,840
108,288
(1,197
)
(2,301
)
305,944
293,101
Adjusted gross profit
182,301
187,114
124,840
108,828
(1,197
)
(2,301
)
305,944
293,641
Gross profit rate
43.4
%
43.6
%
34.7
%
35.5
%
4.4
%
8.3
%
40.7
%
41.5
%
Adjusted gross profit rate
43.4
%
43.6
%
34.7
%
35.7
%
4.4
%
8.3
%
40.7
%
41.6
%
Operating earnings (loss)
31,542
33,240
13,898
15,909
(7,636
)
(17,006
)
37,804
32,143
Adjusted operating earnings (loss)
31,542
33,240
13,916
18,248
(7,045
)
(16,682
)
38,413
34,806
Operating earnings %
7.5
%
7.7
%
3.9
%
5.2
%
28.4
%
61.0
%
5.0
%
4.5
%
Adjusted operating earnings %
7.5
%
7.7
%
3.9
%
6.0
%
26.2
%
59.8
%
5.1
%
4.9
%
Same-store sales % (on a 13-week
basis)
1.5
%
2.6
%
(9.3
)%
(1.3
)%
—
%
—
%
—
%
—
%
Number of stores
973
1,008
231
233
—
—
1,204
1,241
RECONCILIATION OF ADJUSTED RESULTS
(NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
(Thousands)
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
Gross profit
$
182,301
$
187,114
$
124,840
$
108,288
$
(1,197
)
$
(2,301
)
$
305,944
$
293,101
Charges/Other
Items:
Blowfish Malibu acquisition-related
costs
—
—
—
540
—
—
—
540
Total charges/other items
—
—
—
540
—
—
—
540
Adjusted gross profit
$
182,301
$
187,114
$
124,840
$
108,828
$
(1,197
)
$
(2,301
)
$
305,944
$
293,641
Operating earnings (loss)
$
31,542
$
33,240
$
13,898
$
15,909
$
(7,636
)
$
(17,006
)
$
37,804
$
32,143
Charges/Other
Items:
Vionic integration-related costs
—
—
18
—
591
—
609
—
Blowfish Malibu acquisition-related
costs
—
—
—
540
—
238
—
778
Acquisition, integration and
reorganization of men's brands
—
—
—
1,799
—
86
—
1,885
Total charges/other items
—
—
18
2,339
591
324
609
2,663
Adjusted operating earnings (loss)
$
31,542
$
33,240
$
13,916
$
18,248
$
(7,045
)
$
(16,682
)
$
38,413
$
34,806
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
(Thousands)
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
Net sales
$
772,006
$
792,883
$
700,625
$
588,518
$
(42,392
)
$
(42,647
)
$
1,430,239
$
1,338,754
Gross profit
334,994
352,316
251,700
217,149
(914
)
(1,442
)
585,780
568,023
Adjusted gross profit
334,994
352,316
258,867
217,689
(914
)
(1,442
)
592,947
568,563
Gross profit rate
43.4
%
44.4
%
35.9
%
36.9
%
2.2
%
(3.4
)%
41.0
%
42.4
%
Adjusted gross profit
rate
43.4
%
44.4
%
36.9
%
37.0
%
2.2
%
(3.4
)%
41.5
%
42.5
%
Operating earnings (loss)
42,355
55,097
26,827
27,536
(14,509
)
(27,543
)
54,673
55,090
Adjusted operating earnings (loss)
42,355
55,097
34,621
31,458
(13,671
)
(27,025
)
63,305
59,530
Operating earnings %
5.5
%
6.9
%
3.8
%
4.7
%
34.2
%
64.6
%
3.8
%
4.1
%
Adjusted operating earnings %
5.5
%
6.9
%
4.9
%
5.3
%
32.2
%
63.4
%
4.4
%
4.4
%
Same-store sales % (on a 26-week
basis)
0.4
%
1.0
%
(8.9
)%
(1.2
)%
—
%
—
%
—
%
—
%
Number of stores
973
1,008
231
233
—
—
1,204
1,241
RECONCILIATION OF ADJUSTED RESULTS
(NON-GAAP)
(Unaudited)
Twenty-Six Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
(Thousands)
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
Gross profit
$
334,994
$
352,316
$
251,700
$
217,149
$
(914
)
$
(1,442
)
$
585,780
$
568,023
Charges/Other
Items:
Vionic acquisition and integration-related
costs
—
—
5,812
—
—
—
5,812
—
Brand Portfolio - business exits
—
—
1,355
—
—
—
1,355
—
Blowfish Malibu acquisition-related
costs
—
—
—
540
—
—
—
540
Total charges/other items
—
—
7,167
540
—
—
7,167
540
Adjusted gross profit
$
334,994
$
352,316
$
258,867
$
217,689
$
(914
)
$
(1,442
)
$
592,947
$
568,563
Operating earnings (loss)
$
42,355
$
55,097
$
26,827
$
27,536
$
(14,509
)
$
(27,543
)
$
54,673
$
55,090
Charges/Other
Items:
Vionic acquisition and integration-related
costs
—
—
5,889
—
838
—
6,727
—
Brand Portfolio - business exits
—
—
1,905
—
—
—
1,905
—
Blowfish Malibu acquisition-related
costs
—
—
—
540
—
238
—
778
Acquisition, integration and
reorganization of men's brands
—
—
—
3,382
—
280
—
3,662
Total charges/other items
—
—
7,794
3,922
838
518
8,632
4,440
Adjusted operating earnings (loss)
$
42,355
$
55,097
$
34,621
$
31,458
$
(13,671
)
$
(27,025
)
$
63,305
$
59,530
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE
RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
(Thousands, except per share data)
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
Net earnings attributable to Caleres,
Inc.:
Net earnings
$
25,227
$
23,611
$
34,312
$
40,791
Net loss attributable to noncontrolling
interests
114
35
112
67
Net earnings attributable to Caleres,
Inc.
25,341
23,646
34,424
40,858
Net earnings allocated to participating
securities
(857
)
(673
)
(1,125
)
(1,148
)
Net earnings attributable to Caleres, Inc.
after allocation of earnings to participating securities
24,484
22,973
$
33,299
$
39,710
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
39,951
41,964
40,346
41,937
Dilutive effect of share-based awards
55
117
58
120
Diluted common shares attributable to
Caleres, Inc.
40,006
42,081
40,404
42,057
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
0.61
$
0.55
$
0.83
$
0.95
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.61
$
0.55
$
0.82
$
0.94
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER
SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
(Thousands, except per share data)
August 3, 2019
August 4, 2018
August 3, 2019
August 4, 2018
Adjusted net earnings attributable to
Caleres, Inc.:
Adjusted net earnings
$
25,679
$
25,581
$
40,723
$
44,076
Net loss attributable to noncontrolling
interests
114
35
112
67
Adjusted net earnings attributable to
Caleres, Inc.
25,793
25,616
40,835
44,143
Net earnings allocated to participating
securities
(873
)
(729
)
(1,336
)
(1,241
)
Adjusted net earnings attributable to
Caleres, Inc. after allocation of earnings to participating
securities
24,920
24,887
$
39,499
$
42,902
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
39,951
41,964
40,346
41,937
Dilutive effect of share-based awards
55
117
58
120
Diluted common shares attributable to
Caleres, Inc.
40,006
42,081
40,404
42,057
Basic adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.62
$
0.59
$
0.98
$
1.02
Diluted adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
0.62
$
0.59
$
0.98
$
1.02
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND ADJUSTED
EBITDA (NON-GAAP METRICS)
(Unaudited)
Twenty-Six Weeks Ended
August 3, 2019
August 4, 2018
(in 000's)
EBITDA
Net earnings attributable to Caleres,
Inc.
$34,424
$40,858
Income tax provision
10,901
13,183
Interest expense, net
14,729
7,285
Depreciation and amortization (1)
32,774
29,520
EBITDA
$92,828
$90,846
Adjusted EBITDA
Adjusted net earnings attributable to
Caleres, Inc.
$40,835
$44,143
Income tax provision
13,123
14,338
Interest expense, net
14,729
7,285
Depreciation and amortization (1)
32,774
29,520
Adjusted EBITDA
$101,461
$95,286
(1) Includes depreciation and amortization
of capitalized software and intangible assets
Earnings before interest expense, income
taxes and depreciation and amortization (EBITDA) and adjusted
earnings before interest expense, income taxes and depreciation and
amortization (Adjusted EBITDA) are non-GAAP financial measures that
we believe provide useful information to both management and
investors by excluding certain items that may not be indicative of
the Company’s core operating results, including the amortization of
intangible assets. These measures should not be considered a
substitute for or superior to GAAP results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190826005626/en/
Ken Hannah khannah@caleres.com Jo Ann Stoda
jstoda@caleres.com
Caleres (NYSE:CAL)
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