Caleres (NYSE: CAL), a market-leading portfolio of
consumer-driven footwear brands, today reported financial results
for the third quarter 2024.
- Reported sales of $740.9 million, down 2.8% year-on-year;
- Famous Footwear sales declined 4.8% versus the third quarter of
2023 with comparable store sales up 2.5%;
- Brand Portfolio sales increased 0.7% versus the third quarter
of 2023;
- Third quarter consolidated gross margin rate of 44.1%, down 55
basis points year-on-year;
- Reported earnings per diluted share of $1.19 and adjusted
earnings per diluted share of $1.23 for the third quarter, below
expectations;
- Generated third quarter EBITDA of $71.4 million;
- Fiscal 2024 outlook of net sales down 2.5% to 3% versus
previous guidance of down low-single-digits percent;
- Revises fiscal 2024 outlook for earnings per diluted share to
$3.35 to $3.45 versus prior guidance of $3.94 to $4.09, and
adjusted earnings per diluted share to $3.45 to $3.55 versus prior
guidance of $4.00 to $4.15, which excludes $0.10 per diluted share
in restructuring costs.
“The third quarter saw progress toward our strategy highlighted
by the Brand Portfolio delivering growth, Famous Footwear
delivering positive comparable store sales, and both segments
increasing market share. That said, performance was below our
expectations reflecting softer seasonal demand in the boot
category, late receipts of key athletic product at Famous Footwear,
and a discrete customer credit issue that impacted shipments. In
addition, our business in China was also weaker than planned,” said
Jay Schmidt, President and Chief Executive Officer.
“As we begin the fourth quarter, our strategies are working to
drive market share and we are aligning our expenses with expected
sales, while appropriately investing behind areas of the business
that are expected to deliver a strong ROI. However, we have reduced
our outlook as we expect our season-to-date sales trend to continue
in the final quarter of the year and anticipate pressure on our
gross margin as we take action to move through excess inventory and
position ourselves well for 2025,” said Schmidt. “Longer term, we
believe we are well-positioned to execute our strategic plan,
invest to fuel our ambition, and drive sustained value for our
shareholders.”
Third Quarter 2024 Results
(13-weeks ended November 2, 2024, compared to 13-weeks ended
October 28, 2023)
- Net sales were $740.9 million, down 2.8% from the third quarter
of 2023;
- Famous Footwear segment net sales decreased 4.8%, with
comparable store sales up 2.5%
- Brand Portfolio segment net sales increased 0.7%
- Direct-to-consumer sales represented approximately 72% of total
net sales
- Gross profit was $327.0 million, while gross margin was 44.1%,
down 55 basis points versus last year;
- Famous Footwear segment gross margin of 42.9%, down 130 basis
points versus last year
- Brand Portfolio segment gross margin of 43.8%, up 15 basis
points versus last year
- SG&A as a percentage of net sales was 36.3%, up 30 basis
points versus the prior year and reflecting expense deleverage on
the decline in sales;
- Net earnings of $41.4 million, or earnings per diluted share of
$1.19, compared to net earnings of $46.9 million, or earnings per
diluted share of $1.32 in the third quarter 2023;
- Adjusted net earnings of $42.6 million, or adjusted earnings
per diluted share of $1.23, which excludes $0.04 related to charges
associated with restructuring initiatives completed during the
third quarter, compared to adjusted net earnings of $48.6 million,
or adjusted earnings per diluted share of $1.37 in the third
quarter of 2023;
- Inventory was up 5% to the third quarter 2023 in total, but up
2.7% when accounting for the shift in the retail calendar;
- Borrowings under the asset-based revolving credit facility were
$238.5 million at the end of the period, up $16.5 million from the
third quarter of 2023.
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 addition, the company
repurchased approximately 1.5 million shares for a total of $50
million during the quarter. 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 the end of 2026. Caleres will continue to consider
business performance and market conditions as it evaluates all
opportunities for free cash flow for the remainder of the year.
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.
Metric
Prior 2024 Annual
Guidance
Revised 2024 Annual
Guidance
Sales Change
Down low single digits
Down 2.5% - 3%
Operating Margin
7.0% - 7.1%
6.1% - 6.3%
Tax Rate
~24%
~24%
GAAP EPS
$3.94 - $4.09
$3.35 - $3.45
Adjusted EPS*
$4.00 - $4.15
$3.45 - $3.55
Capital Expenditures
$50 - $55 million
$50 - $55 million
*Adjusted EPS guidance excludes estimated restructuring charges
incurred in the second half of 2024
Investor Conference Call
Caleres will host a conference call at 10:00 a.m. ET today,
Thursday, December 5, 2024. The webcast and associated slides will
be available at:
https://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 https://investor.caleres.com/events-and-presentations/
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 13749800.
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
Thirty-Nine Weeks Ended
($ thousands, except per share data)
November 2, 2024
October 28, 2023
November 2, 2024
October 28, 2023
Net sales
$
740,941
$
761,904
$
2,083,456
$
2,120,171
Cost of goods sold
413,981
421,530
1,136,522
1,162,942
Gross profit
326,960
340,374
946,934
957,229
Selling and administrative expenses
268,669
273,652
803,355
789,570
Restructuring and other special charges,
net
1,593
2,304
1,593
3,951
Operating earnings
56,698
64,418
141,986
163,708
Interest expense, net
(2,914
)
(4,488
)
(10,025
)
(15,240
)
Other income, net
34
1,552
2,202
4,660
Earnings before income taxes
53,818
61,482
134,163
153,128
Income tax provision
(12,699
)
(14,467
)
(31,973
)
(36,956
)
Net earnings
41,119
47,015
102,190
116,172
Net (loss) earnings attributable to
noncontrolling interests
(308
)
101
(135
)
588
Net earnings attributable to Caleres,
Inc.
$
41,427
$
46,914
$
102,325
$
115,584
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
1.20
$
1.32
$
2.93
$
3.23
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.19
$
1.32
$
2.92
$
3.23
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
($ thousands)
November 2, 2024
October 28, 2023
ASSETS
Cash and cash equivalents
$
33,685
$
34,031
Receivables, net
176,080
161,544
Inventories, net
585,877
556,034
Property and equipment, held for sale
16,777
16,777
Prepaid expenses and other current
assets
57,888
54,487
Total current assets
870,307
822,873
Lease right-of-use assets
589,141
508,736
Property and equipment, net
176,428
167,681
Goodwill and intangible assets, net
195,033
206,275
Other assets
125,030
121,328
Total assets
$
1,955,939
$
1,826,893
LIABILITIES AND EQUITY
Borrowings under revolving credit
agreement
$
238,500
$
222,000
Trade accounts payable
258,258
257,224
Lease obligations
117,523
132,461
Other accrued expenses
192,149
216,236
Total current liabilities
806,430
827,921
Noncurrent lease obligations
506,336
431,474
Other liabilities
36,867
47,326
Total other liabilities
543,203
478,800
Total Caleres, Inc. shareholders’
equity
598,284
513,382
Noncontrolling interests
8,022
6,790
Total equity
606,306
520,172
Total liabilities and equity
$
1,955,939
$
1,826,893
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Thirty-Nine Weeks Ended
($ thousands)
November 2, 2024
October 28, 2023
OPERATING ACTIVITIES:
Net cash provided by operating
activities
$
75,855
$
157,183
INVESTING ACTIVITIES:
Purchases of property and equipment
(38,410
)
(33,976
)
Capitalized software
(1,918
)
(3,404
)
Net cash used for investing activities
(40,328
)
(37,380
)
FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement
537,368
365,000
Repayments under revolving credit
agreement
(480,868
)
(450,500
)
Dividends paid
(7,342
)
(7,483
)
Acquisition of treasury stock
(65,039
)
(17,445
)
Issuance of common stock under share-based
plans, net
(8,820
)
(10,035
)
Contributions by noncontrolling
interests
1,500
1,000
Net cash used for financing activities
(23,201
)
(119,463
)
Effect of exchange rate changes on cash
and cash equivalents
1
(9
)
Increase in cash and cash equivalents
12,327
331
Cash and cash equivalents at beginning of
period
21,358
33,700
Cash and cash equivalents at end of
period
$
33,685
$
34,031
SCHEDULE 4
CALERES, INC.
RECONCILIATION OF NET EARNINGS AND
DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS
AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)
(Unaudited)
Thirteen Weeks Ended
November 2, 2024
October 28, 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
$
41,427
$
1.19
$
46,914
$
1.32
Charges/other
items:
Restructuring costs
$
1,593
1,183
0.04
$
—
—
—
Expense reduction initiatives
—
—
—
2,304
1,710
0.05
Total charges/other items
$
1,593
$
1,183
$
0.04
$
2,304
$
1,710
$
0.05
Adjusted earnings
$
42,610
$
1.23
$
48,624
$
1.37
(Unaudited)
Thirty-Nine Weeks Ended
November 2, 2024
October 28, 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
$
102,325
$
2.92
$
115,584
$
3.23
Charges/other
items:
Restructuring costs
$
1,593
1,183
0.03
$
—
—
—
Expense reduction initiatives
—
—
—
3,951
2,934
0.08
Total charges/other items
$
1,593
$
1,183
$
0.03
$
3,951
$
2,934
$
0.08
Adjusted earnings
$
103,508
$
2.95
$
118,518
$
3.31
(Unaudited)
Trailing Twelve Months Ended
November 2, 2024
October 28, 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
$
158,132
$
156,393
Charges/other
items:
Deferred tax valuation allowance
adjustments
$
—
(26,654
)
$
—
(17,374
)
Restructuring costs
1,593
1,183
—
—
Expense reduction initiatives
2,152
1,598
3,951
2,934
Total charges/other items
$
3,745
$
(23,873
)
$
3,951
$
(14,440
)
Adjusted earnings
$
134,259
$
141,953
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Net sales
$
428,264
$
449,773
$
322,936
$
320,775
$
(10,259
)
$
(8,644
)
$
740,941
$
761,904
Gross profit
183,825
198,809
141,559
140,155
1,576
1,410
326,960
340,374
Gross margin
42.9
%
44.2
%
43.8
%
43.7
%
(15.4
)%
(16.3
)%
44.1
%
44.7
%
Operating earnings (loss)
29,568
46,600
34,052
38,211
(6,922
)
(20,393
)
56,698
64,418
Adjusted operating earnings (loss)
29,761
47,767
35,145
39,055
(6,615
)
(20,100
)
58,291
66,722
Operating margin
6.9
%
10.4
%
10.5
%
11.9
%
n/m
%
n/m
%
7.7
%
8.5
%
Adjusted operating earnings %
6.9
%
10.6
%
10.9
%
12.2
%
n/m
%
n/m
%
7.9
%
8.8
%
Comparable sales % (on a 13-week
basis)
2.5
%
(6.9
)%
(2.7
)%
(2.0
)%
—
%
—
%
—
%
—
%
Company-operated stores, end of period
851
862
111
96
—
—
962
958
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Operating earnings (loss)
$
29,568
$
46,600
$
34,052
$
38,211
$
(6,922
)
$
(20,393
)
$
56,698
$
64,418
Charges/Other
Items:
Restructuring costs
193
—
1,093
—
307
—
1,593
—
Expense reduction initiatives
—
1,167
—
844
—
293
—
2,304
Total charges/other items
193
1,167
1,093
844
307
293
1,593
2,304
Adjusted operating earnings (loss)
$
29,761
$
47,767
$
35,145
$
39,055
$
(6,615
)
$
(20,100
)
$
58,291
$
66,722
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY
SEGMENT
SUMMARY FINANCIAL
RESULTS
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Net sales
$
1,198,105
$
1,213,169
$
925,644
$
947,164
$
(40,293
)
$
(40,162
)
$
2,083,456
$
2,120,171
Gross profit
534,166
549,420
411,255
408,137
1,513
(328
)
946,934
957,229
Gross profit rate
44.6
%
45.3
%
44.4
%
43.1
%
(3.8
)%
0.8
%
45.5
%
45.1
%
Operating earnings (loss)
80,808
104,286
99,097
107,708
(37,919
)
(48,286
)
141,986
163,708
Adjusted operating earnings (loss)
81,001
105,653
100,190
109,433
(37,612
)
(47,427
)
143,579
167,659
Operating earnings %
6.7
%
8.6
%
10.7
%
11.4
%
n/m
%
n/m
%
6.8
%
7.7
%
Adjusted operating earnings %
6.8
%
8.7
%
10.8
%
11.6
%
n/m
%
n/m
%
6.9
%
7.9
%
Comparable sales % (on a 39-week
basis)
(0.9
)%
(6.5
)%
0.2
%
3.5
%
—
%
—
%
—
%
—
%
Company-operated stores, end of period
851
862
111
96
—
—
962
958
n/m – Not meaningful
RECONCILIATION OF ADJUSTED
RESULTS (NON-GAAP)
(Unaudited)
Thirty-Nine Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
November 2,
October 28,
($ thousands)
2024
2023
2024
2023
2024
2023
2024
2023
Operating earnings (loss)
$
80,808
$
104,286
$
99,097
$
107,708
$
(37,919
)
$
(48,286
)
$
141,986
$
163,708
Charges/Other
Items:
Restructuring costs
193
—
1,093
—
307
—
1,593
—
Expense reduction initiatives
—
1,367
—
1,725
—
859
—
3,951
Total charges/other items
193
1,367
1,093
1,725
307
859
1,593
3,951
Adjusted operating earnings (loss)
$
81,001
$
105,653
$
100,190
$
109,433
$
(37,612
)
$
(47,427
)
$
143,579
$
167,659
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE
RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
November 2,
October 28,
November 2,
October 28,
2024
2023
2024
2023
($ thousands, except per share data)
Net earnings attributable to Caleres,
Inc.:
Net earnings
$
41,119
$
47,015
$
102,190
$
116,172
Net loss (earnings) attributable to
noncontrolling interests
308
(101
)
135
(588
)
Net earnings attributable to Caleres,
Inc.
41,427
46,914
102,325
115,584
Net earnings allocated to participating
securities
(1,417
)
(2,121
)
(3,721
)
(5,103
)
Net earnings attributable to Caleres, Inc.
after allocation of earnings to participating securities
$
40,010
$
44,793
$
98,604
$
110,481
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
33,435
33,933
33,704
34,206
Dilutive effect of share-based awards
106
—
106
—
Diluted common shares attributable to
Caleres, Inc.
33,541
33,933
33,810
34,206
Basic earnings per common share
attributable to Caleres, Inc. shareholders
$
1.20
$
1.32
$
2.93
$
3.23
Diluted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.19
$
1.32
$
2.92
$
3.23
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER
SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
November 2,
October 28,
November 2,
October 28,
2024
2023
2024
2023
($ thousands, except per share data)
Adjusted net earnings attributable to
Caleres, Inc.:
Adjusted net earnings
$
42,302
$
48,725
$
103,373
$
119,106
Net loss (earnings) attributable to
noncontrolling interests
308
(101
)
135
(588
)
Adjusted net earnings attributable to
Caleres, Inc.
42,610
48,624
103,508
118,518
Net earnings allocated to participating
securities
(1,458
)
(2,199
)
(3,765
)
(5,234
)
Adjusted net earnings attributable to
Caleres, Inc. after allocation of earnings to participating
securities
$
41,152
$
46,425
$
99,743
$
113,284
Basic and diluted common shares
attributable to Caleres, Inc.:
Basic common shares
33,435
33,933
33,704
34,206
Dilutive effect of share-based awards
106
—
106
—
Diluted common shares attributable to
Caleres, Inc.
33,541
33,933
33,810
34,206
Basic adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.23
$
1.37
$
2.96
$
3.31
Diluted adjusted earnings per common share
attributable to Caleres, Inc. shareholders
$
1.23
$
1.37
$
2.95
$
3.31
SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND DEBT/EBITDA
LEVERAGE RATIO (NON-GAAP METRICS)
(Unaudited)
Thirteen Weeks Ended
($ thousands)
November 2, 2024
October 28, 2023
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
41,427
$
46,914
Income tax provision
12,699
14,467
Interest expense, net
2,914
4,488
Depreciation and amortization (1)
14,364
12,957
EBITDA
$
71,404
$
78,826
EBITDA margin
9.6
%
10.3
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
42,610
$
48,624
Income tax provision (3)
13,109
15,061
Interest expense, net
2,914
4,488
Depreciation and amortization (1)
14,364
12,957
Adjusted EBITDA
$
72,997
$
81,130
Adjusted EBITDA margin
9.9
%
10.6
%
(Unaudited)
Trailing Twelve Months Ended
($ thousands)
November 2, 2024
October 28, 2023
EBITDA:
Net earnings attributable to Caleres,
Inc.
$
158,132
$
156,393
Income tax provision
4,507
21,612
Interest expense, net
14,128
20,618
Depreciation and amortization (1)
56,547
50,722
EBITDA
$
233,314
$
249,345
EBITDA margin
8.4
%
8.9
%
Adjusted EBITDA:
Adjusted net earnings attributable to
Caleres, Inc. (2)
$
134,259
$
141,953
Income tax provision (3)
32,125
40,003
Interest expense, net
14,128
20,618
Depreciation and amortization (1)
56,547
50,722
Adjusted EBITDA
$
237,059
$
253,296
Adjusted EBITDA margin
8.5
%
9.0
%
(Unaudited)
($ thousands)
November 2, 2024
October 28, 2023
Debt/EBITDA leverage ratio:
Borrowings under revolving credit
agreement (4)
$
238,500
$
222,000
EBITDA (trailing twelve months)
233,314
249,345
Debt/EBITDA
1.0
0.9
________________________________________
(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 $252.1 million and $267.4 million as of
November 2, 2024 and October 28, 2023, respectively. Total
liquidity, which includes cash and cash equivalents and
availability under the revolving credit agreement, was $285.8
million and $301.4 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)
Fiscal 2024 Guidance
Low
High
GAAP diluted earnings per share
$
3.35
$
3.45
Charges/other
items:
Restructuring costs
0.10
0.10
Adjusted diluted earnings per share
$
3.45
$
3.55
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241204574061/en/
Investor Contact: Liz Dunn ldunn@caleres.com
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