Caleres Reports Fourth Quarter & Full Year Results and Provides 2025 Outlook
-
Reported fourth quarter sales of
, down$639.2 million 8.3% year-on-year, and full-year sales of , down$2,722.7 million 3.4% year-on-year and in line with our most recent guidance; -
Reported fourth quarter and full year earnings per diluted share of
and$0.15 , respectively, and fourth quarter and full year adjusted earnings per diluted share of$3.09 and$0.33 , respectively, at the high end of our most recent guidance;$3.30 -
Returned
to shareholders in fiscal 2024 through share repurchases and quarterly dividends;$74.7 million -
Now expects
75% of our Brand Portfolio, and an even greater percentage of our Lead Brands’ sourcing to be outside ofChina by the second half of 2025 -
Expects fiscal 2025 consolidated net sales to be down
1% to up1% compared to fiscal 2024; -
Expects fiscal 2025 earnings per diluted share of
to$2.80 ;$3.20 - Guidance excludes the previously announced acquisition of Stuart Weitzman, which is expected to close in the summer of 2025.

Sam Edelman Sarita Sneaker and Miles Sneaker
“Our fourth quarter earnings were at the high end of our most recent guidance. We gained market share in women’s fashion footwear, our Lead Brands outperformed, and we grew our sneaker penetration. Famous Footwear’s business softened in the quarter, but we maximized key selling periods. We invested to support our long-term growth while continuing to evolve our supply chain and further mitigate the impact of additional tariffs,” said Jay Schmidt, president and chief executive officer. “While 2024 overall was disappointing relative to our initial expectations, we made meaningful progress in advancing our strategic priorities and positioning our brands for sustainable growth. We also returned
“As we look forward to 2025 and the macroeconomic environment with persistent inflation and newer tariffs, we believe it is prudent to take a conservative view for the year. Despite this posture, I am optimistic about what we have in store for 2025. Our Lead Brands remain strong and are collectively gaining market share, and we have expanded our customer reach with greater focus on the significant opportunity we see in contemporary,” said Schmidt. “The hard work of our talented teams and the impact of new leadership across several areas of our business, along with strategic brand partnerships and the planned acquisition of Stuart Weitzman, position us well to drive significant value in 2025 and beyond.”
Fourth Quarter 2024 Results
(13 weeks ended February 1, 2025, compared to 14 weeks ended February 3, 2024)
-
Net sales:
, down$639.2 million 8.3% year-over-year, with net sales excluding the impact of the 53rd week down4.0% -
Famous Footwear segment: Net sales decreased
9.6% , with comparable sales down2.9% -
Brand Portfolio segment: Net sales decreased
7.2%
-
Famous Footwear segment: Net sales decreased
-
Direct-to-consumer sales: Represented about
73% of total net sales -
Gross profit:
, with gross margin at$275.1 million 43.0% , down 80 basis points year-over-year-
Famous Footwear segment gross margin:
42.5% , down 40 basis points -
Brand Portfolio segment gross margin:
41.6% , down 100 basis points
-
Famous Footwear segment gross margin:
-
SG&A expenses:
40.9% of net sales, up 180 basis points compared to the prior year, reflecting expense deleverage due to the decline in sales -
Net earnings:
, or earnings per diluted share of$4.9 million , compared to net earnings of$0.15 , or earnings per diluted share of$55.8 million in the fourth quarter of 2023. Adjusted net earnings were$1.57 , or adjusted earnings per diluted share of$11.1 million , compared to adjusted net earnings of$0.33 , or adjusted earnings per diluted share of$30.8 million , in the fourth quarter of 2023.$0.86
Fiscal Year 2024 Results
(52-weeks ended February 1, 2025, compared to 53-weeks ended February 3, 2024)
-
Net sales:
, down$2.72 billion 3.4% from 2023-
Famous Footwear segment: Net sales declined
3.3% -
Brand Portfolio segment: Net sales declined
3.5% -
Direct-to-consumer sales: Represented about
72% of total net sales
-
Famous Footwear segment: Net sales declined
-
Gross profit:
with a gross margin of$1.22 billion 44.9% , up 10 basis points to 2023-
Famous Footwear segment gross margin:
44.1% , down 60 basis points to 2023 -
Brand Portfolio segment gross margin:
43.7% , up 80 basis points to 2023
-
Famous Footwear segment gross margin:
-
SG&A expenses:
39.1% of net sales, up 140 basis points compared to the prior year, reflecting inflationary factors and strategic investments -
Net earnings:
, down$107.3 million from 2023 and adjusted net earnings of$64.1 million , down$114.6 million from 2023$34.7 million -
Earnings per diluted share of
as compared with earnings per diluted share of$3.09 in 2023, and adjusted earnings per diluted share of$4.80 versus$3.30 in 2023$4.18 -
EBITDA:
, or$206.7 million 7.6% of sales, and adjusted EBITDA of or$216.6 million 8.0% of sales -
Inventory: Up
4.5% compared to 2023 -
Borrowings: Under the asset-based revolving credit facility, borrowings were
at the end of the period$219.5 million
Fiscal 2024 & Fourth Quarter Negative Impact from 53rd Week
Fiscal 2024 |
Fourth Quarter |
|
Consolidated Net Sales |
|
|
Famous Footwear Sales |
|
|
Brand Portfolio Sales |
|
|
Capital Allocation Update
During fiscal 2024, Caleres continued to invest in value-driving growth opportunities while at the same time returning
Fiscal 2025 Outlook
Metric |
2025 Annual Guidance |
Net Sales |
Down |
Operating Margin |
|
Tax Rate |
~ |
GAAP EPS |
|
Capital Expenditures |
|
First Quarter 2025 Outlook
Metric |
First Quarter Guidance |
Net Sales |
Down |
GAAP EPS |
|
Investor Conference Call
Caleres company executives will host a conference call at 10:00 a.m. ET today, Thursday, March 20, 2025. 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
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) changes in
SCHEDULE 1 |
||||||||||||||||
|
||||||||||||||||
CALERES, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Unaudited) |
|||||||||||||||
|
|
Thirteen Weeks
|
|
Fourteen Weeks
|
|
Fifty-two
|
|
Fifty-three
|
||||||||
($ thousands, except per share data) |
|
February 1, 2025 |
|
February 3, 2024 |
|
February 1, 2025 |
|
February 3, 2024 |
||||||||
Net sales |
|
$ |
639,226 |
|
|
$ |
697,123 |
|
|
$ |
2,722,683 |
|
|
$ |
2,817,294 |
|
Cost of goods sold |
|
|
364,118 |
|
|
|
391,395 |
|
|
|
1,500,641 |
|
|
|
1,554,337 |
|
Gross profit |
|
|
275,108 |
|
|
|
305,728 |
|
|
|
1,222,042 |
|
|
|
1,262,957 |
|
Selling and administrative expenses |
|
|
261,664 |
|
|
|
272,830 |
|
|
|
1,065,019 |
|
|
|
1,062,399 |
|
Restructuring and other special charges, net |
|
|
5,574 |
|
|
|
2,151 |
|
|
|
7,167 |
|
|
|
6,103 |
|
Operating earnings |
|
|
7,870 |
|
|
|
30,747 |
|
|
|
149,856 |
|
|
|
194,455 |
|
Interest expense, net |
|
|
(3,932 |
) |
|
|
(4,103 |
) |
|
|
(13,957 |
) |
|
|
(19,343 |
) |
Other (expense) income, net |
|
|
(2,944 |
) |
|
|
1,550 |
|
|
|
(741 |
) |
|
|
6,210 |
|
Earnings before income taxes |
|
|
994 |
|
|
|
28,194 |
|
|
|
135,158 |
|
|
|
181,322 |
|
Income tax benefit (provision) |
|
|
2,913 |
|
|
|
27,466 |
|
|
|
(29,061 |
) |
|
|
(9,490 |
) |
Net earnings |
|
|
3,907 |
|
|
|
55,660 |
|
|
|
106,097 |
|
|
|
171,832 |
|
Net (loss) earnings attributable to noncontrolling interests |
|
|
(1,023 |
) |
|
|
(148 |
) |
|
|
(1,158 |
) |
|
|
441 |
|
Net earnings attributable to Caleres, Inc. |
|
$ |
4,930 |
|
|
$ |
55,808 |
|
|
$ |
107,255 |
|
|
$ |
171,391 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share attributable to Caleres, Inc. shareholders |
|
$ |
0.15 |
|
|
$ |
1.57 |
|
|
$ |
3.10 |
|
|
$ |
4.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders |
|
$ |
0.15 |
|
|
$ |
1.57 |
|
|
$ |
3.09 |
|
|
$ |
4.80 |
|
SCHEDULE 2 | ||||||
|
||||||
CALERES, INC. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
|
||||||
|
|
(Unaudited) |
||||
($ thousands) |
|
February 1, 2025 |
|
February 3, 2024 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,636 |
|
$ |
21,358 |
Receivables, net |
|
|
155,905 |
|
|
140,400 |
Inventories, net |
|
|
565,241 |
|
|
540,674 |
Property and equipment, held for sale |
|
|
16,777 |
|
|
16,777 |
Prepaid expenses and other current assets |
|
|
68,950 |
|
|
69,700 |
Total current assets |
|
|
836,509 |
|
|
788,909 |
|
|
|
|
|
|
|
Lease right-of-use assets |
|
|
564,330 |
|
|
528,029 |
Property and equipment, net |
|
|
175,213 |
|
|
167,583 |
Goodwill and intangible assets, net |
|
|
192,274 |
|
|
203,310 |
Other assets |
|
|
126,428 |
|
|
116,915 |
Total assets |
|
$ |
1,894,754 |
$ |
1,804,746 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
||
Borrowings under revolving credit agreement |
|
$ |
219,500 |
|
$ |
182,000 |
Trade accounts payable |
|
|
237,038 |
|
|
251,912 |
Lease obligations |
|
|
127,522 |
|
|
112,764 |
Other accrued expenses |
|
|
173,873 |
|
|
196,280 |
Total current liabilities |
|
|
757,933 |
|
|
742,956 |
|
|
|
|
|
|
|
Noncurrent lease obligations |
|
|
479,524 |
|
|
453,097 |
Other liabilities |
|
|
51,348 |
|
|
41,123 |
Total other liabilities |
|
|
530,872 |
|
|
494,220 |
|
|
|
|
|
|
|
Total Caleres, Inc. shareholders’ equity |
|
|
599,024 |
|
|
560,631 |
Noncontrolling interests |
|
|
6,925 |
|
|
6,939 |
Total equity |
|
|
605,949 |
|
|
567,570 |
Total liabilities and equity |
|
$ |
1,894,754 |
|
$ |
1,804,746 |
|
||||||||
SCHEDULE 3 | ||||||||
|
||||||||
CALERES, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
|
||||||||
|
|
(Unaudited) |
||||||
|
|
Fifty-two
|
|
Fifty-three
|
||||
($ thousands) |
|
February 1, 2025 |
|
February 3, 2024 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
$ |
104,562 |
|
|
$ |
200,151 |
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(49,147 |
) |
|
|
(44,584 |
) |
Capitalized software |
|
|
(2,539 |
) |
|
|
(5,034 |
) |
Net cash used for investing activities |
|
|
(51,686 |
) |
|
|
(49,618 |
) |
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Borrowings under revolving credit agreement |
|
|
639,868 |
|
|
|
532,500 |
|
Repayments under revolving credit agreement |
|
|
(602,368 |
) |
|
|
(658,000 |
) |
Dividends paid |
|
|
(9,694 |
) |
|
|
(9,954 |
) |
Acquisition of treasury stock |
|
|
(65,039 |
) |
|
|
(17,445 |
) |
Issuance of common stock under share-based plans, net |
|
|
(9,276 |
) |
|
|
(11,094 |
) |
Contributions by noncontrolling interests |
|
|
2,000 |
|
|
|
1,000 |
|
Net cash used for financing activities |
|
|
(44,509 |
) |
|
|
(162,993 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(89 |
) |
|
|
118 |
|
Increase (decrease) in cash and cash equivalents |
|
|
8,278 |
|
|
|
(12,342 |
) |
Cash and cash equivalents at beginning of period |
|
|
21,358 |
|
|
|
33,700 |
|
Cash and cash equivalents at end of period |
|
$ |
29,636 |
|
|
$ |
21,358 |
|
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 |
|
Fourteen Weeks Ended |
||||||||||||||||
|
|
February 1, 2025 |
|
February 3, 2024 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
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 |
|
|
|
|
$ |
4,930 |
|
$ |
0.15 |
|
|
|
|
$ |
55,808 |
|
|
$ |
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Charges/other items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Exit of Naturalizer retail store operations |
|
$ |
4,216 |
|
|
3,131 |
|
|
0.09 |
|
|
— |
|
|
— |
|
|
|
— |
|
Restructuring costs |
|
|
1,359 |
|
|
1,009 |
|
|
0.03 |
|
|
— |
|
|
— |
|
|
|
— |
|
Pension settlement cost |
|
|
2,716 |
|
|
2,017 |
|
|
0.06 |
|
|
— |
|
|
— |
|
|
|
— |
|
Deferred tax valuation allowances adjustment |
|
|
— |
|
|
— |
|
|
— |
|
$ |
— |
|
|
(26,654 |
) |
|
|
(0.76 |
) |
Expense reduction initiatives |
|
|
— |
|
|
— |
|
|
— |
|
|
2,151 |
|
|
1,597 |
|
|
|
0.05 |
|
Total charges/other items |
|
$ |
8,291 |
|
$ |
6,157 |
|
$ |
0.18 |
|
$ |
2,151 |
|
$ |
(25,057 |
) |
|
$ |
(0.71 |
) |
Adjusted earnings |
|
|
|
|
$ |
11,087 |
|
$ |
0.33 |
|
|
|
|
$ |
30,751 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
(Unaudited) |
||||||||||||||||||
|
|
Fifty-two Weeks Ended |
|
Fifty-three Weeks Ended |
||||||||||||||||
|
|
February 1, 2025 |
|
February 3, 2024 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
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 |
|
|
|
|
$ |
107,255 |
|
$ |
3.09 |
|
|
|
|
$ |
171,391 |
|
|
$ |
4.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Charges/other items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Exit of Naturalizer retail store operations |
|
$ |
4,216 |
|
|
3,131 |
|
|
0.09 |
|
$ |
— |
|
|
— |
|
|
|
— |
|
Restructuring costs |
|
|
2,951 |
|
|
2,192 |
|
|
0.06 |
|
|
— |
|
|
— |
|
|
|
— |
|
Pension settlement cost |
|
|
2,716 |
|
|
2,017 |
|
|
0.06 |
|
|
— |
|
|
— |
|
|
|
— |
|
Deferred tax valuation allowances adjustment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(26,654 |
) |
|
|
(0.75 |
) |
|
Expense reduction initiatives |
|
|
— |
|
|
— |
|
|
— |
|
|
6,103 |
|
|
4,532 |
|
|
|
0.13 |
|
Total charges/other items |
|
$ |
9,883 |
|
$ |
7,340 |
|
$ |
0.21 |
|
$ |
6,103 |
|
$ |
(22,122 |
) |
|
$ |
(0.62 |
) |
Adjusted earnings |
|
|
|
|
$ |
114,595 |
|
$ |
3.30 |
|
|
|
|
$ |
149,269 |
|
|
$ |
4.18 |
|
SCHEDULE 5 | ||||||||
|
||||||||
CALERES, INC. | ||||||||
SUMMARY FINANCIAL RESULTS BY SEGMENT |
SUMMARY FINANCIAL RESULTS |
|
|
(Unaudited) |
|
|||||||||||||||||||||||||||||
|
|
Famous Footwear |
|
Brand Portfolio |
|
Eliminations and Other |
|
Consolidated |
|
|||||||||||||||||||||||
|
|
13 weeks ended |
|
14 weeks ended |
|
13 weeks ended |
|
14 weeks ended |
|
13 weeks ended |
|
14 weeks ended |
|
13 weeks ended |
|
14 weeks ended |
|
|||||||||||||||
|
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
|||||||||||||||
($ thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 |
|
||||||||||
Net sales |
|
$ |
358,351 |
|
|
$ |
396,227 |
|
|
$ |
300,318 |
|
$ |
323,689 |
|
|
$ |
(19,443 |
) |
|
$ |
(22,793 |
) |
|
$ |
639,226 |
|
$ |
697,123 |
|
||
Gross profit |
|
|
152,461 |
|
|
|
170,129 |
|
|
|
125,041 |
|
|
137,868 |
|
|
|
(2,393 |
) |
|
|
(2,269 |
) |
|
|
275,109 |
|
|
305,728 |
|
||
Gross margin |
|
|
42.5 |
% |
|
|
42.9 |
% |
|
|
41.6 |
% |
|
42.6 |
% |
|
|
12.3 |
% |
|
|
10.0 |
% |
|
|
43.0 |
% |
|
43.9 |
% |
||
Operating earnings (loss) |
|
|
6,267 |
|
|
|
19,551 |
|
|
|
23,026 |
|
|
37,751 |
|
|
|
(21,423 |
) |
|
|
(26,555 |
) |
|
|
7,870 |
|
|
30,747 |
|
||
Adjusted operating earnings (loss) |
|
|
6,713 |
|
|
|
19,551 |
|
|
|
28,277 |
|
|
38,634 |
|
|
|
(21,546 |
) |
|
|
(25,287 |
) |
|
|
13,444 |
|
|
32,898 |
|
||
Operating margin |
|
|
1.7 |
% |
|
|
4.9 |
% |
|
|
7.7 |
% |
|
11.7 |
% |
|
|
n/m |
% |
|
|
n/m |
% |
|
|
1.2 |
% |
|
4.4 |
% |
||
Adjusted operating earnings % |
|
|
1.9 |
% |
|
|
4.9 |
% |
|
|
9.4 |
% |
|
11.9 |
% |
|
|
n/m |
% |
|
|
n/m |
% |
|
|
2.1 |
% |
|
4.7 |
% |
||
Comparable sales % (on a 13-week basis) |
|
|
(2.9 |
)% |
|
(5.9 |
)% |
|
|
0.5 |
% |
|
(3.8 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
— |
% |
|||
Company-operated stores, end of period |
|
|
846 |
|
|
|
860 |
|
|
|
114 |
|
|
98 |
|
|
|
— |
|
|
|
— |
|
|
|
960 |
|
|
958 |
|
||
|
||||||||||||||||||||||||||||||||
n/m – Not meaningful |
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
(Unaudited) |
||||||||||||||||||||||||
|
|
Famous Footwear |
|
Brand Portfolio |
|
Eliminations and Other |
|
Consolidated |
||||||||||||||||||
|
|
13 weeks ended |
|
14 weeks ended |
|
13 weeks ended |
|
14 weeks ended |
|
13 weeks ended |
|
14 weeks ended |
|
13 weeks ended |
|
14 weeks ended |
||||||||||
|
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
||||||||||
($ thousands) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 |
||||||||
Operating earnings (loss) |
|
$ |
6,267 |
|
$ |
19,551 |
|
$ |
23,026 |
|
$ |
37,751 |
|
$ |
(21,423 |
) |
|
$ |
(26,555 |
) |
|
$ |
7,870 |
|
$ |
30,747 |
Charges/Other Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Restructuring costs |
|
|
446 |
|
|
— |
|
|
5,251 |
|
|
— |
|
|
(123 |
) |
|
|
— |
|
|
|
5,574 |
|
|
— |
Expense reduction initiatives |
|
|
— |
|
|
— |
|
|
— |
|
|
883 |
|
|
— |
|
|
|
1,268 |
|
|
|
— |
|
|
2,151 |
Total charges/other items |
|
|
446 |
|
|
— |
|
|
5,251 |
|
|
883 |
|
|
(123 |
) |
|
|
1,268 |
|
|
|
5,574 |
|
|
2,151 |
Adjusted operating earnings (loss) |
|
$ |
6,713 |
|
$ |
19,551 |
|
$ |
28,277 |
|
$ |
38,634 |
|
$ |
(21,546 |
) |
|
$ |
(25,287 |
) |
|
$ |
13,444 |
|
$ |
32,898 |
SCHEDULE 5 | ||||||||
|
||||||||
CALERES, INC. | ||||||||
SUMMARY FINANCIAL RESULTS BY SEGMENT |
SUMMARY FINANCIAL RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
(Unaudited) |
|
|||||||||||||||||||||||||||||
|
|
Famous Footwear |
Brand Portfolio |
Eliminations and Other |
Consolidated |
|
||||||||||||||||||||||||||
|
|
52 weeks ended |
53 weeks ended |
52 weeks ended |
53 weeks ended |
52 weeks ended |
53 weeks ended |
52 weeks ended |
53 weeks ended |
|
||||||||||||||||||||||
|
|
February 1, |
February 3, |
February 1, |
February 3, |
February 1, |
February 3, |
February 1, |
February 3, |
|
||||||||||||||||||||||
($ thousands) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||||||
Net sales |
|
$ |
1,556,456 |
|
$ |
1,609,396 |
|
$ |
1,225,963 |
|
$ |
1,270,853 |
|
$ |
(59,736 |
) |
$ |
(62,955 |
) |
$ |
2,722,683 |
|
$ |
2,817,294 |
|
|||||||
Gross profit |
|
|
686,627 |
|
|
719,549 |
|
|
536,295 |
|
|
546,005 |
|
|
(880 |
) |
|
(2,597 |
) |
|
1,222,042 |
|
|
1,262,957 |
|
|||||||
Gross profit rate |
|
|
44.1 |
% |
|
44.7 |
% |
|
43.7 |
% |
|
43.0 |
% |
|
1.5 |
% |
|
4.1 |
% |
|
44.9 |
% |
|
44.8 |
% |
|||||||
Operating earnings (loss) |
|
|
87,076 |
|
|
123,838 |
|
|
122,122 |
|
|
145,459 |
|
|
(59,342 |
) |
|
(74,842 |
) |
|
149,856 |
|
|
194,455 |
|
|||||||
Adjusted operating earnings (loss) |
|
|
87,715 |
|
|
125,204 |
|
128,465 |
|
|
148,067 |
|
|
(59,157 |
) |
|
(72,713 |
) |
|
157,023 |
|
|
200,558 |
|
||||||||
Operating earnings % |
|
|
5.6 |
% |
|
7.7 |
% |
|
10.0 |
% |
|
11.4 |
% |
|
n/m |
% |
|
n/m |
% |
|
5.5 |
% |
|
6.9 |
% |
|||||||
Adjusted operating earnings % |
|
|
5.6 |
% |
|
7.8 |
% |
|
10.5 |
% |
|
11.7 |
% |
|
n/m |
% |
|
n/m |
% |
|
5.8 |
% |
|
7.1 |
% |
|||||||
Comparable sales % (on a 52-week basis) |
|
|
(1.3 |
)% |
|
(6.3 |
)% |
0.3 |
% |
|
1.3 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
||||||||
Company-operated stores, end of period |
|
|
846 |
|
|
860 |
|
114 |
|
|
98 |
|
|
— |
|
|
— |
|
|
960 |
|
|
958 |
|
||||||||
|
||||||||||||||||||||||||||||||||
n/m – Not meaningful |
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
(Unaudited) |
||||||||||||||||||||||||
|
|
Famous Footwear |
|
Brand Portfolio |
|
Eliminations and Other |
|
Consolidated |
||||||||||||||||||
|
|
52 weeks ended |
|
53 weeks ended |
|
52 weeks ended |
|
53 weeks ended |
|
52 weeks ended |
|
53 weeks ended |
|
52 weeks ended |
|
53 weeks ended |
||||||||||
|
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
||||||||||
($ thousands) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 |
||||||||
Operating earnings (loss) |
|
$ |
87,076 |
|
$ |
123,838 |
|
$ |
122,122 |
|
$ |
145,459 |
|
$ |
(59,342 |
) |
|
$ |
(74,842 |
) |
|
$ |
149,856 |
|
$ |
194,455 |
Charges/Other Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Restructuring costs |
|
|
639 |
|
|
— |
|
|
6,343 |
|
|
— |
|
|
185 |
|
|
|
— |
|
|
|
7,167 |
|
|
— |
Expense reduction initiatives |
|
|
— |
|
|
1,366 |
|
|
— |
|
|
2,608 |
|
|
— |
|
|
|
2,129 |
|
|
|
— |
|
|
6,103 |
Total charges/other items |
|
|
639 |
|
|
1,366 |
|
|
6,343 |
|
|
2,608 |
|
|
185 |
|
|
|
2,129 |
|
|
|
7,167 |
|
|
6,103 |
Adjusted operating earnings (loss) |
|
$ |
87,715 |
|
$ |
125,204 |
|
$ |
128,465 |
|
$ |
148,067 |
|
$ |
(59,157 |
) |
|
$ |
(72,713 |
) |
|
$ |
157,023 |
|
$ |
200,558 |
SCHEDULE 6 | ||||||||||||||||
|
||||||||||||||||
CALERES, INC. | ||||||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION | ||||||||||||||||
|
||||||||||||||||
|
|
(Unaudited) |
||||||||||||||
|
|
Thirteen Weeks Ended |
|
Fourteen Weeks Ended |
|
Fifty-two Weeks Ended |
|
Fifty-three Weeks Ended |
||||||||
|
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
($ thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings attributable to Caleres, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings |
|
$ |
3,907 |
|
|
$ |
55,660 |
|
|
$ |
106,097 |
|
|
$ |
171,832 |
|
Net loss (earnings) attributable to noncontrolling interests |
|
|
1,023 |
|
|
|
148 |
|
|
|
1,158 |
|
|
|
(441 |
) |
Net earnings attributable to Caleres, Inc. |
|
|
4,930 |
|
|
|
55,808 |
|
|
|
107,255 |
|
|
|
171,391 |
|
Net earnings allocated to participating securities |
|
|
(165 |
) |
|
|
(2,414 |
) |
|
|
(3,839 |
) |
|
|
(7,517 |
) |
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities |
|
$ |
4,765 |
|
|
$ |
53,394 |
|
|
$ |
103,416 |
|
|
$ |
163,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted common shares attributable to Caleres, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic common shares |
|
|
32,477 |
|
|
|
33,965 |
|
|
|
33,397 |
|
|
|
34,142 |
|
Dilutive effect of share-based awards |
|
|
147 |
|
|
|
115 |
|
|
|
116 |
|
|
|
10 |
|
Diluted common shares attributable to Caleres, Inc. |
|
|
32,624 |
|
|
|
34,080 |
|
|
|
33,513 |
|
|
|
34,152 |
|
|
|
|
|
|
|
|||||||||||
Basic earnings per common share attributable to Caleres, Inc. shareholders |
|
$ |
0.15 |
|
|
$ |
1.57 |
|
|
$ |
3.10 |
|
|
$ |
4.80 |
|
|
|
|
|
|
||||||||||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders |
|
$ |
0.15 |
|
|
$ |
1.57 |
|
|
$ |
3.09 |
|
|
$ |
4.80 |
|
|
||||||||||||||||
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 |
||||||||
|
|
February 1, |
|
February 3, |
|
February 1, |
|
February 3, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
($ thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net earnings attributable to Caleres, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net earnings |
|
$ |
10,064 |
|
|
$ |
30,603 |
|
|
$ |
113,437 |
|
|
$ |
149,710 |
|
Net loss (earnings) attributable to noncontrolling interests |
|
|
1,023 |
|
|
|
148 |
|
|
|
1,158 |
|
|
|
(441 |
) |
Adjusted net earnings attributable to Caleres, Inc. |
|
|
11,087 |
|
|
|
30,751 |
|
|
|
114,595 |
|
|
|
149,269 |
|
Net earnings allocated to participating securities |
|
|
(377 |
) |
|
|
(1,324 |
) |
|
|
(4,106 |
) |
|
|
(6,537 |
) |
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities |
|
$ |
10,710 |
|
|
$ |
29,427 |
|
|
$ |
110,489 |
|
|
$ |
142,732 |
|
|
|
|
|
|
|
|||||||||||
Basic and diluted common shares attributable to Caleres, Inc.: |
|
|
|
|
|
|
|
|
|
|
||||||
Basic common shares |
|
|
32,477 |
|
|
|
33,965 |
|
|
|
33,397 |
|
|
|
34,142 |
|
Dilutive effect of share-based awards |
|
|
147 |
|
|
|
115 |
|
|
|
116 |
|
|
|
10 |
|
Diluted common shares attributable to Caleres, Inc. |
|
|
32,624 |
|
|
|
34,080 |
|
|
|
33,513 |
|
|
|
34,152 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders |
|
$ |
0.33 |
|
|
$ |
0.87 |
|
|
$ |
3.31 |
|
|
$ |
4.18 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders |
|
$ |
0.33 |
|
|
$ |
0.86 |
|
|
$ |
3.30 |
|
|
$ |
4.18 |
|
SCHEDULE 8 | ||||||||
|
||||||||
CALERES, INC. | ||||||||
CALCULATION OF EBITDA AND DEBT/EBITDA LEVERAGE RATIO (NON-GAAP METRICS) | ||||||||
|
||||||||
|
|
(Unaudited) |
||||||
|
|
Thirteen Weeks Ended |
|
|
Fourteen Weeks Ended |
|
||
($ thousands) |
|
February 1, 2025 |
|
February 3, 2024 |
||||
EBITDA: |
|
|
|
|
|
|
|
|
Net earnings attributable to Caleres, Inc. |
|
$ |
4,930 |
|
|
$ |
55,808 |
|
Income tax provision |
|
|
(2,913) |
|
|
|
(27,466) |
|
Interest expense, net |
|
|
3,932 |
|
|
|
4,103 |
|
Depreciation and amortization (1) |
|
|
14,756 |
|
|
14,875 |
|
|
EBITDA |
|
$ |
20,705 |
|
$ |
47,320 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin |
|
|
3.2 |
% |
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Adjusted net earnings attributable to Caleres, Inc. (2) |
|
$ |
11,087 |
|
|
$ |
30,751 |
|
Income tax provision (3) |
|
|
(779) |
|
|
|
(258) |
|
Interest expense, net |
|
|
3,932 |
|
|
|
4,103 |
|
Depreciation and amortization (1) |
|
|
14,756 |
|
|
|
14,875 |
|
Adjusted EBITDA |
|
$ |
28,996 |
|
|
$ |
49,471 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
4.5 |
% |
|
|
7.1 |
% |
|
||||||||
|
|
(Unaudited) |
||||||
|
|
Trailing Twelve Months Ended |
||||||
($ thousands) |
|
February 1, 2025 |
|
February 3, 2024 |
||||
EBITDA: |
|
|
|
|
|
|
|
|
Net earnings attributable to Caleres, Inc. |
|
$ |
107,255 |
|
|
$ |
171,391 |
|
Income tax provision |
|
|
29,061 |
|
|
|
9,490 |
|
Interest expense, net |
|
|
13,957 |
|
|
|
19,343 |
|
Depreciation and amortization (1) |
|
|
56,428 |
|
|
|
53,280 |
|
EBITDA |
|
$ |
206,701 |
|
|
$ |
253,504 |
|
|
|
|
|
|
|
|
|
|
EBITDA margin |
|
|
7.6 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Adjusted net earnings attributable to Caleres, Inc. (2) |
|
$ |
114,595 |
|
|
$ |
149,269 |
|
Income tax provision (3) |
|
|
31,604 |
|
|
|
37,715 |
|
Interest expense, net |
|
|
13,957 |
|
|
|
19,343 |
|
Depreciation and amortization (1) |
|
|
56,428 |
|
|
|
53,280 |
|
Adjusted EBITDA |
|
$ |
216,584 |
|
|
$ |
259,607 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
8.0 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
||||||
($ thousands) |
|
February 1, 2025 |
|
February 3, 2024 |
||||
Debt/EBITDA leverage ratio: |
|
|
|
|
|
|
|
|
Borrowings under revolving credit agreement (4) |
|
$ |
219,500 |
|
|
$ |
182,000 |
|
EBITDA (trailing twelve months) |
|
|
206,701 |
|
|
|
253,504 |
|
Debt/EBITDA |
|
|
1.1 |
|
|
|
0.7 |
|
_____________________ |
||
(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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319156056/en/
Investor Contact:
Liz Dunn
ldunn@caleres.com
Source: Caleres