0000014707-15-000047.txt : 20150827 0000014707-15-000047.hdr.sgml : 20150827 20150827160448 ACCESSION NUMBER: 0000014707-15-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150827 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150827 DATE AS OF CHANGE: 20150827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALERES INC CENTRAL INDEX KEY: 0000014707 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] IRS NUMBER: 430197190 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02191 FILM NUMBER: 151078828 BUSINESS ADDRESS: STREET 1: 8300 MARYLAND AVE STREET 2: P O BOX 29 CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3148544000 MAIL ADDRESS: STREET 1: P O BOX 29 CITY: ST LOUIS STATE: MO ZIP: 63166 FORMER COMPANY: FORMER CONFORMED NAME: BROWN SHOE CO INC DATE OF NAME CHANGE: 20030613 FORMER COMPANY: FORMER CONFORMED NAME: BROWN SHOE CO INC/ DATE OF NAME CHANGE: 19990528 FORMER COMPANY: FORMER CONFORMED NAME: BROWN GROUP INC DATE OF NAME CHANGE: 19920703 8-K 1 q220158-k.htm 8-K 8-K




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) August 27, 2015
(August 27, 2015)


CALERES, INC.
(Exact name of registrant as specified in its charter)


New York
(State or other jurisdiction of incorporation or organization)
 
 
 
1-2191
(Commission File Number)
43-0197190
(IRS Employer Identification Number)
 
 
8300 Maryland Avenue
St. Louis, Missouri
(Address of principal executive offices)
63105
(Zip Code)
 
(314) 854-4000
(Registrant's telephone number, including area code)

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02   Results of Operations and Financial Condition
On August 27, 2015, Caleres, Inc. (the "Company") issued a press release (the "Press Release") announcing, among other things, its results of operations for the quarter ended August 1, 2015. A copy of the Press Release is being furnished as Exhibit 99.1 hereto, and the statements contained therein are incorporated by reference herein.
In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01   Financial Statements and Exhibits

(c)
Exhibit
 
 
99.1
Press Release issued August 27, 2015
 
 
 







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
 
CALERES, INC.
 
 
(Registrant)
 
 
 
 
 
 
Date:  August 27, 2015
/s/ Michael I. Oberlander
 
 
Michael I. Oberlander
 
 
Senior Vice President, General Counsel and
     Corporate Secretary






INDEX TO EXHIBITS

Exhibit Number
 
Description
99.1
 
Press Release dated August 27, 2015





 EX-99.1 2 a8-kexhibit99120158x1.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
News

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


Caleres Reports Second Quarter 2015 Results
Adjusted earnings per share improves 22% year-over-year
Company reiterates full-year guidance

ST. LOUIS, August 27, 2015 - Caleres (NYSE: CAL, caleres.com) today reported second quarter 2015 financial results, with net sales of $637.8 million versus second quarter 2014 net sales of $635.9 million. Second quarter 2015 net earnings were $16.8 million, or $0.38 per diluted share, and included $5.3 million of after-tax expense related to the company’s debt extinguishment.  Excluding this expense, net earnings were $22.1 million, or $0.50 per diluted share, up 22.4% versus second quarter 2014 net earnings of $18.1 million, or $0.41 per diluted share. Gross margin was 41.2%, up approximately 40 basis points year-over-year, while operating margin was 5.6%.

“Today we reported a solid quarter, as expected, with improved sales, margins and adjusted earnings,” said Diane Sullivan, CEO, president and chairman of Caleres. “Total sales were up 2%, excluding Shoes.com, while gross and operating margin both expanded in the quarter. We also improved bottom-line performance by 22%, thanks to continued progress toward our long-term strategic initiatives.”


US$M, except per share (unaudited)
2Q’15
2Q’14
2Q Chg
1H'15
1H'14
1H Chg
Consolidated net sales
$
637.8

$
635.9

0.3
 %
$
1,240.1

$
1,227.0

1.1
 %
Famous Footwear
395.9

404.1

(2.0
)%
755.9

770.8

(1.9
)%
Brand Portfolio
242.0

231.8

4.4
 %
484.2

456.2

6.1
 %
Gross profit
262.8

259.6

1.2
 %
511.3

502.0

1.9
 %
Margin
41.2
%
40.8
%
40 bps

41.2
%
40.9
%
30 bps

SG&A
227.1

228.3

(0.6
)%
445.2

442.0

0.7
 %
% of net sales
35.6
%
35.9
%
-30 bps

35.9
%
36.0
%
-10 bps

Operating earnings
35.7

31.3

14.2
 %
66.1

60.0

10.1
 %
Margin
5.6
%
4.9
%
70 bps

5.3
%
4.9
%
40 bps

Net interest expense
4.1

5.0

(18.1
)%
8.3

10.2

(19.3
)%
Earnings before income taxes
22.9

26.3

(12.7
)%
49.1

49.8

(1.3
)%
Tax rate
26.5
%
31.4
%
-490 bps

26.2
%
32.7
%
-650 bps

Net earnings
$
16.8

$
18.1

(6.9
)%
$
36.1

$
33.5

7.7
 %
Per diluted share
$
0.38

$
0.41

(7.3
)%
$
0.82

$
0.76

7.9
 %
Adjusted net earnings
$
22.1

$
18.1

22.4
 %
$
41.4

$
33.5

23.5
 %
Per diluted share
$
0.50

$
0.41

22.0
 %
$
0.94

$
0.76

23.7
 %


1



Second Quarter Highlights
Famous Footwear second quarter 2015 sales of $395.9 million were up 0.6% year-over-year, excluding Shoes.com, which was sold in December of 2014. For the quarter, same-store-sales were up 0.1%, with strong growth in canvas outweighing weakness in performance athletic product and sandals. During the quarter, 10 new stores were opened and six stores were closed.

Brand Portfolio sales of $242.0 million were up 4.4% in the second quarter, with performance in the quarter driven by a 14.1% improvement in Contemporary Fashion. Healthy Living sales were down 1.5%, as increases in wholesale sales were unable to offset weakness on the retail side, where the company operated nine fewer stores year-over-year.

Consolidated gross profit of $262.8 million was up 1.2% in the second quarter, while gross margin of 41.2% was up approximately 40 basis points year-over-year. SG&A for the second quarter was $227.1 million, representing 35.6% of net sales - down approximately 30 basis points versus the prior year. For the quarter, operating margins improved approximately 70 basis points year-over-year to 5.6%.

Inventory at the end of the second quarter was $641.1 million, down 2.5% from $657.7 million in the prior year. Famous Footwear inventory was down 0.7% on a per store basis, while Brand Portfolio inventory was down 3.4%. At quarter-end, Caleres had no borrowings against its revolving credit facility and had $129.3 million of cash and equivalents.

Financial Review and 2015 Outlook
“In the second quarter, we made steady progress toward achieving our full year earnings guidance, as we continued to drive margin expansion and further strengthened our balance sheet,” said Ken Hannah, chief financial officer of Caleres. “This progress has enabled us to accelerate investment in our long-term strategic growth initiatives.”
 
 
Guidance Metric
FY’15
Consolidated net sales
$2.61 to $2.63 billion
Famous Footwear same-store sales
Up low-single digits
Famous Footwear reported sales
Flat, due to sale of Shoes.com
Brand Portfolio sales
Up mid-single digits
Gross margin
Up approximately 15 bps
SG&A
Less than or equal to 35.4% of sales
Net interest expense
~$18 million
Effective tax rate
30% to 33%
Adjusted earnings per diluted share
$1.84 to $1.94
Depreciation and amortization
~$53 million
Capital expenditures
~$75 million

Quarterly Dividend
The company also declared a quarterly dividend of $0.07 per share, payable October 1, 2015, to shareholders of record as of September 17, 2015. This dividend will be the 371st consecutive quarterly dividend paid by the company.


2



Investor Conference Call: Caleres will host an investor conference call at 5 p.m. ET today, August 27, 2015. 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 5950620. 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 5950620 through September 10, 2015.

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. Reconciliations to the applicable GAAP financial measures have been included in the attached schedules.

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; (ii) rapidly changing fashion trends 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) the ability to accurately forecast sales and manage inventory levels; (vi) cybersecurity threats or other major disruption to the Company’s information technology systems; (vii) customer concentration and increased consolidation in the retail industry; (viii) a disruption in the Company’s distribution centers; (ix)  the ability to recruit and retain senior management and other key associates; (x) foreign currency fluctuations;  (xi) compliance with applicable laws and standards with respect to labor, trade and product safety issues; (xii) the ability to secure/exit leases on favorable terms; (xiii) the ability to attract, retain, and maintain good relationships with licensors and protect intellectual property rights;  and (xiv) the ability to maintain relationships with current suppliers. 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 January 31, 2015, 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 brands, which fit people’s lives:  Family, Healthy Living and Contemporary Fashion.  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 ecommerce sites, and on many additional third-party retail websites.  Famous Footwear and Famous.com serve as our Family brands. Our Contemporary Fashion brands include Sam Edelman, Franco Sarto, Vince, Via Spiga, Diane von Furstenberg, Fergie Footwear and Carlos Santana.  Naturalizer, Dr. Scholl's, LifeStride, Bzees and Ryka represent our Healthy Living brands. Combined, these brands help make Caleres a company with both a legacy and a mission.  Our legacy is our more than 130 years of craftsmanship, our passion for fit and our business savvy, while our mission is to continue to inspire people to feel better feet first.  Visit caleres.com to learn more about us.


3



SCHEDULE 1
 
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
 
 
 
 
 
(Unaudited)
 
(Unaudited)
 
Thirteen Weeks Ended
 
Twenty-six Weeks Ended
(Thousands, except per share data)
August 1, 2015

 
August 2, 2014

 
August 1, 2015

 
August 2, 2014

Net sales
$
637,834

 
$
635,877

 
$
1,240,117

 
$
1,227,039

Cost of goods sold
375,039

 
376,235

 
728,796

 
725,056

Gross profit
262,795

 
259,642

 
511,321

 
501,983

Selling and administrative expenses
227,061

 
228,340

 
445,251

 
441,955

Operating earnings
35,734

 
31,302

 
66,070

 
60,028

Interest expense
(4,345
)
 
(5,125
)
 
(8,808
)
 
(10,431
)
Loss on early extinguishment of debt
(8,690
)
 
—

 
(8,690
)
 
—

Interest income
238

 
109

 
542

 
185

Earnings before income taxes
22,937

 
26,286

 
49,114

 
49,782

Income tax provision
(6,074
)
 
(8,247
)
 
(12,860
)
 
(16,267
)
Net earnings
16,863

 
18,039

 
36,254

 
33,515

Net earnings (loss) attributable to noncontrolling interests
38

 
(25
)
 
168

 
22

Net earnings attributable to Caleres, Inc.
$
16,825

 
$
18,064

 
$
36,086

 
$
33,493

Basic earnings per common share attributable to Caleres, Inc. shareholders
$
0.38

 
$
0.41

 
$
0.82

 
$
0.77

Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
0.38

 
$
0.41

 
$
0.82

 
$
0.76

 
 
 
 
 
 
 
 
Basic number of shares
$
42,325

 
$
42,074

 
$
42,319

 
$
41,980

Diluted number of shares
$
42,448

 
$
42,276

 
$
42,455

 
$
42,198




4



SCHEDULE 2

 

 

CALERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
 


August 1, 2015

 
August 2, 2014

 
January 31, 2015

(Thousands)

 

 

ASSETS

 

 



 

 

Cash and cash equivalents
$
129,345

 
$
46,876

 
$
67,403

Restricted cash
41,482

 
—

 
—

Receivables, net
144,213

 
125,484

 
136,646

Inventories, net
641,128

 
657,656

 
543,103

Prepaid expenses and other current assets
41,002

 
39,167

 
43,744

Total current assets
997,170

 
869,183

 
790,896



 

 

Property and equipment, net
150,839

 
148,358

 
149,743

Goodwill and intangible assets, net
132,737

 
136,762

 
134,587

Other assets
146,727

 
134,779

 
141,586

Total assets
$
1,427,473

 
$
1,289,082

 
$
1,216,812



 

 

LIABILITIES AND EQUITY

 

 



 

 

Current portion of long-term debt
$
39,157

 
$
—

 
$
—

Trade accounts payable
382,626

 
341,694

 
215,921

Other accrued expenses
156,106

 
159,152

 
181,162

Total current liabilities
577,889

 
500,846

 
397,083



 

 

Long-term debt
200,000

 
199,104

 
199,197

Deferred rent
40,981

 
36,560

 
39,742

Other liabilities
39,375

 
43,320

 
39,168

Total other liabilities
280,356

 
278,984

 
278,107



 

 

Total Caleres, Inc. shareholders’ equity
568,345

 
508,582

 
540,910

Noncontrolling interests
883

 
670

 
712

Total equity
569,228

 
509,252

 
541,622

Total liabilities and equity
$
1,427,473

 
$
1,289,082

 
$
1,216,812



5



SCHEDULE 3



CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Twenty-six Weeks Ended
 (Thousands)
August 1, 2015
August 2, 2014
OPERATING ACTIVITIES:


Net cash provided by operating activities
$
101,255

$
66,491




INVESTING ACTIVITIES:


Capital expenditures
(27,570
)
(26,225
)
Disposals of property and equipment
7,111

—

Acquisition of trademarks
—

(65,065
)
Net cash used for investing activities
(20,459
)
(91,290
)



FINANCING ACTIVITIES:


Borrowings under revolving credit agreement
86,000

456,000

Repayments under revolving credit agreement
(86,000
)
(463,000
)
Proceeds from issuance of 2023 senior notes
200,000

—

Redemption of 2019 senior notes
(160,700
)
—

Restricted cash
(41,482
)
—

Debt issuance costs
(3,650
)
—

Dividends paid
(6,135
)
(6,110
)
Acquisition of treasury stock
(4,921
)
—

Issuance of common stock under share-based plans, net
(4,428
)
(523
)
Tax benefit related to share-based plans
2,838

2,097

Net cash used for financing activities
(18,478
)
(11,536
)
Effect of exchange rate changes on cash and cash equivalents
(376
)
665

Increase (decrease) in cash and cash equivalents
61,942

(35,670
)
Cash and cash equivalents at beginning of period
67,403

82,546

Cash and cash equivalents at end of period
$
129,345

$
46,876






















6




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)
(Unaudited)
 
Thirteen Weeks Ended August 1, 2015
Thirteen Weeks Ended August 2, 2014
(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
 
$
16,825

$
0.38

 
$
18,064

$
0.41

 
 
 
 
 
 
 
Charges/Other Items
 
 
 
 
 
Loss on early extinguishment of debt
$
8,690

5,281

0.12

$
—

—

—

Total charges/other items
$
8,690

$
5,281

$
0.12

$
—

$
—

$
—

Adjusted earnings
 
$
22,106

$
0.50

 
$
18,064

$
0.41

 
 
 
 
 
 
 
 
(Unaudited)
(Unaudited)
 
Twenty-six Weeks Ended August 1, 2015
Twenty-six Weeks Ended August 2, 2014
(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
 
$
36,086

$
0.82

 
$
33,493

$
0.76

 
 
 
 
 
 
 
Charges/Other Items
 
 
 
 
 
Loss on early extinguishment of debt
$
8,690

5,281

0.12

$
—

—

—

Total charges/other items
$
8,690

5,281

0.12

$
—

—

—

Adjusted earnings
 
$
41,367

$
0.94

 
$
33,493

$
0.76




7




SCHEDULE 5









CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
(Unaudited)









SUMMARY FINANCIAL RESULTS















Thirteen Weeks Ended

Famous Footwear
Brand Portfolio
Other
Consolidated
(Thousands)
August 1, 2015
August 2, 2014
August 1, 2015
August 2, 2014
August 1, 2015
August 2, 2014
August 1, 2015
August 2, 2014
Net sales
$
395,873

$
404,069

$
241,961

$
231,808

$
—

$
—

$
637,834

$
635,877

Gross profit
$
179,510

$
180,974

$
83,285

$
78,668

$
—

$
—

$
262,795

$
259,642

Gross profit rate
45.3
%
44.8
%
34.4
 %
33.9
%
—
%
—
%
41.2
%
40.8
%
Operating earnings (loss)
$
27,672

$
25,524

$
16,005

$
17,497

$
(7,943
)
$
(11,719
)
$
35,734

$
31,302

Operating earnings %
7.0
%
6.3
%
6.6
 %
7.5
%
—
%
—
%
5.6
%
4.9
%
Same-store sales % (on a 13-week basis)
0.1
%
1.6
%
(5.2
)%
2.3
%
—
%
—
%
—
%
—
%
Number of stores
1,044

1,035

163

170

—

—

1,207

1,205











 
Twenty-six Weeks Ended
 
Famous Footwear
Brand Portfolio
Other
Consolidated
(Thousands)
August 1, 2015
August 2, 2014
August 1, 2015
August 2, 2014
August 1, 2015
August 2, 2014
August 1, 2015
August 2, 2014
Net sales
$
755,893

$
770,795

$
484,224

$
456,244

$
—

$
—

$
1,240,117

$
1,227,039

Gross profit
$
347,724

$
346,336

$
163,597

$
155,647

$
—

$
—

$
511,321

$
501,983

Gross profit rate
46.0
%
44.9
%
33.8
 %
34.1
 %
—
%
—
%
41.2
%
40.9
%
Operating earnings (loss)
$
55,632

$
52,254

$
27,065

$
28,700

$
(16,627
)
$
(20,926
)
$
66,070

$
60,028

Operating earnings %
7.4
%
6.8
%
5.6
 %
6.3
 %
—
%
—
%
5.3
%
4.9
%
Same-store sales % (on a 26-week basis)
1.5
%
1.5
%
(3.9
)%
(1.5
)%
—
%
—
%
—
%
—
%
Number of stores
1,044

1,035

163

170

—

—

1,207

1,205




8



SCHEDULE 6
 
 
 
 
 
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
 
 
 
 
 
 
(Unaudited)
(Unaudited)
 
Thirteen Weeks Ended
Twenty-six Weeks Ended
(Thousands, except per share data)
August 1, 2015

August 2, 2014

August 1, 2015

August 2, 2014

 
 
 
 
 
Net earnings attributable to Caleres, Inc.:
 
 
 
 
Net earnings
$
16,863

$
18,039

$
36,254

$
33,515

Net (earnings) loss attributable to noncontrolling interests
(38
)
25

(168
)
(22
)
Net earnings allocated to participating securities
(544
)
(669
)
(1,195
)
(1,262
)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
16,281

$
17,395

$
34,891

$
32,231

 
 
 
 
 
Basic and diluted common shares attributable to Caleres, Inc.:
 
 
 
 
Basic common shares
42,325

42,074

42,319

41,980

Dilutive effect of share-based awards
123

202

136

218

Diluted common shares attributable to Caleres, Inc.
42,448

42,276

42,455

42,198

 
 
 
 
 
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
0.38

$
0.41

$
0.82

$
0.77

 
 
 
 
 
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
0.38

$
0.41

$
0.82

$
0.76


9



SCHEDULE 7
 
 
 
 
 
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION
 
 
 
 
 
 
(Unaudited)
(Unaudited)
 
Thirteen Weeks Ended
Twenty-six Weeks Ended
(Thousands, except per share data)
August 1, 2015

August 2, 2014

August 1, 2015

August 2, 2014

 
 
 
 
 
Adjusted net earnings attributable to Caleres, Inc.:
 
 
 
 
Adjusted net earnings
$
22,144

$
18,039

$
41,535

$
33,515

Net (earnings) loss attributable to noncontrolling interests
(38
)
25

(168
)
(22
)
Net earnings allocated to participating securities
(715
)
(669
)
(1,370
)
(1,262
)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
21,391

$
17,395

$
39,997

$
32,231

 
 
 
 
 
Basic and diluted common shares attributable to Caleres, Inc.:
 
 
 
 
Basic common shares
42,325

42,074

42,319

41,980

Dilutive effect of share-based awards
123

202

136

218

Diluted common shares attributable to Caleres, Inc.
42,448

42,276

42,455

42,198

 
 
 
 
 
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.51

$
0.41

$
0.95

$
0.77

 
 
 
 
 
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.50

$
0.41

$
0.94

$
0.76



10