EX-99.1 2 q32017exhibit991.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 Third Quarter 2017 Results
Company maintaining FY’17 adjusted EPS guidance

ST. LOUIS, November 21, 2017 - Caleres (NYSE: CAL, caleres.com), a diverse portfolio of global footwear brands which fit people’s lives, today reported third quarter 2017 financial results.

“Our strong start to the third quarter in August was interrupted by hurricanes in September and an unseasonably warm start to fall in October. Even though the quarter became progressively more challenging, we delivered improvement in gross margin and generated strong cash flow, while paying down our revolver borrowings,” said Diane Sullivan, CEO, president and chairman of Caleres. “While weather-related events had a negative impact to topline sales of approximately $35 million, sales have improved in November, as more seasonal weather arrived. As a result, we are maintaining our fiscal 2017 adjusted EPS guidance.”

Third Quarter 2017 Results Versus 2016
•
Consolidated sales of $774.7 million were up 5.8%, including Allen Edmonds.
–
Famous Footwear total sales of $473.1 million were up 1.1%, while back-to-school same-store-sales were up 2.6% and third quarter same-store-sales were up 0.9%.
–
Brand Portfolio sales of $301.5 million were up 14.0% including contribution from Allen Edmonds, which was acquired in December of 2016.
–
In total, third quarter sales were negatively impacted by approximately $35 million, due to the hurricanes in Texas and Florida and the delayed start to the fall boot season.
•
Gross profit was $316.9 million, while gross margin of 40.9% was up 79 basis points.
•
SG&A expense of $264.0 million was up 10.8%, including Allen Edmonds.
•
Operating earnings were $52.9 million, while operating margin was 6.8%.
•
Net earnings were $34.4 million, while diluted earnings per share were $0.80.

First Nine Months of 2017 Results Versus 2016
•
Consolidated sales of $2,083.1 million were up 7.4%, including Allen Edmonds.
•
Gross profit of $875.3 million - including $4.9 million of expected fair value inventory adjustment amortization related to the Allen Edmonds acquisition - was up 9.3%, while gross margin of 42.0% was up 72 basis points.
•
SG&A expense of $761.6 million was up 11.2%, including Allen Edmonds.
•
Operating earnings were $109.7 million and operating margin was 5.3%, while adjusted operating earnings were $118.6 million and adjusted operating margin was 5.7%.
•
Net earnings were $66.9 million, while diluted earnings per share were $1.55 and included $0.13 of charges related to the acquisition, integration and reorganization of men’s brands.
•
Adjusted net earnings of $72.5 million were up $0.2 million, while adjusted diluted earnings per share of $1.68 were up 0.6%.


1



Balance Sheet and Cash Flow
•
Cash and equivalents were $31.4 million.
•
Outstanding borrowings under the revolving credit facility of $20 million – associated with the December 2016 acquisition of Allen Edmonds – were down from $110 million at the end of 2016.
•
Inventory of $598.4 million was up 14.0% year-over-year, including Allen Edmonds.
•
Year-to-date capital expenditures of $38.9 million were down 20.1% year-over-year.

Outlook for 2017 all including Allen Edmonds
Consolidated net sales
$2.7B to $2.8B
Famous Footwear same-store-sales
Up low-single digits
Brand Portfolio sales
Up high-teens
Gross margin
Up 70 to 80 bps
SG&A as a percent of revenue
Up 70 to 80 bps
Effective tax rate
30% to 32%
Adjusted earnings per diluted share*
$2.10 to $2.20
* Excludes $0.13 of costs related to the acquisition, integration and reorganization of company's men's brands

Investor Conference Call
Caleres will host an investor conference call at 4:30 p.m. ET today, Tuesday, November 21. The webcast and slides will be available at investor.caleres.com/news/events. A live conference call will be available at (877) 217-9089 for analysts in North America or (706) 679-1723 for international analysts by using the conference ID 8686459. 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 8686459 through Tuesday, December 5.

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.


2



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) transitional challenges with acquisitions; (viii) customer concentration and increased consolidation in the retail industry; (ix) a disruption in the Company’s distribution centers; (x) the ability to recruit and retain senior management and other key associates; (xi) foreign currency fluctuations; (xii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; (xiii) the ability to secure/exit leases on favorable terms; (xiv) the ability to maintain relationships with current suppliers; (xv) the ability to attract, retain and maintain good relationships with licensors and protect intellectual property rights; and (xvi) changes to tax laws, policies and treaties. 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 28, 2017, which information is incorporated by reference herein and updated by the company’s Quarterly Reports on Form 10-Q. The company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change.


# # #

About Caleres
Caleres is a diverse portfolio of global footwear brands.  Our products are available virtually everywhere - in the over 1,200 retail stores we operate, in hundreds of major department and specialty stores, on our branded e-commerce sites, and on many additional third-party retail websites. Famous Footwear and Famous.com serve as our Family brands. Our Contemporary Fashion brands include Sam Edelman, Allen Edmonds, Franco Sarto, Vince, Via Spiga, George Brown Bilt, Diane von Furstenberg, Fergie Footwear and Carlos Santana. Naturalizer, Dr. Scholl's Shoes, 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 good…feet first.  Visit caleres.com to learn more about us.





3



SCHEDULE 1
 
 
 
 
 
 
 
 
 
 
 
 
CALERES, INC.
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirty-nine Weeks Ended
(Thousands, except per share data)
October 28, 2017

 
October 29, 2016

 
October 28, 2017

 
October 29, 2016

Net sales
$
774,656

 
$
732,230

 
$
2,083,119

 
$
1,939,900

Cost of goods sold
457,771

 
438,459

 
1,207,865

 
1,138,781

Gross profit
316,885


293,771


875,254

 
801,119

Selling and administrative expenses
264,015

 
238,319

 
761,590

 
684,666

Restructuring and other special charges, net
—

 
—

 
3,973

 
—

Operating earnings
52,870


55,452


109,691

 
116,453

Interest expense
(4,141
)
 
(3,475
)
 
(13,822
)
 
(10,564
)
Interest income
95

 
350

 
592

 
907

Earnings before income taxes
48,824


52,327


96,461

 
106,796

Income tax provision
(14,451
)
 
(17,601
)
 
(29,530
)
 
(34,514
)
Net earnings
34,373

 
34,726


66,931

 
72,282

Net (loss) earnings attributable to noncontrolling interests
(14
)
 
(4
)
 
47

 
2

Net earnings attributable to Caleres, Inc.
$
34,387


$
34,730


$
66,884

 
$
72,280

 
 
 
 
 
 
 
 
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
0.80

 
$
0.81

 
$
1.56

 
$
1.67

 
 
 
 
 
 
 
 
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
0.80

 
$
0.81

 
$
1.55

 
$
1.67

 
 
 
 
 
 
 
 


4


SCHEDULE 2
 
 
 
 
 
 
 
CALERES, INC.
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
 
 
 
 
(Unaudited)
 
 
 
October 28, 2017

 
October 29, 2016

 
January 28, 2017
(Thousands)
 
 
 
 
 
ASSETS
 
 
 
 
 
Cash and cash equivalents
$
31,379

 
$
173,435

 
$
55,332

Receivables, net
132,942

 
139,475

 
153,121

Inventories, net
598,365

 
524,823

 
585,764

Prepaid expenses and other current assets
40,982

 
31,716

 
49,528

Total current assets
803,668

 
869,449

 
843,745

 
 
 
 
 
 
Property and equipment, net
214,982

 
191,754

 
219,196

Goodwill and intangible assets, net
340,182

 
128,141

 
343,758

Other assets
68,316

 
114,851

 
68,574

Total assets
$
1,427,148

 
$
1,304,195

 
$
1,475,273

 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Borrowings under revolving credit agreement
$
20,000

 
$
—

 
$
110,000

Trade accounts payable
223,832

 
212,088

 
266,370

Other accrued expenses
173,487

 
141,886

 
151,225

Total current liabilities
417,319

 
353,974

 
527,595

 
 
 
 
 
 
Long-term debt
197,348

 
196,888

 
197,003

Deferred rent
50,814

 
48,696

 
51,124

Other liabilities
86,580

 
57,574

 
85,065

Total other liabilities
334,742

 
303,158

 
333,192

 
 
 
 
 
 
Total Caleres, Inc. shareholders’ equity
673,645

 
646,110

 
613,117

Noncontrolling interests
1,442

 
953

 
1,369

Total equity
675,087

 
647,063

 
614,486

Total liabilities and equity
$
1,427,148

 
$
1,304,195

 
$
1,475,273


5



SCHEDULE 3
 
 
 
 
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(Unaudited)
 
Thirty-nine Weeks Ended
 (Thousands)
October 28, 2017

 
October 29, 2016

OPERATING ACTIVITIES:
 
 
 
Net cash provided by operating activities
$
122,261

 
$
137,003

 
 
 
 
INVESTING ACTIVITIES:
 
 
 
Purchases of property and equipment
(34,364
)
 
(43,019
)
Capitalized software
(4,531
)
 
(5,672
)
Net cash used for investing activities
(38,895
)

(48,691
)
 
 
 
 
FINANCING ACTIVITIES:
 
 
 
Borrowings under revolving credit agreement
450,000

 
103,000

Repayments under revolving credit agreement
(540,000
)
 
(103,000
)
Dividends paid
(9,033
)
 
(9,094
)
Acquisition of treasury stock
(5,993
)
 
(23,139
)
Issuance of common stock under share-based plans, net
(2,477
)
 
(4,205
)
Excess tax benefit related to share-based plans
—

 
3,264

Net cash used for financing activities
(107,503
)

(33,174
)
Effect of exchange rate changes on cash and cash equivalents
184

 
146

(Decrease) increase in cash and cash equivalents
(23,953
)

55,284

Cash and cash equivalents at beginning of period
55,332

 
118,151

Cash and cash equivalents at end of period
$
31,379


$
173,435


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)
 
Thirteen Weeks Ended
 
October 29, 2017
 
October 28, 2016
(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
 
$
34,387

$
0.80

 
 
$
34,730

$
0.81

 
 
 
 
 
 
 
 
Charges/other items:
 
 
 
 
 
 
Acquisition, integration and reorganization of men's brands
$
—

—

—

 
$
—

—

—

Total charges/other items
$
—

$
—

$
—


$
—

$
—

$
—

Adjusted earnings
 
$
34,387

$
0.80

 
 
$
34,730

$
0.81

 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirty-nine Weeks Ended
 
October 29, 2017
 
October 28, 2016
(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
 
$
66,884

$
1.55

 
 
$
72,280

$
1.67

 
 
 
 
 
 
 
 
Charges/other items:
 
 
 
 
 
 
Acquisition, integration and reorganization of men's brands
$
8,912

$
5,569

0.13

 
—

—

—

Total charges/other items
$
8,912

$
5,569

$
0.13

 
$
—

$
—

$
—

Adjusted earnings
 
$
72,453

$
1.68

 
 
$
72,280

$
1.67

 
 
 
 
 
 
 
 

7



SCHEDULE 5
 
 
 
 
 
 
 
 
 
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
 
 
 
 
 
 
 
 
 
SUMMARY FINANCIAL RESULTS
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Famous Footwear
Brand Portfolio
Other
Consolidated
(Thousands)
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
Net sales
$
473,118

$
467,816

$
301,538

$
264,414

$
—

$
—

$
774,656

$
732,230

Gross profit
$
198,073

$
194,659

$
118,812

$
99,112

$
—

$
—

$
316,885

$
293,771

Adjusted gross profit
$
198,073

$
194,659

$
118,812

$
99,112

$
—

$
—

$
316,885

$
293,771

Gross profit rate
41.9
%
41.6
%
39.4
%
37.5
 %
—
%
—
%
40.9
%
40.1
%
Adjusted gross profit rate
41.9
%
41.6
%
39.4
%
37.5
 %
—
%
—
%
40.9
%
40.1
%
Operating earnings (loss)
$
33,747

$
32,709

$
24,281

$
30,454

$
(5,158
)
$
(7,711
)
$
52,870

$
55,452

Adjusted operating earnings (loss)
$
33,747

$
32,709

$
24,281

$
30,454

$
(5,158
)
$
(7,711
)
$
52,870

$
55,452

Operating earnings %
7.1
%
7.0
%
8.1
%
11.5
 %
—
%
—
%
6.8
%
7.6
%
Adjusted operating earnings %
7.1
%
7.0
%
8.1
%
11.5
 %
—
%
—
%
6.8
%
7.6
%
Same-store sales % (on a 13-week basis) (1)
0.9
%
2.1
%
2.4
%
(5.4
)%
—
%
—
%
—
%
—
%
Number of stores
1,042

1,051

235

167

—

—

1,277

1,218

 
 
 
 
 
 
 
 
 
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Famous Footwear
Brand Portfolio
Other
Consolidated
(Thousands)
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
Gross profit
$
198,073

$
194,659

$
118,812

$
99,112

$
—

$
—

$
316,885

$
293,771

Charges/Other Items:
 
 
 
 
 
 
 
Acquisition, integration and reorganization of men's brands
—

—

—

—

—

—

—

—

Total charges/other items
—

—

—

—

—

—

—

—

Adjusted gross profit
$
198,073

$
194,659

$
118,812

$
99,112

$
—

$
—

$
316,885

$
293,771

Operating earnings (loss)
$
33,747

$
32,709

$
24,281

$
30,454

$
(5,158
)
$
(7,711
)
$
52,870

$
55,452

Charges/Other Items:
 
 
 
 
 
 
 
Acquisition, integration and reorganization of men's brands
—

—

—

—

—

—

—

—

Total charges/other items
—

—

—

—

—

—

—

—

Adjusted operating earnings (loss)
$
33,747

$
32,709

$
24,281

$
30,454

$
(5,158
)
$
(7,711
)
$
52,870

$
55,452

(1) Excludes sales from Allen Edmonds 

8


SCHEDULE 5
 
 
 
 
 
 
 
 
 
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
 
 
 
 
 
 
 
 
 
SUMMARY FINANCIAL RESULTS
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirty-nine Weeks Ended
 
Famous Footwear
Brand Portfolio
Other
Consolidated
(Thousands)
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
Net sales
$
1,244,542

$
1,222,535

$
838,577

$
717,365

$
—

$
—

$
2,083,119

$
1,939,900

Gross profit
$
549,072

$
540,774

$
326,182

$
260,345

$
—

$
—

$
875,254

$
801,119

Adjusted gross profit
$
549,072

$
540,774

$
331,121

$
260,345

$
—

$
—

$
880,193

$
801,119

Gross profit rate
44.1
%
44.2
%
38.9
%
36.3
 %
—
%
—
%
42.0
%
41.3
%
Adjusted gross profit rate
44.1
%
44.2
%
39.5
%
36.3
 %
—
%
—
%
42.3
%
41.3
%
Operating earnings (loss)
$
79,137

$
81,067

$
53,511

$
57,539

$
(22,957
)
$
(22,153
)
$
109,691

$
116,453

Adjusted operating earnings (loss)
$
79,137

$
81,067

$
59,932

$
57,539

$
(20,466
)
$
(22,153
)
$
118,603

$
116,453

Operating earnings %
6.4
%
6.6
%
6.4
%
8.0
 %
—
%
—
%
5.3
%
6.0
%
Adjusted operating earnings %
6.4
%
6.6
%
7.1
%
8.0
 %
—
%
—
%
5.7
%
6.0
%
Same-store sales % (on a 39-week basis) (1)
1.0
%
0.7
%
6.7
%
(5.2
)%
—
%
—
%
—
%
—
%
Number of stores
1,042

1,051

235

167

—

—

1,277

1,218

 
 
 
 
 
 
 
 
 
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirty-nine Weeks Ended
 
Famous Footwear
Brand Portfolio
Other
Consolidated
(Thousands)
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
Gross profit
$
549,072

$
540,774

$
326,182

$
260,345

$
—

$
—

$
875,254

$
801,119

Charges/Other Items:
 
 
 
 
 
 
 
Acquisition, integration and reorganization of men's brands
—

—

4,939

—

—

—

4,939

—

Total charges/other items
—

—

4,939

—

—

—

4,939

—

Adjusted gross profit
$
549,072

$
540,774

$
331,121

$
260,345

$
—

$
—

$
880,193

$
801,119

Operating earnings (loss)
$
79,137

$
81,067

$
53,511

$
57,539

$
(22,957
)
$
(22,153
)
$
109,691

$
116,453

Charges/Other Items:
 
 
 
 
 
 
 
Acquisition, integration and reorganization of men's brands
—

—

6,421

—

2,491

—

8,912

—

Total charges/other items
—

—

6,421

—

2,491

—

8,912

—

Adjusted operating earnings (loss)
$
79,137

$
81,067

$
59,932

$
57,539

$
(20,466
)
$
(22,153
)
$
118,603

$
116,453

(1) Excludes sales from Allen Edmonds 




9


SCHEDULE 6
 
 
 
 
 
 
 
 
 
CALERES, INC.
 
 
 
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirty-nine Weeks Ended
(Thousands, except per share data)
October 28, 2017

October 29, 2016
 
October 28, 2017

October 29, 2016
 
 
 
 
 
 
Net earnings attributable to Caleres, Inc.:
 
 
 
 
 
Net earnings
$
34,373

$
34,726

 
$
66,931

$
72,282

Net loss (earnings) attributable to noncontrolling interests
14

4

 
(47
)
(2
)
Net earnings attributable to Caleres, Inc.
34,387

34,730


66,884

72,280

Net earnings allocated to participating securities
(949
)
(910
)
 
(1,841
)
(1,933
)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
33,438

$
33,820


$
65,043

$
70,347

 
 
 
 
 
 
Basic and diluted common shares attributable to Caleres, Inc.:
 
 
 
 
 
Basic common shares
41,788

41,802

 
41,801

42,093

Dilutive effect of share-based awards
182

137

 
173

144

Diluted common shares attributable to Caleres, Inc.
41,970

41,939


41,974

42,237

 
 
 
 
 
 
Basic earnings per common share attributable to Caleres, Inc. shareholders
$
0.80

$
0.81

 
$
1.56

$
1.67

 
 
 
 
 
 
Diluted earnings per common share attributable to Caleres, Inc. shareholders
$
0.80

$
0.81

 
$
1.55

$
1.67


10


SCHEDULE 7
 
 
 
 
 
 
 
CALERES, INC.
 
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirty-nine Weeks Ended
(Thousands, except per share data)
October 28, 2017

October 29, 2016
 
October 28, 2017

October 29, 2016
 
 
 
 
 
 
Adjusted net earnings attributable to Caleres, Inc.:
 
 
 
 
 
Adjusted net earnings
$
34,373

$
34,726

 
$
72,500

$
72,282

Net loss (earnings) attributable to noncontrolling interests
14

4

 
(47
)
(2
)
Adjusted net earnings attributable to Caleres, Inc.
34,387

34,730


72,453

72,280

Net earnings allocated to participating securities
(949
)
(910
)
 
(1,995
)
(1,933
)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
33,438

$
33,820

 
$
70,458

$
70,347

 
 
 
 
 
 
Basic and diluted common shares attributable to Caleres, Inc.:
 
 
 
 
 
Basic common shares
41,788

41,802

 
41,801

42,093

Dilutive effect of share-based awards
182

137

 
173

144

Diluted common shares attributable to Caleres, Inc.
41,970

41,939

 
41,974

42,237

 
 
 
 
 
 
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.80

$
0.81

 
$
1.69

$
1.67

 
 
 
 
 
 
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders
$
0.80

$
0.81

 
$
1.68

$
1.67



11