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) November 18, 2021

CALERES, INC.

(Exact name of registrant as specified in its charter)

New York	1-2191	43-0197190
(State or other jurisdiction of
incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

8300 Maryland Avenue St. Louis, Missouri	63105
(Address of principal executive offices)	(Zip Code)

(314) 854-4000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - par value of $0.01 per share	CAL	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02   Results of Operations and Financial Condition

On November 18, 2021, Caleres, Inc. (the "Company") issued a press release (the "Press Release") announcing, among other things, its results of operations for the quarter ended October 30, 2021. 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

(d)	Exhibits
Exhibit Number		Description
99.1		Press Release Issued November 18, 2021
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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:  November 18, 2021	/s/ Thomas C. Burke
	Thomas C. Burke
	Vice President, General Counsel and Secretary

EX-99.1

Exhibit 99.1

News

Investor Contact:

Logan Bonacorsi

lbonacorsi@caleres.com

Caleres Reports Third Quarter 2021 Results, Raises Full Year Outlook

● Achieved all-time record quarterly earnings

● Generated record quarterly sales at Famous Footwear

● Sequential sales improvement in the Brand Portfolio

● Raises fiscal full-year 2021 adjusted earnings per share guidance to between $3.80 and $3.90

ST. LOUIS, November 18, 2021 - Caleres (NYSE: CAL, caleres.com), operator of a powerful portfolio of consumer-centric footwear brands, today reported financial results for the third quarter ended October 30, 2021. During the quarter, Caleres continued to capitalize on strong consumer demand trends, achieving sequential revenue growth, recording strong gross margins, and delivering the highest level of quarterly earnings in company history. In addition, the company made further progress toward its balance sheet initiatives, enhancing its cash position, reducing its debt levels and securing more advantageous terms on its asset-based credit facility.

“Caleres achieved another record performance in the quarter just ended, driven principally by continued, exceptional upward momentum in our Famous Footwear business,” said Diane Sullivan, Chairman and Chief Executive Officer. “As robust consumer demand dynamics continue to accelerate, we fully expect the ongoing recovery in the Brand Portfolio to be an increasingly strong complement to the ongoing success at Famous Footwear in the quarters ahead.”

Third Quarter 2021 Highlights

(13-weeks ended October 30, 2021 compared to 13-weeks ended October 31, 2020)

● Net sales were $784.2 million, up 21.1 percent from the third quarter of fiscal 2020

‒ A 26.3 percent sales increase in the Famous Footwear segment;

‒ A 12.3 percent sales increase in the Brand Portfolio segment;

‒ Direct-to-consumer sales represented 73.5 percent of total net sales

● Gross profit was $335.4 million, while gross margin was 42.8 percent, or a 308-basis point improvement over third quarter 2020;

‒ A 47.6 percent gross margin in the Famous Footwear segment;

‒ A 32.9 percent gross margin in the Brand Portfolio segment;

● SG&A expense of $254.0 million, or 32.4 percent of total net sales, down from 36.6 percent of total net sales in the third quarter of fiscal 2020;

1

● Net income of $59.6 million, or earnings of $1.54 per diluted share, compared to net income of $14.4 million, or earnings of $0.38 per diluted share, in the third quarter of fiscal 2020. Earnings of $1.54 per share includes $0.05 for the below items:

‒ Fair value adjustment of $0.04 associated with the mandatory purchase obligation for Blowfish Malibu; and

‒ Loss on early extinguishment of debt of $0.01 related to the redemption of $100 million of senior notes and the amendment to the credit facility;

● Adjusted net income was approximately $61.5 million, or adjusted earnings of $1.59 per diluted share compared to adjusted net income of $18.2 million, or adjusted earnings of $0.48 per diluted share, in the third quarter of fiscal 2020;

● Generated $54.2 million in cash from operations and ended the third quarter with $74.8 million of cash on hand;

● Inventory levels were up 7.1 percent, year-over-year, with in-transit inventory 3.1x higher than the third quarter of 2020, reflecting the ongoing disruptions in the global supply chain;

● Ended the third quarter with $274.6 million of short-term debt; and

● Returned $2.7 million to shareholders during the quarter through its long-standing and uninterrupted quarterly dividend.

Capital Structure

As previously indicated, during the third quarter, Caleres renegotiated and renewed the terms of its asset-based credit facility. The terms of the new facility, which was restored to pre-COVID terms, includes a 5-year extension on the maturity date and features a reduction in the interest rate. This new agreement more accurately reflects the company’s significantly improved capital structure, accelerated recovery in the footwear market and more positive business outlook. Caleres notified its bondholders that it plans to redeem the remaining $100 million of its senior notes in January of 2022 – shifting that higher-cost debt to the revolving credit facility and extinguishing all of the company’s remaining long-term debt. These actions, coupled with the company’s proactive debt reduction activities in recent quarters, will result in approximately a $12 million decline in annual interest expense – bolstering its financial foundation further and driving long-term value for its shareholders.

Outlook

“As we progress through the remainder of the year and head into 2022, we expect supply chain challenges to persist,” said Sullivan. “However, our global Associates have taken quick action – leaning into our capabilities; optimizing our inventory position; and diversifying and leveraging our sourcing model to help offset the impacts caused by the ongoing disruptions. We believe we are well-positioned to navigate this dynamic market environment and we are confident in our ability to utilize our diversified brand model, achieve our short and long-term strategic objectives, and continue to create value for our shareholders.”

2

With the momentum continuing in its underlying business, the company now expects record adjusted earnings per share between $3.80 and $3.90 for fiscal year 2021.

Investor Conference Call

Caleres will host an investor conference call at 5:00 p.m. ET today, Thursday, November 18. The webcast and associated 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 4368498. 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 4368498 through Thursday, December 2.

Definitions

All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings (loss) attributable to Caleres, Inc. and diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders, are presented as net earnings (loss) and earnings (loss) 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 (loss), net earnings (loss) and earnings (loss) per diluted share adjusted to exclude certain gains, charges, and recoveries, which are non-GAAP financial measures. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help identify underlying trends in the company’s business and provide useful information to both management and investors by excluding certain items that may not be indicative of the company’s core operating results. These measures should not be considered a substitute for or superior to GAAP results.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains certain forward-looking statements and expectations regarding the company’s future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) the coronavirus pandemic and its adverse impact on our business operations, store traffic and financial condition (ii) changing consumer demands, which may be influenced by consumers' disposable income, which in turn can be influenced by general economic conditions and other factors; (iii) rapidly changing consumer preferences and purchasing patterns and fashion trends; (iv) intense competition within the footwear industry; (v) customer concentration and increased consolidation in the retail industry; (vi) foreign currency fluctuations; (vii) impairment charges resulting from a long-term decline in our stock price; (viii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and

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other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (ix) cybersecurity threats or other major disruption to the company’s information technology systems; (x) the ability to accurately forecast sales and manage inventory levels; (xi) a disruption in the company’s distribution centers; (xii) the ability to recruit and retain senior management and other key associates; (xiii) the ability to maintain relationships with current suppliers; (xiv) the ability to secure/exit leases on favorable terms; (xv) transitional challenges with acquisitions and divestitures; (xvi) changes to tax laws, policies and treaties; (xvii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xviii) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights.

# # #

About Caleres

Caleres is a diverse portfolio of global footwear brands.  Our products are available virtually everywhere - in the nearly 1,000 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 offers great casual and athletic brands for the entire family with convenient, curated, affordable collections. Sam Edelman keeps expressive women in step with the latest trends in a playful, whimsical way. Naturalizer shoes are beautiful from the inside out, with elegant simplicity and legendary fit re-imagined for today’s consumer. Allen Edmonds combines old world craft with new world technology to create luxe footwear for the discerning man who wants sophisticated, modern classics. Rounding out our family of brands are Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride, Blowfish Malibu, Bzees, Circus by Sam Edelman and Ryka. Combined, these brands make Caleres a company with both a legacy and a mission.  Our legacy is our more than 140 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit caleres.com to learn more about us.

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SCHEDULE 1

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

	(Unaudited)
	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
($ thousands, except per share data)	October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020
Net sales	$	784,156	$	647,480	$	2,098,323	$	1,546,111
Cost of goods sold		448,805		390,508		1,165,792		984,621
Gross profit		335,351		256,972		932,531		561,490
Selling and administrative expenses		254,033		236,901		757,070		663,425
Impairment of goodwill and intangible assets		—		—		—		262,719
Restructuring and other special charges, net		—		—		13,482		65,625
Operating earnings (loss)		81,318		20,071		161,979		(430,279)
Interest expense, net		(5,069)		(10,881)		(28,803)		(33,747)
Loss on early extinguishment of debt		(649)		—		(649)		—
Other income, net		3,844		5,461		11,533		12,718
Earnings (loss) before income taxes		79,444		14,651		144,060		(451,308)
Income tax (provision) benefit		(19,759)		275		(39,838)		89,393
Net earnings (loss)		59,685		14,926		104,222		(361,915)
Net earnings attributable to noncontrolling interests		63		509		1,057		223
Net earnings (loss) attributable to Caleres, Inc.	$	59,622	$	14,417	$	103,165	$	(362,138)
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.56	$	0.38	$	2.70	$	(9.67)
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.54	$	0.38	$	2.68	$	(9.67)

5

SCHEDULE 2

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
($ thousands)	October 30, 2021		October 31, 2020		January 30, 2021
ASSETS
Cash and cash equivalents	$	74,772	$	124,330	$	88,295
Receivables, net		161,892		141,059		126,994
Inventories, net		543,218		507,365		487,955
Prepaid expenses and other current assets		82,816		99,401		79,312
Total current assets		862,698		872,155		782,556
Lease right-of-use assets		500,308		601,574		554,303
Property and equipment, net		155,516		189,207		172,437
Goodwill and intangible assets, net		230,625		267,074		240,071
Other assets		125,411		97,050		117,683
Total assets	$	1,874,558	$	2,027,060	$	1,867,050
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement	$	175,000	$	300,000	$	250,000
Mandatory purchase obligation - Blowfish Malibu		54,558		30,146		39,134
Current portion of long-term debt		99,598		—		—
Trade accounts payable		352,084		285,582		280,501
Lease obligations		128,151		156,200		153,060
Other accrued expenses		260,669		187,980		182,814
Total current liabilities		1,070,060		959,908		905,509
Noncurrent lease obligations		452,786		556,343		518,942
Long-term debt		—		198,736		198,851
Other liabilities		45,967		50,418		39,894
Total other liabilities		498,753		805,497		757,687
Total Caleres, Inc. shareholders’ equity		301,098		256,671		200,247
Noncontrolling interests		4,647		4,984		3,607
Total equity		305,745		261,655		203,854
Total liabilities and equity	$	1,874,558	$	2,027,060	$	1,867,050

6

SCHEDULE 3

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	(Unaudited)
	Thirty-Nine Weeks Ended
($ thousands)	October 30, 2021		October 31, 2020
OPERATING ACTIVITIES:
Net cash provided by operating activities	$	189,728	$	101,766
INVESTING ACTIVITIES:
Purchases of property and equipment		(10,437)		(12,016)
Capitalized software		(4,122)		(3,525)
Net cash used for investing activities		(14,559)		(15,541)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement		363,000		340,500
Repayments under revolving credit agreement		(438,000)		(315,500)
Redemption of senior notes		(100,000)		—
Dividends paid		(8,011)		(8,148)
Debt issuance costs		(1,190)		—
Acquisition of treasury stock		—		(23,348)
Issuance of common stock under share-based plans, net		(3,779)		(1,078)
Contributions by noncontrolling interests, net		—		1,500
Other		(676)		(980)
Net cash used for financing activities		(188,656)		(7,054)
Effect of exchange rate changes on cash and cash equivalents		(36)		(59)
(Decrease) increase in cash and cash equivalents		(13,523)		79,112
Cash and cash equivalents at beginning of period		88,295		45,218
Cash and cash equivalents at end of period	$	74,772	$	124,330

7

SCHEDULE 4

CALERES, INC.

RECONCILIATION OF NET EARNINGS (LOSS) AND DILUTED EARNINGS (LOSS) PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE (NON-GAAP BASIS)

	(Unaudited)
	Thirteen Weeks Ended
	October 30, 2021						October 31, 2020
	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			$	59,622	$	1.54			$	14,417	$	0.38
Charges/other items:
Fair value adjustment to Blowfish purchase obligation	$	1,918		1,424		0.04	$	5,124		3,805		0.10
Loss on early extinguishment of debt		649		482		0.01		—		—		—
Total charges/other items	$	2,567	$	1,906	$	0.05	$	5,124	$	3,805	$	0.10
Adjusted earnings			$	61,528	$	1.59			$	18,222	$	0.48

	(Unaudited)
	Thirty-Nine Weeks Ended
	October 30, 2021						October 31, 2020
			Net						Net (Loss)
	Pre-Tax		Earnings				Pre-Tax		Earnings
	Impact of		Attributable		Diluted		Impact of		Attributable		Diluted (Loss)
	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 (loss)			$	103,165	$	2.68			$	(362,138)	$	(9.67)
Charges/other items:
Fair value adjustment to Blowfish purchase obligation	$	15,423		11,454		0.30	$	14,946		11,098		0.30
Brand Portfolio - business exits		13,482		11,927		0.31		1,598		1,187		0.03
Deferred tax valuation allowances		—		3,294		0.08		—		—		—
Loss on early extinguishment of debt		649		482		0.01		—		—		—
Goodwill and intangible asset impairment charges		—		—		—		262,719		218,506		5.84
COVID-19-related expenses (1)		—		—		—		99,040		78,047		2.08
Total charges/other items	$	29,554	$	27,157	$	0.70	$	378,303	$	308,838	$	8.25
Adjusted earnings (loss)			$	130,322	$	3.38			$	(53,300)	$	(1.42)

(1) Represents costs associated with the economic impact of the COVID-19 pandemic, primarily consisting of impairment charges associated with property and equipment and lease right-of-use assets, inventory markdowns, expenses associated with factory order cancellations, provision for expected credit losses and severance.

8

SCHEDULE 5

CALERES, INC.

SUMMARY FINANCIAL RESULTS BY SEGMENT

SUMMARY FINANCIAL RESULTS

	(Unaudited)
	Thirteen Weeks Ended
	Famous Footwear						Brand Portfolio						Eliminations and Other						Consolidated
	October 30,			October 31,			October 30,			October 31,			October 30,			October 31,			October 30,			October 31,
($ thousands)	2021			2020			2021			2020			2021			2020			2021			2020
Net sales	$	494,660		$	391,706		$	300,513		$	267,587		$	(11,017)		$	(11,813)		$	784,156		$	647,480
Gross profit		235,487			160,019			98,898			94,312			966			2,641			335,351			256,972
Adjusted gross profit		235,487			160,019			98,898			94,312			966			2,641			335,351			256,972
Gross profit rate		47.6	%		40.9	%		32.9	%		35.2	%		(8.8)	%		(22.4)	%		42.8	%		39.7	%
Adjusted gross profit rate		47.6	%		40.9	%		32.9	%		35.2	%		(8.8)	%		(22.4)	%		42.8	%		39.7	%
Operating earnings (loss)		87,375			27,845			11,383			7,304			(17,440)			(15,078)			81,318			20,071
Adjusted operating earnings (loss)		87,375			27,845			11,383			7,304			(17,440)			(15,078)			81,318			20,071
Operating earnings (loss) %		17.7	%		7.1	%		3.8	%		2.7	%		n/m			127.6			10.4	%		3.1	%
Adjusted operating earnings (loss) %		17.7	%		7.1	%		3.8	%		2.7	%		n/m			127.6			10.4	%		3.1	%
Same-store sales % (on a 13-week basis)		26.5	%		(9.1)	%		45.8	%		(41.0)	%		—	%		—	%		—	%		—	%
Number of stores		905			925			90			197			—			—			995			1,122

n/m – Not meaningful

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

	(Unaudited)
	Thirteen Weeks Ended
	Famous Footwear				Brand Portfolio				Eliminations and Other				Consolidated
	October 30,		October 31,		October 30,		October 31,		October 30,		October 31,		October 30,		October 31,
($ thousands)	2021		2020		2021		2020		2021		2020		2021		2020
Gross profit	$	235,487	$	160,019	$	98,898	$	94,312	$	966	$	2,641	$	335,351	$	256,972
Charges/Other Items:
COVID-19-related expenses		—		—		—		—		—		—		—		—
Total charges/other items		—		—		—		—		—		—		—		—
Adjusted gross profit	$	235,487	$	160,019	$	98,898	$	94,312	$	966	$	2,641	$	335,351	$	256,972
Operating earnings (loss)	$	87,375	$	27,845	$	11,383	$	7,304	$	(17,440)	$	(15,078)	$	81,318	$	20,071
Charges/Other Items:
COVID-19-related expenses		—		—		—		—		—		—		—		—
Total charges/other items		—		—		—		—		—		—		—		—
Adjusted operating earnings (loss)	$	87,375	$	27,845	$	11,383	$	7,304	$	(17,440)	$	(15,078)	$	81,318	$	20,071

9

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
	October 30,			October 31,			October 30,			October 31,			October 30,			October 31,			October 30,			October 31,
($ thousands)	2021			2020			2021			2020			2021			2020			2021			2020
Net sales	$	1,346,413		$	916,893		$	789,832		$	668,447		$	(37,922)		$	(39,229)		$	2,098,323		$	1,546,111
Gross profit		642,715			348,267			287,791			211,707			2,025			1,516			932,531			561,490
Adjusted gross profit		642,715			354,225			287,791			240,763			2,025			1,516			932,531			596,504
Gross profit rate		47.7	%		38.0	%		36.4	%		31.7	%		(5.3)	%		(3.9)	%		44.4	%		36.3	%
Adjusted gross profit rate		47.7	%		38.6	%		36.4	%		36.0	%		(5.3)	%		(3.9)	%		44.4	%		38.6	%
Operating earnings (loss)		220,746			(38,651)			25,116			(352,556)			(83,883)			(39,072)			161,979			(430,279)
Adjusted operating earnings (loss)		220,746			(16,100)			38,598			(12,386)			(83,883)			(38,436)			175,461			(66,922)
Operating earnings (loss) %		16.4	%		(4.2)	%		3.2	%		(52.7)	%		n/m			99.6	%		7.7	%		(27.8)	%
Adjusted operating earnings (loss) %		16.4	%		(1.8)	%		4.9	%		(1.9)	%		n/m			98.0	%		8.4	%		(4.3)	%
Same-store sales % (on a 39-week basis)		11.5	%		3.0	%		24.3	%		(32.3)	%		—	%		—	%		—	%		—	%
Number of stores		905			925			90			197			—			—			995			1,122

n/m – Not meaningful

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

	(Unaudited)
	Thirty-Nine Weeks Ended
	Famous Footwear				Brand Portfolio				Eliminations and Other				Consolidated
	October 30,		October 31,		October 30,		October 31,		October 30,		October 31,		October 30,		October 31,
($ thousands)	2021		2020		2021		2020		2021		2020		2021		2020
Gross profit	$	642,715	$	348,267	$	287,791	$	211,707	$	2,025	$	1,516	$	932,531	$	561,490
Charges/Other Items:
COVID-19-related expenses		—		5,958		—		27,458		—		—		—		33,416
Brand Portfolio - business exits		—		—		—		1,598		—		—		—		1,598
Total charges/other items		—		5,958		—		29,056		—		—		—		35,014
Adjusted gross profit	$	642,715	$	354,225	$	287,791	$	240,763	$	2,025	$	1,516	$	932,531	$	596,504
Operating earnings (loss)	$	220,746	$	(38,651)	$	25,116	$	(352,556)	$	(83,883)	$	(39,072)	$	161,979	$	(430,279)
Charges/Other Items:
Goodwill and intangible asset impairment charges		—		—		—		262,719		—		—		—		262,719
COVID-19-related expenses		—		22,551		—		75,853		—		636		—		99,040
Brand Portfolio - business exits		—		—		13,482		1,598		—		—		13,482		1,598
Total charges/other items		—		22,551		13,482		340,170		—		636		13,482		363,357
Adjusted operating earnings (loss)	$	220,746	$	(16,100)	$	38,598	$	(12,386)	$	(83,883)	$	(38,436)	$	175,461	$	(66,922)

10

SCHEDULE 6

CALERES, INC.

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

	(Unaudited)
	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 30,		October 31,		October 30,		October 31,
	2021		2020		2021		2020
($ thousands, except per share data)
Net earnings (loss) attributable to Caleres, Inc.:
Net earnings (loss)	$	59,685	$	14,926	$	104,222	$	(361,915)
Net earnings attributable to noncontrolling interests		(63)		(509)		(1,057)		(223)
Net earnings (loss) attributable to Caleres, Inc.		59,622		14,417		103,165		(362,138)
Net earnings allocated to participating securities		(2,140)		(512)		(3,737)		—
Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities	$	57,482	$	13,905	$	99,428	$	(362,138)
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares		36,889		36,554		36,825		37,439
Dilutive effect of share-based awards		457		176		294		—
Diluted common shares attributable to Caleres, Inc.		37,346		36,730		37,119		37,439
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.56	$	0.38	$	2.70	$	(9.67)
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.54	$	0.38	$	2.68	$	(9.67)

11

SCHEDULE 7

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS (LOSS) PER SHARE RECONCILIATION

	(Unaudited)
	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 30,		October 31,		October 30,		October 31,
	2021		2020		2021		2020
($ thousands, except per share data)
Adjusted net earnings (loss) attributable to Caleres, Inc.:
Adjusted net earnings (loss)	$	61,591	$	18,731	$	131,379	$	(53,077)
Net earnings attributable to noncontrolling interests		(63)		(509)		(1,057)		(223)
Adjusted net earnings (loss) attributable to Caleres, Inc.		61,528		18,222		130,322		(53,300)
Net earnings allocated to participating securities		(2,208)		(647)		(4,729)		—
Adjusted net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities	$	59,320	$	17,575	$	125,593	$	(53,300)
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares		36,889		36,554		36,825		37,439
Dilutive effect of share-based awards		457		176		294		—
Diluted common shares attributable to Caleres, Inc.		37,346		36,730		37,119		37,439
Basic adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.61	$	0.48	$	3.41	$	(1.42)
Diluted adjusted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.59	$	0.48	$	3.38	$	(1.42)

12

XML

Document and Entity Information	Nov. 18, 2021
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Nov. 18, 2021
Entity File Number	1-2191
Entity Registrant Name	CALERES, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	43-0197190
Entity Address, Address Line One	8300 Maryland Avenue
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	854-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock - par value of $0.01 per share
Trading Symbol	CAL
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000014707
Amendment Flag	false