Caleres Reports Fourth Quarter and Full Year 2023 Results

Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the fourth quarter and fiscal 2023 and provided guidance for fiscal 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240318757386/en/

Caleres Brand Portfolio Lead Brands -- Sam Edelman, Allen Edmonds, Naturalizer, and Vionic.(Graphic: Business Wire)

“The Caleres team delivered another strong operational performance in the fourth quarter, culminating in a third consecutive year of adjusted earnings per share in excess of our $4.00 baseline and underscoring the durability of our earnings power,” said Jay Schmidt, president and chief executive officer. “Our fourth quarter results were led by our Brand Portfolio, which achieved a record-setting performance across key financial metrics. Complementing that strong result, Famous Footwear leaned into its competitive advantages to expand market share, particularly in Kids, which has outpaced the total business for 12 straight quarters.”

Specifically, during the quarter, the Brand Portfolio capitalized on ongoing strength in its Lead Brands to power a 4.5-percent increase in year-over-year net sales and a 660-basis-point improvement in gross margin. The Brand Portfolio segment also delivered its best-ever annual adjusted operating earnings, which topped $148 million and was accompanied by an 11.7-percent adjusted return on sales. Notably, the segment led the financial performance of the company. At the same time, Famous Footwear navigated a competitive market environment, capitalizing on pockets of holiday demand and delivering positive sales trends in its Kids business. For the full year, Famous gained share in shoe chains in the important Family Channel and achieved record annual sales in the Kids category while generating robust levels of cash flow.

“I am proud of the Caleres team and the tremendous progress we have made across a wide range of strategic objectives,” said Schmidt. “The transformation in earnings power that we have achieved in recent years – combined with our value-driving organizational structure, powerful brands, and best-in-class capabilities – positions us exceptionally well for growth in 2024 and beyond. Our Brand Portfolio – powered by our Lead Brands – has tremendous growth potential, and Famous is poised to strengthen its position as the No. 1 footwear destination for the Millennial family. Looking ahead, we are confident in our ability to execute on our growth strategy, deliver on our long-term financial targets, and create sustained value for our shareholders.”

Fourth Quarter 2023 Results

(14-weeks ended February 3, 2024, compared to 13-weeks ended January 28, 2023)

• Net sales were $697.1 million, up 0.1 percent from the fourth quarter of 2022;
  • Famous Footwear segment net sales declined 1.5 percent, with comparable sales down 5.9 percent on a 13-week basis
  • Brand Portfolio segment net sales increased 4.5 percent
  • Direct-to-consumer sales represented approximately 74 percent of total net sales
• Gross profit was $305.7 million, while gross margin was 43.9 percent;
  • Famous Footwear segment gross margin of 42.9 percent
  • Brand Portfolio segment gross margin of 42.6 percent
• SG&A as a percentage of net sales was 39.1 percent;
• Net earnings of $55.8 million, or earnings per diluted share of $1.57, compared to net earnings of $40.8 million, or earnings per diluted share of $1.13 in the fourth quarter of fiscal 2022. Earnings per diluted share of $1.57 include:
  • Deferred tax valuation allowance releases of $0.76 per diluted share; and
  • Expense reduction initiatives of ($0.05) per diluted share.
• Adjusted net earnings of $30.8 million, or adjusted earnings per diluted share of $0.86, compared to adjusted net earnings of $23.4 million, or adjusted earnings per diluted share of $0.65 in the fourth quarter of fiscal 2022.

Fiscal Year 2023 Results

(53-weeks ended February 3, 2024, compared to 52-weeks ended January 28, 2023)

• Net sales were $2.82 billion, down 5.1 percent from fiscal 2022;
  • Famous Footwear segment net sales declined 5.6 percent, with comparable sales down 6.3 percent on a 52-week basis
  • Brand Portfolio segment net sales declined 3.9 percent
  • Direct-to-consumer sales represented approximately 72 percent of total net sales
• Gross profit was $1.26 billion, while gross margin was 44.8 percent;
  • Famous Footwear segment gross margin of 44.7 percent
  • Brand Portfolio segment gross margin of 43.0 percent
• SG&A as a percentage of net sales was 37.7 percent;
• Net earnings of $171.4 million, or earnings per diluted share of $4.80, compared to net earnings of $181.7 million, or earnings per diluted share of $4.92 in fiscal 2022. Earnings of $4.80 per diluted share include:
  • Deferred tax valuation allowance releases of $0.75 per diluted share; and
  • Expense reduction initiatives of ($0.13) per diluted share
• Adjusted net earnings of $149.3 million, or adjusted earnings per diluted share of $4.18, compared to adjusted net earnings of $167.1 million, or adjusted earnings per diluted share of $4.52 in fiscal 2022;
• Earnings before interest, taxes, depreciation, and amortization (EBITDA) of $253.5 million and adjusted EBITDA of $259.6 million, or 9.2 percent of sales;
• Inventory was down 6.8 percent compared to fiscal year-end 2022, due to strategic inventory management – primarily in the Brand Portfolio segment; and
• Borrowings under the asset-based revolving credit facility were $182.0 million at the end of the period.

Fiscal 2023 Benefit from 53rd Week
Consolidated net sales			$25.0 million
Famous Footwear sales			$18.2 million
Brand Portfolio sales			$6.8 million

Capital Allocation Update

Caleres continued to reduce the borrowings under its asset-based revolving credit facility, paying down $40.0 million during the fourth quarter. The company also returned $2.5 million to shareholders through its quarterly dividend.

In fiscal 2023, Caleres continued to invest in value-driving growth opportunities while at the same time reduced short-term borrowings by $125.5 million. The company ended fiscal 2023 with $182.0 million of borrowings. This represents its lowest total indebtedness since the fiscal first quarter 2010. In addition, Caleres returned $27.4 million to shareholders through share repurchases and dividend payments. Specifically, the company repurchased 763,000 shares of common stock, or approximately 2 percent of shares outstanding, for $17.4 million and an average price of $22.86 per share. The company returned $10.0 million to shareholders through quarterly dividend payments.

Fiscal 2024 Outlook:

The company is introducing its financial outlook for fiscal 2024 and first quarter of 2024 and notes that its fiscal 2024 is a 52-week year and compares to a 53-week year in fiscal 2023.

Caleres expects consolidated net sales to be flat to up 2 percent, compared to 2023, and earnings per diluted share to be in the range of $4.30 to $4.60. This outlook considers and balances the positive momentum in our Brand Portfolio segment and ongoing companywide cost reduction initiatives against anticipated headwinds that include a forecasted decline in the footwear market, inflationary pressures that could affect consumer demand at Famous Footwear, and higher freight costs.

In addition, for fiscal 2024, the company expects:

• Consolidated operating margin of 7.3 percent to 7.5 percent;
• Effective tax rate of about 24 percent; and
• Capital expenditures of $60 million to $70 million.

For first quarter 2024, the company expects:

• Consolidated net sales to be flat to up 1 percent; and
• Earnings per diluted share in line with fourth quarter 2023 on an adjusted basis.

Investor Conference Call

Caleres will host a conference call at 10:00 a.m. ET today, Tuesday, March 19. The webcast and associated slides will be available at investor.caleres.com/news/events. A live conference call will be available at [phone] for North America participants or [phone] for international participants, no passcode necessary. A replay will be also available at investor.caleres.com/news/events/archive for a limited period. Investors may also access the replay by dialing [phone] in North America or [phone] internationally and using the conference pin 13744814.

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 earnings before interest, taxes, depreciation and amortization, 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. 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) changing consumer demands, which may be influenced by general economic conditions and other factors; (ii) inflationary pressures and supply chain disruptions (iii) rapidly changing consumer preferences and purchasing patterns and fashion trends; (iv) supplier concentration, customer concentration and increased consolidation in the retail industry; (v) intense competition within the footwear industry; (vi) foreign currency fluctuations; (vii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (viii) cybersecurity threats or other major disruption to the company’s information technology systems; (ix) the ability to accurately forecast sales and manage inventory levels; (x) a disruption in the company’s distribution centers; (xi) the ability to recruit and retain senior management and other key associates; (xii) the ability to secure/exit leases on favorable terms; (xiii) the ability to maintain relationships with current suppliers; (xiv) transitional challenges with acquisitions and divestitures; (xv) changes to tax laws, policies and treaties; (xvi) our commitments and shareholder expectations related to environmental, social and governance considerations; (xvii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xviii) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights. The company's reports to the Securities and Exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption Risk Factors in Item 1A of the company’s Annual Report on Form 10-K for the year ended January 28, 2023, which information is incorporated by reference herein and updated by the company’s Quarterly Reports on Form 10-Q. The company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change.

SCHEDULE 1
CALERES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
		(Unaudited)
		Fourteen Weeks Ended				Thirteen Weeks Ended				Fifty-three Weeks Ended				Fifty-two Weeks Ended
($ thousands, except per share data)		February 3, 2024				January 28, 2023				February 3, 2024				January 28, 2023
Net sales		$	697,123			$	696,434			$	2,817,294			$	2,968,138
Cost of goods sold			391,395				415,246				1,554,337				1,683,265
Gross profit			305,728				281,188				1,262,957				1,284,873
Selling and administrative expenses			272,830				255,323				1,062,399				1,067,636
Restructuring and other special charges, net			2,151				—				6,103				2,910
Operating earnings			30,747				25,865				194,455				214,327
Interest expense, net			(4,103	)			(5,378	)			(19,343	)			(14,264	)
Other income, net			1,550				3,335				6,210				12,971
Earnings before income taxes			28,194				23,822				181,322				213,034
Income tax benefit (provision)			27,466				15,343				(9,490	)			(33,339	)
Net earnings			55,660				39,165				171,832				179,695
Net (loss) earnings attributable to noncontrolling interests			(148	)			(1,643	)			441				(2,047	)
Net earnings attributable to Caleres, Inc.		$	55,808			$	40,808			$	171,391			$	181,742
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	1.57			$	1.14			$	4.80			$	4.98
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	1.57			$	1.13			$	4.80			$	4.92

SCHEDULE 2

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

		(Unaudited)
($ thousands)		February 3, 2024			January 28, 2023
ASSETS
Cash and cash equivalents		$	21,358		$	33,700
Receivables, net			140,400			132,802
Inventories, net			540,674			580,215
Property and equipment, held for sale			16,777			16,777
Prepaid expenses and other current assets			69,700			67,961
Total current assets			788,909			831,455
Lease right-of-use assets			528,029			518,196
Property and equipment, net			167,583			160,883
Goodwill and intangible assets, net			203,310			215,392
Other assets			116,915			110,546
Total assets		$	1,804,746		$	1,836,472
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement		$	182,000		$	307,500
Trade accounts payable			251,912			229,908
Lease obligations			112,764			136,051
Other accrued expenses			196,280			237,737
Total current liabilities			742,956			911,196
Noncurrent lease obligations			453,097			444,074
Other liabilities			41,123			55,089
Total other liabilities			494,220			499,163
Total Caleres, Inc. shareholders’ equity			560,631			420,683
Noncontrolling interests			6,939			5,430
Total equity			567,570			426,113
Total liabilities and equity		$	1,804,746		$	1,836,472

SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		(Unaudited)
		Fifty-three Weeks Ended				Fifty-two Weeks Ended
($ thousands)		February 3, 2024				January 28, 2023
OPERATING ACTIVITIES:
Net cash provided by operating activities		$	200,151			$	125,879
INVESTING ACTIVITIES:
Purchases of property and equipment			(44,584	)			(55,913	)
Capitalized software			(5,034	)			(8,124	)
Net cash used for investing activities			(49,618	)			(64,037	)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement			532,500				859,500
Repayments under revolving credit agreement			(658,000	)			(842,000	)
Dividends paid			(9,954	)			(10,184	)
Acquisition of treasury stock			(17,445	)			(63,225	)
Issuance of common stock under share-based plans, net			(11,094	)			(5,387	)
Contributions by noncontrolling interests			1,000				3,142
Net cash used for financing activities			(162,993	)			(58,154	)
Effect of exchange rate changes on cash and cash equivalents			118				(103	)
(Decrease) increase in cash and cash equivalents			(12,342	)			3,585
Cash and cash equivalents at beginning of period			33,700				30,115
Cash and cash equivalents at end of period		$	21,358			$	33,700

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)
		Fourteen Weeks Ended											Thirteen Weeks Ended
		February 3, 2024											January 28, 2023
($ 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					$	55,808			$	1.57						$	40,808			$	1.13
Charges/other items:
Deferred tax valuation allowances adjustment		$	—			(26,654	)			(0.76	)		$	—			(17,374	)			(0.48	)
Expense reduction initiatives			2,151			1,597				0.05				—			—				—
Total charges/other items		$	2,151		$	(25,057	)		$	(0.71	)		$	—		$	(17,374	)		$	(0.48	)
Adjusted earnings					$	30,751			$	0.86						$	23,434			$	0.65

		(Unaudited)
		Fifty-three Weeks Ended											Fifty-two Weeks Ended
		February 3, 2024											January 28, 2023
		Pre-Tax			Net Earnings								Pre-Tax			Net Earnings
		Impact of			Attributable				Diluted				Impact of			Attributable				Diluted
		Charges/Other			to Caleres,				Earnings				Charges/Other			to Caleres,				Earnings
($ thousands, except per share data)		Items			Inc.				Per Share				Items			Inc.				Per Share
GAAP earnings					$	171,391			$	4.80						$	181,742			$	4.92
Charges/other items:
Deferred tax valuation allowance adjustment		$	—			(26,654	)			(0.75	)		$	—			(17,374	)			(0.47	)
Expense reduction initiatives			6,103			4,532				0.13				—			—				—
Organizational changes			—			—				—				2,910			2,723				0.07
Total charges/other items		$	6,103		$	(22,122	)		$	(0.62	)		$	2,910		$	(14,651	)		$	(0.40	)
Adjusted earnings					$	149,269			$	4.18						$	167,091			$	4.52

SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
		(Unaudited)
		Famous Footwear								Brand Portfolio								Eliminations and Other								Consolidated
		14 weeks ended				13 weeks ended				14 weeks ended				13 weeks ended				14 weeks ended				13 weeks ended				14 weeks ended				13 weeks ended
		February 3,				January 28,				February 3,				January 28,				February 3,				January 28,				February 3,				January 28,
($ thousands)		2024				2023				2024				2023				2024				2023				2024				2023
Net sales		$	396,227			$	402,265			$	323,689			$	309,729			$	(22,793	)		$	(15,560	)		$	697,123			$	696,434
Gross profit			170,129				170,562				137,868				111,465				(2,269	)			(839	)			305,728				281,188
Gross margin			42.9	%			42.4	%			42.6	%			36.0	%			10.0	%			5.4	%			43.9	%			40.4	%
Operating earnings (loss)			19,551				24,386				37,751				19,281				(26,555	)			(17,802	)			30,747				25,865
Adjusted operating earnings (loss)			19,551				24,386				38,634				19,281				(25,287	)			(17,802	)			32,898				25,865
Operating margin			4.9	%			6.1	%			11.7	%			6.2	%			n/m	%			n/m	%			4.4	%			3.7	%
Adjusted operating earnings %			4.9	%			6.1	%			11.9	%			6.2	%			n/m	%			n/m	%			4.7	%			3.7	%
Comparable sales % (on a 13-week basis)			(5.9	)%			0.7	%			(3.8	)%			20.4	%			—	%			—	%			—	%			—	%
Number of stores			860				873				98				92				—				—				958				965
n/m – Not meaningful

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
		(Unaudited)
		Famous Footwear						Brand Portfolio						Eliminations and Other								Consolidated
		14 weeks ended			13 weeks ended			14 weeks ended			13 weeks ended			14 weeks ended				13 weeks ended				14 weeks ended			13 weeks ended
		February 3,			January 28,			February 3,			January 28,			February 3,				January 28,				February 3,			January 28,
($ thousands)		2024			2023			2024			2023			2024				2023				2024			2023
Operating earnings (loss)		$	19,551		$	24,386		$	37,751		$	19,281		$	(26,555	)		$	(17,802	)		$	30,747		$	25,865
Charges/Other Items:
Expense reduction initiatives			—			—			883			—			1,268				—				2,151			—
Total charges/other items			—			—			883			—			1,268				—				2,151			—
Adjusted operating earnings (loss)		$	19,551		$	24,386		$	38,634		$	19,281		$	(25,287	)		$	(17,802	)		$	32,898		$	25,865

SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
		(Unaudited)
		Famous Footwear								Brand Portfolio								Eliminations and Other								Consolidated
		53 weeks ended				52 weeks ended				53 weeks ended				52 weeks ended				53 weeks ended				52 weeks ended				53 weeks ended				52 weeks ended
		February 3,				January 28,				February 3,				January 28,				February 3,				January 28,				February 3,				January 28,
($ thousands)		2024				2023				2024				2023				2024				2023				2024				2023
Net sales		$	1,609,396			$	1,705,093			$	1,270,853			$	1,322,772			$	(62,955	)		$	(59,727	)		$	2,817,294			$	2,968,138
Gross profit			719,549				789,004				546,005				497,265				(2,597	)			(1,396	)			1,262,957				1,284,873
Gross profit rate			44.7	%			46.3	%			43.0	%			37.6	%			4.1	%			2.3	%			44.8	%			43.3	%
Operating earnings (loss)			123,838				195,837				145,459				112,345				(74,842	)			(93,855	)			194,455				214,327
Adjusted operating earnings (loss)			125,204				195,837				148,067				112,345				(72,713	)			(90,945	)			200,558				217,237
Operating earnings %			7.7	%			11.5	%			11.4	%			8.5	%			n/m%				n/m%				6.9	%			7.2	%
Adjusted operating earnings %			7.8	%			11.5	%			11.7	%			8.5	%			n/m%				n/m%				7.1	%			7.3	%
Comparable sales % (on a 52-week basis)			(6.3	)%			(1.8	)%			1.3	%			31.4	%			—	%			—	%			—	%			—	%
Number of stores			860				873				98				92				—				—				958				965
n/m – Not meaningful

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
		(Unaudited)
		Famous Footwear						Brand Portfolio						Eliminations and Other						Consolidated
		53 weeks ended			52 weeks ended			53 weeks ended			52 weeks ended			53 weeks ended			52 weeks ended			53 weeks ended			52 weeks ended
		February 3,			January 28,			February 3,			January 28,			February 3,			January 28,			February 3,			January 28,
($ thousands)		2024			2023			2024			2023			2024			2023			2024			2023
Operating earnings (loss)		$	123,838		$	195,837		$	145,459		$	112,345		$	(74,842)		$	(93,855)		$	194,455		$	214,327
Charges/Other Items:
Expense reduction initiatives			1,366			—			2,608			—			2,129			—			6,103			—
Organizational changes			—			—			—			—			—			2,910			—			2,910
Total charges/other items			1,366			—			2,608			—			2,129			2,910			6,103			2,910
Adjusted operating earnings (loss)		$	125,204		$	195,837		$	148,067		$	112,345		$	(72,713)		$	(90,945)		$	200,558		$	217,237

SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
		(Unaudited)
		Fourteen Weeks Ended				Thirteen Weeks Ended				Fifty-three Weeks Ended				Fifty-two Weeks Ended
		February 3,				January 28,				February 3,				January 28,
		2024				2023				2024				2023
($ thousands, except per share data)
Net earnings attributable to Caleres, Inc.:
Net earnings		$	55,660			$	39,165			$	171,832			$	179,695
Net loss (earnings) attributable to noncontrolling interests			148				1,643				(441	)			2,047
Net earnings attributable to Caleres, Inc.			55,808				40,808				171,391				181,742
Net earnings allocated to participating securities			(2,414	)			(1,763	)			(7,517	)			(7,716	)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	53,394			$	39,045			$	163,874			$	174,026
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			33,965				34,102				34,142				34,930
Dilutive effect of share-based awards			115				548				10				475
Diluted common shares attributable to Caleres, Inc.			34,080				34,650				34,152				35,405
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	1.57			$	1.14			$	4.80			$	4.98
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	1.57			$	1.13			$	4.80			$	4.92

SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION
		(Unaudited)
		Fourteen Weeks Ended				Thirteen Weeks Ended				Fifty-three Weeks Ended				Fifty-two Weeks Ended
		February 3,				January 28,				February 3,				January 28,
		2024				2023				2024				2023
($ thousands, except per share data)
Adjusted net earnings attributable to Caleres, Inc.:
Adjusted net earnings		$	30,603			$	21,791			$	149,710			$	165,044
Net loss (earnings) attributable to noncontrolling interests			148				1,643				(441	)			2,047
Adjusted net earnings attributable to Caleres, Inc.			30,751				23,434				149,269				167,091
Net earnings allocated to participating securities			(1,324	)			(1,012	)			(6,537	)			(7,092	)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	29,427			$	22,422			$	142,732			$	159,999
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			33,965				34,102				34,142				34,930
Dilutive effect of share-based awards			115				548				10				475
Diluted common shares attributable to Caleres, Inc.			34,080				34,650				34,152				35,405
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders		$	0.87			$	0.66			$	4.18			$	4.58
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders		$	0.86			$	0.65			$	4.18			$	4.52

SCHEDULE 8
CALERES, INC.
CALCULATION OF EBITDA AND DEBT/EBITDA LEVERAGE RATIO (NON-GAAP METRICS)
		(Unaudited)
		Fourteen Weeks Ended				Thirteen Weeks Ended
($ thousands)		February 3, 2024				January 28, 2023
EBITDA:
Net earnings attributable to Caleres, Inc.		$	55,808			$	40,808
Income tax benefit			(27,466	)			(15,343	)
Interest expense, net			4,103				5,378
Depreciation and amortization (1)			14,875				12,317
EBITDA		$	47,320			$	43,160
EBITDA margin			6.8	%			6.2	%
Adjusted EBITDA:
Adjusted net earnings attributable to Caleres, Inc. (2)		$	30,751			$	23,434
Income tax (benefit) provision (3)			(258	)			2,031
Interest expense, net			4,103				5,378
Depreciation and amortization (1)			14,875				12,317
Adjusted EBITDA		$	49,471			$	43,160
Adjusted EBITDA margin			7.1	%			6.2	%

		(Unaudited)
		Trailing Twelve Months Ended
($ thousands)		February 3, 2024				January 28, 2023
EBITDA:
Net earnings attributable to Caleres, Inc.		$	171,391			$	181,742
Income tax provision			9,490				33,339
Interest expense, net			19,343				14,264
Depreciation and amortization (1)			53,280				49,011
EBITDA		$	253,504			$	278,356
EBITDA margin			9.0	%			9.4	%
Adjusted EBITDA:
Adjusted net earnings attributable to Caleres, Inc. (2)		$	149,269			$	167,091
Income tax provision (3)			37,715				50,900
Interest expense, net			19,343				14,264
Depreciation and amortization (1)			53,280				49,011
Adjusted EBITDA		$	259,607			$	281,266
Adjusted EBITDA margin			9.2	%			9.5	%
		(Unaudited)
($ thousands)		February 3, 2024				January 28, 2023
Debt/EBITDA leverage ratio:
Borrowings under revolving credit agreement (4)		$	182,000			$	307,500
EBITDA (trailing twelve months)			253,504				278,356
Debt/EBITDA			0.7				1.1

______________________________
(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 $308.5 million and $181.9 million as of February 3, 2024 and January 28, 2023, respectively. Total liquidity, which includes cash and cash equivalents and availability under the revolving credit agreement, was $329.9 million and $215.6 million for the respective periods.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240318757386/en/

The Caleres Stock at the time of publication of the news with a fall of -0,28 % to 35,70EUR on Lang & Schwarz stock exchange (19. März 2024, 11:42 Uhr).