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Caleres Reports Third Quarter 2021 Results, Raises Full Year Outlook

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;
  • 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.”

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 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.

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

)

 

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

 

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

 

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.

 

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

 

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

)

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

)

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

)

Contacts:

Investor Contact:
Logan Bonacorsi
lbonacorsi@caleres.com

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