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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 29, 2023

 

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from  _____________  to  _____________

Commission file number: 1-2191

CALERES, INC.

(Exact name of registrant as specified in its charter)

 

 

New York

43-0197190

(State or other jurisdiction

(IRS Employer Identification Number)

of incorporation or organization)

8300 Maryland Avenue

63105

St. Louis, Missouri

(Zip Code)

(Address of principal executive offices)

(314) 854-4000

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes       No

As of August 25, 2023, 35,539,343 common shares were outstanding.

INDEX

PART I

Page

Item 1

Financial Statements

3

Condensed Consolidated Balance Sheets

3

Condensed Consolidated Statements of Earnings

4

Condensed Consolidated Statements of Comprehensive Income

5

Condensed Consolidated Statements of Cash Flows

6

Condensed Consolidated Statements of Shareholders’ Equity

7

Notes to Condensed Consolidated Financial Statements

8

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4

Controls and Procedures

36

 

 

PART II

37

Item 1

Legal Proceedings

37

Item 1A

Risk Factors

37

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 3

Defaults Upon Senior Securities

38

Item 4

Mine Safety Disclosures

38

Item 5

Other Information

38

Item 6

Exhibits

39

Signature

40

2

PART IFINANCIAL INFORMATION

ITEM 1FINANCIAL STATEMENTS

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

($ thousands)

    

July 29, 2023

    

July 30, 2022

    

January 28, 2023

Assets

 

  

 

  

 

  

Current assets:

  

 

  

 

  

Cash and cash equivalents

$

47,098

$

45,955

$

33,700

Receivables, net

 

136,549

 

127,580

 

132,802

Inventories, net

 

660,690

 

770,652

 

580,215

Income taxes

 

6,461

 

12,129

 

17,527

Property and equipment, held for sale

16,777

16,777

16,777

Prepaid expenses and other current assets

 

47,248

 

45,698

 

50,434

Total current assets

 

914,823

 

1,018,791

 

831,455

Prepaid pension costs

 

86,189

 

104,214

 

83,396

Lease right-of-use assets

 

505,423

 

516,486

 

518,196

Property and equipment, net

 

157,717

 

137,007

 

160,883

Goodwill and intangible assets, net

 

209,314

 

221,447

 

215,392

Other assets

 

30,494

 

27,263

 

27,150

Total assets

$

1,903,960

$

2,025,208

$

1,836,472

Liabilities and Equity

 

  

 

  

 

  

Current liabilities:

 

  

 

  

 

  

Borrowings under revolving credit agreement

$

244,000

$

348,500

$

307,500

Trade accounts payable

 

350,020

 

399,265

 

229,908

Income taxes

 

18,896

 

20,139

 

7,650

Lease obligations

 

133,743

 

131,601

 

136,051

Other accrued expenses

 

209,712

 

240,295

 

230,087

Total current liabilities

 

956,371

 

1,139,800

 

911,196

Other liabilities:

 

  

 

  

 

  

Noncurrent lease obligations

 

429,192

 

451,657

 

444,074

Income taxes

 

2,464

 

7,786

 

7,786

Deferred income taxes

 

19,335

 

14,939

 

19,001

Other liabilities

 

25,017

 

26,149

 

28,302

Total other liabilities

 

476,008

 

500,531

 

499,163

Equity:

 

  

 

  

 

  

Common stock

 

355

 

364

 

357

Additional paid-in capital

 

177,602

 

173,246

 

180,747

Accumulated other comprehensive loss

 

(25,530)

 

(7,280)

 

(26,750)

Retained earnings

 

312,565

 

212,803

 

266,329

Total Caleres, Inc. shareholders’ equity

 

464,992

 

379,133

 

420,683

Noncontrolling interests

 

6,589

 

5,744

 

5,430

Total equity

 

471,581

 

384,877

 

426,113

Total liabilities and equity

$

1,903,960

$

2,025,208

$

1,836,472

See notes to condensed consolidated financial statements.

3

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

    

(Unaudited)

Thirteen Weeks Ended

    

Twenty-Six Weeks Ended

($ thousands, except per share amounts)

    

July 29, 2023

July 30, 2022

July 29, 2023

    

July 30, 2022

Net sales

$

695,533

$

738,330

$

1,358,267

$

1,473,445

Cost of goods sold

 

381,360

 

401,515

 

741,412

 

809,636

Gross profit

 

314,173

 

336,815

 

616,855

 

663,809

Selling and administrative expenses

 

262,823

 

268,395

 

515,918

 

529,194

Restructuring and other special charges, net

 

1,647

 

 

1,647

 

Operating earnings

 

49,703

 

68,420

 

99,290

 

134,615

Interest expense, net

 

(5,128)

 

(2,584)

 

(10,751)

 

(4,883)

Other income, net

 

1,616

 

3,217

 

3,108

 

6,639

Earnings before income taxes

 

46,191

 

69,053

 

91,647

 

136,371

Income tax provision

 

(11,826)

 

(17,500)

 

(22,490)

 

(34,833)

Net earnings

 

34,365

 

51,553

 

69,157

 

101,538

Net earnings (loss) attributable to noncontrolling interests

 

422

 

375

 

487

 

(149)

Net earnings attributable to Caleres, Inc.

$

33,943

$

51,178

$

68,670

$

101,687

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

$

0.95

$

1.40

$

1.91

$

2.74

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

$

0.95

$

1.38

$

1.91

$

2.70

See notes to condensed consolidated financial statements.

4

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Thirteen Weeks Ended

    

Twenty-Six Weeks Ended

($ thousands)

July 29, 2023

    

July 30, 2022

July 29, 2023

    

July 30, 2022

Net earnings

$

34,365

$

51,553

$

69,157

$

101,538

Other comprehensive income (loss) ("OCI"), net of tax:

 

  

 

  

 

 

  

Foreign currency translation adjustment

 

(277)

 

42

 

(428)

 

(121)

Pension and other postretirement benefits adjustments

 

610

 

583

 

1,320

 

1,023

Other comprehensive income, net of tax

 

333

 

625

 

892

 

902

Comprehensive income

 

34,698

 

52,178

 

70,049

 

102,440

Comprehensive income (loss) attributable to noncontrolling interests

 

25

 

(48)

 

159

 

(573)

Comprehensive income attributable to Caleres, Inc.

$

34,673

$

52,226

$

69,890

$

103,013

See notes to condensed consolidated financial statements.

5

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

    

Twenty-Six Weeks Ended

($ thousands)

July 29, 2023

    

July 30, 2022

    

Operating Activities

  

 

  

 

Net earnings

$

69,157

$

101,538

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

  

Depreciation

 

16,899

 

15,882

Amortization of capitalized software

 

2,471

 

2,420

Amortization of intangible assets

 

6,078

 

6,052

Amortization of debt issuance costs and debt discount

 

204

 

204

Share-based compensation expense

 

6,871

 

8,236

Loss on disposal of property and equipment

 

918

 

1,023

Impairment charges for property, equipment, and lease right-of-use assets

 

414

 

1,979

Adjustment to expected credit losses

840

(1,004)

Deferred income taxes

 

334

 

208

Changes in operating assets and liabilities:

 

 

Receivables

 

(4,588)

 

(4,340)

Inventories

 

(80,352)

 

(173,484)

Prepaid expenses and other current and noncurrent assets

 

(2,472)

 

204

Trade accounts payable

 

120,065

 

67,805

Accrued expenses and other liabilities

 

(28,165)

 

(22,619)

Income taxes, net

 

16,990

 

23,783

Other, net

 

(488)

 

(636)

Net cash provided by operating activities

 

125,176

 

27,251

Investing Activities

 

  

 

  

Purchases of property and equipment

 

(15,044)

 

(16,820)

Capitalized software

 

(1,833)

 

(3,906)

Net cash used for investing activities

 

(16,877)

 

(20,726)

Financing Activities

 

  

 

  

Borrowings under revolving credit agreement

 

252,000

 

437,500

Repayments under revolving credit agreement

 

(315,500)

 

(379,000)

Dividends paid

 

(4,997)

 

(5,200)

Acquisition of treasury stock

 

(17,445)

 

(41,672)

Issuance of common stock under share-based plans, net

 

(10,010)

 

(3,814)

Contributions by noncontrolling interests

 

1,000

 

1,500

Net cash (used for) provided by financing activities

 

(94,952)

 

9,314

Effect of exchange rate changes on cash and cash equivalents

 

51

 

1

Increase in cash and cash equivalents

 

13,398

 

15,840

Cash and cash equivalents at beginning of period

 

33,700

 

30,115

Cash and cash equivalents at end of period

$

47,098

$

45,955

See notes to condensed consolidated financial statements.

6

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Accumulated

Total

Other

Caleres, Inc.

(Unaudited)

Common Stock

Additional

Comprehensive

Retained

Shareholders’

Noncontrolling

($ thousands, except number of shares and per share amounts)

    

Shares

    

Dollars

    

Paid-In Capital

    

Loss

    

Earnings

    

Equity

    

Interests

    

Total Equity

BALANCE APRIL 29, 2023

 

36,274,599

$

363

$

173,640

$

(26,260)

$

298,574

$

446,317

$

5,564

$

451,881

Net earnings

 

 

 

 

 

33,943

 

33,943

 

422

 

34,365

Foreign currency translation adjustment

 

 

 

 

120

 

  

 

120

 

(397)

 

(277)

Pension and other postretirement benefits adjustments, net of tax of $211

 

 

 

 

610

 

  

 

610

 

  

 

610

Comprehensive income

 

 

 

 

730

 

33,943

 

34,673

 

25

 

34,698

Contributions by noncontrolling interests

1,000

1,000

Dividends ($0.07 per share)

 

 

 

 

  

 

(2,515)

 

(2,515)

 

  

 

(2,515)

Acquisition of treasury stock

 

(763,000)

 

(8)

 

 

 

(17,437)

 

(17,445)

 

  

 

(17,445)

Issuance of common stock under share-based plans, net

 

28,494

 

0

 

(4)

 

 

 

(4)

 

  

 

(4)

Share-based compensation expense

 

 

 

3,966

 

  

 

  

 

3,966

 

  

 

3,966

BALANCE JULY 29, 2023

 

35,540,093

$

355

$

177,602

$

(25,530)

$

312,565

$

464,992

$

6,589

$

471,581

BALANCE APRIL 30, 2022

 

37,446,329

$

374

$

169,025

$

(8,328)

$

191,165

$

352,236

$

5,792

$

358,028

Net earnings

 

 

 

 

 

51,178

 

51,178

 

375

 

51,553

Foreign currency translation adjustment

 

 

 

 

465

 

  

 

465

 

(423)

 

42

Pension and other postretirement benefits adjustments, net of tax of $190

 

 

 

 

583

 

 

583

 

 

583

Comprehensive income (loss)

 

1,048

51,178

52,226

(48)

 

52,178

Dividends ($0.07 per share)

 

 

 

 

 

(2,552)

 

(2,552)

 

  

 

(2,552)

Acquisition of treasury stock

 

(1,083,496)

(11)

(26,988)

(26,999)

  

 

(26,999)

Issuance of common stock under share-based plans, net

 

87,947

 

1

 

(216)

 

 

 

(215)

 

  

 

(215)

Share-based compensation expense

 

 

 

4,437

 

  

 

  

 

4,437

 

  

 

4,437

BALANCE JULY 30, 2022

 

36,450,780

$

364

$

173,246

$

(7,280)

$

212,803

$

379,133

$

5,744

$

384,877

Accumulated

Other

Total Caleres, Inc.

(Unaudited)

Common Stock

Additional

Comprehensive

Retained

Shareholders’

Noncontrolling

($ thousands, except number of shares and per share amounts)

    

Shares

    

Dollars

    

Paid-In Capital

    

Loss

    

Earnings

    

Equity

    

Interests

    

Total Equity

BALANCE JANUARY 28, 2023

 

35,715,752

$

357

$

180,747

$

(26,750)

$

266,329

$

420,683

$

5,430

$

426,113

Net earnings

 

  

 

  

 

  

 

 

68,670

 

68,670

 

487

 

69,157

Foreign currency translation adjustment

 

  

 

  

 

  

 

(100)

 

  

 

(100)

 

(328)

 

(428)

Pension and other postretirement benefits adjustments, net of tax of $456

 

  

 

  

 

  

 

1,320

 

  

 

1,320

 

 

1,320

Comprehensive income

 

  

 

  

 

  

 

1,220

 

68,670

 

69,890

 

159

 

70,049

Contributions by noncontrolling interests

1,000

1,000

Dividends ($0.14 per share)

 

  

 

  

 

  

 

  

 

(4,997)

 

(4,997)

 

  

 

(4,997)

Acquisition of treasury stock

 

(763,000)

 

(8)

 

  

 

  

(17,437)

 

(17,445)

 

  

 

(17,445)

Issuance of common stock under share-based plans, net

 

587,341

 

6

 

(10,016)

 

  

 

  

 

(10,010)

 

  

 

(10,010)

Share-based compensation expense

 

  

 

  

 

6,871

 

  

 

  

 

6,871

 

  

 

6,871

BALANCE JULY 29, 2023

 

35,540,093

$

355

$

177,602

$

(25,530)

$

312,565

$

464,992

$

6,589

$

471,581

BALANCE JANUARY 29, 2022

 

37,635,145

$

376

$

168,830

$

(8,606)

$