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Table of Contents

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 October 31, 2020

 

 

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 November 27, 2020, 37,906,760 common shares were outstanding.

Table of Contents

INDEX

PART I

Page

Item 1

Financial Statements

3

Item 2

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

29

Item 3

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4

Controls and Procedures

43

 

 

PART II

44

Item 1

Legal Proceedings

44

Item 1A

Risk Factors

44

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 3

Defaults Upon Senior Securities

44

Item 4

Mine Safety Disclosures

44

Item 5

Other Information

45

Item 6

Exhibits

46

Signature

47

2

Table of Contents

PART IFINANCIAL INFORMATION

ITEM 1FINANCIAL STATEMENTS

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

($thousands)

    

October 31, 2020

    

November 2, 2019

    

February 1, 2020

Assets

 

  

 

  

 

  

Current assets:

  

 

  

 

  

Cash and cash equivalents

$

124,330

$

52,502

$

45,218

Receivables, net

 

141,059

 

156,253

 

162,181

Inventories, net

 

507,365

 

644,646

 

618,406

Income taxes

 

53,888

 

2,271

 

6,189

Prepaid expenses and other current assets

 

45,513

 

45,974

 

50,305

Total current assets

 

872,155

 

901,646

 

882,299

Other assets

97,050

92,214

89,389

Goodwill

 

4,956

 

245,275

 

245,275

Intangible assets, net

 

262,118

 

297,570

 

294,304

Lease right-of-use assets

601,574

704,244

695,594

Property and equipment

562,003

591,370

593,979

Allowance for depreciation

(372,796)

(361,109)

(369,133)

Property and equipment, net

189,207

230,261

224,846

Total assets

$

2,027,060

$

2,471,210

$

2,431,707

Liabilities and Equity

 

  

 

  

 

  

Current liabilities:

 

  

 

  

 

  

Borrowings under revolving credit agreement

$

300,000

$

295,000

$

275,000

Mandatory purchase obligation

30,146

Trade accounts payable

 

285,582

 

275,699

 

267,018

Income taxes

 

7,053

 

13,979

 

7,186

Lease obligations

 

156,200

 

144,501

 

127,869

Other accrued expenses

 

180,927

 

165,051

 

173,877

Total current liabilities

 

959,908

 

894,230

 

850,950

Other liabilities:

 

  

 

  

 

  

Noncurrent lease obligations

 

556,343

 

629,731

 

629,032

Long-term debt

 

198,736

 

198,276

 

198,391

Income taxes

 

7,786

 

7,786

 

7,786

Other liabilities

 

42,632

 

87,837

 

96,418

Total other liabilities

 

805,497

 

923,630

 

931,627

Equity:

 

  

 

  

 

  

Common stock

 

379

 

406

 

404

Additional paid-in capital

 

159,327

 

152,214

 

153,489

Accumulated other comprehensive loss

 

(31,184)

 

(30,318)

 

(31,843)

Retained earnings

 

128,149

 

528,538

 

523,900

Total Caleres, Inc. shareholders’ equity

 

256,671

 

650,840

 

645,950

Noncontrolling interests

 

4,984

 

2,510

 

3,180

Total equity

 

261,655

 

653,350

 

649,130

Total liabilities and equity

$

2,027,060

$

2,471,210

$

2,431,707

See notes to condensed consolidated financial statements.

3

Table of Contents

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

    

    (Unaudited)

Thirteen Weeks Ended

    

Thirty-Nine Weeks Ended

($thousands, except per share amounts)

    

October 31, 2020

November 2, 2019

October 31, 2020

November 2, 2019

Net sales

$

647,480

$

792,375

$

1,546,111

$

2,222,614

Cost of goods sold

 

390,508

 

472,605

 

984,621

 

1,317,064

Gross profit

 

256,972

 

319,770

 

561,490

 

905,550

Selling and administrative expenses

 

236,901

 

275,330

 

663,425

 

804,972

Impairment of goodwill and intangible assets

 

 

 

262,719

 

Restructuring and other special charges, net

 

 

969

 

65,625

 

2,434

Operating earnings (loss)

 

20,071

 

43,471

 

(430,279)

 

98,144

Interest expense, net

 

(10,881)

 

(10,559)

 

(33,747)

 

(25,288)

Other income, net

 

5,461

 

2,633

 

12,718

 

7,902

Earnings (loss) before income taxes

 

14,651

 

35,545

 

(451,308)

 

80,758

Income tax benefit (provision)

 

275

 

(7,784)

 

89,393

 

(18,685)

Net earnings (loss)

 

14,926

 

27,761

 

(361,915)

 

62,073

Net earnings (loss) attributable to noncontrolling interests

 

509

 

(226)

 

223

 

(338)

Net earnings (loss) attributable to Caleres, Inc.

$

14,417

$

27,987

$

(362,138)

$

62,411

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

$

0.38

$

0.69

$

(9.67)

$

1.51

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

$

0.38

$

0.69

$

(9.67)

$

1.51

See notes to condensed consolidated financial statements.

4

Table of Contents

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

    (Unaudited)

Thirteen Weeks Ended

    

Thirty-Nine Weeks Ended

($thousands)

    

October 31, 2020

November 2, 2019

October 31, 2020

November 2, 2019

Net earnings (loss)

$

14,926

$

27,761

$

(361,915)

$

62,073

Other comprehensive income (loss), net of tax:

 

  

 

  

 

 

  

Foreign currency translation adjustment

 

401

 

582

 

(409)

 

(397)

Pension and other postretirement benefits adjustments

 

(67)

 

429

 

1,057

 

1,285

Derivative financial instruments

 

 

63

 

92

 

361

Other comprehensive income, net of tax

 

334

 

1,074

 

740

 

1,249

Comprehensive income (loss)

 

15,260

 

28,835

 

(361,175)

 

63,322

Comprehensive income (loss) attributable to noncontrolling interests

 

590

 

(239)

 

304

 

(372)

Comprehensive income (loss) attributable to Caleres, Inc.

$

14,670

$

29,074

$

(361,479)

$

63,694

See notes to condensed consolidated financial statements.

5

Table of Contents

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    

(Unaudited)

Thirty-Nine Weeks Ended

($thousands)

    

October 31, 2020

    

November 2, 2019

Operating Activities

 

  

 

  

Net (loss) earnings

$

(361,915)

$

62,073

Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:

 

 

  

Depreciation

 

31,923

 

34,312

Amortization of capitalized software

 

4,410

 

4,910

Amortization of intangible assets

 

9,786

 

9,790

Amortization of debt issuance costs and debt discount

 

1,016

 

979

Fair value adjustments to mandatory purchase obligation

14,946

4,410

Share-based compensation expense

 

6,920

 

8,933

Loss on disposal of property and equipment

 

848

 

874

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

 

35,620

 

5,105

Impairment of goodwill and intangible assets

262,719

Provision for expected credit losses

10,663

728

Changes in operating assets and liabilities:

 

 

  

Receivables

 

8,313

 

34,740

Inventories

 

110,954

 

37,482

Prepaid expenses and other current and noncurrent assets

 

(60,300)

 

(7,819)

Trade accounts payable

 

18,592

 

(37,537)

Accrued expenses and other liabilities

 

55,345

 

(25,627)

Income taxes, net

 

(47,833)

 

12,470

Other, net

 

(241)

 

(86)

Net cash provided by operating activities

 

101,766

 

145,737

Investing Activities

 

  

 

  

Purchases of property and equipment

 

(12,016)

 

(37,354)

Disposals of property and equipment

 

 

636

Capitalized software

 

(3,525)

 

(4,893)

Net cash used for investing activities

 

(15,541)

 

(41,611)

Financing Activities

 

  

 

  

Borrowings under revolving credit agreement

 

340,500

 

237,000

Repayments under revolving credit agreement

 

(315,500)

 

(277,000)

Dividends paid

 

(8,148)

 

(8,631)

Acquisition of treasury stock

 

(23,348)

 

(31,168)

Issuance of common stock under share-based plans, net

 

(1,078)

 

(2,605)

Contributions by noncontrolling interests

 

1,500

 

1,500

Other

 

(980)

 

(1,022)

Net cash used for financing activities

 

(7,054)

 

(81,926)

Effect of exchange rate changes on cash and cash equivalents

 

(59)

 

102

Increase in cash and cash equivalents

 

79,112

 

22,302

Cash and cash equivalents at beginning of period

 

45,218

 

30,200

Cash and cash equivalents at end of period

$

124,330

$

52,502

See notes to condensed consolidated financial statements.

6

Table of Contents

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Accumulated

Total

Other

Caleres, Inc.

Non-

(Unaudited)

Common Stock

Additional

Comprehensive

Retained

Shareholders’

controlling

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

    

Shares

    

Dollars

    

Paid-In Capital

    

(Loss) Income

    

Earnings

    

Equity

    

Interests

    

Total Equity

BALANCE AUGUST 1, 2020

 

37,912,156

$

379

$

156,913

$

(31,437)

$

116,385

$

242,240

$

2,894

$

245,134

Net (loss) earnings

 

 

 

 

 

14,417

 

14,417

 

509

 

14,926

Foreign currency translation adjustment

 

 

 

 

320

 

  

 

320

 

81

 

401

Pension and other postretirement benefits adjustments, net of tax of $44

 

 

 

 

(67)

 

  

 

(67)

 

  

 

(67)

Comprehensive income (loss)

 

 

 

 

253

 

14,417

 

14,670

 

590

 

15,260

Contributions by noncontrolling interests

1,500

1,500

Dividends ($0.07 per share)

 

 

 

 

  

 

(2,653)

 

(2,653)

 

  

 

(2,653)

Issuance of common stock under share-based plans, net

 

32,018

 

0

 

(104)

 

 

 

(104)

 

  

 

(104)

Share-based compensation expense

 

 

 

2,518

 

  

 

  

 

2,518

 

  

 

2,518

BALANCE OCTOBER 31, 2020

 

37,944,174

$

379

$

159,327

$

(31,184)

$

128,149

$

256,671

$

4,984

$

261,655

BALANCE AUGUST 3, 2019

 

40,720,927

$

407

$

149,881

$

(31,405)

$

504,546

$

623,429

$

1,249

$

624,678

Net earnings (loss)

 

 

 

 

 

27,987

 

27,987

 

(226)

 

27,761

Foreign currency translation adjustment

 

 

 

 

595

 

  

 

595

 

(13)

 

582

Unrealized gain on derivative financial instruments, net of tax of $4

 

 

 

 

63

 

  

 

63

 

 

63

Pension and other postretirement benefits adjustments, net of tax of $149

 

 

 

 

429

 

  

 

429

 

 

429

Comprehensive income (loss)

 

1,087

 

27,987

 

29,074

 

(239)

 

28,835

Contributions by noncontrolling interests

1,500

1,500

Dividends ($0.07 per share)

 

 

 

 

  

 

(2,823)

 

(2,823)

 

 

(2,823)

Acquisition of treasury stock

 

(58,263)

 

(1)

 

 

 

(1,172)

 

(1,173)

 

  

 

(1,173)

Issuance of common stock under share-based plans, net

 

(69,377)

 

(0)

 

(58)

 

 

  

 

(58)

 

  

 

(58)

Share-based compensation expense

 

 

 

2,391

 

  

 

  

 

2,391

 

  

 

2,391

BALANCE NOVEMBER 2, 2019

 

40,593,287

$

406

$

152,214

$

(30,318)

$

528,538

$

650,840

$

2,510

$

653,350

Accumulated

Other

Total Caleres, Inc.

Non-

(Unaudited)

Common Stock

Additional

Comprehensive

Retained

Shareholders’

controlling

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

    

Shares

    

Dollars

    

Paid-In Capital

    

(Loss) Income

    

Earnings

    

Equity

    

Interests

    

Total Equity

BALANCE AS OF FEBRUARY 1, 2020

 

40,396,757

$

404

$

153,489

$

(31,843)

$

523,900

$

645,950

$

3,180

$

649,130

Net loss

 

  

 

  

 

  

 

  

 

(362,138)

 

(362,138)

 

223

 

(361,915)

Foreign currency translation adjustment

 

  

 

  

 

  

 

(490)

 

  

 

(490)

 

81

 

(409)

Unrealized gain on derivative financial instruments, net of tax of $31

 

  

 

  

 

  

 

92

 

  

 

92

 

  

 

92

Pension and other postretirement benefits adjustments, net of tax of $336

 

  

 

  

 

  

 

1,057

 

  

 

1,057

 

  

 

1,057

Comprehensive income (loss)

 

  

 

  

 

  

 

659

 

(362,138)

 

(361,479)

 

304

 

(361,175)

Contributions by noncontrolling interests

1,500

1,500

Dividends ($0.21 per share)