Caleres(CAL) - 2024 Q1 - Quarterly Report

Financial Performance - Net earnings for the thirteen weeks ended April 29, 2023, were $34,792,000, a decrease of 30.4% compared to$ 49,985,000 for the same period in 2022[59] - The company reported net earnings of $34,727 thousand for the thirteen weeks ended April 29, 2023, compared to$ 50,509 thousand for the same period in the previous year, indicating a decrease of approximately 31.3%[77] - Basic and diluted earnings per share attributable to the company were both $0.97 for the current period, down from$ 1.34 and $1.32 respectively in the prior year[77] - Operating earnings for the same period were$ 49.587 million, down 25% from $66.195 million in the prior year[103] - For the thirteen weeks ended April 29, 2023, net sales totaled$ 662.7 million, a decrease of 9.8% compared to $735.1 million for the same period in 2022[102] Assets and Liabilities - Total current assets decreased to$ 820,880,000 as of April 29, 2023, down from $933,641,000 a year earlier, reflecting a decline of 12.0%[54] - Total liabilities decreased to$ 1,366,202,000 as of April 29, 2023, compared to $1,428,885,000 in the prior year, representing a reduction of 4.4%[54] - Total assets decreased to$ 1,818,083,000 as of April 29, 2023, down from $1,928,298,000, a decline of 5.7%[54] - Total equity increased to$ 451,881,000 as of April 29, 2023, from $358,028,000 a year earlier, reflecting an increase of approximately 26.1%[54] Cash Flow and Operating Activities - The company reported a net cash provided by operating activities of$ 37,497,000 for the current period, compared to $19,686,000 for the same period last year, indicating an increase of 90.5%[59] - Cash and cash equivalents increased to$ 36,151,000 at the end of the period, up from $33,717,000, marking a growth of 4.3%[59] Inventory and Sales - The company's total inventories as of April 29, 2023, were valued at$ 559,467 thousand, a decrease from $643,527 thousand in the previous year[81] - Direct-to-consumer sales amounted to$ 479.6 million, accounting for 65.2% of total net sales, compared to $486.5 million in the prior year[72] - The company’s wholesale landed sales contributed$ 161,199 thousand to net sales, showcasing the strength of its wholesale distribution strategy[72] Shareholder Actions - The company did not repurchase any shares during the current period, maintaining its share repurchase program for future opportunities[77] - The Company had net issuances of 558,847 shares of common stock during the thirteen weeks ended April 29, 2023, compared to 512,508 shares in the prior year[113] Expenses and Charges - Interest expense, net, increased to $5.623 million for the thirteen weeks ended April 29, 2023, compared to$ 2.299 million in the same period last year[103] - The total lease expense for the thirteen weeks ended April 29, 2023, was $50.294 million, an increase from$ 48.216 million in the same period of 2022[133] - The Company recognized share-based compensation expense of $2.9 million during the thirteen weeks ended April 29, 2023, compared to$ 3.8 million for the same period in 2022[138] Impairment and Goodwill - The company’s goodwill and intangible assets were tested for impairment, with no impairment charges recorded during the thirteen weeks ended April 29, 2023[85] - The fair value of indefinite-lived intangible assets was tested for impairment, with no impairment charges recorded during the thirteen weeks ended April 29, 2023[129] Future Expectations - The company expects the sale of its corporate headquarters campus to be completed within the next year, which has been classified as property and equipment held for sale[67] - The company anticipates amortization expense related to intangible assets to be approximately $11.9 million in 2023[105]