Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 02, 2020 | May 29, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000014707 | |
Entity Registrant Name | CALERES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 2, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-2191 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 43-0197190 | |
Entity Address, Address Line One | 8300 Maryland Avenue | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63105 | |
City Area Code | 314 | |
Local Phone Number | 854-4000 | |
Title of 12(b) Security | Common Stock - par value of $0.01 per share | |
Trading Symbol | CAL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,772,219 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 187,717 | $ 45,218 | $ 35,778 |
Receivables, net | 145,333 | 162,181 | 148,487 |
Inventories, net | 585,307 | 618,406 | 648,145 |
Income taxes | 46,870 | 6,189 | 3,734 |
Prepaid expenses and other current assets | 44,563 | 50,305 | 51,168 |
Total current assets | 1,009,790 | 882,299 | 887,312 |
Other assets | 81,457 | 79,654 | 75,614 |
Deferred income taxes | 9,456 | 9,735 | 10,097 |
Goodwill | 4,956 | 245,275 | 244,407 |
Intangible assets, net | 268,692 | 294,304 | 304,101 |
Lease right-of-use assets | 648,534 | 695,594 | 735,282 |
Property and equipment | 549,389 | 593,979 | 592,670 |
Allowance for depreciation | (348,589) | (369,133) | (356,413) |
Property and equipment, net | 200,800 | 224,846 | 236,257 |
Total assets | 2,223,685 | 2,431,707 | 2,493,070 |
Current liabilities: | |||
Borrowings under revolving credit agreement | 438,500 | 275,000 | 318,000 |
Trade accounts payable | 297,557 | 267,018 | 289,071 |
Income taxes | 7,592 | 7,186 | 7,124 |
Lease obligations | 160,138 | 127,869 | 136,005 |
Other accrued expenses | 173,752 | 173,877 | 161,100 |
Total current liabilities | 1,077,539 | 850,950 | 911,300 |
Other liabilities: | |||
Noncurrent lease obligations | 601,133 | 629,032 | 662,750 |
Long-term debt | 198,506 | 198,391 | 198,046 |
Income taxes | 7,786 | 7,786 | 7,786 |
Deferred income taxes | 11,780 | 55,013 | 46,442 |
Other liabilities | 41,818 | 41,405 | 38,114 |
Total other liabilities | 861,023 | 931,627 | 953,138 |
Equity: | |||
Common stock | 393 | 404 | 422 |
Additional paid-in capital | 154,930 | 153,489 | 146,641 |
Accumulated other comprehensive loss | (33,216) | (31,843) | (31,873) |
Retained earnings | 160,189 | 523,900 | 512,046 |
Total Caleres, Inc. shareholders’ equity | 282,296 | 645,950 | 627,236 |
Noncontrolling interests | 2,827 | 3,180 | 1,396 |
Total equity | 285,123 | 649,130 | 628,632 |
Total liabilities and equity | $ 2,223,685 | $ 2,431,707 | $ 2,493,070 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Net sales | $ 397,184 | $ 677,754 |
Cost of goods sold | 275,286 | 397,918 |
Gross profit | 121,898 | 279,836 |
Selling and administrative expenses | 225,194 | 262,111 |
Impairment of goodwill and intangible assets | 262,719 | 0 |
Restructuring and other special charges, net | 60,196 | 856 |
Operating (loss) earnings | (426,211) | 16,869 |
Interest expense, net | (9,478) | (7,340) |
Other income, net | 3,585 | 2,619 |
(Loss) earnings before income taxes | (432,104) | 12,148 |
Income tax benefit (provision) | 85,932 | (3,063) |
Net (loss) earnings | (346,172) | 9,085 |
Net (loss) earnings attributable to noncontrolling interests | (334) | 2 |
Net (loss) earnings attributable to Caleres, Inc. | $ (345,838) | $ 9,083 |
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders (in dollars per share) | $ (8.95) | $ 0.22 |
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders (in dollars per share) | $ (8.95) | $ 0.22 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Net (loss) earnings | $ (346,172) | $ 9,085 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustment | (1,550) | (958) |
Pension and other postretirement benefits adjustments | 66 | 395 |
Derivative financial instruments | 92 | 303 |
Other comprehensive loss, net of tax | (1,392) | (260) |
Comprehensive (loss) income | (347,564) | 8,825 |
Comprehensive (loss) income attributable to noncontrolling interests | (353) | 14 |
Comprehensive (loss) income attributable to Caleres, Inc. | $ (347,211) | $ 8,811 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Operating Activities | ||
Net (loss) earnings | $ (346,172) | $ 9,085 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ||
Depreciation | 12,119 | 11,434 |
Amortization of capitalized software | 1,493 | 1,733 |
Amortization of intangible assets | 3,212 | 3,265 |
Amortization of debt issuance costs and debt discount | 3,563 | 684 |
Fair value adjustments to Blowfish mandatory purchase obligation | 3,233 | 107 |
Share-based compensation expense | 2,351 | 3,314 |
Loss on disposal of property and equipment | 113 | 136 |
Impairment charges for property, equipment, and lease right-of-use assets | 35,222 | 1,194 |
Impairment of goodwill and intangible assets | 262,719 | 0 |
Provision for expected credit losses | 8,704 | 117 |
Changes in operating assets and liabilities, net of acquired amounts: | ||
Receivables | 5,999 | 43,117 |
Inventories | 31,979 | 38,492 |
Prepaid expenses and other current and noncurrent assets | (83,129) | (6,935) |
Trade accounts payable | 30,969 | (27,315) |
Accrued expenses and other liabilities | 28,605 | (27,836) |
Other, net | (252) | (682) |
Net cash provided by operating activities | 728 | 49,910 |
Investing Activities | ||
Purchases of property and equipment | (3,523) | (18,443) |
Capitalized software | (977) | (2,917) |
Net cash used for investing activities | (4,500) | (21,360) |
Financing Activities | ||
Borrowings under revolving credit agreement | 168,500 | 84,000 |
Repayments under revolving credit agreement | (5,000) | (101,000) |
Dividends paid | (2,810) | (2,947) |
Acquisition of treasury stock | (12,932) | 0 |
Issuance of common stock under share-based plans, net | (906) | (2,559) |
Other | (323) | (394) |
Net cash provided by (used for) financing activities | 146,529 | (22,900) |
Effect of exchange rate changes on cash and cash equivalents | (258) | (72) |
Increase in cash and cash equivalents | 142,499 | 5,578 |
Cash and cash equivalents at beginning of period | 45,218 | 30,200 |
Cash and cash equivalents at end of period | $ 187,717 | $ 35,778 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
BALANCE (in shares) at Feb. 02, 2019 | 41,886,562 | |||||||||
BALANCE (Accounting Standards Update 2016-02 [Member]) at Feb. 02, 2019 | $ (13,436) | $ (13,436) | $ (13,436) | |||||||
BALANCE at Feb. 02, 2019 | $ 419 | $ 145,889 | $ (31,601) | $ 519,346 | $ 634,053 | $ 1,382 | $ 635,435 | |||
Net (loss) earnings | 9,083 | 9,083 | 2 | 9,085 | ||||||
Foreign currency translation adjustment | (970) | (970) | 12 | (958) | ||||||
Unrealized gain (loss) on derivative financial instruments, net of tax | 303 | 303 | 303 | |||||||
Pension and other postretirement benefits adjustments | 395 | 395 | 395 | |||||||
Comprehensive income (loss) | (272) | 9,083 | 8,811 | 14 | 8,825 | |||||
Dividends | (2,947) | (2,947) | (2,947) | |||||||
Issuance of common stock under share-based plans, net (in shares) | 347,283 | |||||||||
Issuance of common stock under share-based plans, net | $ 3 | (2,562) | (2,559) | (2,559) | ||||||
Share-based compensation expense | 3,314 | 3,314 | 3,314 | |||||||
BALANCE (in shares) at May. 04, 2019 | 42,233,845 | |||||||||
BALANCE at May. 04, 2019 | $ 422 | 146,641 | (31,873) | 512,046 | 627,236 | 1,396 | 628,632 | |||
BALANCE (in shares) at Feb. 01, 2020 | 40,396,757 | |||||||||
BALANCE (Accounting Standards Update 2016-13 [Member]) at Feb. 01, 2020 | $ (2,146) | $ (2,146) | $ (2,146) | |||||||
BALANCE at Feb. 01, 2020 | $ 404 | 153,489 | (31,843) | 523,900 | 645,950 | 3,180 | 649,130 | |||
Net (loss) earnings | (345,838) | (345,838) | (334) | (346,172) | ||||||
Foreign currency translation adjustment | (1,531) | (1,531) | (19) | (1,550) | ||||||
Unrealized gain (loss) on derivative financial instruments, net of tax | 92 | 92 | 92 | |||||||
Pension and other postretirement benefits adjustments | 66 | 66 | 66 | |||||||
Comprehensive income (loss) | (1,373) | (345,838) | (347,211) | (353) | (347,564) | |||||
Dividends | (2,810) | (2,810) | (2,810) | |||||||
Acquisition of treasury stock (in shares) | (1,510,888) | |||||||||
Acquisition of treasury stock | $ (15) | (12,917) | (12,932) | (12,932) | ||||||
Issuance of common stock under share-based plans, net (in shares) | 414,121 | |||||||||
Issuance of common stock under share-based plans, net | $ 4 | (910) | (906) | (906) | ||||||
Share-based compensation expense | 2,351 | 2,351 | 2,351 | |||||||
BALANCE (in shares) at May. 02, 2020 | 39,299,990 | |||||||||
BALANCE at May. 02, 2020 | $ 393 | $ 154,930 | $ (33,216) | $ 160,189 | $ 282,296 | $ 2,827 | $ 285,123 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Unrealized gain (loss) on derivative financial instruments, tax | $ 31 | $ 96 |
Pension and other postretirement benefits adjustments, tax | $ 628 | $ 138 |
Dividends, per share (in dollars per share) | $ 0.07 | $ 0.07 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not The Company’s business is seasonal in nature due to consumer spending patterns, with higher back-to-school and holiday season sales. Traditionally, the third may not may thirteen May 2, 2020, Certain prior period amounts in the condensed consolidated financial statements and footnotes have been reclassified to conform to the current period presentation. These reclassifications did not The accompanying condensed consolidated financial statements and footnotes should be read in conjunction with the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10 February 1, 2020 COVID- 19 In March 2020, 19" March 19, 2020, May 13, 2020, 60% June. April, second The Company took decisive actions to manage its resources conservatively to mitigate the adverse impact of the pandemic. These actions included reductions in the workforce, associate furloughs for a significant portion of the workforce, salary reductions for most remaining associates, and a reduction in the cash retainers for the Board of Directors; reducing inventory purchases; reducing marketing expenses; and minimizing costs associated with the closed retail facilities. In addition, as a precautionary measure to increase its cash position and preserve financial flexibility given the uncertainty in the United States and global markets resulting from COVID- 19, March 2020 April, 10 On March 27, 2020, December 31, 2020, 50% December 31, 2021 50% December 31, 2022. May 2, 2020, |
Note 2 - Impact of New Accounti
Note 2 - Impact of New Accounting Pronouncements | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2 Impact of New Accounting Pronouncements Impact of Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 not first 2020 first 2020, 19 The following table summarizes the activity in the Company's allowance for expected credit losses during the thirteen May 2, 2020: ($ thousands) Balance at February 1, 2020 $ 1,813 Adjustment upon adoption of ASU 2016-13 2,521 Provision for expected credit losses 8,704 Uncollectible accounts written off, net of recoveries 356 Balance at May 2, 2020 $ 13,394 In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13 first 2020, not 15 Impact of Prospective Accounting Pronouncements In August 2018, 2018 14, Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715 20 no December 15, 2020, 2018 14 not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12 December 15, 2020, 2019 12 not In March 2020, No. 33 10762 No. 34 88307, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities X, 3 10, January 4, 2021, In April 2020, may not first 2020, not 19 not 9 |
Note 3 - Revenues
Note 3 - Revenues | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3 Revenues Disaggregation of Revenues The following table disaggregates revenue by segment and major source for the periods ended May 2, 2020 May 4, 2019: Thirteen Weeks Ended May 2, 2020 ($ thousands) Famous Footwear Brand Portfolio Eliminations and Other Total Retail stores $ 137,117 $ 11,822 $ — $ 148,939 Landed wholesale-e-commerce/drop ship (1) — 45,473 — 45,473 Landed wholesale - other — 112,568 (11,306 ) 101,262 First-cost wholesale — 11,921 — 11,921 First-cost wholesale - e-commerce (1) — 246 — 246 E-commerce - Company websites (1) 54,178 32,989 — 87,167 Licensing and royalty — 2,186 — 2,186 Other (2) (43 ) 33 — (10) Net sales $ 191,252 $ 217,238 $ (11,306 ) $ 397,184 Thirteen Weeks Ended May 4, 2019 ($ thousands) Famous Footwear Brand Portfolio Eliminations and Other Total Retail stores $ 320,242 $ 36,650 $ — $ 356,892 Landed wholesale-e-commerce/drop ship (1) — 63,377 — 63,377 Landed wholesale - other — 187,214 (15,461 ) 171,753 First-cost wholesale — 14,771 — 14,771 First-cost wholesale - e-commerce (1) — 129 — 129 E-commerce - Company websites (1) 31,781 35,696 — 67,477 Licensing and royalty — 3,132 — 3,132 Other (2) 142 81 — 223 Net sales $ 352,165 $ 341,050 $ (15,461 ) $ 677,754 ( 1 ( 2 Retail stores Traditionally, the majority of the Company's revenue is generated from retail sales where control is transferred and revenue is recognized at the point of sale. Retail sales are recorded net of estimated returns and exclude sales tax. The Company carries a returns reserve and a corresponding return asset for expected returns of merchandise. Retail sales to members of the Company's loyalty programs, including the Famously You Rewards program, include two may Landed wholesale Landed sales are wholesale sales in which the merchandise is shipped directly to the customer from the Company’s warehouses. Many landed customers arrange their own transportation of merchandise and, with limited exceptions, control is transferred at the time of shipment. First-cost wholesale First-cost sales are wholesale sales in which the Company purchases merchandise from an international factory that manufactures the product and subsequently sells to a customer at an overseas port. Revenue is recognized at the time the merchandise is delivered to the customer’s designated freight forwarder and control is transferred to the customer. E-commerce The Company also generates revenue from sales on websites maintained by the Company that are shipped from the Company's distribution centers or retail stores directly to the consumer, picked up directly by the consumer from the Company's stores and e-commerce sales from the Company's wholesale customers' websites that are fulfilled on a drop-ship or first Licensing and royalty The Company has license agreements with third not Contract Balances Revenue is recorded at the transaction price, net of estimates for variable consideration for which reserves are established, including returns, allowances and discounts. Variable consideration is estimated using the expected value method and given the large number of contracts with similar characteristics, the portfolio approach is applied to determine the variable consideration for each revenue stream. Reserves for projected returns are based on historical patterns and current expectations. Information about significant contract balances from contracts with customers is as follows: ($ thousands) May 2, 2020 May 4, 2019 February 1, 2020 Customer allowances and discounts $ 24,768 $ 20,063 $ 26,200 Loyalty programs liability 17,326 15,700 16,405 Returns reserve 15,427 16,621 14,033 Gift card liability 5,528 4,944 5,742 Changes in contract balances with customers generally reflect differences in relative sales volume for the period presented. In addition, during the thirteen May 2, 2020 thirteen May 4, 2019 |
Note 4 - Earnings (Loss) Per Sh
Note 4 - Earnings (Loss) Per Share | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4 Earnings (Loss) Per Share The Company uses the two no not May 2, 2020 May 4, 2019 Thirteen Weeks Ended ($ thousands, except per share amounts) May 2, 2020 May 4, 2019 NUMERATOR Net (loss) earnings $ (346,172 ) $ 9,085 Net loss (earnings) attributable to noncontrolling interests 334 (2 ) Net earnings allocated to participating securities — (283 ) Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ (345,838 ) $ 8,800 DENOMINATOR Denominator for basic (loss) earnings per common share attributable to Caleres, Inc. shareholders 38,649 40,741 Dilutive effect of share-based awards — 60 Denominator for diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders 38,649 40,801 Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (8.95 ) $ 0.22 Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (8.95 ) $ 0.22 Options to purchase 22,667 and 16,667 shares of common stock for the thirteen May 2, 2020 May 4, 2019 not During the thirteen May 2, 2020 May 4, 2019 zero 2018 2019 2, Unregistered Sales of Equity Securities and Use of Proceeds |
Note 5 - Restructuring and Othe
Note 5 - Restructuring and Other Special Charges | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 5 Restructuring and Other Special Charges Impairment of Goodwill and Intangible Assets During the thirteen May 2, 2020 8 COVID- 19 During the thirteen May 2, 2020 19 19 $93.6 $60.2 $33.4 May 2, 2020 9 Blowfish Mandatory Purchase Obligation In 2018, three July 2021. zero thirteen May 2, 2020 May 4, 2019 15 Brand Exits The Company incurred costs of $1.6 million ( $1.2 million on an after-tax basis, or $0.03 per diluted share) related to the decision during the thirteen May 2, 2020 The Company's license agreement to sell Carlos by Carlos Santana footwear expired in December 2018. thirteen May 4, 2019 no thirteen May 2, 2020 Vionic Integration-Related Costs During the thirteen May 4, 2019 October 2018, $0.3 thirteen May 2, 2020. |
Note 6 - Business Segment Infor
Note 6 - Business Segment Information | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 6 Business Segment Information Following is a summary of certain key financial measures for the Company’s business segments for the periods ended May 2, 2020 May 4, 2019 ($ thousands) Famous Footwear Brand Portfolio Eliminations and Other Total Thirteen Weeks Ended May 2, 2020 Net sales $ 191,252 $ 217,238 $ (11,306 ) $ 397,184 Intersegment sales (1) — 11,306 — 11,306 Operating loss (67,540 ) (345,748 ) (12,923 ) (426,211 ) Segment assets 897,046 995,760 330,879 2,223,685 Thirteen Weeks Ended May 4, 2019 Net sales $ 352,165 $ 341,050 $ (15,461 ) $ 677,754 Intersegment sales (1) — 15,461 — 15,461 Operating earnings (loss) 10,813 12,929 (6,873 ) 16,869 Segment assets 998,606 1,355,842 138,622 2,493,070 ( 1 The Eliminations and Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not Following is a reconciliation of operating (loss) earnings to (loss) earnings before income taxes: Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Operating (loss) earnings $ (426,211 ) $ 16,869 Interest expense, net (9,478 ) (7,340 ) Other income, net 3,585 2,619 (Loss) earnings before income taxes $ (432,104 ) $ 12,148 |
Note 7 - Inventories
Note 7 - Inventories | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 7 Inventories The Company's net inventory balance was comprised of the following: ($ thousands) May 2, 2020 May 4, 2019 February 1, 2020 Raw materials $ 16,848 $ 18,618 $ 18,455 Work-in-process 357 478 454 Finished goods 568,102 629,049 599,497 Inventories, net $ 585,307 $ 648,145 $ 618,406 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8 Goodwill and Intangible Assets Goodwill and intangible assets were as follows: ($ thousands) May 2, 2020 May 4, 2019 February 1, 2020 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 365,888 388,288 388,288 Total intangible assets 368,688 391,088 391,088 Accumulated amortization (99,996 ) (86,987 ) (96,784 ) Total intangible assets, net 268,692 304,101 294,304 Goodwill Brand Portfolio 4,956 244,407 245,275 Total goodwill 4,956 244,407 245,275 Goodwill and intangible assets, net $ 273,648 $ 548,508 $ 539,579 The Company's intangible assets as of May 2, 2020 May 4, 2019 February 1, 2020 ($ thousands) May 2, 2020 Estimated Useful Lives (In Years) Cost Basis Accumulated Amortization Impairment Net Carrying Value Trademarks 15 - 40 $ 288,788 $ 94,294 $ — $ 194,494 Trademarks Indefinite 58,100 (1 ) — 22,400 35,700 Customer relationships 15 - 16 44,200 5,702 — 38,498 $ 391,088 $ 99,996 $ 22,400 $ 268,692 May 4, 2019 Estimated Useful Lives (In Years) Cost Basis Accumulated Amortization Impairment Net Carrying Value Trademarks 15 - 40 $ 288,788 $ 84,427 — $ 204,361 Trademarks Indefinite 58,100 (1 ) — — 58,100 Customer relationships 15 - 16 44,200 2,560 — 41,640 $ 391,088 $ 86,987 — $ 304,101 February 1, 2020 Estimated Useful Lives (In Years) Cost Basis Accumulated Amortization Impairment Net Carrying Value Trademarks 15 - 40 $ 288,788 $ 91,827 — $ 196,961 Trademarks Indefinite 58,100 (1 ) — — 58,100 Customer relationships 15 - 16 44,200 4,957 — 39,243 $ 391,088 $ 96,784 — $ 294,304 ( 1 2018 Amortization expense related to intangible assets was $3.2 million and $3.3 million for the thirteen May 2, 2020 May 4, 2019 2020 2021, 2022, 2023 2024. Goodwill is tested for impairment at least annually, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test. During the first 2020, 19 May 2, 2020. thirteen May 4, 2019. Indefinite-lived intangible assets are tested for impairment as of the first fourth 19, May 2, 2020. thirteen May 2, 2020, two thirteen May 4, 2019. |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 9 Leases The Company leases all of its retail locations and certain manufacturing facilities, office locations, distribution centers and equipment. At contract inception, leases are evaluated and classified as either operating or finance leases. Leases with an initial term of 12 not Lease right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The majority of the Company’s leases do not The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not thirteen May 2, 2020 May 4, 2019 thirteen May 2, 2020 19 5 15 As a result of the temporary store closures associated with the COVID- 19 2 may not During the thirteen May 2, 2020 May 2, 2020 three not The Company anticipates that the leases for all new retail locations will begin in the current fiscal year. Upon commencement, right-of-use assets and lease liabilities of approximately $4.0 million will be recorded on the condensed consolidated balance sheets. The components of lease expense for the thirteen May 2, 2020 Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Operating lease expense $ 45,240 $ 46,461 Variable lease expense 11,334 12,184 Short-term lease expense 712 1,115 Sublease income (19 ) (73 ) Total lease expense $ 57,267 $ 59,687 Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Cash paid for lease liabilities $ 15,117 46,511 Cash received from sublease income 19 73 |
Note 10 - Long-term and Short-t
Note 10 - Long-term and Short-term Financing Arrangements | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 Long-term and Short-term Financing Arrangements Credit Agreement The Company maintains a revolving credit facility for working capital needs. On December 18, 2014, July 20, 2015 December 13, 2016 October 31, 2018, January 18, 2019, January 18, 2024 April 14, 2020, may Borrowing availability under the Credit Agreement is limited to the lesser of the total commitments and the borrowing base ("Loan Cap"), which is based on stated percentages of the sum of eligible accounts receivable, eligible inventory and eligible credit card receivables, as defined, less applicable reserves. Under the Credit Agreement, the Loan Parties’ obligations are secured by a first Interest on borrowings is at variable rates based on the London Interbank Offered Rate (“LIBOR”) (with a floor of 1.0% imposed by the Credit Agreement) or the prime rate, as defined in the Credit Agreement, plus a spread. The interest rate and fees for letters of credit vary based upon the level of excess availability under the Credit Agreement. There is an unused line fee payable on the unused portion under the facility and a letter of credit fee payable on the outstanding face amount under letters of credit. The Credit Agreement limits the Company’s ability to create, incur, assume or permit to exist additional indebtedness and liens, make investments or specified payments, give guarantees, pay dividends, make capital expenditures and merge or acquire or sell assets. In addition, if excess availability falls below the greater of 10.0% of the lesser of the Loan Cap and $40.0 million for three 1.0 1.0, The Credit Agreement contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to similar obligations, certain events of bankruptcy and insolvency, judgment defaults and the failure of any guaranty or security document supporting the agreement to be in full force and effect. If an event of default occurs, the collateral agent may 30 no 30 two 12 May 2, 2020 At May 2, 2020 May 2, 2020 $200 On July 27, 2015, 2023 February 15 August 15 August 15, 2023. may 12 August 15 Year Percentage 2020 101.563 % 2021 and thereafter 100.000 % If the Company experiences specific kinds of changes of control, it would be required to offer to purchase the Senior Notes at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest and Additional Interest, if any, to, but not The Senior Notes also contain certain other covenants and restrictions that limit certain activities including, among other things, levels of indebtedness, payments of dividends, the guarantee or pledge of assets, certain investments, common stock repurchases, mergers and acquisitions and sales of assets. As of May 2, 2020 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 Shareholders’ Equity Accumulated Other Comprehensive Loss The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended May 2, 2020 May 4, 2019 ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance at February 1, 2020 $ (580 ) $ (31,171 ) $ (92 ) $ (31,843 ) Other comprehensive (loss) income before reclassifications (1,531 ) — 87 (1,444 ) Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 694 6 700 Tax benefit — (628 ) (1 ) (629 ) Net reclassifications — 66 5 71 Other comprehensive (loss) income (1,531 ) 66 92 (1,373 ) Balance at May 2, 2020 $ (2,111 ) $ (31,105 ) $ — $ (33,216 ) Balance at February 2, 2019 $ 62 $ (31,055 ) $ (608 ) $ (31,601 ) Other comprehensive (loss) income before reclassifications (970 ) — 169 (801 ) Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 533 171 704 Tax benefit — (138 ) (37 ) (175 ) Net reclassifications — 395 134 529 Other comprehensive (loss) income (970 ) 395 303 (272 ) Balance at May 4, 2019 $ (908 ) $ (30,660 ) $ (305 ) $ (31,873 ) ( 1 Amounts reclassified are included in other income, net. Refer to Note 13 ( 2 Amounts reclassified are included in net sales, costs of goods sold and selling and administrative expenses. Refer to Note 14 15 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 12 Share-Based Compensation The Company recognized share-based compensation expense of $2.4 million and $3.3 million during the thirteen May 2, 2020 May 4, 2019 The Company issued 414,121 and 347,283 shares of common stock during the thirteen May 2, 2020 May 4, 2019 Restricted Stock The following table summarizes restricted stock activity for the periods ended May 2, 2020 May 4, 2019 Thirteen Weeks Ended Thirteen Weeks Ended May 2, 2020 May 4, 2019 Total Number of Restricted Shares Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Weighted- Average Grant Date Fair Value February 1, 2020 1,271,795 $ 26.77 February 2, 2019 1,249,223 $ 29.17 Granted 550,683 5.81 Granted 397,550 23.42 Forfeited (32,687 ) 25.60 Forfeited (21,425 ) 29.51 Vested (368,048 ) 28.38 Vested (204,920 ) 30.06 May 2, 2020 1,421,743 $ 18.20 May 4, 2019 1,420,428 $ 27.43 All of the restricted shares granted during the thirteen May 2, 2020 May 4, 2019 three Performance Share Awards During the thirteen May 2, 2020 thirteen May 4, 2019 three 0% three Restricted Stock Units for Non-Employee Directors Equity-based grants may no thirteen May 2, 2020 May 4, 2019 |
Note 13 - Retirement and Other
Note 13 - Retirement and Other Benefit Plans | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 13 Retirement and Other Benefit Plans The following table sets forth the components of net periodic benefit income for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 May 2, 2020 May 4, 2019 Service cost $ 2,160 $ 1,854 $ — $ — Interest cost 3,154 3,725 10 15 Expected return on assets (7,443 ) (6,892 ) — — Amortization of: Actuarial loss (gain) 1,083 928 (39 ) (30 ) Prior service income (350 ) (365 ) — — Total net periodic benefit income $ (1,396 ) $ (750 ) $ (29 ) $ (15 ) The non-service cost components of net periodic benefit income are included in other income, net in the condensed consolidated statements of earnings (loss). Service cost is included in selling and administrative expenses. |
Note 14 - Risk Management and D
Note 14 - Risk Management and Derivatives | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 14 Risk Management and Derivatives In the normal course of business, the Company’s financial results are impacted by currency rate movements in foreign currency denominated assets, liabilities and cash flows as it makes a portion of its purchases and sales in local currencies. The Company has established policies and business practices that are intended to mitigate a portion of the effect of these exposures. The Company uses derivative financial instruments, primarily forward contracts, to manage its currency exposures. These derivative financial instruments are viewed as risk management tools and are not Derivative financial instruments expose the Company to credit and market risk. The market risk associated with these instruments resulting from currency exchange movements is expected to offset the market risk of the underlying transactions being hedged. The Company does not The Company’s hedging strategy uses forward contracts as cash flow hedging instruments, which are recorded in the Company's condensed consolidated balance sheets at fair value. The effective portion of gains and losses resulting from changes in the fair value of these hedge instruments are deferred in accumulated other comprehensive loss and reclassified to earnings in the period that the hedged transaction is recognized in earnings. As of May 4, 2019 February 1, 2020 May 2020. no May 2, 2020. (U.S. $ equivalent in thousands) May 2, 2020 May 4, 2019 February 1, 2020 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ — $ 13,230 $ 3,963 Euro — 12,134 1,251 Chinese yuan — 2,858 2,355 New Taiwanese dollars — 469 — Other currencies — 376 69 Total financial instruments $ — $ 29,067 $ 7,638 The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of May 2, 2020 May 4, 2019 February 1, 2020 Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign Exchange Forward Contracts May 2, 2020 Prepaid expenses and other current assets — Other accrued expenses — May 4, 2019 Prepaid expenses and other current assets 183 Other accrued expenses 459 February 1, 2020 Prepaid expenses and other current assets — Other accrued expenses 103 For the thirteen May 2, 2020 May 4, 2019 Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Foreign Exchange Forward Contracts: Income Statement Classification Gains (Losses) - Realized Gain Recognized in OCL on Derivatives Loss Reclassified from Accumulated OCL into Earnings (Loss) Gain Recognized in OCL on Derivatives Loss Reclassified from Accumulated OCL into Earnings Net sales $ 23 $ — $ (99 ) $ — Cost of goods sold 60 — 289 (22 ) Selling and administrative expenses 33 (6 ) 35 (149 ) Additional information related to the Company’s derivative financial instruments are disclosed within Note 15 |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 15 Fair Value Measurements Fair Value Hierarchy Fair value measurement disclosure requirements specify a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”). In accordance with the fair value guidance, the inputs to valuation techniques used to measure fair value are categorized into three • Level 1 • Level 2 not • Level 3 In determining fair value, the Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value. Classification of the financial or non-financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Measurement of Fair Value The Company measures fair value as an exit price, the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date, using the procedures described below for all financial and non-financial assets and liabilities measured at fair value. Money Market Funds The Company has cash equivalents consisting of short-term money market funds backed by U.S. Treasury securities. The primary objective of these investing activities is to preserve the Company’s capital for the purpose of funding operations and it does not 1 Non-Qualified Deferred Compensation Plan Assets and Liabilities The Company maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for the benefit of certain management employees. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401 1 Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the accompanying condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statements of earnings (loss). The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1 Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company were previously granted at no one may 1 12 Derivative Financial Instruments The Company uses derivative financial instruments, primarily foreign exchange contracts, to reduce its exposure to market risks from changes in foreign exchange rates. These foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2 14 Mandatory Purchase Obligation The Company recorded a mandatory purchase obligation of the noncontrolling interest in conjunction with the acquisition of Blowfish Malibu in July 2018. 3 thirteen May 2, 2020 thirteen May 4, 2019 5 The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 2, 2020 May 4, 2019 February 1, 2020 Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) May 2, 2020: Cash equivalents – money market funds $ 146,009 $ 146,009 $ — $ — Non-qualified deferred compensation plan assets 7,435 7,435 — — Non-qualified deferred compensation plan liabilities (7,435 ) (7,435 ) — — Deferred compensation plan liabilities for non-employee directors (818 ) (818 ) — — Restricted stock units for non-employee directors (1,093 ) (1,093 ) — — Mandatory purchase obligation - Blowfish Malibu (18,433 ) — — (18,433 ) May 4, 2019: Cash equivalents – money market funds $ 4,500 $ 4,500 $ — $ — Non-qualified deferred compensation plan assets 7,865 7,865 — — Non-qualified deferred compensation plan liabilities (7,865 ) (7,865 ) — — Deferred compensation plan liabilities for non-employee directors (2,173 ) (2,173 ) — — Restricted stock units for non-employee directors (4,013 ) (4,013 ) — — Derivative financial instruments, net (276 ) — (276 ) — Mandatory purchase obligation - Blowfish Malibu (9,353 ) — — (9,353 ) February 1, 2020: Cash equivalents – money market funds $ 18,001 $ 18,001 $ — $ — Non-qualified deferred compensation plan assets 8,004 8,004 — — Non-qualified deferred compensation plan liabilities (8,004 ) (8,004 ) — — Deferred compensation plan liabilities for non-employee directors (1,536 ) (1,536 ) — — Restricted stock units for non-employee directors (2,572 ) (2,572 ) — — Derivative financial instruments, net (103 ) — (103 ) — Mandatory purchase obligation - Blowfish Malibu (15,200 ) — — (15,200 ) Impairment Charges The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not may not one 3 820, Fair Value Measurement May 2, 2020 May 4, 2019 thirteen May 2, 2020, 19 5 9 Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Impairment Charges Famous Footwear $ 14,896 $ 400 Brand Portfolio 20,326 794 Total impairment charges $ 35,222 $ 1,194 Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company's other financial instruments subject to fair value disclosures are as follows: May 2, 2020 May 4, 2019 February 1, 2020 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value (1) Value Value (1) Value Value (1) Value Borrowings under revolving credit agreement $ 438,500 $ 438,500 $ 318,000 $ 318,000 $ 275,000 $ 275,000 Long-term debt 200,000 178,000 200,000 208,000 200,000 205,000 Total debt $ 638,500 $ 616,500 $ 518,000 $ 526,000 $ 475,000 $ 480,000 ( 1 The fair value of borrowings under the revolving credit agreement approximates its carrying value due to its short-term nature (Level 1 2 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 16 Income Taxes The Company’s consolidated effective tax rates were 19.9% and 25.2% for the thirteen May 2, 2020 May 4, 2019 thirteen May 2, 2020 first 2020. thirteen May 4, 2019 not thirteen May 2, 2020 May 4, 2019 As of May 2, 2020 no not one not not may |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 17 Commitments and Contingencies Environmental Remediation Prior operations included numerous manufacturing and other facilities for which the Company may may may Redfield The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility in Colorado (the “Redfield site” or, when referring to remediation activities at or under the facility, the “on-site remediation”) and residential neighborhoods adjacent to and near the property (the “off-site remediation”) that have been affected by solvents previously used at the facility. The on-site remediation calls for the operation of a pump and treat system (which prevents migration of contaminated groundwater off the property) as the final remedy for the site, subject to monitoring and periodic review of the on-site conditions and other remedial technologies that may 2016, As the treatment of the on-site source areas progresses, the Company expects to convert the pump and treat system to a passive treatment barrier system. Off-site groundwater concentrations have been reducing over time since installation of the pump and treat system in 2000 2003. 2015. fourth 2019, The cumulative expenditures for both on-site and off-site remediation through May 2, 2020 third May 2, 2020 $9.5 May 2, 2020. 2020, four Other Various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. However, the Company does not The Company continues to evaluate its remediation plans in conjunction with its environmental consultants and records its best estimate of remediation liabilities. However, future actions and the associated costs are subject to oversight and approval of various governmental authorities. Accordingly, the ultimate costs may may Litigation The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not |
Note 18 - Financial Information
Note 18 - Financial Information for the Company and its Subsidiaries | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Financial Information For Company and Its Subsidiaries [Text Block] | Note 18 Financial Information for the Company and its Subsidiaries The Company issued senior notes, which are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under the Company's revolving credit facility ("Credit Agreement"). The following tables present the condensed consolidating financial information for each of Caleres, Inc. (“Parent”), the Guarantors, and subsidiaries of the Parent that are not October 31, 2018, The condensed consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET May 2, 2020 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 160,348 $ 14,519 $ 12,850 $ — $ 187,717 Receivables, net 86,937 32,440 25,956 — 145,333 Inventories, net 97,256 453,183 34,868 — 585,307 Prepaid expenses and other current assets 72,275 11,925 7,233 — 91,433 Intercompany receivable – current 936 49 8,073 (9,058 ) — Total current assets 417,752 512,116 88,980 (9,058 ) 1,009,790 Other assets 79,938 9,913 1,062 — 90,913 Goodwill and intangible assets, net 81,950 135,194 56,504 — 273,648 Lease right-of-use assets 133,685 488,964 25,885 — 648,534 Property and equipment, net 75,417 117,015 8,368 — 200,800 Investment in subsidiaries 1,288,981 — (26,620 ) (1,262,361 ) — Intercompany receivable – noncurrent 616,970 656,272 813,909 (2,087,151 ) — Total assets $ 2,694,693 $ 1,919,474 $ 968,088 $ (3,358,570 ) $ 2,223,685 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 438,500 $ — $ — $ — $ 438,500 Trade accounts payable 101,286 162,062 34,209 — 297,557 Lease obligations 5,674 146,725 7,739 — 160,138 Other accrued expenses 111,005 49,282 21,057 — 181,344 Intercompany payable – current 4,131 — 4,927 (9,058 ) — Total current liabilities 660,596 358,069 67,932 (9,058 ) 1,077,539 Other liabilities Noncurrent lease obligations 142,862 432,669 25,602 — 601,133 Long-term debt 198,506 — — — 198,506 Other liabilities 59,255 1,558 571 — 61,384 Intercompany payable – noncurrent 1,351,178 76,612 659,361 (2,087,151 ) — Total other liabilities 1,751,801 510,839 685,534 (2,087,151 ) 861,023 Equity Caleres, Inc. shareholders’ equity 282,296 1,050,566 211,795 (1,262,361 ) 282,296 Noncontrolling interests — — 2,827 — 2,827 Total equity 282,296 1,050,566 214,622 (1,262,361 ) 285,123 Total liabilities and equity $ 2,694,693 $ 1,919,474 $ 968,088 $ (3,358,570 ) $ 2,223,685 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR TH E thirteen May 2, 2020 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 118,153 $ 268,253 $ 39,788 $ (29,010 ) $ 397,184 Cost of goods sold 106,051 172,154 22,001 (24,920 ) 275,286 Gross profit 12,102 96,099 17,787 (4,090 ) 121,898 Selling and administrative expenses 49,116 112,040 68,128 (4,090 ) 225,194 Impairment of goodwill and intangible assets 24,154 238,565 - - 262,719 Restructuring and other special charges, net 23,139 37,057 - - 60,196 Operating loss (84,307 ) (291,563 ) (50,341 ) - (426,211 ) Interest (expense) income (9,474 ) (20 ) 16 - (9,478 ) Other income, net 3,540 - 45 - 3,585 Intercompany interest income (expense) 2,463 (2,523 ) 60 - - Loss before income taxes (87,778 ) (294,106 ) (50,220 ) - (432,104 ) Income tax benefit (provision) 18,031 68,485 (584 ) - 85,932 Equity in loss of subsidiaries, net of tax (276,091 ) - (496 ) 276,587 - Net loss (345,838 ) (225,621 ) (51,300 ) 276,587 (346,172 ) Less: Net loss attributable to noncontrolling interests - - (334 ) - (334 ) Net loss attributable to Caleres, Inc. $ (345,838 ) $ (225,621 ) $ (50,966 ) $ 276,587 $ (345,838 ) Comprehensive loss $ (347,211 ) $ (226,031 ) $ (52,812 ) $ 278,490 $ (347,564 ) Less: Comprehensive loss attributable to noncontrolling interests - - (353 ) - (353 ) Comprehensive loss attributable to Caleres, Inc. $ (347,211 ) $ (226,031 ) $ (52,459 ) $ 278,490 $ (347,211 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE thirteen May 2, 2020 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (4,257 ) $ 4,939 $ 46 $ — $ 728 Investing activities Purchases of property and equipment (1,205 ) (2,318 ) — — (3,523 ) Capitalized software (817 ) (160 ) — — (977 ) Intercompany investing (84 ) 84 — — — Net cash used for investing activities (2,106 ) (2,394 ) — — (4,500 ) Financing activities Borrowings under revolving credit agreement 168,500 — — — 168,500 Repayments under revolving credit agreement (5,000 ) — — — (5,000 ) Dividends paid (2,810 ) — — — (2,810 ) Acquisition of treasury stock (12,932 ) — — — (12,932 ) Issuance of common stock under share-based plans, net (906 ) — — — (906 ) Other — (323 ) — — (323 ) Intercompany financing 640 8,419 (9,059 ) — — Net cash provided by (used for) financing activities 147,492 8,096 (9,059 ) — 146,529 Effect of exchange rate changes on cash and cash equivalents — — (258 ) — (258 ) Increase (decrease) in cash and cash equivalents 141,129 10,641 (9,271 ) — 142,499 Cash and cash equivalents at beginning of period 19,219 3,878 22,121 — 45,218 Cash and cash equivalents at end of period $ 160,348 $ 14,519 $ 12,850 $ — $ 187,717 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET May 4, 2019 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 6,812 $ 14,703 $ 14,263 $ — $ 35,778 Receivables, net 91,170 39,619 17,698 — 148,487 Inventories, net 124,703 492,630 30,812 — 648,145 Prepaid expenses and other current assets 31,046 18,077 6,586 (807 ) 54,902 Intercompany receivable – current 314 76 8,800 (9,190 ) — Total current assets 254,045 565,105 78,159 (9,997 ) 887,312 Property and equipment, net 75,763 149,955 10,539 — 236,257 Goodwill and intangible assets, net 108,328 331,689 108,491 — 548,508 Other assets 73,066 11,793 852 — 85,711 Lease right-of-use assets 130,006 572,551 32,725 — 735,282 Investment in subsidiaries 1,503,973 — (25,376 ) (1,478,597 ) — Intercompany receivable – noncurrent 586,453 620,752 775,061 (1,982,266 ) — Total assets $ 2,731,634 $ 2,251,845 $ 980,451 $ (3,470,860 ) $ 2,493,070 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 318,000 $ — $ — $ — $ 318,000 Trade accounts payable 83,559 183,057 22,455 — 289,071 Lease obligations 11,096 118,041 6,868 — 136,005 Other accrued expenses 65,845 83,503 19,683 (807 ) 168,224 Intercompany payable – current 4,669 — 4,521 (9,190 ) — Total current liabilities 483,169 384,601 53,527 (9,997 ) 911,300 Other liabilities Noncurrent lease obligations 132,565 497,527 32,658 — 662,750 Long-term debt 198,046 — — — 198,046 Other liabilities 88,358 2,848 1,136 — 92,342 Intercompany payable – noncurrent 1,202,260 113,338 666,668 (1,982,266 ) — Total other liabilities 1,621,229 613,713 700,462 (1,982,266 ) 953,138 Equity Caleres, Inc. shareholders’ equity 627,236 1,253,531 225,066 (1,478,597 ) 627,236 Noncontrolling interests — — 1,396 — 1,396 Total equity 627,236 1,253,531 226,462 (1,478,597 ) 628,632 Total liabilities and equity $ 2,731,634 $ 2,251,845 $ 980,451 $ (3,470,860 ) $ 2,493,070 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE thirteen May 4, 2019 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 191,404 $ 488,321 $ 52,426 $ (54,397 ) $ 677,754 Cost of goods sold 129,259 289,541 27,095 (47,977 ) 397,918 Gross profit 62,145 198,780 25,331 (6,420 ) 279,836 Selling and administrative expenses 55,941 194,585 18,005 (6,420 ) 262,111 Restructuring and other special charges, net 856 — — — 856 Operating earnings 5,348 4,195 7,326 — 16,869 Interest (expense) income (7,339 ) (22 ) 21 — (7,340 ) Other income (expense) 2,637 — (18 ) — 2,619 Intercompany interest income (expense) 2,841 (2,817 ) (24 ) — — Earnings before income taxes 3,487 1,356 7,305 — 12,148 Income tax provision (1,312 ) (355 ) (1,396 ) — (3,063 ) Equity in earnings (loss) of subsidiaries, net of tax 6,908 — (538 ) (6,370 ) — Net earnings 9,083 1,001 5,371 (6,370 ) 9,085 Less: Net earnings attributable to noncontrolling interests — — 2 — 2 Net earnings attributable to Caleres, Inc. $ 9,083 $ 1,001 $ 5,369 $ (6,370 ) $ 9,083 Comprehensive income $ 8,811 $ 923 $ 4,570 $ (5,479 ) $ 8,825 Less: Comprehensive loss attributable to noncontrolling interests — — 14 — 14 Comprehensive income attributable to Caleres, Inc. $ 8,811 $ 923 $ 4,556 $ (5,479 ) $ 8,811 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE thirteen May 4, 2019 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (5,419 ) $ 47,435 $ 7,894 $ — $ 49,910 Investing activities Purchases of property and equipment (14,787 ) (2,833 ) (823 ) — (18,443 ) Capitalized software (2,911 ) (6 ) — — (2,917 ) Intercompany investing (120 ) 120 — — — Net cash used for investing activities (17,818 ) (2,719 ) (823 ) — (21,360 ) Financing activities Borrowings under revolving credit agreement 84,000 — — — 84,000 Repayments under revolving credit agreement (101,000 ) — — — (101,000 ) Dividends paid (2,947 ) — — — (2,947 ) Issuance of common stock under share-based plans, net (2,559 ) — — — (2,559 ) Other (394 ) — — — (394 ) Intercompany financing 52,947 (39,161 ) (13,786 ) — — Net cash provided by (used for) financing activities 30,047 (39,161 ) (13,786 ) — (22,900 ) Effect of exchange rate changes on cash and cash equivalents — — (72 ) — (72 ) Increase (decrease) in cash and cash equivalents 6,810 5,555 (6,787 ) — 5,578 Cash and cash equivalents at beginning of period 2 9,148 21,050 — 30,200 Cash and cash equivalents at end of period $ 6,812 $ 14,703 $ 14,263 $ — $ 35,778 CONDENSED CONSOLIDATING BALANCE SHEET February 1, 2020 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 19,219 $ 3,878 $ 22,121 $ — $ 45,218 Receivables, net 100,997 32,168 29,016 — 162,181 Inventories, net 142,370 435,794 40,242 — 618,406 Prepaid expenses and other current assets 35,576 13,603 7,315 — 56,494 Intercompany receivable – current 260 30 9,072 (9,362 ) — Total current assets 298,422 485,473 107,766 (9,362 ) 882,299 Property and equipment, net 76,587 138,461 9,798 — 224,846 Goodwill and intangible assets, net 106,660 326,565 106,354 — 539,579 Other assets 77,444 10,953 992 — 89,389 Lease right-of-use assets 137,374 528,393 29,827 — 695,594 Investment in subsidiaries 1,572,577 — (26,123 ) (1,546,454 ) — Intercompany receivable – noncurrent 606,648 663,640 809,060 (2,079,348 ) — Total assets $ 2,875,712 $ 2,153,485 $ 1,037,674 $ (3,635,164 ) $ 2,431,707 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 275,000 $ — $ — $ — $ 275,000 Trade accounts payable 113,484 112,108 41,426 — 267,018 Lease obligations 4,679 116,738 6,452 — 127,869 Other accrued expenses 86,661 73,122 21,280 — 181,063 Intercompany payable – current 5,349 — 4,013 (9,362 ) — Total current liabilities 485,173 301,968 73,171 (9,362 ) 850,950 Other liabilities Noncurrent lease obligations 145,845 454,343 28,844 — 629,032 Long-term debt 198,391 — — — 198,391 Other liabilities 101,386 1,878 940 — 104,204 Intercompany payable – noncurrent 1,298,967 115,005 665,376 (2,079,348 ) — Total other liabilities 1,744,589 571,226 695,160 (2,079,348 ) 931,627 Equity Caleres, Inc. shareholders’ equity 645,950 1,280,291 266,163 (1,546,454 ) 645,950 Noncontrolling interests — — 3,180 — 3,180 Total equity 645,950 1,280,291 269,343 (1,546,454 ) 649,130 Total liabilities and equity $ 2,875,712 $ 2,153,485 $ 1,037,674 $ (3,635,164 ) $ 2,431,707 |
Note 2 - Impact of New Accoun_2
Note 2 - Impact of New Accounting Pronouncements (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | ($ thousands) Balance at February 1, 2020 $ 1,813 Adjustment upon adoption of ASU 2016-13 2,521 Provision for expected credit losses 8,704 Uncollectible accounts written off, net of recoveries 356 Balance at May 2, 2020 $ 13,394 |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen Weeks Ended May 2, 2020 ($ thousands) Famous Footwear Brand Portfolio Eliminations and Other Total Retail stores $ 137,117 $ 11,822 $ — $ 148,939 Landed wholesale-e-commerce/drop ship (1) — 45,473 — 45,473 Landed wholesale - other — 112,568 (11,306 ) 101,262 First-cost wholesale — 11,921 — 11,921 First-cost wholesale - e-commerce (1) — 246 — 246 E-commerce - Company websites (1) 54,178 32,989 — 87,167 Licensing and royalty — 2,186 — 2,186 Other (2) (43 ) 33 — (10) Net sales $ 191,252 $ 217,238 $ (11,306 ) $ 397,184 Thirteen Weeks Ended May 4, 2019 ($ thousands) Famous Footwear Brand Portfolio Eliminations and Other Total Retail stores $ 320,242 $ 36,650 $ — $ 356,892 Landed wholesale-e-commerce/drop ship (1) — 63,377 — 63,377 Landed wholesale - other — 187,214 (15,461 ) 171,753 First-cost wholesale — 14,771 — 14,771 First-cost wholesale - e-commerce (1) — 129 — 129 E-commerce - Company websites (1) 31,781 35,696 — 67,477 Licensing and royalty — 3,132 — 3,132 Other (2) 142 81 — 223 Net sales $ 352,165 $ 341,050 $ (15,461 ) $ 677,754 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | ($ thousands) May 2, 2020 May 4, 2019 February 1, 2020 Customer allowances and discounts $ 24,768 $ 20,063 $ 26,200 Loyalty programs liability 17,326 15,700 16,405 Returns reserve 15,427 16,621 14,033 Gift card liability 5,528 4,944 5,742 |
Note 4 - Earnings (Loss) Per _2
Note 4 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen Weeks Ended ($ thousands, except per share amounts) May 2, 2020 May 4, 2019 NUMERATOR Net (loss) earnings $ (346,172 ) $ 9,085 Net loss (earnings) attributable to noncontrolling interests 334 (2 ) Net earnings allocated to participating securities — (283 ) Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ (345,838 ) $ 8,800 DENOMINATOR Denominator for basic (loss) earnings per common share attributable to Caleres, Inc. shareholders 38,649 40,741 Dilutive effect of share-based awards — 60 Denominator for diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders 38,649 40,801 Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (8.95 ) $ 0.22 Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders $ (8.95 ) $ 0.22 |
Note 6 - Business Segment Inf_2
Note 6 - Business Segment Information (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ($ thousands) Famous Footwear Brand Portfolio Eliminations and Other Total Thirteen Weeks Ended May 2, 2020 Net sales $ 191,252 $ 217,238 $ (11,306 ) $ 397,184 Intersegment sales (1) — 11,306 — 11,306 Operating loss (67,540 ) (345,748 ) (12,923 ) (426,211 ) Segment assets 897,046 995,760 330,879 2,223,685 Thirteen Weeks Ended May 4, 2019 Net sales $ 352,165 $ 341,050 $ (15,461 ) $ 677,754 Intersegment sales (1) — 15,461 — 15,461 Operating earnings (loss) 10,813 12,929 (6,873 ) 16,869 Segment assets 998,606 1,355,842 138,622 2,493,070 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Operating (loss) earnings $ (426,211 ) $ 16,869 Interest expense, net (9,478 ) (7,340 ) Other income, net 3,585 2,619 (Loss) earnings before income taxes $ (432,104 ) $ 12,148 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | ($ thousands) May 2, 2020 May 4, 2019 February 1, 2020 Raw materials $ 16,848 $ 18,618 $ 18,455 Work-in-process 357 478 454 Finished goods 568,102 629,049 599,497 Inventories, net $ 585,307 $ 648,145 $ 618,406 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | ($ thousands) May 2, 2020 May 4, 2019 February 1, 2020 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 365,888 388,288 388,288 Total intangible assets 368,688 391,088 391,088 Accumulated amortization (99,996 ) (86,987 ) (96,784 ) Total intangible assets, net 268,692 304,101 294,304 Goodwill Brand Portfolio 4,956 244,407 245,275 Total goodwill 4,956 244,407 245,275 Goodwill and intangible assets, net $ 273,648 $ 548,508 $ 539,579 |
Schedule of Finited-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | ($ thousands) May 2, 2020 Estimated Useful Lives (In Years) Cost Basis Accumulated Amortization Impairment Net Carrying Value Trademarks 15 - 40 $ 288,788 $ 94,294 $ — $ 194,494 Trademarks Indefinite 58,100 (1 ) — 22,400 35,700 Customer relationships 15 - 16 44,200 5,702 — 38,498 $ 391,088 $ 99,996 $ 22,400 $ 268,692 May 4, 2019 Estimated Useful Lives (In Years) Cost Basis Accumulated Amortization Impairment Net Carrying Value Trademarks 15 - 40 $ 288,788 $ 84,427 — $ 204,361 Trademarks Indefinite 58,100 (1 ) — — 58,100 Customer relationships 15 - 16 44,200 2,560 — 41,640 $ 391,088 $ 86,987 — $ 304,101 February 1, 2020 Estimated Useful Lives (In Years) Cost Basis Accumulated Amortization Impairment Net Carrying Value Trademarks 15 - 40 $ 288,788 $ 91,827 — $ 196,961 Trademarks Indefinite 58,100 (1 ) — — 58,100 Customer relationships 15 - 16 44,200 4,957 — 39,243 $ 391,088 $ 96,784 — $ 294,304 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Operating lease expense $ 45,240 $ 46,461 Variable lease expense 11,334 12,184 Short-term lease expense 712 1,115 Sublease income (19 ) (73 ) Total lease expense $ 57,267 $ 59,687 |
Leases, Cash Flow Information [Table Text Block] | Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Cash paid for lease liabilities $ 15,117 46,511 Cash received from sublease income 19 73 |
Note 10 - Long-term and Short_2
Note 10 - Long-term and Short-term Financing Arrangements (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Debt Instrument Redemption [Table Text Block] | Year Percentage 2020 101.563 % 2021 and thereafter 100.000 % |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance at February 1, 2020 $ (580 ) $ (31,171 ) $ (92 ) $ (31,843 ) Other comprehensive (loss) income before reclassifications (1,531 ) — 87 (1,444 ) Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 694 6 700 Tax benefit — (628 ) (1 ) (629 ) Net reclassifications — 66 5 71 Other comprehensive (loss) income (1,531 ) 66 92 (1,373 ) Balance at May 2, 2020 $ (2,111 ) $ (31,105 ) $ — $ (33,216 ) Balance at February 2, 2019 $ 62 $ (31,055 ) $ (608 ) $ (31,601 ) Other comprehensive (loss) income before reclassifications (970 ) — 169 (801 ) Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 533 171 704 Tax benefit — (138 ) (37 ) (175 ) Net reclassifications — 395 134 529 Other comprehensive (loss) income (970 ) 395 303 (272 ) Balance at May 4, 2019 $ (908 ) $ (30,660 ) $ (305 ) $ (31,873 ) |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Thirteen Weeks Ended Thirteen Weeks Ended May 2, 2020 May 4, 2019 Total Number of Restricted Shares Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Weighted- Average Grant Date Fair Value February 1, 2020 1,271,795 $ 26.77 February 2, 2019 1,249,223 $ 29.17 Granted 550,683 5.81 Granted 397,550 23.42 Forfeited (32,687 ) 25.60 Forfeited (21,425 ) 29.51 Vested (368,048 ) 28.38 Vested (204,920 ) 30.06 May 2, 2020 1,421,743 $ 18.20 May 4, 2019 1,420,428 $ 27.43 |
Note 13 - Retirement and Othe_2
Note 13 - Retirement and Other Benefit Plans (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 May 2, 2020 May 4, 2019 Service cost $ 2,160 $ 1,854 $ — $ — Interest cost 3,154 3,725 10 15 Expected return on assets (7,443 ) (6,892 ) — — Amortization of: Actuarial loss (gain) 1,083 928 (39 ) (30 ) Prior service income (350 ) (365 ) — — Total net periodic benefit income $ (1,396 ) $ (750 ) $ (29 ) $ (15 ) |
Note 14 - Risk Management and_2
Note 14 - Risk Management and Derivatives (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | (U.S. $ equivalent in thousands) May 2, 2020 May 4, 2019 February 1, 2020 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ — $ 13,230 $ 3,963 Euro — 12,134 1,251 Chinese yuan — 2,858 2,355 New Taiwanese dollars — 469 — Other currencies — 376 69 Total financial instruments $ — $ 29,067 $ 7,638 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign Exchange Forward Contracts May 2, 2020 Prepaid expenses and other current assets — Other accrued expenses — May 4, 2019 Prepaid expenses and other current assets 183 Other accrued expenses 459 February 1, 2020 Prepaid expenses and other current assets — Other accrued expenses 103 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Foreign Exchange Forward Contracts: Income Statement Classification Gains (Losses) - Realized Gain Recognized in OCL on Derivatives Loss Reclassified from Accumulated OCL into Earnings (Loss) Gain Recognized in OCL on Derivatives Loss Reclassified from Accumulated OCL into Earnings Net sales $ 23 $ — $ (99 ) $ — Cost of goods sold 60 — 289 (22 ) Selling and administrative expenses 33 (6 ) 35 (149 ) |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) May 2, 2020: Cash equivalents – money market funds $ 146,009 $ 146,009 $ — $ — Non-qualified deferred compensation plan assets 7,435 7,435 — — Non-qualified deferred compensation plan liabilities (7,435 ) (7,435 ) — — Deferred compensation plan liabilities for non-employee directors (818 ) (818 ) — — Restricted stock units for non-employee directors (1,093 ) (1,093 ) — — Mandatory purchase obligation - Blowfish Malibu (18,433 ) — — (18,433 ) May 4, 2019: Cash equivalents – money market funds $ 4,500 $ 4,500 $ — $ — Non-qualified deferred compensation plan assets 7,865 7,865 — — Non-qualified deferred compensation plan liabilities (7,865 ) (7,865 ) — — Deferred compensation plan liabilities for non-employee directors (2,173 ) (2,173 ) — — Restricted stock units for non-employee directors (4,013 ) (4,013 ) — — Derivative financial instruments, net (276 ) — (276 ) — Mandatory purchase obligation - Blowfish Malibu (9,353 ) — — (9,353 ) February 1, 2020: Cash equivalents – money market funds $ 18,001 $ 18,001 $ — $ — Non-qualified deferred compensation plan assets 8,004 8,004 — — Non-qualified deferred compensation plan liabilities (8,004 ) (8,004 ) — — Deferred compensation plan liabilities for non-employee directors (1,536 ) (1,536 ) — — Restricted stock units for non-employee directors (2,572 ) (2,572 ) — — Derivative financial instruments, net (103 ) — (103 ) — Mandatory purchase obligation - Blowfish Malibu (15,200 ) — — (15,200 ) |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Thirteen Weeks Ended ($ thousands) May 2, 2020 May 4, 2019 Impairment Charges Famous Footwear $ 14,896 $ 400 Brand Portfolio 20,326 794 Total impairment charges $ 35,222 $ 1,194 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | May 2, 2020 May 4, 2019 February 1, 2020 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value (1) Value Value (1) Value Value (1) Value Borrowings under revolving credit agreement $ 438,500 $ 438,500 $ 318,000 $ 318,000 $ 275,000 $ 275,000 Long-term debt 200,000 178,000 200,000 208,000 200,000 205,000 Total debt $ 638,500 $ 616,500 $ 518,000 $ 526,000 $ 475,000 $ 480,000 |
Note 18 - Financial Informati_2
Note 18 - Financial Information for the Company and its Subsidiaries (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 160,348 $ 14,519 $ 12,850 $ — $ 187,717 Receivables, net 86,937 32,440 25,956 — 145,333 Inventories, net 97,256 453,183 34,868 — 585,307 Prepaid expenses and other current assets 72,275 11,925 7,233 — 91,433 Intercompany receivable – current 936 49 8,073 (9,058 ) — Total current assets 417,752 512,116 88,980 (9,058 ) 1,009,790 Other assets 79,938 9,913 1,062 — 90,913 Goodwill and intangible assets, net 81,950 135,194 56,504 — 273,648 Lease right-of-use assets 133,685 488,964 25,885 — 648,534 Property and equipment, net 75,417 117,015 8,368 — 200,800 Investment in subsidiaries 1,288,981 — (26,620 ) (1,262,361 ) — Intercompany receivable – noncurrent 616,970 656,272 813,909 (2,087,151 ) — Total assets $ 2,694,693 $ 1,919,474 $ 968,088 $ (3,358,570 ) $ 2,223,685 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 438,500 $ — $ — $ — $ 438,500 Trade accounts payable 101,286 162,062 34,209 — 297,557 Lease obligations 5,674 146,725 7,739 — 160,138 Other accrued expenses 111,005 49,282 21,057 — 181,344 Intercompany payable – current 4,131 — 4,927 (9,058 ) — Total current liabilities 660,596 358,069 67,932 (9,058 ) 1,077,539 Other liabilities Noncurrent lease obligations 142,862 432,669 25,602 — 601,133 Long-term debt 198,506 — — — 198,506 Other liabilities 59,255 1,558 571 — 61,384 Intercompany payable – noncurrent 1,351,178 76,612 659,361 (2,087,151 ) — Total other liabilities 1,751,801 510,839 685,534 (2,087,151 ) 861,023 Equity Caleres, Inc. shareholders’ equity 282,296 1,050,566 211,795 (1,262,361 ) 282,296 Noncontrolling interests — — 2,827 — 2,827 Total equity 282,296 1,050,566 214,622 (1,262,361 ) 285,123 Total liabilities and equity $ 2,694,693 $ 1,919,474 $ 968,088 $ (3,358,570 ) $ 2,223,685 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 6,812 $ 14,703 $ 14,263 $ — $ 35,778 Receivables, net 91,170 39,619 17,698 — 148,487 Inventories, net 124,703 492,630 30,812 — 648,145 Prepaid expenses and other current assets 31,046 18,077 6,586 (807 ) 54,902 Intercompany receivable – current 314 76 8,800 (9,190 ) — Total current assets 254,045 565,105 78,159 (9,997 ) 887,312 Property and equipment, net 75,763 149,955 10,539 — 236,257 Goodwill and intangible assets, net 108,328 331,689 108,491 — 548,508 Other assets 73,066 11,793 852 — 85,711 Lease right-of-use assets 130,006 572,551 32,725 — 735,282 Investment in subsidiaries 1,503,973 — (25,376 ) (1,478,597 ) — Intercompany receivable – noncurrent 586,453 620,752 775,061 (1,982,266 ) — Total assets $ 2,731,634 $ 2,251,845 $ 980,451 $ (3,470,860 ) $ 2,493,070 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 318,000 $ — $ — $ — $ 318,000 Trade accounts payable 83,559 183,057 22,455 — 289,071 Lease obligations 11,096 118,041 6,868 — 136,005 Other accrued expenses 65,845 83,503 19,683 (807 ) 168,224 Intercompany payable – current 4,669 — 4,521 (9,190 ) — Total current liabilities 483,169 384,601 53,527 (9,997 ) 911,300 Other liabilities Noncurrent lease obligations 132,565 497,527 32,658 — 662,750 Long-term debt 198,046 — — — 198,046 Other liabilities 88,358 2,848 1,136 — 92,342 Intercompany payable – noncurrent 1,202,260 113,338 666,668 (1,982,266 ) — Total other liabilities 1,621,229 613,713 700,462 (1,982,266 ) 953,138 Equity Caleres, Inc. shareholders’ equity 627,236 1,253,531 225,066 (1,478,597 ) 627,236 Noncontrolling interests — — 1,396 — 1,396 Total equity 627,236 1,253,531 226,462 (1,478,597 ) 628,632 Total liabilities and equity $ 2,731,634 $ 2,251,845 $ 980,451 $ (3,470,860 ) $ 2,493,070 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 19,219 $ 3,878 $ 22,121 $ — $ 45,218 Receivables, net 100,997 32,168 29,016 — 162,181 Inventories, net 142,370 435,794 40,242 — 618,406 Prepaid expenses and other current assets 35,576 13,603 7,315 — 56,494 Intercompany receivable – current 260 30 9,072 (9,362 ) — Total current assets 298,422 485,473 107,766 (9,362 ) 882,299 Property and equipment, net 76,587 138,461 9,798 — 224,846 Goodwill and intangible assets, net 106,660 326,565 106,354 — 539,579 Other assets 77,444 10,953 992 — 89,389 Lease right-of-use assets 137,374 528,393 29,827 — 695,594 Investment in subsidiaries 1,572,577 — (26,123 ) (1,546,454 ) — Intercompany receivable – noncurrent 606,648 663,640 809,060 (2,079,348 ) — Total assets $ 2,875,712 $ 2,153,485 $ 1,037,674 $ (3,635,164 ) $ 2,431,707 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 275,000 $ — $ — $ — $ 275,000 Trade accounts payable 113,484 112,108 41,426 — 267,018 Lease obligations 4,679 116,738 6,452 — 127,869 Other accrued expenses 86,661 73,122 21,280 — 181,063 Intercompany payable – current 5,349 — 4,013 (9,362 ) — Total current liabilities 485,173 301,968 73,171 (9,362 ) 850,950 Other liabilities Noncurrent lease obligations 145,845 454,343 28,844 — 629,032 Long-term debt 198,391 — — — 198,391 Other liabilities 101,386 1,878 940 — 104,204 Intercompany payable – noncurrent 1,298,967 115,005 665,376 (2,079,348 ) — Total other liabilities 1,744,589 571,226 695,160 (2,079,348 ) 931,627 Equity Caleres, Inc. shareholders’ equity 645,950 1,280,291 266,163 (1,546,454 ) 645,950 Noncontrolling interests — — 3,180 — 3,180 Total equity 645,950 1,280,291 269,343 (1,546,454 ) 649,130 Total liabilities and equity $ 2,875,712 $ 2,153,485 $ 1,037,674 $ (3,635,164 ) $ 2,431,707 |
Condensed Income Statement [Table Text Block] | Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 118,153 $ 268,253 $ 39,788 $ (29,010 ) $ 397,184 Cost of goods sold 106,051 172,154 22,001 (24,920 ) 275,286 Gross profit 12,102 96,099 17,787 (4,090 ) 121,898 Selling and administrative expenses 49,116 112,040 68,128 (4,090 ) 225,194 Impairment of goodwill and intangible assets 24,154 238,565 - - 262,719 Restructuring and other special charges, net 23,139 37,057 - - 60,196 Operating loss (84,307 ) (291,563 ) (50,341 ) - (426,211 ) Interest (expense) income (9,474 ) (20 ) 16 - (9,478 ) Other income, net 3,540 - 45 - 3,585 Intercompany interest income (expense) 2,463 (2,523 ) 60 - - Loss before income taxes (87,778 ) (294,106 ) (50,220 ) - (432,104 ) Income tax benefit (provision) 18,031 68,485 (584 ) - 85,932 Equity in loss of subsidiaries, net of tax (276,091 ) - (496 ) 276,587 - Net loss (345,838 ) (225,621 ) (51,300 ) 276,587 (346,172 ) Less: Net loss attributable to noncontrolling interests - - (334 ) - (334 ) Net loss attributable to Caleres, Inc. $ (345,838 ) $ (225,621 ) $ (50,966 ) $ 276,587 $ (345,838 ) Comprehensive loss $ (347,211 ) $ (226,031 ) $ (52,812 ) $ 278,490 $ (347,564 ) Less: Comprehensive loss attributable to noncontrolling interests - - (353 ) - (353 ) Comprehensive loss attributable to Caleres, Inc. $ (347,211 ) $ (226,031 ) $ (52,459 ) $ 278,490 $ (347,211 ) Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 191,404 $ 488,321 $ 52,426 $ (54,397 ) $ 677,754 Cost of goods sold 129,259 289,541 27,095 (47,977 ) 397,918 Gross profit 62,145 198,780 25,331 (6,420 ) 279,836 Selling and administrative expenses 55,941 194,585 18,005 (6,420 ) 262,111 Restructuring and other special charges, net 856 — — — 856 Operating earnings 5,348 4,195 7,326 — 16,869 Interest (expense) income (7,339 ) (22 ) 21 — (7,340 ) Other income (expense) 2,637 — (18 ) — 2,619 Intercompany interest income (expense) 2,841 (2,817 ) (24 ) — — Earnings before income taxes 3,487 1,356 7,305 — 12,148 Income tax provision (1,312 ) (355 ) (1,396 ) — (3,063 ) Equity in earnings (loss) of subsidiaries, net of tax 6,908 — (538 ) (6,370 ) — Net earnings 9,083 1,001 5,371 (6,370 ) 9,085 Less: Net earnings attributable to noncontrolling interests — — 2 — 2 Net earnings attributable to Caleres, Inc. $ 9,083 $ 1,001 $ 5,369 $ (6,370 ) $ 9,083 Comprehensive income $ 8,811 $ 923 $ 4,570 $ (5,479 ) $ 8,825 Less: Comprehensive loss attributable to noncontrolling interests — — 14 — 14 Comprehensive income attributable to Caleres, Inc. $ 8,811 $ 923 $ 4,556 $ (5,479 ) $ 8,811 |
Condensed Cash Flow Statement [Table Text Block] | Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (4,257 ) $ 4,939 $ 46 $ — $ 728 Investing activities Purchases of property and equipment (1,205 ) (2,318 ) — — (3,523 ) Capitalized software (817 ) (160 ) — — (977 ) Intercompany investing (84 ) 84 — — — Net cash used for investing activities (2,106 ) (2,394 ) — — (4,500 ) Financing activities Borrowings under revolving credit agreement 168,500 — — — 168,500 Repayments under revolving credit agreement (5,000 ) — — — (5,000 ) Dividends paid (2,810 ) — — — (2,810 ) Acquisition of treasury stock (12,932 ) — — — (12,932 ) Issuance of common stock under share-based plans, net (906 ) — — — (906 ) Other — (323 ) — — (323 ) Intercompany financing 640 8,419 (9,059 ) — — Net cash provided by (used for) financing activities 147,492 8,096 (9,059 ) — 146,529 Effect of exchange rate changes on cash and cash equivalents — — (258 ) — (258 ) Increase (decrease) in cash and cash equivalents 141,129 10,641 (9,271 ) — 142,499 Cash and cash equivalents at beginning of period 19,219 3,878 22,121 — 45,218 Cash and cash equivalents at end of period $ 160,348 $ 14,519 $ 12,850 $ — $ 187,717 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (5,419 ) $ 47,435 $ 7,894 $ — $ 49,910 Investing activities Purchases of property and equipment (14,787 ) (2,833 ) (823 ) — (18,443 ) Capitalized software (2,911 ) (6 ) — — (2,917 ) Intercompany investing (120 ) 120 — — — Net cash used for investing activities (17,818 ) (2,719 ) (823 ) — (21,360 ) Financing activities Borrowings under revolving credit agreement 84,000 — — — 84,000 Repayments under revolving credit agreement (101,000 ) — — — (101,000 ) Dividends paid (2,947 ) — — — (2,947 ) Issuance of common stock under share-based plans, net (2,559 ) — — — (2,559 ) Other (394 ) — — — (394 ) Intercompany financing 52,947 (39,161 ) (13,786 ) — — Net cash provided by (used for) financing activities 30,047 (39,161 ) (13,786 ) — (22,900 ) Effect of exchange rate changes on cash and cash equivalents — — (72 ) — (72 ) Increase (decrease) in cash and cash equivalents 6,810 5,555 (6,787 ) — 5,578 Cash and cash equivalents at beginning of period 2 9,148 21,050 — 30,200 Cash and cash equivalents at end of period $ 6,812 $ 14,703 $ 14,263 $ — $ 35,778 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Millions | May 02, 2020 | Mar. 31, 2020 |
Other Noncurrent Liabilities [Member] | ||
Accrued Payroll Taxes, Noncurrent | $ 0.2 | |
Revolving Credit Facility [Member] | ||
Long-term Line of Credit, Total | $ 440 |
Note 2 - Impact of New Accoun_3
Note 2 - Impact of New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | Feb. 02, 2020 | Feb. 01, 2020 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 160,189 | $ 512,046 | $ 523,900 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 8,704 | $ 117 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 8,700 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 2,100 | |||
Retained Earnings, (Accumulated Deficit), Tax | $ 400 |
Note 2 - Impact of New Accoun_4
Note 2 - Impact of New Accounting Pronouncements - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Balance | $ 1,813 | |
Provision for expected credit losses | 8,704 | $ 117 |
Uncollectible accounts written off, net of recoveries | 356 | |
Balance | 13,394 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ 2,521 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Loyalty Programs Liability Increase Due to Purchases [Member] | ||
Increase (Decrease) in Contract with Customer, Liability | $ 5.9 | $ 5.2 |
Loyalty Programs Liability, Decrease Due to Expirations and Redemptions [Member] | ||
Increase (Decrease) in Contract with Customer, Liability | $ (5) | $ (4.1) |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 02, 2020 | May 04, 2019 | ||
Net sales | $ 397,184 | $ 677,754 | |
Famous Footwear [Member] | |||
Net sales | 191,252 | 352,165 | |
Brand Portfolio [Member] | |||
Net sales | 217,238 | 341,050 | |
Eliminations and Other [Member] | |||
Net sales | (11,306) | (15,461) | |
Retail [Member] | |||
Net sales | 148,939 | 356,892 | |
Retail [Member] | Famous Footwear [Member] | |||
Net sales | 137,117 | 320,242 | |
Retail [Member] | Brand Portfolio [Member] | |||
Net sales | 11,822 | 36,650 | |
Retail [Member] | Eliminations and Other [Member] | |||
Net sales | 0 | 0 | |
Landed Wholesale - E-commerce / Drop Ship [Member] | |||
Net sales | [1] | 45,473 | 63,377 |
Landed Wholesale - E-commerce / Drop Ship [Member] | Famous Footwear [Member] | |||
Net sales | [1] | 0 | 0 |
Landed Wholesale - E-commerce / Drop Ship [Member] | Brand Portfolio [Member] | |||
Net sales | [1] | 45,473 | 63,377 |
Landed Wholesale - E-commerce / Drop Ship [Member] | Eliminations and Other [Member] | |||
Net sales | [1] | 0 | 0 |
Landed Wholesale - Other [Member] | |||
Net sales | 101,262 | 171,753 | |
Landed Wholesale - Other [Member] | Famous Footwear [Member] | |||
Net sales | 0 | 0 | |
Landed Wholesale - Other [Member] | Brand Portfolio [Member] | |||
Net sales | 112,568 | 187,214 | |
Landed Wholesale - Other [Member] | Eliminations and Other [Member] | |||
Net sales | (11,306) | (15,461) | |
First-Cost Wholesale [Member] | |||
Net sales | 11,921 | 14,771 | |
First-Cost Wholesale [Member] | Famous Footwear [Member] | |||
Net sales | 0 | 0 | |
First-Cost Wholesale [Member] | Brand Portfolio [Member] | |||
Net sales | 11,921 | 14,771 | |
First-Cost Wholesale [Member] | Eliminations and Other [Member] | |||
Net sales | 0 | 0 | |
First-Cost Wholesale - E-commerce [Member] | |||
Net sales | [1] | 246 | 129 |
First-Cost Wholesale - E-commerce [Member] | Famous Footwear [Member] | |||
Net sales | [1] | 0 | 0 |
First-Cost Wholesale - E-commerce [Member] | Brand Portfolio [Member] | |||
Net sales | [1] | 246 | 129 |
First-Cost Wholesale - E-commerce [Member] | Eliminations and Other [Member] | |||
Net sales | [1] | 0 | 0 |
E-commerce [Member] | |||
Net sales | [1] | 87,167 | 67,477 |
E-commerce [Member] | Famous Footwear [Member] | |||
Net sales | [1] | 54,178 | 31,781 |
E-commerce [Member] | Brand Portfolio [Member] | |||
Net sales | [1] | 32,989 | 35,696 |
E-commerce [Member] | Eliminations and Other [Member] | |||
Net sales | [1] | 0 | 0 |
License and Royalty [Member] | |||
Net sales | 2,186 | 3,132 | |
License and Royalty [Member] | Famous Footwear [Member] | |||
Net sales | 0 | 0 | |
License and Royalty [Member] | Brand Portfolio [Member] | |||
Net sales | 2,186 | 3,132 | |
License and Royalty [Member] | Eliminations and Other [Member] | |||
Net sales | 0 | 0 | |
Other Revenue [Member] | |||
Net sales | [2] | (10) | 223 |
Other Revenue [Member] | Famous Footwear [Member] | |||
Net sales | [2] | (43) | 142 |
Other Revenue [Member] | Brand Portfolio [Member] | |||
Net sales | [2] | 33 | 81 |
Other Revenue [Member] | Eliminations and Other [Member] | |||
Net sales | [2] | $ 0 | $ 0 |
[1] | Collectively referred to as "e-commerce" below | ||
[2] | Includes breakage revenue from unredeemed gift cards |
Note 3 - Revenues - Contract Ba
Note 3 - Revenues - Contract Balances (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Customer allowances and discounts | $ 24,768 | $ 26,200 | $ 20,063 |
Loyalty programs liability | 17,326 | 16,405 | 15,700 |
Returns reserve | 15,427 | 14,033 | 16,621 |
Gift Cards [Member] | |||
Gift card liability | $ 5,528 | $ 5,742 | $ 4,944 |
Note 4 - Earnings (Loss) Per _3
Note 4 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 22,667 | 16,667 |
Stock Repurchase Program [Member] | ||
Treasury Stock, Shares, Acquired (in shares) | 1,510,888 | 0 |
Stock Repurchase Program, 2018 [Member] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 2,500,000 | |
Stock Repurchase Program, 2019 [Member] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 5,000,000 |
Note 4 - Earnings (Loss) Per _4
Note 4 - Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Net (loss) earnings | $ (346,172) | $ 9,085 |
Net loss (earnings) attributable to noncontrolling interests | 334 | (2) |
Net earnings allocated to participating securities | 0 | (283) |
Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ (345,838) | $ 8,800 |
Denominator for basic (loss) earnings per common share attributable to Caleres, Inc. shareholders (in shares) | 38,649 | 40,741 |
Dilutive effect of share-based awards (in shares) | 0 | 60 |
Denominator for diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders (in shares) | 38,649 | 40,801 |
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders (in dollars per share) | $ (8.95) | $ 0.22 |
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders (in dollars per share) | $ (8.95) | $ 0.22 |
Note 5 - Restructuring and Ot_2
Note 5 - Restructuring and Other Special Charges (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | May 04, 2019 | Feb. 01, 2020 | Jul. 06, 2018 | |
Goodwill and Intangible Asset Impairment, Total | $ 262,719 | $ 0 | ||
Goodwill and Intangible Asset Impairment, Net | $ 218,500 | |||
Goodwill and Intangible Asset Impairment, Per Diluted Share (in dollars per share) | $ 5.66 | |||
Goodwill, Impairment Loss | $ 240,300 | 0 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 22,400 | 0 | ||
Restructuring Charges, Total | 60,196 | 856 | ||
Fair value adjustments to Blowfish mandatory purchase obligation | 3,233 | 107 | ||
Blowfish, LLC [Member] | ||||
Business Acquisitions, Purchase Obligation | $ 9,000 | |||
Fair value adjustments to Blowfish mandatory purchase obligation | 3,200 | $ 0 | ||
Fair Value Adjustments of Mandatory Purchase Obligation, Net | $ 2,400 | |||
Fair Value Adjustments of Mandatory Purchase Obligation, Per Diluted Share (in dollars per share) | $ 0.06 | |||
Vionic [Member] | ||||
Business Combination, Acquisition Related Costs | $ 0 | |||
Brand Portfolio [Member] | Fergie Brand Exit [Member] | Inventory Mark downs [Member] | ||||
Restructuring and Related Cost, Incurred Cost, Per Diluted Share (in dollars per share) | $ 0.03 | |||
Restructuring Costs, Total | $ 1,600 | |||
Inventory, Write Down, Net | 1,200 | |||
Brand Portfolio [Member] | Carlos Brand Exit [Member] | ||||
Restructuring and Related Cost, Incurred Cost, Per Diluted Share (in dollars per share) | $ 0.03 | |||
Restructuring Costs, Total | $ 1,900 | |||
Inventory, Write Down, Net | $ 1,400 | |||
Brand Portfolio [Member] | Carlos Brand Exit [Member] | Inventory Mark downs [Member] | ||||
Restructuring and Related Cost, Incurred Cost, Per Diluted Share (in dollars per share) | $ 0.02 | |||
Restructuring Costs, Total | $ 1,300 | |||
Inventory, Write Down, Net | $ 1,000 | |||
Brand Portfolio [Member] | Carlos Brand Exit [Member] | Restructuring and Other Special Charges [Member] | ||||
Restructuring and Related Cost, Incurred Cost, Per Diluted Share (in dollars per share) | $ 0.01 | |||
Restructuring Costs, Total | $ 600 | |||
Inventory, Write Down, Net | 400 | |||
Restructuring and Other Special Charges [Member] | Vionic [Member] | ||||
Business Combination, Acquisition Related Costs | 300 | |||
Business Combination, Acquisition Related Costs, After-Tax Basis | $ 200 | |||
Business Combination, Acquisition Related Costs Per Share, Diluted (in dollars per share) | $ 0.01 | |||
Restructuring and Other Special Charges [Member] | Brand Portfolio [Member] | Vionic [Member] | ||||
Business Combination, Acquisition Related Costs | $ 100 | |||
Restructuring and Other Special Charges [Member] | Eliminations and Other [Member] | Vionic [Member] | ||||
Business Combination, Acquisition Related Costs | 200 | |||
Effect of COVID-19 [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | 93,600 | |||
Restructuring and Related Cost, Incurred Cost, After Tax | $ 73,300 | |||
Restructuring and Related Cost, Incurred Cost, Per Diluted Share (in dollars per share) | $ 1.90 | |||
Restructuring Charges, Total | $ 60,200 | |||
Effect of COVID-19 [Member] | Other Accrued Expenses [Member] | ||||
Restructuring Reserve, Ending Balance | 1,300 | |||
Effect of COVID-19 [Member] | Brand Portfolio [Member] | ||||
Restructuring Charges, Total | 43,800 | |||
Effect of COVID-19 [Member] | Famous Footwear [Member] | ||||
Restructuring Charges, Total | 16,000 | |||
Effect of COVID-19 [Member] | Eliminations and Other [Member] | ||||
Restructuring Charges, Total | 400 | |||
Effect of COVID-19 [Member] | Cost of Sales [Member] | ||||
Asset Impairment Charges, Total | 33,400 | |||
Effect of COVID-19 [Member] | Cost of Sales [Member] | Brand Portfolio [Member] | ||||
Asset Impairment Charges, Total | 27,400 | |||
Effect of COVID-19 [Member] | Cost of Sales [Member] | Famous Footwear [Member] | ||||
Asset Impairment Charges, Total | 6,000 | |||
Infinite-lived Trademarks [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 22,400 | $ 0 | $ 0 |
Note 6 - Business Segment Inf_3
Note 6 - Business Segment Information - Key Financial Measures (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | Feb. 01, 2020 | ||
Net sales | $ 397,184 | $ 677,754 | ||
Intersegment sales (1) | [1] | 11,306 | 15,461 | |
Operating earnings (loss) | (426,211) | 16,869 | ||
Segment assets | 2,223,685 | 2,493,070 | $ 2,431,707 | |
Famous Footwear [Member] | ||||
Net sales | 191,252 | 352,165 | ||
Intersegment sales (1) | [1] | 0 | 0 | |
Operating earnings (loss) | (67,540) | 10,813 | ||
Segment assets | 897,046 | 998,606 | ||
Brand Portfolio [Member] | ||||
Net sales | 217,238 | 341,050 | ||
Intersegment sales (1) | [1] | 11,306 | 15,461 | |
Operating earnings (loss) | (345,748) | 12,929 | ||
Segment assets | 995,760 | 1,355,842 | ||
Eliminations and Other [Member] | ||||
Net sales | (11,306) | (15,461) | ||
Intersegment sales (1) | [1] | 0 | 0 | |
Operating earnings (loss) | (12,923) | (6,873) | ||
Segment assets | $ 330,879 | $ 138,622 | ||
[1] | Included in net sales in the Brand Portfolio segment and eliminated in the Eliminations and Other category |
Note 6 - Business Segment Inf_4
Note 6 - Business Segment Information - Reconciliation of Operating Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Operating (loss) earnings | $ (426,211) | $ 16,869 |
Interest expense, net | (9,478) | (7,340) |
Other income, net | 3,585 | 2,619 |
(Loss) earnings before income taxes | $ (432,104) | $ 12,148 |
Note 7 - Inventories - Schedule
Note 7 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Raw materials | $ 16,848 | $ 18,455 | $ 18,618 |
Work-in-process | 357 | 454 | 478 |
Finished goods | 568,102 | 599,497 | 629,049 |
Inventories, net | $ 585,307 | $ 618,406 | $ 648,145 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 02, 2020 | May 04, 2019 | Feb. 02, 2019 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 22,400 | $ 0 | |
Amortization of Intangible Assets, Total | 3,212 | 3,265 | |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 13,100 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 12,900 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 12,500 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 12,200 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 11,400 | ||
Goodwill, Impairment Loss | 240,300 | $ 0 | |
Indefinite-lived Via Spiga Trademark [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | 500 | ||
Allen Edmonds [Member] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 12,200 | $ 60,000 | |
Via Spiga [Member] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 10,200 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Intangible Assets | $ 368,688 | $ 391,088 | $ 391,088 |
Accumulated amortization | (99,996) | (96,784) | (86,987) |
Total intangible assets, net | 268,692 | 294,304 | 304,101 |
Goodwill | 4,956 | 245,275 | 244,407 |
Goodwill and intangible assets, net | 273,648 | 539,579 | 548,508 |
Famous Footwear [Member] | |||
Intangible Assets | 2,800 | 2,800 | 2,800 |
Brand Portfolio [Member] | |||
Intangible Assets | 365,888 | 388,288 | 388,288 |
Goodwill | $ 4,956 | $ 245,275 | $ 244,407 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Finite and Infinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | May 04, 2019 | Feb. 01, 2020 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 99,996 | $ 86,987 | $ 96,784 | |
Indefinite-Lived Intangible Assets, Impairment | 22,400 | 0 | ||
Intangible Assets, Cost Basis | 391,088 | 391,088 | 391,088 | |
Intangible Assets, Net Carrying Value | 268,692 | 304,101 | 294,304 | |
Infinite-lived Trademarks [Member] | ||||
Indefinite-Lived Intangible Assets, Cost Basis | [1] | 58,100 | 58,100 | 58,100 |
Indefinite-Lived Intangible Assets, Impairment | 22,400 | 0 | 0 | |
Indefinite-Lived Intangible Assets, Net Carrying Value | 35,700 | 58,100 | 58,100 | |
Trademarks [Member] | ||||
Finite-Lived Intangible Assets, Cost Basis | 288,788 | 288,788 | 288,788 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 94,294 | 84,427 | 91,827 | |
Finite-Lived Intangible Assets, Net Carrying Value | $ 194,494 | $ 204,361 | $ 196,961 | |
Trademarks [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Assets, Estimated Useful Life (Year) | 15 years | 15 years | 15 years | |
Trademarks [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets, Estimated Useful Life (Year) | 40 years | 40 years | 40 years | |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets, Cost Basis | $ 44,200 | $ 44,200 | $ 44,200 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 5,702 | 2,560 | 4,957 | |
Finite-Lived Intangible Assets, Net Carrying Value | $ 38,498 | $ 41,640 | $ 39,243 | |
Customer Relationships [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Assets, Estimated Useful Life (Year) | 15 years | 15 years | 15 years | |
Customer Relationships [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets, Estimated Useful Life (Year) | 16 years | 16 years | 16 years | |
[1] | Cost basis for indefinite-lived trademarks has been reduced by $60.0 million in impairment charges recognized in 2018 related to the Allen Edmonds tradename. |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | Jan. 31, 2021 | Feb. 01, 2020 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 22,400 | |||
Operating Lease, Right-of-Use Asset | 648,534 | $ 735,282 | $ 695,594 | |
Forecast [Member] | ||||
Operating Lease, Liability, Total | $ 4,000 | |||
Operating Lease, Right-of-Use Asset | $ 4,000 | |||
Effect of COVID-19 [Member] | ||||
Operating Lease, Impairment Loss | 20,400 | |||
Impairment of Long-Lived Assets Held-for-use | 14,800 | |||
Retail Stores [Member] | ||||
Asset Impairment Charges, Total | $ 35,200 | $ 1,200 |
Note 9 - Leases - Components of
Note 9 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Operating lease expense | $ 45,240 | $ 46,461 |
Variable lease expense | 11,334 | 12,184 |
Short-term lease expense | 712 | 1,115 |
Sublease income | (19) | (73) |
Total lease expense | $ 57,267 | $ 59,687 |
Note 9 - Leases - Supplemental
Note 9 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Cash paid for lease liabilities | $ 15,117 | $ 46,511 |
Cash received from sublease income | $ 19 | $ 73 |
Note 10 - Long-term and Short_3
Note 10 - Long-term and Short-term Financing Arrangements (Details Textual) - USD ($) $ in Millions | Apr. 14, 2020 | May 02, 2020 | Mar. 31, 2020 | Jan. 18, 2019 | Jan. 17, 2019 | Jul. 27, 2015 |
Senior Notes Due 2023 [Member] | ||||||
Senior Notes, Total | $ 200 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Senior Notes, Repurchase Price, Change of Control | 101.00% | |||||
Revolving Credit Facility [Member] | ||||||
Long-term Line of Credit, Total | $ 440 | |||||
Revolving Credit Facility [Member] | Fourth Amendment to Fourth Amended and Restated Credit Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | $ 500 | $ 600 | |||
Line of Credit Facility, Option to Increase, Amount | 150 | $ 250 | ||||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 100 | |||||
Debt Instrument, Increase in Basis Spread on Variable Rate | 0.75% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Increase | 0.05% | |||||
Line of Credit Facility, Excess Availability, Percent to Trigger Debt Restrictions | 10.00% | |||||
Line of Credit Facility, Excess Availability to Trigger Debt Restrictions | $ 40 | |||||
Long-term Line of Credit, Total | 438.5 | |||||
Letters of Credit Outstanding, Amount | 11.1 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 104.2 | |||||
Revolving Credit Facility [Member] | Fourth Amendment to Fourth Amended and Restated Credit Agreement [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 10 - Long-term and Short_4
Note 10 - Long-term and Short-term Financing Arrangements - Schedule of Redemption Price Percentage (Details) - Senior Notes Due 2023 [Member] | 3 Months Ended |
May 02, 2020 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.563% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Note 11 - Shareholders' Equit_2
Note 11 - Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 02, 2020 | May 04, 2019 | ||
Balance | $ (31,843) | ||
Other comprehensive loss, net of tax | (1,392) | $ (260) | |
Balance | (33,216) | (31,873) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (580) | 62 | |
Other comprehensive (loss) income before reclassifications | (1,531) | (970) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Tax benefit | 0 | 0 | |
Net reclassifications | 0 | 0 | |
Other comprehensive loss, net of tax | (1,531) | (970) | |
Balance | (2,111) | (908) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Balance | [1] | (31,171) | (31,055) |
Other comprehensive (loss) income before reclassifications | [1] | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | [1] | 694 | 533 |
Tax benefit | [1] | (628) | (138) |
Net reclassifications | [1] | 66 | 395 |
Other comprehensive loss, net of tax | [1] | 66 | 395 |
Balance | [1] | (31,105) | (30,660) |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | |||
Balance | [2] | (92) | (608) |
Other comprehensive (loss) income before reclassifications | [2] | 87 | 169 |
Amounts reclassified from accumulated other comprehensive loss | [2] | 6 | 171 |
Tax benefit | [2] | (1) | (37) |
Net reclassifications | [2] | 5 | 134 |
Other comprehensive loss, net of tax | [2] | 92 | 303 |
Balance | [2] | 0 | (305) |
AOCI Attributable to Parent [Member] | |||
Balance | (31,843) | (31,601) | |
Other comprehensive (loss) income before reclassifications | (1,444) | (801) | |
Amounts reclassified from accumulated other comprehensive loss | 700 | 704 | |
Tax benefit | (629) | (175) | |
Net reclassifications | 71 | 529 | |
Other comprehensive loss, net of tax | (1,373) | (272) | |
Balance | $ (33,216) | $ (31,873) | |
[1] | Amounts reclassified are included in other income, net. Refer to Note 13 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. | ||
[2] | Amounts reclassified are included in net sales, costs of goods sold and selling and administrative expenses. Refer to Note 14 and Note 15 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Share-based Payment Arrangement, Expense | $ 2.4 | $ 3.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 414,121 | 347,283 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 550,683 | 397,550 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.81 | $ 23.42 |
Restricted Stock [Member] | Share-based Compensation Award, Graded-vesting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 180,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.42 | |
Performance Shares [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Percentage Earned | 0.00% | |
Performance Shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Percentage Earned | 200.00% | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,309 | 1,114 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.86 | $ 25.08 |
Note 12 - Share-Based Compens_4
Note 12 - Share-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Balance, total number of restricted shares (in shares) | 1,271,795 | 1,249,223 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 26.77 | $ 29.17 |
Granted, total number of restricted shares (in shares) | 550,683 | 397,550 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 5.81 | $ 23.42 |
Forfeited, total number of restricted shares (in shares) | (32,687) | (21,425) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 25.60 | $ 29.51 |
Vested, total number of restricted shares (in shares) | (368,048) | (204,920) |
Vested, weighted-average grant date fair value (in dollars per share) | $ 28.38 | $ 30.06 |
Balance, total number of restricted shares (in shares) | 1,421,743 | 1,420,428 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 18.20 | $ 27.43 |
Note 13 - Retirement and Othe_3
Note 13 - Retirement and Other Benefit Plans - Components of Net Periodic Benefit Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Pension Plan [Member] | ||
Service cost | $ 2,160 | $ 1,854 |
Interest cost | 3,154 | 3,725 |
Expected return on assets | (7,443) | (6,892) |
Actuarial loss (gain) | 1,083 | 928 |
Prior service income | (350) | (365) |
Total net periodic benefit income | (1,396) | (750) |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 10 | 15 |
Expected return on assets | 0 | 0 |
Actuarial loss (gain) | (39) | (30) |
Prior service income | 0 | 0 |
Total net periodic benefit income | $ (29) | $ (15) |
Note 14 - Risk Management and_3
Note 14 - Risk Management and Derivatives - Net Notional Amount of All Purchase and Sale Contracts of a Foreign Currency (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Foreign Exchange Forward, US Dollars [Member] | |||
Notional Amount | $ 0 | $ 3,963 | $ 13,230 |
Foreign Exchange Forward, Euro [Member] | |||
Notional Amount | 0 | 1,251 | 12,134 |
Foreign Exchange Forward, Chinese Yuan [Member] | |||
Notional Amount | 0 | 2,355 | 2,858 |
Foreign Exchange Forward, New Taiwanese Dollars [Member] | |||
Notional Amount | 0 | 0 | 469 |
Foreign Exchange Forward, Other Currencies [Member] | |||
Notional Amount | 0 | 69 | 376 |
Foreign Exchange Forward [Member] | |||
Notional Amount | $ 0 | $ 7,638 | $ 29,067 |
Note 14 - Risk Management and_4
Note 14 - Risk Management and Derivatives - Schedule of Fair Values of Derivative Instruments Designated as Hedging Instruments (Details) - Prepaid Expenses and Other Current Assets [Member] - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Asset Derivatives | $ 0 | $ 0 | $ 183 |
Liability Derivatives | $ 0 | $ 103 | $ 459 |
Note 14 - Risk Management and_5
Note 14 - Risk Management and Derivatives - Effect of Derivative Instruments in Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Unrealized gain (loss) on derivative financial instruments, net of tax | $ 92 | $ 303 |
Foreign Exchange Forward [Member] | Sales [Member] | ||
Unrealized gain (loss) on derivative financial instruments, net of tax | 23 | (99) |
(Loss) Gain Reclassified from Accumulated OCL into Earnings | 0 | 0 |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | ||
Unrealized gain (loss) on derivative financial instruments, net of tax | 60 | 289 |
(Loss) Gain Reclassified from Accumulated OCL into Earnings | 0 | (22) |
Foreign Exchange Forward [Member] | Selling, General and Administrative Expenses [Member] | ||
Unrealized gain (loss) on derivative financial instruments, net of tax | 33 | 35 |
(Loss) Gain Reclassified from Accumulated OCL into Earnings | $ (6) | $ (149) |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Deferred Compensation Plan, Maximum Percentage of Deferral of Base Salary | 50.00% | |
Deferred Compensation Plan, Maximum Percentage of Deferral of Annual Incentive Compensation | 100.00% | |
Accretion and Remeasurement Adjustments | $ 3.2 | $ 0.1 |
Long-lived Assets, Held and Used | $ 726.2 | $ 685 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Cash equivalents – money market funds | $ 146,009 | $ 18,001 | $ 4,500 |
Non-qualified deferred compensation plan assets | 7,435 | 8,004 | 7,865 |
Non-qualified deferred compensation plan liabilities | (7,435) | (8,004) | (7,865) |
Deferred compensation plan liabilities for non-employee directors | (818) | (1,536) | (2,173) |
Restricted stock units for non-employee directors | (1,093) | (2,572) | (4,013) |
Mandatory purchase obligation - Blowfish Malibu | (18,433) | (15,200) | (9,353) |
Derivative financial instruments, net | (103) | (276) | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents – money market funds | 146,009 | 18,001 | 4,500 |
Non-qualified deferred compensation plan assets | 7,435 | 8,004 | 7,865 |
Non-qualified deferred compensation plan liabilities | (7,435) | (8,004) | (7,865) |
Deferred compensation plan liabilities for non-employee directors | (818) | (1,536) | (2,173) |
Restricted stock units for non-employee directors | (1,093) | (2,572) | (4,013) |
Mandatory purchase obligation - Blowfish Malibu | 0 | 0 | 0 |
Derivative financial instruments, net | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents – money market funds | 0 | 0 | 0 |
Non-qualified deferred compensation plan assets | 0 | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 0 | 0 | 0 |
Deferred compensation plan liabilities for non-employee directors | 0 | 0 | 0 |
Restricted stock units for non-employee directors | 0 | 0 | 0 |
Mandatory purchase obligation - Blowfish Malibu | 0 | 0 | 0 |
Derivative financial instruments, net | (103) | (276) | |
Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents – money market funds | 0 | 0 | 0 |
Non-qualified deferred compensation plan assets | 0 | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 0 | 0 | 0 |
Deferred compensation plan liabilities for non-employee directors | 0 | 0 | 0 |
Restricted stock units for non-employee directors | 0 | 0 | 0 |
Mandatory purchase obligation - Blowfish Malibu | $ (18,433) | (15,200) | (9,353) |
Derivative financial instruments, net | $ 0 | $ 0 |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements - Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Impairment charges for property, equipment, and lease right-of-use assets | $ 35,222 | $ 1,194 |
Famous Footwear [Member] | Selling, General and Administrative Expenses [Member] | ||
Impairment charges for property, equipment, and lease right-of-use assets | 14,896 | 400 |
Brand Portfolio [Member] | Selling, General and Administrative Expenses [Member] | ||
Impairment charges for property, equipment, and lease right-of-use assets | $ 20,326 | $ 794 |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 | ||
Reported Value Measurement [Member] | |||||
Borrowings under revolving credit agreement | $ 438.5 | [1] | $ 275 | $ 318 | |
Long-term debt | 200 | [1] | 200 | 200 | |
Total debt | 638.5 | [1] | 475 | 518 | |
Estimate of Fair Value Measurement [Member] | |||||
Borrowings under revolving credit agreement | 438.5 | 275 | 318 | [1] | |
Long-term debt | 178 | 205 | 208 | [1] | |
Total debt | $ 616.5 | $ 480 | $ 526 | [1] | |
[1] | Excludes unamortized debt issuance costs and debt discount |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.90% | 25.20% |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 0.1 | |
Effective Income Tax Rate, Before Discrete Benefits of Provisions | 26.60% | 24.30% |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - Redfield Site [Member] $ in Millions | 3 Months Ended |
May 02, 2020USD ($) | |
Cumulative Environmental Remediation Expense | $ 31.7 |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 9.5 |
Reserve For Anticipated Future Remediation Activities For Off Site Remediation | 5 |
Reserve For Anticipated Future Remediation Activities For On Site Remediation | $ 4.5 |
Accrual for Environmental Loss Contingencies, Discount Rate | 4.80% |
Accrual for Environmental Loss Contingencies, Gross, Total | $ 13.8 |
Accrual for Environmental Loss Contingencies, Undiscounted, Next Twelve Months | 0.5 |
Accrual for Environmental Loss Contingencies, Undiscounted, Second Year | 0.1 |
Accrual for Environmental Loss Contingencies, Undiscounted, after Fifth Year | 12.9 |
Accrual for Environmental Loss Contingencies, Undiscounted, Third Year | 0.1 |
Accrual for Environmental Loss Contingencies, Undiscounted, Fourth Year | 0.1 |
Accrual for Environmental Loss Contingencies, Undiscounted, Fifth Year | 0.1 |
Other Noncurrent Liabilities [Member] | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 8.7 |
Other Accrued Expenses [Member] | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | $ 0.8 |
Note 18 - Financial Informati_3
Note 18 - Financial Information for the Company and its Subsidiaries (Details Textual) | May 02, 2020 |
Percentage, Ownership of Guarantors by Parent | 100.00% |
Note 18 - Financial Informati_4
Note 18 - Financial Information for the Company and its Subsidiaries - Schedule of Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 | Feb. 02, 2019 |
Cash and cash equivalents | $ 187,717 | $ 45,218 | $ 35,778 | $ 30,200 |
Receivables, net | 145,333 | 162,181 | 148,487 | |
Inventories, net | 585,307 | 618,406 | 648,145 | |
Prepaid expenses and other current assets | 91,433 | 56,494 | 54,902 | |
Intercompany receivable – current | 0 | 0 | 0 | |
Total current assets | 1,009,790 | 882,299 | 887,312 | |
Other assets | 90,913 | 89,389 | 85,711 | |
Goodwill and intangible assets, net | 273,648 | 539,579 | 548,508 | |
Lease right-of-use assets | 648,534 | 695,594 | 735,282 | |
Property and equipment, net | 200,800 | 224,846 | 236,257 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Intercompany receivable – noncurrent | 0 | 0 | 0 | |
Total assets | 2,223,685 | 2,431,707 | 2,493,070 | |
Borrowings under revolving credit agreement | 438,500 | 275,000 | 318,000 | |
Trade accounts payable | 297,557 | 267,018 | 289,071 | |
Lease obligations | 160,138 | 127,869 | 136,005 | |
Other accrued expenses | 181,344 | 181,063 | 168,224 | |
Intercompany payable – current | 0 | 0 | 0 | |
Total current liabilities | 1,077,539 | 850,950 | 911,300 | |
Noncurrent lease obligations | 601,133 | 629,032 | 662,750 | |
Long-term debt | 198,506 | 198,391 | 198,046 | |
Other liabilities | 61,384 | 104,204 | 92,342 | |
Intercompany payable – noncurrent | 0 | 0 | 0 | |
Total other liabilities | 861,023 | 931,627 | 953,138 | |
Caleres, Inc. shareholders’ equity | 282,296 | 645,950 | 627,236 | |
Noncontrolling interests | 2,827 | 3,180 | 1,396 | |
Total equity | 285,123 | 649,130 | 628,632 | 635,435 |
Total liabilities and equity | 2,223,685 | 2,431,707 | 2,493,070 | |
Consolidation, Eliminations [Member] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | 0 | |
Inventories, net | 0 | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 0 | (807) | |
Intercompany receivable – current | (9,058) | (9,362) | (9,190) | |
Total current assets | (9,058) | (9,362) | (9,997) | |
Other assets | 0 | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | 0 | |
Lease right-of-use assets | 0 | 0 | 0 | |
Property and equipment, net | 0 | 0 | 0 | |
Investment in subsidiaries | (1,262,361) | (1,546,454) | (1,478,597) | |
Intercompany receivable – noncurrent | (2,087,151) | (2,079,348) | (1,982,266) | |
Total assets | (3,358,570) | (3,635,164) | (3,470,860) | |
Borrowings under revolving credit agreement | 0 | 0 | 0 | |
Trade accounts payable | 0 | 0 | 0 | |
Other accrued expenses | 0 | 0 | (807) | |
Intercompany payable – current | (9,058) | (9,362) | (9,190) | |
Total current liabilities | (9,058) | (9,362) | (9,997) | |
Noncurrent lease obligations | 0 | 0 | 0 | |
Long-term debt | 0 | 0 | 0 | |
Other liabilities | 0 | 0 | 0 | |
Intercompany payable – noncurrent | (2,087,151) | (2,079,348) | (1,982,266) | |
Total other liabilities | (2,087,151) | (2,079,348) | (1,982,266) | |
Caleres, Inc. shareholders’ equity | (1,262,361) | (1,546,454) | (1,478,597) | |
Noncontrolling interests | 0 | 0 | 0 | |
Total equity | (1,262,361) | (1,546,454) | (1,478,597) | |
Total liabilities and equity | (3,358,570) | (3,635,164) | (3,470,860) | |
Parent Company [Member] | ||||
Cash and cash equivalents | 160,348 | 19,219 | 6,812 | 2 |
Receivables, net | 86,937 | 100,997 | 91,170 | |
Inventories, net | 97,256 | 142,370 | 124,703 | |
Prepaid expenses and other current assets | 72,275 | 35,576 | 31,046 | |
Intercompany receivable – current | 936 | 260 | 314 | |
Total current assets | 417,752 | 298,422 | 254,045 | |
Other assets | 79,938 | 77,444 | 73,066 | |
Goodwill and intangible assets, net | 81,950 | 106,660 | 108,328 | |
Lease right-of-use assets | 133,685 | 137,374 | 130,006 | |
Property and equipment, net | 75,417 | 76,587 | 75,763 | |
Investment in subsidiaries | 1,288,981 | 1,572,577 | 1,503,973 | |
Intercompany receivable – noncurrent | 616,970 | 606,648 | 586,453 | |
Total assets | 2,694,693 | 2,875,712 | 2,731,634 | |
Borrowings under revolving credit agreement | 438,500 | 275,000 | 318,000 | |
Trade accounts payable | 101,286 | 113,484 | 83,559 | |
Lease obligations | 5,674 | 4,679 | 11,096 | |
Other accrued expenses | 111,005 | 86,661 | 65,845 | |
Intercompany payable – current | 4,131 | 5,349 | 4,669 | |
Total current liabilities | 660,596 | 485,173 | 483,169 | |
Noncurrent lease obligations | 142,862 | 145,845 | 132,565 | |
Long-term debt | 198,506 | 198,391 | 198,046 | |
Other liabilities | 59,255 | 101,386 | 88,358 | |
Intercompany payable – noncurrent | 1,351,178 | 1,298,967 | 1,202,260 | |
Total other liabilities | 1,751,801 | 1,744,589 | 1,621,229 | |
Caleres, Inc. shareholders’ equity | 282,296 | 645,950 | 627,236 | |
Noncontrolling interests | 0 | 0 | 0 | |
Total equity | 282,296 | 645,950 | 627,236 | |
Total liabilities and equity | 2,694,693 | 2,875,712 | 2,731,634 | |
Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 14,519 | 3,878 | 14,703 | 9,148 |
Receivables, net | 32,440 | 32,168 | 39,619 | |
Inventories, net | 453,183 | 435,794 | 492,630 | |
Prepaid expenses and other current assets | 11,925 | 13,603 | 18,077 | |
Intercompany receivable – current | 49 | 30 | 76 | |
Total current assets | 512,116 | 485,473 | 565,105 | |
Other assets | 9,913 | 10,953 | 11,793 | |
Goodwill and intangible assets, net | 135,194 | 326,565 | 331,689 | |
Lease right-of-use assets | 488,964 | 528,393 | 572,551 | |
Property and equipment, net | 117,015 | 138,461 | 149,955 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Intercompany receivable – noncurrent | 656,272 | 663,640 | 620,752 | |
Total assets | 1,919,474 | 2,153,485 | 2,251,845 | |
Borrowings under revolving credit agreement | 0 | 0 | 0 | |
Trade accounts payable | 162,062 | 112,108 | 183,057 | |
Lease obligations | 146,725 | 116,738 | 118,041 | |
Other accrued expenses | 49,282 | 73,122 | 83,503 | |
Intercompany payable – current | 0 | 0 | 0 | |
Total current liabilities | 358,069 | 301,968 | 384,601 | |
Noncurrent lease obligations | 432,669 | 454,343 | 497,527 | |
Long-term debt | 0 | 0 | 0 | |
Other liabilities | 1,558 | 1,878 | 2,848 | |
Intercompany payable – noncurrent | 76,612 | 115,005 | 113,338 | |
Total other liabilities | 510,839 | 571,226 | 613,713 | |
Caleres, Inc. shareholders’ equity | 1,050,566 | 1,280,291 | 1,253,531 | |
Noncontrolling interests | 0 | 0 | 0 | |
Total equity | 1,050,566 | 1,280,291 | 1,253,531 | |
Total liabilities and equity | 1,919,474 | 2,153,485 | 2,251,845 | |
Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 12,850 | 22,121 | 14,263 | $ 21,050 |
Receivables, net | 25,956 | 29,016 | 17,698 | |
Inventories, net | 34,868 | 40,242 | 30,812 | |
Prepaid expenses and other current assets | 7,233 | 7,315 | 6,586 | |
Intercompany receivable – current | 8,073 | 9,072 | 8,800 | |
Total current assets | 88,980 | 107,766 | 78,159 | |
Other assets | 1,062 | 992 | 852 | |
Goodwill and intangible assets, net | 56,504 | 106,354 | 108,491 | |
Lease right-of-use assets | 25,885 | 29,827 | 32,725 | |
Property and equipment, net | 8,368 | 9,798 | 10,539 | |
Investment in subsidiaries | (26,620) | (26,123) | (25,376) | |
Intercompany receivable – noncurrent | 813,909 | 809,060 | 775,061 | |
Total assets | 968,088 | 1,037,674 | 980,451 | |
Borrowings under revolving credit agreement | 0 | 0 | 0 | |
Trade accounts payable | 34,209 | 41,426 | 22,455 | |
Lease obligations | 7,739 | 6,452 | 6,868 | |
Other accrued expenses | 21,057 | 21,280 | 19,683 | |
Intercompany payable – current | 4,927 | 4,013 | 4,521 | |
Total current liabilities | 67,932 | 73,171 | 53,527 | |
Noncurrent lease obligations | 25,602 | 28,844 | 32,658 | |
Long-term debt | 0 | 0 | 0 | |
Other liabilities | 571 | 940 | 1,136 | |
Intercompany payable – noncurrent | 659,361 | 665,376 | 666,668 | |
Total other liabilities | 685,534 | 695,160 | 700,462 | |
Caleres, Inc. shareholders’ equity | 211,795 | 266,163 | 225,066 | |
Noncontrolling interests | 2,827 | 3,180 | 1,396 | |
Total equity | 214,622 | 269,343 | 226,462 | |
Total liabilities and equity | $ 968,088 | $ 1,037,674 | $ 980,451 |
Note 18 - Financial Informati_5
Note 18 - Financial Information for the Company and its Subsidiaries - Schedule of Condensed Consolidating Statement of Earnings (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Net sales | $ 397,184 | $ 677,754 |
Cost of goods sold | 275,286 | 397,918 |
Gross profit | 121,898 | 279,836 |
Selling and administrative expenses | 225,194 | 262,111 |
Impairment of goodwill and intangible assets | 262,719 | 0 |
Restructuring and other special charges, net | 60,196 | 856 |
Operating earnings (loss) | (426,211) | 16,869 |
Interest (expense) income | 9,478 | 7,340 |
Other income, net | (3,585) | (2,619) |
Intercompany interest income (expense) | 0 | 0 |
Loss before income taxes | (432,104) | 12,148 |
Income tax benefit (provision) | 85,932 | (3,063) |
Equity in loss of subsidiaries, net of tax | 0 | 0 |
Net (loss) earnings | (346,172) | 9,085 |
Less: Net loss attributable to noncontrolling interests | (334) | 2 |
Net loss attributable to Caleres, Inc. | (345,838) | 9,083 |
Comprehensive loss | (347,564) | 8,825 |
Less: Comprehensive loss attributable to noncontrolling interests | (353) | 14 |
Comprehensive loss attributable to Caleres, Inc. | (347,211) | 8,811 |
(Loss) earnings before income taxes | (432,104) | 12,148 |
Consolidation, Eliminations [Member] | ||
Net sales | (29,010) | (54,397) |
Cost of goods sold | (24,920) | (47,977) |
Gross profit | (4,090) | (6,420) |
Selling and administrative expenses | (4,090) | (6,420) |
Impairment of goodwill and intangible assets | 0 | |
Restructuring and other special charges, net | 0 | 0 |
Operating earnings (loss) | 0 | 0 |
Interest (expense) income | 0 | 0 |
Other income, net | 0 | 0 |
Intercompany interest income (expense) | 0 | 0 |
Loss before income taxes | 0 | |
Income tax benefit (provision) | 0 | 0 |
Equity in loss of subsidiaries, net of tax | 276,587 | (6,370) |
Net (loss) earnings | 276,587 | (6,370) |
Less: Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Caleres, Inc. | 276,587 | (6,370) |
Comprehensive loss | 278,490 | (5,479) |
Less: Comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to Caleres, Inc. | 278,490 | (5,479) |
(Loss) earnings before income taxes | 0 | |
Parent Company [Member] | ||
Net sales | 118,153 | 191,404 |
Cost of goods sold | 106,051 | 129,259 |
Gross profit | 12,102 | 62,145 |
Selling and administrative expenses | 49,116 | 55,941 |
Impairment of goodwill and intangible assets | 24,154 | |
Restructuring and other special charges, net | 23,139 | 856 |
Operating earnings (loss) | (84,307) | 5,348 |
Interest (expense) income | 9,474 | 7,339 |
Other income, net | (3,540) | (2,637) |
Intercompany interest income (expense) | (2,463) | (2,841) |
Loss before income taxes | (87,778) | |
Income tax benefit (provision) | 18,031 | (1,312) |
Equity in loss of subsidiaries, net of tax | (276,091) | 6,908 |
Net (loss) earnings | (345,838) | 9,083 |
Less: Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Caleres, Inc. | (345,838) | 9,083 |
Comprehensive loss | (347,211) | 8,811 |
Less: Comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to Caleres, Inc. | (347,211) | 8,811 |
(Loss) earnings before income taxes | 3,487 | |
Guarantor Subsidiaries [Member] | ||
Net sales | 268,253 | 488,321 |
Cost of goods sold | 172,154 | 289,541 |
Gross profit | 96,099 | 198,780 |
Selling and administrative expenses | 112,040 | 194,585 |
Impairment of goodwill and intangible assets | 238,565 | |
Restructuring and other special charges, net | 37,057 | 0 |
Operating earnings (loss) | (291,563) | 4,195 |
Interest (expense) income | 20 | 22 |
Other income, net | 0 | 0 |
Intercompany interest income (expense) | 2,523 | 2,817 |
Loss before income taxes | (294,106) | |
Income tax benefit (provision) | 68,485 | (355) |
Equity in loss of subsidiaries, net of tax | 0 | 0 |
Net (loss) earnings | (225,621) | 1,001 |
Less: Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Caleres, Inc. | (225,621) | 1,001 |
Comprehensive loss | (226,031) | 923 |
Less: Comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to Caleres, Inc. | (226,031) | 923 |
(Loss) earnings before income taxes | 1,356 | |
Non-Guarantor Subsidiaries [Member] | ||
Net sales | 39,788 | 52,426 |
Cost of goods sold | 22,001 | 27,095 |
Gross profit | 17,787 | 25,331 |
Selling and administrative expenses | 68,128 | 18,005 |
Impairment of goodwill and intangible assets | 0 | |
Restructuring and other special charges, net | 0 | 0 |
Operating earnings (loss) | (50,341) | 7,326 |
Interest (expense) income | (16) | (21) |
Other income, net | (45) | 18 |
Intercompany interest income (expense) | (60) | 24 |
Loss before income taxes | (50,220) | |
Income tax benefit (provision) | (584) | (1,396) |
Equity in loss of subsidiaries, net of tax | (496) | (538) |
Net (loss) earnings | (51,300) | 5,371 |
Less: Net loss attributable to noncontrolling interests | (334) | 2 |
Net loss attributable to Caleres, Inc. | (50,966) | 5,369 |
Comprehensive loss | (52,812) | 4,570 |
Less: Comprehensive loss attributable to noncontrolling interests | (353) | 14 |
Comprehensive loss attributable to Caleres, Inc. | $ (52,459) | 4,556 |
(Loss) earnings before income taxes | $ 7,305 |
Note 18 - Financial Informati_6
Note 18 - Financial Information for the Company and its Subsidiaries - Schedule of Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Net cash (used for) provided by operating activities | $ 728 | $ 49,910 |
Purchases of property and equipment | (3,523) | (18,443) |
Capitalized software | (977) | (2,917) |
Intercompany investing | 0 | 0 |
Net cash used for investing activities | (4,500) | (21,360) |
Borrowings under revolving credit agreement | 168,500 | 84,000 |
Repayments under revolving credit agreement | (5,000) | (101,000) |
Dividends paid | (2,810) | (2,947) |
Acquisition of treasury stock | (12,932) | 0 |
Issuance of common stock under share-based plans, net | (906) | (2,559) |
Other | (323) | (394) |
Intercompany financing | 0 | 0 |
Net cash provided by (used for) financing activities | 146,529 | (22,900) |
Effect of exchange rate changes on cash and cash equivalents | (258) | (72) |
Increase (decrease) in cash and cash equivalents | 142,499 | 5,578 |
Cash and cash equivalents at beginning of period | 45,218 | 30,200 |
Cash and cash equivalents at end of period | 187,717 | 35,778 |
Consolidation, Eliminations [Member] | ||
Net cash (used for) provided by operating activities | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Capitalized software | 0 | 0 |
Intercompany investing | 0 | 0 |
Net cash used for investing activities | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Dividends paid | 0 | 0 |
Acquisition of treasury stock | 0 | |
Issuance of common stock under share-based plans, net | 0 | 0 |
Other | 0 | 0 |
Intercompany financing | 0 | 0 |
Net cash provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent Company [Member] | ||
Net cash (used for) provided by operating activities | (4,257) | (5,419) |
Purchases of property and equipment | (1,205) | (14,787) |
Capitalized software | (817) | (2,911) |
Intercompany investing | (84) | (120) |
Net cash used for investing activities | (2,106) | (17,818) |
Borrowings under revolving credit agreement | 168,500 | 84,000 |
Repayments under revolving credit agreement | (5,000) | (101,000) |
Dividends paid | (2,810) | (2,947) |
Acquisition of treasury stock | (12,932) | |
Issuance of common stock under share-based plans, net | (906) | (2,559) |
Other | 0 | (394) |
Intercompany financing | 640 | 52,947 |
Net cash provided by (used for) financing activities | 147,492 | 30,047 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 141,129 | 6,810 |
Cash and cash equivalents at beginning of period | 19,219 | 2 |
Cash and cash equivalents at end of period | 160,348 | 6,812 |
Guarantor Subsidiaries [Member] | ||
Net cash (used for) provided by operating activities | 4,939 | 47,435 |
Purchases of property and equipment | (2,318) | (2,833) |
Capitalized software | (160) | (6) |
Intercompany investing | 84 | 120 |
Net cash used for investing activities | (2,394) | (2,719) |
Borrowings under revolving credit agreement | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Dividends paid | 0 | 0 |
Acquisition of treasury stock | 0 | |
Issuance of common stock under share-based plans, net | 0 | 0 |
Other | (323) | 0 |
Intercompany financing | 8,419 | (39,161) |
Net cash provided by (used for) financing activities | 8,096 | (39,161) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 10,641 | 5,555 |
Cash and cash equivalents at beginning of period | 3,878 | 9,148 |
Cash and cash equivalents at end of period | 14,519 | 14,703 |
Non-Guarantor Subsidiaries [Member] | ||
Net cash (used for) provided by operating activities | 46 | 7,894 |
Purchases of property and equipment | 0 | (823) |
Capitalized software | 0 | 0 |
Intercompany investing | 0 | 0 |
Net cash used for investing activities | 0 | (823) |
Borrowings under revolving credit agreement | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Dividends paid | 0 | 0 |
Acquisition of treasury stock | 0 | |
Issuance of common stock under share-based plans, net | 0 | 0 |
Other | 0 | 0 |
Intercompany financing | (9,059) | (13,786) |
Net cash provided by (used for) financing activities | (9,059) | (13,786) |
Effect of exchange rate changes on cash and cash equivalents | (258) | (72) |
Increase (decrease) in cash and cash equivalents | (9,271) | (6,787) |
Cash and cash equivalents at beginning of period | 22,121 | 21,050 |
Cash and cash equivalents at end of period | $ 12,850 | $ 14,263 |