Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CALERES INC | bws8k052913.htm |
Exhibit 99.1
INSPIRE PEOPLE
FEEL GOOD
LIVE BETTER
[BROWN SHOE LOGO]
FEET FIRST
Brown Shoe Company
Supplemental Information Regarding Discontinued Operations and Certain Non-GAAP Adjustments
May 29, 2013
Supplemental Information Regarding Discontinued Operations and Certain Non-GAAP Adjustments
In these schedules, the Company’s financial results are provided in accordance with generally accepted accounting principles (GAAP), along with supplemental information regarding certain non-GAAP adjustments. In particular, the Company provides information on the classification of certain non-GAAP adjustments related to its discontinued operations. This information is included as a complement to results provided in accordance with GAAP because management believes the non-GAAP financial information helps identify underlying trends in the Company’s business and provides useful information to both management and investors, as the non-GAAP adjustments may not be indicative of the Company’s core operating results. The non-GAAP information should not be considered a substitute for or superior to GAAP results.
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SCHEDULE 1
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BROWN SHOE COMPANY, INC.
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PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
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13 Weeks Ended
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Memo:
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|||||||||||||||||
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(Thousands)
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Previously
Reported
April 28, 2012
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Reclassifications
To Discontinued
Operations (1)
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April 28, 2012
(GAAP Basis)
|
Non-GAAP
Adjustments
Reclassified To
Discontinued
Operations (2)
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Net sales
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$ | 626,441 | $ | (28,262 | ) | $ | 598,179 | $ | – | ||||||||
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Cost of goods sold
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387,377 | (23,452 | ) | 363,925 | – | ||||||||||||
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Gross profit
|
239,064 | (4,810 | ) | 234,254 | – | ||||||||||||
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Selling and administrative expenses
|
218,914 | (7,439 | ) | 211,475 | – | ||||||||||||
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Restructuring and other special charges, net
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11,455 | (1,267 | ) | 10,188 | (1,267 | ) | |||||||||||
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Operating earnings
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8,695 | 3,896 | 12,591 | 1,267 | |||||||||||||
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Interest expense
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(6,157 | ) | 121 | (6,036 | ) | – | |||||||||||
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Interest income
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83 | – | 83 | – | |||||||||||||
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Earnings before income taxes from continuing operations
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2,621 | 4,017 | 6,638 | 1,267 | |||||||||||||
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Income tax provision
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(993 | ) | (1,623 | ) | (2,616 | ) | (441 | ) | |||||||||
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Net earnings from continuing operations
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1,628 | 2,394 | 4,022 | 826 | |||||||||||||
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Net loss from discontinued operations
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– | (2,394 | ) | (2,394 | ) | (826 | ) | ||||||||||
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Net earnings
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1,628 | – | 1,628 | – | |||||||||||||
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Net loss attributable to noncontrolling interests
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(67 | ) | – | (67 | ) | – | |||||||||||
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Net earnings attributable to Brown Shoe Company, Inc.
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$ | 1,695 | $ | – | $ | 1,695 | $ | – | |||||||||
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(1)
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Beginning with the first fiscal quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. The Company has provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
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(2)
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The earnings releases filed by the Company on Form 8-K on May 18, 2012, August 28, 2012, November 20, 2012 and March 15, 2013, for the first, second, third and fourth fiscal quarters of 2012, respectively, provided certain reconciliations between GAAP earnings and adjusted (non-GAAP) earnings. The amounts in this column herein represent the reclassification of such adjustments impacted by the reclassification to discontinued operations noted in (1) above. Refer to the referenced Form 8-Ks for additional details on such adjustments. In this schedule, the Company’s financial results are provided in accordance with generally accepted accounting principles (GAAP), along with supplemental information regarding certain non-GAAP adjustments. In particular, the Company provides information on the classification of certain non-GAAP adjustments related to its discontinued operations. This information is included as a complement to results provided in accordance with GAAP because management believes the non-GAAP financial information helps identify underlying trends in the Company’s business and provides useful information to both management and investors, as the non-GAAP adjustments may not be indicative of the Company’s core operating results. The non-GAAP information should not be considered a substitute for or superior to GAAP results.
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SCHEDULE 2
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BROWN SHOE COMPANY, INC.
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PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
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13 Weeks Ended
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Memo:
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(Thousands)
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Previously
Reported
July 28, 2012
|
Reclassifications
To Discontinued
Operations (1)
|
July 28, 2012
(GAAP Basis)
|
Non-GAAP
Adjustments
Reclassified To Discontinued
Operations (2)
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Net sales
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$ | 599,279 | $ | (34,382 | ) | $ | 564,897 | $ | – | ||||||||
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Cost of goods sold
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365,465 | (28,222 | ) | 337,243 | (1,322 | ) | |||||||||||
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Gross profit
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233,814 | (6,160 | ) | 227,654 | 1,322 | ||||||||||||
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Selling and administrative expenses
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219,261 | (7,555 | ) | 211,706 | – | ||||||||||||
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Restructuring and other special charges, net
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7,491 | (165 | ) | 7,326 | (165 | ) | |||||||||||
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Impairment of intangible assets
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5,777 | (5,777 | ) | – | (5,777 | ) | |||||||||||
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Operating earnings
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1,285 | 7,337 | 8,622 | 7,264 | |||||||||||||
| – | |||||||||||||||||
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Interest expense
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(5,758 | ) | 113 | (5,645 | ) | – | |||||||||||
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Interest income
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77 | – | 77 | – | |||||||||||||
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(Loss) earnings before income taxes from continuing operations
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(4,396 | ) | 7,450 | 3,054 | 7,264 | ||||||||||||
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Income tax benefit (provision)
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1,682 | (2,923 | ) | (1,241 | ) | (2,830 | ) | ||||||||||
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Net (loss) earnings from continuing operations
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(2,714 | ) | 4,527 | 1,813 | 4,434 | ||||||||||||
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Net loss from discontinued operations
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– | (4,527 | ) | (4,527 | ) | (4,434 | ) | ||||||||||
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Net loss
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(2,714 | ) | – | (2,714 | ) | – | |||||||||||
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Net loss attributable to noncontrolling interests
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(179 | ) | – | (179 | ) | – | |||||||||||
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Net loss attributable to Brown Shoe Company, Inc.
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$ | (2,535 | ) | $ | – | $ | (2,535 | ) | $ | – | |||||||
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(1)
|
Beginning with the first fiscal quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. The Company has provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|
||||||||||||||||
|
(2)
|
The earnings releases filed by the Company on Form 8-K on May 18, 2012, August 28, 2012, November 20, 2012 and March 15, 2013, for the first, second, third and fourth fiscal quarters of 2012, respectively, provided certain reconciliations between GAAP earnings and adjusted (non-GAAP) earnings. The amounts in this column herein represent the reclassification of such adjustments impacted by the reclassification to discontinued operations noted in (1) above. Refer to the referenced Form 8-Ks for additional details on such adjustments. In this schedule, the Company’s financial results are provided in accordance with generally accepted accounting principles (GAAP), along with supplemental information regarding certain non-GAAP adjustments. In particular, the Company provides information on the classification of certain non-GAAP adjustments related to its discontinued operations. This information is included as a complement to results provided in accordance with GAAP because management believes the non-GAAP financial information helps identify underlying trends in the Company’s business and provides useful information to both management and investors, as the non-GAAP adjustments may not be indicative of the Company’s core operating results. The non-GAAP information should not be considered a substitute for or superior to GAAP results.
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SCHEDULE 3
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BROWN SHOE COMPANY, INC.
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PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
|
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|
13 Weeks Ended
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Memo:
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(Thousands)
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Previously
Reported
October 27, 2012
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Reclassifications
To Discontinued
Operations (1)
|
October 27, 2012
(GAAP Basis)
|
Non-GAAP
Adjustments
Reclassified To Discontinued
Operations (2)
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Net sales
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$ | 732,169 | $ | (36,184 | ) | $ | 695,985 | $ | – | ||||||||
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Cost of goods sold
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446,387 | (29,737 | ) | 416,650 | (78 | ) | |||||||||||
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Gross profit
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285,782 | (6,447 | ) | 279,335 | 78 | ||||||||||||
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Selling and administrative expenses
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242,317 | (6,121 | ) | 236,196 | – | ||||||||||||
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Restructuring and other special charges, net
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2,342 | (196 | ) | 2,146 | (196 | ) | |||||||||||
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Operating earnings
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41,123 | (130 | ) | 40,993 | 274 | ||||||||||||
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Interest expense
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(5,513 | ) | 115 | (5,398 | ) | – | |||||||||||
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Interest income
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76 | – | 76 | – | |||||||||||||
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Earnings before income taxes from continuing operations
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35,686 | (15 | ) | 35,671 | 274 | ||||||||||||
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Income tax provision
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(11,399 | ) | (19 | ) | (11,418 | ) | (94 | ) | |||||||||
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Net earnings from continuing operations
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24,287 | (34 | ) | 24,253 | 180 | ||||||||||||
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Net earnings from discontinued operations
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– | 34 | 34 | (180 | ) | ||||||||||||
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Net earnings
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24,287 | – | 24,287 | – | |||||||||||||
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Net loss attributable to noncontrolling interests
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(5 | ) | – | (5 | ) | – | |||||||||||
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Net earnings attributable to Brown Shoe Company, Inc.
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$ | 24,292 | $ | – | $ | 24,292 | $ | – | |||||||||
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(1)
|
Beginning with the first fiscal quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. The Company has provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|
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|
(2)
|
The earnings releases filed by the Company on Form 8-K on May 18, 2012, August 28, 2012, November 20, 2012 and March 15, 2013, for the first, second, third and fourth fiscal quarters of 2012, respectively, provided certain reconciliations between GAAP earnings and adjusted (non-GAAP) earnings. The amounts in this column herein represent the reclassification of such adjustments impacted by the reclassification to discontinued operations noted in (1) above. Refer to the referenced Form 8-Ks for additional details on such adjustments. In this schedule, the Company’s financial results are provided in accordance with generally accepted accounting principles (GAAP), along with supplemental information regarding certain non-GAAP adjustments. In particular, the Company provides information on the classification of certain non-GAAP adjustments related to its discontinued operations. This information is included as a complement to results provided in accordance with GAAP because management believes the non-GAAP financial information helps identify underlying trends in the Company’s business and provides useful information to both management and investors, as the non-GAAP adjustments may not be indicative of the Company’s core operating results. The non-GAAP information should not be considered a substitute for or superior to GAAP results.
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SCHEDULE 4
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BROWN SHOE COMPANY, INC.
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PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
|
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14 Weeks Ended
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Memo:
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(Thousands)
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Previously
Reported
February 2, 2013
|
Reclassifications
To Discontinued
Operations (1)
|
February 2, 2013
(GAAP Basis)
|
Non-GAAP
Adjustments
Reclassified To
Discontinued
Operations (2)
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Net sales
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$ | 640,176 | $ | (21,441 | ) | $ | 618,735 | $ | – | ||||||||
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Cost of goods sold
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388,477 | (17,074 | ) | 371,403 | – | ||||||||||||
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Gross profit
|
251,699 | (4,367 | ) | 247,332 | – | ||||||||||||
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Selling and administrative expenses
|
238,465 | (6,176 | ) | 232,289 | – | ||||||||||||
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Restructuring and other special charges, net
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2,730 | 41 | 2,771 | 41 | |||||||||||||
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Operating earnings
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10,504 | 1,768 | 12,272 | (41 | ) | ||||||||||||
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Interest expense
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(5,954 | ) | 60 | (5,894 | ) | – | |||||||||||
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Interest income
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86 | – | 86 | – | |||||||||||||
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Earnings before income taxes from continuing operations
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4,636 | 1,828 | 6,464 | (41 | ) | ||||||||||||
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Income tax provision
|
(633 | ) | (748 | ) | (1,381 | ) | 17 | ||||||||||
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Net earnings from continuing operations
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4,003 | 1,080 | 5,083 | (24 | ) | ||||||||||||
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Net loss from discontinued operations
|
– | (1,080 | ) | (1,080 | ) | 24 | |||||||||||
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Net earnings
|
4,003 | – | 4,003 | – | |||||||||||||
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Net loss attributable to noncontrolling interests
|
(36 | ) | – | (36 | ) | – | |||||||||||
|
Net earnings attributable to Brown Shoe Company, Inc.
|
$ | 4,039 | $ | – | $ | 4,039 | $ | – | |||||||||
|
(1)
|
Beginning with the first fiscal quarter of 2013, the operations of our Avia, Nevados, Vera Wang and Etienne Aigner brands qualify as discontinued operations. The Company has provided this reconciliation to illustrate the impact of the reclassifications for discontinued operations.
|
||||||||||||||||
|
(2)
|
The earnings releases filed by the Company on Form 8-K on May 18, 2012, August 28, 2012, November 20, 2012 and March 15, 2013, for the first, second, third and fourth fiscal quarters of 2012, respectively, provided certain reconciliations between GAAP earnings and adjusted (non-GAAP) earnings. The amounts in this column herein represent the reclassification of such adjustments impacted by the reclassification to discontinued operations noted in (1) above. Refer to the referenced Form 8-Ks for additional details on such adjustments. In this schedule, the Company’s financial results are provided in accordance with generally accepted accounting principles (GAAP), along with supplemental information regarding certain non-GAAP adjustments. In particular, the Company provides information on the classification of certain non-GAAP adjustments related to its discontinued operations. This information is included as a complement to results provided in accordance with GAAP because management believes the non-GAAP financial information helps identify underlying trends in the Company’s business and provides useful information to both management and investors, as the non-GAAP adjustments may not be indicative of the Company’s core operating results. The non-GAAP information should not be considered a substitute for or superior to GAAP results.
|
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