| Schedule of Condensed Consolidating Balance Sheet |
| | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | APRIL 30, 2016 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Assets | |
| |
| |
| |
| |
| Current assets | |
| |
| |
| |
| |
| Cash and cash equivalents | $ | 47,611 |
| $ | 4,104 |
| $ | 97,819 |
| $ | — |
| $ | 149,534 |
| Receivables, net | 99,021 |
| 761 |
| 17,179 |
| — |
| 116,961 |
| Inventories, net | 96,450 |
| 370,114 |
| 21,312 |
| — |
| 487,876 |
| Prepaid expenses and other current assets | 12,950 |
| 21,546 |
| 5,313 |
| — |
| 39,809 |
| Intercompany receivable – current | 571 |
| 185 |
| 10,084 |
| (10,840 | ) | — |
| Total current assets | 256,603 |
| 396,710 |
| 151,707 |
| (10,840 | ) | 794,180 |
| Other assets | 95,244 |
| 13,253 |
| 7,850 |
| — |
| 116,347 |
| Goodwill and intangible assets, net | 115,002 |
| 2,800 |
| 12,177 |
| — |
| 129,979 |
| Property and equipment, net | 31,473 |
| 144,427 |
| 9,686 |
| — |
| 185,586 |
| Investment in subsidiaries | 1,040,178 |
| — |
| (20,061 | ) | (1,020,117 | ) | — |
| Intercompany receivable – noncurrent | 462,382 |
| 375,975 |
| 561,419 |
| (1,399,776 | ) | — |
| Total assets | $ | 2,000,882 |
| $ | 933,165 |
| $ | 722,778 |
| $ | (2,430,733 | ) | $ | 1,226,092 |
| | | | | | | Liabilities and Equity | | |
| |
| |
| |
| Current liabilities | |
| |
| |
| |
| |
| Trade accounts payable | $ | 42,121 |
| $ | 131,783 |
| $ | 15,250 |
| $ | — |
| $ | 189,154 |
| Other accrued expenses | 41,347 |
| 69,268 |
| 14,790 |
| — |
| 125,405 |
| Intercompany payable – current | 2,228 |
| — |
| 8,612 |
| (10,840 | ) | — |
| Total current liabilities | 85,696 |
| 201,051 |
| 38,652 |
| (10,840 | ) | 314,559 |
| Other liabilities | |
| |
| |
| |
| |
| Long-term debt | 196,659 |
| — |
| — |
| — |
| 196,659 |
| Other liabilities | 36,925 |
| 66,321 |
| 3,651 |
| — |
| 106,897 |
| Intercompany payable – noncurrent | 1,074,723 |
| 38,518 |
| 286,535 |
| (1,399,776 | ) | — |
| Total other liabilities | 1,308,307 |
| 104,839 |
| 290,186 |
| (1,399,776 | ) | 303,556 |
| Equity | |
| |
| |
| |
| |
| Caleres, Inc. shareholders’ equity | 606,879 |
| 627,275 |
| 392,842 |
| (1,020,117 | ) | 606,879 |
| Noncontrolling interests | — |
| — |
| 1,098 |
| — |
| 1,098 |
| Total equity | 606,879 |
| 627,275 |
| 393,940 |
| (1,020,117 | ) | 607,977 |
| Total liabilities and equity | $ | 2,000,882 |
| $ | 933,165 |
| $ | 722,778 |
| $ | (2,430,733 | ) | $ | 1,226,092 |
|
| | | | | | | | | | | | | | | | | CONDENSED CONSOLIDATING BALANCE SHEET | JANUARY 28, 2017 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Assets | |
| |
| |
| |
| |
| Current assets | |
| |
| |
| |
| |
| Cash and cash equivalents | $ | 23,999 |
| $ | 9,029 |
| $ | 22,304 |
| $ | — |
| $ | 55,332 |
| Receivables, net | 118,746 |
| 5,414 |
| 28,961 |
| — |
| 153,121 |
| Inventories, net | 150,098 |
| 410,867 |
| 24,799 |
| — |
| 585,764 |
| Prepaid expenses and other current assets | 24,293 |
| 23,040 |
| 8,058 |
| (5,863 | ) | 49,528 |
| Intercompany receivable – current | 695 |
| 263 |
| 22,091 |
| (23,049 | ) | — |
| Total current assets | 317,831 |
| 448,613 |
| 106,213 |
| (28,912 | ) | 843,745 |
| Other assets | 51,181 |
| 16,567 |
| 826 |
| — |
| 68,574 |
| Goodwill and intangible assets, net | 113,333 |
| 219,337 |
| 11,088 |
| — |
| 343,758 |
| Property and equipment, net | 31,424 |
| 176,358 |
| 11,414 |
| — |
| 219,196 |
| Investment in subsidiaries | 1,343,954 |
| — |
| (21,946 | ) | (1,322,008 | ) | — |
| Intercompany receivable – noncurrent | 568,541 |
| 366,902 |
| 581,624 |
| (1,517,067 | ) | — |
| Total assets | $ | 2,426,264 |
| $ | 1,227,777 |
| $ | 689,219 |
| $ | (2,867,987 | ) | $ | 1,475,273 |
| | | | | | | Liabilities and Equity | | |
| |
| |
| |
| Current liabilities | |
| |
| |
| |
| |
| Borrowings under revolving credit agreement | $ | 110,000 |
| $ | — |
| $ | — |
| $ | — |
| $ | 110,000 |
| Trade accounts payable | 116,783 |
| 112,434 |
| 37,153 |
| — |
| 266,370 |
| Other accrued expenses | 74,941 |
| 65,228 |
| 16,919 |
| (5,863 | ) | 151,225 |
| Intercompany payable – current | 12,794 |
| — |
| 10,255 |
| (23,049 | ) | — |
| Total current liabilities | 314,518 |
| 177,662 |
| 64,327 |
| (28,912 | ) | 527,595 |
| Other liabilities | |
| |
| |
| |
| |
| Long-term debt | 197,003 |
| — |
| — |
| — |
| 197,003 |
| Other liabilities | 91,683 |
| 40,507 |
| 3,999 |
| — |
| 136,189 |
| Intercompany payable – noncurrent | 1,209,943 |
| 98,982 |
| 208,142 |
| (1,517,067 | ) | — |
| Total other liabilities | 1,498,629 |
| 139,489 |
| 212,141 |
| (1,517,067 | ) | 333,192 |
| Equity | |
| |
| |
| |
| |
| Caleres, Inc. shareholders’ equity | 613,117 |
| 910,626 |
| 411,382 |
| (1,322,008 | ) | 613,117 |
| Noncontrolling interests | — |
| — |
| 1,369 |
| — |
| 1,369 |
| Total equity | 613,117 |
| 910,626 |
| 412,751 |
| (1,322,008 | ) | 614,486 |
| Total liabilities and equity | $ | 2,426,264 |
| $ | 1,227,777 |
| $ | 689,219 |
| $ | (2,867,987 | ) | $ | 1,475,273 |
|
| | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | APRIL 29, 2017 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Assets | |
| |
| |
| |
| |
| Current assets | |
| |
| |
| |
| |
| Cash and cash equivalents | $ | 43,201 |
| $ | 15,601 |
| $ | 13,014 |
| $ | — |
| $ | 71,816 |
| Receivables, net | 90,121 |
| 3,705 |
| 13,195 |
| — |
| 107,021 |
| Inventories, net | 117,815 |
| 422,911 |
| 24,325 |
| — |
| 565,051 |
| Prepaid expenses and other current assets | 20,499 |
| 15,134 |
| 7,313 |
| (4,628 | ) | 38,318 |
| Intercompany receivable – current | 1,487 |
| 159 |
| 18,297 |
| (19,943 | ) | — |
| Total current assets | 273,123 |
| 457,510 |
| 76,144 |
| (24,571 | ) | 782,206 |
| Other assets | 51,823 |
| 14,631 |
| 835 |
| — |
| 67,289 |
| Goodwill and intangible assets, net | 112,777 |
| 218,707 |
| 10,724 |
| — |
| 342,208 |
| Property and equipment, net | 32,093 |
| 173,567 |
| 12,194 |
| — |
| 217,854 |
| Investment in subsidiaries | 1,370,854 |
| — |
| (22,994 | ) | (1,347,860 | ) | — |
| Intercompany receivable – noncurrent | 581,957 |
| 409,466 |
| 591,105 |
| (1,582,528 | ) | — |
| Total assets | $ | 2,422,627 |
| $ | 1,273,881 |
| $ | 668,008 |
| $ | (2,954,959 | ) | $ | 1,409,557 |
| | | | | | | Liabilities and Equity | |
| |
| |
| |
| Current liabilities | |
| |
| |
| |
| |
| Borrowings under revolving credit agreement | $ | 85,000 |
| $ | — |
| $ | — |
| $ | — |
| $ | 85,000 |
| Trade accounts payable | 65,364 |
| 140,924 |
| 18,744 |
| — |
| 225,032 |
| Other accrued expenses | 57,359 |
| 78,302 |
| 15,282 |
| (4,628 | ) | 146,315 |
| Intercompany payable – current | 10,398 |
| — |
| 9,545 |
| (19,943 | ) | — |
| Total current liabilities | 218,121 |
| 219,226 |
| 43,571 |
| (24,571 | ) | 456,347 |
| Other liabilities | |
| |
| |
| |
| |
| Long-term debt | 197,118 |
| — |
| — |
| — |
| 197,118 |
| Other liabilities | 90,110 |
| 40,223 |
| 4,026 |
| — |
| 134,359 |
| Intercompany payable – noncurrent | 1,296,891 |
| 80,188 |
| 205,449 |
| (1,582,528 | ) | — |
| Total other liabilities | 1,584,119 |
| 120,411 |
| 209,475 |
| (1,582,528 | ) | 331,477 |
| Equity | |
| |
| |
| |
| |
| Caleres, Inc. shareholders’ equity | 620,387 |
| 934,244 |
| 413,616 |
| (1,347,860 | ) | 620,387 |
| Noncontrolling interests | — |
| — |
| 1,346 |
| — |
| 1,346 |
| Total equity | 620,387 |
| 934,244 |
| 414,962 |
| (1,347,860 | ) | 621,733 |
| Total liabilities and equity | $ | 2,422,627 |
| $ | 1,273,881 |
| $ | 668,008 |
| $ | (2,954,959 | ) | $ | 1,409,557 |
|
|
| Schedule of Condensed Consolidating Statement of Comprehensive Income |
| | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2016 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Net sales | $ | 187,187 |
| $ | 383,046 |
| $ | 38,796 |
| $ | (24,296 | ) | $ | 584,733 |
| Cost of goods sold | 129,909 |
| 204,627 |
| 22,894 |
| (20,490 | ) | 336,940 |
| Gross profit | 57,278 |
| 178,419 |
| 15,902 |
| (3,806 | ) | 247,793 |
| Selling and administrative expenses | 49,542 |
| 157,103 |
| 16,211 |
| (3,806 | ) | 219,050 |
| Operating earnings (loss) | 7,736 |
| 21,316 |
| (309 | ) | — |
| 28,743 |
| Interest expense | (3,608 | ) | (2 | ) | — |
| — |
| (3,610 | ) | Interest income | 157 |
| — |
| 90 |
| — |
| 247 |
| Intercompany interest income (expense) | 2,254 |
| (2,301 | ) | 47 |
| — |
| — |
| Earnings (loss) before income taxes | 6,539 |
| 19,013 |
| (172 | ) | — |
| 25,380 |
| Income tax provision | (866 | ) | (6,304 | ) | (332 | ) | — |
| (7,502 | ) | Equity in earnings (loss) of subsidiaries, net of tax | 12,109 |
| — |
| (537 | ) | (11,572 | ) | — |
| Net earnings (loss) | 17,782 |
| 12,709 |
| (1,041 | ) | (11,572 | ) | 17,878 |
| Less: Net earnings attributable to noncontrolling interests | — |
| — |
| 96 |
| — |
| 96 |
| Net earnings (loss) attributable to Caleres, Inc. | $ | 17,782 |
| $ | 12,709 |
| $ | (1,137 | ) | $ | (11,572 | ) | $ | 17,782 |
| | | | | | | Comprehensive income | $ | 19,578 |
| $ | 12,709 |
| $ | 228 |
| $ | (12,827 | ) | $ | 19,688 |
| Less: Comprehensive income attributable to noncontrolling interests | — |
| — |
| 110 |
| — |
| 110 |
| Comprehensive income attributable to Caleres, Inc. | $ | 19,578 |
| $ | 12,709 |
| $ | 118 |
| $ | (12,827 | ) | $ | 19,578 |
|
| | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Net sales | $ | 194,440 |
| $ | 427,539 |
| $ | 38,045 |
| $ | (28,515 | ) | $ | 631,509 |
| Cost of goods sold | 132,851 |
| 231,786 |
| 18,530 |
| (22,566 | ) | 360,601 |
| Gross profit | 61,589 |
| 195,753 |
| 19,515 |
| (5,949 | ) | 270,908 |
| Selling and administrative expenses | 52,424 |
| 182,347 |
| 15,253 |
| (5,949 | ) | 244,075 |
| Restructuring and other special charges, net | 1,108 |
| — |
| — |
| — |
| 1,108 |
| Operating earnings | 8,057 |
| 13,406 |
| 4,262 |
| — |
| 25,725 |
| Interest expense | (5,035 | ) | (9 | ) | — |
| — |
| (5,044 | ) | Interest income | 88 |
| — |
| 147 |
| — |
| 235 |
| Intercompany interest income (expense) | 2,083 |
| (2,324 | ) | 241 |
| — |
| — |
| Earnings before income taxes | 5,193 |
| 11,073 |
| 4,650 |
| — |
| 20,916 |
| Income tax provision | (1,087 | ) | (3,875 | ) | (1,070 | ) | — |
| (6,032 | ) | Equity in earnings (loss) of subsidiaries, net of tax | 10,796 |
| — |
| (1,048 | ) | (9,748 | ) | — |
| Net earnings | 14,902 |
| 7,198 |
| 2,532 |
| (9,748 | ) | 14,884 |
| Less: Net loss attributable to noncontrolling interests | — |
| — |
| (18 | ) | — |
| (18 | ) | Net earnings attributable to Caleres, Inc. | $ | 14,902 |
| $ | 7,198 |
| $ | 2,550 |
| $ | (9,748 | ) | $ | 14,902 |
| | | | | | | Comprehensive income | $ | 15,563 |
| $ | 7,198 |
| $ | 2,453 |
| $ | (9,674 | ) | $ | 15,540 |
| Less: Comprehensive loss attributable to noncontrolling interests | — |
| — |
| (23 | ) | — |
| (23 | ) | Comprehensive income attributable to Caleres, Inc. | $ | 15,563 |
| $ | 7,198 |
| $ | 2,476 |
| $ | (9,674 | ) | $ | 15,563 |
|
|
| Schedule of Condensed Consolidating Statement of Cash Flows |
| | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2016 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Net cash provided by operating activities | $ | 14,658 |
| $ | 42,360 |
| $ | 8,142 |
| $ | — |
| $ | 65,160 |
| | | | | | | Investing activities | |
| |
| |
| |
| |
| Purchases of property and equipment | (590 | ) | (15,434 | ) | (343 | ) | — |
| (16,367 | ) | Capitalized software | (1,097 | ) | (723 | ) | — |
| — |
| (1,820 | ) | Intercompany investing | (2,815 | ) | 2,815 |
| — |
| — |
| — |
| Net cash used for investing activities | (4,502 | ) | (13,342 | ) | (343 | ) | — |
| (18,187 | ) | | | | | | | Financing activities | |
| |
| |
| |
| |
| Borrowings under revolving credit agreement | 103,000 |
| — |
| — |
| — |
| 103,000 |
| Repayments under revolving credit agreement | (103,000 | ) | — |
| — |
| — |
| (103,000 | ) | Dividends paid | (3,068 | ) | — |
| — |
| — |
| (3,068 | ) | Acquisition of treasury stock | (12,130 | ) | — |
| — |
| — |
| (12,130 | ) | Issuance of common stock under share-based plans, net | (4,149 | ) | — |
| — |
| — |
| (4,149 | ) | Excess tax benefit related to share-based plans | 3,163 |
| — |
| — |
| — |
| 3,163 |
| Intercompany financing | 22,639 |
| (24,914 | ) | 2,275 |
| — |
| — |
| Net cash provided by (used for) financing activities | 6,455 |
| (24,914 | ) | 2,275 |
| — |
| (16,184 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| — |
| 594 |
| — |
| 594 |
| Increase in cash and cash equivalents | 16,611 |
| 4,104 |
| 10,668 |
| — |
| 31,383 |
| Cash and cash equivalents at beginning of period | 31,000 |
| — |
| 87,151 |
| — |
| 118,151 |
| Cash and cash equivalents at end of period | $ | 47,611 |
| $ | 4,104 |
| $ | 97,819 |
| $ | — |
| $ | 149,534 |
|
| | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017 | | | | Non- |
| | | ($ thousands) | Parent |
| Guarantors |
| Guarantors |
| Eliminations |
| Total |
| Net cash provided by operating activities | $ | 8,601 |
| $ | 55,017 |
| $ | 1,766 |
| $ | — |
| $ | 65,384 |
| | | | | | | Investing activities | |
| |
| |
| |
| |
| Purchases of property and equipment | (1,915 | ) | (7,570 | ) | (1,493 | ) | — |
| (10,978 | ) | Proceeds from disposal of property and equipment | (17,238 | ) | 17,238 |
| — |
| — |
| — |
| Capitalized software | (1,167 | ) | (223 | ) | — |
| — |
| (1,390 | ) | Intercompany investing | (2,494 | ) | 2,494 |
| — |
| — |
| — |
| Net cash (used for) provided by investing activities | (22,814 | ) | 11,939 |
| (1,493 | ) | — |
| (12,368 | ) | | | | | | | Financing activities | |
| |
| |
| |
| |
| Borrowings under revolving credit agreement | 195,000 |
| — |
| — |
| — |
| 195,000 |
| Repayments under revolving credit agreement | (220,000 | ) | — |
| — |
| — |
| (220,000 | ) | Dividends paid | (3,025 | ) | — |
| — |
| — |
| (3,025 | ) | Acquisition of treasury stock | (5,993 | ) | — |
| — |
| — |
| (5,993 | ) | Issuance of common stock under share-based plans, net | (2,422 | ) | — |
| — |
| — |
| (2,422 | ) | Intercompany financing | 69,855 |
| (60,384 | ) | (9,471 | ) | — |
| — |
| Net cash provided by (used for) financing activities | 33,415 |
| (60,384 | ) | (9,471 | ) | — |
| (36,440 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| — |
| (92 | ) | — |
| (92 | ) | Increase (decrease) in cash and cash equivalents | 19,202 |
| 6,572 |
| (9,290 | ) | — |
| 16,484 |
| Cash and cash equivalents at beginning of period | 23,999 |
| 9,029 |
| 22,304 |
| — |
| 55,332 |
| Cash and cash equivalents at end of period | $ | 43,201 |
| $ | 15,601 |
| $ | 13,014 |
| $ | — |
| $ | 71,816 |
|
|