Caleres (CAL) 8-K Results of Operations and Financial Condition

Exhibit 99.1

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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.

SCHEDULE 1
BROWN SHOE COMPANY, INC.
PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
		13 Weeks Ended
											Memo:
	(Thousands)	Previously Reported April 28, 2012			Reclassifications To Discontinued Operations (1)			April 28, 2012 (GAAP Basis)			Non-GAAP Adjustments Reclassified To Discontinued Operations (2)
	Net sales	$	626,441		$	(28,262	)	$	598,179		$	–
	Cost of goods sold		387,377			(23,452	)		363,925			–
	Gross profit		239,064			(4,810	)		234,254			–
	Selling and administrative expenses		218,914			(7,439	)		211,475			–
	Restructuring and other special charges, net		11,455			(1,267	)		10,188			(1,267	)
	Operating earnings		8,695			3,896			12,591			1,267
	Interest expense		(6,157	)		121			(6,036	)		–
	Interest income		83			–			83			–
	Earnings before income taxes from continuing operations		2,621			4,017			6,638			1,267
	Income tax provision		(993	)		(1,623	)		(2,616	)		(441	)
	Net earnings from continuing operations		1,628			2,394			4,022			826
	Net loss from discontinued operations		–			(2,394	)		(2,394	)		(826	)
	Net earnings		1,628			–			1,628			–
	Net loss attributable to noncontrolling interests		(67	)		–			(67	)		–
	Net earnings attributable to Brown Shoe Company, Inc.	$	1,695		$	–		$	1,695		$	–
(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.

SCHEDULE 2
BROWN SHOE COMPANY, INC.
PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
		13 Weeks Ended
											Memo:
	(Thousands)	Previously Reported July 28, 2012			Reclassifications To Discontinued Operations (1)			July 28, 2012  (GAAP Basis)			Non-GAAP Adjustments Reclassified To Discontinued Operations (2)
	Net sales	$	599,279		$	(34,382	)	$	564,897		$	–
	Cost of goods sold		365,465			(28,222	)		337,243			(1,322	)
	Gross profit		233,814			(6,160	)		227,654			1,322
	Selling and administrative expenses		219,261			(7,555	)		211,706			–
	Restructuring and other special charges, net		7,491			(165	)		7,326			(165	)
	Impairment of intangible assets		5,777			(5,777	)		–			(5,777	)
	Operating earnings		1,285			7,337			8,622			7,264
									–
	Interest expense		(5,758	)		113			(5,645	)		–
	Interest income		77			–			77			–
	(Loss) earnings before income taxes from continuing operations		(4,396	)		7,450			3,054			7,264
	Income tax benefit (provision)		1,682			(2,923	)		(1,241	)		(2,830	)
	Net (loss) earnings from continuing operations		(2,714	)		4,527			1,813			4,434
	Net loss from discontinued operations		–			(4,527	)		(4,527	)		(4,434	)
	Net loss		(2,714	)		–			(2,714	)		–
	Net loss attributable to noncontrolling interests		(179	)		–			(179	)		–
	Net loss attributable to Brown Shoe Company, Inc.	$	(2,535	)	$	–		$	(2,535	)	$	–
(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.

SCHEDULE 3
BROWN SHOE COMPANY, INC.
PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
		13 Weeks Ended
											Memo:
	(Thousands)	Previously Reported October 27, 2012			Reclassifications To Discontinued Operations (1)			October 27, 2012 (GAAP Basis)			Non-GAAP Adjustments Reclassified To Discontinued Operations (2)
	Net sales	$	732,169		$	(36,184	)	$	695,985		$	–
	Cost of goods sold		446,387			(29,737	)		416,650			(78	)
	Gross profit		285,782			(6,447	)		279,335			78
	Selling and administrative expenses		242,317			(6,121	)		236,196			–
	Restructuring and other special charges, net		2,342			(196	)		2,146			(196	)
	Operating earnings		41,123			(130	)		40,993			274
	Interest expense		(5,513	)		115			(5,398	)		–
	Interest income		76			–			76			–
	Earnings before income taxes from continuing operations		35,686			(15	)		35,671			274
	Income tax provision		(11,399	)		(19	)		(11,418	)		(94	)
	Net earnings from continuing operations		24,287			(34	)		24,253			180
	Net earnings from discontinued operations		–			34			34			(180	)
	Net earnings		24,287			–			24,287			–
	Net loss attributable to noncontrolling interests		(5	)		–			(5	)		–
	Net earnings attributable to Brown Shoe Company, Inc.	$	24,292		$	–		$	24,292		$	–
(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.

SCHEDULE 4
BROWN SHOE COMPANY, INC.
PREVIOUSLY REPORTED CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR DISCONTINUED OPERATIONS AND SUPPLEMENTAL INFORMATION
		14 Weeks Ended
											Memo:
	(Thousands)	Previously Reported February 2, 2013			Reclassifications To Discontinued Operations (1)			February 2, 2013 (GAAP Basis)			Non-GAAP Adjustments Reclassified To  Discontinued Operations (2)
	Net sales	$	640,176		$	(21,441	)	$	618,735		$	–
	Cost of goods sold		388,477			(17,074	)		371,403			–
	Gross profit		251,699			(4,367	)		247,332			–
	Selling and administrative expenses		238,465			(6,176	)		232,289			–
	Restructuring and other special charges, net		2,730			41			2,771			41
	Operating earnings		10,504			1,768			12,272			(41	)
	Interest expense		(5,954	)		60			(5,894	)		–
	Interest income		86			–			86			–
	Earnings before income taxes from continuing operations		4,636			1,828			6,464			(41	)
	Income tax provision		(633	)		(748	)		(1,381	)		17
	Net earnings from continuing operations		4,003			1,080			5,083			(24	)
	Net loss from discontinued operations		–			(1,080	)		(1,080	)		24
	Net earnings		4,003			–			4,003			–
	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.