Last-Minute Memorial Day Sale: Bag 2 Anker USB-C Chargers and Cables for Just $14 With This Prime Deal
You can never have too many chargers around the house, so why not grab a two-pack while it's on sale? Right now, Prime members can enjoy a 26% discount on a pair of Anker cables and power adapters, as part of Amazon's lingering Memorial Day sales. The discount lets you grab them for just $7 each, for a total of $14, but only if you are quick. Just note this deal isn't likely to hang around for much longer, so ordering soon is definitely the way to go. It's also worth noting that the price has already jumped up from the $10 deal we saw last week, so there's no saying what it will be tomorrow.
Getting just a single charger and cable at this price would be a decent deal, so getting two is impressive. Each charger has a 20-watt USB-C port, which is enough to quickly charge the latest iPhones or Android devices. A legacy USB-A port is also included, which means you can charge more than one device at a time. Even with all this, the chargers are compact, so taking them with you on the go won't be a problem.
Hey, did you know? CNET Deals texts are free, easy and save you money.
The two USB-C cables included in this set are 5 feet long, which means you won't have to stick to the outlet while your phone is charging. Looking for more tech deals? CNET is covering excellent post-Memorial Day discounts on laptops and TVs, as well as products from brands such as Apple and Anker for some incredible savings on the best tech products. And bargain hunters should also take a look at our picks for the best deals under $25. Just note that now that the holiday weekend is over, deals will start disappearing fast.
Why this deal matters
Pricey tech products like TVs and laptops aren't the only things you'll find on sale for Memorial Day. It's also a great opportunity to grab some essentials for around the house. These 20W Anker chargers are great for tons of different devices, and they're a steal at just $7 apiece.
When will this deal expire?
With the Memorial Day weekend done and dusted, it's difficult to know exactly when this deal will come to a close. We know that the price has already increased compared to the original $10 bargain, so we suggest that ordering soon is the best way to lock this discount in.
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25 minutes ago
- Yahoo
How Stephen Miran—a Harvard-trained former free market champion—became Trump's top ideologue on tariffs
Back in 2010, Stephen Miran had one of those once-in-a-lifetime aha moments that few people experience in their careers. 'It was during my first job working as an economist for a currency-focused hedge fund,' Miran recalled during a phone interview in early May. 'The currency markets are a bit of a Wild Wild West. All sorts of things happen that shouldn't happen in an economics textbook. Heavily managed currencies in some countries were making markets behave in weird ways.' What shocked the twentysomething Wall Streeter most from this 'front-row seat' was the way China manipulated 'currency channels' to ensure that its renminbi stayed way undervalued versus the dollar. As a newly minted economics PhD from Harvard, Miran recognized that Beijing was jiggering its coin of the realm to artificially boost exports to the U.S. in a scheme that kept the dollar far overpriced, sapping the flow of American-made goods to China and fueling our exploding trade deficit versus the world's second largest economy. 'Watching the accumulation of Chinese currency reserves in dollars accruing from exports was absolutely eye-opening,' recalls Miran. Witnessing those abuses also awakened him to China's 'non-market barriers, its different [higher than U.S.] tariff rates, the IT theft, the policies so detrimental to the U.S..' It greatly perplexed Miran. Why, he wondered, had 'no one seemed to care for so long?' That 'light bulb' experience ultimately launched Miran on a crusade to fix what he regarded as a worldwide trading system run amok that pounded prosperity and stole jobs from the central force that made it work, the United States. Just over a year ago, Miran, who according to online sources is 41, was a virtual unknown in both political and economic circles. He'd worked in a variety of investment firms and never been an academic. He got on Trump's radar by authoring a series of papers that matched the mindset of the ascendant, pro-tariff contingent in the Republican presidential campaign, including a now famous 41-page treatise Miran himself nicknamed 'the Mar-a-Lago Accord' that discussed a number of possible solutions to closing America's yawning trade gap. Then, by emerging as the Republicans' top tariff raisonneur, Miran in late December won Trump's nod as Chair of the Council of Economic Advisers (CEA). Of course, Trump's been a big fan of slapping heavy duties on foreign products since the 1970s, but while tariffs formed a virtual sideshow in Trump 1.0, they're currently a centerpiece of his economic blueprint (even as the President now faces a legal battle over whether he has the authority to impose them). In the first administration, the president got pushback from the likes of Gary Cohn and Steven Mnuchin that blunted a wider offensive favored by the administration's ultra-protectionist wing. Now he's surrounded by a united team of hawks that encompasses Commerce Secretary Howard Lutnick, chief of the National Economic Council Kevin Hassett, trade counselor Peter Navarro, and the least known yet highly influential newcomer to the Trump inner circle, Stephen Miran. Chairs of the CEA are typically either prestigious names plucked from top universities (Ben Bernanke, Jason Furman, Austan Goolsbee) or longtime Washington operatives (Jared Bernstein), or both. Despite a brief stint at Treasury in Trump One, Miran doesn't check either box. None of the dozen noted economists I interviewed for this story had ever met Miran, or heard of him before his ascension to head CEA. In a couple of cases, they fumbled his last name as 'murr-Ann,' as frequently do TV and podcast pundits (right pronunciation: 'My-run'). They may not know how to pronounce his name—but all of a sudden the policies Miran is championing are altering the U.S. economy for years to come—and causing serious hand-wringing among mainstream economists. The sources interviewed by Fortune describe Miran as, first and foremost, a blend of policy wonk and true believer. 'Behind the scenes, he's really an architect of the president's trade position, and he has lots of sway and voice within the administration,' says one of the leading officials appointed by Trump. 'He's part of the youth movement with people like Trade Representative Jamieson Greer. He doesn't have sharp elbows. He acts a lot more like an academic than someone looking for political advantage.' This person notes that his peers in and around the White House value Miran as a better spokesman for the Trump program than Navarro, because while Navarro sounds at times wildly partisan and ideological, Miran presents his stance in a more statesmanlike mode, citing research and analysis to back his positions. Miran's a rarity, a highly trained economist who knows all the jargon, has absorbed the peer studies, brings intellectual heft, and makes a logical-sounding case for Trump's stunningly contrarian game plan. 'To say the least, it's a relatively small pool of PhD economists who are economic nationalists. That's a blinding reality. But Steve is one,' says someone outside the administration who knows him. Still, Miran can mount the kind of over-the-air zealotry his boss reveres. In his TV interviews, the new CEA chair mixes the sober explanations with the effusive cheerleading that's part of the job for the president's braintrust. 'He understands that working for Trump requires the performative aspects of occasional public worship,' says Jessica Riedl, a senior fellow at the conservative Manhattan Institute. During a CNBC interview in mid-April, Miran gushed, 'America is back!' and avowed that 'coupling the new regulatory agenda with the president's approach to trade is exactly how we get to the new golden age.' It also helps his standing among the Trumpians that, by all accounts, Miran's extremely personable. 'He's a very nice, very pleasant guy, and a brilliant economist, even though I find his tariff arguments unpersuasive. He's a well-meaning person who understands that his job requires some intellectual backflips,' says Riedl, who knew Miran when both worked at the Manhattan Institute. Indeed, in our conversation, this writer found Miran not only pleasant but willing to go beyond his public proselytizing and patiently explain the personal journey that forged his unorthodox thinking. This future rebel grew up in Rockland County, N.Y., a middle-class suburb of Manhattan, raised by lifetime civil servants who met while both worked at the Social Service Administration. His parents, Miran told me, 'had an interest in [government] policy, and I had an interest in policy my whole life.' At Boston University, he started as a biochemistry major. 'But I didn't function well in a lab,' he laments. 'Maybe I would have stayed if there had been mathematical biology.' Instead, Miran switched from centrifuges and spectrophotometers to economics. His second major was philosophy, a field that brought Miran under the spell of the 18th-century Scottish legend David Hume, who inspired the father of economics, Adam Smith, and iconic anthropologist Charles Darwin. Hume was a pioneering empiricist during the Enlightenment who insisted that insights on human nature arose not from theories and hypotheses, but only direct observation of how people behaved—and that it was impossible to make predictions by studying what happened in the past. 'I credit that [the study of Hume] with teaching me to ask radically inconvenient questions,' says Miran. As a doctoral student at Harvard, Miran continued pursuing a mission to 'make lives better by grasping how the world of economics works.' Even then, he harbored hopes of fostering 'human flourishing' from a post in government. He concentrated on public policy, and the faculty then featured the top star in the field, Martin Feldstein, who headed the CEA under President Reagan. 'He was the guy to work with,' recalls Miran. 'He'd virtually created the field in the '70s and '80s.' Under Feldstein's tutelage, Miran didn't get into trade. 'I was domestically focused,' he explains. His data-driven research at Harvard examined such issues as how strict versus weak rules that govern borrowing by states influence their employment and growth. It was his mentor and thesis adviser Feldstein who showed his student how to shelve the shop talk and get the folks who pass the laws to listen. 'Marty said that I should pretend the person I was talking to was a senator [who was wondering], 'Why should I care?' The idea was to discipline your message for people who don't want to get lost in the technical details.' After stints at Lily Pond Capital where he pondered the craziness in the currency markets, and at Fidelity Investments, Miran spent five years as head of macro strategy for a hedge fund backed by fabled financier Stan Druckenmiller. In April of 2020, Miran landed his first government job as a senior advisor to the Department of the Treasury during the depths of the COVID-19 crisis. 'The country needed people to fight for it,' he recalls. In his 11 months in the neoclassical Treasury building, Miran helped shape the CARES Act and other stimulus measures that channeled over $2 trillion in emergency cash to families and businesses, and likely shortened the pandemic downturn and accelerated the powerful recovery that followed. After Biden won the White House, Miran partnered with Dan Katz, a fellow counselor he'd worked alongside at the Trump Treasury, to found a global macro hedge fund. (Katz is now the Treasury Department's chief of staff under Scott Bessent.) In the spring of 2023, Miran left the business world to concentrate on his first love, public policy—this time as a writer. Miran joined the libertarian-leaning Manhattan Institute, and over the next 18 months contributed 33 articles to its City Journal; many of his pieces also ran in the Wall Street Journal, Barron's, and the Financial Times. It was this outpouring that garnered what Miran had coveted since his Harvard days: an influential role in setting U.S. economic strategy. It's important to note that Miran, in these op-eds, takes a classic free-market stance in most of his critiques and proposals. For example, he sided with Milton Friedman's view that stimulating the economy when unemployment is low causes inflation, and bashed Biden for doing just that—'pouring gasoline on the fire' through the IRA act and other big spending measures unleashed just as growth was reaccelerating. But his primary aim was crafting a framework for restructuring a global trading system that severely penalized the U.S. Miran issued his first major call for reform in 'Brittle Versus Robust Reindustrialization,' posted in February of 2024. In the article. Miran championed a new 'industrial policy'—a term Republicans seldom uttered—aimed at 're-shoring' manufacturing and jobs lost to China and other nations that had deployed currency gamesmanship, heavily subsidized exports, and other unfair practices to invade and exploit our wide-open markets. A big focus of the new paradigm: stamping 'made in America' on semiconductors, aerospace and telecom equipment, and armaments essential to America's security. The primary tool in forging this transformation: tariff walls. But Miran also advised caution. He warned that stacking big, 'chunky' duties all at once sowed uncertainty and didn't give U.S. producers sufficient time for raising their own production to replace the flow of imports stanched by the new levies. Instead, he recommended 'a gradual ramp' and issuing guidance spelling out the conditions that would trigger future hikes. Of course, the Trump administration took exactly the contrary course on Liberation Day, and financial markets rebelled. The shift in the new U.K. and China agreements detailing concessions the U.S. requires for reducing tariffs from their new and much lower thresholds runs much closer to the Miran blueprint. According to my reporting, it was 'Brittle Versus Robust' that caught the attention of the Trump economic policy crew and especially impressed future Treasury Secretary Scott Bessent. A week after Trump swept the 2024 election, Miran released his longest and best-known essay, expansively titled 'A User's Guide to Restructuring the Global Trading System,' published on the website of investment management firm Hudson Bay Capital, where Miran served as senior advisor. The treatise details Miran's perspective on how the reigning system injures America, and explores this nation's options for shifting the mechanics to our advantage. The root of the problem, according to Miran, is the 'persistently overvalued' dollar. Supplying the world's reserve currency, Miran argues, severely burdens America by rendering the dollar far stronger than it would be if other nations weren't so addicted, and didn't get such a fabulous ride reaping the dollar's benefits by using the greenback for everything from trading oil to collateralizing bilateral contracts, not to mention marshaling their central bank holdings of our universal currency to manipulate its exchange rate, all at our expense. Specifically, that overvaluation makes U.S. exports unduly expensive, 'eroding our competitiveness,' and at the same time, keeps the yen, renminbi, and euro excessively cheap, allowing Japan, China, Germany, and France to boost exports by selling their stuff Stateside at bargain prices. Miran then outlines a daring strategy to totally flip today's America-bashing scenario by orchestrating 'a 21st-century version of multinational currency accord.' He airs a plan similar to the one proposed in 2023 by famed economist Zoltan Pozsar, founder of research boutique Ex Uno Plures. Like Pozsar, Miran advocated an epic pact where our major trading partners jointly agree to gradually sell down the multi-trillions in dollar reserves held by their central banks and other government institutions. That campaign would lower the greenback's value, swelling our exports, curbing our imports, and shrinking our gigantic trade deficit so abhorred by Trump. To prevent U.S. interest rates from spiking as foreign nations shed our Treasuries, the deal would require our cohorts to roll a big portion of what they retain into a new suite of U.S. federal debt offerings that mature far in the future—Miran, like Pozsar, touts 100-year bonds. The master plan would ensure that the dollar remains the world's reserve currency, and safeguards the greenback from the trickery that's hobbled America's prosperity by artificially inflating its value. To brand his grandiose vision, Miran adopts the title Pozsar coined for his similar proposal: the 'Mar-a-Lago Accord.' Miran reprised 'Mar-a-Lago' to spotlight his conviction that a Trump trade coup to come would stand alongside two groundbreaking agreements famously named for the venues of their signing. The reference to Trump's Palm Beach resort evokes the 1944 Bretton Woods pact, titled for a mountain hamlet in New Hampshire, that established the stable post-war system that tied major currenices to the gold standard, and the 'Plaza Accord' negotiated at the Manhattan luxury hotel in 1985, where the 'G5' nations, the U.S., Japan, West Germany, France, and the U.K., formed a successful joint program for devaluing the then hugely overpriced dollar. (By the way, Trump himself owned the Beaux Arts Manhattan landmark from 1988 to 1995.) Miran then backtracks to acknowledge that the drive down the dollar route that he extolled isn't possible for a basic reason: Trump's dead set on keeping the global medium of exchange strong and retaining its status as the go-to cornerstone of international commerce. He notes that the POTUS-elect 'threatened to punish' nations that dump the king of currencies. Hence, he puts the original Mar-a-Lago version aside despite its compelling economic logic, and concludes that given Trump's 'praise' for 'the reserve status of the dollar' that the U.S. will stay stuck with the main source chronic of America's trade woes, our excessively pricey currency. After taking a massive dollar devaluation off the table, Miran's 'User's Guide' goes on to embrace what he calls 'an alternative form of Mar-a-Lago accord' for setting things right. Miran insisted to this writer, as he'd said before, that while the Manhattan Institute writings were 'designed as policy advocacy,' the 'User's Guide' 'gets wrongly mischaracterized every day as administration policy, when it's really my own views.' Still, this 'alternative' Mar-a-Lago prescription mirrors the one he's been advancing since taking the CEA chair. It's a model of 'burden sharing' that he's been promoting in recent interviews and speeches. Here's the basic idea: The U.S. can leverage its powerhouse position in global trade to reap compensation from its partners in exchange for our accepting an overpriced dollar that's part and parcel of providing a global currency, and that essentially allows foreigners to sell their products at discount within our borders compared to what we can charge for our cars and chips in their markets. We'll also collect payback for the huge expense of supplying the American security umbrella protecting our allies. Instead of the multi-country agreement envisaged in part one of the 'User's Guide,' 'burden sharing' relies on separate negotiations with multiple nations. The tool for collecting this bounty: tariffs individually negotiated across multiple nations. Theoretically, the more a country lowers its direct duties and non-tariff barriers, the lower the levies the U.S. will charge them. The proviso: Big tariffs for even the best-behaved are here to stay. That stance constitutes a sudden, tectonic shift from the post-war march toward free trade to a new protectionism, and Miran's a prime mover in making it happen. Miran described the concept at length during a talk at the Hudson Institute on April 7: Big exporters to the U.S., and especially China, are what he calls 'inflexible'—they've built plants 'specifically for selling to the U.S. consumer,' and those plants can't pick up and move or easily switch to making something else. Their workers are trained to manufacture those U.S.-bound products. China can't find anywhere else to offload the goods in big volumes. As Miran put it, 'China can't stop selling to us. Who's going to buy as much [of their products] as U.S. consumers?' On the other hand, he argues, America's shoppers are just as flexible as Chinese producers are boxed in. 'We have all the leverage because we're so big,' he says. If Chinese exporters raise their prices to recoup our tariffs, Americans simply will stop buying their offerings. Our consumers 'can reallocate demand across borders' or purchase Stateside-made alternatives, he contends. The upshot: To keep sales humming, the Chinese exporters will lower the prices they charge U.S. importers to fully offset the tariffs those importers are paying, keeping the price of Chinese goods crossing our borders the same. America's shoppers won't see higher price tags on the China-made toys and computers at our megastores and electronics chains. The U.S. Treasury collects rich revenues, and China and the other big exporters, not our families, cover the full costs. 'It will not happen on day one, but will happen in the 'fullness of time,'' said Miran, rebooting one of his favorite expressions. The mainstream economics crowd, however, is not sold. In a Fortune interview, Larry Summers, Treasury Secretary under Bill Clinton and a top adviser to Barack Obama, slammed Miran's Mar-a-Lago manifesto, in all its forms, as 'a bizarre, narcissistic conceit rather than a serious approach to policy that other nations can subscribe to.' Put simply, almost all experts to whom I spoke doubt that that China, Japan, Mexico, and other nations, and not U.S. consumers via higher prices, nor companies through reduced profits for investing in new plants and jobs, will absorb double-digit tariffs slapped on imported groceries, autos, and steel. 'I disagree with the administration's argument,' says Olu Sonola, head of U.S. economic research for Fitch Ratings. 'What we've seen in the last month is the opposite evidence coming from manufacturers, and retailers such as Walmart.' He says the de-escalation of tariffs since Liberation Day represents things going from 'a knockout to a body blow.' At the close of 2024, Fitch predicted GDP growth of just over 2% for 2025; the drag of tariffs that are larger than expected despite the big retrenchment lowered that forecast substantially, to a number unlikely to exceed 1.7%. Higher, tariff-driven prices will force consumers to reduce their purchases, throttling an economy that, right now, is chugging briskly head. Sonola reckons that the protectionist agenda will keep pushing inflation farther from the Fed's 2% target more toward 3%. 'Even if we get reshoring of manufacturing, our wages are higher in the U.S., so that will stoke inflation,' he says. 'The Fed's already in restrictive territory, and If inflation expectations keep rising because of tariffs, it won't be able to cut rates. So mortgage rates will stay higher, companies will pay more to borrow, cutting profits, and it will bleed through to the economy.' This self-inflicted dead weight, he says, could last for an extended period. So what would Miran's hero Martin Feldstein think of his protégé's work? We have a pretty good idea, because shortly before he died, the fabled economist wrote several editorials on the original Trump attack aimed at China. Feldstein denounced Beijing's effective rule requiring that to enter its giant market, U.S. companies had to take on a local partner and surrender their IP as part of the arrangement. He endorsed high duties as a weapon for forcing the Chinese to stop what amounted to blatant theft of our technology. But Feldstein stated that in general, he favored 'low tariffs or no tariffs' and believed they were useless in shrinking our trade deficit. 'That's because we consume more than we produce, and must [import] the difference from the rest of the world,' he wrote. The student who's taken the same seat the great man occupied three decades earlier is a maverick defying the very establishment Feldstein exemplified. Miran is speeding down a road America hasn't tried in almost a century—a narrow route framed by tight guard rails and soft shoulders, where the line of sight is short, and the risk of damage looms large. This story was originally featured on
Business Wire
30 minutes ago
- Business Wire
Caleres Reports First Quarter 2025 Results
ST. LOUIS--(BUSINESS WIRE)--Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the first quarter 2025. 'While our brands continue to resonate with consumers and both segments of our business gained market share in the period, our first quarter results fell short of expectations. February sales were particularly weak, and although trends improved in March and April, overall performance was below plan. Furthermore, operating earnings were pressured by lower gross margins, increased reserves, and costs to cancel and move inventory,' said Jay Schmidt, president and chief executive officer. 'Despite the weak quarter, we did experience improving momentum at retail and growth in our strategically important international business.' 'The operating environment has become more challenging, and we must redouble our efforts to drive growth and profitability. In the near term, we are focused on controlling what we can control, including optimizing our sourcing strategy. Additionally, we expect to decrease SG&A by $15 million on an annualized basis through structural expense cuts. We are viewing this as an opportunity to strengthen Caleres and position our company for the future,' said Schmidt. 'Longer term, we are confident in our ability to get back on track, execute our strategic plan, invest to fuel our growth initiatives, and drive sustained value for our shareholders.' First Quarter 2025 Results (13-weeks ended May 3, 2025 compared to 13-weeks ended May 4, 2024) Net sales were $614.2 million, down 6.8% from the first quarter of 2024; Famous Footwear segment net sales decreased 6.3%, with comparable sales down 4.6%; Brand Portfolio segment net sales declined 6.9%; Direct-to-consumer sales represented approximately 70% of total net sales; Gross profit was $278.7 million, while gross margin was 45.4%, down 150 basis points versus last year; Famous Footwear segment gross margin of 45.3%, down 80 basis points versus last year; Brand Portfolio segment gross margin of 43.8%, down 280 basis points versus last year; SG&A as a percentage of net sales was 43.4%, up 300 basis points versus last year, reflecting deleverage on the sales decline; Net earnings of $6.9 million, or earnings per diluted share of $0.21, and adjusted net earnings of $7.4 million, or adjusted earnings per diluted share of $0.22, compared to net earnings of $30.9 million, or earnings per diluted share of $0.88 in the first quarter of 2024; Inventory was up 8.1% compared to the first quarter of 2024; Borrowings under the asset-based revolving credit facility were $258.5 million at the end of the period, up $67.5 million from the first quarter of 2024. Capital Allocation Update During the quarter, Caleres continued to invest in value-driving growth opportunities while at the same time returning cash to shareholders through our dividend. We also repurchased 300,000 shares at an average price of $16.81 per share to offset dilution from stock-based compensation. Given the current challenging environment and the planned acquisition of Stuart Weitzman later this year, the company is re-evaluating its capital spending plans. Caleres will continue to consider business performance and market conditions as it evaluates all opportunities for free cash flow as the year progresses, including share repurchases. Fiscal 2025 Outlook Given the uncertainty in the environment, the company is suspending guidance. Investor Conference Call Caleres will host a conference call at 10:00 a.m. ET today, Thursday, May 29, 2025. The webcast and associated slides will be available at A live conference call will be available at (877) 704-4453 for North America participants or (201) 389-0920 for international participants, no passcode necessary. A replay will also be available at for a limited period. Investors can access the replay through June 12, 2025 by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the conference pin 13753803. Definitions All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings attributable to Caleres, Inc. and diluted earnings per common share attributable to Caleres, Inc. shareholders, are presented as net earnings and earnings per diluted share, respectively. Non-GAAP Financial Measures and Metrics In this press release, the company's financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures and metrics. In particular, the company provides earnings before interest, taxes, depreciation and amortization (EBITDA) and estimated and future operating earnings, net earnings and earnings per diluted share, adjusted to exclude certain gains, charges and recoveries, which are non-GAAP financial measures, and the debt to EBITDA leverage ratio, which is a non-GAAP financial metric. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures and metrics help identify underlying trends in the company's business and provide useful information to both management and investors by excluding certain items that may not be indicative of the company's core operating results. These measures and metrics should not be considered a substitute for or superior to GAAP results. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains certain forward-looking statements and expectations regarding the company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) changes in United States and international trade policies, including tariffs and trade restrictions; (ii) changing consumer demands, which may be influenced by general economic conditions and other factors; (iii) inflationary pressures and supply chain disruptions; (iv) rapidly changing consumer preferences and purchasing patterns and fashion trends; (v) supplier concentration, customer concentration and increased consolidation in the retail industry; (vi) intense competition within the footwear industry; (vii) foreign currency fluctuations; (viii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (ix) cybersecurity threats or other major disruption to the company's information technology systems including those related to our ERP upgrade; (x) transitional challenges with acquisitions and divestitures; (xi) the ability to accurately forecast sales and manage inventory levels; (xii) a disruption in the company's distribution centers; (xiii) the ability to recruit and retain senior management and other key associates; (xiv) the ability to secure/exit leases on favorable terms; (xv) the ability to maintain relationships with current suppliers; (xvi) changes to tax laws, policies and treaties; (xvii) our commitments and shareholder expectations related to responsible business initiatives; (xviii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xix) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights. The company's reports to the Securities and Exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption Risk Factors in Item 1A of the company's Annual Report on Form 10-K for the year ended February 1, 2025, which information is incorporated by reference herein and updated by the company's Quarterly Reports on Form 10-Q. The company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change. (Unaudited) Thirteen Weeks Ended ($ thousands, except per share data) May 3, 2025 May 4, 2024 Net sales $ 614,221 $ 659,198 Cost of goods sold 335,527 350,103 Gross profit 278,694 309,095 Selling and administrative expenses 266,483 266,337 Restructuring and other special charges, net 627 — Operating earnings 11,584 42,758 Interest expense, net (3,795 ) (3,778 ) Other income, net 686 992 Earnings before income taxes 8,475 39,972 Income tax provision (2,529 ) (9,174 ) Net earnings 5,946 30,798 Net loss attributable to noncontrolling interests (997 ) (141 ) Net earnings attributable to Caleres, Inc. $ 6,943 $ 30,939 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.21 $ 0.88 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.21 $ 0.88 Expand SCHEDULE 2 CALERES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS Expand (Unaudited) ($ thousands) May 3, 2025 May 4, 2024 ASSETS Cash and cash equivalents $ 33,139 $ 30,709 Receivables, net 160,433 164,865 Inventories, net 573,615 530,570 Property and equipment, held for sale 16,777 16,777 Prepaid expenses and other current assets 62,428 62,415 Total current assets 846,392 805,336 Lease right-of-use assets 559,713 565,822 Property and equipment, net 185,069 168,154 Goodwill and intangible assets, net 189,515 200,551 Other assets 127,007 121,247 Total assets $ 1,907,696 $ 1,861,110 LIABILITIES AND EQUITY Borrowings under revolving credit agreement $ 258,500 $ 191,000 Trade accounts payable 212,514 267,388 Lease obligations 118,781 120,872 Other accrued expenses 180,461 185,105 Total current liabilities 770,256 764,365 Noncurrent lease obligations 472,981 482,163 Other liabilities 51,555 37,553 Total other liabilities 524,536 519,716 Total Caleres, Inc. shareholders' equity 605,179 570,304 Noncontrolling interests 7,725 6,725 Total equity 612,904 577,029 Total liabilities and equity $ 1,907,696 $ 1,861,110 Expand SCHEDULE 3 CALERES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Expand (Unaudited) Thirteen Weeks Ended ($ thousands) May 3, 2025 May 4, 2024 OPERATING ACTIVITIES: Net cash (used for) provided by operating activities $ (5,657 ) $ 36,074 INVESTING ACTIVITIES: Purchases of property and equipment (20,542 ) (9,802 ) Capitalized software (604 ) (524 ) Net cash used for investing activities (21,146 ) (10,326 ) FINANCING ACTIVITIES: Borrowings under revolving credit agreement 135,500 118,500 Repayments under revolving credit agreement (96,500 ) (109,500 ) Dividends paid (2,362 ) (2,442 ) Acquisition of treasury stock (5,044 ) (15,070 ) Issuance of common stock under share-based plans, net (3,067 ) (7,847 ) Contributions by noncontrolling interests 1,750 — Net cash provided by (used for) financing activities 30,277 (16,359 ) Effect of exchange rate changes on cash and cash equivalents 29 (38 ) Increase in cash and cash equivalents 3,503 9,351 Cash and cash equivalents at beginning of period 29,636 21,358 Cash and cash equivalents at end of period $ 33,139 $ 30,709 Expand (Unaudited) Trailing Twelve Months Ended May 3, 2025 May 4, 2024 Pre-Tax Net Earnings (Loss) Pre-Tax Net Earnings (Loss) Impact of Attributable Impact of Attributable Charges/Other to Caleres, Charges/Other to Caleres, ($ thousands) Items Inc. Items Inc. GAAP earnings $ 83,259 $ 167,603 Charges/other items: Stuart Weitzman acquisition and integration costs 627 466 — — Exit of Naturalizer retail store operations 4,216 3,131 — — Pension settlement cost 2,716 2,017 — — Restructuring costs 2,951 2,192 — — Deferred tax valuation allowance adjustments — — — (26,654) Expense reduction initiatives — — 6,103 4,532 Total charges/other items $ 10,510 $ 7,806 $ 6,103 $ (22,122) Adjusted earnings $ 91,065 $ 145,481 Expand SCHEDULE 5 CALERES, INC. SUMMARY FINANCIAL RESULTS Expand (Unaudited) Thirteen Weeks Ended Famous Footwear Brand Portfolio Eliminations and Other Consolidated May 3, May 4, May 3, May 4, May 3, May 4, May 3, May 4, ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Net sales $ 327,676 $ 349,553 $ 295,395 $ 317,211 $ (8,850) $ (7,566) $ 614,221 $ 659,198 Gross profit 148,441 161,005 129,287 147,812 966 278 278,694 309,095 Gross margin 45.3 % 46.1 % 43.8 % 46.6 % (10.9) % (3.7) % 45.4 % 46.9 % Operating earnings (loss) 4,974 16,855 17,415 41,425 (10,805) (15,522) 11,584 42,758 Adjusted operating earnings (loss) 4,974 16,855 17,415 41,425 (10,178) (15,522) 12,211 42,758 Operating margin 1.5 % 4.8 % 5.9 % 13.1 % n/m % n/m % 1.9 % 6.5 % Adjusted operating earnings % 1.5 % 4.8 % 5.9 % 13.1 % n/m % n/m % 2.0 % 6.5 % Comparable sales % (on a 13-week basis) (4.6) % (2.3) % (1.2) % 0.1 % — % — % — % — % Company-operated stores, end of period 835 855 115 99 — — 950 954 n/m – Not meaningful Expand SCHEDULE 6 CALERES, INC. BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION Expand (Unaudited) Thirteen Weeks Ended May 3, 2025 May 4, 2024 ($ thousands, except per share data) Net earnings attributable to Caleres, Inc.: Net earnings $ 5,946 $ 30,798 Net loss attributable to noncontrolling interests 997 141 Net earnings attributable to Caleres, Inc. 6,943 30,939 Net earnings allocated to participating securities (241 ) (1,208 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 6,702 $ 29,731 Basic and diluted common shares attributable to Caleres, Inc.: Basic common shares 32,523 33,793 Dilutive effect of share-based awards 128 106 Diluted common shares attributable to Caleres, Inc. 32,651 33,899 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.21 $ 0.88 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.21 $ 0.88 Expand SCHEDULE 7 CALERES, INC. BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION Expand (Unaudited) Thirteen Weeks Ended May 3, 2025 May 4, 2024 ($ thousands, except per share data) Adjusted net earnings attributable to Caleres, Inc.: Adjusted net earnings $ 6,412 $ 30,798 Net loss attributable to noncontrolling interests 997 141 Adjusted net earnings attributable to Caleres, Inc. 7,409 30,939 Net earnings allocated to participating securities (241 ) (1,208 ) Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 7,168 $ 29,731 Basic and diluted common shares attributable to Caleres, Inc.: Basic common shares 32,523 33,793 Dilutive effect of share-based awards 128 106 Diluted common shares attributable to Caleres, Inc. 32,651 33,899 Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders $ 0.22 $ 0.88 Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders $ 0.22 $ 0.88 Expand SCHEDULE 8 CALERES, INC. CALCULATION OF EBITDA AND DEBT/EBITDA LEVERAGE RATIO (NON-GAAP METRICS) Expand (Unaudited) Thirteen Weeks Ended ($ thousands) May 3, 2025 May 4, 2024 EBITDA: Net earnings attributable to Caleres, Inc. $ 6,943 $ 30,939 Income tax provision 2,529 9,174 Interest expense, net 3,795 3,778 Depreciation and amortization (1) 14,784 13,490 EBITDA $ 28,051 $ 57,381 EBITDA margin 4.6 % 8.7 % Adjusted EBITDA: Adjusted net earnings attributable to Caleres, Inc. (2) $ 7,409 $ 30,939 Income tax provision (3) 2,690 9,174 Interest expense, net 3,795 3,778 Depreciation and amortization (1) 14,784 13,490 Adjusted EBITDA $ 28,678 $ 57,381 Adjusted EBITDA margin 4.7 % 8.7 % Expand (Unaudited) Trailing Twelve Months Ended ($ thousands) May 3, 2025 May 4, 2024 EBITDA: Net earnings attributable to Caleres, Inc. $ 83,259 $ 167,603 Income tax provision 22,416 8,000 Interest expense, net 13,974 17,498 Depreciation and amortization (1) 57,722 54,056 EBITDA $ 177,371 $ 247,157 EBITDA margin 6.6 % 8.8 % Adjusted EBITDA: Adjusted net earnings attributable to Caleres, Inc. (2) $ 91,065 $ 145,481 Income tax provision (3) 25,121 36,225 Interest expense, net 13,974 17,498 Depreciation and amortization (1) 57,722 54,056 Adjusted EBITDA $ 187,882 $ 253,260 Adjusted EBITDA margin 7.0 % 9.0 % (Unaudited) ($ thousands) May 3, 2025 May 4, 2024 Debt/EBITDA leverage ratio: Borrowings under revolving credit agreement (4) $ 258,500 $ 191,000 EBITDA (trailing twelve months) 177,371 247,157 Debt/EBITDA 1.5 0.8 Expand _________________________________ (1) Includes depreciation and amortization of capitalized software and intangible assets. (2) Refer to Schedule 4 for the consolidated reconciliation of net earnings attributable to Caleres, Inc. to adjusted net earnings attributable to Caleres, Inc. (3) Excludes the income tax impacts of the adjustments on Schedule 4. Expand
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FOOT LOCKER, INC. REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS
• Total Sales Down 4.6% Year-over-Year and Comparable Sales Down 2.6%• GAAP EPS Loss of $3.81 and Non-GAAP EPS Loss of $0.07• Continued Store Modernization Efforts with 69 Refreshes• Launched New Champs Sports and Kids Foot Locker Mobile Apps NEW YORK, May 29, 2025 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL) today reported financial results for its first quarter ended May 3, 2025. Mary Dillon, Chief Executive Officer said, "We are continuing to execute our Lace Up Plan strategies as we look forward to the successful completion of our transaction with DICK'S Sporting Goods. As we noted at the time we reported preliminary first quarter results, we experienced softer traffic trends globally that impacted our performance. During the quarter, we remained focused on the rollout of our Reimagined and Refresh programs to elevate our in-store experience, enhancing our digital offerings, deepening customer engagement through our FLX program and leveraging our strong brand partnerships to generate excitement for our customers. As we have executed these and other initiatives to further advance our strategy, our teams have also remained nimble to navigate the uncertain macroeconomic environment, including managing our promotional levels, inventories, and expenses and remaining disciplined with our cash flows." First Quarter Results Total sales were down 4.6%, to $1,788 million, as compared with sales of $1,874 million in the first quarter of 2024. Excluding the effect of foreign exchange rate fluctuations, total sales for the first quarter decreased by 4.5%. Comparable sales decreased by 2.6%, with comparable sales in the North American region decreasing by 0.5%. Comparable sales in the Company's international businesses decreased by 8.5%, led by softness in Foot Locker Europe. Please refer to the Sales by Banner table below for detailed sales performance by banner and region. Gross margin decreased by 40 basis points as compared with the prior-year period. Merchandise margins decreased by 10 basis points, while occupancy as a percentage of sales increased by 30 basis points as compared to the prior-year period. SG&A as a percentage of sales increased by 100 basis points as compared with the prior-year period, due to underlying deleverage on the sales decline and investments in technology which more than offset the cost optimization program and ongoing expense discipline. Compared to the prior year, SG&A dollars were down 0.7%. Net loss was $363 million, as compared with net income of $8 million in the prior-year period. On a non-GAAP basis, net loss was $6 million for the first quarter, as compared with net income of $21 million in the corresponding prior-year period. First quarter loss per share was $3.81, as compared with earnings per share of $0.09 in the first quarter of 2024. Non-GAAP loss was $0.07 per share in the first quarter, as compared with non-GAAP earnings per share of $0.22 in the corresponding prior-year period. Non-GAAP net loss and net loss per share exclude non-cash impairment charges totaling $276 million and primarily reflect a $140 million charge related to a tradename and a goodwill impairment charge of $110 million. Additionally, the Company recorded a full valuation allowance on its deferred tax assets and deferred tax costs related to certain of the Company's European business totaling $124 million, which is excluded from non-GAAP the tables below for the reconciliation of Non-GAAP measures. Balance Sheet At quarter-end, the Company had cash and cash equivalents of $343 million, and total debt was $445 million. As of May 3, 2025, the Company's merchandise inventories were $1,665 million, 0.4% higher than at the end of the first quarter last year. Excluding the effect of foreign currency fluctuations, merchandise inventories decreased by 0.7% as compared with the first quarter of last year. Store Base Update During the first quarter, the Company opened 9 new stores and closed 56 stores, including its stores that operated in South Korea, Denmark, Norway, Sweden, Greece, and Romania. Also during the quarter, the Company remodeled or relocated 11 stores and refreshed 69 stores to our updated design standards, which incorporate key elements of our current brand design specifications. As of May 3, 2025, the Company operated 2,363 stores in 20 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 236 licensed stores were operating in the Middle East, Europe, and Asia. Our licensed operations include the Greece and Romania business that was sold to our license partner in April 2025. Agreement to be Acquired by DICK'S As previously announced on May 15, 2025, Foot Locker and DICK'S Sporting Goods have entered into a definitive merger agreement under which DICK'S will acquire Foot Locker. In light of the pending transaction with DICK'S, Foot Locker will not be holding its previously scheduled conference call to discuss its first quarter 2025 results and will not be providing or updating previously issued financial guidance. Disclosure Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the Company anticipates will or may occur in the future, including, but not limited to, such things as future capital expenditures, expansion, strategic plans, financial objectives, dividend payments, stock repurchases, financial outlook, and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the right of us or DICK'S Sporting Goods, Inc. ("DICK'S") to terminate the Agreement and Plan of Merger by and among us, DICK'S and a wholly owned subsidiary of DICK'S ("Merger Sub") pursuant to which, among other things, Merger Sub would be merged with and into us (the "Transaction"); the outcome of any legal proceedings that may be instituted against us, including with respect to the Transaction; the possibility that the Transaction does not close when expected or at all because required regulatory or shareholder approvals or other conditions to closing are not received or satisfied on a timely basis or at all; reputational risk and potential adverse reactions of our customers, employees or other business partners; the diversion of our management's attention and time from ongoing business operations and opportunities due to the Transaction; and any other factors set forth in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended February 1, 2025, filed on March 27, 2025. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise. Foot Locker, Inc. Condensed Consolidated Statements of Operations (unaudited)Periods ended May 3, 2025 and May 4, 2024 (In millions, except per share amounts)First Quarter2025 2024Sales$ 1,788 $ 1,874Other revenue 65Total revenue 1,7941,879 Cost of sales 1,2801,335Selling, general and administrative expenses 458461Depreciation and amortization 5151Impairment and other 27614(Loss) income from operations (271)18 Interest expense, net (2)(1)Other income (expense), net 3(4)(Loss) income before income taxes (270)13Income tax expense 935Net (loss) income$ (363) $ 8 Diluted (loss) earnings per share$ (3.81) $ 0.09Weighted-average diluted shares outstanding 95.395.3Non-GAAP Financial Measures In addition to reporting the Company's financial results reported in accordance with generally accepted accounting principles ("GAAP"), the Company reports certain financial results that differ from what is reported under GAAP. Non-GAAP financial measures that will be presented will exclude (i) gains or losses related to our minority investments, (ii) impairments and other, and (iii) certain tax matters that we believe are nonrecurring or unusual in nature. Certain financial measures are identified as non-GAAP, such as sales changes excluding foreign currency fluctuations, adjusted income before income taxes, adjusted net income, and adjusted diluted earnings per share. We present certain amounts as excluding the effects of foreign currency fluctuations, which are also considered non-GAAP measures. Where amounts are expressed as excluding the effects of foreign currency fluctuations, such changes are determined by translating all amounts in both years using the prior-year average foreign exchange rates. Presenting amounts on a constant currency basis is useful to investors because it enables them to better understand the changes in our business that are not related to currency movements. These non-GAAP measures are presented because we believe they assist investors in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core business or affect comparability. In addition, these non-GAAP measures are useful in assessing our progress in achieving our long-term financial objectives and are consistent with how executive compensation is determined. Foot Locker, Inc. Non-GAAP Reconciliation (unaudited)Periods ended May 3, 2025 and May 4, 2024 (In millions, except per share amounts) We estimate the tax effect of all non-GAAP adjustments by applying a marginal tax rate to each item. The income tax items represent the discrete amount that affected the period. The non-GAAP financial information is provided in addition, and not as an alternative, to our reported results prepared in accordance with GAAP. The various non-GAAP adjustments are summarized in the tables below. Reconciliation of GAAP to non-GAAP results:First Quarter2025 2024Pre-tax (loss) income: (Loss) income before income taxes$ (270) $ 13Pre-tax adjustments excluded from GAAP:Impairment and other (1) 27614Other income / expense (2) (4)2Adjusted income before income taxes (non-GAAP)$ 2 $ 29 After-tax (loss) income: Net (loss) income$ (363) $ 8After-tax adjustments excluded from GAAP:Impairment and other, net of income tax benefit of $39 and $3 million, respectively (1) 23711Other income / expense, net of income tax expense of $- and $- million, respectively (2) (4)2Tax valuation allowance and deferred tax cost write off (3) 124—Adjusted net (loss) income (non-GAAP)$ (6) $ 21First Quarter2025 2024Earnings per share: Diluted (loss) earnings per share$ (3.81) $ 0.09Diluted per share amounts excluded from GAAP: Impairment and other (1) 2.480.11Other income / expense (2) (0.05)0.02Tax valuation allowance and deferred tax cost write off (3) 1.31—Adjusted diluted (loss) earnings per share (non-GAAP)$ (0.07) $ 0.22 Notes on Non-GAAP Adjustments:(1) Included in the first quarter of 2025 impairment and other caption were non-cash impairment charges of $140 million to write down the WSS tradename and $110 million of goodwill, as a result of a triggering event due to a reduction in the Company's stock price and resulting market capitalization, coupled with general macroeconomic factors. Additionally, the Company recorded $15 million in non-cash impairment charges of long-lived assets and right-of-use assets. In connection with the previously announced global headquarters relocation and the shutdown of the businesses in South Korea, Denmark, Norway, and Sweden, we recorded accelerated tenancy and lease termination charges of $8 million. The Company has closed all stores operating in those regions as it focuses on improving the overall results of its international operations. Finally, the Company recorded $3 million of reorganization costs primarily related to the announced closure and relocation of the Company's global headquarters and the shutdown the first quarter of 2024, impairment and other included a loss accrual for legal claims of $7 million and a $7 million impairment of long-lived assets and right-of-use assets related to the Company's decision to no longer operate, and to sublease, one of its larger underperforming stores in Europe. Foot Locker, Inc. Non-GAAP Reconciliation (unaudited)Periods ended May 3, 2025 and May 4, 2024 (In millions, except per share amounts)Notes on Non-GAAP Adjustments (continued):(2) For the first quarter of 2025, other expense / income included a $5 million gain on the sale of the Greece and Romania businesses, partially offset by $1 million of our share of losses related to equity method the first quarter of 2024, other income / expense consisted of $2 million of our share of losses related to equity method investments. (3) In the first quarter of 2025, it was determined that due to recent weakness in market conditions, the ability to utilize the entirety of our European deferred tax asset was less likely than prior periods. Accordingly, the Company recorded a $117 million valuation allowance on all the deferred tax assets related to net operating loss carryforwards and deferred interest deductions related to certain of the Company's European business. The Company will continue to monitor the recoverability of deferred tax assets on a quarterly basis. Additionally, in connection with this assessment, the Company wrote off certain deferred tax costs of $7 million. Foot Locker, Inc. Sales by Banner (unaudited)Periods ended May 3, 2025 and May 4, 2024 (In millions)First Quarter2025 2024 ConstantCurrencies Comparable SalesFoot Locker$ 735 $ 759(2.6) % (0.9) % Champs Sports 261267(2.2)0.5Kids Foot Locker 183183—3.4WSS 160160—(4.6)North America 1,3391,369(1.9)(0.5)EMEA 346394(13.2)(10.2)Foot Locker 6672(4.2)(0.8)atmos 3739(7.7)(6.4)Asia Pacific 103111(5.4)(2.8)Total$ 1,788 $ 1,874(4.5) % (2.6) % Foot Locker, Inc. Condensed Consolidated Balance Sheets (unaudited) (In millions)May 3, May 4,2025 2024ASSETSCurrent assets: Cash and cash equivalents$ 343 $ 282Merchandise inventories 1,6651,659Other current assets 359414 2,3672,355Property and equipment, net 908910Operating lease right-of-use assets 2,0992,175Deferred taxes 41114Goodwill 661760Other intangible assets, net 230392Minority investments 115150Other assets 13791$ 6,558 $ 6,947 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities: Accounts payable$ 504 $ 515Accrued and other liabilities 433389Current portion of long-term debt and obligations under finance leases 55Current portion of lease obligations 499496 1,4411,405Long-term debt and obligations under finance leases 440441Long-term lease obligations 1,8901,984Other liabilities 179231Total liabilities 3,9504,061Total shareholders' equity 2,6082,886$ 6,558 $ 6,947 Foot Locker, Inc. Condensed Consolidated Statement of Cash Flows (unaudited) (In millions)Thirteen weeks endedMay 3, May 4,($ in millions)2025 2024From operating activities: Net (loss) income$ (363) $ 8Adjustments to reconcile net (loss) income to net cash from operating activities: Tradename intangible asset impairment 140—Impairment of goodwill 110—Deferred income taxes 69(5)Depreciation and amortization 5151Impairment of long-lived assets and right-of-use assets 237Share-based compensation expense 66Gain on sales of businesses (5)—Change in assets and liabilities: Merchandise inventories (110)(158)Accounts payable 118151Accrued and other liabilities —(3)Pension contribution (20)—Other, net (22)1Net cash (used in) provided by operating activities (3)58From investing activities: Capital expenditures (58)(76)Proceeds from sales of businesses 6—Net cash used in investing activities (52)(76)From financing activities: Shares of common stock repurchased to satisfy tax withholding obligations (2)(4)Payment of obligations under finance leases (2)(2)Proceeds from exercise of stock options —5Net cash used in financing activities (4)(1)Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash 42Net change in cash, cash equivalents, and restricted cash (55)(17)Cash, cash equivalents, and restricted cash at beginning of year 430334Cash, cash equivalents, and restricted cash at end of period$ 375 $ 317 Foot Locker, Count and Square Footage (unaudited)Store activity is as follows:February 1, May 3, Relocations/2025 Opened Closed 2025 RemodelsFoot Locker U.S. 677—1266520Foot Locker Canada 84—3811Champs Sports 383163781Kids Foot Locker 369—53642WSS 15111151—Footaction 1——1—North America 1,6652271,64024EMEA (1) 60871859739Foot Locker Pacific 96——9616Foot Locker Asia 11—11——atmos 30——301Asia Pacific 137—1112617Total 2,4109562,36380 Selling and gross square footage are as follows:May 4, 2024 May 3, 2025(in thousands)Selling Gross Selling GrossFoot Locker U.S. 2,3864,0492,3053,902Foot Locker Canada 257423254416Champs Sports 1,5082,3731,4432,274Kids Foot Locker 7761,2957451,258WSS 1,4581,7571,5781,900Footaction 3636North America 6,3889,9036,3289,756EMEA (1) 1,2102,4591,1592,378Foot Locker Pacific 246371254381Foot Locker Asia 5298--atmos 28482847Asia Pacific 326517282428Total 7,92412,8797,76912,562(1) Includes 7 Kids Foot Locker stores, and the related square footage, operating in Europe for both February 1, 2025 and May 3, 2025. Contacts: Kate Fitzsimons Investor Relations ir@ Parrish Joele Frank, Wilkinson Brimmer Katcher lparrish@ mediarelations@ View original content to download multimedia: SOURCE Foot Locker IR
