3 unchanged sentences
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
February 1, 2025
34 unchanged sentences
Thirteen Weeks Ended
−Removed: Thirty-Nine Weeks Ended
($ thousands, except per share amounts)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Cost of goods sold
6 unchanged sentences
Income tax provision
−Removed: Net (loss) earnings attributable to noncontrolling interests
+Added: Net loss attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
5 unchanged sentences
Thirteen Weeks Ended
−Removed: Thirty-Nine Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: Other comprehensive (loss) income ("OCI"), net of tax:
+Added: Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment
Pension and other postretirement benefits adjustments
−Removed: Other comprehensive income, net of tax
+Added: Other comprehensive loss, net of tax
Comprehensive income
−Removed: Comprehensive (loss) income attributable to noncontrolling interests
+Added: Comprehensive loss attributable to noncontrolling interests
Comprehensive income attributable to Caleres, Inc.
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Thirty-Nine Weeks Ended
+Added: Thirteen Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
Operating Activities
−Removed: Adjustments to reconcile net earnings to net cash provided by operating activities:
+Added: Adjustments to reconcile net earnings to net cash (used for) provided by operating activities:
Amortization of capitalized software
2 unchanged sentences
Share-based compensation expense
−Removed: Loss on disposal of property and equipment
+Added: (Gain) loss on disposal of property and equipment
Impairment charges for property, equipment, and lease right-of-use assets
6 unchanged sentences
Income taxes, net
−Removed: Net cash provided by operating activities
+Added: Net cash (used for) provided by operating activities
Investing Activities
9 unchanged sentences
Contributions by noncontrolling interests
−Removed: Net cash used for financing activities
+Added: Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents
11 unchanged sentences
Paid-In Capital
−Removed: BALANCE AUGUST 3, 2024
+Added: BALANCE FEBRUARY 1, 2025
Net earnings (loss)
5 unchanged sentences
Acquisition of treasury stock
−Removed: ( 1,522,324 )
Issuance of common stock under share-based plans, net
Share-based compensation expense
−Removed: BALANCE NOVEMBER 2, 2024
−Removed: BALANCE JULY 29, 2023
−Removed: Foreign currency translation adjustment
−Removed: Pension and other postretirement benefits adjustments, net of tax of $ 228
−Removed: Comprehensive (loss) income
−Removed: Dividends ($ 0.07 per share)
−Removed: Issuance of common stock under share-based plans, net
−Removed: Share-based compensation expense
−Removed: BALANCE OCTOBER 28, 2023
−Removed: Total Caleres, Inc.
−Removed: Comprehensive
−Removed: Shareholders’
−Removed: Noncontrolling
−Removed: ($ thousands, except number of shares and per share amounts)
−Removed: Paid-In Capital
+Added: BALANCE MAY 3, 2025
BALANCE FEBRUARY 3, 2024
3 unchanged sentences
Comprehensive income (loss)
−Removed: Contributions by noncontrolling interests
Dividends ($ 0.07 per share)
Acquisition of treasury stock
−Removed: ( 1,938,324 )
Issuance of common stock under share-based plans, net
Share-based compensation expense
−Removed: BALANCE NOVEMBER 2, 2024
−Removed: BALANCE JANUARY 28, 2023
−Removed: Foreign currency translation adjustment
−Removed: Pension and other postretirement benefits adjustments, net of tax of $ 684
−Removed: Comprehensive income
−Removed: Contributions by noncontrolling interests
−Removed: Dividends ($ 0.21 per share)
−Removed: Acquisition of treasury stock
−Removed: Issuance of common stock under share-based plans, net
−Removed: Share-based compensation expense
−Removed: BALANCE OCTOBER 28, 2023
+Added: BALANCE MAY 4, 2024
See notes to condensed consolidated financial statements.
18 unchanged sentences
The Company and Brand Investment Holding are each 50 % owners of the joint venture, which is named CLT Brand Solutions (“CLT”).
−Removed: During the thirteen and thirty-nine weeks ended November 2, 2024, capital contributions of $ 2.0 million and $ 3.0 million, respectively, were made to CLT, including $ 1.0 million and $ 1.5 million, respectively, received from Brand Investment Holding.
−Removed: During the thirty-nine weeks ended October 28, 2023, capital contributions of $ 2.0 million were made to CLT, including $ 1.0 million received from Brand Investment Holding.
−Removed: Net sales and operating (loss) earnings of CLT for the periods ended November 2, 2024 and October 28, 2023 were as follows:
+Added: During the thirteen weeks ended May 3, 2025, capital contributions of $ 3.5 million were made to CLT, including $ 1.8 million received from Brand Investment Holding.
+Added: There were no capital contributions made during the thirteen weeks ended May 4, 2024.
+Added: Net sales and operating losses of CLT for the periods ended May 3, 2025 and May 4, 2024 were as follows:
Thirteen Weeks Ended
−Removed: Thirty-Nine Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: Operating (loss) earnings
+Added: Operating loss
The Company consolidates CLT into its condensed consolidated financial statements on a one-month lag.
−Removed: Net (loss) earnings attributable to noncontrolling interests represents the share of net earnings that is attributable to Brand Investment Holding.
+Added: Net loss attributable to noncontrolling interests represents the share of net earnings that is attributable to Brand Investment Holding.
Transactions between the Company and the joint venture have been eliminated in the condensed consolidated financial statements.
2 unchanged sentences
The Company negotiates payment and other terms directly with the suppliers, regardless of whether the supplier participates in the Program, and the Company’s responsibility is limited to making payment based on the terms originally negotiated with the supplier.
−Removed: The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financial
−Removed: institutions.
−Removed: The liabilities to the suppliers that participate in the Program are presented as accounts payable in the Company’s condensed consolidated balance sheets, with changes reflected within cash flows from operating activities when settled.
−Removed: As of November 2, 2024 and October 28, 2023, the Company had $ 17.2 million and $ 25.0 million, respectively, of accounts payable subject to the Program arrangements.
+Added: The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financial institutions.
+Added: The liabilities to the suppliers that participate in the Program are presented as accounts payable in the Company’s condensed
+Added: consolidated balance sheets, with changes reflected within cash flows from operating activities when settled.
+Added: As of May 3, 2025 and May 4, 2024, the Company had $ 11.8 million and $ 16.0 million, respectively, of accounts payable subject to the Program arrangements.
+Added: The following table is a rollforward of the obligations confirmed under the Program for May 3, 2025 and May 4, 2024:
+Added: Thirteen Weeks Ended
+Added: ($ thousands)
+Added: Confirmed obligations outstanding at the beginning of the period
+Added: Invoices confirmed during the period
+Added: Confirmed invoices paid during the period
+Added: Confirmed obligations outstanding at the end of the period
P roperty and Equipment, Held for Sale
−Removed: The Company continues to actively market for sale its nine -acre corporate headquarters campus (the “Campus”) located in Clayton, Missouri and, as of November 2, 2024, was engaged in discussions with a few potential buyers.
−Removed: The Company expects the Campus to qualify as a completed sale within the next year.
−Removed: Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale on the condensed consolidated balance sheet as of November 2, 2024 within the Eliminations and Other category.
−Removed: The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of November 2, 2024.
−Removed: Enterprise Resource Planning (“ERP”) Implementation
−Removed: The Company is in the process of a multi-year cloud-based ERP implementation.
−Removed: The wholesale and financial modules of the implementation went live in the second quarter of 2024.
−Removed: Other assets on the condensed consolidated balance sheets includes $ 20.3 million and $ 8.8 million as of November 2, 2024 and October 28, 2023, respectively, for capitalized costs associated with this implementation.
+Added: In January 2025, the Company entered into an agreement to sell the main portion of its nine -acre corporate headquarters campus (the “Campus”) located in Clayton, Missouri, subject to certain closing conditions.
+Added: In February 2025, the Company entered into two letters of intent to sell the remaining portions of the Campus.
+Added: In April 2025, the Company entered into an agreement to sell one of the remaining parcels.
+Added: The Company expects each of the components of the Campus to qualify as a completed sale within the next year.
+Added: Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale on the consolidated balance sheet as of May 3, 2025 within the Eliminations and Other category.
+Added: The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of May 3, 2025.
Note 2 Impact of New Accounting Pronouncements
Impact of Recently Issued Accounting Pronouncements
−Removed: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosures by disclosing significant segment expenses that are regularly provided to the chief operating decision maker.
−Removed: The ASU is effective for the Company’s annual disclosures for fiscal year 2024 and for interim periods beginning with the first quarter of 2025.
−Removed: The adoption of the ASU is not expected to have a material impact on the Company’s financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
10 unchanged sentences
Disaggregation of Revenues
−Removed: The following table disaggregates revenue by segment and major source for the periods ended November 2, 2024 and October 28, 2023:
−Removed: Thirteen Weeks Ended November 2, 2024
−Removed: Eliminations and
−Removed: ($ thousands)
−Removed: Famous Footwear
−Removed: Brand Portfolio
−Removed: Retail stores
−Removed: E-commerce - Company websites (1)
−Removed: E-commerce - wholesale drop-ship (1)
−Removed: Total direct-to-consumer sales
−Removed: Wholesale - e-commerce (1)
−Removed: Wholesale - landed
−Removed: Wholesale - first cost
−Removed: Licensing and royalty
−Removed: Thirteen Weeks Ended October 28, 2023
−Removed: Eliminations and
−Removed: ($ thousands)
−Removed: Famous Footwear
−Removed: Brand Portfolio
−Removed: Retail stores
−Removed: E-commerce - Company websites (1)
−Removed: E-commerce - wholesale drop-ship (1)
−Removed: Total direct-to-consumer sales
−Removed: Wholesale - e-commerce (1)
−Removed: Wholesale - landed
−Removed: Wholesale - first cost
−Removed: Licensing and royalty
−Removed: Thirty-Nine Weeks Ended November 2, 2024
+Added: The following table disaggregates revenue by segment and major source for the periods ended May 3, 2025 and May 4, 2024:
+Added: Thirteen Weeks Ended May 3, 2025
Eliminations and
10 unchanged sentences
Licensing and royalty
−Removed: Thirty-Nine Weeks Ended October 28, 2023
+Added: Thirteen Weeks Ended May 4, 2024
Eliminations and
21 unchanged sentences
The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired.
−Removed: The Company generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers or retail stores directly to the consumer, or picked up directly by the consumer from the Company’s stores (“e-commerce – Company websites”);
+Added: The Company generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers or retail stores directly to the consumer, picked up directly by the consumer from the Company’s stores, or delivered from our Famous Footwear stores to the consumer via a third-party delivery service (“e-commerce – Company websites”);
sales from the Company’s wholesale customers’ websites that are fulfilled on a drop-ship basis (“e-commerce – wholesale drop ship”);
23 unchanged sentences
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
February 1, 2025
3 unchanged sentences
Gift card liability
−Removed: Changes in contract balances with customers generally reflect differences in relative sales volume for the periods presented.
−Removed: In addition, during the thirty-nine weeks ended November 2, 2024, the loyalty programs liability increased $ 24.0 million due to points and material rights earned on purchases and decreased $ 27.4 million due to expirations and redemptions.
−Removed: During 2023, the Company modified its Famous Footwear Rewards loyalty program.
−Removed: Under the modified program, points and savings certificates have a shorter time period to be either utilized or expired, which has resulted in a lower liability as of November 2, 2024.
−Removed: During the thirty-nine weeks ended October 28, 2023, the loyalty programs liability increased $ 41.9 million due to points and material rights earned on purchases and decreased $ 45.9 million due to expirations and redemptions.
+Added: Changes in contract balances with customers between the periods presented generally reflect differences in relative sales volume.
+Added: In addition, during the thirteen weeks ended May 3, 2025, the loyalty programs liability increased $ 6.3 million due to points and material rights earned on purchases and decreased $ 5.5 million due to expirations and redemptions.
+Added: During the thirteen weeks ended May 4, 2024, the loyalty programs liability increased $ 9.7 million due to points and material rights earned on purchases and decreased $ 12.8 million due to expirations and redemptions.
The liability for loyalty programs is presented within other accrued expenses when earned and is generally expected to be recognized as revenue within one year.
1 unchanged sentence
The Company estimates and records an expected lifetime credit loss on accounts receivable by utilizing credit ratings and other customer-related information, as well as historical loss experience.
−Removed: The following table summarizes the activity in the Company’s allowance for expected credit losses during the thirty-nine weeks ended November 2, 2024 and October 28, 2023:
−Removed: Thirty-Nine Weeks Ended
+Added: The following table summarizes the activity in the Company’s allowance for expected credit losses during the thirteen weeks ended May 3, 2025 and May 4, 2024:
+Added: Thirteen Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
Balance, beginning of period
Adjustment for expected credit losses
−Removed: Uncollectible accounts written off, net of recoveries
+Added: Uncollectible account (write-offs) recoveries, net
Balance, end of period
2 unchanged sentences
shareholders.
−Removed: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of
+Added: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company.
The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc.
−Removed: shareholders for the periods ended November 2, 2024 and October 28, 2023:
+Added: shareholders for the periods ended May 3, 2025 and May 4, 2024:
Thirteen Weeks Ended
−Removed: Thirty-Nine Weeks Ended
($ thousands, except per share amounts)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: Net loss (earnings) attributable to noncontrolling interests
+Added: Net loss attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
8 unchanged sentences
As further discussed in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds , the Company has a publicly announced share repurchase program.
−Removed: The Company repurchased 1,522,324 and 1,938,324 shares under this program during the thirteen and thirty-nine weeks ended November 2, 2024, respectively.
−Removed: The Company did not repurchase any shares under the program during the thirteen weeks ended October 28, 2023 and repurchased 763,000 shares during thirty-nine weeks ended October 28, 2023.
+Added: The Company repurchased 300,000 and 416,000 shares under this program during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
Under the provisions of the Inflation Reduction Act of 2022 (“Inflation Reduction Act”), a 1% excise tax is imposed on repurchases of common stock beginning on January 1, 2023.
Excise taxes incurred on share repurchases are incremental costs to purchase the stock, and accordingly, are included in the total cost basis of the common stock acquired and reflected as a reduction of shareholders’ equity within retained earnings in the condensed consolidated statements of shareholders’ equity.
−Removed: Excise taxes of $ 0.5 million are due on the Company’s share repurchases during the thirty-nine weeks ended November 2, 2024.
−Removed: An immaterial amount of excise taxes were due on share repurchases during the thirty-nine weeks ended October 28, 2023.
+Added: An immaterial amount of excise taxes were due on share repurchases during the thirteen weeks ended May 3, 2025.
+Added: No excise taxes were due on share repurchases for the thirteen weeks ended May 4, 2024.
Note 5 Restructuring and Other Special Charges
−Removed: The Company incurred costs of approximately $ 1.6 million ($ 1.2 million on an after-tax basis) during the thirteen and thirty-nine weeks ended November 2, 2024 related to restructuring costs, primarily severance.
−Removed: Of the approximately $ 1.6 million in charges presented in restructuring and other special charges on the condensed consolidated statements of earnings for the thirteen and thirty-nine weeks ended November 2, 2024, $ 1.1 million is reflected in the Brand Portfolio segment, $ 0.3 million is reflected within the Eliminations and Other category, and $ 0.2 million is reflected in the Famous Footwear segment.
−Removed: The Company incurred costs of approximately $ 2.3 million ($ 1.7 million on an after-tax basis, or $ 0.05 per diluted share) and $ 3.9 million ($ 2.9 million on an after-tax basis, or $ 0.08 per diluted share) during the thirteen and thirty-nine weeks ended October 28, 2023, respectively, related to its expense reduction initiatives.
−Removed: The costs were primarily for severance related to organizational changes in the Famous Footwear segment and the Company’s corporate office, as well as severance and other costs to integrate the Blowfish Malibu office and information systems into the St.
−Removed: Louis corporate headquarters infrastructure.
−Removed: Of the approximately $ 2.3 million presented in restructuring and other special charges on the condensed consolidated statements of earnings for the thirteen weeks ended October 28, 2023, $ 1.2 million is reflected
−Removed: in the Famous Footwear segment, $ 0.8 million is reflected in the Brand Portfolio segment and $ 0.3 million is reflected within the Eliminations and Other category.
−Removed: Of the approximately $ 3.9 million presented in restructuring and other special charges on the condensed consolidated statements of earnings for the thirty-nine weeks ended October 28, 2023, $ 1.7 million is reflected in the Brand Portfolio segment, $ 1.3 million is reflected in the Famous Footwear segment and $ 0.9 million is reflected within the Eliminations and Other category.
−Removed: As of November 2, 2024 and October 28, 2023, restructuring reserves of $ 1.4 million and $ 2.6 million, respectively, were included in other accrued expenses on the condensed consolidated balance sheets.
+Added: In February 2025, the Company signed a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc.
+Added: for $ 105 million, subject to customary adjustments.
+Added: Stuart Weitzman has been an iconic global luxury women’s footwear brand for over 35 years.
+Added: The acquisition,
+Added: which is expected to close in the summer of 2025, is expected to be funded through the Company’s revolving credit agreement.
+Added: The Company incurred legal and other related costs of approximately $ 0.6 million ($ 0.5 million on an after-tax basis) during the thirteen weeks ended May 3, 2025 associated with the acquisition of Stuart Weitzman.
+Added: These costs are reflected in restructuring and other special charges in the condensed consolidated statement of earnings for the thirteen weeks ended May 3, 2025 in the Eliminations and Other category.
+Added: The Company incurred no restructuring charges during the thirteen weeks ended May 4, 2024.
Note 6 Business Segment Information
−Removed: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended November 2, 2024 and October 28, 2023:
+Added: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended May 3, 2025 and May 4, 2024:
($ thousands)
−Removed: Thirteen Weeks Ended November 2, 2024
−Removed: Intersegment sales (1)
+Added: Net sales (1)
+Added: Cost of goods sold
+Added: Less expenses:
+Added: Retail stores (2)
+Added: Information technology
+Added: Warehousing and distribution
+Added: Advertising and marketing
+Added: Restructuring and other special charges, net
+Added: Other expenses (3)
Operating earnings (loss)
Segment assets
−Removed: Thirteen Weeks Ended October 28, 2023
−Removed: Intersegment sales (1)
+Added: Thirteen Weeks Ended May 4, 2024
+Added: Net sales (1)
+Added: Cost of goods sold
+Added: Less expenses:
+Added: Retail stores (2)
+Added: Information technology
+Added: Warehousing and distribution
+Added: Advertising and marketing
+Added: Restructuring and other special charges, net
+Added: Other expenses (3)
Operating earnings (loss)
Segment assets
−Removed: Thirty-Nine Weeks Ended November 2, 2024
−Removed: Intersegment sales (1)
−Removed: Operating earnings (loss)
−Removed: Thirty-Nine Weeks Ended October 28, 2023
−Removed: Intersegment sales (1)
−Removed: Operating earnings (loss)
−Removed: (1) Included in net sales in the Brand Portfolio segment and eliminated in the Eliminations and Other category.
+Added: (1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 8.9 million and $ 7.6 million for the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
+Added: (2) Includes compensation and facilities costs associated with the Company’s North America retail stores.
+Added: (3) Primarily includes compensation costs associated with non-retail store operations, depreciation and amortization, and other overhead expenses.
The Eliminations and Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not allocated to the operating segments, as well as the elimination of intersegment sales and profit.
1 unchanged sentence
Thirteen Weeks Ended
−Removed: Thirty-Nine Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Operating earnings
5 unchanged sentences
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
February 1, 2025
3 unchanged sentences
Inventories, net (1)
−Removed: Net of adjustment to last-in, first-out cost of $ 8.9 million, $ 7.7 million and $ 10.3 million as of November 2, 2024, October 28, 2023 and February 3, 2024, respectively.
+Added: Net of adjustment to last-in, first-out cost of $ 10.9 million as of May 3, 2025, May 4, 2024 and February 1, 2025.
Note 8 Goodwill and Intangible Assets
1 unchanged sentence
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
February 1, 2025
8 unchanged sentences
Goodwill and intangible assets, net
−Removed: (1) The carrying amount of intangible assets as of November 2, 2024, October 28, 2023 and February 3, 2024 is presented net of accumulated impairment charges of $ 106.2 million.
−Removed: (2) The carrying amount of goodwill as of November 2, 2024, October 28, 2023 and February 3, 2024 is presented net of accumulated impairment charges of $ 415.7 million.
−Removed: The Company’s intangible assets as of November 2, 2024, October 28, 2023 and February 3, 2024 were as follows:
+Added: (1) The carrying amount of intangible assets as of May 3, 2025, May 4, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 106.2 million.
+Added: (2) The carrying amount of goodwill as of May 3, 2025, May 4, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 415.7 million.
+Added: The Company’s intangible assets as of May 3, 2025, May 4, 2024 and February 1, 2025 were as follows:
($ thousands)
−Removed: November 2, 2024
Estimated Useful Lives
1 unchanged sentence
Customer relationships
−Removed: October 28, 2023
Estimated Useful Lives
5 unchanged sentences
Customer relationships
−Removed: Amortization expense related to intangible assets was $ 2.8 million and $ 3.0 million for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, and $ 8.3 million and $ 9.1 million for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively.
−Removed: The Company estimates that amortization expense related to intangible assets will be approximately $ 11.0 million in 2024, 2025 , and 2026 , $ 10.9 million in 2027 and $ 10.7 million in 2028.
+Added: Amortization expense related to intangible assets was $ 2.8 million for the thirteen weeks ended May 3, 2025 and May 4, 2024.
+Added: The Company estimates that amortization expense related to intangible assets will be approximately $ 11.0 million in 2025 and 2026 , $ 10.9 million in 2027, and $ 10.7 million in 2028 and 2029 .
Goodwill is tested for impairment as of the first day of the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test.
−Removed: The Company recorded no goodwill impairment charges during the thirty-nine weeks ended November 2, 2024 or October 28, 2023.
+Added: The Company recorded no goodwill impairment charges during the thirteen weeks ended May 3, 2025 or May 4, 2024.
Indefinite-lived intangible assets are tested for impairment as of the first day of the fourth quarter of each fiscal year unless events or circumstances indicate an interim test is required.
−Removed: The Company recorded no impairment charges for indefinite-lived intangible assets during the thirty-nine weeks ended November 2, 2024 or October 28, 2023.
+Added: The Company recorded no impairment charges for indefinite-lived intangible assets during the thirteen weeks ended May 3, 2025 or May 4, 2024.
Note 9 Leases
7 unchanged sentences
The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable.
−Removed: After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment
−Removed: at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method.
+Added: After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow
The fair value of the lease right-of-use assets is determined utilizing projected cash flows for each store location, discounted using a risk-adjusted discount rate, subject to a market floor based on current market lease rates.
+Added: During the thirteen weeks ended May 3, 2025, the Company recorded asset impairment charges of $ 0.3 million.
Refer to Note 14 to the condensed consolidated financial statements for further discussion of impairment charges on the Company’s operating lease right-of-use assets and property and equipment in retail stores.
−Removed: During the thirty-nine weeks ended November 2, 2024, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 166.0 million on the condensed consolidated balance sheets.
−Removed: As of November 2, 2024, the Company has entered into lease commitments for four retail locations for which the leases have not yet commenced.
−Removed: The Company anticipates that two leases will begin in the current fiscal year, one will begin in fiscal 2025 and one will begin in fiscal 2026.
−Removed: Upon commencement, right-of-use assets and lease liabilities of approximately $ 2.0 million will be recorded in the current fiscal year, $ 0.7 million will be recorded in fiscal 2025 and $ 1.0 million will be recorded in fiscal 2026 on the condensed consolidated balance sheets.
−Removed: The components of lease expense for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 were as follows:
+Added: During the thirteen weeks ended May 3, 2025, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 30.3 million on the condensed consolidated balance sheets.
+Added: As of May 3, 2025, the Company has entered into lease commitments for four retail locations for which the leases have not yet commenced.
+Added: The Company anticipates that one lease will begin in the current fiscal year and three will begin in fiscal 2026.
+Added: Upon commencement, right-of-use assets and lease liabilities of approximately $ 1.9 million will be recorded in the current fiscal year and $ 3.8 million will be recorded in fiscal 2026 on the condensed consolidated balance sheets.
+Added: The components of lease expense for the thirteen weeks ended May 3, 2025 and May 4, 2024 were as follows:
Thirteen Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
Operating lease expense
2 unchanged sentences
Total lease expense
−Removed: Thirty-Nine Weeks Ended
−Removed: ($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: Operating lease expense
−Removed: Variable lease expense
−Removed: Short-term lease expense
−Removed: Total lease expense
−Removed: During the thirty-nine weeks ended November 2, 2024 and October 28, 2023, the Company paid cash for lease liabilities of $ 126.4 million and $ 124.7 million, respectively.
+Added: During the thirteen weeks ended May 3, 2025 and May 4, 2024, the Company paid cash for lease liabilities of $ 51.2 million and $ 42.2 million, respectively.
Note 10 Financing Arrangements
9 unchanged sentences
The interest rate and fees for letters of credit vary based upon the level of excess availability under the Credit Agreement.
−Removed: There is an unused
−Removed: line fee payable on the unused portion under the facility and a letter of credit fee payable on the outstanding face amount under letters of credit.
+Added: There is an unused line fee payable on the unused portion under the facility and a letter of credit fee payable on the outstanding face amount under letters of credit.
The Credit Agreement limits the Company’s ability to create, incur, assume or permit to exist additional indebtedness and liens, make investments or specified payments, give guarantees, pay dividends, make capital expenditures and merge or acquire or sell assets.
3 unchanged sentences
The Credit Agreement also contains certain other covenants and restrictions.
−Removed: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of November 2, 2024.
−Removed: At November 2, 2024, the Company had $ 238.5 million of borrowings outstanding and $ 9.4 million in letters of credit outstanding under the Credit Agreement.
−Removed: Total additional borrowing availability was $ 252.1 million as of November 2, 2024.
−Removed: As further discussed in Note 4 to the condensed consolidated financial statements, the Company repurchased approximately 1.5 million shares of common stock during the thirteen weeks ended November 2, 2024 at a total cost of approximately $ 50.0 million, excluding the cost of broker commissions and excise taxes due under the Inflation Reduction Act.
+Added: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of May 3, 2025.
+Added: At May 3, 2025, the Company had $ 258.5 million of borrowings outstanding and $ 8.1 million in letters of credit outstanding under the Credit Agreement.
+Added: Total additional borrowing availability was $ 233.4 million as of May 3, 2025.
+Added: As further discussed in Note 4 to the condensed consolidated financial statements, the Company repurchased approximately 0.3 million shares of common stock during the thirteen weeks ended May 3, 2025 at a total cost of approximately $ 5.0 million, excluding the cost of broker commissions and excise taxes due under the Inflation Reduction Act.
Borrowings under the revolving credit agreement were used to repurchase these shares of common stock.
1 unchanged sentence
Accumulated Other Comprehensive Loss
−Removed: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended November 2, 2024 and October 28, 2023:
+Added: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended May 3, 2025 and May 4, 2024:
Postretirement
3 unchanged sentences
(Loss) Income
−Removed: Balance at August 3, 2024
−Removed: Other comprehensive loss before reclassifications
−Removed: Reclassifications:
−Removed: Amounts reclassified from accumulated other comprehensive loss
−Removed: Net reclassifications
−Removed: Other comprehensive (loss) income
−Removed: Balance at November 2, 2024
−Removed: Balance at July 29, 2023
−Removed: Other comprehensive loss before reclassifications
−Removed: Reclassifications:
−Removed: Amounts reclassified from accumulated other comprehensive loss
−Removed: Net reclassifications
−Removed: Other comprehensive (loss) income
−Removed: Balance at October 28, 2023
Balance at February 1, 2025
4 unchanged sentences
Other comprehensive income
−Removed: Balance at November 2, 2024
−Removed: Balance at January 28, 2023
+Added: Balance at May 3, 2025
+Added: Balance at February 3, 2024
Other comprehensive loss before reclassifications
3 unchanged sentences
Other comprehensive (loss) income
−Removed: Balance at October 28, 2023
+Added: Balance at May 4, 2024
(1) Amounts reclassified are included in other income, net.
1 unchanged sentence
Note 12 Share-Based Compensation
−Removed: The Company recognized share-based compensation expense of $ 3.4 million and $ 4.1 million during the thirteen weeks and $ 11.3 million and $ 10.9 million during the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively.
−Removed: The Company had net issuances of 20,699 and 3,365 shares of common stock during the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
−Removed: During the thirty-nine weeks ended November 2, 2024 and October 28, 2023, the Company had net issuances of 82,550 and 590,706 shares of common stock, respectively, related to share-based plans.
+Added: The Company recognized share-based compensation expense of $ 2.8 million and $ 3.7 million during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
+Added: The Company had net issuances of 483,778 and 61,388 shares of common stock during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
Restricted Stock
−Removed: The following table summarizes restricted stock activity for the periods ended November 2, 2024 and October 28, 2023:
+Added: The following table summarizes restricted stock activity for the periods ended May 3, 2025 and May 4, 2024:
Thirteen Weeks Ended
Thirteen Weeks Ended
−Removed: November 2, 2024
−Removed: October 28, 2023
of Restricted
of Restricted
−Removed: Nonvested at August 3, 2024
−Removed: Nonvested at July 29, 2023
−Removed: Nonvested at November 2, 2024
−Removed: Nonvested at October 28, 2023
−Removed: Thirty-Nine Weeks Ended
−Removed: Thirty-Nine Weeks Ended
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: of Restricted
−Removed: of Restricted
Nonvested at February 1, 2025
−Removed: Nonvested at January 28, 2023
−Removed: Nonvested at November 2, 2024
−Removed: Nonvested at October 28, 2023
−Removed: The Company granted 2,783 restricted shares during the thirteen weeks ended November 2, 2024, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
−Removed: Of the 322,880 restricted shares the Company granted during the thirty-nine weeks ended November 2, 2024, 13,692 have a cliff-vesting term of one year and 309,188 shares have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
−Removed: The Company granted 10,906 restricted shares during the thirteen weeks ended October 28, 2023, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
−Removed: Of the 590,900 restricted shares granted during the thirty-nine weeks ended October 28, 2023, 554,832 shares have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years , 23,268 shares have a cliff-vesting term of one year , 7,000 shares have a graded vesting term of three years , with 50 % vesting after eighteen months and 50 % after three years , and 5,800 shares have a cliff-vesting term of two years .
+Added: Nonvested at February 3, 2024
+Added: Nonvested at May 3, 2025
+Added: Nonvested at May 4, 2024
+Added: The Company granted 748,063 restricted shares during the thirteen weeks ended May 3, 2025, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: The Company granted 303,285 restricted shares during the thirteen weeks ended May 4, 2024, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
Performance Awards
−Removed: During the thirty-nine weeks ended November 2, 2024, the Company granted performance share awards for a targeted 165,854 shares, with a weighted-average grant date fair value of $ 41.05 in connection with the 2024 performance award (2024 – 2026 performance period).
−Removed: During the thirty-nine weeks ended October 28, 2023, the Company granted performance share awards for a targeted 276,434 shares, with a weighted-average grant date fair value of $ 23.12 in connection with the 2023 performance award (2023 – 2025 performance period).
+Added: The Company granted no performance share awards during the thirteen weeks ended May 3, 2025.
+Added: During the thirteen weeks ended May 4, 2024, the Company granted performance share awards for a targeted 165,854 shares, with a weighted-average grant date fair value of $ 41.05 in connection with the 2024 performance award (2024 – 2026 performance period).
At the end of the vesting period, the employee will have earned an amount of shares or units between 0 % and 200 % of the targeted award, depending on the attainment of certain financial goals for the service period and individual achievement of strategic initiatives over the cumulative period of the award.
1 unchanged sentence
Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded for each tranche in accordance with the vesting schedule of the units over the three-year service period.
+Added: During the thirteen weeks ended May 3, 2025, the Company granted long-term incentive awards payable in cash for the 2025-2027 performance period, with a target value of $ 6.7 million and a maximum value of $ 13.4 million.
+Added: This award, which vests after a three-year period, is dependent upon the attainment of certain financial goals of the Company for each of the three years and individual achievement of strategic initiatives over the cumulative period of the award.
+Added: The estimated value of this award, which is reflected within other liabilities on the consolidated balance sheet as of May 3, 2025, is being accrued over the three-year performance period.
Restricted Stock Units for Non-Employee Directors
6 unchanged sentences
Gains and losses resulting from changes in the fair value of the RSUs payable in cash subsequent to the vesting period and through the settlement date are recognized in the Company’s condensed consolidated statements of earnings.
−Removed: The Company granted 868 and 1,081 RSUs for dividend equivalents, during the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, with weighted-average grant date fair values of $ 33.78 and $ 28.80 , respectively.
−Removed: The Company granted 30,191 and 50,376 RSUs to non-employee directors, including 2,807 and 3,840 and for dividend equivalents, during the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively, with weighted-average grant date fair values of $ 34.99 and $ 19.72 , respectively.
+Added: The Company granted 1,885 and 879 RSUs for dividend equivalents, during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively, with weighted-average grant date fair values of $ 15.64 and $ 35.57 , respectively.
Note 13 Retirement and Other Benefit Plans
5 unchanged sentences
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Interest cost
2 unchanged sentences
Actuarial loss (gain)
−Removed: Prior service cost (income)
−Removed: Total net periodic benefit expense (income)
−Removed: Pension Benefits
−Removed: Other Postretirement Benefits
−Removed: Thirty-Nine Weeks Ended
−Removed: Thirty-Nine Weeks Ended
−Removed: ($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: Interest cost
−Removed: Expected return on assets
−Removed: Amortization of:
−Removed: Actuarial loss (gain)
−Removed: Prior service cost (income)
+Added: Prior service cost
Total net periodic benefit expense (income)
4 unchanged sentences
Fair value measurement disclosure requirements specify a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”).
−Removed: In accordance with the fair
−Removed: value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows:
+Added: In accordance with the fair value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows:
● Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
13 unchanged sentences
Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”).
−Removed: The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
+Added: The liabilities of the Deferred Compensation Plan are presented in other accrued
+Added: expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
Changes in the Deferred Compensation Plan assets and liabilities are charged to selling and administrative expenses.
1 unchanged sentence
Non-Qualified Restoration Plan Assets and Liabilities
−Removed: In 2023, the Company adopted a non-qualified restoration deferred compensation plan (the “Restoration Plan”) for the benefit of certain members of executive management.
+Added: The Company maintains a non-qualified restoration deferred compensation plan (the “Restoration Plan”) for the benefit of certain members of executive management.
The Restoration Plan provides an incremental retirement benefit to key executives whose contributions to qualified retirement plans are limited by Internal Revenue Service annual compensation maximums.
The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan.
−Removed: The initial contribution to the Restoration Plan was funded in January 2024 and contributions are expected to continue on an annual basis.
−Removed: The plan assets and liabilities will fluctuate with the returns on the investment funds.
+Added: The plan assets and liabilities fluctuate with the returns on the investment funds.
The deferrals are held in a separate trust, which has been established by the Company to administer the Restoration Plan.
8 unchanged sentences
Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are reinvested in additional PSUs at the next fiscal quarter-end.
−Removed: The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the
−Removed: condensed consolidated balance sheets.
+Added: The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the condensed consolidated balance sheets.
Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statements of earnings.
5 unchanged sentences
Additional information related to RSUs for non-employee directors is disclosed in Note 12 to the condensed consolidated financial statements.
−Removed: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at November 2, 2024, October 28, 2023 and February 3, 2024.
−Removed: During the thirty-nine weeks ended November 2, 2024 and October 28, 2023, there were no transfers into or out of Level 3.
+Added: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 3, 2025 and May 4, 2024.
+Added: During the thirteen weeks ended May 3, 2025 and May 4, 2024, there were no transfers into or out of Level 3.
Fair Value Measurements
1 unchanged sentence
Asset (Liability)
−Removed: November 2, 2024:
Non-qualified deferred compensation plan assets
4 unchanged sentences
Restricted stock units for non-employee directors
−Removed: October 28, 2023:
Non-qualified deferred compensation plan assets
Non-qualified deferred compensation plan liabilities
+Added: Non-qualified restoration plan assets
Non-qualified restoration plan liabilities
13 unchanged sentences
Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC Topic 820, Fair Value Measurement .
−Removed: Long-lived assets held and used with carrying amounts of $ 651.5 million and $ 559.0 million at November 2, 2024 and October 28, 2023, respectively, were assessed for indicators of impairment.
−Removed: This assessment
−Removed: resulted in impairment charges for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores.
+Added: Long-lived assets held and used with carrying amounts of $ 623.3 million and $ 655.1 million at May 3, 2025 and May 4, 2024, respectively, were assessed for indicators of impairment.
+Added: This assessment resulted in impairment charges for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores.
Thirteen Weeks Ended
−Removed: Thirty-Nine Weeks Ended
($ thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Long-Lived Asset Impairment Charges:
4 unchanged sentences
The fair values of cash and cash equivalents, receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments (Level 1).
−Removed: The fair values of the borrowings under revolving credit agreement of $ 238.5 million and $ 222.0 million as of November 2, 2024 and October 28, 2023, respectively, approximate their carrying values due to the short-term nature of the borrowings (Level 1).
+Added: The fair values of the borrowings under revolving credit agreement of $ 258.5 million and $ 191.0 million as of May 3, 2025 and May 4, 2024, respectively, approximate their carrying values due to the short-term nature of the borrowings (Level 1).
Note 15 Income Taxes
The Company’s consolidated effective tax rate can vary considerably from period to period, depending on a number of factors.
−Removed: The Company’s consolidated effective tax rates were 23.6 % and 23.5 % for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively.
−Removed: The Company’s consolidated effective tax rates were 23.8 % and 24.1 % for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively.
−Removed: The lower effective tax rate for the thirty-nine weeks ended November 2, 2024 reflects discrete tax benefits of $ 1.1 million related to the Company’s share-based compensation, compared to discrete tax benefits of $ 0.9 million for the thirty-nine weeks ended October 28, 2023.
−Removed: As of November 2, 2024, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax, beyond the amounts recorded for the one-time transition tax for the mandatory deemed repatriation of cumulative international earnings, as required by the Tax Cuts and Jobs Act.
+Added: The Company’s consolidated effective tax rates were 29.8 % and 23.0 % for the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
+Added: The higher effective tax rate was driven by a discrete tax provision related to share-based compensation of approximately $ 0.3 million in the first quarter of 2025, compared to discrete tax benefits of approximately $ 0.8 million in the first quarter of 2024.
+Added: As of May 3, 2025, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax, beyond the amounts recorded for the one-time transition tax for the mandatory deemed repatriation of cumulative international earnings, as required by the Tax Cuts and Jobs Act.
The Company periodically evaluates its international investment opportunities and plans, as well as its international working capital needs, to determine the level of investment required and, accordingly, determines the level of international earnings that is considered indefinitely reinvested.
15 unchanged sentences
The Company continues to implement the expanded remedy work plan that was approved by the oversight authorities in 2015 and to work with the oversight authorities on the off-site work plan.
−Removed: The cumulative expenditures for both on-site and off-site remediation through November 2, 2024 were $ 34.7 million.
+Added: The cumulative expenditures for both on-site and off-site remediation through May 3, 2025 were $ 34.9 million.
The Company has recovered a portion of these expenditures from insurers and other third parties.
−Removed: The reserve for the anticipated future remediation activities at November 2, 2024 is $ 9.3 million, of which $ 8.4 million is recorded within other liabilities and $ 0.9 million is recorded within other accrued expenses.
+Added: The reserve for the anticipated future remediation activities at May 3, 2025 is $ 9.1 million, of which $ 8.2 million is recorded within other liabilities and $ 0.9 million is recorded within other accrued expenses.
Of the total $ 9.1 million reserve, $ 4.7 million is for off-site remediation and $ 4.4 million is for on-site remediation.
The liability for the on-site remediation was discounted at 4.8 %.
−Removed: On an undiscounted basis, the on-site remediation liability would be $ 12.5 million as of November 2, 2024.
+Added: On an undiscounted basis, the on-site remediation liability would be $ 12.2 million as of May 3, 2025.
The Company expects to spend approximately $ 0.1 million in 2025, $ 0.1 million in each of the following four years and $ 11.7 million in the aggregate thereafter related to the on-site remediation.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.