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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)



☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 2, 2025

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____________ to _____________

Commission file number: 1-2191


CALERES, INC.
(Exact name of registrant as specified in its charter)

New York	43-0197190
(State or other jurisdiction	(IRS Employer Identification Number)
of incorporation or organization)

8300 Maryland Avenue	63105
St. Louis, Missouri	(Zip Code)
(Address of principal executive offices)

(314) 854-4000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - par value of $0.01 per share	CAL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer ☑	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of August 29, 2025, 33,842,888 common shares were outstanding.

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INDEX

PART I		Page
Item 1	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Earnings	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Statements of Cash Flows	6
	Condensed Consolidated Statements of Shareholders’ Equity	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4	Controls and Procedures	37

PART II		38
Item 1	Legal Proceedings	38
Item 1A	Risk Factors	38
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3	Defaults Upon Senior Securities	39
Item 4	Mine Safety Disclosures	39
Item 5	Other Information	39
Item 6	Exhibits	40
	Signature	41

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PART IFINANCIAL INFORMATION

ITEM 1FINANCIAL STATEMENTS

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
($ thousands)	August 2, 2025		August 3, 2024		February 1, 2025
Assets
Current assets:
Cash and cash equivalents	$	191,494	$	51,753	$	29,636
Receivables, net		136,070		151,055		155,905
Inventories, net		693,282		661,146		565,241
Income taxes		7,233		5,236		13,668
Property and equipment, held for sale		16,777		16,777		16,777
Prepaid expenses and other current assets		54,562		53,733		55,282
Total current assets		1,099,418		939,700		836,509

Prepaid pension costs		80,493		77,505		78,463
Lease right-of-use assets		551,167		588,842		564,330
Property and equipment, net		185,628		169,459		175,213
Deferred income taxes		5,229		4,265		4,826
Goodwill and intangible assets, net		186,756		197,792		192,274
Other assets		43,537		42,422		43,139
Total assets	$	2,152,228	$	2,019,985	$	1,894,754

Liabilities and Equity
Current liabilities:
Borrowings under revolving credit agreement	$	387,500	$	146,500	$	219,500
Trade accounts payable		296,327		396,450		237,038
Income taxes		12,190		14,613		6,425
Lease obligations		115,837		116,619		127,522
Other accrued expenses		203,233		186,241		167,448
Total current liabilities		1,015,087		860,423		757,933
Other liabilities:
Noncurrent lease obligations		465,794		508,950		479,524
Income taxes		—		2,464		2,464
Deferred income taxes		32,499		12,301		31,772
Other liabilities		16,904		22,363		17,112
Total other liabilities		515,197		546,078		530,872
Equity:
Common stock		338		351		336
Additional paid-in capital		193,912		183,922		190,320
Accumulated other comprehensive loss		(27,230)		(29,473)		(34,022)
Retained earnings		446,276		451,262		442,390
Total Caleres, Inc. shareholders’ equity		613,296		606,062		599,024
Noncontrolling interests		8,648		7,422		6,925
Total equity		621,944		613,484		605,949
Total liabilities and equity	$	2,152,228	$	2,019,985	$	1,894,754

See notes to condensed consolidated financial statements.

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CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS


	(Unaudited)
	Thirteen Weeks Ended				Twenty-Six Weeks Ended
($ thousands, except per share amounts)	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Net sales	$	658,519	$	683,317	$	1,272,740	$	1,342,515
Cost of goods sold		372,724		372,439		708,251		722,542
Gross profit		285,795		310,878		564,489		619,973
Selling and administrative expenses		269,747		268,349		536,230		534,685
Restructuring and other special charges, net		6,756		—		7,383		—
Operating earnings		9,292		42,529		20,876		85,288
Interest expense, net		(4,497)		(3,332)		(8,291)		(7,111)
Other income, net		993		1,177		1,677		2,169
Earnings before income taxes		5,788		40,374		14,262		80,346
Income tax benefit (provision)		1,273		(10,101)		(1,256)		(19,275)
Net earnings		7,061		30,273		13,006		61,071
Net earnings (loss) attributable to noncontrolling interests		348		315		(650)		173
Net earnings attributable to Caleres, Inc.	$	6,713	$	29,958	$	13,656	$	60,898

Basic earnings per common share attributable to Caleres, Inc. shareholders	$	0.20	$	0.85	$	0.40	$	1.73

Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	0.20	$	0.85	$	0.40	$	1.73

See notes to condensed consolidated financial statements.

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CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	(Unaudited)
	Thirteen Weeks Ended				Twenty-Six Weeks Ended
($ thousands)	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Net earnings	$	7,061	$	30,273	$	13,006	$	61,071
Other comprehensive (loss) income ("OCI"), net of tax:
Foreign currency translation adjustment		(1,000)		3,447		4,809		2,618
Pension and other postretirement benefits adjustments		1,018		1,083		2,106		2,223
Other comprehensive earnings, net of tax		18		4,530		6,915		4,841
Comprehensive income		7,079		34,803		19,921		65,912
Comprehensive income (loss) attributable to noncontrolling interests		423		197		(527)		(17)
Comprehensive income attributable to Caleres, Inc.	$	6,656	$	34,606	$	20,448	$	65,929

See notes to condensed consolidated financial statements.

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CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	(Unaudited)
	Twenty-Six Weeks Ended
($ thousands)	August 2, 2025		August 3, 2024
Operating Activities
Net earnings	$	13,006	$	61,071
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation		22,135		19,136
Amortization of capitalized software		2,496		2,654
Amortization of intangible assets		5,518		5,518
Amortization of debt issuance costs		213		204
Loss on early extinguishment of debt		52		—
Share-based compensation expense		6,928		7,928
Gain on disposal of property and equipment		(76)		(36)
Impairment charges for property, equipment, and lease right-of-use assets		702		800
Adjustment to expected credit losses		2,322		(769)
Deferred income taxes		324		901
Changes in operating assets and liabilities:
Receivables		18,447		(10,018)
Inventories		(129,605)		(121,010)
Prepaid expenses and other current and noncurrent assets		1,752		(5,389)
Trade accounts payable		58,819		144,687
Accrued expenses and other liabilities		27,418		(5,563)
Income taxes, net		9,735		12,380
Other, net		1,460		3,202
Net cash provided by operating activities		41,646		115,696

Investing Activities
Purchases of property and equipment		(32,877)		(20,886)
Capitalized software		(1,195)		(922)
Net cash used for investing activities		(34,072)		(21,808)

Financing Activities
Borrowings under revolving credit agreement		643,500		306,868
Repayments under revolving credit agreement		(475,500)		(342,368)
Debt issuance costs		(2,920)		—
Dividends paid		(4,729)		(4,899)
Acquisition of treasury stock		(5,049)		(15,070)
Issuance of common stock under share-based plans, net		(3,331)		(8,457)
Contributions by noncontrolling interests		2,250		500
Net cash provided by (used for) financing activities		154,221		(63,426)
Effect of exchange rate changes on cash and cash equivalents		63		(67)
Increase in cash and cash equivalents		161,858		30,395
Cash and cash equivalents at beginning of period		29,636		21,358
Cash and cash equivalents at end of period	$	191,494	$	51,753

See notes to condensed consolidated financial statements.

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CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY


						Accumulated				Total
						Other				Caleres, Inc.
(Unaudited)	Common Stock			Additional		Comprehensive		Retained		Shareholders’		Noncontrolling
($ thousands, except number of shares and per share amounts)	Shares	Dollars		Paid-In Capital		Loss		Earnings		Equity		Interests		Total Equity
BALANCE MAY 3, 2025	33,815,542	$	338	$	190,091	$	(27,173)	$	441,923	$	605,179	$	7,725	$	612,904
Net earnings									6,713		6,713		348		7,061
Foreign currency translation adjustment							(1,075)				(1,075)		75		(1,000)
Pension and other postretirement benefits adjustments, net of tax of $353							1,018				1,018				1,018
Comprehensive (loss) income							(57)		6,713		6,656		423		7,079
Contributions by noncontrolling interests											—		500		500
Dividends ($0.07 per share)									(2,367)		(2,367)				(2,367)
Acquisition of treasury stock	—		—						7		7				7
Issuance of common stock under share-based plans, net	30,000		0		(264)						(264)				(264)
Share-based compensation expense					4,085						4,085				4,085
BALANCE AUGUST 2, 2025	33,845,542	$	338	$	193,912	$	(27,230)	$	446,276	$	613,296	$	8,648	$	621,944

BALANCE MAY 4, 2024	35,135,407	$	351	$	180,314	$	(34,121)	$	423,760	$	570,304	$	6,725	$	577,029
Net earnings									29,958		29,958		315		30,273
Foreign currency translation adjustment							3,565				3,565		(118)		3,447
Pension and other postretirement benefits adjustments, net of tax of $376							1,083				1,083				1,083
Comprehensive income							4,648		29,958		34,606		197		34,803
Contributions by noncontrolling interests											—		500		500
Dividends ($0.07 per share)									(2,456)		(2,456)				(2,456)
Issuance of common stock under share-based plans, net	463		0		(610)						(610)				(610)
Share-based compensation expense					4,218						4,218				4,218
BALANCE AUGUST 3, 2024	35,135,870	$	351	$	183,922	$	(29,473)	$	451,262	$	606,062	$	7,422	$	613,484


						Accumulated
						Other				Total Caleres, Inc.
(Unaudited)	Common Stock			Additional		Comprehensive		Retained		Shareholders’		Noncontrolling
($ thousands, except number of shares and per share amounts)	Shares	Dollars		Paid-In Capital		Loss		Earnings		Equity		Interests		Total Equity
BALANCE FEBRUARY 1, 2025	33,631,764	$	336	$	190,320	$	(34,022)	$	442,390	$	599,024	$	6,925	$	605,949
Net earnings (loss)									13,656		13,656		(650)		13,006
Foreign currency translation adjustment							4,686				4,686		123		4,809
Pension and other postretirement benefits adjustments, net of tax of $730							2,106				2,106				2,106
Comprehensive income (loss)							6,792		13,656		20,448		(527)		19,921
Contributions by noncontrolling interests											—		2,250		2,250
Dividends ($0.14 per share)									(4,729)		(4,729)				(4,729)
Acquisition of treasury stock	(300,000)		(3)						(5,041)		(5,044)				(5,044)
Issuance of common stock under share-based plans, net	513,778		5		(3,336)						(3,331)				(3,331)
Share-based compensation expense					6,928						6,928				6,928
BALANCE AUGUST 2, 2025	33,845,542	$	338	$	193,912	$	(27,230)	$	446,276	$	613,296	$	8,648	$	621,944

BALANCE FEBRUARY 3, 2024	35,490,019	$	355	$	184,451	$	(34,504)	$	410,329	$	560,631	$	6,939	$	567,570
Net earnings									60,898		60,898		173		61,071
Foreign currency translation adjustment							2,808				2,808		(190)		2,618
Pension and other postretirement benefits adjustments, net of tax of $771							2,223				2,223				2,223
Comprehensive income (loss)							5,031		60,898		65,929		(17)		65,912
Contributions by noncontrolling interests											—		500		500
Dividends ($0.14 per share)									(4,899)		(4,899)				(4,899)
Acquisition of treasury stock	(416,000)		(4)						(15,066)		(15,070)				(15,070)
Issuance of common stock under share-based plans, net	61,851		—		(8,457)						(8,457)				(8,457)
Share-based compensation expense					7,928						7,928				7,928
BALANCE AUGUST 3, 2024	35,135,870	$	351	$	183,922	$	(29,473)	$	451,262	$	606,062	$	7,422	$	613,484

See notes to condensed consolidated financial statements.

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CALERES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Basis of Presentation and General

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the United States Securities and Exchange Commission (“SEC”) and reflect all adjustments and accruals of a normal recurring nature, which management believes are necessary to present fairly the financial position, results of operations, comprehensive income and cash flows of Caleres, Inc. ("the Company"). These statements, however, do not include all information and footnotes necessary for a complete presentation of the Company’s consolidated financial position, results of operations, comprehensive income and cash flows in conformity with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions.

The Company’s business is seasonal in nature due to consumer spending patterns, with higher back-to-school and holiday season sales. Although the third fiscal quarter has historically accounted for a substantial portion of the Company’s earnings for the year, the Company has experienced more equal distribution among the quarters in recent years. Interim results may not necessarily be indicative of results which may be expected for any other interim period or for the year as a whole.

The accompanying condensed consolidated financial statements and footnotes should be read in conjunction with the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2025.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Noncontrolling Interests

Noncontrolling interests in the Company’s condensed consolidated financial statements result from the accounting for noncontrolling interests in partially-owned consolidated subsidiaries or affiliates. In 2019, the Company entered into a joint venture with Brand Investment Holding Limited (“Brand Investment Holding”), a member of the Gemkell Group, to sell Sam Edelman, Naturalizer and other branded footwear in China. The Company and Brand Investment Holding are each 50% owners of the joint venture, which is named CLT Brand Solutions (“CLT”). During the thirteen and twenty-six weeks ended August 2, 2025, capital contributions of $1.0 million and $4.5 million, respectively, were made to CLT, including $0.5 million and $2.3 million, respectively, received from Brand Investment Holding. During the thirteen and twenty-six weeks ended August 3, 2024, capital contributions of $1.0 million were made to CLT, including $0.5 million received from Brand Investment Holding

Net sales and operating losses of CLT for the periods ended August 2, 2025 and August 3, 2024 were as follows:

Thirteen Weeks Ended

Twenty-Six Weeks Ended

($ thousands)

August 2, 2025

August 3, 2024

August 2, 2025

August 3, 2024

Net sales

13,374

10,098

20,584

15,820

Operating earnings (loss)

700

688

(1,296)

388

The Company consolidates CLT into its condensed consolidated financial statements on a one-month lag. Net earnings (loss) attributable to noncontrolling interests represents the share of net earnings or losses that is attributable to Brand Investment Holding. Transactions between the Company and the joint venture have been eliminated in the condensed consolidated financial statements.

Supplier Finance Program

The Company facilitates a voluntary supplier finance program (“the Program”) that provides certain of the Company’s suppliers the opportunity to sell receivables related to products that the Company has purchased to participating financial institutions at a rate that leverages the Company’s credit rating, which may be more beneficial to the suppliers than the rate they can obtain based upon their own credit rating. 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. The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financial

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institutions. 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. As of August 2, 2025 and August 3, 2024, the Company had $22.8 million and $15.8 million, respectively, of accounts payable subject to the Program arrangements.

The following table is a rollforward of the obligations confirmed under the Program for August 2, 2025 and August 3, 2024:


	Twenty-Six Weeks Ended
($ thousands)	August 2, 2025		August 3, 2024
Confirmed obligations outstanding at the beginning of the period	$	21,970	$	12,955
Invoices confirmed during the period		53,104		52,445
Confirmed invoices paid during the period		(52,265)		(49,592)
Confirmed obligations outstanding at the end of the period	$	22,809	$	15,808

Property and Equipment, Held for Sale

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. In February 2025, the Company entered into two letters of intent to sell the remaining portions of the Campus. In April 2025, the Company entered into an agreement to sell one of the remaining parcels. The Company expects each of the components of the Campus to qualify as a completed sale within the next year. 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 August 2, 2025 within the Eliminations and Other category. The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of August 2, 2025.

Subsequent Event - Acquisition of Stuart Weitzman

On August 4, 2025, the Company completed the previously announced acquisition of Stuart Weitzman from Tapestry, Inc. Stuart Weitzman has been an iconic global luxury women’s footwear brand for over 35 years. The purchase price for the acquisition was $120.2 million, which included an estimated $11.5 million in cash received at the closing. Excluding cash received at the closing, the net purchase price was $108.7 million. The purchase price is subject to final adjustments for net working capital. The financial results of Stuart Weitzman will be included in the Brand Portfolio segment beginning in the third quarter of 2025. All forward-looking estimates and projections, such as amortization expense, capital expenditures and store openings, exclude the potential impact of the Stuart Weitzman acquisition and operations.

Note 2 Impact of New Accounting Pronouncements

Impact of Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU expands the income tax disclosure requirements, principally related to the rate reconciliation table and income taxes paid by jurisdiction. ASU 2023-09 is effective for the Company on a prospective basis in fiscal year 2025, with the option to apply the standard retrospectively, and early adoption is permitted. The adoption of the ASU is not expected to have a material impact on the Company’s financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The ASU requires new financial statement disclosures in a tabular format, disaggregating information about certain income expenses. The ASU is effective for the Company on a prospective basis for the Company’s annual disclosures for fiscal year 2027 and for interim periods beginning with the first quarter of 2028. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of the ASU on its consolidated financial statement disclosures.

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Note 3 Revenues

Disaggregation of Revenues

The following table disaggregates revenue by segment and major source for the periods ended August 2, 2025 and August 3, 2024:

Thirteen Weeks Ended August 2, 2025

Eliminations and

($ thousands)

Famous Footwear

Brand Portfolio

Other

Total

Retail stores

344,255

20,167

—

364,422

E-commerce - Company websites ⁽¹⁾

54,796

54,496

—

109,292

E-commerce - wholesale drop-ship ⁽¹⁾

—

24,381

(1,215)

23,166

Total direct-to-consumer sales

399,051

99,044

(1,215)

496,880

Wholesale - e-commerce ⁽¹⁾

—

44,895

—

44,895

Wholesale - landed

—

118,609

(15,479)

103,130

Wholesale - first cost

—

11,740

—

11,740

Licensing and royalty

404

1,320

—

1,724

Other ⁽²⁾

138

—

150

Net sales

399,593

275,620

(16,694)

658,519


	Thirteen Weeks Ended August 3, 2024
					Eliminations and
($ thousands)	Famous Footwear		Brand Portfolio		Other		Total

Retail stores	$	370,067	$	17,589	$	—	$	387,656
E-commerce - Company websites ⁽¹⁾		49,628		53,542		—		103,170
E-commerce - wholesale drop-ship ⁽¹⁾		—		23,534		(1,014)		22,520
Total direct-to-consumer sales		419,695		94,665		(1,014)		513,346
Wholesale - e-commerce ⁽¹⁾		—		51,515		—		51,515
Wholesale - landed		—		113,912		(21,455)		92,457
Wholesale - first cost		—		22,598		—		22,598
Licensing and royalty		471		2,790		—		3,261
Other ⁽²⁾		123		17		—		140
Net sales	$	420,289	$	285,497	$	(22,469)	$	683,317

Twenty-Six Weeks Ended August 2, 2025

Eliminations and

($ thousands)

Famous Footwear

Brand Portfolio

Other

Total

Retail stores

625,869

37,103

—

662,972

E-commerce - Company websites ⁽¹⁾

100,386

109,396

—

209,782

E-commerce - wholesale drop-ship ⁽¹⁾

—

55,563

(2,765)

52,798

Total direct-to-consumer sales

726,255

202,062

(2,765)

925,552

Wholesale - e-commerce ⁽¹⁾

—

108,002

—

108,002

Wholesale - landed

—

236,472

(22,779)

213,693

Wholesale - first cost

—

21,558

—

21,558

Licensing and royalty

746

2,897

—

3,643

Other ⁽²⁾

268

—

292

Net sales

727,269

571,015

(25,544)

1,272,740

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	Twenty-Six Weeks Ended August 3, 2024
					Eliminations and
($ thousands)	Famous Footwear		Brand Portfolio		Other		Total

Retail stores	$	674,596	$	34,678	$	—	$	709,274
E-commerce - Company websites ⁽¹⁾		94,105		111,549		—		205,654
E-commerce - wholesale drop-ship ⁽¹⁾		—		53,904		(2,362)		51,542
Total direct-to-consumer sales		768,701		200,131		(2,362)		966,470
Wholesale - e-commerce ⁽¹⁾		—		119,302		—		119,302
Wholesale - landed		—		239,669		(27,672)		211,997
Wholesale - first cost		—		38,334		—		38,334
Licensing and royalty		898		5,228		—		6,126
Other ⁽²⁾		242		44		—		286
Net sales	$	769,841	$	602,708	$	(30,034)	$	1,342,515

(1)	Collectively referred to as "e-commerce" in the narrative below

(2)	Includes breakage revenue from unredeemed gift cards, which is recognized during the 24-month period following the sale of the gift cards according to the Company’s historical redemption patterns.

Retail stores

The Company generates revenue from retail sales where control is transferred and revenue is recognized at the point of sale. Retail sales are recorded net of estimated returns and exclude sales tax. The Company records a returns reserve and a corresponding return asset for expected returns of merchandise.

Retail sales to members of the Company’s loyalty programs, including the Famously You Rewards program, include two performance obligations: the sale of merchandise and the delivery of points that may be converted to savings certificates and redeemed for future purchases. The transaction price is allocated to the separate performance obligations based on the relative stand-alone selling price. The stand-alone selling price for the points is estimated using the retail value of the merchandise earned, adjusted for estimated breakage based upon historical redemption patterns. 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.

E-commerce

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”); and other e-commerce sales (“wholesale – e-commerce”), collectively referred to as "e-commerce". The Company transfers control and recognizes revenue for merchandise sold that is shipped directly to an individual consumer upon delivery to the consumer.

Landed wholesale

Landed sales are wholesale sales in which the Company obtains title to the footwear from the overseas suppliers and maintains title until the merchandise is shipped to the customer from the Company’s warehouses. Many customers purchasing footwear on a landed basis arrange their own transportation of merchandise and, with limited exceptions, control is transferred and revenue is recognized at the time of shipment. Landed sales generally carry a higher profit rate than first-cost wholesale sales as a result of the brand equity associated with the product along with the additional customs, warehousing and logistics services provided to customers and the risks associated with inventory ownership.

First-cost wholesale

First-cost sales are wholesale sales in which the Company purchases merchandise from an international factory that manufactures the product and subsequently sells to a customer at an overseas port. Many of the customers then import this product into the United States. Revenue is recognized at the time the merchandise is delivered to the customer’s designated freight forwarder and control is transferred to the customer.

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Licensing and royalty

The Company has license agreements with third parties allowing them to sell the Company’s branded product, or other merchandise that uses the Company’s owned or licensed brand names. These license agreements provide the licensee access to the Company’s symbolic intellectual property, and revenue is therefore recognized over the license term. For royalty contracts that do not have guaranteed minimums, the Company recognizes revenue as the licensee’s sales occur. For royalty contracts that have guaranteed minimums, revenue for the guaranteed minimum is recognized on a straight-line basis during the term, until such time that the cumulative royalties exceed the total minimum guarantee. Up-front payments are recognized over the contractual term to which the guaranteed minimum relates.

The Company also licenses its Famous Footwear trade name and logo to a third-party financial institution to offer Famous Footwear-branded credit cards to its consumers. The Company receives royalties based upon cardholder spending, which is recognized as licensing revenue at the time the credit card is used.

Contract Balances

Revenue is recorded at the transaction price, net of estimates for variable consideration for which reserves are established, including returns, allowances and discounts. Variable consideration is estimated using the expected value method and given the large number of contracts with similar characteristics, the portfolio approach is applied to determine the variable consideration for each revenue stream. Reserves for projected returns are based on historical patterns and current expectations.

Information about significant balances from contracts with customers is as follows:


($ thousands)	August 2, 2025		August 3, 2024		February 1, 2025
Customer allowances and discounts	$	14,038	$	22,665	$	16,147
Loyalty programs liability		9,557		8,062		7,776
Returns reserve		13,524		13,229		9,584
Gift card liability		5,845		5,793		6,338

Changes in contract balances with customers between the periods presented generally reflect differences in relative sales volume. In addition, during the twenty-six weeks ended August 2, 2025, the loyalty programs liability increased $10.7 million due to points and material rights earned on purchases and decreased $8.9 million due to expirations and redemptions. During the twenty-six weeks ended August 3, 2024, the loyalty programs liability increased $15.5 million due to points and material rights earned on purchases and decreased $18.9 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. The gift card liability is established upon the sale of a gift card and revenue is recognized either upon redemption of the gift card by the consumer or based upon the gift card breakage rate, which is generally within the 24-month period following the sale of the gift card.

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. The following table summarizes the activity in the Company’s allowance for expected credit losses during the twenty-six weeks ended August 2, 2025 and August 3, 2024:


	Twenty-Six Weeks Ended
($ thousands)	August 2, 2025		August 3, 2024
Balance, beginning of period	$	8,323	$	8,820
Adjustment for expected credit losses		2,322		(769)
Uncollectible account recoveries, net		16		316
Balance, end of period	$	10,661	$	8,367

Note 4 Earnings Per Share

The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. 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

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the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended August 2, 2025 and August 3, 2024:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
($ thousands, except per share amounts)	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024

NUMERATOR
Net earnings	$	7,061	$	30,273	$	13,006	$	61,071
Net (earnings) loss attributable to noncontrolling interests		(348)		(315)		650		(173)
Net earnings attributable to Caleres, Inc.	$	6,713	$	29,958	$	13,656	$	60,898
Net earnings allocated to participating securities		(263)		(1,065)		(502)		(2,278)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	6,450	$	28,893	$	13,154	$	58,620

DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders		32,494		33,883		32,509		33,838
Dilutive effect of share-based awards		127		106		127		106
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders		32,621		33,989		32,636		33,944

Basic earnings per common share attributable to Caleres, Inc. shareholders	$	0.20	$	0.85	$	0.40	$	1.73

Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	0.20	$	0.85	$	0.40	$	1.73

As further discussed in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, the Company has a publicly announced share repurchase program. The Company repurchased no shares under this program during the thirteen weeks ended August 2, 2025 and August 3, 2024. The Company repurchased 300,000 shares and 416,000 shares under this program during the twenty-six weeks ended August 2, 2025 and August 3, 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. An immaterial amount of excise taxes were due on share repurchases during the twenty-six weeks ended August 2, 2025 and August 3, 2024.

Note 5 Restructuring and Other Special Charges

During the second quarter of 2025, the Company announced its plan to reduce selling and administrative expenses through structural changes. During the thirteen and twenty-six weeks ended August 2, 2025, the Company incurred costs of approximately $4.5 million ($3.3 million on an after-tax basis, or $0.10 per diluted share) for severance and other related costs associated with these expense reduction initiatives. Of the $4.5 million in costs, $2.6 million is reflected in the Eliminations and Other category, $1.8 million is reflected in the Brand Portfolio segment and $0.1 million is reflected in the Famous Footwear segment in restructuring and other special charges in the condensed consolidated statement of earnings. The Company incurred no expense reduction initiative costs during the twenty-six weeks ended August 3, 2024.

As discussed in Note 1 to the condensed consolidated financial statements, on August 4, 2025, the Company completed the previously announced acquisition of Stuart Weitzman from Tapestry, Inc. During the thirteen and twenty-six weeks ended August 2, 2025, the Company incurred legal and other related costs associated with the acquisition of approximately $2.3 million ($1.7 million on an after-tax basis, or $0.05 per diluted share) and $2.9 million ($2.1 million on an after-tax basis, or $0.06 per diluted share), respectively. These costs are reflected in restructuring and other special charges in the condensed consolidated statement of earnings for the thirteen and twenty-six weeks ended August 2, 2025 in the Eliminations and Other category.

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Note 6 Business Segment Information

Following is a summary of certain key financial measures for the Company’s business segments for the periods ended August 2, 2025 and August 3, 2024:

Thirteen Weeks Ended August 2, 2025

Famous

Brand

Eliminations

($ thousands)

Footwear

Portfolio

and Other

Total

Net sales ⁽¹⁾

399,593

275,620

(16,694)

658,519

Cost of goods sold

224,862

164,565

(16,703)

372,724

Gross Profit

174,731

111,055

285,795

Less expenses:

Retail stores ⁽²⁾

93,923

7,467

—

101,390

Information technology

7,823

7,690

1,229

16,742

Warehousing and distribution

15,377

14,099

(1,869)

27,607

Advertising and marketing

15,150

17,238

211

32,599

Restructuring and other special charges, net

123

1,792

4,841

6,756

Other expenses ⁽³⁾

23,784

56,120

11,505

91,409

Operating earnings (loss)

18,551

6,649

(15,908)

9,292

Segment assets

941,398

920,455

290,375

2,152,228


	Thirteen Weeks Ended August 3, 2024
		Famous		Brand		Eliminations
		Footwear		Portfolio		and Other		Total
Net sales ⁽¹⁾		$	420,289	$	285,497	$	(22,469)	$	683,317
Cost of goods sold			230,952		163,614		(22,127)		372,439
Gross Profit		$	189,337		121,883		(342)	$	310,878

Less expenses:
Retail stores ⁽²⁾			93,073		7,847		—		100,920
Information technology			7,701		6,920		1,645		16,266
Warehousing and distribution			15,669		12,651		622		28,942
Advertising and marketing			14,226		18,595		(870)		31,951
Other expenses ⁽³⁾			24,284		52,250		13,736		90,270
Operating earnings (loss)		$	34,384	$	23,620	$	(15,475)	$	42,529

Segment assets		$	965,085		902,340		152,560	$	2,019,985

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Twenty-Six Weeks Ended August 2, 2025

Famous

Brand

Eliminations

($ thousands)

Footwear

Portfolio

and Other

Total

Net sales ⁽¹⁾

727,269

571,015

(25,544)

1,272,740

Cost of goods sold

404,096

330,674

(26,519)

708,251

Gross profit

323,173

240,341

975

564,489

Less expenses:

Retail stores ⁽²⁾

183,544

14,900

—

198,444

Information technology

15,633

15,334

2,627

33,594

Warehousing and distribution

29,377

30,259

(4,949)

54,687

Advertising and marketing

23,805

38,779

350

62,934

Restructuring and other special charges, net

123

1,792

5,468

7,383

Other expenses ⁽³⁾

47,166

115,213

24,192

186,571

Operating earnings (loss)

23,525

24,064

(26,713)

20,876


	Twenty-Six Weeks Ended August 3, 2024
		Famous		Brand		Eliminations
($ thousands)		Footwear		Portfolio		and Other		Total

Net sales ⁽¹⁾		$	769,841	$	602,708	$	(30,034)	$	1,342,515
Cost of goods sold			419,499		333,013		(29,970)		722,542
Gross profit			350,342		269,695		(64)		619,973

Less expenses:
Retail stores ⁽²⁾			180,615		15,324		—		195,939
Information technology			15,485		13,997		2,887		32,369
Warehousing and distribution			30,145		27,414		(568)		56,991
Advertising and marketing			24,474		42,627		(1,661)		65,440
Other expenses ⁽³⁾			48,383		105,288		30,275		183,946
Operating earnings (loss)		$	51,240	$	65,045	$	(30,997)	$	85,288

(1)

Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $16.7 million and $22.5 million for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively. Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $25.5 million and $30.0 million for the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively.

(2)	Includes compensation and facilities costs associated with the Company’s North America retail stores.

(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.

Following is a reconciliation of operating earnings to earnings before income taxes:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
($ thousands)	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Operating earnings	$	9,292	$	42,529	$	20,876	$	85,288
Interest expense, net		(4,497)		(3,332)		(8,291)		(7,111)
Other income, net		993		1,177		1,677		2,169
Earnings before income taxes	$	5,788	$	40,374	$	14,262	$	80,346

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Note 7 Inventories

The Company’s net inventory balance was comprised of the following:


($ thousands)	August 2, 2025		August 3, 2024		February 1, 2025
Raw materials	$	15,700	$	13,964	$	14,352
Work-in-process		751		606		644
Finished goods		676,831		646,576		550,245
Inventories, net ⁽¹⁾	$	693,282	$	661,146	$	565,241

(1)	Net of adjustment to last-in, first-out cost of $11.9 million, $10.4 million and $10.9 as of August 2, 2025, August 3, 2024 and February 1, 2025, respectively.

Note 8 Goodwill and Intangible Assets

Goodwill and intangible assets were as follows:


($ thousands)	August 2, 2025		August 3, 2024		February 1, 2025
Intangible Assets
Famous Footwear	$	2,800	$	2,800	$	2,800
Brand Portfolio ⁽¹⁾		342,083		342,083		342,083
Total intangible assets		344,883		344,883		344,883
Accumulated amortization		(163,083)		(152,047)		(157,565)
Total intangible assets, net		181,800		192,836		187,318
Goodwill
Brand Portfolio ⁽²⁾		4,956		4,956		4,956
Total goodwill		4,956		4,956		4,956
Goodwill and intangible assets, net	$	186,756	$	197,792	$	192,274

(1)	The carrying amount of intangible assets as of August 2, 2025, August 3, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $106.2 million.

(2)	The carrying amount of goodwill as of August 2, 2025, August 3, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $415.7 million.

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The Company’s intangible assets as of August 2, 2025, August 3, 2024 and February 1, 2025 were as follows:

($ thousands)

August 2, 2025

Estimated Useful Lives

Accumulated

(In Years)

Cost Basis

Amortization

Impairment

Net Carrying Value

Trade names

2 - 40

299,488

144,798

10,200

144,490

Trade names

Indefinite

107,400

—

92,000

15,400

Customer relationships

15 - 16

44,200

18,285

CALERES INC 10-Q