# EDGAR Filing Document

**Accession Number:** 0000014707
**File Stem:** 0000014707-25-000086
**Filing Date:** 2025-12
**Character Count:** 256980
**Document Hash:** b340181c65f0119e0f042000a43e424b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000014707-25-000086.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0000014707-25-000086

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251101

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALERES INC
- **CENTRAL INDEX KEY:** 0000014707
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOTWEAR, (NO RUBBER) [3140]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 430197190
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02191
- **FILM NUMBER:** 251565215

**BUSINESS ADDRESS:**
- **STREET 1:** 8300 MARYLAND AVE
- **STREET 2:** P O BOX 29
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 3148544000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 29
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN SHOE CO INC
- **DATE OF NAME CHANGE:** 20030613

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN SHOE CO INC/
- **DATE OF NAME CHANGE:** 19990528

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN GROUP INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? CALERES, INC_November 1, 2025

[**Table of Contents**](#TABLEOFCONTENTS)

------

**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 1934For the quarterly period ended November 1, 2025

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

**Commission file number: 1-2191**

---

| | |
|:---|:---|
| **CALERES, INC.** | **CALERES, INC.** |
| ***(****Exact name of registrant as specified in its charter)* | ***(****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** | **(314) 854-4000** |
| *(Registrant's telephone number, including area code)* | *(Registrant's telephone number, including area code)* |

---

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

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock - par value of $0.01 per share<br> 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 ☐ &nbsp;&nbsp;&nbsp;&nbsp;No ☑

As of November 28, 2025, 33,895,562 common shares were outstanding.

------

[**Table of Contents**](#TABLEOFCONTENTS)

---

| | | |
|:---|:---|:---|
| **INDEX** | | |
| [**PART I**](#PARTIFI_798848) | | **Page** |
| [Item 1](#ITEM1FINANCIAL_96111) | [Financial Statements (Unaudited)](#_ITEM_1_FINANCIAL) | 3 |
|  | [Condensed Consolidated Balance Sheets](#Item1BalanceSheet) | 3 |
|  | [Condensed Consolidated Statements of Earnings](#Item1StmtofEarnings) | 4 |
|  | [Condensed Consolidated Statements of Comprehensive Income](#Item1StmtofComprehensiveInc) | 5 |
|  | [Condensed Consolidated Statements of Cash Flows](#Item1StmtofCashFlows) | 6 |
|  | [Condensed Consolidated Statements of Shareholders' Equity](#Item1StmtofShareholdersEquity) | 7 |
|  | [Notes to Condensed Consolidated Financial Statements](#Item1NotesToFinancialStatements) | 8 |
| [Item 2](#ITEM2MANAGEMENTSDISCUSSION_540030) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSION_540030) | 31 |
| [Item 3](#ITEM3QUANTITATIVEAND_860875) | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM3QUANTITATIVEAND_860875) | 41 |
| [Item 4](#ITEM4CONTROLS_415506) | [Controls and Procedures](#ITEM4CONTROLS_415506) | 41 |
| [**PART II**](#PARTII_916256) |  | 42 |
| [Item 1](#ITEM1LEGALPROCEEDINGS_393316) | [Legal Proceedings](#ITEM1LEGALPROCEEDINGS_393316) | 42 |
| [Item 1A](#ITEM1ARISK_697792) | [Risk Factors](#ITEM1ARISK_697792) | 42 |
| [Item 2](#ITEM2UNREGISTEREDSALES_64761) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM2UNREGISTEREDSALES_64761) | 43 |
| [Item 3](#ITEM3DEFAULTSUPON_96573) | [Defaults Upon Senior Securities](#ITEM3DEFAULTSUPON_96573) | 43 |
| [Item 4](#ITEM4MINESAFETYDISCLOSURES_260232) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_260232) | 43 |
| [Item 5](#ITEM5OTHERINFORMATION_482862) | [Other Information](#ITEM5OTHERINFORMATION_482862) | 43 |
| [Item 6](#ITEM6EXHIBITS_186997) | [Exhibits](#ITEM6EXHIBITS_186997) | 45 |
|  | [Signature](#SIGNATURE_90874) | 46 |

---

[**Table of Contents**](#TABLEOFCONTENTS)

#### PART I FINANCIAL INFORMATION

#### ITEM 1 FINANCIAL STATEMENTS

#### CALERES, INC.

#### CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | February 1, 2025 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**33963** | $33685 | $29636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | **180842** | 176080 | 155905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net  | **678214** | 585877 | 565241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | **8053** | 6404 | 13668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, held for sale | **16777** | 16777 | 16777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **63161** | 51484 | 55282 |
| &nbsp;&nbsp;Total current assets | **981010** | 870307 | 836509 |
| &nbsp;&nbsp;Prepaid pension costs | **81455** | 78799 | 78463 |
| &nbsp;&nbsp;Lease right-of-use assets | **573318** | 589141 | 564330 |
| &nbsp;&nbsp;Property and equipment, net | **191071** | 176428 | 175213 |
| &nbsp;&nbsp;Deferred income taxes | **5149** | 4176 | 4826 |
| &nbsp;&nbsp;Goodwill and intangible assets, net | **203155** | 195033 | 192274 |
| &nbsp;&nbsp;Other assets | **43764** | 42055 | 43139 |
| Total assets | $**2078922** | $1955939 | $1894754 |
| **Liabilities and Equity** |  |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving credit agreement | $**355000** | $238500 | $219500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | **214651** | 258258 | 237038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | **14923** | 18054 | 6425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease obligations | **126132** | 117523 | 127522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | **213564** | 174095 | 167448 |
| &nbsp;&nbsp;Total current liabilities | **924270** | 806430 | 757933 |
| &nbsp;&nbsp;Other liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncurrent lease obligations | **479971** | 506336 | 479524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | **—** | 2464 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **32763** | 12683 | 31772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **16588** | 21720 | 17112 |
| &nbsp;&nbsp;Total other liabilities | **529322** | 543203 | 530872 |
| &nbsp;&nbsp;Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | **339** | 336 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **196784** | 186924 | 190320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(26652)** | (28779) | (34022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **446280** | 439803 | 442390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Caleres, Inc. shareholders' equity | **616751** | 598284 | 599024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | **8579** | 8022 | 6925 |
| &nbsp;&nbsp;Total equity | **625330** | 606306 | 605949 |
| Total liabilities and equity | $**2078922** | $1955939 | $1894754 |

---

*See notes to condensed consolidated financial statements.*

[**Table of Contents**](#TABLEOFCONTENTS)

#### CALERES, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands, except per share amounts)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| &nbsp;&nbsp;Net sales | $**790051** | $740941 | $**2062791** | $2083456 |
| &nbsp;&nbsp;Cost of goods sold | **460102** | 413981 | **1168353** | 1136522 |
| &nbsp;&nbsp;Gross profit | **329949** | 326960 | **894438** | 946934 |
| &nbsp;&nbsp;Selling and administrative expenses | **311276** | 268669 | **847506** | 803355 |
| &nbsp;&nbsp;Restructuring and other special charges, net | **6705** | 1593 | **14088** | 1593 |
| &nbsp;&nbsp;Operating earnings | **11968** | 56698 | **32844** | 141986 |
| &nbsp;&nbsp;Interest expense, net | **(5495)** | (2914) | **(13786)** | (10025) |
| &nbsp;&nbsp;Other (expense) income, net | **(310)** | 34 | **1367** | 2202 |
| &nbsp;&nbsp;Earnings before income taxes | **6163** | 53818 | **20425** | 134163 |
| &nbsp;&nbsp;Income tax provision | **(4729)** | (12699) | **(5985)** | (31973) |
| &nbsp;&nbsp;Net earnings | **1434** | 41119 | **14440** | 102190 |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests | **(952)** | (308) | **(1602)** | (135) |
| &nbsp;&nbsp;Net earnings attributable to Caleres, Inc. | $**2386** | $41427 | $**16042** | $102325 |
| &nbsp;&nbsp;Basic earnings per common share attributable to Caleres, Inc. shareholders | $**0.07** | $1.20 | $**0.47** | $2.93 |
| &nbsp;&nbsp;Diluted earnings per common share attributable to Caleres, Inc. shareholders | $**0.07** | $1.19 | $**0.47** | $2.92 |

---

*See notes to condensed consolidated financial statements.*

[**Table of Contents**](#TABLEOFCONTENTS)

#### CALERES, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| &nbsp;&nbsp;Net earnings | $**1434** | $41119 | $**14440** | $102190 |
| &nbsp;&nbsp;Other comprehensive income ("OCI"), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **8** | (506) | **4817** | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement benefits adjustments | **1053** | 1108 | **3159** | 3331 |
| &nbsp;&nbsp;Other comprehensive earnings, net of tax | **1061** | 602 | **7976** | 5443 |
| &nbsp;&nbsp;Comprehensive income  | **2495** | 41721 | **22416** | 107633 |
| &nbsp;&nbsp;Comprehensive loss attributable to noncontrolling interests | **(469)** | (400) | **(996)** | (417) |
| &nbsp;&nbsp;Comprehensive income attributable to Caleres, Inc. | $**2964** | $42121 | $**23412** | $108050 |

---

*See notes to condensed consolidated financial statements.*

[**Table of Contents**](#TABLEOFCONTENTS)

#### CALERES, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 |
| &nbsp;&nbsp;**Operating Activities** |  |  |
| &nbsp;&nbsp;Net earnings | $**14440** | $102190 |
| &nbsp;&nbsp;Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | **35081** | 29456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized software | **3711** | 3939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **8435** | 8277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | **362** | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | **52** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | **10045** | 11293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | **313** | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges for property, equipment, and lease right-of-use assets | **1350** | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to expected credit losses | **4666** | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **668** | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **(14449)** | (35556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(27736)** | (45879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current and noncurrent assets | **5958** | (3350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | **(28315)** | 6499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | **12807** | (21204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net | **11648** | 14670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **1418** | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **40454** | 75855 |
| &nbsp;&nbsp;**Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | **(44071)** | (38410) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software | **(2738)** | (1918) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Stuart Weitzman, net of cash received | **(108858)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | **(155667)** | (40328) |
| &nbsp;&nbsp;**Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving credit agreement | **748500** | 537368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under revolving credit agreement | **(613000)** | (480868) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | **(2920)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **(7104)** | (7342) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury stock | **(5051)** | (65039) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under share-based plans, net | **(3575)** | (8820) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions by noncontrolling interests | **2650** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | **119500** | (23201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | **40** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash and cash equivalents | **4327** | 12327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period | **29636** | 21358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period | $**33963** | $33685 |

---

*See notes to condensed consolidated financial statements.*

[**Table of Contents**](#TABLEOFCONTENTS)

#### CALERES, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated |  | Total |  |  |
|  |  |  |  | Other |  | Caleres, Inc. |  |  |
| (Unaudited) | Common Stock | 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 AUGUST 2, 2025** | **33845542** | $**338** | $**193912** | $**(27230)** | $**446276** | $**613296** | $**8648** | $**621944** |
| Net earnings (loss) |  |  |  |  | **2386** | **2386** | **(952)** | **1434** |
| Foreign currency translation adjustment |  |  |  | **(475)** |  | **(475)** | **483** | **8** |
| Pension and other postretirement benefits adjustments, net of tax of $365 |  |  |  | **1053** |  | **1053** |  | **1053** |
| Comprehensive income (loss) |  |  |  | **578** | **2386** | **2964** | **(469)** | **2495** |
| Contributions by noncontrolling interests |  |  |  |  |  | **—** | **400** | **400** |
| Dividends ($0.07 per share) |  |  |  |  | **(2375)** | **(2375)** |  | **(2375)** |
| Acquisition of treasury stock | **—** | **—** |  |  | **(7)** | **(7)** |  | **(7)** |
| Issuance of common stock under share-based plans, net | **56087** | **1**  | **(245)** |  |  | **(244)** |  | **(244)** |
| Share-based compensation expense |  |  | **3117** |  |  | **3117** |  | **3117** |
| **BALANCE NOVEMBER 1, 2025** | **33901629** | $**339** | $**196784** | $**(26652)** | $**446280** | $**616751** | $**8579** | $**625330** |
| BALANCE AUGUST 3, 2024 | 35135870 | $351 | $183922 | $(29473) | $451262 | $606062 | $7422 | $613484 |
| Net earnings (loss) |  |  |  |  | 41427 | 41427 | (308) | 41119 |
| Foreign currency translation adjustment |  |  |  | (414) |  | (414) | (92) | (506) |
| Pension and other postretirement benefits adjustments, net of tax of $383 |  |  |  | 1108 |  | 1108 |  | 1108 |
| Comprehensive income (loss) |  |  |  | 694 | 41427 | 42121 | (400) | 41721 |
| Contributions by noncontrolling interests |  |  |  |  |  |  | 1000 | 1000 |
| Dividends ($0.07 per share) |  |  |  |  | (2443) | (2443) |  | (2443) |
| Acquisition of treasury stock | (1522324) | (15) |  |  | (50443) | (50458) |  | (50458) |
| Issuance of common stock under share-based plans, net | 20699 | 0  | (363) |  |  | (363) |  | (363) |
| Share-based compensation expense |  |  | 3365 |  |  | 3365 |  | 3365 |
| BALANCE NOVEMBER 2, 2024 | 33634245 | $336 | $186924 | $(28779) | $439803 | $598284 | $8022 | $606306 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated |  |  |  |  |
|  |  |  |  | Other |  | Total Caleres, Inc. |  |  |
| (Unaudited) | Common Stock | 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** | **33631764** | $**336** | $**190320** | $**(34022)** | $**442390** | $**599024** | $**6925** | $**605949** |
| Net earnings (loss) |  |  |  |  | **16042** | **16042** | **(1602)** | **14440** |
| Foreign currency translation adjustment |  |  |  | **4211** |  | **4211** | **606** | **4817** |
| Pension and other postretirement benefits adjustments, net of tax of $1,095 |  |  |  | **3159** |  | **3159** |  | **3159** |
| Comprehensive income (loss)  |  |  |  | **7370** | **16042** | **23412** | **(996)** | **22416** |
| Contributions by noncontrolling interests |  |  |  |  |  | **—** | **2650** | **2650** |
| Dividends ($0.21 per share) |  |  |  |  | **(7104)** | **(7104)** |  | **(7104)** |
| Acquisition of treasury stock | **(300000)** | **(3)** |  |  | **(5048)** | **(5051)** |  | **(5051)** |
| Issuance of common stock under share-based plans, net | **569865** | **6**  | **(3581)** |  |  | **(3575)** |  | **(3575)** |
| Share-based compensation expense |  |  | **10045** |  |  | **10045** |  | **10045** |
| **BALANCE NOVEMBER 1, 2025** | **33901629** | $**339** | $**196784** | $**(26652)** | $**446280** | $**616751** | $**8579** | $**625330** |
| BALANCE FEBRUARY 3, 2024 | 35490019 | $355 | $184451 | $(34504) | $410329 | $560631 | $6939 | $567570 |
| Net earnings  |  |  |  |  | 102325 | 102325 | (135) | 102190 |
| Foreign currency translation adjustment |  |  |  | 2394 |  | 2394 | (282) | 2112 |
| Pension and other postretirement benefits adjustments, net of tax of $1,154 |  |  |  | 3331 |  | 3331 |  | 3331 |
| Comprehensive income (loss) |  |  |  | 5725 | 102325 | 108050 | (417) | 107633 |
| Contributions by noncontrolling interests |  |  |  |  |  |  | 1500 | 1500 |
| Dividends ($0.21 per share) |  |  |  |  | (7342) | (7342) |  | (7342) |
| Acquisition of treasury stock | (1938324) | (19) |  |  | (65509) | (65528) |  | (65528) |
| Issuance of common stock under share-based plans, net | 82550 |  | (8820) |  |  | (8820) |  | (8820) |
| Share-based compensation expense |  |  | 11293 |  |  | 11293 |  | 11293 |
| BALANCE NOVEMBER 2, 2024 | 33634245 | $336 | $186924 | $(28779) | $439803 | $598284 | $8022 | $606306 |

---

*See notes to condensed consolidated financial statements.*

[**Table of Contents**](#TABLEOFCONTENTS)

#### CALERES, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1&nbsp;&nbsp;&nbsp;&nbsp;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. The Company has 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 thirty-nine weeks ended November 1, 2025, capital contributions of $0.8 million and $5.3 million, respectively, were made to CLT, including $0.4 million and $2.7 million, respectively, received from Brand Investment Holding. 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

Net sales and operating losses of CLT for the periods ended November 1, 2025 and November 2, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| Net sales | $**10162** | $6964 | $**30746** | $22784 |
| Operating loss | **(1913)** | (750) | **(3209)** | (363) |

---

The Company consolidates CLT into its condensed consolidated financial statements on a one-month lag. Net loss attributable to noncontrolling interests represents the share of net losses that are 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 November 1, 2025 and November 2, 2024, the Company had $15.9 million and $17.2 million, respectively, of accounts payable subject to the Program arrangements.

The following table is a rollforward of the obligations confirmed under the Program for November 1, 2025 and November 2, 2024:

---

| | | |
|:---|:---|:---|
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 |
| Confirmed obligations outstanding at the beginning of the period | $**21970** | $12955 |
| Invoices confirmed during the period | **76423** | 89591 |
| Confirmed invoices paid during the period | **(82471)** | (85306) |
| Confirmed obligations outstanding at the end of the period | $**15922** | $17240 |

---

**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 and in September 2025, an agreement was entered into the sell the remaining parcel. 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 November 1, 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 November 1, 2025.

#### Note 2&nbsp;&nbsp;&nbsp;&nbsp;Impact of New Accounting Pronouncements
Impact of Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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.

In September 2025, the FASB issued ASU 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)*, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The ASU is intended to clarify and modernize the accounting for costs related to internal-use software. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those fiscal years, with early adoption permitted. The guidance may be applied using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of the ASU on its consolidated financial statement disclosures.

#### N ote 3&nbsp;&nbsp;&nbsp;&nbsp;Acquisition
On February 16, 2025, the Company entered into a Sale and Purchase Agreement with Tapestry, Inc. ("Tapestry") to acquire the Stuart Weitzman business (the "Acquisition"). On August 4, 2025, the Company completed the Acquisition pursuant to the terms and conditions of that Sale and Purchase Agreement, as amended. The aggregate purchase price for the Acquisition was $108.9 million, net of the cash received at the closing. The purchase price is subject to final adjustments for net working capital.

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Stuart Weitzman, which includes both wholesale and direct-to-consumer channels, has been an iconic global luxury women's footwear brand for over 35 years. The Acquisition strengthens the Company's position in the global footwear market and adds an iconic name in luxury footwear to the Brand Portfolio segment. Stuart Weitzman maintains a strong presence in North America, Europe and Asia across both wholesale and direct-to-consumer channels. The acquisition was funded with borrowings from the revolving credit agreement.

**Preliminary Purchase Price Allocation**

The acquisition was accounted for in accordance with Accounting Standards Codification ("ASC") Topic 805, *Business Combinations*. Accordingly, the assets and liabilities of Stuart Weitzman were recorded at their estimated fair values, and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill. The following table summarizes the Company's preliminary allocation of the purchase price as of the acquisition date:

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| | |
|:---|:---|
| *($ thousands)* | **August 4, 2025** |
| **Assets** |  |
| &nbsp;&nbsp;Current assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**10683** |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | **14220** |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **86801** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **10776** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **122480** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease right-of-use assets | **21670** |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | **7899** |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **6616** |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | **12700** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **1988** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**173353** |
| **Liabilities and Equity** |  |
| &nbsp;&nbsp;Current liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | **5458** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease obligations | **10279** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | **20453** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **36190** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncurrent lease obligations | **16496** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **1126** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | **17622** |
| **Net assets** | $**119541** |

---

The allocation of the purchase price was based on certain preliminary valuations and analyses. Any subsequent changes in the estimated fair values assumed upon the finalization of more detailed analyses within the measurement period will change the allocation of the purchase price and will be adjusted during the period in which the amounts are determined. The Company's purchase price allocation required management to make assumptions and to apply judgment to estimate the fair value of the acquired assets and liabilities. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments the Company used in estimating the fair values assigned to each class of the acquired assets and assumed liabilities could materially affect the results of its operations. Management estimated the fair value of the assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows (Level 3 fair value measurements). A third-party valuation specialist assisted the Company with its preliminary fair value estimates for inventory, right-of-use lease assets and intangible assets. The Company used all available information to make its best estimate of fair values at the acquisition date and is still in the process of finalizing the fair value of certain assets acquired and liabilities assumed, including inventories, property

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and equipment, certain intangibles and leases at the acquisition date. The Company expects to obtain the information necessary to finalize the purchase price allocation during the measurement period, not to exceed one year from the acquisition date as permitted under ASC 805.

Goodwill and intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed. The goodwill recognized, which is deductible for tax purposes, is primarily attributable to synergies and an assembled workforce. Refer to Note 9 to the condensed consolidated financial statements for additional information regarding goodwill and intangible assets.

The financial results of Stuart Weitzman are included in the Brand Portfolio segment beginning in the third quarter of 2025. Stuart Weitzman contributed net sales of $45.8 million and reported an operating loss of $18.9 million for the thirteen and thirty-nine weeks ended November 1, 2025. The operating loss is due in part to $7.7 million in incremental cost of goods sold during the thirteen and thirty-nine weeks ended November 1, 2025 related to the inventory fair value adjustment required for purchase accounting. The operating loss does not include $3.8 million ($2.8 million on an after-tax basis, or $0.09 per diluted share) and $6.7 million ($5.0 million on an after-tax basis, or $0.15 per diluted share) in acquisition and integration-related costs during the thirteen and thirty-nine weeks ended November 1, 2025, respectively, and the incremental interest expense associated with the transaction. Refer to Note 6 to the condensed consolidated financial statements for additional information related to the acquisition and integration costs and Note 9 for discussion of the intangible assets acquired.

**Pro Forma Financial Information**

The following unaudited pro forma financial information for the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024 combines the historical results of Caleres, Inc. and Stuart Weitzman, assuming the acquisition had been completed as of February 4, 2024. The pro forma financial information includes various adjustments to reflect business combination accounting effects, including the incremental cost of goods sold related to the fair value step-up adjustment on inventory, acquisition and integration-related costs, interest expense on the incremental borrowings on the revolving credit agreement to fund the acquisition and amortization on the acquired intangible assets, and tax-related effects of the adjustments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| Net sales | $**790051** | $804370 | $**2153702** | $2245986 |
| Net earnings attributable to Caleres, Inc. | $**11339** | $37092 | $**18707** | $55028 |

---

The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what the results of operations would have been had the Company completed the acquisition on the date assumed, nor is it necessarily indicative of the results of operations that may be expected in future periods.

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#### Note 4 Revenues

#### Disaggregation of Revenues
The following table disaggregates revenue by segment and major source for the periods ended November 1, 2025 and November 2, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended November 1, 2025** | **Thirteen Weeks Ended November 1, 2025** | **Thirteen Weeks Ended November 1, 2025** | **Thirteen Weeks Ended November 1, 2025** |
| <br>*($ thousands)* | <br>**Famous Footwear** | <br>**Brand Portfolio** | **Eliminations and** <br>**Other** | <br>**Total** |
| Retail stores  | $**349354** | $**35065** | $**—** | $**384419** |
| E-commerce - Company websites <sup>(1)</sup> | **68842** | **77914** | **—** | **146756** |
| E-commerce - wholesale drop-ship <sup>(1)</sup> | **—** | **30631** | **(1832)** | **28799** |
| Total direct-to-consumer sales | **418196** | **143610** | **(1832)** | **559974** |
| Wholesale - e-commerce <sup>(1)</sup> | **—** | **74998** | **—** | **74998** |
| Wholesale - landed | **—** | **148080** | **(10579)** | **137501** |
| Wholesale - first cost | **—** | **14856** | **—** | **14856** |
| Licensing and royalty | **407** | **2141** | **—** | **2548** |
| Other <sup>(2)</sup> | **148** | **26** | **—** | **174** |
| Net sales | $**418751** | $**383711** | $**(12411)** | $**790051** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended November 2, 2024 | Thirteen Weeks Ended November 2, 2024 | Thirteen Weeks Ended November 2, 2024 | Thirteen Weeks Ended November 2, 2024 |
|  |  |  | Eliminations and  |  |
| *($ thousands)* | Famous Footwear | Brand Portfolio | Other | Total |
| Retail stores | $365717 | $18619 | $— | $384336 |
| E-commerce - Company websites <sup>(1)</sup> | 61954 | 56954 |  | 118908 |
| E-commerce - wholesale drop-ship <sup>(1)</sup> |  | 34060 | (1728) | 32332 |
| Total direct-to-consumer sales | 427671 | 109633 | (1728) | 535576 |
| Wholesale - e-commerce <sup>(1)</sup> |  | 75515 |  | 75515 |
| Wholesale - landed |  | 121011 | (8531) | 112480 |
| Wholesale - first cost |  | 14247 |  | 14247 |
| Licensing and royalty | 467 | 2519 |  | 2986 |
| Other <sup>(2)</sup> | 126 | 11 |  | 137 |
| Net sales | $428264 | $322936 | $(10259) | $740941 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Thirty-Nine Weeks Ended November 1, 2025** | **Thirty-Nine Weeks Ended November 1, 2025** | **Thirty-Nine Weeks Ended November 1, 2025** | **Thirty-Nine Weeks Ended November 1, 2025** |
| <br>*($ thousands)* | <br>**Famous Footwear** | <br>**Brand Portfolio** | **Eliminations and** <br>**Other** | <br>**Total** |
| Retail stores | $**975223** | $**72168** | $**—** | $**1047391** |
| E-commerce - Company websites <sup>(1)</sup> | **169228** | **187310** | **—** | **356538** |
| E-commerce - wholesale drop-ship <sup>(1)</sup> | **—** | **86194** | **(4597)** | **81597** |
| Total direct-to-consumer sales | **1144451** | **345672** | **(4597)** | **1485526** |
| Wholesale - e-commerce <sup>(1)</sup> | **—** | **183000** | **—** | **183000** |
| Wholesale - landed | **—** | **384552** | **(33358)** | **351194** |
| Wholesale - first cost | **—** | **36414** | **—** | **36414** |
| Licensing and royalty | **1153** | **5038** | **—** | **6191** |
| Other <sup>(2)</sup> | **416** | **50** | **—** | **466** |
| Net sales | $**1146020** | $**954726** | $**(37955)** | $**2062791** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirty-Nine Weeks Ended November 2, 2024 | Thirty-Nine Weeks Ended November 2, 2024 | Thirty-Nine Weeks Ended November 2, 2024 | Thirty-Nine Weeks Ended November 2, 2024 |
|  |  |  | Eliminations and  |  |
| *($ thousands)* | Famous Footwear | Brand Portfolio | Other | Total |
| Retail stores | $1040313 | $53297 | $— | $1093610 |
| E-commerce - Company websites <sup>(1)</sup> | 156059 | 168502 |  | 324561 |
| E-commerce - wholesale drop-ship <sup>(1)</sup> |  | 87965 | (4090) | 83875 |
| Total direct-to-consumer sales | 1196372 | 309764 | (4090) | 1502046 |
| Wholesale - e-commerce <sup>(1)</sup> |  | 194818 |  | 194818 |
| Wholesale - landed |  | 360680 | (36203) | 324477 |
| Wholesale - first cost |  | 52580 |  | 52580 |
| Licensing and royalty | 1365 | 7747 |  | 9112 |
| Other <sup>(2)</sup> | 368 | 55 |  | 423 |
| Net sales | $1198105 | $925644 | $(40293) | $2083456 |

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

&nbsp;&nbsp;&nbsp;&nbsp;(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

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("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.

*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:

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| | | | |
|:---|:---|:---|:---|
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | February 1, 2025 |
| Customer allowances and discounts | $**18023** | $22989 | $16147 |
| Loyalty programs liability | **8177** | 8061 | 7776 |
| Returns reserve | **25471** | 15771 | 9584 |
| Gift card liability | **6785** | 5550 | 6338 |

---

Changes in contract balances with customers between the periods presented generally reflect differences in relative sales volume. We also experienced an increase in customer allowances and discounts, the returns reserve and the gift card liability as a result of the Stuart Weitzman acquisition in the third quarter of 2025. In addition, during the thirty-nine weeks ended November 1, 2025, the loyalty programs liability increased $14.5 million due to points and material rights earned on purchases and decreased $14.1 million due to expirations and redemptions. 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. 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.

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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 thirty-nine weeks ended November 1, 2025 and November 2, 2024:

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| | | |
|:---|:---|:---|
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 |
| Balance, beginning of period  | $**8323** | $8820 |
| Adjustment for expected credit losses | **4666** | (279) |
| Uncollectible account recoveries, net  | **714** | 295 |
| Balance, end of period <sup>(1)</sup> | $**13703** | $8836 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $2.0 million of allowance for expected credit losses for the accounts receivable from the acquired Stuart Weitzman business .

#### Note 5&nbsp;&nbsp;&nbsp;&nbsp;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 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 November 1, 2025 and November 2, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands, except per share amounts)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| &nbsp;&nbsp;NUMERATOR |  |  |  |  |
| &nbsp;&nbsp;Net earnings | $**1434** | $41119 | $**14440** | $102190 |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests | **952** | 308 | **1602** | 135 |
| &nbsp;&nbsp;Net earnings attributable to Caleres, Inc. | $**2386** | $41427 | $**16042** | $102325 |
| &nbsp;&nbsp;Net earnings allocated to participating securities | **(99)** | (1417) | **(608)** | (3721) |
| &nbsp;&nbsp;Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $**2287** | $40010 | $**15434** | $98604 |
| &nbsp;&nbsp;DENOMINATOR |  |  |  |  |
| &nbsp;&nbsp;Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | **32519** | 33435 | **32512** | 33704 |
| &nbsp;&nbsp;Dilutive effect of share-based awards | **125** | 106 | **125** | 106 |
| &nbsp;&nbsp;Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | **32644** | 33541 | **32637** | 33810 |
| &nbsp;&nbsp;Basic earnings per common share attributable to Caleres, Inc. shareholders | $**0.07** | $1.20 | $**0.47** | $2.93 |
| &nbsp;&nbsp;Diluted earnings per common share attributable to Caleres, Inc. shareholders | $**0.07** | $1.19 | $**0.47** | $2.92 |

---

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 zero and 1,522,324 shares under this program during the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively. The Company repurchased 300,000 shares and 1,938,324 shares under this program during the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively.

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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 was due on share repurchases during the thirty-nine weeks ended November 1, 2025 and November 2, 2024.

#### Note 6 Restructuring and Other Special Charges
**Stuart Weitzman Acquisition and Integration Costs**

As discussed in Note 3 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 thirty-nine weeks ended November 1, 2025, the Company incurred legal, information technology and other related costs associated with the acquisition of approximately $3.8 million ($2.8 million on an after-tax basis, or $0.09 per diluted share) and $6.7 million ($5.0 million on an after-tax basis, or $0.15 per diluted share), respectively. Of the $3.8 million in costs for the thirteen weeks ended November 1, 2025, $3.5 million is reflected in the Eliminations and Other category and $0.3 million is reflected in the Brand Portfolio segment in restructuring and other special charges in the condensed consolidated statement of earnings. Of the $6.7 million in costs for the thirty-nine weeks ended November 1, 2025, $6.4 million is reflected in the Eliminations and Other category and $0.3 million is reflected in the Brand Portfolio segment in restructuring and other special charges in the condensed consolidated statement of earnings.

**Expense Reduction Initiatives**

During the second quarter of 2025, the Company announced its plan to reduce selling and administrative expenses through structural changes. During the thirteen and thirty-nine weeks ended November 1, 2025, the Company incurred costs of approximately $2.9 million ($2.1 million on an after-tax basis, or $0.06 per diluted share) and $7.4 million ($5.5 million on an after-tax basis, or $0.16 per diluted share), respectively, for severance and other related costs associated with these expense reduction initiatives. Of the $2.9 million in costs for the thirteen weeks ended November 1, 2025, $1.9 million is reflected in the Eliminations and Other category, $0.8 million is reflected in the Brand Portfolio segment and $0.2 million is reflected in the Famous Footwear segment in restructuring and other special charges in the condensed consolidated statement of earnings. Of the $7.4 million in costs for the thirty-nine weeks ended November 1, 2025, $4.5 million is reflected in the Eliminations and Other category, $2.6 million is reflected in the Brand Portfolio segment and $0.3 million is reflected in the Famous Footwear segment in restructuring and other special charges.

**Restructuring Costs**

The Company incurred costs of approximately $1.6 million ($1.2 million on an after-tax basis, or $0.04 per diluted share) during the thirteen and thirty-nine weeks ended November 2, 2024 for restructuring, primarily severance. Of the $1.6 million in costs, $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.

[**Table of Contents**](#TABLEOFCONTENTS)

#### Note 7&nbsp;&nbsp;&nbsp;&nbsp;Business Segment Information
Following is a summary of certain key financial measures for the Company's business segments for the periods ended November 1, 2025 and November 2, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended November 1, 2025** | **Thirteen Weeks Ended November 1, 2025** | **Thirteen Weeks Ended November 1, 2025** | **Thirteen Weeks Ended November 1, 2025** |
| <br>*($ thousands)* | **Famous** <br>**Footwear** | **Brand** <br>**Portfolio** | **Eliminations** <br>**and Other** | <br>**Total** |
| **Net sales** <sup>(1)</sup> | $**418751** | $**383711** | $**(12411)** | $**790051** |
| **Cost of goods sold** | **244442** | **228992** | **(13332)** | **460102** |
| **Gross Profit** | **174309** | **154719** | **921** | **329949** |
| **Less expenses:** |  |  |  |  |
| **Retail stores** <sup>(2)</sup> | **94754** | **16815** | **—** | **111569** |
| **Information technology** | **7828** | **7655** | **402** | **15885** |
| **Warehousing and distribution** | **10867** | **14712** | **2228** | **27807** |
| **Advertising and marketing** | **15466** | **30463** | **9** | **45938** |
| **Restructuring and other special charges, net** | **151** | **1183** | **5371** | **6705** |
| **Other expenses** <sup>(3)</sup> | **24520** | **72775** | **12782** | **110077** |
| **Operating earnings (loss)** | $**20723** | $**11116** | $**(19871)** | $**11968** |
| **Segment assets** | $**875233** | $**1031345** | $**172344** | $**2078922** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended November 2, 2024 | Thirteen Weeks Ended November 2, 2024 | Thirteen Weeks Ended November 2, 2024 | Thirteen Weeks Ended November 2, 2024 |
|  | Famous  | Brand  | Eliminations  |  |
|  | Footwear | Portfolio | and Other | Total |
| Net sales <sup>(1)</sup> | $428264 | $322936 | $(10259) | $740941 |
| Cost of goods sold | 244439 | 181377 | (11835) | 413981 |
| Gross Profit | 183825 | 141559 | 1576 | 326960 |
| Less expenses: |  |  |  |  |
| Retail stores <sup>(2)</sup> | 93722 | 8148 |  | 101870 |
| Information technology | 7702 | 6893 | 2716 | 17311 |
| Warehousing and distribution | 11977 | 15034 | 1250 | 28261 |
| Advertising and marketing | 16154 | 22871 | (77) | 38948 |
| Restructuring and other special charges, net | 193 | 1093 | 307 | 1593 |
| Other expenses <sup>(3)</sup> | 24509 | 53468 | 4302 | 82279 |
| Operating earnings (loss) | $29568 | $34052 | $(6922) | $56698 |
| Segment assets | $907461 | $882054 | $166424 | $1955939 |

---

[**Table of Contents**](#TABLEOFCONTENTS)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirty-Nine Weeks Ended November 1, 2025** | **Thirty-Nine Weeks Ended November 1, 2025** | **Thirty-Nine Weeks Ended November 1, 2025** | **Thirty-Nine Weeks Ended November 1, 2025** |
| <br>*($ thousands)* | **Famous** <br>**Footwear** | **Brand** <br>**Portfolio** | **Eliminations** <br>**and Other** | <br>**Total** |
| Net sales <sup>(1)</sup> | $**1146020** | $**954726** | $**(37955)** | $**2062791** |
| Cost of goods sold | **648539** | **559666** | **(39852)** | **1168353** |
| Gross profit | **497481** | **395060** | **1897** | **894438** |
| Less expenses: |  |  |  |  |
| Retail stores <sup>(2)</sup> | **278298** | **31715** | **—** | **310013** |
| Information technology | **23461** | **22989** | **3029** | **49479** |
| Warehousing and distribution | **40244** | **44971** | **(2721)** | **82494** |
| Advertising and marketing | **39271** | **69242** | **359** | **108872** |
| Restructuring and other special charges, net | **273** | **2976** | **10839** | **14088** |
| Other expenses <sup>(3)</sup> | **71686** | **187987** | **36975** | **296648** |
| Operating earnings (loss) | $**44248** | $**35180** | $**(46584)** | $**32844** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirty-Nine Weeks Ended November 2, 2024 | Thirty-Nine Weeks Ended November 2, 2024 | Thirty-Nine Weeks Ended November 2, 2024 | Thirty-Nine Weeks Ended November 2, 2024 |
|  | Famous  | Brand  | Eliminations  |  |
| *($ thousands)* | Footwear | Portfolio | and Other | Total |
| Net sales <sup>(1)</sup> | $1198105 | $925644 | $(40293) | $2083456 |
| Cost of goods sold | 663939 | 514389 | (41806) | 1136522 |
| Gross profit | 534166 | 411255 | 1513 | 946934 |
| Less expenses: |  |  |  |  |
| Retail stores <sup>(2)</sup> | 274337 | 23472 |  | 297809 |
| Information technology | 23187 | 20890 | 5603 | 49680 |
| Warehousing and distribution | 42122 | 42448 | 682 | 85252 |
| Advertising and marketing | 40628 | 65498 | (1738) | 104388 |
| Restructuring and other special charges, net | 193 | 1092 | 308 | 1593 |
| Other expenses <sup>(3)</sup> | 72891 | 158758 | 34577 | 266226 |
| Operating earnings (loss) | $80808 | $99097 | $(37919) | $141986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $12.4 million and $10.3 million for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively. Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $38.0 million and $40.3 million for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes compensation and facilities costs associated with the Company's North America retail stores.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

[**Table of Contents**](#TABLEOFCONTENTS)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| Operating earnings | $**11968** | $56698 | $**32844** | $141986 |
| Interest expense, net | **(5495)** | (2914) | **(13786)** | (10025) |
| Other (expense) income, net | **(310)** | 34 | **1367** | 2202 |
| Earnings before income taxes | $**6163** | $53818 | $**20425** | $134163 |

---

[**Table of Contents**](#TABLEOFCONTENTS)

#### Note 8&nbsp;&nbsp;&nbsp;&nbsp;Inventories
The Company's net inventory balance was comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | February 1, 2025 |
| &nbsp;&nbsp;Raw materials | $**16698** | $14027 | $14352 |
| &nbsp;&nbsp;Work-in-process | **694** | 599 | 644 |
| &nbsp;&nbsp;Finished goods | **660822** | 571251 | 550245 |
| &nbsp;&nbsp;Inventories, net <sup>(1)</sup> | $**678214** | $585877 | $565241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net of adjustment to last-in, first-out cost of $14.0 million, $8.9 million and $10.9 as of November 1, 2025, November 2, 2024 and February 1, 2025, respectively.

#### Note 9&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and Intangible Assets
Goodwill and intangible assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | February 1, 2025 |
| &nbsp;&nbsp;**Intangible Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Famous Footwear | $**2800** | $2800 | $2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brand Portfolio <sup>(1)</sup> | **354783** | 342083 | 342083 |
| &nbsp;&nbsp;Total intangible assets  | **357583** | 344883 | 344883 |
| &nbsp;&nbsp;Accumulated amortization | **(166000)** | (154806) | (157565) |
| &nbsp;&nbsp;Total intangible assets, net | **191583** | 190077 | 187318 |
| &nbsp;&nbsp;**Goodwill** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brand Portfolio <sup>(2)</sup> | **11572** | 4956 | 4956 |
| &nbsp;&nbsp;Total goodwill | **11572** | 4956 | 4956 |
| &nbsp;&nbsp;Goodwill and intangible assets, net | $**203155** | $195033 | $192274 |

---

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

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

As further described in Note 3 of the condensed consolidated financial statements, the Company acquired Stuart Weitzman on August 4, 2025. The preliminary allocation of the purchase price resulted in trademark intangible assets of $12.7 million and incremental goodwill of $6.6 million. The trademark is being amortized on a straight-line basis over its useful life of 20 years.

[**Table of Contents**](#TABLEOFCONTENTS)

The Company's intangible assets as of November 1, 2025, November 2, 2024 and February 1, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ thousands)* | **November 1, 2025** | **November 1, 2025** | **November 1, 2025** | **November 1, 2025** | **November 1, 2025** |
|  | **Estimated Useful Lives**  |  | **Accumulated**  | **Accumulated**  |  |
|  | **(In Years)** | **Cost Basis** | **Amortization**  | **Impairment** | **Net Carrying Value** |
| Trade names | **2 - 40** | $**312188** | $**147142** | $10200 | $**154846** |
| Trade names | **Indefinite** | **107400** | **—** | 92000 | **15400** |
| Customer relationships | **15 - 16** | **44200** | **18858** | 4005 | **21337** |
|  |  | $**463788** | $**166000** | $**106205** | $**191583** |
|  | November 2, 2024 | November 2, 2024 | November 2, 2024 | November 2, 2024 | November 2, 2024 |
|  | Estimated Useful Lives  |  | Accumulated  | Accumulated  |  |
|  | (In Years) | Cost Basis | Amortization  | Impairment | Net Carrying Value |
| Trade names | 2 - 40 | $299488 | $138237 | $10200 | $151051 |
| Trade names | Indefinite | 107400 |  | 92000 | 15400 |
| Customer relationships | 15 - 16 | 44200 | 16569 | 4005 | 23626 |
|  |  | $451088 | $154806 | $106205 | $190077 |
|  | February 1, 2025 | February 1, 2025 | February 1, 2025 | February 1, 2025 | February 1, 2025 |
|  | Estimated Useful Lives  |  | Accumulated  | Accumulated  |  |
|  | (In Years) | Cost Basis | Amortization  | Impairment | Net Carrying Value |
| Trade names | 2 - 40 | $299488 | $140424 | $10200 | $148864 |
| Trade names | Indefinite | 107400 |  | 92000 | 15400 |
| Customer relationships | 15 - 16 | 44200 | 17141 | 4005 | 23054 |
|  |  | $451088 | $157565 | $106205 | $187318 |

---

Amortization expense related to intangible assets was $2.9 million and $2.8 million for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively, and $8.4 million and $8.3 million for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively. The Company estimates that amortization expense related to intangible assets will be approximately $11.4 million in 2025, $11.7 million in 2026, $11.5 million in 2027, and $11.3 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. The Company recorded no goodwill impairment charges during the thirty-nine weeks ended November 1, 2025 or November 2, 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. The Company recorded no impairment charges for indefinite-lived intangible assets during the thirty-nine weeks ended November 1, 2025 or November 2, 2024.

#### Note 10&nbsp;&nbsp;&nbsp;&nbsp;Leases
The Company leases all of its retail locations, a manufacturing facility, and certain office locations, distribution centers and equipment. At contract inception, leases are evaluated and classified as either operating or finance leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Lease right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The majority of the Company's leases do not provide an implicit rate and therefore, the Company uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future payments. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred.

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. After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment

[**Table of Contents**](#TABLEOFCONTENTS)

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. 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. During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company recorded asset impairment charges of $1.4 million and $1.3 million, respectively, primarily related to underperforming retail stores. Refer to Note 15 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.

During the thirty-nine weeks ended November 1, 2025, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $116.8 million, including $21.7 million acquired from Stuart Weitzman, on the condensed consolidated balance sheets. As of November 1, 2025, the Company has entered into lease commitments for five retail locations for which the leases have not yet commenced. The Company anticipates that two leases will begin in the current fiscal year, two leases will begin in fiscal 2026 and one lease will begin in fiscal 2027. Upon commencement, right-of-use assets and lease liabilities of approximately $2.0 million will be recorded in the current fiscal year, $3.3 million will be recorded in fiscal 2026 and $0.9 million will be recorded in fiscal 2027 on the condensed consolidated balance sheet. In addition, the Company has entered into a lease commitment for its corporate headquarters that will begin in fiscal 2026. Upon commencement, right-of-use assets and lease liabilities of approximately $37.1 million will be recorded.

The components of lease expense for the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 |
| Operating lease expense | $**42452** | $40773 |
| Variable lease expense | **12393** | 10490 |
| Short-term lease expense | **180** | 233 |
| Total lease expense | $**55025** | $51496 |

---

---

| | | |
|:---|:---|:---|
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 |
| Operating lease expense | $**124741** | $121046 |
| Variable lease expense | **34184** | 32096 |
| Short-term lease expense | **686** | 902 |
| Total lease expense | $**159611** | $154044 |

---

During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company paid cash for lease liabilities of $139.7 million and $126.4 million, respectively.

#### Note 11 Financing Arrangements

#### Credit Agreement
The Company maintains a revolving credit facility for working capital needs and strategic initiatives. The Company is the lead borrower, and Sidney Rich Associates, Inc., BG Retail, LLC, Allen Edmonds LLC, Vionic Group LLC, Vionic International LLC and Blowfish, LLC are each co-borrowers and guarantors.

On June 27, 2025, the Company entered into a Seventh Amendment to Fourth Amended and Restated Credit Agreement (as so amended, the "Credit Agreement") which, among other modifications, increased the amount available under the revolving credit facility by $200.0 million to an aggregate amount of up to $700.0 million, subject to borrowing base restrictions, and may be further increased by up to $250.0 million. The Credit Agreement matures on June 27, 2030.

Borrowing availability under the Credit Agreement is limited to the lesser of the total commitments and the borrowing base ("Loan Cap"), which is based on stated percentages of the sum of eligible accounts receivable, eligible inventory and eligible credit card receivables, as defined, less applicable reserves. Under the Credit Agreement, the Loan Parties' obligations are secured by a first-priority security interest in all accounts receivable, inventory and certain other collateral.

[**Table of Contents**](#TABLEOFCONTENTS)

Interest on borrowings is at variable rates based on the secured overnight financing rate ("SOFR"), or the prime rate (as defined in the Credit Agreement), plus a spread. The interest rate and fees for letters of credit vary based upon the level of excess availability under the Credit Agreement. 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. In addition, if excess availability falls below the greater of 10.0% of the Loan Cap and $56.0 million for three consecutive business days, and the fixed charge coverage ratio is less than 1.25 to 1.0, the Company would be in default under the Credit Agreement and certain additional covenants would be triggered.

The Credit Agreement contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to similar obligations, certain events of bankruptcy and insolvency, judgment defaults and the failure of any guaranty or security document supporting the agreement to be in full force and effect. If an event of default occurs, the collateral agent may assume dominion and control over the Company's cash (a "cash dominion event") until such event of default is cured or waived or the excess availability exceeds such amount for 30 consecutive days, provided that a cash dominion event shall be deemed continuing (even if an event of default is no longer continuing and/or excess availability exceeds the required amount for 30 consecutive business days) after a cash dominion event has occurred and been discontinued on two occasions in any 12-month period. The Credit Agreement also contains certain other covenants and restrictions. The Company was in compliance with all covenants and restrictions under the Credit Agreement as of November 1, 2025.

At November 1, 2025, the Company had $355.0 million of borrowings outstanding and $8.6 million in letters of credit outstanding under the Credit Agreement. Total additional borrowing availability was $278.1 million as of November 1, 2025. As further discussed in Note 3 to the condensed consolidated financial statements, the Company acquired Stuart Weitzman from Tapestry, Inc. on August 4, 2025. Borrowings under the revolving credit agreement were used to fund the acquisition.

[**Table of Contents**](#TABLEOFCONTENTS)

#### Note 12 Shareholders' Equity

#### Accumulated Other Comprehensive Loss
The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended November 1, 2025 and November 2, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Pension and  | Accumulated |
|  | Foreign  | Other | Other  |
|  | Currency | Postretirement | Comprehensive  |
| *($ thousands)* | Translation | Transactions <sup>(1)</sup> | (Loss) Income |
| **Balance at August 2, 2025** | $**(1103)** | $**(26127)** | $**(27230)** |
| Other comprehensive loss before reclassifications | **(475)** | **—** | **(475)** |
| Reclassifications: |  |  |  |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | **—** | **1418** | **1418** |
| &nbsp;&nbsp;Tax benefit | **—** | **(365)** | **(365)** |
| Net reclassifications | **—** | **1053** | **1053** |
| Other comprehensive (loss) income | **(475)** | **1053** | **578** |
| **Balance at November 1, 2025** | $**(1578)** | $**(25074)** | $**(26652)** |
| Balance at August 3, 2024 | $1710 | $(31183) | $(29473) |
| Other comprehensive loss before reclassifications | (414) | **—** | (414) |
| Reclassifications: |  |  |  |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | **—** | 1491 | 1491 |
| &nbsp;&nbsp;Tax benefit | **—** | (383) | (383) |
| Net reclassifications | **—** | 1108 | 1108 |
| Other comprehensive (loss) income | (414) | 1108 | 694 |
| Balance at November 2, 2024 | $1296 | $(30075) | $(28779) |
| **Balance at February 1, 2025** | $**(5789)** | $**(28233)** | $**(34022)** |
| Other comprehensive income before reclassifications | **4211** | **—** | **4211** |
| Reclassifications: |  |  |  |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | **—** | **4254** | **4254** |
| &nbsp;&nbsp;Tax benefit | **—** | **(1095)** | **(1095)** |
| Net reclassifications | **—** | **3159** | **3159** |
| Other comprehensive income | **4211** | **3159** | **7370** |
| **Balance at November 1, 2025** | $**(1578)** | $**(25074)** | $**(26652)** |
| Balance at February 3, 2024 | $(1098) | $(33406) | $(34504) |
| Other comprehensive income before reclassifications | 2394 |  | 2394 |
| Reclassifications: |  |  |  |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss |  | 4485 | 4485 |
| &nbsp;&nbsp;Tax benefit |  | (1154) | (1154) |
| Net reclassifications |  | 3331 | 3331 |
| Other comprehensive income | 2394 | 3331 | 5725 |
| Balance at November 2, 2024 | $1296 | $(30075) | $(28779) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts reclassified are included in other income, net. Refer to Note 14 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits.

#### Note 13 Share-Based Compensation
The Company recognized share-based compensation expense of $3.1 million and $3.4 million during the thirteen weeks and $10.0 million and $11.3 million during the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively.

[**Table of Contents**](#TABLEOFCONTENTS)

The Company had net issuances of 56,087 and 20,699 shares of common stock during the thirteen weeks ended November 1, 2025 and November 2, 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. During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company had net issuances of 569,865 and 82,550 shares of common stock, respectively, related to share-based plans.

#### Restricted Stock
The following table summarizes restricted stock activity for the periods ended November 1, 2025 and November 2, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |  | Thirteen Weeks Ended | Thirteen Weeks Ended |
|  | **November 1, 2025** | **November 1, 2025** |  | November 2, 2024 | November 2, 2024 |
|  | <br>**Total Number** <br>**of Restricted**<br>**Shares** | **Weighted-** <br>**Average** <br>**Grant Date**<br>**Fair Value** |  | <br>Total Number <br>of Restricted <br>Shares | Weighted-<br>Average<br>Grant Date <br>&nbsp;&nbsp;&nbsp;&nbsp;Fair Value |
| **Nonvested at August 2, 2025** | **1337946** | $**23.38** | Nonvested at August 3, 2024 | 1240275 | $27.48 |
| Granted | **133159** | **15.41** | Granted | 2783 | 32.62 |
| Forfeited | **(69340)** | **22.83** | Forfeited | (39621) | 27.60 |
| Vested | **(31120)** | **27.56** | Vested | (37164) | 26.75 |
| **Nonvested at November 1, 2025** | **1370645** | $**22.54** | Nonvested at November 2, 2024 | 1166273 | $27.51 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |  | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended |
|  | **November 1, 2025** | **November 1, 2025** |  | November 2, 2024 | November 2, 2024 |
|  | <br>**Total Number** <br>**of Restricted**<br>**Shares** | **Weighted-** <br>**Average** <br>**Grant Date**<br>**Fair Value** |  | <br>Total Number <br>of Restricted <br>Shares | Weighted-<br>Average<br>Grant Date <br>&nbsp;&nbsp;&nbsp;&nbsp;Fair Value |
| **Nonvested at February 2, 2025** | **1141319** | $**27.60** | Nonvested at February 3, 2024 | 1512421 | $21.96 |
| Granted | **932074** | **16.71** | Granted | 322880 | 40.67 |
| Forfeited | **(156969)** | **23.94** | Forfeited | (88980) | 25.77 |
| Vested | **(545779)** | **22.76** | Vested | (580048) | 20.82 |
| **Nonvested at November 1, 2025** | **1370645** | $**22.54** | Nonvested at November 2, 2024 | 1166273 | $27.51 |

---

The Company granted 133,159 and 932,074 restricted shares during the thirteen and thirty-nine weeks ended November 1, 2025, respectively. Of the 932,074 restricted shares granted during the thirty-nine weeks ended November 1, 2025, 113,259 have a cliff-vesting term of one year and 818,815 have a graded vesting term of three years, with 50% vesting after two years and 50% after three years. 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. 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% vesting after three years.

#### Performance Awards
The Company granted no performance share awards during the thirty-nine weeks ended November 1, 2025. 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). 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. The performance awards are payable in common stock for up to 100% of the targeted award and the remainder in cash if any portion exceeds the targeted award. 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.

During the thirty-nine weeks ended November 1, 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. 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

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of strategic initiatives over the cumulative period of the award. The estimated value of this award, which is reflected within other liabilities on the consolidated balance sheet as of November 1, 2025, is being accrued over the three-year performance period.

#### Restricted Stock Units for Non-Employee Directors
Equity-based grants may be made to non-employee directors in the form of restricted stock units ("RSUs") payable in cash or common stock at no cost to the non-employee director. The RSUs are subject to a vesting requirement (usually one year) and earn dividend equivalents at the same rate as dividends on the Company's common stock. The dividend equivalents, which vest immediately, are automatically reinvested in additional RSUs. Expense related to the initial grant of RSUs is recognized ratably over the vesting period based upon the fair value of the RSUs. The RSUs payable in cash are remeasured at the end of each period. Expense for the dividend equivalents is recognized at fair value when the dividend equivalents are granted. 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. The Company granted 2,141 and 868 RSUs to non-employee directors for dividend equivalents, during the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively, with weighted-average grant date fair values of $13.51 and $33.78, respectively. The Company granted 79,062 and 30,191 RSUs to non-employee directors, including 6,276 and 2,807 for dividend equivalents, during the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively, with weighted-average grant date fair values of $13.25 and $34.99, respectively.

#### Note 14 Retirement and Other Benefit Plans
The following table sets forth the components of net periodic benefit expense (income) for the Company, including the domestic and Canadian plans:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| &nbsp;&nbsp;Service cost | $**1169** | $1233 | $**—** | $— |
| &nbsp;&nbsp;Interest cost | **3622** | 3760 | **12** | 11 |
| &nbsp;&nbsp;Expected return on assets | **(5558)** | (6079) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | **1428** | 1506 | **(20)** | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost | **10** | 12 | **—** |  |
| &nbsp;&nbsp;Total net periodic benefit expense (income) | $**671** | $432 | $**(8)** | $(16) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| &nbsp;&nbsp;Service cost | $**3508** | $3699 | $**—** | $— |
| &nbsp;&nbsp;Interest cost | **10866** | 11279 | **36** | 34 |
| &nbsp;&nbsp;Expected return on assets | **(16676)** | (18210) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | **4284** | 4530 | **(59)** | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost  | **29** | 36 | **—** |  |
| &nbsp;&nbsp;Total net periodic benefit expense (income) | $**2011** | $1334 | $**(23)** | $(47) |

---

Service cost is included in selling and administrative expenses. All other components of net periodic benefit expense (income) are included in other income, net in the condensed consolidated statements of earnings.

#### Note 15 Fair Value Measurements

#### Fair Value Hierarchy
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"). In accordance with the fair

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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:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value. Classification of the financial or non-financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

#### Measurement of Fair Value
The Company measures fair value as an exit price, the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date, using the procedures described below for all financial and non-financial assets and liabilities measured at fair value.

*Non-Qualified Deferred Compensation Plan Assets and Liabilities*

The Company maintains a non-qualified deferred compensation plan (the "Deferred Compensation Plan") for the benefit of certain management employees. The investment funds offered to the participants generally correspond to the funds offered in the Company's 401(k) plan, and the account balance fluctuates with the investment returns on those funds. The Deferred Compensation Plan permits the deferral of up to 50% of base salary and 100% of compensation received under the Company's annual incentive plan. The deferrals are held in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan. The assets of the trust are subject to the claims of the Company's creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a "Rabbi Trust"). 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. Changes in the Deferred Compensation Plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1).

*Non-Qualified Restoration Plan Assets and Liabilities*

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. 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. The assets of the trust are subject to the claims of the Company's creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a "Rabbi Trust"). The liabilities of the Restoration Plan are presented in other accrued expenses and the assets held by the trust are classified within prepaid and other current assets in the condensed consolidated balance sheets. Changes in the Restoration Plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1).

*Deferred Compensation Plan for Non-Employee Directors*

Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company's common stock through the use of phantom stock units ("PSUs"). Under the plan, each participating director's account is credited with the number of PSUs equal to the number of shares of the Company's common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company's common stock on the last trading day of the fiscal quarter when the cash compensation was earned. 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. 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. The fair value of each PSU is based on an

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unadjusted quoted market price for the Company's common stock in an active market with sufficient volume and frequency on each measurement date (Level 1).

*Restricted Stock Units for Non-Employee Directors*

Under the Company's incentive compensation plans, cash-equivalent restricted stock units ("RSUs") of the Company were previously granted at no cost to non-employee directors. These cash-equivalent RSUs are subject to a vesting requirement (usually one year), earn dividend-equivalent units, and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company's common stock. The fair value of each cash-equivalent RSU is based on an unadjusted quoted market price for the Company's common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to RSUs for non-employee directors is disclosed in Note 12 to the condensed consolidated financial statements.

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at November 1, 2025, November 2, 2024 and February 1, 2025. During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, there were no transfers into or out of Level 3.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements | Fair Value Measurements | Fair Value Measurements | Fair Value Measurements |
| *($ thousands)* | Total | Level 1 | Level 2 | Level 3 |
| **Asset (Liability)** |  |  |  |  |
| **November 1, 2025:** |  |  |  |  |
| **Non-qualified deferred compensation plan assets** | $**12462** | **12462** | $**—** | $**—** |
| **Non-qualified deferred compensation plan liabilities** | **(12462)** | **(12462)** | **—** | **—** |
| **Non-qualified restoration plan assets** | **415** | **415** | **—** | **—** |
| **Non-qualified restoration plan liabilities** | **(415)** | **(415)** | **—** | **—** |
| **Deferred compensation plan liabilities for non-employee directors** | **(619)** | **(619)** | **—** | **—** |
| **Restricted stock units for non-employee directors** | **(691)** | **(691)** | **—** | **—** |
| November 2, 2024: |  |  |  |  |
| Non-qualified deferred compensation plan assets | 10636 | 10636 |  |  |
| Non-qualified deferred compensation plan liabilities | (10636) | (10636) |  |  |
| Non-qualified restoration plan assets | 250 | 250 |  |  |
| Non-qualified restoration plan liabilities | (250) | (250) |  |  |
| Deferred compensation plan liabilities for non-employee directors | (1597) | (1597) |  |  |
| Restricted stock units for non-employee directors | (1807) | (1807) |  |  |
| February 1, 2025: |  |  |  |  |
| Non-qualified deferred compensation plan assets | 10939 | 10939 |  |  |
| Non-qualified deferred compensation plan liabilities | (10939) | (10939) |  |  |
| Non-qualified restoration plan assets | 444 | 444 |  |  |
| Non-qualified restoration plan liabilities | (444) | (444) |  |  |
| Deferred compensation plan liabilities for non-employee directors | (1039) | (1039) |  |  |
| Restricted stock units for non-employee directors | (1130) | (1130) |  |  |

---

*Impairment Charges*

The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important that could trigger an impairment review include underperformance relative to historical or projected future operating results, a significant change in the manner of the use of the asset, or a negative industry or economic trend. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the aforementioned factors, impairment is measured based on a projected discounted cash flow method. 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*. Long-lived assets held and used with carrying amounts of $638.4 million and $651.5 million at

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November 1, 2025 and November 2, 2024, respectively, were assessed for indicators of impairment. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | **November 1, 2025** | November 2, 2024 | **November 1, 2025** | November 2, 2024 |
| Long-Lived Asset Impairment Charges: |  |  |  |  |
| &nbsp;&nbsp;Famous Footwear | $**633** | $287 | $**1330** | $787 |
| &nbsp;&nbsp;Brand Portfolio | **15** | 253 | **20** | 553 |
| Total long-lived asset impairment charges | $**648** | $540 | $**1350** | $1340 |

---

#### Fair Value of the Company's Other Financial Instruments
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).

The fair values of the borrowings under revolving credit agreement of $355.0 million and $238.5 million as of November 1, 2025 and November 2, 2024, respectively, approximate their carrying values due to the short-term nature of the borrowings (Level 1).

#### Note 16 Income Taxes
The Company's consolidated effective tax rate can vary considerably from period to period, depending on a number of factors. The Company's consolidated effective tax rates were 76.7% and 23.6% for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively. For the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company's consolidated effective tax rates were 29.3% and 23.8%, respectively. The higher effective tax rates for the thirteen and thirty-nine weeks ended November 1, 2025 were primarily driven by the year-to-date pre-tax book income mix, including the financial results of Stuart Weitzman following the acquisition on August 4, 2025. The effective tax rate for the thirty-nine weeks ended November 1, 2025 was also impacted by discrete tax benefits of $2.5 million associated with the resolution of the remaining transition tax for the mandatory deemed repatriation of cumulative foreign earnings. For the thirty-nine weeks ended November 2, 2024, the Company recorded discrete tax benefits of approximately $1.1 million related to share-based compensation.

As of November 1, 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. 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. Based upon that evaluation, earnings of the Company's international subsidiaries that are not otherwise subject to United States taxation are considered to be indefinitely reinvested, and accordingly, deferred taxes have not been provided. If changes occur in future investment opportunities and plans, those changes will be reflected when known and may result in providing residual United States deferred taxes on unremitted international earnings.

#### Note 17 Commitments and Contingencies

#### Environmental Remediation
Prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws for the remediation of conditions that may be identified in the future. The Company is involved in environmental remediation and ongoing compliance activities at several sites and has been notified that it is or may be a potentially responsible party at several other sites.

*Redfield*

The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility in Colorado (the "Redfield site" or, when referring to remediation activities at or under the facility, the "on-site remediation") and residential neighborhoods adjacent to and near the property (the "off-site remediation") that have been affected by solvents previously used at the facility. The on-site remediation calls for the operation of a pump and treat system (which prevents migration of contaminated groundwater off the property) as the final remedy for the site, subject to monitoring and periodic review of the on-site conditions and other remedial technologies that may be developed in the future. In 2016, the Company submitted a revised plan to address on-site conditions, including direct treatment of source areas, and received approval from the oversight authorities to begin implementing the revised plan. The Company received permission from the oversight authorities to convert the pump and treat system to a passive treatment barrier system and completed the conversion during 2023.

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Off-site groundwater concentrations have been reducing over time since installation of the pump and treat system in 2000 and injection of clean water beginning in 2003. However, localized areas of contaminated bedrock just beyond the property line continue to impact off-site groundwater. The modified work plan for addressing this condition includes converting the off-site bioremediation system into a monitoring well network and employing different remediation methods in these recalcitrant areas. In accordance with the work plan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner. The results of groundwater monitoring are being used to evaluate the effectiveness of these activities. 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.

The cumulative expenditures for both on-site and off-site remediation through November 1, 2025 were $35.5 million. The Company has recovered a portion of these expenditures from insurers and other third parties. The reserve for the anticipated future remediation activities at November 1, 2025 is $8.9 million, of which $8.0 million is recorded within other liabilities and $0.9 million is recorded within other accrued expenses. Of the total $8.9 million reserve, $4.5 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%. On an undiscounted basis, the on-site remediation liability would be $12.5 million as of November 1, 2025. The Company expects to spend approximately $0.1 million in 2025, $0.1 million in each of the following four years and $12.0 million in the aggregate thereafter related to the on-site remediation.

*Other*

Various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. However, the Company does not currently believe that its liability for such sites, if any, would be material.

The Company continues to evaluate its remediation plans in conjunction with its environmental consultants and records its best estimate of remediation liabilities. However, future actions and the associated costs are subject to oversight and approval of various governmental authorities. Accordingly, the ultimate costs may vary, and it is possible costs may exceed the recorded amounts.

#### Litigation
**The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not expected to have a material adverse effect on the Company's results of operations or financial position. Legal costs associated with litigation are generally expensed as incurred.**

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#### ITEM 2&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

#### OVERVIEW
**Business Overview**

We are a global footwear company that operates retail stores and e-commerce websites, and designs, develops, sources, manufactures and distributes footwear for people of all ages. Our mission is to inspire people to feel great...feet first. We offer retailers and consumers a diversified portfolio of leading footwear brands. Outfitted in our brands, customers can step confidently into every aspect of their lives. As both a retailer and a wholesaler, we have a perspective on the marketplace that enables us to serve consumers from different vantage points. We believe our diversified business model provides us with synergies by spanning consumer segments, categories and distribution channels. A combination of thoughtful planning and rigorous execution is key to our success in optimizing our business and portfolio of brands.

**Known Trends Impacting Our Business**

Based on the current macroeconomic environment and our recent operating results, we believe the following trends may continue to impact our business and operating results:

*Macroeconomic Environment* 

Macroeconomic factors continued to impact consumer discretionary spending and our financial results during the third quarter of 2025. We continued to experience less consumer traffic in our Famous Footwear retail stores during the third quarter, resulting in lower net sales. Tariff volatility and the lack of clarity surrounding future trade policy developments have heightened uncertainty in the global economy. We source a majority of our products internationally. Following the executive orders on tariffs in early 2025, we acted quickly to adjust our country sourcing mix and took other actions to mitigate the tariff impact, such as negotiating price concessions with our factories and selectively raising prices. Despite these actions, we have been subject to tariffs ranging from 19% to 50% and price increases from our vendors. While we believe that the structural changes we have implemented in the last few years, as well as our diversified model and operational discipline, enable the Company to drive value in a variety of market conditions, changes in macro-level consumer spending trends and the impact of trade policy decisions may continue to adversely impact our financial results in the future. In the near-term, we are focused on the areas within our control, including optimizing our sourcing strategy. In addition, the expense reduction initiatives that began in the second quarter of 2025 are expected to decrease selling and administrative expenses by approximately $15 million on an annualized basis. We believe our focus on cost control and our commitment to execute our clearly defined strategic initiatives have positioned us for sustainable, long-term growth.

*Liquidity* 

Our liquidity position remains strong, with $34.0 million in cash and cash equivalents and excess availability on our revolving credit agreement of $278.1 million as of November 1, 2025. During the third quarter of 2025, borrowings on our revolving credit agreement increased to $355.0 million, primarily driven by borrowings to fund the acquisition of Stuart Weitzman. Refer to Note 3 to the condensed consolidated financial statements for further discussion of the acquisition.

**Financial Highlights**

Highlights of our consolidated and segment results for the third quarter of 2025 and 2024 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |  |  |
| *($ millions, except per share amounts)* | **November 1, 2025** | November 2, 2024 | Change <sup>(1)</sup> | Change <sup>(1)</sup> |
| Consolidated net sales | **$790.1**  | $740.9  | $49.2  | 6.6% |
| &nbsp;&nbsp;Famous Footwear segment net sales | **$418.8**  | $428.3  | ($9.5) | (2.2)% |
| &nbsp;&nbsp;Famous Footwear comparable sales % change | **(1.2)**% | 2.5% | n/m | n/m |
| &nbsp;&nbsp;Brand Portfolio segment net sales | **$383.7**  | $322.9  | $60.8  | 18.8% |
| Gross profit | **$329.9**  | $327.0  | $2.9  | 0.9% |
| Gross margin | **41.8**% | 44.1% | n/m | n/m |
| Operating earnings | **$12.0**  | $56.7  | ($44.7) | (78.9)% |
| Diluted earnings per share | **$0.07**  | $1.19  | ($1.12) | (94.1)% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) n/m – not meaningful

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#### Metrics Used in the Evaluation of Our Business
The following are a few key metrics by which we evaluate our business, identify trends and make strategic decisions:

*Comparable sales*

The comparable sales metric is a metric commonly used in the retail industry to evaluate the revenue generated for stores that have been open for more than a year, though other retailers may calculate the metric differently. Management uses the comparable sales metric as a measure of an individual store's success to determine whether it is performing in line with expectations. Our comparable sales metric is a daily-weighted calculation for the period, which includes sales for stores that have been open for at least 13 months. In addition, in order to be included in the comparable sales metric, a store must be open in the current period as well as the corresponding day(s) of the comparable retail calendar in the prior year. Accordingly, closed stores are excluded from the comparable sales metric for each day of the closure. Relocated stores are treated as new stores and therefore excluded from the calculation. E-commerce sales for those websites that function as an extension of a retail chain are included in the comparable sales calculation. In fiscal years with 53 weeks, the 53<sup>rd</sup> week of comparable sales is included in the calculation. In the following year, the prior fiscal year period is shifted by one week to compare similar calendar weeks. We believe the comparable sales metric is useful to shareholders and investors in assessing our retail sales performance of existing locations with comparable prior year sales, separate from the impact of store openings or store closures.

*Sales per square foot*

The sales per square foot metric is commonly used in the retail industry to calculate the efficiency of sales based upon the square footage in a store. Management uses the sales per square foot metric as a measure of an individual store's success to determine whether it is performing in line with expectations. The sales per square foot metric is calculated by dividing total retail store sales, excluding e-commerce sales and the retail operations of our joint venture in China, by the total square footage of the retail store base in North America at the end of each month of the respective period.

*Direct-to-consumer sales*

Direct-to-consumer sales includes sales from our retail stores, our company-owned websites and sales through our customers' websites that we fulfill on a drop-ship basis. While we take an omni-channel approach to reach consumers, we believe that our direct-to-consumer channels reinforce the image of our brands and strengthens our connection with the end consumer. In addition, direct-to-consumer sales generally result in a higher gross margin for the Company as compared to wholesale sales. As a result, management monitors trends in direct-to-consumer sales as a percentage of our Brand Portfolio segment and total consolidated net sales.

#### RESULTS OF OPERATIONS
Following are the consolidated results and the results by segment:

#### CONSOLIDATED RESULTS

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | **November 1, 2025** | **November 1, 2025** | November 2, 2024 | November 2, 2024 | **November 1, 2025** | **November 1, 2025** | November 2, 2024 | November 2, 2024 |
|  |  | **% of** |  | % of |  | **% of** |  | % of |
| *($ millions)* |  | **Net Sales** |  | Net Sales |  | **Net Sales** |  | Net Sales |
| Net sales | $**790.1** | **100.0%**  | $740.9 | 100.0% | $**2062.8** | **100.0%**  | $2083.5 | 100.0% |
| Cost of goods sold | **460.1** | **58.2%**  | 413.9 | 55.9%  | **1168.4** | **56.6%**  | 1136.6 | 54.5%  |
| Gross profit | **329.9** | **41.8%**  | 327.0 | 44.1%  | **894.4** | **43.4%**  | 946.9 | 45.5%  |
| Selling and administrative expenses | **311.2** | **39.4%**  | 268.7 | 36.2% | **847.5** | **41.1%**  | 803.3 | 38.6% |
| Restructuring and other special charges, net | **6.7** | **0.9%**  | 1.6 | 0.2%  | **14.1** | **0.7%**  | 1.6 | 0.1%  |
| Operating earnings | **12.0** | **1.5%**  | 56.7 | 7.7%  | **32.8** | **1.6%**  | 142.0 | 6.8%  |
| Interest expense, net | **(5.5)** | **(0.7)%**  | (2.9) | (0.4)% | **(13.8)** | **(0.7)%**  | (10.0) | (0.5)% |
| Other (expense) income, net | **(0.3)** | **(0.0)%**  | 0.0 | 0.0%  | **1.4** | **0.1%**  | 2.2 | 0.1%  |
| Earnings before income taxes | **6.2** | **0.8%**  | 53.8 | 7.3%  | **20.4** | **1.0%**  | 134.2 | 6.4%  |
| Income tax provision | **(4.7)** | **0.6%**  | (12.7) | (1.7)%  | **(6.0)** | **0.3%**  | (32.0) | (1.5)%  |
| Net earnings | **1.4** | **0.2%**  | 41.1 | 5.6%  | **14.4** | **0.7%**  | 102.2 | 4.9%  |
| Net loss attributable to noncontrolling interests | **(1.0)** | **(0.1)%**  | (0.3) | 0.0%  | **(1.6)** | **(0.1)%**  | (0.1) | (0.0)%  |
| Net earnings attributable to Caleres, Inc. | $**2.4** | **0.3%**  | $41.4 | 5.6%  | $**16.0** | **0.8%**  | $102.3 | 4.9%  |

---

[**Table of Contents**](#TABLEOFCONTENTS)

#### Net Sales
Net sales increased $49.2 million, or 6.6%, to $790.1 million for the third quarter of 2025, compared to $740.9 million for the third quarter of 2024. Net sales of our Brand Portfolio segment increased $60.8 million, or 18.8%, reflecting the impact of our Stuart Weitzman acquisition on August 4, 2025, which contributed net sales of $45.8 million, and organic growth in our owned e-commerce and wholesale businesses. We saw strength in premium brands and declines in our more value-oriented brands. Net sales in our Famous Footwear segment decreased $9.5 million, or 2.2%, and comparable sales declined 1.2%, reflecting less traffic. Our direct-to-consumer sales represented approximately 71% of consolidated net sales for the third quarter of 2025, compared to 72% for the third quarter of 2024. We remain focused on international growth, direct-to-consumer penetration, elevating the consumer experience at Famous Footwear and maximizing the vertical opportunity between the Famous Footwear and Brand Portfolio segments, with Dr. Scholl's, LifeStride, Naturalizer and Blowfish Malibu representing four of Famous Footwear's top 20 best-selling footwear brands during the quarter.

Net sales decreased $20.7 million, or 1.0%, to $2,062.8 million for the nine months ended November 1, 2025, compared to $2,083.5 million for the nine months ended November 2, 2024. Net sales for our Famous Footwear segment decreased $52.1 million, or 4.3% during the first nine months of 2025, compared to the first nine months of 2024 and comparable sales declined 3.0%. Net sales for our Brand Portfolio segment increased $29.1 million, primarily reflecting the impact of our Stuart Weitzman acquisition, which contributed net sales of $45.8 million. On a consolidated basis, our direct-to-consumer sales were 72% of total net sales for the nine months ended November 1, 2025, consistent with the nine months ended November 2, 2024.

#### Gross Profit
Gross profit increased $2.9 million, or 0.9%, to $329.9 million for the third quarter of 2025, compared to $327.0 million for the third quarter of 2024. As a percentage of net sales, gross profit decreased to 41.8% for the third quarter of 2025, compared to 44.1% for the third quarter of 2024, driven by lower merchandise margins associated with the impact of tariffs, higher inventory markdowns and higher sales of lower margin product. In addition, the Brand Portfolio segment recognized $7.7 million in incremental cost of goods sold related to the fair value step-up adjustment on the acquired Stuart Weitzman inventory in the third quarter of 2025.

Gross profit decreased $52.5 million, or 5.5%, to $894.4 million for the nine months ended November 1, 2025, compared to $946.9 million for the nine months ended November 2, 2024. As a percentage of net sales, gross profit decreased to 43.4% for the nine months ended November 1, 2025, compared to 45.5% for the nine months ended November 2, 2024, driven by lower merchandise margins associated with the impact of tariffs, higher inventory markdowns, incremental cost of goods sold of $7.7 million for the Stuart Weitzman fair value inventory step-up adjustment required for purchase accounting and incremental costs associated with canceling and moving inventory out of China after the tariff escalation in April.

We classify certain warehousing, distribution, sourcing and other inventory procurement costs in selling and administrative expenses. Accordingly, our gross profit and selling and administrative expense rates, as a percentage of net sales, may not be comparable to other companies.

#### Selling and Administrative Expenses
Selling and administrative expenses increased $42.5 million, or 15.9%, to $311.2 million for the third quarter of 2025, compared to $268.7 million for the third quarter of 2024. The increase was driven by expenses associated with the Stuart Weitzman brand acquired in the third quarter of 2025, as well as higher expenses associated with our cash and share-based incentive compensation programs. As a percentage of net sales, selling and administrative expenses increased to 39.4% for the third quarter of 2025, from 36.2% for the third quarter of 2024.

Selling and administrative expenses increased $44.2 million, or 5.5%, to $847.5 million for the nine months ended November 1, 2025, compared to $803.3 million for the nine months ended November 2, 2024. The increase was primarily due to expenses associated with our acquired Stuart Weitzman brand. We also experienced higher expenses associated with growth in our international business, higher facility costs, reflecting higher depreciation associated with the investment in Famous Footwear store renovations and upgrades to the FLAIR concept and higher store rent expense as leases are renewed and a higher provision for expected credit losses. These increases were partially offset by lower advertising and marketing expenses and lower expenses for our cash and share-based incentive compensation plans. As a percentage of net sales, selling and administrative expenses increased to 41.1% for the nine months ended November 1, 2025, from 38.6% for the nine months ended November 2, 2024.

[**Table of Contents**](#TABLEOFCONTENTS)

#### Restructuring and Other Special Charges, Net
**Restructuring and other special charges of $6.7 million and $14.1 million for the third quarter and nine months ended November 1, 2025, respectively, were for legal, information technology and other related costs associated with the acquisition and integration of Stuart Weitzman, which closed on August 4, 2025, and severance and other related costs associated with our expense reduction initiatives. Refer to Note 6 to the condensed consolidated financial statements for additional information related to these charges. We incurred restructuring costs of $1.6 million for the third quarter and nine months ended November 2, 2024, primarily for severance.**

#### Operating Earnings
Operating earnings decreased $44.7 million to $12.0 million for the third quarter of 2025, compared to $56.7 million for the third quarter of 2024, reflecting the factors described above. As a percentage of net sales, operating earnings were 1.5% for the third quarter of 2025, compared to 7.7% for the third quarter of 2024.

Operating earnings decreased $109.2 million to $32.8 million for the nine months ended November 1, 2025, compared to $142.0 million for the nine months ended November 2, 2024, primarily reflecting lower net sales and gross profit. As a percentage of net sales, operating earnings were 1.6% for the nine months ended November 1, 2025, compared to 6.8% for the nine months ended November 2, 2024.

#### Interest Expense, Net
Interest expense, net increased $2.6 million, or 88.5%, to $5.5 million for the third quarter of 2025, compared to $2.9 million for the third quarter of 2024, reflecting higher average borrowings on our revolving credit facility. Interest expense, net increased $3.8 million, or 37.5%, to $13.8 million for the nine months ended November 1, 2025, compared to $10.0 million for the nine months ended November 2, 2024. As discussed above, we used the revolving credit facility to fund the acquisition of Stuart Weitzman that closed on August 4, 2025. We anticipate that the higher borrowings will result in higher interest expense for the remainder of 2025 and into fiscal 2026.

#### Other (Expense) Income, Net
Other expense, net was $0.3 million for the third quarter of 2025, compared to an immaterial amount for the third quarter of 2024. Other income decreased $0.8 million to $1.4 million for the nine months ended November 1, 2025, compared to $2.2 million for the nine months ended November 2, 2024, primarily reflecting lower income generated from our pension plan assets in the third quarter and nine months ended November 1, 2025. Refer to Note 14 of the condensed consolidated financial statements for further information.

#### Income Tax Provision
Our effective tax rate can vary considerably from period to period, depending on a number of factors. Our consolidated effective tax rates were 76.7% and 23.6% for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively. For the thirty-nine weeks ended November 1, 2025 and November 2, 2024, our consolidated effective tax rates were 29.3% and 23.8%, respectively. The higher effective tax rates for the thirteen and thirty-nine weeks ended November 1, 2025 were primarily driven by the year-to-date pre-tax book income mix, including the financial results of Stuart Weitzman following the acquisition on August 4, 2025. The effective tax rate for the thirty-nine weeks ended November 1, 2025 was also impacted by discrete tax benefits of $2.5 million associated with the resolution of the remaining transition tax for the mandatory deemed repatriation of cumulative foreign earnings. For the thirty-nine weeks ended November 2, 2024, we recorded discrete tax benefits of approximately $1.1 million related to share-based compensation.

In 2021, the Organization for Economic Cooperation and Development (OECD) released Pillar Two Global Anti-Base Erosion model rules, designed to ensure large corporations are taxed at a minimum rate of 15% in all countries of operation. The OECD continues to release guidance and countries are implementing legislation to adopt the rules, which became effective on January 1, 2024. The United States has not yet enacted legislation implementing Pillar Two. We are continuing to evaluate the Pillar Two rules and their potential impact on future periods, but we do not expect the rules to have a material impact on our tax provision or effective tax rate.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBB Act") was enacted into law. The OBBB Act includes a broad range of tax reform provisions, including allowing accelerated tax deductions for qualified property and immediate deduction of domestic research and development costs. The OBBB Act also modifies some of the international tax rules. We are in the process of evaluating the impact of the OBBB Act on our consolidated financial statements, but the provisions are not expected to have a material impact on the Company's income tax provision.

#### Net Earnings Attributable to Caleres, Inc.
Net earnings attributable to Caleres, Inc. was $2.4 million and $16.0 million for the third quarter and nine months ended November 1, 2025, respectively, compared to $41.4 million and $102.3 million for the third quarter and nine months ended November 2, 2024, as a result of the factors described above.

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#### FAMOUS FOOTWEAR

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | **November 1, 2025** | **November 1, 2025** | November 2, 2024 | November 2, 2024 | **November 1, 2025** | **November 1, 2025** | November 2, 2024 | November 2, 2024 |
|  |  | **% of** |  | % of |  | **% of** |  | % of |
| *($ millions, except sales per square foot)* |  | **Net Sales** |  | Net Sales |  | **Net Sales** |  | Net Sales |
| Net sales | $**418.8** | **100.0%** | $428.3 | 100.0% | $**1146.0** | **100.0%** | $1198.1 | 100.0% |
| Cost of goods sold | **244.4** | **58.4%** | 244.5 | 57.1% | **648.6** | **56.6%** | 663.9 | 55.4% |
| Gross profit | **174.3** | **41.6%** | $183.8 | 42.9% | **497.4** | **43.4%** | $534.2 | 44.6% |
| Selling and administrative expenses | **153.4** | **36.6%** | 154.0 | 36.0% | **453.0** | **39.5%** | 453.2 | 37.9% |
| Restructuring and other special charges, net | **0.2** | **0.0%** | 0.2 | —% | **0.3** | **0.0%** | 0.2 | —% |
| Operating earnings | $**20.7** | **5.0%** | $29.6 | 6.9% | $**44.1** | **3.9%** | $80.8 | 6.7% |
| **Key Metrics** |  |  |  |  |  |  |  |  |
| Comparable sales % change | **(1.2)%** |  | 2.5% |  | **(3.0)%** |  | (0.9)% |  |
| Comparable sales $ change | $**(5.0)** |  | $10.3 |  | $**(34.4)** |  | $(10.2) |  |
| Sales change from new and closed stores, net | $**(4.5)** |  | $(31.7) |  | $**(17.3)** |  | $(4.5) |  |
| Impact of changes in Canadian exchange rate on sales | $**—** |  | $(0.1) |  | $**(0.3)** |  | $(0.4) |  |
| Sales per square foot, excluding e-commerce (thirteen and thirty-nine weeks ended) | $**64** |  | $65 |  | $**178** |  | $185 |  |
| Sales per square foot, excluding e-commerce (trailing twelve months) | $**231** |  | $244 |  | $**231** |  | $244 |  |
| Square footage (thousand sq. ft.) | **5417** |  | 5592 |  | **5417** |  | 5592 |  |
| Stores opened | **—** |  | 6 |  | **2** |  | 12 |  |
| Stores closed | **7** |  | 10 |  | **25** |  | 21 |  |
| Ending stores | **823** |  | 851 |  | **823** |  | 851 |  |

---

#### Net Sales
Net sales of $418.8 million in the third quarter of 2025 decreased $9.5 million, or 2.2%, compared to the third quarter of 2024. While comparable sales decreased 1.2% for the third quarter of 2025 driven by a decline in consumer traffic, Famous Footwear has experienced sequential sales improvement throughout the year. We experienced strong growth in e-commerce sales and an increase in e-commerce penetration to 16% of net sales in the third quarter of 2025, from 14% in the third quarter of 2024.

We closed seven stores during the third quarter of 2025, resulting in 823 stores and total square footage of 5.4 million at the end of the quarter, compared to 851 stores and total square footage of 5.6 million at the end of the third quarter of 2024. Sales to members of our customer loyalty program, Famously You Rewards, continue to account for a majority of the segment's sales, with approximately 75% of our net sales made to program members in the third quarter of 2025, compared to 74% in the third quarter of 2024.

Net sales of $1,146.0 million in the nine months ended November 1, 2025 decreased $52.1 million, or 4.3%, compared to the nine months ended November 2, 2024. Comparable sales declined 3.0% in the nine months ended November 1, 2025, driven by a decline in traffic. Athletics continues to be our top-selling category. We remain focused on maximizing the vertical opportunity between the Famous Footwear and Brand Portfolio segments, with Dr. Scholl's, LifeStride, Naturalizer and Blowfish Malibu representing four of Famous Footwear's top 20 best-selling footwear brands for the nine months ended November 1, 2025. In mid-July, we launched the Jordan brand, both online and in our retail stores. Jordan quickly rose to one of Famous Footwear's top brands. During the first nine months of 2025, we opened two stores and closed 25 stores, and operated 56 FLAIR stores as of November 1, 2025. We have experienced sales growth in stores converted to the FLAIR concept, and we will continue to evaluate stores for FLAIR conversion to drive sales growth.

#### Gross Profit
Gross profit decreased $9.5 million, or 5.2%, to $174.3 million for the third quarter of 2025, compared to $183.8 million for the third quarter of 2024. As a percentage of net sales, our gross profit decreased to 41.6% for the third quarter of 2025, from 42.9% for the third quarter of 2024, reflecting higher sales volume of lower margin product, higher levels of promotional activity during the quarter and additional LIFO and other reserves.

[**Table of Contents**](#TABLEOFCONTENTS)

**Gross profit decreased $36.8 million, or 6.9%, to $497.5 million for the nine months ended November 1, 2025, compared to $534.2 million for the nine months ended November 2, 2024. As a percentage of net sales, our gross profit decreased to 43.4% for the nine months ended November 1, 2025, compared to 44.6% for the nine months ended November 2, 2024, driven by higher levels of promotional activity and higher freight costs.** 

#### Selling and Administrative Expenses
Selling and administrative expenses decreased $0.6 million, or 0.4%, to $153.4 million for the third quarter of 2025, compared to $154.0 million for the third quarter of 2024. The decrease was primarily driven by lower warehouse and distribution costs due to lower volume as well as lower salaries expense, partially offset by higher retail facilities costs, including depreciation expense associated with the investments in the FLAIR store concept. During the third quarter of 2025, we converted one store to the new FLAIR concept, ending the quarter with a total of 56 FLAIR stores. These stores continue to outperform our traditionally designed retail stores. As a percentage of net sales, selling and administrative expenses increased to 36.6% for the third quarter of 2025, compared to 36.0% for the third quarter of 2024.

Selling and administrative expenses decreased $0.2 million, or 0.1%, to $453.0 million for the nine months ended November 1, 2025, compared to $453.2 million for the nine months ended November 2, 2024. As a percentage of net sales, selling and administrative expenses increased to 39.5% for the nine months ended November 1, 2025, compared to 37.9% for the nine months ended November 2, 2024, reflecting deleveraging of expenses over lower net sales.

#### Restructuring and Other Special Charges, Net
Restructuring and other special charges of $0.2 million and $0.3 million for the three and nine months ended November 1, 2025, respectively, were associated with our expense reduction initiatives, primarily severance. Restructuring costs of $0.2 million were incurred, primarily for severance, during the three and nine months ended November 2, 2024. Refer to Note 6 to the condensed consolidated financial statements for additional information related to these charges.

#### Operating Earnings
Operating earnings decreased $8.8 million to $20.7 million for the third quarter of 2025, compared to $29.6 million for the third quarter of 2024, primarily reflecting the factors described above. As a percentage of net sales, operating earnings declined to 5.0% for the third quarter of 2025, compared to 6.9% for the third quarter of 2024.

Operating earnings decreased $36.6 million to $44.2 million for the nine months ended November 1, 2025, compared to $80.8 million for the nine months ended November 2, 2024. As a percentage of net sales, operating earnings were 3.9% for the nine months ended November 1, 2025, compared to 6.7% for the nine months ended November 2, 2024.

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#### BRAND PORTFOLIO

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | **November 1, 2025** | **November 1, 2025** | November 2, 2024 | November 2, 2024 | **November 1, 2025** | **November 1, 2025** | November 2, 2024 | November 2, 2024 |
|  |  | **% of** |  | % of |  | **% of** |  | % of |
| *($ millions)* |  | **Net Sales** |  | Net Sales |  | **Net Sales** |  | Net Sales |
| Net sales | $**383.7** | **100.0%** | $322.9 | 100.0% | $**954.7** | **100.0%** | $925.6 | 100.0% |
| Cost of goods sold | **229.0** | **59.7%** | 181.3 | 56.2% | **559.6** | **58.6%** | 514.3 | 55.6% |
| Gross profit | **154.7** | **40.3%** | 141.6 | 43.8% | **395.1** | **41.4%** | 411.3 | 44.4% |
| Selling and administrative expenses | **142.4** | **37.1%** | 106.4 | 33.0% | **356.9** | **37.4%** | 311.1 | 33.6% |
| Restructuring and other special charges, net | **1.2** | **0.3%** | 1.1 | 0.3% | **3.0** | **0.3%** | 1.1 | 0.1% |
| Operating earnings | $**11.1** | **2.9%** | $34.1 | 10.5% | $**35.2** | **3.7%** | $99.1 | 10.7% |
| **Key Metrics** |  |  |  |  |  |  |  |  |
| Direct-to-consumer (% of net sales) <sup>(1)</sup> | **37%** |  | 34% |  | **36%** |  | 33% |  |
| Change in wholesale net sales ($) | $**5.8** |  | $1.1 |  | $**(23.4)** |  | $(26.1) |  |
| Change in retail net sales ($) | $**9.2** |  | $1.0 |  | $**6.7** |  | $4.5 |  |
| Sales change from acquired Stuart Weitzman business  | $**45.8** |  | $— |  | $**45.8** |  | $— |  |
| Unfilled order position at end of period | $**300.4** |  | $246.6 |  |  |  |  |  |
| **Company-Operated Stores:** |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |
| Stores opened <sup>(2)</sup> | **25** |  | 1 |  | **30** |  | 4 |  |
| Stores closed | **—** |  |  |  | **2** |  | 4 |  |
| Ending stores - North America  | **88** |  | 62 |  | **88** |  | 62 |  |
| **East Asia** |  |  |  |  |  |  |  |  |
| Ending stores - East Asia <sup>(2)</sup> | **109** |  | 49 |  | **109** |  | 49 |  |
| **Total Company-Operated Stores** | **197** |  | 111 |  | **197** |  | 111 |  |
| International franchise locations  | **150** |  | 113 |  | **150** |  | 113 |  |
| **Total**  | **347** |  | 224 |  | **347** |  | 224 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct-to-consumer includes sales of our retail stores and e-commerce sites and sales through our customers' websites that we fulfill on a drop-ship basis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes the 25 North America and 53 East Asia retail stores acquired from Stuart Weitzman.

#### Net Sales
Net sales of $393.7 million in the third quarter of 2025 increased $60.8 million, or 18.8%, compared to the third quarter of 2024. The increase primarily reflects the acquisition of Stuart Weitzman on August 4, 2025, which contributed net sales of $45.8 million in the third quarter of 2025. We experienced strong growth in our company-owned e-commerce business, which increased approximately 14% during the third quarter of 2025, and organic growth in our wholesale business. We saw strength in premium brands and declines in our more value-oriented brands. Our direct-to-consumer sales represented approximately 37% of net sales for the third quarter of 2025, compared to 34% for the third quarter of 2024. During the third quarter of 2025, we did not open or close any stores in North America. We acquired 25 retail stores located in North America from Stuart Weitzman, resulting in a total of 88 stores at November 1, 2025, compared to 62 stores at November 2, 2024. We remain focused on international growth and continued to expand our international presence during the third quarter of 2025. There were 109 stores in East Asia at November 1, 2025, including 53 acquired from Stuart Weitzman, compared to 49 stores at November 2, 2024. There were also 150 international branded stores owned and operated by third parties through franchise agreements at November 1, 2025, compared to 113 international branded stores at August 3, 2024.

Net sales increased $29.1 million, or 3.1%, to $954.7 million for the nine months ended November 1, 2025, compared to $925.6 million for the nine months ended November 2, 2024, reflecting softer demand associated with the challenging macroeconomic environment and competitive retail landscape, partially offset by the $45.8 million net sales contribution from our recently acquired Stuart Weitzman brand.

**Our unfilled order position for our wholesale sales increased $53.8 million, or 21.8%, to $300.4 million at November 1, 2025, compared to $246.6 million at November 2, 2024, primarily reflecting the unfilled order position for the Stuart Weitzman brand.** 

#### Gross Profit
Gross profit increased $13.1 million, or 9.3%, to $154.7 million for the third quarter of 2025, compared to $141.6 million for the third quarter of 2024, driven by net sales growth, partially offset by the incremental cost of goods sold related to the fair value step-up adjustment on the

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acquired Stuart Weitzman inventory. As a percentage of net sales, our gross profit decreased to 40.3% for the third quarter of 2025, compared to 43.8% for the third quarter of 2024. The decrease was driven by the incremental cost of goods sold related to purchase accounting inventory adjustments, continued impact of tariffs and higher inventory markdowns, due in part to the addition of the Stuart Weitzman brand.

Gross profit decreased $16.2 million, or 3.9%, to $395.1 million for the nine months ended November 1, 2025, compared to $411.3 million for the nine months ended November 2, 2024. As a percentage of net sales, our gross profit decreased to 41.4% for the nine months ended November 1, 2025, compared to 44.4% for the nine months ended November 2, 2024. The decrease was driven by the same factors described above, as well as incremental costs associated with canceling factory orders and moving inventory out of China.

#### Selling and Administrative Expenses
Selling and administrative expenses increased $36.0 million, or 33.8%, to $142.4 million for the third quarter of 2025, compared to $106.4 million for the third quarter of 2024 driven by expenses related to our acquired Stuart Weitzman brand and growth in our international business. As a percentage of net sales, selling and administrative expenses increased to 37.1% for the third quarter of 2025, compared to 33.0% for the third quarter of 2024.

Selling and administrative expenses increased $45.8 million, or 14.7%, to $356.0 million for the nine months ended November 1, 2025, compared to $311.1 million for the nine months ended November 2, 2024. The increase primarily reflects our acquired Stuart Weitzman brand in the third quarter of 2025, growth in our international business, a higher provision for expected credit losses and higher salary and benefits expense. As a percentage of net sales, selling and administrative expenses increased to 37.4% for the nine months ended November 1, 2025, compared to 33.6% for the nine months ended November 2, 2024.

#### Restructuring and Other Special Charges, Net
Restructuring and other special charges of $1.2 million and $3.0 million for the three and nine months ended November 1, 2025 were primarily associated severance for our expense reduction initiatives. Refer to Note 6 to the condensed consolidated financial statements for additional information related to these charges. Restructuring costs of $1.1 million were incurred primarily for severance during the three and nine months ended November 2, 2024.

#### Operating Earnings
Operating earnings decreased to $11.1 million for the third quarter of 2025, from $34.1 million for the third quarter of 2024, as a result of the factors described above. As a percentage of net sales, operating earnings were 2.9% for the third quarter of 2025, compared to 10.5% for the third quarter of 2024.

Operating earnings decreased to $35.2 million for the nine months ended November 1, 2025, compared to $99.1 million for the nine months ended November 2, 2024, as a result of the factors described above. As a percentage of net sales, operating earnings were 3.7% for the nine months ended November 1, 2025, compared to 10.7% in the nine months ended November 2, 2024.

#### ELIMINATIONS AND OTHER

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |  |
|  | **November 1, 2025** | **November 1, 2025** |  | November 2, 2024 | November 2, 2024 |  | **November 1, 2025** | **November 1, 2025** |  | November 2, 2024 | November 2, 2024 |  |
|  |  | **% of** | **% of** |  | % of | % of |  | **% of** | **% of** |  | % of | % of |
| *($ millions)* |  | **Net Sales** | **Net Sales** |  | Net Sales | Net Sales |  | **Net Sales** | **Net Sales** |  | Net Sales | Net Sales |
| Net sales | $**(12.4)** | **100.0** | **%** | $(10.3) | 100.0 | % | $**(38.0)** | **100.0** | **%** | $(40.3) | 100.0 | % |
| Cost of goods sold | **(13.3)** | **107.4** | **%** | (11.8) | 115.4 | % | **(39.9)** | **105.0** | **%** | (41.8) | 103.8 | % |
| Gross profit | **0.9** | **(7.4)** | **%** | 1.5 | (15.4) | % | **1.9** | **(5.0)** | **%** | 1.5 | (3.8) | % |
| Selling and administrative expenses | **15.4** | **(124.2)** | **%** | 8.1 | (79.6) | % | **37.7** | **(99.1)** | **%** | 39.1 | (97.1) | % |
| Restructuring and other special charges, net | **5.4** | **(43.3)** | **%** | 0.3 | (3.0) | % | **10.8** | **(28.6)** | **%** | 0.3 | (0.8) | % |
| Operating loss | $**(19.9)** | **160.1** | **%** | $(6.9) | 67.2 | % | $**(46.6)** | **122.7** | **%** | $(37.9) | 94.1 | % |

---

The Eliminations and Other category includes the elimination of intersegment sales and profit, unallocated corporate administrative expenses, and other costs and recoveries.

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The net sales elimination of $12.4 million for the third quarter of 2025 is $2.1 million, or 25.8%, higher than the third quarter of 2024, reflecting an increase in product sold from our Brand Portfolio segment to Famous Footwear. The net sales elimination of $38.0 million for the nine months ended November 1, 2025 is $2.3 million, or 5.8%, lower than the nine months ended November 2, 2024, reflecting a decrease in product sold from our Brand Portfolio segment to Famous Footwear.

Selling and administrative expenses increased $7.3 million, to $15.4 million in the third quarter of 2025, compared to $8.1 million for the third quarter of 2024, primarily reflecting higher expenses related to our cash-based incentive compensation and higher medical costs, partially offset by lower share-based incentive compensation expenses. Selling and administrative expenses decreased $1.4 million, to $37.7 million for the nine months ended November 1, 2025, compared to $39.1 million for the nine months ended November 2, 2024 reflecting lower expenses for cash and share-based incentive compensation.

Restructuring and other special charges of $5.4 million and $10.8 million for the three and nine months ended November 1, 2025, respectively, were for legal, information technology and other related costs associated with the acquisition of Stuart Weitzman that closed on August 4, 2025 as well as severance and other costs associated with our expense reduction initiatives. Refer to Note 6 to the condensed consolidated financial statements for additional information related to these charges. Restructuring and other special charges of $0.3 million for the three and nine months ended November 2, 2024 were incurred primarily for severance at our corporate headquarters.

**LIQUIDITY AND CAPITAL RESOURCES**

#### Borrowings
As further discussed in Note 11 to the condensed consolidated financial statements, the Company maintains a revolving credit facility for working capital needs and strategic initiatives that matures on June 27, 2030. The aggregate amount available under the revolving credit facility is up to $700.0 million, subject to borrowing base restrictions, and may be further increased by up to $250.0 million. Interest on the borrowings is at variable rates based on the SOFR, or the prime rate (as defined in the Credit Agreement), plus a spread.

Total debt obligations of $355.0 million at November 1, 2025 increased $116.5 million, from $238.5 million at November 2, 2024, and $135.5 million, from $219.5 million at February 1, 2025. On August 4, 2025, we completed the acquisition of Stuart Weitzman, as further discussed in Note 3 to the condensed consolidated financial statements. The increase in borrowings at November 1, 2025 reflects borrowings to fund the acquisition. Net interest expense for the third quarter of 2025 increased $2.6 million to $5.5 million, compared to $2.9 million for the third quarter of 2024, reflecting higher average borrowings on our revolving credit facility.

At November 1, 2025, we had $355.0 million in borrowings and $8.5 million in letters of credit outstanding under the Credit Agreement. Total borrowing availability was $278.1 million at November 1, 2025. We were in compliance with all covenants and restrictions under the Credit Agreement as of November 1, 2025.

#### Working Capital and Cash Flow

---

| | | | |
|:---|:---|:---|:---|
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ millions)* | **November 1, 2025** | November 2, 2024 | Change |
| &nbsp;&nbsp;Net cash provided by operating activities | $**40.5** | $75.8 | $(35.3) |
| &nbsp;&nbsp;Net cash used for investing activities | **(155.7)** | (40.3) | (115.4) |
| &nbsp;&nbsp;Net cash provided by (used for) financing activities | **119.5** | (23.2) | 142.7 |
| &nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | **0.0** | 0.0 | 0.0 |
| &nbsp;&nbsp;Increase in cash and cash equivalents | $**4.3** | $12.3 | $(8.0) |

---

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Reasons for the major variances in cash provided in the table above are as follows:

Cash provided by operating activities was $35.3 million lower in the thirty-nine weeks ended November 1, 2025 as compared to the thirty-nine weeks ended November 2, 2024, primarily reflecting the following factors:

● Lower net earnings in the thirty-nine weeks ended November 1, 2025, compared to the thirty-nine weeks ended November 2, 2024,

● A decrease in trade accounts payable during the thirty-nine weeks ended November 1, 2025, compared to an increase in the thirty-nine weeks ended November 2, 2024, partially offset by

● An increase in accrued expenses and other liabilities during the thirty-nine weeks ended November 1, 2025, compared to a decrease in the thirty-nine weeks ended November 2, 2024, and

● A smaller increase in receivables during the thirty-nine weeks ended November 1, 2025, compared to the thirty-nine weeks ended November 2, 2024.

Cash used for investing activities was $115.4 million higher for the thirty-nine weeks ended November 1, 2025 as compared to the thirty-nine weeks ended November 2, 2024, reflecting the acquisition of Stuart Weitzman at the beginning of the third quarter of 2025 and higher capital expenditures, due in part to the Famous Footwear store remodels to the new FLAIR concept. We had 56 FLAIR stores as of November 1, 2025 and expect to add one more FLAIR store in 2025.

Cash provided by financing activities was $119.5 million for the thirty-nine weeks ended November 1, 2025 as compared to cash used for financing activities of $23.2 million for the thirty-nine weeks ended November 2, 2024, primarily due to net borrowings on our revolving credit agreement of $135.5 million in the thirty-nine weeks ended November 1, 2025, compared to net repayments of $56.5 million in the comparable period in 2024. The increase in borrowings during the thirty-nine weeks ended November 1, 2025 reflects the use of the revolving credit agreement to fund the Stuart Weitzman acquisition on August 4, 2025.

A summary of key financial data and ratios at the dates indicated is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **November 1, 2025** | November 2, 2024 | February 1, 2025 |
| Working capital ($ millions) <sup>(1)</sup> | $**56.7** | $63.9 | $78.6 |
| Current ratio <sup>(2)</sup> | **1.06:1** | 1.08:1 | 1.10:1 |
| Debt-to-capital ratio <sup>(3)</sup> | **36.2%** | 28.2% | 26.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Working capital has been computed as total current assets less total current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The current ratio has been computed by dividing total current assets by total current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The debt-to-capital ratio has been computed by dividing the borrowings under our revolving credit agreement by total capitalization. Total capitalization is defined as total debt and total equity .

Working capital at November 1, 2025 was $56.7 million, which was a decrease of $7.2 million from November 2, 2024 and a $21.9 million decrease from February 1, 2025. The decrease in working capital from November 2, 2024 primarily reflects higher borrowings under our revolving credit agreement, partially offset by higher inventory, higher receivables and lower trade accounts payable. The revolver was used to fund the acquisition of Stuart Weitzman, as further described in Note 3 to the condensed consolidated financial statements. The decrease in working capital from February 1, 2025 primarily reflects higher borrowings under our revolving credit agreement and accrued expenses, partially offset by higher inventory and lower trade accounts payable. Our current ratio was 1.06:1 as of November 1, 2025, compared to 1.08:1 at November 2, 2024 and 1.10:1 at February 1, 2025. Our debt-to-capital ratio was 36.2% as of November 1, 2025, compared to 28.2% as of November 2, 2024 and 26.6% at February 1, 2025. The higher debt-to-capital ratio as of November 1, 2025 reflects the increase in borrowings under our revolving credit agreement as a result of the Stuart Weitzman acquisition.

We declared and paid dividends of $0.07 per share in the third quarter of both 2025 and 2024. The declaration and payment of any future dividend is at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors. However, we presently expect that dividends will continue to be paid.

We have various contractual or other obligations, including borrowings under our revolving credit facility, operating lease commitments and obligations for our supplemental executive retirement plan and other postretirement benefits. We also have purchase obligations to purchase inventory, assets and other goods and services. We believe our operating cash flows are sufficient to meet our material cash requirements for at least the next 12 months.

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#### CRITICAL ACCOUNTING POLICIES AND ESTIMATES
No material changes have occurred related to critical accounting policies and estimates since the end of the most recent fiscal year. For further information on the Company's critical accounting policies and estimates, see Part II, Item 7 of our Annual Report on Form 10-K for the year ended February 1, 2025.

#### RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Recently issued accounting pronouncements, if any, and their impact on the Company are described in Note 2 to the condensed consolidated financial statements.

#### FORWARD-LOOKING STATEMENTS
This Form 10-Q contains certain forward-looking statements and expectations regarding the Company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) changes in United States and international trade policies, including tariffs and trade restrictions; (ii) changing consumer demands, which may be influenced by general economic conditions and other factors; (iii) inflationary pressures and supply chain disruptions; (iv) rapidly changing consumer preferences and purchasing patterns and fashion trends; (v) supplier concentration, customer concentration and increased consolidation in the retail industry; (vi) intense competition within the footwear industry; (vii) foreign currency fluctuations; (viii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (ix) cybersecurity threats or other major disruption to the company's information technology systems including those related to our ERP upgrade; (x) transitional challenges with acquisitions and divestitures; (xi) the ability to accurately forecast sales and manage inventory levels; (xii) a disruption in the company's distribution centers; (xiii) the ability to recruit and retain senior management and other key associates; (xiv) the ability to secure/exit leases on favorable terms; (xv) the ability to maintain relationships with current suppliers; (xvi) changes to tax laws, policies and treaties; (xvii) our commitments and shareholder expectations related to responsible business initiatives; (xviii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xix) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights. The Company's reports to the Securities and Exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended February 1, 2025, which information is incorporated by reference herein and updated by the Company's Quarterly Reports on Form 10-Q. The Company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change.

#### ITEM 3&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
No material changes have taken place in the quantitative and qualitative information about market risk since the end of the most recent fiscal year. For further information, see Part II, Item 7A of the Company's Annual Report on Form 10-K for the year ended February 1, 2025.

#### ITEM 4&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES

#### Evaluation of Disclosure Controls and Procedures
It is the Chief Executive Officer's and Chief Financial Officer's ultimate responsibility to ensure we maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms and is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures include mandatory communication of material events, automated accounting processing and reporting, management review of monthly, quarterly and annual results, an established system of internal controls and ongoing monitoring by our internal auditors.

A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the fact there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the

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realities that judgments in decision-making can be faulty, and breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to errors or fraud may occur and not be detected. Our disclosure controls and procedures are designed to provide a reasonable level of assurance that their objectives are achieved. As of November 1, 2025, management of the Company, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon and as of the date of that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded our disclosure controls and procedures were effective at the reasonable assurance level.

Based on the evaluation of internal control over financial reporting, the Chief Executive Officer and Chief Financial Officer have concluded that there have been no changes in the Company's internal controls over financial reporting during the quarter ended November 1, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. As permitted by the rules and regulations of the SEC, management's assessment of the effectiveness of internal control over financial reporting did not include the internal controls of Stuart Weitzman, which was acquired on August 4, 2025.

#### PART II OTHER INFORMATION

#### ITEM 1&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS
We are involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending will not have a material adverse effect on our results of operations or financial position. All legal costs associated with litigation are expensed as incurred.

Information regarding Legal Proceedings is set forth within Note 17 to the condensed consolidated financial statements and incorporated by reference herein.

#### ITEM 1A RISK FACTORS
Except as disclosed below, there have been no material changes that have occurred related to our risk factors since the end of the most recent fiscal year. For further information, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended February 1, 2025.

***Changes in the United States and international trade policies, including tariffs, trade restrictions and retaliatory trade actions taken by other countries, may adversely impact our business, results of operations and financial condition.***

In early 2025, the United States administration announced tariffs on products manufactured in several jurisdictions from which we import our products. We are actively monitoring the impact of tariffs that become effective, as well as potential retaliatory tariffs imposed by other countries. During the second and third quarters of 2025, our net sales and gross margins were adversely impacted by tariffs. The enactment of additional tariffs and the uncertainty surrounding future tariff policies and rates pose a significant risk to our business operations and may materially increase our costs and reduce our margins. The tariff uncertainty also creates challenges in our supply chain management, our pricing strategies and the management of customer orders. While we have implemented strategies to minimize the effect of tariffs, including shifting production outside of China and other countries impacted by tariffs and negotiating with our suppliers, and we are continuously evaluating strategies to mitigate the impact of additional tariffs, there can be no assurance that these measures will be successful. In addition, the imposition of tariffs has resulted in increased market volatility and exacerbated existing inflationary cost pressures and recessionary fears among consumers, which could further negatively impact discretionary spending and accordingly, adversely impact our sales volume. The tariffs may also lead to higher pricing for our products, which may result in customers shifting to private-label footwear or other lower cost alternatives*.* 

Given the uncertainty regarding the scope and duration of the current and potential tariffs, as well as the potential for additional trade actions by the United States or other countries, the specific impact to our business, results of operations and financial condition is not certain but could be material.

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#### ITEM 2&nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information relating to our repurchases of common stock during the third quarter of 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fiscal Period** | <br>**Total Number of**<br>**Shares**<br>**Purchased** <sup>(1)</sup> | <br>**Average Price Paid**<br>**per Share** <sup>(1)</sup> | **Total Number**<br>**Purchased as Part**<br>**of Publicly**<br>**Announced**<br>**Program** <sup>(2)</sup> | **Maximum Number**<br>**of Shares that May**<br>**Yet be Purchased**<br>**Under the**<br>**Program** <sup>(2)</sup> |
| August 3, 2025 - August 30, 2025 | 2654 | $15.36 |  | 3366055 |
| August 31, 2025 - October 4, 2025 | 9710 | 15.03 |  | 3366055 |
| October 5, 2025 - November 1, 2025 |  |  |  | 3366055 |
| &nbsp;&nbsp;Total | 12364 | $15.10 |  | 3366055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes shares that are tendered by employees related to certain share-based awards to satisfy tax withholding amounts for restricted stock awards. The average price per share on repurchases of our common stock excludes the cost of broker commissions and excise taxes due under the provisions of the Inflation Reduction Act.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On March 10, 2022, the Board of Directors approved a stock repurchase program ("2022 Program") authorizing the repurchase of 7,000,000 shares of our outstanding common stock. We can use the repurchase program to repurchase shares on the open market or in private transactions. During the thirteen and thirty-nine weeks ended November 1, 2025, the Company repurchased zero and 186,716 shares, respectively, under the 2022 Program. During the thirteen and thirty-nine weeks ended November 2, 2024, the Company repurchased 1,522,324 and 1,938,324 shares, respectively, under the 2022 Program. As of November 1, 2025, there were 3,366,055 shares authorized to be repurchased. Our repurchases of common stock are limited under our revolving credit agreement.

#### ITEM 3&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES
None.

#### ITEM 4&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES
Not applicable.

#### ITEM 5&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION
**Director and Section 16 Officer Trading Arrangements**

On September 17, 2025, Daniel Friedman, Chief Sourcing Officer, adopted a Rule 10b5-1 plan ('Rule 10b5-1 Plan") intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act of 1934. The Rule 10b5-1 Plan provides for the sale of up to 11,207 shares of the Company's common stock, pursuant to the terms of the Rule 10b5-1 Plan. The Rule 10b5-1 Plan expires on December 15, 2026, or upon the earlier completion of all authorized transactions under such Rule 10b5-1 Plan.

No other director or Section 16 officer adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K, during the thirteen weeks ended November 1, 2025.

**Bylaws Amendment**

On December 10, 2025, the Board of Directors amended the Company's Bylaws to, among other things, (i) revise the calculation of the advance notice window for stockholders to nominate directors or make other business proposals at an annual meeting of stockholders such that it is 90 to 120 days before the anniversary of the prior year's annual meeting rather than 90 to 120 days before the upcoming annual meeting; (ii) revise and clarify the scope of certain procedures and disclosure requirements set forth in the provisions for stockholders to provide advance notice of director nominations and business proposals; (iii) establish that special meetings of the Board may be called by

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the Chair of the Board or a majority of the Board (rather than by the Chair of the Board or any two directors); and (iv) make certain administrative, modernizing, clarifying and conforming changes.

As a result of the amendments to the Bylaws, a stockholder who intends to present an item of business at the 2026 annual meeting (other than a proposal submitted for inclusion in our proxy materials) or to nominate an individual for election as a director at the 2026 annual meeting must provide notice to us of such business or nominee in accordance with the requirements in the Bylaws not later than the close of business on February 20, 2026 and not earlier than January 22, 2026 (rather than between January 28, 2026 and February 27, 2026 as disclosed in our 2025 proxy statement). However, if the date of our 2026 annual meeting is more than 30 days before or more than 60 days after the first anniversary of the date of the 2025 annual meeting, then such notice must be delivered no earlier than the close of business on the 120th calendar day prior to the date of the 2026 annual meeting and not later than the close of business on the later of the 90th calendar day prior to the date of the 2026 annual meeting or the 10th calendar day following the calendar day on which public announcement of the date of 2026 annual meeting is first made by us. Any such notice must also comply with the timing, disclosure, procedural and other requirements as set forth in our Bylaws.

The foregoing summary of the amended Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Bylaws, which is attached as Exhibit 3.2 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

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#### ITEM 6&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS

---

| | | |
|:---|:---|:---|
| Exhibit<br>No. |  |  |
| 2.1 |  | [Sale and Purchase Agreement, dated February 16, 2025, by and between Caleres, Inc. (the "Company") and Tapestry, Inc., incorporated herein by reference to Exhibit 2.1 to the Company's Form 8-K filed February 19, 2025.](https://www.sec.gov/Archives/edgar/data/14707/000001470725000010/cal-20250216xex2d1.htm) |
| 2.2 |  | [Amendment No.1 to Sale and Purchase Agreement, dated as of August 4, 2025, by and between the Company and Tapestry, Inc., incorporated herein by reference to Exhibit 2.2 to the Company's Form 8-K filed August 5, 2025.](https://www.sec.gov/Archives/edgar/data/14707/000001470725000049/cal-20250804xex2.htm) |
| 3.1 |  | [Restated Certificate of Incorporation of the Company, incorporated herein by reference to Exhibit 3.1 to the Company's Form 8-K filed June 1, 2020.](https://www.sec.gov/Archives/edgar/data/14707/000143774920012093/ex_188416.htm) |
| 3.2 | † | [Bylaws of the Company as amended through December 10, 2025, filed herewith.](cal-20251101xex3d2.htm) |
| 10.1 |  | [Seventh Amendment to Fourth Amended and Restated Credit Agreement, dated as of June 27, 2025, by and among the Company, certain of its subsidiaries party thereto, the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent and collateral agent, incorporated herein by reference to Exhibit 10.1 to the Company's Form 8-K filed July 3, 2025.](https://www.sec.gov/Archives/edgar/data/14707/000001470725000046/cal-20250627xex10d1.htm) |
| 31.1 | † | [Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cal-20251101xex31d1.htm) |
| 31.2 | † | [Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cal-20251101xex31d2.htm) |
| 32.1 | † | [Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](cal-20251101xex32d1.htm) |
| 101.INS | † | iXBRL Instance Document |
| 101.SCH | † | iXBRL Taxonomy Extension Schema Document |
| 101.CAL | † | iXBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | † | iXBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | † | iXBRL Taxonomy Presentation Linkbase Document |
| 101.DEF | † | iXBRL Taxonomy Definition Linkbase Document |
| 104 | † | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101. |

---

† Denotes exhibit is filed with this Form 10-Q.

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | CALERES, INC. |
| Date: December 11, 2025 | /s/ Jack P. Calandra |
|  | Jack P. Calandra<br>Senior Vice President and Chief Financial Officer<br>on behalf of the Registrant and as the<br>Principal Financial Officer |

---

## Exhibit 3.2

**Exhibit 3.1**

**CALERES, INC.**

A New York corporation

BYLAWS

Effective: December 10, 2025

------

BYLAWS

of

Caleres, Inc.<br>____________

#### Article I <br> Meetings of Stockholders
Section 1.*Annual Meeting.* The annual meeting of the stockholders shall be held on such date and time and at such place within or without the State of New York, or by means of electronic communication, as may from time to time be fixed by resolution of the Board of Directors; provided, however, that the day and time fixed for such meeting in any year may be changed by resolution of the Board of Directors to such other day not a legal holiday and to such other time as the Board of Directors may deem desirable or appropriate. If no other place for the annual meeting is determined by the Board of Directors and specified in the notice of such meeting, the annual meeting shall be held at the principal offices of the Company. The annual meeting of stockholders shall be held for the purpose of electing directors and transacting only such other business as may be properly brought before the meeting. The Board of Directors may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board of Directors.

Section 2.*Notice of Stockholder Nominees to Board of Directors and Other Stockholder Business at Annual Meeting*. In addition to any other requirements imposed by or pursuant to law, the Company's Certificate of Incorporation or these Bylaws (the compliance with which shall not affect the requirements in this Section 2), in order to be properly brought before an annual meeting, each nomination for election to the Board of Directors or other item of business must be a proper matter for stockholder action and must be (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, the Chair of the Board, or the Chief Executive Officer, (b) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors, the Chair of the Board, or the Chief Executive Officer, or (c) otherwise properly brought before the annual meeting by a stockholder who (A) (1) was a holder of record of shares of the Company both at the time of giving the notice provided for in this Section 2 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this Section 2 in all applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the "Exchange Act"). Only persons who are nominated in accordance with procedures set forth in this Article I shall be qualified for election as directors. For director nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (c)(A) of the first sentence of this Section 2, the stockholder of record making such nominations or proposing such business (the "Noticing Stockholder") must have given timely notice thereof in proper written form to the Secretary of the Company, and such notice shall contain the information required to be set forth therein pursuant to Section 9 of this Article I. To be timely, a stockholder's notice must be delivered to the Secretary of the Company not later than the close of business on the 90th day, and not earlier than the 120th day prior to the first anniversary of the date of the Company's immediately preceding annual meeting; provided, however, that in the event that the date of the annual meeting is more than 30 days earlier or more than 60 days later than such first anniversary date, notice by the Noticing Stockholder to be timely must be so delivered not earlier than the 120th day prior to the date of such annual meeting and not later than the close of business on the later of (x) the 90th day prior to the date of such annual meeting or (y) the 10th day following the day on which public disclosure of the date of such annual meeting is first made by the Company. The provisions of this Section 2 shall also govern what constitutes timely notice for purposes

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of Rule 14a-4(c) under the Exchange Act. The annual meeting may be adjourned from time to time until its business is completed, provided that in no event shall any adjournment or postponement of an annual meeting or the public disclosure thereof commence a new time period for the giving of a stockholder's notice as described above. Notwithstanding the foregoing provisions of this Section 2, a stockholder shall also comply with all applicable requirements of the Exchange Act, and the rules and regulations thereunder with respect to the matters set forth in this Section 2.

The number of nominees a stockholder may include in its notice and nominate at a meeting may not exceed the number of directors to be elected at such meeting.

Section 3.*Special Meetings*. Special meetings of the stockholders may be held upon call by the majority of the Board of Directors, the Chair of the Board, or the Chief Executive Officer, on such date and at such time as may be fixed by the Board of Directors, the Chair of the Board, or the Chief Executive Officer, and at such place within or without the State of New York, or by means of electronic communication, as may be stated in the call and notice. Only such business shall be conducted at a special meeting of the stockholders as shall have been brought before the meeting in the call and notice. The special meeting may be adjourned from time to time until its business is completed. The Board of Directors may postpone, reschedule or cancel any previously scheduled special meeting.

Section 4.*Notice of Meetings*. Written notice of the time, place and purpose or purposes of every meeting of stockholders, signed by the Chair of the Board or the Chief Executive Officer, the President or a Vice-President or the Secretary or an Assistant Secretary, shall be served either personally, by mail or electronically, not less than ten days nor more than sixty days before the meeting, upon each stockholder of record entitled to vote at such meeting and upon each other stockholder of record who, by reason of any action proposed at such meeting, would be entitled to have his or her stock appraised if such action were taken.

If mailed, such notice shall be directed to each stockholder at his or her address as it appears on the stock book unless he or she shall have filed with the Secretary of the Company a written request that notices intended for him or her be mailed to some other address, in which case it shall be mailed to the address designated in such request. Such further notice shall be given by mail, publication or otherwise, as may be required by the Certificate of Incorporation of the Company or by law.

Section 5.*Quorum*. At every meeting of the stockholders, the holders of record of shares entitled in the aggregate to a majority of the number of votes which could at the time be cast by the holders of all shares of the capital stock of the Company then outstanding and entitled to vote if all such holders were present or represented at the meeting, shall constitute a quorum, unless a different percentage shall be required by law, the Company's Certificate of Incorporation or these Bylaws. If at any meeting there shall be no quorum, the holders of a majority of the shares of stock entitled to vote so present or represented may adjourn the meeting from time to time, without notice other than

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announcement at the meeting, until such quorum shall have been obtained, when any business may be transacted which might have been transacted at the meeting as first convened had there been a quorum.

Section 6.*Voting*. At all meetings of the stockholders, each holder of record of outstanding shares of stock of the Company, entitled to vote thereat, may so vote either in person or by proxy. A proxy may be appointed either by instrument in writing executed by such holder or by his or her duly authorized attorney, or by such others means, including electronic transmission, such as telephone and Internet, as may be authorized under the laws of the State of New York. No proxy shall be valid after the expiration of eleven months from the date of its execution or transmission unless the stockholder executing or transmitting it shall have specified therein a longer time during which it is to continue to force. Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board of Directors.

Section 7.*Record of Stockholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Board of Directors may prescribe a period, not exceeding sixty days nor less than ten days prior to any meeting of the stockholders, during which no transfer of stock on the books of the company may be made. In lieu of prohibiting the transfer of stock as aforesaid, the Board of Directors may fix a day or hour, not more than sixty days prior to the day of holding any meeting of stockholders, as the time as of which stockholders entitled to notice of and to vote at such meeting shall be determined, and all persons who were holders of record of voting stock at such time, and no others, shall be entitled to notice of and to vote at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.A complete list of the stockholders entitled to vote at such meeting shall be prepared with the address of each stockholder and the number of shares held by each, which list shall be produced and kept open at the time and place of the meeting, and, upon request, shall be subject to the inspection of any stockholder during the whole time of the meeting. Failure to comply with the above requirements in respect of lists of stockholders shall not affect the validity of any action taken at such meeting.

Section 8.*Inspectors of Election*. At all elections of directors by the stockholders, the chair of the meeting shall appoint two Inspectors of Election. Before entering upon the discharge of his or her duties, each such inspector shall take and subscribe an oath or affirmation faithfully to execute the duties of inspector at such meeting as provided by law with strict impartiality and according to the best of his or her ability and thereupon the inspectors shall take charge of the polls and after the balloting shall make a certificate of the result of the vote taken. No director or candidate for the office of director shall be appointed such inspector.

Section 9.*Required Contents of Noticing Stockholder's Notice.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.To be in proper written form, a Noticing Stockholder's notice to the Secretary pursuant to clause (c)(A) of the first sentence of Section 2 of this Article I shall set forth in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.as to the Noticing Stockholder and each beneficial owner, if any, on whose behalf a nomination is being made or other business is being proposed (together with the Noticing Stockholder, the "Holders" and each, a "Holder"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the name and address, as they appear on the Company's books, of the Noticing Stockholder, each other Holder and each Associated Person of each Holder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information about all holdings or other interests in the Company and its securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the class or series and number of shares of the Company which are, directly or indirectly, held of record or beneficially owned by the Noticing Stockholder, any other Holder and any Associated Persons thereof (provided that, for the purposes of this bylaw, any such person shall in all events be deemed to beneficially own any shares of the Company as to which such person has a right to acquire beneficial ownership at any time in the future, whether conditional or not), together with evidence reasonably satisfactory to the Secretary of the Company of such beneficial or record ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the class, type and amount of any debt securities or debt instruments of the Company or any of its affiliates directly or indirectly owned beneficially or held by each Holder and each of their Associated Persons, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. an accurate and complete description of any Derivative Instrument directly or indirectly owned beneficially or held by each Holder and each of their Associated Persons, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. a description of any proxy, contract, arrangement, understanding or relationship pursuant to which each Holder and each of their Associated Persons, if any, has a right to vote or has granted a right to vote any security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. any Short Interest held by each Holder and each of their Associated Persons at present or within the last 12 months in any security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. any direct or indirect legal, economic or financial interest (including Short Interest) of each Holder and each of their Associated Persons in the outcome of any (I) vote to be taken at any annual or special meeting of stockholders of the Company or (II) any meeting of stockholders of any other entity with respect to any matter that is related, directly or indirectly, to any nomination or other business proposed by any Holder under this bylaw;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. any direct or indirect interest of each Holder and each of their Associated Persons in any contract with or litigation involving the Company or any affiliate of the Company (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. any material pending or threatened action, suit, investigation or proceeding (whether civil, criminal, investigative, administrative or otherwise) in which any Holder or any of their Associated Persons is, or is reasonably expected to be made, a party or material participant involving the Company or any of its affiliates or any of its or their officers, directors or employees (subclauses (A) through (H) of this Section 9(A)(i)(2) shall be referred to as the "Stockholder Information;" provided, however, that the Stockholder Information shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who otherwise would be required to disclose Stockholder Information hereunder solely as a result of being the Noticing Stockholder directed to prepare and submit the notice required by this Section 9 on behalf of a Holder that is a beneficial owner);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the names and addresses of other stockholders (including beneficial owners) known by any Holder, Associated Person of a Holder or Proposed Nominee (as defined below) to financially or otherwise materially support the Noticing Stockholder's proposals or nominations, and to the extent known, the class or series and number of all shares of the Company's capital stock owned beneficially or of record by each such other stockholder or other beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)with respect to any nomination, the information and statement required by Rule 14a-19(b) promulgated under the Exchange Act (or any successor provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a representation that the Noticing Stockholder is a holder of record of stock of the Company entitled to vote at such meeting and will continue to be a holder of record of stock of the Company entitled to vote at such meeting through the date of the annual meeting and intends to appear in person or by proxy at the annual meeting to propose such nomination or bring such business before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)a representation as to whether the Noticing Stockholder, any other Holder or any Associated Person of any Holder intends or is part of a group that intends to (A) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company's outstanding capital stock required to approve or adopt the proposal or elect the Proposed Nominee; and/or (B) otherwise solicit proxies or votes from shareholders in support of such proposal or, nomination or other business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any other information relating to each Holder and each of their Associated Persons, if any, that would be required to be disclosed by a Holder if each such Holder and Associated Person were a participant in a solicitation of proxies for the election of Directors in a contested election, or is otherwise required, in each case in accordance with Regulation 14A under the Exchange Act and the rules and regulations promulgated thereunder; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.as to each matter of business (other than nomination of a director) the Noticing Stockholder proposes to bring before the annual meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a brief description of the business desired to be brought before such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bylaws, the text of the proposed amendment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the reasons for conducting such business at such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any material interest of any Holder and any Associated Person of any Holder (if any) in such business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a description of all proxies, contracts, agreements, arrangements, relationships or understandings between or among each Holder, any Associated Persons of such Holder, any of their respective affiliates or associates and any other person or persons (including their names) in connection with the proposal of such business by the Noticing Stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.as to each person whom the Noticing Stockholder proposes to nominate for election or reelection as a director (each, a "Proposed Nominee"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the name, age, citizenship, business address and residence address of the Proposed Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Stockholder Information for the Proposed Nominee (as if the Proposed Nominee were a Holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all other information relating to the Proposed Nominee that is required to be disclosed in solicitations of proxies for the election of directors in a contested election, or is otherwise required, in each case, pursuant to Section 14 of the Exchange Act, and the rules and regulations promulgated thereunder, including (A) a description of all agreements, arrangements or understandings (I) between Holders and (II) between any Holder and any Associated Person of a Holder, in each case, in connection with such Proposed Nominees and the Noticing Stockholder making the nominations and (B) the written consent of the Proposed Nominee to being named in proxy statements and to serving as a director if elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a description of all agreements, arrangements and understandings between or among any Holder or Associated Person, on the one hand, and each Proposed Nominee, on the other hand, at present and during the past three years, which shall include a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings at present and during the past three years, and any other material relationships, between or among any Holder or Associated Person, and each Proposed Nominee and all information that would be required to be disclosed pursuant to Rule 404 promulgated by the Securities and Exchange Commission under Regulation S-K (or any successor rule or regulation) if the Holder or such Associated Person

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were the "registrant" for purposes of such rule and the Proposed Nominee were a director or executive officer of such "registrant"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)with respect to each Proposed Nominee, a completed and signed questionnaire and representation and agreement as required by Article I, Section 9(b).

The stockholder providing such stockholder's notice shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is ten business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to the Secretary of the Company not later than five business days after the record date for the meeting (in the case of the update and supplement required to be made as of the record date), and not later than five business days prior to the date for the meeting if practicable (or, if not practicable, on the first practicable date prior thereto), any adjournment or postponement thereof (in the case of the update and supplement required to be made as of ten business days prior to the meeting or any adjournment or postponement thereof). The immediately foregoing provisions shall not (i) limit the Company's rights with respect to any deficiencies in any notice provided by such stockholder, (ii) extend any applicable deadlines hereunder or (iii) enable or be deemed to permit such stockholder to change the nominee(s) specified in the notice or add new nominees after the deadlines hereunder have expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.In addition, each Proposed Nominee, or someone acting on such Proposed Nominee's behalf, must deliver (in accordance with the time periods prescribed for delivery of notice under clause (c)(A) of the first sentence of Section 2 of this Article I) to the Secretary (A) a completed written questionnaire (which questionnaire shall be provided by the Secretary upon written request by a stockholder of record identified by name within five business days of such request) which accurately and completely provides such information with respect to the background and qualification of such Proposed Nominee and the background of any other person or entity on whose behalf the nomination is being made that would be required to be disclosed to stockholders pursuant to applicable law or the rules and regulations of any stock exchange applicable to the Company, including (i) all information concerning such persons that would be required to be disclosed in solicitations of proxies for election of directors pursuant to Section 14 of the Exchange Act, (ii) all information required to determine the eligibility of such proposed nominee to serve as a director of the Company, to serve as an independent director of the Company or to serve on each committee of the Board of Directors and (iii) such other information as may be reasonably required by the Company and (B) a representation and agreement (in the form provided by the Secretary upon written request by a stockholder of record identified by name within five business days of such request) that such Proposed Nominee: (i) is not and will not become a party to (a) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such prospective nominee, if elected as a director of the Company, will act or vote on any issue or question (a "Voting Commitment") that has not been fully disclosed to the Company, (b) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with candidacy, service or action as a director that has not been fully disclosed to the Company or (c) any Voting Commitment that could limit or interfere with such Proposed Nominee's ability to comply, if elected as a director of the Company, with such Proposed Nominee's fiduciary duties under applicable law, (ii) would be in compliance if elected as a director of the Company, and will comply with all applicable corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Company and (iii) in his or her individual capacity and on behalf of any Associated Person, intends to serve a full term if elected as a director of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Company may also require, as a condition to any such nomination or other business being deemed properly brought before a meeting of stockholders, any Holder or Proposed Nominee to furnish to the Secretary, within five business days of such request, such other information as may be reasonably requested by the Board of Directors or Company, in their sole discretion, including (i) to determine whether a Proposed Nominee is qualified under the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Company, or any law or regulation applicable to the Company to serve as a director or independent director of the Company and (ii) such other information that the Board of Directors determines, in its sole discretion, could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of a Proposed Nominee.

Section 10.*Definitions.* For purposes of these Bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "affiliate" shall have the meaning attributed to such term in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b."associate" shall have the meaning attributed to such term in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c."Associated Person" means, with respect to any Holder: (A) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A, or any successor instructions) with such Holder in a solicitation of proxies in respect of any business or Director nomination proposed by or behalf of such Holder; (B) any affiliate or associate of such Holder; and (C) any person who is a member of a "group" (as such term is used in Rule 13d-5 under the Exchange Act (or any successor provision)) with such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d."business day" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e."close of business" shall mean 5:00 p.m. local time at the principal executive offices of the Company, and if an applicable deadline falls on the close of business on a day that is not a business day, then the applicable deadline shall be deemed to be the close of business on the immediately preceding business day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f."delivered" (including any variation thereof) shall mean the completion of both (a) hand delivery, overnight courier service, or by certified or registered mail, return receipt requested, in each case to the Secretary at the principal executive offices of the Company, and (b) electronic mail to the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g."Derivative Instrument" means any agreement, arrangement or understanding (including, regardless of form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and any pledging, borrowing or lending of shares of the Company) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that had been made, the effect or intent of which is to create exposure to or mitigate loss from, manage risk of or benefit from share price changes for, or increase or decrease the voting power of, any Holder or any Associated Person with respect to the Company's securities, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h."including" (and any variations thereof) means "including without limitation";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i."public disclosure" shall mean disclosure in a press release reported by the Dow Jones, Associated Press, Reuters or comparable national news service, or in a document publicly filed by the Company with the SEC pursuant to Section 13, 14 or 15(d) of the Exchange Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j."Regulation S-K" means Regulation S-K under the Securities Act of 1933, as amended (the "Securities Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. "Short Interest" means any agreement, arrangement, understanding relationship or otherwise, including any repurchase or similar so-called "stock borrowing" agreement or arrangement, involving any Holder or any Associated Person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) or any class or series of the shares of the Company by, manage the risk of share price changes for, or increase or decrease the voting power of, such Holder or any Associated Person with respect to any class or series of the shares or other securities of the Corporation, or which provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares or other securities of the Company.

Section 11.*Conduct of Meeting*. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the Chair of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such Chair, are appropriate or convenient for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the Chair of the meeting, may include the following: (i) the establishment of an agenda or order of business for the meeting, (ii) rules and procedures for maintaining order at the meeting and the safety of those present, (iii) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (iv) limitations on attendance at or participation in the meeting to stockholders of record of the Company, their duly authorized and constituted proxies or such other persons as the Chair of the meeting shall determine; (v) restrictions on entry to the meeting after the time fixed for the commencement thereof; (vi) limitations on the time allotted to questions or comments by participants; (vii) removal of any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines; and (viii) conclusion, recess or adjournment of the meeting either by the Chair of the meeting or by vote of the shares present in person or by proxy at the meeting, regardless of whether a quorum is present, to a later date and time and at a place, if any, announced at the meeting; (ix) restrictions on the use of audio and video recording devices, cell phones and other electronic devices; (x) rules, regulations or procedures for compliance with any state and local laws and regulations concerning safety, health and security; (xi) procedures (if any) requiring attendees to provide the Company advance notice of their intent to attend the meeting, and (xii) any guidelines and procedures as the Chair of the meeting may deem appropriate regarding the participation by means of electronic communication of stockholders and proxyholders not physically present at a meeting, whether such meeting is to be held at a designated place or solely by means of electronic communication. Unless and except to the extent determined by the Board of Directors or the Chair of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Notwithstanding anything to the contrary in these Bylaws, no business shall be conducted and no person shall be qualified for election as a director of the Company at an annual meeting, except in accordance with the procedures set forth in the Bylaws. If the Board of Directors determines, if the facts warrant, that any proposed nomination was not made, or other business was not proposed, in compliance with these Bylaws, then except as otherwise required by law, the Certificate of Incorporation or these Bylaws, at the meeting, the Chair of an annual meeting shall have the power and duty to declare to the meeting that such business was not properly brought before the annual meeting or that such nomination

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was not made in accordance with the procedures prescribed by the Bylaws, and in accordance with the Bylaws any such business not properly brought before such meeting shall not be transacted and the defective nomination shall be disregarded. If at any meeting of stockholders a nomination or any other business is proposed to be brought before the meeting from the floor of the meeting, the Chair of the meeting shall have the power and duty to determine whether such business was properly brought, or such nomination properly made, before the annual meeting in accordance with the procedures prescribed by the Bylaws. If the Chair of the meeting determines that business or a nomination was not properly brought as authorized in the preceding sentence, then, except as otherwise required by law, the Certificate of Incorporation or these Bylaws, at the meeting, the Chair of the meeting shall have the power and duty to declare to the meeting that such business was not properly brought before the annual meeting or that such nomination was not made in accordance with the procedures prescribed by the Bylaws, and in accordance with the Bylaws any such business not properly brought before such meeting shall not be transacted and the defective nomination shall be disregarded, notwithstanding that proxies in respect of such vote may have been received by the Company.

Unless otherwise required by law, if any stockholder provides notice pursuant to Rule 14a-19(b) under the Exchange Act and either (i) notifies the Company that such stockholder no longer intends to solicit proxies in support of director nominees other than the Company's nominees in accordance with Rule 14a-19 under the Exchange Act or (ii) fails to comply with any requirements of Rule 14a-19 under the Exchange Act or any other rules or regulations under the Exchange Act, then the Company shall disregard any proxies or votes solicited for such nominees and such nomination shall be disregarded notwithstanding that proxies in respect of such vote may have been received by the Company.

Upon request by the Company, if a stockholder provides notice pursuant to Rule 14a-19(b) under the Exchange Act, such stockholder shall deliver to the Company, no later than five business days prior to the meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) under the Exchange Act. If the stockholder fails to provide such evidence, to the Company's reasonable satisfaction, then the Company shall disregard any proxies or votes solicited for such nominees and such nomination shall be disregarded. The Chair of an annual meeting shall have absolute authority to decide questions of compliance with the procedures prescribed by the Bylaws, and his or her ruling thereon shall be final and conclusive.

If the notice requirements set forth in Article I, Section 9 are satisfied by a Noticing Stockholder, notwithstanding anything to the contrary in these Bylaws, unless otherwise required by law, if the Noticing Stockholder (or qualified representative) does not appear at the annual meeting of stockholders of the Company to make nominations or present the nominations or business proposed by such Noticing Stockholder pursuant to clause (c)(A) of the first sentence of Article I, Section 2 hereof, such nomination shall be disregarded and such proposed business shall not be transacted, even though proxies in respect of such vote may have been received by the Company. In order to be considered a qualified representative of the Noticing Stockholder, a person must be a duly authorized officer, manager or partner of such Noticing Stockholder or must be authorized by a writing executed by such Noticing Stockholder or an electronic transmission, in each case delivered within two business days of such meeting to the Secretary, by such Noticing Stockholder to act for such Noticing Stockholder as proxy at the meeting of stockholders, and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.

#### Article II <br> Directors
Section 1.*Number*. The number of directors within the maximum and minimum limits provided for in the Certificate of Incorporation may be changed from time to time by the stockholders or

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by the Board of Directors by an amendment to these Bylaws. Subject to amendment of these Bylaws, as aforesaid, the number of directors of the Company shall be eleven. Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the directors shall be elected at the annual meetings of the shareholders, and each director shall hold office until the next annual meeting of shareholders, and until his or her successor has been elected and qualified.

Section 2.*Meetings of the Board*. Meetings of the Board of Directors shall be held at such place within or without the State of New York as may from time to time be fixed by resolution of the Board of Directors, or as may be specified in the call of any meeting. Regular meetings of the Board of Directors shall be held at such times as may from time to time be fixed by resolution of the Board. Notice need not be given of the regular meetings of the Board held at times fixed by resolution of the Board of Directors. Special meetings of the Board may be held at any time upon the call of the Chair of the Board or a majority of the full Board of Directors by (i) electronic notice, duly sent to, or written notice, duly served in person on each director, in either case not less than twenty-four hours before such meeting or (ii) written notice, duly sent to each director not less than three days before such meeting. Special meetings of the Board of Directors may be held without notice, if all of the directors are present or if those not present waive notice of the meeting in writing. Any one or more of the directors may participate in a meeting of the Board of Directors by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting.

Section 3.*Quorum*. The attendance of a majority of the Board of Directors shall be necessary to constitute a quorum for the transaction of business, and the acts of a majority of the directors present at a meeting at which a quorum is present shall be the acts of the Board of Directors, except as otherwise may be specifically provided by law or by the Company's Certificate of Incorporation. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 4.*Vacancies*. Vacancies in the Board of Directors may be filled by a vote of a majority of the directors in office even though less than a quorum; provided that, in case of an increase in the number of directors pursuant to an amendment of these Bylaws made by the stockholders, the stockholders may fill the vacancy or vacancies so created at the meeting at which the bylaw amendment is effected. The directors so chosen shall hold office, unless they are removed therefrom by the stockholders, until the next annual meeting of shareholders, and until their successors have been elected and qualified.

Section 5.*Resignations*. Any director of the Company may resign at any time by giving written notice to the Chair of the Board or to the Secretary of the Company. Such resignation shall take effect at the time specified therein; and unless otherwise specified therein the acceptance of such resignation shall not be necessary to make it effective.

Section 6.*Organization*. The Board of Directors shall have general power to direct the management of the business and affairs of the Company, and may adopt such rules and regulations as they shall deem proper, not inconsistent with law or with these Bylaws, for the conduct of their meetings and for the management of the business and affairs of the Company. Directors need not be stockholders.

Section 7.*Compensation*. Directors, as such, shall not receive any stated salary for their services, but by resolution of the Board, a fixed sum and expenses of attendance, if any, may be allowed for attendance at each regular or special meeting of the Board, and directors shall be entitled to compensation other than a stated salary in such form and in such amounts as the Board may determine.

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However, this Bylaw shall not be construed to preclude any director from serving in any other capacity and receiving compensation therefor. Members of the Executive Committee and all other committees may be allowed a fixed sum and expenses of attendance, if any, for attendance at committee meetings, and such other compensation in such forms and in such amounts as the Board may determine.

#### Article III <br> Committees
Section 1.*Executive Committee*. The Board of Directors may, by resolution passed by a majority of the whole Board, designate an Executive Committee to consist of three or more of the directors, including the Chair of the Board ex-officio, one of whom shall be designated Chair of the Executive Committee. A majority of the members of the Executive Committee shall be non-employee Directors. The Executive Committee shall have and may exercise, so far as may be permitted by law, all of the powers of the Board in the direction of the management of the business and affairs of the Company during the intervals between meetings of the Board of Directors; but the Executive Committee shall not have the power to fill vacancies in the Board, or to change the membership of, or to fill vacancies in, the Executive Committee, or to make or amend bylaws of the Company. The Board shall have the power at any time to fill vacancies in, to change the membership of, or to dissolve, the Executive Committee. The Executive Committee may hold meetings and make rules for the conduct of its business and appoint such committees and assistants as it shall from time to time deem necessary. A majority of the members of the Executive Committee shall constitute a quorum. All action of the Executive Committee shall be reported to the Board at its meeting next succeeding such action. Any one or more members of the Executive Committee may participate in a meeting of the Executive Committee by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting.

Section 2.*Other Committees*. The Board of Directors may, in its discretion, by resolution, appoint other committees, composed of two or more members, which shall have and may exercise such powers as shall be conferred or authorized by the resolution appointing them. A majority of any such committee may determine its action and ﬁx the time and place of its meetings, unless the Board of Directors shall otherwise provide. The Board shall have power at any time to change the membership of any such committee, to ﬁll vacancies, and to discharge any such committee.

Section 3.*Committees- General Rules*. Each Committee of the Board of Directors shall keep regular minutes of its proceedings and report the same to the Board of Directors when required. Vacancies in the membership of each Committee shall be filled by the Board of Directors at any regular or special meeting of the Board of Directors. A Director who may be disqualified, by reason of personal interest, from voting on any particular matter before a meeting of a Committee may nevertheless be counted for the purpose of constituting a quorum of the Committee. At all meetings of a Committee, a majority of the Committee members then in office shall constitute a quorum for the purpose of transacting business, and the acts of a majority of the Committee members present at any meeting at which there is a quorum shall be the acts of the Committee.

#### Article IV <br> Officers
Section 1.*Officers*. The Board of Directors, as soon as may be after the election of directors held in each year, shall elect a Chair of the Board of Directors, a Chief Executive Officer, a President, one or more Vice-Presidents, a Secretary, and a Treasurer, and from time to time may appoint such Assistant Secretaries, Assistant Treasurers and such other officers, agents and employees as it may deem proper.

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Any two or more of such offices may be held by the same person. The Chair of the Board shall be chosen from among the directors, but no other officer need be a director.

Section 2.*Term of Office*. The term of office of all officers shall be one year or until their respective successors are chosen and qualified; but at any meeting the Board may suspend or remove any one or more of the officers for a cause satisfactory to the Board, and the action thus taken shall be conclusive. In the event of the suspension of an officer, the Board shall fix the term of such suspension.

Section 3.*Powers and Duties*. The officers, agents and employees of the Company shall each have such powers and duties in the management of the property and affairs of the Company, subject to the control of the Board of Directors, as generally pertain to their respective offices, as well as such powers and duties as from time to time may be prescribed by the Board of Directors.

#### Article V <br> Powers to Contract; Indemnification
Section 1.*Contracts*. All contracts and agreements purporting to be the act of this Company shall be signed by the Chair of the Board, Chief Executive Officer, President, or by a Vice-President, or by such other officer or other person as may be designated by the Board of Directors or Executive Committee or the Chair of the Board, Chief Executive Officer, President or by a Vice-President in order that the same shall be binding upon the Company.

Section 2.Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Actions Involving Directors and Officers*. The Company shall indemnify each person who at any time is serving or has served as a director or officer of the Company or at the request of the Company is serving or has served as a director or officer (or in a similar capacity) of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against any claim, liability or expense incurred as a result of such service, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Actions Involving Employees or Agents*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company may, if it deems appropriate, indemnify any person who at any time is or has been an employee or agent of the Company or who at the request of the Company is or has been an employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against any claim, liability or expense incurred as a result of such service, to the maximum extent permitted by law or to such lesser extent as the Company, in its discretion, may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.To the extent that any person referred to in subsection 2(b) of this Section 2 has been successful, on the merits or otherwise, in the defense of a civil or criminal proceeding arising out of the services referred to therein, he or she shall be entitled to indemnification as authorized in such subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*Advance Payment of Expenses*. Expenses incurred by a person who is or was a director or officer of the Company or who is or was at the request of the Company serving as a director or officer (or in a similar capacity) of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, in defending a civil or criminal action or proceeding shall be paid by the Company in advance of the final disposition of such action or proceeding, and expenses incurred by a person who is or was an employee or agent of the Company or who is or was at the request of the Company serving as an employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or

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other enterprise, in defending a civil or criminal action or proceeding may be paid by the Company in advance of the final disposition of such action or proceeding as authorized by the Board of Directors, in either case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amounts as, and to the extent, required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.*Not exclusive*. The indemnification and advancement of expenses provided or permitted by this Section 2 shall not be deemed exclusive of any other rights to which any person who is or was a director, officer, employee or agent of the Company or who is or was at the request of the Company serving as a director or officer (or in a similar capacity), employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise may be entitled, whether pursuant to the Company's Certificate of Incorporation, Bylaws, the terms of any resolution of the stockholders or Board of Directors of the Company, any agreement or contract or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.*Indemnification Agreements Authorized*. Without limiting the other provisions of this Section 2, the Company is authorized from time to time to enter into agreements with any director, officer, employee or agent of the Company or with any person who at the request of the Company is serving as a director or officer (or in a similar capacity), employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, providing such rights of indemnification as the Board of Directors may deem appropriate, up to the maximum extent permitted by law; provided that any such agreement with a director or officer of the Company shall not provide for indemnification of such director or officer if a judgment or other final adjudication adverse to the director or officer establishes that his or her acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he or she personally gained in fact a financial profit or other advantage to which he or she was not legally entitled. Any such agreement entered into by the Company with a director may be authorized by the other directors, and such authorization shall not be invalid on the basis that similar agreements may have been or may thereafter be entered into with such other directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.*Insurance*. The Company may purchase and maintain insurance to indemnify itself or any person who is or was a director, officer, employee or agent of the Company or who is or was at the request of the Company serving as a director or officer (or in a similar capacity), employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, to the maximum extent allowed by law, whether or not the Company would have the power to indemnify such person under the provisions of this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.*Certain Definitions*. For the purposes of this Section 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any director or officer of the Company who shall serve as a director or officer (or in a similar capacity), employee or agent of any other corporation, partnership, joint venture, trust or other enterprise of which the Company, directly or indirectly, is or was the owner of a majority of either the outstanding equity interests or the outstanding voting stock (or comparable interests) shall be deemed to be serving as such director or officer (or in a similar capacity), employee or agent at the request of the Company, unless the Board of Directors of the Company shall determine otherwise. In all other instances where any person shall serve as a director or officer (or in a similar capacity), employee or agent of another corporation, partnership, joint venture, trust or other enterprise of which the Company is or was a stockholder or creditor, or in which it is or was otherwise interested, if it is not otherwise established that such person is or was serving as such director or officer (or in a similar capacity), employee or agent at the request of the Company, the Board of Directors of the Company may determine whether such service is or

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was at the request of the Company, and it shall not be necessary to show any actual or prior request for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his or her duties to the corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; excise taxes assessed on a person with respect to an employee benefit plan pursuant to applicable law shall be considered fines; and action taken or omitted by a person with respect to an employee benefit plan in the performance of such person's duties for a purpose reasonably believed by such person to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.References to a corporation include all constituent corporations absorbed in a consolidation or merger as well as the resulting or surviving corporation so that any person who is or was a director, officer, employee or agent of such a constituent corporation or is or was serving at the request of such constituent corporation as a director or officer (or in a similar capacity), employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall stand in the same position under the provisions of this Section 2 with respect to the resulting or surviving corporation as he or she would if he or she had served the resulting or surviving corporation in the same capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.*Survival*. Any rights provided under or granted pursuant to this Section 2, including paragraphs (a) and (c) of this Section 2, shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. Rights provided under or granted pursuant to this Section 2 including paragraphs (a) and (c) of this Section 2, shall survive amendment or repeal of this Section 2 with respect to any acts or omissions occurring prior to such amendment or repeal and persons to whom such rights are given shall be entitled to rely upon such rights as a binding contract with the Company.

#### Article VI <br> Capital Stock
Section 1.*Stock Certificates and Uncertificated Shares*. The interest of each stockholder shall be evidenced by a certificate or certificates for shares of stock of the Company in such form as the Board of Directors may from time to time prescribe or by uncertificated shares. The certificates of stock shall be signed by the Chair of the Board or the Chief Executive Officer or the President or a Vice-President and the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary and sealed with the seal of the Company, and shall be countersigned and registered in such manner, if any, as the Board may by resolution prescribe; provided that, in case such certificates are required by such resolution to be signed by a Transfer Agent or Transfer Clerk and by a Registrar, the signatures of the Chair of the Board or the Chief Executive Officer or the President or a Vice-President and the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary and the seal of the Company upon such certificates may be facsimiles, engraved or printed.

Section 2.*Transfers*. Shares in the capital stock of the Company shall be transferred only on the books of the Company, by the holder thereof in person or by his or her attorney, upon (i) surrender for cancellation of certificates for the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed, with such proof of the authenticity of the signature as the Company or its agents may reasonably require in the case of shares evidenced by a certificate or

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certificates or (ii) receipt of transfer documentation reasonably acceptable to the Company and its agents in the case of uncertificated shares.

Section 3.*Lost or Destroyed Stock Certificates*. The Company may issue a new certificate or uncertificated shares in place of any certificate theretofore issued by it that is alleged to have been lost stolen or destroyed. No certificates for shares of stock of the Company or uncertificated shares shall be issued in place of any certificate alleged to have been lost, stolen or destroyed, except upon production of such evidence of the loss, theft or destruction and upon indemnification of the Company and its agents to such extent and in such manner as the Board of Directors may from time to time prescribe.

#### Article VII <br> Checks, Notes, etc.
All checks and drafts on the Company's bank accounts and all bills of exchange and promissory notes and all acceptances, obligations and other instruments for the payment of money, shall be signed by the Chair of the Board, Chief Executive Officer, President, or a Vice-President, or the Treasurer, or by such other officer or officers or agent or agents as shall be thereunto authorized from time to time by the Board of Directors.

#### Article VIII <br> Fiscal Year
The fiscal year of the Company shall be determined as ending on the Saturday nearest to each January thirty-first, and each ensuing fiscal year shall commence on the day following the ending date of the immediately preceding fiscal year as so determined.

#### Article IX <br> Corporate Seal
The corporate seal shall have inscribed thereon the name of the Company and the words "New York", arranged in a circular form around the words and figures "Corporate Seal 1913". In lieu of the corporate seal, a facsimile thereof may be impressed or affixed or reproduced.

#### Article X <br> Amendments
The Bylaws of the Company may be amended, added to, rescinded or repealed at any meeting of the stockholders by the vote of the holders of record of shares entitled in the aggregate to more than a majority of the number of votes which could at the time be cast by the holders of all shares of the capital stock of the Company then outstanding and entitled to vote if all such holders were present or represented at the meeting, provided notice of the proposed change is given in the notice of the meeting. The Board of Directors may from time to time, by vote of a majority of the Board, amend these Bylaws or make additional bylaws for the Company at any regular or special meeting at which notice of the proposed change is given, subject, however, to the power of the stockholders to alter, amend, or repeal any bylaws made by the Board of Directors.

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, John W. Schmidt, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form 10-Q of Caleres, Inc. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ John W. Schmidt |
| John W. Schmidt |
| President, Chief Executive Officer and Director |
| Caleres, Inc. |
| December 11, 2025 |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS** 

I, Jack P. Calandra, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form 10-Q of Caleres, Inc. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Jack P. Calandra |
| Jack P. Calandra |
| Senior Vice President and Chief Financial Officer |
| Caleres, Inc. |
| December 11, 2025 |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant to**

**18 U.S.C. §1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of Caleres, Inc. (the "Registrant") on Form 10-Q for the quarter ended November 1, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, John W. Schmidt, President, Chief Executive Officer and Director of the Registrant, and Jack P. Calandra, Senior Vice President and Chief Financial Officer of the Registrant, certify, to the best of our knowledge, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ John W. Schmidt |
| John W. Schmidt |
| President, Chief Executive Officer and Director |
| Caleres, Inc. |
| December 11, 2025<br>|
| /s/ Jack P. Calandra |
| Jack P. Calandra |
| Senior Vice President and Chief Financial Officer |
| Caleres, Inc. |
| December 11, 2025 |

---

------