# EDGAR Filing Document

**Accession Number:** 0000014707
**File Stem:** 0000014707-25-000053
**Filing Date:** 2025-9
**Character Count:** 36888
**Document Hash:** 271e0061baf306a6b8233de5a421b038
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000014707-25-000053.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000014707-25-000053

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250904

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02191
- **FILM NUMBER:** 251291907

**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'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) **September 4, 2025**

**CALERES, INC.**

***(****Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **New York** | **1-2191** | **43-0197190** |
| *(State or other jurisdiction of*  |  |  |
| *incorporation or organization)* | *(Commission File Number)* | *(IRS Employer Identification Number)* |

---

---

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

---

**(314) 854-4000**

*(Registrant's telephone number, including area code)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

#### Item 2.02 Results of Operations and Financial Condition
On September 4, 2025, Caleres, Inc. (the "Company") issued a press release (the "Press Release") announcing, among other things, its results of operations for the quarter ended August 2, 2025. A copy of the Press Release is being furnished as Exhibit 99.1 hereto, and the statements contained therein are incorporated by reference herein.

In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

#### Item 9.01 Financial Statements and Exhibits

---

| | | |
|:---|:---|:---|
| (d) | Exhibits |  |
| Exhibit Number | Exhibit Number | Description |
| 99.1 | 99.1 | [Press Release Issued September 4, 2025](cal-20250904xex99d1.htm) |
| 104 | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### 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 hereunto duly authorized.

---

| | |
|:---|:---|
|  | **CALERES, INC.** |
|  | (Registrant) |
| Date: September 4, 2025 | /s/ Thomas C. Burke |
|  | Thomas C. Burke |
|  | Senior Vice President, General Counsel and Secretary |

---

## Exhibit 99.1

#### Exhibit 99.1
**Caleres Reports Second Quarter 2025 Results**

ST. LOUIS, September 4, 2025 - Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the second quarter 2025.

● *Reported consolidated sales of $658.5 million, down 3.6% versus the prior year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Brand Portfolio sales decreased 3.5%, with gains in women's fashion footwear market share and strong performance from Lead Brands in total, and approximately $10 million in tariff impact;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Famous Footwear sales declined 4.9%, with comparable sales down 3.4% and meaningful improvement in July;* 

● *Reported gross margin of 43.4%, down 210-basis points year-over-year, reflecting tariff-related costs, selective promotions, and higher provision for inventory markdowns, partially offset by growth in higher-margin direct-to-consumer channels within Brand Portfolio;* 

● *Achieved structural cost savings targets expected to generate annualized savings of $15 million;* 

● *Reported $0.20 in earnings per diluted share and $0.35 in adjusted earnings per diluted share, both of which include a discrete tax benefit of $0.07;* 

● *Enhanced financial flexibility by entering into an amended credit agreement, which extended the maturity date of our asset-based revolving credit facility and increased the company's borrowing capacity;* 

● *Completed the acquisition of Stuart Weitzman shortly after quarter-end.* 

"While we did experience headwinds due to market uncertainty, we demonstrated the strength and resilience of our company this quarter. Sales trends improved sequentially in both segments of our business and we saw market share gains in women's fashion footwear and in shoe chains. We experienced strength in Lead Brands, our Brand Portfolio direct-to-consumer channels, and international. We also saw significant improvement in sales trends at Famous Footwear in July and continuing through August," said Jay Schmidt, President and Chief Executive Officer.

"As we look to address the changes in the operating environment, we completed our previously announced structural cost savings initiatives that will deliver annualized savings of $15 million and support a more efficient operating structure. Just after quarter-end, we completed the acquisition of Stuart Weitzman, adding a new Lead Brand to our portfolio that aligns with our strategic focus on premium, direct-to-consumer, and international business," said Schmidt. "Longer term, we will continue looking for ways to leverage our greatest capabilities across our portfolio, and we are confident in our ability to execute our strategic plan, invest to fuel our growth initiatives, and drive sustained value for our shareholders."

**Second Quarter 2025 Results**

(13-weeks ended August 2, 2025 compared to 13-weeks ended August 3, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Net sales were $658.5 million, down 3.6% from the second quarter of 2024;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Famous Footwear segment net sales decreased 4.9%, with comparable sales down 3.4%;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Brand Portfolio segment net sales declined 3.5%;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Direct-to-consumer sales represented approximately 75% of total net sales;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Gross profit was $285.8 million, while gross margin was 43.4%, down 210 basis points versus last year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Famous Footwear segment gross margin of 43.7%, down 130 basis points versus last year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Brand Portfolio segment gross margin of 40.3%, down 240 basis points versus last year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *SG&A was $269.7 million, or 41.0% of net sales, up 170 basis points versus last year, reflecting deleverage on lower sales;* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Net earnings of $6.7 million, or earnings per diluted share of $0.20, and adjusted net earnings of $11.7 million, or adjusted earnings per diluted share of $0.35, compared to net earnings of $30.0 million, or earnings per diluted share of $0.85 in the second quarter of 2024;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Inventory was $693.3 million at quarter-end, up 4.9% compared to the second quarter of 2024;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Borrowings under the asset-based revolving credit facility were $387.5 million at quarter-end, up $241 million from the second quarter of 2024, reflecting pre-positioned cash for the Stuart Weitzman acquisition.* 

**Capital Allocation Update**

During the quarter, Caleres continued to invest in value-driving growth opportunities while at the same time returning cash to shareholders through our dividend. In June, Caleres entered into an amendment of its credit agreement, which extended the senior secured asset-based revolving credit facility to June 2030. The company's borrowing capacity under the agreement increased by $200 million to $700 million, and the agreement includes an accordion feature, which allows the company to request an increase in the size of the facility to $950 million in the aggregate. The expanded facility provides Caleres with enhanced liquidity and flexibility and further strengthens the balance sheet. Given the volatile and challenging environment, Caleres' capital allocation priorities are to continue to fund its dividend and to invest in our value-enhancing growth vectors. Longer term, we will balance investment priorities with debt reduction and returning capital to shareholders.

**Fiscal 2025 Outlook**

Given the uncertainty in the environment, the company will continue to suspend annual guidance. For the month of August, Famous Footwear same-store comparable sales were up 1% and Brand Portfolio sales excluding Stuart Weitzman were up low-single digits. We expect ongoing gross margin pressure in Brand Portfolio from tariffs for the balance of the year. We anticipate third quarter Brand Portfolio gross margin to be down similar to second quarter, with improvement in the fourth quarter as we realize more of the benefit from our mitigation strategies.

**Investor Conference Call**

Caleres will host a conference call at 10:00 a.m. ET today, Thursday, September 4, 2025. The webcast and associated slides will be available at investor.caleres.com/events-and-presentations. A live conference call will be available at (877) 704-4453 for North America participants or (201) 389-0920 for international participants, no passcode necessary. A replay will be also available at investor.caleres.com/events-and-presentations for a limited period. Investors can access the replay through September 18, 2025 by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the conference pin 13755075.

**Definitions**

All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings attributable to Caleres, Inc. and diluted earnings per common share attributable to Caleres, Inc. shareholders, are presented as net earnings and earnings per diluted share, respectively.

**Non-GAAP Financial Measures and Metrics**

In this press release, the company's financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures and metrics. In particular, the company provides earnings before interest, taxes, depreciation and amortization (EBITDA) and estimated and future operating earnings, net earnings and earnings per diluted share, adjusted to exclude certain gains, charges and recoveries, which are non-GAAP financial measures, and the debt to EBITDA leverage ratio, which is a non-GAAP financial metric. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures and metrics help identify underlying trends in the company's business and provide useful information to both management and investors by excluding certain items that may not be indicative of the company's core operating results. This measure and metric should not be considered a substitute for or superior to GAAP results.

------

**Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995**

This press release contains certain forward-looking statements and expectations regarding the company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) changes in United States and international trade policies, including tariffs and trade restrictions; (ii) changing consumer demands, which may be influenced by general economic conditions and other factors; (iii) inflationary pressures and supply chain disruptions; (iv) rapidly changing consumer preferences and purchasing patterns and fashion trends; (v) supplier concentration, customer concentration and increased consolidation in the retail industry; (vi) intense competition within the footwear industry; (vii) foreign currency fluctuations; (viii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (ix) cybersecurity threats or other major disruption to the company's information technology systems including those related to our ERP upgrade; (x) transitional challenges with acquisitions and divestitures; (xi) the ability to accurately forecast sales and manage inventory levels; (xii) a disruption in the company's distribution centers; (xiii) the ability to recruit and retain senior management and other key associates; (xiv) the ability to secure/exit leases on favorable terms; (xv) the ability to maintain relationships with current suppliers; (xvi) changes to tax laws, policies and treaties; (xvii) our commitments and shareholder expectations related to responsible business initiatives; (xviii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xix) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights.

The company's reports to the Securities and Exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption Risk Factors in Item 1A of the company's Annual Report on Form 10-K for the year ended February 1, 2025, which information is incorporated by reference herein and updated by the company's Quarterly Reports on Form 10-Q. The company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change.

------

---

| |
|:---|
| **SCHEDULE 1** |
| **CALERES, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS**  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
| *($ thousands, except per share data)* | August 2, 2025 | August 3, 2024 | August 2, 2025 | August 3, 2024 |
| Net sales | $658519 | $683317 | $1272740 | $1342515 |
| Cost of goods sold | 372724 | 372439 | 708251 | 722542 |
| Gross profit | 285795 | 310878 | 564489 | 619973 |
| Selling and administrative expenses | 269747 | 268349 | 536230 | 534685 |
| Restructuring and other special charges, net | 6756 |  | 7383 |  |
| Operating earnings | 9292 | 42529 | 20876 | 85288 |
| Interest expense, net | (4497) | (3332) | (8291) | (7111) |
| Other income, net | 993 | 1177 | 1677 | 2169 |
| Earnings before income taxes | 5788 | 40374 | 14262 | 80346 |
| Income tax benefit (provision) | 1273 | (10101) | (1256) | (19275) |
| Net earnings | 7061 | 30273 | 13006 | 61071 |
| Net earnings (loss) attributable to noncontrolling interests | 348 | 315 | (650) | 173 |
| Net earnings attributable to Caleres, Inc. | $6713 | $29958 | $13656 | $60898 |
| Basic earnings per common share attributable to Caleres, Inc. shareholders | $0.20 | $0.85 | $0.40 | $1.73 |
| Diluted earnings per common share attributable to Caleres, Inc. shareholders | $0.20 | $0.85 | $0.40 | $1.73 |

---

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| |
|:---|
| **SCHEDULE 2** |
| **CALERES, INC.** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** |

---

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| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
| *($ thousands)* | August 2, 2025 | August 3, 2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $191494 | $51753 |
| Receivables, net | 136070 | 151055 |
| Inventories, net | 693282 | 661146 |
| Property and equipment, held for sale | 16777 | 16777 |
| Prepaid expenses and other current assets | 61795 | 58969 |
| &nbsp;&nbsp;Total current assets | 1099418 | 939700 |
| Lease right-of-use assets | 551167 | 588842 |
| Property and equipment, net | 185628 | 169459 |
| Goodwill and intangible assets, net | 186756 | 197792 |
| Other assets | 129259 | 124192 |
| &nbsp;&nbsp;Total assets | $2152228 | $2019985 |
| **LIABILITIES AND EQUITY** |  |  |
| Borrowings under revolving credit agreement | $387500 | $146500 |
| Trade accounts payable | 296327 | 396450 |
| Lease obligations | 115837 | 116619 |
| Other accrued expenses | 215423 | 200854 |
| &nbsp;&nbsp;Total current liabilities | 1015087 | 860423 |
| Noncurrent lease obligations | 465794 | 508950 |
| Other liabilities | 49403 | 37128 |
| &nbsp;&nbsp;Total other liabilities | 515197 | 546078 |
| Total Caleres, Inc. shareholders' equity | 613296 | 606062 |
| Noncontrolling interests | 8648 | 7422 |
| &nbsp;&nbsp;Total equity | 621944 | 613484 |
| Total liabilities and equity | $2152228 | $2019985 |

---

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| |
|:---|
| **SCHEDULE 3** |
| **CALERES, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |

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| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
| *($ thousands)* | August 2, 2025 | August 3, 2024 |
| **OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $41646 | $115696 |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Purchases of property and equipment | (32877) | (20886) |
| &nbsp;&nbsp;Capitalized software | (1195) | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (34072) | (21808) |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Borrowings under revolving credit agreement | 643500 | 306868 |
| &nbsp;&nbsp;Repayments under revolving credit agreement | (475500) | (342368) |
| &nbsp;&nbsp;Debt issuance costs | (2920) |  |
| &nbsp;&nbsp;Dividends paid | (4729) | (4899) |
| &nbsp;&nbsp;Acquisition of treasury stock | (5049) | (15070) |
| &nbsp;&nbsp;Issuance of common stock under share-based plans, net | (3331) | (8457) |
| &nbsp;&nbsp;Contributions by noncontrolling interests | 2250 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | 154221 | (63426) |
| &nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 63 | (67) |
| &nbsp;&nbsp;Increase in cash and cash equivalents | 161858 | 30395 |
| &nbsp;&nbsp;Cash and cash equivalents at beginning of period | 29636 | 21358 |
| &nbsp;&nbsp;Cash and cash equivalents at end of period | $191494 | $51753 |

---

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| |
|:---|
| **SCHEDULE 4** |
| **CALERES, INC.** |
| **RECONCILIATION OF NET EARNINGS AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |
|  | August 2, 2025 | August 2, 2025 | August 2, 2025 | August 3, 2024 | August 3, 2024 | August 3, 2024 |
|  | Pre-Tax | Net Earnings |  | Pre-Tax | Net Earnings |  |
|  | Impact of | Attributable | Diluted | Impact of | Attributable | Diluted |
|  | Charges/Other | to Caleres, | Earnings | Charges/Other | to Caleres, | Earnings |
| *($ thousands, except per share data)* | Items | Inc. | Per Share | Items | Inc. | Per Share |
| GAAP earnings  |  | $6713 | $0.20 |  | $29958 | $0.85 |
| <u>Charges/other items:</u> |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs | $2259 | 1678 | 0.05 |  |  |  |
| Expense reduction initiatives | 4497 | 3339 | 0.10 |  |  |  |
| Total charges/other items | $6756 | $5017 | $0.15 | $— | $— | $— |
| Adjusted earnings |  | $11730 | $0.35 |  | $29958 | $0.85 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
|  | August 2, 2025 | August 2, 2025 | August 2, 2025 | August 3, 2024 | August 3, 2024 | August 3, 2024 |
|  | Pre-Tax | Net Earnings |  | Pre-Tax | Net Earnings |  |
|  | Impact of | Attributable | Diluted | Impact of | Attributable | Diluted |
|  | Charges/Other | to Caleres, | Earnings | Charges/Other | to Caleres, | Earnings |
| *($ thousands, except per share data)* | Items | Inc. | Per Share | Items | Inc. | Per Share |
| GAAP earnings  |  | $13656 | $0.40 |  | $60898 | $1.73 |
| <u>Charges/other items:</u> |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs | $2886 | 2143 | 0.06 | $— |  |  |
| Expense reduction initiatives | 4497 | 3339 | 0.10 |  |  |  |
| Total charges/other items | $7383 | $5482 | $0.16 | $— | $— | $— |
| Adjusted earnings  |  | $19138 | $0.56 |  | $60898 | $1.73 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Trailing Twelve Months Ended | Trailing Twelve Months Ended | Trailing Twelve Months Ended | Trailing Twelve Months Ended |
|  | August 2, 2025 | August 2, 2025 | August 3, 2024 | August 3, 2024 |
|  | Pre-Tax | Net Earnings | Pre-Tax | Net Earnings (Loss) |
|  | Impact of | Attributable | Impact of | Attributable |
|  | Charges/Other | to Caleres, | Charges/Other | to Caleres, |
| *($ thousands)* | Items | Inc. | Items | Inc. |
| GAAP earnings |  | $60013 |  | $163619 |
| <u>Charges/other items:</u> |  |  |  |  |
| Stuart Weitzman acquisition and integration costs | 2886 | 2143 |  |  |
| Expense reduction initiatives | 4497 | 3339 | 4456 | 3308 |
| Exit of Naturalizer retail store operations | 4216 | 3131 |  |  |
| Pension settlement cost | 2716 | 2017 |  |  |
| Restructuring costs | 2951 | 2192 |  |  |
| Deferred tax valuation allowance adjustments |  |  |  | (26654) |
| Total charges/other items | $17266 | $12822 | $4456 | $(23346) |
| Adjusted earnings |  | $72835 |  | $140273 |

---

------

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| |
|:---|
| **SCHEDULE 5** |
| **CALERES, INC.** |
| **SUMMARY FINANCIAL RESULTS BY SEGMENT** |
| **SUMMARY FINANCIAL RESULTS** |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |
|  | Famous Footwear | Famous Footwear | Brand Portfolio | Brand Portfolio | Eliminations and Other | Eliminations and Other | Consolidated | Consolidated |
|  | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | $399593 | $420289 | $275620 | $285497 | $(16694) | $(22469) | $658519 | $683317 |
| Gross profit | 174731 | 189337 | 111055 | 121883 | 9 | (342) | 285795 | 310878 |
| Gross margin | 43.7% | 45.0% | 40.3% | 42.7% | (0.1)% | 1.5% | 43.4% | 45.5% |
| Operating earnings (loss) | 18551 | 34384 | 6649 | 23620 | (15908) | (15475) | 9292 | 42529 |
| Adjusted operating earnings (loss) | 18674 | 34384 | 8441 | 23620 | (11067) | (15475) | 16048 | 42529 |
| Operating margin | 4.6% | 8.2% | 2.4% | 8.3% | n/m% | n/m% | 1.4% | 6.2% |
| Adjusted operating earnings % | 4.7% | 8.2% | 3.1% | 8.3% | n/m% | n/m% | 2.4% | 6.2% |
| Comparable sales % (on a 13-week basis) | (3.4)% | (2.9)% | 3.9% | 4.4% | —% | —% | —% | —% |
| Company-operated stores, end of period | 830 | 855 | 118 | 104 |  |  | 948 | 959 |

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n/m – Not meaningful

**RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)**<br>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |
|  | Famous Footwear | Famous Footwear | Brand Portfolio | Brand Portfolio | Eliminations and Other | Eliminations and Other | Consolidated | Consolidated |
|  | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operating earnings (loss) | $18551 | $34384 | $6649 | $23620 | $(15908) | $(15475) | $9292 | $42529 |
| <u>Charges/Other Items:</u> |  |  |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs |  |  |  |  | 2259 |  | 2259 |  |
| Expense reduction initiatives | 123 |  | 1792 |  | 2582 |  | 4497 |  |
| Total charges/other items | 123 |  | 1792 |  | 4841 |  | 6756 |  |
| Adjusted operating earnings (loss) | $18674 | $34384 | $8441 | $23620 | $(11067) | $(15475) | $16048 | $42529 |

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| |
|:---|
| **SCHEDULE 5** |
| **CALERES, INC.** |
| **SUMMARY FINANCIAL RESULTS BY SEGMENT** |
| **SUMMARY FINANCIAL RESULTS** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Famous Footwear | Famous Footwear | Brand Portfolio | Brand Portfolio | Eliminations and Other | Eliminations and Other | Consolidated | Consolidated |
|  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
|  | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | $727269 | $769841 | $571015 | $602708 | $(25544) | $(30034) | $1272740 | $1342515 |
| Gross profit | 323173 | 350342 | 240341 | 269695 | 975 | (64) | 564489 | 619973 |
| Gross profit rate | 44.4% | 45.5% | 42.1% | 44.7% | (3.8)% | 0.2% | 44.4% | 46.2% |
| Operating earnings (loss) | 23525 | 51240 | 24064 | 65045 | (26713) | (30997) | 20876 | 85288 |
| Adjusted operating earnings (loss) | 23648 | 51240 | 25856 | 65045 | (21245) | (30997) | 28259 | 85288 |
| Operating earnings %  | 3.2% | 6.7% | 4.2% | 10.8% | n/m% | n/m% | 1.6% | 6.4% |
| Adjusted operating earnings % | 3.3% | 6.7% | 4.5% | 10.8% | n/m% | n/m% | 2.2% | 6.4% |
| Comparable sales % (on a 26-week basis) | (3.9)% | (2.6)% | 1.1% | 1.9% | —% | —% | —% | —% |
| Company-operated stores, end of period | 830 | 855 | 118 | 104 |  |  | 948 | 959 |

---

n/m – Not meaningful

**RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Famous Footwear | Famous Footwear | Brand Portfolio | Brand Portfolio | Eliminations and Other | Eliminations and Other | Consolidated | Consolidated |
|  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
|  | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, | August 2, | August 3, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operating earnings (loss) | $23525 | $51240 | $24064 | $65045 | $(26713) | $(30997) | $20876 | $85288 |
| <u>Charges/Other Items:</u> |  |  |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs |  |  |  |  | 2886 |  | 2886 |  |
| Expense reduction initiatives | 123 |  | 1792 |  | 2582 |  | 4497 |  |
| Total charges/other items | 123 |  | 1792 |  | 5468 |  | 7383 |  |
| Adjusted operating earnings (loss) | $23648 | $51240 | $25856 | $65045 | $(21245) | $(30997) | $28259 | $85288 |

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| |
|:---|
| **SCHEDULE 6** |
| **CALERES, INC.** |
| **BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended | Thirteen Weeks Ended | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
|  | August 2, 2025 | August 3, 2024 | August 2, 2025 | August 3, 2024 |
| *($ thousands, except per share data)* |  |  |  |  |
| Net earnings attributable to Caleres, Inc.: |  |  |  |  |
| Net earnings  | $7061 | $30273 | $13006 | $61071 |
| Net (earnings) loss attributable to noncontrolling interests | (348) | (315) | 650 | (173) |
| Net earnings attributable to Caleres, Inc. | 6713 | 29958 | 13656 | 60898 |
| Net earnings allocated to participating securities | (263) | (1065) | (503) | (2278) |
| Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $6450 | $28893 | $13153 | $58620 |
| Basic and diluted common shares attributable to Caleres, Inc.: |  |  |  |  |
| Basic common shares | 32494 | 33883 | 32509 | 33838 |
| Dilutive effect of share-based awards | 127 | 106 | 127 | 106 |
| Diluted common shares attributable to Caleres, Inc. | 32621 | 33989 | 32636 | 33944 |
| Basic earnings per common share attributable to Caleres, Inc. shareholders | $0.20 | $0.85 | $0.40 | $1.73 |
| Diluted earnings per common share attributable to Caleres, Inc. shareholders | $0.20 | $0.85 | $0.40 | $1.73 |

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| |
|:---|
| **SCHEDULE 7** |
| **CALERES, INC.** |
| **BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended | Thirteen Weeks Ended | Twenty-Six Weeks Ended  | Twenty-Six Weeks Ended  |
|  | August 2, 2025 | August 3, 2024 | August 2, 2025 | August 3, 2024 |
| *($ thousands, except per share data)* |  |  |  |  |
| Adjusted net earnings attributable to Caleres, Inc.: |  |  |  |  |
| Adjusted net earnings | $12078 | $30273 | $18488 | $61071 |
| Net (earnings) loss attributable to noncontrolling interests | (348) | (315) | 650 | (173) |
| Adjusted net earnings attributable to Caleres, Inc. | 11730 | 29958 | 19138 | 60898 |
| Net earnings allocated to participating securities | (461) | (1065) | (711) | (2278) |
| Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $11269 | $28893 | $18427 | $58620 |
| Basic and diluted common shares attributable to Caleres, Inc.: |  |  |  |  |
| Basic common shares | 32494 | 33883 | 32509 | 33838 |
| Dilutive effect of share-based awards | 127 | 106 | 127 | 106 |
| Diluted common shares attributable to Caleres, Inc. | 32621 | 33989 | 32636 | 33944 |
| Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders | $0.35 | $0.85 | $0.57 | $1.73 |
| Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders | $0.35 | $0.85 | $0.56 | $1.73 |

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| |
|:---|
| **SCHEDULE 8** |
| **CALERES, INC.** |
| **CALCULATION OF EBITDA AND DEBT/EBITDA LEVERAGE RATIO (NON-GAAP METRICS)** |

---

---

| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  |
| *($ thousands)* | August 2, 2025 | August 3, 2024 |
| EBITDA: |  |  |
| Net earnings attributable to Caleres, Inc. | $6713 | $29958 |
| Income tax (benefit) provision | (1273) | 10101 |
| Interest expense, net | 4497 | 3332 |
| Depreciation and amortization <sup>(1)</sup> | 15365 | 13818 |
| EBITDA | $25302 | $57209 |
| EBITDA margin | 3.8% | 8.4% |
| Adjusted EBITDA: |  |  |
| Adjusted net earnings attributable to Caleres, Inc. <sup>(2)</sup> | $11730 | $29958 |
| Income tax provision <sup>(3)</sup> | 466 | 10101 |
| Interest expense, net  | 4497 | 3332 |
| Depreciation and amortization <sup>(1)</sup> | 15365 | 13818 |
| Adjusted EBITDA | $32058 | $57209 |
| Adjusted EBITDA margin | 4.9% | 8.4% |

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| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | Trailing Twelve Months Ended | Trailing Twelve Months Ended |
| *($ thousands)* | August 2, 2025 | August 3, 2024 |
| EBITDA: |  |  |
| Net earnings attributable to Caleres, Inc. | $60013 | $163619 |
| Income tax provision | 11042 | 6275 |
| Interest expense, net | 15137 | 15703 |
| Depreciation and amortization <sup>(1)</sup> | 59269 | 55140 |
| EBITDA | $145461 | $240737 |
| EBITDA margin | 5.5% | 8.6% |
| Adjusted EBITDA: |  |  |
| Adjusted net earnings attributable to Caleres, Inc. <sup>(2)</sup> | $72835 | $140273 |
| Income tax provision <sup>(3)</sup> | 15486 | 34077 |
| Interest expense, net  | 15137 | 15703 |
| Depreciation and amortization <sup>(1)</sup> | 59269 | 55140 |
| Adjusted EBITDA | $162727 | $245193 |
| Adjusted EBITDA margin | 6.1% | 8.8% |
|  | (Unaudited) | (Unaudited) |
| *($ thousands)* | August 2, 2025 | August 3, 2024 |
| Debt/EBITDA leverage ratio: |  |  |
| Borrowings under revolving credit agreement  | $387500 | $146500 |
| EBITDA (trailing twelve months) | 145461 | 240737 |
| Debt/EBITDA  | 2.7 | 0.6 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes depreciation and amortization of capitalized software and intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Refer to Schedule 4 for the consolidated reconciliation of net earnings attributable to Caleres, Inc. to adjusted net earnings attributable to Caleres, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Excludes the income tax impacts of the adjustments on Schedule 4.

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9<br>

**Investor Contact:<br>**<br> Liz Dunn

ldunn@caleres.com

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