# EDGAR Filing Document

**Accession Number:** 0000014707
**File Stem:** 0000014707-25-000080
**Filing Date:** 2025-12
**Character Count:** 41326
**Document Hash:** 988a059478dd7e44f9cbbbb2246f5607
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000014707-25-000080.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0000014707-25-000080

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251209

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**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:** 251557640

**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._December 9, 2025

------

**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) **December 9, 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 December 9, 2025, Caleres, Inc. (the "Company") issued a press release (the "Press Release") announcing, among other things, its results of operations for the quarter ended November 1, 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 December 9, 2025](cal-20251209xex99.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: December 9, 2025 | /s/ Thomas C. Burke |
|  | Thomas C. Burke |
|  | Senior Vice President, General Counsel and Secretary |

---

## Ex-99

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

*Lead Brands & owned eCommerce up double digits. Stuart Weitzman integration progressing toward unlocking synergies.*

ST. LOUIS, December 9, 2025 - Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the third quarter 2025.

● *Reported consolidated sales of $790.1 million, up 6.6% versus last year (up 0.4% excluding Stuart Weitzman)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Brand Portfolio sales increased 18.8% with $45.8 million in contribution from Stuart Weitzman;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Brand Portfolio organic sales increased 4.6% with Lead Brands, in total, up double digits, growth across all channels of our Brand Portfolio business and market share gain in women's fashion footwear (+0.5%), excluding Stuart Weitzman;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Famous Footwear sales declined 2.2%, with comparable sales down 1.2%;* 

● *Owned eCommerce sales across Famous Footwear and Brand Portfolio up double digits;* 

● *GAAP earnings per diluted share of $0.07, compared to last year's earnings per diluted share of $1.19. Adjusted earnings per diluted share of $0.38, compared to last year's adjusted earnings per diluted share of $1.23; Adjusted earnings per diluted share excluding Stuart Weitzman of $0.67;* 

● *Completed Stuart Weitzman acquisition in August for a preliminary purchase price of $108.9 million, net of cash acquired.* 

"Caleres delivered third quarter sales results that were ahead of our internal expectations, highlighted by organic sales growth in our Brand Portfolio segment, strong Lead Brands performance, sequential improvement in trends at Famous Footwear, and accelerated eCommerce momentum in both segments of our business," said Jay Schmidt, president and chief executive officer. "With the recent addition of Stuart Weitzman, our Brand Portfolio now drives nearly half our sales and more than half our operating earnings. As we expected, we experienced pressure on our earnings from tariffs and near-term acquisition dilution, however, the fundamentals of our business are improving."

"For the balance of the year, we will be working to transition the Stuart Weitzman business to Caleres systems and clean up aged and excess inventory as we hone our strategies for long-term growth and profitability of the brand. In fiscal 2026, we will begin to unlock synergistic cost savings," said Schmidt. "Through this integration process, we are sharpening our operating structure to better leverage our scale and strengthen our ability to build and grow powerful brands and consumer experiences. We are confident that executing our strategic plans will result in improved financial performance and drive long-term value for our shareholders."

**Third Quarter 2025 Results**

(13-weeks ended November 1, 2025 compared to 13-weeks ended November 2, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Net sales were $790.1 million, up 6.6% versus third quarter 2024;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Famous Footwear segment net sales decreased 2.2% versus last year, with comparable sales down 1.2%;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Brand Portfolio segment net sales increased 18.8% versus last year. Excluding Stuart Weitzman, net sales increased 4.6% to last year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Direct-to-consumer sales represented approximately 71% of total net sales;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Gross profit was $329.9 million with gross margin of 41.8%, down 230-basis points versus last year. Adjusted gross margin was 42.7%, down 140-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 41.6%, 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 350-basis points versus last year. Adjusted gross margin of 42.3%, down 150-basis points versus last year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Selling and administrative expenses were $311.3 million, or 39.4% of net sales, up 310-basis points versus last year, primarily reflecting $32.2 million in expense related to Stuart Weitzman. Excluding Stuart Weitzman, selling and administrative expenses were up $10 million, reflecting an unfavorable comparison to last year's incentive compensation release;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *GAAP net earnings of $2.4 million, or earnings per diluted share of $0.07 versus last year's GAAP net earnings of $41.4 million or earnings per diluted share of $1.19. Adjusted net earnings of $13.1 million, or adjusted earnings per diluted share of $0.38, versus last year's net earnings of $42.6 million, or earnings per diluted share of $1.23. Excluding Stuart Weitzman, adjusted earnings per diluted share were $0.67;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Inventory was $678.2 million at quarter-end, up $92 million versus last year. Excluding Stuart Weitzman inventory of $77 million, inventory was up 2.6% versus last year.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Borrowings under the asset-based revolving credit facility were $355 million at quarter-end, and liquidity was $312 million.* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Earnings (loss) per diluted share** | &nbsp;&nbsp;**Q3 2025** | &nbsp;&nbsp;**Q3 2024** |
| &nbsp;&nbsp;GAAP | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$1.19 |
| &nbsp;&nbsp;Adjusted | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$1.23 |
| &nbsp;&nbsp;Adjusted excluding Stuart Weitzman | &nbsp;&nbsp;$0.67 | &nbsp;&nbsp;$1.23 |

---

**Fiscal 2025 Outlook**

We expect continued tariff pressure on gross margin and earnings dilution from Stuart Weitzman. Additionally, we anticipate a full-year tax rate of 27% to 28%. We expect a loss per diluted share for the fourth quarter on both a GAAP and adjusted basis. For the full year, we anticipate GAAP loss per diluted share in the range of $0.13 to $0.18 and adjusted earnings per diluted share in the range of $0.55 to $0.60, including $0.60 to $0.65 dilution from Stuart Weitzman.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Earnings (loss) per diluted share** | &nbsp;&nbsp;**FY25** |
| &nbsp;&nbsp;GAAP | &nbsp;&nbsp;($0.13) to ($0.18) |
| &nbsp;&nbsp;Adjusted | &nbsp;&nbsp;$0.55 to $0.60 |
| &nbsp;&nbsp;Adjusted excluding Stuart Weitzman | &nbsp;&nbsp;$1.15 to $1.25 |

---

**Investor Conference Call**

Caleres will host a conference call at 10:00 a.m. ET today, Tuesday, December 9, 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 December 23, 2025 by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the conference pin 13757191.

**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 estimated and future gross profit, operating earnings, net earnings and earnings per diluted share, adjusted to exclude certain gains, charges and recoveries and the financial results of the acquired Stuart Weitzman business, which are non-GAAP financial measures. 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**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended  | Thirteen Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands, except per share data)* | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 |
| Net sales | $790051 | $740941 | $2062791 | $2083456 |
| Cost of goods sold | 460102 | 413981 | 1168353 | 1136522 |
| Gross profit | 329949 | 326960 | 894438 | 946934 |
| Selling and administrative expenses | 311276 | 268669 | 847506 | 803355 |
| Restructuring and other special charges, net | 6705 | 1593 | 14088 | 1593 |
| 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 |
| Income tax provision | (4729) | (12699) | (5985) | (31973) |
| Net earnings | 1434 | 41119 | 14440 | 102190 |
| Net loss attributable to noncontrolling interests | (952) | (308) | (1602) | (135) |
| Net earnings attributable to Caleres, Inc. | $2386 | $41427 | $16042 | $102325 |
| Basic earnings per common share attributable to Caleres, Inc. shareholders | $0.07 | $1.20 | $0.47 | $2.93 |
| Diluted earnings per common share attributable to Caleres, Inc. shareholders | $0.07 | $1.19 | $0.47 | $2.92 |

---

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

---

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| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
| *($ thousands)* | November 1, 2025 | November 2, 2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $33963 | $33685 |
| Receivables, net | 180842 | 176080 |
| Inventories, net | 678214 | 585877 |
| Property and equipment, held for sale | 16777 | 16777 |
| Prepaid expenses and other current assets | 71214 | 57888 |
| &nbsp;&nbsp;Total current assets | 981010 | 870307 |
| Lease right-of-use assets | 573318 | 589141 |
| Property and equipment, net | 191071 | 176428 |
| Goodwill and intangible assets, net | 203155 | 195033 |
| Other assets | 130368 | 125030 |
| &nbsp;&nbsp;Total assets | $2078922 | $1955939 |
| **LIABILITIES AND EQUITY** |  |  |
| Borrowings under revolving credit agreement | $355000 | $238500 |
| Trade accounts payable | 214651 | 258258 |
| Lease obligations | 126132 | 117523 |
| Other accrued expenses | 228487 | 192149 |
| &nbsp;&nbsp;Total current liabilities | 924270 | 806430 |
| Noncurrent lease obligations | 479971 | 506336 |
| Other liabilities | 49351 | 36867 |
| &nbsp;&nbsp;Total other liabilities | 529322 | 543203 |
| Total Caleres, Inc. shareholders' equity | 616751 | 598284 |
| Noncontrolling interests | 8579 | 8022 |
| &nbsp;&nbsp;Total equity | 625330 | 606306 |
| Total liabilities and equity | $2078922 | $1955939 |

---

------

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

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| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
| *($ thousands)* | November 1, 2025 | November 2, 2024 |
| **OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $40454 | $75855 |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Purchases of property and equipment | (44071) | (38410) |
| &nbsp;&nbsp;Capitalized software | (2738) | (1918) |
| &nbsp;&nbsp;Acquisition of Stuart Weitzman, net of cash received | (108858) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (155667) | (40328) |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Borrowings under revolving credit agreement | 748500 | 537368 |
| &nbsp;&nbsp;Repayments under revolving credit agreement | (613000) | (480868) |
| &nbsp;&nbsp;Debt issuance costs | (2920) |  |
| &nbsp;&nbsp;Dividends paid | (7104) | (7342) |
| &nbsp;&nbsp;Acquisition of treasury stock | (5051) | (65039) |
| &nbsp;&nbsp;Issuance of common stock under share-based plans, net | (3575) | (8820) |
| &nbsp;&nbsp;Contributions by noncontrolling interests | 2650 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | 119500 | (23201) |
| &nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 40 | 1 |
| &nbsp;&nbsp;Increase in cash and cash equivalents | 4327 | 12327 |
| &nbsp;&nbsp;Cash and cash equivalents at beginning of period | 29636 | 21358 |
| &nbsp;&nbsp;Cash and cash equivalents at end of period | $33963 | $33685 |

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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) AND ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE, EXCLUDING STUART WEITZMAN (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  |
|  | November 1, 2025 | November 1, 2025 | November 1, 2025 | November 2, 2024 | November 2, 2024 | November 2, 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  |  | $2386 | $0.07 |  | $41427 | $1.19 |
| <u>Charges/other items:</u> |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs | $11493 | 8540 | 0.25 |  |  |  |
| Expense reduction initiatives | 2881 | 2139 | 0.06 |  |  |  |
| Restructuring costs |  |  |  | 1593 | 1183 | 0.04 |
| Total charges/other items | $14374 | $10679 | $0.31 | $1593 | $1183 | $0.04 |
| Adjusted earnings |  | $13065 | $0.38 |  | $42610 | $1.23 |
| <u>Stuart Weitzman</u> |  |  |  |  |  |  |
| Stuart Weitzman impact <sup>(1)</sup> | $(12613) | $(9826) | $(0.29) |  | $— | $— |
| Adjusted earnings, excluding Stuart Weitzman |  | $22891 | $0.67 |  | $42610 | $1.23 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirty-Nine 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 1, 2025 | November 2, 2024 | November 2, 2024 | November 2, 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  |  | $16042 | $0.47 |  | $102325 | $2.92 |
| <u>Charges/other items:</u> |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs | $14379 | 10683 | 0.32 | $— |  |  |
| Expense reduction initiatives | 7378 | 5479 | 0.16 |  |  |  |
| Restructuring costs |  |  |  | 1593 | 1183 | 0.03 |
| Total charges/other items | $21757 | $16162 | $0.48 | $1593 | $1183 | $0.03 |
| Adjusted earnings  |  | $32204 | $0.95 |  | $103508 | $2.95 |
| <u>Stuart Weitzman</u> |  |  |  |  |  |  |
| Stuart Weitzman impact <sup>(1)</sup> | $(12613) | $(9826) | $(0.29) |  | $— | $— |
| Adjusted earnings, excluding Stuart Weitzman |  | $42030 | $1.24 |  | $103508 | $2.95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the pre-tax impact, net earnings and diluted earnings per share of Stuart Weitzman, adjusted for Stuart Weitzman acquisition and integration costs and $1.6 million of estimated interest on additional borrowings on the revolving credit agreement, at an estimated statutory tax rate of 22.1%.

------

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (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 |
|  | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales  | $418751 | $428264 | $383711 | $322936 | $(12411) | $(10259) | $790051 | $740941 |
| Net sales, excluding Stuart Weitzman <sup>(1)</sup> | 418751 | 428264 | 337886 | 322936 | (12411) | (10259) | 744226 | 740941 |
| Gross profit | 174309 | 183825 | 154719 | 141559 | 921 | 1576 | 329949 | 326960 |
| Adjusted gross profit | 174309 | 183825 | 162388 | 141559 | 921 | 1576 | 337618 | 326960 |
| Adjusted gross profit, excluding Stuart Weitzman | 174309 | 183825 | 141270 | 141559 | 921 | 1576 | 316500 | 326960 |
| Gross margin | 41.6% | 42.9% | 40.3% | 43.8% | (7.4)% | (15.4)% | 41.8% | 44.1% |
| Adjusted gross margin | 41.6% | 42.9% | 42.3% | 43.8% | (7.4)% | (15.4)% | 42.7% | 44.1% |
| Adjusted gross margin, excluding Stuart Weitzman | 41.6% | 42.9% | 41.8% | 43.8% | (7.4)% | (15.4)% | 42.5% | 44.1% |
| Operating earnings (loss) | 20723 | 29568 | 11116 | 34052 | (19871) | (6922) | 11968 | 56698 |
| Adjusted operating earnings (loss) | 20874 | 29761 | 19968 | 35145 | (14500) | (6615) | 26342 | 58291 |
| Adjusted operating earnings (loss), excluding Stuart Weitzman | 20874 | 29761 | 31026 | 35145 | (14500) | (6615) | 37400 | 58291 |
| Operating margin | 4.9% | 6.9% | 2.9% | 10.5% | n/m% | n/m% | 1.5% | 7.7% |
| Adjusted operating margin | 5.0% | 6.9% | 5.2% | 10.9% | n/m% | n/m% | 3.3% | 7.9% |
| Adjusted operating margin, excluding Stuart Weitzman | 5.0% | 6.9% | 9.2% | 10.9% | n/m% | n/m% | 5.0% | 7.9% |
| Comparable sales % (on a 13-week basis) | (1.2)% | 2.5% | —% | —% | —% | —% | —% | —% |
| Company-operated stores, end of period | 823 | 851 | 197 | 111 |  |  | 1020 | 962 |

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n/m – Not meaningful

&nbsp;&nbsp;&nbsp;&nbsp;(1) Stuart Weitzman net sales were $45.8 million in the thirteen and thirty-nine weeks ended November 1, 2025.

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

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (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 |
|  | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Gross profit | $174309 | $183825 | $154719 | $141559 | $921 | $1576 | $329949 | $326960 |
| <u>Charges/Other Items:</u> |  |  |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs |  |  | 7669 |  |  |  | 7669 |  |
| Total charges/other items |  |  | 7669 |  |  |  | 7669 |  |
| Adjusted gross profit | $174309 | $183825 | $162388 | $141559 | $921 | $1576 | $337618 | $326960 |
| <u>Stuart Weitzman</u>  |  |  |  |  |  |  |  |  |
| Stuart Weitzman gross profit |  |  | 21118 |  |  |  | 21118 |  |
| Adjusted gross profit, excluding Stuart Weitzman | $174309 | $183825 | $141270 | $141559 | $921 | $1576 | $316500 | $326960 |
| Operating earnings (loss) | $20723 | $29568 | $11116 | $34052 | $(19871) | $(6922) | $11968 | $56698 |
| <u>Charges/Other Items:</u> |  |  |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs |  |  | 8019 |  | 3474 |  | 11493 |  |
| Expense reduction initiatives | 151 |  | 833 |  | 1897 |  | 2881 |  |
| Restructuring costs |  | 193 |  | 1093 |  | 307 |  | 1593 |
| Total charges/other items | 151 | 193 | 8852 | 1093 | 5371 | 307 | 14374 | 1593 |
| Adjusted operating earnings (loss) | $20874 | $29761 | $19968 | $35145 | $(14500) | $(6615) | $26342 | $58291 |
| <u>Stuart Weitzman</u>  |  |  |  |  |  |  |  |  |
| Stuart Weitzman operating loss <sup>(2)</sup> |  |  | (11058) |  |  |  | (11058) |  |
| Adjusted operating earnings (loss), excluding Stuart Weitzman | $20874 | $29761 | $31026 | $35145 | $(14500) | $(6615) | $37400 | $58291 |

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&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the operating loss of Stuart Weitzman, adjusted for Stuart Weitzman acquisition and integration costs.

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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) |
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | Famous Footwear | Famous Footwear | Brand Portfolio | Brand Portfolio | Eliminations and Other | Eliminations and Other | Consolidated | Consolidated |
|  | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | $1146020 | $1198105 | $954726 | $925644 | $(37955) | $(40293) | $2062791 | $2083456 |
| Net sales, excluding Stuart Weitzman <sup>(1)</sup> | 1146020 | 1198105 | 908901 | 925644 | (37955) | (40293) | 2016966 | 2083456 |
| Gross profit | 497481 | 534166 | 395060 | 411255 | 1897 | 1513 | 894438 | 946934 |
| Adjusted gross profit | 497481 | 534166 | 402729 | 411255 | 1897 | 1513 | 902107 | 946934 |
| Adjusted gross profit, excluding Stuart Weitzman | 497481 | 534166 | 381611 | 411255 | 1897 | 1513 | 880989 | 946934 |
| Gross margin | 43.4% | 44.6% | 41.4% | 44.4% | (5.0)% | (3.8)% | 43.4% | 45.5% |
| Adjusted gross margin | 43.4% | 44.6% | 42.2% | 44.4% | (5.0)% | (3.8)% | 43.7% | 45.5% |
| Adjusted gross margin, excluding Stuart Weitzman | 43.4% | 44.6% | 42.0% | 44.4% | (5.0)% | (3.8)% | 43.7% | 45.5 |
| Operating earnings (loss) | 44248 | 80808 | 35180 | 99097 | (46584) | (37919) | 32844 | 141986 |
| Adjusted operating earnings (loss) | 44521 | 81001 | 45825 | 100190 | (35745) | (37612) | 54601 | 143579 |
| Adjusted operating earnings (loss), excluding Stuart Weitzman | 44521 | 81001 | 56883 | 100190 | (35745) | (37612) | 65659 | 143579 |
| Operating margin | 3.9% | 6.7% | 3.7% | 10.7% | n/m% | n/m% | 1.6% | 6.8% |
| Adjusted operating margin | 3.9% | 6.8% | 4.8% | 10.8% | n/m% | n/m% | 2.6% | 6.9% |
| Adjusted operating margin, excluding Stuart Weitzman | 3.9% | 6.8% | 6.3% | 10.8% | n/m% | n/m% | 3.3% | 6.9% |
| Comparable sales % (on a 39-week basis) | (3.0)% | (0.9)% | —% | —% | —% | —% | —% | —% |
| Company-operated stores, end of period | 823 | 851 | 197 | 111 |  |  | 1020 | 962 |

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n/m – Not meaningful

------

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

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | Famous Footwear | Famous Footwear | Brand Portfolio | Brand Portfolio | Eliminations and Other | Eliminations and Other | Consolidated | Consolidated |
|  | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, |
| *($ thousands)* | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Gross profit | $497481 | $534166 | $395060 | $411255 | $1897 | $1513 | $894438 | $946934 |
| <u>Charges/Other Items:</u> |  |  |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs |  |  | 7669 |  |  |  | 7669 |  |
| Total charges/other items |  |  | 7669 |  |  |  | 7669 |  |
| Adjusted gross profit | $497481 | $534166 | $402729 | $411255 | $1897 | $1513 | $902107 | $946934 |
| <u>Stuart Weitzman</u>  |  |  |  |  |  |  |  |  |
| Stuart Weitzman gross profit |  |  | 21118 |  |  |  | 21118 |  |
| Adjusted gross profit, excluding Stuart Weitzman | $497481 | $534166 | $381611 | $411255 | $1897 | $1513 | $880989 | $946934 |
| Operating earnings (loss) | $44248 | $80808 | $35180 | $99097 | $(46584) | $(37919) | $32844 | $141986 |
| <u>Charges/Other Items:</u> |  |  |  |  |  |  |  |  |
| Stuart Weitzman acquisition and integration costs |  |  | 8019 |  | 6360 |  | 14379 |  |
| Expense reduction initiatives | 273 |  | 2626 |  | 4479 |  | 7378 |  |
| Restructuring costs |  | 193 |  | 1093 |  | 307 |  | 1593 |
| Total charges/other items | 273 | 193 | 10645 | 1093 | 10839 | 307 | 21757 | 1593 |
| Adjusted operating earnings (loss) | $44521 | $81001 | $45825 | $100190 | $(35745) | $(37612) | $54601 | $143579 |
| <u>Stuart Weitzman</u>  |  |  |  |  |  |  |  |  |
| Stuart Weitzman operating loss <sup>(2)</sup> |  |  | (11058) |  |  |  | (11058) |  |
| Adjusted operating earnings (loss), excluding Stuart Weitzman | $44521 | $81001 | $56883 | $100190 | $(35745) | $(37612) | $65659 | $143579 |

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

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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 | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 |
| *($ thousands, except per share data)* |  |  |  |  |
| Adjusted net earnings attributable to Caleres, Inc.: |  |  |  |  |
| Adjusted net earnings | $12113 | $42302 | $30602 | $103373 |
| Net loss attributable to noncontrolling interests | 952 | 308 | 1602 | 135 |
| Adjusted net earnings attributable to Caleres, Inc. | 13065 | 42610 | 32204 | 103508 |
| Net earnings allocated to participating securities | (529) | (1458) | (1235) | (3765) |
| Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $12536 | $41152 | $30969 | $99743 |
| Basic and diluted common shares attributable to Caleres, Inc.: |  |  |  |  |
| Basic common shares | 32519 | 33435 | 32512 | 33704 |
| Dilutive effect of share-based awards | 125 | 106 | 125 | 106 |
| Diluted common shares attributable to Caleres, Inc. | 32644 | 33541 | 32637 | 33810 |
| Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders | $0.39 | $1.23 | $0.95 | $2.96 |
| Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders | $0.38 | $1.23 | $0.95 | $2.95 |

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| |
|:---|
| **SCHEDULE 8** |
| **CALERES, INC.** |
| **BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE, EXCLUDING STUART WEITZMAN RECONCILIATION** |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | Thirteen Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended  | Thirty-Nine Weeks Ended  |
|  | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 |
| *($ thousands, except per share data)* |  |  |  |  |
| Adjusted net earnings, excluding Stuart Weitzman, attributable to Caleres, Inc.: |  |  |  |  |
| Adjusted net earnings, excluding Stuart Weitzman  | $21939 | $42302 | $40428 | $103373 |
| Net loss attributable to noncontrolling interests | 952 | 308 | 1602 | 135 |
| Adjusted net earnings, excluding Stuart Weitzman, attributable to Caleres, Inc. | 22891 | 42610 | 42030 | 103508 |
| Net earnings allocated to participating securities | (924) | (1458) | (1617) | (3765) |
| Adjusted net earnings, excluding Stuart Weitzman, attributable to Caleres, Inc. after allocation of earnings to participating securities | $21967 | $41152 | $40413 | $99743 |
| Basic and diluted common shares attributable to Caleres, Inc.: |  |  |  |  |
| Basic common shares | 32519 | 33435 | 32512 | 33704 |
| Dilutive effect of share-based awards | 125 | 106 | 125 | 106 |
| Diluted common shares attributable to Caleres, Inc. | 32644 | 33541 | 32637 | 33810 |
| Basic adjusted earnings per common share, excluding Stuart Weitzman, attributable to Caleres, Inc. shareholders | $0.68 | $1.23 | $1.24 | $2.96 |
| Diluted adjusted earnings per common share, excluding Stuart Weitzman, attributable to Caleres, Inc. shareholders | $0.67 | $1.23 | $1.24 | $2.95 |

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| |
|:---|
| **SCHEDULE 9** |
| **CALERES, INC.** |
| **RECONCILIATION OF DILUTED EARNINGS (LOSS) PER SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) AND ADJUSTED DILUTED EARNINGS PER SHARE, EXCLUDING STUART WEITZMAN (NON-GAAP BASIS)** |

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| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | Fiscal 2025 Guidance | Fiscal 2025 Guidance |
|  | Low | High |
| GAAP diluted earnings (loss) per share | $(0.18) | $(0.13) |
| Charges/other items | 0.73 | 0.73 |
| Adjusted diluted earnings per share | $0.55 | $0.60 |
| Stuart Weitzman earnings (loss) impact | (0.60) | (0.65) |
| Adjusted diluted earnings per share, excluding Stuart Weitzman | $1.15 | $1.25 |

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9<br>

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

ldunn@caleres.com

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