Caleres Reports Second Quarter 2026 Results

Brand Portfolio growth and higher margins drove Q2 upside, while guidance for 2026 EPS and gross margin was tightened and partly raised.

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Second quarter adjusted EPS exceeds expectations; Brand Portfolio delivers strong organic growth and margin expansion.

• Reported second quarter net sales of $695.5 million, up 5.6%.
  • Brand Portfolio sales growth was broad-based, up 23.6% and 8.2% organically.
  • International up 57.0% and 18.2% organically.
  • Stuart Weitzman tracking in line with our expectations.
  • Famous Footwear sales declined 6.3%, with comparable sales down 5.9%.
• Grew market share in Total Footwear, while Brand Portfolio gained share in Women’s Fashion Footwear.
• GAAP consolidated gross margin expanded 1,140 basis points to 54.8%, driven by Brand Portfolio and tariff refunds. Excluding tariff refunds, adjusted gross margin was up 340 basis points to 46.8%.
• Reported second quarter GAAP earnings per diluted share of $1.71 versus $0.20 last year, or adjusted earnings per diluted share of $0.47 versus $0.35 last year.
• Expects third quarter 2026 consolidated net sales up low-single digits, with GAAP earnings per diluted share of $0.62 to $0.70.
• Expects full-year 2026 consolidated net sales up low-to-mid-single digits and GAAP earnings per diluted share of $2.80 to $2.95, with adjusted earnings per diluted share of $1.50 to $1.65 versus prior guidance of $1.40 to $1.65.

ST. LOUIS--(BUSINESS WIRE)-- Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the second quarter 2026.

Sam Edelman Alie Ballet Flats

“We are pleased with our second quarter performance. In our Brand Portfolio, we experienced broad-based gains across brands, channels, and geographies and we gained market share in Women’s Fashion Footwear, according to Circana,” said Jay Schmidt, president and chief executive officer. “At Famous Footwear, results were below our expectations, as a later Back-to-School season and softness in lifestyle athletic pressured sales and margins. Quarter to date through Labor Day, Famous Footwear comparable store sales are flat."

“Despite the shift in Back-to-School, Caleres delivered strong profit improvement and earnings ahead of our guidance. Fashion footwear is clearly seeing breakout momentum – and Caleres’ brands are resonating with consumers. Within Famous Footwear, we are pivoting to quickly align our assortment with changing consumer demand, emphasizing fashion, which continues to meaningfully outperform lifestyle athletic products quarter to date.”

“We’re operating in an environment that remains dynamic, but our focus is clear. We will capitalize on the strength in our Brand Portfolio, improve performance at Famous Footwear, and continue rebuilding earnings power.”

Second Quarter 2026 Results

(13 weeks ended August 1, 2026, compared to 13 weeks ended August 2, 2025)

• Net sales were $695.5 million, up 5.6% versus second quarter 2025, and $653.0 million when excluding Stuart Weitzman, down 0.8% to second quarter 2025.
  • Brand Portfolio net sales increased 23.6% to last year, and 8.2% when excluding Stuart Weitzman.
  • Famous Footwear net sales decreased 6.3% to last year, with comparable sales down 5.9%.
  • Direct-to-consumer sales represented approximately 71% of total net sales.
• GAAP gross profit was $381.0 million, with gross margin of 54.8%, up 1,140 basis points to last year, fueled by $55.6 million in tariff refunds. Excluding tariff refunds, adjusted gross profit was $325.4 million, or 46.8% of net sales, up 340 basis points to last year.
  • Brand Portfolio adjusted gross margin was 49.1%, up 880 basis points to last year.
  • Famous Footwear gross margin was 42.7%, down 100 basis points to last year.
• Selling and administrative expenses were $303.4 million, or 43.6% of net sales, deleveraged 270 basis points to last year, primarily reflecting expenses related to Stuart Weitzman. Excluding Stuart Weitzman, selling and administrative expenses were $279.9 million, or 42.9% of net sales.
• GAAP net earnings were $58.6 million, or $1.71 per diluted share, compared to $6.7 million, or $0.20 per diluted share, last year. Adjusted net earnings, excluding tariff refunds, were $16.1 million, or $0.47 per diluted share, compared to last year’s adjusted net earnings of $11.7 million, or $0.35 per diluted share.
• Inventory was $754.2 million at quarter-end, up $61.0 million to last year. Excluding $69.0 million of inventory attributable to Stuart Weitzman, inventory was down 1.2%.
• Borrowings under the asset-based revolving credit facility were $288.0 million at quarter-end, with $357.3 million in availability under our revolver.

Third Quarter & Full Year Outlook

For third quarter 2026, we expect consolidated net sales to increase low-single digits versus last year. Brand Portfolio sales are anticipated to increase in the mid-high-single digit percent range. Famous Footwear sales and comparable sales are expected to be down low-single digits. Gross margin is expected to improve 150 to 200 basis points, reflecting tariff mitigation efforts and lower current tariff rates. We anticipate a third quarter tax rate of 23% to 25%. We expect GAAP earnings per diluted share of $0.62 to $0.70.

For full-year 2026, we anticipate total sales to increase low-to-mid-single digits. Brand Portfolio sales are expected to be up low-double digits. Famous Footwear sales and comparable sales are expected to be down low-to-mid-single digits. Consolidated gross margin is expected to improve 180 to 220 basis points. We anticipate interest expense of approximately $16 to $17 million, a full-year tax rate of 24% to 26%, and capital expenditures of $50 to $55 million. We expect GAAP earnings per diluted share of $2.80 to $2.95, and adjusted earnings per diluted share of $1.50 to $1.65.

Third Quarter Outlook
Net Sales	Up low-single digits
Gross Margin	Up 150 to 200 bps
Tax Rate	23% to 25%
GAAP EPS	$0.62 to $0.70

Full Year Outlook
Net Sales	Up low-to-mid-single digits
Gross Margin	Up 180 to 220 bps
Interest Expense	$16 to $17 million
Tax Rate	24% to 26%
GAAP EPS	$2.80 to $2.95
Adjusted EPS	$1.50 to $1.65
Capital Expenditures	$50 to $55 million

Investor Conference Call

Caleres will host a conference call at 10:00 a.m. ET today, September 9, 2026. 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 also be available at investor.caleres.com/events-and-presentations for a limited period. Investors can access the replay through September 23, 2026, by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the pin 13761988.

About Caleres

Caleres is a market-leading portfolio of global footwear brands that includes Famous Footwear, Sam Edelman, Stuart Weitzman, Allen Edmonds, Naturalizer and Vionic. Our products are available virtually everywhere — in the ~1,000 retail stores we operate, in hundreds of major department and specialty stores, on our branded e-Commerce sites, and on many additional third-party retail websites. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is nearly 150 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit caleres.com to learn more about us.

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

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. In particular, the company provides estimated and future gross profit, operating earnings (loss), net earnings and earnings per diluted share, adjusted to exclude certain gains, charges and tariff refund 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 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. These measures 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) transitional challenges with acquisitions and divestitures; (x) cybersecurity threats or other major disruption to the company’s information technology; (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) changes to tax laws, policies and treaties; (xvi) our commitments and shareholder expectations related to responsible business initiatives; (xvii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xviii) 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 January 31, 2026, 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)
		Thirteen Weeks Ended								Twenty-Six Weeks Ended
($ thousands, except per share amounts)		August 1, 2026				August 2, 2025				August 1, 2026				August 2, 2025
Net sales		$	695,454			$	658,519			$	1,362,053			$	1,272,740
Cost of goods sold			314,479				372,724				665,606				708,251
Gross profit			380,975				285,795				696,447				564,489
Selling and administrative expenses			303,361				269,747				597,090				536,230
Restructuring and other special charges, net			—				6,756				(2,126	)			7,383
Operating earnings			77,614				9,292				101,483				20,876
Interest expense, net			(4,387	)			(4,497	)			(9,068	)			(8,291	)
Other income, net			4,504				993				5,670				1,677
Earnings before income taxes			77,731				5,788				98,085				14,262
Income tax (provision) benefit			(18,310	)			1,273				(24,913	)			(1,256	)
Net earnings			59,421				7,061				73,172				13,006
Net earnings (loss) attributable to noncontrolling interests			779				348				252				(650	)
Net earnings attributable to Caleres, Inc.		$	58,642			$	6,713			$	72,920			$	13,656
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	1.72			$	0.20			$	2.15			$	0.40
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	1.71			$	0.20			$	2.14			$	0.40

SCHEDULE 2

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

		(Unaudited)
($ thousands)		August 1, 2026			August 2, 2025
ASSETS
Cash and cash equivalents		$	50,920		$	191,494
Receivables, net			152,966			136,070
Inventories, net			754,241			693,282
Property and equipment, held for sale			—			16,777
Prepaid expenses and other current assets			90,557			61,795
Total current assets			1,048,684			1,099,418
Lease right-of-use assets			557,041			551,167
Property and equipment, net			198,215			185,628
Goodwill and intangible assets, net			198,968			186,756
Other assets			133,434			129,259
Total assets		$	2,136,342		$	2,152,228
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement		$	288,000		$	387,500
Trade accounts payable			284,726			296,327
Lease obligations			123,229			115,837
Other accrued expenses			247,171			215,423
Total current liabilities			943,126			1,015,087
Noncurrent lease obligations			466,082			465,794
Other liabilities			45,315			49,403
Total other liabilities			511,397			515,197
Total Caleres, Inc. shareholders’ equity			673,562			613,296
Noncontrolling interests			8,257			8,648
Total equity			681,819			621,944
Total liabilities and equity		$	2,136,342		$	2,152,228

SCHEDULE 3

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		(Unaudited)
($ thousands)		August 1, 2026				August 2, 2025
OPERATING ACTIVITIES:
Net cash provided by operating activities		$	55,777			$	41,646
INVESTING ACTIVITIES:
Purchases of property and equipment			(19,104	)			(32,877	)
Proceeds from sale of headquarters			3,951				—
Capitalized software			(1,459	)			(1,195	)
Adjustment to acquisition of Stuart Weitzman			(307	)			—
Net cash used for investing activities			(16,919	)			(34,072	)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement			207,850				643,500
Repayments under revolving credit agreement			(216,350	)			(475,500	)
Debt issuance costs			—				(2,920	)
Dividends paid			(4,767	)			(4,729	)
Acquisition of treasury stock			(3,123	)			(5,049	)
Issuance of common stock under share-based plans, net			(2,090	)			(3,331	)
Contributions by noncontrolling interests			850				2,250
Net cash (used for) provided by financing activities			(17,630	)			154,221
Effect of exchange rate changes on cash and cash equivalents			(77	)			63
Increase in cash and cash equivalents			21,151				161,858
Cash and cash equivalents at beginning of period			29,769				29,636
Cash and cash equivalents at end of period		$	50,920			$	191,494

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)

		(Unaudited)
		Thirteen Weeks Ended
		August 1, 2026												August 2, 2025
		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						$	58,642			$	1.71						$	6,713		$	0.20
Charges/other items:
Tariff refund recovery(1)		$	(57,354	)			(42,591	)			(1.24	)		$	—			—			—
Stuart Weitzman acquisition and integration costs			—				—				—				2,259			1,678			0.05
Expense reduction initiatives			—				—				—				4,497			3,339			0.10
Total charges/other items		$	(57,354	)		$	(42,591	)		$	(1.24	)		$	6,756		$	5,017		$	0.15
Adjusted earnings						$	16,051			$	0.47						$	11,730		$	0.35

		(Unaudited)
		Twenty-Six Weeks Ended
		August 1, 2026												August 2, 2025
		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						$	72,920			$	2.14						$	13,656		$	0.40
Charges/other items:
Tariff refund recovery(1)		$	(57,354	)			(42,591	)			(1.25	)		$	—			—			—
Stuart Weitzman acquisition and integration costs			1,814				1,347				0.04				2,886			2,143			0.06
Gain on sale of corporate headquarters			(3,940	)			(2,926	)			(0.09	)			—			—			—
Expense reduction initiatives			—				—				—				4,497			3,339			0.10
Total charges/other items		$	(59,480	)		$	(44,170	)		$	(1.30	)		$	7,383		$	5,482		$	0.16
Adjusted earnings						$	28,750			$	0.84						$	19,138		$	0.56

(1)

Tariff refund recovery includes $55.6 million of IEEPA tariff recoveries, which are reflected in Cost of goods sold, and $1.8 million of interest received, which is included in Other income, net.

SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS

		(Unaudited)
		Thirteen Weeks Ended
		Famous Footwear						Brand Portfolio						Eliminations and Other						Consolidated
		August 1,			August 2,			August 1,			August 2,			August 1,			August 2,			August 1,			August 2,
($ thousands)		2026			2025			2026			2025			2026			2025			2026			2025
Net sales		$	374,360		$	399,593		$	340,597		$	275,620		$	(19,503	)	$	(16,694	)	$	695,454		$	658,519
Net sales, excluding Stuart Weitzman (1)			374,360			399,593			298,104			275,620			(19,503	)		(16,694	)		652,961			658,519
Gross profit			159,808			174,731			222,754			111,055			(1,587	)		9			380,975			285,795
Adjusted gross profit			159,808			174,731			167,192			111,055			(1,587	)		9			325,413			285,795
Adjusted gross profit, excluding Stuart Weitzman			159,808			174,731			146,722			111,055			(1,587	)		9			304,943			285,795
Gross margin			42.7	%		43.7	%		65.4	%		40.3	%		8.1	%		(0.1	)%		54.8	%		43.4	%
Adjusted gross margin			42.7	%		43.7	%		49.1	%		40.3	%		8.1	%		(0.1	)%		46.8	%		43.4	%
Adjusted gross margin, excluding Stuart Weitzman			42.7	%		43.7	%		49.2	%		40.3	%		8.1	%		(0.1	)%		46.7	%		43.4	%
Operating earnings (loss)			5,164			18,551			91,248			6,649			(18,798	)		(15,908	)		77,614			9,292
Adjusted operating earnings (loss)			5,164			18,674			35,686			8,441			(18,798	)		(11,067	)		22,052			16,048
Adjusted operating earnings (loss), excluding Stuart Weitzman			5,164			18,674			38,717			8,441			(18,798	)		(11,067	)		25,083			16,048
Operating margin			1.4	%		4.6	%		26.8	%		2.4	%		n/m	%		n/m	%		11.2	%		1.4	%
Adjusted operating margin			1.4	%		4.7	%		10.5	%		3.1	%		n/m	%		n/m	%		3.2	%		2.4	%
Adjusted operating margin, excluding Stuart Weitzman			1.4	%		4.7	%		13.0	%		3.1	%		n/m	%		n/m	%		3.8	%		2.4	%
Comparable sales % (on a 13-week basis)			(5.9	)%		(3.4	)%		5.7	%		3.9	%		—	%		—	%		—	%		—	%
Company-operated stores, end of period			814			830			174			118			—			—			988			948

n/m – Not meaningful
(1)		Stuart Weitzman net sales were $42.5 million in the thirteen weeks ended August 1, 2026.

SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

		(Unaudited)
		Thirteen Weeks Ended
		Famous Footwear						Brand Portfolio							Eliminations and Other								Consolidated
		August 1,			August 2,			August 1,				August 2,			August 1,				August 2,				August 1,				August 2,
($ thousands)		2026			2025			2026				2025			2026				2025				2026				2025
Gross profit		$	159,808		$	174,731		$	222,754			$	111,055		$	(1,587	)		$	9			$	380,975			$	285,795
Charges/Other Items:
Tariff refund recovery			—			—			(55,562	)			—			—				—				(55,562	)			—
Adjusted gross profit		$	159,808		$	174,731		$	167,192			$	111,055		$	(1,587	)		$	9			$	325,413			$	285,795
Stuart Weitzman
Stuart Weitzman gross profit			—			—			20,470				—			—				—				20,470				—
Adjusted gross profit, excluding Stuart Weitzman		$	159,808		$	174,731		$	146,722			$	111,055		$	(1,587	)		$	9			$	304,943			$	285,795
Operating earnings (loss)		$	5,164		$	18,551		$	91,248			$	6,649		$	(18,798	)		$	(15,908	)		$	77,614			$	9,292
Charges/Other Items:
Tariff refund recovery			—			—			(55,562	)			—			—				—				(55,562	)			—
Stuart Weitzman acquisition and integration costs			—			—			—				—			—				2,259				—				2,259
Expense reduction initiatives			—			123			—				1,792			—				2,582				—				4,497
Total charges/other items			—			123			(55,562	)			1,792			—				4,841				(55,562	)			6,756
Adjusted operating earnings (loss)		$	5,164		$	18,674		$	35,686			$	8,441		$	(18,798	)		$	(11,067	)		$	22,052			$	16,048
Stuart Weitzman
Stuart Weitzman operating loss			—			—			(3,031	)			—			—				—				(3,031	)			—
Adjusted operating earnings (loss), excluding Stuart Weitzman		$	5,164		$	18,674		$	38,717			$	8,441		$	(18,798	)		$	(11,067	)		$	25,083			$	16,048

SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS

		(Unaudited)
		Twenty-Six Weeks Ended
		Famous Footwear						Brand Portfolio						Eliminations and Other						Consolidated
		August 1,			August 2,			August 1,			August 2,			August 1,			August 2,			August 1,			August 2,
($ thousands)		2026			2025			2026			2025			2026			2025			2026			2025
Net sales		$	693,681		$	727,269		$	696,867		$	571,015		$	(28,495	)	$	(25,544	)	$	1,362,053		$	1,272,740
Net sales, excluding Stuart Weitzman (2)			693,681			727,269			610,513			571,015			(28,495	)		(25,544	)		1,275,699			1,272,740
Gross profit			299,814			323,173			397,265			240,341			(632	)		975			696,447			564,489
Adjusted gross profit			299,814			323,173			341,703			240,341			(632	)		975			640,885			564,489
Adjusted gross profit, excluding Stuart Weitzman			299,814			323,173			297,008			240,341			(632	)		975			596,190			564,489
Gross margin			43.2	%		44.4	%		57.0	%		42.1	%		2.2	%		(3.8	)%		51.1	%		44.4	%
Adjusted gross margin			43.2	%		44.4	%		49.0	%		42.1	%		2.2	%		(3.8	)%		47.1	%		44.4	%
Adjusted gross margin, excluding Stuart Weitzman			43.2	%		44.4	%		48.6	%		42.1	%		2.2	%		(3.8	)%		46.7	%		44.4	%
Operating earnings (loss)			4,727			23,525			130,340			24,064			(33,584	)		(26,713	)		101,483			20,876
Adjusted operating earnings (loss)			4,727			23,648			75,235			25,856			(36,167	)		(21,245	)		43,795			28,259
Adjusted operating earnings (loss), excluding Stuart Weitzman			4,727			23,648			79,704			25,856			(36,167	)		(21,245	)		48,264			28,259
Operating margin			0.7	%		3.2	%		18.7	%		4.2	%		n/m	%		n/m	%		7.5	%		1.6	%
Adjusted operating margin			0.7	%		3.3	%		10.8	%		4.5	%		n/m	%		n/m	%		3.2	%		2.2	%
Adjusted operating margin, excluding Stuart Weitzman			0.7	%		3.3	%		13.1	%		4.5	%		n/m	%		n/m	%		3.8	%		2.2	%
Comparable sales % (on a 26-week basis)			(4.3	)%		(3.9	)%		6.2	%		1.1	%		—	%		—	%		—	%		—	%
Company-operated stores, end of period			814			830			174			118			—			—			988			948

n/m – Not meaningful
(2)		Stuart Weitzman net sales were $86.4 million in the twenty-six weeks ended August 1, 2026.

SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

		(Unaudited)
		Twenty-Six Weeks Ended
		Famous Footwear						Brand Portfolio							Eliminations and Other								Consolidated
		August 1,			August 2,			August 1,				August 2,			August 1,				August 2,				August 1,				August 2,
($ thousands)		2026			2025			2026				2025			2026				2025				2026				2025
Gross profit		$	299,814		$	323,173		$	397,265			$	240,341		$	(632	)		$	975			$	696,447			$	564,489
Charges/Other Items:
Tariff refund recovery			—			—			(55,562	)			—			—				—				(55,562	)			—
Adjusted gross profit		$	299,814		$	323,173		$	341,703			$	240,341		$	(632	)		$	975			$	640,885			$	564,489
Stuart Weitzman
Stuart Weitzman gross profit			—			—			44,695				—			—				—				44,695				—
Adjusted gross profit, excluding Stuart Weitzman		$	299,814		$	323,173		$	297,008			$	240,341		$	(632	)		$	975			$	596,190			$	564,489
Operating earnings (loss)		$	4,727		$	23,525		$	130,340			$	24,064		$	(33,584	)		$	(26,713	)		$	101,483			$	20,876
Charges/Other Items:
Tariff refund recovery			—			—			(55,562	)			—			—				—				(55,562	)			—
Stuart Weitzman acquisition and integration costs			—			—			457				—			1,357				2,886				1,814				2,886
Gain on sale of corporate headquarters			—			—			—				—			(3,940	)			—				(3,940	)			—
Expense reduction initiatives			—			123			—				1,792			—				2,582				—				4,497
Total charges/other items			—			123			(55,105	)			1,792			(2,583	)			5,468				(57,688	)			7,383
Adjusted operating earnings (loss)		$	4,727		$	23,648		$	75,235			$	25,856		$	(36,167	)		$	(21,245	)		$	43,795			$	28,259
Stuart Weitzman
Stuart Weitzman operating loss			—			—			(4,469	)			—			—				—				(4,469	)			—
Adjusted operating earnings (loss), excluding Stuart Weitzman		$	4,727		$	23,648		$	79,704			$	25,856		$	(36,167	)		$	(21,245	)		$	48,264			$	28,259

SCHEDULE 6

CALERES, INC.

BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION

		(Unaudited)
		Thirteen Weeks Ended								Twenty-Six Weeks Ended
		August 1, 2026				August 2, 2025				August 1, 2026				August 2, 2025
($ thousands, except per share data)
Net earnings attributable to Caleres, Inc.:
Net earnings		$	59,421			$	7,061			$	73,172			$	13,006
Net (earnings) loss attributable to noncontrolling interests			(779	)			(348	)			(252	)			650
Net earnings attributable to Caleres, Inc.			58,642				6,713				72,920				13,656
Net earnings allocated to participating securities			(2,358	)			(263	)			(2,745	)			(502	)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	56,284			$	6,450			$	70,175			$	13,154
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			32,665				32,494				32,643				32,509
Dilutive effect of share-based awards			162				127				153				127
Diluted common shares attributable to Caleres, Inc.			32,827				32,621				32,796				32,636
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	1.72			$	0.20			$	2.15			$	0.40
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	1.71			$	0.20			$	2.14			$	0.40

SCHEDULE 7

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION

		(Unaudited)
		Thirteen Weeks Ended								Twenty-Six Weeks Ended
		August 1, 2026				August 2, 2025				August 1, 2026				August 2, 2025
($ thousands, except per share data)
Adjusted net earnings attributable to Caleres, Inc.:
Adjusted net earnings		$	16,830			$	12,078			$	29,002			$	18,488
Net (earnings) loss attributable to noncontrolling interests			(779	)			(348	)			(252	)			650
Adjusted net earnings attributable to Caleres, Inc.			16,051				11,730				28,750				19,138
Net earnings allocated to participating securities			(664	)			(461	)			(1,083	)			(711	)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	15,387			$	11,269			$	27,667			$	18,427
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			32,665				32,494				32,643				32,509
Dilutive effect of share-based awards			162				127				153				127
Diluted common shares attributable to Caleres, Inc.			32,827				32,621				32,796				32,636
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders		$	0.47			$	0.35			$	0.85			$	0.57
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders		$	0.47			$	0.35			$	0.84			$	0.56

SCHEDULE 8
CALERES, INC.
RECONCILIATION OF DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)

		(Unaudited)						(Unaudited)
		Third Quarter 2026 Guidance						Fiscal 2026 Guidance
		Low			High			Low				High
GAAP diluted earnings per share		$	0.62		$	0.70		$	2.80			$	2.95
Tariff refund recovery			—			—			(1.25	)			(1.25	)
Stuart Weitzman acquisition and integration costs			—			—			0.04				0.04
Gain on sale of corporate headquarters			—			—			(0.09	)			(0.09	)
Adjusted diluted earnings per share		$	0.62		$	0.70		$	1.50			$	1.65

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260909945245/en/

Investor Contact
Liz Dunn
SVP, Corporate Development & Strategic Communications
ldunn@caleres.com

Source: Caleres

Key Terms

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

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non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

comparable sales financial

"Comparable sales" are the total sales from stores or products that have been open for a certain period, usually the same time last year or last quarter. They help show whether a business is growing by comparing similar locations or products over time, much like checking if your favorite store's sales are going up compared to previous years.

asset-based revolving credit facility financial

A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.