Caleres Reports Third Quarter 2025 Results

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

“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)

Earnings (loss) per diluted share

Q3 2025

Q3 2024

GAAP

$0.07

$1.19

Adjusted

$0.38

$1.23

Adjusted excluding Stuart Weitzman

$0.67

$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.

Earnings (loss) per diluted share

FY25

GAAP

($0.13) to ($0.18)

Adjusted

$0.55 to $0.60

Adjusted excluding Stuart Weitzman

$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 also be 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)

Thirteen 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

790,051

740,941

2,062,791

2,083,456

Cost of goods sold

460,102

413,981

1,168,353

1,136,522

Gross profit

329,949

326,960

894,438

946,934

Selling and administrative expenses

311,276

268,669

847,506

803,355

Restructuring and other special charges, net

6,705

1,593

14,088

1,593

Operating earnings

11,968

56,698

32,844

141,986

Interest expense, net

(5,495

)

(2,914

)

(13,786

)

(10,025

)

Other (expense) income, net

(310

)

1,367

2,202

Earnings before income taxes

6,163

53,818

20,425

134,163

Income tax provision

(4,729

)

(12,699

)

(5,985

)

(31,973

)

Net earnings

1,434

41,119

14,440

102,190

Net loss attributable to noncontrolling interests

(952

)

(308

)

(1,602

)

(135

)

Net earnings attributable to Caleres, Inc.

2,386

41,427

16,042

102,325

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

SCHEDULE 2

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

($ thousands)

November 1, 2025

November 2, 2024

ASSETS

Cash and cash equivalents

33,963

33,685

Receivables, net

180,842

176,080

Inventories, net

678,214

585,877

Property and equipment, held for sale

16,777

Prepaid expenses and other current assets

71,214

57,888

Total current assets

981,010

870,307

Lease right-of-use assets

573,318

589,141

Property and equipment, net

191,071

176,428

Goodwill and intangible assets, net

203,155

195,033

Other assets

130,368

125,030

Total assets

2,078,922

1,955,939

LIABILITIES AND EQUITY

Borrowings under revolving credit agreement

355,000

238,500

Trade accounts payable

214,651

258,258

Lease obligations

126,132

117,523

Other accrued expenses

228,487

192,149

Total current liabilities

924,270

806,430

Noncurrent lease obligations

479,971

506,336

Other liabilities

49,351

36,867

Total other liabilities

529,322

543,203

Total Caleres, Inc. shareholders’ equity

616,751

598,284

Noncontrolling interests

8,579

8,022

Total equity

625,330

606,306

Total liabilities and equity

2,078,922

1,955,939

SCHEDULE 3

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Thirty-Nine Weeks Ended

($ thousands)

November 1, 2025

November 2, 2024

OPERATING ACTIVITIES:

Net cash provided by operating activities

40,454

75,855

INVESTING ACTIVITIES:

Purchases of property and equipment

(44,071

)

(38,410

)

Capitalized software

(2,738

)

(1,918

)

Acquisition of Stuart Weitzman, net of cash received

(108,858

)

—

Net cash used for investing activities

(155,667

)

(40,328

)

FINANCING ACTIVITIES:

Borrowings under revolving credit agreement

748,500

537,368

Repayments under revolving credit agreement

(613,000

)

(480,868

)

Debt issuance costs

(2,920

)

—

Dividends paid

(7,104

)

(7,342

)

Acquisition of treasury stock

(5,051

)

(65,039

)

Issuance of common stock under share-based plans, net

(3,575

)

(8,820

)

Contributions by noncontrolling interests

2,650

1,500

Net cash provided by (used for) financing activities

119,500

(23,201

)

Effect of exchange rate changes on cash and cash equivalents

Increase in cash and cash equivalents

4,327

12,327

Cash and cash equivalents at beginning of period

29,636

21,358

Cash and cash equivalents at end of period

33,963

33,685

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)

(Unaudited)

Thirteen Weeks Ended

November 1, 2025

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

2,386

0.07

41,427

1.19

Charges/other items:

Stuart Weitzman acquisition and integration costs

11,493

8,540

0.25

—

Expense reduction initiatives

2,881

2,139

0.06

—

Restructuring costs

—

1,593

1,183

0.04

Total charges/other items

14,374

10,679

0.31

1,593

1,183

0.04

Adjusted earnings

13,065

0.38

42,610

1.23

Stuart Weitzman

Stuart Weitzman impact (1)

(12,613

)

(9,826

)

(0.29

)

—

Adjusted earnings, excluding Stuart Weitzman

22,891

0.67

42,610

1.23

(Unaudited)

Thirty-Nine Weeks Ended

November 1, 2025

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

16,042

0.47

102,325

2.92

Charges/other items:

Stuart Weitzman acquisition and integration costs

14,379

10,683

0.32

—

Expense reduction initiatives

7,378

5,479

0.16

—

Restructuring costs

—

1,593

1,183

0.03

Total charges/other items

21,757

16,162

0.48

1,593

1,183

0.03

Adjusted earnings

32,204

0.95

103,508

2.95

Stuart Weitzman

Stuart Weitzman impact (1)

(12,613

)

(9,826

)

(0.29

)

—

Adjusted earnings, excluding Stuart Weitzman

42,030

1.24

103,508

2.95

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%.

SCHEDULE 5

CALERES, INC.

SUMMARY FINANCIAL RESULTS BY SEGMENT

SUMMARY FINANCIAL RESULTS

(Unaudited)

Thirteen Weeks Ended

Famous Footwear

Brand Portfolio

Eliminations and Other

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

418,751

428,264

383,711

322,936

(12,411

)

(10,259

)

790,051

740,941

Net sales, excluding Stuart Weitzman (1)

418,751

428,264

337,886

322,936

(12,411

)

(10,259

)

744,226

740,941

Gross profit

174,309

183,825

154,719

141,559

921

1,576

329,949

326,960

Adjusted gross profit

174,309

183,825

162,388

141,559

921

1,576

337,618

326,960

Adjusted gross profit, excluding Stuart Weitzman

174,309

183,825

141,270

141,559

921

1,576

316,500

326,960

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)

20,723

29,568

11,116

34,052

(19,871

)

(6,922

)

11,968

56,698

Adjusted operating earnings (loss)

20,874

29,761

19,968

35,145

(14,500

)

(6,615

)

26,342

58,291

Adjusted operating earnings (loss), excluding Stuart Weitzman

20,874

29,761

31,026

35,145

(14,500

)

(6,615

)

37,400

58,291

Operating margin

4.9

6.9

2.9

10.5

n/m

1.5

7.7

Adjusted operating margin

5.0

6.9

5.2

10.9

n/m

3.3

7.9

Adjusted operating margin, excluding Stuart Weitzman

5.0

6.9

9.2

10.9

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

—

1,020

962

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

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

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

174,309

183,825

154,719

141,559

921

1,576

329,949

326,960

Charges/Other Items:

Stuart Weitzman acquisition and integration costs

—

7,669

—

7,669

—

Total charges/other items

—

7,669

—

7,669

—

Adjusted gross profit

174,309

183,825

162,388

141,559

921

1,576

337,618

326,960

Stuart Weitzman

Stuart Weitzman gross profit

—

21,118

—

21,118

—

Adjusted gross profit, excluding Stuart Weitzman

174,309

183,825

141,270

141,559

921

1,576

316,500

326,960

Operating earnings (loss)

20,723

29,568

11,116

34,052

(19,871

)

(6,922

)

11,968

56,698

Charges/Other Items:

Stuart Weitzman acquisition and integration costs

—

8,019

—

3,474

—

11,493

—

Expense reduction initiatives

151

—

833

—

1,897

—

2,881

—

Restructuring costs

—

193

—

1,093

—

307

—

1,593

Total charges/other items

151

193

8,852

1,093

5,371

307

14,374

1,593

Adjusted operating earnings (loss)

20,874

29,761

19,968

35,145

(14,500

)

(6,615

)

26,342

58,291

Stuart Weitzman

Stuart Weitzman operating loss (2)

—

(11,058

)

—

(11,058

)

—

Adjusted operating earnings (loss), excluding Stuart Weitzman

20,874

29,761

31,026

35,145

(14,500

)

(6,615

)

37,400

58,291

Represents the operating loss of Stuart Weitzman, adjusted for Stuart Weitzman acquisition and integration costs.

SCHEDULE 5

CALERES, INC.

SUMMARY FINANCIAL RESULTS BY SEGMENT

SUMMARY FINANCIAL RESULTS

(Unaudited)

Thirty-Nine Weeks Ended

Famous Footwear

Brand Portfolio

Eliminations and Other

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

1,146,020

1,198,105

954,726

925,644

(37,955

)

(40,293

)

2,062,791

2,083,456

Net sales, excluding Stuart Weitzman (1)

1,146,020

1,198,105

908,901

925,644

(37,955

)

(40,293

)

2,016,966

2,083,456

Gross profit

497,481

534,166

395,060

411,255

1,897

1,513

894,438

946,934

Adjusted gross profit

497,481

534,166

402,729

411,255

1,897

1,513

902,107

946,934

Adjusted gross profit, excluding Stuart Weitzman

497,481

534,166

381,611

411,255

1,897

1,513

880,989

946,934

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)

44,248

80,808

35,180

99,097

(46,584

)

(37,919

)

32,844

141,986

Adjusted operating earnings (loss)

44,521

81,001

45,825

100,190

(35,745

)

(37,612

)

54,601

143,579

Adjusted operating earnings (loss), excluding Stuart Weitzman

44,521

81,001

56,883

100,190

(35,745

)

(37,612

)

65,659

143,579

Operating margin

3.9

6.7

3.7

10.7

n/m

1.6

6.8

Adjusted operating margin

3.9

6.8

4.8

10.8

n/m

2.6

6.9

Adjusted operating margin, excluding Stuart Weitzman

3.9

6.8

6.3

10.8

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

—

1,020

962

n/m – Not meaningful

SCHEDULE 5

CALERES, INC.

SUMMARY FINANCIAL RESULTS BY SEGMENT

RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)

(Unaudited)

Thirty-Nine Weeks Ended

Famous Footwear

Brand Portfolio

Eliminations and Other

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

497,481

534,166

395,060

411,255

1,897

1,513

894,438

946,934

Charges/Other Items:

Stuart Weitzman acquisition and integration costs

—

7,669

—

7,669

—

Total charges/other items

—

7,669

—

7,669

—

Adjusted gross profit

497,481

534,166

402,729

411,255

1,897

1,513

902,107

946,934

Stuart Weitzman

Stuart Weitzman gross profit

—

21,118

—

21,118

—

Adjusted gross profit, excluding Stuart Weitzman

497,481

534,166

381,611

411,255

1,897

1,513

880,989

946,934

Operating earnings (loss)

44,248

80,808

35,180

99,097

(46,584

)

(37,919

)

32,844

141,986

Charges/Other Items:

Stuart Weitzman acquisition and integration costs

—

8,019

—

6,360

—

14,379

—

Expense reduction initiatives

273

—

2,626

—

4,479

—

7,378

—

Restructuring costs

—

193

—

1,093

—

307

—

1,593

Total charges/other items

273

193

10,645

1,093

10,839

307

21,757

1,593

Adjusted operating earnings (loss)

44,521

81,001

45,825

100,190

(35,745

)

(37,612

)

54,601

143,579

Stuart Weitzman

Stuart Weitzman operating loss (2)

—

(11,058

)

—

(11,058

)

—

Adjusted operating earnings (loss), excluding Stuart Weitzman

44,521

81,001

56,883

100,190

(35,745

)

(37,612

)

65,659

143,579

SCHEDULE 6

CALERES, INC.

BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION

(Unaudited)

Thirteen 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

1,434

41,119

14,440

102,190

Net loss attributable to noncontrolling interests

952

308

1,602

135

Net earnings attributable to Caleres, Inc.

2,386

41,427

16,042

102,325

Net earnings allocated to participating securities

(99

)

(1,417

)

(608

)

(3,721

)

Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities

2,287

40,010

15,434

98,604

Basic and diluted common shares attributable to Caleres, Inc.:

Basic common shares

32,519

33,435

32,512

33,704

Dilutive effect of share-based awards

125

106

125

106

Diluted common shares attributable to Caleres, Inc.

32,644

33,541

32,637

33,810

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

SCHEDULE 7

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION

(Unaudited)

Thirteen 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

12,113

42,302

30,602

103,373

Net loss attributable to noncontrolling interests

952

308

1,602

135

Adjusted net earnings attributable to Caleres, Inc.

13,065

42,610

32,204

103,508

Net earnings allocated to participating securities

(529

)

(1,458

)

(1,235

)

(3,765

)

Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities

12,536

41,152

30,969

99,743

Basic and diluted common shares attributable to Caleres, Inc.:

Basic common shares

32,519

33,435

32,512

33,704

Dilutive effect of share-based awards

125

106

125

106

Diluted common shares attributable to Caleres, Inc.

32,644

33,541

32,637

33,810

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

SCHEDULE 8

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE, EXCLUDING STUART WEITZMAN RECONCILIATION

(Unaudited)

Thirteen 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

21,939

42,302

40,428

103,373

Net loss attributable to noncontrolling interests

952

308

1,602

135

Adjusted net earnings, excluding Stuart Weitzman, attributable to Caleres, Inc.

22,891

42,610

42,030

103,508

Net earnings allocated to participating securities

(924

)

(1,458

)

(1,617

)

(3,765

)

Adjusted net earnings, excluding Stuart Weitzman, attributable to Caleres, Inc. after allocation of earnings to participating securities

21,967

41,152

40,413

99,743

Basic and diluted common shares attributable to Caleres, Inc.:

Basic common shares

32,519

33,435

32,512

33,704

Dilutive effect of share-based awards

125

106

125

106

Diluted common shares attributable to Caleres, Inc.

32,644

33,541

32,637

33,810

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

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)

(Unaudited)

Fiscal 2025 Guidance

Low

High

GAAP diluted earnings (loss) per share

(0.18

)

(0.13

)

Charges/other items

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