Form 8-K

8-K — CALERES INC

Accession: 0000014707-26-000138

Filed: 2026-09-09

Period: 2026-09-09

CIK: 0000014707

SIC: 3140 (FOOTWEAR, (NO RUBBER))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cal-20260909x8k.htm (Primary)

EX-99.1 (cal-20260909xex99d1.htm)

GRAPHIC (cal-20260909xex99d1001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cal-20260909x8k.htm · Sequence: 1

CALERES, INC._September 9, 2026

0000014707false00000147072026-09-092026-09-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) September 9, 2026

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

Trading Symbol(s)

Name of each exchange on which registered

Common Stock - par value of $0.01 per share

CAL

New York Stock Exchange

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On September 9, 2026, Caleres, Inc. (the "Company") issued a press release (the "Press Release") announcing, among other things, its results of operations for the quarter ended August 1, 2026. 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

Description

99.1

Press Release Issued September 9, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

CALERES, INC.

(Registrant)

Date: September 9, 2026

/s/ Thomas C. Burke

Thomas C. Burke

Senior Vice President, General Counsel and Secretary

EX-99.1

Filename: cal-20260909xex99d1.htm · Sequence: 2

Exhibit 99.1

September 9, 2026

Caleres Reports Second Quarter 2026 Results

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%.

o Brand Portfolio sales growth was broad-based, up 23.6% and 8.2% organically.

o International up 57.0% and 18.2% organically.

o Stuart Weitzman tracking in line with our expectations.

o 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.

Sam Edelman Alie Ballet Flats

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.

“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.

o Brand Portfolio net sales increased 23.6% to last year, and 8.2% when excluding Stuart Weitzman.

o Famous Footwear net sales decreased 6.3% to last year, with comparable sales down 5.9%.

o 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.

o Brand Portfolio adjusted gross margin was 49.1%, up 880 basis points to last year.

o 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)

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)

380,975

285,795

Adjusted gross profit

159,808

174,731

167,192

111,055

(1,587)

325,413

285,795

Adjusted gross profit, excluding Stuart Weitzman

159,808

174,731

146,722

111,055

(1,587)

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

11.2

1.4

Adjusted operating margin

1.4

4.7

10.5

3.1

n/m

3.2

2.4

Adjusted operating margin, excluding Stuart Weitzman

1.4

4.7

13.0

3.1

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)

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)

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)

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

7.5

1.6

Adjusted operating margin

0.7

3.3

10.8

4.5

n/m

3.2

2.2

Adjusted operating margin, excluding Stuart Weitzman

0.7

3.3

13.1

4.5

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)

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)

Stuart Weitzman acquisition and integration costs

—

0.04

Gain on sale of corporate headquarters

—

(0.09)

Adjusted diluted earnings per share

0.62

0.70

1.50

1.65

Investor Contact:

Liz Dunn

ldunn@caleres.com

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