Caleres Reports First Quarter 2026 Results

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

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“We were pleased to report first quarter sales at the top end and earnings ahead of our guidance, reflecting the strength of our strategic growth vectors and broad-based momentum across our Brand Portfolio,” said Jay Schmidt, president and chief executive officer. “Within Brand Portfolio, we delivered growth across channels and geographies, with Lead Brands continuing to outperform, meaningful gross margin expansion, and further cross-category market share gains. At Famous Footwear, while results were more challenging amid a softer consumer and macroeconomic backdrop, we grew our e-Commerce business, made progress with our elevate-and-edit strategy, delivered even stronger outperformance from our FLAIR stores, and gained slight market share in Shoe Chains both overall and in Kids.”

“The first quarter was an encouraging first step toward a build-back year for Caleres. We continue to expect modest sales growth and meaningful earnings growth in 2026. Our Brand Portfolio momentum has strengthened, with profitability supported by favorable mix, successful tariff mitigation actions, and disciplined execution. For the balance of the year, we are focused on maximizing the strong sales and earnings trends in our Brand Portfolio, improving Stuart Weitzman earnings, and elevating product and enhancing shopping experiences at Famous Footwear. Longer term, we believe that disciplined execution of our strategic plans will improve financial performance and create long-term value for our shareholders.”

First Quarter 2026 Results

(13 weeks ended May 2, 2026, compared to 13 weeks ended May 3, 2025)

• Net sales were $666.6 million, up 8.5% versus first quarter 2025, and $622.7 million when excluding Stuart Weitzman, up 1.4% versus first quarter 2025.
  • Brand Portfolio net sales increased 20.6% to last year, and 5.8% when excluding Stuart Weitzman.

  • Famous Footwear net sales decreased 2.5% to last year, with comparable sales down 2.3%.

  • Direct-to-consumer sales represented approximately 67% of total net sales.

• Gross profit was $315.5 million with gross margin of 47.3%, up 200 basis points to last year. Excluding Stuart Weitzman, adjusted gross profit was $291.2 million, with adjusted gross margin of 46.8%, up 140 basis points to last year.
  • Brand Portfolio gross margin was 49.0%, up 520 basis points to last year.

  • Famous Footwear gross margin was 43.8%, down 150 basis points to last year.

• Selling and administrative expenses were $293.7 million, or 44.1% of net sales, deleveraged 70 basis points to last year, primarily reflecting $25.6 million in expenses related to Stuart Weitzman. Excluding Stuart Weitzman, selling and administrative expenses were $268.1 million, or 43.1% of net sales, down 30 basis points to last year.

• GAAP net earnings were $14.3 million, or $0.42 per diluted share, compared to $6.9 million, or $0.21 per diluted share, last year. Adjusted net earnings were $12.7 million, or $0.38 per diluted share, compared to adjusted net earnings of $7.4 million, or $0.22 per diluted share, last year.

• Inventory was $609.1 million at quarter-end, up $35 million to last year. Excluding Stuart Weitzman, inventory was down $22.7 million.

• Borrowings under the asset-based revolving credit facility were $347.5 million at quarter-end, and liquidity was $229.2 million.

Second Quarter & Full Year Outlook

For second quarter 2026, we expect consolidated net sales to increase mid-to-high-single digits versus last year. Brand Portfolio sales are anticipated to increase in the mid-twenties percent range, with low-double-digit organic growth. Famous Footwear sales and comparable sales are expected to be down mid-single digits. Gross margin is expected to improve 345 to 375 basis points, reflecting tariff mitigation efforts and lower current tariff rates. We anticipate a second quarter tax rate of 26% to 27%. We expect GAAP earnings per diluted share of $0.32 to $0.38.

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, and mid-single digits organically. Famous Footwear sales and comparable sales are expected to be down low-to-mid-single digits. Consolidated gross margin is expected to improve 220 to 260 basis points. We anticipate interest expense of approximately $18 million, a full-year tax rate of 27% to 28%, and capital expenditures of $50 to $55 million. We expect GAAP earnings per diluted share of $1.44 to $1.69, and adjusted earnings per diluted share of $1.40 to $1.65.

Second Quarter Outlook
Net Sales	Up mid-to-high single digits
Gross Margin	Up 345 to 375 bps
Tax Rate	26% to 27%
GAAP EPS	$0.32 to $0.38

Full Year Outlook
Net Sales	Up low to mid-single digits
Gross Margin	Up 220 to 260 bps
Interest Expense	~$18 million
Tax Rate	27% to 28%
GAAP EPS	$1.44 to $1.69
Adjusted EPS	$1.40 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, Thursday, June 4, 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 June 18, 2026, by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the pin 13760681.

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 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
($ thousands, except per share data)		May 2, 2026				May 3, 2025
Net sales		$	666,599			$	614,221
Cost of goods sold			351,127				335,527
Gross profit			315,472				278,694
Selling and administrative expenses			293,729				266,483
Restructuring and other special charges, net			(2,126	)			627
Operating earnings			23,869				11,584
Interest expense, net			(4,682	)			(3,795	)
Other income, net			1,166				686
Earnings before income taxes			20,353				8,475
Income tax provision			(6,603	)			(2,529	)
Net earnings			13,750				5,946
Net loss attributable to noncontrolling interests			(527	)			(997	)
Net earnings attributable to Caleres, Inc.		$	14,277			$	6,943
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	0.42			$	0.21
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	0.42			$	0.21

SCHEDULE 2

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

		(Unaudited)
($ thousands)		May 2, 2026			May 3, 2025
ASSETS
Cash and cash equivalents		$	37,737		$	33,139
Receivables, net			173,912			160,433
Inventories, net			609,102			573,615
Property and equipment, held for sale			—			16,777
Prepaid expenses and other current assets			91,847			62,428
Total current assets			912,598			846,392
Lease right-of-use assets			571,812			559,713
Property and equipment, net			201,691			185,069
Goodwill and intangible assets, net			201,884			189,515
Other assets			134,101			127,007
Total assets		$	2,022,086		$	1,907,696
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement		$	347,500		$	258,500
Trade accounts payable			190,514			212,514
Lease obligations			126,715			118,781
Other accrued expenses			218,505			180,461
Total current liabilities			883,234			770,256
Noncurrent lease obligations			475,069			472,981
Other liabilities			44,411			51,555
Total other liabilities			519,480			524,536
Total Caleres, Inc. shareholders’ equity			612,076			605,179
Noncontrolling interests			7,296			7,725
Total equity			619,372			612,904
Total liabilities and equity		$	2,022,086		$	1,907,696

SCHEDULE 3

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		(Unaudited)
($ thousands)		May 2, 2026				May 3, 2025
OPERATING ACTIVITIES:
Net cash used for operating activities		$	(27,779	)		$	(5,657	)
INVESTING ACTIVITIES:
Purchases of property and equipment			(11,193	)			(20,542	)
Proceeds from sale of headquarters			3,951				—
Capitalized software			(1,080	)			(604	)
Adjustment to acquisition of Stuart Weitzman			(307	)			—
Net cash used for investing activities			(8,629	)			(21,146	)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement			125,250				135,500
Repayments under revolving credit agreement			(74,250	)			(96,500	)
Dividends paid			(2,354	)			(2,362	)
Acquisition of treasury stock			(3,123	)			(5,044	)
Issuance of common stock under share-based plans, net			(2,083	)			(3,067	)
Contributions by noncontrolling interests			850				1,750
Net cash provided by financing activities			44,290				30,277
Effect of exchange rate changes on cash and cash equivalents			86				29
Increase in cash and cash equivalents			7,968				3,503
Cash and cash equivalents at beginning of period			29,769				29,636
Cash and cash equivalents at end of period		$	37,737			$	33,139

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
		May 2, 2026												May 3, 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						$	14,277			$	0.42						$	6,943		$	0.21
Charges/other items:
Stuart Weitzman acquisition and integration costs		$	1,814				1,347				0.03			$	627			466			0.01
Gain on sale of corporate headquarters			(3,940	)			(2,926	)			(0.07	)
Total charges/other items		$	(2,126	)		$	(1,579	)		$	(0.04	)		$	627		$	466		$	0.01
Adjusted earnings						$	12,698			$	0.38						$	7,409		$	0.22

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

		(Unaudited)
		Thirteen Weeks Ended
		Famous Footwear								Brand Portfolio								Eliminations and Other								Consolidated
		May 2,				May 3,				May 2,				May 3,				May 2,				May 3,				May 2,				May 3,
($ thousands)		2026				2025				2026				2025				2026				2025				2026				2025
Net sales		$	319,321			$	327,676			$	356,269			$	295,395			$	(8,991	)		$	(8,850	)		$	666,599			$	614,221
Net sales, excluding Stuart Weitzman (1)			319,321				327,676				312,408				295,395				(8,991	)			(8,850	)			622,738				614,221
Gross profit			140,006				148,441				174,510				129,287				956				966				315,472				278,694
Adjusted gross profit			140,006				148,441				174,510				129,287				956				966				315,472				278,694
Adjusted gross profit, excluding Stuart Weitzman			140,006				148,441				150,285				129,287				956				966				291,247				278,694
Gross margin			43.8	%			45.3	%			49.0	%			43.8	%			(10.6	)%			(10.9	)%			47.3	%			45.4	%
Adjusted gross margin			43.8	%			45.3	%			49.0	%			43.8	%			(10.6	)%			(10.9	)%			47.3	%			45.4	%
Adjusted gross margin, excluding Stuart Weitzman			43.8	%			45.3	%			48.1	%			43.8	%			(10.6	)%			(10.9	)%			46.8	%			45.4	%
Operating earnings (loss)			(437	)			4,974				39,091				17,415				(14,785	)			(10,805	)			23,869				11,584
Adjusted operating earnings (loss)			(437	)			4,974				39,548				17,415				(17,368	)			(10,178	)			21,743				12,211
Adjusted operating earnings (loss), excluding Stuart Weitzman			(437	)			4,974				40,986				17,415				(17,368	)			(10,178	)			23,181				12,211
Operating margin			(0.1	)%			1.5	%			11.0	%			5.9	%			n/m	%			n/m	%			3.6	%			1.9	%
Adjusted operating margin			(0.1	)%			1.5	%			11.1	%			5.9	%			n/m	%			n/m	%			3.3	%			2.0	%
Adjusted operating margin, excluding Stuart Weitzman			(0.1	)%			1.5	%			13.1	%			5.9	%			n/m	%			n/m	%			3.7	%			2.0	%
Comparable sales % (on a 13-week basis)			(2.3	)%			(4.6	)%			6.8	%			(1.2	)%			—	%			—	%			—	%			—	%
Company-operated stores, end of period			812				835				184				115				—				—				996				950

n/m – Not meaningful
(1)		Stuart Weitzman net sales were $43.9 million in the thirteen weeks ended May 2, 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
		May 2,				May 3,			May 2,				May 3,			May 2,				May 3,				May 2,				May 3,
($ thousands)		2026				2025			2026				2025			2026				2025				2026				2025
Gross profit		$	140,006			$	148,441		$	174,510			$	129,287		$	956			$	966			$	315,472			$	278,694
Charges/Other Items:
Stuart Weitzman acquisition and integration costs			—				—			—				—			—				—				—				—
Total charges/other items			—				—			—				—			—				—				—				—
Adjusted gross profit		$	140,006			$	148,441		$	174,510			$	129,287		$	956			$	966			$	315,472			$	278,694
Stuart Weitzman
Stuart Weitzman gross profit			—				—			24,225				—			—				—				24,225				—
Adjusted gross profit, excluding Stuart Weitzman		$	140,006			$	148,441		$	150,285			$	129,287		$	956			$	966			$	291,247			$	278,694
Operating earnings (loss)		$	(437	)		$	4,974		$	39,091			$	17,415		$	(14,785	)		$	(10,805	)		$	23,869			$	11,584
Charges/Other Items:
Stuart Weitzman acquisition and integration costs			—				—			457				—			1,357				627				1,814				627
Gain on sale of corporate headquarters			—				—			—				—			(3,940	)			—				(3,940	)			—
Total charges/other items			—				—			457				—			(2,583	)			627				(2,126	)			627
Adjusted operating earnings (loss)		$	(437	)		$	4,974		$	39,548			$	17,415		$	(17,368	)		$	(10,178	)		$	21,743			$	12,211
Stuart Weitzman
Stuart Weitzman operating loss (2)			—				—			(1,438	)			—			—				—				(1,438	)			—
Adjusted operating earnings (loss), excluding Stuart Weitzman		$	(437	)		$	4,974		$	40,986			$	17,415		$	(17,368	)		$	(10,178	)		$	23,181			$	12,211

(2)

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

SCHEDULE 6

CALERES, INC.

BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION

		(Unaudited)
		Thirteen Weeks Ended
		May 2, 2026				May 3, 2025
($ thousands, except per share data)
Net earnings attributable to Caleres, Inc.:
Net earnings		$	13,750			$	5,946
Net loss attributable to noncontrolling interests			527				997
Net earnings attributable to Caleres, Inc.			14,277				6,943
Net earnings allocated to participating securities			(452	)			(241	)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	13,825			$	6,702
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			32,620				32,523
Dilutive effect of share-based awards			130				128
Diluted common shares attributable to Caleres, Inc.			32,750				32,651
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	0.42			$	0.21
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	0.42			$	0.21

SCHEDULE 7

CALERES, INC.

BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION

		(Unaudited)
		Thirteen Weeks Ended
		May 2, 2026				May 3, 2025
($ thousands, except per share data)
Adjusted net earnings attributable to Caleres, Inc.:
Adjusted net earnings		$	12,171			$	6,412
Net loss attributable to noncontrolling interests			527				997
Adjusted net earnings attributable to Caleres, Inc.			12,698				7,409
Net earnings allocated to participating securities			(400	)			(241	)
Adjusted net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	12,298			$	7,168
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			32,620				32,523
Dilutive effect of share-based awards			130				128
Diluted common shares attributable to Caleres, Inc.			32,750				32,651
Basic adjusted earnings per common share attributable to Caleres, Inc. shareholders		$	0.38			$	0.22
Diluted adjusted earnings per common share attributable to Caleres, Inc. shareholders		$	0.38			$	0.22

SCHEDULE 8

CALERES, INC.

RECONCILIATION OF DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)

		(Unaudited)						(Unaudited)
		Second Quarter 2026 Guidance						Fiscal 2026 Guidance
		Low			High			Low				High
GAAP diluted earnings per share		$	0.32		$	0.38		$	1.44			$	1.69
Stuart Weitzman acquisition and integration costs			—			—			0.03				0.03
Gain on sale of corporate headquarters			—			—			(0.07	)			(0.07	)
Adjusted diluted earnings per share		$	0.32		$	0.38		$	1.40			$	1.65

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604758601/en/