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CALERES * 5 * NEWS RELEASE Caleres Reports Second Quarter 2021 Results 8/31/2021 Drove sequential sales growth and significant gross margin improvement Achieved all - time record quarterly earnings • Paid down an additional $ 100 million of debt Expects fiscal full - year 2021 adjusted earnings per share of between $ 3.25 to $ 3.50 ● ● ● ST . LOUIS -- ( BUSINESS WIRE ) -- Caleres ( NYSE : CAL , caleres.com ) , operating a powerful portfolio of consumer - centric footwear brands , today reported financial results for the second quarter ended July 31 , 2021. During the quarter , through its laser focus on the consumer's evolving preferences and ongoing efforts to drive growth across its omni channel ecosystem , Caleres continued to capitalize on positive consumer demand trends and an accelerated recovery in the footwear marketplace , achieving sequential growth in both revenues and gross margin and delivering its most profitable quarter ever . The company made excellent progress toward its balance sheet goals , paying down $ 100 million of debt bringing its total amount of debt reduction to $ 340 million since early 2020 , reducing its credit facility borrowings to $ 100 million at quarter end . ' The Caleres team continued to execute at a high level during the quarter , achieving another significant sequential increase in sales and delivering earnings well in excess of pre - pandemic levels , " said Diane Sullivan , Chairman and Chief Executive Officer . " This exceptional performance was led by record - setting quarterly results at Famous Footwear , which in a single quarter delivered operating earnings that exceeded full year 2019. Driving these results , Famous Footwear achieved a more than eight - percent increase in revenue , a more than 100 - percent increase in return on sales , and a 670 - basis - point increase in gross margin to reach approximately 50 percent versus the same period of 2019. Complementing Famous Footwear's outstanding performance , our Brand Portfolio surpassed its operating earnings for the same period of 2019 , led by strong and improving earnings results from key leadership and emerging brands , including Vionic , Sam Edelman , Allen Edmonds and Blowfish Malibu . Second Quarter 2021 Highlights 1