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SECOND QUARTER 2025 SEPTEMBER 4, 2025
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UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation 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. SAFE HARBOR
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4 ELEVATED ASSORTMENT AT FAMOUS FOOTWEAR ACCELERATE SOURCING MIGRATION COMPLETED STUART WEITZMAN ACQUISITION STRUCTURAL COST SAVINGS Jordan and Other New Additions China Sourcing Dollars Down to 15% in Back Half of 2025 New Lead Brand, Enhances DTC and International Achieved $15M in Annualized, Structural Savings KEY ACCOMPLISHMENTS INTERNATIONAL GROWTH Double-Digit Growth with Significant Opportunity LEAD BRANDS AND DTC Key Strategic Growth Vectors Outperformed
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ADJUSTED EARNINGS PER SHARE*inMillionsof$ SALES % ofNetSales ADJUSTED OPERATING MARGIN* inMillionsof$ INVENTORY CALERES OVERVIEW – 2Q25 $738 $696 $683 $659 9.3% 7.4% 6.2% 2.4% $661 $661 $693 $1.38 $0.98 $0.85 $0.35 2Q22 2Q252Q23 2Q24 2Q22 2Q252Q23 2Q24 2Q22 2Q252Q23 2Q24 2Q22 2Q252Q23 2Q24 $771 *See Appendix for reconciliation tables
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GROSS MARGIN 43.4 % Down 210 bps vs 2Q24 vs 2Q24 TTM ADJUSTED EBITDA $163 M INVENTORY +5 % 6.1% of sales 2Q25 AT A GLANCE SALES $659 M Down 3.6% vs 2Q24 SG&A $ 270 M ADJUSTED EPS $0.35 Up slightly vs 2Q24
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$276 M SALES Down 3.5% vs 2Q24, including $10M impact from tariffs 40.3 % GROSS MARGIN Down 240 bps vs 2Q24 3.1 % MARKET SHARE + 0.5 % In Women’s Fashion Footwear vs 2Q24, and +0.15% in total market vs 2Q24* OPERATING MARGIN *Source: Circana, LLC, Retail Tracking Service, US, Total Footwear and Women's Fashion Footwear, Dollar Sales, 3 Months Ending July 2025 vs. 3 Months Ending July 2024 BRAND PORTFOLIO 2Q25
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$400 M SALES Down 4.9% YOY, with comparable sales down 3.4% 43.7 % GROSS MARGIN Down 130 bps YOY +0.3 p t s Within shoe chains in Q2, while total business gained +0.1pts within shoe chains* KIDS MARKET SHARE TOTAL KIDS 21% Of total business FAMOUS FOOTWEAR 2Q25 *Source: Circana, LLC, Retail Tracking Service, US, Total Footwear, Dollar Sales, 3 Months Ending July 2025 vs. 3 Months Ending July 2024
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COST SAVINGS PARTNERING WITH CONSULTING FIRM TO EXPLORE ADDITIONAL STRUCTURAL COST SAVINGS ACROSS PORTFOLIO SG&A MODEST INCREASE IN Q3 VS LY MORE BENEFITS IN Q4 FROM COMPLETED RESTRUCTURING 2H25 OUTLOOK (excludes Stuart Weitzman acquisition) FAMOUS FOOTWEAR COMP SALES UP 1% IN AUGUST DOWN LOW-SINGLE DIGITS IN SEPTEMBER AND OCTOBER BRAND PORTFOLIO GROSS MARGIN Q3 DOWN SIMILAR TO Q2 Q4 TREND IMPROVES AS MITIGATION STRATEGY BENEFITS REALIZED
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10 APPENDIX
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FPO
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15 THANK YOU