Earnings release
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NEWS RELEASE Caleres Reports Second Quarter 2026 Results 2026-09-09 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%. Brand Portfolio sales growth was broad-based, up 23.6% and 8.2% organically. International up 57.0% and 18.2% organically. Stuart Weitzman tracking in line with our expectations. 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 tari refunds. Excluding tari 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. ST. LOUIS--(BUSINESS WIRE)-- Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported nancial results for the second quarter 2026. 1
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Sam Edelman Alie Ballet Flats “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 o cer. “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 at." “Despite the shift in Back-to-School, Caleres delivered strong pro t 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. Brand Portfolio net sales increased 23.6% to last year, and 8.2% when excluding Stuart Weitzman. Famous Footwear net sales decreased 6.3% to last year, with comparable sales down 5.9%. Direct-to-consumer sales represented approximately 71% of total net sales. GAAP gross pro t was $381.0 million, with gross margin of 54.8%, up 1,140 basis points to last year, fueled by $55.6 million in tari refunds. Excluding tari refunds, adjusted gross pro t was $325.4 million, or 46.8% of net sales, up 340 basis points to last year. Brand Portfolio adjusted gross margin was 49.1%, up 880 basis points to last year. 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 re ecting 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 tari refunds, were $16.1 million, or $0.47 per 2
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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, re ecting tari mitigation e orts and lower current tari 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 digitsGross Margin Up 150 to 200 bpsTax Rate 23% to 25%GAAP EPS $0.62 to $0.70 Full Year Outlook Net Sales Up low-to-mid-single digitsGross Margin Up 180 to 220 bpsInterest Expense$16 to $17 millionTax Rate 24% to 26%GAAP EPS $2.80 to $2.95Adjusted EPS $1.50 to $1.65Capital 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 3
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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 t, while our mission is to continue to inspire people to feel great… feet rst. Visit caleres.com to learn more about us. De nitions All references in this press release, outside of the condensed consolidated nancial 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 nancial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP nancial measures. In particular, the company provides estimated and future gross pro t, operating earnings (loss), net earnings and earnings per diluted share, adjusted to exclude certain gains, charges and tari refund recoveries and the nancial results of the acquired Stuart Weitzman business, which are non-GAAP nancial measures. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP nancial 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 4
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performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to di er materially. These risks include (i) changes in United States and international trade policies, including tari s and trade restrictions; (ii) changing consumer demands, which may be in uenced by general economic conditions and other factors; (iii) in ationary 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 uctuations; (viii) political and economic conditions or other threats to the continued and uninterrupted ow of inventory from China and other countries, where the company relies heavily on third- party manufacturing facilities for a signi cant 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 1CALERES, INC.CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Thirteen Weeks EndedTwenty-Six Weeks Ended ($ thousands, except per share amounts)August 1, 2026August 2, 2025August 1, 2026August 2, 2025 Net sales $ 695,454$ 658,519$ 1,362,053$ 1,272,740 Cost of goods sold 314,479372,724665,606708,251 Gross pro t 380,975285,795696,447564,489 Selling and administrative expenses303,361269,747597,090536,230 Restructuring and other special charges, net— 6,756 (2,126) 7,383 Operating earnings 77,614 9,292101,48320,876 Interest expense, net (4,387) (4,497) (9,068) (8,291) Other income, net 4,504 993 5,670 1,677 77731 5788 98085 14262 5
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Earnings before income taxes 77,731 5,788 98,08514,262 Income tax (provision) bene t (18,310) 1,273 (24,913) (1,256) Net earnings 59,421 7,061 73,17213,006 Net earnings (loss) attributable to noncontrolling interests779 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 2CALERES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ($ thousands) August 1, 2026August 2, 2025 ASSETS Cash and cash equivalents $ 50,920$ 191,494Receivables, net 152,966 136,070Inventories, net 754,241 693,282Property and equipment, held for sale — 16,777 Prepaid expenses and other current assets 90,557 61,795 Total current assets 1,048,6841,099,418 Lease right-of-use assets 557,041 551,167Property and equipment, net 198,215 185,628Goodwill 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$ 387,500Trade accounts payable 284,726 296,327Lease obligations 123,229 115,837 Other accrued expenses 247,171 215,423 Total current liabilities 943,1261,015,087 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 3CALERES, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6
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(Unaudited) ($ thousands) August 1, 2026August 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 agreement207,850 643,500Repayments 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 nancing activities(17,630) 154,221 E ect of exchange rate changes on cash and cash equivalents(77) 63 Increase in cash and cash equivalents 21,151 161,858 Cash and cash equivalents at beginning of period29,769 29,636 Cash and cash equivalents at end of period$ 50,920$ 191,494 SCHEDULE 4CALERES, INC.RECONCILIATION OF NET EARNINGS AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NETEARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) (Unaudited) Thirteen Weeks Ended August 1, 2026 August 2, 2025 Pre-TaxNet EarningsPre-TaxNet EarningsImpact ofAttributableDilutedImpact ofAttributableDilutedCharges/Otherto Caleres,EarningsCharges/Otherto Caleres,Earnings($ thousands, except per share data)Items Inc. Per ShareItems Inc. Per Share GAAP earnings $ 58,642$ 1.71 $ 6,713$ 0.20Charges/other items:Tari refund recovery(1) $ (57,354) (42,591) (1.24) $ — — —Stuart Weitzman acquisition and integration costs— — — 2,2591,678 0.05 Expense reduction initiatives— — — 4,4973,339 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-TaxNet EarningsPre-TaxNet EarningsImpact ofAttributableDilutedImpact ofAttributableDilutedCharges/Otherto Caleres,EarningsCharges/Otherto Caleres,Earnings($ thousands, except per share data)Items Inc. Per ShareItems Inc. Per Share GAAP earnings $ 72,920$ 2.14 $ 13,656$ 0.40Charges/other items:Tari refund recovery(1) $ (57,354) (42,591) (1.25) $ — — —Stuart Weitzman acquisition and integration costs1,814 1,347 0.04 2,8862,143 0.06Gi l f thd t (3940) (2926) (009) 7
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Gain on sale of corporate headquarters(3,940) (2,926) (0.09) — — — Expense reduction initiatives— — — 4,4973,339 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)Tari refund recovery includes $55.6 million of IEEPA tari recoveries, which are re ected in Cost of goods sold, and $1.8 million of interestreceived, which is included in Other income, net. SCHEDULE 5CALERES, INC.SUMMARY FINANCIAL RESULTS BY SEGMENT SUMMARY FINANCIAL RESULTS (Unaudited) Thirteen Weeks Ended Famous FootwearBrand PortfolioEliminations and OtherConsolidated August 1,August 2,August 1,August 2,August 1,August 2,August 1,August 2, ($ thousands) 2026 2025 2026202520262025 20262025 Net sales $374,360$399,593$340,597$275,620$ (19,503)$ (16,694) $695,454$658,519Net sales, excluding StuartWeitzman (1) 374,360399,593298,104275,620(19,503) (16,694) 652,961658,519Gross pro t 159,808174,731222,754111,055(1,587) 9 380,975285,795Adjusted gross pro t159,808174,731167,192111,055(1,587) 9 325,413285,795Adjusted gross pro t, excludingStuart Weitzman159,808174,731146,722111,055(1,587) 9 304,943285,795Gross margin 42.7% 43.7% 65.4% 40.3% 8.1% (0.1)% 54.8% 43.4%Adjusted gross margin42.7% 43.7% 49.1% 40.3% 8.1% (0.1)% 46.8% 43.4%Adjusted gross margin, excludingStuart Weitzman42.7% 43.7% 49.2% 40.3% 8.1% (0.1)% 46.7% 43.4%Operating earnings (loss)5,16418,55191,2486,649(18,798) (15,908) 77,6149,292Adjusted operating earnings (loss)5,16418,67435,6868,441(18,798) (11,067) 22,05216,048Adjusted operating earnings (loss),excluding Stuart Weitzman5,16418,67438,7178,441(18,798) (11,067) 25,08316,048Operating margin1.4% 4.6% 26.8% 2.4% n/m% n/m% 11.2% 1.4%Adjusted operating margin1.4% 4.7% 10.5% 3.1% n/m% n/m% 3.2% 2.4%Adjusted operating margin,excluding Stuart Weitzman1.4% 4.7% 13.0% 3.1% n/m% n/m% 3.8% 2.4%Comparable sales % (on a 13-weekbasis) (5.9)% (3.4)% 5.7% 3.9% —% —% —% —%Company-operated stores, end ofperiod 814 830 174 118 — — 988 948 n/m – Not meaningful(1)Stuart Weitzman net sales were $42.5 million in the thirteen weeks ended August 1, 2026. SCHEDULE 5CALERESINC 8
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CALERES, INC.SUMMARY FINANCIAL RESULTS BY SEGMENT RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) (Unaudited) Thirteen Weeks Ended Famous FootwearBrand PortfolioEliminations and OtherConsolidated August 1,August 2,August 1,August 2,August 1,August 2,August 1,August 2, ($ thousands) 202620252026 20252026 2025 2026 2025 Gross pro t $159,808$174,731$222,754$111,055$ (1,587) $ 9 $380,975$285,795Charges/Other Items: Tari refund recovery— — (55,562) — — — (55,562) — Adjusted gross pro t$159,808$174,731$167,192$111,055$ (1,587) $ 9 $325,413$285,795 Stuart Weitzman Stuart Weitzman gross pro t— — 20,470 — — — 20,470 — Adjusted gross pro t, excludingStuart Weitzman$159,808$174,731$146,722$111,055$ (1,587) $ 9 $304,943$285,795 Operating earnings (loss)$ 5,164$ 18,551$ 91,248$ 6,649$ (18,798) $ (15,908) $ 77,614$ 9,292Charges/Other Items:Tari refund recovery— — (55,562) — — — (55,562) —Stuart Weitzman acquisition andintegration 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 5CALERES, INC.SUMMARY FINANCIAL RESULTS BY SEGMENT SUMMARY FINANCIAL RESULTS (Unaudited) Twenty-Six Weeks Ended Famous FootwearBrand PortfolioEliminations and OtherConsolidated August 1,August 2,August 1,August 2,August 1,August 2,August 1,August 2, ($ thousands) 2026 2025 2026202520262025 20262025 Net sales $693,681$727,269$696,867$571,015$ (28,495)$ (25,544) $1,362,053$1,272,740Net sales, excluding StuartWeitzman (2) 693,681727,269610,513571,015(28,495) (25,544) 1,275,6991,272,740Gross pro t 299,814323,173397,265240,341(632) 975696,447564,489Adjusted gross pro t299,814323,173341,703240,341(632) 975640,885564,489Adjusted gross pro t, excludingStuart Weitzman299,814323,173297,008240,341(632) 975596,190564,489Gross margin 43.2% 44.4% 57.0% 42.1% 2.2% (3.8)% 51.1% 44.4%Adjusted gross margin43.2% 44.4% 49.0% 42.1% 2.2% (3.8)% 47.1% 44.4%Adjtd i ldi 9
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Adjusted gross margin, excludingStuart Weitzman43.2% 44.4% 48.6% 42.1% 2.2% (3.8)% 46.7% 44.4%Operating earnings (loss)4,72723,525130,34024,064(33,584) (26,713) 101,48320,876Adjusted operating earnings (loss)4,72723,64875,23525,856(36,167) (21,245) 43,79528,259Adjusted operating earnings (loss),excluding Stuart Weitzman4,72723,64879,70425,856(36,167) (21,245) 48,26428,259Operating margin0.7% 3.2% 18.7% 4.2% n/m% n/m% 7.5% 1.6%Adjusted operating margin0.7% 3.3% 10.8% 4.5% n/m% n/m% 3.2% 2.2%Adjusted operating margin,excluding Stuart Weitzman0.7% 3.3% 13.1% 4.5% n/m% n/m% 3.8% 2.2%Comparable sales % (on a 26-weekbasis) (4.3)% (3.9)% 6.2% 1.1% —% —% —% —%Company-operated stores, end ofperiod 814 830 174 118 — — 988 948 n/m – Not meaningful (2) Stuart Weitzman net sales were $86.4 million in the twenty-six weeks ended August 1, 2026. SCHEDULE 5CALERES, INC.SUMMARY FINANCIAL RESULTS BY SEGMENT RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) (Unaudited) Twenty-Six Weeks Ended Famous FootwearBrand PortfolioEliminations and OtherConsolidated August 1,August 2,August 1,August 2,August 1,August 2,August 1,August 2, ($ thousands) 202620252026 20252026 2025 2026 2025 Gross pro t $299,814$323,173$397,265$240,341$ (632) $ 975$696,447$564,489Charges/Other Items: Tari refund recovery— — (55,562) — — — (55,562) — Adjusted gross pro t$299,814$323,173$341,703$240,341$ (632) $ 975$640,885$564,489 Stuart Weitzman Stuart Weitzman gross pro t— — 44,695 — — — 44,695 — Adjusted gross pro t, excludingStuart 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) $101,483$ 20,876Charges/Other Items:Tari refund recovery— — (55,562) — — — (55,562) —Stuart Weitzman acquisition andintegration costs — — 457 — 1,3572,8861,8142,886Gain on sale of corporateheadquarters — — — — (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), ldiSttWit $ 4727$ 23648$ 79704$ 25856$ (36167) $ (21245) $ 48264$ 28259 10
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excluding Stuart Weitzman$ 4,727$ 23,648$ 79,704$ 25,856$ (36,167) $ (21,245) $ 48,264$ 28,259 SCHEDULE 6CALERES, INC.BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION (Unaudited) Thirteen Weeks EndedTwenty-Six Weeks Ended August 1, 2026August 2, 2025August 1, 2026August 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 72,92013,656 Net earnings allocated to participating securities(2,358) (263) (2,745) (502) Net earnings attributable to Caleres, Inc. after allocation of earnings toparticipating securities $ 56,284$ 6,450$ 70,175$ 13,154 Basic and diluted common shares attributable to Caleres, Inc.:Basic common shares 32,66532,49432,64332,509 Dilutive e ect of share-based awards162 127 153 127 Diluted common shares attributable to Caleres, Inc.32,82732,62132,79632,636 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 7CALERES, INC.BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION (Unaudited) Thirteen Weeks EndedTwenty-Six Weeks Ended August 1, 2026August 2, 2025August 1, 2026August 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.16,05111,73028,75019,138 Net earnings allocated to participating securities(664) (461) (1,083) (711) Adjusted net earnings attributable to Caleres, Inc. after allocation of earningsto participating securities $ 15,387$ 11,269$ 27,667$ 18,427 Basic and diluted common shares attributable to Caleres, Inc.:Basic common shares 32,66532,49432,64332,509 Dilutive e ect of share-based awards162 127 153 127 Diluted common shares attributable to Caleres, Inc.32,82732,62132,79632,636 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 11
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SCHEDULE 8CALERES, INC.RECONCILIATION OF DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE(NON-GAAP BASIS) (Unaudited) (Unaudited) Third Quarter 2026 GuidanceFiscal 2026 Guidance Low High Low High GAAP diluted earnings per share$ 0.62$ 0.70$ 2.80$ 2.95Tari refund recovery — — (1.25) (1.25)Stuart Weitzman acquisition and integration costs— — 0.04 0.04Gain on sale of corporate headquarters— — (0.09) (0.09) Adjusted diluted earnings per share$ 0.62$ 0.70$ 1.50$ 1.65 Investor Contact Liz Dunn SVP, Corporate Development & Strategic Communications ldunn@caleres.com Source: Caleres 12