Caleres Inc 10-Q for FY2027 Q1

Caleres Inc (CAL)

10-Q 2026-06-09 For: 2026-05-02

Added on June 09, 2026

About this 10-Q

Caleres Inc filed this 10-Q on June 9, 2026, covering the quarter ended May 2, 2026 (FY2027 Q1).

Headline figures

Quarter ended May 2, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $666.6M; up 8.5% from $614.22M a year earlier
Net income: $14.28M; up 105.6% from net income of $6.94M a year earlier
Diluted EPS: $0.42; up 100.0% from $0.21 a year earlier

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☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended May 2, 2026

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____________ to _____________


CALERES, INC.
(Exact name of registrant as specified in its charter)

New York	43-0197190
(State or other jurisdiction	(IRS Employer Identification Number)
of incorporation or organization)

8300 Maryland Avenue	63105
St. Louis, Missouri	(Zip Code)
(Address of principal executive offices)

(314) 854-4000
(Registrant’s telephone number, including area code)


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


Large accelerated filer ☐	Accelerated filer ☑
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

INDEX

PART I		Page
Item 1	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Earnings	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Statements of Cash Flows	6
	Condensed Consolidated Statements of Shareholders’ Equity	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4	Controls and Procedures	37

PART II		37
Item 1	Legal Proceedings	37
Item 1A	Risk Factors	38
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3	Defaults Upon Senior Securities	38
Item 4	Mine Safety Disclosures	38
Item 5	Other Information	39
Item 6	Exhibits	40
	Signature	41


		(Unaudited)
($ thousands)		May 2, 2026		May 3, 2025		January 31, 2026
Assets
Current assets:
Cash and cash equivalents		$	37,737	$	33,139	$	29,769
Receivables, net			173,912		160,433		147,216
Inventories, net			609,102		573,615		610,471
Income taxes			4,455		4,675		5,442
Property and equipment, held for sale			—		16,777		—
Prepaid expenses and other current assets			87,392		57,753		69,876
Total current assets			912,598		846,392		862,774
Prepaid pension costs			86,543		79,452		85,289
Lease right-of-use assets			571,812		559,713		562,327
Property and equipment, net			201,691		185,069		202,939
Deferred income taxes			5,621		5,193		5,603
Goodwill and intangible assets, net			201,884		189,515		204,147
Other assets			41,937		42,362		42,711
Total assets		$	2,022,086	$	1,907,696	$	1,965,790

Liabilities and Equity
Current liabilities:
Borrowings under revolving credit agreement		$	347,500	$	258,500	$	296,500
Trade accounts payable			190,514		212,514		191,150
Income taxes			14,022		8,746		8,049
Lease obligations			126,715		118,781		127,034
Other accrued expenses			204,483		171,715		222,807
Total current liabilities			883,234		770,256		845,540
Other liabilities:
Noncurrent lease obligations			475,069		472,981		467,597
Deferred income taxes			28,235		32,146		27,909
Other liabilities			16,176		19,409		15,788
Total other liabilities			519,480		524,536		511,294
Equity:
Common Stock			334		338		338
Additional paid-in capital			199,545		190,091		198,880
Accumulated other comprehensive loss			(17,815)		(27,173)		(18,576)
Retained earnings			430,012		441,923		421,209
Total Caleres, Inc. shareholders’ equity			612,076		605,179		601,851
Noncontrolling interests			7,296		7,725		7,105
Total equity			619,372		612,904		608,956
Total liabilities and equity		$	2,022,086	$	1,907,696	$	1,965,790


		(Unaudited)
		Thirteen Weeks Ended
($ thousands, except per share amounts)		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


						Accumulated				Total
						Other				Caleres, Inc.
(Unaudited)	Common Stock			Additional		Comprehensive		Retained		Shareholders’		Noncontrolling
($ thousands, except number of shares and per share amounts)	Shares	Dollars		Paid-In Capital		Loss		Earnings		Equity		Interests		Total Equity
BALANCE JANUARY 31, 2026	33,850,012	$	338	$	198,880	$	(18,576)	$	421,209	$	601,851	$	7,105	$	608,956
Net earnings (loss)									14,277		14,277		(527)		13,750
Foreign currency translation adjustment							(322)				(322)		(132)		(454)
Pension and other postretirement benefits adjustments, net of tax of $375							1,083				1,083				1,083
Comprehensive income (loss)							761		14,277		15,038		(659)		14,379
Contributions by noncontrolling interests											—		850		850
Dividends ($0.07 per share)									(2,354)		(2,354)				(2,354)
Acquisition of treasury stock	(250,000)		(3)						(3,120)		(3,123)				(3,123)
Issuance of common stock under share-based plans, net	(118,147)		(1)		(2,082)						(2,083)				(2,083)
Share-based compensation expense					2,747						2,747				2,747
BALANCE MAY 2, 2026	33,481,865	$	334	$	199,545	$	(17,815)	$	430,012	$	612,076	$	7,296	$	619,372

FEBRUARY 1, 2025	33,631,764	$	336	$	190,320	$	(34,022)	$	442,390	$	599,024	$	6,925	$	605,949
Net earnings (loss)									6,943		6,943		(997)		5,946
Foreign currency translation adjustment							5,761				5,761		47		5,808
Pension and other postretirement benefits adjustments, net of tax of $376							1,088				1,088				1,088
Comprehensive income (loss)							6,849		6,943		13,792		(950)		12,842
Contributions by noncontrolling interests											—		1,750		1,750
Dividends ($0.07 per share)									(2,362)		(2,362)				(2,362)
Acquisition of treasury stock	(300,000)		(3)						(5,048)		(5,051)				(5,051)
Issuance of common stock under share-based plans, net	483,778		5		(3,072)						(3,067)				(3,067)
Share-based compensation expense					2,843						2,843				2,843
BALANCE MAY 3, 2025	33,815,542	$	338	$	190,091	$	(27,173)	$	441,923	$	605,179	$	7,725	$	612,904


($ thousands)	August 4, 2025
Assets
Current assets:
Cash and cash equivalents	$	10,683
Receivables		14,220
Inventories		84,472
Prepaid expenses and other current assets		10,607
Total current assets		119,982

Lease right-of-use assets		21,293
Property and equipment		7,899
Goodwill		11,038
Intangible assets		12,800
Other assets		2,241
Total assets	$	175,253

Liabilities and Equity
Current liabilities:
Trade accounts payable		5,458
Lease obligations		10,279
Other accrued expenses		22,045
Total current liabilities		37,782

Other liabilities:
Noncurrent lease obligations		16,496
Other liabilities		1,126
Total other liabilities		17,622
Net assets	$	119,849


	Thirteen Weeks Ended May 3, 2025
					Eliminations and
($ thousands)	Famous Footwear		Brand Portfolio		Other		Total

Retail stores	$	281,614	$	16,936	$	—	$	298,550
E-commerce - Company websites ⁽¹⁾		45,590		54,900		—		100,490
E-commerce - wholesale drop-ship ⁽¹⁾		—		31,182		(1,550)		29,632
Total direct-to-consumer sales		327,204		103,018		(1,550)		428,672
Wholesale - e-commerce ⁽¹⁾		—		63,107		—		63,107
Wholesale - landed		—		117,863		(7,300)		110,563
Wholesale - first cost		—		9,818		—		9,818
Licensing and royalty		342		1,577		—		1,919
Other ⁽²⁾		130		12		—		142
Net sales	$	327,676	$	295,395	$	(8,850)	$	614,221


	Thirteen Weeks Ended May 3, 2025
		Famous		Brand		Eliminations
($ thousands)		Footwear		Portfolio		and Other		Total
Net sales ⁽¹⁾		$	327,676	$	295,395	$	(8,850)	$	614,221
Cost of goods sold			179,235		166,108		(9,816)		335,527
Gross Profit			148,441		129,287		966		278,694

Less expenses:
Retail stores ⁽²⁾			89,621		7,433		—		97,054
Information technology			7,810		7,644		1,398		16,852
Warehousing and distribution			14,000		16,160		(3,080)		27,080
Advertising and marketing			8,655		21,541		139		30,335
Restructuring and other special charges, net			—		—		627		627
Other expenses ⁽³⁾			23,381		59,094		12,687		95,162
Operating earnings (loss)		$	4,974	$	17,415	$	(10,805)	$	11,584

Segment assets		$	877,642	$	861,984	$	168,070	$	1,907,696


($ thousands)		May 2, 2026
		Estimated Useful Lives					Accumulated			Accumulated
		(In Years)		Cost Basis			Amortization			Impairment			Net Carrying Value
Trade names		2 - 40		$	312,288		$	(151,790)		$	(10,200)		$	150,298
Trade names		Indefinite			107,400			—			(92,000)			15,400
Customer relationships		15 - 16			44,200			(20,003)			(4,005)			20,192
				$	463,888		$	(171,793)		$	(106,205)		$	185,890


($ thousands)		May 3, 2025
		Estimated Useful Lives					Accumulated			Accumulated
		(In Years)		Cost Basis			Amortization			Impairment			Net Carrying Value
Trade names		2 - 40		$	299,488		$	(142,610)		$	(10,200)		$	146,678
Trade names		Indefinite			107,400			—			(92,000)			15,400
Customer relationships		15 - 16			44,200			(17,714)			(4,005)			22,481
				$	451,088		$	(160,324)		$	(106,205)		$	184,559

($ thousands)		January 31, 2026
		Estimated Useful Lives					Accumulated			Accumulated
		(In Years)		Cost Basis			Amortization			Impairment			Net Carrying Value
Trade names		2 - 40		$	312,288		$	(149,492)		$	(10,200)		$	152,596
Trade names		Indefinite			107,400			—			(92,000)			15,400
Customer relationships		15 - 16			44,200			(19,430)			(4,005)			20,765
				$	463,888		$	(168,922)		$	(106,205)		$	188,761



			Pension and		Accumulated
	Foreign		Other		Other
	Currency		Postretirement		Comprehensive
($ thousands)	Translation		Transactions ⁽¹⁾		(Loss) Income
Balance at January 31, 2026	$	2,503	$	(21,079)	$	(18,576)
Other comprehensive loss before reclassifications		(322)		—		(322)
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		1,458		1,458
Tax benefit		—		(375)		(375)
Net reclassifications		—		1,083		1,083
Other comprehensive (loss) income		(322)		1,083		761
Balance at May 2, 2026	$	2,181	$	(19,996)	$	(17,815)

Balance at February 1, 2025	$	(5,789)	$	(28,233)	$	(34,022)
Other comprehensive income before reclassifications		5,761		—		5,761
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		1,464		1,464
Tax benefit		—		(376)		(376)
Net reclassifications		—		1,088		1,088
Other comprehensive income		5,761		1,088		6,849
Balance at May 3, 2025	$	(28)	$	(27,145)	$	(27,173)


	Pension Benefits				Other Postretirement Benefits
	Thirteen Weeks Ended				Thirteen Weeks Ended
($ thousands)	May 2, 2026		May 3, 2025		May 2, 2026		May 3, 2025
Service cost	$	1,328	$	1,224	$	—	$	—
Interest cost		3,617		3,621		13		13
Expected return on assets		(5,823)		(5,556)		—		—
Amortization of:						—
Actuarial loss (gain)		1,476		1,477		(18)		(20)
Prior service cost		—		7		—		—
Total net periodic benefit expense (income)	$	598	$	773	$	(5)	$	(7)


	Fair Value Measurements
($ thousands)	Total		Level 1		Level 2		Level 3
Asset (Liability)
May 2, 2026:
Non-qualified deferred compensation plan assets	$	13,112		13,112	$	—	$	—
Non-qualified deferred compensation plan liabilities		(13,112)		(13,112)		—		—
Non-qualified restoration plan assets		520		520		—		—
Non-qualified restoration plan liabilities		(520)		(520)		—		—
Deferred compensation plan liabilities for non-employee directors		(916)		(916)		—		—
Restricted stock units for non-employee directors		(849)		(849)		—		—
May 3, 2025:
Non-qualified deferred compensation plan assets		11,037		11,037		—		—
Non-qualified deferred compensation plan liabilities		(11,037)		(11,037)		—		—
Non-qualified restoration plan assets		447		447		—		—
Non-qualified restoration plan liabilities		(447)		(447)		—		—
Deferred compensation plan liabilities for non-employee directors		(922)		(922)		—		—
Restricted stock units for non-employee directors		(988)		(988)		—		—
January 31, 2026:
Non-qualified deferred compensation plan assets		12,717		12,717		—		—
Non-qualified deferred compensation plan liabilities		(12,717)		(12,717)		—		—
Non-qualified restoration plan assets		521		521		—		—
Non-qualified restoration plan liabilities		(521)		(521)		—		—
Deferred compensation plan liabilities for non-employee directors		(856)		(856)		—		—
Restricted stock units for non-employee directors		(769)		(769)		—		—


($ thousands)		May 2, 2026		May 3, 2025		January 31, 2026
Confirmed obligations outstanding at the beginning of the period	$	25,313	$	21,970	$	21,970
Invoices confirmed during the period		22,102		26,324		110,129
Confirmed invoices paid during the period		(35,503)		(36,497)		(106,786)
Confirmed obligations outstanding at the end of the period	$	11,912	$	11,797	$	25,313


($ thousands)		May 2, 2026		May 3, 2025		January 31, 2026
Customer allowances and discounts		$	17,109	$	15,135	$	14,504
Loyalty programs liability			8,388		8,568		7,828
Returns reserve			22,698		15,861		18,567
Gift card liability			8,187		5,876		8,576


	Thirteen Weeks Ended
($ thousands)	May 2, 2026		May 3, 2025
Balance, beginning of period	$	17,521	$	8,323
Adjustment for expected credit losses		476		1,969
Uncollectible account recoveries, net		(52)		(28)
Balance, end of period	$	17,945	$	10,264


($ thousands)		May 2, 2026
Balance, beginning of the period		$	4,906
Net additions			136
Utilized during the period			(2,513)
Balance, end of the period		$	2,529


	Thirteen Weeks Ended
($ millions, except per share amounts)	May 2, 2026		May 3, 2025		Change ⁽¹⁾
Consolidated net sales	$666.6		$614.2		$52.4	8.5	%
Famous Footwear segment net sales	$319.3		$327.7		($8.4)	(2.5)	%
Famous Footwear comparable sales % change	(2.3)	%	(4.6)	%	n/m	n/m
Brand Portfolio segment net sales	$356.3		$295.4		$60.9	20.6	%
Gross profit	$315.5		$278.7		$36.8	13.2	%
Gross margin	47.3	%	45.4	%	n/m	190	bps
Operating earnings	$23.9		$11.6		$12.3	106.3	%
Diluted earnings per share	$0.42		$0.21		$0.21	100.0	%


		Thirteen Weeks Ended

($ millions)		May 2, 2026		May 3, 2025			Change
Net cash used for operating activities		$	(27.8)	$	(5.7)		$	(22.1)
Net cash used for investing activities			(8.6)		(21.1)			12.5
Net cash provided by financing activities			44.3		30.3			14.0
Effect of exchange rate changes on cash and cash equivalents			0.0		0.0			0.0
Increase in cash and cash equivalents		$	7.9	$	3.5		$	4.4


				Total Number		Maximum Number
				Purchased as Part		of Shares that May
	Total Number of			of Publicly		Yet be Purchased
	Shares	Average Price Paid		Announced		Under the
Fiscal Period	Purchased⁽¹⁾		per Share ⁽¹⁾	Program ⁽²⁾		Program ⁽²⁾
February 1, 2026 - February 28, 2026	—	$	—	—		3,366,055

March 1, 2026 - April 4, 2026	134,276		10.04	—		3,366,055

April 5, 2026 - May 2, 2026	250,950		12.49	250,000		3,116,055
Total	385,226	$	11.64	250,000		3,116,055

HIDDEN_ROW
Exhibit No.
3.2		Bylaws of the Company as amended through May 28, 2026, incorporated herein by reference to Exhibit 3.1 to the Company’s Form 8-K filed May 28, 2026.
10.1*		Caleres, Inc. Incentive and Stock Compensation Plan of 2026, incorporated herein by reference to Exhibit A to the Company’s Proxy Statement filed on April 16, 2026.
31.1	†	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	†	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	†	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	†	iXBRL Instance Document
101.SCH	†	iXBRL Taxonomy Extension Schema Document
101.CAL	†	iXBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	†	iXBRL Taxonomy Extension Label Linkbase Document
101.PRE	†	iXBRL Taxonomy Presentation Linkbase Document
101.DEF	†	iXBRL Taxonomy Definition Linkbase Document
104	†	Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101.

		CALERES, INC.

Date: June 9, 2026		/s/ Daniel L. Karpel
		Daniel L. Karpel Senior Vice President, Chief Financial Officer on behalf of the Registrant and as the Principal Financial Officer and Principal Accounting Officer