Caleres, Inc. engages in the retail and wholesale of footwear in the United States, Canada, China, and Guam. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label athletic, casual, and dress footwear products to women, men, and children. Its retail shoe stores provide brand name athletic, casual, and dress shoes, including Nike, Skechers, adidas, Vans, Converse, Crocs, Puma, Birkenstock, New Balance, Asics, New Balance, Under Armour, Bearpaw, Timberland, Sperry, and Dr. Martens, as well as company-owned and licensed brands, such as Dr. Scholl's Shoes, Blowfish Malibu, LifeStride, Naturalizer, Zodiac, Circus by Sam Edelman, Franco Sarto, and Ryka. The company also operates naturalizer.com, naturalizer.ca, vionicshoes.com, samedelman.com, allenedmonds.com, drschollsshoes.com, lifestride.com, francosarto.com, ryka.com, bzees.com, and zodiacshoes.com, as well as Vince.com, blowfishshoes.com, and veronicabeard.com websites. In addition, it designs, sources, manufactures, and markets footwear to retail stores, such as national chains, online retailers, department stores, mass merchandisers, independent retailers, and catalogs. Further, the company wholesales men's apparel, leather goods, and accessories under the Allen Edmonds brand; footwear for women under LifeStride brand; Italian footwear Franco Sarto brand; athletic footwear for women under the Rykä brand; women's shoe collection under the Vince brand; and women's footwear under the Bzees brand; other footwear under Zodiac brand; and women's footwear collection under Veronica Beard brand, as well as Via Spiga brand. It operates approximately 980 retail stores. The company was formerly known as Brown Shoe Company, Inc. Caleres, Inc. was founded in 1878 and is headquartered in St. Louis, Missouri.
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- Like a Gap Inc. for shoes, managing a portfolio of footwear brands (e.g., Sam Edelman, Naturalizer) and operating a large retail chain (Famous Footwear).
- A VF Corp (parent of Vans, The North Face) focused purely on footwear, that also operates a major national shoe retail chain.
- An Estée Lauder for footwear, also operating its own large chain of shoe stores like Famous Footwear.
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- Branded Footwear: Caleres designs, markets, and sells a diverse portfolio of women's, men's, and children's shoes under owned and licensed brands, including Sam Edelman, Naturalizer, and Allen Edmonds.
- Multi-Brand Footwear Retail: Through its Famous Footwear stores and e-commerce site, the company offers a broad selection of athletic, casual, and dress footwear from numerous national and private-label brands.
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Caleres (Symbol: CAL)
Caleres (CAL) sells primarily to individuals through its diverse portfolio of brands and retail channels. Its largest segment, Famous Footwear, operates as a family footwear retailer directly serving consumers. Additionally, its Brand Portfolio segment, which includes brands like Sam Edelman, Naturalizer, Vionic, and Allen Edmonds, sells directly to consumers through e-commerce sites and brand-owned retail stores, alongside its wholesale operations.
The company serves the following categories of individual customers:
- Families and Value-Oriented Shoppers: These customers are typically seeking a wide selection of branded footwear for all ages (men, women, and children), often at competitive prices and with a focus on convenience. This segment is primarily served by Famous Footwear.
- Fashion-Forward and Comfort-Seeking Adults (Primarily Women): This group desires stylish, comfortable, and versatile footwear for various occasions, from everyday wear to professional settings and special events. Brands like Sam Edelman, Naturalizer, and Vionic cater to this customer base, often emphasizing current trends, specific comfort technologies, or ergonomic designs.
- Discerning Professionals and Luxury Consumers (Primarily Men): These customers value high-quality materials, craftsmanship, durability, and classic styling, particularly for business, formal events, and premium casual wear. Allen Edmonds specifically targets this segment with its heritage of fine men's dress and casual shoes.
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Jay Schmidt, President and Chief Executive Officer
- Jay Schmidt assumed the role of Chief Executive Officer in January 2023, following a carefully planned succession process.
- He joined Caleres in 2008 and has held several leadership positions within the company, including Senior Vice President/General Manager Image Brands, President Contemporary Fashion, and President Brand Portfolio.
- In 2020, he was named President, taking on responsibility for the consumer and brand strategy across the entire Caleres portfolio.
- Prior to his tenure at Caleres, Schmidt accumulated over 25 years of extensive experience in merchandising, portfolio management, and brand marketing, with significant roles at Nine West Group (ten years), Lord & Taylor, May Merchandising Corporation, and Macy's.
Jack Calandra, Senior Vice President, Chief Financial Officer
- Jack Calandra was appointed Senior Vice President and Chief Financial Officer of Caleres, effective September 12, 2022.
- In this role, he oversees the company's finance, accounting, investor relations, external reporting, treasury, and tax functions.
- Before joining Caleres, Calandra served as CFO of a.k.a. Brands in 2021.
- He previously held the position of Executive Vice President, Chief Financial Officer, and Treasurer for Tailored Brands Inc. from 2017 to 2020.
- His career also includes more than a decade at Gap Inc. (2005-2016), where he held various executive finance positions, including Senior Vice President of Corporate Finance and Investor Relations, and Senior Vice President and CFO of Banana Republic Global.
- Earlier in his career, Calandra gained experience in diverse finance roles at Unilever.
Diane M. Sullivan, Chairman
- Diane M. Sullivan became the Chairman of Caleres in January 2023.
- She previously served as the Chief Executive Officer of the company from February 2014 to January 2023.
- Sullivan joined Caleres as President in 2004, and her responsibilities expanded to include Chief Operating Officer in 2006.
- Before her time at Caleres, she was Vice Chairman of the Footwear Group at Phillips-Van Heusen.
- Her extensive experience also includes serving as President and COO of The Stride Rite Corporation, as well as holding consumer brand management and sales roles at M&M/Mars and The Mennen Company.
Michael Edwards, President, Famous Footwear
- Michael Edwards was named President of Famous Footwear, Caleres' largest brand, effective November 20, 2020.
- He joined Caleres in 2008 and has held various roles of increasing responsibility within Famous Footwear.
- His prior positions include Senior Vice President of Digital Commerce, Planning, Allocation and Stores, Chief Customer Officer, Senior Vice President of Merchandise Planning and Analytics, and Vice President, Sales and Store Operations.
- Before joining Caleres, Edwards held operational, merchandising, and financial roles at the May Company and served as an account executive at Laclede Steel Company.
Keith Duplain, Division President, Brand Portfolio - St. Louis Group
- Keith Duplain serves as the Division President, Brand Portfolio - St. Louis Group at Caleres.
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The emergence and rapid growth of digitally native, direct-to-consumer (DTC) footwear brands. These brands often leverage online channels and social media to build strong customer relationships, offer unique value propositions (e.g., sustainability, specialized comfort), and bypass traditional wholesale and retail distribution models, directly competing with Caleres' portfolio of brands and its Famous Footwear retail operations.
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Caleres (symbol: CAL) operates primarily in the footwear market, encompassing the design, sourcing, manufacturing, and distribution of a diverse portfolio of branded, licensed, and private-label footwear for women, men, and children through its Famous Footwear retail stores, e-commerce platforms, and wholesale channels.
The addressable markets for Caleres' main products are as follows:
- Global Footwear Market: The global footwear market size was valued at approximately USD 463.87 billion in 2024. It is projected to grow to about USD 789.52 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.88% from 2025 to 2032. Another estimate places the global market at USD 700.90 billion in 2024, with a projection to reach USD 1100.38 billion by 2032 at a CAGR of 5.80%.
- U.S. Footwear Market: The United States footwear market size was approximately USD 94.7 billion in 2024. This market is expected to reach USD 119.0 billion by 2033, demonstrating a CAGR of 2.6% during the period of 2025-2033. Other reports indicate the U.S. footwear market was valued at USD 95.1 billion in 2024 and is anticipated to grow by 3.7% from 2025 to 2032, reaching USD 125.7 billion by 2032.
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Caleres (CAL) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:
- Acquisition of Stuart Weitzman: Caleres announced the acquisition of Stuart Weitzman, which is anticipated to close in the summer of 2025. This acquisition will expand Caleres's brand portfolio and is expected to contribute to future revenue.
- Growth of Lead Brands and Brand Portfolio: The company has consistently highlighted the strong performance and market share gains of its "Lead Brands" within its Brand Portfolio segment. Strategic investments in marketing and a focus on newness within these brands are expected to continue driving revenue growth.
- Expansion of Direct-to-Consumer (DTC) Channels: Direct-to-consumer sales represent a significant portion of Caleres's total net sales, ranging from approximately 70% to 75%. Continued optimization and growth in these higher-margin channels, particularly within the Brand Portfolio, are anticipated to be a key revenue driver.
- International Business Expansion: Caleres has identified the expansion of its international business as a strategic investment and has noted improving momentum in this area. This geographical expansion is expected to open new markets and contribute to overall revenue growth.
- Market Share Gains in Key Product Categories: Caleres has reported gaining market share in women's fashion footwear and has seen growing penetration of sneakers. By focusing on consumer-driven product assortments and responding to market trends, the company aims to continue capturing a larger share in these profitable categories.
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Share Repurchases
- In fiscal 2024, Caleres returned $74.7 million to shareholders through a combination of dividends and share repurchases.
- During fiscal 2023, the company repurchased 763,000 shares of common stock for $17.4 million, at an average price of $22.86 per share.
- Caleres executed share repurchases of $63.2 million in fiscal year 2022 and $17.0 million in fiscal year 2021.
Outbound Investments
- Caleres announced plans to acquire Stuart Weitzman for $105 million, with the transaction expected to close in the summer of 2025.
- In November 2021, Caleres acquired the remaining interest in Blowfish Malibu.
Capital Expenditures
- For fiscal year 2025, Caleres anticipates capital expenditures to be in the range of $50 million to $55 million.
- Capital expenditures were approximately $49.1 million in fiscal 2024, $44.6 million in fiscal 2023, and $55.9 million in fiscal 2022.
- These expenditures have primarily focused on investing in new and remodeled stores, particularly the kids' department, enhancing the in-store shopping experience, and developing a "One Caleres" marketing ecosystem encompassing digital marketing, loyalty, data, and analytics.
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