What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-04-01 compared with 2024-04-02 · 83 added, 82 removed, 240 unchanged (41% of the section changed)

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It also includes the Sam Edelman, Naturalizer and Allen Edmonds retail stores, including 60 stores in the United States and 54 stores in East Asia at the end of 2024, and the e-commerce businesses for our Company-owned brands.

In addition, t here were 120 international branded stores owned and operated by third parties through franchise agreements at the end of 2024.

Our net sales are comprised of four major categories:

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Clothing and accessories

In February 2025, we signed a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc.

for $105 million, subject to customary adjustments.

Stuart Weitzman has been an iconic global luxury women’s footwear brand for over 35 years.

The acquisition of Stuart Weitzman advances our strategic agenda to grow our Brand Portfolio segment with more global and direct-to-consumer reach.

The acquisition, which is expected to close in the summer of 2025, will be funded through our revolving credit agreement.

FAMOUS FOOTWEAR

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We seek to meet the needs of the millennial family and others by providing an assortment of trend-right, brand-name fashion, casual and athletic footwear at a great price.

Brands carried at Famous Footwear include Nike, Skechers, Crocs, adidas, Converse, Vans, HeyDude, Puma, Birkenstock, New Balance, Bearpaw, Under Armour, Dr.

Martens, Asics and Timberland, among others, as well as company-owned and licensed brands including Dr.

Brands carried at Famous Footwear include Nike, Skechers, Adidas, Crocs, Converse, HeyDude, Birkenstock, Vans, Puma, New Balance, Bearpaw, Asics, Under Armour, Dr.

Martens and Reef, among others, as well as company-owned and licensed brands including Dr.

Scholl’s Shoes, LifeStride, Naturalizer and Blowfish Malibu.

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We believe we have strong relationships with our significant branded footwear suppliers, but the loss of any one or more key suppliers could have a material impact on our Famous Footwear segment and the Company.

Famousfootwear.com and famousfootwear.ca offer an expansive product assortment, beyond what is sold in our retail stores.

Accessible via desktop, tablet and mobile devices, these e-commerce websites help consumers explore product assortments, including items available in local stores, and make purchases.

Famousfootwear.com and famousfootwear.ca.

which are accessible via desktop, tablet and mobile devices, offer an expansive product assortment, beyond what is sold in our retail stores.

Many of our consumers buy online and pick up product in their local store through Famously Fast Pickup or curbside.

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Leveraging our brick-and-mortar store inventory reduces delivery times, driving an enhanced consumer experience.

We continue to enhance our digital technology and e-commerce platform, as well as add new features to the

Famous Footwear Rewards mobile application to deliver a superior experience for our customers who visit Famous Footwear on a mobile device.

We continue to add new features to the Famous Footwear mobile application to deliver a superior experience for our customers who visit Famous Footwear on a mobile device.

Famous Footwear also has an extensive customer loyalty program, Famously You Rewards (“Rewards”), which informs and rewards members with free shipping and bonus points for purchases, product previews, incentives based upon purchase continuity and other periodic promotional offers.

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Regional malls

We anticipate that our retail store count in 2024 will be approximately flat to the ending store count for 2023.

We anticipate that we will open approximately eight retail store locations and close approximately 18 in 2025.

New stores typically experience an initial start-up period characterized by lower sales and operating earnings than what is generally achieved by more mature stores.

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Sam Edelman :

The Sam Edelman brand, which is celebrating its 20 th anniversary in 2024, has been synonymous with aspirational luxury and on-trend style since 2004.

The Sam Edelman brand, which celebrated its 20th anniversary in 2024, has been synonymous with aspirational luxury and on-trend style since 2004.

Inspired by timeless American elegance, designer Sam Edelman’s innate understanding of the consumer translates conceptually into a modern lifestyle informed by rich heritage, creativity and innovation.

Beyond its iconic footwear, Sam Edelman offers an ever-expanding range of product categories to fit the customer’s lifestyle, including dresses, ready-to-wear, outerwear, denim, handbags, belts, hosiery and children’s shoes.

The full range of Sam Edelman products is sold through Sam Edelman retail stores and online at samedelman.com and

samedelman.ca, in addition to department stores, national chains and independent retailers around the world with suggested retail prices ranging from $100 to $300.

Beyond its iconic footwear, Sam Edelman offers an ever-expanding range of product categories to fit the customer’s lifestyle, including dresses, outerwear, denim, handbags, belts, hosiery and children’s shoes.

The full range of Sam Edelman products is sold through Sam Edelman retail stores and online at samedelman.com and samedelman.ca, in addition to department stores, national chains and independent retailers around the world with suggested retail prices ranging from $100 to $300.

Beyond the Sam Edelman brand, designer Sam Edelman created contemporary lifestyle brand, Circus NY (“Circus”) by Sam Edelman.

Circus offers a growing assortment of product categories, including denim and sunglasses, primarily sold online at circusny.com and in top contemporary wholesale and e-commerce retailers at suggested retail price points from $60 to $150.

Sam Edelman relaunched Sam & Libby for the spring of 2024 with a fresh take on the namesake brand.

Sam & Libby will be available in department stores and specialty retailers across the United States at suggested retail prices from $50 to $110.

Sam Edelman relaunched Sam & Libby in the spring of 2024 with a fresh take on the namesake brand.

Sam & Libby is available through our Famous Footwear brand as well as other shoe chain retailers and department stores across the United States, at suggested retail prices from $50 to $110.

In 2018, we acquired Vionic to expand our access to the growing contemporary comfort footwear category.

Vionic is dedicated to harnessing science, ingenuity and input from medical professionals and athletes to make shoes that bring balance to our lives.

The fusion between dynamic movement and grounded stability is how our exclusive Vio Motion Technology solves whole body balance.

Featuring a wide range of silhouettes, premium materials and thoughtful design for women and men, Vionic offers the style you want with the comfort you crave across a vast selection of fashion sneakers, casual and dress options, all-weather boots, sandals and slippers.

The brand is sold online at vionicshoes.com, through our Famous Footwear brand, and through independent retailers, television, department stores, national chains and specialty retailers.

Vionic is also available globally through our wholesale partners across more than 30 countries.

Suggested retail price points range from $80 for shoes to $250 for boots.

Naturalizer :

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Naturalizer’s legendary emphasis on fit and elegant simplicity launched a brand that became known as “the shoe with the beautiful fit.” The brand’s mission of inclusivity supports the vision to have every woman in Naturalizer shoes.

The Naturalizer brand is sold primarily at national chains, online retailers, online at naturalizer.com and naturalizer.ca, department stores, independent retailers and its flagship retail store.

The Naturalizer brand is sold primarily at national chains, online retailers, online at naturalizer.com and naturalizer.ca, department stores, our Famous Footwear retail stores, and independent retailers.

Naturalizer footwear is also distributed through wholesale partners in 34 countries around the world and approximately 46 retail stores.

In 2024, Naturalizer plans to re-enter China with its newly created global flagship store design, as well as a digital relaunch.

In 2024, Naturalizer re-entered China with its newly created global flagship store design, as well as a digital relaunch.

Suggested retail price points range from $79 for shoes to $265 for boots.

In 2018, we acquired Vionic to expand our access to the growing contemporary comfort footwear category.

Vionic is dedicated to harnessing science, ingenuity and input from medical professionals and athletes to make shoes that bring balance to our lives.

The fusion between dynamic movement and grounded stability is how our exclusive Vio Motion Technology solves whole body balance.

The brand is sold online, through independent retailers, television, department stores, national chains and specialty retailers for suggested retail price points from $40 for shoes to $250 for boots.

Allen Edmonds :

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Allen Edmonds, founded in 1922, is a brand of premium men’s footwear, apparel, leather goods and accessories, built on its United States manufacturing heritage.

Allen Edmonds products are available at our 57 Allen Edmonds stores in the United States, including eight Port Washington Studio stores, online at allenedmonds.com and allenedmonds.ca and at select retailers worldwide.

Suggested retail price points range from $245 for shoes to $950 for boots.

Allen Edmonds products are available at our 56 Allen Edmonds stores in the United States, including 12 Port Washington Studio stores, online at allenedmonds.com, shoebank,com, and allenedmonds.ca, and at select premium retailers worldwide.

Suggested retail Allen Edmonds price points range from $300 to $595, while Allen Edmonds Reserve Collection price points range from $800 to $2,995.

For more than 70 years, LifeStride has created quality footwear for women who value both style and all-day comfort.

LifeStride is made for the woman on-the-go, with SoftSystem comfort in every shoe, so she does not have to sacrifice comfort or style for the price.

The brand is sold in national chains, our Famous Footwear retail stores, online, including lifestride.com, and department stores at suggested retail price points ranging from $60 for shoes to $130 for boots.

Scholl’s Shoes :

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Scholl’s Shoes remains forever passionate about creating iconic, effortless footwear for a healthy life.

In 2024, the brand is celebrating its 100 th anniversary, marked by when Dr.

In 2024, the brand celebrated its 100th anniversary, marked by when Dr.

William Scholl opened his first comfort foot shop in 1924.

The brand became a fashion icon in 1959 with the debut of the Original Wooden Exercise Sandal worn by fashion icons across decades.

Scholl’s Shoes continues its legacy of iconic fashion and innovative comfort today.

This footwear reaches consumers at a wide range of distribution channels, including national chains, department stores, mass merchandisers, online, including drschollshoes.com, our Famous Footwear retail stores and independent retailers.

Scholl’s Shoes continues its legacy of

iconic fashion and innovative comfort today.

This footwear reaches consumers at a wide range of distribution channels, including national chains, department stores, mass merchandisers, online, including drschollsshoes.com, our Famous Footwear retail stores and independent retailers.

Suggested price points range from $50 for shoes to $190 for boots.

We have a long-term license agreement to sell Dr.

Scholl’s Shoes in the United States, Canada and Latin America.

For more than 70 years, LifeStride has created quality footwear for women who value both style and all-day comfort.

LifeStride is made for the woman on-the-go, with SoftSystem comfort in every shoe, so she does not have to sacrifice comfort or style for the price.

We have a license agreement to sell Dr.

Scholl’s Shoes in the United States, Canada and Latin America through 2026.

Franco Sarto :

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Blowfish Malibu :

In 2018, we acquired a controlling interest in Blowfish Malibu and in November 2021, we acquired the remaining interest.

Blowfish Malibu, which was founded in 2005, designs and sells women’s and children’s footwear that captures the fresh youthful spirit and casual living that is distinctively Southern California.

Blowfish Malibu, which was founded in 2005 and acquired by Caleres in 2018, designs and sells women’s and children’s footwear that captures the fresh, youthful spirit and casual living that is distinctively Southern California.

The brand is sold at national chains, our Famous Footwear stores, and independent retailers.

Suggested retail price points range from $35 for shoes to $110 for boots.

For over 30 years, Rykä has been innovating athletic footwear exclusively for a woman’s foot.

Rykä offers footwear to serve her needs for walking, running and hiking, along with lifestyle trends.

The brand is distributed through national chains, online retailers, including ryka.com, independent retailers, department stores, specialty retailers and our Famous Footwear retail stores at suggested retail price points from $80 to $145.

Rykä was the first brand ever to create athletic shoes specifically for a woman's unique foot shape, muscle movement, and build.

For more than 35 years, Rykä has offered footwear with a powerful Made for Women fit for her active life, including walking, cross-training, running and hiking, along with lifestyle trends.

The brand is distributed through national chains, online retailers, including ryka.com, independent retailers, department stores, specialty retailers, and our Famous Footwear retail stores at suggested price points from $50 to $120.

The Vince women’s shoe collection launched in 2012 and was expanded in 2014 to include the Vince men’s footwear collection.

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The brand is primarily sold in premier department stores, online, national chains and specialty retailers at suggested price points from $200 for shoes to $595 for tall boots.

We have a license agreement with Vince, LLC to sell Vince footwear through January 2025.

Bzees is a comfort brand of machine washable women’s footwear designed to make you feel weightless, energized and free.

Beginning in mid-2024, Bzees will be sold under the LifeStride brand as Bzees for LifeStride.

The brand is distributed through national chains, department stores, online retailers including bzees.com, independent retailers, specialty retailers and our Famous Footwear retail stores at suggested retail price points from $80 for shoes to $130 for boots.

We have a license agreement with Vince, LLC to sell Vince footwear through January 2029 with a five-year option to renew.

Veronica Beard :

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The Veronica Beard collection includes styles that strike the balance between cool and classic, taking the consumer from day to night and work to weekend.

The brand is distributed through domestic wholesale partners carrying Veronica Beard ready-to-wear and independent footwear retailers at suggested retail price points ranging from $295 for shoes to $695 for boots.

We have a license agreement to sell footwear through December 2024.

The brand is distributed through domestic wholesale partners carrying Veronica Beard ready-to-wear and independent footwear retailers at suggested opening retail price points from $295 for shoes to $695 for boots.

We have a license agreement to sell footwear through January 2029.

Favorite Daughter:

In 2024, we entered into an exclusive partnership with contemporary lifestyle brand, Favorite Daughter, to produce their first ever footwear collection.

Launched by Erin Foster and Sara Foster in 2020 in partnership with Centric Brands, Favorite Daughter is a digital-first brand featuring trend-right fashion, denim and closet staples with a focus on long-lasting quality.

The Favorite Daughter Shoes line is a tightly curated assortment that is crafted in soft nappas, exotic leathers, satins, velvets and subtle suedes.

Launching in Fall 2025, Favorite Daughter Shoes will be available at favoritedaughter.com, in Favorite Daughter stores and at select better department stores at price points ranging from $195 to $495 .

Within our Brand Portfolio segment, our brands are designed, sourced and distributed on a wholesale basis to approximately 2,200 retailers, including online retailers, national chains, department stores, independent retailers and mass merchandisers throughout the United States and Canada, as well as approximately 58 other countries (including sales to our retail operations).

Our most significant customers include Famous Footwear and many of the nation’s largest retailers, including online retailers such as Amazon.com, Nordstrom.com, Macys.com and Zappos.com;

Our most significant customers include Famous Footwear and many of the nation’s largest retailers, including online retailers such as Amazon.com, Nordstrom.com and Zappos.com;

national chains such as Nordstrom Rack, DSW, TJX Corporation (including TJ Maxx and Marshalls), Kohl’s and Ross Stores;

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Our Brand Portfolio segment sold approximately 32 million pairs of shoes on a wholesale basis during 2024.

Products sold under license agreements accounted for approximately 13% of the sales of the Brand Portfolio segment in both 2023 and 2021 and 12% of the segment’s sales in 2022.

Products sold under license agreements accounted for approximately 14% of the sales of the Brand Portfolio segment in 2024 and 13% and 12% of the segment’s sales in 2023 and 2022, respectively.

Caleres also receives license revenue from third parties related to certain owned brands, for use in connection with other brand-enhancing non-footwear product categories.

The strategic initiatives we have implemented in recent years continue to drive profitable growth.

We continue to see benefits from the strategic initiatives we have implemented in recent years.

Our Edit to Win initiative drives more volume through fewer SKUs.

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Direct-to-Consumer

Our Brand Portfolio segment includes the operation of several e-commerce websites, including naturalizer.com, naturalizer.ca, naturalizer.co.uk, vionicshoes.com, samedelman.com, samedelman.ca, samedelman.co.uk,

allenedmonds.com, allenedmonds.ca, drschollsshoes.com, lifestride.com, francosarto.com, ryka.com, bzees.com and zodiacshoes.com, which offer substantially the same product selection to consumers as we sell to our wholesale customers.

Vince.com, blowfishshoes.com, and veronicabeard.com complement our distribution of those brands.

References to our website addresses do not constitute incorporation by reference of the information contained on the websites and the information contained on the websites is not part of this report.

Our Brand Portfolio segment includes the operation of 14 branded e-commerce websites which offer substantially the same product selection to consumers as we sell to our wholesale customers.

We also operate retail stores for certain brands, including Allen Edmonds, Sam Edelman and Naturalizer.

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At the end of 2024, we operated 56 Allen Edmonds stores in the United States, each averaging approximately 1,560 square feet.

We expect to open approximately six new Allen Edmonds stores and close approximately four stores in 2024, as we continue to align our real estate and e-commerce strategies.

We expect to open approximately five new Allen Edmonds stores and close approximately three stores in 2025, as we continue to align our real estate and e-commerce strategies.

At the end of 2024, we operated four Sam Edelman stores in the United States, each averaging approximately 2,300 square feet, and 52 stores in East Asia.

We anticipate expanding our Sam Edelman presence in East and Southeast Asia in 2024 with the opening of approximately 25 new stores.

After closing the majority of our Naturalizer retail stores at the beginning of 2021, we ended the year with one flagship Naturalizer store in the United States and one store in China.

We anticipate expanding our Naturalizer presence in East Asia in 2024 with the opening of approximately 10 new stores.

We anticipate expanding our Sam Edelman presence in East and Southeast Asia in 2025 with the opening of approximately 13 net new stores, and 30 franchisee net new stores in 2025.

After closing all of our domestic Naturalizer retail stores, we ended the year with two stores in China.

We anticipate expanding our Naturalizer presence in East Asia in 2025 with the opening of approximately five new stores.

In addition to our owned Brand Portfolio retail stores, there are 120 branded stores that are owned by third parties and are operated internationally through distributor, licensed or franchise agreements.

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We believe that robust consumer data is the source of our competitive advantage and have invested in our marketing strategy with digital marketing, loyalty, data and analytics, consumer insight and brand marketing.

We believe that our investment in these areas, particularly digital marketing and loyalty, have resulted in significant growth in our direct-to-consumer business.

We believe that our investment in these areas, particularly digital marketing and loyalty, have resulted in growth in our direct-to-consumer business over the last few years.

In addition, we continue to leverage consumer insights and data to inform marketing initiatives to capture a greater share of our target consumers’ spend as well as reach new audiences with a high propensity to purchase our products.

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Our marketing teams are instrumental in continuing to drive growth in e-commerce sales, producing relevant and purpose-driven brand positioning and creating meaningful connections with consumers that have increased awareness and loyalty across our portfolio.

In 2023, we spent approximately $74.3 million in advertising and marketing support for our Brand Portfolio segment, including digital marketing and social media, consumer media advertising, in-store displays, product placement, production, trade shows and print.

In 2024, we spent approximately $78.3 million in advertising and marketing support for our Brand Portfolio segment, including digital marketing and social media, consumer media advertising, product placement, in-store displays, production, print and trade shows.

Product Development Operations

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These teams, which include independent designers, are responsible for the creation and development of new product styles.

Our designers monitor trends in fashion footwear and apparel and work closely with retailers to identify consumer footwear preferences.

Our designers monitor trends in fashion footwear and apparel and work closely with

retailers to identify consumer footwear preferences.

Our design teams create collections of footwear, and our sourcing and product development offices convert those designs into new footwear styles.

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Sourcing and Manufacturing Operations

In 2023, the sourcing operations sourced approximately 34.9 million pairs of shoes through a global network of third-party independent footwear manufacturers.

In 2024, the sourcing operations sourced approximately $494.4 million of shoes through a global network of third-party independent footwear manufacturers.

The majority of our footwear sourced is provided by approximately 44 manufacturers operating approximately 102 manufacturing facilities.

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The following table provides an overview of our sourcing by country in 2024:

Country ( $ millions )

While we source the majority of our footwear from independent footwear manufacturers, we also operate manufacturing facilities in Port Washington, Wisconsin and Santiago, Dominican Republic.

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Most styles can be recrafted twice, and some can be recrafted three times.

At February 3, 2024, our Brand Portfolio segment had a backlog of unfilled wholesale orders of approximately $234.5 million, compared to $284.6 million as of January 28, 2023.

At February 1, 2025, our Brand Portfolio segment had a backlog of unfilled wholesale orders of approximately $260.2 million, compared to $234.5 million as of February 3, 2024.

Most orders are for delivery within the next 90 to 120 days.

Orders are subject to cancellation;

however, with the exception of the cancellations we experienced in 2020 associated with the impact of the coronavirus pandemic on our wholesale partners, we have not experienced significant cancellations of orders.

The decrease in our backlog order levels reflects more conservative buying by our wholesale customers as they more tightly manage their inventory levels , as well as the dynamic nature of inventory buying, which includes periodic replenishment orders and shipping directly to the end consumer purchasing from our wholesale customers’ websites.

The backlog at any particular time is affected by a number of factors, including supply chain disruptions, seasonality and capacity shifts at international manufacturers.

however, we have historically not experienced significant cancellations of orders.

The backlog at any particular time is affected by a number of factors, including timing of orders received from customers, supply chain disruptions, seasonality and capacity shifts at international manufacturers.

Accordingly, a comparison of backlog from period to period may not be indicative of eventual actual shipments or the growth rate of sales from one period to the next.

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Our corporate offices support the well-being of our associates with on-site amenities such as a fitness center and a registered dietician that is available for consultations.

Diversity, Equity and Inclusion

Caleres was founded on the insight that people are unique, and we are proud of our inclusive and collaborative environment where differences are celebrated.

We believe that Caleres should be as diverse as the people and communities we serve.

We are committed to recruiting talented individuals from all backgrounds, ethnicities, genders, lifestyles and belief systems and developing diverse candidate slates for every open position.

Our Diversity, Equity and Inclusion Council is focused on elevating awareness of diversity, equity and inclusion through its educational communications and events, as well as trainings provided to our associates throughout the year.

In addition, our commitment to diversity, equity and inclusion is reflected in our Board of Directors.

As of February 3, 2024, we had 11 directors, of which 55% are female and 18% are racially or ethnically diverse.

Environmental, Social and Governance (“ESG”) Initiatives

Our ESG initiatives are an important component of our enterprise risk management program.

Our long-standing pledge to quality craftmanship includes creating sustainable and lasting value for all of our stakeholders by governing and operating with integrity and transparency and by pursuing ambitious ESG targets.

Our ESG Steering Committee is responsible for developing programs, goals and metrics to support our ESG initiatives.

We conducted an assessment to determine those areas of our operations that are most important to Caleres and our stakeholders, which in turn guided the framework for our ESG initiatives.

Many of our ESG goals focus on high impact areas of opportunity, such as the materials that are used in our products, their byproducts and supply chain labor standards.

We are striving to use environmentally preferred materials to produce our products and packaging, and are working to ensure our strategic factories around the world comply with leading global work standards.

Our ESG reports, which have been nationally recognized on Newsweek’s Most Responsible Companies list, detail our ESG strategy and provide our goals for sustainable products and practices and highlighted our progress toward our identified target goals, which we seek to achieve by 2025.

Our ESG reports may be accessed at www.caleres.com/about/esg.

Responsible Business Initiatives

Our responsible business initiatives are an important component of our enterprise risk management program.

At Caleres, the forward focus of our brands has led to an intentional elimination of waste in our strategic manufacturing facilities while extending the life span of our products through donation, recrafting and reuse programs.

This embrace of circularity both protects the environment and delivers new value to customers.

We have a steering committee that manages developing programs, goals and metrics to support our responsible business initiatives.

We conducted an assessment to determine those areas of our operations that are most important to Caleres and our stakeholders, which in turn guided the framework for our responsible business initiatives.

Many of our responsible business goals focus on high impact areas of opportunity, such as the materials that are used in our products, energy use and supply chain labor standards.

We are striving to use environmentally preferred materials in our products and packaging, and are working to ensure our strategic factories around the world comply with leading global work standards.

Our responsible business reports, which have been nationally recognized on Newsweek’s Most Responsible Companies list, detail our strategy and provide our goals for eco-conscious products and practices and highlighted our progress toward our identified target goals, which we seek to achieve by 2025.

Our responsible business reports may be accessed at www.caleres.com.

The information contained on our website is not incorporated by reference into this Form 10-K and should not be considered part of this report.

We expect to publish another ESG report in the spring of 2024.

We expect to publish another responsible business report in the spring of 2025.

With many companies operating traditional brick-and-mortar retail shoe stores and departments and e-commerce businesses, we compete in a highly fragmented market.

In addition, the continuing consumer shift to online and mobile shopping has increased price competition and requires retailers to lower shipping costs charged to customers, improve shipping speeds and optimize mobile platforms.

Our competitors include local, regional and national shoe store chains, department stores, discount stores, mass merchandisers, numerous independent retail operators of various sizes and e-commerce businesses.

Our competitors include local, regional and national shoe store chains,

department stores, discount stores, mass merchandisers, numerous independent retail operators of various sizes and e-commerce businesses.

Quality of products and services, store location, trend-right merchandise selection and availability of brands, pricing, marketing, advertising and consumer service are all factors that impact retail competition.

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Division President – Famous Footwear

Chief Sourcing Officer

Chief Sourcing and Supply Chain Officer

Senior Vice President, Chief Accounting Officer

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Division President – Contemporary Fashion Brands from January 2011 to September 2015.

Senior Vice President, Better and Image Brands

from January 2010 to January 2011.

Senior Vice President, Better and Image Brands from January 2010 to January 2011.

Senior Vice President and General Manager, Better and Image Brands from March 2008 until January 2010.

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Vice President, Merchandising and Sales Operations from October 2011 to May 2015.

Friedman , Chief Sourcing Officer since April 2018.

Friedman , Chief Sourcing and Supply Chain Officer since April 2018.

Division President – Global Supply Chain from January 2010 to April 2018.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business