3 unchanged sentences
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
February 1, 2025
34 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands, except per share amounts)
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
Cost of goods sold
5 unchanged sentences
Earnings before income taxes
−Removed: Income tax provision
−Removed: Net loss attributable to noncontrolling interests
+Added: Income tax benefit (provision)
+Added: Net earnings (loss) attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
5 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: Other comprehensive income (loss) ("OCI"), net of tax:
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
+Added: Other comprehensive (loss) income ("OCI"), net of tax:
Foreign currency translation adjustment
Pension and other postretirement benefits adjustments
−Removed: Other comprehensive loss, net of tax
+Added: Other comprehensive earnings, net of tax
Comprehensive income
−Removed: Comprehensive loss attributable to noncontrolling interests
+Added: Comprehensive income (loss) attributable to noncontrolling interests
Comprehensive income attributable to Caleres, Inc.
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
Operating Activities
−Removed: Adjustments to reconcile net earnings to net cash (used for) provided by operating activities:
+Added: Adjustments to reconcile net earnings to net cash provided by operating activities:
Amortization of capitalized software
Amortization of intangible assets
−Removed: Amortization of debt issuance costs and debt discount
+Added: Amortization of debt issuance costs
+Added: Loss on early extinguishment of debt
Share-based compensation expense
−Removed: (Gain) loss on disposal of property and equipment
+Added: Gain on disposal of property and equipment
Impairment charges for property, equipment, and lease right-of-use assets
6 unchanged sentences
Income taxes, net
−Removed: Net cash (used for) provided by operating activities
+Added: Net cash provided by operating activities
Investing Activities
5 unchanged sentences
Repayments under revolving credit agreement
+Added: Debt issuance costs
Dividends paid
16 unchanged sentences
Paid-In Capital
+Added: BALANCE MAY 3, 2025
+Added: Foreign currency translation adjustment
+Added: Pension and other postretirement benefits adjustments, net of tax of $ 353
+Added: Comprehensive (loss) income
+Added: Contributions by noncontrolling interests
+Added: Dividends ($ 0.07 per share)
+Added: Acquisition of treasury stock
+Added: Issuance of common stock under share-based plans, net
+Added: Share-based compensation expense
+Added: BALANCE AUGUST 2, 2025
+Added: BALANCE MAY 4, 2024
+Added: Foreign currency translation adjustment
+Added: Pension and other postretirement benefits adjustments, net of tax of $ 376
+Added: Comprehensive income
+Added: Contributions by noncontrolling interests
+Added: Dividends ($ 0.07 per share)
+Added: Issuance of common stock under share-based plans, net
+Added: Share-based compensation expense
+Added: BALANCE AUGUST 3, 2024
+Added: Total Caleres, Inc.
+Added: Comprehensive
+Added: Shareholders’
+Added: Noncontrolling
+Added: ($ thousands, except number of shares and per share amounts)
+Added: Paid-In Capital
BALANCE FEBRUARY 1, 2025
8 unchanged sentences
Share-based compensation expense
−Removed: BALANCE MAY 3, 2025
+Added: BALANCE AUGUST 2, 2025
BALANCE FEBRUARY 3, 2024
−Removed: Net earnings (loss)
Foreign currency translation adjustment
1 unchanged sentence
Comprehensive income (loss)
+Added: Contributions by noncontrolling interests
Dividends ($ 0.14 per share)
2 unchanged sentences
Share-based compensation expense
−Removed: BALANCE MAY 4, 2024
+Added: BALANCE AUGUST 3, 2024
See notes to condensed consolidated financial statements.
18 unchanged sentences
The Company and Brand Investment Holding are each 50 % owners of the joint venture, which is named CLT Brand Solutions (“CLT”).
−Removed: During the thirteen weeks ended May 3, 2025, capital contributions of $ 3.5 million were made to CLT, including $ 1.8 million received from Brand Investment Holding.
−Removed: There were no capital contributions made during the thirteen weeks ended May 4, 2024.
−Removed: Net sales and operating losses of CLT for the periods ended May 3, 2025 and May 4, 2024 were as follows:
+Added: During the thirteen and twenty-six weeks ended August 2, 2025, capital contributions of $ 1.0 million and $ 4.5 million, respectively, were made to CLT, including $ 0.5 million and $ 2.3 million, respectively, received from Brand Investment Holding.
+Added: During the thirteen and twenty-six weeks ended August 3, 2024, capital contributions of $ 1.0 million were made to CLT, including $ 0.5 million received from Brand Investment Holding
+Added: Net sales and operating losses of CLT for the periods ended August 2, 2025 and August 3, 2024 were as follows:
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: Operating loss
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
+Added: Operating earnings (loss)
The Company consolidates CLT into its condensed consolidated financial statements on a one-month lag.
−Removed: Net loss attributable to noncontrolling interests represents the share of net earnings that is attributable to Brand Investment Holding.
+Added: Net earnings (loss) attributable to noncontrolling interests represents the share of net earnings or losses that is attributable to Brand Investment Holding.
Transactions between the Company and the joint venture have been eliminated in the condensed consolidated financial statements.
2 unchanged sentences
The Company negotiates payment and other terms directly with the suppliers, regardless of whether the supplier participates in the Program, and the Company’s responsibility is limited to making payment based on the terms originally negotiated with the supplier.
−Removed: The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financial institutions.
−Removed: The liabilities to the suppliers that participate in the Program are presented as accounts payable in the Company’s condensed
−Removed: consolidated balance sheets, with changes reflected within cash flows from operating activities when settled.
−Removed: As of May 3, 2025 and May 4, 2024, the Company had $ 11.8 million and $ 16.0 million, respectively, of accounts payable subject to the Program arrangements.
−Removed: The following table is a rollforward of the obligations confirmed under the Program for May 3, 2025 and May 4, 2024:
−Removed: Thirteen Weeks Ended
+Added: The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financial
+Added: institutions.
+Added: The liabilities to the suppliers that participate in the Program are presented as accounts payable in the Company’s condensed consolidated balance sheets, with changes reflected within cash flows from operating activities when settled.
+Added: As of August 2, 2025 and August 3, 2024, the Company had $ 22.8 million and $ 15.8 million, respectively, of accounts payable subject to the Program arrangements.
+Added: The following table is a rollforward of the obligations confirmed under the Program for August 2, 2025 and August 3, 2024:
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
Confirmed obligations outstanding at the beginning of the period
7 unchanged sentences
The Company expects each of the components of the Campus to qualify as a completed sale within the next year.
−Removed: Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale on the consolidated balance sheet as of May 3, 2025 within the Eliminations and Other category.
−Removed: The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of May 3, 2025.
+Added: Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale on the consolidated balance sheet as of August 2, 2025 within the Eliminations and Other category.
+Added: The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of August 2, 2025.
+Added: Subsequent Event - Acquisition of Stuart Weitzman
+Added: On August 4, 2025, the Company completed the previously announced acquisition of Stuart Weitzman from Tapestry, Inc.
+Added: Stuart Weitzman has been an iconic global luxury women’s footwear brand for over 35 years.
+Added: The purchase price for the acquisition was $ 120.2 million, which included an estimated $ 11.5 million in cash received at the closing.
+Added: Excluding cash received at the closing, the net purchase price was $ 108.7 million.
+Added: The purchase price is subject to final adjustments for net working capital.
+Added: The financial results of Stuart Weitzman will be included in the Brand Portfolio segment beginning in the third quarter of 2025.
+Added: All forward-looking estimates and projections, such as amortization expense, capital expenditures and store openings, exclude the potential impact of the Stuart Weitzman acquisition and operations.
Note 2 Impact of New Accounting Pronouncements
12 unchanged sentences
Disaggregation of Revenues
−Removed: The following table disaggregates revenue by segment and major source for the periods ended May 3, 2025 and May 4, 2024:
−Removed: Thirteen Weeks Ended May 3, 2025
+Added: The following table disaggregates revenue by segment and major source for the periods ended August 2, 2025 and August 3, 2024:
+Added: Thirteen Weeks Ended August 2, 2025
Eliminations and
10 unchanged sentences
Licensing and royalty
−Removed: Thirteen Weeks Ended May 4, 2024
+Added: Thirteen Weeks Ended August 3, 2024
Eliminations and
10 unchanged sentences
Licensing and royalty
+Added: Twenty-Six Weeks Ended August 2, 2025
+Added: Eliminations and
+Added: ($ thousands)
+Added: Famous Footwear
+Added: Brand Portfolio
+Added: Retail stores
+Added: E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop-ship (1)
+Added: Total direct-to-consumer sales
+Added: Wholesale - e-commerce (1)
+Added: Wholesale - landed
+Added: Wholesale - first cost
+Added: Licensing and royalty
+Added: Twenty-Six Weeks Ended August 3, 2024
+Added: Eliminations and
+Added: ($ thousands)
+Added: Famous Footwear
+Added: Brand Portfolio
+Added: Retail stores
+Added: E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop-ship (1)
+Added: Total direct-to-consumer sales
+Added: Wholesale - e-commerce (1)
+Added: Wholesale - landed
+Added: Wholesale - first cost
+Added: Licensing and royalty
(1) Collectively referred to as "e-commerce" in the narrative below
15 unchanged sentences
Landed sales are wholesale sales in which the Company obtains title to the footwear from the overseas suppliers and maintains title until the merchandise is shipped to the customer from the Company’s warehouses.
−Removed: Many customers purchasing footwear on a landed basis arrange their own transportation of merchandise and, with limited exceptions, control is transferred at the time of shipment.
+Added: Many customers purchasing footwear on a landed basis arrange their own transportation of merchandise and, with limited exceptions, control is transferred and revenue is recognized at the time of shipment.
Landed sales generally carry a higher profit rate than first-cost wholesale sales as a result of the brand equity associated with the product along with the additional customs, warehousing and logistics services provided to customers and the risks associated with inventory ownership.
17 unchanged sentences
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
February 1, 2025
4 unchanged sentences
Changes in contract balances with customers between the periods presented generally reflect differences in relative sales volume.
−Removed: In addition, during the thirteen weeks ended May 3, 2025, the loyalty programs liability increased $ 6.3 million due to points and material rights earned on purchases and decreased $ 5.5 million due to expirations and redemptions.
−Removed: During the thirteen weeks ended May 4, 2024, the loyalty programs liability increased $ 9.7 million due to points and material rights earned on purchases and decreased $ 12.8 million due to expirations and redemptions.
+Added: In addition, during the twenty-six weeks ended August 2, 2025, the loyalty programs liability increased $ 10.7 million due to points and material rights earned on purchases and decreased $ 8.9 million due to expirations and redemptions.
+Added: During the twenty-six weeks ended August 3, 2024, the loyalty programs liability increased $ 15.5 million due to points and material rights earned on purchases and decreased $ 18.9 million due to expirations and redemptions.
The liability for loyalty programs is presented within other accrued expenses when earned and is generally expected to be recognized as revenue within one year.
1 unchanged sentence
The Company estimates and records an expected lifetime credit loss on accounts receivable by utilizing credit ratings and other customer-related information, as well as historical loss experience.
−Removed: The following table summarizes the activity in the Company’s allowance for expected credit losses during the thirteen weeks ended May 3, 2025 and May 4, 2024:
−Removed: Thirteen Weeks Ended
+Added: The following table summarizes the activity in the Company’s allowance for expected credit losses during the twenty-six weeks ended August 2, 2025 and August 3, 2024:
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
Balance, beginning of period
Adjustment for expected credit losses
−Removed: Uncollectible account (write-offs) recoveries, net
+Added: Uncollectible account recoveries, net
Balance, end of period
2 unchanged sentences
shareholders.
−Removed: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company.
+Added: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of
The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc.
−Removed: shareholders for the periods ended May 3, 2025 and May 4, 2024:
+Added: shareholders for the periods ended August 2, 2025 and August 3, 2024:
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands, except per share amounts)
−Removed: Net loss attributable to noncontrolling interests
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
+Added: Net (earnings) loss attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
8 unchanged sentences
As further discussed in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds , the Company has a publicly announced share repurchase program.
−Removed: The Company repurchased 300,000 and 416,000 shares under this program during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
+Added: The Company repurchased no shares under this program during the thirteen weeks ended August 2, 2025 and August 3, 2024.
+Added: The Company repurchased 300,000 shares and 416,000 shares under this program during the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively.
Under the provisions of the Inflation Reduction Act of 2022 (“Inflation Reduction Act”), a 1% excise tax is imposed on repurchases of common stock beginning on January 1, 2023.
Excise taxes incurred on share repurchases are incremental costs to purchase the stock, and accordingly, are included in the total cost basis of the common stock acquired and reflected as a reduction of shareholders’ equity within retained earnings in the condensed consolidated statements of shareholders’ equity.
−Removed: An immaterial amount of excise taxes were due on share repurchases during the thirteen weeks ended May 3, 2025.
−Removed: No excise taxes were due on share repurchases for the thirteen weeks ended May 4, 2024.
+Added: An immaterial amount of excise taxes were due on share repurchases during the twenty-six weeks ended August 2, 2025 and August 3, 2024.
Note 5 Restructuring and Other Special Charges
−Removed: In February 2025, the Company signed a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc.
−Removed: for $ 105 million, subject to customary adjustments.
−Removed: Stuart Weitzman has been an iconic global luxury women’s footwear brand for over 35 years.
−Removed: The acquisition,
−Removed: which is expected to close in the summer of 2025, is expected to be funded through the Company’s revolving credit agreement.
−Removed: The Company incurred legal and other related costs of approximately $ 0.6 million ($ 0.5 million on an after-tax basis) during the thirteen weeks ended May 3, 2025 associated with the acquisition of Stuart Weitzman.
−Removed: These costs are reflected in restructuring and other special charges in the condensed consolidated statement of earnings for the thirteen weeks ended May 3, 2025 in the Eliminations and Other category.
−Removed: The Company incurred no restructuring charges during the thirteen weeks ended May 4, 2024.
+Added: During the second quarter of 2025, the Company announced its plan to reduce selling and administrative expenses through structural changes.
+Added: During the thirteen and twenty-six weeks ended August 2, 2025, the Company incurred costs of approximately $ 4.5 million ($ 3.3 million on an after-tax basis, or $ 0.10 per diluted share) for severance and other related costs associated with these expense reduction initiatives.
+Added: Of the $ 4.5 million in costs, $ 2.6 million is reflected in the Eliminations and Other category, $ 1.8 million is reflected in the Brand Portfolio segment and $ 0.1 million is reflected in the Famous Footwear segment in restructuring and other special charges in the condensed consolidated statement of earnings.
+Added: The Company incurred no expense reduction initiative costs during the twenty-six weeks ended August 3, 2024.
+Added: As discussed in Note 1 to the condensed consolidated financial statements, on August 4, 2025, the Company completed the previously announced acquisition of Stuart Weitzman from Tapestry, Inc.
+Added: During the thirteen and twenty-six weeks ended August 2, 2025, t he Company incurred legal and other related costs associated with the acquisition of approximately $ 2.3 million ($ 1.7 million on an after-tax basis, or $ 0.05 per diluted share) and $ 2.9 million ($ 2.1 million on an after-tax basis, or $ 0.06 per diluted share), respectively.
+Added: These costs are reflected in restructuring and other special charges in the condensed consolidated statement of earnings for the thirteen and twenty-six weeks ended August 2, 2025 in the Eliminations and Other category.
Note 6 Business Segment Information
−Removed: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended May 3, 2025 and May 4, 2024:
+Added: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended August 2, 2025 and August 3, 2024:
+Added: Thirteen Weeks Ended August 2, 2025
($ thousands)
10 unchanged sentences
Segment assets
−Removed: Thirteen Weeks Ended May 4, 2024
+Added: Thirteen Weeks Ended August 3, 2024
Net sales (1)
5 unchanged sentences
Advertising and marketing
−Removed: Restructuring and other special charges, net
Other expenses (3)
1 unchanged sentence
Segment assets
−Removed: (1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 8.9 million and $ 7.6 million for the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
+Added: Twenty-Six Weeks Ended August 2, 2025
+Added: ($ thousands)
+Added: Net sales (1)
+Added: Cost of goods sold
+Added: Less expenses:
+Added: Retail stores (2)
+Added: Information technology
+Added: Warehousing and distribution
+Added: Advertising and marketing
+Added: Restructuring and other special charges, net
+Added: Other expenses (3)
+Added: Operating earnings (loss)
+Added: Twenty-Six Weeks Ended August 3, 2024
+Added: ($ thousands)
+Added: Net sales (1)
+Added: Cost of goods sold
+Added: Less expenses:
+Added: Retail stores (2)
+Added: Information technology
+Added: Warehousing and distribution
+Added: Advertising and marketing
+Added: Other expenses (3)
+Added: Operating earnings (loss)
+Added: (1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 16.7 million and $ 22.5 million for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively.
+Added: Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 25.5 million and $ 30.0 million for the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively.
(2) Includes compensation and facilities costs associated with the Company’s North America retail stores.
3 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
Operating earnings
5 unchanged sentences
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
February 1, 2025
3 unchanged sentences
Inventories, net (1)
−Removed: Net of adjustment to last-in, first-out cost of $ 10.9 million as of May 3, 2025, May 4, 2024 and February 1, 2025.
+Added: Net of adjustment to last-in, first-out cost of $ 11.9 million, $ 10.4 million and $ 10.9 as of August 2, 2025, August 3, 2024 and February 1, 2025, respectively.
Note 8 Goodwill and Intangible Assets
1 unchanged sentence
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
February 1, 2025
8 unchanged sentences
Goodwill and intangible assets, net
−Removed: (1) The carrying amount of intangible assets as of May 3, 2025, May 4, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 106.2 million.
−Removed: (2) The carrying amount of goodwill as of May 3, 2025, May 4, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 415.7 million.
−Removed: The Company’s intangible assets as of May 3, 2025, May 4, 2024 and February 1, 2025 were as follows:
+Added: (1) The carrying amount of intangible assets as of August 2, 2025, August 3, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 106.2 million.
+Added: (2) The carrying amount of goodwill as of August 2, 2025, August 3, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 415.7 million.
+Added: The Company’s intangible assets as of August 2, 2025, August 3, 2024 and February 1, 2025 were as follows:
($ thousands)
+Added: August 2, 2025
Estimated Useful Lives
1 unchanged sentence
Customer relationships
+Added: August 3, 2024
Estimated Useful Lives
5 unchanged sentences
Customer relationships
−Removed: Amortization expense related to intangible assets was $ 2.8 million for the thirteen weeks ended May 3, 2025 and May 4, 2024.
+Added: Amortization expense related to intangible assets was $ 2.8 million for both the thirteen weeks ended August 2, 2025 and August 3, 2024 and $ 5.5 million for both the twenty-six weeks ended August 2, 2025 and August 3, 2024.
The Company estimates that amortization expense related to intangible assets will be approximately $ 11.0 million in 2025 and 2026 , $ 10.9 million in 2027, and $ 10.7 million in 2028 and 2029 .
Goodwill is tested for impairment as of the first day of the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test.
−Removed: The Company recorded no goodwill impairment charges during the thirteen weeks ended May 3, 2025 or May 4, 2024.
+Added: The Company recorded no goodwill impairment charges during the twenty-six weeks ended August 2, 2025 or August 3, 2024.
Indefinite-lived intangible assets are tested for impairment as of the first day of the fourth quarter of each fiscal year unless events or circumstances indicate an interim test is required.
−Removed: The Company recorded no impairment charges for indefinite-lived intangible assets during the thirteen weeks ended May 3, 2025 or May 4, 2024.
+Added: The Company recorded no impairment charges for indefinite-lived intangible assets during the twenty-six weeks ended August 2, 2025 or August 3, 2024.
Note 9 Leases
7 unchanged sentences
The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable.
−Removed: After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow
+Added: After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment
+Added: at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method.
The fair value of the lease right-of-use assets is determined utilizing projected cash flows for each store location, discounted using a risk-adjusted discount rate, subject to a market floor based on current market lease rates.
−Removed: During the thirteen weeks ended May 3, 2025, the Company recorded asset impairment charges of $ 0.3 million.
+Added: During the twenty-six weeks ended August 2, 2025 and August 3, 2024, the Company recorded asset impairment charges of $ 0.7 million and $ 0.8 million, respectfully, primarily related to underperforming retail stores.
Refer to Note 14 to the condensed consolidated financial statements for further discussion of impairment charges on the Company’s operating lease right-of-use assets and property and equipment in retail stores.
−Removed: During the thirteen weeks ended May 3, 2025, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 30.3 million on the condensed consolidated balance sheets.
−Removed: As of May 3, 2025, the Company has entered into lease commitments for four retail locations for which the leases have not yet commenced.
−Removed: The Company anticipates that one lease will begin in the current fiscal year and three will begin in fiscal 2026.
−Removed: Upon commencement, right-of-use assets and lease liabilities of approximately $ 1.9 million will be recorded in the current fiscal year and $ 3.8 million will be recorded in fiscal 2026 on the condensed consolidated balance sheets.
−Removed: The components of lease expense for the thirteen weeks ended May 3, 2025 and May 4, 2024 were as follows:
+Added: During the twenty-six weeks ended August 2, 2025, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 58.6 million on the condensed consolidated balance sheets.
+Added: As of August 2, 2025, the Company has entered into lease commitments for eight retail locations for which the leases have not yet commenced.
+Added: The Company anticipates that five leases will begin in the current fiscal year, two leases will begin in fiscal 2026 and one lease will begin in fiscal 2027.
+Added: Upon commencement, right-of-use assets and lease liabilities of approximately $ 6.2 million will be recorded in the current fiscal year, $ 3.3 million will be recorded in fiscal 2026 and $ 0.9 million will be recorded in fiscal 2027 on the condensed consolidated balance sheets.
+Added: The components of lease expense for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 were as follows:
Thirteen Weeks Ended
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
Operating lease expense
2 unchanged sentences
Total lease expense
−Removed: During the thirteen weeks ended May 3, 2025 and May 4, 2024, the Company paid cash for lease liabilities of $ 51.2 million and $ 42.2 million, respectively.
+Added: Twenty-Six Weeks Ended
+Added: ($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
+Added: Operating lease expense
+Added: Variable lease expense
+Added: Short-term lease expense
+Added: Total lease expense
+Added: During the twenty-six weeks ended August 2, 2025 and August 3, 2024, the Company paid cash for lease liabilities of $ 94.9 million and $ 83.2 million, respectively.
Note 10 Financing Arrangements
2 unchanged sentences
The Company is the lead borrower, and Sidney Rich Associates, Inc., BG Retail, LLC, Allen Edmonds LLC, Vionic Group LLC, Vionic International LLC and Blowfish, LLC are each co-borrowers and guarantors.
−Removed: On October 5, 2021, the Company entered into a Fifth Amendment to Fourth Amended and Restated Credit Agreement (as so amended, the "Credit Agreement") which, among other modifications, decreased the amount available under the revolving credit facility by $ 100.0 million to an aggregate amount of up to $ 500.0 million, subject to borrowing base restrictions, and may be increased by up to $ 250.0 million.
−Removed: The Credit Agreement also decreased the spread applied to the London Interbank Offered Rate (“LIBOR”) or prime rate by a total of 75 basis points.
−Removed: On April 27, 2023, the Company entered into a Sixth Amendment to Fourth Amended and Restated Credit agreement to transition the borrowings on the revolving credit facility from bearing interest based on LIBOR to a term secured overnight financing rate (“SOFR”).
+Added: On June 27, 2025, the Company entered into a Seventh Amendment to Fourth Amended and Restated Credit Agreement (as so amended, the "Credit Agreement") which, among other modifications, increased the amount available under the revolving credit facility by $ 200.0 million to an aggregate amount of up to $ 700.0 million, subject to borrowing base restrictions, and may be further increased by up to $ 250.0 million.
+Added: The Credit Agreement matures on June 27, 2030.
Borrowing availability under the Credit Agreement is limited to the lesser of the total commitments and the borrowing base ("Loan Cap"), which is based on stated percentages of the sum of eligible accounts receivable, eligible inventory and eligible credit card receivables, as defined, less applicable reserves.
Under the Credit Agreement, the Loan Parties’ obligations are secured by a first-priority security interest in all accounts receivable, inventory and certain other collateral.
−Removed: Interest on borrowings is at variable rates based on the SOFR, or the prime rate (as defined in the Credit Agreement), plus a spread.
+Added: Interest on borrowings is at variable rates based on the secured overnight financing rate (“SOFR”), or the prime rate (as defined in the Credit Agreement), plus a spread.
The interest rate and fees for letters of credit vary based upon the level of excess availability under the Credit Agreement.
5 unchanged sentences
The Credit Agreement also contains certain other covenants and restrictions.
−Removed: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of May 3, 2025.
−Removed: At May 3, 2025, the Company had $ 258.5 million of borrowings outstanding and $ 8.1 million in letters of credit outstanding under the Credit Agreement.
−Removed: Total additional borrowing availability was $ 233.4 million as of May 3, 2025.
−Removed: As further discussed in Note 4 to the condensed consolidated financial statements, the Company repurchased approximately 0.3 million shares of common stock during the thirteen weeks ended May 3, 2025 at a total cost of approximately $ 5.0 million, excluding the cost of broker commissions and excise taxes due under the Inflation Reduction Act.
−Removed: Borrowings under the revolving credit agreement were used to repurchase these shares of common stock.
+Added: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of August 2, 2025.
+Added: At August 2, 2025, the Company had $ 387.5 million of borrowings outstanding and $ 8.1 million in letters of credit outstanding under the Credit Agreement.
+Added: Total additional borrowing availability was $ 230.8 million as of August 2, 2025.
+Added: As further discussed in Note 5 to the condensed consolidated financial statements, the Company acquired Stuart Weitzman from Tapestry, Inc.
+Added: subsequent to quarter-end on August 4, 2025.
+Added: Borrowings under the revolving credit agreement were used to fund the acquisition.
Note 11 Shareholders’ Equity
Accumulated Other Comprehensive Loss
−Removed: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended May 3, 2025 and May 4, 2024:
+Added: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended August 2, 2025 and August 3, 2024:
Postretirement
3 unchanged sentences
(Loss) Income
+Added: Balance at May 3, 2025
+Added: Other comprehensive loss before reclassifications
+Added: Reclassifications:
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: Net reclassifications
+Added: Other comprehensive (loss) income
+Added: Balance at August 2, 2025
+Added: Balance at May 4, 2024
+Added: Other comprehensive income before reclassifications
+Added: Reclassifications:
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: Net reclassifications
+Added: Other comprehensive income
+Added: Balance at August 3, 2024
Balance at February 1, 2025
4 unchanged sentences
Other comprehensive income
−Removed: Balance at May 3, 2025
+Added: Balance at August 2, 2025
Balance at February 3, 2024
−Removed: Other comprehensive loss before reclassifications
+Added: Other comprehensive income before reclassifications
Reclassifications:
1 unchanged sentence
Net reclassifications
−Removed: Other comprehensive (loss) income
−Removed: Balance at May 4, 2024
+Added: Other comprehensive income
+Added: Balance at August 3, 2024
(1) Amounts reclassified are included in other income, net.
1 unchanged sentence
Note 12 Share-Based Compensation
−Removed: The Company recognized share-based compensation expense of $ 2.8 million and $ 3.7 million during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
−Removed: The Company had net issuances of 483,778 and 61,388 shares of common stock during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
+Added: The Company recognized share-based compensation expense of $ 4.1 million and $ 4.2 million during the thirteen weeks and $ 6.9 million and $ 7.9 million during the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively.
+Added: The Company had net issuances of 30,000 and 463 shares of common stock during the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
+Added: During the twenty-six weeks ended August 2, 2025 and August 3, 2024, the Company had net issuances of 513,778 and 61,851 shares of common stock, respectively, related to share-based plans.
Restricted Stock
−Removed: The following table summarizes restricted stock activity for the periods ended May 3, 2025 and May 4, 2024:
+Added: The following table summarizes restricted stock activity for the periods ended August 2, 2025 and August 3, 2024:
Thirteen Weeks Ended
Thirteen Weeks Ended
+Added: August 2, 2025
+Added: August 3, 2024
of Restricted
of Restricted
−Removed: Nonvested at February 1, 2025
−Removed: Nonvested at February 3, 2024
Nonvested at May 3, 2025
Nonvested at May 4, 2024
−Removed: The Company granted 748,063 restricted shares during the thirteen weeks ended May 3, 2025, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
−Removed: The Company granted 303,285 restricted shares during the thirteen weeks ended May 4, 2024, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: Nonvested at August 2, 2025
+Added: Nonvested at August 3, 2024
+Added: Twenty-Six Weeks Ended
+Added: Twenty-Six Weeks Ended
+Added: August 2, 2025
+Added: August 3, 2024
+Added: of Restricted
+Added: of Restricted
+Added: Nonvested at February 2, 2025
+Added: Nonvested at February 3, 2024
+Added: Nonvested at August 2, 2025
+Added: Nonvested at August 3, 2024
+Added: The Company granted 50,852 and 798,915 restricted shares during the thirteen and twenty-six weeks ended August 2, 2025, respectively, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: Of the 16,812 restricted shares the Company granted during the thirteen weeks ended August 3, 2024, 13,692 shares have a cliff-vesting term of one year and 3,120 shares have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: Of the 320,097 restricted shares the Company granted during the twenty-six weeks ended August 3, 2024, 13,692 have a cliff-vesting term of one year and 306,405 shares have a graded vesting term of three years , with 50 % vesting after two years and 50 % vesting after three years .
Performance Awards
−Removed: The Company granted no performance share awards during the thirteen weeks ended May 3, 2025.
−Removed: During the thirteen weeks ended May 4, 2024, the Company granted performance share awards for a targeted 165,854 shares, with a weighted-average grant date fair value of $ 41.05 in connection with the 2024 performance award (2024 – 2026 performance period).
+Added: The Company granted no performance share awards during the twenty-six weeks ended August 2, 2025.
+Added: During the twenty-six weeks ended August 3, 2024, the Company granted performance share awards for a targeted 165,854 shares, with a weighted-average grant date fair value of $ 41.05 in connection with the 2024 performance award (2024 – 2026 performance period).
At the end of the vesting period, the employee will have earned an amount of shares or units between 0 % and 200 % of the targeted award, depending on the attainment of certain financial goals for the service period and individual achievement of strategic initiatives over the cumulative period of the award.
1 unchanged sentence
Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded for each tranche in accordance with the vesting schedule of the units over the three-year service period.
−Removed: During the thirteen weeks ended May 3, 2025, the Company granted long-term incentive awards payable in cash for the 2025-2027 performance period, with a target value of $ 6.7 million and a maximum value of $ 13.4 million.
−Removed: This award, which vests after a three-year period, is dependent upon the attainment of certain financial goals of the Company for each of the three years and individual achievement of strategic initiatives over the cumulative period of the award.
−Removed: The estimated value of this award, which is reflected within other liabilities on the consolidated balance sheet as of May 3, 2025, is being accrued over the three-year performance period.
+Added: During the twenty-six weeks ended August 2, 2025, the Company granted long-term incentive awards payable in cash for the 2025-2027 performance period, with a target value of $ 6.7 million and a maximum value of $ 13.4 million.
+Added: This award, which vests after a three-year period, is dependent upon the attainment of certain financial goals of the Company for each of the three years and individual achievement
+Added: of strategic initiatives over the cumulative period of the award.
+Added: The estimated value of this award, which is reflected within other liabilities on the consolidated balance sheet as of August 2, 2025, is being accrued over the three-year performance period.
Restricted Stock Units for Non-Employee Directors
6 unchanged sentences
Gains and losses resulting from changes in the fair value of the RSUs payable in cash subsequent to the vesting period and through the settlement date are recognized in the Company’s condensed consolidated statements of earnings.
−Removed: The Company granted 1,885 and 879 RSUs for dividend equivalents, during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively, with weighted-average grant date fair values of $ 15.64 and $ 35.57 , respectively.
+Added: The Company granted 75,035 and 28,444 RSUs to non-employee directors, including 2,249 and 1,060 RSUs for dividend equivalents, during the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively, with weighted-average grant date fair values of $ 13.18 and $ 35.01 , respectively.
+Added: The Company granted 76,920 and 29,323 RSUs to non-employee directors, including 4,134 and 1,939 for dividend equivalents, during the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively, with weighted-average grant date fair values of $ 13.24 and $ 35.03 , respectively.
Note 13 Retirement and Other Benefit Plans
5 unchanged sentences
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
Interest cost
4 unchanged sentences
Total net periodic benefit expense (income)
+Added: Pension Benefits
+Added: Other Postretirement Benefits
+Added: Twenty-Six Weeks Ended
+Added: Twenty-Six Weeks Ended
+Added: ($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
+Added: Interest cost
+Added: Expected return on assets
+Added: Amortization of:
+Added: Actuarial loss (gain)
+Added: Prior service cost
+Added: Total net periodic benefit expense (income)
Service cost is included in selling and administrative expenses.
3 unchanged sentences
Fair value measurement disclosure requirements specify a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”).
−Removed: In accordance with the fair value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows:
+Added: In accordance with the fair
+Added: value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows:
● Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
13 unchanged sentences
Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”).
−Removed: The liabilities of the Deferred Compensation Plan are presented in other accrued
−Removed: expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
+Added: The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
Changes in the Deferred Compensation Plan assets and liabilities are charged to selling and administrative expenses.
17 unchanged sentences
Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statements of earnings.
−Removed: The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1).
+Added: The fair value of each PSU is based on an
+Added: unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1).
Restricted Stock Units for Non-Employee Directors
3 unchanged sentences
Additional information related to RSUs for non-employee directors is disclosed in Note 12 to the condensed consolidated financial statements.
−Removed: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 3, 2025 and May 4, 2024.
−Removed: During the thirteen weeks ended May 3, 2025 and May 4, 2024, there were no transfers into or out of Level 3.
+Added: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at August 2, 2025, August 3, 2024 and February 1, 2025.
+Added: During the twenty-six weeks ended August 2, 2025 and August 3, 2024, there were no transfers into or out of Level 3.
Fair Value Measurements
1 unchanged sentence
Asset (Liability)
+Added: August 2, 2025:
Non-qualified deferred compensation plan assets
4 unchanged sentences
Restricted stock units for non-employee directors
+Added: August 3, 2024:
Non-qualified deferred compensation plan assets
16 unchanged sentences
Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC Topic 820, Fair Value Measurement .
−Removed: Long-lived assets held and used with carrying amounts of $ 623.3 million and $ 655.1 million at May 3, 2025 and May 4, 2024, respectively, were assessed for indicators of impairment.
+Added: Long-lived assets held and used with carrying amounts of $ 617.2 million and $ 647.4 million at
+Added: August 2, 2025 and August 3, 2024, respectively, were assessed for indicators of impairment.
This assessment resulted in impairment charges for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores.
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 2, 2025
+Added: August 3, 2024
+Added: August 2, 2025
+Added: August 3, 2024
Long-Lived Asset Impairment Charges:
4 unchanged sentences
The fair values of cash and cash equivalents, receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments (Level 1).
−Removed: The fair values of the borrowings under revolving credit agreement of $ 258.5 million and $ 191.0 million as of May 3, 2025 and May 4, 2024, respectively, approximate their carrying values due to the short-term nature of the borrowings (Level 1).
+Added: The fair values of the borrowings under revolving credit agreement of $ 387.5 million and $ 146.5 million as of August 2, 2025 and August 3, 2024, respectively, approximate their carrying values due to the short-term nature of the borrowings (Level 1).
Note 15 Income Taxes
The Company’s consolidated effective tax rate can vary considerably from period to period, depending on a number of factors.
−Removed: The Company’s consolidated effective tax rates were 29.8 % and 23.0 % for the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
−Removed: The higher effective tax rate was driven by a discrete tax provision related to share-based compensation of approximately $ 0.3 million in the first quarter of 2025, compared to discrete tax benefits of approximately $ 0.8 million in the first quarter of 2024.
−Removed: As of May 3, 2025, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax, beyond the amounts recorded for the one-time transition tax for the mandatory deemed repatriation of cumulative international earnings, as required by the Tax Cuts and Jobs Act.
+Added: The Company’s consolidated effective tax rates were a benefit of 22.0 % and a provision of 25.0 % for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively.
+Added: The Company’s consolidated effective tax rates were 8.8 % and 24.0 % for the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively.
+Added: The lower effective tax rate for the thirteen and twenty-six weeks ended August 2, 2025 was primarily driven by discrete tax benefits of $ 2.5 million associated with the resolution of the remaining transition tax for the mandatory deemed repatriation of cumulative foreign earnings.
+Added: For the six months ended August 3, 2024, we recorded discrete tax benefits of approximately $ 1.0 million related to share-based compensation.
+Added: As of August 2, 2025, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax.
The Company periodically evaluates its international investment opportunities and plans, as well as its international working capital needs, to determine the level of investment required and, accordingly, determines the level of international earnings that is considered indefinitely reinvested.
15 unchanged sentences
The Company continues to implement the expanded remedy work plan that was approved by the oversight authorities in 2015 and to work with the oversight authorities on the off-site work plan.
−Removed: The cumulative expenditures for both on-site and off-site remediation through May 3, 2025 were $ 34.9 million.
+Added: The cumulative expenditures for both on-site and off-site remediation through August 2, 2025 were $ 35.0 million.
The Company has recovered a portion of these expenditures from insurers and other third parties.
−Removed: The reserve for the anticipated future remediation activities at May 3, 2025 is $ 9.1 million, of which $ 8.2 million is recorded within other liabilities and $ 0.9 million is recorded within other accrued expenses.
+Added: The reserve for the anticipated future remediation activities at August 2, 2025 is $ 8.9 million, of which $ 8.1 million is recorded within other liabilities and $ 0.8 million is recorded within other accrued expenses.
Of the total $ 8.9 million reserve, $ 4.5 million is for off-site remediation and $ 4.4 million is for on-site remediation.
The liability for the on-site remediation was discounted at 4.8 %.
−Removed: On an undiscounted basis, the on-site remediation liability would be $ 12.2 million as of May 3, 2025.
+Added: On an undiscounted basis, the on-site remediation liability would be $ 12.5 million as of August 2, 2025.
The Company expects to spend approximately $ 0.1 million in 2025, $ 0.1 million in each of the following four years and $ 12.0 million in the aggregate thereafter related to the on-site remediation.
8 unchanged sentences
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.