3 unchanged sentences
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
February 1, 2025
34 unchanged sentences
Thirteen Weeks Ended
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands, except per share amounts)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Cost of goods sold
3 unchanged sentences
Interest expense, net
−Removed: Other income, net
+Added: Other (expense) income, net
Earnings before income taxes
−Removed: Income tax benefit (provision)
−Removed: Net earnings (loss) attributable to noncontrolling interests
+Added: Income tax provision
+Added: Net loss attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
5 unchanged sentences
Thirteen Weeks Ended
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: Other comprehensive (loss) income ("OCI"), net of tax:
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: Other comprehensive income ("OCI"), net of tax:
Foreign currency translation adjustment
2 unchanged sentences
Comprehensive income
−Removed: Comprehensive income (loss) attributable to noncontrolling interests
+Added: Comprehensive loss attributable to noncontrolling interests
Comprehensive income attributable to Caleres, Inc.
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Operating Activities
5 unchanged sentences
Share-based compensation expense
−Removed: Gain on disposal of property and equipment
+Added: Loss on disposal of property and equipment
Impairment charges for property, equipment, and lease right-of-use assets
10 unchanged sentences
Capitalized software
+Added: Acquisition of Stuart Weitzman, net of cash received
Net cash used for investing activities
21 unchanged sentences
Paid-In Capital
−Removed: BALANCE MAY 3, 2025
+Added: BALANCE AUGUST 2, 2025
+Added: Net earnings (loss)
Foreign currency translation adjustment
Pension and other postretirement benefits adjustments, net of tax of $ 365
−Removed: Comprehensive (loss) income
+Added: Comprehensive income (loss)
Contributions by noncontrolling interests
3 unchanged sentences
Share-based compensation expense
+Added: BALANCE NOVEMBER 1, 2025
BALANCE AUGUST 3, 2024
−Removed: BALANCE MAY 4, 2024
+Added: Net earnings (loss)
Foreign currency translation adjustment
Pension and other postretirement benefits adjustments, net of tax of $ 383
−Removed: Comprehensive income
+Added: Comprehensive income (loss)
Contributions by noncontrolling interests
Dividends ($ 0.07 per share)
+Added: Acquisition of treasury stock
+Added: ( 1,522,324 )
Issuance of common stock under share-based plans, net
Share-based compensation expense
−Removed: BALANCE AUGUST 3, 2024
+Added: BALANCE NOVEMBER 2, 2024
Total Caleres, Inc.
14 unchanged sentences
Share-based compensation expense
−Removed: BALANCE AUGUST 2, 2025
+Added: BALANCE NOVEMBER 1, 2025
BALANCE FEBRUARY 3, 2024
5 unchanged sentences
Acquisition of treasury stock
+Added: ( 1,938,324 )
Issuance of common stock under share-based plans, net
Share-based compensation expense
−Removed: BALANCE AUGUST 3, 2024
+Added: BALANCE NOVEMBER 2, 2024
See notes to condensed consolidated financial statements.
16 unchanged sentences
Noncontrolling interests in the Company’s condensed consolidated financial statements result from the accounting for noncontrolling interests in partially-owned consolidated subsidiaries or affiliates.
−Removed: In 2019, the Company entered into a joint venture with Brand Investment Holding Limited (“Brand Investment Holding”), a member of the Gemkell Group, to sell Sam Edelman, Naturalizer and other branded footwear in China.
+Added: The Company has a joint venture with Brand Investment Holding Limited (“Brand Investment Holding”), a member of the Gemkell Group, to sell Sam Edelman, Naturalizer and other branded footwear in China.
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 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.
−Removed: 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
−Removed: Net sales and operating losses of CLT for the periods ended August 2, 2025 and August 3, 2024 were as follows:
+Added: During the thirteen and thirty-nine weeks ended November 1, 2025, capital contributions of $ 0.8 million and $ 5.3 million, respectively, were made to CLT, including $ 0.4 million and $ 2.7 million, respectively, received from Brand Investment Holding.
+Added: During the thirteen and thirty-nine weeks ended November 2, 2024, capital contributions of $ 2.0 million and $ 3.0 million, respectively, were made to CLT, including $ 1.0 million and $ 1.5 million, respectively, received from Brand Investment Holding
+Added: Net sales and operating losses of CLT for the periods ended November 1, 2025 and November 2, 2024 were as follows:
Thirteen Weeks Ended
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: Operating earnings (loss)
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: Operating loss
The Company consolidates CLT into its condensed consolidated financial statements on a one-month lag.
−Removed: Net earnings (loss) attributable to noncontrolling interests represents the share of net earnings or losses that is attributable to Brand Investment Holding.
+Added: Net loss attributable to noncontrolling interests represents the share of net losses that are attributable to Brand Investment Holding.
Transactions between the Company and the joint venture have been eliminated in the condensed consolidated financial statements.
5 unchanged sentences
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.
−Removed: 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.
−Removed: The following table is a rollforward of the obligations confirmed under the Program for August 2, 2025 and August 3, 2024:
−Removed: Twenty-Six Weeks Ended
+Added: As of November 1, 2025 and November 2, 2024, the Company had $ 15.9 million and $ 17.2 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 November 1, 2025 and November 2, 2024:
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Confirmed obligations outstanding at the beginning of the period
5 unchanged sentences
In February 2025, the Company entered into two letters of intent to sell the remaining portions of the Campus.
−Removed: In April 2025, the Company entered into an agreement to sell one of the remaining parcels.
+Added: In April 2025, the Company entered into an agreement to sell one of the remaining parcels and in September 2025, an agreement was entered into the sell the remaining parcel.
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 August 2, 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 August 2, 2025.
−Removed: Subsequent Event - Acquisition of Stuart Weitzman
−Removed: On August 4, 2025, the Company completed the previously announced acquisition of Stuart Weitzman from Tapestry, Inc.
−Removed: Stuart Weitzman has been an iconic global luxury women’s footwear brand for over 35 years.
−Removed: The purchase price for the acquisition was $ 120.2 million, which included an estimated $ 11.5 million in cash received at the closing.
−Removed: Excluding cash received at the closing, the net purchase price was $ 108.7 million.
−Removed: The purchase price is subject to final adjustments for net working capital.
−Removed: The financial results of Stuart Weitzman will be included in the Brand Portfolio segment beginning in the third quarter of 2025.
−Removed: 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.
+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 November 1, 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 November 1, 2025.
Note 2 Impact of New Accounting Pronouncements
Impact of Recently Issued Accounting Pronouncements
−Removed: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
+Added: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures .
7 unchanged sentences
The Company is currently evaluating the impact of the ASU on its consolidated financial statement disclosures.
−Removed: N ote 3 Revenues
+Added: In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) , which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.
+Added: The ASU is intended to clarify and modernize the accounting for costs related to internal-use software.
+Added: ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those fiscal years, with early adoption permitted.
+Added: The guidance may be applied using a prospective, retrospective or modified transition approach.
+Added: The Company is currently evaluating the impact of the ASU on its consolidated financial statement disclosures.
+Added: N ote 3 Acquisition
+Added: On February 16, 2025, the Company entered into a Sale and Purchase Agreement with Tapestry, Inc.
+Added: (“Tapestry”) to acquire the Stuart Weitzman business (the “Acquisition”).
+Added: On August 4, 2025, the Company completed the Acquisition pursuant to the terms and conditions of that Sale and Purchase Agreement, as amended.
+Added: The aggregate purchase price for the Acquisition was $ 108.9 million, net of the cash received at the closing.
+Added: The purchase price is subject to final adjustments for net working capital.
+Added: Stuart Weitzman, which includes both wholesale and direct-to-consumer channels, has been an iconic global luxury women’s footwear brand for over 35 years .
+Added: The Acquisition strengthens the Company’s position in the global footwear market and adds an iconic name in luxury footwear to the Brand Portfolio segment.
+Added: Stuart Weitzman maintains a strong presence in North America, Europe and Asia across both wholesale and direct-to-consumer channels.
+Added: The acquisition was funded with borrowings from the revolving credit agreement.
+Added: Preliminary Purchase Price Allocation
+Added: The acquisition was accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations .
+Added: Accordingly, the assets and liabilities of Stuart Weitzman were recorded at their estimated fair values, and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill.
+Added: The following table summarizes the Company’s preliminary allocation of the purchase price as of the acquisition date:
+Added: ($ thousands)
+Added: August 4, 2025
+Added: Current assets:
+Added: Cash and cash equivalents
+Added: Prepaid expenses and other current assets
+Added: Total current assets
+Added: Lease right-of-use assets
+Added: Property and equipment
+Added: Intangible assets
+Added: Liabilities and Equity
+Added: Current liabilities:
+Added: Trade accounts payable
+Added: Lease obligations
+Added: Other accrued expenses
+Added: Total current liabilities
+Added: Other liabilities:
+Added: Noncurrent lease obligations
+Added: Other liabilities
+Added: Total other liabilities
+Added: The allocation of the purchase price was based on certain preliminary valuations and analyses.
+Added: Any subsequent changes in the estimated fair values assumed upon the finalization of more detailed analyses within the measurement period will change the allocation of the purchase price and will be adjusted during the period in which the amounts are determined.
+Added: The Company’s purchase price allocation required management to make assumptions and to apply judgment to estimate the fair value of the acquired assets and liabilities.
+Added: A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions.
+Added: The judgments the Company used in estimating the fair values assigned to each class of the acquired assets and assumed liabilities could materially affect the results of its operations.
+Added: Management estimated the fair value of the assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows (Level 3 fair value measurements).
+Added: A third-party valuation specialist assisted the Company with its preliminary fair value estimates for inventory, right-of-use lease assets and intangible assets.
+Added: The Company used all available information to make its best estimate of fair values at the acquisition date and is still in the process of finalizing the fair value of certain assets acquired and liabilities assumed, including inventories, property
+Added: and equipment, certain intangibles and leases at the acquisition date.
+Added: The Company expects to obtain the information necessary to finalize the purchase price allocation during the measurement period, not to exceed one year from the acquisition date as permitted under ASC 805.
+Added: Goodwill and intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed.
+Added: The goodwill recognized, which is deductible for tax purposes, is primarily attributable to synergies and an assembled workforce.
+Added: Refer to Note 9 to the condensed consolidated financial statements for additional information regarding goodwill and intangible assets.
+Added: The financial results of Stuart Weitzman are included in the Brand Portfolio segment beginning in the third quarter of 2025.
+Added: Stuart Weitzman contributed net sales of $ 45.8 million and reported an operating loss of $ 18.9 million for the thirteen and thirty-nine weeks ended November 1, 2025.
+Added: The operating loss is due in part to $ 7.7 million in incremental cost of goods sold during the thirteen and thirty-nine weeks ended November 1, 2025 related to the inventory fair value adjustment required for purchase accounting.
+Added: The operating loss does not include $ 3.8 million ($ 2.8 million on an after-tax basis, or $ 0.09 per diluted share) and $ 6.7 million ($ 5.0 million on an after-tax basis, or $ 0.15 per diluted share) in acquisition and integration-related costs during the thirteen and thirty-nine weeks ended November 1, 2025, respectively, and the incremental interest expense associated with the transaction.
+Added: Refer to Note 6 to the condensed consolidated financial statements for additional information related to the acquisition and integration costs and Note 9 for discussion of the intangible assets acquired.
+Added: Pro Forma Financial Information
+Added: The following unaudited pro forma financial information for the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024 combines the historical results of Caleres, Inc.
+Added: and Stuart Weitzman, assuming the acquisition had been completed as of February 4, 2024.
+Added: The pro forma financial information includes various adjustments to reflect business combination accounting effects, including the incremental cost of goods sold related to the fair value step-up adjustment on inventory, acquisition and integration-related costs, interest expense on the incremental borrowings on the revolving credit agreement to fund the acquisition and amortization on the acquired intangible assets, and tax-related effects of the adjustments.
+Added: Thirteen Weeks Ended
+Added: Thirty-Nine Weeks Ended
+Added: ($ thousands)
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: Net earnings attributable to Caleres, Inc.
+Added: The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what the results of operations would have been had the Company completed the acquisition on the date assumed, nor is it necessarily indicative of the results of operations that may be expected in future periods.
+Added: Note 4 Revenues
Disaggregation of Revenues
−Removed: The following table disaggregates revenue by segment and major source for the periods ended August 2, 2025 and August 3, 2024:
−Removed: Thirteen Weeks Ended August 2, 2025
+Added: The following table disaggregates revenue by segment and major source for the periods ended November 1, 2025 and November 2, 2024:
+Added: Thirteen Weeks Ended November 1, 2025
Eliminations and
10 unchanged sentences
Licensing and royalty
−Removed: Thirteen Weeks Ended August 3, 2024
+Added: Thirteen Weeks Ended November 2, 2024
Eliminations and
10 unchanged sentences
Licensing and royalty
−Removed: Twenty-Six Weeks Ended August 2, 2025
+Added: Thirty-Nine Weeks Ended November 1, 2025
Eliminations and
10 unchanged sentences
Licensing and royalty
−Removed: Twenty-Six Weeks Ended August 3, 2024
+Added: Thirty-Nine Weeks Ended November 2, 2024
Eliminations and
23 unchanged sentences
sales from the Company’s wholesale customers’ websites that are fulfilled on a drop-ship basis (“e-commerce – wholesale drop ship”);
−Removed: and other e-commerce sales (“wholesale – e-commerce”), collectively referred to as "e-commerce".
+Added: and other e-commerce sales
+Added: (“wholesale – e-commerce”), collectively referred to as "e-commerce".
The Company transfers control and recognizes revenue for merchandise sold that is shipped directly to an individual consumer upon delivery to the consumer.
21 unchanged sentences
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 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 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.
−Removed: 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.
+Added: We also experienced an increase in customer allowances and discounts, the returns reserve and the gift card liability as a result of the Stuart Weitzman acquisition in the third quarter of 2025.
+Added: In addition, during the thirty-nine weeks ended November 1, 2025, the loyalty programs liability increased $ 14.5 million due to points and material rights earned on purchases and decreased $ 14.1 million due to expirations and redemptions.
+Added: During the thirty-nine weeks ended November 2, 2024, the loyalty programs liability increased $ 24.0 million due to points and material rights earned on purchases and decreased $ 27.4 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 twenty-six weeks ended August 2, 2025 and August 3, 2024:
−Removed: Twenty-Six Weeks Ended
+Added: The following table summarizes the activity in the Company’s allowance for expected credit losses during the thirty-nine weeks ended November 1, 2025 and November 2, 2024:
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Balance, beginning of period
2 unchanged sentences
Balance, end of period (1)
+Added: (1) Includes $ 2.0 million of allowance for expected credit losses for the accounts receivable from the acquired Stuart Weitzman business .
Note 5 Earnings Per Share
1 unchanged sentence
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
+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 Company.
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 August 2, 2025 and August 3, 2024:
+Added: shareholders for the periods ended November 1, 2025 and November 2, 2024:
Thirteen Weeks Ended
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands, except per share amounts)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: Net (earnings) loss attributable to noncontrolling interests
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: Net 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 no shares under this program during the thirteen weeks ended August 2, 2025 and August 3, 2024.
−Removed: 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.
+Added: The Company repurchased zero and 1,522,324 shares under this program during the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively.
+Added: The Company repurchased 300,000 shares and 1,938,324 shares under this program during the thirty-nine weeks ended November 1, 2025 and November 2, 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 twenty-six weeks ended August 2, 2025 and August 3, 2024.
+Added: An immaterial amount of excise taxes was due on share repurchases during the thirty-nine weeks ended November 1, 2025 and November 2, 2024.
Note 6 Restructuring and Other Special Charges
−Removed: During the second quarter of 2025, the Company announced its plan to reduce selling and administrative expenses through structural changes.
−Removed: 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.
−Removed: 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.
−Removed: The Company incurred no expense reduction initiative costs during the twenty-six weeks ended August 3, 2024.
+Added: Stuart Weitzman Acquisition and Integration Costs
As discussed in Note 3 to the condensed consolidated financial statements, on August 4, 2025, the Company completed the previously announced acquisition of Stuart Weitzman from Tapestry, Inc.
−Removed: 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.
−Removed: 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.
+Added: During the thirteen and thirty-nine weeks ended November 1, 2025, t he Company incurred legal, information technology and other related costs associated with the acquisition of approximately $ 3.8 million ($ 2.8 million on an after-tax basis, or $ 0.09 per diluted share) and $ 6.7 million ($ 5.0 million on an after-tax basis, or $ 0.15 per diluted share), respectively.
+Added: Of the $ 3.8 million in costs for the thirteen weeks ended November 1, 2025, $ 3.5 million is reflected in the Eliminations and Other category and $ 0.3 million is reflected in the Brand Portfolio segment in restructuring and other special charges in the condensed consolidated statement of earnings.
+Added: Of the $ 6.7 million in costs for the thirty-nine weeks ended November 1, 2025, $ 6.4 million is reflected in the Eliminations and Other category and $ 0.3 million is reflected in the Brand Portfolio segment in restructuring and other special charges in the condensed consolidated statement of earnings.
+Added: Expense Reduction Initiatives
+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 thirty-nine weeks ended November 1, 2025, the Company incurred costs of approximately $ 2.9 million ($ 2.1 million on an after-tax basis, or $ 0.06 per diluted share) and $ 7.4 million ($ 5.5 million on an after-tax basis, or $ 0.16 per diluted share), respectively, for severance and other related costs associated with these expense reduction initiatives.
+Added: Of the $ 2.9 million in costs for the thirteen weeks ended November 1, 2025, $ 1.9 million is reflected in the Eliminations and Other category, $ 0.8 million is reflected in the Brand Portfolio segment and $ 0.2 million is reflected in the Famous Footwear segment in restructuring and other special charges in the condensed consolidated statement of earnings.
+Added: Of the $ 7.4 million in costs for the thirty-nine weeks ended November 1, 2025, $ 4.5 million is reflected in the Eliminations and Other category, $ 2.6 million is reflected in the Brand Portfolio segment and $ 0.3 million is reflected in the Famous Footwear segment in restructuring and other special charges.
+Added: Restructuring Costs
+Added: The Company incurred costs of approximately $ 1.6 million ($ 1.2 million on an after-tax basis, or $ 0.04 per diluted share) during the thirteen and thirty-nine weeks ended November 2, 2024 for restructuring, primarily severance.
+Added: Of the $ 1.6 million in costs, $ 1.1 million is reflected in the Brand Portfolio segment, $ 0.3 million is reflected within the Eliminations and Other category and $ 0.2 million is reflected in the Famous Footwear segment.
Note 7 Business Segment Information
−Removed: 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:
−Removed: Thirteen Weeks Ended August 2, 2025
+Added: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended November 1, 2025 and November 2, 2024:
+Added: Thirteen Weeks Ended November 1, 2025
($ thousands)
10 unchanged sentences
Segment assets
−Removed: Thirteen Weeks Ended August 3, 2024
+Added: Thirteen Weeks Ended November 2, 2024
Net sales (1)
5 unchanged sentences
Advertising and marketing
+Added: Restructuring and other special charges, net
Other expenses (3)
1 unchanged sentence
Segment assets
−Removed: Twenty-Six Weeks Ended August 2, 2025
+Added: Thirty-Nine Weeks Ended November 1, 2025
($ thousands)
9 unchanged sentences
Operating earnings (loss)
−Removed: Twenty-Six Weeks Ended August 3, 2024
+Added: Thirty-Nine Weeks Ended November 2, 2024
($ thousands)
6 unchanged sentences
Advertising and marketing
+Added: Restructuring and other special charges, net
Other expenses (3)
Operating earnings (loss)
−Removed: (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.
−Removed: 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.
+Added: (1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 12.4 million and $ 10.3 million for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively.
+Added: Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 38.0 million and $ 40.3 million for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively.
(2) Includes compensation and facilities costs associated with the Company’s North America retail stores.
3 unchanged sentences
Thirteen Weeks Ended
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Operating earnings
Interest expense, net
−Removed: Other income, net
+Added: Other (expense) income, net
Earnings before income taxes
2 unchanged sentences
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
February 1, 2025
3 unchanged sentences
Inventories, net (1)
−Removed: 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.
+Added: Net of adjustment to last-in, first-out cost of $ 14.0 million, $ 8.9 million and $ 10.9 as of November 1, 2025, November 2, 2024 and February 1, 2025, respectively.
Note 9 Goodwill and Intangible Assets
1 unchanged sentence
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
February 1, 2025
8 unchanged sentences
Goodwill and intangible assets, net
−Removed: (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.
−Removed: (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.
−Removed: The Company’s intangible assets as of August 2, 2025, August 3, 2024 and February 1, 2025 were as follows:
+Added: (1) The carrying amount of intangible assets as of November 1, 2025, November 2, 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 November 1, 2025, November 2, 2024 and February 1, 2025 is presented net of accumulated impairment charges of $ 415.7 million.
+Added: As further described in Note 3 of the condensed consolidated financial statements, the Company acquired Stuart Weitzman on August 4, 2025.
+Added: The preliminary allocation of the purchase price resulted in trademark intangible assets of $ 12.7 million and incremental goodwill of $ 6.6 million.
+Added: The trademark is being amortized on a straight-line basis over its useful life of 20 years .
+Added: The Company’s intangible assets as of November 1, 2025, November 2, 2024 and February 1, 2025 were as follows:
($ thousands)
−Removed: August 2, 2025
+Added: November 1, 2025
Estimated Useful Lives
1 unchanged sentence
Customer relationships
−Removed: August 3, 2024
+Added: November 2, 2024
Estimated Useful Lives
5 unchanged sentences
Customer relationships
−Removed: 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.
−Removed: 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 .
+Added: Amortization expense related to intangible assets was $ 2.9 million and $ 2.8 million for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively, and $ 8.4 million and $ 8.3 million for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively.
+Added: The Company estimates that amortization expense related to intangible assets will be approximately $ 11.4 million in 2025, $ 11.7 million in 2026, $ 11.5 million in 2027, and $ 11.3 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 twenty-six weeks ended August 2, 2025 or August 3, 2024.
+Added: The Company recorded no goodwill impairment charges during the thirty-nine weeks ended November 1, 2025 or November 2, 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 twenty-six weeks ended August 2, 2025 or August 3, 2024.
+Added: The Company recorded no impairment charges for indefinite-lived intangible assets during the thirty-nine weeks ended November 1, 2025 or November 2, 2024.
Note 10 Leases
10 unchanged sentences
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 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.
+Added: During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company recorded asset impairment charges of $ 1.4 million and $ 1.3 million, respectively, primarily related to underperforming retail stores.
Refer to Note 15 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 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.
−Removed: As of August 2, 2025, the Company has entered into lease commitments for eight retail locations for which the leases have not yet commenced.
−Removed: 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.
−Removed: 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.
−Removed: The components of lease expense for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 were as follows:
+Added: During the thirty-nine weeks ended November 1, 2025, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 116.8 million, including $21.7 million acquired from Stuart Weitzman, on the condensed consolidated balance sheets.
+Added: As of November 1, 2025, the Company has entered into lease commitments for five retail locations for which the leases have not yet commenced.
+Added: The Company anticipates that two 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 $ 2.0 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 sheet.
+Added: In addition, the Company has entered into a lease commitment for its corporate headquarters that will begin in fiscal 2026 .
+Added: Upon commencement, right-of-use assets and lease liabilities of approximately $ 37.1 million will be recorded.
+Added: The components of lease expense for the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024 were as follows:
Thirteen Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Operating lease expense
2 unchanged sentences
Total lease expense
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Operating lease expense
2 unchanged sentences
Total lease expense
−Removed: 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.
+Added: During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company paid cash for lease liabilities of $ 139.7 million and $ 126.4 million, respectively.
Note 11 Financing Arrangements
Credit Agreement
−Removed: The Company maintains a revolving credit facility for working capital needs.
+Added: The Company maintains a revolving credit facility for working capital needs and strategic initiatives.
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.
11 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 August 2, 2025.
−Removed: 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.
−Removed: Total additional borrowing availability was $ 230.8 million as of August 2, 2025.
+Added: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of November 1, 2025.
+Added: At November 1, 2025, the Company had $ 355.0 million of borrowings outstanding and $ 8.6 million in letters of credit outstanding under the Credit Agreement.
+Added: Total additional borrowing availability was $ 278.1 million as of November 1, 2025.
As further discussed in Note 3 to the condensed consolidated financial statements, the Company acquired Stuart Weitzman from Tapestry, Inc.
−Removed: subsequent to quarter-end on August 4, 2025.
+Added: on August 4, 2025.
Borrowings under the revolving credit agreement were used to fund the acquisition.
1 unchanged sentence
Accumulated Other Comprehensive Loss
−Removed: 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:
+Added: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended November 1, 2025 and November 2, 2024:
Postretirement
3 unchanged sentences
(Loss) Income
−Removed: Balance at May 3, 2025
+Added: Balance at August 2, 2025
Other comprehensive loss before reclassifications
3 unchanged sentences
Other comprehensive (loss) income
+Added: Balance at November 1, 2025
Balance at August 3, 2024
−Removed: Balance at May 4, 2024
−Removed: Other comprehensive income before reclassifications
+Added: Other comprehensive loss before reclassifications
Reclassifications:
1 unchanged sentence
Net reclassifications
−Removed: Other comprehensive income
−Removed: Balance at August 3, 2024
+Added: Other comprehensive (loss) income
+Added: Balance at November 2, 2024
Balance at February 1, 2025
4 unchanged sentences
Other comprehensive income
−Removed: Balance at August 2, 2025
+Added: Balance at November 1, 2025
Balance at February 3, 2024
4 unchanged sentences
Other comprehensive income
−Removed: Balance at August 3, 2024
+Added: Balance at November 2, 2024
(1) Amounts reclassified are included in other income, net.
1 unchanged sentence
Note 13 Share-Based Compensation
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: The Company recognized share-based compensation expense of $ 3.1 million and $ 3.4 million during the thirteen weeks and $ 10.0 million and $ 11.3 million during the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively.
+Added: The Company had net issuances of 56,087 and 20,699 shares of common stock during the thirteen weeks ended November 1, 2025 and November 2, 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 thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company had net issuances of 569,865 and 82,550 shares of common stock, respectively, related to share-based plans.
Restricted Stock
−Removed: The following table summarizes restricted stock activity for the periods ended August 2, 2025 and August 3, 2024:
+Added: The following table summarizes restricted stock activity for the periods ended November 1, 2025 and November 2, 2024:
Thirteen Weeks Ended
Thirteen Weeks Ended
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
of Restricted
of Restricted
−Removed: Nonvested at May 3, 2025
−Removed: Nonvested at May 4, 2024
Nonvested at August 2, 2025
Nonvested at August 3, 2024
−Removed: Twenty-Six Weeks Ended
−Removed: Twenty-Six Weeks Ended
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: Nonvested at November 1, 2025
+Added: Nonvested at November 2, 2024
+Added: Thirty-Nine Weeks Ended
+Added: Thirty-Nine Weeks Ended
+Added: November 1, 2025
+Added: November 2, 2024
of Restricted
2 unchanged sentences
Nonvested at February 3, 2024
−Removed: Nonvested at August 2, 2025
−Removed: Nonvested at August 3, 2024
−Removed: 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 .
−Removed: 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 .
−Removed: 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 .
+Added: Nonvested at November 1, 2025
+Added: Nonvested at November 2, 2024
+Added: The Company granted 133,159 and 932,074 restricted shares during the thirteen and thirty-nine weeks ended November 1, 2025, respectively.
+Added: Of the 932,074 restricted shares granted during the thirty-nine weeks ended November 1, 2025, 113,259 have a cliff-vesting term of one year and 818,815 have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: The Company granted 2,783 restricted shares during the thirteen weeks ended November 2, 2024, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: Of the 322,880 restricted shares the Company granted during the thirty-nine weeks ended November 2, 2024, 13,692 have a cliff-vesting term of one year and 309,188 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 twenty-six weeks ended August 2, 2025.
−Removed: 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).
+Added: The Company granted no performance share awards during the thirty-nine weeks ended November 1, 2025.
+Added: During the thirty-nine weeks ended November 2, 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 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: During the thirty-nine weeks ended November 1, 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.
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 August 2, 2025, is being accrued over the three-year performance period.
+Added: The estimated value of this award, which is reflected within other liabilities on the consolidated balance sheet as of November 1, 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 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.
−Removed: 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.
+Added: The Company granted 2,141 and 868 RSUs to non-employee directors for dividend equivalents, during the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively, with weighted-average grant date fair values of $ 13.51 and $ 33.78 , respectively.
+Added: The Company granted 79,062 and 30,191 RSUs to non-employee directors, including 6,276 and 2,807 for dividend equivalents, during the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively, with weighted-average grant date fair values of $ 13.25 and $ 34.99 , respectively.
Note 14 Retirement and Other Benefit Plans
5 unchanged sentences
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Interest cost
6 unchanged sentences
Other Postretirement Benefits
−Removed: Twenty-Six Weeks Ended
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 2024
Interest cost
53 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 August 2, 2025, August 3, 2024 and February 1, 2025.
−Removed: During the twenty-six weeks ended August 2, 2025 and August 3, 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 November 1, 2025, November 2, 2024 and February 1, 2025.
+Added: During the thirty-nine weeks ended November 1, 2025 and November 2, 2024, there were no transfers into or out of Level 3.
Fair Value Measurements
1 unchanged sentence
Asset (Liability)
−Removed: August 2, 2025:
+Added: November 1, 2025:
Non-qualified deferred compensation plan assets
4 unchanged sentences
Restricted stock units for non-employee directors
−Removed: August 3, 2024:
+Added: November 2, 2024:
Non-qualified deferred compensation plan assets
17 unchanged sentences
Long-lived assets held and used with carrying amounts of $ 638.4 million and $ 651.5 million at
−Removed: August 2, 2025 and August 3, 2024, respectively, were assessed for indicators of impairment.
+Added: November 1, 2025 and November 2, 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
−Removed: Twenty-Six Weeks Ended
+Added: Thirty-Nine Weeks Ended
($ thousands)
−Removed: August 2, 2025
−Removed: August 3, 2024
−Removed: August 2, 2025
−Removed: August 3, 2024
+Added: November 1, 2025
+Added: November 2, 2024
+Added: November 1, 2025
+Added: November 2, 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 $ 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).
+Added: The fair values of the borrowings under revolving credit agreement of $ 355.0 million and $ 238.5 million as of November 1, 2025 and November 2, 2024, respectively, approximate their carrying values due to the short-term nature of the borrowings (Level 1).
Note 16 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 a benefit of 22.0 % and a provision of 25.0 % for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively.
−Removed: 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.
−Removed: 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.
−Removed: For the six months ended August 3, 2024, we recorded discrete tax benefits of approximately $ 1.0 million related to share-based compensation.
−Removed: 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.
+Added: The Company’s consolidated effective tax rates were 76.7 % and 23.6 % for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively.
+Added: For the thirty-nine weeks ended November 1, 2025 and November 2, 2024, the Company’s consolidated effective tax rates were 29.3 % and 23.8 %, respectively.
+Added: The higher effective tax rates for the thirteen and thirty-nine weeks ended November 1, 2025 were primarily driven by the year-to-date pre-tax book income mix, including the financial results of Stuart Weitzman following the acquisition on August 4, 2025.
+Added: The effective tax rate for the thirty-nine weeks ended November 1, 2025 was also impacted 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 thirty-nine weeks ended November 2, 2024, the Company recorded discrete tax benefits of approximately $ 1.1 million related to share-based compensation.
+Added: As of November 1, 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 August 2, 2025 were $ 35.0 million.
+Added: The cumulative expenditures for both on-site and off-site remediation through November 1, 2025 were $ 35.5 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 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.
+Added: The reserve for the anticipated future remediation activities at November 1, 2025 is $ 8.9 million, of which $ 8.0 million is recorded within other liabilities and $ 0.9 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 $ 12.5 million as of August 2, 2025.
+Added: On an undiscounted basis, the on-site remediation liability would be $ 12.5 million as of November 1, 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.