What changed in this filing

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Item 1. Business

2026-04-02 compared with 2025-04-01 · 92 added, 111 removed, 212 unchanged (49% of the section changed)

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The Brand Portfolio segment offers retailers and consumers a carefully cultivated portfolio of leading brands.

This segment is comprised of wholesale operations that designs, develops, sources, manufactures, markets and distributes branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers and mass merchandisers, as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer and Allen Edmonds stores and e-commerce businesses.

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

This segment is comprised of wholesale operations that designs, develops, sources, manufactures, markets and distributes branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers, mass merchandisers and franchise partners, as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer, Allen Edmonds and Stuart Weitzman stores and e-commerce businesses.

It includes the Allen Edmonds, Sam Edelman, Stuart Weitzman and Naturalizer retail stores, including 81 stores in the United States, four in Canada and 103 stores in East and Southeast Asia at the end of 2025, and the e-commerce businesses for our Company-owned brands.

In addition, t here were 148 international branded stores owned and operated by third parties through franchise agreements at the end of 2025.

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Clothing and accessories

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

for $105 million, subject to customary adjustments.

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

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

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

FAMOUS FOOTWEAR

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

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

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

Brands carried at Famous Footwear include Nike, Skechers, adidas, Crocs, Converse, Birkenstock, HeyDude, New Balance, Puma, Jordan, Vans, Bearpaw, Asics, Brooks and Under Armour among others, as well as company-owned and licensed brands including Dr.

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

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Our retail store locations also fulfill approximately two-thirds of all e-commerce orders not picked up in the store.

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

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

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

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Regional malls

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

We anticipate that we will open approximately 15 retail store locations and close approximately 25 in 2026.

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

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Sam Edelman :

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

The Sam Edelman brand has been synonymous with aspirational luxury and on-trend style since 2004.

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

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

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

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

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

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

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

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

The full range of Sam Edelman products is sold globally through Sam Edelman retail stores and online at samedelman.com, samedelman.ca and samedelman.co.uk, in addition to department

stores, national chains, independent retailers and through our joint venture and franchise partners in East and Southeast Asia, with suggested retail prices ranging from $100 to $300.

Beyond the Sam Edelman brand, designer Sam Edelman owns and designs the contemporary lifestyle brands, Circus NY and Sam & Libby, which are both distributed through leading wholesale and e-commerce retailers.

Additionally, Sam & Libby is available through our Famous Footwear brand.

Suggested retail price points range from $60 to $160 for Circus NY and $60 to $120 for Sam & Libby.

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

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

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

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

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

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

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

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

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

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

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

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

Naturalizer :

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

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

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

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

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

Naturalizer footwear is also available globally through our wholesale partners across 34 countries.

Suggested retail price points range from $89 for shoes to $290 for boots.

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

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

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

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

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

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

Allen Edmonds products are available at our 58 Allen Edmonds stores in the United States, including 18 Port Washington Studio stores and 3 outlet stores, online retailers including allenedmonds.com, shoebank.com, and allenedmonds.ca, and at select premium retailers worldwide.

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

Scholl’s Shoes:

Inspired by its founder, Dr.

William Scholl, Dr.

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

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

William Scholl opened his first comfort foot shop in 1924.

More than a century after Dr.

William Scholl introduced his namesake brand, Dr.

Scholl’s Shoes has maintained its legacy and passion for creating iconic, innovative, and effortless footwear for a healthy life.

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

Scholl’s Shoes continues its legacy of

iconic fashion and innovative comfort today.

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

Scholl’s footwear reaches consumers at a wide range of distribution channels, including national chains, department stores, online retailers including drschollsshoes.com and through our Famous Footwear brand.

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

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

Stuart Weitzman:

In August 2025, we acquired Stuart Weitzman to increase our penetration in premium contemporary footwear.

Since founder Stuart Weitzman launched his namesake brand in 1986, the brand has become a global luxury icon known for combining its signature artisanal Spanish craftsmanship and precise engineering to empower women to stand strong.

Having perfected the art of shoemaking for 40 years, the brand continues to expand its assortment to feature handbags and other accessories, all the while staying true to its ethos of inspiring strength and confidence with every step.

Stuart Weitzman products are manufactured in third party factories in Spain, Italy, and more, and are available at our 73 retail locations across the globe.

This includes 23 locations across North America (including full-price retail boutiques, outlet stores, and shop-in-shops) and 50 locations in China.

The brand’s products are also available online at stuartweitzman.com and stuartweitzman.ca, as well as at select premier retailers worldwide.

Suggested retail Stuart Weitzman price points range from $250 to $995.

LifeStride has been designing shoes for women who take life in stride since 1940.

Delivering all-day comfort and modern design, LifeStride shoes are performance tested to last more than 1 million steps.

That is hundreds of days of comfort she can count on, with versatile style she’ll love to wear again and again.

The brand is available at major national

retailers, online retailers including lifestride.com, department stores, and through our Famous Footwear brand, at suggested retail price points ranging from $70 for shoes to $140 for boots.

Franco Sarto :

Since 1990, Franco Sarto has embodied timeless, wearable styles inspired by the craft and design of Italian footwear.

Today, designed in Italy by Creative Director, Gionata Pagni, this still holds true.

The brand is sold in major national chains, online, including francosarto.com, department stores, specialty retailers, our Famous Footwear retail stores and independent retailers at suggested retail price points from $99 for shoes to $290 for boots.

Blowfish Malibu :

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

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

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

Today, through the vision of creative director, Gionata Pagni, the brand continues to build on that tradition through purposeful, modern design.

The brand is sold in major national chains, online retailers including francosarto.com, department stores, specialty retailers, independent retailers, and through our Famous Footwear brand, at suggested retail price points ranging from $99 for shoes to $290 for boots.

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

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

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

The brand is distributed through national chains, online retailers including ryka.com, independent retailers, department stores, specialty retailers, and through our Famous Footwear brand, at suggested price points from $50 to $140.

Blowfish Malibu :

The brand is sold at national chains, independent retailers, and through our Famous Footwear retail stores and e-commerce businesses, at suggested retail price points ranging from $35 for shoes to $110 for boots.

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

Vince creates elevated yet understated pieces for every day.

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

From its atelier at the foot of the Hollywood Hills, Vince designs timeless, quality pieces that bring confidence and ease to the modern wardrobe.

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

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

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

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

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

Favorite Daughter:

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

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

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

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

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

Within our Brand Portfolio segment, our brands are designed, sourced and distributed on a wholesale basis to approximately 1,900 retailers, including online retailers, national chains, department stores, independent retailers and mass merchandisers throughout the United States and Canada, as well as approximately 63 other countries (including sales to our retail operations).

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mass merchandisers such as Walmart;

and independent retailers such as Qurate Retail Group, which operates QVC and Home Shopping Network.

and independent retailers such as QVC Group, Inc., which operates QVC and Home Shopping Network.

Many of these wholesale customers also sell our products through their own websites.

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Our Brand Portfolio segment sold approximately 32 million pairs of shoes on a wholesale basis during 2025.

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

Products sold under license agreements accounted for approximately 14% of the sales of the Brand Portfolio segment in 2025 and 2024 and 13% of the segment’s sales in 2023.

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

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In addition, our speed program allows us to reduce both inventory risks and markdowns by aligning inventory with consumer demand to drive sales productivity.

Approximately 25% of our inventory receipts were sourced through speed programs during 2024 and we anticipate continued growth for 2025.

Direct-to-Consumer

Our Brand Portfolio segment includes the operation of 15 branded e-commerce websites which offer substantially the same product selection to consumers as we sell to our wholesale customers.

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

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

The number of our owned Brand Portfolio retail stores at the end of the last three fiscal years was as follows:

Allen Edmonds

Stuart Weitzman

At the end of 2025, we operated 58 Allen Edmonds stores in the United States, each averaging approximately 1,560 square feet.

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

We expect to open approximately two new Allen Edmonds stores and close approximately five stores in 2026, as we continue to align our real estate and e-commerce strategies.

At the end of 2025, we operated four Sam Edelman stores in the United States, each averaging approximately 2,300 square feet, and 52 stores in East Asia.

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

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

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

We anticipate expanding our Sam Edelman presence in East and Southeast Asia in 2026 with the opening of approximately 2 net new stores, and 5 net new franchisee stores in 2026.

At the end of 2026, we operated 19 Stuart Weitzman stores in the United States and four Stuart Weitzman stores in Canada, each averaging 2,000 square feet, and 50 stores in Asia.

After closing all of our domestic Naturalizer retail stores in 2024, we ended the year with one store in Southeast Asia.

In addition to our owned Brand Portfolio retail stores, there are 148 branded stores that are owned by third parties and are operated internationally through distributor, licensed or franchise agreements.

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Putian, China;

Novato, California;

New York, New York;

and Port Washington, Wisconsin, as well as other select fashion locations, including Florence, Italy.

Novato, California;

and Port Washington, Wisconsin, as well as other select fashion locations, including Milan and Florence, Italy.

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

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

retailers to identify consumer footwear preferences.

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

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

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In 2025, the sourcing operations sourced approximately $451.0 million of shoes through a global network of third-party independent footwear manufacturers.

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

The majority of our footwear sourced is provided by approximately 49

manufacturers operating approximately 107 manufacturing facilities.

In certain countries, we use agents to facilitate and manage the development, production and shipment of product.

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Country ( $ millions )

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

These facilities manufacture footwear and certain accessories for our Allen Edmonds brand.

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

Our Port Washington and Santiago facilities manufacture footwear and certain accessories for our Allen Edmonds brand.

We believe operating our own manufacturing facilities in North America provides us with greater control over the quality and craftsmanship that are essential to the iconic Allen Edmonds brand.

In addition, our Port Washington facility serves our recrafting operations, which supports our commitment to sustainability.

Our recrafting operations allow the Allen Edmonds consumer to extend the life of their footwear, restoring their shoes to nearly their original state.

In addition, our Port Washington facility serves our recrafting operations, which support our commitment to sustainability.

Our recrafting operations allow the Allen Edmonds consumer to extend the life of their footwear by restoring shoes to nearly their original state.

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

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

At January 31, 2026, our Brand Portfolio segment had a backlog of unfilled wholesale orders of approximately $332.2 million, compared to $260.2 million as of February 1, 2025.

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

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Human Capital Management

As of February 1, 2025, we had approximately 9,400 employees, including 4,800 full-time and 4,600 part-time.

As of January 31, 2026, we had approximately 10,000 employees, including 5,000 full-time and 5,000 part-time.

In the United States, there were no employees subject to union contracts.

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

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

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

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

These initiatives support our broader efforts toward circularity, which we believe both protects the environment and delivers value to customers.

Our responsible business governance structure includes a cross-functional steering committee that manages the development of programs, goals and metrics to support our responsible business initiatives.

We periodically assess the environmental, social and governance topics that are most relevant to our business and stakeholders, which helps guide the framework for our responsible business initiatives and disclosures.

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

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

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

We also monitor and comply with evolving environmental, product stewardship and climate-related regulatory requirements in the jurisdictions in which we operate, including extended producer responsibility programs and climate disclosure regulations, such as California Senate Bill 253, as well as similar regulations in other global markets.

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

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

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

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

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

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

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Our Internet address is included in this annual report on Form 10-K as an inactive textual reference only.

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

The information contained on our website is not incorporated by reference into this annual

report on Form 10-K and should not be considered part of this report.

We file annual, quarterly and current reports, proxy statements and other information with the SEC.

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Current Position

Executive Chair

President, Chief Executive Officer and Director

Senior Vice President, General Counsel and Secretary

Senior Vice President, Chief Financial Officer

Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer

Division President – Famous Footwear

Chief Sourcing and Supply Chain Officer

Senior Vice President, Chief Accounting Officer

Senior Vice President, Chief Information Officer

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The period of service of each officer in the positions listed and other business experience are set forth below.

Sullivan, Executive Chair since January 2023.

Chief Executive Officer and Chairman of the Board of Directors from February 2014 to January 2023.

President and Chief Executive Officer from May 2011 to November 2020.

President and Chief Operating Officer from March 2006 to May 2011.

President from January 2004 to March 2006.

Schmidt , President, Chief Executive Officer and Director since January 2023.

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Various positions at the Company, including Associate General Counsel and Director, Talent Management, from March 2001 to March 2012.

Calandra, Senior Vice President, Chief Financial Officer since September 2022.

Chief Financial Officer of a.k.a.

Brands in 2021.

Executive Vice President, Chief Financial Officer and Treasurer of Tailored Brands, Inc.

Karpel, Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer since January 2026.

Rejoined Caleres as Chief Accounting Officer in October 2025.

Chief Financial Officer of Club Carwash Operating, LLC from 2024 to 2025.

Chief Financial Officer of CW Holdings, LLC and a legacy entity owning the brands of Soft Surroundings and Coldwater Creek from 2023 to 2024.

Chief Accounting Officer of EyeCare Partners, LLC from 2022 to 2023.

Chief Accounting Officer of Spectrum Brands, Inc.

from 2020 to 2022.

Various executive finance positions, including Senior Vice President Corporate Finance and Investor Relations with Gap, Inc., from 2005 to 2016.

Edwards , Division President – Famous Footwear since November 2020.

Senior Vice President, Digital Commerce, Planning, Allocation and Stores from February 2018 to November 2020.

Chief Customer Officer from September 2017 to February 2018.

Senior Vice President, Planning, Allocation and Analytics from December 2016 to September 2017.

Vice President, Planning and Allocation from May 2015 to December 2016.

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

Various roles in finance, including previous employment with Caleres as Senior Vice President, Chief Accounting Officer and Treasurer from 2015 to 2016, Senior Vice President and Chief Accounting Officer from 2013 to 2015 and Senior Vice President, Finance from 2008 to 2013.

Costello , Division President – Famous Footwear since August 2025.

Chief Merchant Officer – Famous Footwear from January 2025 to August 2025.

Vice President, Divisional Merchandising Manager – Footwear & Accessories of Nordstrom from August 2010 to January 2025.

Vice President – Supply Chain & Inventory Planning at Sur La Table from July 2007 to August 2010.

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

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from 2002 to July 2006.

Hasty , Senior Vice President, Chief Accounting Officer since January 2020.

Vice President, Chief Accounting Officer from March 2019 to January 2020.

Vice President, Controller from March 2016 to March 2019.

Vice President, Assistant Controller from October 2007 to March 2016.

Hill , Senior Vice President, Chief Information Officer since September 2018.

Senior Vice President and Chief Technology Officer from August 2017 to September 2018.

Senior Vice President, Information Technology from January 2017 to August 2017.

Senior Vice President, Information Technology from

January 2017 to August 2017.

Vice President, Retail Information Technology from July 2011 to January 2017.

Director, Retail Information Technology from July 2008 to July 2011.

Koch , Senior Vice President, Chief Human Resources Officer since April 2023.

Senior Vice President, Strategic Projects from September 2019 to April 2023.

Senior Vice President and Chief Human Resources Officer from January 2016 to September 2019.

Senior Vice President and Chief Talent and Strategy Officer from January 2011 to January 2016.

Senior Vice President and Chief Talent Officer from May 2005 to January 2011.

Senior Vice President, Human Resources from March 2002 to May 2005.

Welter , Senior Vice President, Chief Human Resources Officer since August 2025.

Vice President, Human Resources of Woodard & Curran from January 2016 to July 2025.

Senior Consultant, Talent Equation from August 2013 to January 2016.

Vice President, Talent Strategy & Leadership Continuity, Caleres from March 2003 to July 2013.

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

What changed 10-K

Item 1. Business