3 unchanged sentences
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
January 31, 2026
34 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands, except per share amounts)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
Cost of goods sold
5 unchanged sentences
Earnings before income taxes
−Removed: Income tax provision
−Removed: Net loss attributable to noncontrolling interests
+Added: Income tax (provision) benefit
+Added: Net earnings (loss) attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
5 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
Other comprehensive income, net of tax:
3 unchanged sentences
Comprehensive income
−Removed: Comprehensive loss attributable to noncontrolling interests
+Added: Comprehensive income (loss) attributable to noncontrolling interests
Comprehensive income attributable to Caleres, Inc.
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
Operating Activities
−Removed: Adjustments to reconcile net earnings to net cash used for operating activities:
+Added: Adjustments to reconcile net earnings to net cash provided by operating activities:
Amortization of capitalized software
1 unchanged sentence
Amortization of debt issuance costs
+Added: Loss on early extinguishment of debt
Share-based compensation expense
8 unchanged sentences
Income taxes, net
−Removed: Net cash used for operating activities
+Added: Net cash provided by operating activities
Investing Activities
7 unchanged sentences
Repayments under revolving credit agreement
+Added: Debt issuance costs
Dividends paid
2 unchanged sentences
Contributions by noncontrolling interests
−Removed: Net cash provided by financing activities
+Added: Net cash (used for) provided by financing activities
Effect of exchange rate changes on cash and cash equivalents
11 unchanged sentences
Paid-In Capital
+Added: BALANCE MAY 2, 2026
+Added: Foreign currency translation adjustment
+Added: Pension and other postretirement benefits adjustments, net of tax of $ 242
+Added: Comprehensive income
+Added: Dividends ($ 0.07 per share)
+Added: Issuance of common stock under share-based plans, net
+Added: Share-based compensation expense
+Added: BALANCE AUGUST 1, 2026
+Added: BALANCE MAY 3, 2025
+Added: Foreign currency translation adjustment
+Added: Pension and other postretirement benefits adjustments, net of tax of $ 353
+Added: Comprehensive (loss) income
+Added: Contributions by noncontrolling interests
+Added: Dividends ($ 0.07 per share)
+Added: Acquisition of treasury stock
+Added: Issuance of common stock under share-based plans, net
+Added: Share-based compensation expense
+Added: BALANCE AUGUST 2, 2025
+Added: Total Caleres, Inc.
+Added: Comprehensive
+Added: Shareholders’
+Added: Noncontrolling
+Added: ($ thousands, except number of shares and per share amounts)
+Added: Paid-In Capital
BALANCE JANUARY 31, 2026
−Removed: Net earnings (loss)
Foreign currency translation adjustment
Pension and other postretirement benefits adjustments, net of tax of $ 617
−Removed: Comprehensive income (loss)
+Added: Comprehensive income
Contributions by noncontrolling interests
3 unchanged sentences
Share-based compensation expense
−Removed: BALANCE MAY 2, 2026
−Removed: FEBRUARY 1, 2025
+Added: BALANCE AUGUST 1, 2026
+Added: BALANCE FEBRUARY 1, 2025
Net earnings (loss)
7 unchanged sentences
Share-based compensation expense
−Removed: BALANCE MAY 3, 2025
+Added: BALANCE AUGUST 2, 2025
See notes to condensed consolidated financial statements.
20 unchanged sentences
The Company and Brand Investment Holding are each 50 % owners of the joint venture, which is named CLT Brand Solutions (“CLT”).
−Removed: During the thirteen weeks ended May 2, 2026 and May 3, 2025, capital contributions of $ 1.7 million and $ 3.5 million were made to CLT, including $ 0.9 million and $ 1.8 million received from Brand Investment Holding, respectively.
−Removed: Net sales and operating losses of CLT for the periods ended May 2, 2026 and May 3, 2025 were as follows:
+Added: There were no capital contributions made during the thirteen weeks ended August 1, 2026.
+Added: During the twenty-six weeks ended August 1, 2026, capital contributions of $ 1.7 million were made to CLT, including $ 0.9 million received from Brand Investment Holding.
+Added: During the thirteen and twenty-six weeks ended August 2, 2025, capital contributions of $ 1.0 million and $ 4.5 million, respectively, were made to CLT, including $ 0.5 million and $ 2.3 million, respectively, received from Brand Investment Holding.
+Added: Net sales and operating earnings (losses) of CLT for the periods ended August 1, 2026 and August 2, 2025 were as follows:
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: Operating loss
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
+Added: Operating earnings (loss)
The Company consolidates CLT into its condensed consolidated financial statements on a one-month lag.
−Removed: Net loss attributable to noncontrolling interests represents the share of net losses that are attributable to Brand Investment Holding.
+Added: Net earnings (loss) attributable to noncontrolling interests represents the share of net earnings or 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.
Supplier Finance Program
−Removed: The Company facilitates a voluntary supplier finance program (“the Program”) that provides certain of the Company’s suppliers the opportunity to sell receivables related to products that the Company has purchased to participating financial institutions at a rate that leverages the Company’s credit rating, which may be more beneficial to the suppliers than the rate they can obtain based upon their own credit rating.
−Removed: The Company negotiates payment and other terms directly with the suppliers, regardless of whether the supplier participates
−Removed: in the Program, and the Company’s responsibility is limited to making payment based on the terms originally negotiated with the supplier.
+Added: The Company facilitates a voluntary supplier finance program (“the Program”) that provides certain of the Company’s suppliers the opportunity to sell receivables related to products that the Company has purchased to participating financial institutions at a rate that
+Added: leverages the Company’s credit rating, which may be more beneficial to the suppliers than the rate they can obtain based upon their own credit rating.
+Added: The Company negotiates payment and other terms directly with the suppliers, regardless of whether the supplier participates in the Program, and the Company’s responsibility is limited to making payment based on the terms originally negotiated with the supplier.
The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financial institutions.
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 May 2, 2026 and May 3, 2025, the Company had $ 11.9 million and $ 11.8 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 May 2, 2026, May 3, 2025 and January 31, 2026:
+Added: As of August 1, 2026 and August 2, 2025, the Company had $ 20.4 million and $ 22.8 million, respectively, of accounts payable subject to the Program arrangements.
+Added: The following table is a rollforward of the obligations confirmed under the Program for August 1, 2026, August 2, 2025 and January 31, 2026:
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
January 31, 2026
4 unchanged sentences
Sale of Corporate Headquarters
−Removed: In December 2025, the Company completed the sale of the largest parcel of its corporate headquarters campus and entered into a short-term leaseback arrangement, allowing continued occupancy until its new headquarters space becomes available, which is expected in mid-2026.
+Added: In December 2025, the Company completed the sale of the largest parcel of its corporate headquarters campus and entered into a short-term leaseback arrangement, allowing continued occupancy until its new headquarters space becomes available in the third quarter of 2026.
In April 2026, the Company completed the sale of one of the remaining parcels and similarly entered into a short-term leaseback agreement for continued use of the property through the anticipated relocation date.
−Removed: In connection with the sale, the Company recognized a gain of $ 3.9 million during the thirteen weeks ended May 2, 2026, which is reflected in restructuring and other special charges, net, in the condensed consolidated statement of earnings.
+Added: In connection with the sale, the Company recognized a gain of $ 3.9 million during the twenty-six weeks ended August 1, 2026, which is reflected in restructuring and other special charges, net, in the condensed consolidated statement of earnings.
See Note 6 to the condensed consolidated financial statements for further discussion.
1 unchanged sentence
Note 2 Significant Accounting Policies
−Removed: The Company’s significant accounting policies, which are disclosed in the Annual Report on Form 10-K for the year ended January 31, 2026, did not change during the thirteen weeks ended May 2, 2026.
+Added: The Company’s significant accounting policies, which are disclosed in the Annual Report on Form 10-K for the year ended January 31, 2026, did not change during the twenty-six weeks ended August 1, 2026.
Impact of Recently Adopted Accounting Pronouncements
3 unchanged sentences
Impact of Recently Issued Accounting Pronouncements
−Removed: There have been no additional accounting pronouncements or changes in accounting pronouncements during the thirteen weeks ended May 2, 2026 as compared with the recently issued accounting pronouncements described in our Annual Report on Form 10-K for the year ended January 31, 2026 that are significant or expected to be significant to the Company.
+Added: There have been no additional accounting pronouncements or changes in accounting pronouncements during the twenty-six weeks ended August 1, 2026 as compared with the recently issued accounting pronouncements described in our Annual Report on Form 10-K for the year ended January 31, 2026 that are significant or expected to be significant to the Company.
N ote 3 Acquisition
3 unchanged sentences
The aggregate purchase price for the Acquisition was $ 109.2 million, net of the cash received at the closing.
−Removed: During the first quarter of 2026, the Company recorded a net measurement period adjustment of $ 0.6 million related to the finalization of net working capital adjustments, and as of May 2, 2026, the purchase accounting for the Stuart Weitzman acquisition was complete.
+Added: During the first quarter of 2026, the Company recorded a net measurement period adjustment of $ 0.6 million related to the finalization of net working capital adjustments.
+Added: There were no additional net measurement periods adjustments in the thirteen weeks ended August 1, 2026.
+Added: The purchase accounting for the Stuart Weitzman acquisition is complete.
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 .
−Removed: 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: The Acquisition strengthens the Company’s position in the global footwear market and adds an iconic name in luxury
+Added: footwear to the Brand Portfolio segment.
Stuart Weitzman maintains a strong presence in North America, Asia and Europe across both wholesale and direct-to-consumer channels.
32 unchanged sentences
Goodwill and intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed.
−Removed: The goodwill recognized, which is deductible for tax purposes, is primarily attributable to synergies and an assembled workforce.
+Added: The goodwill recognized, which is deductible for tax purposes, is primarily attributable to synergies and an assembled
Refer to Note 9 to the condensed consolidated financial statements for additional information regarding goodwill and intangible assets.
The financial results of Stuart Weitzman are included in the Brand Portfolio segment beginning in the third quarter of 2025.
−Removed: Stuart Weitzman contributed net sales of $ 43.9 million and reported an operating loss of $ 1.3 million for the thirteen weeks ended May 2, 2026.
−Removed: The operating loss does not include $ 1.8 million ($ 1.3 million on an after-tax basis, or $ 0.03 per diluted share) in acquisition and integration-related costs during the thirteen weeks ended May 2, 2026 and the incremental interest expense associated with the transaction.
+Added: Stuart Weitzman contributed net sales of $ 42.5 million and reported an operating loss of $ 2.9 million for the thirteen weeks ended August 1, 2026.
+Added: Stuart Weitzman contributed net sales of $ 86.4 million and reported an operating loss of $ 4.1 million for the twenty-six weeks ended August 1, 2026.
+Added: The operating losses during the thirteen and twenty-six weeks ended August 1, 2026 do not include $ 1.8 million ($ 1.3 million on an after-tax basis, or $ 0.04 per diluted share) incurred in the first quarter of 2026 in acquisition and integration-related costs and the incremental interest expense associated with the transaction.
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.
Pro Forma Financial Information
−Removed: The following unaudited pro forma financial information for the thirteen weeks ended May 2, 2026 and May 3, 2025 combine the historical results of Caleres, Inc.
+Added: The following unaudited pro forma financial information for the thirteen and twenty-six weeks ended August 1, 2026 and August 2, 2025 combine the historical results of Caleres, Inc.
and Stuart Weitzman, assuming the acquisition had been completed as of February 2, 2025.
1 unchanged sentence
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
Net earnings (loss) attributable to Caleres, Inc.
2 unchanged sentences
Disaggregation of Revenues
−Removed: The following table disaggregates revenue by segment and major source for the periods ended May 2, 2026 and May 3, 2025:
−Removed: Thirteen Weeks Ended May 2, 2026
+Added: The following table disaggregates revenue by segment and major source for the periods ended August 1, 2026 and August 2, 2025:
+Added: Thirteen Weeks Ended August 1, 2026
Eliminations and
10 unchanged sentences
Licensing and royalty
−Removed: Thirteen Weeks Ended May 3, 2025
+Added: Thirteen Weeks Ended August 2, 2025
Eliminations and
10 unchanged sentences
Licensing and royalty
+Added: Twenty-Six Weeks Ended August 1, 2026
+Added: Eliminations and
+Added: ($ thousands)
+Added: Famous Footwear
+Added: Brand Portfolio
+Added: Retail stores
+Added: E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop-ship (1)
+Added: Total direct-to-consumer sales
+Added: Wholesale - e-commerce (1)
+Added: Wholesale - landed
+Added: Wholesale - first cost
+Added: Licensing and royalty
+Added: Twenty-Six Weeks Ended August 2, 2025
+Added: Eliminations and
+Added: ($ thousands)
+Added: Famous Footwear
+Added: Brand Portfolio
+Added: Retail stores
+Added: E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop-ship (1)
+Added: Total direct-to-consumer sales
+Added: Wholesale - e-commerce (1)
+Added: Wholesale - landed
+Added: Wholesale - first cost
+Added: Licensing and royalty
(1) Collectively referred to as "e-commerce" in the narrative below
9 unchanged sentences
The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired.
−Removed: The Company generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers or retail stores directly to the consumer, picked up directly by the consumer from the Company’s stores, or delivered from our
−Removed: Famous Footwear stores to the consumer via a third-party delivery service (“e-commerce – Company websites”);
+Added: The Company generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers, retail stores, or from a drop-ship fulfillment location directly to the consumer, picked up directly by the consumer from the Company’s stores, or delivered from our Famous Footwear stores to the consumer via a third-party delivery service (“e-commerce – Company websites”);
sales from the Company’s wholesale customers’ websites that are fulfilled on a drop-ship basis (“e-commerce – wholesale drop ship”);
23 unchanged sentences
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
January 31, 2026
4 unchanged sentences
Changes in contract balances with customers between the periods presented generally reflect differences in relative sales volume.
−Removed: In addition, during the thirteen weeks ended May 2, 2026, the loyalty programs liability increased $ 6.4 million due to points and material rights earned on purchases and decreased $ 5.8 million due to expirations and redemptions.
−Removed: During the thirteen weeks ended May 3, 2025, the loyalty programs liability increased $ 6.3 million due to points and material rights earned on purchases and decreased $ 5.5 million due to expirations and redemptions.
+Added: In addition, during the twenty-six weeks ended August 1, 2026, the loyalty program liability increased $ 9.7 million due to points and material rights earned on purchases and decreased $ 8.8 million due to expirations and redemptions.
+Added: 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.
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.
2 unchanged sentences
The Company estimates and records an expected lifetime credit loss on accounts receivable by utilizing credit ratings and other customer-related information, as well as historical loss experience.
−Removed: The following table summarizes the activity in the Company’s allowance for expected credit losses during the thirteen weeks ended May 2, 2026 and May 3, 2025:
−Removed: Thirteen Weeks Ended
+Added: The following table summarizes the activity in the Company’s allowance for expected credit losses during the twenty-six weeks ended August 1, 2026 and August 2, 2025:
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
Balance, beginning of period
5 unchanged sentences
shareholders.
−Removed: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company.
+Added: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of
The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc.
−Removed: shareholders for the periods ended May 2, 2026 and May 3, 2025:
+Added: shareholders for the periods ended August 1, 2026 and August 2, 2025:
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands, except per share amounts)
−Removed: Net loss attributable to noncontrolling interests
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
+Added: Net (earnings) loss attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
8 unchanged sentences
As further discussed in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds , the Company has a publicly announced share repurchase program.
−Removed: The Company repurchased 250,000 and 300,000 shares under this program during the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
+Added: The Company repurchased no shares under this program during the thirteen weeks ended August 1, 2026 or August 2, 2025.
+Added: The Company repurchased 250,000 and 300,000 shares under this program during the twenty-six weeks ended August 1, 2026 and August 2, 2025, 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: There were no excise taxes due on share repurchases during the thirteen weeks ended May 2, 2026.
−Removed: An immaterial amount of excise taxes were due on share repurchases during the thirteen weeks ended May 3, 2025.
+Added: There were no excise taxes due on share repurchases during the twenty-six weeks ended August 1, 2026.
+Added: An immaterial amount of excise taxes were due on share repurchases during the twenty-six weeks ended August 2, 2025.
Note 6 Restructuring and Other Special Charges
Gain on Sale of Corporate Headquarters
−Removed: During the thirteen weeks ended May 2, 2026, the Company completed the sale of one of the remaining parcels comprising its corporate headquarters in Clayton, Missouri.
−Removed: The transaction resulted in a gain of $ 3.9 million ($ 2.9 million on an after-tax basis, or $ 0.07 per diluted share), which is reflected in the restructuring and other special charges in the condensed consolidated statement of earnings within the Eliminations and Other category.
+Added: During the twenty-six weeks ended August 1, 2026, the Company completed the sale of one of the remaining parcels comprising its corporate headquarters in Clayton, Missouri.
+Added: The transaction resulted in a gain of $ 3.9 million ($ 2.9 million on an after-tax basis, or $ 0.09 per diluted share), which is reflected in the restructuring and other special charges in the condensed consolidated statement of earnings within the Eliminations and Other category for the twenty-six weeks ending August 1, 2026.
+Added: The Company did not have a similar gain in the thirteen weeks ending August 1, 2026 or the thirteen or twenty-six weeks ended August 2, 2025.
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., and successfully completed the Stuart Weitzman systems integration on February 1, 2026.
−Removed: During the thirteen weeks ended May 2, 2026, the Company incurred information technology, office relocation and other related costs associated with the acquisition of approximately $ 1.8 million ($ 1.3 million on an after-tax basis, or $ 0.03 per diluted share).
−Removed: Of the $ 1.8 million in costs for the thirteen weeks ended May 2, 2026, $ 1.4 million is reflected in the Eliminations and Other category and $ 0.4 million is reflected in the Brand Portfolio segment in restructuring and other special charges in the condensed consolidated statement of earnings.
−Removed: During the thirteen weeks ended May 3, 2025, the Company incurred legal and other related costs of approximately $ 0.6 million ($ 0.5 million on an after-tax basis, or $ 0.01 per diluted share) associated with the acquisition of Stuart Weitzman.
−Removed: These costs were reflected in restructuring and other special charges in the condensed consolidated statement of earnings for the thirteen weeks ended May 3, 2025 in the Eliminations and Other category.
+Added: During the twenty-six weeks ended August 1, 2026, the Company incurred information technology, office relocation and other related costs associated with the acquisition of approximately $ 1.8 million ($ 1.3 million on an after-tax basis, or $ 0.04 per diluted share).
+Added: Of the $ 1.8 million in costs for the twenty-six weeks ended August 1, 2026, $ 1.4 million is reflected in the Eliminations and Other
+Added: category and $ 0.4 million is reflected in the Brand Portfolio segment in restructuring and other special charges in the condensed consolidated statement of earnings.
+Added: The Company did not incur any additional acquisition related costs in the thirteen weeks ended August 1, 2026.
+Added: During the thirteen and twenty-six weeks ended August 2, 2025, the Company incurred legal and other related costs 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, associated with the acquisition of Stuart Weitzman.
+Added: These costs were 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.
Restructuring Reserves
−Removed: The following table summarizes the activity in the Company’s restructuring reserves related to the Stuart Weitzman acquisition and associated integration costs during the thirteen weeks ended May 2, 2026.
−Removed: There were no restructuring reserves related to the Stuart Weitzman acquisition as of May 3, 2025.
+Added: The following table summarizes the activity in the Company’s restructuring reserves related to the Stuart Weitzman acquisition and associated integration costs during the twenty-six weeks ended August 1, 2026.
($ thousands)
+Added: August 1, 2026
Balance, beginning of the period
3 unchanged sentences
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 May 2, 2026 and May 3, 2025:
−Removed: Thirteen Weeks Ended May 2, 2026
+Added: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended August 1, 2026 and August 2, 2025:
+Added: Thirteen Weeks Ended August 1, 2026
($ thousands)
6 unchanged sentences
Advertising and marketing
+Added: Other expenses (4)
+Added: Operating earnings (loss)
+Added: Segment assets
+Added: Thirteen Weeks Ended August 2, 2025
+Added: ($ thousands)
+Added: Net sales (1)
+Added: Cost of goods sold
+Added: Less expenses:
+Added: Retail stores (3)
+Added: Information technology
+Added: Warehousing and distribution
+Added: Advertising and marketing
Restructuring and other special charges, net
2 unchanged sentences
Segment assets
−Removed: Thirteen Weeks Ended May 3, 2025
+Added: Twenty-Six Weeks Ended August 1, 2026
($ thousands)
10 unchanged sentences
Segment assets
−Removed: (1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 9.0 million and $ 8.9 million for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
+Added: Twenty-Six Weeks Ended August 2, 2025
+Added: ($ thousands)
+Added: Net sales (1)
+Added: Cost of goods sold
+Added: Less expenses:
+Added: Retail stores (3)
+Added: Information technology
+Added: Warehousing and distribution
+Added: Advertising and marketing
+Added: Restructuring and other special charges, net
+Added: Other expenses (4)
+Added: Operating earnings (loss)
+Added: Segment assets
+Added: (1) Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 19.5 million and $ 16.7 million for the thirteen weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $ 28.5 million and $ 25.5 million for the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: (2) Cost of goods sold from the Brand Portfolio segment for the thirteen and twenty-six weeks ended August 1, 2026 includes $ 55.6 million of cost reductions related to tariff refunds.
(3) Includes compensation and facilities costs associated with the Company’s North America retail stores.
3 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
Operating earnings
2 unchanged sentences
Earnings before income taxes
+Added: (1) Other income, net for the thirteen and twenty-six weeks ended August 1, 2026 includes $ 1.8 million of interest income related to tariff refunds.
Note 8 Inventories
1 unchanged sentence
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
January 31, 2026
3 unchanged sentences
Inventories, net (1)
−Removed: Net of adjustment to last-in, first-out cost of $ 15.7 million, $ 10.9 million and $ 14.9 million as of May 2, 2026, May 3, 2025 and January 31, 2026, respectively.
+Added: Net of adjustment to last-in, first-out cost of $ 17.0 million, $ 11.9 million and $ 14.9 million as of August 1, 2026, August 2, 2025 and January 31, 2026, respectively.
Note 9 Goodwill and Intangible Assets
1 unchanged sentence
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
January 31, 2026
8 unchanged sentences
Goodwill and intangible assets, net
−Removed: (1) The carrying amount of intangible assets as of May 2, 2026, May 3, 2025 and January 31, 2026 is presented net of accumulated impairment charges of $ 106.2 million.
−Removed: (2) The carrying amount of goodwill as of May 2, 2026, May 3, 2025 and January 31, 2026 is presented net of accumulated impairment charges of $ 415.7 million.
+Added: (1) The carrying amount of intangible assets as of August 1, 2026, August 2, 2025 and January 31, 2026 is presented net of accumulated impairment charges of $ 106.2 million.
+Added: (2) The carrying amount of goodwill as of August 1, 2026, August 2, 2025 and January 31, 2026 is presented net of accumulated impairment charges of $ 415.7 million.
As further described in Note 3 of the condensed consolidated financial statements, the Company acquired Stuart Weitzman on August 4, 2025.
1 unchanged sentence
The trademark is being amortized on a straight-line basis over its useful life of 20 years .
−Removed: The Company’s intangible assets as of May 2, 2026, May 3, 2025 and January 31, 2026 were as follows:
+Added: The Company’s intangible assets as of August 1, 2026, August 2, 2025 and January 31, 2026 were as follows:
($ thousands)
+Added: August 1, 2026
Estimated Useful Lives
2 unchanged sentences
($ thousands)
+Added: August 2, 2025
Estimated Useful Lives
6 unchanged sentences
Customer relationships
−Removed: Amortization expense related to intangible assets was $ 2.9 million and $ 2.8 million for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
+Added: Amortization expense related to intangible assets was $ 2.9 million and $ 2.8 million for the thirteen weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: Amortization expense related to intangible assets was $ 5.8 million and $ 5.5 million for the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
The Company estimates that amortization expense related to intangible assets will be approximately $ 11.7 million in 2026, $ 11.5 million in 2027, and $ 11.3 million in 2028, 2029, 2030 and 2031.
Goodwill is tested for impairment as of the first day of the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test.
−Removed: The Company recorded no goodwill impairment charges during the thirteen weeks ended May 2, 2026 or May 3, 2025.
+Added: The Company recorded no goodwill impairment charges during the twenty-six weeks ended August 1, 2026 or August 2, 2025.
Indefinite-lived intangible assets are tested for impairment as of the first day of the fourth quarter of each fiscal year unless events or circumstances indicate an interim test is required.
−Removed: The Company recorded no impairment charges for indefinite-lived intangible assets during the thirteen weeks ended May 2, 2026 or May 3, 2025.
+Added: The Company recorded no impairment charges for indefinite-lived intangible assets during the twenty-six weeks ended August 1, 2026 or August 2, 2025.
Note 10 Leases
5 unchanged sentences
The Company uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future payments.
−Removed: During the thirteen weeks ended May 2, 2026, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 44.9 million on the condensed consolidated balance sheets.
−Removed: As of May 2, 2026, 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 2027 and one lease will begin in fiscal 2028.
−Removed: Upon commencement, right-of-use assets and lease liabilities of approximately $ 6.3 million will be recorded in the current fiscal year, and $ 1.8 million will be recorded in fiscal 2027 and 2028, respectively, on the condensed consolidated balance sheet.
−Removed: In addition, the Company has entered into a lease
−Removed: commitment for its corporate headquarters that will begin in fiscal 2026 .
+Added: During the twenty-six weeks ended August 1, 2026, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 67.2 million on the condensed consolidated balance sheets.
+Added: As of August 1, 2026, the Company has entered into lease commitments for nine retail locations for which the leases have not yet commenced.
+Added: The Company anticipates that three leases will begin in the current fiscal year, five leases will begin in fiscal 2027 and one lease will begin in fiscal 2028.
+Added: Upon commencement, right-of-use assets and lease liabilities of approximately $ 3.8 million will be recorded in the current fiscal year, $ 5.7 million will be recorded in fiscal 2027, and $ 1.8 million will be recorded in 2028, respectively, on the condensed consolidated balance sheet.
+Added: addition, the Company has entered into a lease commitment for its corporate headquarters that will begin in the third quarter of 2026 .
Upon commencement, right-of-use assets and lease liabilities of approximately $ 55.7 million will be recorded.
−Removed: During the thirteen weeks ended May 2, 2026 and May 3, 2025, the Company recorded asset impairment charges of $ 0.3 million in each period, primarily related to underperforming retail stores.
+Added: During the thirteen weeks ended August 1, 2026 and August 2, 2025, the Company recorded asset impairment charges of $ 0.3 million and $ 0.4 million, respectively, primarily related to underperforming retail stores.
+Added: During the twenty-six weeks ended August 1, 2026 and August 2, 2025, the Company recorded asset impairment charges of $ 0.6 million and $ 0.7 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: The components of lease expense for the thirteen weeks ended May 2, 2026 and May 3, 2025 were as follows:
+Added: The components of lease expense for the thirteen and twenty-six weeks ended August 1, 2026 and August 2, 2025 were as follows:
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
Operating lease expense
2 unchanged sentences
Total lease expense
−Removed: During the thirteen weeks ended May 2, 2026 and May 3, 2025, the Company paid cash for lease obligations of $ 45.2 million and $ 51.2 million, respectively.
+Added: During the twenty-six weeks ended August 1, 2026 and August 2, 2025, the Company paid cash for lease obligations of $ 87.0 million and $ 94.9 million, respectively.
Note 11 Financing Arrangements
4 unchanged sentences
The Company is the lead borrower, and Sidney Rich Associates, Inc., BG Retail, LLC, Allen Edmonds LLC, Vionic Group LLC, Vionic International LLC and Blowfish, LLC are each co-borrowers and guarantors.
−Removed: At May 2, 2026, the Company had $ 347.5 million of borrowings outstanding and $ 8.5 million in letters of credit outstanding under the Credit Agreement.
−Removed: Total additional borrowing availability was $ 191.5 million as of May 2, 2026.
+Added: At August 1, 2026, the Company had $ 288.0 million of borrowings outstanding and $ 7.6 million in letters of credit outstanding under the Credit Agreement.
+Added: Total additional borrowing availability was $ 357.3 million as of August 1, 2026.
As further discussed in Note 3 to the condensed consolidated financial statements, the Company acquired Stuart Weitzman from Tapestry, Inc.
1 unchanged sentence
Borrowings under the revolving credit agreement were used to fund the acquisition.
−Removed: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of May 2, 2026.
+Added: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of August 1, 2026.
Note 12 Shareholders’ Equity
Accumulated Other Comprehensive Loss
−Removed: The following table sets forth the changes in accumulated other comprehensive loss by component for the periods ended May 2, 2026 and May 3, 2025:
+Added: The following table sets forth the changes in accumulated other comprehensive loss by component for the periods ended August 1, 2026 and August 2, 2025:
Postretirement
3 unchanged sentences
(Loss) Income
−Removed: Balance at January 31, 2026
+Added: Balance at May 2, 2026
Other comprehensive loss before reclassifications
2 unchanged sentences
Net reclassifications
−Removed: Other comprehensive (loss) income
+Added: Other comprehensive income
+Added: Balance at August 1, 2026
Balance at May 3, 2025
+Added: Other comprehensive loss before reclassifications
+Added: Reclassifications:
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: Net reclassifications
+Added: Other comprehensive (loss) income
+Added: Balance at August 2, 2025
+Added: Balance at January 31, 2026
+Added: Other comprehensive income before reclassifications
+Added: Reclassifications:
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: Net reclassifications
+Added: Other comprehensive income
+Added: Balance at August 1, 2026
Balance at February 1, 2025
4 unchanged sentences
Other comprehensive income
−Removed: Balance at May 3, 2025
+Added: Balance at August 2, 2025
(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 $ 2.7 million and $ 2.8 million during the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
−Removed: The Company had net repurchases of 118,147 and net issuances of 483,778 shares of common stock during the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
+Added: The Company recognized share-based compensation expense of $ 3.6 million and $ 4.1 million during the thirteen weeks ended and $ 6.3 million and $ 6.9 million during the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: The Company had net issuances of 1,026,979 and 30,000 shares of common stock during the thirteen weeks ended August 1, 2026 and August 2, 2025, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
+Added: During the twenty-six weeks ended August 1, 2026 and August 2, 2025, the Company had net issuances of 908,832 and 513,778 shares of common stock, respectively, related to share-based plans.
Restricted Stock
−Removed: The following table summarizes restricted stock activity for the periods ended May 2, 2026 and May 3, 2025:
+Added: The following table summarizes restricted stock activity for the periods ended August 1, 2026 and August 2, 2025:
Thirteen Weeks Ended
Thirteen Weeks Ended
+Added: August 1, 2026
+Added: August 2, 2025
of Restricted
of Restricted
−Removed: Nonvested at January 31, 2026
−Removed: Nonvested at February 1, 2025
Nonvested at May 2, 2026
Nonvested at May 3, 2025
−Removed: The Company did not grant any restricted shares during the thirteen weeks ended May 2, 2026.
−Removed: The Company granted 748,063 restricted shares during the thirteen weeks ended May 3, 2025, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years.
+Added: Nonvested at August 1, 2026
+Added: Nonvested at August 2, 2025
+Added: Twenty-Six Weeks Ended
+Added: Twenty-Six Weeks Ended
+Added: August 1, 2026
+Added: August 2, 2025
+Added: of Restricted
+Added: of Restricted
+Added: Nonvested at January 31, 2026
+Added: Nonvested at February 2, 2025
+Added: Nonvested at August 1, 2026
+Added: Nonvested at August 2, 2025
+Added: The Company granted 923,363 restricted shares during the thirteen and twenty-six weeks ended August 1, 2026, of which 832,658 have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years , 54,117 have a graded vesting term of three years , with one third vesting after one year , one third vesting after two years , and one third vesting over three years , and 36,588 have a cliff-vesting term of one year .
+Added: The Company granted 50,852 and 798,915 restricted shares during the thirteen and twenty-six weeks ended August 2, 2025, respectively, which have a graded vesting term of three years , with 50 % vesting after two years and 50 % after three years .
Performance Awards
−Removed: During the thirteen weeks ended May 2, 2026, the Company granted performance share awards for a targeted 456,681 shares, with a weighted-average grant date fair value of $ 11.45 in connection with the 2026 performance award (2026-2028 performance period).
+Added: During the twenty-six weeks ended August 1, 2026, the Company granted performance share awards for a targeted 539,656 shares, with a weighted-average grant date fair value of $ 11.45 in connection with the 2026 performance award (2026-2028 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: The Company granted no performance share awards during the thirteen weeks ended May 3, 2025.
−Removed: During the thirteen weeks ended May 3, 2025, the Company granted long-term incentive awards payable in cash for the 2025-2027 performance period, with a target value of $ 6.7 million and a maximum value of $ 13.4 million.
+Added: The Company granted no performance share awards during the twenty-six weeks ended August 2, 2025.
+Added: During the twenty-six weeks ended August 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.
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 cash liability, which is reflected within other liabilities on the consolidated balance sheet as of May 3, 2025, is being accrued over the three-year service period.
+Added: The estimated cash liability, which is reflected within other liabilities on the condensed consolidated balance sheet as of August 1, 2026, is being accrued over the three-year service period.
Stock Price Incentive Awards
−Removed: During the thirteen weeks ended May 2, 2026, the Company granted one-time stock price incentive (“SPI”) awards, payable in cash, to certain executives, with a total target value of $ 5.9 million.
+Added: During the twenty-six weeks ended August 1, 2026, the Company granted one-time stock price incentive (“SPI”) awards, payable in cash, to certain executives, with a total target value of $ 6.1 million.
The SPI awards are based upon achievement of certain average stock price levels of the Company’s common shares for a defined period.
Earned awards are payable in increments over a three-year performance period.
−Removed: The estimated cash liability of this award, which is reflected within other liabilities on the consolidated balance sheet as of May 2, 2026, is being accrued over the three-year service period.
+Added: The estimated cash liability of this award, which is reflected within other liabilities on the condensed consolidated balance sheet as of August 1, 2026, is being accrued over the three-year service 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 2,979 RSUs with weighted-average grant date fair value of $ 12.52 during the thirteen weeks ended May 2, 2026 and 1,885 RSUs with weighted-average grant date fair value of $ 15.64 , for dividend equivalents.
+Added: The Company granted 75,366 and 75,035 RSUs to non-employee directors with weighted-average grant date fair value of $ 13.11 and $ 13.18 during the thirteen weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: Granted RSUs include 2,190 and 2,249 for dividend equivalents with weighted average grant date fair values of $ 12.89 and $ 12.92 during the thirteen weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: The Company granted 78,345 and 76,920 RSUs to non-employee directors with weighted-average grant date fair value of $ 13.09 and $ 13.24 during the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: Granted RSUs include 5,169 and 4,134 for dividend equivalents with weighted average grant date fair values of $ 12.67 and $ 14.04 during the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
Note 14 Retirement and Other Benefit Plans
5 unchanged sentences
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
Interest cost
4 unchanged sentences
Total net periodic benefit expense (income)
+Added: Pension Benefits
+Added: Other Postretirement Benefits
+Added: Twenty-Six Weeks Ended
+Added: Twenty-Six Weeks Ended
+Added: ($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
+Added: Interest cost
+Added: Expected return on assets
+Added: Amortization of:
+Added: Actuarial loss (gain)
+Added: Prior service cost
+Added: Total net periodic benefit expense (income)
Service cost is included in selling and administrative expenses.
19 unchanged sentences
Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”).
−Removed: The liabilities of the Deferred Compensation Plan are presented in other accrued
−Removed: expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
+Added: The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
Changes in the Deferred Compensation Plan assets and liabilities are charged to selling and administrative expenses.
23 unchanged sentences
Additional information related to RSUs for non-employee directors is disclosed in Note 13 to the condensed consolidated financial statements.
−Removed: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 2, 2026, May 3, 2025 and January 31, 2026.
−Removed: During the thirteen weeks ended May 2, 2026 and May 3, 2025, there were no transfers into or out of Level 3.
+Added: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at August 1, 2026, August 2, 2025 and January 31, 2026.
+Added: During the twenty-six weeks ended August 1, 2026 and August 2, 2025, there were no transfers into or out of Level 3.
Fair Value Measurements
1 unchanged sentence
Asset (Liability)
+Added: August 1, 2026:
Non-qualified deferred compensation plan assets
4 unchanged sentences
Restricted stock units for non-employee directors
+Added: August 2, 2025:
Non-qualified deferred compensation plan assets
16 unchanged sentences
Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC Topic 820, Fair Value Measurement .
−Removed: Long-lived assets held and used with carrying amounts of $ 639.4 million and $ 623.3 million at May 2, 2026 and May 3, 2025, respectively, were assessed for indicators of impairment.
+Added: Long-lived assets held and used with carrying amounts of $ 622.0 million and $ 617.2 million at August 1, 2026 and August 2, 2025, respectively, were assessed for indicators of impairment.
This assessment resulted in impairment charges for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores.
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
+Added: August 1, 2026
+Added: August 2, 2025
+Added: August 1, 2026
+Added: August 2, 2025
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 $ 347.5 million and $ 258.5 million as of May 2, 2026 and May 3, 2025, 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 $ 288.0 million and $ 387.5 million as of August 1, 2026 and August 2, 2025, 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 32.4 % and 29.8 % for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
−Removed: The higher effective tax rate was driven by discrete tax provisions related to share-based compensation of $ 1.2 million and $ 0.3 million for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
−Removed: As of May 2, 2026, 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 a provision of 23.6 % and a benefit of 22.0 % for the thirteen weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: The Company’s consolidated effective tax rates were provisions of 25.4 % and 8.8 % for the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: The higher effective tax rate for the quarter was driven by the pre-tax income and tax provision associated with tariff refunds received during the thirteen weeks ended August 1, 2026, contrasted with a discrete tax benefit of $ 2.5 million associated with foreign earnings transition tax resolution during the thirteen weeks ended August 2, 2025.
+Added: Discrete tax provisions related to share-based compensation of $ 1.5 million and $ 0.4 million were also recorded for the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.
+Added: As of August 1, 2026, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax.
The Company periodically evaluates its international investment opportunities and plans, as well as its international working capital needs, to determine the level of investment required and, accordingly, determines the level of international earnings that is considered indefinitely reinvested.
15 unchanged sentences
The Company continues to implement the expanded remedy work plan that was approved by the oversight authorities in 2015 and to work with the oversight authorities on the off-site work plan.
−Removed: The cumulative expenditures for both on-site and off-site remediation through May 2, 2026 were $ 35.4 million.
+Added: The cumulative expenditures for both on-site and off-site remediation through August 1, 2026 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 May 2, 2026 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 August 1, 2026 is $ 8.9 million, of which $ 8.1 million is recorded within other liabilities and $ 0.8 million is recorded within other accrued expenses on the condensed consolidated balance sheet.
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 $ 11.9 million as of May 2, 2026.
+Added: On an undiscounted basis, the on-site remediation liability would be $ 11.9 million as of August 1, 2026.
The Company expects to spend approximately $ 0.1 million in 2026, $ 0.1 million in each of the following four years and $ 11.4 million in the aggregate thereafter related to the on-site remediation.
7 unchanged sentences
Legal costs associated with litigation are generally expensed as incurred.
−Removed: Note 18 Subsequent Events
−Removed: Tariff Update
−Removed: On February 20, 2026, the U.S.
−Removed: Supreme Court invalidated certain tariffs imposed under the International Emergency Powers Act (“IEEPA”) and in March 2026, the U.S.
+Added: International Emergency Economic Powers Act Tariffs
+Added: In February 2026, the U.S.
+Added: Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) and in March 2026, the U.S.
Court of International Trade ordered the U.S.
Customs and Border Protection Agency (“CBP”) to suspend collection of the invalidated tariffs and to establish a process to refund IEEPA tariffs previously collected.
−Removed: On April 20, 2026, CBP launched an online portal to facilitate the submission of IEEPA tariff refund claims.
−Removed: All requests will be reviewed by the CBP to determine validity prior to the issuance of refunds, and the potential availability and amount of any refunds associated with the ruling remains uncertain.
−Removed: The Company submitted refund claims through the CBP portal for approximately $ 57.9 million, excluding applicable interest.
−Removed: There can be no guarantee that a refund will equal the full amount of IEEPA tariffs paid, and any refund may be subject to further legal and regulatory developments that could delay, reduce, or eliminate any refund.
−Removed: As a result of this uncertainty, as of May 2, 2026 we have not recorded a receivable related to the potential recovery of IEEPA tariffs paid.
−Removed: Beginning on May 11, 2026, the Company has received cash of $ 16.8 million for a portion of its refunds claims, with applicable interest.
−Removed: The Company continues to monitor developments and assess the potential impact on its consolidated financial statements and results of operations.
+Added: Beginning in April 2026, the Company began filing refund claims with CBP related to eligible tariff payments made.
+Added: The Company has elected to apply the gain contingency model in accordance with ASC 450-30, Gain Contingency , to account for refunds.
+Added: Under this model, a gain contingency is recognized when the gain is realized or realizable.
+Added: During the thirteen and twenty-six weeks ended August 1, 2026, the Company collected $ 57.4 million of tariff refunds and related interest.
+Added: Of the total collected, $ 55.6 million is included as a reduction to cost of goods sold and $ 1.8 million of interest income is included in other income, net, on the condensed consolidated statement of earnings.
+Added: The Company has received substantially all of the tariff refunds.
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.