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Caleres Inc. (NYSE: CAL) is a globally recognized footwear company with a rich heritage dating back over a century. Caleres is committed to providing high-quality footwear that fits people’s lives, catering to individuals of all ages and lifestyles. The company boasts a diverse portfolio of well-known brands including Naturalizer, LifeStride, Ryka, Dr. Scholl’s, Sam Edelman, Via Spiga, Diane Von Furstenberg, Vince, Franco Sarto, Carlos by Carlos Santana, and Fergie Footwear. These brands are accessible through more than 1,200 retail stores under the banners of Famous Footwear and Naturalizer, as well as through various online platforms.
Caleres operates through two main segments: Famous Footwear and Brand Portfolio. The Famous Footwear segment includes retail stores and online sales channels like famousfootwear.com and famousfootwear.ca. The Brand Portfolio segment focuses on wholesale operations, designing, developing, sourcing, manufacturing, marketing, and distributing branded, licensed, and private-label footwear to a wide array of retailers including national chains, department stores, mass merchandisers, independent retailers, and Caleres’ own Famous Footwear, Sam Edelman, Naturalizer, and Allen Edmonds stores and e-commerce sites.
Employing a team driven by a passion for innovation and a commitment to excellence, Caleres aims to inspire people to feel good from their feet up. The company’s mission is to foster a collaborative work environment where creativity flourishes just as it does in a start-up, despite being a $2.6 billion enterprise.
Recent Achievements and Projects: Caleres has recently focused on expanding its digital footprint, enhancing customer experience through improved e-commerce platforms, and strengthening its brand presence globally. The company has also ventured into sustainable practices, ensuring their operations are environmentally friendly.
Financial Condition: As of the latest reports, Caleres remains financially robust, showcasing steady revenue growth and a commitment to shareholder value. The company continues to optimize its operations to improve profitability and maintain its competitive edge in the market.Partnerships and Collaborations: Caleres collaborates with various retailers and online platforms to broaden its market reach and ensure that its diverse portfolio of footwear brands is accessible to a global audience. These partnerships play a crucial role in reinforcing Caleres’ position as a leading footwear company.
Tapestry Inc. (NYSE: TPR) has announced the sale of its Stuart Weitzman brand to Caleres (NYSE: CAL) for $105 million in cash, subject to customary adjustments. The transaction is expected to close in summer 2025.
This strategic move allows Tapestry to focus on its largest value creation opportunities, particularly sustaining Coach's leadership and reinvigorating Kate Spade. For Caleres, Stuart Weitzman will become a lead brand, advancing their strategic agenda to grow their Brand Portfolio segment with more global and direct-to-consumer reach. Post-integration, the Brand Portfolio segment is expected to generate nearly half of Caleres' total revenue and over half of their operating profit.
Caleres (NYSE: CAL) has announced a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc. for $105 million. The acquisition aims to strengthen Caleres' position in women's fashion footwear, particularly in the contemporary market segment.
The deal is expected to close in summer 2025, with Caleres funding the acquisition through its revolving credit agreement. Post-acquisition, the Brand Portfolio segment will generate nearly half of Caleres' total revenue and over half of its operating profit. The company expects to operate Stuart Weitzman profitably after integration.
BofA Securities and BCLP are serving as Caleres's financial and legal advisors respectively. Caleres also confirmed its expectations to report consolidated net sales and earnings per diluted share in line with its most recent guidance for the year ending February 1, 2025.
Caleres (NYSE: CAL) and Favorite Daughter have announced an exclusive license agreement for Favorite Daughter's first shoe line, launching in Fall 2025. The partnership follows a collaboration between Caleres' Dr. Scholl's brand and Favorite Daughter scheduled for May 2025.
The collection will feature a curated assortment including loafers, quilted sneakers, ballets, pumps, and boots, with prices ranging from $195 to $495. The shoes will be available at FavoriteDaughter.com, Favorite Daughter stores, and select department stores. The line will incorporate athletic-grade foam cushioning in dress shoes and will be crafted using premium materials like soft nappas, exotic leathers, satins, velvets, and suedes.
This partnership represents Caleres' strategy to expand its portfolio with contemporary fashion brands, while helping Favorite Daughter broaden its reach into the footwear category.
Caleres (NYSE: CAL) has appointed Brian Costello as the new Chief Merchandising Officer for Famous Footwear. In this role, Costello will oversee all buying and merchandising operations for women's, men's and kids' athletic and fashion footwear and accessories across U.S. and Canada stores and e-commerce platforms.
Costello brings nearly 30 years of fashion industry experience, primarily from Nordstrom and Macy's. His expertise includes leadership roles in footwear categories, women's accessories, and ready-to-wear at Nordstrom Rack, as well as managing significant portions of Nordstrom's women's shoe business and contributing to the launch of nordstromrack.com.
Caleres (NYSE: CAL) has updated its financial outlook for fiscal year 2024, projecting lower-than-expected results due to softened sales trends in mid-December and January, including weather-related closures at Famous Footwear. The company now forecasts:
- Consolidated net sales decline of 3.0% to 3.5%
- Diluted earnings per share between $3.10 and $3.20
- Adjusted diluted earnings per share between $3.20 and $3.30
CEO Jay Schmidt acknowledged that despite initial positive momentum in the athletic business at Famous Footwear during the holiday period, performance fell below expectations. The company remains focused on creating value for shareholders through exceptional products and experiences while maintaining strict cost management for 2025.
Caleres (NYSE: CAL) has announced its participation in the upcoming ICR Conference 2025 in Orlando, Florida, starting January 13, 2025. The company's executive leadership, including Jay Schmidt, president and CEO, and Jack Calandra, senior vice president and CFO, will conduct a fireside chat on January 14 at 10:30 a.m. EST.
The fireside chat will be accessible via live webcast through the Investors section of the Caleres website. An archive of the presentation will be made available on the company's website following the event for those unable to attend or watch live.
Caleres (NYSE: CAL), a market-leading footwear brands portfolio company, has announced its Board of Directors' declaration of a regular quarterly cash dividend of $0.07 per share. The dividend will be paid on January 10, 2025, to shareholders of record as of December 27, 2024. The company highlighted its remarkable track record of paying consecutive quarterly dividends for more than 100 years.
Caleres (NYSE: CAL) reported third quarter 2024 financial results with net sales of $740.9 million, down 2.8% year-over-year. Famous Footwear sales declined 4.8% while Brand Portfolio sales increased 0.7%. The company reported earnings per diluted share of $1.19 and adjusted earnings of $1.23, below expectations.
The company revised its fiscal 2024 outlook, now expecting net sales to decline 2.5% to 3% compared to previous guidance of low-single-digits decrease. Earnings guidance was lowered to $3.35-$3.45 per diluted share from $3.94-$4.09, with adjusted earnings now expected at $3.45-$3.55 versus prior $4.00-$4.15.
Performance was impacted by softer seasonal boot demand, late athletic product receipts, customer credit issues affecting shipments, and weaker Chinese market performance.
Caleres (NYSE: CAL) has appointed Nancy Bitetto as senior vice president of New York brands, overseeing Franco Sarto, Vince, Veronica Beard, and private brand offerings. Bitetto brings over two decades of experience, most recently leading footwear and jewelry at Tory Burch, where she improved profitability and productivity. Her previous roles include head of women's footwear merchandising at Prada North America and leadership positions at Ferragamo and Sergio Rossi. The appointment aims to accelerate growth and expand profitability within the Caleres Brand Portfolio.
Caleres (NYSE: CAL) has expanded its board of directors to twelve members with the addition of Kyle Gendreau and Molly Langenstein. Gendreau, currently CEO of Samsonite International, brings expertise in global brand building, M&A, and financial management. Langenstein, former CEO of Chico's FAS, offers extensive retail industry experience and strategic leadership. Diane Sullivan, executive chairman of Caleres, emphasized how their combined experience will support the company's growth plans and shareholder value. Notably, Caleres maintains 50% women representation on its board and has been recognized by the Women's Forum of New York for achieving gender parity.
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