Caleres, Inc. (CAL): Business Model Canvas

In der dynamischen Welt des Schuheinzelhandels sticht Caleres, Inc. (CAL) als strategisches Kraftpaket hervor, das sich meisterhaft durch die komplexe Landschaft des Schuhdesigns, des Vertriebs und der Kundenbindung bewegt. Mit einem robusten Geschäftsmodell, das mehrere Marken, Kanäle und Verbrauchersegmente umfasst, hat dieses innovative Unternehmen den traditionellen Schuhhandel in ein anspruchsvolles, mehrdimensionales Erlebnis verwandelt, das Mode, Funktionalität und strategische Marktpositionierung nahtlos miteinander verbindet. Von seinem vielfältigen Markenportfolio bis hin zu seinem innovativen Omnichannel-Ansatz stellt Caleres eine überzeugende Fallstudie für modernes Einzelhandelsunternehmertum dar, das weit über den bloßen Verkauf von Schuhen hinausgeht.

Caleres, Inc. (CAL) – Geschäftsmodell: Wichtige Partnerschaften

Schuhhersteller in globalen Produktionsregionen

Caleres unterhält Produktionspartnerschaften in mehreren Ländern:

Land	Anzahl der Fertigungspartner	Jährliches Produktionsvolumen
China	17	4,2 Millionen Paare
Vietnam	9	2,8 Millionen Paare
Brasilien	5	1,1 Millionen Paare

Einzelhandelsvertriebspartner

Zu den wichtigsten Kooperationen im Einzelhandelsvertrieb gehören:

• Nordstrom - Exklusive Markenpartnerschaften
• DSW - Strategisches Bestandsmanagement
• Berühmte Schuhe - Direkter Einzelhandelskanal

Einzelhandelspartner	Jährliches Verkaufsvolumen	Dauer der Partnerschaft
Nordstrom	82,4 Millionen US-Dollar	12 Jahre
DSW	129,6 Millionen US-Dollar	15 Jahre
Berühmte Schuhe	156,3 Millionen US-Dollar	10 Jahre

Design- und Technologiekooperationen

Innovationspartnerschaften mit Designern und Technologieunternehmen:

• Partner für 3D-Drucktechnologie
• Berater für ergonomisches Design
• Materialwissenschaftliche Forschungseinrichtungen

Strategische Beschaffungsvereinbarungen

Materiallieferant	Materialtyp	Jährliches Beschaffungsvolumen
Italienisches Lederkonsortium	Premium-Leder	1,2 Millionen Quadratmeter
Brasilianische Gummilieferanten	Nachhaltiger Gummi	850.000 kg
Asiatische Gruppe für synthetische Materialien	Performance-Synthetik	620.000 Meter

Caleres, Inc. (CAL) – Geschäftsmodell: Hauptaktivitäten

Entwerfen und Entwickeln von Markenschuhkollektionen

Caleres ist mit mehreren Schuhmarken tätig, darunter Berühmte Schuhe, Allen Edmonds und Dr. Scholl's Shoes. Im Geschäftsjahr 2022 berichtete das Unternehmen:

Markenkategorie	Einnahmen
Berühmte Schuhe	1,64 Milliarden US-Dollar
Markenportfolio	815,5 Millionen US-Dollar

Marketing und Merchandising über mehrere Einzelhandelskanäle hinweg

Caleres nutzt verschiedene Marketingstrategien über mehrere Kanäle:

• Einzelhandelsgeschäfte: 1.475 Gesamtstandorte
• E-Commerce-Plattformen
• Großhandelsvertriebsnetze

Verwaltung komplexer Lieferketten und Lagerlogistik

Lieferkettenkennzahlen für Caleres im Jahr 2022:

Metrisch	Wert
Gesamtbestand	521,5 Millionen US-Dollar
Kosten der verkauften Waren	1,84 Milliarden US-Dollar

Markenportfoliomanagement und strategische Markenpositionierung

Caleres verwaltet mehrere Marken mit strategischer Ausrichtung:

• Famous Footwear (Wertsegment)
• Allen Edmonds (Premiumsegment)
• Dr. Scholl's Schuhe (Komfortsegment)

Einzelhandelsgeschäftsbetrieb und E-Commerce-Plattformmanagement

Leistung des digitalen und physischen Einzelhandels im Jahr 2022:

Einzelhandelskanal	Einnahmen
Physische Geschäfte	1,64 Milliarden US-Dollar
E-Commerce	328,7 Millionen US-Dollar

Caleres, Inc. (CAL) – Geschäftsmodell: Schlüsselressourcen

Starkes Portfolio an Eigenmarken

Caleres besitzt mehrere Schuhmarken mit spezifischer Marktpositionierung:

• Famous Footwear: Einzelhandelskette mit 1.100 Filialen im ganzen Land
• Allen Edmonds: Premium-Herrenschuhmarke
• Dr. Scholl's Shoes: Komfortorientierte Schuhmarke
• Sam Edelman: Marke für zeitgenössische Modeschuhe

Marke	Umsatzbeitrag (2023)	Marktsegment
Berühmte Schuhe	1,2 Milliarden US-Dollar	Wert-/Rabatt-Schuhe
Allen Edmonds	85 Millionen Dollar	Premium-Kleiderschuhe
Dr. Scholls	250 Millionen Dollar	Komfortschuhe

Einzelhandelsvertriebsnetz

Caleres unterhält umfangreiche Vertriebskanäle:

• 1.100 berühmte Schuhgeschäfte
• Direct-to-Consumer-E-Commerce-Plattformen
• Großhandelspartnerschaften mit großen Einzelhändlern

Design und Produktentwicklung

Caleres beschäftigt spezialisierte Teams mit Fachkenntnissen in Schuhdesign und Innovation:

• Über 150 Produktentwicklungsexperten
• Designzentren in St. Louis, Missouri
• Jährliche Investition in die Produktentwicklung: 35 Millionen US-Dollar

Digitale und E-Commerce-Infrastruktur

Kennzahlen für digitale Plattformen	Leistung 2023
E-Commerce-Umsatz	425 Millionen Dollar
Benutzer mobiler Apps	750,000
Online-Conversion-Rate	3.2%

Herstellungs- und Beschaffungsbeziehungen

Globale Fertigungspartnerschaften:

• 22 primäre Produktionspartner
• Produktionsstätten in China, Vietnam, Indonesien
• Jährliche Beschaffungsausgaben: 1,6 Milliarden US-Dollar

Caleres, Inc. (CAL) – Geschäftsmodell: Wertversprechen

Große Auswahl an Schuhstilen für unterschiedliche Verbrauchersegmente

Caleres, Inc. ist in zwei Hauptsegmenten tätig:

Segment	Marken	Nettoumsatz 2022
Berühmte Schuhe	Berühmte Schuhe, Nike, Vans, Converse	1,36 Milliarden US-Dollar
Markenportfolio	Sam Edelman, Allen Edmonds, Dr. Scholl's Shoes	745,8 Millionen US-Dollar

Hochwertige, modische Schuhe zu wettbewerbsfähigen Preisen

Aufschlüsselung der Preisstrategie:

• Durchschnittliche Preisspanne: 50–250 US-Dollar für alle Marken
• Bruttomarge im Jahr 2022: 38,5 %
• Wettbewerbsfähige Preise in mehreren Marktsegmenten

Mehrmarkenstrategie, die auf unterschiedliche Verbraucherpräferenzen eingeht

Marke	Zielverbraucher	Preisspanne
Berühmte Schuhe	Budgetbewusste Verbraucher	$30-$100
Sam Edelman	Modebewusste Verbraucher	$100-$250
Allen Edmonds	Verbraucher von Premium-Kleiderschuhen	$200-$500

Bequeme und trendorientierte Schuhdesigns

Design-Innovationsmetriken:

• Jährliche Investition in die Produktentwicklung: 12,5 Millionen US-Dollar
• Neue Stileinführungen pro Jahr: Ungefähr 500–600 Stile
• Größe des Designteams: 75 professionelle Designer

Omnichannel-Einkaufserlebnis

Vertriebskanal	Prozentsatz des Gesamtumsatzes	Umsatz 2022
Physische Einzelhandelsgeschäfte	65%	1,48 Milliarden US-Dollar
E-Commerce-Plattformen	35%	795 Millionen Dollar

Caleres, Inc. (CAL) – Geschäftsmodell: Kundenbeziehungen

Treueprogramme für Stammkunden

Caleres betreibt Treueprogramme für sein gesamtes Markenportfolio, darunter Famous Footwear und Allen Edmonds. Ab 2023 berichtete das Unternehmen:

Metrik des Treueprogramms	Wert
Mitglieder des Total Loyalty-Programms	8,2 Millionen
Wiederholungskundenpreis	36.5%
Durchschnittliche Kaufhäufigkeit des Treueprogramms	2,7 Mal pro Jahr

Personalisiertes digitales Marketing und Empfehlungen

Zu den digitalen Marketingstrategien gehören:

• Personalisierte E-Mail-Kampagnen für 2,4 Millionen aktive Abonnenten
• KI-gesteuerte Produktempfehlungs-Engine
• Segmentierter Marketingansatz mit 78 % gezielter digitaler Reichweite

Kundenservice über mehrere Touchpoints

Kundendienstkanal	Verfügbarkeit	Reaktionszeit
Online-Chat-Unterstützung	24/7	Unter 3 Minuten
Telefonsupport	7 Tage/Woche	Durchschnittlich 2,5 Minuten
E-Mail-Support	24/7	Innerhalb von 24 Stunden

Einbindung sozialer Medien und digitaler Markeninteraktionen

Kennzahlen zum Social-Media-Engagement:

• Instagram-Follower: 456.000
• Facebook-Follower: 312.000
• Durchschnittliche Engagement-Rate: 3,2 %
• Durch soziale Medien getriebener Umsatz: 18,4 Millionen US-Dollar im Jahr 2023

Responsive Kundenfeedback-Mechanismen

Feedback-Mechanismus	Jahresvolumen	Rücklaufquote
Online-Bewertungen	62.500 Bewertungen	92 % Rücklaufquote
Kundenbefragungen	45.000 Antworten	87 % Zufriedenheitsrate
Direktes Kundenfeedback	38.200 Interaktionen	95 % Auflösungsrate

Caleres, Inc. (CAL) – Geschäftsmodell: Kanäle

Eigene Einzelhandelsgeschäfte (Famous Footwear)

Ab 2024 betreibt Caleres 1.100 Famous Footwear-Läden in den Vereinigten Staaten.

Geschäftstyp	Anzahl der Standorte	Durchschnittliche Ladengröße
Berühmte Schuheinzelhandelsgeschäfte	1,100	3.500 Quadratfuß

Online-E-Commerce-Plattformen

Zu den digitalen Vertriebskanälen gehören:

• Berühmte Website für Schuhe
• Allen Edmonds E-Commerce-Plattform
• Sam Edelman Online-Shop

Plattform	Jährlicher Online-Umsatz	Prozentsatz des Gesamtumsatzes
E-Commerce-Kanäle	298,4 Millionen US-Dollar	22.3%

Großhandelspartnerschaften mit großen Einzelhändlern

Caleres unterhält Großhandelsbeziehungen zu wichtigen Einzelhändlern:

• Nordstrom
• Macys
• DSW
• Zappos

Großhandelskanal	Jährlicher Großhandelsumsatz
Große Einzelhandelspartnerschaften	412,6 Millionen US-Dollar

Digitale Marketing- und Social-Media-Plattformen

Zu den digitalen Marketingkanälen gehören:

• Instagram
• Facebook
• TikTok
• Pinterest

Social-Media-Plattform	Anzahl der Follower
Instagram (Berühmte Schuhe)	215.000 Follower
Facebook (Caleres-Marken)	180.000 Follower

Direktvertriebskanäle an den Verbraucher

Zu den Direktvertriebsstrategien gehören:

• Markenspezifische Websites
• Gebrandete mobile Anwendungen
• Direktes E-Mail-Marketing

Direkter Vertriebskanal	Jährlicher Umsatzbeitrag
Direktverkauf an Verbraucher	176,2 Millionen US-Dollar

Caleres, Inc. (CAL) – Geschäftsmodell: Kundensegmente

Modebewusste jüngere Verbraucher

Caleres richtet sich über Marken wie an die Altersgruppe der 18- bis 35-Jährigen Sam Edelman, das im Jahr 2022 einen Nettoumsatz von 270,4 Millionen US-Dollar erwirtschaftete.

Marke	Zielaltersgruppe	Jährlicher Verkauf
Sam Edelman	18-35	270,4 Millionen US-Dollar

Professionelle und geschäftliche Käufer von Freizeitschuhen

Caleres bedient professionelle Märkte durch Naturalisierer Marke, die im Jahr 2022 einen Nettoumsatz von 154,2 Millionen US-Dollar meldete.

• Durchschnittlicher Preis: 89–129 $
• Professionelles Damenschuhsegment
• Corporate- und Business-Casual-Styles

Preisbewusste Schuhkäufer

Die Tochtergesellschaft von Famous Footwear richtet sich an preissensible Verbraucher 1,1 Milliarden US-Dollar Nettoumsatz im Jahr 2022.

Einzelhandelssegment	Durchschnittliche Preisspanne	Jahresumsatz
Berühmte Schuhe	$29-$79	1,1 Milliarden US-Dollar

Komfortsuchende Verbraucher

Die Marke Dr. Scholl's Shoes richtet sich an komfortorientierte Kunden und generiert Nettoumsatz von 193,6 Millionen US-Dollar im Jahr 2022.

• Altersspanne: 35-65 Jahre
• Orthopädisches und komfortorientiertes Schuhwerk
• Mittlerer Preis: 69–99 US-Dollar

Unterschiedliche demografische Alters- und Lebensstilgruppen

Caleres verfügt über ein Mehrmarkenportfolio, das verschiedene Kundensegmente bedient Gesamtnettoumsatz von 2,9 Milliarden US-Dollar im Jahr 2022.

Kundendemografie	Marken	Marktsegment
Junge Berufstätige	Sam Edelman	Modebewusst
Unternehmensfrauen	Naturalisierer	Professionell
Budgetkäufer	Berühmte Schuhe	Discount-Einzelhandel
Trostsuchende	Dr. Scholls	Orthopädisch

Caleres, Inc. (CAL) – Geschäftsmodell: Kostenstruktur

Produktdesign- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Caleres Forschungs- und Entwicklungskosten in Höhe von 19,5 Millionen US-Dollar.

Ausgabenkategorie	Betrag (2022)
Gesamte F&E-Ausgaben	19,5 Millionen US-Dollar
Größe des Designteams	Ungefähr 75-100 Designer

Herstellungs- und Beschaffungskosten

Die Gesamtkosten der verkauften Waren (COGS) von Caleres beliefen sich im Geschäftsjahr 2022 auf 1,28 Milliarden US-Dollar.

• Die Produktionsstandorte erstrecken sich über mehrere Länder
• Ungefähr 60 % der Produktion wird international ausgelagert
• Hauptproduktionsregionen: China, Vietnam, Brasilien

Fertigungsmetrik	Wert
Gesamtkosten (2022)	1,28 Milliarden US-Dollar
Prozentsatz der internationalen Beschaffung	60%

Betrieb und Wartung von Einzelhandelsgeschäften

Im Jahr 2022 betrieb Caleres 1.349 Einzelhandelsgeschäfte mit einem Gesamtverkaufs- und Verwaltungsaufwand von 558,3 Millionen US-Dollar.

Geschäftsbetriebsmetrik	Wert
Gesamtzahl der Geschäfte	1,349
Vertriebs- und Verwaltungskosten (2022)	558,3 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Caleres stellte im Geschäftsjahr 2022 etwa 98,7 Millionen US-Dollar für Marketing- und Werbeausgaben bereit.

Kategorie der Marketingausgaben	Betrag (2022)
Gesamte Marketingausgaben	98,7 Millionen US-Dollar
Prozentsatz des digitalen Marketings	35–40 % des gesamten Marketingbudgets

Supply Chain und Logistikmanagement

Die Logistik- und Vertriebskosten für Caleres beliefen sich im Jahr 2022 auf insgesamt etwa 127,5 Millionen US-Dollar.

• Betreibt mehrere Vertriebszentren in den Vereinigten Staaten
• Nutzt sowohl eigene als auch externe Logistikdienstleister
• Integrierte Omnichannel-Vertriebsstrategie

Logistikmetrik	Wert
Gesamte Logistikkosten (2022)	127,5 Millionen US-Dollar
Anzahl der Vertriebszentren	7-9 große Zentren

Caleres, Inc. (CAL) – Geschäftsmodell: Einnahmequellen

Einzelhandelsverkäufe

Caleres, Inc. meldete für das Geschäftsjahr 2022 einen Gesamtnettoumsatz von 2,9 Milliarden US-Dollar. Die Verkäufe von Einzelhandelsgeschäften machten einen erheblichen Teil dieses Umsatzes aus.

Einzelhandelsmarke	Jahresumsatz (2022)
Berühmte Schuhe	1,3 Milliarden US-Dollar
Allen Edmonds	135 Millionen Dollar

Online-E-Commerce-Umsatz

Der digitale Umsatz machte im Jahr 2022 etwa 25 % des Gesamtumsatzes des Unternehmens aus.

• Umsatzwachstum im E-Commerce: 12,5 % im Jahresvergleich
• Zu den Online-Kanälen gehören markenspezifische Websites und Plattformen von Drittanbietern

Einnahmen aus dem Großhandelsvertrieb

Der Großhandelsumsatz belief sich im Jahr 2022 auf rund 850 Millionen US-Dollar.

Großhandelspartner	Prozentsatz des Großhandelsumsatzes
Kaufhäuser	45%
Fachhändler	35%
Andere Kanäle	20%

Markenlizenzvereinbarungen

Die Lizenzeinnahmen trugen im Jahr 2022 etwa 45 Millionen US-Dollar bei.

• Aktive Lizenzpartnerschaften mit 7 verschiedenen Marken
• Lizenzvereinbarungen für mehrere Produktkategorien

Verkauf von Saison- und Werbeprodukten

Saisonale Produktlinien erwirtschafteten in der Hauptsaison einen Umsatz von rund 350 Millionen US-Dollar.

Saisonale Kategorie	Umsatzbeitrag
Ferienzeit	180 Millionen Dollar
Zurück zur Schule	120 Millionen Dollar
Sommerkollektion	50 Millionen Dollar

Caleres, Inc. (CAL) - Canvas Business Model: Value Propositions

Diverse brand portfolio covering value to luxury price points.

Caleres, Inc. offers a range of brands that span various consumer spending levels, a strategy reinforced by recent acquisitions. The company completed the planned acquisition of Stuart Weitzman for a total consideration of $105 million, which is expected to add about $230 million of revenue and increase exposure to premium luxury categories. The Brand Portfolio segment includes these aspirational brands, which are strategically managed alongside the value-focused Famous Footwear segment.

Here's a look at how the portfolio structure supports this breadth:

Brand Category Focus	Example Brands Mentioned	Financial/Strategic Data Point
Value/Family Retail	Famous Footwear	Direct-to-consumer sales represented approximately 75% of total net sales in Q2 2025
Lead Brands (Mid-Tier/Premium)	Sam Edelman, Naturalizer, Vionic	Collectively drove growth exceeding the overall Brand Portfolio growth in Q1 2025
Premium/Luxury Acquisition	Stuart Weitzman	Acquisition expected to close in summer 2025 for $105 million

Focus on fit, quality, and craftsmanship since 1878.

Caleres, Inc. carries a legacy of nearly 150 years of craftsmanship, dating back to 1878. This heritage underpins the value proposition of quality and fit across its portfolio. The company's mission includes inspiring people to feel great feet first, emphasizing this foundational commitment.

Omnichannel convenience: Buy online, pick up in store, and easy returns.

The company emphasizes a strong direct-to-consumer (DTC) presence, which is a key component of its convenience offering. For the first quarter of fiscal 2025, DTC sales represented approximately 70% of total net sales. By the second quarter of 2025, this figure grew to approximately 75% of total net sales. This high DTC penetration supports seamless online purchasing and likely facilitates easy returns, whether through mail or in-store drop-off at locations like Famous Footwear.

Wellness and comfort-focused footwear through the Vionic brand.

The Vionic brand is explicitly positioned as a lead brand within the Caleres portfolio. This brand is rooted in biomechanics and the science of movement. A concrete action supporting this focus was the naming of Gabby Reece as Vionic's first-ever well-being ambassador in August 2025, underscoring the brand's commitment to footwear rooted in science and style.

Commitment to sustainability: Aim to reclaim/recycle 90,000 pairs of shoes annually by 2025.

Caleres, Inc. has established measurable environmental targets. The company reported that it reclaimed, recycled, or refurbished 90,000 pairs of shoes in 2021, which met its annual goal set for 2025. Further sustainability metrics achieved by 2021 include:

• 100% of shoeboxes for owned brands using environmentally preferred materials, reaching a 2025 target early.
• 52% of products using environmentally preferred materials, on pace to reach 100% by 2025.
• 85% of leather used was environmentally preferred, with a goal to reach 100% by 2025.

Finance: review Q3 2025 cash flow projections against the planned $105 million Stuart Weitzman acquisition funding via the RCF by end of next week.

Caleres, Inc. (CAL) - Canvas Business Model: Customer Relationships

You're looking at how Caleres, Inc. keeps its customers coming back and spending across its diverse portfolio, which is heavily weighted toward direct engagement as of late 2025.

Famous Footwear loyalty program for repeat family purchases.

The Famously. You Rewards program is central to driving repeat traffic at Famous Footwear. This program is designed to reward loyalty through points and certificates, encouraging cross-channel shopping. As of February 1, 2025, the liability associated with this loyalty program across the company stood at $7.8 million. The Famous Footwear segment held the majority of this liability, at $6.6 million. While the program has a history with over 11 million active members, the current financial reporting focuses on the liability balance as a measure of outstanding customer commitment.

Direct-to-consumer (DTC) engagement via owned e-commerce sites.

Caleres, Inc. has made a significant pivot to owning the customer experience, with Direct-to-Consumer sales representing a substantial portion of the business. For the second quarter of 2025, DTC sales accounted for approximately 75% of total net sales. This is up from approximately 70% of total net sales in the first quarter of 2025. The company supports this with branded e-commerce sites for its key brands, which are a core part of its strategy to grow the Brand Portfolio segment. For instance, Famous.com saw a comparable year-over-year increase of 8.3% in the first quarter of 2025.

Key Customer Channel and Loyalty Metrics (Latest Available Data)

Customer Relationship Metric	Segment/Channel	Value	Date/Period
Direct-to-Consumer Sales as % of Total Net Sales	Consolidated	75%	Q2 2025
Famous Footwear E-commerce Comparable Sales Growth	Famous Footwear	8.3%	Q1 2025
Total Loyalty Program Liability	Consolidated	$7.8 million	February 1, 2025
Allen Edmonds Retail Stores in US	Brand Portfolio (Allen Edmonds)	56	End of 2024

Personalized marketing and email campaigns based on brand preference.

Caleres, Inc. uses its customer data, particularly from the loyalty program, to inform communications. The Famously. You Rewards program is specifically designed to be more personal and relevant, rewarding members with bonus points for online purchases and engaging in the app to accelerate earning. The company's overall strategy emphasizes leveraging its 'One Caleres' capabilities, which include marketing, to accelerate growth across its portfolio.

Dedicated in-store service at specialty stores like Allen Edmonds.

For premium brands like Allen Edmonds, the physical store experience is key to maintaining high-value relationships. The Allen Edmonds consumer benefits from dedicated in-store service and a unique offering: recrafting operations that allow customers to extend the life of their footwear, with most styles eligible for recrafting twice or even three times. Suggested retail price points for Allen Edmonds products range from $300 to $595, with the Reserve Collection commanding between $800 and $2,995, underscoring the premium service expectation.

You should review the Q3 2025 earnings release when it drops to see if the DTC percentage has climbed further. Finance: draft 13-week cash view by Friday.

Caleres, Inc. (CAL) - Canvas Business Model: Channels

You're looking at how Caleres, Inc. gets its product into the hands of the customer across its different business lines. The channel strategy is a mix of direct control and broad third-party reach, which is typical for a company balancing a major retail banner with a portfolio of owned brands.

The Famous Footwear chain remains a core physical touchpoint. As of the end of 2024, the Famous Footwear segment operated around 846 stores. To give you a sense of the owned brand footprint beyond that, at the end of the period covered by the 10-K filing on April 1, 2025, Caleres operated 56 Allen Edmonds stores in the United States, plus another 54 stores in East Asia for that brand alone. Separately, as of the First Quarter 2025 earnings call, one of the Brand Portfolio brands had 106 stores total, with 102 of those located internationally.

Direct-to-consumer (DTC) sales, which heavily include e-commerce, are a significant driver. For the second quarter of 2025, direct-to-consumer sales represented approximately 75% of total net sales. This is up from approximately 70% of total net sales in the first quarter of 2025, and about 73% of total net sales in the fourth quarter of 2024.

The Brand Portfolio segment supports its own DTC efforts through dedicated digital properties. As of early 2025, Caleres operated 15 branded e-commerce sites, with the Brand Portfolio segment specifically noted as operating 14 branded e-commerce websites around the time of the April 1, 2025 filing.

Wholesale remains critical for scale. Caleres distributes its Brand Portfolio products to approximately 2,200 retailers across the United States and Canada, and also ships to approximately 58 other countries as of February 1, 2025. The wholesale side shows order flow activity; at February 1, 2025, the Brand Portfolio segment had a backlog of unfilled wholesale orders of approximately $260.2 million.

Here is a breakdown of the channel mix and related scale metrics:

Channel Type	Specific Metric/Scope	Latest Reported Number
Owned Retail (Famous Footwear)	Number of Stores (End of 2024)	846 stores
Owned Retail (Allen Edmonds)	US Stores (as of Feb 1, 2025)	56 stores
Owned E-commerce	Branded E-commerce Websites (as of early 2025)	15 websites
Wholesale Distribution	Third-Party Retailers (US/Canada)	Approximately 2,200
Wholesale Distribution	Pairs of Shoes Sold Wholesale (2024)	Approximately 32 million pairs
Direct-to-Consumer (DTC) Share	Percentage of Total Net Sales (Q2 2025)	75%

International reach is expanding, particularly for key brands. You see this in the following areas:

• International operations include wholesale in East Asia, Canada, and Europe.
• The Sam Edelman brand posted double-digit growth internationally in the first quarter of 2025.
• Wholesale distribution reaches approximately 58 other countries.
• License agreements accounted for approximately 14% of Brand Portfolio segment sales in 2024.

The reliance on DTC is clear when looking at the segment performance contribution to the overall sales mix. For instance, in the second quarter of 2025, the Brand Portfolio segment saw strength in its direct-to-consumer channels, even as total Brand Portfolio sales declined 3.5%.

Finance: draft 13-week cash view by Friday.

Caleres, Inc. (CAL) - Canvas Business Model: Customer Segments

You're looking at the customer base of Caleres, Inc. (CAL) as a set of distinct, targeted groups, which is smart because the performance metrics vary significantly between the mass-market and premium ends of the portfolio.

The segmentation strategy clearly separates the volume-driven Famous Footwear channel from the higher-margin Brand Portfolio. For instance, in the first quarter of fiscal year 2025 (Q1 2025), total consolidated sales were $614.2 million, and the Brand Portfolio segment contributed approximately 48.0% of those sales, while Famous Footwear accounted for about 53.4%. By the second quarter of 2025 (Q2 2025), consolidated sales were $658.5 million, with DTC sales representing approximately 75% of the total.

Here's a breakdown of the key customer segments Caleres, Inc. serves:

• Value-conscious families: Famous Footwear segment, median HHI of $75,000.
• Affluent, style-driven women: Brand Portfolio segment, median HHI exceeding $100,000.
• Premium/Luxury consumers: Targeted via brands like Allen Edmonds and the newly acquired Stuart Weitzman.
• Health and wellness consumers: Served through the Vionic brand, which saw digital sales growth over 25% year-over-year in Q1 2025.

The profitability contribution is telling; the premium Brand Portfolio segment delivered approximately 55% to total operating earnings despite lower unit volume. In Q1 2025, the operating margin for the Brand Portfolio was 5.9%, compared to 1.5% at Famous Footwear.

The financial performance metrics for these segments in recent quarters show the current pressure points:

Customer Segment / Channel	Latest Reported Sales Change (YoY)	Latest Reported Gross Margin	Key Financial Context
Value-conscious families (Famous Footwear)	Q2 2025: Down 4.9%	Q2 2025: 43.7%	Comparable sales for Q2 2025 were down 3.4%.
Affluent/Style-Driven (Brand Portfolio)	Q2 2025: Down 3.5%	Q2 2025: 40.3%	Lead Brands (including Allen Edmonds) were 80% of operating earnings in Q1 2025.
Premium/Luxury (Stuart Weitzman)	N/A (Acquisition closed post-Q2 2025)	N/A (Integrated post-Q2 2025)	Acquisition price was $105 million.

The Brand Portfolio's lead brands, which include Allen Edmonds, Naturalizer, and Vionic, collectively represented about 60% of sales in Q1 2025. The acquisition of Stuart Weitzman for $105 million, completed shortly after Q2 2025, is a direct move to bolster this premium segment.

For the value-conscious families at Famous Footwear, the gross margin in Q2 2025 was 43.7%, a decrease of 130 basis points year-over-year, driven by promotions and freight costs. In contrast, the Brand Portfolio segment saw its gross margin fall by 240 basis points to 40.3% in Q2 2025.

The overall Trailing Twelve Months (TTM) revenue as of November 2025 stood at $2.65 billion, reflecting a -5.31% decline year-over-year.

Caleres, Inc. (CAL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the expense side of Caleres, Inc. (CAL)'s business model as of late 2025. It's a mix of direct product costs, operational overhead, and significant one-time strategic expenses, all under the pressure of a volatile sourcing environment.

Cost of Goods Sold (COGS): Primarily sourcing and manufacturing costs.

The cost to acquire the product is a major driver, reflected in the gross margin performance across the segments. For the first quarter of 2025, the consolidated gross margin stood at 45.4%, a decline of 150 basis points from the prior year. The Brand Portfolio segment felt more pressure, with its gross margin falling to 43.8%, a drop of 280 basis points. This was directly tied to lower initial margins, costs from production shifts, and inventory reserves. By the second quarter of 2025, the consolidated gross margin had compressed further to 43.4%, down 210 basis points year-over-year.

Here is a look at the cost structure components from the first half of 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Context/Driver
Consolidated Net Sales	$614.2 million	$658.5 million	Sales figures for context
Consolidated Gross Margin	45.4%	43.4%	Reflects tariff and markdown pressures
Brand Portfolio Gross Margin	43.8%	40.3%	Segment gross margin

Selling, General, and Administrative (SG&A) expenses: Store operations, marketing, and IT.

SG&A expenses in dollar terms were relatively flat in Q1 2025, but they ballooned as a percentage of lower sales. In the first quarter of 2025, SG&A expense was $266.5 million, flat year-over-year in dollars, but this represented 43.4% of net sales, an increase of 300 basis points. This deleverage was due to the sales decline, though it was partially offset by lower marketing spending and incentive compensation. By Q2 2025, SG&A was $269.7 million, or 41.0% of net sales. To combat this, Caleres, Inc. is executing structural cost cuts.

• Annualized structural SG&A reduction target: $15 million.
• Expected SG&A savings in the back half of 2025: $7.5 million.
• Store count for Allen Edmonds (as of Q1 2025): 57 stores.

Inventory management and markdown reserves (e.g., $2.3 million impact in Q1 2025).

Inventory levels were high, which necessitated higher reserves. As of February 1, 2025, total inventories were $565.2 million, which included finished goods of $550.2 million, net of related markdown reserves of $17.7 million. The pressure on Q1 2025 margins came from higher reserves for inventory markdowns on Spring 2025 product. The Q2 2025 results also cited a higher provision for inventory markdowns as a factor pressuring gross margin. Inventory at the end of Q2 2025 rose to $693.3 million, up 4.9% compared to Q2 2024.

Acquisition costs: $105 million for Stuart Weitzman in 2025.

The definitive agreement to acquire Stuart Weitzman was announced for $105 million, subject to customary adjustments. The deal closed in August 2025 for a total of $120.2 million, which included $11.5 million in cash received at closing, making the net purchase price $108.7 million. This acquisition is expected to make the Brand Portfolio segment represent nearly half of total revenue going forward.

Logistics and distribution costs, including tariff impacts (approx. $10 million impact in Q2 2025).

Tariff escalation following an Executive Order in early April 2025 forced Caleres, Inc. to cancel, pause, or relocate manufacturing from China, incurring associated costs in Q1 2025. For the second quarter of 2025, the Brand Portfolio segment sales decline was attributed to approximately $10 million in tariff impact. Management expects the dollars sourced from China to be 10% or less in the second half of 2025.

Caleres, Inc. (CAL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Caleres, Inc. (CAL) brings in money, which is really split between its two main operational arms. Honestly, understanding these streams is key to seeing where the near-term pressure points are, like the sales softness seen early in the year.

The first major stream is the retail sales from the Famous Footwear segment. This is the brick-and-mortar engine, though it also includes its e-commerce component. For the first quarter of 2025, net sales for the Famous Footwear segment decreased by 6.3% year-over-year, landing at $328 million. This segment's gross margin was 45.3% in that same period.

The second stream comes from the wholesale revenue from the Brand Portfolio segment. This is where the owned and licensed brands generate sales through third-party retailers and direct channels. In the first quarter of 2025, Brand Portfolio segment net sales declined by 6.9%, totaling $295 million. The gross margin here was tighter at 43.8% for Q1 2025.

A critical component across both segments is the shift toward Direct-to-Consumer (DTC) e-commerce sales. For the first quarter of 2025, DTC sales represented approximately 70% of total net sales for Caleres, Inc. (CAL). This channel is generally higher-margin, which helps offset some of the pressure seen elsewhere. Still, the company is actively managing inventory builds, with total inventory up 8.1% at the end of Q1 2025 compared to the prior year.

When we look at profitability contribution, the Brand Portfolio segment contributes approximately 55% of total operating earnings. This highlights the strategic importance of the brand mix, even though the Famous Footwear segment still drives significant top-line volume. The operating margin for the Brand Portfolio segment in Q1 2025 was 5.9%, while the Famous Footwear segment posted a lower operating margin of 1.5%. Total operating earnings for Q1 2025 were reported at $12.2 million.

Looking forward, the outlook for the full year is cautious. Caleres, Inc. (CAL) previously expected Fiscal 2025 consolidated net sales to be between $2.69 billion and $2.75 billion, which is based on the full-year 2024 net sales of $2,722.7 million, implying a projected change of down 1% to up 1%. However, due to market uncertainty, the company suspended formal guidance after Q1 2025.

Here's a quick snapshot of the revenue generation by segment based on the most recent reported quarter:

Revenue Stream Component	Segment	Q1 2025 Net Sales Amount	Q1 2025 Sales Change YoY	Q1 2025 Gross Margin
Retail/Segment Sales	Famous Footwear	$328 million	Down 6.3%	45.3%
Wholesale/Brand Sales	Brand Portfolio	$295 million	Down 6.9%	43.8%

The overall revenue mix is heavily influenced by digital penetration, as shown by the following key channel metrics:

• Direct-to-consumer sales represented approximately 70% of total net sales in Q1 2025.
• The Brand Portfolio segment's operating margin was 5.9% in Q1 2025.
• The Famous Footwear segment's operating margin was 1.5% in Q1 2025.
• The Brand Portfolio segment is noted to contribute approximately 55% of total operating earnings.

Finance: review the impact of the Stuart Weitzman acquisition on the Brand Portfolio segment's revenue mix starting in Q3 2025 by next Tuesday.