Caleres, Inc. (CAL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio minorista, Caleres, Inc. (CAL) se destaca como una potencia estratégica, navegando magistralmente el complejo panorama del diseño de calzado, la distribución y la participación del consumidor. Con un modelo de negocio robusto que abarca múltiples marcas, canales y segmentos de consumo, esta empresa innovadora ha transformado el comercio minorista tradicional en una experiencia sofisticada y multidimensional que combina la moda, la funcionalidad y el posicionamiento estratégico del mercado. Desde su cartera de marca diversa hasta su enfoque omnicanal de vanguardia, Caleres representa un estudio de caso convincente en el emprendimiento minorista moderno que va mucho más allá de simplemente vender zapatos.

Caleres, Inc. (Cal) - Modelo de negocio: asociaciones clave

Fabricantes de calzado en regiones de producción global

Caleres mantiene asociaciones de fabricación en varios países:

País	Número de socios manufactureros	Volumen de producción anual
Porcelana	17	4.2 millones de pares
Vietnam	9	2.8 millones de pares
Brasil	5	1.1 millones de pares

Socios de distribución minorista

Las colaboraciones clave de distribución minorista incluyen:

• Nordstrom - Asociaciones de marca exclusivas
• DSW - Gestión de inventario estratégico
• Calzado famoso - Canal minorista directo

Socio minorista	Volumen de ventas anual	Duración de la asociación
Nordstrom	$ 82.4 millones	12 años
DSW	$ 129.6 millones	15 años
Calzado famoso	$ 156.3 millones	10 años

Colaboraciones de diseño y tecnología

Asociaciones de innovación con diseñadores y empresas de tecnología:

• Socios de tecnología de impresión 3D
• Consultores de diseño ergonómico
• Instituciones de investigación de ciencias materiales

Acuerdos de abastecimiento estratégico

Proveedor de materiales	Tipo de material	Volumen de adquisición anual
Consorcio de cuero italiano	Cuero premium	1.2 millones de metros cuadrados
Proveedores de caucho brasileño	Goma sostenible	850,000 kg
Grupo de materiales sintéticos asiáticos	Sintéticos de rendimiento	620,000 metros

Caleres, Inc. (Cal) - Modelo de negocio: actividades clave

Diseño y desarrollo de colecciones de calzado de marca

Caleres funciona con múltiples marcas de calzado que incluyen Calzado famoso, Allen Edmonds y los zapatos del Dr. Scholl. En el año fiscal 2022, la compañía informó:

Categoría de marca	Ganancia
Calzado famoso	$ 1.64 mil millones
Cartera de marca	$ 815.5 millones

Marketing y comercialización en múltiples canales minoristas

Caleres utiliza diversas estrategias de marketing en múltiples canales:

• Tiendas minoristas: 1,475 ubicaciones totales
• Plataformas de comercio electrónico
• Redes de distribución al por mayor

Gestión de la cadena de suministro compleja y la logística de inventario

Métricas de la cadena de suministro para caleres en 2022:

Métrico	Valor
Inventario total	$ 521.5 millones
Costo de bienes vendidos	$ 1.84 mil millones

Gestión de cartera de marca y posicionamiento estratégico de marca

Caleres administra múltiples marcas con enfoque estratégico:

• Calzado famoso (segmento de valor)
• Allen Edmonds (segmento premium)
• Los zapatos del Dr. Scholl (segmento de confort)

Operaciones de tiendas minoristas y gestión de la plataforma de comercio electrónico

Rendimiento minorista digital y físico en 2022:

Canal minorista	Ganancia
Tiendas físicas	$ 1.64 mil millones
Comercio electrónico	$ 328.7 millones

Caleres, Inc. (Cal) - Modelo de negocio: recursos clave

Fuerte cartera de marcas propias

Caleres posee múltiples marcas de calzado con posicionamiento de mercado específico:

• Calzado famoso: cadena minorista con 1.100 tiendas en todo el país
• Allen Edmonds: marca de zapatos de vestir para hombres premium
• Los zapatos del Dr. Scholl: marca de calzado confundida
• Sam Edelman: marca de calzado de moda contemporánea

Marca	Contribución de ingresos (2023)	Segmento de mercado
Calzado famoso	$ 1.2 mil millones	Calzado de valor/descuento
Allen Edmonds	$ 85 millones	Zapatos de vestir premium
Dr. Scholl's	$ 250 millones	Calzado de confort

Red de distribución minorista

Caleres mantiene extensos canales de distribución:

• 1.100 tiendas minoristas de calzado famosos
• Plataformas de comercio electrónico directo al consumidor
• Asociaciones al por mayor con los principales minoristas

Diseño y desarrollo de productos

Caleres emplea equipos especializados con experiencia en diseño e innovación de calzado:

• Más de 150 profesionales del desarrollo de productos
• Centros de diseño en St. Louis, Missouri
• Inversión anual de desarrollo de productos: $ 35 millones

Infraestructura digital y de comercio electrónico

Métricas de plataforma digital	2023 rendimiento
Ingresos por comercio electrónico	$ 425 millones
Usuarios de aplicaciones móviles	750,000
Tasa de conversión en línea	3.2%

Relaciones de fabricación y abastecimiento

Asociaciones de fabricación global:

• 22 socios de fabricación primarios
• Instalaciones de producción en China, Vietnam, Indonesia
• Gastos anuales de abastecimiento: $ 1.6 mil millones

Caleres, Inc. (Cal) - Modelo de negocio: propuestas de valor

Amplia gama de estilos de calzado para diversos segmentos de consumo

Caleres, Inc. opera a través de dos segmentos principales:

Segmento	Marcas	2022 Ventas netas
Calzado famoso	Calzado famoso, Nike, Vans, Converse	$ 1.36 mil millones
Cartera de marca	Sam Edelman, Allen Edmonds, los zapatos del Dr. Scholl	$ 745.8 millones

Zapatos de alta calidad y moda a precios competitivos

Desglose de la estrategia de precios:

• Rango de precios promedio: $ 50- $ 250 en todas las marcas
• Margen bruto en 2022: 38.5%
• Precios competitivos en múltiples segmentos de mercado

Estrategia múltiple que atiende a diferentes preferencias de los consumidores

Marca	Consumidor objetivo	Gama de precios
Calzado famoso	Consumidores conscientes del presupuesto	$30-$100
Sam Edelman	Consumidores de moda	$100-$250
Allen Edmonds	Consumidores de zapatos de vestir premium	$200-$500

Diseños de calzado cómodos y sensibles a la tendencia

Métricas de innovación de diseño:

• Inversión anual de desarrollo de productos: $ 12.5 millones
• Nuevas presentaciones de estilo por año: aproximadamente 500-600 estilos
• Tamaño del equipo de diseño: 75 diseñadores profesionales

Experiencia de compra omnicanal

Canal de ventas	Porcentaje de ventas totales	2022 Ingresos
Tiendas minoristas físicas	65%	$ 1.48 mil millones
Plataformas de comercio electrónico	35%	$ 795 millones

Caleres, Inc. (CAL) - Modelo de negocio: relaciones con los clientes

Programas de fidelización para clientes habituales

Caleres opera programas de fidelización en su cartera de marcas, incluidos Famous Footwear y Allen Edmonds. A partir de 2023, la compañía informó:

Métrica del programa de fidelización	Valor
Miembros del programa de fidelización total	8.2 millones
Tarifa de cliente repetida	36.5%
Frecuencia de compra de programa de fidelidad promedio	2.7 veces al año

Marketing digital personalizado y recomendaciones

Las estrategias de marketing digital incluyen:

• Campañas de correo electrónico personalizadas dirigidas a 2.4 millones de suscriptores activos
• Motor de recomendación de productos impulsado por IA
• Enfoque de marketing segmentado con 78% de divulgación digital dirigida

Servicio al cliente a través de múltiples puntos de contacto

Canal de servicio al cliente	Disponibilidad	Tiempo de respuesta
Soporte de chat en línea	24/7	Menos de 3 minutos
Soporte telefónico	7 días/semana	Promedio de 2.5 minutos
Soporte por correo electrónico	24/7	Dentro de las 24 horas

Involucrar las redes sociales e interacciones de marca digital

Métricas de compromiso de las redes sociales:

• Seguidores de Instagram: 456,000
• Seguidores de Facebook: 312,000
• Tasa de compromiso promedio: 3.2%
• Ventas impulsadas por las redes sociales: $ 18.4 millones en 2023

Mecanismos de comentarios de clientes receptivos

Mecanismo de retroalimentación	Volumen anual	Tasa de respuesta
Revisiones en línea	62,500 revisiones	Tasa de respuesta del 92%
Encuestas de clientes	45,000 respuestas	Tasa de satisfacción del 87%
Comentarios directos de los clientes	38,200 interacciones	Tasa de resolución del 95%

Caleres, Inc. (Cal) - Modelo de negocio: canales

Tiendas minoristas propiedad (calzado famoso)

A partir de 2024, Caleres opera 1.100 famosas tiendas de calzado en los Estados Unidos.

Tipo de tienda	Número de ubicaciones	Tamaño promedio de la tienda
Tiendas minoristas de calzado famosos	1,100	3,500 pies cuadrados

Plataformas de comercio electrónico en línea

Los canales de ventas digitales incluyen:

• Sitio web de calzado famoso
• Plataforma de comercio electrónico de Allen Edmonds
• Tienda en línea de Sam Edelman

Plataforma	Ingresos anuales en línea	Porcentaje de ventas totales
Canales de comercio electrónico	$ 298.4 millones	22.3%

Asociaciones al por mayor con los principales minoristas

Caleres mantiene las relaciones mayoristas con los minoristas clave:

• Nordstrom
• Macy's
• DSW
• Zappos

Canal al por mayor	Ingresos al por mayor
Grandes asociaciones minoristas	$ 412.6 millones

Plataformas de marketing digital y redes sociales

Los canales de marketing digital incluyen:

• Instagram
• Facebook
• Tiktok
• Pinterest

Plataforma de redes sociales	Recuento de seguidores
Instagram (calzado famoso)	215,000 seguidores
Facebook (marcas de Caleres)	180,000 seguidores

Canales de venta directos a consumidores

Las estrategias de ventas directas incluyen:

• Sitios web específicos de la marca
• Aplicaciones móviles de marca
• Marketing por correo electrónico directo

Canal de ventas directo	Contribución anual de ingresos
Ventas directas a consumidores	$ 176.2 millones

Caleres, Inc. (Cal) - Modelo de negocio: segmentos de clientes

Consumidores más jóvenes conscientes de la moda

Caleres se dirige a 18-35 edad demográfica a través de marcas como Sam Edelman, que generó $ 270.4 millones en ventas netas en 2022.

Marca	Grupo de edad objetivo	Venta anual
Sam Edelman	18-35	$ 270.4 millones

Compradores de calzado informal profesional y de negocios

Caleres atiende a los mercados profesionales a través de Naturalizador Brand, que reportó $ 154.2 millones en ventas netas en 2022.

• Punto de precio promedio: $ 89- $ 129
• Segmento de calzado para mujeres profesionales
• Estilos informales corporativos y de negocios

Compradores de calzado consciente del presupuesto

La subsidiaria de calzado famosa apunta a los consumidores sensibles a los precios con $ 1.1 mil millones en ventas netas durante 2022.

Segmento minorista	Rango de precios promedio	Ingresos anuales
Calzado famoso	$29-$79	$ 1.1 mil millones

Consumidores de búsqueda de comodidad

La marca de los zapatos del Dr. Scholl atiende a clientes centrados en confort, generando $ 193.6 millones en ventas netas en 2022.

• Rango de edad: 35-65 años
• Calzado ortopédico y orientado a la comodidad
• Medio precio del precio: $ 69- $ 99

Diversos grupos demográficos de edad y estilo de vida

Caleres mantiene una cartera de múltiples marcas que atiende a varios segmentos de clientes con Ventas netas totales de $ 2.9 mil millones en 2022.

Demográfico del cliente	Marcas	Segmento de mercado
Jóvenes profesionales	Sam Edelman	Avalora
Mujeres corporativas	Naturalizador	Profesional
Compradores de presupuesto	Calzado famoso	Descuento minorista
Buscadores de confort	Dr. Scholl's	Ortopédico

Caleres, Inc. (Cal) - Modelo de negocio: Estructura de costos

Gastos de diseño y desarrollo de productos

Para el año fiscal 2022, los Caleres informaron gastos de investigación y desarrollo de $ 19.5 millones.

Categoría de gastos	Cantidad (2022)
Gastos totales de I + D	$ 19.5 millones
Tamaño del equipo de diseño	Aproximadamente 75-100 diseñadores

Costos de fabricación y abastecimiento

El costo total de los bienes de Caleres vendidos (COGS) para el año fiscal 2022 fue de $ 1.28 mil millones.

• Las ubicaciones de fabricación abarcan múltiples países
• Aproximadamente el 60% de la fabricación subcontratada internacionalmente
• Regiones de fabricación primaria: China, Vietnam, Brasil

Métrico de fabricación	Valor
Total de COGS (2022)	$ 1.28 mil millones
Porcentaje de abastecimiento internacional	60%

Operaciones y mantenimiento de la tienda minorista

En 2022, Caleres operaba 1,349 tiendas minoristas con gastos administrativos y de venta total de $ 558.3 ​​millones.

Métrica de operación de almacenamiento	Valor
Número total de tiendas	1,349
Gastos de venta y administrativos (2022)	$ 558.3 ​​millones

Inversiones de marketing y publicidad

Caleres asignó aproximadamente $ 98.7 millones a los gastos de marketing y publicidad en el año fiscal 2022.

Categoría de gastos de marketing	Cantidad (2022)
Gastos totales de marketing	$ 98.7 millones
Porcentaje de marketing digital	35-40% del presupuesto total de marketing

Gestión de la cadena de suministro y logística

Los gastos de logística y distribución para caleres en 2022 totalizaron aproximadamente $ 127.5 millones.

• Opera múltiples centros de distribución en los Estados Unidos
• Utiliza proveedores de logística de propiedad y de terceros
• Estrategia de distribución omnicanal integrada

Métrica logística	Valor
Gastos de logística total (2022)	$ 127.5 millones
Número de centros de distribución	7-9 centros principales

Caleres, Inc. (CAL) - Modelo de negocio: flujos de ingresos

Ventas de tiendas minoristas

Caleres, Inc. reportó ventas netas totales de $ 2.9 mil millones para el año fiscal 2022. Las ventas de tiendas minoristas representaron una parte significativa de este ingreso.

Marca minorista	Ventas anuales (2022)
Calzado famoso	$ 1.3 mil millones
Allen Edmonds	$ 135 millones

Ingresos de comercio electrónico en línea

Las ventas digitales representaron aproximadamente el 25% de los ingresos totales de la compañía en 2022.

• Crecimiento de ventas de comercio electrónico: 12.5% ​​año tras año
• Los canales en línea incluyen sitios web específicos de marca y plataformas de terceros

Ingresos de distribución al por mayor

Los ingresos al por mayor para 2022 totalizaron aproximadamente $ 850 millones.

Socios al por mayor	Porcentaje de ingresos mayoristas
Grandes almacenes	45%
Minoristas especializados	35%
Otros canales	20%

Acuerdos de licencia de marca

Los ingresos por licencias contribuyeron con aproximadamente $ 45 millones en 2022.

• Asociaciones de licencias activas con 7 marcas diferentes
• Acuerdos de licencia en múltiples categorías de productos

Venta de productos estacionales y promocionales

Las líneas de productos estacionales generaron aproximadamente $ 350 millones en ingresos durante las temporadas pico.

Categoría estacional	Contribución de ingresos
Temporada de vacaciones	$ 180 millones
De regreso a la escuela	$ 120 millones
Colección de verano	$ 50 millones

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.