Caleres, Inc. (CAL): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le monde dynamique de la vente au détail de chaussures, Caleres, Inc. (CAL) se distingue comme une puissance stratégique, naviguant magistralement dans le paysage complexe de la conception, de la distribution et de l'engagement des consommateurs. Avec un modèle commercial robuste qui s'étend sur plusieurs marques, canaux et segments de consommateurs, cette entreprise innovante a transformé le commerce de chaussures traditionnel en une expérience sophistiquée et multidimensionnelle qui mélange de façon transparente la mode, les fonctionnalités et le positionnement stratégique du marché. De leur portefeuille de marque diversifié à leur approche omnicanal de pointe, Calères représente une étude de cas convaincante dans l'entrepreneuriat de la vente au détail moderne qui va bien au-delà de la simple vente de chaussures.

Caleres, Inc. (CAL) - Modèle commercial: partenariats clés

Fabricants de chaussures dans les régions de production mondiales

Caleres maintient des partenariats de fabrication dans plusieurs pays:

Pays	Nombre de partenaires de fabrication	Volume de production annuel
Chine	17	4,2 millions de paires
Vietnam	9	2,8 millions de paires
Brésil	5	1,1 million de paires

Partenaires de distribution de détail

Les principales collaborations de distribution de détail comprennent:

• Nordstrom - Partenariats de marque exclusive
• DSW - Gestion des stocks stratégiques
• Foot-Wear célèbres - Canal de vente au détail direct

Partenaire de vente au détail	Volume des ventes annuelles	Durée du partenariat
Nordstrom	82,4 millions de dollars	12 ans
Dsw	129,6 millions de dollars	15 ans
Chaussures célèbres	156,3 millions de dollars	10 ans

Collaborations de conception et de technologie

Partenariats d'innovation avec des concepteurs et des entreprises technologiques:

• Partenaires technologiques d'impression 3D
• Consultants en conception ergonomique
• Institutions de recherche en sciences matérielles

Accords d'approvisionnement stratégique

Fournisseur de matériaux	Type de matériau	Volume de l'approvisionnement annuel
Consortium en cuir italien	Cuir haut de gamme	1,2 million de mètres carrés
Fournisseurs en caoutchouc brésilien	Caoutchouc durable	850 000 kg
Groupe de matériaux synthétiques asiatiques	Synthétiques de performance	620 000 mètres

Caleres, Inc. (CAL) - Modèle d'entreprise: activités clés

Concevoir et développer des collections de chaussures de marque

Caleres fonctionne avec plusieurs marques de chaussures, notamment Foot-Wear, Allen Edmonds et chaussures du Dr Scholl. Au cours de l'exercice 2022, la société a rapporté:

Catégorie de marque	Revenu
Chaussures célèbres	1,64 milliard de dollars
Portefeuille de marque	815,5 millions de dollars

Marketing et marchandisage sur plusieurs canaux de vente au détail

Caleres utilise diverses stratégies de marketing sur plusieurs canaux:

• Magasins de détail: 1 475 emplacements au total
• Plates-formes de commerce électronique
• Réseaux de distribution en gros

Gestion de la chaîne d'approvisionnement complexe et de la logistique des stocks

Métriques de la chaîne d'approvisionnement pour Calères en 2022:

Métrique	Valeur
Inventaire total	521,5 millions de dollars
Coût des marchandises vendues	1,84 milliard de dollars

Gestion du portefeuille de marque et positionnement stratégique de marque

Caleres gère plusieurs marques avec une focalisation stratégique:

• Foot-Wear (segment de valeur)
• Allen Edmonds (segment premium)
• Les chaussures du Dr Scholl (segment de confort)

Opérations de magasin de détail et gestion de la plate-forme de commerce électronique

Performance de vente au détail numérique et physique en 2022:

Canal de vente au détail	Revenu
Magasins physiques	1,64 milliard de dollars
Commerce électronique	328,7 millions de dollars

Caleres, Inc. (CAL) - Modèle d'entreprise: Ressources clés

Portfolio solide de marques possédées

Caleres possède plusieurs marques de chaussures avec un positionnement spécifique du marché:

• Footwear célèbres: chaîne de vente au détail avec 1 100 magasins à l'échelle nationale
• Allen Edmonds: marque de chaussures de robe pour hommes premium
• Chaussures du Dr Scholl: marque de chaussures axée sur le confort
• Sam Edelman: marque de chaussures de mode contemporaine

Marque	Contribution des revenus (2023)	Segment de marché
Chaussures célèbres	1,2 milliard de dollars	Valeur / rabais sur les chaussures
Allen Edmonds	85 millions de dollars	Chaussures habillées premium
Dr. Scholl	250 millions de dollars	Chaussures de confort

Réseau de distribution de détail

Caleres maintient de vastes canaux de distribution:

• 1 100 magasins de vente au détail de chaussures célèbres
• Plates-formes de commerce électronique directement au consommateur
• Partenariats en gros avec les grands détaillants

Conception et développement de produits

Caleres utilise des équipes spécialisées avec une expertise dans la conception et l'innovation des chaussures:

• 150+ professionnels du développement de produits
• Centres de conception à Saint-Louis, Missouri
• Investissement annuel sur le développement de produits: 35 millions de dollars

Infrastructure numérique et e-commerce

Métriques de plate-forme numérique	Performance de 2023
Revenus de commerce électronique	425 millions de dollars
Utilisateurs d'applications mobiles	750,000
Taux de conversion en ligne	3.2%

Relations de fabrication et d'approvisionnement

Partenariats de fabrication mondiale:

• 22 partenaires de fabrication primaires
• Installations de production en Chine, au Vietnam, en Indonésie
• Dépenses d'approvisionnement annuelles: 1,6 milliard de dollars

Caleres, Inc. (CAL) - Modèle d'entreprise: propositions de valeur

Large gamme de styles de chaussures pour divers segments de consommateurs

Caleres, Inc. opère à travers deux segments primaires:

Segment	Marques	2022 Ventes nettes
Chaussures célèbres	Footwear célèbres, Nike, Vans, Converse	1,36 milliard de dollars
Portefeuille de marque	Sam Edelman, Allen Edmonds, les chaussures du Dr Scholl	745,8 millions de dollars

Chaussures à la mode de haute qualité à des prix compétitifs

Répartition de la stratégie de tarification:

• Gamme de prix moyenne: 50 $ à 250 $ dans toutes les marques
• Marge brute en 2022: 38,5%
• Prix ​​compétitifs sur plusieurs segments de marché

Stratégie multibrand qui répond aux différentes préférences des consommateurs

Marque	Consommateur cibler	Fourchette
Chaussures célèbres	Consommateurs soucieux du budget	$30-$100
Sam Edelman	Consommateurs avant-gardistes	$100-$250
Allen Edmonds	Consommateurs de chaussures vestimentaires premium	$200-$500

Designs de chaussures confortables et sensibles à la tendance

Concevoir des mesures d'innovation:

• Investissement annuel sur le développement de produits: 12,5 millions de dollars
• Nouveau style introduction par an: environ 500 à 600 styles
• Taille de l'équipe de conception: 75 concepteurs professionnels

Expérience d'achat omnicanal

Canal de vente	Pourcentage des ventes totales	2022 Revenus
Magasins de vente au détail physique	65%	1,48 milliard de dollars
Plates-formes de commerce électronique	35%	795 millions de dollars

Caleres, Inc. (CAL) - Modèle d'entreprise: relations avec les clients

Programmes de fidélité pour les clients réguliers

Caleres exploite des programmes de fidélité à travers son portefeuille de marque, y compris des chaussures célèbres et Allen Edmonds. En 2023, la société a rapporté:

Métrique du programme de fidélité	Valeur
Membres du programme de fidélité totale	8,2 millions
Tarif client répété	36.5%
Fréquence d'achat du programme de fidélité moyen	2,7 fois par an

Marketing numérique personnalisé et recommandations

Les stratégies de marketing numérique comprennent:

• Campagnes par e-mail personnalisées ciblant 2,4 millions d'abonnés actifs
• Moteur de recommandation de produits dirigés par AI
• Approche marketing segmentée avec 78% de sensibilisation numérique ciblée

Service client via plusieurs points de contact

Canal de service client	Disponibilité	Temps de réponse
Assistance de chat en ligne	24/7	Moins de 3 minutes
Support téléphonique	7 jours / semaine	En moyenne 2,5 minutes
Assistance par e-mail	24/7	Dans les 24 heures

Engager les médias sociaux et les interactions de marque numérique

Métriques d'engagement des médias sociaux:

• Followers Instagram: 456 000
• Fonds Facebook: 312 000
• Taux d'engagement moyen: 3,2%
• Ventes axées sur les médias sociaux: 18,4 millions de dollars en 2023

Mécanismes de rétroaction des clients réactifs

Mécanisme de rétroaction	Volume annuel	Taux de réponse
Avis en ligne	62 500 avis	Taux de réponse de 92%
Enquêtes clients	45 000 réponses	Taux de satisfaction de 87%
Réalisant les commentaires des clients	38 200 interactions	Taux de résolution à 95%

Caleres, Inc. (CAL) - Modèle d'entreprise: canaux

Magasins de vente au détail appartenant (Famous Footwear)

En 2024, Calères exploite 1 100 magasins de chaussures célèbres à travers les États-Unis.

Type de magasin	Nombre d'emplacements	Taille moyenne du magasin
Magasins de détail célèbres	1,100	3 500 pieds carrés

Plateformes de commerce électronique en ligne

Les canaux de vente numériques comprennent:

• Site de chaussures célèbres
• Plateforme de commerce électronique Allen Edmonds
• Boutique en ligne Sam Edelman

Plate-forme	Revenus en ligne annuels	Pourcentage des ventes totales
Canaux de commerce électronique	298,4 millions de dollars	22.3%

Partenariats en gros avec les grands détaillants

Caleres entretient des relations en gros avec les principaux détaillants:

• Nordstrom
• Macy
• Dsw
• Zapon

Canal de gros	Revenus de gros annuels
Partenariats de détail majeurs	412,6 millions de dollars

MARKETING DIGULE ET PLADES DE MÉDAISE SOCIAL

Les canaux de marketing numérique comprennent:

• Instagram
• Facebook
• Tiktok
• Pinterest

Plateforme de médias sociaux	Nombre de suiveurs
Instagram (Famous Footwear)	215 000 abonnés
Facebook (marques de Caleres)	180 000 abonnés

Canaux de vente directe aux consommateurs

Les stratégies de vente directes comprennent:

• Sites Web spécifiques à la marque
• Applications mobiles de marque
• Marketing par e-mail direct

Canal de vente direct	Contribution annuelle des revenus
Ventes directes aux consommateurs	176,2 millions de dollars

Caleres, Inc. (CAL) - Modèle d'entreprise: segments de clientèle

Consommateurs plus jeunes conscients de la mode

Caleres cible 18 à 35 ans démographique à travers des marques comme Sam Edelman, qui a généré 270,4 millions de dollars en ventes nettes en 2022.

Marque	Groupe d'âge cible	Ventes annuelles
Sam Edelman	18-35	270,4 millions de dollars

Acheteurs de chaussures décontractés professionnels et professionnels

Caleres sert des marchés professionnels à travers Naturaliseur Brand, qui a déclaré 154,2 millions de dollars de ventes nettes en 2022.

• Prix ​​moyen: 89 $ - 129 $
• Segment professionnel des chaussures pour femmes
• Styles décontractés d'entreprise et d'affaires

Acheteurs de chaussures soucieuses du budget

La filiale célèbre de chaussures cible les consommateurs sensibles aux prix 1,1 milliard de dollars de ventes nettes en 2022.

Segment de vente au détail	Fourchette de prix moyenne	Revenus annuels
Chaussures célèbres	$29-$79	1,1 milliard de dollars

Consommateurs à la recherche de confort

La marque de chaussures du Dr Scholl s'adresse aux clients axés sur le confort, générant 193,6 millions de dollars en ventes nettes en 2022.

• Tranche d'âge: 35 à 65 ans
• Chaussures orthopédiques et orientées vers le confort
• Prix ​​médian: 69 $ - 99 $

Groupes démographiques divers et style de vie divers

Caleres maintient un portefeuille multibrand qui dessert divers segments de clientèle avec Ventes nettes totales de 2,9 milliards de dollars en 2022.

Client démographique	Marques	Segment de marché
Jeunes professionnels	Sam Edelman	Avant-gardiste
Femmes corporatives	Naturaliseur	Professionnel
Budget acheteurs	Chaussures célèbres	Remise de vente au détail
Demandeurs de confort	Dr. Scholl	Orthopédique

Caleres, Inc. (CAL) - Modèle d'entreprise: Structure des coûts

Dépenses de conception et de développement des produits

Pour l'exercice 2022, Caleres a déclaré des frais de recherche et de développement de 19,5 millions de dollars.

Catégorie de dépenses	Montant (2022)
Total des dépenses de R&D	19,5 millions de dollars
Taille de l'équipe de conception	Environ 75-100 concepteurs

Coûts de fabrication et d'approvisionnement

Le coût total des marchandises de Calères vendu (COGS) pour l'exercice 2022 était de 1,28 milliard de dollars.

• Les lieux de fabrication s'étendent sur plusieurs pays
• Environ 60% de la fabrication externalisée à l'international
• Régions de fabrication primaires: Chine, Vietnam, Brésil

Métrique manufacturière	Valeur
COG totaux (2022)	1,28 milliard de dollars
Pourcentage de l'approvisionnement international	60%

Exploitations et entretien des magasins de détail

En 2022, Caleres a exploité 1 349 magasins de détail avec des frais de vente et administratifs totaux de 558,3 millions de dollars.

Métrique de l'opération de stockage	Valeur
Nombre total de magasins	1,349
Frais de vente et d'administration (2022)	558,3 millions de dollars

Investissements marketing et publicitaire

Caleres a alloué environ 98,7 millions de dollars aux dépenses de marketing et de publicité au cours de l'exercice 2022.

Catégorie de dépenses de marketing	Montant (2022)
Total des dépenses de marketing	98,7 millions de dollars
Pourcentage de marketing numérique	35 à 40% du budget marketing total

Gestion de la chaîne d'approvisionnement et de la logistique

Les dépenses de logistique et de distribution des Calères en 2022 ont totalisé environ 127,5 millions de dollars.

• Exploite plusieurs centres de distribution à travers les États-Unis
• Utilise des fournisseurs de logistique détenus et tiers
• Stratégie de distribution omnicanal intégrée

Métrique logistique	Valeur
Total des dépenses logistiques (2022)	127,5 millions de dollars
Nombre de centres de distribution	7-9 centres majeurs

CALERES, Inc. (CAL) - Modèle d'entreprise: Strots de revenus

Ventes de magasins de détail

Caleres, Inc. a déclaré que les ventes nettes totales de 2,9 milliards de dollars pour l'exercice 2022. Les ventes de magasins de détail représentaient une partie importante de ces revenus.

Marque de vente au détail	Ventes annuelles (2022)
Chaussures célèbres	1,3 milliard de dollars
Allen Edmonds	135 millions de dollars

Revenus de commerce électronique en ligne

Les ventes numériques représentaient environ 25% du total des revenus de l'entreprise en 2022.

• Croissance des ventes du commerce électronique: 12,5% d'une année à l'autre
• Les canaux en ligne comprennent des sites Web spécifiques à la marque et des plateformes tierces

Revenu de distribution de gros

Les revenus de gros pour 2022 ont totalisé environ 850 millions de dollars.

Partenaires en gros	Pourcentage de revenus en gros
Grands magasins	45%
Détaillants spécialisés	35%
Autres canaux	20%

Accords de licence de marque

Les revenus de licence ont contribué environ 45 millions de dollars en 2022.

• Partenariats de licence actifs avec 7 marques différentes
• Accords de licence dans plusieurs catégories de produits

Ventes de produits saisonniers et promotionnels

Les gammes de produits saisonniers ont généré environ 350 millions de dollars de revenus pendant les saisons de pointe.

Catégorie saisonnière	Contribution des revenus
Saison des fêtes	180 millions de dollars
Scolaire	120 millions de dollars
Collection d'été	50 millions de dollars

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.