Caleres, Inc. (Cal): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do calçado, a Caleres, Inc. (CAL) se destaca como uma potência estratégica, navegando magistralmente na complexa paisagem do design, distribuição e engajamento do consumidor. Com um modelo de negócios robusto que abrange várias marcas, canais e segmentos de consumidores, essa empresa inovadora transformou o varejo tradicional de calçados em uma experiência sofisticada e multidimensional que combina perfeitamente moda, funcionalidade e posicionamento estratégico do mercado. Desde seu portfólio de marcas diversificadas até sua abordagem omnichannel de ponta, o Caleres representa um estudo de caso atraente no empreendedorismo moderno de varejo que vai muito além de simplesmente vender sapatos.

Caleres, Inc. (Cal) - Modelo de negócios: Parcerias -chave

Fabricantes de calçados em regiões de produção global

O Caleres mantém parcerias de fabricação em vários países:

País	Número de parceiros de fabricação	Volume anual de produção
China	17	4,2 milhões de pares
Vietnã	9	2,8 milhões de pares
Brasil	5	1,1 milhão de pares

Parceiros de distribuição de varejo

As principais colaborações de distribuição de varejo incluem:

• Nordstrom - Parcerias de marca exclusivas
• DSW - Gerenciamento estratégico de inventário
• Calçados famosos - Canal de varejo direto

Parceiro de varejo	Volume anual de vendas	Duração da parceria
Nordstrom	US $ 82,4 milhões	12 anos
DSW	US $ 129,6 milhões	15 anos
Calçados famosos	US $ 156,3 milhões	10 anos

Colaborações de design e tecnologia

Parcerias de inovação com designers e empresas de tecnologia:

• Parceiros de tecnologia de impressão 3D
• Consultores de design ergonômico
• Instituições de pesquisa científica de materiais

Acordos de fornecimento estratégico

Fornecedor de materiais	Tipo de material	Volume anual de compras
Consórcio de couro italiano	Couro premium	1,2 milhão de metros quadrados
Fornecedores de borracha brasileiros	Borracha sustentável	850.000 kg
Grupo de materiais sintéticos asiáticos	Desempenho sintético	620.000 metros

Caleres, Inc. (Cal) - Modelo de negócios: Atividades -chave

Projetando e desenvolvendo coleções de calçados de marca

Caleres opera com várias marcas de calçados, incluindo Calçados famosos, Allen Edmonds e sapatos do Dr. Scholl. No ano fiscal de 2022, a empresa informou:

Categoria de marca	Receita
Calçados famosos	US $ 1,64 bilhão
Portfólio de marcas	US $ 815,5 milhões

Marketing e merchandising em vários canais de varejo

O Caleres utiliza diversas estratégias de marketing em vários canais:

• Lojas de varejo: 1.475 locais totais
• Plataformas de comércio eletrônico
• Redes de distribuição por atacado

Gerenciando cadeia de suprimentos complexos e logística de inventário

Métricas da Cadeia de Suprimentos para Caleres em 2022:

Métrica	Valor
Inventário total	US $ 521,5 milhões
Custo de mercadorias vendidas	US $ 1,84 bilhão

Gerenciamento de portfólio de marcas e posicionamento estratégico da marca

Caleres gerencia várias marcas com foco estratégico:

• Calçados famosos (segmento de valor)
• Allen Edmonds (segmento premium)
• Sapatos do Dr. Scholl (segmento de conforto)

Operações de lojas de varejo e gerenciamento de plataforma de comércio eletrônico

Desempenho de varejo digital e físico em 2022:

Canal de varejo	Receita
Lojas físicas	US $ 1,64 bilhão
Comércio eletrônico	US $ 328,7 milhões

Caleres, Inc. (Cal) - Modelo de negócios: Recursos -chave

Portfólio forte de marcas próprias

O Caleres possui várias marcas de calçados com posicionamento de mercado específico:

• Calçados famosos: cadeia de varejo com 1.100 lojas em todo o país
• Allen Edmonds: marca de sapatos de vestuário masculino premium
• Sapatos do Dr. Scholl: marca de calçados focados em conforto
• Sam Edelman: marca de calçados de moda contemporânea

Marca	Contribuição da receita (2023)	Segmento de mercado
Calçados famosos	US $ 1,2 bilhão	Valor/calçado com desconto
Allen Edmonds	US $ 85 milhões	Sapatos premium
Dr. Scholl	US $ 250 milhões	Calçados confortáveis

Rede de distribuição de varejo

Caleres mantém canais de distribuição extensos:

• 1.100 lojas famosas de calçados
• Plataformas de comércio eletrônico direto ao consumidor
• Parcerias por atacado com os principais varejistas

Design e desenvolvimento de produtos

O Caleres emprega equipes especializadas com experiência em design de calçados e inovação:

• 150+ profissionais de desenvolvimento de produtos
• Centros de design em St. Louis, Missouri
• Investimento anual de desenvolvimento de produtos: US $ 35 milhões

Infraestrutura digital e de comércio eletrônico

Métricas de plataforma digital	2023 desempenho
Receita de comércio eletrônico	US $ 425 milhões
Usuários de aplicativos móveis	750,000
Taxa de conversão online	3.2%

Relacionamentos de fabricação e fornecimento

Parcerias Globais de Manufatura:

• 22 parceiros de fabricação primária
• Instalações de produção na China, Vietnã, Indonésia
• Despesas anuais de fornecimento: US $ 1,6 bilhão

Caleres, Inc. (Cal) - Modelo de Negócios: Proposições de Valor

Ampla gama de estilos de calçados para diversos segmentos de consumidores

Caleres, Inc. opera através de dois segmentos primários:

Segmento	Marcas	2022 vendas líquidas
Calçados famosos	Calçados famosos, Nike, vans, Converse	US $ 1,36 bilhão
Portfólio de marcas	Sam Edelman, Allen Edmonds, sapatos do Dr. Scholl	US $ 745,8 milhões

Sapatos de alta qualidade e moda a preços competitivos

Redução da estratégia de preços:

• Faixa de preço médio: US $ 50 a US $ 250 entre as marcas
• Margem bruta em 2022: 38,5%
• Preços competitivos em vários segmentos de mercado

Estratégia de várias marcas atendendo a diferentes preferências do consumidor

Marca	Consumidor -alvo	Faixa de preço
Calçados famosos	Consumidores conscientes do orçamento	$30-$100
Sam Edelman	Consumidores de moda	$100-$250
Allen Edmonds	Consumidores de sapatos premium	$200-$500

Designs de calçados confortáveis ​​e responsivos a tendências

Design Métricas de Inovação:

• Investimento anual de desenvolvimento de produtos: US $ 12,5 milhões
• Novo estilo Introduções por ano: aproximadamente 500-600 estilos
• Tamanho da equipe de design: 75 designers profissionais

Experiência de compra omnichannel

Canal de vendas	Porcentagem de vendas totais	2022 Receita
Lojas de varejo físico	65%	US $ 1,48 bilhão
Plataformas de comércio eletrônico	35%	US $ 795 milhões

Caleres, Inc. (Cal) - Modelo de Negócios: Relacionamentos do Cliente

Programas de fidelidade para clientes recorrentes

O Caleres opera programas de fidelidade em seu portfólio de marcas, incluindo calçados famosos e Allen Edmonds. A partir de 2023, a empresa informou:

Métrica do Programa de Fidelidade	Valor
Membros do programa de fidelidade total	8,2 milhões
Repetir a taxa de cliente	36.5%
Frequência de compra média do programa de fidelidade	2,7 vezes por ano

Marketing digital personalizado e recomendações

As estratégias de marketing digital incluem:

• Campanhas de e -mail personalizadas direcionando 2,4 milhões de assinantes ativos
• Engine de recomendação de produto acionado por IA
• Abordagem de marketing segmentada com 78% de divulgação digital direcionada

Atendimento ao cliente através de vários pontos de contato

Canal de atendimento ao cliente	Disponibilidade	Tempo de resposta
Suporte de bate -papo online	24/7	Abaixo de 3 minutos
Suporte telefônico	7 dias/semana	Média de 2,5 minutos
Suporte por e -mail	24/7	Dentro de 24 horas

Envolver as mídias sociais e as interações da marca digital

Métricas de engajamento de mídia social:

• Seguidores do Instagram: 456.000
• Seguidores do Facebook: 312.000
• Taxa média de envolvimento: 3,2%
• Vendas sociais orientadas por mídia: US $ 18,4 milhões em 2023

Mecanismos de feedback do cliente responsivos

Mecanismo de feedback	Volume anual	Taxa de resposta
Revisões on -line	62.500 revisões	Taxa de resposta de 92%
Pesquisas de clientes	45.000 respostas	Taxa de satisfação de 87%
Feedback direto do cliente	38.200 interações	Taxa de resolução de 95%

Caleres, Inc. (Cal) - Modelo de Negócios: Canais

Possuir lojas de varejo (calçados famosos)

A partir de 2024, o Caleres opera 1.100 lojas de calçados famosos nos Estados Unidos.

Tipo de loja	Número de locais	Tamanho médio da loja
Lojas de calçados famosos	1,100	3.500 pés quadrados

Plataformas online de comércio eletrônico

Os canais de vendas digitais incluem:

• Site de calçados famosos
• Plataforma de comércio eletrônico Allen Edmonds
• Loja online sam edelman

Plataforma	Receita online anual	Porcentagem de vendas totais
Canais de comércio eletrônico	US $ 298,4 milhões	22.3%

Parcerias por atacado com os principais varejistas

Caleres mantém relacionamentos por atacado com os principais varejistas:

• Nordstrom
• Macy's
• DSW
• Zappos

Canal por atacado	Receita anual de atacado
Principais parcerias de varejo	US $ 412,6 milhões

Plataformas de marketing digital e mídia social

Os canais de marketing digital incluem:

• Instagram
• Facebook
• Tiktok
• Pinterest

Plataforma de mídia social	Contagem de seguidores
Instagram (calçados famosos)	215.000 seguidores
Facebook (Caleres Brands)	180.000 seguidores

Canais de vendas direta ao consumidor

As estratégias de vendas diretas incluem:

• Sites específicos da marca
• Aplicativos móveis de marca
• Marketing de email direto

Canal de vendas direta	Contribuição anual da receita
Vendas diretas ao consumidor	US $ 176,2 milhões

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

Consumidores mais jovens conscientes da moda

Caleres alvo de 18 a 35 anos demográfico por meio de marcas como Sam Edelman, que gerou US $ 270,4 milhões em vendas líquidas em 2022.

Marca	Faixa etária -alvo	Vendas anuais
Sam Edelman	18-35	US $ 270,4 milhões

Compradores de calçados casuais profissionais e de negócios

Caleres serve mercados profissionais através Naturalizador marca, que registrou US $ 154,2 milhões em vendas líquidas em 2022.

• Preço médio ponto: US $ 89- $ 129
• Segmento profissional de calçados femininos
• Estilos casuais corporativos e de negócios

Compradores de calçados conscientes do orçamento

A famosa subsidiária de calçados tem como alvo os consumidores sensíveis ao preço com US $ 1,1 bilhão em vendas líquidas durante 2022.

Segmento de varejo	Faixa de preço médio	Receita anual
Calçados famosos	$29-$79	US $ 1,1 bilhão

Consumidores que buscam conforto

A marca de sapatos do Dr. Scholl atende a clientes focados em conforto, gerando US $ 193,6 milhões em vendas líquidas em 2022.

• Faixa etária: 35-65 anos
• Calçados ortopédicos e orientados para o conforto
• Preço médio de preço: US $ 69- $ 99

Grupos demográficos de idade e estilo de vida diversos

Caleres mantém um portfólio de várias marcas que atende a vários segmentos de clientes com Vendas líquidas totais de US $ 2,9 bilhões em 2022.

Demografia demográfica do cliente	Marcas	Segmento de mercado
Jovens profissionais	Sam Edelman	Moda-avançada
Mulheres corporativas	Naturalizador	Profissional
Compradores de orçamento	Calçados famosos	Varejo com desconto
Buscadores de conforto	Dr. Scholl	Ortopédico

Caleres, Inc. (Cal) - Modelo de negócios: estrutura de custos

Design de produtos e despesas de desenvolvimento

Para o ano fiscal de 2022, o Caleres relatou despesas de pesquisa e desenvolvimento de US $ 19,5 milhões.

Categoria de despesa	Valor (2022)
Despesas totais de P&D	US $ 19,5 milhões
Tamanho da equipe de design	Aproximadamente 75-100 designers

Custos de fabricação e fornecimento

O custo total dos bens vendidos (CAGs) do Caleres para o ano fiscal de 2022 foi de US $ 1,28 bilhão.

• Locais de fabricação abrangem vários países
• Aproximadamente 60% da fabricação terceirizada internacionalmente
• Regiões de fabricação primária: China, Vietnã, Brasil

Métrica de fabricação	Valor
Total Cogs (2022)	US $ 1,28 bilhão
Porcentagem de fornecimento internacional	60%

Operações e manutenção de lojas de varejo

Em 2022, o Caleres operava 1.349 lojas de varejo com despesas de venda e vendas totais de US $ 558,3 milhões.

Métrica de operação da loja	Valor
Número total de lojas	1,349
Despesas administrativas e de venda (2022)	US $ 558,3 milhões

Investimentos de marketing e publicidade

O Caleres alocou aproximadamente US $ 98,7 milhões para despesas de marketing e publicidade no ano fiscal de 2022.

Categoria de despesa de marketing	Valor (2022)
Total de despesas de marketing	US $ 98,7 milhões
Porcentagem de marketing digital	35-40% do orçamento total de marketing

Cadeia de suprimentos e gerenciamento de logística

As despesas de logística e distribuição para o Caleres em 2022 totalizaram aproximadamente US $ 127,5 milhões.

• Opera vários centros de distribuição nos Estados Unidos
• Utiliza provedores de logística de propriedade e terceiros
• Estratégia de distribuição omnichannel integrada

Métrica de logística	Valor
Total de despesas de logística (2022)	US $ 127,5 milhões
Número de centros de distribuição	7-9 Centros principais

Caleres, Inc. (Cal) - Modelo de negócios: fluxos de receita

Vendas de lojas de varejo

A Caleres, Inc. registrou vendas líquidas totais de US $ 2,9 bilhões para o ano fiscal de 2022. As vendas de lojas de varejo representaram uma parcela significativa dessa receita.

Marca de varejo	Vendas anuais (2022)
Calçados famosos	US $ 1,3 bilhão
Allen Edmonds	US $ 135 milhões

Receita de comércio eletrônico online

As vendas digitais representaram aproximadamente 25% da receita total da empresa em 2022.

• Crescimento das vendas de comércio eletrônico: 12,5% ano a ano
• Os canais on-line incluem sites específicos da marca e plataformas de terceiros

Receita de distribuição por atacado

A receita de atacado para 2022 totalizou aproximadamente US $ 850 milhões.

Parceiros por atacado	Porcentagem da receita de atacado
Lojas de departamento	45%
Varejistas especializados	35%
Outros canais	20%

Acordos de licenciamento de marca

A receita de licenciamento contribuiu com aproximadamente US $ 45 milhões em 2022.

• Parcerias de licenciamento ativo com 7 marcas diferentes
• Acordos de licenciamento em várias categorias de produtos

Vendas sazonais e promocionais de produtos

As linhas de produtos sazonais geraram aproximadamente US $ 350 milhões em receita durante as temporadas de pico.

Categoria sazonal	Contribuição da receita
Temporada de férias	US $ 180 milhões
De volta à escola	US $ 120 milhões
Coleção de verão	US $ 50 milhões

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.