Caleres Inc

caleres.com

How Do They Make Money?

revenue

Segment	Share	Revenue
Retail stores	50% FY2022: 51%
E-commerce - Company websites	19% FY2022: 15%
E-commerce - wholesale drop-ship	4.1% FY2022: 4.8%
Direct to consumer	73% FY2022: 72%
Wholesale - e-commerce	8.2% FY2022: 7.0%
Wholesale - landed	17% FY2022: 17%
Wholesale - first cost	2.1% FY2022: 4.2%
Licensing and royalty	0.3% FY2022: 0.5%
Other.	<0.1% FY2022: <0.1%

Do Revenues Turn Into Profits?

Not on paper. It lost $6.7M in FY2025, but brought in more cash than it spent: $39.4M of free cash flow.

Operating income, FY2025

0% of revenue

▼ −96% vs FY2024 ($149.9M, 6%)

Net income, FY2025

0% of revenue

▼ Now a loss vs FY2024 ($107.3M, 4%)

Free cash flow, FY2025

1% of revenue

▼ −29% vs FY2024 ($55.4M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▲ +6%; vs $658.5M in Q2 FY2025
Net income: ▲ +774%; vs $6.7M in Q2 FY2025

Total direct-to-consumer sales share of revenue vs 75.5% in Q2 FY2025

Flat. Revenue was $2.8B in FY2025, about the same as the $2.8B of FY2021.

Revenue over time

Retail stores E-commerce - Company websites E-commerce - wholesale drop-ship Direct to consumer Wholesale - e-commerce Wholesale - landed Wholesale - first cost Licensing and royalty Other.

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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