Caleres Sees Q1 2026 Adj EPS $0.25-$0.30 vs $0.20 Est, With Net Sales Up Mid To High-Single Digits

First Quarter & Fiscal 2026 Outlook

For the first quarter of 2026, we expect sales to increase mid- to high-single digits versus last year. Famous Footwear sales are expected to be down low single digits to flat, with comparable sales of down 2% to up 1%. Brand Portfolio sales are anticipated to be up mid-teens, with low single-digit organic growth. Gross margin is expected to improve 120 to 140 basis points. With discrete items impacting the quarter, we expect a tax rate of 30% to 32%. We expect GAAP earnings per diluted share of $0.21 to $0.26 and adjusted earnings per diluted share of $0.25 to $0.30, as we expect to incur approximately $2 million in remaining Stuart Weitzman acquisition and integration expenses.

For fiscal 2026, we expect total sales to increase low to mid-single digits versus fiscal 2025. Famous Footwear sales are expected to be down low single digits to flat, with comparable sales of down 1% to up 1%. Brand Portfolio sales are anticipated to increase low double digits, with low to mid-single-digit organic growth. Gross margin is expected to improve 140 to 180 basis points as tariff mitigation actions take hold and mix improves. We expect interest expense of approximately $18 million, a full-year tax rate of 28% to 30%, and capital expenditures of $55 to $60 million. We expect GAAP earnings per diluted share of $1.31 to $1.61 and adjusted earnings per diluted share of $1.35 to $1.65, as we expect to incur approximately $2 million in remaining Stuart Weitzman acquisition and integration expenses.

First Quarter 2026

Metric	1Q26 Guidance
Net Sales	Up mid to high-single digits
Gross Margin	Up 120 to 140-bps
Tax Rate	30% to 32%
GAAP EPS	$0.21 to $0.26
Adjusted EPS	$0.25 to $0.30