First Quarter 2021 Earnings 5.28.2021 CALERES * 5 * * 1 Safe Harbor Statement Under the private securities litigation reform act of 1995 This presentation contains certain forward-looking statements and expectations regarding the company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) the coronavirus outbreak and its adverse impact on our business operations, s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |---------------------------------------------------------------------------|--------------------------------------------------------|----------------------- ...

Financial Performance - Total revenue was $2.1 billion in fiscal year 2020[6] - Direct ecommerce sales grew by 40%[6] - Approximately $126 million in cash was generated from operating activities[6] - Debt reduction of approximately $190 million since the end of 1Q20[6] - Inventory declined by approximately 21%[6] - Approximately $34 million was returned to shareholders via dividends and share repurchases[6] Sales and Channels - Casual, Athletic and Sport sales represented 90% of total CAL sales during fiscal year 2020[6,9] - Direct-to-Consumer (DTC) sales accounted for approximately 73% of total sales[7] - Ecommerce penetration increased to 30% of total net sales[7] - Famous Footwear net sales were $346.7 million, down 6% versus 4Q19[11] Brand Portfolio - Brand Portfolio sales were down approximately 32% year-over-year, totaling $234 million[12]

Caleres, Inc. (NYSE:CAL) Q4 2020 Earnings Conference Call March 16, 2021 5:00 PM ET Company Participants Logan Bonacorsi - Vice President, Investor Relations Diane Sullivan - Chairman and CEO Ken Hannah - Senior Vice President and CFO Jay Schmidt - President Conference Call Participants Laura Champine - Loop Capital Steve Marotta - CL King & Associates Sam Poser - Williams Trading William Reuter - Bank of America Operator Good afternoon. And welcome to the Fourth Quarter 2020 Caleres Earnings Conference Cal ...

20 11 -1 200 the state t 1 1 1 1 1 the state of the state and and and and and the see and CALERES ★ 5 ★ 23吋 Annual ICR Conference Diane Sullivan Chairman and CEO 1.11.21 Brand Portfolio – 2Q'20 Safe Harbor Statement Under the private securities litigation reform act of 1995 This presentation contains certain forward-looking statements and expectations regarding the company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended October 31, 2020 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____________ to _____________ Commission file number: 1-2191 CALERES, INC. (Exact name of registrant as specified in its charter) New York 4 ...

Third Quarter 2020 Earnings CALERES ★ 5 * 11.19.2020 Safe harbor statement Under the private securities litigation reform act of 1995 • This presentation contains certain forward-looking statements and expectations regarding the company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) the coronavirus outbreak and its adverse impact on our business operations, st ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.48 per share, with a net income increase and a 30% sequential increase in revenues, benefiting from the full operation of store networks and solid digital demand [8][36] - Consolidated sales for Q3 were $647.5 million, down 18.3% year-over-year, with a gross margin of 39.7%, compared to 40.4% in the same period last year [36][38] - The company achieved a $38 million reduction in overall expenses during the quarter, resulting in the highest level of third-quarter cash generation in 10 years, with net cash provided by operating activities at $34.2 million [9][43] Business Segment Data and Key Metrics Changes - Famous Footwear generated revenues of $391.7 million, a 12% year-over-year decline but a 17% increase from Q2, with e-commerce sales up 48% year-over-year [11][12][37] - The Brand Portfolio reported net sales of $267.6 million, a 26% decline year-over-year but a 45% sequential improvement, with positive operating earnings of $7.3 million [20][38] - E-commerce penetration for Famous Footwear reached 17% of net sales, up from 10% in the previous year [12] Market Data and Key Metrics Changes - The back-to-school season was impacted by uncertainty, with store-for-store sales in August below historical levels, but September sales exceeded last year's levels by approximately $15 million [13][15] - The company noted a decline in sales momentum in October due to rising virus cases affecting consumer demand [15][18] Company Strategy and Development Direction - The company is focusing on digital growth and plans to allocate resources to enhance its e-commerce presence, particularly for the Naturalizer brand, which will see a reduction in physical stores [28][70] - The company aims to maintain a disciplined approach to managing expenses while investing in areas expected to yield strong returns, particularly in digital business [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the future, acknowledging ongoing uncertainty but highlighting strong cash generation and lean inventory as advantages [31][32] - The company expects Q4 sales to decline approximately 20% year-over-year, with Famous Footwear sales projected to be down between 10% and 15% [46] Other Important Information - The company plans to exit most of its legacy Naturalizer retail stores in the U.S. and Canada by the end of fiscal 2020, anticipating annual savings of $10 million to $12 million [27][47] - The company is committed to maintaining safety protocols in response to COVID-19 and is closely monitoring local conditions [18] Q&A Session Summary Question: Can you elaborate on the management changes at Famous Footwear? - Management confirmed that Mike Edwards will lead Famous Footwear, succeeding Molly Adams, and emphasized Edwards' extensive experience and commitment to the brand [49] Question: How has the November performance compared to expectations? - Management indicated that November performance is in line with expectations, but noted potential impacts from local store closures [53] Question: What are the expectations for wholesale buying patterns in the first half of 2021? - Management noted a significant shift towards online purchasing, predicting that e-commerce could represent 40% to 50% of business in 2021 [56][57] Question: What is the impact of the Naturalizer liquidation on revenues? - Management stated that the liquidation process has begun, and they do not anticipate issues in liquidating remaining inventory by the end of the fiscal year [67] Question: How will the company manage inventory in a post-vaccine world? - Management plans to keep inventory tight and responsive to market demands, ensuring agility in product offerings [60][62] Question: What are the expectations for SG&A expenses in Q4? - Management expects SG&A expenses to remain at similar levels to Q3, with a focus on maintaining cost discipline [81]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q2 2020 financial statements reflect significant pandemic impact, showing decreased assets, equity, and a $30.7 million net loss Condensed Consolidated Balance Sheet Highlights ($ thousands) | Account | August 1, 2020 | August 3, 2019 | February 1, 2020 | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,112,394** | **$2,644,393** | **$2,431,707** | | Cash and cash equivalents | $148,544 | $42,601 | $45,218 | | Inventories, net | $574,830 | $792,064 | $618,406 | | Goodwill | $4,956 | $245,275 | $245,275 | | **Total Liabilities** | **$1,867,260** | **$2,019,715** | **$1,782,577** | | Borrowings under revolving credit | $350,000 | $300,000 | $275,000 | | **Total Equity** | **$245,134** | **$624,678** | **$649,130** | Condensed Consolidated Statements of Earnings (Loss) Highlights ($ thousands) | Metric | Thirteen Weeks Ended Aug 1, 2020 | Thirteen Weeks Ended Aug 3, 2019 | Twenty-Six Weeks Ended Aug 1, 2020 | Twenty-Six Weeks Ended Aug 3, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $501,448 | $752,485 | $898,632 | $1,430,239 | | Gross profit | $182,620 | $305,944 | $304,518 | $585,780 | | Operating (loss) earnings | $(24,140) | $37,804 | $(450,350) | $54,673 | | Net (loss) earnings attributable to Caleres, Inc. | $(30,717) | $25,341 | $(376,555) | $34,424 | | Diluted (loss) earnings per share | $(0.83) | $0.61 | $(9.94) | $0.82 | Condensed Consolidated Statements of Cash Flows Highlights ($ thousands) | Activity | Twenty-Six Weeks Ended Aug 1, 2020 | Twenty-Six Weeks Ended Aug 3, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $67,520 | $116,578 | | Net cash used for investing activities | $(8,614) | $(30,189) | | Net cash provided by (used for) financing activities | $44,535 | $(74,044) | | **Increase in cash and cash equivalents** | **$103,326** | **$12,401** | [Note 1: Basis of Presentation](index=7&type=section&id=Note%201%3A%20Basis%20of%20Presentation) The financial statements reflect significant COVID-19 pandemic impact, leading to store closures and mitigation efforts - The company experienced a significant loss in sales and earnings due to the temporary closure of all retail stores in mid-March 2020 because of the COVID-19 pandemic[18](index=18&type=chunk) - Mitigation actions included workforce reductions, salary cuts, reduced inventory purchases, and minimizing costs. The company also increased borrowings on its revolving credit facility to enhance its cash position[19](index=19&type=chunk) - Under the CARES Act, the company deferred approximately **$2.9 million** of employer social security payroll taxes and recognized an incremental tax benefit of about **$5.2 million** from carrying back operating losses[20](index=20&type=chunk) [Note 3: Revenues](index=9&type=section&id=Note%203%3A%20Revenues) Q2 2020 net sales sharply declined to $501.4 million due to pandemic-related store closures, despite significant e-commerce growth Net Sales by Segment (Thirteen Weeks Ended, $ thousands) | Segment | August 1, 2020 | August 3, 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Famous Footwear | $333,935 | $419,841 | -20.5% | | Brand Portfolio | $183,622 | $359,575 | -48.9% | | **Total Net Sales** | **$501,448** | **$752,485** | **-33.4%** | E-commerce Related Sales by Segment (Thirteen Weeks Ended, $ thousands) | Segment | E-commerce Sales (Aug 1, 2020) | E-commerce Sales (Aug 3, 2019) | Change (%) | | :--- | :--- | :--- | :--- | | Famous Footwear | $83,652 | $33,685 | +148.3% | | Brand Portfolio | $86,124 | $98,892 | -12.9% | | **Total E-commerce** | **$169,776** | **$132,577** | **+28.1%** | [Note 5: Restructuring and Other Special Charges](index=15&type=section&id=Note%205%3A%20Restructuring%20and%20Other%20Special%20Charges) H1 2020 saw significant special charges, including $99.0 million in COVID-19 costs and a $262.7 million non-cash impairment - In the twenty-six weeks ended August 1, 2020, the company incurred **$99.0 million** in costs associated with the COVID-19 pandemic, including impairment of assets, inventory markdowns, and severance[51](index=51&type=chunk) - During the first quarter of 2020, the company recorded non-cash impairment charges of **$262.7 million**, comprising **$240.3 million** for goodwill and **$22.4 million** for indefinite-lived trademarks, all within the Brand Portfolio segment[53](index=53&type=chunk) - Fair value adjustments for the Blowfish mandatory purchase obligation resulted in a charge of **$9.8 million** for the twenty-six weeks ended August 1, 2020, recorded as interest expense[52](index=52&type=chunk) [Note 8: Goodwill and Intangible Assets](index=18&type=section&id=Note%208%3A%20Goodwill%20and%20Intangible%20Assets) Q1 2020 interim impairment tests resulted in a $240.3 million goodwill impairment and $22.4 million for indefinite-lived trademarks - A quantitative assessment as of May 2, 2020, resulted in total goodwill impairment charges of **$240.3 million** for the Brand Portfolio and Vionic reporting units[64](index=64&type=chunk) - An interim assessment of indefinite-lived intangible assets resulted in impairment charges of **$22.4 million**, including **$12.2 million** for the Allen Edmonds trademark and **$10.2 million** for the Via Spiga trademark[65](index=65&type=chunk) Goodwill and Intangible Assets, Net ($ thousands) | Account | August 1, 2020 | February 1, 2020 | | :--- | :--- | :--- | | Goodwill | $4,956 | $245,275 | | Intangible assets, net | $265,405 | $294,304 | | **Total** | **$270,361** | **$539,579** | [Note 10: Long-term and Short-term Financing Arrangements](index=22&type=section&id=Note%2010%3A%20Long-term%20and%20Short-term%20Financing%20Arrangements) The company increased its revolving credit facility to $600 million with $166.6 million availability, and holds $200 million in Senior Notes - On April 14, 2020, the company amended its credit agreement, increasing the revolving credit facility by **$100.0 million** to an aggregate of up to **$600.0 million**[74](index=74&type=chunk) - As of August 1, 2020, the company had **$350.0 million** in borrowings outstanding under the credit agreement and **$11.1 million** in letters of credit, with total additional borrowing availability of **$166.6 million**[79](index=79&type=chunk) - The company has **$200.0 million** in aggregate principal amount of **6.25% Senior Notes** due 2023[80](index=80&type=chunk) [Note 16: Income Taxes](index=34&type=section&id=Note%2016%3A%20Income%20Taxes) Q2 2020 effective tax rate was a 9.4% benefit due to the CARES Act, contrasting with a 23.7% provision in Q2 2019 - The effective tax rate for Q2 2020 was a **9.4% benefit**, compared to a **23.7% provision** in Q2 2019[123](index=123&type=chunk) - The Q2 2020 rate includes a tax benefit of approximately **$5.2 million** from the CARES Act provision allowing net operating loss carrybacks to years with higher federal corporate tax rates[123](index=123&type=chunk) - The effective tax rate for the first six months of 2020 was a **19.1% benefit**, compared to a **24.1% provision** for the same period in 2019[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses severe COVID-19 impact, leading to store closures, sales decline, and a $30.7 million net loss, despite liquidity preservation [Overview](index=36&type=section&id=OVERVIEW) COVID-19 forced temporary store closures, leading to sales and earnings decline, prompting decisive mitigation actions and increased e-commerce focus - All Famous Footwear and Brand Portfolio retail stores in North America were temporarily closed starting March 19, 2020, for an average of **10 weeks**, leading to a significant decline in sales and earnings[134](index=134&type=chunk) - Decisive actions to mitigate the impact included aligning workforce expenses, reducing marketing, managing inventory, negotiating lease modifications, and deferring non-essential capital projects[135](index=135&type=chunk) - As a precautionary measure, borrowings on the revolving credit facility were increased to **$440.0 million** in March 2020, and the facility's capacity was increased in April. By the end of Q2, **$88.5 million** of these borrowings had been repaid[136](index=136&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q2 2020 consolidated net sales decreased 33.4% to $501.4 million, resulting in a $24.1 million operating loss, impacted by a $262.7 million impairment Consolidated Results Summary (Q2 2020 vs Q2 2019, $ millions) | Metric | Q2 2020 | Q2 2019 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $501.4 | $752.5 | -33.4% | | Gross Profit | $182.6 | $305.9 | -40.3% | | Gross Margin | 36.4% | 40.7% | -430 bps | | Operating (Loss) Earnings | $(24.1) | $37.8 | -$61.9M | | Net (Loss) Earnings | $(30.7) | $25.3 | -$56.0M | - Famous Footwear Q2 net sales decreased **20.5%** to **$333.9 million**, but e-commerce sales grew **148%**. Operating earnings fell to **$1.0 million** from **$31.5 million**[174](index=174&type=chunk)[175](index=175&type=chunk)[184](index=184&type=chunk) - Brand Portfolio Q2 net sales decreased **48.9%** to **$183.6 million** due to reduced wholesale shipments. The segment posted an operating loss of **$14.1 million** compared to operating earnings of **$13.9 million** in the prior year[186](index=186&type=chunk)[188](index=188&type=chunk)[199](index=199&type=chunk) - For the six months ended August 1, 2020, the company recorded non-cash impairment charges of **$262.7 million** for goodwill and intangible assets[161](index=161&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Total debt increased to $548.6 million, with a $87.9 million working capital deficit, but management believes liquidity is ample Key Financial Ratios | Ratio | August 1, 2020 | February 1, 2020 | | :--- | :--- | :--- | | Working Capital ($M) | $(87.9) | $31.3 | | Current Ratio | 0.91:1 | 1.04:1 | | Debt-to-Capital Ratio | 69.1% | 42.2% | - Total debt increased by **$75.2 million** from February 1, 2020, reflecting net borrowings under the Credit Agreement as a precautionary measure during the pandemic[206](index=206&type=chunk) - The company believes its current cash flows from operations and over **$166 million** in borrowing availability provide ample liquidity to meet its needs for the foreseeable future[217](index=217&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the company's market risk disclosures since the fiscal year ended February 1, 2020 - No material changes have occurred in the company's market risk disclosures since the fiscal year ended February 1, 2020[226](index=226&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that as of August 1, 2020, the company's disclosure controls and procedures were effective at the reasonable assurance level[228](index=228&type=chunk) - There have been no changes in the company's internal controls over financial reporting during the quarter ended August 1, 2020, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[229](index=229&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) Ordinary course legal proceedings are not expected to materially affect the company's financial results or position - In the opinion of management, the outcome of ordinary course legal proceedings and litigation is not expected to have a material adverse effect on the company's financial results or position[230](index=230&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the fiscal year ended February 1, 2020 - There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended February 1, 2020[232](index=232&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2020, the company repurchased 1,399,295 shares at an average price of $7.49 per share Share Repurchases (Q2 2020) | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Program | | :--- | :--- | :--- | :--- | | May 3 - May 30, 2020 | 561,709 | $6.76 | 561,709 | | May 31 - July 4, 2020 | 537,586 | $8.27 | 529,525 | | July 5 - Aug 1, 2020 | 300,000 | $7.46 | 300,000 | | **Total** | **1,399,295** | **$7.49** | **1,391,234** | - As of August 1, 2020, there were **2,651,489 shares** authorized to be repurchased under the company's stock repurchase programs[234](index=234&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[235](index=235&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company's operations - Not applicable[237](index=237&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) No other material information is reported in this section - None[239](index=239&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and certifications - Exhibits filed include corporate governance documents, CEO/CFO certifications, and interactive data files (iXBRL)[238](index=238&type=chunk)[240](index=240&type=chunk)

CALERES Second Quarter 2020 earnings 9.01.2020 Safe harbor statement Under the private securities litigation reform act of 1995 • This presentation contains certain forward-looking statements and expectations regarding the company's future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) the recent coronavirus outbreak and its adverse impact on our business operations, s ...