Revenue growth remains highly sensitive to seasonal cycles, with the company reporting a volatile 8.5% growth rate in 2026Q1 following a period of negative performance throughout 2024.
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 | Feb'03 | Feb'02 | Feb'01 | Jan'00 | Jan'99 | Jan'98 | Feb'97 |
|---|
| Sales/Revenue | 2.81B | 2.76B | 2.72B | 2.82B | 2.97B | 2.78B | 2.12B | 2.92B | 2.83B | 2.79B | 2.58B | 2.58B | 2.57B | 2.51B | 2.6B | 2.58B | 2.5B | 2.24B | 2.28B | 2.36B | 2.47B | 2.29B | 1.94B | 1.83B | 1.84B | 1.76B | 1.68B | 1.59B | 1.54B | 1.57B | 1.53B |
| Revenue Growth % | 4.95% | 1.29% | -3.36% | -5.08% | 6.86% | 31.2% | -27.54% | 3.06% | 1.77% | 7.99% | 0.08% | 0.22% | 2.33% | -3.27% | 0.59% | 3.14% | 11.69% | -1.51% | -3.54% | -4.49% | 7.8% | 18.04% | 5.99% | -0.51% | 4.87% | 4.21% | 5.8% | 3.51% | -1.83% | 2.76% | 4.75% |
| Cost of Goods Sold | 1.59B | 1.57B | 1.5B | 1.55B | 1.68B | 1.55B | 1.33B | 1.74B | 1.68B | 1.62B | 1.52B | 1.53B | 1.53B | 1.5B | 1.59B | 1.59B | 1.5B | 1.34B | 1.39B | 1.42B | 1.5B | 1.39B | 1.16B | 1.07B | 1.1B | 1.09B | 978.77M | 941.61M | 898.2M | 961.8M | 932.4M |
| COGS % of Revenue | - | 57.04% | 55.12% | 55.17% | 56.71% | 55.81% | 62.82% | 59.46% | 59.21% | 58.05% | 58.83% | 59.35% | 59.56% | 59.64% | 61.11% | 61.41% | 59.92% | 59.72% | 61.24% | 60.02% | 60.71% | 60.81% | 59.61% | 58.59% | 59.77% | 62.05% | 58.09% | 59.13% | 58.38% | 61.37% | 61.14% |
| Gross Profit | 1.22B | 1.18B | 1.22B | 1.26B | 1.28B | 1.23B | 787.05M | 1.18B | 1.16B | 1.17B | 1.06B | 1.05B | 1.04B | 1.01B | 1.01B | 996.64M | 1B | 903.14M | 882.24M | 943.4M | 970.89M | 898.3M | 784.37M | 758.67M | 740.79M | 666.3M | 706.09M | 650.92M | 640.3M | 605.4M | 592.7M |
| Gross Margin % | 43.47% | 42.96% | 44.88% | 44.83% | 43.29% | 44.19% | 37.18% | 40.54% | 40.79% | 41.95% | 41.17% | 40.65% | 40.44% | 40.36% | 38.89% | 38.59% | 40.08% | 40.28% | 38.76% | 39.98% | 39.29% | 39.19% | 40.39% | 41.41% | 40.23% | 37.95% | 41.91% | 40.87% | 41.62% | 38.63% | 38.86% |
| Gross Profit Growth % | - | -3.05% | -3.24% | -1.71% | 4.69% | 55.94% | -33.55% | 2.42% | -1.05% | 10.04% | 1.35% | 0.74% | 2.54% | 0.39% | 1.38% | -0.69% | 11.12% | 2.37% | -6.48% | -2.83% | 8.08% | 14.53% | 3.39% | 2.41% | 11.18% | -5.63% | 8.48% | 1.66% | 5.76% | 2.14% | 11.66% |
| Operating Expenses | 1.19B | 1.16B | 1.07B | 1.06B | 1.07B | 1.02B | 889.49M | 1.07B | 1.04B | 1.02B | 927.6M | 912.7M | 910.68M | 909.75M | 918.96M | 937.42M | 922.98M | 859.69M | 1.15B | 847.72M | 862.77M | 809.67M | 720.6M | 681.59M | 660.57M | 650.25M | 634.74M | 583.98M | 578.8M | 586.2M | 547.5M |
| OpEx % of Revenue | - | 41.97% | 39.38% | 37.71% | 35.97% | 36.78% | 42.02% | 36.48% | 36.75% | 36.75% | 35.96% | 35.41% | 35.41% | 36.2% | 35.37% | 36.29% | 36.86% | 38.35% | 50.54% | 35.92% | 34.92% | 35.33% | 37.11% | 37.2% | 35.87% | 37.03% | 37.67% | 36.67% | 37.62% | 37.4% | 35.9% |
| Selling, General & Admin | 1.18B | 1.14B | 1.07B | 1.06B | 1.07B | 1.01B | 889.49M | 1.07B | 1.04B | 1.02B | 927.6M | 912.7M | 910.68M | 909.75M | 918.96M | 937.42M | 922.98M | 859.69M | 851.89M | 847.28M | 862.77M | 809.67M | 720.01M | 681.59M | 660.57M | 650.25M | 610.79M | 558.44M | 551.9M | 559.5M | 521.6M |
| SG&A % of Revenue | - | 41.32% | 39.12% | 37.46% | 35.97% | 36.29% | 42.02% | 36.48% | 36.75% | 36.75% | 35.96% | 35.41% | 35.41% | 36.2% | 35.37% | 36.29% | 36.86% | 38.35% | 37.42% | 35.9% | 34.92% | 35.33% | 37.08% | 37.2% | 35.87% | 37.03% | 36.25% | 35.07% | 35.87% | 35.7% | 34.2% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 18.01M | 7.17M | 6.85M | 0 | 13.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216K | 439K | 0 | 0 | 586K | 0 | 0 | 0 | 23.95M | 25.55M | 26.9M | 26.7M | 25.9M |
| Operating Income | 30.04M | 28.98M | 149.86M | 201.31M | 214.33M | 205.81M | -102.44M | 60.94M | 401K | 140.03M | 110.98M | 135.11M | 125.93M | 98.62M | 61.61M | 35.55M | 72.66M | 31.52M | -173.3M | 95.68M | 108.13M | 88.63M | 63.77M | 77.08M | 80.22M | 16.05M | 71.34M | 66.94M | 61.5M | 19.2M | 45.2M |
| Operating Margin % | 1.07% | 1.05% | 5.5% | 7.15% | 7.22% | 7.41% | -4.84% | 2.09% | 0.01% | 5.03% | 4.3% | 5.24% | 4.9% | 3.92% | 2.37% | 1.38% | 2.9% | 1.41% | -7.61% | 4.05% | 4.38% | 3.87% | 3.28% | 4.21% | 4.36% | 0.91% | 4.23% | 4.2% | 4% | 1.23% | 2.96% |
| Operating Income Growth % | - | -80.66% | -25.56% | -6.07% | 4.14% | 300.9% | -268.1% | 15097.26% | -99.71% | 26.17% | -17.85% | 7.28% | 27.7% | 60.07% | 73.3% | -51.08% | 130.51% | 118.19% | -281.12% | -11.51% | 22% | 38.99% | -17.27% | -3.91% | 399.71% | -77.5% | 6.59% | 8.84% | 220.31% | -57.52% | 250.39% |
| EBITDA | 38.39M | 93.56M | 206.28M | 254.59M | 263.34M | 258.14M | -41.9M | 126.5M | 63.1M | 204.1M | 167.12M | 186.55M | 177.55M | 153.95M | 116.39M | 94.66M | 122.99M | 82.62M | -118.43M | 147.95M | 149.94M | 128.97M | 95.68M | 102.55M | 105.11M | 42.76M | 95.3M | 92.48M | 88.4M | 45.9M | 71.1M |
| EBITDA Margin % | 1.37% | 3.39% | 7.58% | 9.04% | 8.87% | 9.29% | -1.98% | 4.33% | 2.23% | 7.33% | 6.48% | 7.24% | 6.9% | 6.13% | 4.48% | 3.67% | 4.91% | 3.69% | -5.2% | 6.27% | 6.07% | 5.63% | 4.93% | 5.6% | 5.71% | 2.44% | 5.66% | 5.81% | 5.75% | 2.93% | 4.66% |
| EBITDA Growth % | -78.24% | -54.65% | -18.97% | -3.32% | 2.01% | 716.06% | -133.12% | 100.49% | -69.08% | 22.13% | -10.42% | 5.07% | 15.33% | 32.27% | 22.95% | -23.03% | 48.85% | 169.77% | -180.05% | -1.32% | 16.26% | 34.79% | -6.7% | -2.43% | 145.81% | -55.13% | 3.04% | 4.62% | 92.59% | -35.44% | 93.73% |
| D&A (Non-Cash Add-back) | 15.37M | 64.58M | 56.43M | 53.28M | 49.01M | 52.33M | 60.54M | 65.56M | 62.7M | 64.07M | 56.13M | 51.44M | 51.62M | 55.33M | 54.78M | 59.11M | 50.32M | 51.1M | 54.87M | 52.27M | 41.81M | 40.33M | 31.91M | 25.47M | 24.89M | 26.71M | 23.95M | 25.55M | 26.9M | 26.7M | 25.9M |
| EBIT | 24.02M | 6.24M | 149.12M | 200.66M | 227.3M | 204.75M | -468.82M | 106.32M | 12.52M | 140.03M | 110.98M | 125.36M | 130.57M | 98.99M | 74.8M | 30.1M | 72.87M | 31.9M | -171.5M | 99.12M | 108.13M | 88.63M | 63.77M | 72.89M | 71.66M | 16.05M | 71.34M | 68.53M | 62.84M | 19.2M | 45.2M |
| Net Interest Income | -19.35M | -18.46M | -13.96M | -19.34M | -14.26M | -30.93M | -48.29M | -48.29M | -18.28M | -17.32M | -13.73M | -15.69M | -20.07M | -20.88M | -22.65M | -24.86M | -19.44M | -19.82M | -15.3M | -12.8M | -17.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.12M | 0 | 764K | 1.38M | 899K | 379K | 377K | 322K | 644K | 203K | 374K | 0 | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.35M | 18.46M | 13.96M | 19.34M | 14.26M | 30.93M | 48.29M | 33.12M | 18.28M | 18.09M | 15.11M | 16.59M | 20.45M | 21.25M | 22.97M | 26.14M | 19.65M | 20.2M | 15.3M | 11.77M | 17.31M | 17.48M | 8.07M | 15.53M | 25.2M | 28.13M | 19.15M | 12.99M | 28.4M | 20.9M | 16.7M |
| Other Income/Expense | -30.38M | 0 | -14.7M | -19.98M | -1.29M | -16.56M | -414.67M | 17.65M | -137.84M | -17.32M | -41.52M | -26.34M | -21.27M | -28.43M | -22.65M | -21.48M | -27.62M | -19.82M | -218.95M | -11.87M | -14.7M | -17.48M | -7.48M | -9.32M | -11.83M | -21.73M | -18.99M | -16.77M | -25.24M | -21.4M | -18M |
| Pretax Income | -343K | -12.22M | 135.16M | 181.32M | 213.03M | 189.24M | -517.11M | 78.59M | -5.75M | 122.71M | 97.25M | 108.77M | 110.13M | 77.74M | 38.55M | 9.05M | 53.22M | 11.7M | -188.61M | 83.81M | 93.43M | 71.15M | 56.29M | 64.66M | 61.5M | -5.67M | 52.36M | 51.77M | 37.6M | -2.2M | 27.2M |
| Pretax Margin % | -0.01% | -0.44% | 4.96% | 6.44% | 7.18% | 6.81% | -24.43% | 2.69% | -0.2% | 4.41% | 3.77% | 4.22% | 4.28% | 3.09% | 1.48% | 0.35% | 2.13% | 0.52% | -8.29% | 3.55% | 3.78% | 3.1% | 2.9% | 3.53% | 3.34% | -0.32% | 3.11% | 3.25% | 2.44% | -0.14% | 1.78% |
| Income Tax | 1.73M | -2.35M | 29.06M | 9.49M | 33.34M | 51.08M | -78.12M | 16.51M | -273K | 35.48M | 31.17M | 26.94M | 27.18M | 23.76M | 11.34M | 326K | 16.16M | 1.26M | -53.79M | 23.48M | 27.72M | 30.15M | 12.98M | 17.76M | 16.33M | -6.62M | 15.99M | 16.26M | 13.9M | 18.7M | 6.9M |
| Effective Tax Rate % | -504.08% | 19.19% | 21.5% | 5.23% | 15.65% | 26.99% | 15.11% | 21.01% | 4.74% | 28.91% | 32.05% | 24.77% | 24.68% | 30.56% | 29.43% | 3.6% | 30.36% | 10.76% | 28.52% | 28.02% | 29.67% | 42.37% | 23.06% | 27.47% | 26.55% | 116.72% | 30.54% | 31.42% | 36.97% | -850% | 25.37% |
| Net Income | 280K | -7.05M | 107.25M | 163.87M | 181.74M | 137.02M | -438.99M | 62.08M | -5.44M | 87.2M | 65.66M | 81.48M | 82.85M | 38.07M | 27.49M | 24.59M | 37.23M | 9.5M | -133.24M | 60.43M | 65.71M | 41M | 43.3M | 46.89M | 45.17M | -3.96M | 36.37M | 35.5M | 23.7M | -20.9M | 20.3M |
| Net Margin % | 0.01% | -0.26% | 3.94% | 5.82% | 6.12% | 4.93% | -20.74% | 2.13% | -0.19% | 3.13% | 2.55% | 3.16% | 3.22% | 1.52% | 1.06% | 0.95% | 1.49% | 0.42% | -5.85% | 2.56% | 2.66% | 1.79% | 2.23% | 2.56% | 2.45% | -0.23% | 2.16% | 2.23% | 1.54% | -1.33% | 1.33% |
| Net Income Growth % | -99.66% | -106.58% | -34.55% | -9.83% | 32.64% | 131.21% | -807.12% | 1241% | -106.24% | 32.81% | -19.42% | -1.65% | 117.61% | 38.49% | 11.8% | -33.96% | 291.93% | 107.13% | -320.49% | -8.04% | 60.26% | -5.32% | -7.65% | 3.81% | 1240.13% | -110.9% | 2.43% | 49.79% | 213.4% | -202.96% | 515.15% |
| Net Income (Continuing) | -2.07M | -9.88M | 106.1M | 171.83M | 179.69M | 138.16M | -438.99M | 62.08M | -5.48M | 87.23M | 66.09M | 81.82M | 82.94M | 53.98M | 35.17M | 8.72M | 37.06M | 10.44M | -134.81M | 60.33M | 65.71M | 41M | 43.3M | 46.24M | 44.16M | 949K | 36.37M | 35.5M | 23.67M | -20.9M | 20.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.3M | 7.11M | 6.92M | 6.94M | 5.43M | 4.82M | 3.61M | 3.18M | 1.38M | 1.47M | 1.37M | 988K | 712K | 663K | 772K | 1.05M | 829K | 9.06M | 8.11M | 2.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.01 | -0.22 | 3.09 | 4.80 | 4.92 | 3.56 | -11.79 | 1.58 | -0.13 | 2.02 | 1.52 | 1.85 | 1.89 | 0.88 | 0.64 | 0.56 | 0.85 | 0.22 | -3.21 | 1.37 | 1.51 | 0.96 | 1.02 | 1.10 | 1.09 | -0.10 | 0.91 | 0.87 | 0.59 | -0.53 | 0.51 |
| EPS Growth % | -99.58% | -107.12% | -35.63% | -2.44% | 38.2% | 130.2% | -846.2% | 1315.38% | -106.44% | 32.89% | -17.84% | -2.12% | 114.77% | 37.5% | 14.29% | -34.12% | 286.36% | 106.85% | -334.31% | -9.27% | 57.29% | -5.88% | -7.27% | 0.92% | 1190% | -110.99% | 4.6% | 47.46% | 211.32% | -203.92% | 503.55% |
| EPS (Basic) | - | -0.22 | 3.10 | 4.80 | 4.98 | 3.59 | -11.79 | 1.58 | -0.13 | 2.03 | 1.52 | 1.86 | 1.90 | 0.88 | 0.64 | 0.57 | 0.85 | 0.22 | -3.21 | 1.40 | 1.56 | 1.00 | 1.07 | 1.16 | 1.13 | -0.10 | 0.92 | 0.88 | 0.60 | -0.53 | 0.52 |
| Diluted Shares Outstanding | 32.64M | 32.64M | 33.51M | 34.15M | 35.41M | 37.09M | 37.22M | 39.85M | 41.76M | 41.98M | 42.18M | 42.66M | 42.27M | 41.65M | 40.79M | 41.67M | 42.49M | 41.65M | 41.52M | 44.14M | 43.64M | 42.71M | 42.46M | 42.03M | 40.36M | 39.42M | 40.11M | 40.75M | 40.34M | 39.48M | 39.68M |
| Basic Shares Outstanding | 32.52M | 32.52M | 33.4M | 34.14M | 34.93M | 36.74M | 37.22M | 39.8M | 41.76M | 41.8M | 42.03M | 42.45M | 42.07M | 41.36M | 40.66M | 41.13M | 42.16M | 41.59M | 41.52M | 43.22M | 42.23M | 41M | 40.47M | 39.86M | 39.08M | 38.63M | 39.72M | 40.14M | 39.74M | 39.48M | 39.34M |
| Dividend Payout Ratio | - | - | 9.04% | 6.07% | 5.6% | 7.77% | - | 18.4% | - | 13.79% | 18.43% | 15.04% | 14.77% | 31.79% | 43.69% | 49.11% | 32.91% | 126.41% | - | 20.38% | 13.92% | 17.93% | 16.78% | 15.27% | 15.59% | - | 19.8% | 20.55% | 30.38% | - | 88.67% |
Operating margin volatility
According to the provided quarterly data, Caleres experienced a revenue growth rate of 8.5% in 2026Q1, yet this follows a volatile period of negative growth throughout 2024 and early 2025, suggesting that the company's top-line expansion remains highly sensitive to seasonal retail cycles and broader consumer demand.
The recent uptick in revenue appears to be a recovery from a sustained period of contraction rather than a structural acceleration. Investors should monitor whether this growth is driven by volume or promotional pricing, as the lack of consistent year-over-year stability raises questions about the durability of the current demand environment.
As reported in financial statements, the company's operating margin has fluctuated significantly, dropping to a negative 2.8% in 2025Q4 before rebounding to 3.3% in 2026Q1, which highlights the inherent difficulty in maintaining profitability within a high-fixed-cost retail model during periods of shifting consumer spending.
The volatility in operating margins suggests that Caleres lacks the pricing power to fully offset inflationary pressures or inventory clearance costs. The narrow spread between gross and operating margins indicates that even minor fluctuations in SG&A expenses can disproportionately impact the bottom line, warranting caution regarding future margin expansion.
Based on the income statement data, SG&A expenses have consistently hovered near $260M to $310M per quarter, often outpacing gross profit growth and resulting in periods of negative operating income, which indicates that the company's current cost structure is not scaling efficiently with its revenue base.
The inability to achieve consistent operating leverage suggests that the company's retail footprint may be creating a drag on profitability that is not being offset by the brand portfolio. This structural inefficiency implies that management may need to aggressively rationalize its store base to improve operating margins in the long term.
Data from the last ten quarters reveals that net income has swung from a high of $55.8M in 2023Q4 to a loss of $22.7M in 2025Q4, suggesting that the company's earnings quality is highly susceptible to inventory write-downs and the cyclical nature of its retail segment.
Short-sellers would likely focus on the persistent volatility in net income and the reliance on promotional activity to clear inventory, which may mask underlying demand weakness. The company's struggle to maintain positive net margins in recent periods suggests that the current business model may be fundamentally challenged by the ongoing shift toward digital-first, lower-overhead competitors.
Quick answers to the most common questions about buying CAL stock.
For fiscal year 2025, Caleres, Inc. (CAL) reported total revenue of $2.76B. This represents a 80.8% increase compared to $1.53B in 1996.
Caleres, Inc. (CAL) reported a net loss of $7.1M for the fiscal year ending 2025.
Caleres, Inc. (CAL) reported an operating income of $29.0M, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Caleres, Inc. (CAL) generated $1.18B in gross profit for the year, representing a gross profit margin of 43.0%. This demonstrates the company's core pricing power and production efficiency.