Caleres, Inc. · NYSE:CAL

Caleres — Brown Shoe — ICR XChange 2011

17 slides from Caleres's conference presentation, Jan 12, 2011

1. Slide 1: ICR XChange

   ICR XChange January 12, 2011 BROWN SHOE

2. Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

   Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This investor update contains certain forward-looking statements and expectations regarding the Company’s future performance and the future performance of its brands. Such statements are subject to various risks and un

3. Slide 3: At A Glance

   At A Glance ƒ Portfolio of leading footwear brands ƒ $2.5 billion in sales TTM ƒ Diversified, synergistic global business model ƒ 70% Retail and 30% Wholesale ƒ Appx. A 1 1,400 400 stores t in i allll 50 states, t t C Canada, d and d Far East ƒ Wholesale brands from mass to premier department stores

4. Slide 4: Brown Shoe Business Mix

   Brown Shoe Business Mix $2.5 billion in sales (Trailing 12 Months October 30, 2010) Business Mix Brand Mix All Other Oth Contemporary Wholesale Fashion 30% Retail 70%

5. Slide 5: Continuing Momentum

   Continuing Momentum ƒ Actions and investments in 2010 set the base for 2011 ƒ Expect to generate $1.31 to $1.43 EPS in 2011 ƒ Keys to delivering 2011: ƒ Continued strong product trend at retail and wholesale ƒ Momentum built with our consumers through engagement and marketing initiatives ƒ Driving p

6. Slide 6: Brand Portfolio Aligned With Macro Trends And Drives Synergies

   Brand Portfolio Aligned With Macro Trends And Drives Synergies healthy h lth living Product Innovation V E family R T contemporary I fashion C A Casual & Fitness L Lifestyle Design p Capabilities

7. Slide 7: Famous Footwear - Improving Productivity & Economics

   Famous Footwear - Improving p g Productivity y & Economics Sales per Square Foot $190 $185 $184 $185 $180 $180 $180 $175 $170 $168 $167 $165 $ $160 $155 2005 2006 2007 2008 2009 2010 TTM Operating Earnings ($mm) $100 $89.8 $90.0 8% $90 $84.1 $80 7.0% 7% $67.0 6.4% 6 % $70 6.1% 6% $60 5.6% $50 $44.6

8. Slide 8: Famous Footwear Growth Initiatives

   Famous Footwear Growth Initiatives ƒ Expect low to mid single-digit sales growth along with operating margin expansion in 2011 ƒ Enhanced customer engagement to drive conversion rates ƒ Real estate and new store productivity enhancements with long-term target of $225/sqft. ƒ Innovative marketing and

9. Slide 9: Retail brands

   RETAIL vanawane A L A Vv —E N DER $300 MIA SPIGA Naya Sum Fdebrrn FRANCO SARTO. @ ETIENNE AIGNER Fefiee GRE $ naturalizer Feige libby. edelman $50 &> oa. rea VOM a > FASHION

10. Slide 10: Wholesale Brands

    Wholesale Brands ƒ Diverse portfolio of brands spanning channels ƒ Net sales increased 17.3% TTM and adjusted operating margin of 5.9% TTM ƒ Positive current momentum - sales expected to grow in the high ‘teens to low 20s range for FY’10 ƒ Focusing on the faster-growing, higher-margin branded busine

11. Slide 11: Naturalizer

    Naturalizer ƒ Enhancing product innovation and technology ƒ Global comfort brand with distribution in over 50 countries and appx. $500 million in net sales at retail worldwide ƒ Growth through expansion of brand family – Naturalizer, Natural Sole, and Naya ƒ Greater international penetration

12. Slide 12: Naturalizer Brand Family

    Naturalizer Brand Family Premium Comfort Maan ger—. N5 7/CONTOUR $1 00 - $160 Career / Dress Naya Organic Comfort $59 - $85 $ naturalizer beautiful feels so good — naturalfou/ Value Comfort

13. Slide 13: Dr. Scholl's

    Dr. Scholl’s ƒ Iconic global health and wellness ƒ Spans gender gender, age, age and categories ƒ Growing outside the mass channel

14. Slide 14: Contemporary Fashion

    Contemporary Fashion ƒ Sam Edelman, Via Spiga, Vera Wang, Franco Sarto, Etienne Aigner, Carlos Santana, Fergie ƒ Modern, high-demand brands poised for expansion ƒ Brings g fashion influence and design g capabilities p to portfolio and provides lifestyle opportunities ƒ Grown to appx. $250 million in

15. Slide 15: Opportunities Ahead

    Opportunities Ahead ƒ Grow return on investments and EPS: ƒ Long-term L consolidated lid d goall off hi high-single h i l di digiti operating margin and mid- to high-teens ROIC ƒ EPS goal of $2.00 by 18 to 24 months ƒ Priorities: ƒ Great G t people l and d ttalent l t ƒ Relentless focus on our consu

16. Slide 16: Slide 16

17. Slide 17: Thank You

    € ‘amous oq wear $¢ naturalizer Sam beldorn FRANCO SARTO @ ETIENNE AIGNER Qas SHOoOesS.cCOomM BROWN SHOE Thank You

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