Slide 1: Fourth Quarter 2023
FOURTH QUARTER 2023 March 19, 2024 1
Slide 2: Safe Harbor
SAFE HARBOR UNDER THE P R IVATE S E C UR ITIE S LITIG ATIO N R E F O R M AC T O F 1 9 9 5 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 unce
Slide 3: Caleres brand portfolio logos
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Slide 4: Caleres is uniquely positioned to drive long-term shareholder value
C A L E R E S I S U N I Q U E LY P O S I T I O N E D TO D R I V E LO N G -T E R M S H A R E H O L D E R VA LU E T H R E E -Y E A R P L A N T A R G E T S * Merchant driven organization with powerful 3 -5 % % brand assets Exceptional capabilities in sourcing & logistics, digital, marketing and analyti
Slide 5: Caleres in Brief - 4Q23
CALERES IN BRIEF–4Q23 A DJ U ST E D A DJ U ST E D SALES INVENTORY O P E R AT I N G M A R G I N EARNINGS PER SHARE in Millions of $ in Millions of $ % of Net Sales $699 $679 $696 $697 $618 $597 $580 $541 $0.91 $0.86 6.5% $0.65 4.7% 3.7% 2.8% $0.34 4Q19 4Q21 4Q22 4Q23 4Q19 4Q21 4Q22 4Q23 4Q19 4Q21 4Q2
Slide 6: Caleres in Brief - FY23
CALERES IN BRIEF–FY23 A DJ U ST E D A DJ U ST E D SALES O P E R AT I N G M A R G I N EARNINGS PER SHARE in Billions of $ % of Net Sales $4.52 $4.29 $4.18 $2.92 $2.97 $2.78 $2.82 $2.10 7.9% 7.1% 7.3% 4.4% 2019 2021 2022 2023 2019 2021 2022 2023 2019 2021 2022 2023 Third consecutive year of $4.00+ adj
Slide 7: Caleres 2023 Strategic Accomplishments
C A L E R E S 2 0 2 3 S T R AT E G I C A C C O M P L I S H M E N T S BRAND PORTFOLIO LEADS FAMOUS DELIVERS SPEED CONTINUES MARKET SHARE GROWTH PERFORMANCE IN KIDS/EXPERIENCE AS AN ACCELERANT Brand Portfolio gained share in over 50% of operating 3rd consecutive year quickly approaching 20% Wo
Slide 8: Fourth Quarter 2023 Accomplishments
FOURTH QUARTER 2023 ACCOMPLISHMENTS GROSS MARGIN A DJ U S T E D E B I T DA A DJ U S T E D E P S 43.9 % $50M $0.86 Includes record 4Q gross margin 7.1% of net sales 32% higher than 4Q22 at Brand Portfolio DEBT REDUCTION INVENTORY CASH FLOW $40M -6.8 % $43M Decline in borrowings under the revolving vs
Slide 9: Full Year 2023 Accomplishments
FULL YEAR 2023 ACCOMPLISHMENTS MARKET SHARE GROSS MARGIN A DJ U S T E D E B I T DA 6.0 % 44.8% $260M Caleres share of the footwear market Includes record FY gross margin at Brand 9.2% of net sales Portfolio RETURNED TO CASH FLOW DEBT REDUCTION SHAREHOLDERS $200M >$125M $27M Generated from operations
Slide 10: Brand Portfolio 4Q
BRAND PORTFOLIO 4Q 23 SALES GROSS MARGIN ~ 324M $ 42.6% U p 4 . 5 %, G a i n e d m a r k e t s h a r e Up 660-basis vs. i n Wo m e n ’s Fa s h i o n Fo o t w e a r 4Q 22 Lead Brands 50+% of sales A DJ U S T E D O P E R AT I N G A DJ U S T E D O P E R AT I N G EARNINGS MARGIN $39M 11.9% Record 4Q per
Slide 11: Famous Footwear 4Q
FA M O U S F O OT W E A R 4 Q 2 3 SALES GROSS MARGIN ~ 396M $ 42.9% D o w n 1 . 5 %, v s . 4 Q 2 2 , Up 54 bps vs. gained market share 4Q 22 in shoe chains A DJ U S T E D O P E R AT I N G KIDS MARGIN MARKET SHARE 4.9 % 29 % Down 113 bps In Shoes Chains Channel 11
Slide 12: Full Year 2024 Outlook and First Quarter Outlook
FULL YEAR FIRST QUARTER 2 0 2 4 O U T LO O K 2 0 2 4 O U T LO O K CO N S O L I DAT E D S A L E S F L AT TO U P 2 % CONSOLIDATED SALES FLAT TO UP 1% (compared to 2023, which includes a 53rd week) EARNINGS PER DILUTED INLINE WITH 4Q23 ON AN EXCLUDING THE 53RD WEEK, SALES UP ADJUSTED BASIS 1% TO 3% EAR
Slide 13: Debt Reduction
DEBT REDUCTION CALERES HAS $600 S I G N I F I C A N T LY REDUCED ITS $500 OVERALL DEBT OVER THE LAST $400 SEVERAL YEARS $300 Debt reduction remains $182 a priority 0.7x $200 Three-year plan targets: <$100 0.5x $100 < $100 m in total debt < 0.5x debt/EBITDA ratio $0 2019 2020 2021 2022 2023 2026 Long
Slide 14: Capital Allocation Priorities
C A P I TA L A L LO C AT I O N P R I O R I T I E S Make targeted investments in brands and INVEST FOR ORGANIC GROWTH capabilities with the greatest opportunity for profitable growth CALERES PAY D I V I D E N D Continue to fund our long-standing dividend Priority Level C O N S T A N T LY E VA LU AT E
Slide 15: Full Year 2024 and First Quarter 2024 Outlook Key Priorities
CALERES FULL YEAR 2024 AND FIRST QUARTER 2024 OUTLOOK KEY PRIORITIES For 2024 DIRECT FULL YEAR 2024 F I R S T Q U A R T E R 2 0 2E4N H A N C E D CONSUMER SPEED AND ENGAGEMENT C O N S O L I DAT E D S A L E S U P X % TO X % C O N S O L I D A T E D S A L E SA G U IPL IXT% Y TO X% EARNINGS PER DILUTED S
Slide 16: Appendix
APPENDIX 16
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATON SCHEDULE 4 CALERES, INC. RECONCILIATION OF NET EARNINGS AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) CALERES HAS MADE (Unaudited) Fourteen Weeks Ended Thirteen Weeks Ended February 3, 2024
Slide 18: GAAP to Non-GAAP Reconciliation: Segment Results
GAAP TO NON-GAAP RECONCILIATON SCHEDULE 5 CALERES, INC. SUMMARY FINANCIAL RESULTS BY SEGMENT CALERES HAS RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP) MADE (Unaudited) (Unaudited) S I G14Nweeks IFamous Fended IC A FootwearN T Brand Portfolio Eliminations
Slide 19: GAAP to Non-GAAP Reconciliation: Adjusted EPS
GAAP TO NON-GAAP RECONCILIATON SCHEDULE 7 CALERES, INC. BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION CALERES HAS (Unaudited) MADE Fourteen Weeks Ended Thirteen Fifty-three Weeks Ended Weeks Ended Fifty-two Weeks Ended SIGNIFICANT February 3, 2024 January 28, 2023 February 3, 2024 Jan
Slide 20: GAAP to Non-GAAP Reconciliation: EBITDA and Leverage
GAAP TO NON-GAAP RECONCILIATON SCHEDULE 8 CALERES, INC. CALCULATION OF EBITDA AND DEBT/EBITDA LEVERAGE RATIO (NON-GAAP METRICS) (Unaudited) (Unaudited) CALERES HAS Fourteen Weeks Ended Thirteen Weeks Ended ($ thousands) Trailing Twelve Months Ended February 3, 2024 January 28, 2023 ($ thousands) Feb