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Call sheet · Q2'26

Caleres (CAL)

Q2'26 earnings call · held September 9, 2026 · compared with the Q1'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
Caleres has demonstrated underlying Brand Portfolio improvement, not yet a broad-based or self-funding recovery. The higher adjusted EPS floor is constructive, but the lower margin outlook, Famous’ inventory mismatch and refund-dependent first-half cash flow limit confidence in repeatability. Annual commitments remain open; the next upgrade in conviction requires cleaner Famous economics and cash generation independent of exceptional receipts. [1][2][3][4]

What changed this quarter

MetricQ1'26Q2'26Change
RevenueQ2 FY2025: $658.519 millionQ2 FY2026: $695.454 millionReported growth was 5.6%; excluding Stuart Weitzman, revenue declined 0.8%. [3]
Net income attributable to Caleres / diluted EPSGAAP: $6.713 million / $0.20; adjusted: $11.730 million / $0.35GAAP: $58.642 million / $1.71; adjusted: $16.051 million / $0.47The refund explains most of the GAAP-to-adjusted gap; adjusted net income still grew 36.8%. [3]
First-half operating cash flow26 weeks ended August 2, 2025: $41.646 million26 weeks ended August 1, 2026: $55.777 millionGrowth includes collected tariff refunds; this is not standalone second-quarter cash flow. [4]
FY2026 adjusted EPS / gross-margin expansion guidance$1.40-$1.65 / 220-260 basis points$1.50-$1.65 / 180-220 basis pointsEPS midpoint increased $0.05 while the gross-margin expansion midpoint fell 40 basis points. Annual outcomes remain open. [1][2]

Accountability tracked

5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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