Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Consolidated Balance Sheets | ||
| Receivables, allowances | $ 25,990 | $ 30,317 |
| Inventories, adjustment to last-in, first-out cost | $ 10,878 | $ 10,254 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, outstanding (in shares) | 33,631,764 | 35,490,019 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
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| Consolidated Statements of Comprehensive Income | |||
| Net earnings | $ 106,097 | $ 171,832 | $ 179,695 |
| Other comprehensive (loss) income ("OCI"), net of tax: | |||
| Foreign currency translation adjustment | (5,547) | 183 | (907) |
| Pension and other postretirement benefits adjustments | 5,173 | (7,869) | (17,719) |
| Other comprehensive loss, net of tax | (374) | (7,686) | (18,626) |
| Comprehensive income | 105,723 | 164,146 | 161,069 |
| Comprehensive (loss) income attributable to noncontrolling interests | (2,014) | 509 | (2,529) |
| Comprehensive income attributable to Caleres, Inc. | $ 107,737 | $ 163,637 | $ 163,598 |
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
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| Consolidated Statements of Shareholders' Equity | |||
| Pension and other postretirement benefits adjustments, tax | $ 1,796 | $ 2,724 | $ 6,145 |
| Dividend per share | $ 0.28 | $ 0.28 | $ 0.28 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Caleres, Inc., originally founded as Brown Shoe Company in 1878 and incorporated in 1913, is a global footwear company. The Company’s shares are traded under the “CAL” symbol on the New York Stock Exchange. The Company provides a broad offering of branded, licensed and private-label athletic, casual and dress footwear products to women, men and children. The footwear is sold at a variety of price points through multiple distribution channels both domestically and internationally. As of February 1, 2025, the Company operated 960 retail shoe stores in the United States, Canada, East Asia and Guam under the Famous Footwear, Sam Edelman, Naturalizer and Allen Edmonds names. In addition, through its Brand Portfolio segment, the Company designs, sources, manufactures and markets footwear to retail stores domestically and internationally, including online retailers, national chains, department stores, independent retailers and mass merchandisers. Refer to Note 2 to the consolidated financial statements for additional information regarding the Company’s revenue by category and Note 7 for discussion of the Company’s business segments. The Company’s business is seasonal in nature due to consumer spending patterns with higher back-to-school and holiday season sales. Although the third fiscal quarter has historically accounted for a substantial portion of the Company’s earnings for the year, the Company has experienced more equal distribution among the quarters in recent years. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions. Noncontrolling Interests Noncontrolling interests in the Company’s consolidated financial statements result from the accounting for noncontrolling interests in partially-owned consolidated subsidiaries or affiliates. In 2019, the Company entered into a joint venture with Brand Investment Holding Limited ("Brand Investment Holding"), a member of the Gemkell Group, to sell branded footwear in China, including Sam Edelman, Naturalizer and other brands. The Company and Brand Investment Holding are each 50% owners of the joint venture, which is named CLT Brand Solutions ("CLT"). In 2024, capital contributions of $4.0 million were made to CLT, including $2.0 million received from Brand Investment Holding. In 2023, capital contributions of $2.0 million were made to CLT, including $1.0 million received from Brand Investment Holding. As of February 1, 2025 and February 3, 2024, assets of CLT were $27.1 million and $23.2 million, respectively, and liabilities were $13.2 million and $9.3 million, respectively. Net sales of CLT were $29.8 million, $26.8 million and $16.9 million in 2024, 2023 and 2022, respectively. Operating earnings of CLT were $0.5 million for 2023 and operating losses were $2.6 million and $2.7 million in 2024 and 2022, respectively. The Company consolidates CLT into its consolidated financial statements on a one-month lag. Net (loss) earnings attributable to noncontrolling interests represents the share of net earnings or losses that are attributable to Brand Investment Holding. Transactions between the Company and the joint venture have been eliminated in the consolidated financial statements. Accounting Period The Company’s fiscal year is the 52- or 53-week period ending the Saturday nearest to January 31. Fiscal years 2024 and 2022, both of which included 52 weeks, ended on February 1, 2025 and January 28, 2023, respectively. Fiscal year 2023 included a 53-week period ending February 3, 2024. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions. These receivables typically settle in five days or less. Amounts due from the financial institutions for these transactions totaled $8.4 million and $9.3 million as of February 1, 2025 and February 3, 2024, respectively. The Company had an immaterial amount of restricted cash as of February 1, 2025 and February 3, 2024. Receivables In accordance with Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses, the Company estimates and records an expected lifetime credit loss on accounts receivable by utilizing credit ratings and other customer-related information, as well as historical loss experience. The allowance for expected credit losses is adjusted for current conditions and reasonable and supportable forecasts. The Company recorded adjustments to the provision for expected credit losses of million and $0.3 million in 2024 in 2022, respectively, and recorded a provision for expected credit losses of $1.0 million in 2023. Customer allowances represent reserves against the Company’s wholesale customers’ accounts receivable for margin assistance, product returns, customer deductions and co-op advertising allowances. The Company estimates the reserves needed for margin assistance by reviewing inventory levels on the retail floors, sell-through rates, historical dilution, current gross margin levels and other performance indicators of the Company’s major retail customers. Product returns and customer deductions are estimated using historical experience and anticipated future trends. Co-op advertising allowances are estimated based on customer agreements. The Company recognized provisions for customer allowances of $25.0 million, $28.5 million and $27.6 million in 2024, 2023 and 2022, respectively. Customer discounts represent reserves against the Company’s accounts receivable for discounts that wholesale customers may take based on meeting certain order, payment or return guidelines. The Company estimates the reserves needed for customer discounts based upon customer net sales and terms of the respective agreements. The Company recognized provisions for customer discounts of $11.5 million, $9.9 million and $11.4 million in 2024, 2023 and 2022, respectively. Inventories The Company values inventories at the lower of cost or market for approximately 84% of consolidated inventories, which represents divisions using the last-in, first-out (“LIFO”) method. For the remaining portion, the Company’s inventories are valued at the lower of cost or net realizable value. For inventory valued at LIFO, the Company regularly reviews the inventory for excess, obsolete or impaired inventory, and writes it down to the lower of cost or market. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. If the first-in, first-out (“FIFO”) method had been used, consolidated inventories would have been $10.9 million and $10.3 million higher at February 1, 2025 and February 3, 2024, respectively. In 2024 and 2023, the Company recorded LIFO provisions of $0.6 million and $4.0 million, respectively, on certain inventories as a result of product cost inflation. Refer to Note 8 to the consolidated financial statements for additional information related to inventories. The Company applies judgment in determining the market value of inventory, which requires an estimate of net realizable value, including current and expected selling prices, costs to sell and normal gross profit rates. The method used to determine market value varies by business division, based on the unique operating models. At the Famous Footwear segment and certain operations within the Brand Portfolio segment, market value is determined based on net realizable value less an estimate of expected costs to be incurred to sell the product. Accordingly, the Company records markdowns when it becomes evident that inventory items will be sold at prices below cost. As a result, gross profit rates at the Famous Footwear segment and, to a lesser extent, the Brand Portfolio segment are lower than the initial markup during periods when permanent price reductions are taken to clear product. For the majority of the Brand Portfolio segment, the Company determines market value based upon the net realizable value of inventory less a normal gross profit rate. The Company believes these policies reflect the difference in operating models between the Famous Footwear and Brand Portfolio segments. Famous Footwear periodically runs promotional events to drive sales to clear seasonal inventories. The Brand Portfolio segment generally relies on permanent price reductions to clear slower-moving inventory. The determination of markdown reserves for the Brand Portfolio segment requires significant assumptions, estimates and judgments by management, and is subject to inherent uncertainties and subjectivity. In determining markdown reserves, management considers recent and forecasted sales prices, historical gross profit rates, the length of time the product is held in inventory and quantities of various product styles contained in inventory, as well as demand, among other factors. The ultimate amount realized from the sale of certain products could differ from management estimates. Markdown reserves were $17.7 million and $20.9 million as of February 1, 2025 and February 3, 2024, respectively. The costs of inventory, inbound freight and duties, markdowns, shrinkage and royalty expense are classified in cost of goods sold. Costs of warehousing and distribution are classified in selling and administrative expenses and are expensed as incurred. Such warehousing and distribution costs totaled $114.3 million, $117.0 million and $121.0 million in 2024, 2023 and 2022, respectively. Costs of overseas sourcing offices and other inventory procurement costs are reflected in selling and administrative expenses and are expensed as incurred. Such sourcing and procurement costs totaled $21.5 million, $22.0 million and $21.4 million in 2024, 2023 and 2022, respectively. The Company performs physical inventory counts or cycle counts on all merchandise inventory on hand throughout the year and adjusts the recorded balance to reflect the results. The Company records estimated shrinkage between physical inventory counts based on historical results. Computer Software Costs The Company capitalizes certain costs in other assets, including internal payroll costs incurred in connection with the development or acquisition of software for internal use. Other assets on the consolidated balance sheets include $13.6 million and $16.3 million of computer software costs as of February 1, 2025 and February 3, 2024, respectively, which are net of accumulated amortization of $76.8 million and $88.1 million as of the end of the respective periods. In addition, other assets on the consolidated balance sheets include $24.8 million and $16.4 million for cloud computing arrangements (software-as-a-service contracts) and related implementation costs as of February 1, 2025 and February 3, 2024, respectively, which are net of accumulated amortization of $9.4 million and $6.7 million as of the end of the respective periods. These balances include capitalized costs associated with the Company’s implementation of its cloud-based ERP in 2024. Property and Equipment Property and equipment are stated at cost. Depreciation of property and equipment is provided over the estimated useful lives of the assets or the remaining lease terms, where applicable, using the straight-line method. Interest Expense Interest Expense Interest expense generally includes interest for borrowings under the Company’s revolving credit agreement, fees paid for the unused portion of the line of credit, and amortization of the deferred debt issuance costs. Capitalized Interest Interest costs for major asset additions are capitalized during the construction or development period and amortized over the lives of the related assets. The Company capitalized interest of $0.4 and $0.3 million in 2024 and 2023, respectively, related to the implementation of its cloud-based ERP. Goodwill and Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. In accordance with ASC 350, Intangibles-Goodwill and Other, the Company is permitted, but not required, to qualitatively assess indicators of a reporting unit’s fair value when it is unlikely that a reporting unit is impaired. If a quantitative test is deemed necessary, a discounted cash flow analysis is prepared to estimate fair value. A fair value-based test is applied at the reporting unit level, which is generally at or one level below the operating segment level. The test compares the fair value of the Company’s reporting units to the carrying value of those reporting units. This test requires significant assumptions, estimates and judgments by management, and is subject to inherent uncertainties and subjectivity. The Company performs its goodwill impairment assessment and impairment tests on its indefinite-lived intangible assets as of the first day of the fourth quarter of each fiscal year unless events indicate an interim test is required. Definite-lived intangible assets are amortized over their useful lives and are reviewed for impairment if and when impairment indicators are present. Refer to Note 10 to the consolidated financial statements for further discussion of goodwill and intangible assets. Self-Insurance Reserves The Company is self-insured and/or retains high deductibles for a significant portion of its workers’ compensation, health, disability, cyber risk, general liability, automobile and property programs, among others. Liabilities associated with the risks that are retained by the Company are estimated by considering historical claims experience, trends of the Company and the industry and other actuarial assumptions. The estimated accruals for these liabilities could be affected if development of costs on claims differ from these assumptions and historical trends. Based on available information as of February 1, 2025, the Company believes it has provided adequate reserves for its self-insurance exposure. As of February 1, 2025 and February 3, 2024, self-insurance reserves were $9.4 million and $10.4 million, respectively. Supplier Finance Program The Company facilitates a voluntary supplier finance program (“the Program”) that provides certain of the Company’s suppliers the opportunity to sell receivables related to products that the Company has purchased to participating financial institutions at a rate that leverages the Company’s credit rating, which may be more beneficial to the suppliers than the rate they can obtain based upon their own credit rating. The Company negotiates payment and other terms directly with the suppliers, regardless of whether the supplier participates in the Program, and the Company’s responsibility is limited to making payment based on the terms originally negotiated with the supplier. The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financing institutions. The liabilities for the suppliers that participate in the Program are presented within accounts payable in the Company’s consolidated balance sheets, with changes reflected within cash flows from operating activities when settled. As of February 1, 2025 and February 3, 2024, the Company had $22.0 million and $13.0 million, respectively, of accounts payable subject to the Program arrangements. The following table is a rollforward of the obligations confirmed under the Program for 2024 and 2023:
Revenue Recognition Retail sales, recognized at the point of sale, are recorded net of returns and exclude sales tax. Wholesale sales are recorded, net of returns, allowances and discounts, when obligations under the terms of a contract with the consumer are satisfied. This generally occurs at the time of transfer of control of merchandise. The Company considers several control indicators in its assessment of the timing of the transfer of control, including significant risks and rewards of ownership, physical possession and the Company’s right to receive payment. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring merchandise. Reserves for projected merchandise returns, discounts and allowances are determined based on historical experience and current expectations. Revenue is recognized on license fees related to Company-owned brand names, where the Company is the licensor, when the related sales of the licensee are made. The Company applies the guidance using the portfolio approach in ASC 606, Revenue from Contracts with Customers, because this methodology would not differ materially from applying the guidance to the individual contracts within the portfolio. The Company excludes sales and similar taxes collected from customers from the measurement of the transaction price for its retail sales. Refer to Note 2 for further discussion of revenue. Gift Cards The Company sells gift cards to its customers in its retail stores, through its e-commerce sites and at other retailers. The Company’s gift cards do not have expiration dates or inactivity fees. The Company recognizes revenue from gift cards when (i) the gift card is redeemed by the consumer or (ii) the likelihood of the gift card being redeemed by the consumer is remote (“gift card breakage”) and the Company determines that it does not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. The gift card breakage rate is determined based upon historical redemption patterns. Gift card breakage is recognized during the 24-month period following the sale of the gift card, according to the Company’s historical redemption pattern. Gift card breakage income is included in net sales in the consolidated statements of earnings and the liability established upon the sale of a gift card is included in other accrued expenses within the consolidated balance sheets. The Company recognized gift card breakage of $0.8 million in both 2024 and 2023, and $1.1 million in 2022. Loyalty Program The Company maintains a loyalty program at Famous Footwear, through which consumers earn points toward savings certificates for qualifying purchases. Upon reaching specified point values, consumers are issued a savings certificate that may be redeemed for purchases at Famous Footwear. Savings certificates earned must be redeemed within stated expiration dates. In addition to the savings certificates, the Company also offers exclusive member discounts. The value of points and rewards earned by Famous Footwear’s loyalty program members are recorded as a reduction of net sales and a liability is established within other accrued expenses at the time the points are earned based on historical conversion and redemption rates. Approximately 75% and 77% of net sales in the Famous Footwear segment were made to its loyalty program members in 2024 and 2023, respectively. In addition, loyalty programs have recently been launched for the Allen Edmonds and Naturalizer brands. As of February 1, 2025 and February 3, 2024, the Company had loyalty program liabilities totaling $7.8 million and $11.5 million, respectively, which are included in other accrued expenses on the consolidated balance sheets. Of the $7.8 million loyalty program liability as of February 1, 2025, $6.6 million is reflected in the Famous Footwear segment and $1.2 million is reflected in the Brand Portfolio segment. Of the $11.5 million loyalty program liability as of February 3, 2024, $10.0 million is reflected in the Famous Footwear segment and $1.5 million is reflected in the Brand Portfolio segment. Store Impairment Charges The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable. After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use asset, indicated as impaired are written down to fair value as calculated using a discounted cash flow method. The Company recorded asset impairment charges, primarily for operating lease right-of-use assets, leasehold improvements, and furniture and fixtures in the Company’s retail stores, of $1.9 million, $0.7 million and $1.8 million in 2024, 2023 and 2022, respectively. Advertising and Marketing Expense Advertising and marketing costs are expensed as incurred, except for the costs of direct response advertising that relate primarily to the production and distribution of the Company’s catalogs and coupon mailers. Direct response advertising costs are capitalized and amortized over the expected future revenue stream, which is generally to three months from the date the materials are mailed. External production costs of advertising are expensed when the advertising first appears in the media or in the store. In addition, the Company participates in co-op advertising programs with certain of its wholesale customers. For those co-op advertising programs where the Company has validated the fair value of the advertising received, co-op advertising costs are reflected as advertising expense within selling and administrative expenses. Otherwise, co-op advertising costs are reflected as a reduction of net sales. Total advertising and marketing expense was $149.7 million, $145.7 million and $138.0 million in 2024, 2023 and 2022, respectively. These costs were offset by co-op advertising allowances recovered by the Company’s retail business of $5.8 million, $6.2 million and $6.0 million in 2024, 2023 and 2022, respectively. Total costs of co-op advertising provided to wholesale customers that are reflected as a reduction of net sales were $19.4 million in 2024, $17.0 million in 2023 and $18.5 million in 2022. Total advertising costs attributable to future periods that are deferred and recognized as a component of prepaid expenses and other current assets were $3.1 million and $7.0 million at February 1, 2025 and February 3, 2024, respectively. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated financial statement carrying amounts and the tax bases of its assets and liabilities. The Company establishes valuation allowances if it believes that it is more-likely-than-not that some or all of its deferred tax assets will not be realized. The Company does not recognize a tax benefit unless it concludes that it is more-likely-than-not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in its judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to unrecognized tax positions within the income tax provision benefit on the consolidated statements of earnings. Operating Leases The Company leases all of its retail locations, a manufacturing facility and certain office locations, distribution centers and equipment under operating leases. Approximately 32% of the leases entered into by the Company include options that allow the Company to extend the lease term beyond the initial commitment period, subject to terms agreed to at lease inception. Some leases also include early termination options that can be exercised under specific conditions. In accordance with ASC Topic 842, Leases (“ASC 842”), lease right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The majority of the Company’s leases do not provide an implicit rate and therefore, the Company uses an incremental borrowing rate based on the information available at the commencement date, including implied traded debt yield and seniority adjustments, to determine the present value of future payments. Lease expense for the minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred. Contingent Rentals Many of the leases covering retail stores require contingent rental payments in addition to the minimum monthly rental charge based on retail sales volume. The Company excludes from lease payments any variable payments that are not based on an index or market. If payment for a lease is fully contingent on sales, such as a percentage of sales gross rent lease, none of the lease payments are included in the lease right-of-use asset or the lease liability. Construction Allowances Received From Landlords At the time its retail facilities are initially leased, the Company often receives consideration from landlords to be applied against the cost of leasehold improvements necessary to open the store. The Company treats these construction allowances as a lease incentive. In accordance with ASC 842, the allowances are recorded within the lease right-of-use asset and amortized to income over the lease term as a reduction of rent expense. Straight-Line Rents and Rent Holidays The Company records rent expense on a straight-line basis over the lease term for all of its leased facilities. For leases that have predetermined fixed escalations of the minimum rentals, the Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as the lease right-of-use asset. At the time its retail facilities are leased, the Company is frequently not charged rent for a specified period of time, typically 30 to 60 days, while the store is being prepared for opening. This rent-free period is referred to as a rent holiday. The Company recognizes rent expense over the lease term, including any rent holiday, within selling and administrative expenses on the consolidated statements of earnings. Pre-opening Costs Pre-opening costs associated with opening retail stores, including payroll, supplies and facility costs, are expensed as incurred. Earnings Per Common Share Attributable to Caleres, Inc. Shareholders The Company uses the two-class method to calculate basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. Unvested restricted stock awards are considered participating units because they entitle holders to non-forfeitable rights to dividends or dividend equivalents during the vesting term. Under the two-class method, basic earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares outstanding during the year. Diluted earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares and potential dilutive securities outstanding during the year. Potential dilutive securities consist of outstanding stock options and contingently issuable shares for the Company’s performance share awards. Refer to Note 3 to the consolidated financial statements for additional information related to the calculation of earnings per common share attributable to Caleres, Inc. shareholders. Comprehensive Income Comprehensive income primarily includes the effect of foreign currency translation adjustments and pension and other postretirement benefits adjustments. Foreign Currency Translation Adjustment For certain of the Company’s international subsidiaries, the local currency is the functional currency. Assets and liabilities of these subsidiaries are translated into United States dollars at the period-end exchange rate or historical rates as appropriate. Consolidated statements of earnings amounts are translated at average exchange rates for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive loss in total Caleres, Inc. shareholders’ equity. Transaction gains and losses are included in the consolidated statements of earnings. Pension and Other Postretirement Benefits Adjustments The Company determines the expense and obligations for retirement and other benefit plans using assumptions related to discount rates, expected long-term rates of return on invested plan assets, expected salary increases and certain employee-related factors. The Company determines the fair value of plan assets and benefit obligations as of the January 31 measurement date. The unrecognized portion of the gain or loss on plan assets is included in the consolidated balance sheets as a component of accumulated other comprehensive loss in total Caleres, Inc. shareholders’ equity and is recognized into expense over time. Refer to additional information related to pension and other postretirement benefits in Note 5 and Note 14 to the consolidated financial statements. Litigation Contingencies The Company is the defendant in several claims and lawsuits arising in the ordinary course of business. The Company believes the outcome of such proceedings and litigation currently pending will not have a material adverse effect on the consolidated financial position or results of operations. The Company accrues its best estimate of the cost of resolution of these claims. Legal defense costs of such claims are recognized in the period in which the costs are incurred. Refer to Note 16 to the consolidated financial statements for further discussion of commitments and contingencies. Environmental Matters The Company is involved in environmental remediation and ongoing compliance activities at several sites. The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility and residential neighborhoods adjacent to and near the property, which have been affected by solvents previously used at the facility. In addition, various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. The Company’s prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws to address conditions that may be identified in the future. Refer to Note 16 to the consolidated financial statements for additional information. Environmental expenditures relating to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Based upon independent environmental assessments, liabilities are recorded when remedial action is considered probable and the costs can be reasonably estimated and are evaluated independently of any future claims recovery. Generally, the timing of these accruals coincides with completion of a feasibility study or the Company’s commitment to a formal plan of action, and the cost estimates are subject to change as new information becomes available. Costs of future expenditures for environmental remediation obligations are discounted to their present value in those situations requiring only continuing maintenance and monitoring based upon a schedule of fixed payments. Share-Based Compensation The Company has share-based incentive compensation plans under which certain officers, employees and members of the Board of Directors are participants and may be granted restricted stock, stock performance awards and stock options. Additionally, share-based grants may be made to non-employee members of the Board of Directors in the form of restricted stock units (“RSUs”) payable in cash or the Company’s common stock. The Company accounts for share-based compensation in accordance with the fair value recognition provisions of ASC 718, Compensation – Stock Compensation, and ASC 505, Equity, which require all share-based payments to employees and members of the Board of Directors, to be recognized as expense in the consolidated financial statements based on their fair values. Expense for restricted stock is based on the fair value of the restricted stock on the date of grant. Expense for graded-vesting grants is recognized ratably over the respective vesting periods, which is generally 50% over two years and 50% over three years, and expense for cliff-vesting grants is recognized on a straight-line basis over the vesting period, which is generally one year. Expense for stock performance awards is recognized based upon the fair value of the awards on the date of grant and the anticipated number of shares or units to be awarded on a straight-line basis over the respective term of the award, or individual vesting portion of an award. Expense for the initial grant of RSUs is recognized ratably over the one-year vesting period based upon the fair value of the RSUs, and for cash-equivalent RSUs, is remeasured at the end of each period. The Company accounts for forfeitures of share-based grants as they occur. If the anticipated number of shares to be awarded or the share value of the Company’s common stock changes significantly, share-based compensation expense may differ materially in the future from that recorded in the current period. Refer to additional information related to share-based compensation in Note 15 to the consolidated financial statements. Consolidated Statements of Cash Flows Supplemental Disclosures The Company made payments for federal, state and international taxes, net of refunds, of $15.8 million, including $7.0 million for federal taxes, $6.5 million for international taxes and $2.3 million for state taxes in 2024. The Company made payments for federal, state and international taxes, net of refunds, of $19.8 million, including $9.2 million for international taxes and $5.3 million each and state taxes in 2023. During 2022, the Company made payments for federal, state and international taxes, net of refunds, of $17.4 million, including $8.4 million for state taxes, $4.7 million for federal taxes and $4.3 million for international taxes. Refer to Note 6 to the consolidated financial statements for further information regarding income taxes. Cash payments of interest for the Company’s borrowings under the revolving credit agreement and long-term debt during 2024, 2023 and 2022 were $13.0 million, $19.7 million and $12.5 million, respectively. Refer to Note 11 to the consolidated financial statements for further discussion regarding the Company’s financing arrangements. Impact of Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities – Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The guidance requires qualitative and quantitative disclosures about supplier finance programs in annual financial statements, including key terms of the programs, amounts outstanding, balance sheet presentation and a rollforward of amounts outstanding during the year. For interim periods, the ASU requires disclosure of total obligations outstanding that have been confirmed as valid. The Company adopted the amendments on a retrospective basis during the first quarter of 2023, with the exception of the annual rollforward requirement, which was adopted during the fourth quarter of 2024. Refer to the Supply Chain Financing section earlier in this footnote for additional information regarding the Company’s supplier finance program. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures by disclosing significant segment expenses that are regularly provided to the chief operating decision maker. The Company adopted the ASU on a retrospective basis during the fourth quarter of 2024. Refer to Note 7 to the consolidated financial statements for additional information related to segment expenses. Impact of Prospective Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU expands the income tax disclosure requirements, principally related to the rate reconciliation table and income taxes paid by jurisdiction. ASU 2023-09 is effective for the Company on a prospective basis in fiscal 2025, with the option to apply the standard retrospectively. The adoption of the ASU is not expected to have a material impact on the Company’s financial statement disclosures. |
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REVENUES |
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| REVENUES | 2. REVENUES Disaggregation of Revenues The following table disaggregates revenue by segment and major source for 2024, 2023 and 2022:
Retail stores The Company generates revenue from retail sales where control is transferred and revenue is recognized at the point of sale. Retail sales are recorded net of estimated returns and exclude sales tax. The Company records a returns reserve and a corresponding return asset for expected returns of merchandise. Retail sales to members of the Company’s loyalty programs, including the Famously You Rewards program, include two performance obligations: the sale of merchandise and the delivery of points that may be converted to savings certificates and redeemed for future purchases. The transaction price is allocated to the separate performance obligations based on the relative stand-alone selling price. The stand-alone selling price for the points is estimated using the retail value of the merchandise earned, adjusted for estimated breakage based upon historical redemption patterns. The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired. E-commerce The Company generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers or retail stores directly to the consumer, or picked up directly by the consumer from the Company’s stores (“e-commerce - Company websites”); sales from the Company’s wholesale customers’ websites that are fulfilled on a drop-ship basis (“e-commerce - wholesale drop-ship”); and other e-commerce sales (wholesale - e-commerce”), collectively referred to as “e-commerce”. The Company transfers control and recognizes revenue for merchandise sold that is shipped directly to an individual consumer upon delivery to the consumer. Landed wholesale Landed sales are wholesale sales in which the Company obtains title to the footwear from the overseas suppliers and maintains title until the merchandise clears United States customs. The merchandise is shipped directly to the customer from the Company’s warehouses. Many customers that purchase footwear on a landed basis arrange their own transportation of merchandise and, with limited exceptions, control is transferred at the time of shipment. Landed sales generally carry a higher profit rate than first-cost wholesale sales as a result of the brand equity associated with the product along with the additional customs, warehousing and logistics services provided to customers and the risks associated with inventory ownership. First-cost wholesale First-cost sales are wholesale sales in which the Company purchases merchandise from an international factory that manufactures the product and subsequently sells to a customer at an overseas port. Many of the customers then import this product into the United States. Revenue is recognized at the time the merchandise is delivered to the customer’s designated freight forwarder and control is transferred to the customer. Licensing and royalty The Company has license agreements with third parties allowing them to sell the Company’s branded product, or other merchandise that uses the Company’s owned or licensed brand names. These license agreements provide the licensee access to the Company’s symbolic intellectual property, and revenue is therefore recognized over the license term. For royalty contracts that do not have guaranteed minimums, the Company recognizes revenue as the licensee’s sales occur. For royalty contracts that have guaranteed minimums, revenue for the guaranteed minimum is recognized on a straight-line basis during the term, until such time that the cumulative royalties exceed the total minimum guarantee. Up-front payments are recognized over the contractual term to which the guaranteed minimum relates. The Company also licenses its Famous Footwear trade name and logo to a third-party financial institution to offer Famous Footwear-branded credit cards to its consumers. The Company receives royalties based upon cardholder spending, which is recognized as licensing revenue at the time when the credit card is used. Contract Balances Revenue is recorded at the transaction price, net of estimates for variable consideration for which reserves are established, including returns, allowances and discounts. Variable consideration is estimated using the expected value method and given the large number of contracts with similar characteristics, the portfolio approach is applied to determine the variable consideration for each revenue stream. Reserves for projected returns are based on historical patterns and current expectations. Information about significant contract balances from contracts with customers is as follows:
Changes in contract balances with customers generally reflect differences in relative sales volume for the period presented. In addition, during 2024, the loyalty programs liability increased $26.3 million due to points and material rights earned on purchases and decreased $30.0 million due to expirations and redemptions. During 2023, the loyalty programs liability increased $44.1 million due to points and material rights earned on purchases and decreased $50.4 million due to expirations and redemptions. Allowance for Expected Credit Losses The following table summarizes the activity in the Company’s allowance for expected credit losses for 2024 and 2023:
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EARNINGS PER SHARE |
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| EARNINGS PER SHARE | 3. EARNINGS PER SHARE The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders:
As further discussed in Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, the Company has two publicly announced share repurchase programs. The Company repurchased 1,938,324, 763,000 and 2,622,845 shares at a cost of $65.0 million, $17.4 million and $63.2 million during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively, under these programs. Under the provisions of the Inflation Reduction Act of 2022 (“Inflation Reduction Act”), a 1% excise tax is imposed on repurchases of common stock beginning on January 1, 2023. Excise taxes incurred on share repurchases are incremental costs to purchase the stock, and accordingly, are included in the total cost basis of the common stock acquired and reflected as a reduction of shareholders’ equity within retained earnings in the consolidated statements of shareholders’ equity. Excise taxes of $0.5 million are due on the Company’s share repurchases during 2024. An immaterial amount of excise taxes were due on share repurchases during 2023. |
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RESTRUCTURING AND OTHER INITIATIVES |
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| RESTRUCTURING AND OTHER INITIATIVES | |
| RESTRUCTURING AND OTHER INITIATIVES | 4. RESTRUCTURING AND OTHER INITIATIVES Restructuring Costs During 2024, the Company incurred restructuring costs of $9.9 million ($7.3 million on an after-tax basis, or $0.21 per diluted share). The costs were primarily for the exit of the Company’s domestic retail store operations for the Naturalizer brand, severance and pension settlement costs associated with the acceptance of a lump sum buyout offer by certain pension plan participants. Of the $7.2 million in charges presented in restructuring and other special charges on the consolidated statements of earnings in 2024, $6.4 million is reflected in the Brand Portfolio segment, $0.6 million is reflected in the Famous Footwear segment and $0.2 million is reflected within the Eliminations and Other category. The remaining $2.7 million of restructuring costs related to the pension settlement are presented in other (expense) income, net, and reflected in the Eliminations and Other category. As of February 1, 2025, restructuring reserves of $5.5 million were included in current liabilities on the consolidated balance sheet, with $4.0 million included in accounts payable, $1.3 million included in employee compensation and benefits and $0.2 million in other accrued expenses. Expense Reduction Initiatives During 2023, the Company incurred costs of $6.1 million ($4.5 million on an after-tax basis, or $0.13 per diluted share) associated with its expense reduction initiatives. The costs were primarily for severance and other costs to integrate the Blowfish Malibu office, showroom and information systems into the St. Louis infrastructure. Of the $6.1 million in charges presented in restructuring and other special charges on the consolidated statements of earnings for 2023, $2.6 million is reflected in the Brand Portfolio segment, $2.1 million is reflected in the Eliminations and Other category and $1.4 million is reflected in the Famous Footwear segment. As of February 3, 2024, restructuring reserves of $3.2 million were included in other accrued expenses on the consolidated balance sheet. Organizational Change During 2022, the Company incurred costs of $2.9 million ($2.7 million on an after-tax basis, or $0.07 per diluted share) related to organizational changes at the corporate headquarters. These costs were recognized as restructuring and other special charges in the consolidated statement of earnings within the Eliminations and Other category.
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| RETIREMENT AND OTHER BENEFIT PLANS | 5. RETIREMENT AND OTHER BENEFIT PLANS The Company sponsors pension plans in both the United States and Canada. Under the domestic plans, salaried, management and certain hourly employees’ pension benefits are based on a two-rate formula applied to each year of service. Participants receive the larger of the accrued benefit as of December 31, 2015 (based on service commencing at the date of hire and a 35-year service cap and an average annual salary for the highest consecutive years during the last 10-year period) and the benefit calculated under the current plan provisions from the date of hire. Generally, under the current plan provisions, a participant receives credit for one year of service for each 365 days of employment as an eligible employee with the Company commencing after the employee’s date of participation in the plan, up to . Except for grandfathered employees and certain hourly associates in the Company’s retail divisions, final average compensation, taxable covered compensation and credited service for purposes of determining accrued pension benefits were frozen as of December 31, 2018. The Company’s Canadian pension plans cover certain employees based on plan specifications. Under the Canadian plans, employees’ pension benefits are based on the employee’s highest consecutive five years of compensation during the 10 years before retirement. The Company’s funding policy for all plans is to make the minimum annual contributions required by applicable regulations. The Company also maintains an unfunded Supplemental Executive Retirement Plan (“SERP”). In addition to providing pension benefits, the Company sponsors unfunded postretirement life insurance plans that cover both salaried and hourly employees who became eligible for benefits by January 1, 1995. The life insurance plans provide coverage of up to $20,000 for qualifying retired employees. Benefit Obligations The following table sets forth changes in benefit obligations, including all domestic and Canadian plans:
The accumulated benefit obligation for the United States pension plans was $252.1 million and $277.1 million as of February 1, 2025 and February 3, 2024, respectively. The accumulated benefit obligation for the Canadian pension plans was $2.9 million and $3.2 million as of February 1, 2025 and February 3, 2024, respectively.
As of February 1, 2025 and February 3, 2024, the Company used the PRI-2012 Bottom Quartile mortality table, projected using generational scale MP-2021, a base mortality table issued by the Society of Actuaries in 2021, to estimate the plan liabilities. Plan Assets Pension assets are managed in accordance with the prudent investor standards of the Employee Retirement Income Security Act (“ERISA”). The plan’s investment objective is to earn a competitive total return on assets, while also ensuring plan assets are adequately managed to provide for future pension obligations. This results in the protection of plan surplus and is accomplished by matching the duration of the projected benefit obligation using leveraged fixed income instruments and, while maintaining an equity commitment, managing an equity overlay strategy. The overlay strategy is intended to protect the managed equity portfolios against adverse stock market environments. The Company delegates investment management of the plan assets to specialists in each asset class and regularly monitors manager performance and compliance with investment guidelines. The Company’s overall investment strategy is to achieve a mix of approximately 97% of investments for long-term growth and 3% for near-term benefit payments with a wide diversification of asset types, fund strategies and fund managers. The target allocations for plan assets for 2024 were equities of between 65% and 75% and debt securities of between 25% and 35%. Allocations may change periodically based upon changing market conditions. Corporate stocks – common, as listed in the table below, did not include any Company stock at February 1, 2025 or February 3, 2024. Assets of the Canadian pension plans, which totaled approximately $4.0 million on February 1, 2025, were invested 55% in equity funds, 42% in bond funds and 3% in money market funds. The Canadian pension plans did not include any Company stock as of February 1, 2025 or February 3, 2024. A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Refer to further discussion on the fair value hierarchy in Note 13 to the consolidated financial statements. Following is a description of the pension plan investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy.
The fair values of the Company’s pension plan assets at February 1, 2025 by asset category were as follows:
The fair values of the Company’s pension plan assets at February 3, 2024 by asset category were as follows:
The following table sets forth changes in the fair value of plan assets, including all domestic and Canadian plans:
Funded Status The over-funded status as of February 1, 2025 and February 3, 2024 for pension benefits was $64.5 million and $61.9 million, respectively. The under-funded status for other postretirement was $0.9 million as of February 1, 2025 and February 3, 2024. Amounts recognized in the consolidated balance sheets consist of:
The projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and for pension plans with an accumulated benefit obligation in excess of plan assets, which includes only the Company’s SERP, were as follows:
The accumulated postretirement benefit obligation exceeds assets for all of the Company’s other postretirement benefit plans. The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit income at February 1, 2025 and February 3, 2024 are as follows:
Net Periodic Benefit Expense (Income) Net periodic benefit expense (income) for 2024, 2023 and 2022 for all domestic and Canadian plans included the following components:
The non-service cost components of net periodic benefit expense (income) are included in other income, net in the consolidated statements of earnings. Service cost is included in selling and administrative expenses.
The net actuarial loss (gain) subject to amortization is amortized on a straight-line basis over the average future service of active plan participants as of the measurement date. The prior service credit is amortized on a straight-line basis over the average future service of active plan participants benefiting under the plan at the time of each plan amendment. The expected long-term rate of return on plan assets is based on historical and projected rates of return for current and planned asset classes in the plan’s investment portfolio. Assumed projected rates of return for each asset class were selected after analyzing experience and future expectations of the returns. The overall expected rate of return for the portfolio was developed based on the target allocation for each asset class. Expected Cash Flows Information about expected cash flows for all pension and postretirement benefit plans follows:
Defined Contribution Plans The Company’s domestic defined contribution 401(k) plan covers certain salaried employees. For eligible salaried employees, the Company makes a core contribution of 1.5% and a matching contribution of up to 50% of the first 6% of the employees’ contributions. The Company’s expense for this plan was $4.7 million in 2024, $5.0 million in 2023, and $4.6 million in 2022. In addition to the core and matching contributions, the Company has the discretion to contribute up to an additional 2% profit-sharing benefit based on the Company’s performance. The Company’s expense for the profit-sharing contribution was zero for both 2024 and 2023 and $2.6 million for 2022. Beginning in January 2024, the Company also offers a 401(k) plan to certain hourly employees, providing the option to contribute from 2% to 30% of pre-tax wages to the 401(k) plan. The hourly 401(k) plan does not offer matching contributions and therefore, the Company incurred no expense during 2024. Non-Qualified Deferred Compensation Plan The Company has a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for the benefit of certain management employees. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan and the account balance fluctuates with the investment returns on those funds. The Deferred Compensation Plan permits the deferral of up to 50% of base salary and 100% of compensation received under the Company’s annual incentive plan. The deferrals are held in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan. The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”). The liabilities of the Deferred Compensation Plan of $10.9 million and $9.5 million as of February 1, 2025 and February 3, 2024, respectively, are presented in employee compensation and benefits in the accompanying consolidated balance sheets. The assets held by the trust of $10.9 million and $9.5 million as of February 1, 2025 and February 3, 2024, respectively, are presented within prepaid expenses and other current assets in the accompanying consolidated balance sheets, with changes in the deferred compensation charged to selling and administrative expenses in the accompanying consolidated statements of earnings. Non-Qualified Restoration Deferred Compensation Plan In 2023, the Company adopted a non-qualified restoration deferred compensation plan (the “Restoration Plan”) for the benefit of certain members of executive management. The Restoration Plan provides an incremental retirement benefit to key executives whose contributions to qualified retirement plans are limited by Internal Revenue Service annual compensation maximums. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan. The initial contribution to the Restoration Plan was funded in January 2024 and will occur annually thereafter. The plan assets and liabilities will fluctuate with the returns on the investment funds. The deferrals are held in a separate trust, which has been established by the Company to administer the Restoration Plan. The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”). The liabilities of the Restoration Plan of $0.4 million and $0.3 million as of February 1, 2025 and February 3, 2024, respectively, are presented in employee compensation and benefits in the accompanying consolidated balance sheets. The assets held by the trust of $0.4 million and $0.3 million as of February 1, 2025 and February 3, 2024, respectively, are classified within prepaid and other current assets in the accompanying consolidated balance sheets. Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expense in the accompanying consolidated statement of earnings. Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan, whereby deferred compensation amounts are valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the fair value (as determined based on the average of the high and low prices) of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The PSUs are payable in cash based on the number of PSUs credited to the participating director’s account, valued on the basis of the fair value at fiscal quarter-end on or following termination of the director’s service. The liabilities of the plan of $1.2 million and $2.0 million as of February 1, 2025 and February 3, 2024, respectively, are based on 50,820 and 55,516 outstanding PSUs, respectively, and are presented in other liabilities in the accompanying consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are charged to selling and administrative expenses in the accompanying consolidated statements of earnings. |
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INCOME TAXES |
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| INCOME TAXES | 6. INCOME TAXES The components of earnings before income taxes consisted of domestic earnings before income taxes of $84.8 million, $132.5 million and $168.0 million in 2024, 2023 and 2022, respectively. The Company’s international earnings before income taxes were $50.4 million, $48.8 million and $45.0 million in 2024, 2023 and 2022, respectively. The components of income tax provision on earnings were as follows:
The differences between the income tax provision reflected in the consolidated financial statements and the amounts calculated at the federal statutory income tax rate were as follows:
Significant components of the Company’s deferred income tax assets and liabilities were as follows:
As of February 1, 2025, the Company had various federal, state and international net operating loss (“NOL”) carryforwards with tax values totaling $6.6 million. The state NOLs totaling $2.9 million have carryforward periods ranging from to 20 years. The Company has NOLs in Canada, the United Kingdom and China of $1.8 million and $1.3 million and $0.6 million, respectively. The Canada and China NOLs have a carryforward period of 17 years and 5 years, respectively, while the United Kingdom NOLs have no expiration. As of February 1, 2025, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s international subsidiaries that are not subject to United States income tax, beyond the amounts recorded for the one-time transition tax for the mandatory deemed repatriation of cumulative international earnings, as required by the Tax Cuts and Jobs Act. The Company periodically evaluates its international investment opportunities and plans, as well as its international working capital needs, to determine the level of investment required and, accordingly, determines the level of international earnings that is considered indefinitely reinvested. Based upon that evaluation, earnings of the Company’s international subsidiaries that are not otherwise subject to United States taxation are considered to be indefinitely reinvested, and accordingly, deferred taxes have not been provided. If changes occur in future investment opportunities and plans, those changes will be reflected when known and may result in providing residual United States deferred taxes on unremitted international earnings. If the Company’s unremitted international earnings were not considered indefinitely reinvested as of February 1, 2025, an immaterial amount of additional deferred taxes would have been provided. Uncertain Tax Positions ASC 740, Income Taxes, establishes a single model to address accounting for uncertain tax positions. The standard clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The standard also provides guidance on derecognition, measurement classification, interest and penalties, accounting in interim periods, disclosure and transition. As of February 1, 2025 and February 3, 2024, the Company had no unrecognized tax benefits. For federal purposes, the Company’s tax filings for fiscal years 2019 to 2023 remain open to examination but are not currently being examined. The Company also files tax returns in various international jurisdictions and numerous states for which various tax years are subject to examination and currently involved in audits. While the Company is involved in examinations in certain jurisdictions, it does not expect any significant changes in its liability for uncertain tax positions during the next 12 months. |
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BUSINESS SEGMENT INFORMATION |
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| BUSINESS SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | 7. BUSINESS SEGMENT INFORMATION The Company’s reportable segments are Famous Footwear and Brand Portfolio. The Famous Footwear segment is comprised of Famous Footwear, famousfootwear.com and famousfootwear.ca. Famous Footwear operated 846 stores at the end of 2024, selling primarily branded footwear for the entire family. The Brand Portfolio segment is comprised of wholesale operations selling the Company’s branded footwear, and the retail stores and e-commerce sites associated with those brands. This segment sources, manufactures and markets branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers and mass merchandisers as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer and Allen Edmonds stores and e-commerce businesses. The Brand Portfolio segment included 60 branded retail stores in the United States and 54 branded retail stores in East Asia at the end of 2024. The accounting policies of the reportable segments are the same as those described in Note 1 to the consolidated financial statements. The Company’s Famous Footwear and Brand Portfolio reportable segments are operating units that are managed separately. These reportable segments reflect the level at which the chief operating decision maker (CODM), the Company’s President and Chief Executive Officer, evaluates financial performance and allocates resources. The CODM uses segment operating earnings (loss), which represents gross profit, less selling and administrative expenses and restructuring and other special charges, net, to allocate resources. Intersegment sales are generally recorded at a profit, and intersegment earnings related to inventory on hand at the purchasing segment are eliminated against the earnings. Corporate assets, administrative expenses and other costs and recoveries that are not allocated to the operating units, as well as the elimination of intersegment sales and profit, are reported in the Eliminations and Other category. Following is a summary of certain key financial measures for the respective periods:
Products purchased for the Famous Footwear segment from three key third-party suppliers (Nike, Skechers and adidas) represented approximately 24% of consolidated net sales for 2024, 2023, and 2022. Following is a reconciliation of operating earnings to earnings before income taxes:
For geographic purposes, the domestic operations include the Company’s domestic retail operations, the wholesale distribution of licensed, branded and private-label footwear to a variety of retail customers, including the Famous Footwear and Brand Portfolio stores, as well as the Company’s e-commerce businesses. The Company’s international operations consist of wholesale and retail operations primarily in East Asia, Canada and Europe. The East Asia operations primarily include first-cost transactions, where footwear is sold at international ports to customers who then import the footwear into the United States and other countries. A summary of the Company’s net sales and long-lived assets, including lease right-of-use assets and property and equipment, by geographic area were as follows:
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INVENTORIES |
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| INVENTORIES | 8. INVENTORIES The Company’s net inventory balance was comprised of the following:
As of February 1, 2025 and February 3, 2024, the Company’s inventory balance included $0.2 million and $0.4 million, respectively, of finished goods product subject to consignment arrangements with wholesale customers. |
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PROPERTY AND EQUIPMENT |
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| PROPERTY AND EQUIPMENT | 9. PROPERTY AND EQUIPMENT Property and equipment consisted of the following:
Useful lives of property and equipment are as follows:
After allowing for an appropriate start-up period, property and equipment at stores and any lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method. The Company recorded charges for impairment of $1.9 million, $0.7 million and $1.8 million in 2024, 2023 and 2022, respectively, primarily for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores and capitalized software, which are presented in selling and administrative expenses. Fair value was based on estimated future cash flows to be generated by retail stores, discounted at a market rate of interest. Refer to Note 12 and Note 13 to the consolidated financial statements for further discussion of these impairment charges. Property and Equipment, Held for Sale During 2024, the Company continued to actively market for sale its nine-acre corporate headquarters campus (the “Campus”) located in Clayton, Missouri. In January 2025, the Company entered into an agreement to sell the main portion of the Campus, subject to certain closing conditions. In February 2025, the Company entered into two letters of intent to sell the remaining portions of the Campus. The Company expects each of the components of the Campus to qualify as a completed sale within the next year. Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale category on the consolidated balance sheet as of February 1, 2025 within the Eliminations and Other category. The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of February 1, 2025. |
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GOODWILL AND INTANGIBLE ASSETS |
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| GOODWILL AND INTANGIBLE ASSETS | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets were as follows:
The Company’s intangible assets as of February 1, 2025 and February 3, 2024 were as follows:
Amortization expense related to intangible assets was $11.0 million in 2024 and $12.1 million in both 2023 and 2022. The Company estimates $11.0 million of amortization expense related to intangible assets in 2025 and , $10.9 million in 2027 and $10.7 million in 2028. Goodwill is tested for impairment at least annually, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test. During 2024 and 2023, the goodwill impairment testing was performed as of the first day of the fourth fiscal quarter, which resulted in no impairment charges. Indefinite-lived intangible assets are tested for impairment as of the first day of the fourth quarter of each fiscal year unless events or circumstances indicate an interim test is required. The Company did not record any impairment charges for intangible assets during 2024 or 2023. |
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FINANCING ARRANGEMENTS |
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| FINANCING ARRANGEMENTS | |
| FINANCING ARRANGEMENTS | 11. FINANCING ARRANGEMENTS Credit Agreement The Company maintains a revolving credit facility for working capital needs. The Company is the lead borrower, and certain wholly-owned subsidiaries, including Sidney Rich Associates, Inc., BG Retail, LLC, Allen Edmonds LLC, Vionic Group LLC, Vionic International LLC and Blowfish, LLC are each co-borrowers and guarantors. On October 5, 2021, the Company entered into a Fifth Amendment to Fourth Amended and Restated Credit Agreement (as so amended, the "Credit Agreement") which, among other modifications, decreased the amount available under the revolving credit facility by $100.0 million to an aggregate amount of up to $500.0 million, subject to borrowing base restrictions, and may be increased by up to $250.0 million. The Credit Agreement also decreased the spread applied to the London Interbank Offered Rate (“LIBOR”) or prime rate by a total of 75 basis points. On April 27, 2023, the Company entered into a Sixth Amendment to Fourth Amended and Restated Credit agreement to transition the borrowings on the revolving credit facility from bearing interest based on LIBOR to a team secured overnight financing rate (“SOFR”). Borrowing availability under the Credit Agreement is limited to the lesser of the total commitments and the borrowing base ("Loan Cap"), which is based on stated percentages of the sum of eligible accounts receivable, eligible inventory and eligible credit card receivables, as defined, less applicable reserves. Under the Credit Agreement, the Loan Parties’ obligations are secured by a first-priority security interest in all accounts receivable, inventory and certain other collateral. Interest on borrowings is at variable rates based on SOFR or the prime rate (as defined in the Credit Agreement), plus a spread. The interest rate and fees for letters of credit vary based upon the level of excess availability under the Credit Agreement. There is a fee payable on the unused portion under the facility and a letter of credit fee payable on the outstanding face amount under letters of credit. The Credit Agreement limits the Company’s ability to create, incur, assume or permit to exist additional indebtedness and liens, make investments or specified payments, give guarantees, pay dividends, make capital expenditures and merge or acquire or sell assets. In addition, if excess availability falls below the greater of 10.0% of the Loan Cap and $40.0 million for three consecutive business days, and the fixed charge coverage ratio is less than 1.25 to 1.0, the Company would be in default under the Credit Agreement and certain additional covenants would be triggered. The Credit Agreement contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to similar obligations, certain events of bankruptcy and insolvency, judgment defaults and the failure of any guaranty or security document supporting the agreement to be in full force and effect. If an event of default occurs, the collateral agent may assume dominion and control over the Company’s cash (a “cash dominion event”) until such event of default is cured or waived or the excess availability exceeds an amount as defined in the Credit Agreement for 30 consecutive days, provided that a cash dominion event shall be deemed continuing (even if an event of default is no longer continuing and/or excess availability exceeds the required amount for 30 consecutive business days) after a cash dominion event has occurred and been discontinued on two occasions in any 12-month period. The Credit Agreement also contains certain other covenants and restrictions. The Company was in compliance with all covenants and restrictions under the Credit Agreement as of February 1, 2025. The maximum amount of borrowings under the Credit Agreement at the end of any month was $261.5 million and $366.5 million in 2024 and 2023, respectively. As of February 1, 2025, the Company had $219.5 million of borrowings outstanding and $8.2 million in letters of credit outstanding under the Credit Agreement, with total additional borrowing availability of $272.3 million. Average daily borrowings were $201.5 million and $267.9 million in 2024 and 2023, respectively, and the weighted-average interest rates approximated 6.2% and 6.7% for the respective periods.
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LEASES |
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| LEASES | 12. LEASES The Company leases all of its retail locations, a manufacturing facility, and certain office locations, distribution centers and equipment. At contract inception, leases are evaluated and classified as either operating or finance leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The majority of the Company’s leases do not provide an implicit rate and therefore, the Company uses an incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. For operating leases, lease expense for the minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred. The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable. After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method. The fair value of the lease right-of-use assets and property and equipment is determined utilizing projected cash flows for each store location, discounted using a risk-adjusted discount rate, subject to a market floor based on current market lease rates. Refer to Note 13 to the consolidated financial statements for further discussion of impairment charges on the Company’s operating lease right-of-use assets and property and equipment in its retail stores. The weighted-average lease term and discount rate as of February 1, 2025 and February 3, 2024 were as follows:
During 2024, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $182.1 million on the consolidated balance sheets. As of February 1, 2025, the Company has entered into lease commitments for six retail locations for which the leases have not yet commenced. The Company anticipates that the leases for four of the new retail locations will begin in the next fiscal year and two will begin in fiscal year 2026. Upon commencement, and of approximately $4.1 million and $3.2 million will be recorded on the consolidated balance sheets in 2025 and 2026, respectively. The components of lease expense for 2024, 2023 and 2022 were as follows:
The aggregate future annual lease payments at February 1, 2025 were as follows:
Supplemental cash flow information related to leases is as follows:
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| FAIR VALUE MEASUREMENTS | 13. FAIR VALUE MEASUREMENTS Fair Value Hierarchy Fair value measurement disclosure requirements specify a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”). In accordance with the fair value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows:
In determining fair value, the Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value. Classification of the financial or non-financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Measurement of Fair Value The Company measures fair value as an exit price, the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date, using the procedures described below for all financial and non-financial assets and liabilities measured at fair value. Non-Qualified Deferred Compensation Plan Assets and Liabilities As discussed in Note 5 to the consolidated financial statements, the Company maintains the Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan, and the account balance fluctuates with the investment returns on those funds. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Non-Qualified Restoration Plan Assets and Liabilities As discussed in Note 5 to the consolidated financial statements, in 2023, the Company adopted the Restoration Plan for the benefit of certain members of executive management. The Restoration Plan provides an incremental retirement benefit to key executives whose contributions to qualified retirement plans are limited by Internal Revenue Service annual compensation maximums. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan. The fair value is based on unadjusted quote market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan for Non-Employee Directors As discussed in Note 5 to the consolidated financial statements, non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of PSUs. Under the plan, each participating director’s account is credited with the number of PSUs equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the accompanying consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s consolidated statements of earnings. The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company were previously granted at no cost to non-employee directors. These cash-equivalent RSUs are subject to a vesting requirement (usually ), earn dividend-equivalent units and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. The fair value of each cash-equivalent RSU payable is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to RSUs for non-employee directors is disclosed in Note 15 to the consolidated financial statements. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at February 1, 2025 and February 3, 2024. During 2024, 2023 or 2022, the Company did not have any transfers between into or out of Level 3.
Impairment Charges The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important that could trigger an impairment review include underperformance relative to expected historical or projected future operating results, a significant change in the manner of the use of the asset or a negative industry or economic trend. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the aforementioned factors, impairment is measured based on a projected discounted cash flow method. Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC 820, Fair Value Measurement. Long-lived assets held and used with a carrying amount of $626.2 million, $579.1 million and $562.2 million in 2024, 2023 and 2022, respectively, were assessed for indicators of impairment. This assessment resulted in the impairment charges presented in the table below, primarily for operating lease right-of-use assets, leasehold improvements, and furniture and fixtures in the Company’s retail stores, as well as capitalized software.
The Company performed its annual impairment review of intangible assets, which involves estimating the fair value using significant unobservable inputs (Level 3). The intangible asset impairment reviews performed in 2024, 2023 and 2022 resulted in no impairment charges. During 2024 and 2022, the Company performed qualitative assessments of goodwill as of the first day of the fourth fiscal quarter and during 2023 Company performed a quantitative assessment of goodwill. The reviews indicated no impairment. Refer to Note 1 and Note 10 to the consolidated financial statements for additional information related to the goodwill impairment tests. Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents, receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The fair values of the borrowings under revolving credit agreement of $219.5 million and $182.0 million as of February 1, 2025 and February 3, 2024, respectively, approximate the carrying values due to the short-term nature of the borrowings. (Level 1). |
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SHAREHOLDERS' EQUITY |
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| SHAREHOLDERS' EQUITY | 14. SHAREHOLDERS’ EQUITY Company Stock The Company’s common stock, which has a $0.01 par value per share, is listed for trading under the ticker symbol “CAL” on the New York Stock Exchange. Holders of the common shares are entitled to one vote per share. The Company is also authorized to issue preferred shares with a $1.00 par value per share. The following table provides additional information regarding the Company’s common and preferred stock:
Stock Repurchase Programs On September 2, 2019 and March 10, 2022, the Board of Directors approved stock repurchase programs (“2019 Program" and "2022 Program", respectively) authorizing the repurchase of the Company’s outstanding common stock of up to 5.0 million shares in the 2019 Program and 7.0 million shares in the 2022 Program. The Company can use the repurchase programs to repurchase shares on the open market or in private transactions from time to time, depending on market conditions. The repurchase programs do not have an expiration date. Repurchases of common stock are limited under the Company’s debt agreements. During 2024, 2023 and 2022, the Company repurchased 1,938,324 shares, 763,000 shares and 2,622,845 shares, respectively, under the share repurchase programs. In total, 5.0 million shares have been repurchased under the 2019 Program and there are no additional shares authorized to be repurchased. There are 3,666,055 additional shares authorized to be repurchased under the 2022 Program as of February 1, 2025. Repurchases Related to Employee Share-based Awards During 2024, 2023 and 2022, employees tendered 249,678, 449,285 and 246,688 shares, respectively, related to certain share-based awards. These shares were tendered to satisfy tax withholding amounts for restricted stock, stock performance awards and non-qualified stock options. Accordingly, these share repurchases are not considered a part of the Company’s publicly announced stock repurchase programs. Accumulated Other Comprehensive Loss The following table sets forth the changes in accumulated other comprehensive loss, net of tax, by component for 2024, 2023 and 2022:
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SHARE-BASED COMPENSATION |
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| SHARE-BASED COMPENSATION | 15. SHARE-BASED COMPENSATION The Company has share-based incentive compensation plans under which certain officers, employees and members of the Board of Directors are participants and may be granted restricted stock, stock performance awards, restricted stock units and stock options. ASC 718, Compensation – Stock Compensation, and ASC 505, Equity, require companies to recognize compensation expense in an amount equal to the fair value of all share-based payments granted to employees over the requisite service period for each award. In certain limited circumstances, the Company’s incentive compensation plan provides for accelerated vesting of the awards, such as in the event of a change in control, qualified retirement, death or disability. The Company has a policy of issuing treasury shares in satisfaction of share-based awards. Share-based compensation expense of $15.1 million, $14.8 million and $17.3 million was recognized in 2024, 2023 and 2022, respectively, as a component of selling and administrative expenses. The following table details the share-based compensation expense by plan for 2024, 2023 and 2022:
The Company issued 80,069, 537,267 and 703,452 shares of common stock in 2024, 2023 and 2022, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement. The Company recognized excess tax benefits of $2.6 million, $3.1 million and $0.6 million in 2024, 2023, and 2022, respectively, related to restricted stock vestings and dividends and performance share award vestings. The excess tax benefit or provision for the respective periods were recorded in income tax provision on the Company’s consolidated statements of earnings. Restricted Stock Under the Company’s incentive compensation plans, restricted stock of the Company may be granted at no cost to certain officers, key employees and directors. Plan participants are entitled to cash dividends and voting rights for their respective shares. The restricted stock awards limit the sale or transfer of these shares during the requisite service period. Expense for restricted stock grants is recognized on a straight-line basis separately for each vesting portion of the stock award based upon the fair value of the award on the date of grant. The fair value of the restricted stock grants is the quoted market price for the Company’s common stock on the date of grant. The following table summarizes restricted stock activity for 2024, 2023 and 2022:
Of the 346,686 restricted shares granted during 2024, 13,692 shares have a cliff-vesting term of one year and 332,994 shares have a graded-vesting term of three years, with 50% vesting after two years and 50% after three years. Of the 603,121 restricted shares granted during 2023, 23,268 shares have a cliff-vesting term of one year, 7,000 shares have a graded vesting term of three years, with 50% vesting after eighteen months and 50% after three years, 5,800 shares have a graded-vesting term of two years and 567,053 shares have a graded-vesting term of three years, with 50% vesting after two years and 50% after three years. Of the 848,678 restricted shares granted during 2022, 10,470 shares have a cliff- vesting term of one year, 63,614 shares have a cliff-vesting term of two years and 774,594 shares have a graded-vesting term of three years, with 50% vesting after two years and 50% after three years. The total grant date fair value of restricted stock awards vested during the years ended February 1, 2025, February 3, 2024 and January 28, 2023 was $13.0 million, $7.0 million and $6.8 million, respectively. The total fair value of restricted stock awards that vested during the years ended February 1, 2025, February 3, 2024 and January 28, 2023 was $23.1 million, $12.2 million and $11.5 million, respectively. As of February 1, 2025, the total remaining unrecognized compensation cost related to nonvested restricted stock grants was $11.5 million, which will be amortized over the weighted-average remaining requisite service period of approximately 1.5 years. Performance Share Awards Under the Company’s incentive compensation plans, common stock or cash may be awarded at the end of the performance period at no cost to certain officers and key employees if certain financial goals are met. Under the plan, employees are granted performance share awards at a target number of shares or units, which generally vest over a three-year service period. At the end of the vesting period, the employee will have earned an amount of shares between 0% and 200% of the targeted award, depending on the attainment of certain financial goals for the service period and individual achievement of strategic initiatives over the cumulative period of the award. If the awards are granted in units, the employee will be given an amount of cash ranging from 0% to 200% of the equivalent market value of the targeted award. Expense for performance share awards is recognized based upon the fair value of the awards on the date of grant and the number of shares or cash that are probable to be awarded on a straight-line basis for each performance period of the share award. During 2024, the Company granted performance share awards for a targeted 165,854 shares, with a weighted-average grant date fair value of $41.05 in connection with the 2024 performance award (2024 – 2026 performance period). During 2023, the Company granted performance share awards for a targeted 276,434 shares, with a weighted-average grant date fair value of $23.12 in connection with the 2023 performance award (2023 – 2025 performance period). The 2024 and 2023 performance awards are payable in common stock for up to 100% of the targeted award and the remainder in cash if any portion exceeds the targeted award. Compensation expense is recognized based on the fair value of the award and the number of shares or units that are probable to be awarded for each tranche in accordance with the vesting schedule of the units over the three-year service period. In connection with a senior management transition during 2022, the Company approved the accelerated vesting of 30,000 performance-based share awards, representing the maximum payout of two of the four award tranches from the 2020 performance award. The performance conditions had been satisfied for the two award tranches based on the achievement of financial goals for the 2020 and 2021 fiscal periods. The modification to accelerate vesting eliminated the remaining service requirement. These awards had a weighted-average grant date fair value of $13.05 per share, but were revalued using a fair value on the date of modification of $24.31 per share. The modification of these awards resulted in incremental compensation expense of $0.4 million, which is presented in restructuring and other special charges on the consolidated statements of earnings for 2022. The following table summarizes performance share award activity for 2024, 2023 and 2022:
The total fair value of performance share awards that vested during the years ended February 1, 2025, February 3, 2024 and January 28, 2023 was zero, $13.8 million and $2.1 million, respectively. As of February 1, 2025, the remaining unrecognized compensation cost related to nonvested performance share awards for the 2024 performance award was $2.1 million, which will be recognized over the remaining service period of 1.6 years. During 2022, the Company granted long-term incentive awards payable in cash for the 2022-2024 performance period, with a target value of $8.3 million and a maximum value of $16.6 million. During 2021, the Company granted long-term incentive awards payable in cash for the 2021-2023 performance period, with a target value of $7.3 million and a maximum value of $14.6 million. These awards, which vested after a three-year period, were dependent upon the attainment of certain financial goals of the Company for each of the three years and individual achievement of strategic initiatives over the cumulative period of the award. The estimated value of these awards, which is reflected within other accrued expenses on the consolidated balance sheets, was being accrued over the three-year performance period. Restricted Stock Units for Non-Employee Directors Equity-based grants may be made to non-employee directors in the form of restricted stock units (“RSUs”) payable in cash or common stock at no cost to the non-employee director. The RSUs are subject to a vesting requirement (usually one year), earn dividend equivalent units and are payable in cash or common stock on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. Dividend equivalents are paid on outstanding RSUs at the same rate as dividends on the Company’s common stock, are automatically re-invested in additional RSUs and vest immediately as of the payment date for the dividend. Expense related to the initial grant of RSUs is recognized ratably over the vesting period based upon the fair value of the RSUs. The RSUs payable in cash are remeasured at the end of each period. Expense for the dividend equivalents is recognized at fair value immediately. Gains and losses resulting from changes in the fair value of the RSUs payable in cash subsequent to the vesting period and through the settlement date are recognized in the Company’s consolidated statements of earnings. Refer to Note 5 and Note 13 to the consolidated financial statements for information regarding the deferred compensation plan for non-employee directors. The following table summarizes restricted stock unit activity for the year ended February 1, 2025:
The following table summarizes RSUs granted, vested and settled during 2024, 2023 and 2022:
The following table details the RSU compensation (income) expense and the related income tax provision (benefit) for 2024, 2023 and 2022:
The aggregate fair value of RSUs outstanding and currently vested at February 1, 2025 is $8.9 million and $8.3 million, respectively. The liabilities associated with the accrued RSUs totaled $1.1 million and $2.6 million as of February 1, 2025 and February 3, 2024, respectively. |
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COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
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Feb. 01, 2025 | |
| COMMITMENTS AND CONTINGENCIES | |
| COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Environmental Remediation Prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws for the remediation of conditions that may be identified in the future. The Company is involved in environmental remediation and ongoing compliance activities at several sites and has been notified that it is or may be a potentially responsible party at several other sites. Redfield The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility in Colorado (the “Redfield site” or, when referring to remediation activities at or under the facility, the “on-site remediation”) and residential neighborhoods adjacent to and near the property (the “off-site remediation”) that have been affected by solvents previously used at the facility. The on-site remediation calls for the operation of a pump and treat system (which prevents migration of contaminated groundwater off the property) as the final remedy for the site, subject to monitoring and periodic review of the on-site conditions and other remedial technologies that may be developed in the future. In 2016, the Company submitted a revised plan to address on-site conditions, including direct treatment of source areas, and received approval from the oversight authorities to begin implementing the revised plan. The Company received permission from the oversight authorities to convert the pump and treat system to a passive treatment barrier system and completed the conversion during 2023. Off-site groundwater concentrations have been reducing over time since installation of the pump and treat system in 2000 and injection of clean water beginning in 2003. However, localized areas of contaminated bedrock just beyond the property line continue to impact off-site groundwater. The modified workplan for addressing this condition includes converting the off-site bioremediation system into a monitoring well network and employing different remediation methods in these recalcitrant areas. In accordance with the workplan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner. The results of groundwater monitoring are being used to evaluate the effectiveness of these activities. The Company continues to implement the expanded remedy workplan that was approved by the oversight authorities in 2015 and to work with the oversight authorities on the off-site work plan. The cumulative expenditures for both on-site and off-site remediation through February 1, 2025 were $34.7 million. The Company has recovered a portion of these expenditures from insurers and other third parties. The reserve for the anticipated future remediation activities at February 1, 2025 is $9.3 million, of which $8.4 million is recorded within other liabilities and $0.9 million is recorded within other accrued expenses. Of the total $9.3 million reserve, $4.9 million is for off-site remediation and $4.4 million is for on-site remediation. The liability for the on-site remediation was discounted at 4.8%. On an undiscounted basis, the on-site remediation liability would be $12.2 million as of February 1, 2025. The Company expects to spend approximately $0.2 million in the , $0.1 million in of the following and $11.6 million in the aggregate thereafter related to the on-site remediation. Other Various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. However, the Company does not currently believe that its liability for such sites, if any, would be material. The Company continues to evaluate its estimated costs in conjunction with its environmental consultants and records its best estimate of such liabilities. However, future actions and the associated costs are subject to oversight and approval of various governmental authorities. Accordingly, the ultimate costs may vary, and it is possible costs may exceed the recorded amounts. Litigation The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not expected to have a material adverse effect on the Company’s results of operations or financial position. Legal costs associated with litigation are generally expensed as incurred. |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS |
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| SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
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Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 107,255 | $ 171,391 | $ 181,742 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Feb. 01, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Cybersecurity Risk Management and Strategy Disclosure |
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Feb. 01, 2025 | |||||||||||||||||||
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |||||||||||||||||||
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Management and Strategy We are committed to protecting our customer and employee data. We employ a defense-in-depth cybersecurity strategy leveraging industry frameworks that feature a prioritized set of robust controls that encompass people, processes and technologies. Our Chief Information Officer (“CIO”) is responsible for the execution of our cybersecurity strategy. Our CIO has over 25 years of retail industry experience developing and implementing information technology strategies and leading cybersecurity programs. The CIO is supported by a team of highly qualified professionals, many of which hold cybersecurity certifications. The Company’s cybersecurity policies, standards and processes are integrated into the Company’s overall risk management program, and cybersecurity risks are regularly evaluated in the context of material risks to the Company. We regularly engage with outside experts to assess the maturity of our organizational security program and to inform our short- and long-term cybersecurity strategy. We maintain a comprehensive cybersecurity program designed to protect the confidentiality, integrity, and availability of our data, systems, and networks. Our security framework is based on a defense-in-depth strategy, employing multiple layers of security controls to mitigate risks associated with cyber threats. Key components of the Information Security Program include:
We leverage our information sharing relationship with the Federal Bureau of Investigation, Cybersecurity and Infrastructure Agency and local law enforcement, as well as additional threat intelligence information, to continuously assess and enhance our cybersecurity posture to address emerging threats and minimize potential impacts on our operations, customers and stakeholders. |
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| Cybersecurity Risk Management Processes Integrated [Flag] | true | ||||||||||||||||||
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company’s cybersecurity policies, standards and processes are integrated into the Company’s overall risk management program, and cybersecurity risks are regularly evaluated in the context of material risks to the Company. We regularly engage with outside experts to assess the maturity of our organizational security program and to inform our short- and long-term cybersecurity strategy. We maintain a comprehensive cybersecurity program designed to protect the confidentiality, integrity, and availability of our data, systems, and networks. Our security framework is based on a defense-in-depth strategy, employing multiple layers of security controls to mitigate risks associated with cyber threats. Key components of the Information Security Program include:
We leverage our information sharing relationship with the Federal Bureau of Investigation, Cybersecurity and Infrastructure Agency and local law enforcement, as well as additional threat intelligence information, to continuously assess and enhance our cybersecurity posture to address emerging threats and minimize potential impacts on our operations, customers and stakeholders. |
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true | ||||||||||||||||||
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true | ||||||||||||||||||
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false | ||||||||||||||||||
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Audit Committee of our Board of Directors is responsible for oversight of our cybersecurity program. In addition, the Technology and Digital Commerce Committee, which was established in 2022, assists the Board of Directors with its oversight responsibilities regarding the role of technology, data, digital commerce and the Company’s ability to understand and connect with its consumers in executing the Company’s strategies, business plans and operational requirements. On a quarterly basis, our CIO updates the Audit Committee on the Company’s cybersecurity program, including, among other items, actual events or incidents, results of vulnerability assessments and penetration testing. |
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee | ||||||||||||||||||
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee of our Board of Directors is responsible for oversight of our cybersecurity program. In addition, the Technology and Digital Commerce Committee, which was established in 2022, assists the Board of Directors with its oversight responsibilities regarding the role of technology, data, digital commerce and the Company’s ability to understand and connect with its consumers in executing the Company’s strategies, business plans and operational requirements. On a quarterly basis, our CIO updates the Audit Committee on the Company’s cybersecurity program, including, among other items, actual events or incidents, results of vulnerability assessments and penetration testing. |
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| Cybersecurity Risk Role of Management [Text Block] | The Audit Committee of our Board of Directors is responsible for oversight of our cybersecurity program. In addition, the Technology and Digital Commerce Committee, which was established in 2022, assists the Board of Directors with its oversight responsibilities regarding the role of technology, data, digital commerce and the Company’s ability to understand and connect with its consumers in executing the Company’s strategies, business plans and operational requirements. | ||||||||||||||||||
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true | ||||||||||||||||||
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Chief Information Officer | ||||||||||||||||||
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CIO has over 25 years of retail industry experience developing and implementing information technology strategies and leading cybersecurity programs. The CIO is supported by a team of highly qualified professionals, many of which hold cybersecurity certifications. | ||||||||||||||||||
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | On a quarterly basis, our CIO updates the Audit Committee on the Company’s cybersecurity program, including, among other items, actual events or incidents, results of vulnerability assessments and penetration testing. |
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||||||||
| Organization | Organization Caleres, Inc., originally founded as Brown Shoe Company in 1878 and incorporated in 1913, is a global footwear company. The Company’s shares are traded under the “CAL” symbol on the New York Stock Exchange. The Company provides a broad offering of branded, licensed and private-label athletic, casual and dress footwear products to women, men and children. The footwear is sold at a variety of price points through multiple distribution channels both domestically and internationally. As of February 1, 2025, the Company operated 960 retail shoe stores in the United States, Canada, East Asia and Guam under the Famous Footwear, Sam Edelman, Naturalizer and Allen Edmonds names. In addition, through its Brand Portfolio segment, the Company designs, sources, manufactures and markets footwear to retail stores domestically and internationally, including online retailers, national chains, department stores, independent retailers and mass merchandisers. Refer to Note 2 to the consolidated financial statements for additional information regarding the Company’s revenue by category and Note 7 for discussion of the Company’s business segments. The Company’s business is seasonal in nature due to consumer spending patterns with higher back-to-school and holiday season sales. Although the third fiscal quarter has historically accounted for a substantial portion of the Company’s earnings for the year, the Company has experienced more equal distribution among the quarters in recent years. |
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| Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions. |
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| Accounting Period | Accounting Period The Company’s fiscal year is the 52- or 53-week period ending the Saturday nearest to January 31. Fiscal years 2024 and 2022, both of which included 52 weeks, ended on February 1, 2025 and January 28, 2023, respectively. Fiscal year 2023 included a 53-week period ending February 3, 2024. |
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions. These receivables typically settle in five days or less. Amounts due from the financial institutions for these transactions totaled $8.4 million and $9.3 million as of February 1, 2025 and February 3, 2024, respectively. The Company had an immaterial amount of restricted cash as of February 1, 2025 and February 3, 2024. |
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| Receivables | Receivables In accordance with Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses, the Company estimates and records an expected lifetime credit loss on accounts receivable by utilizing credit ratings and other customer-related information, as well as historical loss experience. The allowance for expected credit losses is adjusted for current conditions and reasonable and supportable forecasts. The Company recorded adjustments to the provision for expected credit losses of million and $0.3 million in 2024 in 2022, respectively, and recorded a provision for expected credit losses of $1.0 million in 2023. Customer allowances represent reserves against the Company’s wholesale customers’ accounts receivable for margin assistance, product returns, customer deductions and co-op advertising allowances. The Company estimates the reserves needed for margin assistance by reviewing inventory levels on the retail floors, sell-through rates, historical dilution, current gross margin levels and other performance indicators of the Company’s major retail customers. Product returns and customer deductions are estimated using historical experience and anticipated future trends. Co-op advertising allowances are estimated based on customer agreements. The Company recognized provisions for customer allowances of $25.0 million, $28.5 million and $27.6 million in 2024, 2023 and 2022, respectively. Customer discounts represent reserves against the Company’s accounts receivable for discounts that wholesale customers may take based on meeting certain order, payment or return guidelines. The Company estimates the reserves needed for customer discounts based upon customer net sales and terms of the respective agreements. The Company recognized provisions for customer discounts of $11.5 million, $9.9 million and $11.4 million in 2024, 2023 and 2022, respectively. |
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| Inventories | Inventories The Company values inventories at the lower of cost or market for approximately 84% of consolidated inventories, which represents divisions using the last-in, first-out (“LIFO”) method. For the remaining portion, the Company’s inventories are valued at the lower of cost or net realizable value. For inventory valued at LIFO, the Company regularly reviews the inventory for excess, obsolete or impaired inventory, and writes it down to the lower of cost or market. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. If the first-in, first-out (“FIFO”) method had been used, consolidated inventories would have been $10.9 million and $10.3 million higher at February 1, 2025 and February 3, 2024, respectively. In 2024 and 2023, the Company recorded LIFO provisions of $0.6 million and $4.0 million, respectively, on certain inventories as a result of product cost inflation. Refer to Note 8 to the consolidated financial statements for additional information related to inventories. The Company applies judgment in determining the market value of inventory, which requires an estimate of net realizable value, including current and expected selling prices, costs to sell and normal gross profit rates. The method used to determine market value varies by business division, based on the unique operating models. At the Famous Footwear segment and certain operations within the Brand Portfolio segment, market value is determined based on net realizable value less an estimate of expected costs to be incurred to sell the product. Accordingly, the Company records markdowns when it becomes evident that inventory items will be sold at prices below cost. As a result, gross profit rates at the Famous Footwear segment and, to a lesser extent, the Brand Portfolio segment are lower than the initial markup during periods when permanent price reductions are taken to clear product. For the majority of the Brand Portfolio segment, the Company determines market value based upon the net realizable value of inventory less a normal gross profit rate. The Company believes these policies reflect the difference in operating models between the Famous Footwear and Brand Portfolio segments. Famous Footwear periodically runs promotional events to drive sales to clear seasonal inventories. The Brand Portfolio segment generally relies on permanent price reductions to clear slower-moving inventory. The determination of markdown reserves for the Brand Portfolio segment requires significant assumptions, estimates and judgments by management, and is subject to inherent uncertainties and subjectivity. In determining markdown reserves, management considers recent and forecasted sales prices, historical gross profit rates, the length of time the product is held in inventory and quantities of various product styles contained in inventory, as well as demand, among other factors. The ultimate amount realized from the sale of certain products could differ from management estimates. Markdown reserves were $17.7 million and $20.9 million as of February 1, 2025 and February 3, 2024, respectively. The costs of inventory, inbound freight and duties, markdowns, shrinkage and royalty expense are classified in cost of goods sold. Costs of warehousing and distribution are classified in selling and administrative expenses and are expensed as incurred. Such warehousing and distribution costs totaled $114.3 million, $117.0 million and $121.0 million in 2024, 2023 and 2022, respectively. Costs of overseas sourcing offices and other inventory procurement costs are reflected in selling and administrative expenses and are expensed as incurred. Such sourcing and procurement costs totaled $21.5 million, $22.0 million and $21.4 million in 2024, 2023 and 2022, respectively. The Company performs physical inventory counts or cycle counts on all merchandise inventory on hand throughout the year and adjusts the recorded balance to reflect the results. The Company records estimated shrinkage between physical inventory counts based on historical results. |
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| Computer Software Costs | Computer Software Costs The Company capitalizes certain costs in other assets, including internal payroll costs incurred in connection with the development or acquisition of software for internal use. Other assets on the consolidated balance sheets include $13.6 million and $16.3 million of computer software costs as of February 1, 2025 and February 3, 2024, respectively, which are net of accumulated amortization of $76.8 million and $88.1 million as of the end of the respective periods. In addition, other assets on the consolidated balance sheets include $24.8 million and $16.4 million for cloud computing arrangements (software-as-a-service contracts) and related implementation costs as of February 1, 2025 and February 3, 2024, respectively, which are net of accumulated amortization of $9.4 million and $6.7 million as of the end of the respective periods. These balances include capitalized costs associated with the Company’s implementation of its cloud-based ERP in 2024. |
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| Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation of property and equipment is provided over the estimated useful lives of the assets or the remaining lease terms, where applicable, using the straight-line method. |
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| Interest Expense | Interest Expense Interest Expense Interest expense generally includes interest for borrowings under the Company’s revolving credit agreement, fees paid for the unused portion of the line of credit, and amortization of the deferred debt issuance costs. Capitalized Interest Interest costs for major asset additions are capitalized during the construction or development period and amortized over the lives of the related assets. The Company capitalized interest of $0.4 and $0.3 million in 2024 and 2023, respectively, related to the implementation of its cloud-based ERP. |
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| Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. In accordance with ASC 350, Intangibles-Goodwill and Other, the Company is permitted, but not required, to qualitatively assess indicators of a reporting unit’s fair value when it is unlikely that a reporting unit is impaired. If a quantitative test is deemed necessary, a discounted cash flow analysis is prepared to estimate fair value. A fair value-based test is applied at the reporting unit level, which is generally at or one level below the operating segment level. The test compares the fair value of the Company’s reporting units to the carrying value of those reporting units. This test requires significant assumptions, estimates and judgments by management, and is subject to inherent uncertainties and subjectivity. The Company performs its goodwill impairment assessment and impairment tests on its indefinite-lived intangible assets as of the first day of the fourth quarter of each fiscal year unless events indicate an interim test is required. Definite-lived intangible assets are amortized over their useful lives and are reviewed for impairment if and when impairment indicators are present. Refer to Note 10 to the consolidated financial statements for further discussion of goodwill and intangible assets. |
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| Self-Insurance Reserves | Self-Insurance Reserves The Company is self-insured and/or retains high deductibles for a significant portion of its workers’ compensation, health, disability, cyber risk, general liability, automobile and property programs, among others. Liabilities associated with the risks that are retained by the Company are estimated by considering historical claims experience, trends of the Company and the industry and other actuarial assumptions. The estimated accruals for these liabilities could be affected if development of costs on claims differ from these assumptions and historical trends. Based on available information as of February 1, 2025, the Company believes it has provided adequate reserves for its self-insurance exposure. As of February 1, 2025 and February 3, 2024, self-insurance reserves were $9.4 million and $10.4 million, respectively. |
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| Supplier Finance Program | Supplier Finance Program The Company facilitates a voluntary supplier finance program (“the Program”) that provides certain of the Company’s suppliers the opportunity to sell receivables related to products that the Company has purchased to participating financial institutions at a rate that leverages the Company’s credit rating, which may be more beneficial to the suppliers than the rate they can obtain based upon their own credit rating. The Company negotiates payment and other terms directly with the suppliers, regardless of whether the supplier participates in the Program, and the Company’s responsibility is limited to making payment based on the terms originally negotiated with the supplier. The suppliers that participate in the Program have discretion to determine which invoices, if any, are sold to the participating financing institutions. The liabilities for the suppliers that participate in the Program are presented within accounts payable in the Company’s consolidated balance sheets, with changes reflected within cash flows from operating activities when settled. As of February 1, 2025 and February 3, 2024, the Company had $22.0 million and $13.0 million, respectively, of accounts payable subject to the Program arrangements. The following table is a rollforward of the obligations confirmed under the Program for 2024 and 2023:
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| Revenue Recognition | Revenue Recognition Retail sales, recognized at the point of sale, are recorded net of returns and exclude sales tax. Wholesale sales are recorded, net of returns, allowances and discounts, when obligations under the terms of a contract with the consumer are satisfied. This generally occurs at the time of transfer of control of merchandise. The Company considers several control indicators in its assessment of the timing of the transfer of control, including significant risks and rewards of ownership, physical possession and the Company’s right to receive payment. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring merchandise. Reserves for projected merchandise returns, discounts and allowances are determined based on historical experience and current expectations. Revenue is recognized on license fees related to Company-owned brand names, where the Company is the licensor, when the related sales of the licensee are made. The Company applies the guidance using the portfolio approach in ASC 606, Revenue from Contracts with Customers, because this methodology would not differ materially from applying the guidance to the individual contracts within the portfolio. The Company excludes sales and similar taxes collected from customers from the measurement of the transaction price for its retail sales. Refer to Note 2 for further discussion of revenue. |
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| Gift Cards | Gift Cards The Company sells gift cards to its customers in its retail stores, through its e-commerce sites and at other retailers. The Company’s gift cards do not have expiration dates or inactivity fees. The Company recognizes revenue from gift cards when (i) the gift card is redeemed by the consumer or (ii) the likelihood of the gift card being redeemed by the consumer is remote (“gift card breakage”) and the Company determines that it does not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. The gift card breakage rate is determined based upon historical redemption patterns. Gift card breakage is recognized during the 24-month period following the sale of the gift card, according to the Company’s historical redemption pattern. Gift card breakage income is included in net sales in the consolidated statements of earnings and the liability established upon the sale of a gift card is included in other accrued expenses within the consolidated balance sheets. The Company recognized gift card breakage of $0.8 million in both 2024 and 2023, and $1.1 million in 2022. |
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| Loyalty Program | Loyalty Program The Company maintains a loyalty program at Famous Footwear, through which consumers earn points toward savings certificates for qualifying purchases. Upon reaching specified point values, consumers are issued a savings certificate that may be redeemed for purchases at Famous Footwear. Savings certificates earned must be redeemed within stated expiration dates. In addition to the savings certificates, the Company also offers exclusive member discounts. The value of points and rewards earned by Famous Footwear’s loyalty program members are recorded as a reduction of net sales and a liability is established within other accrued expenses at the time the points are earned based on historical conversion and redemption rates. Approximately 75% and 77% of net sales in the Famous Footwear segment were made to its loyalty program members in 2024 and 2023, respectively. In addition, loyalty programs have recently been launched for the Allen Edmonds and Naturalizer brands. As of February 1, 2025 and February 3, 2024, the Company had loyalty program liabilities totaling $7.8 million and $11.5 million, respectively, which are included in other accrued expenses on the consolidated balance sheets. Of the $7.8 million loyalty program liability as of February 1, 2025, $6.6 million is reflected in the Famous Footwear segment and $1.2 million is reflected in the Brand Portfolio segment. Of the $11.5 million loyalty program liability as of February 3, 2024, $10.0 million is reflected in the Famous Footwear segment and $1.5 million is reflected in the Brand Portfolio segment. |
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| Store Impairment Charges | Store Impairment Charges The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable. After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use asset, indicated as impaired are written down to fair value as calculated using a discounted cash flow method. The Company recorded asset impairment charges, primarily for operating lease right-of-use assets, leasehold improvements, and furniture and fixtures in the Company’s retail stores, of $1.9 million, $0.7 million and $1.8 million in 2024, 2023 and 2022, respectively. |
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| Advertising and Marketing Expense | Advertising and Marketing Expense Advertising and marketing costs are expensed as incurred, except for the costs of direct response advertising that relate primarily to the production and distribution of the Company’s catalogs and coupon mailers. Direct response advertising costs are capitalized and amortized over the expected future revenue stream, which is generally to three months from the date the materials are mailed. External production costs of advertising are expensed when the advertising first appears in the media or in the store. In addition, the Company participates in co-op advertising programs with certain of its wholesale customers. For those co-op advertising programs where the Company has validated the fair value of the advertising received, co-op advertising costs are reflected as advertising expense within selling and administrative expenses. Otherwise, co-op advertising costs are reflected as a reduction of net sales. Total advertising and marketing expense was $149.7 million, $145.7 million and $138.0 million in 2024, 2023 and 2022, respectively. These costs were offset by co-op advertising allowances recovered by the Company’s retail business of $5.8 million, $6.2 million and $6.0 million in 2024, 2023 and 2022, respectively. Total costs of co-op advertising provided to wholesale customers that are reflected as a reduction of net sales were $19.4 million in 2024, $17.0 million in 2023 and $18.5 million in 2022. Total advertising costs attributable to future periods that are deferred and recognized as a component of prepaid expenses and other current assets were $3.1 million and $7.0 million at February 1, 2025 and February 3, 2024, respectively. |
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| Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated financial statement carrying amounts and the tax bases of its assets and liabilities. The Company establishes valuation allowances if it believes that it is more-likely-than-not that some or all of its deferred tax assets will not be realized. The Company does not recognize a tax benefit unless it concludes that it is more-likely-than-not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in its judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to unrecognized tax positions within the income tax provision benefit on the consolidated statements of earnings. |
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| Operating Leases | Operating Leases The Company leases all of its retail locations, a manufacturing facility and certain office locations, distribution centers and equipment under operating leases. Approximately 32% of the leases entered into by the Company include options that allow the Company to extend the lease term beyond the initial commitment period, subject to terms agreed to at lease inception. Some leases also include early termination options that can be exercised under specific conditions. In accordance with ASC Topic 842, Leases (“ASC 842”), lease right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The majority of the Company’s leases do not provide an implicit rate and therefore, the Company uses an incremental borrowing rate based on the information available at the commencement date, including implied traded debt yield and seniority adjustments, to determine the present value of future payments. Lease expense for the minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred. Contingent Rentals Many of the leases covering retail stores require contingent rental payments in addition to the minimum monthly rental charge based on retail sales volume. The Company excludes from lease payments any variable payments that are not based on an index or market. If payment for a lease is fully contingent on sales, such as a percentage of sales gross rent lease, none of the lease payments are included in the lease right-of-use asset or the lease liability. Construction Allowances Received From Landlords At the time its retail facilities are initially leased, the Company often receives consideration from landlords to be applied against the cost of leasehold improvements necessary to open the store. The Company treats these construction allowances as a lease incentive. In accordance with ASC 842, the allowances are recorded within the lease right-of-use asset and amortized to income over the lease term as a reduction of rent expense. Straight-Line Rents and Rent Holidays The Company records rent expense on a straight-line basis over the lease term for all of its leased facilities. For leases that have predetermined fixed escalations of the minimum rentals, the Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as the lease right-of-use asset. At the time its retail facilities are leased, the Company is frequently not charged rent for a specified period of time, typically 30 to 60 days, while the store is being prepared for opening. This rent-free period is referred to as a rent holiday. The Company recognizes rent expense over the lease term, including any rent holiday, within selling and administrative expenses on the consolidated statements of earnings. Pre-opening Costs Pre-opening costs associated with opening retail stores, including payroll, supplies and facility costs, are expensed as incurred. |
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| Earnings Per Common Share Attributable to Caleres, Inc. Shareholders | Earnings Per Common Share Attributable to Caleres, Inc. Shareholders The Company uses the two-class method to calculate basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. Unvested restricted stock awards are considered participating units because they entitle holders to non-forfeitable rights to dividends or dividend equivalents during the vesting term. Under the two-class method, basic earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares outstanding during the year. Diluted earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares and potential dilutive securities outstanding during the year. Potential dilutive securities consist of outstanding stock options and contingently issuable shares for the Company’s performance share awards. Refer to Note 3 to the consolidated financial statements for additional information related to the calculation of earnings per common share attributable to Caleres, Inc. shareholders. |
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| Comprehensive Income | Comprehensive Income Comprehensive income primarily includes the effect of foreign currency translation adjustments and pension and other postretirement benefits adjustments. Foreign Currency Translation Adjustment For certain of the Company’s international subsidiaries, the local currency is the functional currency. Assets and liabilities of these subsidiaries are translated into United States dollars at the period-end exchange rate or historical rates as appropriate. Consolidated statements of earnings amounts are translated at average exchange rates for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive loss in total Caleres, Inc. shareholders’ equity. Transaction gains and losses are included in the consolidated statements of earnings. Pension and Other Postretirement Benefits Adjustments The Company determines the expense and obligations for retirement and other benefit plans using assumptions related to discount rates, expected long-term rates of return on invested plan assets, expected salary increases and certain employee-related factors. The Company determines the fair value of plan assets and benefit obligations as of the January 31 measurement date. The unrecognized portion of the gain or loss on plan assets is included in the consolidated balance sheets as a component of accumulated other comprehensive loss in total Caleres, Inc. shareholders’ equity and is recognized into expense over time. Refer to additional information related to pension and other postretirement benefits in Note 5 and Note 14 to the consolidated financial statements. |
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| Litigation Contingencies | Litigation Contingencies The Company is the defendant in several claims and lawsuits arising in the ordinary course of business. The Company believes the outcome of such proceedings and litigation currently pending will not have a material adverse effect on the consolidated financial position or results of operations. The Company accrues its best estimate of the cost of resolution of these claims. Legal defense costs of such claims are recognized in the period in which the costs are incurred. Refer to Note 16 to the consolidated financial statements for further discussion of commitments and contingencies. |
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| Environmental Matters | Environmental Matters The Company is involved in environmental remediation and ongoing compliance activities at several sites. The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility and residential neighborhoods adjacent to and near the property, which have been affected by solvents previously used at the facility. In addition, various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. The Company’s prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws to address conditions that may be identified in the future. Refer to Note 16 to the consolidated financial statements for additional information. Environmental expenditures relating to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Based upon independent environmental assessments, liabilities are recorded when remedial action is considered probable and the costs can be reasonably estimated and are evaluated independently of any future claims recovery. Generally, the timing of these accruals coincides with completion of a feasibility study or the Company’s commitment to a formal plan of action, and the cost estimates are subject to change as new information becomes available. Costs of future expenditures for environmental remediation obligations are discounted to their present value in those situations requiring only continuing maintenance and monitoring based upon a schedule of fixed payments. |
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| Share-Based Compensation | Share-Based Compensation The Company has share-based incentive compensation plans under which certain officers, employees and members of the Board of Directors are participants and may be granted restricted stock, stock performance awards and stock options. Additionally, share-based grants may be made to non-employee members of the Board of Directors in the form of restricted stock units (“RSUs”) payable in cash or the Company’s common stock. The Company accounts for share-based compensation in accordance with the fair value recognition provisions of ASC 718, Compensation – Stock Compensation, and ASC 505, Equity, which require all share-based payments to employees and members of the Board of Directors, to be recognized as expense in the consolidated financial statements based on their fair values. Expense for restricted stock is based on the fair value of the restricted stock on the date of grant. Expense for graded-vesting grants is recognized ratably over the respective vesting periods, which is generally 50% over two years and 50% over three years, and expense for cliff-vesting grants is recognized on a straight-line basis over the vesting period, which is generally one year. Expense for stock performance awards is recognized based upon the fair value of the awards on the date of grant and the anticipated number of shares or units to be awarded on a straight-line basis over the respective term of the award, or individual vesting portion of an award. Expense for the initial grant of RSUs is recognized ratably over the one-year vesting period based upon the fair value of the RSUs, and for cash-equivalent RSUs, is remeasured at the end of each period. The Company accounts for forfeitures of share-based grants as they occur. If the anticipated number of shares to be awarded or the share value of the Company’s common stock changes significantly, share-based compensation expense may differ materially in the future from that recorded in the current period. Refer to additional information related to share-based compensation in Note 15 to the consolidated financial statements. |
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| Consolidated Statements of Cash Flows Supplemental Disclosures | Consolidated Statements of Cash Flows Supplemental Disclosures The Company made payments for federal, state and international taxes, net of refunds, of $15.8 million, including $7.0 million for federal taxes, $6.5 million for international taxes and $2.3 million for state taxes in 2024. The Company made payments for federal, state and international taxes, net of refunds, of $19.8 million, including $9.2 million for international taxes and $5.3 million each and state taxes in 2023. During 2022, the Company made payments for federal, state and international taxes, net of refunds, of $17.4 million, including $8.4 million for state taxes, $4.7 million for federal taxes and $4.3 million for international taxes. Refer to Note 6 to the consolidated financial statements for further information regarding income taxes. Cash payments of interest for the Company’s borrowings under the revolving credit agreement and long-term debt during 2024, 2023 and 2022 were $13.0 million, $19.7 million and $12.5 million, respectively. Refer to Note 11 to the consolidated financial statements for further discussion regarding the Company’s financing arrangements. |
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| Impact of Recently Adopted Accounting Pronouncements | Impact of Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures by disclosing significant segment expenses that are regularly provided to the chief operating decision maker. The Company adopted the ASU on a retrospective basis during the fourth quarter of 2024. Refer to Note 7 to the consolidated financial statements for additional information related to segment expenses. |
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| Impact of Prospective Accounting Pronouncements | Impact of Prospective Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU expands the income tax disclosure requirements, principally related to the rate reconciliation table and income taxes paid by jurisdiction. ASU 2023-09 is effective for the Company on a prospective basis in fiscal 2025, with the option to apply the standard retrospectively. The adoption of the ASU is not expected to have a material impact on the Company’s financial statement disclosures. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||||||||
| Schedule of confirmed obligations under the Program |
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REVENUES (Tables) |
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| REVENUES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disaggregated revenue by segment and major source |
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| Schedule of significant balances from contracts with customers |
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| Schedule of allowance for expected credit losses |
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EARNINGS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share, basic and diluted |
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RETIREMENT AND OTHER BENEFIT PLANS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement and Other Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Projected Benefit Obligations |
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| Defined Benefit Plan, Assumptions |
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| Schedule of Allocation of Plan Assets |
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| Schedule of Changes in Fair Value of Plan Assets |
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| Schedule of Amounts Recognized in Balance Sheet |
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| Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets |
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| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of net periodic benefit expense (income) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Expected Benefit Payments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Expense (Benefit) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Effective Income Tax Rate Reconciliation |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Deferred Tax Assets and Liabilities |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment reporting information, by segment |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of operating earnings to earnings before income taxes |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||
| INVENTORIES | |||||||||||||||||||||||||||||||||||||||
| Schedule of inventory, current |
|
||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets and goodwill |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of finite-lived and indefinite lived intangible assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee, Weighted Average Lease Term and Discount Rate |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of lease expenses |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee, Operating Lease, Liability, Maturity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of supplemental cash flow information related to leases |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value, assets and liabilities measured on recurring basis |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Details of long-lived asset impairment charges |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of common and preferred stock |
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| Schedule of accumulated other comprehensive loss |
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SHARE-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share-based compensation expense |
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| Schedule of restricted stock activity |
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| Schedule of performance share award activity |
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| Schedule of restricted stock unit activity |
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| Schedule of RSUs granted, vested and settled |
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| Schedule of RSU compensation (income) expense and the related income tax provision (benefit) |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Confirmed Obligations Under the Program (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
| Confirmed obligations outstanding at the beginning of the year | $ 12,955 | $ 26,030 |
| Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable, Trade, Current | Accounts Payable, Trade, Current |
| Invoices confirmed during the year | $ 119,160 | $ 132,265 |
| Confirmed invoices paid during the year | 110,145 | 145,340 |
| Confirmed obligations outstanding at the beginning of the year | $ 21,970 | $ 12,955 |
REVENUES (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
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Feb. 01, 2025
USD ($)
item
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Feb. 03, 2024
USD ($)
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|
| Revenues | ||
| Number of performance obligations | item | 2 | |
| Loyalty Program | ||
| Revenues | ||
| Contract with customer, liability, increase due to points and material rights earned on purchases | $ 26.3 | $ 44.1 |
| Contract with customer, liability, decrease due to expirations and redemptions | $ 30.0 | $ 50.4 |
REVENUES - Balances from Contracts (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| REVENUES | ||
| Customer allowances and discounts | $ 16,147 | $ 21,497 |
| Loyalty programs liability | 7,776 | 11,457 |
| Returns reserve | 9,584 | 10,586 |
| Gift card liability | $ 6,338 | $ 6,385 |
REVENUES - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| REVENUES | |||
| Balance, beginning of period | $ 8,820 | $ 8,903 | |
| Adjustment for expected credit losses | (815) | 1,018 | $ (262) |
| Uncollectible account recoveries (write-offs), net | 318 | (1,101) | |
| Balance, end of period | $ 8,323 | $ 8,820 | $ 8,903 |
EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| EARNINGS PER SHARE | |||
| Net earnings | $ 106,097 | $ 171,832 | $ 179,695 |
| Net loss (earnings) attributable to noncontrolling interests | 1,158 | (441) | 2,047 |
| Net earnings attributable to Caleres, Inc. | 107,255 | 171,391 | 181,742 |
| Net earnings allocated to participating securities | (3,839) | (7,517) | (7,716) |
| Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ 103,416 | $ 163,874 | $ 174,026 |
| Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 33,397 | 34,142 | 34,930 |
| Dilutive effect of share-based awards | 116 | 10 | 475 |
| Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 33,513 | 34,152 | 35,405 |
| Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 3.1 | $ 4.8 | $ 4.98 |
| Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ 3.09 | $ 4.8 | $ 4.92 |
EARNINGS PER SHARE (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
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Feb. 01, 2025
USD ($)
item
shares
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Feb. 03, 2024
USD ($)
shares
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Jan. 28, 2023
USD ($)
shares
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| Earnings Per Share | |||
| Number of publicly announced share | item | 2 | ||
| Excise tax payable on share repurchases | $ 0.5 | ||
| Stock Repurchase Programs, 2019 and 2022 | |||
| Earnings Per Share | |||
| Treasury stock, shares, acquired (in shares) | shares | 1,938,324 | 763,000 | 2,622,845 |
| Treasury Stock, Value, Acquired, Cost Method | $ 65.0 | $ 17.4 | $ 63.2 |
RESTRUCTURING AND OTHER INITIATIVES (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Restructuring and Other Special Charges | Restructuring and Other Special Charges | |||
| Restructuring and Other Special Charges | |||
| Total restructuring costs | $ 9.9 | $ 6.1 | |
| Restructuring costs | 7.2 | ||
| Restructuring and related cost, incurred cost, after tax | $ 7.3 | $ 4.5 | |
| Restructuring and related cost, incurred cost, per diluted share | $ 0.21 | $ 0.13 | |
| Other (expense) income, net | Pension settlement | Eliminations and Other | |||
| Restructuring and Other Special Charges | |||
| Total restructuring costs | $ 2.7 | ||
| Current liabilities | |||
| Restructuring and Other Special Charges | |||
| Restructuring reserve | 5.5 | ||
| Accounts payable | |||
| Restructuring and Other Special Charges | |||
| Restructuring reserve | 4.0 | ||
| Employee compensation and benefits | |||
| Restructuring and Other Special Charges | |||
| Restructuring reserve | 1.3 | ||
| Other Accrued Expenses | |||
| Restructuring and Other Special Charges | |||
| Restructuring reserve | 0.2 | ||
| Other Accrued Expenses | Restructuring and Other Special Charges | |||
| Restructuring and Other Special Charges | |||
| Restructuring reserve | $ 3.2 | ||
| Brand portfolio | Restructuring and Other Special Charges | Restructuring and Other Special Charges | |||
| Restructuring and Other Special Charges | |||
| Total restructuring costs | 6.4 | 2.6 | |
| Famous footwear | Restructuring and Other Special Charges | Restructuring and Other Special Charges | |||
| Restructuring and Other Special Charges | |||
| Total restructuring costs | 0.6 | 1.4 | |
| Eliminations and Other | Restructuring and Other Special Charges | Restructuring and Other Special Charges | |||
| Restructuring and Other Special Charges | |||
| Total restructuring costs | $ 0.2 | $ 2.1 | $ 2.9 |
| Restructuring and related cost, incurred cost, after tax | $ 2.7 | ||
| Restructuring and related cost, incurred cost, per diluted share | $ 0.07 | ||
RETIREMENT AND OTHER BENEFIT PLANS (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
Dec. 31, 2015 |
|
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 307,126,000 | $ 329,365,000 | ||
| Management | ||||
| Retirement and Other Benefit Plans | ||||
| Deferred Compensation Arrangement with Individual, Maximum Percentage of Deferral of Base Salary | 50.00% | |||
| Deferred Compensation Arrangement with Individual, Maximum Percentage of Deferral of Annual Incentive Compensation | 100.00% | |||
| Deferred Compensation Arrangement with Individual, Recorded Liability | $ 10,900,000 | 9,500,000 | ||
| Deferred Compensation Plan Assets | 10,900,000 | 9,500,000 | ||
| Non-employee Director | ||||
| Retirement and Other Benefit Plans | ||||
| Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1,200,000 | $ 2,000,000 | ||
| Non-employee Director | Phantom share units (PSUs) | ||||
| Retirement and Other Benefit Plans | ||||
| Deferred Compensation Arrangement with Individual, Shares Issued | 50,820 | 55,516 | ||
| Long-term Investments | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 97.00% | |||
| Short-term Investments 1 | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | |||
| Equities | Minimum | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65.00% | |||
| Equities | Maximum | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% | |||
| Debt Securities 1 | Minimum | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | |||
| Debt Securities 1 | Maximum | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% | |||
| Domestic Defined Contribution 401(k) Plan Salaried Employees | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Contribution Plan, Employer Core Contribution | 1.50% | |||
| Defined Contribution Plan, Percentage of employee contributions matched by employer | 50.00% | |||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
| Defined Contribution Plan, Cost | $ 4,700,000 | $ 5,000,000 | $ 4,600,000 | |
| Defined Contribution Plan, Employer Matching Contribution, Additional Discretionary Percentage | 2.00% | |||
| Defined contribution plan, Profit sharing contribution expense | $ 0 | 0 | 2,600,000 | |
| Domestic Defined Contribution 401(k) Plan Hourly Employees | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Contribution Plan, Cost | $ 0 | |||
| Defined Contribution Plan, Minimum Annual Contributions Per Employee, Percent | 2.00% | |||
| Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 30.00% | |||
| Pension Benefits | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 257,225,000 | 282,175,000 | 285,572,000 | |
| Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 321,729,000 | 344,051,000 | 356,745,000 | |
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position, Total | 64,504,000 | 61,876,000 | ||
| Postretirement life insurance | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Maximum Insurance Coverage | 20,000 | |||
| Other Postretirement Benefits | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Benefit Obligation, Ending Balance | 935,000 | 931,000 | $ 1,018,000 | |
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position, Total | (935,000) | (931,000) | ||
| Restoration Plan | ||||
| Retirement and Other Benefit Plans | ||||
| Non-qualified restoration plan liabilities | 400,000 | 300,000 | ||
| Non-qualified restoration plan assets | $ 400,000 | 300,000 | ||
| UNITED STATES | Pension Benefits | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Years Service Cap | 35 years | |||
| Defined Benefit Plan, Number of Highest Annual Salary Consecutive Years | 5 years | |||
| Defined Benefit Plan, Number of Years Before Retirement | 10 years | |||
| Defined Benefit Plan, Maximum Years of Service | 30 years | |||
| Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 252,100,000 | 277,100,000 | ||
| Foreign plan | Pension Benefits | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Number of Highest Annual Salary Consecutive Years | 5 years | |||
| Defined Benefit Plan, Number of Years Before Retirement | 10 years | |||
| Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 2,900,000 | $ 3,200,000 | ||
| Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 4,000,000 | |||
| Foreign plan | Pension Benefits | Equities | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 55.00% | |||
| Foreign plan | Pension Benefits | Bond Funds | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 42.00% | |||
| Foreign plan | Pension Benefits | Money Market Fund | ||||
| Retirement and Other Benefit Plans | ||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.00% | |||
RETIREMENT AND OTHER BENEFIT PLANS - Changes in Benefit Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Pension Benefits | |||
| Retirement and Other Benefit Plans | |||
| Benefit obligation | $ 282,175 | $ 285,572 | |
| Service cost | 4,931 | 5,020 | $ 7,143 |
| Interest cost | 15,025 | 14,543 | 11,977 |
| Plan participants' contribution | 9 | 11 | |
| Actuarial (gain) loss | (10,062) | (6,773) | |
| Benefits paid | (16,561) | (16,149) | |
| Settlements | (17,985) | ||
| Foreign exchange rate changes | (307) | (49) | |
| Benefit obligation | 257,225 | 282,175 | 285,572 |
| Other Postretirement Benefits | |||
| Retirement and Other Benefit Plans | |||
| Benefit obligation | 931 | 1,018 | |
| Interest cost | 45 | 48 | 35 |
| Plan participants' contribution | 2 | 1 | |
| Actuarial (gain) loss | 25 | (61) | |
| Benefits paid | (68) | (75) | |
| Benefit obligation | $ 935 | $ 931 | $ 1,018 |
RETIREMENT AND OTHER BENEFIT PLANS - Weighted-average Assumptions Used (Details) |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Pension Benefits | |||
| Retirement and Other Benefit Plans | |||
| Discount rate | 5.80% | 5.40% | |
| Rate of compensation increase | 1.70% | 1.70% | |
| Discount rate, net periodic benefit income | 5.40% | 5.20% | 3.40% |
| Rate of compensation increase, net periodic benefit income | 1.70% | 3.00% | 3.00% |
| Expected return on plan assets, net periodic benefit income | 7.70% | 7.50% | 7.20% |
| Other Postretirement Benefits | |||
| Retirement and Other Benefit Plans | |||
| Discount rate | 5.80% | 5.40% | |
| Discount rate, net periodic benefit income | 5.40% | 5.20% | 3.40% |
RETIREMENT AND OTHER BENEFIT PLANS - Pension Plan Assets (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Retirement and Other Benefit Plans | ||
| Plan assets | $ 307,126 | $ 329,365 |
| Investments | 14,603 | 14,686 |
| Total investments at fair value | 321,729 | 344,051 |
| Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 303,946 | 315,925 |
| Total investments at fair value | 303,946 | 315,925 |
| Level 2 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 2,966 | 13,079 |
| Total investments at fair value | 2,966 | 13,079 |
| Level 3 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 214 | 361 |
| Total investments at fair value | 214 | 361 |
| Cash and cash equivalents | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 15,233 | 11,138 |
| Cash and cash equivalents | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 15,233 | 11,138 |
| U.S. government securities | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 70,577 | 74,777 |
| U.S. government securities | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 63,423 | 65,345 |
| U.S. government securities | Level 2 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 7,154 | 9,432 |
| Interest rate swap agreements | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | (4,188) | 3,647 |
| Interest rate swap agreements | Level 2 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | (4,188) | 3,647 |
| Mutual fund | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 27,661 | 28,114 |
| Mutual fund | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 27,661 | 28,114 |
| Exchange-traded funds | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 119,650 | 128,263 |
| Exchange-traded funds | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 119,650 | 128,263 |
| Corporate stocks - common | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 80,489 | 84,652 |
| Corporate stocks - common | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 80,446 | 84,528 |
| Corporate stocks - common | Level 3 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 43 | 124 |
| Warrants | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 153 | 220 |
| Warrants | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 153 | 220 |
| Real estate investment trust | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 1,118 | 105 |
| Real estate investment trust | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 1,118 | 105 |
| Preferred Securities | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 171 | 237 |
| Preferred Securities | Level 3 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | 171 | 237 |
| S&P 500 Index Options | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | (3,738) | (1,788) |
| S&P 500 Index Options | Level 1 | ||
| Retirement and Other Benefit Plans | ||
| Plan assets | (3,738) | (1,788) |
| Alternative Investment Fund | ||
| Retirement and Other Benefit Plans | ||
| Investments | 14,579 | 14,654 |
| Unallocated Insurance Contract | ||
| Retirement and Other Benefit Plans | ||
| Investments | $ 24 | $ 32 |
RETIREMENT AND OTHER BENEFIT PLANS - Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
|
| Retirement and Other Benefit Plans | ||
| Fair value of plan assets | $ 329,365 | |
| Fair value of plan assets | 307,126 | $ 329,365 |
| Pension Benefits | ||
| Retirement and Other Benefit Plans | ||
| Fair value of plan assets | 344,051 | 356,745 |
| Actual return on plan assets | 12,432 | 3,375 |
| Employer contributions | 90 | 118 |
| Plan participants' contributions | 9 | 11 |
| Benefits paid | (16,561) | (16,149) |
| Settlements | (17,985) | |
| Foreign exchange rate changes | (307) | (49) |
| Fair value of plan assets | 321,729 | 344,051 |
| Other Postretirement Benefits | ||
| Retirement and Other Benefit Plans | ||
| Employer contributions | 66 | 74 |
| Plan participants' contributions | 2 | 1 |
| Benefits paid | $ (68) | $ (75) |
RETIREMENT AND OTHER BENEFIT PLANS - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Retirement and Other Benefit Plans | ||
| Prepaid pension costs (noncurrent assets) | $ 78,463 | $ 74,951 |
| Pension Benefits | ||
| Retirement and Other Benefit Plans | ||
| Prepaid pension costs (noncurrent assets) | 78,463 | 74,951 |
| Accrued benefit liabilities (current liability) | (9,023) | (5,327) |
| Accrued benefit liabilities (noncurrent liability) | (4,936) | (7,748) |
| Net amount recognized at end of year | 64,504 | 61,876 |
| Other Postretirement Benefits | ||
| Retirement and Other Benefit Plans | ||
| Accrued benefit liabilities (current liability) | (180) | (176) |
| Accrued benefit liabilities (noncurrent liability) | (755) | (755) |
| Net amount recognized at end of year | $ (935) | $ (931) |
RETIREMENT AND OTHER BENEFIT PLANS - Projected and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - SERP - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Retirement and Other Benefit Plans | ||
| Projected benefit obligation | $ 13,958 | $ 13,075 |
| Projected benefit obligation | 13,958 | 13,075 |
| Accumulated benefit obligation | 12,568 | 12,144 |
| Accumulated benefit obligation | $ 12,568 | $ 12,144 |
RETIREMENT AND OTHER BENEFIT PLANS - Amounts in Accumulated Other Comprehensive Loss and Expected Amortization (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Pension Benefits | ||
| Retirement and Other Benefit Plans | ||
| Net actuarial loss (gain) | $ 28,455 | $ 33,709 |
| Net prior service credit | 34 | 71 |
| Accumulated other comprehensive loss, net of tax | 28,489 | 33,780 |
| Other Postretirement Benefits | ||
| Retirement and Other Benefit Plans | ||
| Net actuarial loss (gain) | (256) | (374) |
| Accumulated other comprehensive loss, net of tax | $ (256) | $ (374) |
RETIREMENT AND OTHER BENEFIT PLANS - Net Periodic Benefit Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Retirement and Other Benefit Plans | |||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Pension Benefits | |||
| Retirement and Other Benefit Plans | |||
| Service cost | $ 4,931 | $ 5,020 | $ 7,143 |
| Interest cost | 15,025 | 14,543 | 11,977 |
| Expected return on assets | (24,279) | (24,353) | (27,987) |
| Actuarial loss (gain) | 6,038 | 3,785 | 3,088 |
| Prior service income | 49 | (123) | (314) |
| Settlement cost | 2,716 | 320 | |
| Curtailments | 13 | ||
| Total net periodic benefit expense (income) | 4,480 | (1,128) | (5,760) |
| Other Postretirement Benefits | |||
| Retirement and Other Benefit Plans | |||
| Interest cost | 45 | 48 | 35 |
| Actuarial loss (gain) | (108) | (110) | (103) |
| Total net periodic benefit expense (income) | $ (63) | $ (62) | $ (68) |
RETIREMENT AND OTHER BENEFIT PLANS - Expected Cash Flows (Details) $ in Thousands |
Feb. 01, 2025
USD ($)
|
|---|---|
| Pension Benefits | |
| Retirement and Other Benefit Plans | |
| 2025 refund of assets (e.g. surplus) to employer | $ 124 |
| 2025 | 25,136 |
| 2026 | 16,856 |
| 2027 | 17,598 |
| 2028 | 18,057 |
| 2029 | 18,406 |
| 2030-2034 | 94,407 |
| Pension Benefits | Plan trusts | |
| Retirement and Other Benefit Plans | |
| Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 74 |
| Pension Benefits | Plan participants | |
| Retirement and Other Benefit Plans | |
| Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 9,281 |
| Pension Benefits | Funded Plan | |
| Retirement and Other Benefit Plans | |
| 2025 refund of assets (e.g. surplus) to employer | 124 |
| 2025 | 15,855 |
| 2026 | 16,355 |
| 2027 | 16,773 |
| 2028 | 17,272 |
| 2029 | 17,687 |
| 2030-2034 | 90,466 |
| Pension Benefits | Funded Plan | Plan trusts | |
| Retirement and Other Benefit Plans | |
| Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 74 |
| SERP | |
| Retirement and Other Benefit Plans | |
| 2025 | 9,281 |
| 2026 | 501 |
| 2027 | 825 |
| 2028 | 785 |
| 2029 | 719 |
| 2030-2034 | 3,941 |
| SERP | Plan participants | |
| Retirement and Other Benefit Plans | |
| Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 9,281 |
| Other Postretirement Benefits | |
| Retirement and Other Benefit Plans | |
| 2025 | 185 |
| 2026 | 144 |
| 2027 | 113 |
| 2028 | 88 |
| 2029 | 68 |
| 2030-2034 | 166 |
| Other Postretirement Benefits | Plan participants | |
| Retirement and Other Benefit Plans | |
| Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 185 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Effective Income Tax Rate Reconciliation | |||
| Earnings (Loss) from Continuing Operations before Income Taxes, Domestic | $ 84,800 | $ 132,500 | $ 168,000 |
| Earnings Loss) from Continuing Operations before Income Taxes, International | 50,400 | 48,800 | 45,000 |
| Net operating loss | 6,600 | ||
| Deferred Income Tax Expense (Benefit), Total | 19,811 | (11,866) | $ 4,270 |
| Unrecognized Tax Benefits | 0 | $ 0 | |
| CANADA | |||
| Effective Income Tax Rate Reconciliation | |||
| Net operating loss | $ 1,800 | ||
| CANADA | Maximum | |||
| Effective Income Tax Rate Reconciliation | |||
| Operating loss carryforwards period | 17 years | ||
| UNITED KINGDOM | |||
| Effective Income Tax Rate Reconciliation | |||
| Net operating loss | $ 1,300 | ||
| China | |||
| Effective Income Tax Rate Reconciliation | |||
| Net operating loss | $ 600 | ||
| China | Maximum | |||
| Effective Income Tax Rate Reconciliation | |||
| Operating loss carryforwards period | 5 years | ||
| State and Local Jurisdiction and Foreign Tax Authority | |||
| Effective Income Tax Rate Reconciliation | |||
| Net operating loss | $ 2,900 | ||
| State and Local Jurisdiction and Foreign Tax Authority | Minimum | |||
| Effective Income Tax Rate Reconciliation | |||
| Operating loss carryforwards period | 1 year | ||
| State and Local Jurisdiction and Foreign Tax Authority | Maximum | |||
| Effective Income Tax Rate Reconciliation | |||
| Operating loss carryforwards period | 20 years | ||
| International | |||
| Effective Income Tax Rate Reconciliation | |||
| Deferred Income Tax Expense (Benefit), Total | $ 0 | ||
INCOME TAXES - Components of Income Tax Provision (Benefit) on Earnings (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Components of Income Tax Provision (Benefit) on Earnings (Loss) | |||
| Current | $ 3,818 | $ 10,849 | $ 11,506 |
| Deferred | 13,710 | 5,138 | 6,975 |
| Total federal income tax provision | 17,528 | 15,987 | 18,481 |
| Current | 1,876 | 2,423 | 6,660 |
| Deferred | 4,775 | (9,819) | 3,421 |
| Total state income tax provision (benefit | 6,651 | (7,396) | 10,081 |
| Current | 5,289 | 4,879 | 4,759 |
| Deferred | (407) | (3,980) | 18 |
| Total international income tax provision | 4,882 | 899 | 4,777 |
| Total income tax provision | $ 29,061 | $ 9,490 | $ 33,339 |
INCOME TAXES - Differences Between the Income Tax Provision (Benefit) and Federal Statutory Income Tax Rate Calculation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
| Income taxes at statutory rate | $ 28,383 | $ 38,078 | $ 44,737 |
| State income taxes, net of federal tax benefit | 4,514 | 5,710 | 8,981 |
| International earnings taxed at differing rates from U.S. statutory | (3,584) | (5,367) | (1,974) |
| Share-based compensation | (2,647) | (3,106) | (602) |
| Valuation allowances, net | (2,204) | (30,054) | (20,743) |
| Non-deductibility of 162(m) limitations | 3,401 | 4,373 | 3,363 |
| GILTI, BEAT and FDII provisions | 1,307 | 427 | 422 |
| Other (1) | (109) | (571) | (845) |
| Total income tax provision | $ 29,061 | $ 9,490 | $ 33,339 |
INCOME TAXES - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits [Abstract] | ||
| Lease obligations | $ 158,310 | $ 148,242 |
| Goodwill | 30,308 | 34,386 |
| Net operating loss carryforward/carryback | 6,551 | 10,107 |
| Accrued expenses | 14,053 | 17,870 |
| Employee benefits, compensation and insurance | 10,954 | 15,689 |
| Accounts receivable | 4,043 | 6,094 |
| Inventory capitalization and inventory reserves | 6,532 | 6,623 |
| Impairment of investment in nonconsolidated affiliate | 1,418 | 1,470 |
| Postretirement and postemployment benefit plans | 201 | 207 |
| Other | 3,444 | 1,605 |
| Total deferred tax assets, before valuation allowance | 235,814 | 242,293 |
| Valuation allowance | (3,406) | (7,153) |
| Total deferred tax assets, net of valuation allowance | 232,408 | 235,140 |
| Lease right-of-use assets | (149,414) | (138,315) |
| Intangible assets | (15,472) | (13,659) |
| LIFO inventory valuation | (54,808) | (51,021) |
| Retirement plans | (18,184) | (17,239) |
| Capitalized software | (1,797) | (1,800) |
| Depreciation | (17,100) | (16,822) |
| Other | (2,579) | (3,419) |
| Total deferred tax liabilities | (259,354) | (242,275) |
| Net deferred tax liability | $ (26,946) | $ (7,135) |
BUSINESS SEGMENT INFORMATION (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Feb. 01, 2025
USD ($)
item
store
|
Feb. 03, 2024
USD ($)
|
Jan. 28, 2023
USD ($)
|
|
| Revenues from External Customers and Long-Lived Assets | |||
| Number of stores | store | 960 | ||
| Total net sales | $ 2,722,683 | $ 2,817,294 | $ 2,968,138 |
| Total long-lived assets | 9,111,391 | 695,612 | 679,079 |
| United states | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Total net sales | 2,532,717 | 2,624,474 | 2,763,896 |
| Total long-lived assets | 8,855,001 | 676,937 | 656,840 |
| East Asia | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Total net sales | 111,670 | 130,423 | 146,700 |
| Total long-lived assets | 140,929 | 11,805 | 11,614 |
| Canada | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Total net sales | 58,140 | 48,220 | 44,484 |
| Total long-lived assets | 113,060 | 6,601 | 10,441 |
| Other. | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Total net sales | 20,156 | 14,177 | 13,058 |
| Total long-lived assets | $ 2,401 | $ 269 | $ 184 |
| Famous footwear | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Number of stores | store | 846 | ||
| Famous footwear | Three suppliers | Supplier concentration risk | Revenue benchmark | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Number of key suppliers | item | 3 | ||
| Concentration risk percentage | 24.00% | 24.00% | 24.00% |
| Brand portfolio | United states | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Number of stores | store | 60 | ||
| Brand portfolio | East Asia | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Number of stores | store | 54 | ||
BUSINESS SEGMENT INFORMATION - Key Financial Measures (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| BUSINESS SEGMENT INFORMATION - Key Financial Measures | |||
| Net sales | $ 2,722,683 | $ 2,817,294 | $ 2,968,138 |
| Net sales total | 2,722,683 | 2,817,294 | 2,968,138 |
| Cost of goods sold | 1,500,641 | 1,554,337 | 1,683,265 |
| Gross profit | 1,222,042 | 1,262,957 | 1,284,873 |
| Retail stores | 397,252 | 388,895 | 379,787 |
| Information technology | 66,355 | 60,925 | 56,212 |
| Warehousing and distribution | 124,853 | 116,358 | 116,585 |
| Advertising and marketing | 132,104 | 126,634 | 125,564 |
| Restructuring and other special charges, net | 7,167 | 6,103 | 2,910 |
| Other expenses | 344,455 | 369,587 | 389,488 |
| Operating earnings | 149,856 | 194,455 | 214,327 |
| Operating earnings | 149,856 | 194,455 | 214,327 |
| Segment assets | 1,894,754 | 1,804,746 | 1,836,472 |
| Purchases of property and equipment | 49,147 | 44,584 | 55,913 |
| Capitalized software | 2,539 | 5,034 | 8,124 |
| Brand portfolio | |||
| BUSINESS SEGMENT INFORMATION - Key Financial Measures | |||
| Intersegment sales | 59,700 | 63,000 | 59,700 |
| Operating Segments | Famous footwear | |||
| BUSINESS SEGMENT INFORMATION - Key Financial Measures | |||
| Net sales total | 1,556,456 | 1,609,396 | 1,705,093 |
| Cost of goods sold | 869,829 | 889,847 | 916,089 |
| Gross profit | 686,627 | 719,549 | 789,004 |
| Retail stores | 366,144 | 360,102 | 352,088 |
| Information technology | 30,843 | 31,286 | 28,100 |
| Warehousing and distribution | 50,905 | 52,874 | 54,056 |
| Advertising and marketing | 50,370 | 52,771 | 56,762 |
| Restructuring and other special charges, net | 639 | 1,366 | |
| Other expenses | 100,650 | 97,312 | 102,161 |
| Operating earnings | 87,076 | 123,838 | 195,837 |
| Segment assets | 817,469 | 770,848 | 767,575 |
| Purchases of property and equipment | 36,694 | 31,743 | 41,755 |
| Capitalized software | 618 | 743 | |
| Operating Segments | Brand portfolio | |||
| BUSINESS SEGMENT INFORMATION - Key Financial Measures | |||
| Net sales total | 1,225,963 | 1,270,853 | 1,322,772 |
| Cost of goods sold | 689,668 | 724,848 | 825,507 |
| Gross profit | 536,295 | 546,005 | 497,265 |
| Retail stores | 31,108 | 28,793 | 27,699 |
| Information technology | 27,631 | 28,180 | 26,331 |
| Warehousing and distribution | 70,368 | 59,045 | 57,337 |
| Advertising and marketing | 78,275 | 70,761 | 65,339 |
| Restructuring and other special charges, net | 6,343 | 2,608 | |
| Other expenses | 200,448 | 211,159 | 208,214 |
| Operating earnings | 122,122 | 145,459 | 112,345 |
| Segment assets | 893,460 | 862,404 | 921,110 |
| Purchases of property and equipment | 10,335 | 10,515 | 4,170 |
| Capitalized software | 44 | 42 | |
| Eliminations and Other | |||
| BUSINESS SEGMENT INFORMATION - Key Financial Measures | |||
| Net sales total | (59,736) | (62,955) | (59,727) |
| Cost of goods sold | (58,856) | (60,358) | (58,331) |
| Gross profit | (880) | (2,597) | (1,396) |
| Retail stores | 0 | ||
| Information technology | 7,881 | 1,459 | 1,781 |
| Warehousing and distribution | 3,580 | 4,439 | 5,192 |
| Advertising and marketing | 3,459 | 3,102 | 3,463 |
| Restructuring and other special charges, net | 185 | 2,129 | 2,910 |
| Other expenses | 43,357 | 61,116 | 79,113 |
| Operating earnings | (59,342) | (74,842) | (93,855) |
| Segment assets | 183,825 | 171,494 | 147,787 |
| Purchases of property and equipment | 2,118 | 2,326 | 9,988 |
| Capitalized software | $ 1,877 | $ 4,291 | $ 8,082 |
BUSINESS SEGMENT INFORMATION - Reconciliation of Operating Earnings Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| BUSINESS SEGMENT INFORMATION | |||
| Operating (loss) earnings | $ 149,856 | $ 194,455 | $ 214,327 |
| Interest expense, net | (13,957) | (19,343) | (14,264) |
| Other income, net | (741) | 6,210 | 12,971 |
| Earnings before income taxes | $ 135,158 | $ 181,322 | $ 213,034 |
INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| INVENTORIES | ||
| Raw materials | $ 14,352 | $ 14,198 |
| Work-in-process | 644 | 665 |
| Finished goods | 550,245 | 525,811 |
| Inventories, net | $ 565,241 | $ 540,674 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| INVENTORIES | ||
| Inventory, LIFO Reserve | $ 10,878 | $ 10,254 |
| Finished goods product subject to consignment arrangements with wholesale customers | $ 200 | $ 400 |
PROPERTY AND EQUIPMENT - Property and Equipment (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 603,273 | $ 575,921 |
| Allowances for depreciation | (428,060) | (408,338) |
| Property and equipment, net | 175,213 | 167,583 |
| Land and Building [Member] | ||
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 37,494 | 38,795 |
| Building [Member] | Minimum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 5 years | |
| Building [Member] | Maximum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 30 years | |
| Leasehold Improvements [Member] | ||
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 229,227 | 216,531 |
| Leasehold Improvements [Member] | Minimum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 5 years | |
| Leasehold Improvements [Member] | Maximum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 20 years | |
| Technology Equipment [Member] | ||
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 56,900 | 51,690 |
| Technology Equipment [Member] | Minimum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 2 years | |
| Technology Equipment [Member] | Maximum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 7 years | |
| Machinery and Equipment [Member] | ||
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 116,404 | 114,245 |
| Machinery and Equipment [Member] | Minimum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 4 years | |
| Machinery and Equipment [Member] | Maximum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 20 years | |
| Furniture and Fixtures [Member] | ||
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 146,730 | 140,456 |
| Furniture and Fixtures [Member] | Minimum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 3 years | |
| Furniture and Fixtures [Member] | Maximum [Member] | ||
| Property and Equipment | ||
| Useful life (Year) | 10 years | |
| Construction in Progress [Member] | ||
| Property and Equipment | ||
| Property, Plant and Equipment, Gross | $ 16,518 | $ 14,204 |
PROPERTY AND EQUIPMENT (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Feb. 01, 2025
USD ($)
a
|
Feb. 03, 2024
USD ($)
|
Jan. 28, 2023
USD ($)
|
|
| Asset Impairment Charges | |||
| Impairment of long-lived assets held-for-use | $ 1,864 | $ 749 | $ 1,803 |
| Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring Charges, Selling, General and Administrative Expense | Restructuring Charges, Selling, General and Administrative Expense | Restructuring Charges, Selling, General and Administrative Expense |
| Interest costs capitalized | $ 400 | $ 300 | |
| Corporate Headquarters, Clayton, Missouri | Disposal Group, Held-for-Sale, Not Discontinued Operations | |||
| Asset Impairment Charges | |||
| Number of acres | a | 9 | ||
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Goodwill and Intangible Assets | ||
| Intangible assets | $ 344,883 | $ 344,883 |
| Accumulated amortization | (157,565) | (146,529) |
| Total intangible assets, net | 187,318 | 198,354 |
| Goodwill | 4,956 | 4,956 |
| Goodwill and intangible assets, net | 192,274 | 203,310 |
| Finite-Lived Intangible Assets, Accumulated Impairment | 106,205 | 106,205 |
| Famous footwear | ||
| Goodwill and Intangible Assets | ||
| Intangible assets | 2,800 | 2,800 |
| Brand portfolio | ||
| Goodwill and Intangible Assets | ||
| Intangible assets | 342,083 | 342,083 |
| Goodwill | 4,956 | 4,956 |
| Finite-Lived Intangible Assets, Accumulated Impairment | 106,200 | 106,200 |
| Goodwill, accumulated impairment charges | $ 415,700 | $ 415,700 |
GOODWILL AND INTANGIBLE ASSETS - Finite and Infinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Accumulated Amortization | $ 157,565 | $ 146,529 |
| Finite-Lived Intangible Assets, Accumulated Impairment | 106,205 | 106,205 |
| Intangible assets, cost basis | 451,088 | 451,088 |
| Intangible Assets, Net Carrying Value | 187,318 | 198,354 |
| Indefinite-lived Trade names | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Accumulated Impairment | 92,000 | 92,000 |
| Indefinite-Lived Intangible Assets, Cost Basis | 107,400 | 107,400 |
| Indefinite-Lived Intangible Assets, Net Carrying Value | 15,400 | 15,400 |
| Trade names | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Cost Basis | 299,488 | 299,488 |
| Finite-Lived Intangible Assets, Accumulated Amortization | 140,424 | 131,677 |
| Finite-Lived Intangible Assets, Accumulated Impairment | 10,200 | 10,200 |
| Finite-Lived Intangible Assets, Net Carrying Value | $ 148,864 | $ 157,611 |
| Trade names | Minimum | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Estimated Useful Life (In Years) | 2 years | 2 years |
| Trade names | Maximum | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Estimated Useful Life (In Years) | 40 years | 40 years |
| Customer relationships | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Cost Basis | $ 44,200 | $ 44,200 |
| Finite-Lived Intangible Assets, Accumulated Amortization | 17,141 | 14,852 |
| Finite-Lived Intangible Assets, Accumulated Impairment | 4,005 | 4,005 |
| Finite-Lived Intangible Assets, Net Carrying Value | $ 23,054 | $ 25,343 |
| Customer relationships | Minimum | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Estimated Useful Life (In Years) | 15 years | 15 years |
| Customer relationships | Maximum | ||
| Goodwill and Intangible Assets | ||
| Finite-Lived Intangible Assets, Estimated Useful Life (In Years) | 16 years | 16 years |
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Goodwill and Intangible Assets | |||
| Amortization of intangible assets | $ 11,036 | $ 12,082 | $ 12,111 |
| 2025 | 11,000 | ||
| 2026 | 11,000 | ||
| 2027 | 10,900 | ||
| 2028 | 10,700 | ||
| Goodwill, impairment loss | 0 | 0 | $ 0 |
| Allen Edmonds | |||
| Goodwill and Intangible Assets | |||
| Goodwill, impairment loss | $ 0 | $ 0 | |
FINANCING ARRANGEMENTS (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 05, 2021 |
Feb. 01, 2025 |
Feb. 03, 2024 |
|
| Long-term and Short-term Financing Arrangements | |||
| Total long-term line of credit | $ 219.5 | ||
| Letters of credit outstanding, amount | 8.2 | ||
| Line of credit facility, remaining borrowing capacity | 272.3 | ||
| Line of Credit Facility, Maximum Month-end Outstanding Amount | 261.5 | $ 366.5 | |
| Line of Credit Facility, Average Outstanding Amount | $ 201.5 | $ 267.9 | |
| Debt, Weighted Average Interest Rate | 6.20% | 6.70% | |
| Fifth Amendment to Fourth Amended and Restated Credit Agreement | |||
| Long-term and Short-term Financing Arrangements | |||
| Line of credit facility, decrease in maximum borrowing capacity | $ 100.0 | ||
| Line of credit facility, maximum borrowing capacity | 500.0 | ||
| Line of credit facility, option to increase, amount | $ 250.0 | ||
| Debt instrument, decrease in basis spread on variable rate | 0.75% | ||
| Line of credit facility, excess availability, percent to trigger debt restrictions | 10.00% | ||
| Line of credit facility, excess availability to trigger debt restrictions | $ 40.0 | ||
| Line of credit facility, fixed charge coverage ratio to trigger debt restrictions | 1.25 | ||
LEASES (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Feb. 01, 2025
USD ($)
location
|
Feb. 03, 2024
USD ($)
|
|
| Leases | ||
| Right-of-use asset obtained in exchange for operating lease liability | $ 182,100 | |
| Number of Lease commitments | location | 6 | |
| Operating lease liability | $ 607,045 | |
| Lease right-of-use assets | $ 564,330 | $ 528,029 |
| Fiscal Year 2025 | ||
| Leases | ||
| Number of anticipated leases next fiscal year | location | 4 | |
| Operating lease liability | $ 3,200 | |
| Lease right-of-use assets | $ 3,200 | |
| Fiscal Year 2026 | ||
| Leases | ||
| Number of anticipated leases next fiscal year | location | 2 | |
| Operating lease liability | $ 4,100 | |
| Lease right-of-use assets | $ 4,100 |
LEASES - Weighted-average Lease Term and Discount Rate (Details) |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| LEASES | ||
| Weighted-average remaining lease term (in years) | 6 years 1 month 6 days | 5 years 8 months 12 days |
| Weighted-average discount rate | 5.20% | 4.90% |
LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| LEASES | |||
| Operating lease expense | $ 160,832 | $ 156,849 | $ 148,299 |
| Variable lease expense | 46,672 | 42,983 | 40,233 |
| Short-term lease expense | 1,149 | 2,757 | 4,059 |
| Sublease income | (59) | ||
| Total lease expense | $ 208,653 | $ 202,589 | $ 192,532 |
LEASES - Future Minimum Rent Payments (Details) $ in Thousands |
Feb. 01, 2025
USD ($)
|
|---|---|
| LEASES | |
| 2025 | $ 188,415 |
| 2026 | 141,915 |
| 2027 | 109,694 |
| 2028 | 76,703 |
| 2029 | 52,979 |
| Thereafter | 130,861 |
| Total minimum operating lease payments | 700,567 |
| Less imputed interest | (93,522) |
| Present value of lease obligations | $ 607,045 |
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| LEASES | |||
| Cash paid for lease obligations | $ 158,156 | $ 181,420 | $ 167,163 |
| Cash received from sublease income | $ 59 | ||
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Intangible Assets, Impairment | $ 0.0 | $ 0.0 | $ 0.0 |
| Long-lived assets held and used | $ 626.2 | $ 579.1 | $ 562.2 |
| Restricted Stock Units (RSUs) [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | ||
| Non-qualified deferred compensation plan assets | $ 10,939 | $ 9,494 |
| Non-qualified deferred compensation plan liabilities | (10,939) | (9,494) |
| Non-qualified restoration plan assets | 444 | 271 |
| Non-qualified restoration plan liabilities | (444) | (271) |
| Deferred compensation plan liabilities for non-employee directors | (1,039) | (1,921) |
| Restricted stock units for non-employee directors | (1,130) | (2,606) |
| Fair Value, Inputs, Level 1 [Member] | ||
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | ||
| Non-qualified deferred compensation plan assets | 10,939 | 9,494 |
| Non-qualified deferred compensation plan liabilities | (10,939) | (9,494) |
| Non-qualified restoration plan assets | 444 | 271 |
| Non-qualified restoration plan liabilities | (444) | (271) |
| Deferred compensation plan liabilities for non-employee directors | (1,039) | (1,921) |
| Restricted stock units for non-employee directors | (1,130) | (2,606) |
| Fair Value, Inputs, Level 2 [Member] | ||
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | ||
| Non-qualified deferred compensation plan assets | 0 | 0 |
| Non-qualified deferred compensation plan liabilities | 0 | 0 |
| Non-qualified restoration plan assets | 0 | |
| Non-qualified restoration plan liabilities | 0 | |
| Deferred compensation plan liabilities for non-employee directors | 0 | 0 |
| Restricted stock units for non-employee directors | 0 | 0 |
| Fair Value, Inputs, Level 3 [Member] | ||
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | ||
| Non-qualified deferred compensation plan assets | 0 | 0 |
| Non-qualified deferred compensation plan liabilities | 0 | 0 |
| Non-qualified restoration plan assets | 0 | |
| Non-qualified restoration plan liabilities | 0 | |
| Deferred compensation plan liabilities for non-employee directors | 0 | 0 |
| Restricted stock units for non-employee directors | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS- Impairment Charges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | |||
| Impairment, Long-Lived Asset, Held-for-Use | $ 1,864 | $ 749 | $ 1,803 |
| Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring Charges, Selling, General and Administrative Expense | Restructuring Charges, Selling, General and Administrative Expense | Restructuring Charges, Selling, General and Administrative Expense |
| Famous footwear | |||
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | |||
| Impairment, Long-Lived Asset, Held-for-Use | $ 1,448 | $ 749 | $ 200 |
| Brand portfolio | |||
| Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis | |||
| Impairment, Long-Lived Asset, Held-for-Use | $ 416 | $ 1,603 | |
FAIR VALUE MEASUREMENTS - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| Revolving Credit Facility [Member] | Fair Value, Inputs, Level 1 [Member] | ||
| Fair Value of Financial Instruments | ||
| Borrowings under revolving credit agreement | $ 219.5 | $ 182.0 |
SHAREHOLDERS' EQUITY - Narratives (Details) |
12 Months Ended | 65 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Feb. 01, 2025
Vote
$ / shares
shares
|
Feb. 03, 2024
$ / shares
shares
|
Jan. 28, 2023
shares
|
Feb. 01, 2025
Vote
$ / shares
shares
|
Mar. 10, 2022
shares
|
Sep. 02, 2019
shares
|
|
| Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Common stock voting rights | Vote | 1 | 1 | ||||
| Par value per share | $ / shares | $ 1 | $ 1 | ||||
| Stock Repurchase Program, 2019 | ||||||
| Stock repurchase program, number of shares authorized to be repurchased | 5,000,000 | |||||
| Repurchases of common stock | 5,000,000 | |||||
| Stock repurchase program, additional number of shares authorized to be repurchased | 0 | 0 | ||||
| Stock Repurchase Program, 2022 | ||||||
| Stock repurchase program, number of shares authorized to be repurchased | 7,000,000 | |||||
| Stock repurchase program, additional number of shares authorized to be repurchased | 3,666,055 | 3,666,055 | ||||
| Repurchases Related to Employee Share-based Awards | ||||||
| Repurchases of common stock | 1,938,324 | 763,000 | 2,622,845 | |||
| Share-based awards tendered | 249,678 | 449,285 | 246,688 | |||
SHAREHOLDERS EQUITY - Company stock (Details) - shares |
Feb. 01, 2025 |
Feb. 03, 2024 |
|---|---|---|
| SHAREHOLDERS' EQUITY | ||
| Authorized shares, Common | 100,000,000 | 100,000,000 |
| Outstanding shares, Common | 33,631,764 | 35,490,019 |
| Authorized shares, Preferred | 1,000,000 | 1,000,000 |
SHAREHOLDERS' EQUITY - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| BALANCE | $ 567,570 | $ 426,113 | $ 323,387 |
| Other comprehensive loss, net of tax | (374) | (7,686) | (18,626) |
| BALANCE | 605,949 | 567,570 | 426,113 |
| Foreign Currency Translation | |||
| BALANCE | (1,098) | (1,213) | (788) |
| Other comprehensive income (loss) before reclassifications | (4,691) | 115 | (425) |
| Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
| Tax benefit | 0 | 0 | 0 |
| Net reclassifications | 0 | 0 | 0 |
| Other comprehensive loss, net of tax | (4,691) | 115 | (425) |
| BALANCE | (5,789) | (1,098) | (1,213) |
| Pension and Other Postretirement Transactions | |||
| BALANCE | (33,406) | (25,537) | (7,818) |
| Other comprehensive income (loss) before reclassifications | (1,284) | (10,506) | (19,776) |
| Amounts reclassified from accumulated other comprehensive loss | 8,695 | 3,552 | 2,991 |
| Tax benefit | (2,238) | (915) | (934) |
| Net reclassifications | 6,457 | 2,637 | 2,057 |
| Other comprehensive loss, net of tax | 5,173 | (7,869) | (17,719) |
| BALANCE | (28,233) | (33,406) | (25,537) |
| Accumulated Other Comprehensive (Loss) Income | |||
| BALANCE | (34,504) | (26,750) | (8,606) |
| Other comprehensive income (loss) before reclassifications | (5,975) | (10,391) | (20,201) |
| Amounts reclassified from accumulated other comprehensive loss | 8,695 | 3,552 | 2,991 |
| Tax benefit | (2,238) | (915) | (934) |
| Net reclassifications | 6,457 | 2,637 | 2,057 |
| Other comprehensive loss, net of tax | 482 | (7,754) | (18,144) |
| BALANCE | $ (34,022) | $ (34,504) | $ (26,750) |
SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Feb. 01, 2025
USD ($)
$ / shares
shares
|
Feb. 03, 2024
USD ($)
$ / shares
shares
|
Jan. 28, 2023
USD ($)
tranche
$ / shares
shares
|
Jan. 29, 2022
USD ($)
tranche
|
Jan. 30, 2021
tranche
|
|
| SHARE-BASED COMPENSATION | |||||
| Share-based payment arrangement, expense | $ 15,145 | $ 14,804 | $ 17,311 | ||
| Share-based compensation arrangement by share-based payment award shares issued in period | shares | 80,069 | 537,267 | 703,452 | ||
| Effective income tax rate reconciliation, nondeductible expense share-based payment arrangement amount | $ 2,600 | $ 3,100 | $ 600 | ||
| Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 41.05 | $ 23.12 | $ 21 | ||
| Share-based Compensation Award Graded Vesting | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||
| Share-based Compensation Award Graded Vesting Tranche Two | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||
| Restricted stock | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based payment arrangement, expense | $ 12,746 | $ 12,579 | $ 10,974 | ||
| Granted, total number of restricted shares (in shares) | shares | 346,686 | 603,121 | 848,678 | ||
| Share-based compensation arrangement by share-based payment award equity instruments other than options vested in period grant date fair value | $ 13,000 | $ 7,000 | $ 6,800 | ||
| Share-based compensation arrangement by share-based payment award equity instruments other than options vested in period fair value | 23,100 | $ 12,200 | $ 11,500 | ||
| Share-based payment arrangement, nonvested award excluding option cost not yet recognized amount | $ 11,500 | ||||
| Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 39.77 | $ 23.13 | $ 21.76 | ||
| Share-based payment arrangement nonvested award cost not yet recognized period for recognition | 1 year 6 months | ||||
| Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 2,600 | ||||
| Restricted stock | Share-based Compensation Award, Cliff-vesting, Tranche One | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, total number of restricted shares (in shares) | shares | 13,692 | 23,268 | 10,470 | ||
| Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | 1 year | 1 year | ||
| Restricted stock | Share-based Compensation Award, Cliff-vesting, Tranche Two | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, total number of restricted shares (in shares) | shares | 63,614 | ||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 2 years | ||||
| Restricted stock | Share-based Compensation Award Graded Vesting | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, total number of restricted shares (in shares) | shares | 332,994 | 567,053 | 774,594 | ||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | |||
| Restricted stock | Share-based Compensation Award Graded Vesting Tranche One | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, total number of restricted shares (in shares) | shares | 5,800 | ||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 2 years | 2 years | |||
| Share-based compensation arrangement by share-based payment award, award performance percentage earned | 50.00% | 50.00% | |||
| Share-based compensation arrangement by share-based payment award, award vesting rights percentage | 50.00% | ||||
| Restricted stock | Share-based Compensation Award Graded Vesting Tranche One | Graded-vesting term of three years | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 2 years | ||||
| Share-based compensation arrangement by share-based payment award, award vesting rights percentage | 50.00% | ||||
| Restricted stock | Share-based Compensation Award Graded Vesting Tranche Two | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, total number of restricted shares (in shares) | shares | 7,000 | ||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | |||
| Share-based compensation arrangement by share-based payment award, award performance percentage earned | 50.00% | 50.00% | |||
| Share-based compensation arrangement by share-based payment award, award vesting rights percentage | 50.00% | ||||
| Restricted stock | Share-based Compensation Award Graded Vesting Tranche Two | Maximum | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 18 months | ||||
| Restricted stock | Share-based Compensation Award Graded Vesting Tranche Two | Graded-vesting term of three years | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||
| Share-based compensation arrangement by share-based payment award, award vesting rights percentage | 50.00% | ||||
| Stock performance awards | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based payment arrangement, expense | $ 1,410 | $ 1,183 | $ 5,190 | ||
| Granted, total number of restricted shares (in shares) | shares | 165,854 | 276,434 | 77,750 | ||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | |||
| Share-based compensation arrangement by share-based payment award equity instruments other than options vested in period fair value | $ 0 | $ 13,800 | $ 2,100 | ||
| Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 41.05 | $ 23.12 | |||
| Number of tranches | tranche | 4 | ||||
| Share-based payment arrangement nonvested award cost not yet recognized amount | $ 2,100 | ||||
| Share-based payment arrangement nonvested award cost not yet recognized period for recognition | 1 year 7 months 6 days | ||||
| Stock performance awards | Minimum | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award performance percentage earned | 0.00% | ||||
| Stock performance awards | Maximum | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, total number of restricted shares (in shares) | shares | 165,854 | 276,434 | 155,500 | ||
| Share-based compensation arrangement by share-based payment award, award performance percentage earned | 200.00% | ||||
| Percentage of targeted award under share-based payment arrangement | 100.00% | 100.00% | |||
| Stock performance awards | CFO | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 13.05 | ||||
| Number of shares approved for accelerated vesting | shares | 30,000 | ||||
| Number of tranches of award accelerated under share based payment awards | tranche | 2 | 2 | 2 | ||
| Stock performance awards | Share-based Compensation Award Accelerated Vesting | CFO | |||||
| SHARE-BASED COMPENSATION | |||||
| Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 24.31 | ||||
| Incremental expense related to accelerated award vesting | $ 400 | ||||
| Restricted stock units | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based payment arrangement, expense | $ 989 | $ 1,042 | 1,147 | ||
| Granted, total number of restricted shares (in shares) | shares | 27,690 | ||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||||
| Share-based compensation arrangement by share-based payment award equity instruments other than options vested in period fair value | $ 859 | $ 1,186 | 998 | ||
| Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 35.01 | ||||
| Share-based compensation arrangement by share-based payment award equity instruments other than options grants in period dividend equivalent | shares | 4,278 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Dividend Equivalents | shares | 3,972 | ||||
| Share-based compensation arrangement by share-based payment award equity instruments other than options grants in period nonvested dividend equivalent | shares | 306 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | shares | 485,476 | 532,605 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 8,900 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 8,300 | ||||
| Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 1,100 | ||||
| Restricted Stock Units (RSUs) Payable in Stock | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | shares | 348,761 | ||||
| Restricted Stock Units (RSUs) Payable in Cash | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | shares | 136,715 | ||||
| Long-term incentive award | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||
| Share based compensation arrangement by share based payment award, award performance period | 3 years | 3 years | |||
| Share-based compensation arrangement by share-based payment award equity instruments other than options grants in period value | 8,300 | $ 7,300 | |||
| Long-term incentive award | Maximum | |||||
| SHARE-BASED COMPENSATION | |||||
| Share-based compensation arrangement by share-based payment award equity instruments other than options grants in period value | $ 16,600 | $ 14,600 | |||
SHARE-BASED COMPENSATION - share-based compensation expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| SHARE-BASED COMPENSATION | |||
| Share-based payment arrangement, expense | $ 15,145 | $ 14,804 | $ 17,311 |
| Restricted stock | |||
| SHARE-BASED COMPENSATION | |||
| Share-based payment arrangement, expense | 12,746 | 12,579 | 10,974 |
| Stock performance awards | |||
| SHARE-BASED COMPENSATION | |||
| Share-based payment arrangement, expense | 1,410 | 1,183 | 5,190 |
| Restricted stock units | |||
| SHARE-BASED COMPENSATION | |||
| Share-based payment arrangement, expense | $ 989 | $ 1,042 | $ 1,147 |
SHARE-BASED COMPENSATION - Restricted stock activity (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| SHARE-BASED COMPENSATION | |||
| Nonvested, weighted-average grant date fair value, beginning (in dollars per share) | $ 23.12 | $ 13.64 | $ 16.12 |
| Granted, weighted-average grant date fair value (in dollars per share) | 41.05 | 23.12 | 21 |
| Vested, weighted-average grant date fair value (in dollars per share) | 13.64 | 23.5 | |
| Forfeited, weighted-average grant date fair value (in dollars per share) | 23.12 | 18.65 | 14.24 |
| Nonvested, weighted-average grant date fair value, ending (in dollars per share) | $ 30.33 | $ 23.12 | $ 13.64 |
| Restricted stock | |||
| SHARE-BASED COMPENSATION | |||
| Number of Nonvested Shares, beginning (in shares) | 1,512,421 | 1,603,960 | 1,390,397 |
| Granted (in shares) | 346,686 | 603,121 | 848,678 |
| Vested (in shares) | (620,800) | (513,238) | (525,399) |
| Forfeited (in shares) | (96,988) | (181,422) | (109,716) |
| Number of Nonvested Shares, ending (in shares) | 1,141,319 | 1,512,421 | 1,603,960 |
| Nonvested, weighted-average grant date fair value, beginning (in dollars per share) | $ 21.96 | $ 18.57 | $ 14.24 |
| Granted, weighted-average grant date fair value (in dollars per share) | 39.77 | 23.13 | 21.76 |
| Vested, weighted-average grant date fair value (in dollars per share) | 21.08 | 13.73 | 12.87 |
| Forfeited, weighted-average grant date fair value (in dollars per share) | 26.08 | 19.15 | 15.67 |
| Nonvested, weighted-average grant date fair value, ending (in dollars per share) | $ 27.6 | $ 21.96 | $ 18.57 |
SHARE-BASED COMPENSATION - Performance share award activity (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| SHARE-BASED COMPENSATION | |||
| Nonvested, weighted-average grant date fair value, beginning (in dollars per share) | $ 23.12 | $ 13.64 | $ 16.12 |
| Granted, weighted-average grant date fair value (in dollars per share) | 41.05 | 23.12 | 21 |
| Vested, weighted-average grant date fair value (in dollars per share) | 13.64 | 23.5 | |
| Forfeited, weighted-average grant date fair value (in dollars per share) | 23.12 | 18.65 | 14.24 |
| Nonvested, weighted-average grant date fair value, ending (in dollars per share) | $ 30.33 | $ 23.12 | $ 13.64 |
| Stock performance awards | |||
| SHARE-BASED COMPENSATION | |||
| Number of Nonvested Shares, beginning (in shares) | 268,648 | 281,000 | 390,750 |
| Granted (in shares) | 165,854 | 276,434 | 77,750 |
| Vested (in shares) | (273,918) | (172,500) | |
| Forfeited (in shares) | (21,886) | (14,868) | (15,000) |
| Number of Nonvested Shares, ending (in shares) | 412,616 | 268,648 | 281,000 |
| Granted, weighted-average grant date fair value (in dollars per share) | $ 41.05 | $ 23.12 | |
| Stock performance awards | Maximum | |||
| SHARE-BASED COMPENSATION | |||
| Number of Nonvested Shares, beginning (in shares) | 268,648 | 562,000 | 781,500 |
| Granted (in shares) | 165,854 | 276,434 | 155,500 |
| Vested (in shares) | (547,836) | (345,000) | |
| Forfeited (in shares) | (21,886) | (21,950) | (30,000) |
| Number of Nonvested Shares, ending (in shares) | 412,616 | 268,648 | 562,000 |
SHARE-BASED COMPENSATION - Restricted stock unit activity (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| SHARE-BASED COMPENSATION | |||
| Nonvested, weighted-average grant date fair value, beginning (in dollars per share) | $ 23.12 | $ 13.64 | $ 16.12 |
| Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 41.05 | 23.12 | 21 |
| Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 13.64 | 23.5 | |
| Nonvested, weighted-average grant date fair value, ending (in dollars per share) | $ 30.33 | $ 23.12 | $ 13.64 |
| Restricted stock units | |||
| SHARE-BASED COMPENSATION | |||
| Number of Vested RSUs, beginning (in shares) | 480,270 | ||
| Granted, Number of Vested RSUs (in shares) | 3,972 | ||
| Vested, Number of Vested RSUs (in shares) | 46,842 | ||
| Settled, Number of Vested RSUs (in shares) | (78,791) | ||
| Number of Vested RSUs, ending (in shares) | 452,293 | 480,270 | |
| Number of Nonvested Shares, beginning (in shares) | 52,335 | ||
| Granted, Number of Nonvested RSUs (in shares) | 27,690 | ||
| Vested, Number of Nonvested RSUs (in shares) | (46,842) | ||
| Number of Nonvested Shares, ending (in shares) | 33,183 | 52,335 | |
| Total Number of RSUs, beginning (in shares) | 532,605 | ||
| Granted, Total Number of RSUs (in shares) | 31,662 | ||
| Settled, Total Number of RSUs (in shares) | (78,791) | ||
| Total Number of RSUs, ending (in shares) | 485,476 | 532,605 | |
| Total Number of RSUs Accrued, beginning (in shares) | 515,159 | ||
| Granted, Total Number of RSUs Accrued (in shares) | 22,534 | ||
| Vested, Total Number of RSUs Accrued (in shares) | 15,512 | ||
| Settled, Total Number of RSUs Accrued (in shares) | (78,791) | ||
| Total Number of RSUs Accrued, ending (in shares) | 474,414 | 515,159 | |
| Nonvested, weighted-average grant date fair value, beginning (in dollars per share) | $ 16.85 | ||
| Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 35.01 | ||
| Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 19.41 | ||
| Settled, Weighted-Average Grant Date Fair Value (in dollars per share) | 41.27 | ||
| Nonvested, weighted-average grant date fair value, ending (in dollars per share) | $ 28.38 | $ 16.85 | |
SHARE-BASED COMPENSATION - RSUs granted, vested and settled (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| SHARE-BASED COMPENSATION | |||
| Weighted-average grant date fair value of RSUs granted | $ 34.4 | $ 19.92 | $ 27.09 |
| Fair value of RSUs vested | $ 859 | $ 1,186 | $ 998 |
| RSUs settled | 78,791 | 17,017 | 114,242 |
SHARE-BASED COMPENSATION - RSU compensation (income) expense and the related income tax provision (benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| SHARE-BASED COMPENSATION | |||
| Compensation (income) expense | $ (609) | $ 579 | $ 335 |
| Income tax provision (benefit) | 157 | (149) | (86) |
| Compensation (income) expense, net of tax | $ (452) | $ 430 | $ 249 |
COMMITMENTS AND CONTINGENCIES (Details) - Redfield Site $ in Millions |
12 Months Ended |
|---|---|
|
Feb. 01, 2025
USD ($)
| |
| COMMITMENTS AND CONTINGENCIES | |
| Cumulative environmental remediation expense | $ 34.7 |
| Environmental exit costs, assets previously disposed, liability for remediation | 9.3 |
| Reserve for anticipated future remediation activities for off site remediation | 4.9 |
| Reserve for anticipated future remediation activities for on site remediation | $ 4.4 |
| Accrual for environmental loss contingencies, discount rate | 4.80% |
| Accrual for environmental loss contingencies, gross, total | $ 12.2 |
| Accrual for environmental loss contingencies, undiscounted, first year | 0.2 |
| Accrual for environmental loss contingencies, undiscounted, second year | 0.1 |
| Accrual for environmental loss contingencies, undiscounted, third year | 0.1 |
| Accrual for environmental loss contingencies, undiscounted, fourth year | 0.1 |
| Accrual for environmental loss contingencies, undiscounted, fifth Year | 0.1 |
| Accrual for environmental loss contingencies, undiscounted, after fifth year | 11.6 |
| Other noncurrent liabilities | |
| COMMITMENTS AND CONTINGENCIES | |
| Environmental exit costs, assets previously disposed, liability for remediation | 8.4 |
| Other accrued expenses | |
| COMMITMENTS AND CONTINGENCIES | |
| Environmental exit costs, assets previously disposed, liability for remediation | $ 0.9 |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Feb. 01, 2025 |
Feb. 03, 2024 |
Jan. 28, 2023 |
|
| Balance at Beginning of Period | $ 21,497 | ||
| Balance at End of Period | 16,147 | $ 21,497 | |
| Allowance for expected credit losses | |||
| Balance at Beginning of Period | 8,820 | 8,903 | $ 9,601 |
| Charged to Costs and Expenses | (815) | 1,018 | (262) |
| Deductions | (318) | 1,101 | 436 |
| Balance at End of Period | 8,323 | 8,820 | 8,903 |
| Customer allowances | |||
| Balance at Beginning of Period | 17,372 | 18,624 | 17,857 |
| Charged to Costs and Expenses | 24,967 | 28,535 | 27,559 |
| Deductions | 26,505 | 29,787 | 26,792 |
| Balance at End of Period | 15,834 | 17,372 | 18,624 |
| Customer discounts | |||
| Balance at Beginning of Period | 4,125 | 3,293 | 2,472 |
| Charged to Costs and Expenses | 11,461 | 9,904 | 11,357 |
| Deductions | 13,753 | 9,072 | 10,536 |
| Balance at End of Period | 1,833 | 4,125 | 3,293 |
| Inventory markdowns and other | |||
| Balance at Beginning of Period | 20,935 | 43,911 | 30,455 |
| Charged to Costs and Expenses | 36,791 | 36,485 | 53,787 |
| Deductions | 40,032 | 59,461 | 40,331 |
| Balance at End of Period | 17,694 | 20,935 | 43,911 |
| Deferred tax asset valuation allowance | |||
| Balance at Beginning of Period | 7,153 | 39,540 | 58,959 |
| Charged to Costs and Expenses | (3,747) | (32,387) | (19,419) |
| Balance at End of Period | $ 3,406 | $ 7,153 | $ 39,540 |