CALERES INC, DEF 14A filed on 4/16/2026
Proxy Statement (definitive)
v3.26.1
Cover
12 Months Ended
Jan. 31, 2026
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name CALERES, INC.
Entity Central Index Key 0000014707
v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
As set forth in the CD&A above, the Committee has implemented an executive compensation program designed to link a substantial portion of our NEOs’ realized compensation to the achievement of our financial, operations and strategic goals and to align our executive compensation with the interests of our shareholders and the value of their investment in the Company. The following table sets forth additional compensation information for our NEOs for fiscal years 2025, 2024, 2023, 2022, and 2021.
 
                                       
Value of Initial Fixed
$100 Investment Based
on:
             
    
Summary
Compensation
Table Total
for CEO
(Sullivan)
(1)
   
Summary
Compensation
Table Total
for CEO
(Schmidt)
(1)
   
Compensation
Actually Paid
to CEO
(Sullivan)
(2)
   
Compensation
Actually Paid
to CEO
(Schmidt)
(2)
   
Average
Summary
Compensation
Table Total for
Non-CEO
NEOs
(3)
   
Average
Compensation
Actually Paid
to Non-CEO
NEOs
(2)(3)
   
Total
Shareholder
Return
   
Peer Group
Total
Shareholder
Return
(4)
   
Net (Loss)
Earnings
($ in
thousands)
   
Adjusted
Earnings
Per
Share
(5)
 
2025
    N/A     $ 4,143,930       N/A     $ 2,037,311     $ 1,274,538     $ 665,012     $ 86.17     $ 99.60     $ (9,877   $ 0.61  
2024
    N/A       8,296,239       N/A       2,499,698       2,638,030       1,775,539       114.03       143.46       106,097       3.30  
2023
    N/A       7,804,523       N/A       9,753,186       3,519,675       4,411,043       196.95       112.71       171,832       4.18  
2022
    13,762,193       4,618,166       13,759,794       5,068,471       2,108,075       1,774,564       153.21       102.94       179,695       4.52  
2021
    10,196,791       N/A       15,891,788       N/A       2,013,911       2,831,096       139.11       108.80       138,163       4.29  
 
(1)
The dollar amounts reported are the amounts of total compensation reported for our CEO in the Summary Compensation Table.
 
(2)
The dollar amounts reported represent the amount of compensation actually paid (“CAP”), as computed in accordance with SEC rules, for our CEO. The dollar amounts do not reflect the actual amounts of compensation paid to our CEO or other NEOs during the applicable years, but include (i) the
year-end
value of equity awards granted during the reported year, (ii) the change in the value of equity awards that were unvested at the end of the prior year, measured through the date the awards vested or were forfeited, or through the end of the reported fiscal year, and (iii) certain pension-related costs. The following table details the adjustments to the Summary Compensation Table total pay for our CEO, as well as the average for our other NEOs to determine compensation actually paid.
 
 
 
   
CEO
   
Non-CEO NEO Average
 
   
2025
   
2024
   
2023
   
2022
   
2021
   
2025
   
2024
   
2023
   
2022
   
2021
 
                         
Sullivan
   
Schmidt
                                           
Summary Compensation Table Total
  $ 4,143,930     $ 8,296,239     $ 7,804,523     $ 13,762,193     $ 4,618,166     $ 10,196,791     $ 1,274,538     $ 2,638,030     $ 3,519,675     $ 2,108,075     $ 2,013,911  
Less: Reported Fair Value of Equity Awards
    (2,500,016     (5,250,049     (4,000,038     (6,828,768     (2,460,012     (5,054,175     (316,179     (675,519     (701,507     (512,945     (373,323
Add:
Year-End
Fair Value of Outstanding and Unvested Equity Awards Granted in the Year
    1,778,242       2,344,297       5,526,003       8,849,186       3,023,041       8,885,800       165,005       301,639       969,124       360,884       792,417  
Add: Vesting Date Fair Value of Awards Granted in the Year
                                                          82,436        
Add: Year-Over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year
    (297,954     (106,910     133,395       (400,208     (106,983     581,300       (38,504     436,547       (105,723     3,390       86,490  
Add: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years
    (871,216     (2,364,681     745,726       1,116,900       249,390       2,556,378       (43,239     (893,802     758,607       40,324       481,189  
Subtract the Amount in Fair Value of Equity Awards Forfeited or Failed to Meet Applicable Vesting Conditions
                      (1,194,390     (265,420     (1,359,900     (313,361)                   (282,442     (151,100
Less: Change in Pension Value Reported in the Summary Compensation Table
    (435,277     (608,736     (611,206     (1,858,607     (141,333     (199,479     (78,186     (60,331     (77,712     (53,367     (75,714
Add: Pension Service Cost for Services Rendered during the Year
    219,601       189,538       154,783       313,488       151,622       285,073       14,938       28,974       48,579       28,209       57,226  
Compensation Actually Paid
  $ 2,037,311     $ 2,499,698     $ 9,753,186     $ 13,759,794     $ 5,068,471     $ 15,891,788     $ 665,012     $ 1,775,539     $ 4,411,043     $ 1,774,564     $ 2,831,096  
 
(3)
Fiscal year 2025 reflects compensation information for our NEOs, other than our CEO, as described in the CD&A of this proxy statement. Compensation information for our NEO’s other than our CEOs for prior fiscal years include the following: For fiscal year 2024 – Mr. Calandra, Ms. Sullivan, Mr. Edwards and Mr. Friedman; 2023 – Mr. Calandra, Ms. Sullivan, Mr. Edwards and Mr. Friedman; 2022 — Mr. Calandra, Kenneth H. Hannah, former Senior Vice President and Chief Financial Officer, Mr. Edwards, Mr. Friedman and Douglas W. Koch, Senior Vice President and Chief Human Resources Officer; and Fiscal year 2021 — Mr. Schmidt, Mr. Hannah, Mr. Edwards and Mr. Friedman.
 
(4)
Peer group reflects the same peer companies used in the performance graph in the Form
10-K
as required under Item 201(e)(1)(ii).
 
(5)
Refer to Annex 1 for a reconciliation of GAAP earnings per share to adjusted earnings per share.
       
Company Selected Measure Name adjusted earnings per share        
Named Executive Officers, Footnote Fiscal year 2025 reflects compensation information for our NEOs, other than our CEO, as described in the CD&A of this proxy statement. Compensation information for our NEO’s other than our CEOs for prior fiscal years include the following: For fiscal year 2024 – Mr. Calandra, Ms. Sullivan, Mr. Edwards and Mr. Friedman; 2023 – Mr. Calandra, Ms. Sullivan, Mr. Edwards and Mr. Friedman; 2022 — Mr. Calandra, Kenneth H. Hannah, former Senior Vice President and Chief Financial Officer, Mr. Edwards, Mr. Friedman and Douglas W. Koch, Senior Vice President and Chief Human Resources Officer; and Fiscal year 2021 — Mr. Schmidt, Mr. Hannah, Mr. Edwards and Mr. Friedman.        
Peer Group Issuers, Footnote Peer group reflects the same peer companies used in the performance graph in the Form
10-K
as required under Item 201(e)(1)(ii).
       
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported represent the amount of compensation actually paid (“CAP”), as computed in accordance with SEC rules, for our CEO. The dollar amounts do not reflect the actual amounts of compensation paid to our CEO or other NEOs during the applicable years, but include (i) the
year-end
value of equity awards granted during the reported year, (ii) the change in the value of equity awards that were unvested at the end of the prior year, measured through the date the awards vested or were forfeited, or through the end of the reported fiscal year, and (iii) certain pension-related costs. The following table details the adjustments to the Summary Compensation Table total pay for our CEO, as well as the average for our other NEOs to determine compensation actually paid.
 
 
 
   
CEO
   
Non-CEO NEO Average
 
   
2025
   
2024
   
2023
   
2022
   
2021
   
2025
   
2024
   
2023
   
2022
   
2021
 
                         
Sullivan
   
Schmidt
                                           
Summary Compensation Table Total
  $ 4,143,930     $ 8,296,239     $ 7,804,523     $ 13,762,193     $ 4,618,166     $ 10,196,791     $ 1,274,538     $ 2,638,030     $ 3,519,675     $ 2,108,075     $ 2,013,911  
Less: Reported Fair Value of Equity Awards
    (2,500,016     (5,250,049     (4,000,038     (6,828,768     (2,460,012     (5,054,175     (316,179     (675,519     (701,507     (512,945     (373,323
Add:
Year-End
Fair Value of Outstanding and Unvested Equity Awards Granted in the Year
    1,778,242       2,344,297       5,526,003       8,849,186       3,023,041       8,885,800       165,005       301,639       969,124       360,884       792,417  
Add: Vesting Date Fair Value of Awards Granted in the Year
                                                          82,436        
Add: Year-Over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year
    (297,954     (106,910     133,395       (400,208     (106,983     581,300       (38,504     436,547       (105,723     3,390       86,490  
Add: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years
    (871,216     (2,364,681     745,726       1,116,900       249,390       2,556,378       (43,239     (893,802     758,607       40,324       481,189  
Subtract the Amount in Fair Value of Equity Awards Forfeited or Failed to Meet Applicable Vesting Conditions
                      (1,194,390     (265,420     (1,359,900     (313,361)                   (282,442     (151,100
Less: Change in Pension Value Reported in the Summary Compensation Table
    (435,277     (608,736     (611,206     (1,858,607     (141,333     (199,479     (78,186     (60,331     (77,712     (53,367     (75,714
Add: Pension Service Cost for Services Rendered during the Year
    219,601       189,538       154,783       313,488       151,622       285,073       14,938       28,974       48,579       28,209       57,226  
Compensation Actually Paid
  $ 2,037,311     $ 2,499,698     $ 9,753,186     $ 13,759,794     $ 5,068,471     $ 15,891,788     $ 665,012     $ 1,775,539     $ 4,411,043     $ 1,774,564     $ 2,831,096  
       
Non-PEO NEO Average Total Compensation Amount $ 1,274,538 $ 2,638,030 $ 3,519,675 $ 2,108,075 $ 2,013,911
Non-PEO NEO Average Compensation Actually Paid Amount $ 665,012 1,775,539 4,411,043 1,774,564 2,831,096
Adjustment to Non-PEO NEO Compensation Footnote
(2)
The dollar amounts reported represent the amount of compensation actually paid (“CAP”), as computed in accordance with SEC rules, for our CEO. The dollar amounts do not reflect the actual amounts of compensation paid to our CEO or other NEOs during the applicable years, but include (i) the
year-end
value of equity awards granted during the reported year, (ii) the change in the value of equity awards that were unvested at the end of the prior year, measured through the date the awards vested or were forfeited, or through the end of the reported fiscal year, and (iii) certain pension-related costs. The following table details the adjustments to the Summary Compensation Table total pay for our CEO, as well as the average for our other NEOs to determine compensation actually paid.
 
 
 
   
CEO
   
Non-CEO NEO Average
 
   
2025
   
2024
   
2023
   
2022
   
2021
   
2025
   
2024
   
2023
   
2022
   
2021
 
                         
Sullivan
   
Schmidt
                                           
Summary Compensation Table Total
  $ 4,143,930     $ 8,296,239     $ 7,804,523     $ 13,762,193     $ 4,618,166     $ 10,196,791     $ 1,274,538     $ 2,638,030     $ 3,519,675     $ 2,108,075     $ 2,013,911  
Less: Reported Fair Value of Equity Awards
    (2,500,016     (5,250,049     (4,000,038     (6,828,768     (2,460,012     (5,054,175     (316,179     (675,519     (701,507     (512,945     (373,323
Add:
Year-End
Fair Value of Outstanding and Unvested Equity Awards Granted in the Year
    1,778,242       2,344,297       5,526,003       8,849,186       3,023,041       8,885,800       165,005       301,639       969,124       360,884       792,417  
Add: Vesting Date Fair Value of Awards Granted in the Year
                                                          82,436        
Add: Year-Over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year
    (297,954     (106,910     133,395       (400,208     (106,983     581,300       (38,504     436,547       (105,723     3,390       86,490  
Add: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years
    (871,216     (2,364,681     745,726       1,116,900       249,390       2,556,378       (43,239     (893,802     758,607       40,324       481,189  
Subtract the Amount in Fair Value of Equity Awards Forfeited or Failed to Meet Applicable Vesting Conditions
                      (1,194,390     (265,420     (1,359,900     (313,361)                   (282,442     (151,100
Less: Change in Pension Value Reported in the Summary Compensation Table
    (435,277     (608,736     (611,206     (1,858,607     (141,333     (199,479     (78,186     (60,331     (77,712     (53,367     (75,714
Add: Pension Service Cost for Services Rendered during the Year
    219,601       189,538       154,783       313,488       151,622       285,073       14,938       28,974       48,579       28,209       57,226  
Compensation Actually Paid
  $ 2,037,311     $ 2,499,698     $ 9,753,186     $ 13,759,794     $ 5,068,471     $ 15,891,788     $ 665,012     $ 1,775,539     $ 4,411,043     $ 1,774,564     $ 2,831,096  
       
Compensation Actually Paid vs. Total Shareholder Return
LOGO
 
       
Compensation Actually Paid vs. Net Income
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
LOGO
       
Total Shareholder Return Vs Peer Group
LOGO
 
       
Tabular List, Table
PAY-FOR-PERFORMANCE
ALIGNMENT
The following table identifies the four most important financial performance measures used by the Committee to link the CAP to our Chief Executive Officer (CEO) and other NEOs in 2025 to Company performance. The role of each of t
hese
performance measures in our NEOs’ compensation is set forth in the CD&A.
Financial Performance Measures
Adjusted Earnings Per Share
Return on Invested Capital
Operating Earnings
Net Sales
       
Total Shareholder Return Amount $ 86.17 114.03 196.95 153.21 139.11
Peer Group Total Shareholder Return Amount 99.6 143.46 112.71 102.94 108.8
Net Income (Loss) $ (9,877,000) $ 106,097,000 $ 171,832,000 $ 179,695,000 $ 138,163,000
Company Selected Measure Amount 0.61 3.3 4.18 4.52 4.29
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted Earnings Per Share        
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on Invested Capital        
Measure:: 3          
Pay vs Performance Disclosure          
Name Operating Earnings        
Measure:: 4          
Pay vs Performance Disclosure          
Name Net Sales        
Ms. Sullivan [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount       $ 13,762,193 $ 10,196,791
PEO Actually Paid Compensation Amount       $ 13,759,794 $ 15,891,788
PEO Name       Sullivan Sullivan
Mr. Schmidt [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 4,143,930 $ 8,296,239 $ 7,804,523 $ 4,618,166  
PEO Actually Paid Compensation Amount $ 2,037,311 $ 2,499,698 $ 9,753,186 $ 5,068,471  
PEO Name Schmidt Schmidt Schmidt Schmidt  
PEO | Ms. Sullivan [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       $ (1,858,607) $ (199,479)
PEO | Ms. Sullivan [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       8,849,186 8,885,800
PEO | Ms. Sullivan [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (400,208) 581,300
PEO | Ms. Sullivan [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       0 0
PEO | Ms. Sullivan [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       1,116,900 2,556,378
PEO | Ms. Sullivan [Member] | Reported Fair Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (6,828,768) (5,054,175)
PEO | Ms. Sullivan [Member] | Subtract the Amount in Fair Value of Equity Awards Forfeited or Failed to Meet Applicable Vesting Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (1,194,390) (1,359,900)
PEO | Ms. Sullivan [Member] | Pension Service Cost for Services Rendered During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       313,488 285,073
PEO | Mr. Schmidt [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (435,277) $ (608,736) $ (611,206) (141,333)  
PEO | Mr. Schmidt [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,778,242 2,344,297 5,526,003 3,023,041  
PEO | Mr. Schmidt [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (297,954) (106,910) 133,395 (106,983)  
PEO | Mr. Schmidt [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0  
PEO | Mr. Schmidt [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (871,216) (2,364,681) 745,726 249,390  
PEO | Mr. Schmidt [Member] | Reported Fair Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,500,016) (5,250,049) (4,000,038) (2,460,012)  
PEO | Mr. Schmidt [Member] | Subtract the Amount in Fair Value of Equity Awards Forfeited or Failed to Meet Applicable Vesting Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 (265,420)  
PEO | Mr. Schmidt [Member] | Pension Service Cost for Services Rendered During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 219,601 189,538 154,783 151,622  
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (78,186) (60,331) (77,712) (53,367) (75,714)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 165,005 301,639 969,124 360,884 792,417
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (38,504) 436,547 (105,723) 3,390 86,490
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 82,436 0
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (43,239) (893,802) 758,607 40,324 481,189
Non-PEO NEO | Reported Fair Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (316,179) (675,519) (701,507) (512,945) (373,323)
Non-PEO NEO | Subtract the Amount in Fair Value of Equity Awards Forfeited or Failed to Meet Applicable Vesting Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (313,361) 0 0 (282,442) (151,100)
Non-PEO NEO | Pension Service Cost for Services Rendered During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 14,938 $ 28,974 $ 48,579 $ 28,209 $ 57,226
v3.26.1
Award Timing Disclosure
12 Months Ended
Jan. 31, 2026
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
The Committee grants equity awards primarily as part of its annual compensation review process. The Committee approved a practice for establishing the grant date for equity awards. Under this practice, the Committee makes annual awards of equity during the first quarter of each fiscal year, normally in advance of, or shortly after, the annual earnings release, with an effective grant date as of the last to occur of the following: (i) the date of the final action necessary by the Committee, the board of directors or the CEO (as appropriate) to approve such award; (ii) such later date as may be specified in the terms of such award; or (iii) if the effective date under (i) or (ii) above would not fall within an “open window” trading period, then such award will be made with an effective grant date as of the second trading date following the date of our next succeeding release of quarterly or annual financial results.
Similarly, if the Committee, the board of directors or the CEO (as appropriate) makes special awards for new hires, retention, promotions and special recognition during an “open window” trading period then the effective grant date will be the date of the grant. But, if the Committee, the board of directors or the CEO (as appropriate) acts outside of such a period, then such award will be granted with an effective grant date as of the second trading date following the date of our next succeeding release of quarterly or annual financial results. The exercise price for stock options is the fair market value of our stock (average of high and low prices) on the grant date. During 2025, the Committee did not take material
non-public
information into account when determining the timing and terms of equity awards, and we did not time the disclosure of material
non-public
information for the purpose of affecting the value of executive compensation.
By making grants during the first quarter, the Committee is able to consider the previous year’s financial performance in determining the size and structure of such grants, both in the aggregate and with respect to individual executives. Additionally, by making the awards during the first quarter, such grants are coordinated with the annual bonus awards. Although our incentive stock plan specifies that our CEO is authorized to grant individual equity awards up to 50,000 shares in any
given year, our CEOs have historically chosen not to rely on that authorization and instead have presented all recommended equity awards to the Committee, including new hires and promotions. Our incentive and stock compensation plan prohibits
re-pricing
of stock options.
Award Timing Method incentive stock plan
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Jan. 31, 2026
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true