Caleres announces leadership change at Famous Footwear

ST. LOUIS, MO – Caleres Inc. (NYSE:CAL), a leading footwear company with a market capitalization of $522 million, today announced a significant change in its leadership team. Michael R. Edwards will step down as Division President of Famous Footwear, a major segment of the company, effective May 2, 2025. According to InvestingPro analysis, the company is currently trading below its Fair Value, with a P/E ratio of 5.7x. The announcement was made through a regulatory filing with the Securities and Exchange Commission.

Edwards has been instrumental in the growth and strategic direction of Famous Footwear, a well-known retail brand under the Caleres corporate umbrella. His resignation marks the end of a notable tenure, though the reasons for his departure were not disclosed in the filing.

Caleres, headquartered in St. Louis, Missouri, has not yet named a successor for the role. The company’s focus will now turn to finding a replacement who can continue to drive the success of the Famous Footwear brand.

This leadership transition comes at a time when the footwear industry continues to face dynamic market conditions. Caleres has a diverse portfolio of footwear brands and has been navigating the retail landscape through both brick-and-mortar stores and e-commerce platforms.

Investors and industry watchers will be closely monitoring Caleres’ next moves, particularly how the company will manage the transition and who will be appointed to fill Edwards’ shoes. The forthcoming leadership decisions will likely have a significant impact on the company’s strategy and operations moving forward.

Caleres Inc., formerly known as Brown Shoe Company, has a long history dating back to its founding in 1878. The company has undergone several transformations over the years and continues to be a significant player in the non-rubber footwear manufacturing sector.

The information reported is based on a press release statement.

In other recent news, Caleres Inc. reported its Q4 2024 financial results, which showed an adjusted earnings per share (EPS) of $0.33, falling short of the anticipated $0.40. The company’s revenue for the quarter was $639.2 million, also missing the forecasted $651.24 million. Despite these misses, Caleres experienced a slight stock increase of 0.4%, indicating a mixed market response. The company continues to face challenges, with consolidated sales down 8.3% year-over-year and full-year 2024 sales totaling $2.72 billion, a decrease of 3.4%. Caleres has projected 2025 consolidated sales to range between a 1% decrease and a 1% increase, with EPS expected between $2.80 and $3.20. The company is focusing on international expansion and product innovation to counteract current market challenges. Additionally, Caleres announced a definitive agreement to acquire Stuart Weitzman from Tapestry (NYSE:TPR), aiming to enhance its presence in the contemporary segment.

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