The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Dana Telsey - Telsey Advisory Group LLC - Analyst
: Good morning, everyone. A couple of things. As you think about Stuart Weitzman and what you're finding under the hood and what the
opportunity is going forward into 2026 and beyond and, obviously, what happened this past quarter and what you're guiding to, how do
you -- whether it's the team, whether it's the product, how you're thinking about their retail and wholesale portfolio.
A year from now sitting here, what does the business look like, Jay? And how do you think of what the opportunity is? Is there more
opportunity on margin, on top line? How are you thinking about it?
And then on the Famous Footwear side of the business, encouraging to hear about the frankly, the AUR and even the traffic. What's happening
on the fashion side of business given the other categories out there? How is that shifting? What you said about athletic? And then I just
have one follow-up on the Brand Portfolio. Thank you.
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DECEMBER 09, 2025 / 3:00PM, CAL.N - Q3 2025 Caleres Inc Earnings Call
Question: Dana Telsey - Telsey Advisory Group LLC - Analyst
: Got it. And then I think you had mentioned in the prepared remarks something about women's underperforming and athletic slightly positive.
What are you seeing in women's? Because like you just mentioned, we're seeing and hearing about strength in fashion for women.
Question: Dana Telsey - Telsey Advisory Group LLC - Analyst
: Got it. And just lastly, Jack, on the margins. When you think about gross margin for Famous and Brand Portfolio and the SG&A, any markers
that would be different going forward than what happened in this third quarter? And what does it mean for the balance sheet? Thank you.
Question: Dana Telsey - Telsey Advisory Group LLC - Analyst
: Thank you.
Question: Mitch Kummetz - Seaport Research - Analyst
: Thanks for taking my questions. Jay, in your prepared remarks, you talked about taking actions to go into next year as clean as possible,
and then you would expect to drive growth next year. Could you elaborate on what you mean by growth? Is that mainly growth for margins,
particularly on the gross margin side?
And so can you unpack that a little bit? Are you expecting tariffs to be a net positive year-over-year next year given some of the challenges
in the back half of this year? And also is there margin opportunity on being less promotional next year?
Question: Mitch Kummetz - Seaport Research - Analyst
: And then just to clarify, Jay, when you say drive growth in '26, do you mean on an organic basis? Because obviously, if you're going -- if
work at Stuart is going from dilutive to breakeven, obviously, that implies growth on that business. But do you think that organically you will
see growth in '26?
Question: Mitch Kummetz - Seaport Research - Analyst
: And then on store, you mentioned breakeven next year. When you think about the longer-term margin profile for that business, do you
expect it to be at least in line with the margin on Brand Portfolio as an enterprise? Do you think it can be better than that? And is the biggest
opportunity going from breakeven to something better mostly on the SG&A side? Or is it really equally across the board?
Question: Mitch Kummetz - Seaport Research - Analyst
: Okay. Thank you.
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