CALERES INC

This summary highlights certain information relating to the items being

voted on that can be found in greater detail elsewhere in this proxy statement.

For additional information about these topics, shareholders should read the entire

proxy statement before voting.

2026 ANNUAL MEETING OF SHAREHOLDERS

On April 16, 2026, we are commencing mailing to our shareholders of record a notice containing instructions on how to access this proxy statement and our Annual Report on Form 10-K online, and we are commencing mailing these proxy materials to shareholders of record who requested paper copies.

VOTING MATTERS

Your vote is very important to us. Whether or not you plan to attend the 2026 annual meeting, we urge you to vote and submit your proxy on all of the proposals to ensure that your shares are represented.

FINANCIAL HIGHLIGHTS FOR 2025

Caleres had a difficult year in 2025 as tariffs and the volatile retail environment negatively impacted our results. Our Brand Portfolio achieved sales growth of 7.3% with the addition of our newest Lead Brand, Stuart Weitzman, driving the growth and strong performance from our Lead Brand group. Our Brand Portfolio gained market share in Women’s Fashion Footwear during the year. Additionally, our ownede-Commerce business grew 17% for the year and Brand Portfolio international sales increased 41%, with strong contributions from our newest acquisition supplementing organic growth. Brand Portfolio adjusted operating earnings of $55 million declined due to the impact of tariffs on our business, bad debt expense related to select wholesale customers, and the dilutive impact of the Stuart Weitzman acquisition. Famous Footwear generated $1.5 billion in revenue for the year, down 3.6%, with comparable store sales down 2.3%. Despite sales declines, Famous Footwear gained market share in Shoe Chains during the year, according to Circana. Famous Footwear focused on elevating its assortment and selling environments during the year to further cement its competitive advantages and leadership position with the Millennial family. Adjusted operating earnings for the Famous segment were $47.5 million in 2025, down to last year, due to higher levels of promotion and deleverage of expense. Despite the challenging year, we continued to maintain a strong balance sheet and financial flexibility. We increased our availability under our revolving credit facility and continued to invest in value-driving organic growth opportunities while returning $9.4 million to shareholders through quarterly dividend payments. Caleres made significant progress on long-term strategic objectives in 2025 and is poised to return to growth in 2026.

2025 HIGHLIGHTS:

tariff impact in 2025 and higher expenses related to our Stuart Weitzman acquisition.

RESPONSIBLE BUSINESS

Across our portfolio of brands, we feel passionately that how we do business is as important as how much business we do. Our long-standing pledge to quality craftsmanship includes creating sustainable and lasting value for all our stakeholders. What it really comes down to is caring—about people, ethics and integrity, our shared planet, and about healthy financial performance. Caring is so integral to our business that we champion it as one of our core company values. The Caleres story is most simply defined by the Company’s mission: Inspire people to feel great...feet first.

Fit means more than how great our shoes feel on your feet. Every bit as important is how well our brands align with our customers’ values.

Caleres creates sustainable value by governing and operating with integrity and transparency and by pursuing ambitious sustainability targets.

Curious, creative people working in an inclusive and empowering environment continue to propel our company forward.

We give back to people and communities in need, and work to advance the profession and professionals of footwear.

By holding our suppliers to high standards and taking part in industry and NGO initiatives, we help drive continuous improvement.

DIRECTOR NOMINEES

In accordance with our restated certificate of incorporation and bylaws which provide that all directors will be elected forone-year terms, the board of directors has nominated ten (10) directors for election at the 2026 annual meeting, as outlined in the table below, for aone-year term expiring at the annual meeting of shareholders to be held in 2027.

CORPORATE GOVERNANCE HIGHLIGHTS

Since 1878, we have been guided by a value system that emphasizes integrity and trust at all levels of our organization. We have longstanding policies and practices to promote the management of our Company with integrity and in our shareholders’ best interests.

The board of directors has adopted and adheres to corporate governance practices that it believes represent sound practices, including the following:

EXECUTIVE COMPENSATION PROGRAM HIGHLIGHTS

The following table summarizes certain executive compensation practices that we have implemented to reward performance without encouraging inappropriate or excessive risk-taking and align executives’ interests with shareholders’ interests, as well as practices that we avoid because we do not believe they would serve the long-term interest of the shareholders.

DIRECTOR SKILLS & QUALIFICATIONS

CURRENT BOARD DIVERSITY