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How Caleres (CAL) makes money

Caleres (CAL) made $695M of revenue in the second quarter fiscal 2027 (Q2 FY27), +6% from a year earlier. Total direct-to-consumer sales brought in $498M (72%); E-commerce - Company websites brought in $115M (17%); Wholesale - e-commerce brought in $64.4M (9%). Of every dollar of revenue, 55¢ was left as gross profit, 11¢ was left as operating profit, 8¢ was left as net earnings.

Drawing the Sankey…

Caleres revenue by segment, Q2 FY27Caleres revenue by segment, Q2 FY27Total direct-to-consumer sales$498ME-commerce - Company websites$115MWholesale - e-commerce$64.4MWholesale - first cost$14.6MLicensing and royalty$1.7MOther$1.0M
Caleres: revenue by line, Q4 FY25 to Q2 FY27Caleres: revenue by line, Q4 FY25 to Q2 FY27Total direct-to-consu…Wholesale - landedWholesale - e-commerceE-commerce - Company …Wholesale - first costLicensing and royaltyOtherTotal direct-to-consumer sales: $498M latest$498MWholesale - landed: $0 latestWholesale - e-commerce: $64.4M latest$64.4ME-commerce - Company websites: $115M latest$115MWholesale - first cost: $14.6M latestLicensing and royalty: $1.7M latestOther: $1.0M latestQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Wholesale - e-commerce went from 7% of revenue in Q4 FY25 to 9% in Q2 FY27, the largest shift in the mix.
Caleres revenue by quarterCaleres revenue by quarter$639MQ4 FY25$614MQ1 FY26$659MQ2 FY26$790MQ3 FY26$695MQ4 FY26$667MQ1 FY27$695MQ2 FY27
Caleres: where each dollar of revenue goesCaleres: where each dollar of revenue goesCost of revenue45¢Gross profit55¢Operating expenses44¢Operating profit11¢Income tax3¢Net earnings8¢Operating cash flow12¢Free cash flow11¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Total direct-to-consumer sales$498M71.7%+6%+2%
  ↳ Retail stores$354M50.9%+19%-3%
  ↳ Wholesale - landed$117M16.8%-17%+13%
  ↳ E-commerce - wholesale drop-ship$27.9M4.0%-4%+20%
E-commerce - Company websites$115M16.6%-1%+5%
Wholesale - e-commerce$64.4M9.3%-8%+43%
Wholesale - first cost$14.6M2.1%+46%+25%
Licensing and royalty$1.7M0.2%-18%-4%
Other$1.0M0.2%+562%+597%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$695M100.0%
Cost of revenue$314M45.2%
Gross profit$381M54.8%
Operating expenses$303M43.6%
Operating profit$77.6M11.2%
Income tax$18.3M2.6%
Net earnings$58.6M8.4%
Operating cash flow$83.6M12.0%
Free cash flow$75.6M10.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$695M+6%
Q1 FY27$667M+8%
Q4 FY26$695M+9%
Q3 FY26$790M+7%
Q2 FY26$659M-4%
Q1 FY26$614M-7%
Q4 FY25$639M-8%

From Caleres' 10-Q filed Sep 10, 2026 (on EDGAR).

Questions

How does Caleres make money?

Caleres (CAL) made $695M of revenue in the second quarter fiscal 2027 (Q2 FY27), +6% from a year earlier. Total direct-to-consumer sales brought in $498M (72%); E-commerce - Company websites brought in $115M (17%); Wholesale - e-commerce brought in $64.4M (9%). Of every dollar of revenue, 55¢ was left as gross profit, 11¢ was left as operating profit, 8¢ was left as net earnings.

What is Caleres' biggest business?

Total direct-to-consumer sales: $498M in the second quarter fiscal 2027, 72% of revenue, +2% from a year earlier.

What is Caleres' profit margin?

Net earnings were $58.6M, 8.4% of revenue, in the second quarter fiscal 2027; the operating margin was 11.2%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.