CALHIGH SIGNALFINANCIAL10-K

CAL experienced a dramatic collapse in operating income alongside a sharp reduction in share buyback activity, indicating severe operational stress.

The company's operating income fell to just $6.4M from $149.9M in the prior year, representing an almost complete erosion of operational profitability. This deterioration forced management to cut share buybacks by over 90%, from $65.0M to $5.0M, suggesting cash preservation has become a priority amid financial distress.

Comparing 2026-04-02 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

CAL's financial profile deteriorated substantially, with operating income collapsing from $149.9M to just $6.4M year-over-year. The company simultaneously slashed share buybacks from $65.0M to $5.0M while increasing capital expenditures from $49.1M to $63.7M and allowing current liabilities to grow 11.6% to $845.5M. This combination of vanishing profitability, reduced capital returns, and rising obligations signals acute financial stress requiring immediate investor attention.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-95.7%
$149.9M→$6.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Share Buybacks
Cash Flow
-92.2%
$65.0M→$5.0M

Buyback activity reduced 92.2% — capital being redeployed elsewhere or cash conservation underway.

Capital Expenditure
Cash Flow
+29.7%
$49.1M→$63.7M

Capex increased 29.7% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
+11.6%
$757.9M→$845.5M

Current liabilities rose 11.6% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-04-02
PRIOR — 2025-04-01
ADDED
As of February 28, 2026, 33,842,239 common shares were outstanding.
Information in this Form 10-K is current as of April 2, 2026, unless otherwise specified.
The Famous Footwear segment operated 821 stores at the end of 2025, selling primarily branded footwear for the entire family.
This segment is comprised of wholesale operations that designs, develops, sources, manufactures, markets and distributes branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers, mass merchandisers and franchise partners, as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer, Allen Edmonds and Stuart Weitzman stores and e-commerce businesses.
It includes the Allen Edmonds, Sam Edelman, Stuart Weitzman and Naturalizer retail stores, including 81 stores in the United States, four in Canada and 103 stores in East and Southeast Asia at the end of 2025, and the e-commerce businesses for our Company-owned brands.
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REMOVED
As of March 1, 2025, 33,612,063 common shares were outstanding.
Information in this Form 10-K is current as of April 1, 2025, unless otherwise specified.
The Famous Footwear segment operated 846 stores at the end of 2024, selling primarily branded footwear for the entire family.
This segment is comprised of wholesale operations that designs, develops, sources, manufactures, markets and distributes branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers and mass merchandisers, as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer and Allen Edmonds stores and e-commerce businesses.
It also includes the Sam Edelman, Naturalizer and Allen Edmonds retail stores, including 60 stores in the United States and 54 stores in East Asia at the end of 2024, and the e-commerce businesses for our Company-owned brands.
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