Caleres Inc (CAL) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the Caleres First Quarter 2022 Earnings Call. My name is Jeff, and I'll be your conference coordinator. (Operator Instructions) After the speaker presentation, there will be a question-and-answer session. (Operator Instructions) And as a reminder, this conference is being recorded.

下午好，歡迎參加 Caleres 2022 年第一季度財報電話會議。我的名字是 Jeff，我將擔任您的會議協調員。 （操作員說明）演講者介紹後，將進行問答環節。 （操作員說明）作為提醒，本次會議正在錄製中。

At this time, I will turn the call over to Ms. Logan Bonacorsi, Vice President of Investor Relations. Please go ahead.

此時，我將把電話轉給投資者關係副總裁 Logan Bonacorsi 女士。請繼續。

Good afternoon. I'd like to thank you for joining our first quarter 2022 earnings call and webcast. A press release with detailed financial tables as well as our quarterly slide presentation are available at caleres.com.

下午好。感謝您參加我們的 2022 年第一季度財報電話會議和網絡直播。可在 caleres.com 上獲取包含詳細財務表的新聞稿以及我們的季度幻燈片演示。

Please be aware today's discussion contains forward-looking statements, which are subject to a number of risks and uncertainties. Actual results may differ materially due to various risk factors, including, but not limited to, the factors disclosed in the company's Form 10-K and other filings with the U.S. Securities and Exchange Commission. Please refer to today's press release and our SEC filings for more information on risk factors and other factors, which could impact forward-looking statements. Copies of these reports are available online. The company undertakes no obligation to update any information discussed in this call at any time.

請注意今天的討論包含前瞻性陳述，這些陳述受到許多風險和不確定性的影響。由於各種風險因素，實際結果可能存在重大差異，這些風險因素包括但不限於公司向美國證券交易委員會提交的 10-K 表格和其他文件中披露的因素。有關可能影響前瞻性陳述的風險因素和其他因素的更多信息，請參閱今天的新聞稿和我們提交給美國證券交易委員會的文件。這些報告的副本可在線獲取。公司不承擔隨時更新本次電話會議中討論的任何信息的義務。

Joining me on the call today is Diane Sullivan, Chairman and CEO; Ken Hannah, Senior Vice President and CFO; and Jay Schmidt, President. We will begin the call with our prepared remarks and thereafter, we'll be happy to take your questions. I would now like to turn the call over to Diane. Diane?

今天和我一起參加電話會議的是董事長兼首席執行官黛安·沙利文（Diane Sullivan）； Ken Hannah，高級副總裁兼首席財務官；和總裁傑伊·施密特。我們將以準備好的評論開始電話會議，之後，我們很樂意回答您的問題。我現在想把電話轉給黛安。黛安？

Thank you, Logan, and good afternoon, everyone. I'm pleased to report that Caleres continued its strong momentum as we transitioned into 2022, delivering record-breaking first quarter results across every key financial measure. This was in spite of headwinds we have all been facing, including ongoing inflationary pressures and the drag of supply chain-related challenges. This was our fourth straight quarter of record results and it sets the stage for another year of record or near record earnings. As a result, with today's earnings release, we are raising our earnings per diluted share guidance to be between $4.20 and $4.40.

謝謝你，洛根，大家下午好。我很高興地報告，隨著我們過渡到 2022 年，Caleres 繼續保持強勁勢頭，在每項關鍵財務指標上都取得了創紀錄的第一季度業績。儘管我們都面臨著不利因素，包括持續的通脹壓力和供應鏈相關挑戰的拖累，但情況還是如此。這是我們連續第四個季度創紀錄的業績，它為另一年創紀錄或接近創紀錄的收益奠定了基礎。因此，隨著今天的收益發布，我們將稀釋後每股收益指引提高到 4.20 美元至 4.40 美元之間。

We view our first quarter performance as a further proof point of the step change that we've achieved in the long-term cash generation potential of Caleres. As a result of the smart investments made and the enterprise-wide strategies deployed, we believe we have effectively doubled our normalized mid-cycle earnings to something approximating $4 a share.

我們將第一季度的業績視為我們在 Caleres 的長期現金產生潛力方面取得的進步的進一步證明。由於進行了明智的投資和部署了企業範圍的戰略，我們相信我們已經有效地將正常化的中期收益翻了一番，達到每股約 4 美元。

Now taking a look at the quarter more closely, we once again executed at a high level, making significant progress against our key strategic initiatives and building on our tremendous foundation. Among the highlights, Caleres turned in record sales of $735 million; generated record consolidated gross margin -- profit margin of nearly 45%; and achieved record consolidated operating earnings of approximately $66 million. In addition, we published our second ESG report in mid-April. And I'm proud to say that we've made strong progress against all of our long-term goals. We are well on our way to meeting these goals by 2025 and in some cases, earlier.

現在更仔細地看一下這個季度，我們再次在高水平上執行，在我們的關鍵戰略舉措方面取得了重大進展，並建立了我們巨大的基礎。在亮點中，Caleres 的銷售額達到了創紀錄的 7.35 億美元；創造了創紀錄的綜合毛利率——利潤率接近45%；並實現了創紀錄的合併營業收入約 6600 萬美元。此外，我們在 4 月中旬發布了第二份 ESG 報告。我很自豪地說，我們在實現所有長期目標方面取得了長足的進步。我們正在朝著 2025 年甚至更早的時間實現這些目標邁進。

Now before moving on to our segment performance, I'd like to provide an update on our capital return program. As you know, in March, the Board of Directors increased our buyback authorization by 7 million shares, further underscoring its confidence in the strength of the business and its positive long-term outlook. In keeping with that vote of confidence during the first quarter, we returned approximately $15 million of capital to shareholders via the repurchase of approximately 701,000 shares or roughly 2% of our shares outstanding. Looking ahead, we view the buyback as a prudent use of a discretionary cash and believe our early progress on this front is already delivering value to our shareholders.

現在，在繼續討論我們的細分市場表現之前，我想提供有關我們資本回報計劃的最新信息。如您所知，3 月份，董事會將我們的回購授權增加了 700 萬股，進一步突顯了其對業務實力和積極的長期前景的信心。根據第一季度的信任投票，我們通過回購約 701,000 股或約 2% 的流通股向股東返還了約 1500 萬美元的資本。展望未來，我們認為回購是對可自由支配現金的謹慎使用，並相信我們在這方面的早期進展已經為我們的股東帶來了價值。

Given the value-creating nature of the Caleres structure, we believe we're poised to maintain this momentum this year and beyond, with our dynamic and growing portfolio of brands plus the strength of our expansive direct-to-consumer network, which just provides significant access in the ability to reach the consumer when, where and how they want to shop. In our view, our multifaceted platform for engaging consumers is a significant and differentiating strength, one that greatly enhances our overall value proposition.

鑑於 Caleres 結構的價值創造性質，我們相信，憑藉我們充滿活力且不斷增長的品牌組合以及我們廣泛的直接面向消費者的網絡的實力，我們將在今年及以後保持這種勢頭，該網絡只是提供能夠在消費者想要購物的時間、地點和方式方面獲得顯著的訪問權。在我們看來，我們吸引消費者的多方面平台是一種顯著的差異化優勢，極大地提升了我們的整體價值主張。

Turning now to our segment level performance, starting with our largest brand, Famous Footwear. Famous maintained its stride, resulting in another record first quarter, topping the record first quarter earnings performance set in the comparable period last year. Notably, Famous maintained its focus on full price selling, which enables us to sustain our strong gross margin level, achieving a gross margin rate of over 49% during the period. This was a 405 basis point increase over the first quarter of 2021 and marks the fifth straight quarter of year-over-year margin improvement.

現在轉向我們的細分市場表現，從我們最大的品牌 Famous Footwear 開始。 Famous 保持大步前進，第一季度再創歷史新高，超過去年同期創下的第一季度盈利表現。值得注意的是，Famous 繼續專注於全價銷售，這使我們能夠維持強勁的毛利率水平，在此期間實現了超過 49% 的毛利率。這比 2021 年第一季度增加了 405 個基點，標誌著利潤率連續第五個季度同比增長。

While we are still experiencing delayed receipts due to supply chain disruptions, we believe our ability to continue full price selling and our disciplined approach to inventory buys will enable Famous to sustain a margin level higher than our historical averages. In addition to the strong margin rate, robust demand for our differentiated assortment of brands, coupled with our targeted marketing approach, planning and allocation expertise, and unmatched local presence resulted in nearly $50 million in operating earnings for the segment. This nearly 4% year-over-year improvement was achieved despite the modest 3% decline in sales.

儘管由於供應鏈中斷，我們仍面臨收貨延遲，但我們相信，我們繼續全價銷售的能力以及我們嚴格的庫存購買方法將使 Famous 維持高於我們歷史平均水平的利潤率水平。除了強勁的利潤率外，對我們差異化品牌的強勁需求，加上我們有針對性的營銷方法、規劃和分配專業知識，以及無與倫比的本地業務，為該部門帶來了近 5000 萬美元的營業收入。儘管銷售額略有下降 3%，但仍實現了近 4% 的同比增長。

In short, the strong financial and operating performance, including the approximately 13% return on sales, demonstrates the power of the Famous brand and paves the way for another strong earnings year.

簡而言之，強勁的財務和經營業績，包括約 13% 的銷售回報率，展示了知名品牌的力量，並為另一個強勁的盈利年度鋪平了道路。

Before I move to the brand portfolio, I'd like to provide a brief update on some of the progress against our key focus areas in Famous. First, as it relates to product and as you well know, with our 887 locations, we are the go-to local footwear destination for the millennial family. To that end, we'll continue to offer what the famous consumer knows, wants and loves through our leading assortment of the most sought-after brands. In fact, these top brands continue to be a source of strength for Famous during the first quarter, representing a key driver in its overall financial performance. As we progress throughout the year, we will continue to leverage our leadership position in athletic and sport and build upon our strong relationships with all key brand partners. In addition, we'll be -- continue to be laser-focused on maximizing the vertical opportunity between Famous and our own portfolio of brands, as this provides the potential for higher margins for the enterprise as a whole.

在我轉向品牌組合之前，我想簡要介紹一下我們在 Famous 重點領域取得的一些進展。首先，因為它與產品有關，而且眾所周知，我們擁有 887 家門店，是千禧一代首選的當地鞋履目的地。為此，我們將繼續通過我們最受追捧的領先品牌系列提供知名消費者所知道、想要和喜愛的產品。事實上，這些頂級品牌在第一季度繼續成為 Famous 的力量源泉，是其整體財務業績的關鍵驅動力。隨著我們全年的進步，我們將繼續利用我們在體育運動領域的領導地位，並建立與所有主要品牌合作夥伴的牢固關係。此外，我們將繼續專注於最大化 Famous 和我們自己的品牌組合之間的垂直機會，因為這為整個企業提供了更高利潤的潛力。

Of note, portfolio brands, LifeStride, Scholl's and Blowfish performed -- were all in the top 10 best-selling brands at Famous during the quarter. Additionally, the Famous consumer is out and about and has a growing interest to add a broader assortment of seasonal and occasional based products to satisfy all of their social needs. This provides a compelling opportunity for us to leverage our fashion-focused brands in our portfolio to drive highly profitable incremental sales. We know that when she buys for her family and for herself, she is spending more, connecting more and returning more often. So adding the right styles in the right locations will broaden our business and provide value on top of our core athletic and sport business going forward.

值得注意的是，組合品牌 LifeStride、Scholl's 和 Blowfish 均在該季度的 Famous 暢銷品牌中名列前茅。此外，Famous 消費者四處走動，並且越來越有興趣添加更廣泛的季節性和臨時產品，以滿足他們的所有社交需求。這為我們提供了一個令人信服的機會，可以在我們的產品組合中利用我們以時尚為重點的品牌來推動高利潤的增量銷售。我們知道，當她為家人和自己購買商品時，她會花費更多，聯繫更多，並且經常返回。因此，在正確的位置添加正確的款式將擴大我們的業務，並在我們未來的核心運動和體育業務之上提供價值。

Turning now to marketing. As we highlighted in March, we completed our marketing attribution study at Famous last year. We strategically used those findings to inform our 2022 marketing strategy, with the focus on growing our contactable consumer file by acquiring new, retaining current and reactivating previous consumers. As a result, we have identified opportunities to efficiently shift a portion of our marketing dollars to digital during the period to help offset the decline in year-over-year promotional activity, which impacts our digital business more significantly.

現在轉向營銷。正如我們在三月份強調的那樣，我們去年在 Famous 完成了營銷歸因研究。我們戰略性地利用這些發現來製定我們的 2022 年營銷戰略，重點是通過獲取新的、留住現有的和重新激活以前的消費者來擴大我們的可聯繫消費者檔案。因此，我們發現了在此期間有效地將部分營銷資金轉移到數字化的機會，以幫助抵消促銷活動同比下降的影響，這對我們的數字業務產生了更大的影響。

It's important to remember that the competitive landscape has shifted with the expectation that we will see another year of limited promotional activity. As a result, it's critical that we employ a more tactical approach to connect and engage with consumers. And to that end, we're being surgical in our marketing tactics using targeting and personalization in order to drive repeat purchases and working to shift traditional one-channel shoppers to omnichannel consumers.

重要的是要記住，競爭格局已經發生變化，預計我們將看到又一年有限的促銷活動。因此，我們採用更具戰術性的方法與消費者建立聯繫和互動至關重要。為此，我們正在使用定向和個性化的營銷策略進行外科手術，以推動重複購買，並努力將傳統的單渠道購物者轉變為全渠道消費者。

Particularly in April, where we had a more comparable promotional cadence to the year prior, we began to see both year-over-year customer growth as well as higher spend per customer. Rounding out the marketing discussion, as we look toward the important back-to-school season, we will work to ensure we optimize our media investment and mix to get the biggest bang for our buck.

特別是在 4 月，我們的促銷節奏與去年相比更具可比性，我們開始看到客戶同比增長以及每位客戶的支出增加。結束營銷討論，在我們展望重要的返校季時，我們將努力確保優化我們的媒體投資和組合，以獲得最大的收益。

While it's too early to provide any specifics, I'm excited by the early creative assets that I've seen from the team. The campaign, which represents a tangible modern image of Famous footwear, was created in part by using our consumer analytics data mined from our customer file as well as early reads from our new store prototype and store refreshes. Speaking of the new store, we are continuing to place a strong emphasis on enhancing the consumer experience and have made significant strides towards that end. Recently, we developed and are testing a prototype store that offers an enhanced shopping experience highlights our leading assortment of the most in-demand brands and elevates those brands in a very energetic and exciting manner. At the same time, we have been furthering our store refresh initiatives. Together, these actions should further enhance the in-store experience, generate consumer excitement and unlock still greater value from these already high-performing locations.

雖然現在提供任何細節還為時過早，但我對我從團隊中看到的早期創意資產感到興奮。該活動代表了著名鞋履的有形現代形象，部分是通過使用我們從客戶文件中挖掘的消費者分析數據以及從我們的新店原型和店面更新中獲得的早期閱讀數據創建的。說到新店，我們將繼續非常重視提升消費者體驗，並在這方面取得了長足的進步。最近，我們開發並正在測試一個原型商店，它提供了增強的購物體驗，突出了我們最受歡迎的品牌的領先品種，並以一種非常有活力和令人興奮的方式提升了這些品牌。與此同時，我們一直在推進我們的商店更新計劃。總之，這些行動應該會進一步提升店內體驗，激發消費者的興趣，並從這些已經表現出色的地點釋放更大的價值。

While it's still early, we're already seeing positive trends from the first prototype and in stores that have completed their refreshes. We're optimistic that these efforts will reinforce our national presence, further our differentiation and generate solid returns.

雖然現在還為時過早，但我們已經從第一個原型和已完成更新的商店中看到了積極的趨勢。我們樂觀地認為，這些努力將加強我們在全國的影響力，促進我們的差異化並產生可觀的回報。

So overall, Famous is off to a great start with its increasingly strong brand awareness, improving inventory position and support from key brand partners, Famous is poised to capitalize on the current market environment.

因此，總體而言，Famous 憑藉其日益強大的品牌知名度、改善庫存狀況和主要品牌合作夥伴的支持有了一個良好的開端，Famous 已準備好利用當前的市場環境。

So let's turn now to the brand portfolio. Following the strong rebound in the second half of 2021, the brand portfolio turned in an exceptional performance, eclipsing the first quarter of 2021, surpassing its first quarter 2019 results and setting the stage for a significantly improved earnings contribution in 2022. Specifically, we delivered a 46% year-over-year improvement in sales as consumer demand, particularly for dress occasion and wear-to-work products accelerated during the period and as key retail partners rebuilt their inventory position.

現在讓我們轉向品牌組合。繼 2021 年下半年強勁反彈後，品牌組合表現亮眼，超越 2021 年第一季度，超過 2019 年第一季度業績，為 2022 年盈利貢獻顯著提升奠定了基礎。具體而言，我們實現了銷售額同比增長 46%，原因是消費者需求在此期間加速增長，尤其是對著裝場合和上班穿的產品，以及主要零售合作夥伴重建庫存狀況。

It's important to note this wholesale partner post-pandemic restock likely moderate as we move through the year as they return to more normal buying and replenishment patterns. In addition, gross profit margin reached 38% or a 53 basis point improvement over the first quarter of 2021 due to favorable sales mix and a less promotional retail environment. It's worth highlighting that while we saw ocean freight costs begin to climb during the second half of last year, we were successful in offsetting the impacts of those higher freight rates in the first quarter of this year as price increases we implemented began to sell through. We will continue to work to mitigate increased freight costs as we move through the year.

重要的是要注意這個批發合作夥伴在大流行後的補貨可能會隨著我們在這一年中恢復到更正常的購買和補貨模式而放緩。此外，由於有利的銷售組合和較少的促銷零售環境，毛利率達到 38% 或比 2021 年第一季度提高 53 個基點。值得強調的是，雖然我們看到海運成本在去年下半年開始攀升，但隨著我們實施的價格上漲開始銷售，我們成功地抵消了今年第一季度運費上漲的影響。隨著這一年的到來，我們將繼續努力減輕增加的貨運成本。

In total, the brand portfolio achieved $41 million in earnings, a $44 million increase over 2021 and approximately $28 million increase over the first quarter of 2019. The better-than-expected results in the quarter were driven by double-digit improvements from each brand across the portfolio, with a couple of brands recording triple-digit increases. This broad-based performance highlights the depth and the breadth of the portfolio and underscores that while we are capturing the acceleration and dressing occasion, we are capitalizing on the continued demand for casual and sport-inspired styles as well.

總體而言，品牌組合實現了 4100 萬美元的收益，比 2021 年增加了 4400 萬美元，比 2019 年第一季度增加了約 2800 萬美元。本季度好於預期的結果是由每個品牌的兩位數增長推動的在整個產品組合中，有幾個品牌錄得三位數的增長。這種廣泛的表現突出了產品組合的深度和廣度，並強調在我們捕捉加速和穿著場合的同時，我們也在利用對休閒和運動風格風格的持續需求。

In addition, our strategic and bold approach to inventory has started to pay off with the right inventory behind the right brands and products. Also during the quarter, the brand teams continued to work to align the organization behind the consumer, resulting in an approximately 23% increase in the portfolio's D2C business. This included an approximately 19% growth from our owned e-commerce sites with strong year-over-year increases from nearly every one of our brand websites.

此外，我們的戰略性和大膽的庫存方法已經開始獲得回報，正確的庫存支持正確的品牌和產品。同樣在本季度，品牌團隊繼續努力使組織與消費者保持一致，從而使該組合的 D2C 業務增長了約 23%。這包括我們擁有的電子商務網站大約 19% 的增長，幾乎我們每個品牌網站的同比增長都強勁。

In addition, we drove a 26% increase in new customers as consumers are delighted with our innovative designs, fresh and compelling products and diverse assortments. In fact, we're building a culture of consumer centricity at Caleres and believe we can leverage our powerful brands, consumer analytics and overall expertise to grow and unlock more value from the total Caleres customer file over time.

此外，我們的新客戶數量增加了 26%，因為消費者對我們的創新設計、新鮮和引人注目的產品以及多樣化的產品種類感到滿意。事實上，我們正在 Caleres 建立以消費者為中心的文化，並相信我們可以利用我們強大的品牌、消費者分析和整體專業知識，隨著時間的推移從 Caleres 的總客戶檔案中增長和釋放更多價值。

Now looking a little more closely at some of our brand wins. It's important to note that the consumer is out working, traveling, socializing and celebrating. More importantly, she is focused on footwear and is buying for all of life's experiences. A big success story during the quarter came from Naturalizer, which has been gradually climbing out of its pandemic low. Naturalizer sales increased significantly over the first quarter of 2021 with a solid increase over 2019 as well, as the brand started the year in good inventory position and as we strategically used airfreight to ensure the availability of highly demanded products, particularly opened up occasion-based styles.

現在更仔細地研究我們的一些品牌勝利。值得注意的是，消費者外出工作、旅行、社交和慶祝。更重要的是，她專注於鞋類，並為生活中的所有經歷而購買。本季度的一個重大成功案例來自 Naturalizer，該公司已逐漸擺脫其流行病低點。 Naturalizer 的銷售額在 2021 年第一季度顯著增長，與 2019 年相比也出現了穩步增長，因為該品牌年初庫存狀況良好，並且我們戰略性地使用空運來確保高需求產品的供應，特別是開放的基於場合的產品樣式。

More specifically, the online wedding shop and the brand's party-ready style fueled the sales improvement as consumers are out and attending all of life celebrations. In addition to the uplift in sales, lower promotional activity drove a substantial improvement in margin for the first time since the onset of the pandemic. Sam Edelman had another great quarter, also benefiting from strong demand for dress products and styles, the category in which Sam is most well known and what is consumers seeking. While the brand's wholesale business improved, the highlight during the quarter was its growth in its digital business, with sammedelman.com up nearly 60% when compared to the first quarter of 2021.

更具體地說，隨著消費者外出參加生活中的所有慶祝活動，在線婚禮商店和品牌的派對風格推動了銷售的改善。除了銷售額的提升外，促銷活動的減少也推動了自疫情爆發以來利潤率的首次大幅提高。 Sam Edelman 又一個出色的季度，這也得益於對服裝產品和款式的強勁需求，這是 Sam 最知名的類別以及消費者所尋求的。雖然該品牌的批發業務有所改善，但本季度的亮點是其數字業務的增長，與 2021 年第一季度相比，sammedelman.com 增長了近 60%。

I would also note that the Sam & Libby brand made its debut at Walmart earlier this spring and received overwhelmingly positive reaction. We are excited about the strength we are seeing in our Sam Edelman Mendeleman business and the potential for even stronger earnings contribution for the brand in 2021.

我還要指出，Sam & Libby 品牌今年春天早些時候在沃爾瑪首次亮相，並獲得了壓倒性的積極反應。我們對我們在 Sam Edelman Mendeleman 業務中看到的實力以及在 2021 年為該品牌帶來更大收益貢獻的潛力感到興奮。

Next, we continue to build on the recent progress at Allen Edmonds, with strong improvements in both our digital and brick-and-mortar sales, higher AURs and an approximately 600 basis point increase in our gross margin. Interestingly, demand for dress shoes and sneakers continued into 2022 with the sport category growing to our second largest classification. Finally, and while I would like to talk about all the brands if time would allow, I would be remiss if I didn't highlight LifeStride's performance. LifeStride sales increased more than 100% over the comparable period in 2021 as it offers consumers strong designs for a tremendous value across all categories. In addition, the brand delivered higher margins and achieved its best ever return on sales.

接下來，我們將繼續鞏固 Allen Edmonds 的最新進展，我們的數字和實體銷售都取得了顯著改善，AUR 更高，我們的毛利率增加了約 600 個基點。有趣的是，對正裝鞋和運動鞋的需求持續到 2022 年，運動類別增長到我們的第二大類別。最後，如果時間允許，我想談談所有品牌，但如果我不強調 LifeStride 的表現，那我就失職了。 LifeStride 的銷售額與 2021 年同期相比增長了 100% 以上，因為它為消費者提供了強大的設計，在所有類別中都具有巨大的價值。此外，該品牌實現了更高的利潤率並實現了有史以來最好的銷售回報。

Shifting to inventory, we believe a central component to driving growth in the brand portfolio this year is to ensure we better align inventory with consumer demand. To that end, we have been managing our supply chain aggressively accelerating receipts wherever possible and placing a strong emphasis on building up each brand's top-selling styles to drive sales through our Edit to Win initiative. We believe that this greater alignment of inventory was a competitive advantage during the quarter, and we expect additional opportunity to capture demand as we progress through the year.

轉向庫存，我們認為今年推動品牌組合增長的一個核心組成部分是確保我們更好地使庫存與消費者需求保持一致。為此，我們一直在積極管理我們的供應鏈，盡可能加快收貨速度，並強調通過我們的 Edit to Win 計劃建立每個品牌的暢銷款式以推動銷售。我們認為，這種更大程度的庫存調整是本季度的競爭優勢，我們預計隨著全年的進展，會有更多機會來捕捉需求。

So in short, the rebound in the brand portfolio is playing out as we anticipated, with the expectation for a much stronger contribution this year. Looking ahead, we expect the brand portfolio to build on the solid foundation established at the outset of this year. We will lean into our strong product design and stay true to our Edit to Win initiative to capitalize on the great consumer demand fundamentals to unlock growth opportunities across our portfolio.

簡而言之，品牌組合的反彈正如我們預期的那樣，預計今年的貢獻會更大。展望未來，我們預計品牌組合將建立在今年年初建立的堅實基礎之上。我們將依靠我們強大的產品設計並堅持我們的 Edit to Win 計劃，以利用巨大的消費者需求基礎來釋放我們產品組合的增長機會。

Overall, we have seen a structural shift upward in the earnings expectations of the enterprise, and we are excited about the future opportunities for our brands and the potential for long-term value creation. The strategies in place and the capital invested has served to greatly enhance the organization's earnings power to date and has set the stage for still greater progress as we advance throughout the year.

總體而言，我們看到了企業盈利預期的結構性向上轉變，我們對我們品牌的未來機會和長期價值創造的潛力感到興奮。迄今為止，已實施的戰略和投入的資本極大地增強了該組織的盈利能力，並為我們全年取得更大進展奠定了基礎。

With that, I will now turn it over to Ken for a more detailed view of our financials, capital return plans and revised outlook for 2022. Ken?

有了這個，我現在將把它交給肯，以更詳細地了解我們的財務狀況、資本回報計劃和修訂後的 2022 年展望。肯？

Thanks, Diane, and good afternoon, everyone. I'm excited about the structural changes we've made across the business and the momentum we drove during the first quarter. I'm even more excited about the potential for future value creation as we progress throughout the year. I'd like to start my discussion by sharing some additional details around our record-breaking results, our capital allocation plans and our outlook for 2022. It's important to note that most of my commentary will focus on the comparable period in 2021, with some supplemental comparison to the first quarter of 2019 where relevant and useful.

謝謝，黛安，大家下午好。我對我們在整個業務中所做的結構性變化以及我們在第一季度推動的勢頭感到興奮。隨著我們全年的進步，我對未來創造價值的潛力感到更加興奮。我想通過分享一些關於我們創紀錄的業績、我們的資本分配計劃和我們對 2022 年的展望的更多細節來開始我的討論。重要的是要注意，我的大部分評論將集中在 2021 年的可比時期，其中一些與 2019 年第一季度相關且有用的補充比較。

We delivered consolidated first quarter sales of $735.1 million, which was 15% above the first quarter of 2021. As Diane mentioned, this performance was driven by the brand portfolio's outstanding 46.1% increase over the first quarter of 2021. In addition to great sell-through at our retail partners and a significant uplift in the direct sales across all brand divisions, this sales improvement in the brand portfolio includes $50 million of shipments to refill our partners' inventory pipeline.

我們第一季度的綜合銷售額為 7.351 億美元，比 2021 年第一季度增長 15%。正如 Diane 所說，這一業績是由品牌組合在 2021 年第一季度顯著增長 46.1% 推動的。除了出色的銷售-通過我們的零售合作夥伴和所有品牌部門的直接銷售顯著提升，品牌組合的銷售增長包括 5000 萬美元的出貨量，以補充我們合作夥伴的庫存管道。

As planned, Famous Footwear sales declined a modest 3%, reflecting a lower store count and the easing of the pandemic in the prior period and that has spurred a burst in pent-up consumer demand. Our consolidated gross margin was 44.5%, up 144 basis points from the first quarter of 2021, reflecting another quarter of strong margin performance at Famous and improving margins at the brand portfolio. In fact, Famous Footwear delivered gross profit margin of 49.2% in the quarter. This 405 basis point improvement over 2021 was driven primarily by the robust consumer demand for leading brands and style assortment, the continuation of more full-price selling and another quarter of minimal promotional activity.

按照計劃，Famous Footwear 的銷售額小幅下降了 3%，這反映了門店數量的減少和前期大流行的緩解，這刺激了被壓抑的消費者需求的爆發。我們的綜合毛利率為 44.5%，比 2021 年第一季度增加了 144 個基點，這反映了 Famous 另一個季度的強勁利潤率表現以及品牌組合的利潤率提高。事實上，Famous Footwear 在本季度的毛利率為 49.2%。與 2021 年相比，這 405 個基點的改善主要是由於消費者對領先品牌和款式分類的強勁需求、更多全價銷售的持續以及另外四分之一的最小促銷活動。

The Brand Portfolio recorded first quarter gross margin of 38.1%, a 53 basis point improvement over the first quarter of 2021 due to favorable sales mix and a much less promotional retail environment. As Diane noted, we were able to offset the impact of higher freight and input costs during the period with higher average prices, as both cost and average price was up close to 13%.

品牌組合第一季度的毛利率為 38.1%，比 2021 年第一季度提高了 53 個基點，原因是有利的銷售組合和少得多的促銷零售環境。正如 Diane 指出的那樣，我們能夠以較高的平均價格抵消該期間較高的運費和投入成本的影響，因為成本和平均價格都上漲了接近 13%。

First quarter SG&A expense was $260.8 million during the period or 35.5% of net sales, a $17.3 million increase from the same period a year ago due to higher variable costs on our increased sales, additional investments in marketing and higher wages and labor costs. Our operating earnings for the quarter were $66.2 million or 9% of sales, generating diluted earnings per share for the quarter of $1.32. This is up from $0.36 in the first quarter of 2019 and $0.60 in the first quarter of 2021.

第一季度的 SG&A 費用為 2.608 億美元，占淨銷售額的 35.5%，比去年同期增加 1730 萬美元，原因是我們增加銷售額的可變成本增加、營銷方面的額外投資以及更高的工資和勞動力成本。我們本季度的營業收入為 6620 萬美元，佔銷售額的 9%，稀釋後的每股收益為 1.32 美元。這高於 2019 年第一季度的 0.36 美元和 2021 年第一季度的 0.60 美元。

Our EBITDA for the trailing 12 months was in excess of $300 million and over 11% of sales.

我們過去 12 個月的 EBITDA 超過 3 億美元，佔銷售額的 11% 以上。

Turning now to the balance sheet and our cash flow. The company generated $19.7 million in cash from operations during the quarter and used that cash to fund our dividend, buy back shares and continue to invest in our business. We ended the first quarter of 2022 with $305 million in borrowings under our revolving credit facility and no long-term debt. Our first quarter interest expense was $2.3 million, down $5 million from the first quarter of 2019. We expect our interest expense to approximate $10 million for fiscal 2022.

現在轉向資產負債表和我們的現金流。該公司在本季度從運營中產生了 1970 萬美元的現金，並用這些現金為我們的股息提供資金、回購股票並繼續投資於我們的業務。到 2022 年第一季度結束時，我們的循環信貸額度下的借款為 3.05 億美元，沒有長期債務。我們第一季度的利息支出為 230 萬美元，比 2019 年第一季度減少了 500 萬美元。我們預計 2022 財年的利息支出約為 1000 萬美元。

I now think it would be helpful to spend a minute unpacking our inventory position. Our inventory at quarter end was up approximately 45% compared to the first quarter of 2022 -- 2021, excuse me, which was unusually low. It was flat to the first quarter of 2019. The increase included a 16% increase at Famous Footwear and a 99% increase for the Brand Portfolio. Famous Footwear inventory was 13% below 2019 levels, while the Brand Portfolio was 15% higher than our 2019 levels, including approximately $100 million of in-transit inventory not yet available to sell. The quarterly in-transit inventory level was down from $177 million at fiscal year-end 2021.

我現在認為花一分鐘整理我們的庫存位置會很有幫助。與 2022 年第一季度（2021 年）相比，我們在季度末的庫存增加了約 45%，對不起，這是異常低的。與 2019 年第一季度持平。增長包括 Famous Footwear 增長 16% 和品牌組合增長 99%。 Famous Footwear 庫存比 2019 年水平低 13%，而品牌組合比 2019 年水平高 15%，其中包括約 1 億美元的在途庫存尚未出售。季度在途庫存水平低於 2021 財年末的 1.77 億美元。

Now let's turn to capital allocation. As you know, we carefully and constantly evaluate the most value-enhancing avenues for our free cash flow. At the start of the fiscal year, we put in place a flexible capital return program, inclusive of dividends, share buybacks and investing and growing our business. We executed on that plan during the quarter, repurchasing nearly 2% of our shares outstanding for $15 million, utilizing the cash generated during the period. In addition, since the start of the fiscal second quarter, we repurchased an additional 800,000 shares of Caleres common stock for approximately $19 million. When you include the purchases made during the second quarter, this brings our total share repurchase to date to 1.5 million shares or 4% of our shares outstanding.

現在讓我們轉向資本配置。如您所知，我們會仔細且不斷地評估我們的自由現金流最具價值的途徑。在本財年開始時，我們制定了靈活的資本回報計劃，包括股息、股票回購以及投資和發展我們的業務。我們在本季度執行了該計劃，利用該期間產生的現金以 1500 萬美元的價格回購了近 2% 的流通股。此外，自第二財季開始以來，我們以約 1900 萬美元的價格回購了另外 800,000 股 Caleres 普通股。當您包括在第二季度進行的購買時，這使我們迄今為止的總股票回購達到 150 萬股或我們流通股的 4%。

Our updated fiscal year guidance takes our share repurchase activity to date into consideration. We continue to view our stock as an attractive investment option and expect to make ongoing purchases under the existing authorization throughout the remainder of 2022.

我們更新的財政年度指導考慮了我們迄今為止的股票回購活動。我們繼續將我們的股票視為一種有吸引力的投資選擇，並預計在 2022 年剩餘時間內根據現有授權進行持續購買。

Finally, given the strong start to the year, and inclusive of the company's current expectations for its underlying business, along with what we know now about anticipated macro challenges that include geopolitical concerns, inflationary pressures and ongoing supply chain disruptions, Caleres now expects annual consolidated sales to be up between 2% and 5% when compared to 2021 and earnings per share to be between $4.20 and $4.40 per share. Additionally, we expect the second quarter of [2022] to be in line with the first quarter of 2022. It's important to note that our revised guidance range does include the impact of the share repurchase activity to date.

最後，鑑於今年開局強勁，考慮到公司目前對其基礎業務的預期，以及我們現在對包括地緣政治擔憂、通脹壓力和持續供應鏈中斷在內的預期宏觀挑戰的了解，Caleres 現在預計年度合併與 2021 年相比，銷售額將增長 2% 至 5%，每股收益將在 4.20 美元至 4.40 美元之間。此外，我們預計 [2022 年] 第二季度將與 2022 年第一季度保持一致。重要的是要注意，我們修訂後的指導範圍確實包括迄今為止股票回購活動的影響。

With that, I'd like to turn the call over to the operator for questions. Operator?

有了這個，我想把電話轉給接線員提問。操作員？

(Operator Instructions) Your first question comes from the line of Laura Champine from Loop Capital.

（操作員說明）您的第一個問題來自 Loop Capital 的 Laura Champine。

Congratulations on a nice quarter. I wanted to give you sort of my interpretation of your comments that Q2 should be similar to Q1 and rescue me if I'm wrong on this. So I'm guessing that you mean sales and earnings total levels will be similar, but given the seasonality we normally see, I would expect revenues to be higher at the Brand Portfolio and lower at -- I'm sorry, higher at Famous and a little bit lower seasonally at Brand Portfolio. Does that make sense?

祝賀你度過了一個美好的季度。我想對您的評論進行某種解釋，即 Q2 應該與 Q1 相似，如果我在這方面錯了，請救救我。所以我猜你的意思是銷售和收入的總水平會相似，但考慮到我們通常看到的季節性，我預計品牌組合的收入會更高，而更低——對不起，Famous 和更高品牌組合的季節性略低。那有意義嗎？

Yes, Laura, thanks for the question and an opportunity to clarify. On a consolidated basis, we expect sales and earnings to be very similar to what we just reported in 2022's first quarter. When you look, one of the reasons that we called out the $50 million of pipeline fill at our partners was that's really the difference between Q1 and Q2 for kind of the Brand Portfolio segment and then that delta to keep those sales relatively consistent would be the increase that you would see at Famous Footwear.

是的，勞拉，感謝您的提問和澄清的機會。在綜合基礎上，我們預計銷售額和收益將與我們剛剛在 2022 年第一季度報告的非常相似。當您查看時，我們向合作夥伴提出 5000 萬美元的管道填充的原因之一是，對於品牌組合細分市場而言，這確實是第一季度和第二季度之間的差異，然後保持這些銷售相對一致的增量將是您會在 Famous Footwear 看到的增長。

Your next question comes from the line of Dana Telsey.

您的下一個問題來自 Dana Telsey。

Congratulations on the nice progress. In light of the current environment, how would you frame health of the consumer, what you're seeing in pricing, what you're doing on pricing in Famous and in the branded portfolio? And any updates on the supply chain? And then I have a follow-up.

祝賀取得了不錯的進展。鑑於當前的環境，您將如何構建消費者的健康狀況、您在定價中看到的內容、您在 Famous 和品牌組合中的定價方面所做的事情？供應鏈有什麼更新嗎？然後我有一個跟進。

Okay. Great. This is Diane. I would say the consumer demand fundamentals, as far as we can see, remain very strong. I think we're extraordinarily fortunate that we have a portfolio of diverse brands like we have that reach so many different consumer segments and price points, along with Famous that really reaches so many consumers and has all the national brands that they really want.

好的。偉大的。這是黛安。我想說，就我們所見，消費者需求基本面仍然非常強勁。我認為我們非常幸運，我們擁有像我們這樣的多元化品牌組合，這些品牌覆蓋瞭如此多的不同消費群體和價位，而 Famous 真正觸及瞭如此多的消費者，並擁有他們真正想要的所有民族品牌。

So quite honestly, Dana, we have not seen any significant change in the demand of the consumer in the last number of weeks. It's still as strong as April had been and really don't believe that that's going to change that significantly for us as we move through the second quarter and through the rest of the year. Again, all to be seen, but we feel very confident in all of the signals that we're seeing about our business.

老實說，Dana，在過去的幾周里，我們沒有看到消費者的需求有任何顯著變化。它仍然像 4 月一樣強勁，並且真的不相信這會在我們進入第二季度和今年剩餘時間時對我們產生重大影響。同樣，一切都有待觀察，但我們對我們看到的有關我們業務的所有信號感到非常有信心。

The second thing is that with respect to price elasticity and price increases, again, same thing. Because of the much lower promotional environment, it's a lot quieter than it has been, as well as the fact that we really took our price increases up going into spring of this year. Again, feel like all of that looks like right now that, that is holding. And we really, again, believe that part of that has been, we've always tried to deliver unbelievable value every day in the products that we deliver to the consumer. So that would be, I think, the second thought -- second point.

第二件事是，關於價格彈性和價格上漲，同樣的事情。由於促銷環境低得多，它比以前安靜了很多，而且我們在今年春天真的把價格上漲了。再一次，感覺所有這些看起來就像現在一樣，那就是持有。而且，我們真的再次相信，其中一部分是，我們每天都在努力為我們提供給消費者的產品提供令人難以置信的價值。我認為這就是第二個想法——第二點。

And then lastly, in terms of supply chain costs that -- and lead times. I would tell you that from a cost input cost and certainly transportation costs, we have not seen anything that would give us any indication that we should expect let up in that area until 2023. But we have certainly accounted for that as we've been thoughtful about our guidance for the rest of the year. And we'll see what happens in the ports as they go through their negotiation in July. But again, we are working very hard to make sure that we have the right products and the right inventory at the right time to continue to drive our and satisfy our consumers going forward. So not a lot changed in that area, but feeling like we have a really good balance of inventory to support our needs.

最後，就供應鏈成本和交貨時間而言。我會告訴你，從成本投入成本和運輸成本來看，我們沒有看到任何跡象表明我們應該在 2023 年之前在該領域放鬆。但我們肯定已經考慮到了這一點。考慮我們在今年餘下時間的指導。我們將看看港口在 7 月份進行談判時會發生什麼。但同樣，我們正在努力確保我們在正確的時間擁有正確的產品和正確的庫存，以繼續推動我們並滿足我們的消費者前進。因此，該領域並沒有太大變化，但感覺我們的庫存平衡非常好，可以滿足我們的需求。

Got it. And just a quick follow-up, the strength of Nike and Famous and how that's doing for you and then also the order book on the Branded Portfolio, how is that looking and anything we should be watching for?

知道了。只是快速跟進一下，耐克和 Famous 的實力以及它們對您的影響，然後還有品牌組合的訂單，看起來怎麼樣以及我們應該注意什麼？

Okay. Thanks, Dana. With respect to Nike, again, continues to be very good for us, and we're not seeing any slowdown in the demand for the Nike products nor our opportunity to be able to have those products in our stores. So our teams are doing a terrific job there. We're continuing to see the sell-through there be very, very good, along with, frankly, really a broad range of brands within the Famous experience. So it's been really very good all the way around.

好的。謝謝，達娜。關於耐克，再次對我們非常有利，我們沒有看到對耐克產品的需求有任何放緩，也沒有看到我們能夠在我們的商店購買這些產品的機會。所以我們的團隊在那裡做得非常好。我們繼續看到銷售非常非常好，坦率地說，在 Famous 體驗中確實有廣泛的品牌。所以一路走來真的非常好。

And in terms of the order book, I'll let Jay make a comment, but we'd say that we like what we're seeing, and it certainly supports the guidance that we have shared with you for the rest of the year, so Jay, maybe a little color on the order book for Q3?

就訂單而言，我會讓 Jay 發表評論，但我們會說我們喜歡我們所看到的，它肯定支持我們在今年餘下時間與您分享的指導，那麼傑伊，也許第三季度的訂單上有一點顏色？

Yes. I would say, Dana, that the Q3 order book is shaping up nicely versus '21 position, and we are encouraged by our fill rate to date. We have adjusted our buying to account for higher transportation lead times, so that is resulting in a little of a higher fill rate. And while there are still a lot of uncertainties with port delays and COVID shutdowns, so far, we haven't experienced any significant cancellations and do not anticipate that being the case going forward.

是的。我想說，Dana，與 21 年的情況相比，第三季度的訂單狀況良好，我們對迄今為止的成交率感到鼓舞。我們已經調整了我們的採購以考慮到更高的運輸提前期，這導致了更高的填充率。儘管港口延誤和 COVID 關閉仍然存在很多不確定性，但到目前為止，我們還沒有經歷過任何重大的取消，並且預計未來不會出現這種情況。

Your next question comes from the line of Steve Marotta.

您的下一個問題來自 Steve Marotta。

Diane and Ken and Logan, congratulations again on a terrific quarter. Diane, you touched on this already, I'm hoping maybe you could just put a finer point on it. Obviously, the guidance was very good for the balance of the year. What gives you confidence that gross margins will hold across the portfolio and that promotions just competitively won't tick up for the balance of the year?

黛安、肯和洛根，再次恭喜你們取得了出色的成績。黛安，你已經談到了這一點，我希望你能把它說得更清楚一點。顯然，該指導對於今年的餘額非常好。是什麼讓您確信毛利率將在整個投資組合中保持不變，並且競爭性促銷不會在今年餘下時間增加？

Yes. Well, a couple of things. You never know for sure, but I think we have taken a very realistic view on our guidance for the rest of the year. We have very good visibility, obviously, into what our expectations are right now for the second quarter. Ken commented a little bit on that already. We also have really managed our promotions in our own stores to make sure that I think we had 70 fewer days, frankly, in the first quarter of promotional activity than we had last year. So we are really dialing it back. We're keeping our inventories as tight as we possibly can and managing the push and the pull of all of that and the way that we believe that we need to.

是的。嗯，有幾件事。你永遠無法確定，但我認為我們對今年剩餘時間的指導採取了非常現實的看法。顯然，我們對第二季度的預期有很好的了解。肯已經對此發表了一些評論。我們還真正管理了我們自己商店的促銷活動，以確保坦率地說，我認為我們在促銷活動的第一季度比去年少了 70 天。所以我們真的在撥回它。我們盡可能地保持庫存緊張，並管理所有這些的推動和拉動以及我們認為我們需要的方式。

And again, I think the teams have done a great job in focusing on the brands really and the styles that the consumer wants. So we've really made sure we have those right brands and those right styles to make sure that our margins continue to be, reflect the kind of improvement that we have seen for the last number of quarters. So again, feeling very positive, Steve, about what that looks like and again, it's all tied to, I think, really managing our inventory in the best way that we possibly can. And we have just outstanding capabilities in terms of how we plan and how we allocate inventory. And we have outstanding operational excellence on the execution of all of that.

再說一次，我認為團隊在關注品牌和消費者想要的風格方面做得很好。因此，我們確實確保我們擁有正確的品牌和正確的款式，以確保我們的利潤率繼續保持，反映我們在過去幾個季度中看到的那種改善。再說一次，史蒂夫，感覺非常積極，我認為這一切都與以我們可能的最佳方式真正管理我們的庫存有關。我們在如何計劃和如何分配庫存方面具有出色的能力。我們在執行所有這些方面具有出色的運營卓越性。

Great. That's very helpful. And Ken, besides the pipeline fill that you referred to from the branded portfolio standpoint in the first quarter, were there any other puts and takes to shifting, say, earlier deliveries? Or was there any other significant call-outs for the branded portfolio side on shipments in the first quarter?

偉大的。這很有幫助。 Ken，除了您在第一季度從品牌投資組合的角度提到的管道填充之外，還有其他的看跌期權和需要轉移的時間嗎？比如說，更早的交付？或者在第一季度的出貨量上，品牌投資組合方面是否有任何其他重要的呼籲？

No. I mean I think Diane said, we had double-digit growth across the brands and a number of them were up triple digits. So I think it was the breadth of not only our product, but the consumer that we're servicing, and we expect the momentum that we had in Q1 to flow into Q2, and we wanted to make sure we did call out the pipeline fill because that's not -- that won't repeat in Q2. But across all brands, all categories, we're seeing good performance.

不，我的意思是我認為黛安說過，我們的品牌實現了兩位數的增長，其中一些品牌增長了三位數。所以我認為這不僅是我們產品的廣度，還有我們所服務的消費者，我們預計第一季度的勢頭會流入第二季度，我們希望確保我們確實呼籲管道填充因為那不是 - 在第二季度不會重複。但在所有品牌、所有類別中，我們都看到了良好的表現。

There are no more questions at this time. Turning the call back over to Ms. Diane Sullivan for closing remarks.

目前沒有更多問題。將電話轉回給 Diane Sullivan 女士進行結束致辭。

Thank you very much. Appreciate you all joining us this afternoon, and we'll see you along the way. Some of you next week. So we look forward to that. Take care.

非常感謝你。感謝大家今天下午加入我們，我們一路上見。你們中的一些人下週。所以我們很期待。小心。

This concludes today's conference call. Thankyou for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。