(CAL) 2023 Q4 法說會逐字稿

Good morning, and welcome to Caleres fourth-quarter and fiscal-year 2023 earnings conference call.

早安，歡迎參加 Caleres 第四季和 2023 財年財報電話會議。

My name is Sherry, and I will be your conference coordinator.

我叫雪莉，我將成為你們的會議協調員。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

At this time, I would like to turn the call over to Liz Dunn, Senior Vice President of Corporate Development and Strategic Communications.

現在，我想將電話轉給企業發展和策略傳播資深副總裁 Liz Dunn。

Please go ahead.

請繼續。

Good morning.

早安.

Thank you for joining our fourth quarter and full year 2023 earnings call and webcast.

感謝您參加我們的 2023 年第四季和全年財報電話會議和網路廣播。

A press release with detailed financial tables as well as our quarterly slide presentation are available at Claire's.com. Please be aware that today's discussion contains forward-looking statements which are subject to a number of risks and uncertainties.

包含詳細財務表格的新聞稿以及我們的季度幻燈片演示可在 Claire's.com 上取得。請注意，今天的討論包含前瞻性陳述，這些陳述存在許多風險和不確定性。

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 US Securities and Exchange Commission.

實際結果可能因各種風險因素而存在重大差異，包括但不限於本公司向美國證券交易委員會提交的 10 K 表格和其他文件中揭露的因素。

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.

請參閱今天的新聞稿和我們向 SEC 提交的文件，以了解有關可能影響前瞻性陳述的風險因素和其他因素的更多資​​訊。

Copies of these reports are available online.

這些報告的副本可在線取得。

In discussing these in discussing the results of our operations, we will be providing and referring to certain non-GAAP financial measures you can find additional information regarding these non-GAAP financial measures as well as others used in today's earnings release on our presentation on the Investors section of our website, the Company undertakes no obligation to update any information discussed in this call at any time.

在討論我們的營運結果時，我們將提供並參考某些非 GAAP 財務指標，您可以在我們的簡報中找到有關這些非 GAAP 財務指標以及今天收益發布中使用的其他指標的更多資訊。在我們網站的投資者部分，本公司沒有義務隨時更新本次電話會議中討論的任何資訊。

Joining me today on the call are Jay Schmidt, President and CEO, and Jack Calandra, Chief Financial Officer.

今天與我一起參加電話會議的有總裁兼執行長傑伊·施密特 (Jay Schmidt) 和財務長傑克·卡蘭德拉 (Jack Calandra)。

We will begin this morning's call with our prepared remarks.

我們將以準備好的發言開始今天上午的電話會議。

And thereafter, we will be happy to take your questions.

此後，我們將很樂意回答您的問題。

I would now like to turn the call over to Jay.

我現在想把電話轉給傑伊。

Jay?

傑伊？

Thank you, and good morning, everyone.

謝謝大家，大家早安。

I'm pleased to report that Polaris delivered another strong performance during the fourth quarter of 2023, capping off the third straight year of adjusted earnings per share above our $4 baseline.

我很高興地報告，Polaris 在 2023 年第四季再次表現強勁，調整後每股收益連續第三年高於我們的 4 美元基準。

These results continue to underscore the power of our portfolio of brands, the focus of our talented teams and the magnitude of our structural financial transformation.

這些結果繼續凸顯了我們品牌組合的力量、我們才華橫溢的團隊的專注以及我們結構性財務轉型的規模。

Overall, 2023 marked another year of significant accomplishment and disciplined financial execution at Caleres.

總體而言，2023 年是 Caleres 取得重大成就和嚴格財務執行的另一年。

In total, we delivered annual sales of $2.8 billion in line with our expectations.

總的來說，我們的年銷售額達到了 28 億美元，符合我們的預期。

We achieved adjusted operating earnings of $201 million and generated a strong consolidated adjusted operating margin of more than 7%.

我們實現了 2.01 億美元的調整後營業利潤，並實現了超過 7% 的強勁綜合調整後營業利潤率。

Our adjusted earnings per share of $4.18 was in line with the outlook we reaffirmed in January, and we generated approximately $260 million in adjusted EBITDA.

我們的調整後每股收益為 4.18 美元，與我們 1 月重申的前景一致，調整後 EBITDA 約為 2.6 億美元。

We are particularly proud of these results, which were achieved while navigating a dynamic demand environment and making prudent investments in support of our future growth.

我們對這些成果感到特別自豪，這些成果是在應對動態需求環境並進行審慎投資以支持我們未來成長的情況下取得的。

In addition to our financial accomplishments during 2023, we gained market share in both the brand portfolio in women's fashion footwear, and we gained market share in shoe chains for Famous Footwear as well as in kids.

除了 2023 年的財務成就外，我們還獲得了女式時尚鞋履品牌組合的市場份額，以及 Famous Footwear 鞋履連鎖店和兒童鞋履的市場份額。

We leaned into our edit to win initiative and leading speed capabilities, which facilitated a nearly 7% reduction in inventory.

我們透過編輯贏得了主動性和領先的速度能力，這使得庫存減少了近 7%。

We generated $200 million of cash from operations and strategically use that cash to invest in and accelerate value driving capabilities essential for our future growth.

我們從營運中產生了 2 億美元的現金，並策略性地利用這些現金來投資和加速對我們未來成長至關重要的價值驅動能力。

This included enhancements to our marketing ecosystem, the expansion of our international presence, particularly at Sam Edelman involvement in consumer experience at Famous Footwear and the upcoming go-live of our financial and operating system into a new integrated SAP platform.

這包括增強我們的行銷生態系統、擴大我們的國際影響力，特別是 Sam Edelman 參與 Famous Footwear 的消費者體驗，以及即將在新的整合 SAP 平台中上線我們的財務和操作系統。

We also deployed cash to further strengthen our balance sheet and enhance our financial flexibility by reducing borrowings by $126 million from 2022.

我們也部署現金，從 2022 年起減少 1.26 億美元的借款，以進一步強化我們的資產負債表並增強我們的財務靈活性。

Finally, we returned more than $27 billion to our shareholders through share repurchases and dividends.

最後，我們透過股票回購和股利向股東返還超過 270 億美元。

Now let's move to some performance highlights from the fourth quarter.

現在讓我們來看看第四季的一些業績亮點。

During the period, we delivered sales of $697 million, up slightly from the prior year we generated strong margins, and we achieved fourth quarter adjusted earnings per share of $0.86, which represented a 32% increase over the fourth quarter of 2022 Now let's turn to our operating segments.

在此期間，我們實現了銷售額6.97 億美元，略高於上一年，我們產生了強勁的利潤率，第四季度調整後每股收益為0.86 美元，比2022 年第四季度增長了32%現在讓我們來看看我們的營運部門。

The brand portfolio delivered its best ever annual adjusted operating earnings, which topped $148 million, eclipsing its previous record of $112 million and was accompanied by a nearly 12% adjusted return on sales.

該品牌組合實現了有史以來最好的年度調整後營業利潤，超過 1.48 億美元，打破了先前 1.12 億美元的記錄，調整後銷售回報率接近 12%。

Of particular note, the segment led the financial performance of the Company for the first time in nearly two decade.

特別值得注意的是，該部門近二十年來首次領先於該公司的財務表現。

Looking more closely at the quarter, strong demand for our lead brands and largest portfolio brands drove the company's performance.

更仔細地觀察本季度，對我們的領先品牌和最大的投資組合品牌的強勁需求推動了公司的業績。

Notably, sales in this segment were 4.5% higher than fourth quarter of 2022.

值得注意的是，該細分市場的銷售額比 2022 年第四季成長 4.5%。

And segment gross margin increased significantly.

且分部毛利率大幅成長。

And while we invested in key capabilities like our marketing network and international expansion, most of the margin strength flowed through to the bottom line, leading to a 570 basis point improvement in adjusted quarterly operating margin.

雖然我們對行銷網路和國際擴張等關鍵能力進行了投資，但大部分利潤率實力都流向了利潤，導致調整後的季度營運利潤率提高了 570 個基點。

This strong upward momentum was broad-based with increases across both our wholesale and direct channels, primarily around e-commerce, which increased 5% year over year as the consumer continued to prioritize newness, including low first malaise, Mary Jane Slingbox and of course, fashion sneakers, our brands were well positioned to meet that versify needs and preferences of our consumers.

這種強勁的上升勢頭是廣泛的，我們的批發和直銷渠道都有增長，主要是電子商務，隨著消費者繼續優先考慮新奇事物，其中包括低首不適感、Mary Jane Slingbox，當然還有電子商務，年成長了5% 、時尚運動鞋，我們的品牌能夠很好地滿足消費者多樣化的需求和偏好。

We saw particular strength across our lead brands during the last quarter of the year with positive trends in year-over-year sales, operating earnings and market share.

在今年最後一個季度，我們看到我們的領導品牌特別有實力，年比銷售、營業收入和市場份額都呈現正面趨勢。

In total, these four brands, which include Sam Edelman, Allen Edmonds, Naturalizer and Vionic, represented about 55% of the Brand Portfolio sales and more than half the segment's operating earnings during the fourth quarter.

總的來說，這四個品牌（包括 Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic）在第四季度約佔品牌組合銷售額的 55% 和該部門營業利潤的一半以上。

Diving into the performance of our lead brands, Sam Edelman had a solid quarter with improving financial metrics.

深入研究我們領先品牌的業績，Sam Edelman 的季度業績表現強勁，財務指標有所改善。

We announced some big news last week in case you missed it, Sam unveiled Kylie Jenner as the face of its spring marketing campaign.

上週我們宣布了一些重大消息，以防萬一您錯過了，Sam 宣布凱莉詹納 (Kylie Jenner) 為其春季營銷活動的代言人。

This is an exciting time for the Sam Edelman brand and team, which is celebrating its 20th anniversary this year.

對於 Sam Edelman 品牌和團隊來說，這是一個令人興奮的時刻，今年品牌將慶祝其成立 20 週年。

But brand also continued to expand internationally, opening 10 new stores in 2023 with plans to grow that number significantly in 2024.

但該品牌也持續進行國際擴張，於 2023 年開設 10 家新店，並計劃在 2024 年大幅增加這一數字。

We expect the 20th anniversary marketing plans and events, international expansion with our joint venture partner in Asia and the relaunch of the Sam & Libby brand.

我們期待 20 週年行銷計劃和活動、與亞洲合資夥伴的國際擴張以及 Sam & Libby 品牌的重新推出。

We'll be significant sales drivers in 2024 and beyond.

我們將在 2024 年及以後成為重要的銷售推動者。

Next, at Allen Edmonds, they turned in their 12th positive quarter of growth, casual and sport styles continue to lead the way during the period with the consumer responding to newness and colorways of our iconic shoes and introduction of new styles.

接下來，Allen Edmonds 迎來了第 12 個正增長季度，休閒和運動風格在此期間繼續引領潮流，消費者對我們標誌性鞋子的新穎性和配色以及新款式的推出做出了反應。

During the quarter, we opened a new Port Washington studio concept store in Birmingham, Alabama.

本季度，我們在阿拉巴馬州伯明罕開設了一家新的華盛頓港工作室概念店。

We now have eight Port Washington Studio Stores and continue to see the sales performance outpace the rest of the chain.

我們現在擁有八家華盛頓港工作室商店，銷售業績持續超過連鎖店的其他商店。

We already have plans to introduce the Port Washington studio into four stores during 2024 and continue to look for more opportunities to add this concept to new and existing locations.

我們已經計劃在 2024 年將華盛頓港工作室引入四家商店，並繼續尋找更多機會將這一概念添加到新店和現有店。

Our Naturalizer brand had a standout quarter from both a sales and margin perspective, sales were up double digits and operating margin improved substantially.

從銷售額和利潤率的角度來看，我們的 Naturalizer 品牌在本季的表現都非常出色，銷售額成長了兩位數，營業利潤率也大幅提高。

The brand gained one point of market share during the quarter with a significant increase in new consumers.

隨著新消費者的顯著增加，該品牌在本季度獲得了 1 個百分點的市場份額。

We are pleased with the rollout of the Naturalizer loyalty program named Naturalizer Insider and are seeing positive spending trends with loyalty members.

我們對名為 Naturalizer Insider 的 Naturalizer 忠誠度計劃的推出感到高興，並看到忠誠會員的積極消費趨勢。

We are also seeing an increase in younger consumers driven by strong relevant fashion offerings and targeted marketing efforts, including new collaborations and partnerships.

我們也看到，在強大的相關時尚產品和有針對性的行銷努力（包括新的合作和夥伴關係）的推動下，年輕消費者的數量有所增加。

As you know, we've done a lot of work in recent years to transform and ready Naturalizer for even greater growth.

如你所知，近年來我們做了很多工作來改造 Naturalizer，並為更大的成長做好準備。

We believe there is tremendous opportunity for the brand moving forward.

我們相信該品牌未來發展有巨大的機會。

Finally, Bionix profitability improved significantly in the quarter despite a modest decline in sales with both our wholesale and e-commerce businesses making significant contribution loafers flats and sneakers drove the brand's fourth quarter business and the uptown market remains Bionix number one item.

最後，儘管銷售額略有下降，但Bionix 的盈利能力在本季度顯著改善，我們的批發和電子商務業務為該品牌第四季度的業務做出了重大貢獻，而住宅區市場仍然是Bionix 的第一大產品。

In addition, our rejuvenate recovery slide sold very well as did new styles in the walking category with more to come in 2024.

此外，我們的活力恢復滑梯銷量非常好，步行類別中的新款式也非常暢銷，並且將於 2024 年推出更多款式。

As I mentioned, our largest portfolio brands also delivered outsized performances in the quarter, namely Dr. Shoals, Franco Sarto and LifeStride achieved year-over-year improvements in sales and earnings.

正如我所提到的，我們最大的投資組合品牌在本季也表現出色，即 Dr. Shoals、Franco Sarto 和 LifeStride 的銷售額和收益均實現了同比增長。

As we've noted, these brands play an important role in our overall portfolio, reaching different customer segments while generating meaningful profit and cash flow.

正如我們所指出的，這些品牌在我們的整體產品組合中發揮著重要作用，涵蓋不同的客戶群，同時產生有意義的利潤和現金流。

This year, Dr. show celebrates its one hundredth year anniversary with sales-driving collaborations and partnerships from first will be a collaboration with apparel brand Free People, which is set to drop in early April.

今年，Dr. show 透過推動銷售的合作慶祝其一百週年，而合作夥伴關係首先將是與服裝品牌 Free People 的合作，該合作將於 4 月初推出。

Overall, the brand portfolio performed at a high level during 2023, delivering its best performance in PORTFOLIO history.

總體而言，該品牌組合在 2023 年表現出色，創下了 PORTFOLIO 歷史上的最佳表現。

As we outlined at our Investor Day last October, we continue to expect the brand portfolio to contribute about half of total sales and 60% of operating profit within the three year period.

正如我們在去年 10 月的投資者日上所概述的那樣，我們仍然預計該品牌組合將在三年內貢獻約一半的總銷售額和 60% 的營業利潤。

We are confident the Brand Portfolio powered by its lead brands is positioned to lead the financial performance of Caleres over the long term.

我們相信，由其領先品牌驅動的品牌組合將在長期內引領 Caleres 的財務表現。

Moving on to Famous Footwear, total sales declined 1.5% and comp sales declined 5.9%, representing a sequential improvement in trend from the prior quarter period.

Famous Footwear 的總銷售額下降了 1.5%，比較銷售額下降了 5.9%，與上一季相比趨勢有所改善。

Both in-store and online traffic was down and seasonal products, namely boots, represented much of the sales decline.

店內和網路客流量均下降，季節性產品（即靴子）佔銷售額下降的大部分。

Famous once again though outperformed its competitive set, gaining market share in two chains during the holiday season.

Famous 再次超越其競爭對手，在假期期間贏得了兩家連鎖店的市場份額。

The consumer was motivated by highly demanded trendy items instead of promotions, robust selling on key athletic brands and styles and cozy products.

消費者的動機是需求量大的時尚商品，而不是促銷活動、主要運動品牌和款式以及舒適產品的強勁銷售。

Slippers drove a modestly better sales trend during the seven week holiday period.

在七週的假期期間，拖鞋的銷售趨勢略有改善。

In addition, we were particularly pleased with the performance of our kids business.

此外，我們對兒童業務的表現特別滿意。

Our sales increased 2% year over year, and we gained 1.4 points of market share in shoe chains.

我們的銷售額年增 2%，鞋連鎖店的市佔率提高了 1.4 個百分點。

As you know, we view kids as our key differentiator and the entry point for them millennial family, our kids business has outpaced the rest of the chain for 12 consecutive quarters and 2023 marked our highest level of annual kids' sales ever.

如您所知，我們將兒童視為我們的關鍵差異化因素和千禧世代家庭的切入點，我們的兒童業務已連續12 個季度超過鏈條中的其他業務，2023 年標誌著我們有史以來兒童年度銷售額的最高水準。

We were also pleased with the relative outperformance of women's fashion and sales of key vertical brands.

我們也對女裝時尚和主要垂直品牌銷售的相對優異表現感到滿意。

Naturalizer and Dr. Shoals were up year over year at Famous over the last year, we've worked to drive a more balanced athletic versus fashion assortment and we are making progress on that front.

去年，Naturalizer 和 Dr. Shoals 在 Famous 上的表現逐年上升，我們一直致力於推動運動與時尚品種更加平衡，我們正在這方面取得進展。

Our vertical integration provides payments with greater access to fashion products, a key growth driver for the business as well as a greater ability to flex with trends and differentiate versus competitors, and vertical integration allows our own brands to reach new audiences.

我們的垂直整​​合為支付提供了更多獲取時尚產品的機會，時尚產品是業務的關鍵成長動力，並且具有更強的順應趨勢和區別於競爭對手的能力，垂直整合使我們自己的品牌能夠接觸到新的受眾。

Our newest vertical brands Sam & Libby, launched in famous for spring with solid early reads, I will remind you at an enterprise level, colors captures a higher gross margin on brands sold vertically.

我們最新的垂直品牌 Sam & Libby 在春季推出，具有紮實的早期閱讀量，我會在企業層面提醒您，顏色在垂直銷售的品牌上獲得更高的毛利率。

Finally, our efforts to enhance the consumer experience at Famous Footwear continues.

最後，我們將繼續努力增強 Famous Footwear 的消費者體驗。

We had 21 flare stores opened at the end of the quarter.

截至本季末，我們開設了 21 家照明用品店。

The second wave of flare stores have proven highly successful and are outperforming the chain and delivered positive year-over-year comps in the fourth quarter.

事實證明，第二波照明商店非常成功，其表現優於連鎖店，並在第四季度實現了積極的同比業績。

We plan to continue to refine our approach to improving consumer experience to ensure we are realizing the highest return on this investment.

我們計劃繼續完善改善消費者體驗的方法，以確保我們實現這項投資的最高回報。

We will transform an additional 23 stores to the flair concept in 2024 and will have 44 player stores by year end.

我們將在 2024 年將另外 23 家商店改造為 Flair 概念店，到年底將擁有 44 家球員商店。

All in Famous performed well in 2023 the structural changes we've made across the business have enabled the famous segment to maintain operating earnings and operating margin well above pre-pandemic levels, and we expect that to continue.

All in Famous 在2023 年表現良好，我們在整個業務中所做的結構性變革使該著名部門能夠將營業收入和營業利潤率保持在遠高於大流行前的水平，我們預計這種情況將持續下去。

Looking ahead we believe Famous Footwear is exceptionally well positioned to compete and solidify its leadership position in the family channel.

展望未來，我們相信 Famous Footwear 處於非常有利的地位，能夠參與競爭並鞏固其在家庭管道中的領導地位。

Before I hand it over to Jack to walk through our financials in more detail, I would like to highlight a few key focus areas that will enable us to achieve our long-term strategic operating initiatives and financial targets.

在我將其交給傑克更詳細地介紹我們的財務狀況之前，我想強調幾個關鍵的重點領域，這些領域將使我們能夠實現長期策略營運計劃和財務目標。

First, we are focused on expanding our direct-to-consumer business and expect our own e-commerce business to continue to outperform.

首先，我們專注於擴大直接面向消費者的業務，並預期我們自己的電子商務業務將繼續表現出色。

We have launched loyalty programs across several of our lead brands that will allow us to engage more directly with our consumers and capture more share of wallet.

我們在幾個領先品牌中推出了忠誠度計劃，這將使我們能夠更直接地與消費者互動並贏得更多的錢包份額。

We are utilizing our marketing and analytics capabilities to engage consumers efficiently and profitably.

我們正在利用我們的行銷和分析能力來有效地吸引消費者並實現盈利。

Second, we will continue to focus on our enhanced speed programs to read and react in real time.

其次，我們將繼續專注於我們的增強速度程序，以實現即時閱讀和反應。

During 2023, 20% of our brand portfolio receipts came through speed, and we expect that penetration to grow well above 20% moving forward.

2023 年，我們品牌組合收入的 20% 來自速度，我們預期未來滲透率將遠高於 20%。

Now, more than ever, our brands are positioned to capitalize on trend.

現在，我們的品牌比以往任何時候都更能抓住趨勢。

Whether that trend is casual, dress or sneaker driven.

無論這種趨勢是休閒、正裝還是運動鞋。

Our speed programs create a virtuous circle aligning inventory with consumer demand to drive sales productivity and expand gross margin.

我們的速度計畫創造了一個良性循環，使庫存與消費者需求保持一致，以提高銷售效率並擴大毛利率。

Third, we believe famous is well positioned to return to growth and growth drive greater market share in the family channel.

第三，我們相信Finalized 已做好恢復成長的準備，並且成長將推動家庭頻道更大的市場份額。

This year, we will build on our leadership position in kids continue to focus on evolving our Claire's store format offer in and out elevated and curated assortment of key in-demand brands for the entire family, ensuring a more advantageous mix of athletic and fashion and leverage the consumer data platform or CDP to connect with and drive an even greater level of engagement with consumers through personalized communication and localized assortments work.

今年，我們將鞏固我們在兒童領域的領導地位，繼續專注於發展我們的克萊爾商店模式，為整個家庭提供優質和精心策劃的關鍵需求品牌，確保運動和時尚的更有利組合利用消費者數據平台或CDP 透過個人化溝通和在地化分類工作與消費者建立聯繫並推動更高程度的參與。

As we outlined at our Investor Day, international is a significant growth area for Polaris.

正如我們在投資者日所概述的那樣，國際是北極星的一個重要成長領域。

In the fourth quarter, we hired Erica McCool as Senior Vice President of International to focus more intensely on that effort in 2024, we will continue to build the Sam Edelman business in China with 45 new DOORS.

在第四季度，我們聘請了 Erica McCool 擔任國際業務高級副總裁，以便在 2024 年更加專注於這項工作，我們將繼續在中國建立 Sam Edelman 業務，推出 45 個新 DOORS。

Naturalizer will reenter China with its newly created global flagship store design with 10 new stores in the fall of 2024, as well as a digital relaunch this is just the beginning.

Naturalizer 將以其全新的全球旗艦店設計重新進入中國，並於 2024 年秋季開設 10 家新店，以及數位化的重新啟動，而這只是一個開始。

International is a big growth opportunity for Caleres.

國際化對於 Caleres 來說是一個巨大的成長機會。

And finally, we are investing to fuel growth in 2024.

最後，我們正在投資以推動 2024 年的成長。

We will make outsized investments in international expansion, consumer experience, both in-store and online and across our marketing platform.

我們將在國際擴張、店內、線上以及整個行銷平台的消費者體驗方面進行大量投資。

These investments are an accelerator to unlock additional growth opportunities for the future.

這些投資是釋放未來更多成長機會的加速器。

At the same time, we will remain disciplined and rigorous in managing our expense level to drive strong financial performance and shareholder value.

同時，我們將繼續嚴格管理我們的費用水平，以推動強勁的財務表現和股東價值。

And with that, I will now hand it over to Jack for a more detailed view of our financial performance and outlook.

現在，我將把它交給傑克，讓他更詳細地了解我們的財務表現和前景。

Jack?

傑克？

Thanks, Jay, and good morning, everyone.

謝謝傑伊，大家早安。

During today's call, I'll provide additional details on our fourth quarter and full year 2023 performance update you on our capital allocation activities and plans and share our outlook for 2024.

在今天的電話會議中，我將提供有關 2023 年第四季度和全年業績的更多詳細信息，向您介紹我們的資本配置活動和計劃的最新情況，並分享我們對 2024 年的展望。

Today's comparisons will include the 14th week for Q4 and the 53rd week for the full year unless otherwise indicated, we've included a table in the release outlining the sales impact of the extra week for each segment and for total company.

今天的比較將包括第四季度的第 14 週和全年的第 53 週，除非另有說明，否則我們在新聞稿中包含了一個表格，概述了額外一周對每個部門和整個公司的銷售影響。

As a reminder, my comments will be on an adjusted basis.

提醒一下，我的評論將會有所調整。

Please see today's press release for a reconciliation of adjusted results.

請參閱今天的新聞稿，以了解調整後的結果的核對錶。

Before I turn to the adjusted results, I wanted to give you some detail on the factors leading to the large one-time item included in our GAAP results.

在討論調整後的結果之前，我想向您詳細介紹導致我們的 GAAP 結果中包含大型一次性項目的因素。

Our GAAP results include a release of deferred tax valuation allowances of $0.76 in the fourth quarter and $0.75 for the year, which had primarily been established in 2020 after incurring a significant pretax loss associated with the pandemic impact to the business.

我們的 GAAP 業績包括第四季度 0.76 美元和全年 0.75 美元的遞延稅估值津貼，該津貼主要是在 2020 年因疫情對業務的影響而產生重大稅前損失後設立的。

As a result of our strong earnings performance in 2021, 2022 and 2023.

由於我們在 2021 年、2022 年和 2023 年取得了強勁的獲利表現。

We are no longer in a cumulative three year loss position and were able to release most of these valuation allowances.

我們不再處於三年累積虧損狀態，並且能夠釋放大部分估值備抵。

Additionally, the adjusted results include a benefit of $0.05 in Q4 and $0.13 for the full year from our cost reduction initiatives.

此外，調整後的結果還包括我們的成本削減措施帶來的第四季 0.05 美元的收益和全年 0.13 美元的收益。

Now turning to sales.

現在轉向銷售。

Fourth quarter sales were $697 million, up slightly to last year.

第四季銷售額為 6.97 億美元，略高於去年同期。

As Jay mentioned, this performance was driven by a 4.5% increase in brand portfolio.

正如 Jay 所提到的，這項業績是由品牌組合成長 4.5% 所推動的。

Famous Footwear sales were down 1.5%, slightly better than our initial expectations.

Famous Footwear 銷售額下降 1.5%，略優於我們最初的預期。

Comparable sales were down 5.9%.

可比銷售額下降 5.9%。

Consolidated annual sales were $2.82 billion in line with our expectations and down 5.1% versus fiscal 2022.

綜合年銷售額為 28.2 億美元，符合我們的預期，比 2022 財年下降 5.1%。

Fourth quarter consolidated gross margin was 43.9%, a 348 basis point increase versus last year and a record for the third for the fourth quarter.

第四季綜合毛利率為43.9%，較去年成長348個基點，創第四季第三高紀錄。

Brand portfolios, fourth quarter gross margin was 42.6%, a 660 basis point increase versus last year due to lower freight costs, higher initial margins and fewer markdowns and allowances.

品牌組合方面，第四季毛利率為 42.6%，較去年成長 660 個基點，原因是運費成本降低、初始利潤率提高以及降價和補貼減少。

Famous Footwear's fourth quarter gross margin was 42.9%, a 54 basis point improvement versus last year.

Famous Footwear第四季毛利率為42.9%，比去年同期提高了54個基點。

For fiscal 2023, consolidated gross margin was 44.8%, 100, 54 basis points above last year, reflecting a 537 basis point increase in brand portfolio and a 156 basis point decline at Famous SG&A expense for the fourth quarter was $273 million or 39.1% of sales.

2023 財年，綜合毛利率為 44.8%，比去年同期高 100 個基點，反映出品牌組合增加 537 個基點，第四季 Famous SG&A 費用下降 156 個基點，為 2.73 億美元，即 39.1%。銷售量。

Annual SG&A expense as a percent of sales was 37.7%.

年度 SG&A 費用佔銷售額的百分比為 37.7%。

Annual SG&A expense was $5 million lower than 2022, despite absorbing an extra week reflecting our expense management initiatives and lower incentive compensation costs.

儘管由於我們的費用管理措施和較低的激勵薪酬成本而增加了一周的時間，但年度 SG&A 費用仍比 2022 年減少了 500 萬美元。

Fourth quarter operating earnings were $33 million and operating margin was 4.7%.

第四季營業利潤為 3,300 萬美元，營業利潤率為 4.7%。

Operating margin was 11.9% at brand portfolio and 4.9% at Famous annual operating earnings were $201 million or 7.1% of sales.

品牌組合的營業利潤率為 11.9%，Famous 的營業利潤率為 4.9%，年營業利潤為 2.01 億美元，佔銷售額的 7.1%。

It's worth noting that this consolidated annual operating margin is 270 basis points higher than pre-pandemic levels.

值得注意的是，這一綜合年度營業利潤率比大流行前的水平高出 270 個基點。

It was achieved while navigating consumer demand headwinds of things.

這是在克服消費者需求逆風時實現的。

Brand portfolio achieved a record annual operating margin of 11.7%, a 316 basis point improvement versus last year, famous delivered a 7.8% operating margin, maintaining a margin level above pre-pandemic averages.

品牌組合實現了創紀錄的年度營業利潤率 11.7%，比去年提高了 316 個基點，Finalized 的營業利潤率為 7.8%，維持在疫情前平均水平之上。

Fourth quarter net interest expense was $4 million, down about $1 billion from last year and annual net interest expense was $19 million.

第四季淨利息支出為 400 萬美元，比去年同期減少約 10 億美元，年度淨利息支出為 1,900 萬美元。

Fourth-quarter earnings per diluted share were $0.86, a 32% improvement versus last year, and annual earnings per diluted share were $4.18, marking our third consecutive year of EPS above our $4 baseline EBITDA for the trailing 12 months was $260 million or 9.2% of sales.

第四季稀釋後每股收益為0.86 美元，比去年提高32%，每股稀釋後每股收益為4.18 美元，這標誌著我們連續第三年每股收益高於4 美元基線，過去12 個月的EBITDA 為2.6 億美元，即9.2%的銷售量。

Inventory at year end was $541 million, down 6.8% versus last year, primarily in brand portfolio, reflecting a more normalized supply chain and disciplined inventory management across the business.

年末庫存為 5.41 億美元，比去年下降 6.8%，主要是品牌組合，反映出整個企業的供應鏈更加規範化，庫存管理更加嚴格。

By segment, inventories payments was up 2.5% versus last year, but down 4% when adjusted for the 53rd week at brand portfolio, inventory was down 13.6% versus last year.

以細分市場來看，庫存付款比去年增長了 2.5%，但在品牌組合第 53 週調整後，庫存付款比去年下降了 4%，庫存比去年下降了 13.6%。

We feel good about the amount and composition of inventory with aged inventory down in both businesses in dollars and as a percent of total regarding cash flow from operations, we generated $200 million during the year and deployed cash for strategic investments in the business paid our quarterly dividend repurchased shares to offset dilution and lowered borrowings on our revolver.

我們對庫存的數量和組成感到滿意，兩個業務中的陳舊庫存以美元計算，佔營運現金流總額的百分比，我們在這一年中創造了2 億美元，並為按季度支付的業務戰略投資部署了現金股息回購股票以抵消稀釋並降低我們左輪手槍的借款。

Specifically, during the year, we spent $50 million on capital expenditures, $10 million on our quarterly dividend and $17 million on share repurchases.

具體來說，這一年我們花了 5000 萬美元用於資本支出，1000 萬美元用於季度股息，1700 萬美元用於股票回購。

And with the $40 million paydown in Q4, borrowings are more than $125 million below fiscal year end 2022 debt to trailing 12-month EBITDA, it was 0.7 times.

隨著第四季 4,000 萬美元的還款，借款比 2022 財年末的債務與過去 12 個月 EBITDA 相比低了 1.25 億美元以上，為 0.7 倍。

Looking ahead, our capital allocation priorities remain consistent with what we've communicated previously.

展望未來，我們的資本配置優先事項與我們先前溝通的內容保持一致。

First, invest for organic growth, focusing on our lead brands and key capabilities, second, maintain the dividend.

首先，投資有機成長，重點關注我們的領先品牌和關鍵能力，其次，維持股息。

Third, given still elevated interest rates, we will continue to focus on reducing debt in the near term.

第三，鑑於利率仍居高不下，我們短期內將繼續專注於減少債務。

As we said at Investor Day by 2026, we expect borrowings to be less than $100 million and less than half a turn of EBITDA.

正如我們在投資者日上所說，到 2026 年，我們預計借款將低於 1 億美元，不到 EBITDA 的一半。

Fourth, share repurchases, given our debt reduction progress and expectation for free cash flow in 2024, we have the opportunity to both reduce leverage and buy back shares.

第四，股票回購，考慮到我們的減債進度以及2024年自由現金流的預期，我們有機會既降槓桿又回購股票。

We will evaluate these alternatives in light of business performance and market conditions as we proceed through the year, we had 5.6 million shares remaining under our current board authorization at year-end.

我們將根據今年的業務表現和市場狀況評估這些替代方案，截至年底，我們目前的董事會授權剩餘 560 萬股。

Now turning to our outlook.

現在轉向我們的展望。

As we mentioned, when we outlined our three year plan last October, we don't expect our growth to be linear and embedded in that outlook with more modest growth in year one.

正如我們所提到的，當我們去年 10 月概述我們的三年計劃時，我們預計我們的成長不會是線性的，也不會嵌入到第一年增長更為溫和的前景中。

In addition, our plan assume that the overall footwear market would grow at 1% in 2020 for Circadin now expects a decline of 1%, including this adjustment as well as balancing the strong momentum in our brand portfolio against anticipated headwinds like inflationary pressures and higher freight costs.

此外，我們的計劃假設 2020 年整體鞋類市場將增長 1%，而 Circadin 目前預計下降 1%，其中包括這一調整以及平衡我們品牌組合的強勁勢頭與通脹壓力和更高的預期阻力。運輸費。

For 2024, we expect sales to be flat to up 2%, which includes the impact of the 53rd week in 2023.

對於 2024 年，我們預計銷售額將持平至成長 2%，其中包括 2023 年第 53 週的影響。

Excluding the 53rd week, we expect sales to be up 1% to 3% and earnings per diluted share of $4.30 to $4.60. We anticipate earnings to be up more in the first half than the second half.

不包括第 53 週，我們預計銷售額將成長 1% 至 3%，稀釋後每股收益為 4.30 美元至 4.60 美元。我們預計上半年獲利將比下半年成長更多。

However, due to the timing of expenditures, including marketing for the Sam Edelman campaign and expense for the common platform implementation.

然而，由於支出的時間安排，包括 Sam Edelman 活動的行銷費用和通用平台實施的費用。

We expect EPS down in Q1 and up in Q2.

我們預計第一季每股收益將下降，第二季將上升。

Additionally, we are providing guidance on the following metrics for the full year consolidated operating margin of 7.3% to 7.5%, an effective tax rate of about 24% and capital expenditures of $60 million to $70 million.

此外，我們也就以下指標提供指引：全年綜合營業利潤率為 7.3% 至 7.5%，有效稅率約為 24%，資本支出為 6,000 萬美元至 7,000 萬美元。

We are also providing the following guidance.

我們也提供以下指導。

For Q1, we expect consolidated net sales to be flat to up 1% and earnings per diluted share in line with Q4 2020 2023 on an adjusted basis.

對於第一季度，我們預計合併淨銷售額將持平至成長 1%，調整後每股稀釋收益與 2020 年第四季和 2023 年一致。

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

這樣，我想將電話轉給接線員詢問問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Laura Champine, Loop Capital Markets.

勞拉·尚平 (Laura Champine)，Loop 資本市場。

Taking my question.

回答我的問題。

I wanted a little bit more about what's behind your expectation that the footwear industry will decline this year?

我想更多地了解一下您對今年鞋類行業將下滑的預期背後的原因是什麼？

And maybe if we could start with where do you think last year likely fell out as an industry, knowing that it's fragmented?

也許我們可以從您認為去年這個行業可能會在哪裡崩潰開始，因為您知道這個行業是支離破碎的？

And then what behind the expectation that we'll have another rough year this year?

那麼，今年我們將迎來另一個艱難的一年的預期背後是什麼？

Yes, Laura, this is Jack.

是的，蘿拉，這是傑克。

Thank you for your question.

謝謝你的問題。

So we get as part of our planning process each year, the expectations from store Kona and what they're projecting is the market to be down about 1% with units down a little bit more than that and some favorability on the AUR side.

因此，作為每年規劃流程的一部分，我們得到了 Kona 商店的期望，他們預測市場將下降約 1%，而單位下降的幅度會比這多一點，並且對 AUR 方面有一些好感。

And then when we look at it by by segments.

然後當我們分段查看它時。

It looks like fashion is expected to be the weakest with Sport leisure and performance stronger than that.

看來時尚預計是最弱的，運動休閒和性能更強。

And so we look at that and we apply those categories and those growth rates to our portfolio to come up with what we think it would look like for us to basically hold market share in 2024.

因此，我們會對此進行研究，並將這些類別和成長率應用到我們的投資組合中，以得出我們認為在 2024 年基本上保持市場份額的情況。

And as you know, we've been very successful in growing market share.

如您所知，我們在增加市場份額方面非常成功。

And this plan assumes that we will grow market share in both famous and in brand portfolio.

該計劃假設我們將增加知名品牌和品牌組合的市場份額。

Got it.

知道了。

Thank you.

謝謝。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good morning and good morning, everyone.

嗨，大家早安，早安。

As you think about the cadence of the year first quarter second quarter, how you thinking about brand portfolio and famous.

當你思考今年第一季第二季的節奏時，你如何思考品牌組合和知名度。

And did you notice any deterioration or stabilization in the core Famous Footwear consumer in the fourth quarter?

您是否注意到第四季名牌鞋類核心消費者有任何惡化或穩定？

What are you seeing in order trends for brand portfolio from the wholesale channel?

您對批發通路品牌組合的訂單趨勢有何看法？

Thank you.

謝謝。

Hi, Dana.

嗨，達納。

It's Jay here.

傑伊在這裡。

I can, you know, overall and custom thinking about the and the consumer, we are seeing them.

我可以，你知道，對消費者進行整體和客製化的思考，我們正在看到他們。

I think the demand environment remains mixed.

我認為需求環境仍然很複雜。

As I would say, as we lead Q4 and into Q1, we see our brand portfolio consumer continually trend driven and responding very well to newness right now which is driving demand.

正如我想說的，當我們進入第四季度和第一季時，我們看到我們的品牌組合消費者不斷受到趨勢驅動，並對當前推動需求的新事物做出了很好的反應。

And at our famous consumer during the fourth quarter and into early first, we did see the market environment remains choppy at our target consumer, the millennial family continues to prioritize kids.

在我們的著名消費者中，第四季和年初，我們確實看到我們的目標消費者的市場環境仍然不穩定，千禧世代家庭繼續優先考慮孩子。

And however, I will say that we're seeing some very strong, a reaction from both segments on really these highly demanded items.

然而，我要說的是，我們看到兩個細分市場對這些需求量很大的產品做出了非常強烈的反應。

So that's really our goal is to continue to get in front of them and go there.

所以我們的目標實際上是繼續走在他們前面並到達那裡。

We are seeing a slightly better trend as we move from February into March and done.

當我們從二月進入三月並完成時，我們看到了稍微好一點的趨勢。

That gives us some sign for optimism, but obviously very early on in the quarter.

這給了我們一些樂觀的跡象，但顯然是在本季初期。

And then finally, in terms of order trends, very consistent to where they've been in previous quarters right now, as you know, our business is highly demand driven and dynamic on our brand portfolio.

最後，就訂單趨勢而言，與前幾季的情況非常一致，如您所知，我們的業務是高度需求驅動的，並且對我們的品牌組合充滿活力。

And we continue to react in real time with our speed program, our drop-ship program and also our replenishment program to continue to meet that consumer demand.

我們繼續對速度計劃、直運計劃和補貨計劃做出即時反應，以繼續滿足消費者的需求。

And then Dean, I'll just add a couple of things on the cadence for Famous.

然後 Dean，我會在 Famous 的節奏中添加一些內容。

So I'm just in terms of our overall guidance we are assuming that famous will be some sort of a modest negative to modest positive comp in our guidance range, low and high.

因此，我只是就我們的總體指導而言，我們假設著名將在我們的指導範圍（低和高）中具有某種適度的負面到適度的積極補償。

And we are anticipating the first half to be stronger than the second half, and a lot of that is just due to the calendar shifts.

我們預計上半場會比下半場更強，這很大程度上是由於日曆的變化。

So as you know, with the calendar shift from the first week of August, which is a critical back-to-school week for Famous, is now falling into fiscal Q2 versus fiscal Q3 last year.

如您所知，隨著日曆從 8 月第一周（對於 Famous 來說是關鍵的返校週）開始，現在已經進入第二財季，而不是去年的第三財季。

And then obviously we have the impact of the 53rd week on Q4 this year.

顯然，我們受到了今年第四季第 53 週的影響。

And so there's just some shifts with those with the calendar that's moving numbers between the quarters.

因此，日曆中的數據在季度之間移動，只是發生了一些變化。

And then I would just say, look, we expect the promotional activity in Famous to be broadly in line with 2023 and with that would come sort of a flattish gross margin.

然後我想說，看，我們預計 Famous 的促銷活動將與 2023 年大致一致，隨之而來的毛利率將持平。

Got it.

知道了。

And then if you unpack SG&A., Jack, anything that we should be thinking about as we go through the year, any quarterly ups or downs in terms of the SG&A impact?

然後，如果你解開 SG&A。傑克，我們在這一年中應該考慮什麼，SG&A 影響方面有任何季度的上升或下降嗎？

And then, Jay, as you think about your own brands in the Famous Footwear store, where are you along that path?

然後，傑伊，當您想到 Famous Footwear 商店中的自有品牌時，您處於這條道路的哪個位置？

And what could that add to the margin opportunity there?

這會增加什麼利潤機會呢？

Thank you.

謝謝。

Sure, Dan.

當然，丹。

I'll start with the SG&A.

我將從 SG&A 開始。

So part of the reason our run we're guiding to earnings down in Q. one is there are some investments we're making in SG&A in Q1, particularly the Sam Edelman marketing campaign and then expenses related to our common platform implementation, the first phase of which goes live at the end of May.

因此，我們指導第一季收益下降的部分原因是，我們在第一季的銷售及管理費用（SG&A）方面進行了一些投資，特別是Sam Edelman 行銷活動，以及與我們的通用平台實施相關的費用，第一個該階段將於五月底上線。

And so there are some some expenses associated with that.

因此，還有一些與此相關的費用。

And then as we go through the year, obviously, Q4, we don't have that 53rd week of expense in Q4.

然後，當我們回顧這一年時，顯然，第四季度，我們在第四季度沒有第 53 週的支出。

But what I will say is that we talked about last year, taking some some actions on costs.

但我要說的是，我們去年就談到了，在成本方面採取了一些行動。

And I'm pleased to say that we delivered those cost reductions both in 2023, and those are built into our 2024 plan.

我很高興地說，我們在 2023 年實現了這些成本削減，而這些成本已納入我們的 2024 年計畫中。

Okay.

好的。

And then as far as our own brands, we're seeing some really nice results, some coming out of Q4 and then moving into first quarter, particularly with our DR Shoals brand at Famous our Naturalizer brand.

就我們自己的品牌而言，我們看到了一些非常好的結果，一些來自第四季度，然後進入第一季度，特別是我們的 DR Shoals 品牌和著名的 Naturalizer 品牌。

And we're pleased with the early launch of Sam & Libby.

我們對 Sam & Libby 的提前推出感到高興。

And so we from you know, we feel that we are well on our track of how we can lead to our three year goal there and we are planning those brands up significantly.

所以我們從你那裡知道，我們覺得我們在如何實現我們的三年目標方面進展順利，我們正在大力規劃這些品牌。

And obviously, Jack, the profit on vertical brands is significantly higher than where we go as a company, right.

顯然，傑克，垂直品牌的利潤明顯高於我們作為一家公司的利潤，對吧。

That's correct.

這是正確的。

So we're very excited for what we're seeing there.

所以我們對在那裡看到的一切感到非常興奮。

And again, that was a concerted effort, and we looked like we're well on track.

再說一遍，這是大家齊心協力的努力，我們看起來一切都步入正軌。

Mitch Kummetz, Seaport Research.

米奇·庫梅茨，海港研究中心。

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

I got a few I want to start just on the guide and want to clarify a couple of things on because I think I think you guys said that you expect to take share in the same U.S. and brand portfolio.

我想從指南開始，並想澄清一些事情，因為我認為你們說過，你們希望在相同的美國和品牌組合中佔據份額。

Com and your as far as kind of a market outlook, you're basing that on sort of Kona down 1% suggests you're saying and famous same-store sales, you know, maybe down a little to up a little.

就市場前景而言，您的基礎是科納下降了 1%，這表明您所說的著名同店銷售額可能會下降一點到上升一點。

Is that correct?

那是對的嗎？

Yes, our guide, Mitch, assumes on the low end would be down a little bit and on the upper end would be up a little bit.

是的，我們的導遊米奇認為低端會下降一點，高端會上升一點。

And again, the the the market numbers that I shared, our total that would include wholesale and retail.

再說一次，我分享的市場數據，我們的總數包括批發和零售。

And obviously what we've seen is the retail business has been a little bit more or at least the retail channel that we compete in and measure market share against, which is the shoe chain channel has been a little bit more challenged and so on brand portfolio, what kind of sales growth are you looking for there for the year you're looking at?

顯然，我們看到的是零售業務已經更多了一點，或者至少是我們參與競爭和衡量市場份額的零售渠道，即鞋連鎖渠道受到了更多的挑戰，等等品牌投資組合，您希望今年的銷售成長是什麼樣的？

Yes, we're looking to continue basically the of the trend that we came out of two four with adjusting for that 53rd week.

是的，我們希望基本上繼續我們在第 53 週進行調整後的兩四周中出現的趨勢。

So there was a little bit of a benefit for the 53rd week.

所以第53周有一點好處。

So I would say so we're looking for low single digit positive numbers from brand portfolio in 2020 for obviously lead brands being stronger than that.

所以我想說，我們正在從 2020 年的品牌組合中尋找較低的個位數正數，以尋找明顯比這更強的領先品牌。

And the other brands being a little bit a little bit below.

而其他品牌則略低一些。

And then Jack, I think you said on the famous you expect promotions to be in line with last year.

然後傑克，我想你在著名節目中說過，你希望促銷活動與去年保持一致。

I think you made a comment of flat gross margin was that a a famous comp comment comment or is the op margin guidance you gave assume a flat gross margin on a consolidated basis for the year?

我認為您對毛利率持平的評論是著名的比較評論，還是您給出的營運利潤率指導假設今年的綜合毛利率持平？

Yes, the comment that I made was a famous specific on the flat gross margin in terms of the 20 to 40 basis points of and operating margin improvement in 2024.

是的，我發表的評論是一個著名的具體內容，即毛利率持平，即 2024 年營業利潤率提高 20 至 40 個基點。

We're looking for more of that actually to come from gross margin and particularly on brand portfolio.

我們希望更多的利潤實際上來自於毛利率，特別是品牌組合。

As you remember, Mitch, when we talked about our Investor Day model, we talked about all of the different headwinds and tailwinds in gross margin over three years and said that gross margin at the consolidated level would be relatively flat and we would get operating margin improvement from SG&A leverage in 2024.

米奇，你還記得嗎，當我們談論投資者日模型時，我們討論了三年來毛利率的所有不同逆風和順風，並表示綜合水平的毛利率將相對持平，我們將獲得營業利潤率2024 年SG&A槓桿有所改善。

Again, we're looking for a little bit more on the gross margin side because of some of these critical investments we're making in international in some of our lead brand marketings and in the common platform.

同樣，我們正在尋求更多的毛利率，因為我們在國際上的一些領先品牌行銷和通用平台上進行了一些關鍵投資。

And then, Jay, you mentioned that March was better than February.

然後，傑伊，你提到三月比二月更好。

I would guess it's more of a famous comment.

我猜這更像是一則著名的評論。

Is that on is that you think that's that's to do with weather?

您認為與天氣有關嗎？

Or do you think there's some change in consumer shopping behavior or strengthening of the consumers or anything you can attribute that to yes, while it's early in March, I think there's so I think it's all of those things.

或者你認為消費者的購物行為發生了一些變化，或者消費者的力量增強了，或者你可以將其歸因於任何事情，是的，雖然現在是三月初，但我認為是這樣的，所以我認為這就是所有這些事情。

And then one more on, I think the weather in early spring is always good.

再說了，我覺得早春的天氣總是好的。

And it's we've had a much better weather pattern than we've had last year, particularly when you think about famous being across the country.

我們的天氣狀況比去年好得多，尤其是當你想到全國各地的名人時。

And so that's the first thing.

這是第一件事。

And the I think the second thing that just really stood out was the one that we really are in much better position in some of these key demanding items from the key brands at Famous.

我認為第二件真正突出的事情是，我們在 Famous 主要品牌的一些關鍵需求產品中確實處於更好的位置。

And that has really on propelled It grew as the consumers really pointing very specifically, we've seen our top brands and famous come back quite a bit.

隨著消費者的明確指向，這確實推動了它的成長，我們已經看到我們的頂級品牌和知名品牌大量回歸。

And then to just answer your question on the brand portfolio, we are seeing and some nice trends that are similar to that.

然後，為了回答您有關品牌組合的問題，我們看到了一些與此類似的良好趨勢。

And again, focused on just really, I think some of our brands opening up and reacting to a warmer cycle.

再次強調，我認為我們的一些品牌正在開放並對變暖的周期做出反應。

So some early signs on sandals and some of our brands have been positive.

因此，涼鞋和我們的一些品牌的一些早期跡像是積極的。

And as you well know, we did not see that last March.

如你所知，去年三月我們並沒有看到這一點。

So there's some there's reason to be optimistic optimistic, but it is early still commit to the last question for you, Jay home, there's a lot of talk in the back half of last year, how the consumer was shopping events, be it back to school or holiday?

所以有一些樂觀的理由是樂觀的，但是現在還早，還是先向大家承諾最後一個問題，周杰倫，去年下半年有很多談論，消費者是如何購物的事件，還是回到學校還是假期？

And then kind of disappearing in between how do you think that continues this year.

然後就消失了，你認為今年這種情況會如何持續。

And and how do you see the impact of events in the first half?

您如何看待上半年事件的影響？

Is there much going on from an event standpoint before we get back to school like to what extent you think like Easter and Memorial Day Mother's Day, Father's Day, things like that, it could drive the business?

從事件的角度來看，在我們回到學校之前，是否會發生很多事情，例如您認為復活節和陣亡將士紀念日、母親節、父親節等事情在多大程度上可以推動業務發展？

Yes, I think they've been actually not as important as they might have been in past some times and we're really seeing weather as an impact, you know, spring break and vacations kind of stimulating some things, but not not as much as some bigger buildups.

是的，我認為它們實際上並不像過去某些時候那麼重要，我們確實將天氣視為一種影響，你知道，春假和假期有點刺激一些事情，但也沒有那麼多作為一些更大的積累。

But really we are consistently on our best product in our best them place.

但實際上，我們始終如一地在最好的地方提供最好的產品。

And then as Jack pointed out, there is some discussion of the tax refunds.

然後正如傑克指出的那樣，有一些關於退稅的討論。

So I don't know if you want to fill in on that.

所以我不知道你是否願意補充這一點。

Yes, we for the famous business, we look very carefully at where tax refunds are coming in.

是的，對於這家著名的企業，我們非常仔細地關注退稅的來源。

And right now, it looks like through data last week, the number of refunds was down about 13%.

現在，從上週的數據來看，退款數量下降了約 13%。

The average refund was up about 6%.

平均退款增加了約 6%。

So the total dollars refunded again through through the end of last week was down 7%.

因此，截至上週末再次退還的美元總額下降了 7%。

And we do know that that there is some impact of that certainly to our famous consumer.

我們確實知道這肯定會對我們著名的消費者產生一些影響。

Okay.

好的。

Thanks, guys.

多謝你們。

Abbie Zvejnieks, Piper Sandler

艾比·茲維涅克斯，派珀·桑德勒

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Just you talked a little bit about the consumer being more selective buying the product that they want and promotions not moving other inventory as much as one.

剛才您談到了消費者更有選擇性地購買他們想要的產品，而促銷活動不會像一件產品那樣移動其他庫存。

Are you seeing that same dynamic in both men's and women's versus kids?

您是否在男性和女性與兒童中看到同樣的動態？

And then two, are you changing your your merchandising efforts at Famous Footwear in any capacity in order to and we need some more of that key style demand?

第二個問題，您是否會以任何方式改變您在 Famous Footwear 的銷售工作，以便我們需要更多的關鍵款式需求？

Yes, we are seeing it in both segments, right now as to continue, the consumer continues to prioritize spend in different ways.

是的，我們在這兩個領域都看到了這一點，現在消費者繼續以不同的方式優先考慮支出。

We've said in Famous that the consumer continues to prioritize kids purchasing.

我們在 Famous 中說過，消費者仍然優先考慮兒童購買。

So that is done continued.

這樣就繼續完成了。

And then also very much demanded on the styles and the items that they do, like the brands that they really favor, which fortunately we have over on the brand portfolio side, we're seeing the same thing in terms of newness and trend delivering it.

然後對他們所做的款式和產品也有很高的要求，例如他們真正喜歡的品牌，幸運的是我們在品牌組合方面已經結束了，我們在新穎性和趨勢方面看到了同樣的事情。

And so I think what you'll see is on our websites and our continued messaging and communications, we're continuing to focus on new item launches, new styles and new drops.

因此，我認為您將在我們的網站以及我們持續的訊息和溝通中看到，我們將繼續關注新產品的發布、新款式和新品。

And we're seeing that both in men's and women's and then over to Famous some one of the things we will be adding to all stores this year is some as we go into back to school, it's really the focus on two trend tables as you walk into the stores to really call out these key messages.

我們看到，無論是男裝還是女裝，然後是 Famous，今年我們將在所有商店中添加一些東西，當我們回到學校時，這實際上是對兩個趨勢表的關注，因為你走進商店，真正說出這些關鍵訊息。

So we can continue to make that impact.

因此我們可以繼續發揮這種影響力。

And then as we continue to build the flair store concept will continue to bring that to full to its fullest extent.

然後，隨著我們繼續打造才華橫溢的商店概念，我們將繼續將其發揮到最大程度。

So you'll see a lot more from us on that.

所以你會從我們這裡看到更多關於這方面的內容。

But for sure, it's it's consumer reacting and in both segments, some very specifically by style, by skew and then the last thing I'll say is that our speed program really allows us to really meet that demand much better as we continue to bring in more product earlier on particularly online and then get back into it on exactly how the consumer is demanding.

但可以肯定的是，這是消費者的反應，在這兩個細分市場中，有些是非常具體的風格、偏斜，然後我要說的最後一件事是，我們的速度計劃確實使我們能夠真正更好地滿足這一需求，因為我們繼續帶來儘早推出更多產品，尤其是在線產品，然後再準確了解消費者的需求。

So it's been a good done, a very good approach for the timing right now.

所以這是一個很好的做法，對於現在的時機來說是一個非常好的方法。

Got it.

知道了。

That's helpful.

這很有幫助。

And just one more on specifically on the brand portfolio.

還有一個專門針對品牌組合的問題。

And restocking has been a big topic of conversation with brands with exposure to the wholesale channel.

補貨一直是接觸批發通路的品牌談論的重要議題。

So just in terms of brand portfolio wholesale exposure?

那麼僅就品牌組合批發曝光而言？

And have you seen any of that, like quote restocking yet?

您是否見過這樣的情況，例如報價補貨？

Or is that something we should look for as a tailwind, you know, maybe 2025 and I don't think we've seen an effort on that become retailers are continually monitoring their on their inventories well, and they're just reordering more and it's less upfront, but that's something that we're used to and actually our model allows us to fill into.

或者這是我們應該尋找的順風車，你知道，也許到2025 年，我認為我們還沒有看到零售商在這方面做出的努力，他們正在不斷地很好地監控他們的庫存，他們只是重新訂購更多，它不太預先，但這是我們已經習慣的東西，實際上我們的模型允許我們填充。

So we haven't seen the effect on that as of yet.

所以我們還沒有看到對此的影響。

So but right now, I would say that that's where we are.

所以，但現在，我想說這就是我們現在的處境。

And yes, I don't see any change in that right now.

是的，我現在沒有看到任何變化。

And sorry, just one quick on dropship.

抱歉，只是一件快速的運輸。

Can you just talk about that business and how you're utilizing it?

您能談談該業務以及您如何利用它嗎？

And has that changed at all as the retailers have gotten into a better inventory position?

隨著零售商的庫存狀況變得更好，這種情況是否發生了變化？

Just anything there?

那裡有什麼東西嗎？

Yes, it continues to model in a very dynamic moment as we get more into position and stores, we'll see some of that shift into other places where we do slightly more business in the stores and less of that drop-ship need.

是的，隨著我們更多地進入位置和商店，它繼續在一個非常動態的時刻進行建模，我們會看到其中一些轉移到其他地方，在這些地方我們在商店中做的業務稍微多一些，而代運需求則更少。

We are looking at our wholesale business really as a complete ecosystem.

我們將批發業務真正視為一個完整的生態系統。

And and so we're continuing to manage the total and down in a really Omni way.

因此，我們將繼續以真正全方位的方式管理總量和下降。

So we'll see variations of that I think start to ebb and flow.

所以我們會看到我認為的改變開始消退和流動。

And then again, as demand did items continue to be more built, the consumer will continue to find them in whatever way we choose to fill them.

話又說回來，隨著需求不斷增加，消費者將繼續以我們選擇的任何方式找到它們。

So but right now, I don't have any major swings on that to report.

所以，但現在，我沒有任何重大的波動需要報告。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

Okay, thank you.

好的謝謝。

So just some statements mentioned kids grew in the quarter.

所以只有一些陳述提到孩子們在本季有所成長。

Could you just provide some color on the performance between athletic casual and dress and just maybe where they are and stands today.

您能否對運動休閒裝和正裝之間的表現提供一些說明，以及它們今天的狀況和立場。

And then secondly, just given the customer preference for newness right now, as you're thinking about the cadence of product launches throughout the year, within the brand portfolio, how does that compare to years prior?

其次，考慮到客戶現在對新事物的偏好，當您考慮品牌組合中全年產品發布的節奏時，與前幾年相比如何？

And then would you say that you're coming to market with more products?

那麼您是否會說您將向市場推出更多產品？

Or would you say it's better products that are kind of going to be helping driving up growth this year.

或者你會說更好的產品將有助於推動今年的成長。

Okay.

好的。

So first on and Famous, the kids business is we have about a 50% penetration in total athletic on our payments business.

首先，眾所周知，兒童業務是我們的支付業務在整個體育領域的滲透率約為 50%。

That position skews much higher in kids as they continue to focus on athletic shoes there.

孩子們的這一立場偏向更高，因為他們繼續關注運動鞋。

But we are also seeing a lot of our big brands work very well there, just to name a few.

但我們也看到許多大品牌在那裡運作得很好，僅舉幾例。

You know, we have a of Crocs business.

你知道，我們有 Crocs 業務。

It's continually strong in kids, hey, do business.

它對孩子們來說一直很強大，嘿，做生意。

It's turned out nicely.

結果很好。

And then on Skechers.

然後是斯凱奇。

And then obviously Nike is some is the biggest one there.

顯然，耐吉是其中最大的一家。

We're also seeing, you know, newer brands like Bergen stock, continue to go win and then new offerings from brands like indeed has worked very well in kids.

我們也看到，像 Bergen stock 這樣的新品牌繼續獲勝，而像 Indeed 這樣的品牌的新產品在兒童中效果很好。

So So anyway, I would say it is the brands have worked very well at Famous, continue to work.

所以無論如何，我想說的是，這些品牌在 Famous 運作得很好，繼續努力。

It totally worked very well in kids, but we do see a distortion on athletic.

它對孩子們來說非常有效，但我們確實看到了運動方面的扭曲。

And then finally, with your brand portfolio question, I hope it's everything that you said.

最後，關於您的品牌組合問題，我希望這就是您所說的一切。

And as the consumer continues to respond to it.

隨著消費者的持續反應。

We're doing more new launches of products.

我們正在推出更多新產品。

We'll see more limited drops as we go through.

當我們經歷時，我們會看到更多有限的掉落。

We're seeing more collaborations.

我們看到更多的合作。

As we mentioned, there were two in Dr. Shoals.

正如我們所提到的，肖爾斯博士有兩個。

You'll see more on that from Allen Edmonds.

你會從艾倫·埃德蒙茲那裡看到更多關於這方面的內容。

And then obviously, Sam Edelman, some anniversary campaign has been events that go throughout the entire year.

Sam Edelman 顯然，一些週年紀念活動是貫穿全年的活動。

So we're going to continue.

所以我們要繼續。

And then we have two new collaborations coming up with Naturalizer, but you'll see more and more of this coming through from us all the way through the year.

然後我們與 Naturalizer 進行了兩項新的合作，但您會在這一年中看到我們越來越多的合作。

So And stay tuned.

所以請繼續關注。

We'll have much more to report.

我們將會有更多的報告。

Great.

偉大的。

Thanks so much.

非常感謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would like to turn the call back over to Jay for closing comments.

我想將電話轉回傑伊以徵求結束意見。

Okay.

好的。

Thank you.

謝謝。

Before we close today, I would like to thank the talented Caleres team for their focus, hard work and dedication.

在今天結束之前，我要感謝才華橫溢的 Caleres 團隊的專注、辛勤工作和奉獻精神。

We're confident in our plans for 2024 and beyond.

我們對 2024 年及以後的計劃充滿信心。

As we execute on our long-term strategies, we believe Polaris is well positioned to continue to build our powerful brands, create exceptional products that exceed our consumers' expectations and deliver financial results that drive significant value for our shareholders.

當我們執行長期策略時，我們相信北極星處於有利位置，能夠繼續打造我們強大的品牌，創造超越消費者期望的卓越產品，並提供為股東帶來巨大價值的財務表現。

Thank you all for joining us this morning, and thank you for your interest in Caleres, and have a great day.

感謝大家今天早上加入我們，感謝您對卡萊雷斯的興趣，祝您有美好的一天。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。