Caleres Inc (CAL) 2024 Q1 法說會逐字稿

Good morning and welcome to the Caleres, first quarter 2024 earnings conference call.

早安，歡迎來到 Caleres 2024 年第一季財報電話會議。

My name is Christine, and I will be your conference coordinator, a brief question and answer session will follow the formal presentation.

我的名字是克莉絲汀，我將擔任你們的會議協調員，正式演講之後將有一個簡短的問答環節。

(Operator Instructions).

（操作員說明）。

As reminder, this conference is being recorded at this time I will turn the call over to Logan Bonacorsi, Vice President of Investor Relations.

提醒一下，本次會議此時正在錄製，我將把電話轉給投資者關係副總裁 Logan Bonacorsi。

Please go ahead.

請繼續。

Good morning and thank you for joining our first quarter 2024 our earnings call and webcast.

早安，感謝您參加我們的 2024 年第一季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 caleres.com.

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 caleres.com 上取得。

Please be aware today's discussion contains forward-looking statements, which are subject to a number of risks and uncertainties.

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美國證券交易委員會提交的文件，以了解有關風險因素和其他可能影響前瞻性陳述的因素的更多資​​訊。

Copies of these reports are available online.

這些報告的副本可在線取得。

In discussing the results of our operations, we will be providing and referring to certain non-GAAP financial measures.

在討論我們的營運結果時，我們將提供並參考某些非公認會計準則財務指標。

You can find additional information regarding these non-GAAP financial measures as well as others used in today's earnings release and our presentation on the Investors section of our website.

您可以在我們網站的投資者部分找到有關這些非公認會計準則財務指標以及今天的收益發布和我們的演示中使用的其他指標的更多資訊。

The company undertakes no obligation to update any information discussed in this call at any time.

該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 on the call today is John Schmidt, President and CEO; Jack Calandra, Senior Vice President and CFO; We will begin this morning's call with our prepared remarks, and thereafter, we will be happy to take your questions.

今天與我一起參加電話會議的是總裁兼執行長約翰·施密特 (John Schmidt)。 ‧卡蘭德拉（Jack Calandra），資深副總裁兼財務長；我們將以準備好的發言開始今天早上的電話會議，隨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, Logan, and good morning, everyone.

謝謝洛根，大家早安。

I'm pleased to report that Caleres started the year in strong fashion, delivering solid financial results, making important progress against key strategic initiatives and investing carefully and deliberately for the long term.

我很高興地向大家報告，卡萊雷斯以強勁的勢頭開啟了新的一年，取得了穩健的財務業績，在關鍵戰略舉措方面取得了重要進展，並進行了謹慎而審慎的長期投資。

In total, we achieved earnings per share of $0.88, exceeding our expectations and providing a solid foundation for the year.

總的來說，我們實現了每股收益 0.88 美元，超出了我們的預期，為今年奠定了堅實的基礎。

While our first quarter sales were slightly below our expectations declining less than 1% year-over-year, we generated stronger than expected gross margins, which led to bottom line strength.

雖然我們第一季的銷售額略低於我們的預期，年減不到 1%，但我們的毛利率高於預期，這導致了盈利的強勁。

In fact, the consolidated gross margin of 47% represented a first quarter record for the company.

事實上，47% 的綜合毛利率創下了該公司第一季的最高紀錄。

In addition to our financial accomplishments, during the first quarter, we gained market share in both the Brand Portfolio in women's fashion Footwear and in shoe chains for Famous Footwear and saw significant growth in the total sales and increased market share in the important kids' category, we utilized our leading speed to market capability growing our speed penetration to 30% of Brand Portfolio overseas to capitalize on top-selling brands and styles.

除了我們的財務成就外，第一季度，我們在女性時尚鞋類品牌組合和Famous Footwear 鞋業連鎖店中都獲得了市場份額，並且在重要的兒童類別中看到了總銷售額的顯著增長和市場份額的增加，我們利用領先的市場能力，將海外品牌組合的滲透率提高到 30%，以充分利用最暢銷的品牌和風格。

At the same time, we strategically invested in initiatives essential for our future growth plans.

同時，我們對未來成長計畫至關重要的舉措進行了策略性投資。

These included enhancing our marketing ecosystem, specifically new marketing campaigns and lead brands, Sam Edelman and Naturalizer which resulted in improved consumer metrics for both; expanding our international presence, opening two owned Sam Edelman stores with plans for more.

其中包括增強我們的行銷生態系統，特別是新的行銷活動和領導品牌 Sam Edelman 和 Naturalizer，從而改善了兩者的消費者指標；擴大我們的國際影響力，開設兩家自營 Sam Edelman 商店，並計劃開設更多商店。

Including the first flagship store in Southeast Asia at the premium Marina Bay Sands in Singapore; improving the consumer experience at Famous Footwear, where we converted 10 locations to FLAIR and refreshed other stores in the fleet; and upgrading our financial and operational system into a new integrated SAP platform.

包括位於新加坡高級濱海灣金沙的東南亞首家旗艦店；改善 Famous Footwear 的消費者體驗，我們將 10 家門市改造成 FLAIR，更新了其他旗下門市；將我們的財務和營運系統升級為新的整合 SAP 平台。

The go-live for the first phase is on schedule for early June.

第一階段計劃於六月初上線。

Finally, we returned $18 million to shareholders through share repurchases and dividends.

最後，我們透過股票回購和股利向股東返還了 1,800 萬美元。

Now let's turn to our operating segments.

現在讓我們轉向我們的營運部門。

The Brand Portfolio sales declined 2.6% versus our internal expectations of a 1% decline.

品牌組合銷售額下降 2.6%，而我們內部預期下降 1%。

However, the segment delivered a very strong operating margin and more than half of the company's operating earnings.

然而，該部門的營業利潤率非常高，占公司營業利潤的一半以上。

We are seeing strong growth in demand for new products and momentum in fashion sneakers as well as flats and casuals, which were both up double digits.

我們看到新產品的需求強勁成長，時尚運動鞋、平底鞋和休閒鞋的需求也呈現兩位數成長。

Seasonal product continued to underperform with dress sandals down double digits versus last year and boots down significantly.

季節性產品持續表現不佳，正裝涼鞋比去年下降了兩位數，靴子也大幅下降。

We are well positioned in sneakers and casuals going forward and have aligned our inventory with consumer demand by increasing the penetration of these categories to the total business.

我們在運動鞋和休閒鞋領域處於有利地位，並透過提高這些類別在整個業務中的滲透率，使我們的庫存與消費者需求保持一致。

Higher initial margins, fewer closeouts and a 9% increase in our own e-commerce sales resulted in a 240 basis point improvement in segment gross margin.

更高的初始利潤、更少的清倉以及我們自己的電子商務銷售額成長 9%，導致部門毛利率提高了 240 個基點。

We invested in both marketing and design and delivered a strong 13% return on sales for the Brand Portfolio, which was even with last year.

我們在行銷和設計方面進行了投資，品牌組合實現了 13% 的強勁銷售回報率，與去年持平。

Segment performance was led by growth in sales and profitability from our lead brands, along with Dr. Scholl's..

部門業績主要由我們的領導品牌以及 Dr. Scholl 的銷售額和獲利能力的成長所帶動。

In total, our four lead brands, which includes Sam Edelman, Allen Edmonds, Naturalizer and Vionic, represented about 60% of the Brand Portfolio sales and about 65% of the segment's operating earnings during the first quarter.

總的來說，我們的四個領先品牌，包括 Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic，在第一季約佔品牌組合銷售額的 60% 和該部門營業利潤的 65% 左右。

Now, digging into the performance of our lead brands.

現在，深入研究我們領先品牌的表現。

Sam Edelman delivered strong international growth, driven by new locations, including our first flagship store in Southeast Asia.

在新地點（包括我們在東南亞的第一家旗艦店）的推動下，Sam Edelman 實現了強勁的國際成長。

Additionally, the brand was successful in attracting new consumers during the quarter, particularly younger Gen Z and millennial consumers.

此外，該品牌在本季成功吸引了新消費者，尤其是年輕的 Z 世代和千禧世代消費者。

The brand partnered with Nordstrom to amplify its marketing campaign at point of sale, and retail sell-throughs were strong.

該品牌與 Nordstrom 合作，擴大了銷售點的行銷活動，零售銷售強勁。

While softer seasonal demand and lack of closeout sales versus the prior year period impacted the top line, gross margins were up nicely on higher AURs.

儘管季節性需求疲軟以及與去年同期相比清倉銷售的缺乏影響了營收，但由於 AUR 較高，毛利率大幅上升。

Naturalizer delivered another quarter of growth, rising one ranking to number 11 in the women's fashion Footwear US market versus last year, according to Circana's retail tracking.

根據 Circana 的零售追蹤數據，Naturalizer 又實現了一個季度的成長，在美國女式時尚鞋類市場的排名與去年相​​比上升至第 11 位。

Its spring product and marketing efforts focused on sneakers, sling backs, and ballet flats, and were effective at driving growth.

其春季產品和行銷工作主要集中在運動鞋、露跟鞋和芭蕾平底鞋上，並有效地推動了成長。

Our speed to market capabilities allowed the brand to reorder best sellers at a record rate and has set up Naturalizer for additional sales opportunities moving forward.

我們的快速上市能力使該品牌能夠以創紀錄的速度重新訂購暢銷產品，並建立了 Naturalizer 以獲得更多的銷售機會。

In addition, we were pleased with the Deepica Live Tinted beauty collaboration that we announced last quarter.

此外，我們對上季宣布的 Deepica Live Tinted 美容合作感到滿意。

All the styles sold out, but perhaps more importantly, the collaboration successfully attracted new consumers who respond to our brand positioning of comfort and inclusivity.

所有款式都已售罄，但也許更重要的是，這次合作成功吸引了新消費者，他們對我們舒適和包容的品牌定位做出了回應。

Allen Edmonds posted its 13th consecutive quarter of growth with increases across both retail and wholesale channels.

Allen Edmonds 連續第 13 個季度成長，零售和批發通路均成長。

The business continues to be driven by sports sneakers, hybrid, and dress and casual loafers.

這項業務繼續由運動鞋、混合鞋、正裝和休閒樂福鞋推動。

During the first quarter, we continued to see double-digit growth in our wholesale business and opened new points of distribution for the brand, including Nordstrom as well as premier specialty store accounts.

第一季度，我們的批發業務繼續實現兩位數成長，並為該品牌開設了新的分銷點，包括 Nordstrom 以及頂級專賣店帳戶。

As we laid out at Investor Day, we believe the wholesale channel is a significant growth opportunity for the brand.

正如我們在投資者日所闡述的那樣，我們相信批發管道是該品牌的重要成長機會。

Finally, Vionic climbed three spots in Circana's fashion Footwear ranking while at the same time delivering a strong first quarter where sales and profitability improved markedly.

最後，Vionic 在 Circana 時尚鞋類排名中上升了三位，同時第一季業績強勁，銷售額和盈利能力顯著提高。

The Uptown moc continues to be a top selling style, not only for Vionic, but for all of Caleres.

Uptown moc 仍然是最暢銷的款式，不僅對 Vionic 如此，對所有 Caleres 來說也是如此。

We are introducing new colors and getting behind the style with inventory, marketing, and retail activations.

我們正在推出新的顏色，並透過庫存、行銷和零售活動來支持這種風格。

Going forward, Vionic has a major opportunity to build consumer awareness and brand loyalty.

展望未來，Vionic 有一個建立消費者意識和品牌忠誠度的重大機會。

We know that when consumers wear Vionic, they often become loyalist to the brand.

我們知道，當消費者穿著 Vionic 時，他們往往會成為該品牌的忠實擁護者。

The Uptown franchise is introducing the brand to new consumers.

Uptown 特許經營店正在向新消費者介紹該品牌。

Beyond the lead brands, Dr. Scholl's deserves a special call out for its significant sales and profit growth in the quarter.

除了領先品牌之外，Dr. Scholl's 因其本季銷售額和利潤的顯著增長而值得特別關注。

Dr. Scholl's has two big sneakers, the Time Off and the Madison Lace, and they have each had viral TikTok videos, driving a sellout on our web site and at our wholesale partners.

Dr. Scholl's 有兩款大型運動鞋，Time Off 和 Madison Lace，它們都有病毒式的 TikTok 視頻，在我們的網站和批發合作夥伴上帶動了銷售。

Our speed program has allowed us to get back into these trending styles, and we are well positioned to capture demand.

我們的速度計劃使我們能夠重新回歸這些流行款式，並且我們已做好充分準備來捕捉需求。

Dr. Scholl's is celebrating its 100 anniversary this year and the brand is stronger than ever.

Dr. Scholl's 今年將慶祝其成立 100 週年，該品牌比以往任何時候都更加強大。

Overall, the Brand Portfolio performed at a high level during the first quarter, delivering a solid start to the year and has set the stage to lead the financial performance of the company once again in 2024.

總體而言，品牌組合在第一季表現出色，為今年開局良好，並為 2024 年再次領先公司財務業績奠定了基礎。

We have the right brands and products and the strategy and team to both navigate changes in consumer behavior and to win market share in this dynamic marketplace.

我們擁有合適的品牌和產品以及策略和團隊，可以引導消費者行為的變化並在這個充滿活力的市場中贏得市場份額。

Moving on to Famous Footwear, total sales were flat during the first quarter and comp sales declined 2.3%.

至於 Famous Footwear，第一季的總銷售額持平，而同類產品銷售額下降了 2.3%。

While sales were lower than anticipated.

雖然銷售額低於預期。

We are encouraged by the sequential improvement in trends since the prior quarter and in each month.

自上一季和每個月以來趨勢的連續改善令我們感到鼓舞。

During the first quarter.

第一季期間。

Seasonal products continued to underperform relative to last year with boots down double digit, representing almost half the comparable sales shortfall, while sales moved roughly in line with the overall market.

與去年相比，季節性產品持續表現不佳，靴子下降了兩位數，幾乎佔可比銷售額缺口的一半，而銷售額的變化大致與整體市場一致。

Famous once again outperformed its competitive set, gaining market share in shoe chains driven primarily by kids and women's.

Famous 再次超越其競爭對手，在主要由童鞋和女鞋推動的鞋履連鎖店中獲得市場份額。

Notably, we continued to see the strategically important kids' category outpace the total business with sales up high single digits.

值得注意的是，我們繼續看到具有戰略重要性的兒童類別的銷售額超過了整體業務，銷售額增長了高個位數。

Our kids business has now outpaced the rest of the chain for 13 consecutive quarters.

我們的兒童業務現已連續 13 個季度超過連鎖其他業務。

Kids penetration of the total Famous Footwear business reached 21% in the quarter, and we gained 1.9 points of market share in shoe chains based on Circana data.

本季度，Famous Footwear 業務中的兒童滲透率達到 21%，根據 Circana 數據，我們在鞋業連鎖店的市佔率提高了 1.9 個百分點。

We are leaning into our competitive advantage in kids for the balance of the year big time, particularly as we approach the back-to-school season from both an inventory and marketing standpoint.

在今年餘下的時間裡，我們正在努力利用我們在兒童方面的競爭優勢，特別是當我們從庫存和行銷的角度來看，返校季即將來臨。

We were also pleased with the performance of our own brands at Famous.

我們也對我們自己的品牌在 Famous 的表現感到滿意。

Sales of our Caleres brands were up in the quarter, and the chain benefited from Dr. Scholl's and Naturalizer brand strength.Our own portfolio does provide Famous with greater access to fashion products.

我們的 Caleres 品牌的銷售額在本季度有所增長，該連鎖店受益於 Dr. Scholl 和 Naturalizer 的品牌實力。

As you know, at an enterprise level, Caleres captures a higher gross margin on brands sold vertically.

如您所知，在企業層面，Caleres 在垂直銷售的品牌上獲得了更高的毛利率。

Additionally, our Famous Footwear e-commerce business was strong in the quarter, up 11% year-over-year, with much of the business fulfilled through stores.

此外，我們的 Famous Footwear 電子商務業務在本季表現強勁，年成長 11%，其中大部分的業務是透過商店完成。

Finally, we continue to focus on and further our efforts to enhance the consumer experience at Famous.

最後，我們繼續關注並進一步努力增強 Famous 的消費者體驗。

As I mentioned earlier, we converted 10 stores into the FLAIR format during the period, and we now have 31 FLAIR locations in total.

正如我之前提到的，我們在此期間將 10 家商店轉換為 FLAIR 格式，現在我們總共有 31 家 FLAIR 門市。

We experienced a seven, point sales lift versus the rest of the chain in our fall 2023 and spring 2024 FLAIR stores.

在我們的 2023 年秋季和 2024 年春季 FLAIR 商店中，與連鎖店的其他產品相比，我們的銷售額增長了 7 個百分點。

All in Famous Footwear continues to perform well despite the challenging consumer demand environment.

儘管消費者需求環境充滿挑戰，All in Famous Footwear 仍持續表現良好。

Looking ahead, we believe its inherent competitive advantages, namely its leadership position with the millennial family, especially kids, coupled with its clear avenues for growth and support from the Caleres structure, position the business to gain additional market share in shoe chains, generate robust levels of cash, and increase profitability over the long term.

展望未來，我們相信其固有的競爭優勢，即在千禧世代家庭（尤其是兒童）中的領導地位，加上其明確的成長途徑和Caleres 結構的支持，將使該業務能夠在鞋業連鎖店中獲得額外的市場份額，產生強勁的收入現金水平，並提高長期盈利能力。

As we look forward, we are confident in our ability to deliver earnings per share in line with our guidance.

展望未來，我們對按照我們的指導實現每股收益的能力充滿信心。

Longer term, we believe we are exceptionally well positioned to execute our clear and actionable growth plan, invest to fuel our growth initiatives, achieve our three-year growth plan, and drive sustained value for our shareholders.

從長遠來看，我們相信我們處於非常有利的位置，可以執行我們明確且可行的成長計劃，投資推動我們的成長計劃，實現我們的三年成長計劃，並為股東帶來持續價值。

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 first quarter 2024 performance and share our outlook for the second quarter.

在今天的電話會議中，我將提供有關 2024 年第一季業績的更多詳細信息，並分享我們對第二季的展望。

For the first quarter, sales were $659 million, down slightly to last year.

第一季銷售額為 6.59 億美元，較去年略有下降。

As Jay mentioned, this performance was driven primarily by declines in seasonal items, namely sandals and boots in both business segments as well as by pressures from the challenging consumer demand environment.

正如傑伊所提到的，這一業績主要是由於兩個業務領域的季節性商品（即涼鞋和靴子）的下降以及來自充滿挑戰的消費者需求環境的壓力所推動的。

Brand Portfolio sales were down 2.6% and Famous sales were up 0.1% with comparable sales down 2.3%.

品牌組合銷售額下降 2.6%，名牌銷售額成長 0.1%，可比銷售額下降 2.3%。

Consolidated gross margin was 46.9% a 120-basis point increase versus last year and a record for the first quarter.

綜合毛利率為 46.9%，較去年成長 120 個基點，創第一季歷史新高。

Brand Portfolio gross margin was 46.6%, a 240-basis point increase versus last year.

品牌組合毛利率為 46.6%，較去年成長 240 個基點。

This improvement was due to higher initial margins, a favorable channel mix and a reduction of discounts and allowances on cleaner inventory.

這項改善是由於較高的初始利潤、有利的管道組合以及清潔庫存摺扣和補貼的減少。

Famous Footwear gross margin was 46.1%, up 50 basis points versus last year.

名鞋毛利率為46.1%，較去年上升50個基點。

While the business was more promotional, which resulted in lower initial margins, improved shrink and lower freight costs more than offset that decline.

雖然該業務的促銷力度更大，導致初始利潤率下降，但損耗的改善和貨運成本的降低足以抵消這一下降。

SG&A expense was $266 million or 40.4% of sales and included planned investments in marketing behind our lead brands, the expansion of our international business, and the implementation of the integrated SAP platform.

SG&A 費用為 2.66 億美元，佔銷售額的 40.4%，包括計劃投資於我們領先品牌的營銷、國際業務的擴展以及整合 SAP 平台的實施。

Operating earnings were $43 million and operating margin was 6.5%.

營業利益為 4,300 萬美元，營業利潤率為 6.5%。

Operating margin was 13.1% at Brand Portfolio and 4.8% at Famous net interest expense was $4 million, down about $2 million from last year.

Brand Portfolio 的營業利潤率為 13.1%，Famous 的營業利潤率為 4.8%。

The weighted average borrowing rate in Q1 was 6.6% this year versus 6.2% last year.

今年第一季的加權平均借款利率為 6.6%，而去年為 6.2%。

Earnings per diluted share were $0.88 versus $0.97 last year.

稀釋後每股收益為 0.88 美元，去年為 0.97 美元。

And EBITDA was $57 million or 8.7% of sales.

EBITDA 為 5,700 萬美元，佔銷售額的 8.7%。

Turning now to the balance sheet and cash flow.

現在轉向資產負債表和現金流。

We ended the first quarter with $191 million in borrowings, down over $100 million from Q1 2023 and no long-term debt.

截至第一季末，我們的借款為 1.91 億美元，比 2023 年第一季減少了 1 億多美元，並且沒有長期債務。

Inventory at quarter-end was $531 million, down 5.2% versus last year, primarily in Brand Portfolio and reflecting disciplined inventory management across the business.

季度末庫存為 5.31 億美元，比去年下降 5.2%，主要是在品牌組合中，反映了整個業務嚴格的庫存管理。

By segment, inventory at Brand Portfolio was down 10% and at Famous was down 1%.

以細分市場劃分，Brand Portfolio 的庫存下降了 10%，Famous 的庫存下降了 1%。

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.

我們對庫存的數量和組成感到滿意，兩家公司的陳舊庫存（以美元計）和占總庫存的百分比均有所下降。

Regarding cash flow from operations, we generated $36 million and deployed cash for strategic investments in the business, paid our quarterly dividend and repurchase shares to offset dilution.

關於營運現金流，我們產生了 3,600 萬美元，並部署現金用於業務策略投資、支付季度股息併回購股票以抵消稀釋。

Specifically, we spent $10.2 million on capital expenditures, $2.4 million on our quarterly dividend and $15.1 million to buy back 416,000 shares at an average price of about $36 per share.

具體來說，我們花費了 1,020 萬美元用於資本支出，240 萬美元用於季度股息，並花費 1,510 萬美元以每股約 36 美元的平均價格回購 416,000 股股票。

Now turning to our outlook, we are reiterating our full year 2024 guidance.

現在轉向我們的展望，我們重申 2024 年全年指引。

Specifically, we still expect sales to be flat to up 2% versus last year.

具體來說，我們仍然預計銷售額將與去年持平，僅成長 2%。

This includes the impact of the 53rd week in 2023, excluding the 53rd week sales, up 1% to 3% and earnings per share per diluted share of $4.30 to $4.60.

這包括2023年第53週的影響，不包括第53週的銷售額，成長1%至3%，每股稀釋收益為4.30美元至4.60美元。

Additionally, we still expect the following for 2020 for 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，我們仍預期 2020 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 Q2, we expect the consolidated net sales up 3% to 4%.

對於第二季度，我們預計綜合淨銷售額將成長 3% 至 4%。

This includes an estimated $20 million to $25 million benefit in Famous as a result of the calendar shift of an important back-to-school week into Q2 this year from Q3 last year and earnings per diluted share of $1.20 to $1.25. With that I'd like to turn the call over to the operator for questions.

其中包括由於重要的返校週從去年第三季度轉移到今年第二季度，Famous 預計將獲得 2000 萬至 2500 萬美元的收益，稀釋後每股收益為 1.20 至 1.25 美元。我想將電話轉給接線員詢問問題。

Operator?

操作員？

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Ashley Owens with KeyBanc.

歐文斯 (Ashley Owens) 與 KeyBanc。

First, is there any more color you can give on the guidance for both the second quarter and fiscal year for your expectations between Famous and the Brand Portfolio given what we saw in 1Q?

首先，考慮到我們在第一季看到的情況，對於第二季和財年的指導，您是否可以對 Famous 和品牌組合之間的預期提供更多的資訊？

I guess specifically on the Brand Portfolio, do you expect that we'll continue to face tougher trends within the underperforming categories and lack of promos in the second quarter or is that more of a first quarter dynamic?

我想特別是在品牌組合方面，您是否預計我們將在第二季度繼續面臨表現不佳的類別和缺乏促銷活動的更嚴峻趨勢，或者這更像是第一季的動態？

This is Jack.

這是傑克。

I'll start.

我開始吧。

Certainly, I think when we look at the second quarter, we expect Famous to provide sales growth probably in the mid-single-digits.

當然，我認為當我們展望第二季度時，我們預計 Famous 的銷售成長可能會達到中個位數。

And again, that is coming in large part from that shift of that critical back-to-school week into Q2 this year from Q3 last year.

同樣，這在很大程度上是由於關鍵的返校週從去年第三季轉移到了今年第二季。

That said, we also expect the Brand Portfolio to generate a low-single-digit comp.

也就是說，我們也預期品牌組合將產生低個位數的比較。

So that gives you some sense about Q2.

這讓你對第二季有了一些了解。

Obviously, as we get into the back half, we're starting to see the initiatives that we've been investing in continuing to take hold, and so expect that trend to continue into the back half.

顯然，當我們進入後半段時，我們開始看到我們一直在投資的舉措繼續佔據主導地位，因此預計這種趨勢將持續到後半段。

Obviously, knowing that in Q4, we have that 53rd week that we are lapping from last year.

顯然，在第四季度，我們已經是去年以來的第 53 週了。

Yes, hi, actually, it's Jay.

是的，嗨，實際上，我是傑伊。

And I think, on the Brand Portfolio, I think some of the category callouts that we made are going to be behind us in first quarter.

我認為，在品牌組合上，我認為我們所做的一些類別標註將在第一季落後。

And so second quarter, we think we'll be in a better position to hit the guidance that Jack indicated.

因此，第二季度，我們認為我們將能夠更好地達到傑克所指出的指導目標。

Okay, great.

好的，太好了。

And then just also on wholesale, really quickly on, can you elaborate on anything trend-wise between the channels, the department store shoe chains, off-price and just how you expect that to look and in the back half or anything you can comment on what you're seeing so far this quarter?

然後還有關於批發，很快，你能詳細說明一下渠道之間的趨勢、百貨商店鞋連鎖店、折扣以及你期望的外觀和後半部分或者你可以評論的任何內容嗎？看到了什麼？

Well, we are seeing a significant movement toward casual and away from dress, and we see that building for the full year.

嗯，我們看到了一場朝著休閒、遠離正裝的重大趨勢，我們看到這一趨勢將在全年持續發展。

As called out, our sneaker business has been good and it's been a good across channel and across brand and across price point and that's in the fashion side on the Brand Portfolio.

正如所指出的，我們的運動鞋業務一直表現良好，而且跨通路、跨品牌、跨價位都表現良好，這在品牌組合的時尚方面。

So we see that trend continuing as we move forward.

因此，隨著我們的前進，我們看到這種趨勢仍在繼續。

And then, again, the shift toward more casual and lower heel product as we go through and that will probably go into the boot piece.

然後，再一次，隨著我們的經歷，轉向更休閒和低跟產品，這可能會出現在靴子上。

Over on Famous, we continue to see that build happening.

在 Famous 上，我們繼續看到這種構建正在發生。

And in Famous, the prioritization between kids being first, women second and men's third seems to be continuing, which is why we're really amplifying the priority of that in that order.

在《Famous》中，兒童第一、女性第二和男性第三之間的優先順序似乎仍在繼續，這就是為什麼我們確實按此順序放大了優先順序。

The other thing about Famous is that athletic continues to perform better than fashion at the moment and we do see a lot of athletic strength per brand going forward into the third quarter and fourth quarter.

Famous 的另一件事是，目前運動鞋的表現仍然好於時尚鞋，我們確實看到每個品牌在第三季和第四季都有很大的運動實力。

So I think you'll see those trends again toward athletic, sneakers and casual continue through the year and our ability to pivot toward that is really going to be what drives those numbers going forward.

因此，我認為您將再次看到運動鞋、運動鞋和休閒鞋的趨勢在這一年中持續存在，而我們轉向這一方向的能力確實將推動這些數字的發展。

Great.

偉大的。

Thanks so much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Dana Telsey with Telsey Advisory.

達納·特爾西 (Dana Telsey) 與特爾西諮詢公司 (Telsey Advisory) 合作。

Hi, good morning, everyone.

嗨，大家早安。

As you think about the current state of the consumer, both for Famous and also for the Brand Portfolio, anything that you're noticing change between the fourth quarter and the first quarter.

當您思考消費者的當前狀態時，無論是 Famous 還是品牌組合，您會注意到第四季度和第一季之間發生的任何變化。

And when you think about, Jay, Fashion innovation, newness out there, what percentage of the offering is being driven by that?

當你想到，傑伊，時尚創新、新鮮事物，有多少比例的產品是由這些推動的？

Are you adjusting any prices or is the margin or price points on that higher?

您是否正在調整任何價格，或者利潤或價格點是否更高？

Lastly, as we think about back to school, any difference in how you're planning back to school this year versus last year?

最後，當我們考慮重返校園時，您今年的重返校園計畫與去年相比有何不同？

Just lastly with the FLAIR stores, how are those doing?

最後，FLAIR 商店的情況如何？

Any updates on versus the base and any tweaks being made in terms of how you're thinking about performance for the back half of the year?

與基礎相比有什麼更新以及在您如何看待下半年的表現方面進行的任何調整？

Thank you.

謝謝。

Okay.

好的。

Well, I think totally on in terms of coming out of Q4, we're really just seeing a build of, again, the sneaker performance and also the cash we'll on component being much stronger.

好吧，我認為從第四季度的結果來看，我們真的再次看到運動鞋的性能以及我們將在組件上獲得的現金變得更加強勁。

We can see it in places like again, our fashion sneaker business and the Brand Portfolio is very, very good, up double digits.

我們可以在類似的地方再次看到這一點，我們的時尚運動鞋業務和品牌組合非常非常好，成長了兩位數。

We're continuing to lean into that with our speed program, and that works completely across, we're even seeing the same thing in our men's business in Allen Edmonds, where the sneaker business is very, very strong.

我們將繼續透過我們的速度計劃來實現這一目標，這完全是可行的，我們甚至在 Allen Edmonds 的男士業務中看到了同樣的情況，那裡的運動鞋業務非常非常強勁。

So we're going to continue to make that probably it's not that it changed, but it's even building faster.

因此，我們將繼續做到這一點，可能不是它發生了變化，而是它的建設速度更快。

So, we're really on using our speed to really pick up and get that to be a very high penetration of the some of the casual offering, over on the Famous side, I think we saw strength in a lot of brands coming out of fourth quarter that were more athletic and also brands like Birkenstock and Crocs and others.

因此，我們確實正在利用我們的速度來真正提升並使其在一些休閒產品中具有非常高的滲透率，在著名方面，我認為我們看到了許多品牌的實力第四季度更加運動化，還有勃肯(Birkenstock) 和卡駱馳(Crocs) 等品牌。

And those big brands continue to perform.

這些大品牌繼續表現出色。

We're seeing some good athletic strength happening there and a continued focus on really the item and the sneaker that the consumer wants.

我們看到那裡出現了一些良好的運動實力，並且持續關註消費者真正想要的產品和運動鞋。

So, it's continually being very specific, and item driven.

因此，它始終是非常具體的、專案驅動的。

In terms of some newness.

就一些新鮮感而言。

We continue to make that a priority of our business every single moment.

我們每時每刻都繼續將此作為我們業務的優先事項。

I don't have the exact number on what that would be to our total, but for sure, the consumers like that, they also like new versions of the same styles that they've had before, new SKUs new materials, new colors as we continue to build on item strength.

我沒有關於我們總數的確切數字，但可以肯定的是，消費者喜歡這樣，他們也喜歡他們以前擁有的相同款式的新版本、新的 SKU、新材料、新顏色，例如我們繼續增強項目實力。

So that's what we're also leaning into and getting this to really work.

因此，這也是我們正在努力並使其真正發揮作用的方向。

And finally, our FLAIR stores are doing well.

最後，我們的 FLAIR 商店表現良好。

What did we learn from our experience.

我們從經驗中學到了什麼。

We like a larger store footprint that we can really showcase the brands that we're showcasing in those stores.

我們喜歡更大的商店佔地面積，這樣我們可以真正展示我們在這些商店中展示的品牌。

So that's very important to us in terms of the size of the store.

因此，就商店的規模而言，這對我們非常重要。

We're also highly visible stores from a major entrance or something are actually working better.

我們的商店在主要入口處也很顯眼，或者其他地方實際上運作得更好。

The other thing we did with all of the FLAIR stores beginning this year is moved kids to the front of the store.

從今年開始，我們對所有 FLAIR 商店所做的另一件事是將孩子們轉移到商店前面。

And we've seen that had a very strong effect as people walked in.

我們已經看到，當人們走進來時，這產生了非常強烈的影響。

And then we continually pivot and make sure that as you walk through all of the brand assortments that we're seeing continue to shift as the business shifts with them and the brands become more important.

然後，我們不斷調整並確保當您瀏覽所有品牌分類時，我們看到隨著業務的變化而不斷變化，並且品牌變得更加重要。

But we're very, very excited about what we're seeing and mostly because the consumer's excited about it.

但我們對所看到的感到非常非常興奮，主要是因為消費者對此感到興奮。

And that combines with a better growth lift.

這與更好的成長提升相結合。

You'll continue to see more effort on us in this area going forward

未來您將繼續看到我們在這一領域做出更多努力

Mitch Kummetz with Seaport Research.

海港研究中心的米奇·庫梅茨 (Mitch Kummetz)。

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

Jay, you mentioned in your prepared remarks a sequential improvement through the quarter.

傑伊，您在準備好的發言中提到了本季的連續改善。

Can you elaborate that on the stainless side and any on any anything on early May as well?

您能否詳細說明一下不銹鋼方面以及五月初的任何事情？

And then I have some follow-ups?

然後我有一些後續行動？

Okay, we did see basically, with that sequential performance, the months got better as we moved into it.

好吧，我們基本上確實看到，隨著連續的表現，隨著我們進入它，幾個月變得更好。

I think that's kind of embedded in the fact that we saw foods being down significantly in Famous that impacted our February performance, got better in March and then improved somewhat better in April.

我認為這在一定程度上體現在以下事實中：我們看到 Famous 中的食品大幅下降，影響了我們 2 月份的表現，3 月份有所好轉，然後 4 月份有所改善。

We're seeing maybe slightly softer as we get into head through the month there.

當我們進入這個月的頭腦時，我們看到的情況可能會稍微溫和一些。

It is one of our smallest months in the quarter.

這是本季中最小的月份之一。

And, obviously, we're focused on our key back-to-school time period, which is going to be soon.

顯然，我們的重點是關鍵的返校時間段，這段時間即將到來。

So that's really where we saw the trend lines going for Famous as we move through.

因此，這確實是我們在穿越時看到 Famous 趨勢線的地方。

And then on actually maybe a follow-up there on back to school and how confident are you from a product standpoint, just in terms of kind of what the pipeline looks like and your availability on inventory, particularly around sneakers, which I would think would be important for you guys for back-to-school?

然後實際上可能是關於回到學校的後續行動，從產品的角度來看，你對產品的信心有多大，就管道的樣子和庫存的可用性而言，特別是在運動鞋方面，我認為這會返校對你們來說很重要嗎？

Our share and the pipeline is very, very good.

我們的份額和管道非常非常好。

We're not having issues with that obviously, we continue to build on our kids' inventory, and we'll be in good position for back-to-school.

顯然，我們對此沒有任何問題，我們將繼續增加孩子們的庫存，並且我們將為重返校園做好準備。

But for sure, we're looking to continue to expand on that.

但可以肯定的是，我們希望繼續擴大這個範圍。

And then the other piece, as we talked about is a lot of some key athletic brands have continued to surge as well as Nike, where we are in better position going into back to school So we're feeling really very good and confident about that.

然後，正如我們談到的另一件事是，許多重要的運動品牌以及耐吉都在繼續飆升，我們在重返校園時處於更好的位置，因此我們感覺非常好，對此充滿信心。

And that's been a key effort.

這是一項關鍵的努力。

And then having our marketing and our stores positioning aligned with that is going to be very important but on.

然後，讓我們的行銷和商店定位與此保持一致將非常重要，但仍然如此。

But for sure, we're not experiencing pipeline issues at this moment.

但可以肯定的是，我們目前沒有遇到管道問題。

And then, Jack, on the margins for 2Q, can you maybe speak to what you're anticipating gross margin versus SG&A?

然後，傑克，關於第二季度的利潤率，您能否談談您對 SG&A 的預期毛利率是多少？

And then I've got a follow-up for you.

然後我會為您提供後續行動。

Yes, Mitch.

是的，米奇。

So, I think if I go back to the comments we made when we gave our full year guidance back in March was that we expect this year to get 20 to 40 basis points of operating margin improvement.

因此，我認為，如果我回顧我們在 3 月給出全年指引時所做的評論，我們預計今年的營業利潤率將提高 20 到 40 個基點。

And for that operating margin improvement to come from gross margin improvement and for that gross margin improvement to really be focused on our Brand Portfolio.

營業利潤率的提高來自於毛利率的提高，而毛利率的提高真正集中在我們的品牌組合上。

And I think you've seen that you've seen that play through on Q1 in terms of in terms of the second quarter,

我認為您已經看到了第一季和第二季的情況，

I would anticipate we'll continue to see some nice improvement in gross margin in Brand Portfolio.

我預計我們將繼續看到品牌組合的毛利率有所改善。

So a continuation of that and the investments we're making in SG&A around marketing around international and our SAP common platform continue into the second quarter.

因此，我們在 SG&A 方面圍繞國際行銷和 SAP 通用平台進行的投資將持續到第二季​​。

Those start to fall off some of those start to fall off a little bit in the in the back half.

那些開始脫落，其中一些在後半部開始稍微脫落。

So that's how I kind of think about Q2 in terms of those two, those two components.

這就是我對第二季這兩個組成部分的看法。

Okay.

好的。

And then I guess lastly, just on the Brand Portfolio gross margin, it was up, I think, over 200 basis points in the first quarter on yield.

最後，我想，僅就品牌組合毛利率而言，我認為第一季的殖利率就上升了 200 個基點以上。

Are you expecting that level of improvement over the balance of the year?

您預計今年剩餘時間會有這種程度的改善嗎？

Or are there some when you think about the puts and takes on gross margin?

或者當您考慮看跌期權和看跌期權對毛利率的影響時，是否有一些？

Are there certain things that are less beneficial to you as we kind of roll through the year.

當我們度過這一年時，是否有某些事情對您不太有利？

Anything you can say there?

有什麼可以說的嗎？

No, I can.

不，我可以。

I think again, the gross margin in Brand Portfolio, the improvement there will be the driver of that overall consolidated gross margin that we've talked about, and that will be the driver of the operating margin improvement.

我再次認為，品牌組合的毛利率，那裡的改善將是我們談到的整體綜合毛利率的驅動因素，這將是營業利潤率改善的驅動因素。

So I would say we're still looking for some really nice improvements in gross margin year over year.

所以我想說，我們仍在尋求毛利率逐年實現一些真正好的改善。

Again, we're getting it through.

再一次，我們正在解決這個問題。

As we said, we're doing it through initial margins.

正如我們所說，我們是透過初始利潤來做到這一點的。

We're getting it through the benefits of cleaner inventory, and we're getting it through a more favorable channel mix, given that, you know, our direct-to-consumer business is growing faster than our wholesale business.

我們透過更乾淨的庫存的好處來實現這一目標，並且透過更有利的管道組合來實現這一目標，因為你知道，我們的直接面向消費者的業務比我們的批發業務成長得更快。

So I would expect that those three things to continue as we move through the year.

因此，我預計這三件事將在今年繼續下去。

Right.

正確的。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

We have no further questions at this time.

目前我們沒有進一步的問題。

Mr. Schmidt, I'd like to turn the floor back over to you for closing comments.

施密特先生，我想將發言權交還給您以供結束發言。

Okay.

好的。

Thank you.

謝謝。

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

在今天結束之前，我要感謝才華橫溢的 Caleres 團隊在本季度的專注、創造力、辛勤工作和奉獻精神。

And throughout, of course, the year.

當然，全年都是如此。

We are pleased with our first quarter performance and confident in our plans for 2024 and beyond as we execute on our long-term strategy.

我們對第一季的業績感到滿意，並對 2024 年及以後執行長期策略的計劃充滿信心。

Caleres is well positioned to continue to build our powerful brands, create exceptional products that exceed our consumers' expectations, and deliver financial results to drive significant value for our shareholders.

Caleres 處於有利地位，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，並提供財務業績，為我們的股東帶來巨大價值。

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

感謝大家今天早上加入我們，也感謝您對卡萊雷斯的興趣。

Have a great day.

祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。