Caleres Inc (CAL) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Caleres second-quarter 2024 earnings call. My name is Rob, and I'll be your conference coordinator. (Operator Instructions) As a reminder, this conference is being recorded.

早安，歡迎參加 Caleres 2024 年第二季財報電話會議。我叫羅布，我將擔任你們的會議協調員。 （操作員指示）謹此提醒，本次會議正在錄製中。

At this time, I'll turn the call over to Liz Dunn, Senior Vice President, Corporate Development and Strategic Communications. Please go ahead.

此時，我會將電話轉給企業發展與策略傳播資深副總裁 Liz Dunn。請繼續。

Thank you, Rob. Good morning. I'd like to thank you for joining our second-quarter 2024 earnings call and webcast. A press release with the detailed financial tables as well as our quarterly slide presentation are available at Caleres.com.

謝謝你，羅布。早安.感謝您參加我們的 2024 年第二季財報電話會議和網路廣播。包含詳細財務表格的新聞稿以及我們的季度投影片簡報可在 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. 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. 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.

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。由於各種風險因素，包括但不限於公司向美國證券交易委員會提交的 10-K 表格和其他文件中揭露的因素，實際結果可能會存在重大差異。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。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. 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 investor 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公認會計準則財務指標。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。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 Jay Schmidt, President and CEO; and 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 Jay Schmidt；以及資深副總裁兼財務長 Jack Calandra。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. Jay?

我現在想把電話轉給傑伊。傑伊？

Thank you and good morning, everyone. Earlier today, we reported sales and earnings that were below our expectations. While our brands and our products continue to resonate with consumers and we remain committed to and confident in our long-term vision, our second quarter results fell short in both segments and do not reflect our true potential.

謝謝大家，早安。今天早些時候，我們報告的銷售額和收益低於我們的預期。儘管我們的品牌和產品繼續引起消費者的共鳴，並且我們仍然致力於對我們的長期願景充滿信心，但我們第二季度的業績在這兩個領域均表現不佳，並沒有反映出我們的真正潛力。

Our ERP upgrade during the quarter was a significant part of the problem, but not the entire problem. Lack of visibility caused execution issues that prevented us from delivering our expected results.

本季我們的 ERP 升級是問題的重要部分，但不是問題的全部。缺乏可見性導致執行問題，使我們無法實現預期結果。

In total for the second quarter, we achieved earnings per share of $0.85. Our second quarter sales declined 1.8% year-over-year and the sales miss drove the bottom line miss. We generated strong gross margin rates up 30 basis points, driven by the brand portfolio.

第二季的每股盈餘總計為 0.85 美元。我們第二季的銷售額年減 1.8%，銷售業績下滑導致利潤下滑。在品牌組合的推動下，我們的毛利率成長了 30 個基點。

Now, let me delve into the issues faced with regard to our ERP system upgrade and what we have done to course correct. As you are aware, we upgraded our SAP enterprise system to the new cloud-based version. This was a necessary upgrade that our teams have been working on for the past year, resulting in a common platform to leverage across our brand portfolio.

現在，讓我深入探討我們的 ERP 系統升級面臨的問題以及我們採取的糾正措施。如您所知，我們將 SAP 企業系統升級到新的雲端為基礎的版本。這是我們的團隊在過去一年中一直致力於進行的必要升級，從而形成了一個可以在我們的品牌組合中利用的通用平台。

Mid-quarter, we were down for a few days as we planned. When our systems came back online, we initially saw signs of a successful implementation with e-commerce and order shipping on track. However, as we progressed through the quarter, several key operational reports were delayed, causing a lack of visibility to the tools we rely on to drive our business day in and day out. Additionally, there were issues related to size reporting that initially made it difficult for us to service drop ship and replenishment orders.

季度中期，我們按計劃下跌了幾天。當我們的系統重新上線時，我們最初看到了電子商務和訂單運輸成功實施的跡象。然而，隨著本季度的進展，一些關鍵營運報告被延遲，導致我們缺乏對日復一日推動業務的工具的可見性。此外，與尺寸報告相關的問題最初使我們難以為直運和補貨訂單提供服務。

And finally, we experienced late shipments and carrier failures that, while not related to the ERP implementation, contributed to the sales decline. It is important to note that about 45% of our brand portfolio business is dynamic, including direct-to-consumer, replenishment, drop ship and advancing newness. And without the tools and the reports to monitor these areas, we could not see all the issues until it was too late to fully recover.

最後，我們經歷了發貨延遲和承運商故障，雖然與 ERP 實施無關，但卻導致了銷售下降。值得注意的是，我們約 45% 的品牌組合業務是動態的，包括直接面向消費者、補貨、代發貨和推陳出新。如果沒有監控這些區域的工具和報告，我們就無法看到所有問題，直到為時已晚，無法完全恢復。

In response, we took several actions. First, we immediately replaced one of our integration partners who handled reporting. Second, we pulled experienced order management professionals from elsewhere in our company and enlisted them to help ship out as many orders as possible. Third, we've gone function by function to shore up reporting and develop workarounds until the automated solutions are fully online.

作為回應，我們採取了多項行動。首先，我們立即更換了一位處理報告的整合合作夥伴。其次，我們從公司其他地方聘請了經驗豐富的訂單管理專業人員，並讓他們幫忙運送盡可能多的訂單。第三，我們逐一功能來支援報告並開發解決方法，直到自動化解決方案完全在線。

Importantly, we are now operational in all areas that caused the ERP disruption and we have addressed the issues that temporarily impacted visibility. That said, we do not expect to recover all the missed sales with respect to seasonal categories, drop ship and other direct-to-consumer purchases. This is factored into our updated guidance that Jack will share with you momentarily.

重要的是，我們現在在導致 ERP 中斷的所有領域都開始運營，並且我們已經解決了暫時影響可見性的問題。也就是說，我們預計不會彌補季節性類別、直運和其他直接面向消費者的購買的所有錯過的銷售。這已納入我們更新的指南中，傑克將立即與您分享。

We have also accelerated cost reduction initiatives to mitigate the impact on profitability. To that end, today, we announced a restructuring that will save us approximately $7.5 million on an annualized basis and $2 million in this fiscal year. These moves will make our teams more efficient and effective. Additionally, we are reducing other SG&A items for the back half to align with our forecast.

我們也加快了成本削減計劃，以減輕對獲利能力的影響。為此，今天我們宣布進行重組，按年計算將為我們節省約 750 萬美元，在本財年節省 200 萬美元。這些措施將使我們的團隊更加高效和有效。此外，我們也減少了下半年的其他銷售、管理及行政費用項目，以符合我們的預測。

Now, let's turn to our operating segments. The brand portfolio sales declined 5.1% with the issues related to our SAP upgrade impacting all brands as well as weakness in seasonal categories. Wholesale and drop ship were down and our own e-commerce was flat, but below our expectations.

現在，讓我們轉向我們的營運部門。由於影響所有品牌的 SAP 升級相關問題以及季節性類別的疲軟，品牌組合銷售額下降了 5.1%。批發和直運業務下降，我們自己的電子商務持平，但低於我們的預期。

We continue to see strong growth in demand for new products and momentum in fashion sneakers. In fact, Sneakers and Sport represented 28% of retail selling for the quarter, up 6 points versus the prior year. Seasonal product continued to underperform with sandals down high-single-digits versus last year. We are well positioned in Sneakers going forward and have aligned our inventory with consumer demand for this trending category.

我們繼續看到對新產品的需求和時尚運動鞋的強勁成長勢頭。事實上，運動鞋和運動鞋佔本季零售額的 28%，比前一年增加了 6 個百分點。季節性產品持續表現不佳，涼鞋的銷售量較去年下降了高個位數。我們在運動鞋領域處於有利地位，並根據消費者對該趨勢類別的需求調整了我們的庫存。

Higher initial margin rates and a favorable channel mix resulted in a 140 basis point improvement in segment gross margin. This demonstrates the health of our business overall. Our 8.3% return on sales for the brand portfolio was down to last year due to deleveraging of expenses.

較高的初始利潤率和有利的通路組合使該部門的毛利率提高了 140 個基點。這顯示了我們業務的整體健康狀況。由於費用去槓桿化，我們品牌組合的銷售報酬率為 8.3%，低於去年。

Inventory is in good shape, about flat to last year with a reduction in aged inventory. Our four lead brands, which include Sam Edelman, Allen Edmonds, Naturalizer, and Vionic, represented more than half of the brand portfolio sales in the quarter. While sales were down for the lead brands, in total, they outperformed the other brands in our portfolio.

庫存狀況良好，與去年基本持平，老化庫存減少。我們的四個主導品牌，包括 Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic，佔本季品牌組合銷售額的一半以上。雖然領先品牌的銷售額有所下降，但總體而言，它們的表現優於我們產品組合中的其他品牌。

A few highlights from the quarter demonstrate that our growth vectors are still on track. On the international front, we are very pleased with Sam Edelman's momentum. What we are seeing in Asia is giving us increased conviction in our strategy there. In terms of new channels of distribution, Allen Edmonds wholesale door count is up 30% year-over-year and we continue to see a strong response at Nordstrom and other strategic specialty accounts.

本季度的一些亮點表明我們的成長向量仍在正軌上。在國際方面，我們對 Sam Edelman 的勢頭感到非常滿意。我們在亞洲所看到的情況讓我們對我們在那裡的策略更有信心。在新的分銷管道方面，Allen Edmonds 的批發門數同比增長了 30%，我們繼續看到 Nordstrom 和其他策略專業客戶的強烈反響。

We also continue to attract new consumers to our brands like Naturalizer. There, I hope you noticed that we are moving forward with Deepica Mutyala and Lauren Chen as our first inclusivity ambassadors, starting with a campaign centered around our sizing initiatives and wide shaft boots. We are already seeing a strong reaction in early fall to our tall boots, especially in wide shaft.

我們也持續吸引新消費者購買 Naturalizer 等品牌。我希望您注意到，我們正在以迪皮卡·穆蒂亞拉(Deepica Mutyala) 和勞倫·陳(Lauren Chen) 作為我們的首批包容性大使，從圍繞我們的尺碼計劃和寬筒靴開展的活動開始。初秋時節，我們已經看到人們對高筒靴的強烈反應，尤其是寬筒靴。

And finally, at Vionic, the Uptown moc franchise continues to introduce the brand to new consumers with more modern and relevant fashion that embodies wearable wellbeing.

最後，在 Vionic，Uptown moc 特許經營權繼續向新消費者介紹該品牌，提供更現代、更相關的時尚，體現可穿戴的健康。

Overall, the brand portfolio had a difficult quarter. However, we have full confidence in our growth vectors. Our retail sell-throughs in the quarter were strong. We are well positioned from an inventory perspective in Sneakers and many of our brands have growth and receipt plans for the back half to support our guidance. This was a moment that is not indicative of our future potential.

總體而言，品牌組合度過了一個艱難的季度。然而，我們對我們的成長向量充滿信心。本季我們的零售銷售量強勁。從運動鞋的庫存角度來看，我們處於有利地位，我們的許多品牌都有下半年的成長和收貨計劃，以支持我們的指導。這個時刻並不代表我們未來的潛力。

Moving on to Famous Footwear. Total sales were up 1.5% during the second quarter, while comp sales declined 2.9%. Despite sales that were lower than anticipated, we delivered sequential improvement in each month of the quarter. We saw our athletic trend build in July as the back-to-school season began and we aligned our assortment with trending categories and brands.

轉向著名鞋類。第二季總銷售額成長 1.5%，而同期銷售額下降 2.9%。儘管銷售額低於預期，但我們在本季度的每個月都實現了連續改善。隨著返校季節的開始，我們在 7 月看到了運動趨勢的形成，並根據趨勢類別和品牌調整了我們的產品組合。

Notably, our strategically important Kids category once again grew in the quarter and Kids outpaced the total business. Our Kids business has now outperformed the rest of the chain for 14 consecutive quarters. Kids penetration of the total Famous business was 21% in the quarter and we gained 0.5 points of market share of kids in shoe chains according to Circana data.

值得注意的是，我們具有重要戰略意義的兒童類別在本季再次成長，兒童業務的成長超過了整體業務。我們的兒童業務現已連續 14 個季度跑贏連鎖其他業務。根據 Circana 的數據，本季童裝在 Famous 業務總量中的滲透率為 21%，我們在鞋業連鎖店的童裝市佔率提高了 0.5 個百分點。

Also in the second quarter, Famous Footwear's market share was flat to the total footwear market overall and gained 0.5 points in shoe chains according to Circana. We were also pleased with the performance of our own brands at Famous. Penetration of our Caleres brands was once again up in the quarter. Our own portfolio provides Famous with greater access to fashion products. And at an enterprise level, Caleres captures a higher gross margin on brands sold vertically. Our Famous.com business was solid in the quarter, up 10% year-over-year with much of the business fulfilled through our stores.

根據 Circana 的數據，在第二季度，Famous Footwear 的市佔率與整個鞋類市場持平，並且在鞋業連鎖店中的市佔率上升了 0.5 個百分點。我們也對我們自己的品牌在 Famous 的表現感到滿意。我們的 Caleres 品牌的滲透率在本季再次上升。我們自己的產品組合為 Famous 提供了更多獲取時尚產品的機會。在企業層面，Caleres 在垂直銷售的品牌上獲得了更高的毛利率。我們的 Famous.com 業務在本季度表現穩健，同比增長 10%，其中大部分業務是透過我們的商店完成的。

Finally, we continue to further our efforts to enhance the consumer experience at Famous. At the end of Q2, we had 31 Flair locations in total. We experienced a 5-point sales lift versus the rest of the chain in our fall 2023 and spring 2024 Flair stores. Those of you that shop there may notice an expanded assortment of brands like New Balance and Brooks. Flair is helping us attract these and other more elevated brands and products and our Famous consumer is responding. We are on track to remodel 12 additional Flair stores in the back half of this year.

最後，我們繼續進一步努力增強 Famous 的消費者體驗。截至第二季末，我們共有 31 家 Flair 門市。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，我們的銷售額提升了 5 個百分點。在那裡購物的人可能會注意到新百倫 (New Balance) 和布魯克斯 (Brooks) 等品牌的種類繁多。 Flair 正在幫助我們吸引這些以及其他更高端的品牌和產品，而我們的著名消費者正在做出回應。我們預計在今年下半年改造另外 12 家 Flair 商店。

As for the back-to-school business, it came late, but it has come in strongly and we are pleased with where the season ended up. Early in the year, we saw a stronger athletic business materializing and worked hard to align our inventory investment with emerging trends for back-to-school.

至於返校業務，雖然來得較晚，但勢頭強勁，我們對本賽季的結束感到滿意。今年年初，我們看到了更強大的體育業務的實現，並努力使我們的庫存投資與返校的新興趨勢保持一致。

In mid-July, we launched new marketing messages and shifted our marketing mix to channels that were driving the most traffic. We also shifted our promotional strategy to BOGO from buy more, save more after conducting a test that showed BOGO was margin dollar-accretive. In August, we experienced a high-single-digit positive comp store sales gain. As a result, through August, Famous Footwear comp sales are now about flat for the full year to date.

7 月中旬，我們推出了新的行銷訊息，並將行銷組合轉向帶來最多流量的管道。在進行了一項測試後，我們還將促銷策略從購買更多、節省更多轉向了 BOGO，結果顯示 BOGO 可以增加利潤。八月份，我們的店面銷售額實現了高個位數的正成長。因此，截至 8 月份，Famous Footwear 全年迄今的銷售額基本持平。

The athletic trend continued to build and turned positive with strength in Nike and Adidas, amongst others. Furthermore, we are seeing strength in Men's and Women's alongside continued outperformance in Kids. While we see these trends normalizing now that the back-to-school season is over, our results suggest our product, marketing and promotional messages are resonating with the millennial family.

隨著耐吉和阿迪達斯等品牌的強勢，運動趨勢繼續發展並變得積極。此外，我們看到男裝和女裝的實力強勁，而童裝的表現也持續出色。雖然我們看到這些趨勢隨著返校季節的結束而正常化，但我們的結果表明我們的產品、行銷和促銷訊息正在與千禧世代家庭產生共鳴。

The strength of Kids, our Flair results and our trend in August lead us to a place of cautious optimism at Famous. We believe Famous' 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.

Kids 的實力、我們的 Flair 結果和 8 月份的趨勢使我們對 Famous 持謹慎樂觀的態度。我們相信Famous 固有的競爭優勢，即其在千禧世代家庭（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，使該業務能夠在鞋業連鎖店中獲得額外的市場份額，產生強勁的現金水平並提高長期盈利能力。

As we look ahead, we are confident in our ability to get back on track and deliver earnings per share in line with our revised guidance. Longer term, we believe we are exceptionally well positioned to execute our strategic plan, invest to fuel our growth initiatives and drive sustained value for our shareholders.

展望未來，我們對重回正軌並按照修訂後的指引實現每股收益的能力充滿信心。從長遠來看，我們相信我們有能力執行我們的策略計劃、投資推動我們的成長計劃並為股東創造持續價值。

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

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。傑克？

Thanks, Jay. And good morning, everyone. During today's call, I'll provide additional details on our second quarter performance, share our outlook for the third quarter and discuss our revised guidance for the full year. While there were no adjustments to the second quarter this year, please note my comparisons to last year will be on an adjusted basis.

謝謝，傑伊。大家早安。在今天的電話會議中，我將提供有關第二季度業績的更多詳細信息，分享我們對第三季度的展望，並討論我們修訂後的全年指引。雖然今年第二季沒有調整，但請注意，我與去年的比較將在調整的基礎上進行。

For the second quarter, sales were $683 million, down 1.8%, which included a $23 million benefit in Famous due to the retail calendar shift that pulled a peak back-to-school week into the quarter. As Jay mentioned, our ERP upgrade, weak sandal demand and a late back-to-school lift resulted in a shortfall to expectations. Brand portfolio sales were down 5.1%. Based on our analysis, we believe the system issue resulted in about $10 million to $15 million of lost sales in the quarter or as much as 5 percentage points of growth.

第二季銷售額為 6.83 億美元，下降 1.8%，其中 Famous 的銷售額為 2,300 萬美元，原因是零售日曆的變化將返校高峰期拉入本季度。正如 Jay 所提到的，我們的 ERP 升級、涼鞋需求疲軟以及返校時間較晚導致未達預期。品牌組合銷售額下降 5.1%。根據我們的分析，我們認為系統問題導致本季銷售額損失約 1,000 萬至 1,500 萬美元，或成長多達 5 個百分點。

Famous sales were up 1.5%. Comparable sales, which adjust for the calendar shift, were down 2.9%. Encouragingly, we saw sequential improvement in each month of the quarter and that improvement continued with a strong performance in August. Consolidated gross margin was 45.5%, a 30 basis point increase versus last year and was driven by higher margin in brand portfolio, partially offset by a lower margin in Famous.

名品銷售額成長 1.5%。根據日曆變化進行調整後的可比較銷售額下降了 2.9%。令人鼓舞的是，我們看到本季每個月的連續改善，並且這種改善在八月份的強勁表現中得以延續。綜合毛利率為 45.5%，比去年增長 30 個基點，主要是由於品牌組合利潤率較高，部分被 Famous 利潤率較低所抵消。

Brand portfolio gross margin was 42.7%, up 140 basis points versus last year as a result of higher initial margins and a favorable channel mix. Famous gross margin was 45%, down 120 basis points versus last year due to more days on promotion and the pull forward of our BOGO 50 offer as well as higher clearance activity. While we utilized the BOGO 50 offer earlier than planned, we believe we maximize gross profit given the initial tepid response to our buy more, save more promotion.

由於較高的初始利潤率和有利的管道組合，品牌組合毛利率為 42.7%，較去年增長 140 個基點。 Famous 的毛利率為 45%，比去年下降 120 個基點，原因是促銷天數增加、BOGO 50 報價提前以及清倉活動增加。雖然我們比計劃更早利用了 BOGO 50 優惠，但鑑於我們的多買多省促銷活動最初反應不溫不火，我們相信我們可以最大限度地提高毛利。

SG&A expense was $268 million or 39.3% of sales and included planned investments in marketing behind our lead brands, the expansion of our International business and the SAP upgrade.

SG&A 費用為 2.68 億美元，佔銷售額的 39.3%，其中包括我們領先品牌背後的行銷計畫投資、國際業務擴張和 SAP 升級。

Operating earnings were $42.5 million and operating margin was 6.2%. Operating margin was 8.2% at brand portfolio and 8.3% at Famous. Net interest expense was $3.3 million, down about $2 million from last year. The reduction was driven by lower borrowings as our weighted average borrowing rate was similar to last year. Earnings per diluted share were $0.85 versus $0.98 last year and EBITDA was $57 million or 8.4% of sales.

營業利益為 4,250 萬美元，營業利益率為 6.2%。品牌組合的營運利潤率為 8.2%，Famous 的營運利潤率為 8.3%。淨利息支出為 330 萬美元，比去年減少約 200 萬美元。減少的原因是藉款減少，因為我們的加權平均借款利率與去年相似。稀釋後每股收益為 0.85 美元，去年為 0.98 美元，EBITDA 為 5,700 萬美元，佔銷售額的 8.4%。

Turning now to the balance sheet and cash flow. We ended the second quarter with $147 million in borrowings, down about $98 million from Q2 2023 and no long-term debt. I would note that one of our vendors had issues receiving payment later in the quarter, which resulted in a planned payment of $49 million being pushed into August.

現在轉向資產負債表和現金流。截至第二季末，我們的借款為 1.47 億美元，比 2023 年第二季減少約 9,800 萬美元，且沒有長期債務。我要指出的是，我們的一個供應商在本季稍後收到付款時遇到了問題，導致原定的 4,900 萬美元付款被推遲到 8 月。

Inventory at quarter end was $661 million, flat to last year. Inventory was up slightly in Famous and down slightly in brand portfolio. Regarding cash flow from operations, we generated $80 million, which included the favorable impact of the deferred vendor payment.

季末庫存為 6.61 億美元，與去年持平。 Famous 的庫存略有上升，品牌組合的庫存略有下降。關於營運現金流，我們產生了 8000 萬美元，其中包括延期供應商付款的有利影響。

Now, turning to our outlook. We are updating our full year 2024 guidance to reflect the shortfall we experienced in Q2, our strong August results at Famous and the restructuring actions we announced today. Specifically, we now expect sales to be down a low-single-digit percent versus last year. This comparison includes the impact of the 53rd week in 2023.

現在，轉向我們的展望。我們正在更新 2024 年全年指引，以反映我們在第二季度經歷的短缺、Famous 8 月份的強勁業績以及我們今天宣布的重組行動。具體來說，我們現在預計銷售額將比去年降低個位數百分比。此比較包括 2023 年第 53 週的影響。

Excluding the 53rd week, sales to be flat to down 2% and earnings per diluted share of $3.94 to $4.09 and adjusted earnings per diluted share of $4 to $4.15, which includes about $2 million of savings and excludes $3 million of onetime costs associated with the restructuring.

不包括第53 週，銷售額將持平至下降2%，攤薄後每股收益為3.94 美元至4.09 美元，調整後每股攤薄收益為4 至4.15 美元，其中包括約200 萬美元的節省，不包括與銷售相關的300 萬美元一次性成本。

Additionally, we now expect the following for 2024: consolidated operating margin of 7% to 7.1% and capital expenditures of $50 million to $55 million. Given the continued strength of e-commerce relative to stores in Famous, we will close an additional 10 stores this year and expect to end the year with 850 stores versus 860 stores last year. And lastly, we still expect an effective tax rate of about 24%.

此外，我們現在預期 2024 年的情況如下：綜合營業利潤率為 7% 至 7.1%，資本支出為 5,000 萬美元至 5,500 萬美元。鑑於電子商務相對於 Famous 商店的持續強勁，我們今年將再關閉 10 家商店，預計今年年底商店數量將達到 850 家，而去年為 860 家。最後，我們仍然預期有效稅率約為 24%。

We are also providing the following guidance for Q3: we expect consolidated net sales to be flat to down 2%; a cash restructuring charge of $3 million; and earnings per diluted share of $1.24 to $1.34; and adjusted earnings per diluted share of $1.30 to $1.40. We have provided a table in our earnings release and slides that summarizes our previous and revised guidance.

我們也為第三季提供以下指引：我們預期綜合淨銷售額將持平至下降 2%； 300萬美元的現金重組費用；稀釋後每股收益為 1.24 美元至 1.34 美元；調整後每股攤薄收益為 1.30 美元至 1.40 美元。我們在收益發布和幻燈片中提供了一個表格，總結了我們之前和修訂後的指導。

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

這樣，我想將電話轉給接線員詢問問題。操作員？

(Operator Instructions) Laura Champine, Loop Capital Markets.

（操作員指示）Laura Champine，Loop Capital Markets。

Thanks for taking my question this morning. Jay, just hearing all the things that you've done to fix the ERP implementation issues, should we consider it an immaterial impact on the back half of the year?

感謝您今天早上提出我的問題。 Jay，剛剛聽到您為解決 ERP 實施問題所做的所有事情，我們是否應該認為這對下半年的影響不大？

I would say that's accurate, Laura. We have really triaged this during the second quarter and we feel confident that we have all systems go. And where we don't, we have the accurate backups in place until we do that we really feel very confident in.

我想說這是準確的，勞拉。我們在第二季確實對此進行了分類，我們對所有系統都正常運作充滿信心。如果我們沒有做到這一點，我們會做好準確的備份，直到我們真正做到這一點。

Got it. And then,on this August rebound -- and I think this would probably be tough to tell, but do you have a sense that that was driven by the macro? Or could it be that your promotions, which were stepping up in that time period are what drove the improved results?

知道了。然後，關於八月的反彈——我認為這可能很難說，但你是否有一種感覺，這是由宏觀驅動的？還是你們在這段時間內加強的促銷活動推動了業績的改善？

It's -- I think it starts with the fact we were looking here this morning, we have -- a lot of our athletic brands are trending extremely well. So we were much better in position with key athletic brands. It's representing well north of 50% of our athletic -- or our total Famous business. So getting those key brands in place and the Kids inventory in place was the first part.

我認為這要從我們今天早上在這裡觀察的事實開始，我們的許多運動品牌的趨勢都非常好。因此，我們在主要運動品牌中的地位要好得多。它占我們體育業務或整個 Famous 業務的 50% 以上。因此，第一部分是讓這些主要品牌到位並讓兒童庫存到位。

Second part was, as you alluded to, this was the first time that we saw such a high demand on the BOGO versus buy more, save more that it became margin-accretive. And that was a different place for us that we haven't seen prior to that. So while not more days in the pure back-to-school business, we do see we got a much higher traffic lift from it.

第二部分是，正如您所提到的，這是我們第一次看到對 BOGO 的需求如此之高，而不是購買更多、節省更多，從而增加利潤。那對我們來說是一個我們以前從未見過的不同地方。因此，雖然純粹的返校業務沒有更多的時間，但我們確實看到我們從中獲得了更高的流量提升。

And then,finally, our marketing was really all focused on kids during the back-to-school and the key athletic shoes and others that they really drove through. So you're right, it's hard to get one impact on it, but I think those three things in tandem probably drove it through. That would be where I think we wound up.

最後，我們的行銷實際上全部集中在孩子們返校期間以及他們真正穿過的關鍵運動鞋和其他產品上。所以你是對的，很難對其產生任何影響，但我認為這三件事協同作用可能推動了它的發展。我想這就是我們的結局吧。

Got it. Thank you.

知道了。謝謝。

Mitch Kummetz, Seaport Global Securities.

米奇‧庫梅茲 (Mitch Kummetz)，海港環球證券公司。

Yeah. Sorry, I was muted. Yeah. I've got a few questions. On the ERP situation, Jay, it sounds like you said all systems go. I am curious, though, you mentioned that with brand portfolio that you're seeing growth in your receipt plans. Is there any concern about fallout to those plans, maybe just as some of these issues might have negatively impacted some confidence in your business from your wholesale partners?

是的。抱歉，我被靜音了。是的。我有幾個問題。關於 ERP 的情況，Jay，聽起來您說所有系統都正常運作。不過，我很好奇，您提到，透過品牌組合，您看到收據計劃有所成長。是否擔心這些計劃的影響，也許就像其中一些問題可能會對您的批發合作夥伴對您的業務的信心產生負面影響一樣？

No. And there was really -- in many cases, Mitch, we did ship second quarter later, but it was within a customer's shipping window. So we haven't seen any lack of confidence from our retail partners. And in some cases, again, very nominal. What we are seeing, though, is some real strength out of fall and it's early days for sure, but we are seeing some really nice reaction to some key trending categories on the brand side.

不。因此，我們沒有看到我們的零售合作夥伴缺乏信心。在某些情況下，這又是非常名義上的。不過，我們看到的是秋季的一些真正的力量，而且現在肯定還處於早期階段，但我們看到品牌方面對一些關鍵趨勢類別的一些非常好的反應。

And those include sneakers, as we've mentioned (technical difficulty) continue to grow. We've seen great result in some early flats and mocs coming through. And then,sport-inspired casuals are another great example. Finally, we've seen some interest in high shaft boots, particularly at Naturalizer and Sam Edelman. So it seems like the consumer is interested in new fall and is out shopping and we're in a position to address that.

其中包括運動鞋，正如我們所提到的（技術難度）繼續增長。我們已經看到一些早期的平底鞋和莫克鞋取得了很好的效果。然後，運動風格的休閒裝是另一個很好的例子。最後，我們看到了人們對高筒靴的興趣，尤其是 Naturalizer 和 Sam Edelman。因此，消費者似乎對秋季新品感興趣並外出購物，我們有能力解決這個問題。

And just on the boot piece, can you remind us how big a part of your business that is in the back half of the year and what kind of performance you're lapping there from a year ago?

就引導而言，您能否提醒我們下半年您的業務有多大，以及與一年前相比您的表現如何？

Yeah. We're -- it's a good question. We were -- obviously, we haven't -- we've had boot seasons that were disappointing in the last two. Our best information right now tells us it's about 28% of our brand portfolio sales in the back half. So -- and what we see about that is we -- from what I can see today, tall boots will be up slightly and then short boots will be down, but again, a manageable amount.

是的。我們——這是一個很好的問題。我們——顯然，我們沒有——在過去的兩個賽季中我們的表現令人失望。我們目前的最佳資訊告訴我們，我們品牌組合銷售額的 28% 左右來自下半年。所以——我們所看到的是——從我今天所看到的來看，高筒靴會稍微上升，然後短靴會下降，但同樣，這是一個可控的量。

Over on the Famous side, boots are obviously a much smaller penetration, about 14% of the fall season. So -- and we -- over on there, the only thing to report is that we are seeing some good results in actually some cozy type of products selling early, which is good to see.

在 Famous 方面，靴子的滲透率顯然要小得多，秋季約為 14%。因此，我們在那裡，唯一要報告的是，我們看到一些舒適類型的產品提前銷售，並取得了一些很好的成果，這是很高興看到的。

And then,on your third quarter outlook, I think, Jay, you said that Famous Footwear comp up 8% -- I'm sorry, high-single-digits in August. So what kind of comp assumption for the quarter is embedded in your outlook? What kind of Famous comp is in that sales range that you provided?

然後，在您對第三季度的展望中，傑伊，您說過 Famous Footwear 的業績增長了 8%——抱歉，八月份是高個位數。那麼，您的展望中包含了什麼樣的季度業績假設呢？您提供的銷售範圍內有哪些 Famous comp？

Yeah. I'll let Jack pick up for the comp reporting here.

是的。我會讓傑克接聽這裡的比較報告。

So yes, we expect what I'll describe as a modest positive comp in Q3 for Famous, which obviously drafts off of the strength of August. And -- but I will say, though, that the total reported sales for Famous in the quarter will be down mid-single-digits as a result of this shift in the calendar with the back-to-school weeks and what we're anniversarying last year. So what you'll see is, I think, a modestly positive comp in Q3 for Famous, but total sales, reported sales that are probably down low- to mid-single-digits.

所以，是的，我們預計 Famous 在第三季會有一個適度的積極補償，這顯然是從 8 月份的實力中汲取的。但我要說的是，由於返校週和我們的計劃的日曆變化，本季 Famous 報告的總銷售額將下降中個位數。因此，我認為，您將看到 Famous 在第三季度的業績表現適度積極，但總銷售額、報告銷售額可能會下降到低至中個位數。

Okay. And then,how about Famous gross margin for the third quarter? I mean, obviously, it was down pretty substantially in 2Q. Are you also expecting it to be down in 3Q, or do you expect it to be better?

好的。那麼，名品第三季的毛利率怎麼樣呢？我的意思是，顯然，第二季它大幅下降。您是否也預期第三季會下降，還是會好轉？

No, we're anticipating the gross margin for Famous to be down in the third quarter. And what I would say is when we look at sort of the year, we're still looking for gross margin improvement at the consolidated level, which is really being driven by brand portfolio.

不，我們預計 Famous 第三季的毛利率將會下降。我想說的是，當我們回顧今年的情況時，我們仍在尋求綜合水平的毛利率改善，這實際上是由品牌組合推動的。

And then,one last one for me. Just in terms of the revision to the full year sales guidance, because it sounds like in the quarter, there were three main issues. There was ERP, there was back-to-school, there was seasonal. So for the full year revision, does that basically take into effect kind of the $10 million to $15 million you lost on ERP? But for back-to-school, it's just kind of -- back-to-school is kind of a wash, right? Because what you lost in 2Q, you kind of pick up in 3Q and then it's seasonal. And how much was the impact on seasonal? Can you kind of parse that out?

然後，給我最後一張。就全年銷售指引的修訂而言，因為聽起來本季有三個主要問題。有 ERP、有返校、有季節性。那麼，對於全年修訂，這是否基本上會影響您在 ERP 上損失的 1000 萬至 1500 萬美元？但對返校來說，這只是一種──返校是一種洗禮，對吧？因為你在第二季度失去的東西，你會在第三季度有所回升，然後這是季節性的。對季節性的影響有多大？能解析一下嗎？

Sorry, we're just getting the number.

抱歉，我們剛剛拿到號碼。

Yeah.

是的。

Okay. Maybe I've lost you.

好的。也許我已經失去你了。

Yes. No, we probably will have to pull it for you, but we did see sandals down on the brand portfolio piece of our business high-single-digits in the second quarter. In Famous, they were actually sandals were flattish. So we can pull the exact dollar amount as it relates to the myth there.

是的。不，我們可能不得不為你拉出來，但我們確實看到第二季度我們業務的品牌組合部分的涼鞋數量出現了高個位數的下降。在《Famous》中，它們實際上是平底涼鞋。因此，我們可以得出與神話相關的確切美元金額。

But it's fair to say that back-to-school, in terms of the revised full year guidance, that doesn't really reflect any changes to your thinking around back-to-school because what you lost in 2Q, you pick up in 3Q? Or is your overall view of back-to-school worse than what it was when you last gave the guidance?

但可以公平地說，就修訂後的全年指導而言，返校並沒有真正反映出您對返校想法的任何變化，因為您在第二季度失去的東西會在第三季度恢復？或者您對返校的整體看法是否比上次提供指導時更糟？

No, I think it was -- it's actually -- we were pleased with where we saw we came out in back-to-school. And I think, Mitch, the other thing is that a lot of the key brands and trends that were there, we do see a go-forward application of that and we're looking to fuel those all the way through as we continue to serve the family throughout the fall season. So pretty pleased with what we saw. And obviously, a lot of these areas are things that we're very strong for and known for. So those actually will help us as we move forward.

不，我認為——實際上——我們對返校後的表現感到滿意。我認為，米奇，另一件事是，那裡的許多關鍵品牌和趨勢，我們確實看到了它的向前應用，我們希望在我們繼續服務的過程中一直推動這些應用一家人整個秋天。對我們所看到的非常滿意。顯然，其中許多領域都是我們非常擅長和聞名的。因此，這些實際上將幫助我們前進。

Okay. Thanks. Good luck.

好的。謝謝。祝你好運。

Thank you.

謝謝。

Josh Herrity, Telsey Advisory Group.

喬許·赫里蒂（Josh Herrity），特爾西諮詢小組。

Hey, Jay and Jack.

嘿，傑伊和傑克。

Hi.

你好。

I just wanted to follow up a little more on a lot of moving pieces here in the quarter. From an inventory perspective, I think you mentioned the carrier delay, the ERP implementation, seasonal weakness. Can you talk a little bit more broadly about demand trends by category? Obviously, athletic stronger, but dress seasonal and what that means for your inventory composition heading into the back half of the year relative to the overall promotional environment and what it could mean for the gross margin in the back half of the year?

我只是想對本季度的許多動態進行更多跟進。從庫存角度來看，我認為您提到了承運人延誤、ERP 實施、季節性疲軟。您能否更廣泛地談談按類別劃分的需求趨勢？顯然，運動能力更強，但服裝是季節性的，相對於整體促銷環境，這對下半年的庫存組成意味著什麼，對下半年的毛利率意味著什麼？

Okay. So I'll start with the brand piece, Josh, and we obviously see a lot of these key trends continuing here. The pivot to sneakers was done in the season. So we've already seen in the first couple of weeks of August that come through. I think we are reacting appropriately with the tall versus short dynamic in boots and feel pretty good about what I would call the casual footwear business in the fall season. And we've made the appropriate, I think, adjustments to our dress business. So that feels pretty good for me.

好的。所以我將從品牌部分開始，喬什，我們顯然看到許多這些關鍵趨勢在這裡繼續存在。轉向運動鞋的重心是在本賽季完成的。所以我們已經在八月的前幾週看到了這種情況的發生。我認為我們對靴子的高與短動態做出了適當的反應，並且對我所說的秋季休閒鞋業務感到非常滿意。我認為我們已經對我們的服裝業務做出了適當的調整。所以這對我來說感覺很好。

And then,on Famous, again, we've seen some really strong brand results there. Nike business, very strong, Adidas powering through very nicely, New Balance, Converse, amongst many others, Birkenstock. So we have a very good feeling about continuing to pivot into those brands. Famous is continuing to work with all their key strategic brand partners to bring in the very best from all of them to get the business to continue to -- all the learnings to keep going through and get more of that inventory in that the consumer is demanding.

然後，在 Famous 上，我們再次看到了一些非常強大的品牌成果。耐吉業務非常強勁，阿迪達斯表現出色，新百倫、匡威等，還有勃肯。因此，我們對繼續轉向這些品牌有很好的感覺。 Famous 正在繼續與所有關鍵策略品牌合作夥伴合作，汲取所有人的最佳資源，使業務繼續發展——不斷學習所有知識，並根據消費者的需求獲得更多庫存。

And on our brand side, we're seeing our target of 30% of our business coming through speed on receipts will continue. So that will continue to help us fuel all the good things that are working there too and as part of our dynamic model.

在我們的品牌方面，我們看到 30% 的業務透過收貨速度實現的目標將持續下去。因此，這將繼續幫助我們推動所有在那裡發揮作用的美好事物，並作為我們動態模型的一部分。

Great. Thanks. And then,if I could just follow up with the second question on the ERP implementation. That was entirely on the brand portfolio side, is that correct?

偉大的。謝謝。然後，我能否繼續回答關於 ERP 實施的第二個問題。這完全是在品牌組合方面，對嗎？

It was the brand portfolio side as well as our core financial systems.

這是品牌組合方面以及我們的核心財務系統。

And can you remind us where the ERP rollout or system stand for the Famous side or if there's any other system implementations upcoming here?

您能否提醒我們，Famous 方面的 ERP 部署或系統代表哪些地方，或是否即將實施任何其他系統？

Yeah. At this point, we put everything on hold for the future, Josh, just to make sure that we're 100% on this. So we'll update everyone on our progress as we pull the whole company in. But for sure, we want to prioritize and get this to be -- make sure that we're 100% right on this and we'll announce more when we have more to say.

是的。在這一點上，我們把一切都擱置到未來，喬什，只是為了確保我們 100% 做到這一點。因此，當我們讓整個公司參與進來時，我們會向每個人通報我們的進展情況。會在適當的時候宣布更多資訊我們還有更多話要說。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

Hi, everyone. This is Chandana Madaka on for Ashley. So first, I just kind of wanted to dig in a little bit more. You've already spoken to your trends quarter-to-date by month. But you mentioned back-to-school kind of started off a little bit late. Just wanting to ask why do you think that is? And then,you've talked about how selling picked up in August and some of the dynamics in marketing and promo bringing that up more in line with your expectations, but just wanted to dig in further there?

大家好。我是 Chandana Madaka，替 Ashley 發言。首先，我只是想深入了解一下。您已經逐月講述過您的季度至今的趨勢。但你提到返校開始得有點晚了。只是想問一下你認為這是為什麼？然後，您談到了 8 月份銷售如何回升，以及行銷和促銷方面的一些動態，使其更符合您的預期，但只是想進一步深入了解？

Yes. I think we did see the consumer at Famous has been very [wear now] oriented. And so, I'm not surprised that back-to-school opened up a little late in terms of when they really needed to buy it is when they came out and shopped. And I think -- so that was just one thing, I think, was consumer demand and people really prioritizing their spend in different ways and spending really when they needed it.

是的。我認為我們確實看到 Famous 的消費者非常注重[立即穿著]。因此，我並不感到驚訝的是，返校開放得有點晚，因為他們真正需要購買的時候是他們出來購物的時候。我認為，我認為這只是一件事，消費者的需求和人們真正以不同的方式優先考慮他們的支出，並在他們需要的時候真正支出。

The second thing we saw was, obviously, when we did go into full back-to-school and we did shift from last year's buy more, save more type of promotion into this, we did see a good piece of traffic come through.

顯然，我們看到的第二件事是，當我們確實全面返校時，我們確實從去年的購買更多、節省更多類型的促銷活動轉變為這種促銷方式，我們確實看到了很好的流量。

And then, finally, we really turned on all of our marketing through new digital channels as well as standard channels to really maximize the time of this back-to-school period, which was primarily in August. So I think it was a combination of three things at once. And then, obviously, we had the inventory aligned to really take advantage of the traffic that came through.

最後，我們真正透過新的數位管道和標準管道開啟了所有行銷活動，以真正最大限度地利用返校期間（主要是在八月）的時間。所以我認為這是三件事同時結合在一起的。然後，顯然，我們調整了庫存，以真正利用通過的流量。

Awesome. And then,just as a follow-up, so I saw some door count expansion at Allen Edmonds. Just any early successes that you can speak to or any other door expansion that's planned for the other lead brands? And maybe what are you hearing from wholesale partners?

驚人的。然後，作為後續行動，我看到艾倫·埃德蒙茲 (Allen Edmonds) 的門數有所增加。您可以談論的任何早期成功或計劃為其他領先品牌進行的任何其他門擴張嗎？也許您從批發合作夥伴那裡聽到了什麼？

Yeah. I think that for sure we're seeing some growth plans come through for the back half from both Sam Edelman and Vionic as well as what we discussed with Allen Edmonds. We're seeing all categories of growth sneakers. The tall boots off to a good early start. And then, also, I would say, overarching within this on our Vionic brand, we're seeing continued interest in comfort-oriented brands that really have a great experience for the consumer gaining traction going forward.

是的。我認為我們肯定會看到 Sam Edelman 和 Vionic 以及我們與 Allen Edmonds 討論的下半年的一些成長計劃。我們看到了所有類別的成長運動鞋。高筒靴早早就開始了。然後，我還要說，在我們的 Vionic 品牌中，我們看到人們對以舒適為導向的品牌持續感興趣，這些品牌確實為消費者提供了良好的體驗，從而獲得了未來的吸引力。

So I would say everyone is in a space of cautious optimism similar to Famous. We're both a wholesaler and a retailer here. And I think we share their vision, but we're really focused on getting the best of the product back into the consumers' hands through the best possible means. And so far, it seems like it's off to an optimistic start as we look at just early fall.

所以我想說，每個人都處於與 Famous 類似的謹慎樂觀的氛圍中。我們這裡既是批發商又是零售商。我認為我們分享他們的願景，但我們真正專注於透過盡可能最好的方式將最好的產品重新交到消費者手中。到目前為止，從初秋的情況來看，這似乎是一個樂觀的開始。

Thank you. At this time, I'll turn the floor back to Jay Schmidt for closing remarks.

謝謝。這次，我將請傑伊‧施密特 (Jay Schmidt) 致閉幕詞。

Okay. Thank you. Before we close today, I would like to thank the Caleres team for their focus, hard work, and dedication during this quarter. Our team worked extremely hard to deliver while executing the future strategy that will continue to help us go forward. Despite the setback, we are confident in our long-term plans and growth opportunities. We look forward to a stronger finish to the year and we will update you along the way.

好的。謝謝。在今天結束之前，我要感謝 Caleres 團隊在本季的專注、辛勤工作和奉獻精神。我們的團隊在執行未來策略的同時，非常努力地交付成果，這將繼續幫助我們前進。儘管遇到挫折，我們對我們的長期計劃和成長機會充滿信心。我們期待今年有一個更強勁的收官，我們將一路向您通報最新情況。

Thank you all for joining us this morning on the call and thank you for your interest in Caleres. Have a good day.

感謝大家今天早上參加我們的電話會議，也感謝您對卡萊雷斯的興趣。祝你有美好的一天。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。