Caleres Inc (CAL) 2024 Q3 法說會逐字稿

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

早安，歡迎參加 Caleres 2024 年第三季財報電話會議。

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

我的名字是達裡爾，我將成為你們的會議協調員。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

此時，我將把電話轉給策略傳播和企業發展資深副總裁 Liz Dunn。

Please go ahead.

請繼續。

Thank you, Darryl.

謝謝你，達裡爾。

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

早安，感謝您參加我們的 2024 年第三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 several risks and uncertainties.

請注意，今天的討論包含前瞻性陳述，這些陳述受到多種風險和不確定性的影響。

Actual results may differ materially due to various risk factors, including those disclosed in the company's Form 10-K and other filings with the US Securities and Exchange Commission.

由於各種風險因素，包括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風險因素，實際結果可能會存在重大差異。

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 our operating results, we will be providing and referring to certain non-GAAP financial measures.

在討論我們的經營績效時，我們將提供並參考某些非公認會計準則財務指標。

Additional details on these measures as well as others featured in today's earnings release and presentation are available at caleres.com.

有關這些措施以及今天的收益發布和演示中介紹的其他措施的更多詳細信息，請訪問 caleres.com。

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 today are Jay Schmidt, President and CEO; and Jack Calandra, Senior Vice President and CFO.

今天加入我的是總裁兼執行長 Jay Schmidt；以及資深副總裁兼財務長 Jack Calandra。

Our call will begin with prepared remarks, followed by a Q&A session to address any questions you have.

我們的電話會議將以準備好的發言開始，然後進行問答環節來解決您的任何問題。

With that, I'll turn the call over to Jay.

這樣，我就把電話轉給傑伊。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

As we reported earlier today, our third quarter saw progress toward our strategy, highlighted by the Brand Portfolio reporting growth, Famous Footwear delivering positive comp store sales, and both segments increasing market share.

正如我們今天早些時候報導的那樣，我們第三季度的戰略取得了進展，其中品牌組合報告增長、Famous Footwear 實現積極的比較商店銷售以及兩個細分市場市場份額的增加突出了這一點。

However, our earnings were clearly below our expectations.

然而，我們的獲利明顯低於我們的預期。

There were a number of challenges in the quarter that impacted our results.

本季存在許多影響我們業績的挑戰。

We saw soft boot sales in both segments of our business.

我們的兩個業務部門都看到了軟啟動銷售。

We had discrete issues with late receipts of trending athletic product at Famous Footwear.

我們遇到了 Famous Footwear 流行運動產品遲到的問題。

We had a credit issue associated with one customer in the brand portfolio that resulted in lower shipments.

我們的品牌組合中的一位客戶有信用問題，導致出貨量下降。

And finally, our China business has softened.

最後，我們的中國業務已經疲軟。

While this was not the result we wanted, there were several areas of strength on both sides of our business that leave us cautiously optimistic for the future.

雖然這不是我們想要的結果，但我們業務雙方都有多個優勢領域，這讓我們對未來持謹慎樂觀的態度。

Our brands and products are resonating with consumers.

我們的品牌和產品正在引起消費者的共鳴。

We are gaining market share in both segments of our business, and we remain confident in our growth strategies and long-term vision.

我們在兩個業務領域都獲得了市場份額，並且對我們的成長策略和長期願景仍然充滿信心。

In total, for the third quarter, sales declined 2.8% year-over-year, and we reported adjusted earnings per share of $1.23. Now let's turn to our operating segments.

總體而言，第三季銷售額年減 2.8%，調整後每股收益為 1.23 美元。現在讓我們轉向我們的營運部門。

Brand Portfolio sales increased approximately 1%.

品牌組合銷售額成長約 1%。

Our lead brands outperformed our portfolio brands with wholesale and owned dot-com both showing modest growth versus last year.

我們的領導品牌的表現優於我們的組合品牌，批發和自有網路公司均較去年呈現適度成長。

We were encouraged to see a return to growth and pleased to report that the issues that we had last quarter related to our systems implementation did not impact this quarter.

我們很高興看到成長的恢復，並很高興地報告說，上個季度遇到的與系統實施相關的問題並未影響本季。

Additionally, our Brand Portfolio gained market share according to Circana during the quarter, both in total and in women's fashion footwear.

此外，根據 Circana 的數據，本季我們的品牌組合在整體市佔率和女式時尚鞋類市佔率均有所增加。

We continue to see robust demand for new products, with momentum in fashion sneakers.

我們繼續看到對新產品的強勁需求，其中時尚運動鞋的勢頭強勁。

In fact, sneakers and sport represented over 30% of retail selling for the quarter.

事實上，運動鞋和運動鞋佔本季零售額的 30% 以上。

Slingbacks, Mary Janes, and ballet flats also performed very well.

露跟鞋、瑪莉珍鞋、芭蕾平底鞋也表現優異。

Wholesale boot shipments, however, declined 5% versus last year.

然而，批發靴子出貨量比去年下降了 5%。

However, at retail, short boots were down 18% and tall shaft boots were up slightly.

然而，在零售方面，短靴下降了 18%，高筒靴則略有上升。

Wide shaft boots stood out with double-digit growth to last year.

寬靴筒靴表現突出，較去年達到兩位數成長。

In the boot category, much like in the rest of our business, the consumer is prioritizing trend and newness over basics.

在靴子類別中，就像我們的其他業務一樣，消費者優先考慮趨勢和新穎性而不是基本款。

And more broadly, brands with premium positioning outperformed.

更廣泛地說，具有高端定位的品牌表現優於其他品牌。

From an inventory perspective, we have more current, less core, and less aged inventory.

從庫存角度來看，我們現有的庫存較多，核心庫存較少，陳舊庫存較少。

In addition, our speed initiative drove about 30% of our sourcing in the quarter.

此外，我們的速度計劃推動了本季約 30% 的採購。

Our lead brands, Sam Edelman, Allen Edmonds, Naturalizer, and Vionic represented more than half the Brand Portfolio sales and operating earnings in the quarter.

我們的主導品牌 Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic 佔本季品牌組合銷售額和營業收入的一半以上。

Three of those four brands saw growth, and collectively, lead brand growth exceeded that of the portfolio brands.

這四個品牌中的三個實現了成長，總體而言，領先品牌的成長超過了組合品牌。

The Sam Edelman brand saw strength in the quarter, driven by positive response to fashion newness, particularly in sneakers, flats, and tall shaft boots.

Sam Edelman 品牌在本季表現強勁，得益於對時尚新穎的積極反應，特別是在運動鞋、平底鞋和高筒靴方面。

Sales in Sam Edelman retail stores exceeded expectations and retail sell-throughs with our wholesale accounts were up year-over-year.

Sam Edelman 零售店的銷售額超出預期，批發客戶的零售額較去年同期成長。

Sam introduced handbags under license in October, and we are encouraged by the positive early reaction.

Sam 在 10 月經許可推出了手袋，我們對早期的積極反應感到鼓舞。

And finally, we continue to believe Sam Edelman has a significant opportunity internationally.

最後，我們仍然相信 Sam Edelman 在國際上擁有重要的機會。

During the quarter, the brand launched in Selfridges and John Lewis in the U.K. and unveiled the first global location for Sam Edelman's new store concept in Shanghai in October.

本季度，該品牌在英國的 Selfridges 和 John Lewis 開設了門市，並於 10 月在上海推出了 Sam Edelman 新概念店的全球首家門市。

The Allen Edmonds business was also driven by newness, particularly in new sneakers and dress loafers, while boots underperformed.

Allen Edmonds 的業務也受到新穎性的推動，尤其是新運動鞋和正裝樂福鞋，而靴子則表現不佳。

We successfully launched our new Allen Edmonds Reserve collection across all channels during the quarter, including an exclusive collection with Bergdorf Goodman.

本季度，我們在所有管道成功推出了全新 Allen Edmonds Reserve 系列，其中包括與 Bergdorf Goodman 合作的獨家系列。

In our retail stores, we continue to see success with our Port Washington studio store concept and now have 11 of these prototypes, with comp stores outperforming the chain by a high-single-digit percentage.

在我們的零售店中，我們的華盛頓港工作室店概念繼續取得成功，現在擁有 11 個這樣的原型，其中比較店的表現比連鎖店高個位數百分比。

Naturalizer returned to growth in Q3, led by its direct-to-consumer business.

在直接面向消費者業務的帶動下，Naturalizer 在第三季恢復了成長。

We saw increases in purchasing by Gen Z, millennials, and higher household income consumers.

我們看到 Z 世代、千禧世代和家庭收入較高的消費者的購買量增加。

Boot sales here were solid, driven by growth in expanded cap widths.

在擴大瓶蓋寬度成長的推動下，這裡的靴子銷售穩定。

Our focus on inclusivity is attracting new loyal consumers to the brand.

我們對包容性的關注正在吸引新的忠實消費者加入品牌。

Additionally, we also opened a new store in Beijing, relaunching the Naturalizer brand in Asia, and are in early innings of international expansion for this brand.

此外，我們還在北京開設了一家新店，在亞洲重新推出 Naturalizer 品牌，而該品牌正處於國際擴張的早期階段。

Vionic had solid trends at retail, particularly with Nordstrom and saw continued outperformance in both its uptown casual business and the sport lifestyle category.

Vionic 在零售業（尤其是 Nordstrom）擁有穩固的趨勢，並在住宅區休閒業務和運動生活方式類別中持續表現出色。

However, the brand faced challenge again with casual short boots.

然而，該品牌在休閒短靴上再次面臨挑戰。

We continue to evolve and modernize the assortment while maintaining Vionic's wearable well-being positioning.

我們不斷發展和現代化該產品系列，同時保持 Vionic 的可穿戴健康定位。

And as we continue to fuel innovation at Vionic, we expect to further expand the brand's reach.

隨著我們繼續推動 Vionic 的創新，我們期望進一步擴大品牌的影響力。

Overall, the Brand Portfolio had a mixed quarter.

整體而言，品牌組合的季度表現好壞參半。

Outperformance by our lead brands is encouraging and strong retail selling trends and market share gains across the portfolio will drive growth in the future.

我們的領先品牌的優異表現令人鼓舞，強勁的零售銷售趨勢和整個產品組合的市佔率成長將推動未來的成長。

Moving on to Famous Footwear.

轉向著名鞋類。

Total sales declined 5% during the third quarter, while comp sales increased 2.5%.

第三季總銷售額下降 5%，而同期銷售額成長 2.5%。

After a very strong back-to-school season, sales returned to the prior trend.

在經歷了非常強勁的返校季後，銷售額恢復到先前的趨勢。

Athletic was strong and positive across men's, women's, and kids.

男性、女性和兒童的運動表現強勁且積極。

Boots were down over 20% at Famous during the quarter, comprising most of the sales shortfall relative to expectations.

Famous 的 Boots 銷量在本季度下降了 20% 以上，其中大部分是與預期相比的銷售缺口。

At the same time, we saw an extended season for sandal selling with strength from both Birkenstock and REEF.

同時，我們看到涼鞋銷售季節延長，勃肯 (Birkenstock) 和 REEF 的銷售勢頭強勁。

Once again, our strategically important kids category grew in the quarter, outpacing the total business.

我們具有重要策略意義的兒童類別在本季的成長再次超過了整體業務。

Our kids category has now outperformed the rest of the chain for 15 consecutive quarters.

我們的兒童品類現已連續 15 個季度跑贏整個連鎖店的其他品類。

Kids penetration of the total Famous business was 25% in the quarter, and we gained 1.3 points of kids market share in shoe chains according to Circana data.

根據 Circana 數據，本季童裝在 Famous 業務總量中的滲透率為 25%，我們在鞋業連鎖店的童裝市佔率提高了 1.3 個百分點。

Overall, in the third quarter, Famous Footwear's market share gained 0.5 point in shoe chains according to Circana data.

Circana 數據顯示，總體而言，第三季 Famous Footwear 在鞋業連鎖店的市佔率上升了 0.5 個百分點。

We were also pleased with our 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。

Penetration of our Caleres brands was once again up in the quarter, with strong selling for both Naturalizer and Blowfish.

我們的 Caleres 品牌的滲透率在本季再次上升，Naturalizer 和 Blowfish 的銷售強勁。

Caleres brands continue to provide Famous with greater access to fashion products, while at the enterprise level, vertical sales allow us to capture higher gross margins.

Caleres 品牌繼續為 Famous 提供更多獲得時尚產品的機會，而在企業層面，垂直銷售使我們能夠獲得更高的毛利率。

Our famous.com business was strong in the quarter, posting an 8.3% year-over-year increase on a comp basis.

我們的known.com 業務本季表現強勁，年成長 8.3%。

Finally, we continue to focus on enhancing the consumer experience at Famous.

最後，我們持續致力於增強 Famous 的消費者體驗。

At the end of Q3, we had 32 FLAIR locations in total.

截至第三季末，我們總共擁有 32 個 FLAIR 地點。

We continue to experience a mid-single-digit 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，我們的銷售額繼續實現中個位數的成長。

FLAIR is successfully attracting more elevated brands and products, and our Famous consumer is responding positively.

FLAIR 成功吸引了更多高端品牌和產品，我們的知名消費者也做出了積極回應。

We made a tactical decision to delay construction on additional remodels until the first quarter of 2025 to prevent lost holiday sales.

我們做出了一項戰術決定，將額外改造的施工推遲到 2025 年第一季度，以防止假日銷售損失。

However, we will open one new FLAIR store in Boston in the fourth quarter.

不過，我們將於第四季在波士頓開設一家新的 FLAIR 商店。

Famous is well-positioned on inventory heading into the holiday season, particularly in the key trending brands and styles.

Famous 在進入假期季節的庫存方面處於有利地位，尤其是在主要流行品牌和款式方面。

The strength of kids, our continued success with FLAIR, and our broad-based improvement in athletic are encouraging.

孩子的力量、我們在 FLAIR 的持續成功以及我們在運動方面的廣泛進步都令人鼓舞。

We believe Famous' inherent competitive advantage, 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.

」現金，並提高長期獲利能力。

Looking forward, we are now expecting lower sales and earnings than our previous guidance.

展望未來，我們預期銷售額和收益將低於先前的指導。

While Jack will walk you through our updated assumptions in detail, I will provide some color on the factors impacting our revised outlook.

雖然傑克將詳細引導您了解我們更新的假設，但我將提供一些關於影響我們修訂後的前景的因素的說明。

We are seeing several trends play out in our business that are negatively impacting our top line performance in the near term.

我們看到我們的業務出現了一些趨勢，這些趨勢對我們近期的營收業績產生了負面影響。

On the Brand Portfolio side, we expect boots to continue to trend below last year through the fourth quarter.

在品牌組合方面，我們預計到第四季靴子的銷售將持續低於去年。

We plan to take aggressive action on poor-performing items to end the year in a clean position.

我們計劃對錶現不佳的項目採取積極行動，以在今年結束時保持乾淨的狀態。

We also expect demand in China to be more muted than previous expectations for the balance of the year.

我們也預計今年剩餘時間中國的需求將比先前的預期更加疲軟。

At Famous Footwear, we are outperforming in our competitive set, but the overall environment in family footwear has been more challenged.

在 Famous Footwear，我們在競爭中表現出色，但家庭鞋類的整體環境受到了更大的挑戰。

Lastly, we incurred necessary investment this year to position our business for the long term.

最後，我們今年進行了必要的投資，以長期定位我們的業務。

We have restructured our business and reduced expense, but we do not want to set back long-term growth plans by cutting too deeply.

我們重組了業務並減少了開支，但我們不想因削減幅度過大而影響長期成長計劃。

Finally, I would also like to touch on 2 subjects: Tariffs and our long-term plan.

最後，我還想談兩個主題：關稅和我們的長期計畫。

First, on tariffs.

首先，關於關稅。

Our sourcing and supply chain capabilities are well-positioned to adapt and evolve to meet the changing environment.

我們的採購和供應鏈能力能夠很好地適應和發展，以滿足不斷變化的環境。

We have been working closely this year with our factory partners to pivot our sourcing outside of China and mitigate the impact of additional tariffs on the business for 2025.

今年，我們一直與工廠合作夥伴密切合作，將採購重心轉移到中國境外，並減輕 2025 年額外關稅對業務的影響。

Jack will discuss this with more detail on our sourcing plans shortly.

傑克很快就會就我們的採購計劃更詳細地討論這一點。

Second, on the subject of our long-term financial targets.

第二，關於我們的長期財務目標。

In October of 2023, we announced a plan to drive growth in sales, earnings, and total shareholder return.

2023 年 10 月，我們宣布了一項推動銷售額、收益和股東總回報成長的計畫。

While we still expect to return to more consistent growth in these metrics, we now expect it to take longer to achieve the specific EPS goals we laid out last October.

雖然我們仍然預期這些指標將恢復更穩定的成長，但我們現在預計需要更長的時間才能實現我們去年 10 月制定的特定每股盈餘目標。

This year has clearly been a setback for us.

今年對我們來說顯然是一個挫折。

Having said that, we believe we are on the right track with the right strategies for the future.

話雖如此，我們相信我們正走在正確的軌道上，並為未來制定了正確的策略。

We look forward to updating you on our 2025 expectations during our fourth quarter call.

我們期待在第四季電話會議上向您通報我們對 2025 年的最新預期。

And with that, I will now hand it over to Jack for a more detailed view of our financial performance and our 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 review our third quarter performance and share our revised guidance for the full year.

在今天的電話會議中，我將回顧我們第三季的業績，並分享我們修訂後的全年指引。

Please note my comparisons to last year will be on an adjusted basis.

請注意，我與去年的比較將是經過調整的。

Starting with Q3 results, sales were $741 million, down 2.8%.

從第三季業績開始，銷售額為 7.41 億美元，下降 2.8%。

On a dollar basis, sales were down $21 million, which included an unfavorable calendar shift of about $29 million at Famous.

以美元計算，銷售額下降了 2,100 萬美元，其中 Famous 因日曆變動而損失了約 2,900 萬美元。

As Jay mentioned, weak seasonal demand in the boot category impacted results in both segments.

正如傑伊所提到的，靴子類別的季節性需求疲軟影響了這兩個領域的表現。

Brand Portfolio sales were up 0.7%, primarily driven by our lead brands.

品牌組合銷售額成長 0.7%，主要由我們的領先品牌推動。

Owned dot-com sites were up 1%, drop-ship improved from Q2 and was about flat versus last year, and total wholesale saw a modest uptick.

自有網站成長了 1%，代發貨​​較第二季有所改善，與去年持平，批發總額略有上升。

Famous sales were down 4.8%.

名品銷售額下降 4.8%。

Comparable sales, which adjust for the calendar shift, were up 2.5%.

根據日曆變更進行調整後的可比較銷售額成長了 2.5%。

Strong results in athletic and kids offset weak sales in boots.

運動鞋和兒童鞋的強勁業績抵消了靴子銷售的疲軟。

Back-to-school came later in the season, but in total was in line with our expectations.

返校時間較晚，但整體符合我們的預期。

Comparable sales were up 9% in August and down low-single-digits in September and October.

8 月可比銷售額成長 9%，9 月和 10 月則出現低個位數下降。

Consolidated gross margin was 44.1%, a 55-basis point decrease, and was driven by lower margin in Famous, partially offset by a slightly higher margin in Brand Portfolio.

綜合毛利率為 44.1%，下降 55 個基點，主要受到 Famous 利潤率較低的推動，但被品牌組合略高的利潤率部分抵消。

Brand Portfolio gross margin was 43.8%, up 15 basis points, supported by a favorable channel mix and higher initial margins.

由於有利的通路組合和較高的初始利潤率，品牌組合毛利率為 43.8%，成長 15 個基點。

Famous gross margin was 42.9%, down 130 basis points.

名毛利率為42.9%，下降130個基點。

This decrease reflects a shift to more days in BOGO versus Buy More, Save More.

這一減少反映了 BOGO 的天數增加，而不是購買更多，節省更多。

However, as previously noted, the shift was gross profit-accretive to what we initially saw from the Buy More, Save More promotion.

然而，如前所述，與我們最初從「多買多省」促銷活動中看到的情況相比，這種轉變增加了毛利。

Softer-than-anticipated performance in boots also impacted clearance margins.

靴子的性能低於預期也影響了間隙裕度。

SG&A expense was $269 million, or 36.3% of sales, up 30 basis points.

SG&A 費用為 2.69 億美元，佔銷售額的 36.3%，成長了 30 個基點。

SG&A declined $5 million as a result of our restructuring actions and lower incentive compensation costs, and were somewhat offset by higher rent and investments in marketing, the SAP upgrade, and international.

由於我們的重組行動和較低的激勵補償成本，SG&A 減少了 500 萬美元，但在一定程度上被較高的租金和行銷、SAP 升級和國際投資所抵消。

Operating earnings were $58 million and operating margin was 7.9%.

營業利益為 5,800 萬美元，營業利益率為 7.9%。

Operating margin was 10.9% at Brand Portfolio and 6.9% at Famous.

Brand Portfolio 的營業利益率為 10.9%，Famous 的營業利益率為 6.9%。

Net interest expense was $2.9 million, down $1.6 million on lower average borrowings and a lower interest rate.

淨利息支出為 290 萬美元，因平均借款下降和利率下降而減少 160 萬美元。

Earnings per diluted share were $1.23 versus $1.37 last year.

稀釋後每股收益為 1.23 美元，去年為 1.37 美元。

EBITDA was $73 million and 9.9% of sales.

EBITDA 為 7,300 萬美元，佔銷售額的 9.9%。

Turning now to the balance sheet.

現在轉向資產負債表。

We ended the third quarter with $239 million in borrowings, up about $17 million versus last year.

截至第三季末，我們的借款為 2.39 億美元，比去年增加約 1,700 萬美元。

The borrowings balance included the impact of $50 million of share buybacks completed in the quarter, during which we repurchased just over 1.5 million shares at an average price of $32.82 per share.

借款餘額包括本季完成的 5,000 萬美元股票回購的影響，在此期間我們以每股 32.82 美元的平均價格回購了略多於 150 萬股的股票。

Debt to trailing 12-month EBITDA was 1x.

過去 12 個月 EBITDA 的債務為 1 倍。

Inventory at quarter end was $586 million, up 5.4% to last year on a reported basis and up 2.7% when adjusted for the calendar shift.

季末庫存為 5.86 億美元，按報告數據計算，比去年同期增長 5.4%，根據日曆變化調整後，增長 2.7%。

Famous inventory was up 5.1% on a reported basis and up 0.7% on an adjusted basis.

名牌庫存報告上漲 5.1%，調整後上漲 0.7%。

Brand Portfolio inventory was up 6%.

品牌組合庫存成長 6%。

Both businesses ended the quarter with less aged inventory than last year in both dollars and as a percent to total.

截至本季末，這兩家公司的老化庫存無論以美元計或佔總數的百分比均低於去年。

Now turning to our outlook.

現在轉向我們的展望。

We are updating our full year 2024 guidance to reflect the shortfall we experienced in Q3 and a more conservative view of Q4.

我們正在更新 2024 年全年指引，以反映我們在第三季經歷的不足以及對第四季更保守的看法。

We now expect sales to be down 2.5% to 3% versus last year.

我們現在預計銷售額將比去年下降 2.5% 至 3%。

This comparison includes the impact of the 53rd week in 2023.

此比較包括 2023 年第 53 週的影響。

Excluding the 53rd week, sales to be down 1.5% to 2%.

剔除第53週，銷售額將下降1.5%至2%。

We expect consolidated operating margin of 6.1% to 6.3% and earnings per diluted share of $3.35 to $3.45, and adjusted earnings per diluted share of $3.45 to $3.55.

我們預計綜合營業利潤率為 6.1% 至 6.3%，攤薄每股收益為 3.35 美元至 3.45 美元，調整後每股攤薄收益為 3.45 美元至 3.55 美元。

We continue to expect an effective tax rate of about 24% and capital expenditures of $50 million to $55 million.

我們仍預期有效稅率約為 24%，資本支出為 5,000 萬至 5,500 萬美元。

We have provided a table in our earnings release and slides that summarizes our previous and revised guidance.

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。

And finally, I wanted to build on Jay's earlier comments on the evolving tariff situation.

最後，我想以傑伊之前對不斷變化的關稅情況的評論為基礎。

On the Brand Portfolio side of our business, where we source product directly, more than 50% of our dollar volume is currently manufactured outside of China.

在我們業務的品牌組合方面，我們直接採購產品，目前超過 50% 的銷售額是在中國境外生產的。

We expect to have about 70% sourced outside of China by the back half of 2025, and our lead brands are further along on this migration.

我們預計到 2025 年下半年，約 70% 的產品將在中國境外採購，而我們的領先品牌在這一遷移方面正走得更遠。

At Famous, currently about 15% of our vendor receipts are made in China.

在 Famous，目前我們大約 15% 的供應商收貨是在中國製造的。

We expect this number to move lower as well.

我們預計這個數字也會下降。

We are working proactively to mitigate the risk of additional tariffs and believe our sourcing capabilities position us well to adapt to any changes.

我們正在積極努力降低額外關稅的風險，並相信我們的採購能力使我們能夠很好地適應任何變化。

With that, we can open the line for questions.

這樣，我們就可以打開提問專線了。

Operator?

操作員？

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員說明）Ashley Owens，KeyBanc 資本市場。

This is Chandana Madaka on for Ashley Owens this morning.

我是錢達納馬達卡 (Chandana Madaka)，今天早上為阿什利歐文斯 (Ashley Owens) 發言。

So I just wanted to ask just broadly, you're a year into your long-term plan that you outlined at Investor Day.

所以我只是想問一下，您在投資者日概述的長期計劃已經實施一年了。

Can you just provide more thoughts around the confidence levels?

您能否就置信水準提供更多想法？

How should we be thinking about top line growth and scaling to that in next year and beyond?

我們該如何考慮明年及以後的營收成長和規模擴張？

Is there any shift in the makeup there?

那裡的妝容有變化嗎？

And then you spoke to EPS expectations that are now expected to take a bit longer.

然後你談到了每股盈餘預期，現在預計需要更長的時間。

So from an OpEx perspective, is there anything to call out on what's driving the adjustment?

那麼從營運支出的角度來看，有什麼值得指出的推動調整的因素嗎？

Any bucket that's contributing more?

有哪個桶貢獻比較多？

Sure.

當然。

So thanks for the questions.

謝謝你的提問。

So as you know, we generated more than $4 of EPS over the last 3 years and continue to believe we have the brands, strategies, capabilities, and people to get back to that earnings power.

如您所知，我們在過去 3 年中創造了超過 4 美元的每股收益，並且仍然相信我們擁有品牌、策略、能力和人員來恢復這種盈利能力。

As Jay said, this year has clearly been a setback, and I really think without making excuses, there have been a confluence of factors that have impacted this year.

正如傑伊所說，今年顯然是一個挫折，我真的認為，沒有任何藉口，今年是多種因素共同影響的。

One thing I would say is that the fashion segment of footwear, where we obviously play pretty heavily, has been softer than anticipated from the forecast that we were provided in the beginning of the year.

我想說的一件事是，我們顯然在鞋類時尚領域佔據相當大的份額，但根據我們年初提供的預測，該領域的表現比我們預期的要軟。

And the seasonal business has been particularly tough.

季節性業務尤其困難。

As you know, from our second quarter call, we also had disruption and distraction from our ERP upgrade, and that had a pretty big impact on Q2.

如您所知，從我們第二季的電話會議來看，我們的 ERP 升級也受到了乾擾和乾擾，這對第二季產生了相當大的影響。

As Jay mentioned, that impact is now behind us.

正如傑伊所提到的，這種影響現在已經過去了。

And then we have been making investments, strategic investments to drive future growth that we feel very confident in, and particularly around international and some of our marketing investments.

然後我們一直在進行投資，策略性投資，以推動我們非常有信心的未來成長，特別是在國際和我們的一些行銷投資方面。

That said, it's going to take us longer to achieve the goals we communicated last October, and we can provide, I think, a further update on our fourth quarter call.

也就是說，我們需要更長的時間才能實現去年 10 月傳達的目標，我認為我們可以提供有關第四季度電話會議的進一步更新資訊。

But we feel like we've got, again, all of the capabilities, tools, brands and people to get our earnings back over that $4 level.

但我們再次認為，我們擁有所有能力、工具、品牌和人員，可以讓我們的收入恢復到 4 美元以上的水平。

Awesome.

驚人的。

Just as a follow-up, I wanted to ask if there's anything more specific that you could discuss around the dynamics in China.

作為後續行動，我想問您是否可以就中國的動態進行更具體的討論。

What do you think is contributing to the softness there?

您認為是什麼導致了那裡的柔軟？

Is it more broadly macro and consumer spend?

是更廣泛的宏觀和消費者支出嗎？

And just speak to your confidence in the region as you're investing in opening more stores there.

當您投資在那裡開設更多商店時，請表達您對該地區的信心。

It's Jay.

是傑伊。

We still believe that we have a significant growth opportunity in China and the rest of the world.

我們仍然相信，我們在中國和世界其他地區擁有巨大的成長機會。

While we're somewhat more cautious on China in the near term, we believe it is an important market for us with significant long-term opportunity.

雖然我們短期內對中國持更謹慎的態度，但我們相信這對我們來說是一個重要的市場，具有重大的長期機會。

And we are looking at a more balanced approach with other markets being important as well, such as the Middle East and EU.

我們正在尋求一種更平衡的方法，其他市場也很重要，例如中東和歐盟。

And even with our JV partner, we're kind of looking at more moderate growth, but still growing there.

即使與我們的合資夥伴一起，我們也在尋求更溫和的成長，但仍然在那裡增長。

And then also that JV partner is expanding into Southeast Asia as well.

該合資夥伴也正在向東南亞擴張。

So we think we have a good plan there, but probably just our original China plan was probably too aggressive coming out of the gate.

所以我們認為我們在那裡有一個很好的計劃，但可能只是我們最初的中國計劃可能過於激進。

Laura Champine, Loop Capital Markets.

勞拉·尚平 (Laura Champine)，Loop 資本市場。

If I look at the shifts in guidance, it doesn't seem to be top line as much as it is op margin, and it's -- perhaps that's mostly on gross margin.

如果我看看指導的變化，它似乎不像營業利潤率那麼重要，而且它——也許主要是毛利率。

How much of this is just more markdowns to clear inventory in Q4?

其中有多少只是第四季為了清理庫存而進行的更多降價？

And how impactful, if it's impactful at all, is the customer (technical difficulty) called out in your press release today?

今天在您的新聞稿中提到的客戶（技術困難）有多大影響（如果有影響的話）？

Yes.

是的。

So this is Jack, Laura.

這是傑克，蘿拉。

Thanks for the question.

謝謝你的提問。

So just in terms of -- as we look to Q4, we do expect a gross margin decline for the total company.

因此，就第四季而言，我們確實預計整個公司的毛利率會下降。

That will be driven by a gross margin decline at Brand Portfolio where we plan to address the current but slow-moving inventory that we talked about.

這將由品牌組合的毛利率下降推動，我們計劃解決我們談到的當前但流動緩慢的庫存問題。

And then in terms of the credit issue, just a little background on that, we chose to suspend shipments to a customer given their aged receivables balance and their latest credit rating.

然後就信用問題而言，只介紹一點背景，鑑於客戶的應收帳款餘額和最新的信用評級，我們選擇暫停向客戶發貨。

We do expect continued challenges in Q4, and we have factored that into our guidance.

我們確實預計第四季度將面臨持續的挑戰，我們已將其納入我們的指導中。

And just rest assured that the aged receivable balance was appropriately reserved for at the end of the third quarter, again, based on that value and that credit rating.

請放心，根據該價值和信用評級，帳齡應收帳款餘額將在第三季末適當保留。

So that seems like more of a top line issue, and I wouldn't expect a big markdown of receivables to impact margins in Q4.

因此，這似乎更像是一個頂線問題，我預計應收帳款大幅降價不會影響第四季的利潤率。

Is that fair?

這樣公平嗎？

On the credit issue specifically?

具體是關於信​​用問題嗎？

Right, exactly.

對，完全正確。

Yes.

是的。

I mean we do -- to the extent that we do any sales there, we have to also put up a pretty significant reserve for potential credit losses.

我的意思是，只要我們在那裡進行任何銷售，我們就必須為潛在的信用損失準備相當大的準備金。

So there is a bit of that offset that goes into the earnings flow-through of that account.

因此，該帳戶的收益流量中有一部分抵銷。

Okay.

好的。

And any framing you can give us around how large that customer is as a percentage of your wholesale business?

您能否提供我們有關該客戶在您批發業務中所佔比例的架構？

It's pretty small.

它很小。

And I can say as we think about the things that caused us to miss our top line in the third quarter, the first one and the most significant one is the boots issue in both segments that Jay talked about.

我可以說，當我們思考導致我們在第三季錯失營收的原因時，第一個也是最重要的一個是傑伊談到的兩個部分的靴子問題。

And then I think after that, in terms of order would be the athletic, the late deliveries of the athletic product that we didn't receive, and then the credit issue would come below that.

然後我認為，在那之後，就訂單而言，將是運動產品，我們沒有收到的運動產品的延遲交付，然後信用問題將低於此。

So it sounds like you listed them in the press release in the order of their relative impact, which brings me to my final question.

聽起來您在新聞稿中按照相對影響的順序列出了它們，這引出了我的最後一個問題。

How large is China as a percentage of total sales at this point?

目前中國佔總銷售額的比例有多大？

It's less than -- I mean, the whole international piece is less than 5% of our total, and China is the largest part of that, but there are others there.

它不到——我的意思是，整個國際部分不到我們總數的 5%，中國是其中最大的部分，但還有其他部分。

So it's relatively low.

所以它是相對較低的。

As just said, our plan was more aggressive than what we delivered against.

正如剛才所說，我們的計劃比我們所反對的更為激進。

And that's where it did catch us up on third quarter.

這就是它在第三季確實趕上我們的地方。

Mitch Kummetz, Seaport Research.

米奇·庫梅茨，海港研究中心。

I just want to start on 4Q.

我只想從第四季開始。

The implied guide there looks like kind of maybe at the midpoint of the range.

那裡隱含的指南看起來可能位於範圍的中點。

Sales down, I think, 6%.

我認為銷售額下降了 6%。

Jack, can you remind us what the sales impact of the 53rd week was last year, maybe in total and then how that split between Famous and BP?

Jack，您能否提醒我們去年第 53 週的銷售影響是多少（也許是總計），以及 Famous 和 BP 之間的影響如何？

I assume it's mostly, if not all, on the Famous side.

我認為大部分（如果不是全部）都是在 Famous 方面。

And when you look at that implied sales outlook, what are you assuming in terms of BP growth in the fourth quarter and then also Famous comp?

當您查看隱含的銷售前景時，您對第四季度 BP 成長以及 Famous comp 的成長有何假設？

Sure, Mitch.

當然，米奇。

So as a reminder, the impact of the 53rd week last year was $25 million in total for the company.

提醒一下，去年第 53 週對該公司的影響總計為 2,500 萬美元。

And you rightly point out that most of that was in Famous.

你正確地指出其中大部分都是在《著名》。

It was $18 million for Famous and $7 million for Brand Portfolio.

Famous 的成本為 1800 萬美元，Brand Portfolio 的成本為 700 萬美元。

So as we look for -- look at sales going forward into Q4 on a reported basis, so not adjusting for the 53rd week, we expect both segments to be down mid-single-digits.

因此，當我們根據報告來看第四季的銷售額時，因此不對第 53 週進行調整，我們預計這兩個細分市場都將下降中個位數。

Adjusting for the 53rd week, we expect Famous to be down slightly, but BP still to be down sort of in that mid-single-digit range, given the impact of the 53rd week wasn't as significant, and the plans that we have to make sure that we get through some of that current but slow-moving inventory, so we finished the year clean from an inventory perspective.

在對第 53 週進行調整後，我們預計 Famous 會略有下降，但考慮到第 53 週的影響並不那麼顯著，而且我們制定的計劃，BP 仍會在中個位數範圍內下降。清理掉一些當前但流動緩慢的庫存，因此從庫存角度來看，我們今年乾淨利落地結束了。

And on the Famous down slightly adjusted, I could probably try to back into some sort of comp assumption there, but maybe you could save me the trouble and kind of let me know what you're thinking in terms of comp on that business?

在著名的向下略有調整的情況下，我可能會嘗試回到那裡的某種補償假設，但也許你可以幫我省去麻煩，讓我知道你對該業務的補償有何想法？

Yes.

是的。

So for the Famous business, we're looking at just a marginally positive comp, so about, call it, about a 1% to 1.5% comp for Q4, which is obviously below where we finished in Q3.

因此，對於著名業務，我們只專注於略微積極的競爭，所以，稱之為，第四季度大約 1% 到 1.5% 的競爭，這顯然低於我們在第三季度完成的水平。

And then, Jack, I think you mentioned in response to one of Laura's questions that gross margin you expect to be down in the fourth quarter.

然後，傑克，我想你在回答勞拉的一個問題時提到，你預計第四季度的毛利率會下降。

It looks like -- again, if I kind of take the midpoint of your guide, it looks like maybe op margin down around 70 basis points in 4Q.

看起來 - 再次，如果我採取你的指南的中點，看起來第四季度的營運利潤率可能會下降約 70 個基點。

Can you say how much you expect gross margin to be down?

能透露一下您預計毛利率會下降多少嗎？

I assume maybe you're assuming some SG&A deleverage as well.

我想也許你也假設有一些SG&A去槓桿化。

Yes.

是的。

So really, in terms of the op margin decline in Q4, more of it is being driven by gross margin.

事實上，就第四季營業利潤率下降而言，更多是由毛利率驅動的。

We do -- just in terms of SG&A, we have the $12 million benefit from last year's 53rd week.

我們確實這麼做了——僅就 SG&A 而言，去年第 53 週我們就獲得了 1200 萬美元的收益。

So obviously, that's coming out of Q4.

顯然，這是第四季的結果。

We do have some additional savings given the work that we've been doing.

鑑於我們一直在做的工作，我們確實節省了一些額外費用。

But just given what the sales are coming down, we think there is likely some deleverage in SG&A in the fourth quarter.

但考慮到銷售額的下降，我們認為第四季的銷售、管理及管理費用可能會出現一定程度的去槓桿化。

So that reduction in operating margin really coming from both levers, but I would say more so on the gross margin.

因此，營業利潤率的下降實際上來自兩個槓桿，但我想說更多的是毛利率。

And is your Famous comp, your quarter-to-date -- I don't know, can you say anything about quarter-to-date at Famous?

你的 Famous 比較，你的季度初至今——我不知道，你能談談 Famous 季度初至今的情況嗎？

Is that sort of in line with that sort of plus 1% to 1.5%?

這與加 1% 至 1.5% 相符嗎？

Or is it below that and you expect that to pick up as the holiday season kicks in some more?

或者是否低於該水平，並且您預計隨著假期的到來，這一數字會有所回升？

Yes.

是的。

I think it is running a bit below that.

我認為它的運行速度略低於該值。

But because we have this compressed calendar for holiday, what we're seeing certainly so far in the month of November are some very strong comps with that compressed holiday shopping period.

但由於我們的假期日曆被壓縮，因此到目前為止，我們在 11 月看到的肯定是與壓縮的假期購物期的一些非常強勁的比較。

So what we did was we compared sort of how we expect the quarter to build to the last time the calendar was like this, which was in 2018, and that gives us confidence in that forecast.

因此，我們所做的就是將我們預計本季的建設情況與上一次日曆上的情況（即 2018 年）進行比較，這讓我們對這一預測充滿信心。

And maybe just a last one.

也許只是最後一個。

On the boots, you said it was the biggest negative impact on the third quarter.

關於靴子，您說這是第三季最大的負面影響。

Is there any way to quantify that?

有什麼方法可以量化嗎？

I would imagine boots are more significant in 4Q.

我認為靴子在第四季更為重要。

So are you expecting the impact to be more significant in the fourth quarter than the third quarter?

那麼您預期第四季的影響會比第三季更顯著嗎？

We're seeing -- hi, Mitch, it's Jay.

我們看到──嗨，米奇，我是傑伊。

Boots did -- it was about 2/3 of our drop for the third quarter.

Boots 做到了——大約是第三季跌幅的 2/3。

We are looking today at seeing the boot sales decline, at least from what we know so far, to be similar to what we've experienced in third quarter.

今天我們看到靴子銷量下降，至少從我們目前所知來看，與第三季的情況相似。

And obviously, it's just starting to turn very cold.

顯然，天氣剛開始變得非常冷。

So we'll see if that gets improved.

所以我們會看看情況是否有改善。

But right now, we can only guide on what we know.

但現在，我們只能根據我們所知道的進行指導。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

As you think about the Brand Portfolio, what were the biggest brands where there was a rate of change?

當您考慮品牌組合時，變化率最大的品牌是什麼？

What decelerated?

什麼減速了？

Did anything accelerate in Brand Portfolio?

品牌組合中有什麼加速嗎？

And then as you think of the Famous Footwear business, what are you seeing there in terms of the health of that consumer?

然後，當您想到 Famous Footwear 業務時，您認為消費者的健康狀況如何？

And it sounds like the FLAIR stores still outperformed the base.

聽起來 FLAIR 商店的表現仍然優於基礎商店。

Is it still 43 you're looking for this year?

今年你還在找43嗎？

And just lastly, with the promotions in this current fourth quarter, how do you expect them to be different?

最後，隨著當前第四季的促銷活動，您預期它們會有什麼不同？

You mentioned BOGO before.

你之前提到過BOGO。

What's adjusting in the promotions in Famous Footwear or in Brand Portfolio as you go forward?

隨著您的發展，Famous Footwear 或品牌組合的促銷活動有何調整？

Okay.

好的。

So starting off with what in the Brand Portfolio, as was called out, the sneaker business, fashion sneakers were very good and now represent 30% in the quarter.

因此，從品牌組合中的運動鞋業務開始，時尚運動鞋非常好，現在佔本季的 30%。

We had significant trends in footwear that were positive, such as flats, Mary Janes, slingbacks.

我們在鞋類方面有明顯的正面趨勢，例如平底鞋、瑪麗珍鞋、露跟鞋。

And then also, we did see a -- although it's a smaller category for us within boots, which got us to that better performance in tall boots, it was really on tall-healed boots, which were very strong in the quarter.

然後，我們確實看到了一個- 儘管它對我們來說是靴子中的一個較小的類別，這使我們在高筒靴中獲得了更好的表現，但它實際上是在高筒靴上，該靴子在本季非常強勁。

And both Sam Edelman and Naturalizer benefited from those trend items.

Sam Edelman 和 Naturalizer 都受惠於這些流行單品。

Fast forward over to Famous Footwear, athletic continues to really dominate right now and these very strong athletic brands that we've reported upon that Famous does have are continuing to trend across the women's, men's, and kids part of the business.

快進到 Famous Footwear，運動鞋現在仍然佔據主導地位，我們報道過的 Famous 擁有的這些非常強大的運動品牌正在繼續在女裝、男裝和兒童業務中流行。

And then across the board, it really was boots that just -- this particularly short casual that was the most concerning part and did cause us some pain here.

總的來說，確實是靴子——這種特別短的休閒裝是最令人擔憂的部分，確實給我們帶來了一些痛苦。

Moving forward, we still see in the consumers are still wanting the brands that they desire.

展望未來，我們仍然看到消費者仍然想要他們想要的品牌。

And that's really -- whether they're value or full price, they're still really looking at the brands and the products that they want and continue to demand.

事實上，無論他們是價值還是全價，他們仍然真正關注他們想要並持續需求的品牌和產品。

So we're continuing to see that.

所以我們將繼續看到這一點。

And then finally, the FLAIR stores are working.

最後，FLAIR 商店開始營業了。

We're very happy with them.

我們對他們感到非常滿意。

We're only going to open one more store.

我們只會再開一家商店。

So we have 32 open now.

所以我們現在有 32 個開放。

So we'll end with 33.

所以我們將以 33 結束。

And then right after the -- into the '25 plan, we'll continue to open more.

然後，在進入“25 計劃”之後，我們將繼續開放更多。

We did delay some of those just so we could keep the stores open and get the most sales through the holiday period.

我們確實推遲了其中一些，只是為了讓商店保持營業並在假期期間獲得最大的銷售額。

Got it.

知道了。

And then just on that promotional part, Jay, how you're thinking about that, whether it's BOGO or how do you think of that as we go through the holiday season?

然後就促銷部分而言，Jay，您是如何看待這個問題的，無論是 BOGO 還是在我們度假期間您對此有何看法？

Does it change at all?

它有什麼變化嗎？

Yes.

是的。

So Dana, it's Jack.

達納，是傑克。

So in terms of Famous, we have a promotional calendar, which is very similar to last year, where we did do a lot of BOGO promotion.

所以就 Famous 而言，我們有一個促銷日曆，這與去年非常相似，去年我們確實做了很多 BOGO 促銷。

And so we'll continue that this year.

今年我們將繼續這樣做。

So it should be pretty comparable year over year.

因此，每年的情況應該相當可比。

I think where you'll see more markdown activity, promotional activity is on the Brand Portfolio side, again, as we look to exit 2024 with a really good position on inventory.

我認為你會看到更多的降價活動，促銷活動再次出現在品牌組合方面，因為我們希望在 2024 年以非常好的庫存狀況退出。

And so that's where I think you'll see some more promotions, and that's where we have factored in some more gross margin dilution in that business in Q4.

因此，我認為您會看到更多促銷活動，這也是我們在第四季度將該業務的毛利率稀釋考慮在內的原因。

And it will be more clearance-driven in that category, particularly in season.

在該類別中，尤其是在旺季，清倉率會更高。

That's right.

這是正確的。

And just one last thing.

最後一件事。

How much was the industry down versus yourself?

與你相比，這個行業下降了多少？

Was there a change in industry trend?

產業趨勢是否改變？

So the total footwear industry in total was down about 1%.

因此鞋業整體下降了約1%。

It was 3% in the quarter?

本季是3%？

Yes.

是的。

In the quarter, it was down 3%.

本季下降了 3%。

And I think what we've seen is that the fashion segment of the industry has been below that.

我認為我們所看到的是，該行業的時尚領域一直低於這個水平。

And obviously, that's where we have a decent amount of exposure.

顯然，這就是我們擁有大量曝光的地方。

So I would say both the overall footwear market and then I think the segments that we really compete in have been pressured.

所以我想說，整個鞋類市場以及我們真正參與競爭的細分市場都面臨壓力。

That does conclude our question-and-answer session.

我們的問答環節到此結束。

I would now like to hand the call back to Jay Schmidt, President and CEO, for closing remarks.

現在我想將電話轉回給總裁兼執行長傑伊·施密特 (Jay Schmidt)，讓其致閉幕詞。

Okay.

好的。

Thank you.

謝謝。

Before we close today, I would like to thank the entire Caleres team for their focus and dedication during this quarter and for the whole year.

在今天結束之前，我要感謝整個 Caleres 團隊在本季和全年的專注和奉獻。

Our team worked extremely hard during 2024 while laying the groundwork for a stronger 2025.

我們的團隊在 2024 年非常努力工作，同時為更強大的 2025 年奠定了基礎。

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

感謝大家今天早上加入我們，並感謝您對卡萊雷斯的持續關注。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。