Caleres Inc (CAL) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Caleres Inc fourth quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Caleres Inc 2024 年第四季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Liz Dunn, Senior Vice President, Corporate Development & Strategic Communications. Thank you. You may begin.

現在，我想將會議交給主持人、企業發展與策略傳播資深副總裁 Liz Dunn。謝謝。你可以開始了。

Good morning and thank you for joining our fourth quarter and full year 2024 earnings call and webcast. A press release with detailed financial tables as well as our quarterly slide presentation are available at caleres.com.

早安，感謝您參加我們的 2024 年第四季和全年收益電話會議和網路廣播。包含詳細財務表的新聞稿以及我們的季度幻燈片簡報可在 caleres.com 上找到。

Please be aware today's discussion contains forward-looking statements, which are subject to several risks and uncertainties. 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. 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，這些陳述受多種風險和不確定性的影響。由於各種風險因素，包括公司 10-K 表格和向美國證券交易委員會提交的其他文件中揭露的風險因素，實際結果可能存在重大差異。有關可能影響前瞻性陳述的風險因素和其他因素的更多信息，請參閱今天的新聞稿和我們的美國證券交易委員會文件。這些報告的副本可以在網路上取得。

In discussing our operational results today, we will be providing and referring to certain non-GAAP financial measures. Additional details on these measures as well as others featured in today's earnings release and presentation are available at caleres.com. The company undertakes no obligation to update any information discussed on this call at any time.

在今天討論我們的營運績效時，我們將提供並參考某些非 GAAP 財務指標。有關這些措施以及今天的收益報告和演示文稿中提到的其他措施的更多詳細信息，請訪問 caleres.com。本公司不承擔隨時更新本次電話會議中討論的任何資訊的義務。

Joining me today are Jay Schmidt, President and CEO; and Jack Calandra, Senior Vice President and CFO. Our call will begin with prepared remarks, followed by a Q&A session to address any questions you have.

今天與我一起出席的還有總裁兼執行長 Jay Schmidt；以及資深副總裁兼財務長 Jack Calandra。我們的電話會議將以準備好的發言開始，然後是問答環節來解答您的任何問題。

With that, I will now turn the call over to Jay. Jay?

說完這些，我現在將電話轉給傑伊。傑伊？

Good morning and thank you for joining us today. I've just returned from Seattle where Caleres was honored with the Nordstrom Vendor Partner and Excellence Award for Footwear in 2024. I'm proud of this recognition and it underscores the powerful brands and innovative products all fueled by our Caleres capabilities, and our talented team members that led to this win.

早安，感謝您今天加入我們。我剛從西雅圖回來，Caleres 在那裡榮獲 2024 年 Nordstrom 供應商合作夥伴獎和鞋類卓越獎。我為這項認可感到自豪，它凸顯了強大的品牌和創新產品，這些都得益於我們的 Caleres 能力以及我們才華橫溢的團隊成員，正是這些才使我們獲得了勝利。

Our fourth quarter earnings were at the high end of our recent guidance. We gained market share in women's fashion footwear according to Circana. Our Lead Brands, including Sam Edelman, Allen Edmonds, Naturalizer and Vionic outperformed. We grew our sneaker penetration, and we invested to support our long-term growth while reducing expense elsewhere to align with our areas of strategic focus. And while business in the shoe chain segment softened overall in the quarter, Famous Footwear was able to maximize key selling periods.

我們第四季的收益達到了近期預期的高點。根據 Circana 的數據，我們在女士時尚鞋類市場的佔有率有所提升。我們的主打品牌，包括 Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic 均表現出色。我們提高了運動鞋的滲透率，並進行了投資以支持我們的長期成長，同時減少其他方面的開支，以與我們的策略重點領域保持一致。儘管本季鞋業連鎖店業務整體疲軟，但 Famous Footwear 仍能夠最大限度地利用關鍵銷售期。

Also, in the quarter, we accelerated the evolution of our supply chain and further mitigated the impact of additional tariffs. By the end of second quarter in 2025, we now expect about 75% of our direct product sourcing to be outside of China with our Lead Brands even further along in this transition. This is higher than the goal we communicated last quarter. For the remaining portion of our business still sourced from China, we are well-positioned to manage additional tariffs through a combination of factory negotiations, selective price increases and modest gross margin pressure, which has been incorporated into our forward outlook.

此外，在本季度，我們加快了供應鏈的變革，並進一步減輕了額外關稅的影響。到 2025 年第二季末，我們預計約 75% 的直接產品採購將在中國境外，而我們的主力品牌將在這項轉型中走得更遠。這高於我們上個季度傳達的目標。對於我們剩餘的仍從中國採購的業務，我們可以透過工廠談判、選擇性提價和適度的毛利率壓力等方式來應對額外的關稅，這些都已納入我們的未來展望中。

While 2024 overall was disappointing relative to our initial expectations, we made meaningful progress in advancing our strategic priorities and positioning our brands for sustainable growth. We also laid the foundation for new brands and strategies that support future growth, while returning approximately $75 million to shareholders through buybacks and our longstanding dividend.

雖然 2024 年總體而言與我們最初的預期相比令人失望，但我們在推動策略重點和定位品牌實現永續成長方面取得了有意義的進展。我們也為支持未來成長的新品牌和新策略奠定了基礎，同時透過回購和長期股息向股東返還約 7,500 萬美元。

Now, turning to our results. In total, we delivered fourth quarter adjusted earnings per share of $0.33 and full year adjusted earnings per share of $3.30 at the high end of our most recent guidance. Fourth quarter sales were down approximately 4% to last year, excluding the impact of the 53rd week, reflecting continued weak boot sales, softer wholesale demand and cautious consumer spending in some portions of our business. However, we ended the quarter with more current inventory in the Brand Portfolio and more core in Famous Footwear and are poised for improved trends in 2025.

現在，來談談我們的結果。總體而言，我們在第四季度調整後每股收益為 0.33 美元，全年調整後每股收益為 3.30 美元，均達到我們最新預期的高點。除去第 53 週的影響，第四季銷售額較去年同期下降約 4%，反映出靴子銷售持續疲軟、批發需求疲軟以及部分業務領域的消費者支出謹慎。然而，在本季結束時，我們品牌組合中的現有庫存增多，著名鞋類中的核心庫存增多，並準備在 2025 年迎來改善的趨勢。

Our Brand Portfolio sales declined 7.2% in the fourth quarter or 5% excluding the impact of the 53rd week. Strengthened contemporary brands, continued growth in sneakers and standout performance from Allen Edmonds and Vionic was offset by weakness in boots and softness in demand among our more value-oriented brands and wholesale customers. Despite the challenges in the quarter, Brand Portfolio delivered solid adjusted operating margins of 9.4%.

我們的品牌組合銷售額在第四季度下降了 7.2%，若不計第 53 週的影響則下降了 5%。當代品牌的增強、運動鞋的持續成長以及 Allen Edmonds 和 Vionic 的出色表現，被靴子的疲軟以及我們更注重價值的品牌和批發客戶的需求疲軟所抵消。儘管本季面臨挑戰，品牌組合仍實現了 9.4% 的穩健調整後營業利潤率。

Now, let's take a look at our Lead Brands performance. As a reminder, these four brands represent over 50% of the segment's sales and profit. For the quarter and the year, Lead Brand performance outplaced the overall Brand Portfolio, reinforcing our strategy that these brands will continue powering the future of Caleres.

現在，讓我們來看看我們的主要品牌的表現。需要提醒的是，這四個品牌佔該部門銷售額和利潤的50%以上。就本季和本年度而言，主導品牌的表現超越了整體品牌組合，這強化了我們的策略，即這些品牌將繼續為 Caleres 的未來提供動力。

During the fourth quarter, Sam Edelman declined modestly year-over-year with strength in tall boots, Mary Janes and sneakers, offset by weakness in booties. Internationally, we continued to make progress on our strategic growth agenda. Over the last six months, our team activated new premium wholesale partnerships in Europe with (inaudible), Selfridges and John Lewis, adding to the existing partnerships with Level Shoes, Palacio and Lane Crawford.

第四季度，Sam Edelman 的銷量較去年同期略有下滑，高筒靴、瑪莉珍鞋和運動鞋的銷量表現強勁，但短靴的銷量則表現疲軟。在國際上，我們的策略成長議程持續取得進展。在過去的六個月中，我們的團隊在歐洲與（聽不清楚）、Selfridges 和 John Lewis 建立了新的優質批發合作夥伴關係，同時也增加了與 Level Shoes、Palacio 和 Lane Crawford 的現有合作夥伴關係。

In China and Southeast Asia, we continued to focus on expansion. We added three net new owned stores in the quarter through our international joint venture, and seven franchise stores, bringing our total to 56 owned stores by year-end and 47 international franchise stores.

在中國和東南亞，我們繼續專注於擴張。本季度，我們透過國際合資企業新增了 3 家自有店和 7 家特許經營店，至年底我們的自有店總數達到 56 家，國際特許經營店總數達到 47 家。

At Allen Edmonds, we had a strong fourth quarter. Excluding the impact of the 53rd week, the brand delivered growth on a comparable basis across all channels of the business. Performance was strongest in sport and in-dress loafers, while boot saw a meaningful recovery. The recently launched Reserve Collection continues to perform well, creating a new level of luxury footwear in the brand and attracting new consumers. Allen Edmonds ended the quarter with 56 retail stores, including 12 in the elevated Fort Washington studio format.

在艾倫‧艾德蒙茲，我們在第四季表現強勁。除去第53週的影響，該品牌所有業務管道均實現了可比增長。運動休閒鞋和正裝樂福鞋的表現最為強勁，而靴子則出現了明顯的復甦。最近推出的 Reserve Collection 持續表現良好，創造了品牌奢華鞋類的全新水平，並吸引了新的消費者。截至本季度，Allen Edmonds 共有 56 家零售店，其中包括 12 家採用 Fort Washington 工作室模式的門市。

Also, we were excited to announce earlier this week that Nick Worcester has joined the brand as a creative consultant. Nick brings decades of experience in design and branding, having worked at Barneys, New York, Neiman Marcus, Tom Brown and many others. His expertise will be instrumental in evolving Allen Edmonds while staying true to its heritage.

此外，本週早些時候，我們很高興地宣布，尼克·伍斯特 (Nick Worcester) 已加入該品牌，擔任創意顧問。尼克在設計和品牌推廣方面擁有數十年的經驗，曾在巴尼斯 (Barneys)、紐約 (New York)、尼曼 (Neiman Marcus)、湯姆布朗 (Tom Brown) 等多家公司工作過。他的專業知識將有助於 Allen Edmonds 在保持公司傳統的同時不斷發展。

Naturalizer had a more challenged quarter with strength in sneakers offset by weakness in casual and dress shoes. While dress boots continued to be strong, especially in wide-shaft, short boots remained weak. We are seeing good early selling in spring in sneakers, including the new Bedita Sneaker with colorful suede uppers and casual sandals as well as improved e-commerce metrics. In the coming months, we will announce new brand ambassadors and new collaborations that will move the brand forward.

Naturalizer 本季面臨更大挑戰，其運動鞋業務表現強勁，但休閒鞋和正裝鞋業務表現疲軟。儘管正裝靴（尤其是寬筒靴）依然表現強勁，但短靴的銷售量依然疲軟。我們發現春季初期運動鞋的銷售情況良好，包括採用彩色絨面革鞋面和休閒涼鞋的新款 Bedita 運動鞋，以及改進的電子商務指標。在接下來的幾個月裡，我們將宣布新的品牌大使和新的合作關係，推動品牌向前發展。

Vionic delivered a strong quarter with sales driven by hybrid and casual sports styles, including the Uptown loafer and Winnie lace-up sneaker. Vionic continues to grow at Nordstrom where the brand was prominently featured in the successful January Make Room for Shoes event. During the quarter, Vionic led with product innovation, launching the Walk Max sneaker and the 23Walk Loafer further expanding the brand's position in the walking category.

Vionic 本季度業績表現強勁，銷售主要受混合和休閒運動款式推動，包括 Uptown 樂福鞋和 Winnie 繫帶運動鞋。Vionic 在 Nordstrom 繼續發展，該品牌在 1 月份成功的「為鞋子騰出空間」活動中佔據突出位置。本季度，Vionic 引領產品創新，推出了 Walk Max 運動鞋和 23Walk Loafer，進一步擴大了該品牌在步行類別中的地位。

We also launched VioLab during the quarter, a team of brand partners who will work with the Vionic team on research and development, product innovation and advancing brand advocacy with podiatrists and the broader wellness community. Beyond the performance of our Lead Brands, we saw tremendous results from Vince and Veronica Beard. These two brands operate at the top of our current price architecture, and each has a unique point-of-view in the marketplace. The performance we are seeing from these brands gives us confidence to further expand into the contemporary segment.

我們還在本季度推出了 VioLab，這是一支品牌合作夥伴團隊，他們將與 Vionic 團隊合作進行研發、產品創新以及向足病醫生和更廣泛的健康社區推進品牌宣傳。除了我們主力品牌的表現之外，我們還看到 Vince 和 Veronica Beard 取得了巨大的成就。這兩個品牌在我們目前的價格架構中處於領先地位，並且在市場上都有獨特的觀點。這些品牌的出色表現讓我們有信心進一步拓展當代飲料市場。

To that end, we recently announced the launch of Favorite Daughter footwear under license for fall 2025. Founders, Erin and Sarah Foster, bring a distinctive fashion perspective and have built a fresh new brand at the intersection of content and commerce.

為此，我們最近宣布將於 2025 年秋季推出 Favorite Daughter 鞋類。創辦人 Erin 和 Sarah Foster 帶來了獨特的時尚視角，並在內容和商業的交匯處打造了一個全新的品牌。

As you are also aware, we announced our definitive agreement to acquire Stuart Weitzman from Tapestry. While we will not be able to share our detailed plans at this time, it is clear to us that this iconic brand fits extremely well into our company as our newest lead brand. The acquisition will give us more exposure to the contemporary segment, premium price points, direct-to-consumer and international markets. We look forward to providing more details once the transaction closes this summer.

如您所知，我們宣布了從 Tapestry 收購 Stuart Weitzman 的最終協議。雖然我們目前無法分享我們的詳細計劃，但我們很清楚，這個標誌性品牌作為我們最新的主導品牌，非常適合我們公司。此次收購將使我們更多地接觸當代市場、高端價格點、直接面向消費者和國際市場。我們期待今年夏天交易完成後提供更多細節。

Turning now to Famous Footwear, comp-store sales were down 2.9% with the brick-and-mortar comp sales down 4.1% and comparable web sales up 3.1%. During the quarter, key holiday weeks performed well, but overall business was otherwise soft. Men's performed best, kids performed about in line with the overall comp trend and women saw the biggest decline. Total athletic declined low-single-digits albeit with solid growth from Adidas and New Balance. And total fashion declined mid-high single-digits. As expected, the boot category saw high single-digit sales declines. And finally, sales of Caleres own brands increased 1.5 points in penetration in the quarter and were up year-over-year.

現在來看看 Famous Footwear，同店銷售額下降 2.9%，實體店同店銷售額下降 4.1%，同店網路銷售額成長 3.1%。本季度，主要假期週表現良好，但整體業務表現疲軟。男裝表現最佳，童裝表現與整體趨勢一致，女裝表現下滑最為顯著。儘管阿迪達斯和新百倫實現了穩健的成長，但運動用品整體銷量仍呈現個位數下滑。而時尚產品整體銷售量則出現中高個位數的下滑。正如預期，靴子類別的銷量出現了高個位數的下滑。最後，Caleres 自有品牌的銷售額在本季滲透率增加了 1.5 個百分點，並且較去年同期成長。

On the inventory side, Famous effectively cleared through excess seasonal inventory and is positioned well with fresh product introductions in spring 2025. We finished the year with 34 FLAIR stores and our newest generation of FLAIR stores outperformed the rest of brick-and-mortar stores by almost 10 points in the quarter. We will continue improving and expanding our FLAIR stores with plans to upgrade 25 more stores to the FLAIR format in 2025 and open one additional new FLAIR store. The FLAIR concept continues to be a powerful way for us to showcase strongly demanded brands and elevated styles while also attracting new premium products and brands.

在庫存方面，Famous 有效清理了多餘的季節性庫存，並為 2025 年春季推出新產品做好了準備。我們在年底擁有 34 家 FLAIR 商店，我們最新一代的 FLAIR 商店在本季度的表現比其他實體店高出近 10 個百分點。我們將繼續改善和擴大我們的 FLAIR 商店，計劃在 2025 年將另外 25 家商店升級為 FLAIR 格式，並開設一家新的 FLAIR 商店。FLAIR 概念繼續成為我們展示強勁需求的品牌和高端風格同時吸引新的優質產品和品牌的強大方式。

For back-to-school in 2025, we have secured several new strongly demanded brands and products at Famous Footwear. While we can't reveal the details yet, these exceptional additions to the famous brand family will add some major heat during a vital season, while positioning us long-term to better reach our target customer segments.

為了迎接 2025 年的返校季，我們在 Famous Footwear 鎖定了幾個需求旺盛的新品牌和產品。雖然我們目前還不能透露細節，但這些著名品牌家族的傑出新成員將會在重要的季節增添一些熱度，同時讓我們的長期定位能夠更好地覆蓋我們的目標客戶群。

We also recently announced that we bolstered our merchandising leadership and expertise, hiring industry veteran Brian Costello as Famous Footwear's Chief Merchandising Officer. Brian most recently led Nordstrom Rack's footwear and accessories business. His success on both the fashion and the athletic sides of the business in an open-sell retail environment makes him an ideal fit for Famous and we look forward to its impact on the business.

我們最近也宣布，我們將加強我們的行銷領導力和專業知識，聘請業界資深人士 Brian Costello 擔任 Famous Footwear 的首席行銷長。Brian 最近領導 Nordstrom Rack 的鞋類和配件業務。他在開放式零售環境中在時尚和運動業務方面取得的成功使他成為 Famous 的理想人選，我們期待其對業務的影響。

So Jack will walk through the guidance in more detail. But as we move forward to 2025, and the current macroeconomic environment with persistent inflation and newer tariffs, we believe it is prudent to take a conservative view for the year. At both Famous Footwear and across the Brand Portfolio, we are seeing signs indicating continued headwinds with the value-based consumer and challenges for the brands that service them. In addition, the latest feedback from key retail partners indicates that they will be more cautious with receipts in inventory in light of the current economic environment.

因此傑克將更詳細地介紹該指南。但隨著我們邁入 2025 年，以及當前持續通膨和新關稅的宏觀經濟環境，我們認為對今年採取保守觀點是明智之舉。無論是在 Famous Footwear 還是整個品牌組合中，我們都看到一些跡象表明，價值型消費者繼續面臨阻力，而為他們服務的品牌也面臨挑戰。此外，主要零售合作夥伴的最新反饋表明，鑑於當前的經濟環境，他們將對庫存收貨更加謹慎。

After a difficult year in 2024, we are focused on improving sales trends and delivering on our guidance in 2025. We will continue our strategic investment spending while staying disciplined on overall expense levels and we will remain nimble with product strategies and sourcing to maximize our wins and minimize the impact of tariffs.

在經歷了 2024 年的艱難時期後，我們專注於改善銷售趨勢並在 2025 年實現我們的目標。我們將繼續進行策略性投資支出，同時嚴格控制整體支出水平，並保持靈活的產品策略和採購，以最大限度地提高我們的勝利，並最大限度地減少關稅的影響。

So despite this posture, I remain optimistic about what we have in store for 2025. Our Lead Brands remain strong and are collectively gaining market share. And we have expanded our customer reach with greater focus on the significant opportunity we see in contemporary at premium price points. The hard work of our talented teams and the impact of new leadership across several areas of our business, along with strategic brand partnerships and the planned acquisition of Stuart Weitzman position us well to drive significant value in 2025 and beyond.

因此，儘管存在這種態勢，我仍然對 2025 年的前景持樂觀態度。我們的主力品牌依然表現強勁，市場佔有率正在不斷擴大。我們擴大了客戶範圍，更加關注高端價位的當代產品所蘊含的重大機會。我們才華橫溢的團隊的辛勤工作、新領導層對我們業務多個領域的影響力、以及策略品牌合作夥伴關係和對 Stuart Weitzman 的計劃收購，使我們能夠在 2025 年及以後實現重大價值。

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，我將把話題交給傑克，讓他更詳細地介紹我們的財務表現和前景。傑克？

Thanks, Jay, and good morning, everyone. During today's call, I'll review both our fourth quarter and full year 2024 results and share our outlook for 2025, including how we factored recent tariff increases into our guidance. Please note my comments will be on an adjusted basis and comparisons to 2023 will include the impact of the 53rd week unless otherwise indicated. We've included a table in the release outlining the sales impact of the extra week for each segment and total company.

謝謝，傑伊，大家早安。在今天的電話會議上，我將回顧我們 2024 年第四季和全年的業績，並分享我們對 2025 年的展望，包括我們如何將最近的關稅上調納入我們的指引。請注意，我的評論將以調整後的基礎為基礎，並且與 2023 年的比較將包括第 53 週的影響，除非另有說明。我們在新聞稿中附上了一張表格，概述了額外一週對每個部門和整個公司的銷售影響。

Turning to the results. Fourth quarter consolidated sales were $639.2 million, down 8.3%. On a dollar basis, sales were down $57.9 million, which included an unfavorable $30.3 million impact related to the 53rd week and one less back-to-school week in the quarter. Brand Portfolio sales were down 7.2%. Famous sales were down 9.6% in total and down 2.9% on a comparable basis. Full-year consolidated sales were $2.72 billion, down 3.4% to last year and in line with our latest guidance. Fourth quarter consolidated gross margin was 43%, 80 basis points decrease to last year, with declines of 40 basis points at Famous and 100 basis points at Brand Portfolio.

談談結果。第四季綜合銷售額為 6.392 億美元，下降 8.3%。以美元計算，銷售額下降了 5,790 萬美元，其中包括與第 53 週和本季少一個返校週相關的 3,030 萬美元的不利影響。品牌組合銷售額下降7.2%。名牌商品銷量總計下降9.6%，可比口徑下降2.9%。全年綜合銷售額為 27.2 億美元，較去年下降 3.4%，符合我們的最新預期。第四季綜合毛利率為43%，較去年同期下降80個基點，其中Famous下降40個基點，Brand Portfolio下降100個基點。

The decrease at Famous was primarily due to an increase in BOGO days and lower clearance margins. Brand Portfolio's decrease was due to higher discounts and markdown allowances as well as higher freight expense. Full year consolidated gross margin was 44.9%, up approximately 10 basis points to last year. This was driven by 80 basis points increase in Brand Portfolio, offset by 60 basis points decline at Famous.

Famous 的銷量下降主要是由於 BOGO 天數增加以及清倉利潤率下降。品牌組合的下降是由於折扣和降價幅度增加以及運費增加所致。全年綜合毛利率為44.9%，較去年上升約10個基點。這是由於品牌組合成長 80 個基點，但 Famous 下降 60 個基點所抵消。

SG&A for the fourth quarter was $261.7 million and 40.9% of sales. SG&A dollars declined $11.2 million versus last year as a result of the restructuring actions we took earlier in the year, and lower variable expenses. Full-year SG&A was $1.07 billion and 39.1% of sales.

第四季銷售、一般及行政開支為 2.617 億美元，佔銷售額的 40.9%。由於我們今年稍早採取的重組措施以及變動費用的降低，銷售、一般和行政費用較去年同期減少了 1,120 萬美元。全年銷售、一般及行政開支為 10.7 億美元，佔銷售額的 39.1%。

Restructuring savings and lower incentive compensation were offset by increased investment in IT and stores as well as incremental marketing spending in the first half of the year. Fourth quarter operating earnings were $13.4 million and 2.1% of sales. Full-year operating earnings were $157 million and 5.8% of sales, down 140 basis points due to expense deleverage on lower sales. Fourth quarter net interest expense was $3.9 million, down slightly to last year. The weighted average borrowing rate in Q4 was 5.7% compared to 7.2% last year.

重組節省和較低的激勵薪酬被上半年 IT 和門市投資的增加以及行銷支出的增加所抵消。第四季營業利潤為 1,340 萬美元，佔銷售額的 2.1%。全年營業利潤為 1.57 億美元，佔銷售額的 5.8%，由於銷售額下降導致費用去槓桿，下降了 140 個基點。第四季淨利息支出為 390 萬美元，較去年同期略有下降。第四季加權平均借款利率為 5.7%，去年同期為 7.2%。

Full year net interest expense was $14 million, down $5.4 million to last year. The weighted average borrowing rate in 2024 was 6.2% versus 6.7% last year. Fourth quarter earnings per diluted share were $0.33, full year earnings per diluted share were $3.30 at the high end of our latest guidance.

全年淨利息支出為 1,400 萬美元，較去年減少 540 萬美元。2024 年的加權平均借款利率為 6.2%，而去年為 6.7%。第四季每股攤薄收益為 0.33 美元，全年每股攤薄收益為 3.30 美元，符合我們最新預期的高點。

EBITDA for the trailing 12 months was $216.6 million and 8% of sales. Inventory at year-end was $565 million, up 4.5% versus last year. Inventory was up 2% at Famous and up 7.4% at Brand Portfolio. At Brand Portfolio, the increase was due to higher levels of current fall inventory and higher in transit for Allen Edmonds as we increased our externally sourced sneaker assortment.

過去 12 個月的 EBITDA 為 2.166 億美元，佔銷售額的 8%。年末庫存為 5.65 億美元，比去年增長 4.5%。Famous 的庫存上漲了 2%，Brand Portfolio 的庫存上漲了 7.4%。在品牌組合方面，成長是由於我們增加了外部採購的運動鞋品種，導致當前秋季庫存水平較高且 Allen Edmonds 的運輸量較高。

Aged inventory in Brand Portfolio was down as a percent of total. We ended the year with $219.5 million in borrowings and with a debt-to-trailing 12-month EBITDA ratio of 1 times. Regarding cash flow from operations, we generated $105 million and deployed cash for strategic investments in the business, paid our quarterly dividend, and repurchased 1.9 million shares.

品牌組合中的陳舊庫存佔總庫存的百分比下降。我們截至年底的借款額為 2.195 億美元，過去 12 個月的債務與 EBITDA 比率為 1 倍。至於經營活動產生的現金流，我們創造了 1.05 億美元，並將現金用於業務策略投資、支付季度股息並回購了 190 萬股。

Now, turning to our outlook. Given the challenging start to the year and the anticipation of continued economic uncertainty due to inflation and tariffs, we are providing the following guidance for 2025. Please note that this guidance excludes any impact for the Stuart Weitzman acquisition, which we expect to close this summer. We will update our guidance for Stuart Weitzman after the acquisition closes.

現在，談談我們的展望。鑑於今年開局充滿挑戰，並且預計通貨膨脹和關稅將導致經濟不確定性持續存在，我們為 2025 年提供了以下指導。請注意，該預期不包括對 Stuart Weitzman 收購的任何影響，我們預計該收購將於今年夏天完成。收購完成後，我們將更新對 Stuart Weitzman 的預期。

For 2025, we expect consolidated sales to be down 1% to up 1%, with Famous sales down low-single digits and Brand Portfolio sales up 1% to 2%. Famous sales include the expected net closure of 10 stores. We expect consolidated operating margin of 5.1% to 5.6%, an effective tax rate of about 23%, earnings per diluted share of $2.80 to $3.20 and capital expenditures of $50 million to $55 million.

展望 2025 年，我們預計綜合銷售額將下降 1% 至成長 1%，其中 Famous 銷售額將下降個位數，而品牌組合銷售額將成長 1% 至 2%。著名的銷售包括預計關閉 10 家門市。我們預計綜合營業利潤率為 5.1% 至 5.6%，有效稅率約為 23%，每股攤薄收益為 2.80 美元至 3.20 美元，資本支出為 5,000 萬至 5,500 萬美元。

With regard to the two new tranches of tariffs imposed on imports from China, based on discussions and decisions to date, we have assumed that equal shares of the tariff increases will be absorbed by our factory partners and by the company. The latter in the form of lower gross margins and a smaller share will be passed on to the consumer through selective price increases.

關於對從中國進口的產品徵收的兩批新關稅，根據迄今為止的討論和決定，我們假設關稅增加的部分將由我們的工廠合作夥伴和公司分別承擔。後者將以較低的毛利率和較小的份額的形式透過選擇性提價轉嫁給消費者。

Our guidance does not assume any further increases in tariffs on imports from China or any new tariffs on other countries from which we source products. We are also providing the following guidance for Q1. We expect sales to be down 5% to 6% which reflects the very challenging business we experienced in February, and earnings per diluted share of $0.35 to $0.40.

我們的指引並不假設對從中國進口的產品的關稅會進一步增加，也不假設對我們採購產品的其他國家徵收任何新的關稅。我們也為第一季提供了以下指引。我們預計銷售額將下降 5% 至 6%，這反映了我們 2 月經歷的非常艱難的業務，每股攤薄收益為 0.35 美元至 0.40 美元。

With that, we can open the line for questions. Operator?

這樣，我們就可以開始回答問題了。操作員？

Thank you. (Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

謝謝。（操作員指示）Ashley Owens，KeyBanc 資本市場。

Hey, good morning. Thanks for taking the question. So I want to start by touching on the EPS guide a little bit. I guess, could you elaborate on some of the assumptions you're making within that guide for the balance of the year as we look to 2Q, 3Q and 4Q? I believe each quarter last year also had some headwinds that were at the time considered one-time. So are those embedded at all in your assumptions?

嘿，早安。感謝您回答這個問題。因此，我想先稍微談談 EPS 指南。我想，您能否詳細說明一下您在該指南中對今年第二季、第三季和第四季的餘額所做的一些假設？我認為去年每個季度都面臨著一些當時被認為是一次性的阻力。那麼這些是否都體現在你的假設中呢？

And then, additionally, how do you think about the path and timeline back to that $4 threshold from here without any of the store contributions being baked in? Is that something that can be achieved in the near term? Thanks.

另外，在不考慮任何商店貢獻的情況下，您如何看待從現在開始回到 4 美元門檻的路徑和時間表？這是近期可以實現的事嗎？謝謝。

Yes. Hi, Ashley, it's Jack. Thanks for your question. So just in terms of the assumption for the quarterly phasing for the year, we do expect sequential quarterly improvement throughout the year.

是的。嗨，阿什利，我是傑克。感謝您的提問。因此，僅就年度季度分階段的假設而言，我們確實預期全年季度情況會連續改善。

And let me just break that down into the two segments. So for Famous, we expect this improvement to come from new product introductions that Jay referenced in his comments as well as the impact of new leadership. We also believe the very challenging February business was an outlier, and this is supported by the significant improvement we've seen in the March month-to-date results.

讓我將其分為兩個部分。因此對於 Famous 而言，我們預計這種改進將來自 Jay 在評論中提到的新產品的推出以及新領導的影響。我們也認為，二月的業務非常具有挑戰性，這是一個異常現象，而三月迄今的業績顯著改善也證實了這一點。

And then, for Brand Portfolio, we expect this improvement throughout the year to come from a couple of those things that you sort of alluded to in your comments. One, you'll remember we will be anniversarying the SAP upgrade challenges we had in Q2 last year to which we attributed a $15 million sales impact. We have growth in international, which continues to ramp up as we go through the year. We have the launch of Favorite Daughter in the back half. We have the continued momentum in our contemporary brands, in particular, Vince and Veronica Beard and then we have wholesale door growth for Allen Edmonds.

然後，對於品牌組合，我們預計全年的改善將來自於您在評論中提到的幾個方面。首先，您會記得，我們​​將紀念去年第二季遇到的 SAP 升級挑戰，這對銷售產生了 1500 萬美元的影響。我們的國際業務有所成長，而這一趨勢隨著時間的推移而不斷加快。我們在後半部推出了《最愛的女兒》。我們的當代品牌，特別是 Vince 和 Veronica Beard，繼續保持強勁發展勢頭，同時 Allen Edmonds 的批發業務也實現了成長。

And so all of those items, the discrete items and initiatives give us confidence in the sequential improvement that we've built into our guidance for the balance of the year.

因此，所有這些項目、獨立的項目和舉措都讓我們對在今年剩餘時間的指引中體現的連續改進充滿信心。

Okay, great. And maybe just to dial down on contemporary a little bit because it sounds like it's been a bright spot for you. If you could just discuss the trends, you're seeing within that. And maybe why or your thoughts as to why it's been holding given it is a higher price point? There's a couple of different things I think could be driving this, but do you think the consumer there isn't as at risk? Is there a shift down maybe from luxury to more affordable, but still elevated footwear, dress shoes kind of making a comeback at all, but just anything you could maybe comment on this, shed some light as to the resilience there would be helpful.

好的，太好了。也許只是稍微減少一點當代風格，因為這聽起來對你來說是一個亮點。如果您可以討論一下趨勢，您會看到其中的趨勢。也許是因為或您認為為什麼它在價格較高的情況下還能維持現狀？我認為有幾種不同的因素可能導致這種情況，但您是否認為那裡的消費者面臨的風險較小？是否會出現從奢侈鞋到更實惠但仍然高檔的鞋類、正裝鞋等的轉變，但您可能對此發表評論，闡明其彈性，這將會很有幫助。

Hi, Ashley, it's Jay and you did hit many of them. So I'm going to just reinforce those. First off, we do believe fully, and we've seen some data from Circana supporting this as designer has gotten weaker, key contemporary brands are trending and we happen to have two of them currently. So that is something that we believe is a consumer choice in how they're prioritizing their spend.

嗨，阿什利，我是傑伊，你確實打中了他們中的許多人。所以我只想強化這些。首先，我們完全相信，我們從 Circana 看到的一些數據也支持這一點，因為設計師已經變弱，主要的當代品牌正在流行，而我們恰好目前擁有其中兩個。所以我們認為這是消費者在決定支出優先順序時的選擇。

In addition, we have seen a real movement, I think more toward fashion and it's really broad-based in those brands like we are seeing seasonal work well. We have great items within the flat and casual moment. Interestingly enough, the fashion sneaker business in both those brands has been outstanding and it's been running that way for a long time. So combination of our capabilities along with these great brands and working across several categories has been very, very strong. So we're excited about it. And again, now we're seeing more scale coming through there, which gives us a lot of confidence.

此外，我們看到了一種真正的運動，我認為更多的是朝著時尚的方向發展，這種運動在這些品牌中確實具有廣泛的基礎，就像我們看到季節性的作品一樣。我們在平淡和休閒的時刻擁有精彩的物品。有趣的是，這兩個品牌的時尚運動鞋業務都非常出色，而且已經持續了很長時間。因此，我們的能力、與這些優秀品牌的結合以及跨多個類別的工作非常非常強大。所以我們對此感到很興奮。現在我們看到那裡正在出現更多的規模，這給了我們很大的信心。

It also seems that with this desire toward newness being very, very important, certainly, those contemporary brands lead in that way. We're also seeing similar trend lines coming through in our Sam Edelman business and others. So (inaudible)

而且看起來，這種對新鮮事物的渴望非常非常重要，因此那些當代品牌肯定會以這種方式引領潮流。我們也發現 Sam Edelman 業務和其他業務也呈現類似的趨勢。所以（聽不清楚）

Laura Champagne, Loop Capital Markets.

勞拉·香檳 (Laura Champagne)，Loop Capital Markets。

Thanks for taking my question. It's a follow up on the expectation that the brand portfolio improves throughout the year. And Jack, I think you mentioned lots of sort of small things the international growth, the Allan Edmonds and so forth. Can you hit your full year guidance without seeing an improvement in trend in the sort of same doors business or sort same store sales equivalent in the brand portfolio group?

感謝您回答我的問題。這是對品牌組合全年改善的預期的後續行動。傑克，我想你提到了很多小事，像是國際成長、艾倫艾德蒙茲等等。如果看不到同店業務或品牌組合集團同店銷售趨勢的改善，您能達到全年預期嗎？

Yes. Hi, Laura, it's Jack. Thanks for the question. So as we've modeled this, those initiatives we've talked about, I would say some of them are on the larger side. So the two larger ones are obviously, the SAP upgrade challenges we had last year was $15 million. The international sales growth we expect is also of a similar type of magnitude. And then, there are those other things.

是的。嗨，蘿拉，我是傑克。謝謝你的提問。因此，正如我們所模擬的，我們所談論的那些舉措，我想說其中一些是規模較大的。因此，兩個較大的挑戰顯然是，我們去年面臨的 SAP 升級挑戰價值 1500 萬美元。我們預期的國際銷售成長也將達到類似的幅度。然後，還有其他的事情。

And so, when we look at these initiatives and what we think they will add, we can, if you will, accommodate a decline, if you will, and maybe the base business outside of those things and still hit our guidance. So we do feel comfortable with the quarterly cadence and the growth there.

因此，當我們審視這些舉措以及我們認為它們會帶來哪些好處時，我們可以適應下滑，也許除了這些之外的基礎業務仍然可以達到我們的期望。因此，我們對季度節奏和成長感到滿意。

Got it. And then the Q1, I know you don't guide to gross margin, but it does seem like perhaps the EPS are being impacted by not just the tariffs but also markdowns. Can you comment on how you expect your markdowns to progress through the year from what seems like it's going to be pretty tough base in Q1?

知道了。然後是第一季度，我知道您沒有公佈毛利率，但看起來每股收益不僅受到關稅的影響，還受到降價的影響。鑑於第一季的降價幅度似乎相當艱難，您能否評論一下您預計全年的降價幅度將如何？

Yes. I think -- Laura, it's Jay. I think we have some of that behind us as we come out of Q1. But for -- as we mentioned in the commentary, our inventory in Brand Portfolio is more current than as a percentage to total and in Famous with more core coming through. So we think the future is better. We did take a lot of pressure and then we feel like we're adequately reserved for those periods coming out of the fourth quarter.

是的。我認為——勞拉，是傑伊。我認為，隨著我們走出第一季度，我們已經擺脫了一些困境。但是——正如我們在評論中提到的那樣，我們的品牌組合中的庫存比佔總數的百分比更為新，而在 Famous 中則有更多核心庫存。所以我們認為未來會更好。我們確實承受了很大的壓力，然後我們覺得我們已經為第四節結束後的時期做好了足夠的準備。

Yes. And Laura, I would just add, so we have contemplated some gross margin decline in the business in Q1. And with that sales forecast or guidance of down 5% to 6%, obviously, there's also some SG&A deleverage just on that lower sales.

是的。勞拉，我想補充一點，我們已經考慮到第一季業務的毛利率會下降。由於銷售預測或指導價格下降了 5% 至 6%，顯然，銷售額下降也會導致銷售、一般及行政費用去槓桿。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Mitch Kummetz, Seaport Research.

海港研究公司的米奇‧庫梅茲 (Mitch Kummetz)

Yes, thanks for taking my questions. I guess I just have a few around the guide. Maybe starting with Jack, you gave us the full-year outlook kind of by operating group, Famous versus BP in terms of the sales. Is there anything more you can say in terms of the split for 1Q?

是的，感謝您回答我的問題。我想我只知道指南中有幾條。也許從傑克開始，您為我們提供了按營運集團劃分的全年展望，就銷售額而言，Famous 與 BP 相比如何。關於第一季的拆分，您還有什麼可以說的嗎？

No, Mitch. I guess what I would say is, within the guidance of the down 5% to 6% in sales, I think Brand Portfolio will likely be a little bit on the better end of that range and Famous will likely be at the lower end of that range. Again, we are anticipating some gross margin pressure in both businesses in the first quarter. That's reflected in the guide as well as again some SG&A deleverage just on those lower sales.

不，米奇。我想說的是，在銷售額下降 5% 至 6% 的預期範圍內，我認為 Brand Portfolio 可能會稍微處於該範圍的較高端，而 Famous 可能會處於該範圍的較低端。我們再次預期第一季這兩項業務的毛利率都會面臨一些壓力。這反映在指南中，並且再次反映了一些銷售、一般及行政費用因銷售額較低而產生的去槓桿現象。

Okay. And then, also on the first quarter, like on the year, you're giving us the op margin of 5.1% to 5.6%. Unless I missed it, you haven't said anything about op margin in the first quarter. You're just giving us sales and earnings. Is there anything you can say on the op margin for the first quarter?

好的。然後，同樣在第一季度，就像在今年一樣，您給我們的營業利潤率為 5.1％ 至 5.6％。除非我錯過了，否則你沒有提到第一季的營業利潤率。您只是給我們銷售和收益。能透露一下第一季的營業利潤率嗎？

Yes. Generally, when we give quarterly guidance, Mitch, we usually don't comment on op margin. We usually just give the sales and EPS, but certainly the op margin in Q1 will be the lowest of the year. And again, we will be building back as we go through the year based on those other initiatives and things that we are lapping from last year that will provide benefit.

是的。米奇，一般來說，當我們提供季度指導時，我們通常不會對營業利潤率發表評論。我們通常只提供銷售額和每股收益，但第一季的營業利潤率肯定會是全年最低的。再次，我們將在去年所採取的其他措施和措施的基礎上，在今年繼續進行重建，以帶來效益。

And then, on the earnings guide for both the year and the full year, in the press release, it's characterized as GAAP. EPS, I don't recall if that's how you've done it in the past, but is there -- should pro-forma basically be the same? Is there anything happening in those numbers that would make your pro forma earnings different than your GAAP earnings?

然後，在新聞稿中，年度和全年的盈利指南都被描述為 GAAP。EPS，我不記得您過去是否這樣做過，但是形式發票基本上應該相同嗎？這些數字中是否存在什麼因素導致您的預期收益與 GAAP 收益不同？

No. The guidance that we've given at this point because we don't have any adjusting items that we know about, so the GAAP guide and the adjusted guide are basically the same.

不。我們目前給出的指導是因為我們不知道任何調整項目，所以 GAAP 指南和調整後的指南基本上相同。

Okay. And then, maybe one last one, just on the tariffs. Because you said -- and this is I think in the presentation that you're passing some of this to the consumer, but then you're also absorbing some of it yourself in terms of gross margin. Is there any way to maybe kind of parse that out a little bit? I mean, are you thinking about sort of low-single-digit price increases? And can you say kind of what sort of hit you expect to take on gross margin? Is it 10 basis points, 20 basis points, 30 basis points?

好的。然後，也許還有最後一個問題，關於關稅。因為您說過——而且我認為在演示中您將其中一部分傳遞給了消費者，但從毛利率的角度來看您自己也會吸收其中一部分。有沒有什麼方法可以稍微解析一下這個問題？我的意思是，您是否考慮過某種低個位數的價格上漲？您能否說一下預計這會對毛利率造成什麼樣的影響？是10個基點、20個基點、還是30個基點？

Well, a couple of things. We think that the -- Mitch, it's Jay. The retail price increases will be, as you suggested on the lower side, and they are select by certain opening price brands that remain in China. Remember, this is 25% we feel or less of our total as we look at that. So Jack will give you some of the -- I think the backup for that. But on the first round of tariffs, we felt like we accomplished most of the coverage on it. And then, on the second round, a little more difficult and we want to make sure that we don't price things so far out that we don't get it. It's unattainable for the consumer.

嗯，有幾件事。我們認為──米奇，是傑伊。零售價的漲幅將如您所說，偏低，而且是由留在中國的某些開價品牌選擇的。請記住，當我們看這個時，我們感覺這只佔總數的 25% 或更少。所以傑克會給你一些——我想是對此的支持。但在第一輪關稅中，我們覺得我們已經完成了大部分覆蓋。然後，第二輪就稍微困難一些了，我們要確保價格不會定得太高，以致於我們無法得到它。這對消費者來說是難以實現的。

Yes. And Mitch, on the gross margin impact to Brand Portfolio on the year, the strategy that we put forth would call for about 30 basis points to 40 basis points of gross margin hit from absorbing that share of the tariffs at the company.

是的。米奇，關於今年品牌組合的毛利率影響，根據我們提出的策略，公司吸收這部分關稅將導致毛利率下降約 30 個基點到 40 個基點。

All right. Thanks again and good luck.

好的。再次感謝並祝你好運。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, good morning, everyone. Just following up on the gross margins, as you look at the other levers in gross margins like freight or discount, how you're planning for those as we go through the year, and what you're seeing?

大家早安。只是跟進毛利率，當您查看毛利率中的其他槓桿（例如運費或折扣）時，您在全年對這些槓桿有何計劃，以及您看到了什麼？

And then Jay, you mentioned the weakness in Sam Edelman with booties. What are you seeing from the brands overall in terms of category performance going forward and how are you planning? And then just lastly on the wholesale -- two things, wholesale accounts, how are order trends going? And then, in your remodeled stores with Famous Footwear, is there any performance differential versus the base and how many remodels will you do this year? Thank you.

然後傑伊，你提到了薩姆·埃德爾曼在短靴方面的弱點。就未來品類表現而言，您對品牌整體有何看法？您有何計劃？最後關於批發—有兩件事，批發帳戶，訂單趨勢如何？那麼，在您與 Famous Footwear 合作改造後的商店中，與基礎商店相比，是否存在業績差異，以及今年您將進行多少次改造？謝謝。

Okay. So, I think starting off just to reference the Sam Edelman piece is that they had a lot of best sellers, but we did record a booty. We're just relating to the volume decrease for fourth quarter. How do I feel about that? I actually feel very good about it. I think that what we saw in the Sam Edelman brand is that they leaned strongly into fashion and that's where Sam and his team are all focused on in terms of driving that newness.

好的。因此，我認為首先參考 Sam Edelman 的作品，他們有很多暢銷書，但我們確實錄製了一些佳作。我們只是談論第四季的銷量下降。我對此有何感想？我實際上對此感覺非常好。我認為，我們在 Sam Edelman 品牌中看到的是，他們強烈地傾向於時尚，而這正是 Sam 和他的團隊在推動新事物方面所關注的重點。

So it was just really that moment that I would say we had there. And then, in some cases, we did sell through some of the tall boots so strongly in Sam that we were out of them in fourth quarter. So those things are really there. But I do feel like that's actually coming back to us again more fashion, more newness and less of what I would say are core and that really responds to the whole company in their boot assortment for them.

所以我想說，那確實是我們經歷過的那一刻。然後，在某些情況下，我們確實在 Sam 中賣出了一些高筒靴，銷量非常好，以至於我們在第四季度就賣光了。所以那些東西確實存在。但我確實覺得這實際上又回到了我們身邊，更多的時尚，更多的新鮮感，而不是我所說的核心，這確實對整個公司在靴子分類中的體現做出了回應。

And then yes, Dana, in terms of gross margin, so I'll just go back to -- in terms of the operating margin guidance that we gave, we are expecting the operating margin, obviously with the guidance we gave to be down a bit from where we finished 2024. Some of that is in gross margin and coming through the pressure on the tariffs in Brand Portfolio. And then, the remainder is the SG&A pressure depending on where in that sales range that we fall. I would say in terms of the levers to hopefully offset some of that is in Famous, we continue to sort of utilize an AI pricing tool on promotions, which we launched last year, saw some, I think some good results on and that's now more fully burning in.

是的，達納，就毛利率而言，我只想回到——就我們給出的營業利潤率指引而言，我們預計營業利潤率顯然會比我們給出的指引低一些，低於 2024 年底的水平。其中一部分是毛利率，以及品牌組合關稅壓力帶來的收入。然後，剩下的就是銷售、一般及行政費用壓力，取決於我們在銷售範圍內的哪個位置。我想說，就希望能抵消 Famous 的部分影響的槓桿而言，我們繼續在促銷中使用人工智慧定價工具，這是我們去年推出的，我認為看到了一些不錯的效果，現在它正在更充分地發揮作用。

And then, just in terms of the mix of the business in Brand Portfolio, direct-to-consumer is obviously margin accretive versus the wholesale business. So as that grows faster, we get some mix benefit. There's some benefit from international. And then, some of our -- those contemporary brands that we talked about, Vince and Veronica Beard, we're able to get some really nice gross margins on as well. So those are some of the offsets, if you will.

然後，僅就品牌組合的業務組合而言，與批發業務相比，直接面向消費者的模式顯然更能增加利潤。因此，隨著其成長更快，我們會獲得一些混合效益。國際化確實帶來一些好處。然後，我們談到的一些當代品牌，如 Vince 和 Veronica Beard，我們也能夠獲得非常好的毛利率。如果你願意的話，這些就是一些抵銷措施。

Okay. And then to just pick-up on your FLAIR store comment, Dana. We did finish with 34. We plan to upgrade 25 more to the format and open one additional new store. So that will take the total to 60, which we think is a continuous solid number. And again, we're seeing really strong performance even in difficult selling periods as we really refine and improve that performance. And we think there's opportunity to even that better as we continue to work with the merchandising assortments in there with the new team that's rallying around that.

好的。然後，讓我們來談談你對 FLAIR 商店的評論，Dana。我們最終以 34 分結束。我們計劃將另外 25 家店升級為該格式，並開設一家新店。這樣總數就達到了 60，我們認為這是一個連續的實數。而且，即使在困難的銷售時期，我們也看到了非常強勁的表現，因為我們確實改進和提高了這種表現。我們認為，隨著我們繼續與新團隊合作進行商品分類，我們還有機會做得更好。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. For final comments, I'll turn the floor back to Jay Schmidt.

謝謝。女士們、先生們，我們的問答環節到此結束。最後，我將把發言權交還給傑伊‧施密特 (Jay Schmidt)。

Okay. Thank you, everyone. Before we close today, it wouldn't be right without thanking the entire Caleres team for their focus and dedication. Our team worked extremely hard during this 2024 that we had, while really spending a lot of time laying the groundwork for a stronger 2025. And I look forward to updating you on our progress along the way. Thank you all of us for joining us this morning and thank you for your continued interest in Caleres. Have a good day.

好的。謝謝大家。在今天結束之前，我們必須要感謝整個 Caleres 團隊的專注和奉獻。我們的團隊在 2024 年非常努力，同時也花了很多時間為更強大的 2025 年奠定基礎。我期待著向您通報我們在這過程中所取得的進展。感謝大家今天早上的參與，也感謝大家對卡萊雷斯的持續關注。祝你有美好的一天。

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

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。