Caleres Inc (CAL) 2025 Q1 法說會逐字稿

Greetings and welcome to Caleres first-quarter 2025 earnings conference call. (Operator Instructions)

問候並歡迎參加 Caleres 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Liz Dunn, Senior Vice President, Corporate Development and Strategic Communication. Thank you

提醒一下，本次會議正在錄製中。現在，我想將會議交給主持人、企業發展和策略傳播高級副總裁 Liz Dunn。謝謝

You may begin.

你可以開始了。

Thanks Rob. Good morning and thank you for joining our first quarter 2025 earnings call and webcast. A press release with detailed financial tables as well as our quarterly slide presentation are available at caleres.com.

謝謝羅布。早安，感謝您參加我們的 2025 年第一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幻燈片演示可在 caleres.com 上找到。

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

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。

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.

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線取得。

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

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。有關這些措施以及今天的收益減免和演示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傑伊·施密特 (Jay Schmidt) 和高級副總裁兼財務長傑克·卡蘭德拉 (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，以解答您的任何問題。

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

說完這些，我會把電話轉給傑伊。

Jay?

傑伊？

Thank you and good morning everyone. Earlier today we reported first quarter sales and earnings. While our brands continue to resonate with consumers and both segments of our business gained market share in the period, our first quarter results fell short of expectations.

謝謝大家，早安。今天早些時候，我們報告了第一季的銷售額和收益。儘管我們的品牌繼續引起消費者的共鳴，並且我們兩個業務部門在此期間都獲得了市場份額，但我們第一季的業績仍未達到預期。

February sales were particularly weak, and although trends improved in March and in April, overall performance was below plan.

二月份的銷售尤其疲軟，儘管三月和四月趨勢有所改善，但整體表現低於計劃。

Furthermore, operating earnings were pressured by lower gross margins, increased reserves, and costs to cancel and move inventory.

此外，毛利率下降、儲備增加以及取消和轉移庫存的成本也給營業利潤帶來壓力。

Despite the weak quarter, we did experience improving momentum at retail and growth in our strategically important international business.

儘管本季表現疲軟，但我們的零售業務確實呈現了改善勢頭，並且具有重要戰略意義的國際業務也實現了成長。

The operating environment has become more challenging, and we must redouble our efforts to drive growth and profitability.

經營環境變得更具挑戰性，我們必須加倍努力推動成長和獲利。

In the near term, we are focused on controlling what we can control, including optimizing our sourcing strategy.

短期內，我們專注於控制我們能夠控制的事情，包括優化我們的採購策略。

Additionally, we expect to decrease SG&A by $15 million on an annualized basis through structural expense cuts. We are viewing this as an opportunity to strengthen Caleres and position our company for the future.

此外，我們預計透過削減結構性費用，銷售、一般及行政費用每年將減少 1,500 萬美元。我們將此視為增強 Caleres 實力並為公司未來發展做好準備的機會。

Turning now to the results. In total for the first quarter, we achieved adjusted earnings per share of $0.22.

現在來談談結果。第一季整體而言，我們實現調整後每股收益 0.22 美元。

Our first quarter sales declined 6.8% year over year. Sales were below plan, but lower gross margin drove most of the bottom line myths. Our Q1 results include several larger than planned impacts related to tariff escalation and sourcing disruption.

我們第一季的銷售額較去年同期下降了6.8%。銷售額低於計劃，但較低的毛利率導致了大部分的盈利神話。我們第一季的業績包括與關稅升級和採購中斷有關的幾項比計劃更大的影響。

Higher than planned inventories and worsening customer credit issues. I want to take a moment to detail some of the items affecting profitability in the quarter.

庫存高於計劃，客戶信用問題惡化。我想花點時間詳細說明影響本季獲利能力的一些因素。

First on sourcing. Following the executive order on tariffs in early April, we acted quickly to pause our production in China.

首先是採購。在四月初發布關稅行政命令後，我們迅速採取行動暫停了在中國的生產。

Depending on where items were in the production cycle, we either cancelled, paused, or relocated manufacturing.

根據產品在生產週期中的位置，我們取消、暫停或重新安排生產。

As you can imagine, each of these decisions had associated costs that impacted the quarter.

你可以想像，每一個決定都會產生影響本季的相關成本。

Jack will talk more about our mitigation strategies, but in total we believe sourcing disruption had a minimal impact on sales but reduced gross margin profit by nearly $1.9 million during the quarter.

傑克將更多地談論我們的緩解策略，但總的來說，我們認為採購中斷對銷售的影響很小，但本季的毛利率減少了近 190 萬美元。

Turning to our inventory position. As sales trends softened late last year and into the first quarter, our outlook shifted and we could not adjust our inventory flow quickly enough to match the lower demand coming from some parts of the brand portfolio.

轉向我們的庫存狀況。隨著去年年底和第一季銷售趨勢的疲軟，我們的前景發生了變化，我們無法足夠快地調整庫存流以滿足部分品牌組合的較低需求。

While the excess inventory is largely current and came in before April, thus avoiding the latest tariffs. These higher inventory levels required additional markdown reserves.

而過剩庫存大部分是現有庫存，且是在四月之前到貨的，從而避開了最新的關稅。這些較高的庫存水準需要額外的降價儲備。

Marked down reserves impacted the quarter by about $2.3 million as compared with last year. And finally, we saw expanding customer credit concerns this quarter and added bad debt write downs which hit profit by almost $3.1 million as compared with last year.

與去年相比，減記的儲備金對本季的影響約為 230 萬美元。最後，我們發現本季客戶信用問題不斷擴大，壞帳減損增加，與去年相比，利潤減少了近 310 萬美元。

We are taking multiple actions to offset additional sourcing costs and improve our financial performance, including sourcing migration, price increases, and expense reduction.

我們正在採取多項措施來抵消額外的採購成本並提高我們的財務業績，包括採購遷移、提高價格和削減費用。

Now let's review each of the business segments. Brand portfolio sales declined 6.9% in the quarter, with similar softness seen across all channels.

現在讓我們回顧一下各個業務部門。本季品牌組合銷售額下降 6.9%，所有通路均出現類似的疲軟表現。

However, according to Zirkana, our brand portfolio gained market share in women's fashion footwear during the period.

然而，據 Zirkana 稱，我們的品牌組合在此期間在女士時尚鞋類市場的份額有所增加。

Consumer demand remains solid in key categories including fashion, flats, sandals, and sneakers. While dress styles were more challenged.

消費者對時裝、平底鞋、涼鞋和運動鞋等主要類別的需求仍然強勁。而服裝風格則面臨更大的挑戰。

Lower product margins, costs relating to cancelling or moving goods, and higher inventory reserves pressured the brand portfolio gross margin. And resulted in a 280 basis point decline versus last year.

較低的產品利潤率、與取消或轉移貨物相關的成本以及較高的庫存儲備給品牌組合的毛利率帶來了壓力。與去年相比下降了280個基點。

Our four lead brands, which include Sam Edelman, Allen Edmonds, Naturalizer, and Vionic, represented about 60% of sales and 80% of operating earnings in the quarter.

我們的四大主力品牌包括 Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic，佔本季銷售額的 60% 和營業收入的 80%。

While sales were down for lead brands in total, they outperformed the other brands in the portfolio. Our Sam Edelman brand delivered a solid quarter marked by sales growth domestically and double-digit growth internationally.

儘管主力品牌的整體銷售量有所下降，但其表現優於產品組合中的其他品牌。我們的 Sam Edelman 品牌本季表現穩健，國內銷售額成長，國際銷售額將達到兩位數成長。

We saw improvement in our business in China, driven by strong response to our sneaker assortments. An expansion in the brand's global footprint through new marketplace partnerships and growth in the Middle East.

由於我們的運動鞋系列反應強烈，我們在中國的業務有所改善。透過新的市場合作夥伴關係和在中東地區的成長，擴大品牌的全球影響力。

Sam Edelman was well positioned with key trends this season, including rafia, jellies, footbed sandals, and slides, all while continuing to grow its sneaker business. Both wholesale and direct to consumer channels posted growth in the quarter.

Sam Edelman 在本季的主要流行趨勢方面佔據優勢，包括拉菲草、果凍鞋、帶腳墊的涼鞋和拖鞋，同時繼續發展其運動鞋業務。本季批發和直接面向消費者的管道均實現成長。

At quarter end, we had 106 stores, 56 owned and 56 franchise with 102 of them located internationally.

截至本季末，我們擁有 106 家門市，其中 56 家自營門市和 56 家特許經營門市，其中 102 家位於國際市場。

Allen Edmonds experienced a softer quarter from a demand standpoint. The consumer here continues to respond to newness across all channels, and newness and our own retail stores outperform total store performance by 10 points.

從需求角度來看，艾倫‧艾德蒙茲經歷了一個較為疲軟的季度。這裡的消費者繼續透過所有管道對新事物做出反應，新鮮事物和我們自己的零售店的表現比整體商店表現高出 10 個百分點。

Growth and rubber soled verse casuals and sneakers was offset by softness and leather soled shoes. Retail trends, however, were meaningfully impacted in April by financial market volatility. But we've seen some rebound as markets stabilized.

成長和橡膠底與休閒鞋和運動鞋的對比被柔軟和皮底鞋所抵消。然而，四月零售趨勢受到金融市場波動的嚴重影響。但隨著市場穩定，我們看到了一些反彈。

In the first quarter, Alan Edmons opened 3 additional Port Washington studio stores, bringing the total to 15.

第一季度，艾倫·埃德蒙斯 (Alan Edmons) 又開設了 3 家 Port Washington 工作室商店，使總數達到 15 家。

These stores continue to outperform the fleet by 300 basis points to 400 basis points. We also opened a new outlet store in Charlotte, North Carolina.

這些商店的業績繼續比整體商店高出 300 個基點至 400 個基點。我們還在北卡羅來納州夏洛特開了一家新的直銷店。

We plan to open a small number of Allen Edmonds outlets in the future to more effectively clear end of season goods.

我們計劃在未來開設少量 Allen Edmonds 門市，以更有效地清理季末商品。

At the end of the quarter we had a total of 57 stores. Our Naturalizer brand had a down 25% but maintained its market share. Sneakers and casuals grew in penetration to the total, and sandals dials were up, led by strong performance from new footed styles. While naturalizer.com saw lower sales in the quarter, conversion was up double digits. We are also seeing growth with our largest wholesale partners.

截至本季末，我們共有 57 家門市。我們的 Naturalizer 品牌銷量下降了 25%，但保持了其市場份額。運動鞋和休閒鞋在整體中的滲透率不斷提高，而涼鞋的銷量也出現成長，這主要得益於新鞋的強勁表現。儘管 naturalizer.com 本季的銷售額有所下降，但轉換率卻上升了兩位數。我們也看到我們最大的批發合作夥伴也在成長。

As a reminder, Naturalizer invested in its first shop-and-shop at Macy's Herald Square last October. This elevated modern shopping experience drove over a 50% sales increase in the first quarter and is on track to be the number one Naturalizer location globally.

提醒一下，Naturalizer 於去年 10 月在梅西百貨先驅廣場投資開設了第一家店對店。這種高級的現代購物體驗推動第一季的銷售額成長了 50% 以上，並有望成為全球排名第一的 Naturalizer 門市。

Our Vionic brand declined year over year due mostly to timing issues but was slightly better than our expectations. The brand shifted some deliveries from fourth quarter to fuel an event in Nordstrom. Catalog drop from Q1 to Q2. Our walk-in category sales grew over 100% to last year, driven by a walking campaign in February and the launch of three new walking styles. We also saw encouraging early results in sandals, supported by new styling and enhanced footbed technology.

我們的 Vionic 品牌年減，主要原因是時間問題，但略優於我們的預期。該品牌將部分配送從第四季度轉移，以支持諾德斯特龍百貨的一項活動。目錄從 Q1 下降到 Q2。受二月步行活動和三種新步行風格的推出的推動，我們的步入式類別銷售額比去年增長了 100% 以上。在新款式和增強的鞋墊技術的支持下，我們也看到了涼鞋令人鼓舞的早期成果。

In March, Vionic announced Gabby Reif as the brand's first wellness ambassador. Her consumer-facing campaign will begin this fall with a special edition collaboration dropping in early spring 2026. Finally, I do want to touch on our planned acquisition of Stuart Weitzman.

今年 3 月，Vionic 宣布 Gabby Reif 為該品牌首位健康大使。她面向消費者的活動將於今年秋季開始，並於 2026 年初春推出特別版合作產品。最後，我想談談我們對 Stuart Weitzman 的收購計劃。

As I said when we announced the transaction, this brand is a strategic fit for Caleres for several reasons. We love its premium positioning, and we have proven an ability to operate profitably in the accessible luxury lane with our Veronica Beard and Vince licensed businesses.

正如我在宣布交易時所說的那樣，出於多種原因，該品牌對於 Caleres 來說具有戰略意義。我們喜歡它的高端定位，我們已經證明，我們有能力透過 Veronica Beard 和 Vince 授權業務在無障礙豪華車道上獲利。

We see the higher-end consumer as more resilient long term, and we view Steward's strong direct-to-consumer presence and international footprint as important strategic advantages. We continue to believe we are the right owners for this asset, and we are excited about its future at Caleres. We are also engaging an external firm to ensure we integrate the business well and capture all the synergies.

我們認為高端消費者的長期適應力更強，我們認為 Steward 強大的直接面向消費者的業務和國際影響力是重要的策略優勢。我們始終相信我們是這項資產的合適所有者，並且我們對它在 Caleres 的未來充滿期待。我們還聘請了一家外部公司來確保我們能夠很好地整合業務並獲得所有的協同效應。

This work will also include ways that Caleres can work more efficiently as a portfolio company. We look forward to giving you an update after we close the transaction, which is expected later this summer.

這項工作還將包括使 Caleres 作為投資組合公司更有效地開展工作的方法。我們期待在交易完成後向您提供最新消息，預計交易將於今年夏天晚些時候完成。

Moving on to Famous footwear, total sales were down 6.3% during the first quarter, while comp sales declined 4.6%. As previously noted, February was significantly down.

就著名鞋類而言，第一季總銷售額下降 6.3%，而同店銷售額下降 4.6%。如前所述，二月大幅下降。

However, we saw sequential improvement in March and in April. E-commerce sales were up 2.5% in the quarter, and gross margins declined 80 basis points with more promotional days mostly concentrated in February and higher freight costs. Men's, kids and accessories outperformed the total, while women's underperformed. By category, we saw relative strength in athletics.

然而，我們在三月和四月看到了連續的改善。本季電子商務銷售額成長了 2.5%，毛利率下降了 80 個基點，因為促銷日較多（主要集中在 2 月）且運費上漲。男裝、童裝和配件的表現優於整體，而女裝的表現則遜色。以類別來看，我們看到了田徑運動的相對優勢。

Within the strategically important kids’ category, Famous gained 0.5 points of market share in shoe chains, while total Famous gained 0.2 points. Kids penetration was 21% in the quarter with sales exceeding the total chain for 16 of the last 17 quarters.

在具有重要策略意義的兒童類別中，Famous 在鞋類連鎖店的市佔率增加了 0.5 個百分點，而 Famous 整體市佔率增加了 0.2 個百分點。本季童裝滲透率為 21%，過去 17 個季度中，有 16 個季度的銷售額超過了連鎖店的總銷售額。

And finally, Caleres-owned brands outperformed at Famous in the quarter with notable increases from both our Blowfish and our Ryka brand. We continue to enhance the consumer experience at Famous. At the end of first quarter, we had 44 flare locations in total. We saw an 8 point sales lift versus the rest of the chain for stores converted in the last year and a 3 point lift for all FLAIR stores.

最後，Caleres 旗下品牌在本季的表現優於 Famous，我們的 Blowfish 和 Ryka 品牌的銷售量均有顯著成長。我們不斷提升 Famous 的消費者體驗。截至第一季末，我們共有 44 個火炬位置。我們發現，去年轉型的商店的銷售額與其他連鎖店相比提高了 8 個百分點，所有 FLAIR 商店的銷售額提高了 3 個百分點。

FLAIR is helping to attract more elevated product and brands and our Famous Consumer is responding. We've already added two FLAIR stores this quarter and expect to add seven more by July bringing our total to 53 stores heading into back to school.

FLAIR 正在幫助吸引更多高端產品和品牌，而我們的知名消費者也做出了回應。本季我們已經增加了兩家 FLAIR 商店，預計到 7 月將再增加 7 家，到開學時我們的商店總數將達到 53 家。

And speaking of elevated brands and products, many of you have already noticed that we launched Jordan in 147 stores in mid-May. We supported the launch with bold exterior signage, branded fixtures, full family displays that are flare locations and geo-targeted messaging. We look forward to rolling the brand out to all stores for back to school across men's, women's, kids and accessories.

說到高端品牌和產品，許多人已經注意到，我們在 5 月中旬在 147 家商店推出了 Jordan 品牌。我們透過醒目的外部標誌、品牌裝置、耀眼位置的全系列展示和地理定位資訊來支持此次發布。我們期待將品牌推廣到所有商店，涵蓋男裝、女裝、童裝和配件等返校商品。

The brand is currently exclusive to Famous in the Shoe Chain channel. Early selling is very encouraging, and we look forward to even stronger results with our national marketing campaign during back-to-school.

該品牌目前在Shoe Chain頻道由Famous獨家經營。早期銷售非常令人鼓舞，我們期待開學期間的全國行銷活動能取得更好的成績。

In addition to Jordan, we are well-positioned for back to school with expanded or new assortments from Nike, Adidas, Birkenstock, New Balance, Brooks, Timberland and Sorel as well as Pride, which arrives later in fall. In summary, the strength of athletic, kids, our FLAIR results and the brand and product lineup make us feel cautiously optimistic.

除了喬丹之外，我們還為返校季做好了充分的準備，推出了來自耐吉、阿迪達斯、勃肯、新百倫、布魯克斯、添柏嵐和索雷爾的更多或新的產品系列，以及將於秋季晚些時候上市的 Pride 產品系列。總而言之，運動、兒童的實力、我們的 FLAIR 成果以及品牌和產品陣容讓我們感到謹慎樂觀。

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 food chains, generate robust levels of cash and increase profitability over the long term.

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，使該公司能夠在食品鏈中獲得更多市場份額，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, execute our strategic plan, invest to fuel our growth initiatives and drive sustained value for our shareholders.

展望未來，我們有信心有能力重回正軌，執行我們的策略計劃，進行投資以推動我們的成長計劃，並為股東創造持續的價值。

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

現在，我將把目光轉向傑克，讓他更詳細地了解我們的財務表現。

Jack?

傑克？

Thanks, Jay, and good morning, everyone. During today's call, I'll provide additional details on our first quarter results and some color on 2Q quarter-to-date performance. Please note my comments will be on an adjusted basis. For the first quarter, sales were $614.2 million, down 6.8%. This was below our expectations for sales, down 5% to 6%.

謝謝，傑伊，大家早安。在今天的電話會議中，我將提供有關我們第一季業績的更多詳細資訊以及第二季迄今為止的表現的一些資訊。請注意，我的評論將會進行調整。第一季銷售額為 6.142 億美元，下降 6.8%。這低於我們的銷售預期，下降了 5% 至 6%。

Brand portfolio sales were down 6.9%. Tariff-related challenges and other discrete items adversely impacted the comparison to last year by about $7 million. Famous sales were down 6.3%, with comparable sales down 4.6%. Comparable sales declined low double digits in February and improved to a low single-digit decline for the combined March, April period.

品牌組合銷售額下降6.9%。與關稅相關的挑戰和其他單獨項目對與去年同期相比產生了約 700 萬美元的不利影響。名牌銷售額下降 6.3%，可比銷售額下降 4.6%。2 月可比銷售額出現低兩位數下降，3 月和 4 月合計銷售額則改善為低個位數下降。

Consolidated gross margin was 45.4%, down 150 basis points to last year and was driven by lower margins in both segments. Brand portfolio gross margin was 43.8%, down 280 points to last year as a result of lower initial margins, costs associated with cancelling and moving production out of China and higher reserves for inventory markdowns.

綜合毛利率為 45.4%，較去年下降 150 個基點，原因是兩個部門的利潤率都下降。品牌組合毛利率為 43.8%，較去年下降 280 個百分點，原因是初始利潤率較低、取消和轉移生產出中國所產生的成本以及庫存降價儲備增加。

Famous gross margin was 45.3%, down 80 basis points to last year due to more days on promotion and higher shipping costs, partially offset by lower clearance sales and a higher clearance margin. We continue to utilize our BOGO promotion during key selling periods. SG&A expense was about flat year over year at $266.5 million. As a percentage of sales, SG&A was 43.4%, up 300 basis points versus last year.

Famous 的毛利率為 45.3%，較去年同期下降 80 個基點，原因是促銷天數增加和運輸成本上升，但清倉銷售額下降和清倉利潤率上升部分抵消了這一影響。在主要銷售期間，我們將繼續利用「買一送一」促銷活動。銷售、一般及行政費用與去年同期基本持平，為 2.665 億美元。銷售、一般及行政費用佔銷售額的百分比為 43.4%，比去年上漲了 300 個基點。

On a dollar basis, continued investment in our international business and higher depreciation for store and IT investments was offset by lower marketing spending and incentive compensation expense. Operating earnings were $12.2 million, and operating margin was 2%. Operating margin was 5.9% at Brand Portfolio and 1.5% at Famous. Net interest expense was $3,800,000 about flat to last year. Higher average borrowings were offset by a lower weighted average borrowing rate. Earnings per diluted share were $0.22 versus $0.88 last year. Trailing 12-month EBITDA was $187.9 million and 7% of sales.

以美元計算，我們對國際業務的持續投資以及商店和 IT 投資的更高折舊被更低的營銷支出和激勵薪酬費用所抵消。營業利益為 1,220 萬美元，營業利益率為 2%。Brand Portfolio 的營業利益率為 5.9%，Famous 的營業利益率為 1.5%。淨利息支出為 3,800,000 美元，與去年基本持平。較高的平均借款額被較低的加權平均借款利率所抵銷。每股攤薄收益為 0.22 美元，去年同期為 0.88 美元。過去 12 個月的 EBITDA 為 1.879 億美元，佔銷售額的 7%。

Turning to the balance sheet and cash flow, we ended the first quarter with $258.5 million in borrowings, up $67.5 million to last year and no long-term debt. Debt to trailing 12-month EBITDA was 1.4 times. Inventory at quarter end was $573.6 million, up $43 million and 8.1% to last year. Inventory was up slightly in Famous and included a build for the May 17 launch of the Jordan brand.

談到資產負債表和現金流，第一季末我們的借款為 2.585 億美元，比去年同期增加了 6,750 萬美元，並且沒有長期債務。債務與過去 12 個月 EBITDA 比率為 1.4 倍。季末庫存為 5.736 億美元，比去年增加 4,300 萬美元，增幅 8.1%。Famous 的庫存略有增加，其中包括為 5 月 17 日推出的 Jordan 品牌準備的庫存。

Inventory was up 20% in brand portfolio, with the increase coming from fall 2024 carry-forward product and current spring styles. We've accrued markdown reserves as appropriate for slow-moving spring inventory that we expect will be needed to close that product at the end of the season.

品牌組合庫存增加了 20%，成長來自 2024 年秋季結轉產品和當前春季款式。我們已經為滯銷的春季庫存適當累積了降價儲備，預計在季末關閉該產品時需要這些儲備。

Cash flow from operations was a negative $5.7 million as a result of lower net income and higher inventory levels. Now, a few comments on the impact of tariffs and how we are managing the volatile environment.

由於淨收入下降和庫存水準上升，經營現金流為負 570 萬美元。現在，就關稅的影響以及我們如何應對動盪的環境發表一些評論。

First, as it relates to China. As previously discussed, the two original tranches of tariffs of 10% each imposed in February and March were managed through a combination of factory concessions, lower gross margin and to a lesser degree select price increases.

首先，與中國有關。如前所述，2 月和 3 月分別徵收的兩批 10% 的關稅是透過工廠優惠、降低毛利率以及較小程度的選擇性提價等方式實現的。

When the broader reciprocal tariffs and dramatically increased tariffs on China were announced on April 2, we paused all China production and took steps to move work in progress to other countries where it made financial sense to do so.

4 月 2 日，當美國宣布對中國實施更廣泛的互惠關稅並大幅提高關稅時，我們暫停了在中國的所有生產，並採取措施將在製品轉移到其他具有經濟可行性的國家。

When the tariff came down to 30%, we selectively released some goods where appropriate. We also took steps to further accelerate our move out of China and now expect about 10% of our dollars sourced to come from China in the back half. As it relates to the rest of the world, the additional 10% tariff is being managed much like the initial China tariffs, that is, through a combination of factory concessions, lower gross margin and select price increases.

當關稅降至30%時，我們選擇性地放行了部分適當商品。我們也採取措施進一步加快撤出中國市場的步伐，預計下半年約有 10% 的美元資金將來自中國。與世界其他地區相比，額外的 10% 關稅的管理方式與最初的中國關稅非常相似，即透過工廠優惠、降低毛利率和選擇性提價等方式相結合。

As you all know, the situation remains fluid. With the 90-day pause on the incremental reciprocal China tariffs lapsing in August, and the 90-day pause on reciprocal tariffs for the rest of the world expiring in July. We will remain nimble, and we are well-positioned to operate in a variety of different sourcing environments. However, given the continued uncertainty, we are suspending guidance at this time. That said, we are providing the following information about 2Q quarter-to-date performance.

眾所周知，局勢仍然不穩定。對中國增量互惠關稅的 90 天暫停期將於 8 月到期，對世界其他國家互惠關稅的 90 天暫停期也將於 7 月到期。我們將保持靈活，並有能力在各種不同的採購環境中開展業務。然而，鑑於持續的不確定性，我們目前暫停提供指導。話雖如此，我們仍提供有關第二季度迄今為止表現的以下資訊。

For Famous, comparable sales are slightly better than 1Q's, down 4.6%. For brand portfolio, we've seen a modest increase versus last year in direct-to-consumer sales, which represent about one third of this segment sales. That said, the larger domestic wholesale order book is fluid as we rebalance the country sourcing mix and customers reconfirm orders at the new higher prices.

對於 Famous 來說，可比銷售額略好於第一季度，下降了 4.6%。對於品牌組合，我們看到直接面向消費者的銷售額與去年相比略有成長，約佔該細分市場銷售額的三分之一。也就是說，隨著我們重新平衡國家採購組合，並且客戶以新的更高價格重新確認訂單，更大的國內批發訂單是流動的。

And finally, as Jay referenced, we are also executing a structural cost initiative that will result in $15 million of SG&A savings on an annualized basis and $7.5 million in the back half of 2025.

最後，正如傑伊所提到的，我們還在實施一項結構性成本計劃，該計劃將導致每年節省 1500 萬美元的銷售、一般和行政費用，到 2025 年下半年將節省 750 萬美元。

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

說到這裡，我想把電話轉給接線生來回答問題。

Operator?

操作員？

Thank you. At this time we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。這次我們將進行問答環節。（操作員指示）

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. A lot to unpack. As you think about the tariff headwinds and what was going on with the inventory now up around 8%, and you mentioned about higher prices, how are you thinking about the prices of your portfolio brands moving into the summer and into fall? What type of price differentiation is there? And then on the gross margin side of the business, particularly with brand portfolio, how do you think of that going forward?

大家好，早安。有很多東西要解開。當您考慮關稅阻力以及庫存上漲約 8% 的情況時，您提到了價格上漲，您如何看待投資組合品牌的價格在夏季和秋季的走勢？存在哪些類型的價格差異？那麼，就業務的毛利率方面，特別是品牌組合而言，您如何看待未來的發展？

And would there ever be a time where maybe the weaker brand portfolio brands, do you ever think of a restructuring or exiting of any of those brands, giving bringing in the Stuart Weitzman, and you have the Veronica Beard and some of the other stronger brands?

有沒有可能有一天，品牌組合中實力較弱的品牌會被合併，您是否考慮過重組或退出其中任何一個品牌，例如引入 Stuart Weitzman、Veronica Beard 和其他一些實力較強的品牌？

And just lastly, on the Famous Footwear business with Back to School, do you have the goods for Back to School? Was there any differentiation in brand performance of Famous from what had been in the recent past? And should I assume in suspending the guidance for now, the Flare stores they remain at 44 for the year? Thank you.

最後，關於 Famous Footwear 與 Back to School 的合作，你們有 Back to School 所需的商品嗎？Famous 的品牌表現與近期有何不同？我是否應該假設，在暫停指導的情況下，Flare 商店今年的數量將保持在 44 家？謝謝。

Okay. So first off, in our brand portfolio, as we quoted, we're making selective price increases. We're being taking a very thoughtful approach, brand by brand and working with that. And those begin with fall one receipts. So, we haven't seen the effect of it. We do plan to manage that in real time with our key partners as well as ourselves, and we'll really find out more as we get them through the system.

好的。首先，在我們的品牌組合中，正如我們所引用的，我們正在選擇性地提高價格。我們正在採取非常周到的方法，針對每個品牌開展工作。這些都從秋季第一張收據開始。所以，我們還沒看到它的效果。我們確實計劃與我們的主要合作夥伴以及我們自己即時管理這一點，並且當我們通過系統時，我們會發現更多資訊。

But we're trying to make them as low as we can. Obviously, we were working with our key factory partners to secure support on that and really help with that experience. And then -- and that's really where we are on the subject right now. It's still very fluid and in motion as we speak.

但我們正努力將其降至盡可能低的水平。顯然，我們正在與主要工廠合作夥伴合作，以獲得支持並真正幫助累積經驗。然後——這就是我們現在真正要討論的話題。正如我們所說，它仍然非常流暢並且處於運動中。

In terms of the brand portfolio brands, we do see the lead brands getting stronger as a percent of total, but we do have work to do across the board. So, we don't have anything to announce on that, but we are obviously good portfolio managers, and we'll continue to review it as we go through. But again, we are in this moment right now where it's very fluid.

就品牌組合而言，我們確實看到領先品牌在總數中所佔的比例越來越大，但我們確實還有全面工作要做。因此，我們沒有任何消息可以宣布，但我們顯然是優秀的投資組合經理，並且我們會在進行過程中繼續審查。但我們現在正處於一個非常不穩定的時刻。

And then finally, your question about Famous back to school, so far, we're in a pretty good position as we look at what's coming in for back to school. We haven't been informed of any major cancellations that are material to Famous right now, as many players were well in advance of that, and we have been building inventory for it. And I think across the board, we did see a similar thing in Famous, where our key brands and our stronger brands continue to outperform the total.

最後，關於您關於著名的返校季的問題，到目前為止，我們在研究返校季即將發生的事情時處於相當良好的位置。目前我們還沒有收到任何對 Famous 有重大影響的重大取消通知，因為很多玩家都提前知道了這一點，而且我們一直在為其建立庫存。我認為，總體而言，我們在 Famous 中也看到了類似的情況，我們的主要品牌和強勢品牌的表現繼續優於整體品牌。

So that gives us encouragement as we bring in new brands like Jordan. And I think then finally, we will have, we are in the middle of bringing those, the flare stores. We're going to be at 53 walking into the back-to-school period. Those were already in motion, and we continue, and I think Jack mentioned this, we'll continue to review capital as we go forward and really making sure we're getting all the value for everything we invest in.

因此，當我們引入喬丹等新品牌時，這給了我們鼓勵。我認為最終我們會擁有，我們正在將這些，照明彈儲存帶到中間。我們即將迎來 53 個返校季。這些都已在進行中，我們會繼續進行，我想傑克提到了這一點，我們會繼續審查資本，確保我們投資的一切都能獲得價值。

Thank you. And then just a quick follow-up on the strategic expense cutting, I think $15 million on an annualized basis.

謝謝。然後簡單跟進一下策略性開支削減，我認為按年率計算是 1500 萬美元。

What is being adjusted and do you see the back half of $7.5 million for the $25 million does it flow through evenly in the third and fourth quarter or is there some that would flow to the second quarter too? Thank you.

正在進行哪些調整？您是否認為這 2500 萬美元中的後半部分 750 萬美元會均勻流向第三季度和第四季度，還是其中一部分也會流向第二季度？謝謝。

Hi, Dana. It's Jack. Thanks for your question. So, what we can share at this time, first of all, I would say these reductions are permanent and structural in nature. So, they will continue to carry forward. As you noted, it's $15 million on an annualized basis. We expect that those savings will begin in the third quarter and should be spread evenly between the third and fourth quarter, and that will be $7.5 million in the back half of 2025.

你好，達娜。是傑克。謝謝你的提問。因此，我們現在可以分享的是，首先，我想說這些削減是永久性的和結構性的。所以，他們會繼續發揚下去。正如您所說，按年計算，這一數字為 1500 萬美元。我們預計這些節省將從第三季開始，並應平均分配在第三季和第四季之間，到 2025 年下半年將達到 750 萬美元。

We're also bringing in a partner to help us into the very two over one. And as part of their remit and scope, they will also be looking for greater efficiencies across the company in addition to what we've identified internally. And so, we think there is likely going to be more opportunity, but right now, what we can commit to is the $15 million on an annualized basis, and that will be in SG&A specifically.

我們還引入了合作夥伴來幫助我們實現「二比一」的目標。作為其職責範圍的一部分，除了我們內部確定的目標之外，他們還將尋求整個公司效率的提升。因此，我們認為可能會有更多的機會，但目前，我們可以承諾的是每年 1500 萬美元，具體來說是銷售、一般和行政費用。

Thank you.

謝謝。

Laura Champine, Loop Capital Markets.

Laura Champine，Loop Capital Markets。

Thanks for taking my question. I certainly heard that I think quarter to date Famous is tracking down a little bit better than the Q1 result, but I think a fair number of us are excited about the Jordan launch.

感謝您回答我的問題。我當然聽說我認為本季度迄今為止 Famous 的業績比第一季度要好一些，但我認為我們當中有相當多的人對 Jordan 的發布感到興奮。

Was there a significant shift in trend then? And given that it should be in place for all of back to school, how excited should we be about that?

當時的趨勢有顯著轉變嗎？考慮到它應該適用於所有返校學生，我們應該對此感到多麼興奮？

Yeah. Laura, this is Jack. I'll start. So, the launch was on May 17. So, it's very new, obviously not in all of our stores. And I would say, fairly limited marketing at this point. Obviously, as we get more into back-to-school, we will go into an all-store all-door format and have increased marketing.

是的。蘿拉，這是傑克。我先開始。因此，發表會於 5 月 17 日舉行。所以，它是非常新的，顯然不是在我們所有的商店都有。我想說的是，目前的行銷相當有限。顯然，隨著返校季的臨近，我們將採取全店全門模式，並加強行銷。

So, I mean, we are obviously very excited about the potential for Jordan, especially given sort of the exclusivity we have in the family channel for the remainder of the year, but not much was obviously done so far in sort of May month to date.

所以，我的意思是，我們顯然對喬丹的潛力感到非常興奮，特別是考慮到我們在今年剩餘時間裡在家庭頻道擁有的獨家經營權，但到目前為止，在 5 月份還沒有做太多的事情。

Got it. Understood. And I think that will on the tariff front, obviously, we got news yesterday. Does that change your plan? So, if the tariffs that are incremental this year do go away, does that percentage shift back up in China?

知道了。明白了。我認為這將是在關稅方面，顯然，我們昨天得到了消息。這會改變你的計劃嗎？那麼，如果今年增量關稅真的取消，中國的比例會回升嗎？

Yeah. Currently, we are on our current plan, and we've made no change to make that. Obviously, this is a great example of how fluid everything is, and we will be watching it in real time, but until everything is finalized, we will not really significantly adjust.

是的。目前，我們正在執行當前的計劃，並且沒有做出任何改變。顯然，這是一個很好的例子，說明一切是多麼的不穩定，我們會即時觀察，但在一切最終確定之前，我們不會進行重大調整。

We feel very good about the movement that we made in our best factory partners. As you know, we've been working on it a long time and this we feel good where everything is placed currently and that's our position for the moment.

我們對與最佳工廠合作夥伴共同進行的活動感到非常滿意。如你所知，我們為此已經努力了很長時間，我們對目前一切的安排感到滿意，這就是我們目前的立場。

Got it. And any more color you could give on the comment that wholesale is fluid at brand portfolio. Does that mean fluid negative or any additional color you could give would be helpful?

知道了。您能否對批發在品牌組合中具有流動性這一評論提供更多解釋？這是否意味著液體陰性或您提供的任何額外顏色都會有幫助？

On the second quarter, Laura?

關於第二季度，勞拉？

Correct. Just Q2 date.

正確的。只是第二季的日期。

Yeah. I did mention that we saw improving retail trends, and we have seen that come into May, which is helpful. But again, with all of the shifts and moves that are currently underway, we just really are characterizing what we know right now, which is our direct-to-consumer business. And but certainly we'll be managing this in real time. And but it was the improving retail trends, as we all know, give you a lot to work with, and I'm seeing that good for the piece of it.

是的。我確實提到過，我們看到零售趨勢正在改善，而且我們已經看到這種趨勢在五月有所改善，這很有幫助。但是，隨著目前正在進行的所有轉變和舉措，我們實際上只是在描述我們現在所知的內容，即我們的直接面向消費者的業務。但我們肯定會即時管理這一點。但眾所周知，零售業趨勢的改善為你提供了許多可供利用的機會，我認為這對部分情況有利。

We also did see in the brand portfolio improved sandal selling, which is really that's the first time we've seen it this quarter or this spring so far. So really, that's betterment that's coming through there while the other categories are still working.

我們也確實看到品牌組合的涼鞋銷量有所提高，這確實是我們在本季度或今年春季迄今為止第一次看到這種情況。所以實際上，這是正在發生的改進，而其他類別仍在發揮作用。

Understood. Thank you.

明白了。謝謝。

Mitch Kummetz, Seaport Research.

海港研究公司的米奇‧庫梅茲 (Mitch Kummetz)

Yeah. Thanks for taking my questions. Let me start with the Jordan introduction. I know it's ten plus days in 147 stores, that's a pretty small sample size. But Jay, you characterized, kind of early trends as encouraging. I don't know if you can say anything more than that, kind of what lift those stores got over that period based on Jordan?

是的。感謝您回答我的問題。我先從喬丹的介紹開始。我知道這在 147 家商店中已經持續了十多天，這是一個相當小的樣本量。但是傑伊，您認為早期的趨勢是令人鼓舞的。我不知道您是否還能說些什麼，基於喬丹的推動，這些商店在那段時期內獲得了什麼樣的提升？

I don't think we can we have that much data to really pull that lift together. But what I will tell you is that we did see we're excited about Jordan, and we did see some of the selling come through in the small sample set. Vans and boys are tracking extremely well as our accessories. And we have seen by door some very strong sell-throughs on it, which I think are very encouraging, but we're really looking at it in that moment. I think, Mitch, that was one of the reasons that we were excited for it.

我認為我們不可能擁有那麼多數據來真正實現這一目標。但我要告訴你的是，我們確實看到我們對喬丹感到興奮，並且我們確實看到一些銷售在小樣品中實現。作為我們的配件，Vans 和男孩們的追蹤效果非常好。我們看到它的銷售情況非常好，我認為這非常令人鼓舞，但我們確實在關注這一刻。米奇，我想這就是我們對此感到興奮的原因之一。

The other thing is that the retails are for a lot of the sneakers around $100 which is a really nice ticket for us to come through on and is very representative of our movement of what we feel Famous, the consumers moving toward that direction, and we're very excited that we have a great brand partner that is moving with us on that. As we said, the product is rolling in. We will be in all doors for the back-to-school period but particularly interested in seeing the men's and boy’s pop up, which really is exciting. And then also the backpack business has been very good out of the gate too.

另一件事是，許多運動鞋的零售價都在 100 美元左右，這對我們來說是一個非常好的起點，並且非常能代表我們對名人的感受，以及消費者朝著這個方向發展的趨勢，我們很高興有一位優秀的品牌合作夥伴與我們一起努力。正如我們所說，產品正在滾滾而來。在返校期間，我們會全力以赴，但我們特別希望看到男士和男孩的出現，這真的令人興奮。而且背包生意一開始也做得很好。

So that's exciting also in that accessory category.

因此，該配件類別也令人興奮。

When you say all doors for back to school, I kind of think of back to school starting sort of mid-July, is that when we would see that?

當您說所有門都打開，準備返校時，我想到返校大概會在七月中旬開始，那時我們就能看到這種情況嗎？

Is there sort of a date that we think about?

我們有考慮過這樣的日期嗎？

Yeah. That's really where our big back to school weeks are. There are some markets that open early and those will be supported in that similar way as we roll it out. But really that mid-July is where the big weeks are and that's when you'll see the most of it. But again, super exciting and really looking forward to it coming through in all doors.

是的。這確實是我們重要的開學週。有些市場開放得比較早，我們在推出這項服務時也會以類似的方式為這些市場提供支援。但實際上，七月中旬是最重要的幾週，那時你會看到最多的事情。但再次，超級令人興奮，並且真的期待它從各個門進來。

So, on the tariffs, I guess as of yesterday, they're blocked for now. So, I'm just curious when you guys are clearing customs today, tomorrow, are you paying no tariff then? I mean, what are kind of what are the how do we think about that?

因此，關於關稅，我猜從昨天起，它們就暫時被阻止了。所以，我只是好奇，當你們今天、明天清關時，你們不需要繳關稅嗎？我的意思是，我們該如何看待這個問題？

I think maybe in a couple of hours, we might be able to answer that in a slightly better way. But seriously, it's very new and I think we're still it's in the courts right now and we're trying to get as many answers to it right now as you can imagine we are, but it is certainly an example of how fluid this moment is. And that's what we know right this minute.

我想也許幾個小時後，我們就能以更好的方式回答這個問題。但說真的，這是一個非常新的問題，我認為我們現在仍在法庭上，我們正​​在盡可能地尋找答案，但這無疑是當前情況多麼不穩定的一個例子。這就是我們此刻所知道的。

And then you outlined a few cost impacts on the quarter. I think it was $1.9 million on the sourcing, $2.3 million. On the inventory reserves. I think it was like $3 million on bad debt. How do we think about those? I know you're not giving guidance, but how should we think about kind of those pieces moving forward?

然後您概述了本季度的一些成本影響。我認為採購費用是 190 萬美元，230 萬美元。關於庫存儲備。我認為壞帳金額大約是 300 萬美元。我們怎麼看待這些？我知道您沒有給予指導，但是我們應該如何考慮這些部分的未來發展？

Yeah, Mitch, this is Jack. So, I would say on the tariff related piece, I mean that's really going to be the TBD amount based on, it was really a pretty limited tariff impact, which was some order cancellations, customers cancelling orders from us, but then also us cancelling some production of work in progress that requires debit notes to our factories.

是的，米奇，這是傑克。因此，我想說，關於關稅相關部分，我的意思是這實際上將是基於待定金額的，關稅的影響確實相當有限，其中包括一些訂單取消，客戶取消我們的訂單，但我們也取消了一些需要向我們的工廠開立借記單的在製品生產。

So, there's that piece. I think on the inventory reserves, I mean, we believe we've taken the reserves that we need for the spring 25 product. So, I would expect that we should be in pretty good shape on that. We'll continue to work those inventories down.

這就是那部分。我認為就庫存儲備而言，我的意思是，我們相信我們已經為春季 25 產品準備好了所需的儲備。因此，我希望我們在這方面能夠取得良好的成績。我們將繼續減少這些庫存。

I do think those inventories will continue to be probably elevated into 2Q EOQ and getting them to a more stable level, if you will, by the third quarter. The customer credit issues are, I would say, we watch them very closely.

我確實認為這些庫存可能會在第二季末繼續上升，並在第三季達到更穩定的水平。我想說，我們會密切注意客戶信用問題。

We get credit reports on all of our customers. We have a sort of a policy and a procedure that we follow in terms of booking credit reserves based on those credit ratings. Obviously, when we see customers start to have credit ratings deteriorate or becoming slower on payments, we will adjust the credit limits for those customers. But I think it's really going to depend on how the tariffs flow through the economy, what the macro impacts are, and it certainly could have some continued, but very specific impacts on certain of our customers.

我們獲得了所有客戶的信用報告。我們有一套政策和程序，根據這些信用評級來預訂信用儲備。顯然，當我們看到客戶的信用評級開始下降或付款速度變慢時，我們將調整這些客戶的信用額度。但我認為這實際上取決於關稅如何影響經濟，其宏觀影響是什麼，而且它肯定會對我們的某些客戶產生一些持續但非常具體的影響。

And then maybe lastly on brand portfolio, I think my math was right. I think the SG&A dollars were up like $5 million year over year even though the sales were down. Was that these international investments? And how should we think about kind of that piece of BP going forward?

最後關於品牌組合，我認為我的計算是正確的。我認為，儘管銷售額下降，但銷售、一般及行政費用卻比去年同期增加了 500 萬美元。這些是國際投資嗎？那我們該如何看待 BP 未來的發展呢？

Yeah, we it was mostly in the international era, it was the biggest chunk of that. And then we continue, as I said, to see good growth coming out of it. So, it will -- we'll have continued investment this year, but we really are trying to set that up for a really great 2026, very encouraged about the sell throughs that we're seeing. So, the operating piece is there, but of course, it's more investment coming out of the gate and we can recapture all in sales and profit at the moment.

是的，我們主要處於國際時代，這是其中最大的一塊。然後，正如我所說，我們將繼續看到良好的成長。所以，我們今年會繼續投資，但我們確實在努力為 2026 年的偉大成就做好準備，我們對所看到的銷售情況感到非常鼓舞。因此，營運部分是存在的，但當然，這是更多的投資，我們現在可以重新獲得所有的銷售額和利潤。

All right. Thanks. Good luck.

好的。謝謝。祝你好運。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

Hey, thanks for taking our call. This is Chris [Brazeau] on for Ashley. So, this might be hitting on some things you already talked about, but you cited the pressures on operating earnings during the quarter, with the inventory movement and reserves. And so, I think you mentioned 280 bps headwind to the brand portfolio from this.

嘿，感謝您接聽我們的電話。這是阿什利的克里斯[布拉索]。因此，這可能涉及您已經談到的一些事情，但您提到了本季營業利潤面臨的壓力，包括庫存變動和儲備。所以，我認為您提到了品牌組合將面臨 280 個基點的逆風。

And I was wondering if you could quantify how much of this was just one time in nature, particularly related to positioning for tariffs and uncertainty there versus how much might persist in the future quarters?

我想知道您是否可以量化其中有多少只是一次性的現象，特別是與關稅定位和不確定性有關，以及有多少可能在未來幾季持續存在？

Yeah. I think the way I would answer that, Chris, is to say that if I look at the decline, that 280 basis point decline, in order of materiality, I would say the first one is the higher reserves for inventory markdowns on spring 2025 product. Again, we believe that we should be pretty well reserved for that at this point. So, I wouldn't expect that to be a continued sort of headwind as we move forward into the second quarter.

是的。克里斯，我想我會這樣回答這個問題：如果我看一下下降趨勢，即 280 個基點的下降趨勢，按照重要性排序，我會說第一個是 2025 年春季產品的庫存降價儲備增加。我們再次相信，目前我們應該對此保持相當的保留態度。因此，我認為隨著我們進入第二季度，這不會成為一種持續的逆風。

The second item in terms of materiality was tariff-related cancellations and this was largely for both some sales, some order cancellations from customers, but as well as I mentioned those debit notes for cancelled production, but that was sort of the second item in terms of materiality. And then the third one was lower initial margins, and that's the piece that could continue a little bit as we go forward, but again, that was the smallest of the three pieces.

就重要性而言，第二項是與關稅相關的取消，這主要是針對一些銷售、一些客戶取消的訂單，以及我提到的取消生產的借記單，但就重要性而言，這是第二項。第三個是降低初始利潤率，隨著我們繼續前進，這個部分可能會繼續存在，但同樣，這是三個部分中最小的一個。

Okay, great. And then I know you're not giving your full-year guide anymore, but any context you could provide on what you're assuming around the headwinds related to tariffs, related to what you've already planned and maybe how we should be thinking of the timing of those pressures?

好的，太好了。然後我知道您不再提供全年指南，但您能否提供任何背景信息，說明您對與關稅相關的不利因素的假設，以及您已經計劃的內容，以及我們應該如何考慮這些壓力的時機？

No. Again, it's such a volatile environment. It's really hard to do that. But what I would say is, again, the strategies we put in place are really three-pronged, right, which is one, to get our factory partners to absorb some of that and we've been successful in doing that both in China and in our factory partners in the rest of the world.

不。再次強調，這是一個非常不穩定的環境。這確實很難做到。但我想說的是，我們實施的策略實際上是三管齊下的，對吧，第一，讓我們的工廠合作夥伴吸收其中的一些，我們在中國和世界其他地區的工廠合作夥伴都成功地做到了這一點。

Second piece is -- we will be certainly absorbing some of that in terms of lower gross margins. I would say, those first two things are probably in equal shares, if you will. And then a smaller piece is where we're looking to make these select price increases.

第二點是－我們肯定會吸收部分因毛利率降低而產生的影響。我想說，如果你願意的話，前兩件事可能也是同等重要的。然後，在較小的部分，我們希望選擇性地提高價格。

Awesome. Thank you.

驚人的。謝謝。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Jay -- Jay Schmidt for closing comments.

問答環節已結束。現在我想將電話轉回給傑伊——傑伊施密特 (Jay Schmidt) 來做最後發言。

Okay. Thank you. Before we close today, I would like to thank the Caleres team for their focus and their hard work during this quarter. Despite this setback, we are confident in our long-term plans and growth opportunities, and I look forward to working closely with all of our team members to put them into action.

好的。謝謝。在今天結束之前，我想感謝 Caleres 團隊在本季的專注和辛勤工作。儘管遭遇挫折，我們對長期計劃和成長的機會充滿信心，我期待與我們所有團隊成員密切合作，將其付諸行動。

Thank you for joining us this morning and thank you for your continued interest in Caleres. Have a good day.

感謝您今天早上加入我們，也感謝您對卡萊雷斯的持續關注。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路，感謝您的參與。