Caleres Inc (CAL) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Caleres Inc., fourth-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Caleres Inc. 2025 年第四季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我想把時間交給今天的主持人——企業發展與策略溝通資深副總裁 Liz Dunn。謝謝。您可以開始了。

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

謝謝你，Melissa。各位早安。感謝各位參加我們的第四季財報電話會議與網路直播。包含詳細財務表格的新聞稿以及我們的季度簡報投影片，皆可於 caleres.com 取得。

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，並受多項風險與不確定性影響。由於各種風險因素（包括公司 Form 10-K 及其他向美國證券交易委員會提交之文件中所揭露者），實際結果可能與前瞻性陳述存在重大差異。請參閱今日新聞稿及我們的 SEC 申報文件，以取得更多關於風險因素及其他可能影響前瞻性陳述之因素的資訊。這些報告的副本可於線上取得。

In discussing our operational results, we will be providing and referring to adjusted operating earnings results. And in some cases, we will be discussing our results, excluding the impact of Stuart Weitzman. Additional details on non-GAAP measures as well as others featured in today's earnings release and presentation are available in the reconciliation tables on our earnings release and on caleres.com. The company undertakes no obligation to update any information discussed on this call at any time.

在討論我們的營運成果時，我們將提供並引用調整後營業利益（adjusted operating earnings）結果。在某些情況下，我們也將在討論結果時排除 Stuart Weitzman 的影響。關於非 GAAP 指標以及今日財報新聞稿與簡報中其他指標的更多細節，請參閱財報新聞稿中的調節表（reconciliation tables）以及 caleres.com。公司不承擔在任何時間更新本次電話會議中所討論任何資訊之義務。

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

今天與我一同出席的有總裁暨執行長 Jay Schmidt，以及資深副總裁、代理財務長與代理行政長 Dan Karpel。本次電話會議將先由管理層準備發言開始，接著進行問答環節以回覆各位的問題。

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

接下來，我把電話交給 Jay。Jay？

Good morning. Earlier today, Caleres reported fourth quarter sales and earnings. Earnings per share exceeded our guidance with sales modestly above our guidance and gross margin better than expectations. Brand Portfolio sales performance in the quarter was driven by continued strength in owned e-commerce and international performance underscoring key strategic growth vectors for the company. Lead brands once again outperformed, reinforcing their role at Caleres' primary growth engine and we once again gained market share.

各位早安。今天稍早，Caleres 公布了第四季的銷售與獲利。每股盈餘高於我們的指引，銷售略高於指引，毛利率也優於預期。本季品牌組合（Brand Portfolio）的銷售表現，主要受自營電商與國際業務持續強勁所帶動，凸顯公司關鍵的策略性成長向量。主力品牌再次優於整體表現，強化其作為 Caleres 主要成長引擎的角色，我們也再次提升了市占率。

At Famous Footwear, we continue to see encouraging signs that our strategic initiatives are working. Our flare remodels are consistently outperforming the lead and remain an important growth lever as we elevate the in-store experience. We lead further into our strategy to elevate and edit the brand and product assortment, and we're seeing consumers respond to a curated mix of premium and demitted brands. And for the quarter, we gained market share in shoe chains. We were pleased that Caleres ended 2025 with some momentum in both segments of our business.

在 Famous Footwear，我們持續看到令人鼓舞的跡象，顯示我們的策略性舉措正在奏效。我們的 flare 翻新門市持續優於其他門市，並在提升店內體驗的同時，仍是重要的成長槓桿。我們進一步推進提升並精簡品牌與產品組合的策略，並看到消費者對精選的高端與平價品牌組合做出正向回應。本季我們在鞋類連鎖通路的市占率有所提升。我們很高興 Caleres 在 2025 年結束時，兩大業務部門皆展現一定動能。

2026 will be a build back year where we'll begin to build back our earnings power, driven by the strategic growth vectors and initiatives that are already in place and working. We'll say more on that in a moment, but first, let me provide more detail on our quarter performance.

2026 年將是「重建」的一年，我們將開始重建獲利能力，動能來自已經到位且正在發揮效果的策略性成長向量與各項舉措。稍後我們會再多談一些，但首先，讓我更詳細說明本季表現。

Brand Portfolio sales on an organic basis increased 1.5% in the quarter and 20.3% when factoring in Stuart Weitzman. Lead brands in total were up 2% organically and represented nearly 60% of the Brand Portfolio sales. owned e-commerce continued to see outsized growth and our international business was strong.

品牌組合（Brand Portfolio）銷售以有機基礎計算，本季成長 1.5%；若納入 Stuart Weitzman，則成長 20.3%。主力品牌合計有機成長 2%，占品牌組合銷售近 60%。自營電商持續呈現超常成長，國際業務也表現強勁。

According to [Sircana], our brand portfolio gained significant market share in both women's fashion footwear and total footwear during the quarter. Boots, particularly tall shaft were a standout category, complemented by strength in flats and loppers, solid performance in dress and continued momentum in sneakers.

根據 [Sircana] 的資料，我們的品牌組合在本季於女性時尚鞋類與整體鞋類市場皆顯著提升市占率。靴款，特別是高筒靴，是表現突出的品類；同時平底鞋與樂福鞋亦展現強勢，正裝鞋表現穩健，運動鞋動能持續。

(inaudible) delivered another very strong quarter with sales growth that exceeded expectations and outperformed the broader premium market.

(聽不清楚) 再度交出非常強勁的一季，銷售成長超出預期，並優於整體高端市場。

Performance was broad-based across categories, anchored by exceptional results in dress, casuals and boots where the brand saw success in both proven icons and new styles. Wholesale sales exceeded plan, reflecting strong demand across core product franchises owned e-commerce saw double-digit growth and higher full price selling in the quarter. closing out a record setting year Sam Edelman, licensing initiatives, added incremental growth and visibility highlighted by a successful fragrance launch with rapid sell-through and expanded national distribution.

各品類表現全面，並以正裝、休閒與靴款的卓越成果為核心；該品牌在既有經典款與新款式上皆取得成功。批發銷售超出計畫，反映核心產品系列需求強勁；自營電商本季呈現雙位數成長，且正價銷售占比提高。隨著 Sam Edelman 以創紀錄表現結束年度，授權（licensing）計畫帶來額外成長與能見度，其中以香氛成功上市為亮點，快速售罄並擴大全國性通路覆蓋。

We continue seeing positive results from our Sam Edelman stores, which now tally 111 doors, 56 owned and 55 franchised with 107 of them international. Stuart Weitzman delivered solid fourth quarter progress as we continue strengthening the foundation of Caleres' newest lead brand.

我們持續看到 Sam Edelman 門市的正向成果，目前共計 111 家門市，其中 56 家為自營、55 家為加盟，且其中 107 家位於國際市場。Stuart Weitzman 在第四季取得穩健進展，我們持續強化 Caleres 最新主力品牌的基礎。

We successfully integrated Stuart Weitzman onto Caleres platforms as we completed the quarter, both on time and on budget. During this transition process, we implemented a new organization structure, moved teams into new headquarters in New York and Shanghai, completed the relocation of our US and Canadian warehouses and liquidated a significant volume of aged inventory globally.

在本季結束時，我們已成功將 Stuart Weitzman 整合至 Caleres 的各項平台，且如期、如預算完成。在此轉換過程中，我們導入新的組織架構，將團隊遷入紐約與上海的新總部，完成美國與加拿大倉庫的搬遷，並在全球範圍內清理（liquidate）大量陳舊庫存。

Operationally, fourth quarter sales were driven by core boots and booties alongside new dress and social styles. As we clear out aged inventory, we are successfully reducing discounting and flowing newness to support improved specialty retail and e-commerce performance.

在營運面，第四季銷售由核心靴款與短靴帶動，同時新推出的正裝與社交場合款式亦有貢獻。隨著我們清理陳舊庫存，我們正成功降低折扣力度，並導入新品以支撐專業零售與電商表現的改善。

At quarter end, Stuart operated 73 retail locations worldwide, including 50 in China and 23 in North America, with the latter spanning full price outlet and shop-in-shop formats. We remain committed and confident in our plan to bring the brand to breakeven in 2026.

截至季末，Stuart 在全球共營運 73 個零售據點，其中中國 50 個、北美 23 個；北美據點涵蓋正價店、暢貨中心（outlet）以及店中店（shop-in-shop）等形式。我們仍堅定投入並對計畫充滿信心，目標是在 2026 年讓該品牌達到損益兩平。

Allen Edmonds delivered a very strong fourth quarter with broad-based growth across all channels and continued momentum with the consumer. Performance was led by strength in brick-and-mortar stores, owned e-commerce and wholesale with particularly strong demand for dress, loafers, sneakers and boots. Wholesale momentum driven by key national partners, strong store level productivity and expanded distribution continued.

Allen Edmonds 在第四季表現非常強勁，各通路皆呈現廣泛成長，且消費者動能延續。表現主要由實體門市、自營電商與批發帶動，其中正裝鞋、樂福鞋、運動鞋與靴款需求尤其強勁。在關鍵全國性合作夥伴帶動下，批發動能、門市端生產力提升與通路擴張持續推進。

The Reserve collection, the most elevated product in the Allen Edmonds brand continued to scale meaningfully, attracting a highly valuable customer who shops more frequently spend more annually and shows higher loyalty engagement. This special collection is available at the majority of our 58 Allen Edmonds stores.

Reserve 系列作為 Allen Edmonds 品牌中最頂級的產品，持續顯著擴大規模，吸引高價值客群；該客群購買更頻繁、年度消費更高，且忠誠度互動更強。此特別系列在我們 58 家 Allen Edmonds 門市中的大多數皆有販售。

including our 18 Port Washington studio stores, which continue to outperform, reflecting the power of an elevated store experience and recent enhancements to the format.

包括我們的 18 家 Port Washington 工作室門市，該等門市持續優於整體表現，反映升級的門市體驗之威力，以及近期對此店型所做的強化。

Naturalizer made meaningful progress in the fourth quarter with improving e-commerce sales momentum and new and retained customer growth. Owned e-commerce performance was a standout, supported by strength across on-trend product categories, including boots, dress, sport and sandals with particular success in tall boots.

Naturalizer 在第四季取得實質進展，電商銷售動能改善，新客與留存客戶皆成長。自營電商表現尤為突出，受惠於多個符合潮流的產品品類走強，包括靴款、正裝、運動與涼鞋，其中高筒靴表現尤其成功。

Marketing efforts were increasingly focused and effective with refined targeting strong influencer content and compelling storytelling, driving higher-quality traffic, higher conversion and higher average order value. These efforts translated into customer growth across both new and returning shoppers with strong engagement from younger and core generations.

行銷投入愈加聚焦且更有效，透過更精準的受眾鎖定、強而有力的網紅內容與引人入勝的品牌敘事，帶動更高品質的流量、更高的轉換率與更高的平均訂單金額。這些努力轉化為新客與回流客的雙向成長，並在較年輕族群與核心世代中皆展現強勁互動。

And shortly after quarter end, we launched our newest collaboration with Case maker and Style icon (inaudible) June's collaboration is building awareness for the Naturalizer brand with new consumers and June's STYLE-LETICS collection sells at significantly higher retails, mostly through naturalizer.com.

而在季度結束後不久，我們推出了與鞋盒製造商及風格偶像（聽不清）June 的最新合作。June 的合作正在提升 Naturalizer 品牌在新消費者中的知名度，而 June 的 STYLE-LETICS 系列以顯著更高的零售價銷售，主要透過 naturalizer.com。

Vionic closed the fourth quarter with strength in e-commerce and international channels, compelling new product launches and growing interest in sport and performance walking is walking categories underscored by Vionic's first sport collaboration with wellness advocate Gabby Reece, which we launched in January and supported with a robust campaign.

Vionic 以電商與國際通路的強勁表現為第四季畫下句點，並推出具吸引力的新產品上市；同時，運動與機能步行（walking）類別的關注度持續升溫，這點也由 Vionic 首次與健康倡議者 Gabby Reece 的運動合作加以凸顯；該合作於一月推出，並以強力行銷活動支持。

International bestsellers in the quarter closely mirrored those in the US, illustrating consistent global demand for the brand's key styles. Brand awareness is growing for Vionic, particularly with younger and more affluent consumers.

本季的國際暢銷款與美國市場的暢銷款高度一致，顯示全球對品牌核心款式的需求穩定一致。Vionic 的品牌知名度正在提升，尤其是在更年輕且更富裕的消費者族群中。

Moving on to Famous Footwear. In the quarter, total sales decreased 1.2% and comp sales increased 0.1%, in line with our expectations. E-commerce outperformed stores, but average unit retails were up in both channels. We continue to see the Famous consumer respond strongly during peak shopping periods with more positive comps during the holiday period, followed by more modest results in January. E-commerce sales accelerated and were up double digits for the third straight quarter.

接著談 Famous Footwear。本季總銷售額下滑 1.2%，同店銷售成長 0.1%，符合我們的預期。電商表現優於實體門市，但兩個通路的平均單價（AUR）皆上升。我們持續看到 Famous 的消費者在購物高峰期反應強勁：假期期間同店表現較為正向，之後一月的結果則較為溫和。電商銷售加速成長，且已連續第三季達到雙位數成長。

The launch of Jordan earlier in the year contributed steady momentum throughout the holiday season remaining a top 10 brand and reinforcing Famous' ability to launch leading brands and deliver powerful results.

年初引進 Jordan 的上市，在整個假期季持續帶來穩定動能；Jordan 仍為前十大品牌之一，並強化 Famous 推出領先品牌並交出強勁成果的能力。

Famous continues to enhance its consumer experience through the flare format. We ended fourth quarter with 57 flare locations, which generated a 4.5 point sales lift overall and a 6-point sales lift for stores converted in the last year. The success of Flair continues to underscore Famous' ability to amplify elevated brands and products.

Famous 持續透過 Flair 店型提升消費者體驗。第四季結束時我們共有 57 家 Flair 門市，整體帶來 4.5 個百分點的銷售提升，而在過去一年完成改裝的門市則帶來 6 個百分點的銷售提升。Flair 的成功持續凸顯 Famous 放大高端品牌與產品的能力。

We plan to build on that momentum with additional flare openings in 2026, ending with a range of 65 to 75 locations by year end. From a divisional perspective, men's performed best in the quarter, kits performed in line with the total and women's unperformed slightly. However, fashion boots were a standout category in total. Top growth brands for the quarter were Skechers, Jordan, Birkenstock, Timberland, SOREL, Brooks and Colombia.

我們計畫在 2026 年以更多 Flair 開店延續這股動能，並在年底達到 65 至 75 家門市的區間。以部門來看，本季男鞋表現最佳，童鞋（kids）與整體表現一致，女鞋則略為落後。不過，時尚靴款是整體表現突出的品類。本季成長最快的品牌包括 Skechers、Jordan、Birkenstock、Timberland、SOREL、Brooks 與 Colombia。

While our Caleres brands outperformed its Famous footwear with sales up mid-teens and saw a higher margin rate on lower inventory. We continue to make progress on our Elevate and edit strategy at Famous with outperformance from premium brands. In 2026, we plan to accelerate this strategy by expanding higher demand brands and products while exiting underperforming labels. We're also expanding immersive brand takeovers that have been driving outsized growth at key points across the seasons with multiple takeovers planned for core brands throughout 2026.

同時，我們的 Caleres 品牌表現優於 Famous Footwear，銷售成長達到十幾個百分點，且在較低庫存水位下實現更高的毛利率。我們在 Famous 推動的 Elevate 與 Edit 策略持續取得進展，高端品牌的表現優於整體。在 2026 年，我們計畫透過擴大高需求品牌與產品、同時退出表現不佳的標籤品牌，以加速此策略。我們也將擴大沉浸式的品牌接管（brand takeovers），這些活動在季節性關鍵時點帶動了超額成長；2026 年將針對核心品牌規劃多場接管活動。

In summary, Caleres made progress on our strategic growth objectives in the second half of 2025, including lead brands international, direct-to-consumer and enhanced customer experience and edit and Elevate.

總結而言，Caleres 在 2025 年下半年於策略性成長目標上取得進展，包括主力品牌的國際化、直面消費者（DTC）、提升客戶體驗，以及 Edit 與 Elevate。

Joining us today on the call is Dan Karpel. Dan returned to Caleres as Chief Accounting Officer in 2025 and has assumed the additional role of interim CFO. He is well versed in our company, and I am pleased to welcome him to the call. Dan will walk you through our guidance in detail, but I wanted to provide some color on what we are expecting for the year.

今天與會的還有 Dan Karpel。Dan 於 2025 年回到 Caleres 擔任首席會計官，並額外兼任代理財務長（interim CFO）。他對公司非常熟悉，我也很高興歡迎他加入本次電話會議。Dan 將詳細說明我們的財測指引，但我想先補充一些我們對今年的預期背景。

As we look forward, 2026 is shaping up as a build back year characterized by relatively modest organic sales growth but meaningful earnings recovery. We have several encouraging green shoots leading us to a place of optimism. Our market share continues to build.

展望未來，2026 年正逐步成形為一個「重建」年度：有機銷售成長相對溫和，但獲利將有顯著復甦。我們看到幾個令人鼓舞的早期正向訊號，使我們保持樂觀。我們的市占率持續提升。

Our international business is up, and our own e-commerce business is up quarter to date across the brand portfolio. Famous Footwear is seeing slightly down comp store sales with e-commerce up high single digits quarter to date. Our care engagement strategies have taken hold. And we successfully completed our Stuart Weitzman systems integration, which sets the stage for improved profitability in the brand. We also made progress across our centers of excellence, which we have shifted internally to calling centers of expertise.

我們的國際業務成長，而我們自營電商業務在本季迄今於整體品牌組合皆呈成長。Famous Footwear 的同店門市銷售本季迄今略為下滑，但電商成長達高個位數。我們的客戶關係經營（care engagement）策略已開始發揮效果。此外，我們已成功完成 Stuart Weitzman 的系統整合，為該品牌提升獲利能力奠定基礎。我們也在各個卓越中心（centers of excellence）取得進展，並已在內部將其改稱為專業中心（centers of expertise）。

We are finding the greatest success by deliberately leveraging Polaris' core capabilities at scale. This includes expanding our international platform, accelerating owned e-commerce and establishing more disciplined planning and costing capabilities.

我們發現，最成功的做法是有意識地以規模化方式運用 Polaris 的核心能力。這包括擴展我們的國際平台、加速自營電商，以及建立更具紀律的規劃與成本核算能力。

In addition, now that three of our five lead brands have brick-and-mortar stores, we have launched a specialty retail operations team to elevate performance and the consumer experience. We've also established a marketing operations center of expertise to enhance our data, analytics and media buying.

此外，隨著我們五個主力品牌中已有三個擁有實體門市，我們已成立專業零售營運團隊，以提升績效與消費者體驗。我們也建立了行銷營運專業中心，以強化數據、分析與媒體採購能力。

These centers of expertise are helping us move faster and operate more consistently and efficiently. And international specialty retail and e-commerce are where we are seeing some of our earliest improvements with Stuart Weitzman. We see a meaningful opportunity to build on this foundation, not just as it relates to Stuart, but for our whole company as we move through 2026 with more to come.

這些專業中心正協助我們更快速推進，並以更一致且更有效率的方式營運。而在國際專業零售與電商方面，我們已在 Stuart Weitzman 看到一些最早期的改善。我們認為有顯著機會在此基礎上持續擴大成果，不僅限於 Stuart，也涵蓋整個公司；隨著我們走過 2026 年，後續還會有更多進展。

So while the market remains volatile, based on what we know today, we are providing guidance with a realistic view of the risks and the opportunities ahead of us, including geopolitical risk and tariff changes. Our sales growth is coming from our proven growth vectors and annualized benefit from our recent acquisition and our earnings bridge is clear.

因此，儘管市場仍然波動，基於我們目前所掌握的資訊，我們在提供財測指引時，將以務實角度看待前方的風險與機會，包括地緣政治風險與關稅變動。我們的銷售成長來自已驗證的成長向量，以及近期收購帶來的年化效益，而我們的獲利橋接（earnings bridge）也相當清晰。

So with that, I will now hand it over to Dan for a more deep view of Caleres' financial performance and our outlook for 2026. Dan?

那麼，接下來我把時間交給 Dan，請他更深入說明 Caleres 的財務表現以及我們對 2026 年的展望。Dan？

Thank you, Jay, and good morning, everyone. During today's call, I'll provide additional details on fourth quarter results as well as our expectations for 2026. Please note that my comments will be on an adjusted basis, I will note when they exclude Stuart Weitzman.

謝謝你，Jay，各位早安。在今天的電話會議中，我將補充第四季業績的更多細節，以及我們對 2026 年的預期。請注意，我的評論將以調整後（adjusted）基礎呈現；若有排除 Stuart Weitzman 的部分，我會特別說明。

For the fourth quarter, sales were $695.1 million, up 8.7%. Sales on an organic basis, excluding Stuart Weitzman, decreased 0.1% and Organic sales increased in the Brand Portfolio segment and declined at Famous Footwear.

第四季銷售額為 6.951 億美元，年增 8.7%。以有機基礎計算（排除 Stuart Weitzman），銷售下滑 0.1%；其中品牌組合（Brand Portfolio）部門的有機銷售成長，而 Famous Footwear 則下滑。

Notably, both segments saw an improvement in the trend versus the first half of the year. Sales for Stuart Weitzman were $56.3 million. Brand Portfolio sales were up 1.5% on an organic basis and up 20.3%, including Stuart Weitzman.

值得注意的是，兩個部門相較於上半年皆出現趨勢改善。Stuart Weitzman 的銷售額為 5,630 萬美元。品牌組合（Brand Portfolio）銷售以有機基礎年增 1.5%，若包含 Stuart Weitzman 則年增 20.3%。

Lead brands, in total, excluding Stuart Weitzman, grew about 2% with growth in both North America and international. Payless sales were down 1.2% with comparable sales up 0.1%. Comparable sales increased slightly in November and December and declined low single digits in January.

主力品牌合計（排除 Stuart Weitzman）成長約 2%，北美與國際市場皆有成長。Payless 銷售下滑 1.2%，同店銷售成長 0.1%。同店銷售在 11 月與 12 月小幅成長，但在 1 月下滑低個位數。

Consolidated gross margin was 42.9%, down 10 basis points versus last year, reflecting lower margins and brand portfolio and relatively stable margins at Famous Footwear. Stuart Weitzman was modestly accretive to gross margin.

合併毛利率為 42.9%，較去年下降 10 個基點，反映品牌組合毛利率較低，以及 Famous Footwear 毛利率相對穩定。Stuart Weitzman 對毛利率有小幅增益（accretive）。

Brand Portfolio gross margin, excluding Stuart Weitzman, was down 130 basis points due to tariffs as well as markdown allowances, somewhat offset by favorable channel mix. Brand Portfolio gross margin was 41.6%, down 10 basis points to last year, including Stuart Weitzman.

品牌組合毛利率（不含Stuart Weitzman）下降130個基點，主因為關稅以及降價折讓（markdown allowances），部分被有利的通路組合所抵銷。品牌組合毛利率為41.6%，較去年下降10個基點（含Stuart Weitzman）。

Famous gross margin was 42.5% and essentially flat to last year with greater proportion of clearance sales to total offset by higher clearance margin. expenses increased $48.3 million or 18.3% to $310 million. The increase was primarily driven by expenses of $39 million related to Stuart Weitzman. As a percentage of sales, SG&A was 44.6% and deleverage 70 basis points. Operating loss in the quarter was $11.6 million, and operating margin was negative 1.7%.

Famous毛利率為42.5%，與去年基本持平；清倉銷售占總銷售比重提高所帶來的影響，被較高的清倉毛利率所抵銷。費用增加4,830萬美元（或18.3%）至3.10億美元。增加主要由與Stuart Weitzman相關的3,900萬美元費用所驅動。以銷售額百分比計，SG&A為44.6%，去槓桿70個基點。本季營業虧損1,160萬美元，營業利益率為負1.7%。

Excluding Stuart Weitzman, operating earnings were $0.5 million and operating margin was 0.1%. Operating margin at Brand Portfolio was 2.4% and was 6.8%, excluding Stuart Weitzman. Operating margin at Famous was 0.8%. Net interest expense was $4.7 million, up $0.7 million to last year due to higher average borrowings.

不含Stuart Weitzman，營業利益為50萬美元，營業利益率為0.1%。品牌組合營業利益率為2.4%；不含Stuart Weitzman則為6.8%。Famous營業利益率為0.8%。淨利息費用為470萬美元，較去年增加70萬美元，主因平均借款增加。

Approximately $1.4 million was interest expense associated with the acquisition of Stuart Weitzman. The weighted average borrowing rate in the quarter was down about 25 basis points to last year. Tax was 25.4% for the quarter and 28.9% for the full year.

約140萬美元為與收購Stuart Weitzman相關的利息費用。本季加權平均借款利率較去年下降約25個基點。本季稅率為25.4%，全年為28.9%。

Fourth-quarter earnings per diluted share were a loss of $0.36 and earnings per diluted share, excluding the acquisition of Stuart Weitzman or a loss of $0.06. For the full year, sales increased 1.3% in total and declined 2.5% on an organic basis, excluding Stuart Weitzman.

第四季稀釋後每股盈餘為虧損0.36美元；不含收購Stuart Weitzman影響之稀釋後每股盈餘為虧損0.06美元。全年而言，總銷售成長1.3%；在不含Stuart Weitzman的有機基礎上，銷售下滑2.5%。

The acquisition added $12.2 million of sales during the year. Brand Portfolio sales increased 7.3% and declined 1% on an organic basis. Famous Footwear sales for the full year declined 3.6%, with comp store sales down 2.3%.

該收購於年度內貢獻1,220萬美元銷售額。品牌組合銷售成長7.3%；在有機基礎上下降1%。Famous Footwear全年銷售下滑3.6%，同店銷售下降2.3%。

Gross margin for the full year was 43.5%, down 135 basis points. Brand Portfolio gross margin declined 170 basis points to 42% and primarily reflecting a 160 basis point impact from tariffs. Stuart Weitzman added 40 basis points to the Brand Portfolio gross margin for the year. Famous Footwear gross margin declined 90 basis points to 43.2%. SG&A expenses for the full year increased $92.5 million or 7.4% to $1.2 billion, primarily reflecting $71 million of Stuart Weitzman expense.

全年毛利率為43.5%，下降135個基點。品牌組合毛利率下降170個基點至42%，主要反映關稅帶來的160個基點影響。Stuart Weitzman使品牌組合全年毛利率增加40個基點。Famous Footwear毛利率下降90個基點至43.2%。全年SG&A費用增加9,250萬美元（或7.4%）至12億美元，主要反映Stuart Weitzman費用7,100萬美元。

As a result, SG&A was 42% and deleveraged 290 basis points. On an organic basis, SG&A expenses were $1.1 billion. Operating earnings for the full year were $43 million and operating margin was 1.6%. Excluding Stuart Weitzman, operating earnings were $66.3 million, and operating margin was 2.5%. Brand Portfolio operating margin declined 630 basis points as tariffs, SG&A deleverage and Stuart Weitzman dilution all contributed similar amounts to the decline.

因此，SG&A為42%，去槓桿290個基點。在有機基礎上，SG&A費用為11億美元。全年營業利益為4,300萬美元，營業利益率為1.6%。不含Stuart Weitzman，營業利益為6,630萬美元，營業利益率為2.5%。品牌組合營業利益率下降630個基點，關稅、SG&A去槓桿以及Stuart Weitzman稀釋對下降的貢獻幅度相近。

Famous Footwear operating margin declined 250 basis points with both gross margin clients and SG&A deleverage on lower sales. Adjusted earnings per diluted share were $0.61 for the full year and $1.19, excluding the impact of Stuart Weitzman. Turning to the balance sheet. We ended the fourth quarter with $29.8 million in cash $29.5 million in borrowings and $238 million in liquidity. Inventory at quarter end was $610.5 million, up $45 million to last year, of which $57 million was for Stuart Weitzman.

Famous Footwear營業利益率下降250個基點，主要因毛利率下滑以及在銷售較低下的SG&A去槓桿。全年調整後稀釋後每股盈餘為0.61美元；不含Stuart Weitzman影響則為1.19美元。接著看資產負債表。第四季末現金2,980萬美元、借款2,950萬美元，流動性為2.38億美元。季末存貨為6.105億美元，較去年增加4,500萬美元，其中5,700萬美元為Stuart Weitzman。

Excluding Stuart Weitzman, organic inventory was down $12 million with brand portfolio inventory down 6% and Famous Footwear up 2%. Now turning to our outlook. We continue to face an evolving tariff environment. Our guidance is built on the assumption that new tariffs will be enacted that will largely replace the prior APA tariffs. This could prove conservative.

不含Stuart Weitzman，有機存貨減少1,200萬美元，其中品牌組合存貨下降6%，Famous Footwear上升2%。接著談展望。我們仍面臨持續演變的關稅環境。我們的指引係基於一項假設：將實施新的關稅，且在很大程度上取代先前的APA關稅。此假設可能偏保守。

But until we have clarity on the level of additional new tariffs, these assumptions appear prudent. We are maintaining a flexible approach to sourcing, and we'll continue to seek the best country matrix for our quality and price needs.

但在我們釐清新增關稅的額外幅度之前，這些假設看來是審慎的。我們將維持具彈性的採購策略，並持續尋求最符合我們品質與價格需求的最佳國家組合矩陣。

Additionally, the conflict in the Middle East introduces risk to our outlook. As of today, we are experiencing modest business disruption with our Middle East business partners. The region is less than 1% of our total business though an important part of longer-term international growth opportunity.

此外，中東衝突為我們的展望帶來風險。截至今日，我們與中東業務夥伴的合作正經歷輕微的業務中斷。該地區占我們總業務不到1%，但卻是長期國際成長機會的重要一環。

We are carefully monitoring the situation and working with our partners to mitigate risk. However, with oil prices on the rise, the risk of economic slowdown has increased. The low end of our guidance anticipates some slowdown related to the economic impact of the current geopolitical conflicts but not does not anticipate growing issues.

我們正密切監控情勢，並與夥伴合作以降低風險。然而，隨著油價上升，經濟放緩的風險已提高。我們指引區間的低端預期，當前地緣政治衝突的經濟影響將導致一定程度的放緩，但不預期問題擴大。

For the first quarter, we expect consolidated sales to increase mid- to high single digits compared to last year. For Famous Sales are expected to be down low single digits to flat with comparable sales down 2% to up 1%. For Brand Portfolio, sales are expected to be up mid-teens, inclusive of low single-digit organic growth. Consolidated gross margin to improve 120 to 140 basis points compared to last year. Modest deleverage of SG&A compared to last year due to the inclusion of Stuart Weitzman.

第一季方面，我們預期合併銷售額較去年成長中至高個位數百分比。Famous方面，預期銷售額為下降低個位數百分比至持平，同店銷售為下降2%至成長1%。品牌組合方面，預期銷售額成長中十位數百分比（mid-teens），其中包含低個位數百分比的有機成長。合併毛利率預期較去年改善120至140個基點。由於納入Stuart Weitzman，SG&A相較去年將出現小幅去槓桿。

With discrete items impacting the quarter, we expect a tax rate of 30% to 32%. GAAP earnings per diluted share of $0.21 to $0.26 and adjusted earnings per diluted share of $0.25 to $0.30 as we expect to incur approximately $2 million in remaining Stuart Weitzman acquisition and integration costs. For the full year 2026, we expect consolidated sales up low to mid-single digits compared to last year.

由於本季有特定項目影響，我們預期稅率為30%至32%。GAAP稀釋後每股盈餘為0.21至0.26美元；調整後稀釋後每股盈餘為0.25至0.30美元，因我們預期將發生約200萬美元剩餘的Stuart Weitzman收購與整合成本。2026全年方面，我們預期合併銷售額較去年成長低至中個位數百分比。

Famous Footwear sales down low single digits to flat compared to last year, with comp store sales of down 1% to up 1%. Brand Portfolio sales up low double digits compared to last year, inclusive of low to mid-single-digit organic growth when excluding Stuart Weitzman.

Famous Footwear銷售額較去年下降低個位數百分比至持平，同店銷售為下降1%至成長1%。品牌組合銷售額較去年成長低雙位數百分比；若排除Stuart Weitzman，包含低至中個位數百分比的有機成長。

Gross margin up 140 to 100 basis points compared to last year, driven mostly by the brand portfolio as our tariff mitigation strategies improve and with favorable customer and brand mix. SG&A rate relatively flat compared to last year, with cost saving measures largely offset by increases in incentive and merit build back and other selective investments. Interest expense of approximately $18 million and a full year tax rate of 28% to 30%.

毛利率較去年上升100至140個基點，主要由品牌組合帶動，因我們的關稅緩解策略改善，且客戶與品牌組合有利。SG&A費用率相較去年大致持平，成本節約措施大致被獎酬與績效調薪回補增加及其他選擇性投資所抵銷。利息費用約1,800萬美元，全年稅率為28%至30%。

As a result, we expect GAAP earnings per diluted share of $1.31 to $1.61. And or adjusted earnings per diluted share of $1.35 to $1.65 due to the aforementioned Stuart Weitzman acquisition and integration costs. CapEx of approximately $55 million to $60 million that we will continue to evaluate based on macroeconomic conditions and performance.

因此，我們預期依 GAAP 計算之稀釋後每股盈餘為 1.31 美元至 1.61 美元。以及／或因前述 Stuart Weitzman 併購與整合成本影響，調整後稀釋後每股盈餘為 1.35 美元至 1.65 美元。資本支出（CapEx）約為 5,500 萬美元至 6,000 萬美元，我們將持續依據總體經濟狀況與營運表現進行評估。

With that, I'd now like to turn the call back over to the operator for Q&A. Operator?

接下來，我想把電話交回給接線員，進行問答。接線員？

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（接線員指示）Ashley Owens，KeyBanc Capital Markets。

So maybe just starting with the quarter, I know there was concern about potential risk to sales volatility in the bottom line and that didn't really play out here. Could you just help us bridge if there was any volatility you recognized and what some of the offsets (inaudible) and then more importantly, is there a go-forward risk with the ongoing (inaudible)? How should we think about it as more onetime in nature?

那我可能先從本季開始問起。我知道先前有人擔心銷售波動可能對損益表底線造成風險，但這次似乎並沒有真正發生。你們能否協助我們釐清：你們是否有認列任何波動，以及有哪些抵銷因素（聽不清），更重要的是，未來在持續的（聽不清）之下是否仍有風險？我們應該把它視為較偏一次性的影響嗎？

Okay. Ashley, we're having a little bit of hard time hearing. But your question is we expected more sales volatility in the quarter and it didn't come through. So talk about some of the puts and takes. Is that right?

好的。Ashley，我們這邊有點聽不清楚。但你的問題是：我們原本預期本季會有較大的銷售波動，但實際上沒有出現。所以請我們談談其中的增減因素。是這樣嗎？

Yes. Yes, please.

是的。是的，麻煩。

Okay. So first of all, we did provide a mid-January and that did actually play out. We didn't ship (inaudible) for the balance of the month, and we were fully reserved on that debt. So however, there are areas of our business were strong enough to offset the $0.06 that we did play out. And I think that was a key reason for it.

好的。首先，我們在 1 月中旬確實有提供說明，而那也確實如預期發生。我們在該月剩餘期間沒有出貨（聽不清），而且我們已對那筆債務全額提列準備。不過，我們業務中有些領域表現強勁，足以抵銷我們確實發生的 0.06 美元影響。我認為這是關鍵原因。

It just came in better. Our gross margin impact on tariffs was 40 basis points in the brand portfolio in the quarter, which was also better than our expectation.

結果就是表現優於預期。本季關稅對品牌組合（brand portfolio）毛利率的影響為 40 個基點，也優於我們的預期。

So for -- just as a follow-up then, as we think about gross margin and the bed recovery story here, can you help us parse out what's already in the exit rate for the year versus what still needs to come through from either mix or a tariff mitigation standpoint in 2026?

那作為追問，當我們思考毛利率以及這裡的「床（bed）復甦」故事時，你能否協助我們拆解：哪些已經反映在今年的年末退出水準（exit rate）中，哪些仍需要在 2026 年透過產品組合（mix）或關稅緩解（tariff mitigation）來實現？

Yes. So on the margin, when we think about guidance in 2026, you'll see relatively flat margins on the Famous business. And as it relates to the brand portfolio side, we'll see recovery around the tariff side of the business. Also with mix, we think about Stuart Weitzman is incremental, margin accretion because of the margin levels that they play as well as other mix in our lead brands driving that up.

可以。就毛利率而言，當我們看 2026 年的指引時，你會看到 Famous 業務的毛利率大致持平。而在品牌組合端，我們會看到關稅相關的業務出現回升。另外在組合方面，我們認為 Stuart Weitzman 會帶來增量、提升毛利率（margin accretion），因為其本身的毛利率水準；同時，我們主力品牌的其他組合變化也會推升毛利率。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

I like the term build back year for 2026. And as you think about the build back year for 2026, on the Brand Portfolio side, how are you thinking about wholesale with Saks, the $0.06 impact, I think you may have expected or up $0.06 for the year, how you're planning that this year?

我喜歡你們用「2026 年是重建年（build back year）」這個說法。當你們思考 2026 年的重建年時，在品牌組合端，你們如何看待與 Saks 的批發業務？那個 0.06 美元的影響，我想你們可能原本預期，或是全年上調 0.06 美元，你們今年是如何規劃的？

Are you shipping them or not shipping them and with the market share gains that you saw in two chains at Famous Footwear in the fourth quarter, key drivers of that new brands being added? How do you think about the addition of new brands and categories that you're adding in there?

你們會出貨給他們，還是不出貨？另外，在第四季 Famous Footwear 於兩個連鎖通路看到市占提升，主要驅動因素是否為新增品牌？你們如何看待新增品牌與品類的導入？

And then just lastly, shaping or cadence of the year? Anything on margin profile, whether it's lapping of tariffs that we should expect to see? And does the rising energy prices, how is that an impact?

最後，關於全年走勢或節奏（cadence）？毛利率輪廓方面，有沒有關於關稅比較基期（lapping of tariffs）我們應該預期會看到的變化？以及能源價格上升會帶來什麼影響？

Dana, I'll start and then we'll fill in a long way. So first of all, we are seeing our key points of our business on the brand portfolio continue to point toward support our guidance. We said our order book is in line with that guidance right now. Our owned e-commerce trend line right now looks very good for the brand portfolio, and we're seeing international on it as well. So that's been quite good.

Dana，我先回答，之後我們再補充更多。首先，我們看到品牌組合端的業務關鍵指標持續朝著支持我們指引的方向發展。我們表示目前的訂單簿（order book）與該指引一致。我們自營電商（owned e-commerce）在品牌組合端的趨勢線目前看起來非常好，我們也看到國際市場同樣如此。所以這部分表現相當不錯。

We have -- and we're seeing those key drivers coming through with our lead brand. So we continue to see that come through. But otherwise, we feel pretty good all the way around with Stuart, as you've noticed, the -- we feel like the -- all of the work that was done in the back half of '26 leaves us to a place where they can start to build back their business, and that really goes straight across all of their channels and geography and everywhere.

我們也看到這些關鍵驅動因素在我們的主力品牌上持續顯現。所以我們持續看到這些成果。除此之外，關於 Stuart，如你所注意到的——我們認為 2026 年下半年所完成的所有工作，讓他們來到一個可以開始重建業務的位置，而這幾乎涵蓋其所有通路、各個地理區域與各方面。

So we'll -- while we're not guiding specifically by brand, we will see good, I think, momentum coming through there, which is great. And finally, on the Saks piece right now, we don't have anything new to report on that, but our -- we're prepared to go forward at this moment. With our with the wholesale book that we have and then actually that does support at least our guide for the quarter. So we'll tell you more when we have more to say. But otherwise, it looks pretty good.

因此，雖然我們不會按品牌提供具體指引，但我認為我們會看到那邊有不錯的動能，這很棒。最後，關於 Saks 的部分，目前我們沒有新的資訊可以更新，但就目前而言，我們已準備好繼續往前走。以我們現有的批發訂單簿（wholesale book）來看，實際上至少能支持我們對本季的指引。等我們有更多可以說的時候會再告訴各位。除此之外，看起來相當不錯。

And then you also mentioned about Famous Footwear, what drove that market share gain back and that was, as you had suggested, the lead brands coming through in Famous Footwear was actually the big driver for that. And as we had said earlier, Famous had a nice lift in holiday, really going after that more gift-giving piece. And we felt very good about it, and it's all the brands that I did mention.

你也提到 Famous Footwear 的部分，市占回升的驅動因素是什麼——如你所說，Famous Footwear 的主力品牌表現其實是主要驅動因素。而且如我們先前提到，Famous 在假期期間有不錯的拉升，確實更聚焦在送禮需求那一塊。我們對此感到非常滿意，而這也來自我剛才提到的所有品牌。

We had good momentum from Skechers, Birkenstock, SOREL, Timberland, others. Obviously, the big Jordan piece proved very powerful during holiday, so that was obviously a big win for us, too. So again, it just supports, I think, our guidance going forward and the (inaudible), you had asked a little bit about the margin during the quarter just to reinforce the guidance.

我們在 Skechers、Birkenstock、SOREL、Timberland 等品牌上都有不錯的動能。顯然，Jordan 的大型檔期在假期期間證明非常有力，因此這對我們來說也是一大勝利。所以再一次，我認為這支持我們未來的指引；另外你也稍微問到本季的毛利率（聽不清），我再強調一下指引。

We said consolidated in the first quarter was going to go up $120 million to $140 million. And then for the full year, $140 million to $180 million. And so you'll see it results kind of throughout each of those quarters as we look at the year.

我們說第一季合併（consolidated）將增加 1.2 億美元至 1.4 億美元。而全年則為 1.4 億美元至 1.8 億美元。因此，當我們看全年時，你會在各季陸續看到這些結果反映出來。

And then just Dana, one more thing on market share. You mentioned new brands on the Brand Portfolio side, while Stuart Weitzman did add to our market share, we gained market share in women's fashion footwear on an organic basis as well.

Dana，另外再補充一點關於市占。你提到品牌組合端的新品牌；雖然 Stuart Weitzman 的確提升了我們的市占，但我們在女性時尚鞋類（women's fashion footwear）也以有機成長（organic basis）的方式取得了市占提升。

Mitch Kummetz, Seaport Research.

Mitch Kummetz，Seaport Research。

Jay, in your prepared remarks, you talked a little bit about quarter-to-date performance, BP e-comm and also at Famous and I was wondering if there's any way to kind of parse out the impact that you might be seeing from kind of tax refunds versus more recently higher gas prices and maybe just the overall impact from the war in Iran. And I do have a couple of follow-ups.

Jay，在你準備好的發言中，你稍微談到本季迄今（quarter-to-date）的表現，包括 BP 電商以及 Famous。我想知道是否有任何方式可以拆解你們可能看到的影響：例如退稅（tax refunds）帶來的拉動，對比近期較高的汽油價格，以及可能還有伊朗戰爭對整體的影響。我還有幾個追問。

Yes. So on -- just to characterize right now, we did see on our brand portfolio, strong on com performance coming through, which supports our guide. The good news is, is that they're from all the key brands. We've seen it now all 4 of our lead brands, Sam Edelman, Allen Edmonds, Naturalizer and Vionic. We're also starting to see a nice turnaround at Stuart Weitzman on their e-commerce business, where that was not something that we saw in the back half of this year.

是的。所以就目前來描述一下，我們確實看到在我們的品牌組合中，線上（.com）表現強勁，這也支持了我們的指引。好消息是，這些表現來自所有關鍵品牌。我們現在在四個主力品牌——Sam Edelman、Allen Edmonds、Naturalizer 和 Vionic——都看到了這一點。我們也開始看到 Stuart Weitzman 的電商業務出現不錯的回升，而這在今年下半年並不是我們所看到的情況。

So it looks like a lot of the team's work there coming through is working. As it goes over to the Famous side, it's kind of a little different story. We had a good February, I would say, and that was through some good performance on some of the big brands there that continued Skechers being one of them where we did have a brand takeover there, and that worked very well.

所以看起來團隊在那邊做的許多工作正在見效。至於 Famous 這一端，故事就有點不同。我會說我們 2 月表現不錯，這得益於那邊一些大品牌的良好表現，其中包括 Skechers；我們當時做了品牌接管活動，效果非常好。

We also did sell through some clearance to, which did support the business there. So we walk into March is a little bit of a mixed story here right now, and we're monitoring it day by day, week by week. There's also -- in addition to the geopolitical situation. There is a we did have some weather impact and we do have an easier shift timing.

我們也清了一些折扣清倉品，這也支撐了那邊的業務。所以進入 3 月，目前的情況有點喜憂參半，我們正按日、按週密切監控。此外——除了地緣政治情勢之外。我們也確實受到一些天氣影響，同時時點轉換也相對更容易。

So right now, as I said, the -- what we're looking at supports our current guide, and we'll report more when we know it, but we are finishing it week to week.

所以目前如我所說，我們看到的情況支持我們現有的指引；等我們掌握更多資訊會再回報，但我們是以每週為單位在推進與收尾。

And then between Famous and Brand Portfolio, could you talk a little bit about what you're seeing from a category performance quarter to date and I'm also specifically curious kind of what you're seeing in terms of sandals as we're entering the spring summer season? And any kind of sandal drivers there as you kind of see that playing out over the balance of the season? And then I have one last question.

另外在 Famous 與品牌組合之間，能否談談截至目前本季各品類的表現？我也特別好奇，隨著我們進入春夏季，你們在涼鞋方面看到什麼趨勢？以及在本季剩餘期間，隨著情況發展，你們看到哪些涼鞋的驅動因素？然後我還有最後一個問題。

So on the Famous side, I mean, we continue to see a very strong Birkenstock business, and you know it well. So I mean there's clogs and sandals, that's where we are. And we're seeing strength on both of them from that, and that continues every single week.

在 Famous 這邊，我們持續看到 Birkenstock 業務非常強勁，你也很了解。所以基本上就是包頭拖鞋（clogs）和涼鞋，這就是我們目前的重點。我們看到這兩者都很強，而且每一週都持續如此。

We're also seeing some good selling on sandals from Crocs, which I think is very good and does -- I think will overall support that business trend as we look forward. The -- on the PT where we are seeing some good sandal business, particularly in the tan category coming through on kit and heels.

我們也看到 Crocs 的涼鞋賣得不錯，我認為這非常好，而且——我認為——展望未來，整體上會支撐該業務趨勢。至於品牌組合（PT）這邊，我們也看到不錯的涼鞋業務，特別是棕褐色（tan）品類在厚底（kit）與高跟款上表現突出。

That's been a deep winner, but we're seeing it a little bit more on the fashion side. And even in Vionic, we're seeing a very nice sandals strength as of very recently, with -- now that all the inventory is here with both casual songs and then we're also seeing casual foot that's worked well in that business.

那一直是很大的贏家，但我們在時尚端看到的更明顯。甚至在 Vionic，我們最近也看到涼鞋非常強勁——現在所有庫存都到位了，包含休閒人字拖（casual songs）以及我們也看到休閒鞋款（casual foot）在該業務中表現良好。

So think it certainly wasn't supported by weather, Mitch. So we really think it's driven by newness right now and -- but that does at least give us optimism as we look forward.

所以可以說，Mitch，這當然不是天氣所帶動的。我們真的認為目前主要是由新品帶動——但這至少讓我們對未來保持樂觀。

And then my last question, just on Stuart Weitzman, you talked about being breakeven for the year. Can you talk a little bit about how you see that playing out by quarter especially in the first quarter? And what's kind of embedded in the guidance in terms of Stuart?

然後我最後一個問題，關於 Stuart Weitzman，你提到今年要達到損益兩平。你能否談談你認為這在各季度會如何展開，尤其是在第一季？以及在指引中，對 Stuart 的假設大概包含了哪些內容？

Yes, I'll start and then Dan can cut in. So we have completed most of the cost savings work. So getting it onto our systems was a big piece of that moving the headquarters, getting off of the TSA getting it into our distribution center. As we think about the Stuart Weitzman SG&A piece of the puzzle. We've got some big buckets, I would say, distribution and logistics being one facilities being one.

好的，我先開始，然後 Dan 可以補充。我們已完成大部分的成本節省工作。因此把它導入我們的系統是其中很大一部分：搬遷總部、退出 TSA、把它納入我們的配送中心。當我們思考 Stuart Weitzman 的 SG&A 這塊拼圖時，我會說有幾個大項目：配送與物流是一項，設施是一項。

We did complete in January restructuring. So that was a big piece of it. And so those are the big pieces of the puzzle. And then moving on to the gross margin side of things, we moved through a significant amount of aged inventory. We talked about that last quarter.

我們在 1 月完成了重組。所以那是很重要的一部分。因此這些就是主要的拼圖。接著談到毛利率方面，我們處理了相當多的陳舊庫存。我們在上季也談過。

It was $25 million in inventory. I think you could see it on the balance sheet, that's where we are.

那是 2,500 萬美元的庫存。我想你可以在資產負債表上看到，這就是我們目前的狀況。

So that positions us a lot stronger place. But if you think about Stuart Weitzman's business, it is a seasonal business, and so there will be some movement there. But in total, we feel very confident that we've positioned the business to return to breakeven and longer term, as we've said, we don't think that there's anything we see with the business that wouldn't suggest it can operate at the profit margins. We are quite comfortable earning for the rest of our brand portfolio. I don't know, Dan, if you would have anything to add there.

因此這讓我們處於更強的位置。但如果你思考 Stuart Weitzman 的業務，它是季節性業務，所以會有一些波動。但整體而言，我們非常有信心，我們已把業務定位好，能夠回到損益兩平；而從長期來看，正如我們所說，我們沒有看到任何跡象顯示這項業務無法以我們對品牌組合其餘部分所習慣的利潤率水準來運作。我們對於品牌組合其餘部分所能賺取的利潤率相當有把握。Dan，不知道你是否要補充？

No. I think to your point, if you look at our Q3 and Q4, we lay out in kind of the with and without the clarity there. And so you could see the impact of Stuart Weitzman on that business. And to Liza's point, a lot of these significant changes have been made were on our systems now and structurally, we're there. So certainly not seeing those types of results that we saw in Q3 and Q4 as we walk back to kind of breakeven here in the full year '26.

沒有。我想如你所說，如果你看我們的第三季和第四季，我們在那裡以「包含與不包含」的方式把情況攤開說明。因此你可以看到 Stuart Weitzman 對該業務的影響。而如 Liza 所說，許多重大變革已完成——現在已在我們的系統上，結構上也已到位。所以當我們在 2026 全年回到接近損益兩平時，肯定不會再看到我們在第三季和第四季所看到的那種結果。

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

謝謝。各位女士先生，問答環節到此結束。我把時間交回給 Schmidt 先生做最後的結語。

Okay. Thank you for your continued interest in Caleres. Before we close I'd like to recognize the dedication of our teams across the company and across the globe who've shown tremendous determination and resilience this year. We are encouraged by the early momentum building in our business through all of our strategic initiatives, and we look forward to an improved more profitable 2026. Thank you.

好的。感謝各位持續關注 Caleres。在結束之前，我想表揚我們公司內部以及全球各地團隊的投入與奉獻；他們在今年展現了極大的決心與韌性。我們對於透過所有策略性舉措在業務上建立的早期動能感到鼓舞，並期待 2026 年能有更好的、獲利能力更強的一年。謝謝。

Thank you. This concludes teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。本次電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。