Caleres Inc (CAL) 2026 Q1 法說會逐字稿

Greetings, and welcome to Caleres first-quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Caleres 2026 會計年度第一季財報電話會議。(接線員指示)

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

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

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

謝謝你，Rob。各位早安，感謝各位參加我們第一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季度簡報投影片已公布於 caleres.com。

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.

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。實際結果可能因各種風險因素而與前述內容有重大差異，包括公司在 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。

Please refer to today's press release and our SEC filings bfor more information on risk factors and other factors which could impact forward-looking statements. Copies of these reports are available online. In discussing our operating results, we will be providing and referring to adjusted operating and earnings results. And in some cases, we will be discussing our results excluding the impact of Stuart Weitzman.

請參閱今日新聞稿及我們向 SEC 提交的文件，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。在討論營運結果時，我們將提供並引用調整後的營運與獲利結果。且在某些情況下，我們將討論排除 Stuart Weitzman 影響後的結果。

Additional details on non-GAAP measures, as well as others featured in today's earnings release and presentation, are available in the reconciliation table in our earnings release and on caleres.com. The company undertakes no obligation to update any information discussed on this call.

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，請參閱我們財報新聞稿中的調節表，亦可至 caleres.com 查詢。公司不承擔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 CFO. Our call will begin with prepared remarks followed by a Q&A session to address any questions you have.

今天與我一同出席的有總裁暨執行長 Jay Schmidt，以及資深副總裁暨財務長 Dan Karpel。本次電話會議將先由管理層發表準備好的談話，接著進行問答環節，以回應各位的提問。

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

接下來，我把電話交給 Jay。Jay？

Good morning. Earlier today, Caleres reported first-quarter sales and earnings. Earnings per share exceeded our guidance, driven by strong sales and gross margin results in the Brand Portfolio segment. In the Brand Portfolio, the quarter demonstrated the power of our strategic growth vectors with broad growth across channels and geographies supported by our centers of expertise.

各位早安。今天稍早，Caleres 公布了第一季的銷售與獲利表現。每股盈餘高於我們的指引，主要受惠於品牌組合（Brand Portfolio）部門強勁的銷售與毛利率表現。在品牌組合方面，本季展現了我們策略性成長動能的威力：在專業中心（centers of expertise）的支持下，各通路與各地區皆呈現廣泛成長。

Lead Brands outperformed, but the performance was solid across our Brand Portfolio with most brands delivering growth in both revenue and profit. This segment also saw significant gross margin expansion, reflecting strong Brand and Channel mix, tariff mitigation efforts, lower current tariff rates, continued operational execution, improved product mix, and disciplined inventory control.

主力品牌（Lead Brands）表現優於預期，但整體品牌組合的表現也相當穩健，多數品牌在營收與獲利皆實現成長。該部門亦出現顯著的毛利率擴張，反映出強勁的品牌與通路組合、關稅因應措施、目前較低的關稅稅率、持續的營運執行力、改善的產品組合，以及嚴謹的庫存控管。

And once again, the Brand Portfolio gained market share in the quarter for Women's Fashion Footwear, according to Circana.

此外，根據 Circana 的資料，品牌組合在本季再度於女鞋時尚鞋類（Women's Fashion Footwear）取得市占率提升。

At Famous Footwear, results were more challenging amid a softer consumer and macroeconomic backdrop. However, we continue to see strong e-commerce growth with sales up nearly 10%. We also made progress on our strategy to add more elevated brands and products to strengthen Famous Footwear's relevance and market position.

至於 Famous Footwear，在消費者需求轉弱與總體經濟環境較疲軟的背景下，表現更具挑戰。不過，我們仍持續看到電商強勁成長，銷售額成長近 10%。我們也在策略上取得進展，導入更多更高端的品牌與產品，以強化 Famous Footwear 的相關性與市場地位。

And in the quarter, our FLAIR remodel saw accelerating outperformance versus the fleet, with stores opened less than a year ago outperforming non-FLAIR stores by 9 points and total FLAIR stores outperforming by 7 points. And during the quarter, according to Circana, Famous gained market share in Shoe Chains both overall and in Kids.

同時，本季我們的 FLAIR 門市改裝計畫相較於整體門市群（fleet）的超額表現加速擴大：開幕未滿一年的門市較非 FLAIR 門市高出 9 個百分點，而所有 FLAIR 門市整體較非 FLAIR 門市高出 7 個百分點。此外，根據 Circana，本季 Famous 在鞋類連鎖通路（Shoe Chains）整體以及童鞋（Kids）品類皆取得市占率提升。

Turning now to more detail on the first quarter. Brand Portfolio sales on an organic basis increased 5.8% in the quarter and 20.6% when factoring in Stuart Weitzman. Lead Brands grew 7% organically and represented nearly 60% of organic Brand Portfolio sales. Owned e-Commerce continued to see growth and our International business was up.

接下來更詳細說明第一季表現。品牌組合銷售以有機基礎計算，本季成長 5.8%；若納入 Stuart Weitzman，則成長 20.6%。主力品牌有機成長 7%，占品牌組合有機銷售近 60%。自營電商（Owned e-Commerce）持續成長，國際業務亦呈現上升。

Last year, as we reported, we engaged an outside partner to ensure we were capturing all the synergies as we integrated Stuart Weitzman. At the same time, they analyzed our entire Brand Portfolio to find ways to increase efficiency and effectiveness.

如同我們去年所報告的，我們聘請外部合作夥伴，以確保在整合 Stuart Weitzman 的過程中能充分掌握所有協同效益。同時，他們也分析了我們整體品牌組合，以找出提升效率與效能的方法。

As a result of that work, we created several new centers of expertise. These include International, our biggest growth sector specialty. Retail Operations, which is an increasing focus with three of our five Lead Brands operating Retail stores. In Digital, where we expect to continue to see outsized growth.

基於該項工作的成果，我們建立了數個新的專業中心。其中包括國際業務——這是我們最大的成長領域專長。零售營運（Retail Operations）——隨著五個主力品牌中有三個經營零售門市，這一領域的重要性日益提升。以及數位（Digital）——我們預期將持續看到超越平均的成長。

In Marketing operations, where we are successfully using our CDP and improving our media efficiency across all our brands. And Planning and Costing, where we are focused on improved inventory management to drive stronger growth margins.

在行銷營運方面，我們成功運用 CDP（客戶資料平台），並提升所有品牌的媒體投放效率。在規劃與成本（Planning and Costing）方面，我們聚焦於改善庫存管理，以帶動更強勁的成長毛利率。

As we discuss our results today in the Brand Portfolio, it is important to keep in mind the structural work we've completed to drive these results.

今天在討論品牌組合的業績時，請務必記得我們已完成的結構性工作，正是推動這些成果的關鍵。

Now for the Lead Brand highlights. First, Sam Edelman delivered double-digit top-line growth both domestically and internationally. Performance was strong across both existing and new doors, complemented by successful shop-in-shop rollouts and other distribution gains.

接著是主力品牌重點。首先，Sam Edelman 在美國本土與國際市場皆實現雙位數營收成長。無論既有門店或新進通路（doors）表現皆強勁，並由成功的店中店（shop-in-shop）擴展及其他通路拓展所帶動。

The consumer reaction to the Brand's Spring Fashion was very positive, with standout increases in clothes Casual and Dress, solid results in Sandals, and continued traction from both newness and key iconic styles.

消費者對該品牌春季時尚系列反應非常正面：休閒鞋與正裝鞋（Casual and Dress）顯著成長，涼鞋（Sandals）表現穩健，同時新品與經典代表款式持續帶來動能。

In direct-to-consumer, full-price selling at higher average unit retail supported strong margins. The brand gained significant market share in the quarter in Women's Fashion Footwear, coming in at number nine for the quarter, according to Circana.

在直面消費者（direct-to-consumer）方面，以較高平均單價的正價銷售支撐了強勁的毛利率。根據 Circana，該品牌本季在女鞋時尚鞋類的市占率顯著提升，季度排名第九。

Internationally, growth was driven primarily by our joint venture in China, and the brand is gaining traction around the globe. We are building momentum in our Handbag business with upgraded materials and expanded global distribution. We also continue to be pleased with the progress we're seeing with our Sam Edelman fragrance line.

在國際市場方面，成長主要由我們在中國的合資企業所帶動，且品牌在全球各地的吸引力正持續提升。我們透過升級材質並擴大全球通路布局，正在為手袋（Handbag）業務建立動能。我們也持續對 Sam Edelman 香氛產品線的進展感到滿意。

From a brick-and-mortar perspective, we ended the quarter with 113 Sam Edelman stores, including 54 owned and 59 franchised, with 109 being international. Stuart Weitzman made meaningful progress in the quarter with results that support our continued expectations for breakeven in fiscal 2026 and lay the foundation for our long-term aspirations for the brand.

就實體門市而言，本季末 Sam Edelman 門市共 113 家，其中自營 54 家、加盟 59 家；其中 109 家位於國際市場。Stuart Weitzman 本季亦取得實質進展，其結果支持我們對 2026 會計年度損益兩平的持續預期，並為品牌的長期願景奠定基礎。

As we mentioned last quarter, we successfully integrated Stuart Weitzman's global business onto Caleres platforms in February with minimal disruption. We made progress in the first quarter as sales and profit exceeded our internal expectations, and cleaner, more current inventory supported strong gross margins that were accretive to the total Brand Portfolio gross margin rate.

如同我們上季提到的，我們已於 2 月成功將 Stuart Weitzman 的全球業務整合至 Caleres 平台，且對營運造成的干擾極小。第一季我們持續取得進展，銷售與獲利均超出內部預期；更乾淨、更新的庫存支撐了強勁毛利率，並對整體品牌組合毛利率帶來增益（accretive）。

We saw strengthening trends in both direct-to-consumer and wholesale, driven by key franchises and core icon styles, and improving conversion following our e-commerce transition. Internationally, trends in China also improved as product and marketing became more closely aligned with the brand's global positioning.

我們看到直面消費者與批發（wholesale）兩大業務的趨勢均轉強，主要由關鍵系列（franchises）與核心經典款式帶動，且在電商轉換後轉換率（conversion）有所改善。在國際市場方面，中國的趨勢也有所改善，因產品與行銷更貼近品牌的全球定位。

The China business is also seeing early success from an expanded Sneaker assortment powered by Caleres sourcing and product capabilities, and those sneakers are planned for continued growth. In Europe, we are renewing our engagement with key luxury partners, including the opening of a new shop in Printemps during the quarter.

中國業務也因由 Caleres 的採購與產品能力所驅動、擴充的運動鞋品類組合而看到初步成功，而這些運動鞋也規劃將持續成長。在歐洲，我們正重新深化與關鍵奢侈品合作夥伴的合作關係，包括本季在老佛爺百貨（Printemps）開設一家新店中店。

Looking ahead, we are excited to celebrate the brand's 40th anniversary this fall with a global campaign and engaging activations.

展望未來，我們很期待在今年秋季以全球行銷活動與引人入勝的品牌互動，慶祝品牌 40 週年。

Stuart Weitzman ended the quarter with 71 stores, including 23 in North America and 48 in China. Our Allen Edmonds Brand delivered nearly 20% first-quarter sales growth with broad-based momentum across the business.

Stuart Weitzman 於本季末共有 71 家門市，其中北美 23 家、中國 48 家。我們的 Allen Edmonds 品牌第一季銷售額成長近 20%，業務各面向皆呈現廣泛動能。

Brick-and-mortar stores, owned e-Commerce and wholesale all posted solid gains in the quarter with healthy demand, particularly in Dress, Loafers and Sneakers. During the quarter, Allen Edmonds gained market share and moved up 5 points to the Number 11 Brand in the $200-plus segment for men's fashion footwear in the premium channel, according to Circana.

實體門市、自營電商與批發在本季皆繳出穩健成長，需求健康，尤其在正裝鞋、樂福鞋與運動鞋品類表現突出。根據 Circana，Allen Edmonds 本季市占率提升，在高端通路中男士時尚鞋履 200 美元以上價位帶的排名上升 5 個名次，至第 11 名品牌。

Our Reserve Collection, the Brand's most elevated product offering, continued to scale meaningfully, attracting high-value customers who shop more frequently, spend more annually, and demonstrate higher loyalty engagement.

我們的 Reserve Collection（品牌最高端的產品系列）持續顯著擴大規模，吸引高價值客群；這些客群購買更頻繁、年度消費更高，且展現更高的忠誠度互動。

We also continue to be pleased with the outperformance from our Port Washington studio stores. And shortly after quarter ends, we opened our most recent location on King Street in Charleston, South Carolina. These 18 stores outperformed the broader 58-store fleet by 11 points in the quarter.

我們也持續對 Port Washington 工作室門市的超預期表現感到滿意。並且在季末不久後，我們於南卡羅來納州查爾斯頓的 King Street 開設了最新據點。本季這 18 家門市的表現較其餘 58 家門市整體高出 11 個百分點。

Naturalizer had a solid quarter with modest growth led by continued strength in owned e-Commerce. The Brand's collaboration with June Ambrose drove a step up in traffic and sales on naturalizer.com, including strong new customer acquisition and broader brand awareness among younger, higher income, and more diverse consumers.

Naturalizer 本季表現穩健，呈現溫和成長，主要由自營電商持續強勁所帶動。該品牌與 June Ambrose 的合作推升 naturalizer.com 的流量與銷售，包括強勁的新客獲取，以及在更年輕、高收入且更多元的消費者族群中提升更廣泛的品牌知名度。

Wholesale performance also improved as localized assortments with key partners drove growth and higher average unit retails. Consistent with broader portfolio trends, Sandals and Dress Shoes led the quarter with consumers responding especially well to on-trend colors and textures, including raffia, mesh and woven materials.

批發表現亦有所改善，與關鍵合作夥伴推出在地化商品組合帶動成長，並提高平均單價。與整體品牌組合趨勢一致，涼鞋與正裝鞋領跑本季；消費者對符合潮流的顏色與材質反應尤其熱烈，包括拉菲草、網布與編織材質。

Looking ahead, the June Ambrose collaboration will continue with additional product drops in August, September, and October.

展望未來，與 June Ambrose 的合作將持續進行，並於 8 月、9 月與 10 月推出更多新品上市。

Vionic delivered strong owned e-Commerce performance in the first quarter, along with growth at key wholesale partners helping to offset planned declines in value channels. Premium wholesale accounts supported year-over-year gains with expanded assortments, early sneaker launches, and exclusive styles. Targeted marketing drove solid sell-throughs across Athletic, Walking, Sandals, and Casual categories.

Vionic 第一季自營電商表現強勁，同時在關鍵批發合作夥伴的成長有助於抵銷價值通路按計畫下滑的影響。高端批發客戶透過擴充商品組合、運動鞋早期上市與獨家款式，支持年對年成長。精準行銷帶動運動、健走、涼鞋與休閒等品類的穩健銷售轉化。

Consumer response to new products was positive, and the new CityWalk sneaker sold out quickly online. Vionic is leading further into walking as an ownable category, supported by Wellness Ambassador Gabby Reese and the launch of the Hummingbird style at market this week. It is Vionic's lightest walking sneaker ever.

消費者對新品反應正面，新款 CityWalk 運動鞋在網路上迅速售罄。Vionic 正進一步深耕「健走」這一可由品牌主導的品類，並由健康大使 Gabby Reese 支持，同時於本週在市場推出 Hummingbird 款式。這是 Vionic 史上最輕量的健走運動鞋。

Vionic understands that walking is essential to wellness and has unique biomechanics that are different than in running shoes. Vionic is well positioned to lead in this growing segment.

Vionic 理解健走對健康至關重要，且其獨特的生物力學不同於跑鞋。Vionic 具備優勢，有望在這個成長中的細分市場取得領先。

Moving on to Famous Footwear. In the quarter, total sales decreased 2.5% and comp sales decreased 2.3%, about in line with the low end of our guidance. E-Commerce continued to outperform stores, up almost 10% as we leverage our CDP to deliver more personalized customer outreach.

接下來談 Famous Footwear。本季總銷售額下滑 2.5%，同店銷售下滑 2.3%，大致符合我們指引區間的低端。電商持續優於門市，成長近 10%，因我們運用 CDP（客戶資料平台）提供更個人化的客戶觸達。

Famous sales results were strongest in February. While we saw improving trends leading into Easter, we believe accelerated inflation put pressure on consumer traffic and sales, especially as we moved into April. From a divisional perspective, Kids performed best followed by Men's, while Women's and Accessories underperformed the total business.

Famous 的銷售表現以 2 月最強。雖然我們在復活節前看到趨勢改善，但我們認為通膨加速對消費者來店人流與銷售造成壓力，尤其進入 4 月後更為明顯。以事業部來看，童鞋表現最佳，其次為男鞋；女鞋與配件則落後於整體業務。

Fashion outperformed Athletics with more pronounced softness in Women's athletics, while sandals were strong across both Adult and Kids categories.

時尚品類優於運動品類，其中女款運動鞋的疲弱更為明顯；而涼鞋在成人與童鞋兩大品類中皆表現強勁。

On the Brand side, our Elevate-and-Edit Strategy continues to resonate with our Famous consumers. Sales of Elevated products increased nearly 50% in the quarter and penetration reached almost 20% year-over-year. We saw growth in the quarter from Jordan, Skechers, Birkenstock, New Balance, Reef, and Brooks, while several brands in the Caleres portfolio finished among Famous' top 15 best-selling brands.

在品牌面，我們的「Elevate-and-Edit」策略持續引起 Famous 消費者共鳴。本季高端化產品銷售成長近 50%，滲透率年對年提升至接近 20%。本季 Jordan、Skechers、Birkenstock、New Balance、Reef 與 Brooks 皆帶來成長，同時 Caleres 旗下多個品牌也名列 Famous 前 15 大暢銷品牌。

We continue to expand newness and key product launches across the assortment, which we believe positions us well heading into the balance of the year. We showcased our Brand Elevation strategy with targeted brand activations in the quarter.

我們持續在商品組合中擴大新品與關鍵產品上市，我們相信這讓我們在今年餘下期間具備良好定位。本季我們透過精準的品牌活動，展示我們的品牌升級策略。

We were especially pleased with the first Skechers takeover in February. These exclusive high-impact events drive strong visibility and brand excitement, which we amplified through media in store and across digital. We've seen similar results with the Birkenstock takeover that began in April and continued into May.

我們對 2 月首次 Skechers 全面接管活動的成果尤其滿意。這些獨家、高影響力的活動帶來強勁能見度與品牌熱度，我們並透過店內媒體與數位渠道加以放大。自 4 月開始並延續至 5 月的 Birkenstock 接管活動，我們也看到類似成果。

Considering the investment so far this spring, these events are delivering meaningful returns, and we have at least five additional brand events stand for the balance of the year. Famous continues to enhance its consumer experience through the FLAIR format. We ended Q1 with 59 FLAIR locations, which generated a seven-point sales lift overall and a nine-point sales lift for stores converted in the last year.

考量今年春季迄今的投資，這些活動正帶來具實質意義的回報，而今年餘下期間我們至少還規劃五場額外的品牌活動。Famous 也持續透過 FLAIR 店型強化消費者體驗。第一季末我們共有 59 個 FLAIR 據點，整體帶來 7 個百分點的銷售提升，而過去一年內完成轉換的門市則帶來 9 個百分點的銷售提升。

These results continue to reinforce our confidence in the FLAIR strategy and underscore Famous' ability to amplify elevated brands and products. As we evaluate the optimal markets for FLAIR, we are shifting our focus to FLAIR openings in the near term, which generate even higher returns than remodels. We plan to end the year with approximately 65 FLAIR locations.

這些成果持續強化我們對 FLAIR 策略的信心，也凸顯 Famous 放大高端品牌與產品的能力。在評估 FLAIR 的最佳市場時，我們短期內將把重點轉向新開 FLAIR 門市，因其回報甚至高於改裝。我們計畫在年底前達到約 65 個 FLAIR 據點。

So our first quarter results provided encouraging evidence that our plans are taking hold. Caleres made meaningful progress against our strategic growth objectives, including Lead Brands, International, Direct-to-Consumer, our Elevate-and-Edit strategy, and enhancing consumer experiences through FLAIR.

因此，我們第一季的結果提供了令人鼓舞的證據，顯示我們的計畫正在落地。Caleres 在策略性成長目標上取得實質進展，包括主力品牌（Lead Brands）、國際業務、直面消費者（DTC）、我們的 Elevate-and-Edit 策略，以及透過 FLAIR 強化消費者體驗。

We've made structural organizational changes to ensure our operational execution supports our efforts. We are playing to our strength and investing in our highest return growth initiatives, and we are gaining market share in both segments of our business.

我們已進行組織結構調整，以確保營運執行能支援我們的推動工作。我們發揮自身優勢並投資於回報最高的成長計畫，同時在業務的兩個部門皆持續提升市占率。

Dan will walk you through our expectations for the balance of the year in detail. So we continue to view 2026 as a build-back year characterized by relatively modest organic sales growth and meaningful earnings recovery.

Dan 將為各位詳細說明我們對今年餘下期間的預期。因此，我們仍將 2026 年視為「重建回升」的一年，其特徵為相對溫和的有機銷售成長，以及顯著的獲利回升。

In the Brand Portfolio, our momentum is building product strength. Brand heat and marketing investments are set up to drive growth in wholesale, DTC, and International for the balance of the year.

在品牌組合方面，我們的動能正持續累積，並強化產品實力。品牌熱度與行銷投資已就位，將在今年剩餘期間推動批發、DTC 與國際業務的成長。

At Famous Footwear, while the environment is more challenging, we are encouraged by continued e-commerce growth, the progress we've made with our Elevate-and Edit-strategy, and our efforts to enhance the shopping experience through FLAIR. We will continue to expand our penetration of elevated brands and products, and we have exciting brand takeovers planned for the remainder of the year.

在 Famous Footwear，儘管環境更具挑戰，我們仍對電商持續成長、我們在 Elevate-and Edit 策略上取得的進展，以及透過 FLAIR 提升購物體驗的努力感到鼓舞。我們將持續提高高端品牌與產品的滲透率，並且在今年剩餘期間規劃了令人振奮的品牌接管活動。

And as always, we will lean into our strength in Kids heading into this important back-to-school season. As we move into the second quarter, we feel good about our overall performance and our ability to deliver on our guidance for the year.

一如既往，面對這個重要的返校季，我們將加碼發揮我們在童鞋品類的優勢。進入第二季之際，我們對整體表現以及達成全年指引的能力感到樂觀。

With that, I'll now turn it over to Dan Karpel, who officially assumed the CFO role in May, for a more detailed view of our financial performance and our outlook for the balance of 2026. Dan?

接下來，我將把時間交給 Dan Karpel。他已於 5 月正式接任 CFO 一職，將更詳細說明我們的財務表現，以及 2026 年剩餘期間的展望。Dan？

Thank you, Jay, and good morning, everyone. During today's call, I'll provide additional details on first quarter results as well as our expectations for Q2 and the full year. Please note that my comments will be on an adjusted basis, and 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，我將補充第一季業績的更多細節，並說明我們對第二季與全年的預期。請注意，我的評論將以調整後基礎呈現，並在排除 Stuart Weitzman 時加以說明。

For the first quarter, sales were $667 million, up 8.5%. Sales on an organic basis, excluding Stuart Weitzman, increased 1.4%. Organic sales increased in the Brand Portfolio segment and declined at Famous Footwear. Sales for Stuart Weitzman for $43.9 million.

第一季銷售額為 6.67 億美元，年增 8.5%。以有機基礎計算（排除 Stuart Weitzman），銷售額增加 1.4%。品牌組合部門的有機銷售成長，而 Famous Footwear 則下滑。Stuart Weitzman 的銷售額為 4,390 萬美元。

Brand Portfolio sales were up 5.8% on an organic basis and 20.6% including Stuart Weitzman. Lead Brands in total excluding Stuart Weitzman grew about 7% with growth in both North America and international. Famous sales were down 2.5% with comparable sales down 2.3%.

品牌組合的有機銷售年增 5.8%，若包含 Stuart Weitzman 則年增 20.6%。不含 Stuart Weitzman 的主力品牌（Lead Brands）合計成長約 7%，北美與國際市場皆有成長。Famous 銷售額年減 2.5%，同店銷售年減 2.3%。

Comparable sales increased low-single digits in February and decreased mid-single digits in the combined March-April period. We ended the quarter with 812 store locations as we closed 10 and opened one during the quarter.

2 月同店銷售呈低個位數成長，而 3–4 月合併期間則呈中個位數下滑。本季結束時共有 812 家門市據點，本季關閉 10 家並新開 1 家。

Consolidated gross margin was 47.3%, up 200 basis points to last year, driven by the Brand Portfolio. Brand Portfolio gross margin was 49%, up 520 basis points to last year, reflecting favorable brand and channel mix, lower current tariffs, the continuation of our tariff mitigation efforts, and lower markdowns.

合併毛利率為 47.3%，較去年提升 200 個基點，主要由品牌組合帶動。品牌組合毛利率為 49%，較去年提升 520 個基點，反映有利的品牌與通路組合、較低的現行關稅、我們持續推動的關稅緩解措施，以及較少的折價出清。

Famous gross margin was 43.8%, down 150 basis points to last year with a greater proportion of clearance sales in the quarter, higher markdowns and higher shipping costs from a larger mix of web sales.

Famous 毛利率為 43.8%，較去年下降 150 個基點，原因是本季出清銷售占比提高、折價幅度增加，以及因網路銷售占比提高而帶來較高的運輸成本。

Consolidated SG&A expenses increased $27.2 million or 10.2% to $293.7 million. The increase was primarily driven by $25.7 million of expenses related to Stuart Weitzman. As a percentage of sales, SG&A was 44.1% and deleveraged 70 basis points. Excluding Stuart Weitzman, the SG&A rate improved 30 basis points.

合併 SG&A 費用增加 2,720 萬美元（或 10.2%）至 2.937 億美元。增加主要來自與 Stuart Weitzman 相關的 2,570 萬美元費用。以銷售額百分比計，SG&A 為 44.1%，槓桿惡化 70 個基點。排除 Stuart Weitzman 後，SG&A 比率改善 30 個基點。

Operating earnings in the quarter were $21.7 million, and operating margin was 3.3%. Operating margin at Brand Portfolio was 11.1%, up 520 basis points to last year. When excluding Stuart Weitzman, operating margin was 13.1%, up 720 basis points to last year. Operating margin at Famous was negative 0.1%.

本季營業利益為 2,170 萬美元，營業利益率為 3.3%。品牌組合的營業利益率為 11.1%，較去年提升 520 個基點。若排除 Stuart Weitzman，營業利益率為 13.1%，較去年提升 720 個基點。Famous 的營業利益率為負 0.1%。

Our adjusted results excluded $1.8 million of Stuart Weitzman acquisition and integration costs, modestly below our expectation of approximately $2 million, as well as the gain related to the sale of a small parcel of our corporate headquarters campus during the quarter.

我們的調整後結果排除了 180 萬美元的 Stuart Weitzman 收購與整合成本，略低於我們約 200 萬美元的預期，並且也排除了本季出售公司總部園區一小塊土地所產生的收益。

Net interest expense was $4.7 million, up $0.9 million to last year due to higher average borrowings, driven by the acquisition of Stuart Weitzman in August 2025. The weighted average borrowing rate in the quarter was down about 40 basis points to last year. The consolidated tax rate was 33.2% for the quarter. First-quarter earnings per diluted share or $0.38 as compared with $0.22 last year.

淨利息費用為 470 萬美元，較去年增加 90 萬美元，主因為平均借款增加，係受 2025 年 8 月收購 Stuart Weitzman 所致。本季加權平均借款利率較去年下降約 40 個基點。本季合併稅率為 33.2%。第一季稀釋後每股盈餘為 0.38 美元，去年為 0.22 美元。

Turning to the balance sheet, we ended the first quarter with $37.7 million in cash and cash equivalents, $34.7 million in borrowings and $229.2 million in liquidity. Inventory at quarter end was $609.1 million, up $35 million to last year, of which $58 million was from Stuart Weitzman. Excluding Stuart Weitzman, organic inventory was down $23 million, with Brand Portfolio down 12.6% and Famous inventory up 3%.

就資產負債表而言，我們在第一季末持有現金及約當現金 3,770 萬美元、借款 3,470 萬美元，流動性為 2.292 億美元。季末存貨為 6.091 億美元，較去年增加 3,500 萬美元，其中 5,800 萬美元來自 Stuart Weitzman。排除 Stuart Weitzman 後，有機存貨減少 2,300 萬美元，其中品牌組合下降 12.6%，Famous 存貨上升 3%。

Now turning to our outlook. We continue to face an uncertain tariff environment. Our guidance is built on the assumption that new tariffs will be enacted in July 2026 that will largely replace the prior IEEPA tariffs. Given the uncertainty around potential additional tariffs, we believe this is prudent.

接著談我們的展望。我們仍面臨不確定的關稅環境。我們的指引建立在一項假設之上：2026 年 7 月將實施新的關稅，並在很大程度上取代先前的 IEEPA 關稅。鑑於可能新增關稅的不確定性，我們認為這樣的假設較為審慎。

We remain flexible in our sourcing strategy and will continue seeking the best country matrix for our quality and price needs. Additionally, with elevated inflation, the risk of economic slowdown persists. The low end of our guidance anticipates continued softness related to the economy, but it does not anticipate growing issues.

我們在採購策略上保持彈性，並將持續尋找最符合我們品質與價格需求的最佳國別配置。此外，在通膨仍偏高的情況下，經濟放緩的風險依然存在。我們指引的低端假設經濟相關的疲弱將持續，但並未預期問題會擴大。

Lastly, we currently estimate that we are eligible to receive approximately $57.8 million plus interest in refunds related to the invalidated IEEPA tariffs. Although we have begun to receive refunds, there can be no guarantee that the refunds will equal the full amount of the IEEPA tariffs paid and any refund may be subject to further legal and regulatory developments.

最後，我們目前估計，與被判定無效的 IEEPA 關稅相關的退稅金額約為 5,780 萬美元，另加利息。儘管我們已開始收到退款，但無法保證退款將等同於已支付的 IEEPA 關稅全額，且任何退款可能仍受後續法律與監管發展影響。

As a result of this uncertainty, we have not recorded a receivable related to the potential recovery of the IEEPA tariffs paid, nor have we reflected such recoveries in our guidance for the second quarter or full year. For the second quarter, we expect consolidated sales to increase mid- to high-single digits compared to last year.

因此，基於此不確定性，我們尚未就可能收回已支付 IEEPA 關稅的金額認列應收款項，也未在第二季或全年指引中反映此類回收。就第二季而言，我們預期合併銷售額相較去年將增加中到高個位數百分比。

For Brand Portfolio, sales up in the mid-20s percent range, inclusive of low double-digit organic growth. For Famous, sales and comparable sales down mid-single digits, we anticipate opening three stores and closing two during the quarter. Consolidated gross margin to improve 345 basis points to 375 basis points compared to last year.

品牌組合方面，銷售額預期成長約 20% 中段區間，其中包含低雙位數的有機成長。Famous 方面，銷售額與同店銷售預期下降中個位數百分比；我們預計本季開設 3 家門市並關閉 2 家。合併毛利率預期較去年改善 345 至 375 個基點。

SG&A deleverage of 325 basis points to 375 basis points compared to last year, driven by the inclusion of Stuart Weitzman, lower sales at Famous, and incremental incentives related to the performance of the Brand Portfolio, tax rate of 26% to 27%, and GAAP earnings per diluted share of $0.32 to $0.38.

相較去年，SG&A 去槓桿化 325 個基點至 375 個基點，主要受納入 Stuart Weitzman、Famous 銷售較低，以及與品牌組合（Brand Portfolio）表現相關的新增激勵所驅動；稅率為 26% 至 27%，GAAP 每股稀釋盈餘為 0.32 美元至 0.38 美元。

For the full year 2026, we expect consolidated sales up low to mid-single-digits compared to last year Brand Portfolio sales up low double-digits compared to last year and up mid-single-digits organically Famous Footwear sales and comparable sales down low to mid-single-digits compared to last year. We expect to open 12 stores and close 15 during the fiscal year.

就 2026 全年而言，我們預期合併銷售額較去年成長低至中個位數百分比；品牌組合（Brand Portfolio）銷售額較去年成長低雙位數百分比，且以有機方式成長中個位數百分比；Famous Footwear 銷售額與同店銷售較去年下滑低至中個位數百分比。我們預期在本會計年度開設 12 家門市並關閉 15 家。

Consolidated gross margin up 220 basis points to 260 basis points compared to last year. SG&A rate flat to slightly deleveraged compared to last year with increases in incentive compensation and other investments largely offset with cost-saving measures.

合併毛利率較去年提升 220 個基點至 260 個基點。SG&A 比率較去年持平至略為去槓桿化，激勵薪酬與其他投資的增加大致由節省成本措施所抵銷。

Interest expense of $18 million and a full year tax rate of 27% to 28%. GAAP earnings per diluted share of $1.44 to $1.69, and adjusted earnings per diluted share of $1.40 to $1.65. CapEx of approximately $50 million to $55 million, which we will continue to evaluate based upon macroeconomic conditions and performance.

利息費用為 1,800 萬美元，全年稅率為 27% 至 28%。GAAP 每股稀釋盈餘為 1.44 美元至 1.69 美元，調整後每股稀釋盈餘為 1.40 美元至 1.65 美元。資本支出（CapEx）約 5,000 萬美元至 5,500 萬美元，我們將持續依據總體經濟狀況與表現進行評估。

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？

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

謝謝。此時我們將進行問答環節。(接線員指示)

Mitch Kumetz, Seaport Research Partners.

Mitch Kumetz，Seaport Research Partners。

Let me start on the guide. The full-year sales guide hasn't changed, but you changed your outlook by operating group a little bit, I think. Can you just maybe go over that?

我先從指引開始。全年銷售指引沒有改變，但我認為你們按營運事業群（operating group）的展望有做一些調整。可以請你們說明一下嗎？

Yes. So the question was, your full-year guide hasn't changed, but it has changed by operating group. Is that correct, Mitch?

是的。所以問題是，你們的全年指引沒有改變，但按營運事業群來看有變動。是這樣嗎，Mitch？

Yeah, ad I was just hoping you could address. The changes by operating group? What are you seeing by operating group that led you to make those changes in terms of the guidance?

對，我只是希望你們能說明一下。按營運事業群的變動？你們在各營運事業群看到了什麼，讓你們在指引上做出這些調整？

Well, I think that we're seeing a lot of strength in our Brand Portfolio, and we continue to see optimism on all of the strategies coming through and don't see that really slowing down materially. And then over at Famous, and Dan can fill in the exact numbers here, but we're trying to keep it more realistic to where our current trend is just to make sure that we don't -- we've got all the things looked at appropriately in the company.

我想我們在品牌組合（Brand Portfolio）看到很強的動能，而且我們對各項策略的落地持續保持樂觀，並不認為會有實質放緩。至於 Famous，那邊 Dan 可以補充精確數字，但我們試著讓它更貼近目前的趨勢，確保我們不會——我們把公司各項因素都適當納入考量。

Dan?

Dan？

I think that's exactly right, Jay. Just to add a little bit of color. As we said in February, we saw positive store-for-store comps, and then we had seen a decline in that March, April period. We've continued to be thoughtful about that guide on the Famous side of the business so that we ensure we're managing the business, controlling inventory, things of that nature.

我認為你說得完全正確，Jay。再補充一點背景。如同我們在二月所說，我們看到同店（store-for-store）可比銷售為正，但在三月、四月期間出現下滑。我們在 Famous 這一端的指引上持續審慎，以確保我們能管理業務、控管庫存等事項。

And offsetting that was the strength that you saw in the first quarter related to Brand Portfolio. We continue to see that momentum, and that's really how you get the balance on the sales guide.

而抵銷這一點的是你們在第一季於品牌組合（Brand Portfolio）所看到的強勁表現。我們持續看到那股動能，這就是你們如何在銷售指引上取得平衡。

And then as far as Famous goes, the softness that you experienced in March and April, has that continued into May? And what are you assuming for back-to-school? Are you assuming some sequential uptick in the Famous business with back to school obviously being an event period and consumers somewhat showing up for events versus non-event periods.

那麼就 Famous 而言，你們在三月與四月經歷的疲弱是否延續到五月？你們對返校季（back-to-school）有什麼假設？你們是否假設 Famous 業務會因返校季這種事件檔期而出現一些環比回升，因為消費者在事件檔期相較非事件檔期更會出現？

Yes, Mitch. So we've seen, as we've guided in the second quarter, down mid-single digits there. And for the full year, we've guided low- to mid-single digits. And we've seen at time of back to school and some of our specific sale periods, our performance being very strong.

是的，Mitch。因此我們在第二季的指引中已提到，預期下滑中個位數百分比。而就全年而言，我們的指引為下滑低至中個位數百分比。我們也看到在返校季以及某些特定促銷檔期，我們的表現非常強勁。

It's a little bit in the gaps that we're seeing a little bit off of that. So yes, we do have conservative guidance going forward and we've modeled that in where we're performing better in our peak periods like back-to-school and holiday season.

在檔期之間的空檔，我們看到表現會稍微弱一些。所以是的，我們對未來採取較保守的指引，並在模型中反映：在返校季與假期季等高峰檔期，我們的表現會更好。

And then maybe just lastly for me, on the gross margin guide, you provided it for both the second quarter and updated it for the full year. Again, maybe speak to the increase in the gross margin guidance for the year?

最後一個問題，關於毛利率指引，你們提供了第二季的指引並更新了全年指引。能否再談談今年毛利率指引上調的原因？

Can you also provide an updated outlook by operating group? I think previously you had said sort of Famous that we're flattish gross margin and BP up. I'm wondering if that's changed.

你們也能否提供按營運事業群的最新展望？我記得你們先前提到 Famous 的毛利率大致持平，而 BP 會上升。我想知道這是否有變。

And also, can you give us an outlook by operating group for the second quarter in terms of gross margin?

另外，你們能否就第二季毛利率，提供按營運事業群的展望？

So, Mitch, maybe some color on that. In the second quarter, as we shared in the script, we see that expansion largely driven on the BP side, and we're seeing that in our Brand and Channel mix is a big driver for it. We're also seeing a bit of the tariff benefit where we've got mitigation strategies in place and we're currently operating an environment with wider tariffs.

所以，Mitch，我補充一些說明。第二季，如同我們在講稿中分享的，我們看到毛利率擴張主要由 BP 端驅動，而品牌與通路組合（Brand and Channel mix）是主要推動因素。我們也看到一些關稅帶來的利多，因為我們已採取緩解策略，而目前是在關稅範圍更廣的環境下運作。

And finally, if you recall last year, our comps year-over-year margins were relatively light in Q2 of last year as that's when we had some more significant inventory markdowns. So as we think about that guide, you're seeing pretty big step up on the Brand Portfolio side and margins.

最後，如果你還記得去年，我們在去年第二季的年對年可比毛利率相對偏低，因為那時有較大幅度的庫存折價（markdown）。因此在我們思考這個指引時，你會看到品牌組合（Brand Portfolio）端的毛利率有相當明顯的提升。

And we've guided for the full year the plus 220 to plus 260 on consolidated gross profit. You'll see that continued strength on the Brand Portfolio side. But there is some -- the bulk of it being structural, but some of it with the volatility in the tariff certainly, and that's why you're seeing it. From a Famous standpoint, you're right, we haven't guided that.

而我們對全年合併毛利率的指引為增加 220 至 260 個基點。你會看到品牌組合（Brand Portfolio）端持續強勁。但其中——大部分屬於結構性因素，不過也有一部分與關稅波動有關，這也是你看到這種情況的原因。就 Famous 而言，你說得對，我們尚未對此提供指引。

As we talked in the script, we're being very thoughtful of clearance and being thoughtful that we're controlling that inventory. We do have some modest clearance as we anticipate the uncertainty in that marketplace. And so Famous, you'll see kind of flat to slight down with the bulk of the difference being a Brand Portfolio.

如同我們在講稿中提到的，我們對清倉（clearance）非常審慎，也審慎地控管庫存。鑑於該市場的不確定性，我們確實會進行一些小幅清倉。因此 Famous 端你會看到大致持平到略為下滑，而差異的主要部分會來自品牌組合（Brand Portfolio）。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Jay, as you think about the overall footwear market, how did it grow this quarter? What did you see? And certainly, the shift to Fashion from Sneakers in some of the brands you called out from Famous seems to be there. And also, that seems to be benefiting the Brand Portfolio. What are you seeing in terms of full price versus promo sales at Brand Portfolio?

Jay，當你思考整體鞋類市場時，本季成長如何？你看到了什麼？而且，從你提到的 Famous 的一些品牌來看，從運動鞋轉向時尚鞋的趨勢似乎確實存在。同時，這似乎也正在讓品牌組合（Brand Portfolio）受益。就品牌組合而言，你們看到正價銷售與促銷銷售的表現如何？

And how's the distribution of Brand Portfolio changing, given changes in the environment, whether with Bloomingdale's, with Nord. From given the reduction of brands and vendors that are being sold in Saks?

另外，考量到環境的變化——無論是 Bloomingdale's、Nord，或是鑑於 Saks 正在縮減所販售的品牌與供應商——品牌組合的通路分布正在如何改變？

And lastly, as you think about unpacking the gross margin and SG&A through the balance of the year, how are you incorporating the potential for tariffs and tariff refunds into the landscape? I just have one follow-up after. Thank you.

最後，當你思考在今年剩餘期間拆解毛利率與 SG&A（銷售、一般及行政費用）時，你們如何把關稅以及關稅退稅的可能性納入考量？我之後還有一個追問。謝謝。

So first of all, you're right, Dana, we are seeing fashion really take on strongly. I believe I commented there, we're seeing nice growth in categories just outside of Sneakers. We saw in many of our brands, we saw a return to dress, which we think will have long-standing trend there, which is great.

首先，Dana，你說得對，我們確實看到時尚鞋款的動能非常強。我想我先前也提到，我們看到運動鞋以外的類別有不錯的成長。在我們許多品牌中，我們看到正裝鞋回溫，我們認為這會形成更長期的趨勢，這很棒。

Our Sandal business even despite some weather issues was pretty good all the way through. And I think that reflects in both Dress and Casual new offerings in that category. And at the same time, our Casual business, particularly in flats was very strong in the quarter.

我們的涼鞋業務即使受到一些天候因素影響，整體表現仍相當不錯。我認為這反映在該品類中正裝與休閒的新產品供給。同時，我們的休閒業務，特別是平底鞋，本季表現非常強勁。

Sneaker business is kind of tricky on the Brand Portfolio side because overall, it was down about mid-singles from where we were last year. And I think that just reflects a little bit of shift, but the combined effort is all positive. We do have new offerings in all of our key fashion brands and some of the other ones that are also taking hold.

在品牌組合端，運動鞋業務有點棘手，因為整體較去年約下滑中個位數百分比。我認為這只是反映了一些結構性轉移，但合併來看整體仍是正向的。我們在所有關鍵時尚品牌以及其他一些品牌上都有新產品推出，而且也正在獲得市場接受。

So just seeing it as I think a year ago, it was much more heavily focused on the consumer purchase on a Sneaker versus now the consumer shopping across more, which as you know is very good for our company and our Brand Portfolio, and truthfully, for the whole business.

所以我們看到的情況是：大約一年前，消費者購買更偏向運動鞋；而現在消費者的購物更分散到更多品類。正如你所知，這對我們公司與我們的品牌組合而言非常有利，坦白說，對整個業務也是如此。

So I think we're continuing to see that going over to how we're doing with the Brand Portfolio. Our market share was quite strong. It was stronger in the more premium part of our business, but I would say overall, we did see good results coming through. So that's encouraging also that as we look out there, we are taking more share in there.

因此，我認為我們持續看到這樣的趨勢，並反映在我們品牌組合的表現上。我們的市占率相當強勁。在我們業務中較高端的部分更為強勁，但我會說整體而言，我們確實看到不錯的成果。這也令人鼓舞，因為展望未來，我們正在取得更多市占。

And I would say that was -- I'm going to turn over the last one, I believe, over to Dan to talk about how we connected on our guidance and what we factored in and out.

至於最後一題，我想我會把它交給 Dan，來談談我們在指引上如何連結，以及我們納入與未納入了哪些因素。

Sure. Dana, I think the two points I had. One of them was about the BP margins and just sharing again the substantive as we guided when we closed 2025, we had a lot of structural improvements and had planned BP gross margins up. And in fact, we realized that. And I think as we've looked at our performance in the first quarter and the balance of the year, we feel comfortable. And that's where you see a bit of the increased guidance there in that BP margin expansion.

好的。Dana，我有兩點。其中一點是關於 BP（品牌組合）利潤率：再分享一次，當我們在結束 2025 年時給出指引，我們做了許多結構性改善，並規劃讓 BP 毛利率上升。事實上，我們也實現了這點。而且，當我們檢視第一季表現以及今年剩餘期間時，我們感到有信心。因此你會看到在 BP 利潤率擴張方面，指引有些上調。

The other thing you had asked two things about tariffs. One of them related to how we thought about them, and we've assumed the IEEPA tariff rates largely come back in line at the end of August at the end of July, I'm sorry.

你另外也問到兩個與關稅相關的問題。其中一個是我們如何看待關稅；我們假設 IEEPA 的關稅稅率大致會在 7 月底回到較一致的水準——抱歉，是在 8 月底。

And then your other question about the tariff refunds. As we had mentioned in the call script, we've filed claims for a little over $57 million. We have not factored that into our earnings guidance at all. We're thinking of that as a gain contingency, and we'll continue to report it as we collect it as we go forward.

然後你另一個問題是關於關稅退稅。如同我們在電話會議稿中提到的，我們已提出索賠，金額略高於 5,700 萬美元。我們完全沒有把這部分納入我們的盈餘指引。我們將其視為或有利益（gain contingency），並會在未來隨著實際收款逐步揭露與反映。

And then any follow-up just on rising energy prices? How's that impacting freight costs? And how you're planning? Thank you.

那再追問一下能源價格上漲呢？這對運費成本有什麼影響？以及你們如何規劃？謝謝。

I think right now all of that work is currently in total. We're seeing obviously a lot of ways that actually energy can or the gas price can affect some of the -- not just only the freight piece, but also some product moments. We're looking to offset those as best we can.

我認為目前這些工作都還在進行中。我們顯然看到能源或油價會以多種方式影響——不僅是運輸費用這一塊，也會影響某些產品端的變動。我們會盡可能設法抵消這些影響。

But I think that's still something that we're currently working on with all of our, I think, all of the moving dynamics that are happening right now in the industry. But we have, I think, given ourselves some room so we feel comfortable about the guidance that we delivered in there. So we have taken that into effect.

但我認為，鑑於目前產業正在發生的各種動態變化，這仍是我們正在與所有相關方持續處理的事項。不過，我想我們也為自己預留了一些空間，因此對我們所提供的指引感到放心。所以我們已將其影響納入考量。

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

問答環節到此結束。現在我想把電話交回給 Jay Schmidt 作結語。

Okay. Thank you for your continued interest in our company. Before we conclude, I want to recognize our Caleres teams around the world who continued demonstrating the focus, the adaptability and commitment needed to navigate this rapidly changing environment.

好的。感謝各位持續關注我們公司。在結束之前，我想表揚我們遍布全球的 Caleres 團隊，他們持續展現出在這個快速變動的環境中所需的專注力、適應力與承諾。

The progress we made in first quarter reinforces our belief that the strategies we put in place are strengthening the foundation of our business and positioning us to create long-term value for our shareholders, and we look forward to updating you in the coming quarters. Thank you.

我們在第一季取得的進展，強化了我們的信念：我們所採取的策略正在鞏固業務基礎，並使我們能為股東創造長期價值；我們也期待在接下來的季度向各位更新進展。謝謝。

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。您現在可以掛斷電話線，感謝您的參與。