Designer Brands Inc (DBI) 2022 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Designer Brands Incorporated 2Q '22 Earnings Conference Call. (Operator Instructions)

大家早上好，歡迎參加 Designer Brands Incorporated 2Q '22 收益電話會議。 （操作員說明）

Please also note, today's event is being recorded. At this time, I'd like to turn the conference call over to Jessie Miller, Senior Director of Investor Relations. Please go ahead.

另請注意，今天的活動正在錄製中。在這個時候，我想把電話會議轉給投資者關係高級總監 Jessie Miller。請繼續。

Good morning. Earlier today, the company issued a press release comparing results of operations for the 13-week period ended July 30, 2022, to the 13-week period ended July 31, 2021. Please note that remarks made about the future expectations, plans and prospects of the company constitute forward-looking statements.

早上好。今天早些時候，該公司發布了一份新聞稿，比較了截至 2022 年 7 月 30 日的 13 週期間與截至 2021 年 7 月 31 日的 13 週期間的運營結果。請注意有關未來預期、計劃和前景的評論公司構成前瞻性陳述。

Results may differ materially due to various factors listed in today's press release and the company's public filings with the SEC. The company assumes no obligation to update any forward-looking statements. Joining us today are Roger Rawlins, Chief Executive Officer; Jared Poff, Chief Financial Officer; and Doug Howe, President of DSW. Now let me turn over the call to Roger.

由於今天的新聞稿和公司向美國證券交易委員會提交的公開文件中列出的各種因素，結果可能存在重大差異。公司不承擔更新任何前瞻性陳述的義務。今天加入我們的是首席執行官 Roger Rawlins； Jared Poff，首席財務官；和 DSW 總裁 Doug Howe。現在讓我把電話轉給羅傑。

Good morning, and thank you, everyone, for joining us today. I want to begin by saying thank you to all our associates across the globe. We are operating in an incredibly dynamic environment and your ability to remain nimble on your feet during these last couple of years continues to power our growth.

早上好，謝謝大家今天加入我們。首先，我要感謝我們在全球的所有員工。我們在一個令人難以置信的動態環境中運營，您在過去幾年中保持靈活的能力繼續為我們的增長提供動力。

We're very pleased with our second quarter results and our continued momentum against our long-term plan of doubling sales of our own brands by 2026, while maintaining sales levels of national brands as we continue to strengthen relationships with our top partners. We ended the quarter with net sales up 5% compared to the second quarter of 2021, which is on top of last year's record net sales gain of 67%.

我們對第二季度的業績以及我們在 2026 年將自有品牌銷售額翻番的長期計劃的持續動力感到非常滿意，同時隨著我們繼續加強與頂級合作夥伴的關係，保持民族品牌的銷售水平。與 2021 年第二季度相比，我們在本季度末的淨銷售額增長了 5%，高於去年創紀錄的 67% 的淨銷售額增長。

And reported a healthy adjusted diluted EPS growth of 11% compared to the second quarter of 2021. And before we dive into the details of our performance, I want to take a moment to address the current macro environment we are operating in. As you're all aware, the recent downturn in the macroeconomic market has included inflation, rising interest rates and softened consumer sentiment.

並報告與 2021 年第二季度相比，調整後的攤薄後每股收益增長了 11%。在我們深入了解我們的業績細節之前，我想花點時間來談談我們目前所處的宏觀環境。正如你所說大家都知道，最近宏觀經濟市場的低迷包括通貨膨脹、利率上升和消費者信心疲軟。

As a result, the overall footwear market was slightly softer in the second quarter versus the first quarter of 2022. That being said, Designer Brands is still far outpacing the major footwear retail indices and we believe we are better positioned than many to deliver on our fall expectations. That's because this team has developed a clear mission, vision and strategies that allow us to differentiate ourselves from the balance of the industry.

因此，與 2022 年第一季度相比，第二季度整體鞋類市場略顯疲軟。話雖如此，Designer Brands 仍然遠遠超過主要鞋類零售指數，我們相信我們比許多人更有能力實現我們的目標下降預期。這是因為這個團隊制定了明確的使命、願景和戰略，使我們能夠從行業平衡中脫穎而出。

Our ability to stay ahead of the competition by leveraging the diversity of our teams, assortment and business model is allowing us to continue to successfully execute and grow during this time. We're able to quickly adjust our assortments to match consumer demand, which we have demonstrated repeatedly.

我們通過利用我們的團隊、分類和商業模式的多樣性保持競爭優勢的能力使我們能夠在這段時間內繼續成功地執行和發展。我們能夠快速調整我們的分類以滿足消費者的需求，我們已經反复證明了這一點。

And while still very important, we are less reliant on our seasonal business alone than we have been historically, following our work to diversify our product offerings to match the consumers' demands. It's also worth noting that our customer base skews towards a higher-income demographic that is somewhat less acted by inflation.

雖然仍然非常重要，但我們對季節性業務的依賴程度比以往要低，我們致力於使我們的產品多樣化以滿足消費者的需求。還值得注意的是，我們的客戶群傾向於受通貨膨脹影響較小的高收入人群。

And to date, we have not seen a significant shift in consumer behavior. We continue to monitor consumers' trends closely and are taking a cautious view namely, assuming these trends do not materially change in the back half of the year as we consider our inventory investments and outlook.

迄今為止，我們還沒有看到消費者行為發生重大轉變。我們繼續密切關註消費者的趨勢，並持謹慎態度，假設這些趨勢在下半年不會發生重大變化，因為我們考慮我們的庫存投資和前景。

To that point, we feel we are well positioned from an inventory perspective as we move into the back half of this year.

就這一點而言，隨著我們進入今年下半年，我們認為從庫存的角度來看，我們處於有利地位。

We believe there continues to be pent-up demand for dress and seasonal products tied to social occasioning and travel. Our back-to-school business has driven demand for kids and athletic footwear as planned. And we're starting to see the return of the clearance shopper as we have strategically worked to rebuild our clearance assortment to win back this customer who hasn't shopped with us in over a year.

我們認為，與社交場合和旅行相關的服飾和季節性產品的需求繼續被壓抑。我們的返校業務按計劃推動了對兒童和運動鞋的需求。我們開始看到清倉購物者的回歸，因為我們戰略性地努力重建我們的清倉分類以贏回一年多沒有與我們一起購物的客戶。

As you've heard us say many times, a flexible and diverse assortment is central to our strategy. According to NPD, DSW outpaced the rest of the footwear market by 5 percentage points in kids' footwear in the second quarter based on dollar sales. Compared to 2019, DSW dollar growth outpaced the rest of the market in athletic and sport lifestyle by 12 percentage points in the second quarter according to NPD. We anticipate this momentum will continue in the back half of the year.

正如您多次聽到我們所說，靈活多樣的分類是我們戰略的核心。根據 NPD 的數據，以美元銷售額計算，DSW 在第二季度的童鞋市場上比其他鞋類市場高出 5 個百分點。根據 NPD 的數據，與 2019 年相比，DSW 美元的增長在第二季度超過了運動和運動生活方式的其他市場 12 個百分點。我們預計這一勢頭將在今年下半年繼續。

I also want to remind you that DBI has a proven playbook and track record that demonstrates the strength of our foundation and ability to gain market share by leveraging our adaptable business model even during difficult economic periods. Most recently, in the midst of COVID, we demonstrated the ultimate flexibility of our operations and assortment and streamlined our business even further to enable us to be faster in the future.

我還想提醒您，DBI 擁有經過驗證的劇本和往績記錄，證明了我們的基礎實力和通過利用我們適應性強的商業模式獲得市場份額的能力，即使在經濟困難時期也是如此。最近，在 COVID 疫情期間，我們展示了我們的運營和分類的終極靈活性，並進一步簡化了我們的業務，以使我們在未來更快。

As we move forward, we have a strong ability to act quickly and decisively to set ourselves up to best serve our customers' needs. To recap, Designer Brands is uniquely positioned to continue to succeed because of 3 major things: One, we are incredibly flexible. We can lean into the brands we own and control in our direct-to-consumer channels and quickly adjust our national brand assortment to match our customers' needs; two, we have implemented numerous cost control initiatives to allow us to invest in the most critical areas of our business to build our brands and grow our customer base; and three, our customer base is still healthy.

隨著我們的前進，我們有很強的能力迅速果斷地採取行動，以最好地滿足客戶的需求。回顧一下，Designer Brands 具有獨特的優勢，能夠繼續取得成功，因為有 3 個主要因素：第一，我們非常靈活。我們可以在直接面向消費者的渠道中融入我們擁有和控制的品牌，并快速調整我們的國家品牌組合，以滿足客戶的需求；第二，我們實施了許多成本控制措施，使我們能夠投資於我們業務中最關鍵的領域，以建立我們的品牌並擴大我們的客戶群；第三，我們的客戶群仍然健康。

On average, our customers have a household income over $100,000 and are somewhat less impacted by the headwinds we are seeing in the market. We are confident in our business model as we navigate ahead and in our team's ability to be nimble and adapt. Let's walk through the key elements of our assortment, starting with our owned brands. As you've been hearing from us, bolstering the momentum of our owned brands is a top priority.

平均而言，我們的客戶的家庭收入超過 100,000 美元，並且受我們在市場上看到的不利因素的影響較小。我們對我們的商業模式充滿信心，因為我們前進的方向以及我們團隊的敏捷和適應能力。讓我們從我們的自有品牌開始介紹我們產品系列的關鍵元素。正如您所聽到的，加強我們自有品牌的發展勢頭是重中之重。

In the second quarter, owned brand sales grew 40% compared to the same period last year. Additionally, our owned brands represented 23% of DBI revenue compared to 17% in the second quarter last year, continuing the significant increases we saw in the first quarter. Our ability to take our brands directly to a consumer through our retail stores and websites is key to our growth, and it delivered a 45% increase to last year while still growing our wholesale distribution by 25%.

第二季度，自有品牌銷售額同比增長40%。此外，我們的自有品牌佔 DBI 收入的 23%，而去年第二季度為 17%，延續了我們在第一季度看到的顯著增長。我們通過零售店和網站將我們的品牌直接帶給消費者的能力是我們增長的關鍵，它比去年增長了 45%，同時我們的批發分銷仍然增長了 25%。

We are extremely pleased with these results and remain on track to deliver our commitment of doubling the sales of our owned brands by 2026. To give you a sense of just how prominent these brands are in the industry, I want to direct you to our second quarter earnings infographic, which can be found on our Investor Relations website.

我們對這些結果感到非常滿意，並將繼續履行我們的承諾，即到 2026 年將我們自有品牌的銷售額翻一番。為了讓您了解這些品牌在行業中的地位，我想向您介紹我們的第二個季度收益信息圖，可在我們的投資者關係網站上找到。

As you can see, we have a chart, including the most relevant brands in fashion footwear as of the end of the second quarter. I am so proud to share that based on a combination of market and internal data, we have concluded that 6 of DBI's owned brands, Kelly & Katie, Vince Camuto, Jessica Simpson, Mix No. 6, Crown Vintage and Lucky ranked within the top 50 brands in fashion footwear industry based on the impressive sales of each of those brands in the second quarter.

如您所見，我們有一張圖表，其中包括截至第二季度末與時尚鞋類最相關的品牌。我很自豪地與大家分享，根據市場和內部數據的結合，我們得出的結論是，DBI 的 6 個自有品牌 Kelly & Katie、Vince Camuto、Jessica Simpson、Mix No. 6、Crown Vintage 和 Lucky 位居榜首時尚鞋業的 50 個品牌基於每個品牌在第二季度的可觀銷售額。

Specifically, we determined that in the second quarter, Kelly & Katie was among the top 10 fashion footwear brands and Vince Camuto in the top 20. Let me repeat that, we have determined that all 6 of these owned brands would fall in the top 50 brands in fashion footwear based on a combination of market and internal data in the second quarter.

具體來說，我們確定在第二季度，Kelly & Katie 躋身前 10 名時尚鞋履品牌之列，而 Vince Camuto 進入前 20 名。讓我再說一遍，我們已確定這 6 個自有品牌都將進入前 50 名基於第二季度市場和內部數據的時尚鞋類品牌。

I'm even more excited with the fact that we feel we are just at the beginning of our brand-building journey with many of these brands, bringing together great product with best-in-class distribution and customer relationships gives these brands an incredible platform to further grow their market share and leadership position.

令我更加興奮的是，我們覺得我們與許多品牌的品牌建設之旅才剛剛開始，將優質產品與一流的分銷和客戶關係結合在一起，為這些品牌提供了一個令人難以置信的平台進一步擴大其市場份額和領導地位。

As we told you at Investor Day, we are continuing to invest in ensuring we have the best breadth and depth of product represented in our owned brands. Our strength has historically been in dress and fashion and we remain the leader in these categories. We are also building out our athletic presence within our own brand assortment. To that end, I want to highlight the Le TIGRE investment in partnership we announced in the quarter.

正如我們在投資者日告訴您的那樣，我們將繼續投資以確保我們擁有以我們自有品牌為代表的產品的最佳廣度和深度。從歷史上看，我們的優勢一直在服裝和時尚領域，並且我們仍然是這些類別的領導者。我們還在我們自己的品牌系列中建立我們的運動影響力。為此，我想強調一下我們在本季度宣布的合作夥伴 Le TIGRE 投資。

Its unique style is the perfect addition to our growing portfolio of owned brands that customers have come to expect. This partnership with Le TIGRE, coupled with our already announced partnership with Reebok allows us to expand our own brand dominance in the increasingly important athletic category.

其獨特的風格是我們不斷增長的客戶所期望的自有品牌組合的完美補充。與 Le TIGRE 的合作，再加上我們已經宣布與 Reebok 的合作，使我們能夠在日益重要的運動類別中擴大我們自己的品牌主導地位。

Moving to our national brands. we continue our work of going narrower and deeper with our top brand partners. In the quarter, our top 50 brands represented 80% of our sales and grew 20% over the second quarter of 2021. To get into our DSW strategy a bit more, I'm excited to welcome my colleague, Doug Howe, President of DSW to today's call.

轉向我們的民族品牌。我們繼續與我們的頂級品牌合作夥伴一起走得更窄更深。在本季度，我們的前 50 個品牌占我們銷售額的 80%，並且比 2021 年第二季度增長了 20%。為了進一步了解我們的 DSW 戰略，我很高興歡迎我的同事，DSW 總裁 Doug Howe到今天的電話。

In a moment, he'll be sharing more details on the initiatives we have in place to continue strengthening our partnerships with our top national brands as we move into the back half of the year. Before I turn it over to Doug, I want to reiterate how pleased we are with our current results and operational strengths, especially amidst an uncertain macro environment. We believe we are well positioned for the back half of the year and are confident in our ability to deliver our fiscal 2022 guidance.

稍後，他將分享更多關於我們為在今年下半年繼續加強與頂級民族品牌的合作夥伴關係而採取的舉措的細節。在我把它交給道格之前，我想重申我們對目前的業績和運營實力感到非常滿意，尤其是在不確定的宏觀環境中。我們相信我們在今年下半年處於有利地位，並對我們提供 2022 財年指導的能力充滿信心。

I'll now turn it over to Doug Howe, President of DSW. Doug?

我現在將把它交給 DSW 總裁 Doug Howe。道格？

Good morning, everyone. As Roger said, I'm Doug Howe, President of DSW. I joined the company this past May, and I'm excited to be working with such a visionary team. At DSW, I'm helping to bring our differentiated customer experience and desired brands to life across direct-to-consumer channels. I have a long history in brand building and retail operations and a privilege to join DSW as we evolve retail to the next level.

大家，早安。正如 Roger 所說，我是 DSW 總裁 Doug Howe。今年五月我加入了公司，我很高興能與這樣一個有遠見的團隊一起工作。在 DSW，我正在幫助通過直接面向消費者的渠道將我們差異化的客戶體驗和理想品牌帶入生活。我在品牌建設和零售運營方面擁有悠久的歷史，並且有幸加入 DSW，因為我們將零售業發展到一個新的水平。

With the determined focus on customers while offering the best owned and national brands and delivering products with incredible speed. I'm joining today's call to give you some more color on how we are executing on our strategy here at DSW.

堅定地專注於客戶，同時提供最好的自有品牌和民族品牌，並以令人難以置信的速度交付產品。我加入今天的電話會議，是為了讓您對我們在 DSW 如何執行我們的戰略有更多的了解。

As the team has mentioned time and time again, we're always looking for ways to grow our relationships with our national brand partners.

正如團隊一次又一次提到的那樣，我們一直在尋找與我們的國家品牌合作夥伴發展關係的方法。

You've heard Roger and Jared described it as going narrower and deeper. I personally like to think of it as amplifying and editing. While you've heard our strategic plans to maintain national brands in totality, I want to share with you a little bit how that breaks down and how we are actually growing our relationships with the most prominent national brands.

您聽說過 Roger 和 Jared 將其描述為越來越窄。我個人喜歡將其視為放大和編輯。雖然您已經聽說過我們全面維護民族品牌的戰略計劃，但我想與您分享一下它是如何崩潰的，以及我們實際上是如何發展與最知名的民族品牌的關係的。

We are prioritizing growing with the top brands that our customers are demanding across the board. We continue to evolve our assortment and the breadth and depth of the top brands we offer our customers. In doing so, we have seen meaningful growth, upwards of 20% with many of these top brands over the past year. And we have strategic initiatives in place to provide added value for our brand partners, helping them to effectively showcase and spotlight their products in our DSW stores.

我們優先考慮與客戶全面要求的頂級品牌一起發展。我們繼續發展我們為客戶提供的頂級品牌的品類和廣度和深度。在這樣做的過程中，我們看到了有意義的增長，在過去一年中，許多頂級品牌增長了 20% 以上。我們制定了戰略舉措，為我們的品牌合作夥伴提供附加值，幫助他們在我們的 DSW 商店有效地展示和突出他們的產品。

A perfect example of this is our new warehouse reimagine store, which we opened in Hardwood, Texas earlier this year. We continue to glean learnings from this new format and remain happy with the initial results. In the meantime, we continue to test shop-in-shops in existing store formats to leverage additional insights and have been pleased with the lift we are seeing with our national brands through these investments. Other points of application are our various holidays.

一個完美的例子是我們今年早些時候在德克薩斯州哈德伍德開設的新倉庫 reimagine 商店。我們繼續從這種新格式中汲取經驗教訓，並對初步結果感到滿意。與此同時，我們繼續以現有的商店模式測試店中店，以利用更多的洞察力，並對通過這些投資看到我們的民族品牌的提升感到高興。其他應用點是我們的各種假期。

We are particularly proud of the way we have leaned into back-to-school over the past 2 seasons, which has allowed us to increase market share and grow even closer to mom and her entire family in the process. As a reminder, this is a new peak demand period for us, and we are viewing it as a new holiday in our calendar, buying inventory and optimizing marketing accordingly. We started focusing on the season last year as we shifted our assortment to be more inclusive of athletic and kids products and have further refined our approach this year to maximize the potential of this time frame.

我們為在過去兩個賽季中回歸學校的方式感到特別自豪，這使我們能夠增加市場份額，並在此過程中與媽媽和她的全家更加親近。提醒一下，這對我們來說是一個新的需求高峰期，我們將其視為日曆中的一個新假期，購買庫存並相應地優化營銷。去年我們開始專注於這個季節，因為我們改變了我們的產品種類，使其更加包容運動和兒童產品，並在今年進一步完善了我們的方法，以最大限度地發揮這一時間框架的潛力。

To provide some background, we consider the back-to-school season to be roughly 7 weeks long, which coincides with the beginning of the academic calendar across different parts of the country. This has been supported this year by a new optimized marketing calendar that aligns with the back-to-school timing by region. We are particularly proud of our strong athletic assortment in our kids department. In fact, even without the presence of Nike in our assortment, we've seen sales increases compared to 2021. We are gaining market share. We are growing, and we have no intention of taking our foot off the gas.

為了提供一些背景信息，我們認為返校季節大約為 7 週，這與全國不同地區的學術日曆的開始時間相吻合。今年，這一點得到了新的優化營銷日曆的支持，該日曆與各地區的返校時間保持一致。我們為我們的兒童部門強大的運動種類感到特別自豪。事實上，即使我們的產品系列中沒有耐克的存在，與 2021 年相比，我們的銷售額也有所增長。我們正在獲得市場份額。我們正在成長，我們無意放棄油門。

At the heart of everything I've discussed today is our customer. We are pleased that our customer retention remains strong. As of the end of July, DSW engaged members were up 9% compared to the prior year driven by strong reacquisition of pre-pandemic customers and the addition of new customers. This has been partially driven by our focus on regaining our clearance customer, which, as a reminder, is a strategic focus for us as clearance is such an integral part of our business model and a true strategic differentiator.

我今天討論的一切的核心是我們的客戶。我們很高興我們的客戶保留率仍然很高。截至 7 月底，由於大流行前客戶的強勁重新獲得和新客戶的增加，DSW 參與的會員比上一年增長了 9%。這部分是由於我們專注於重新獲得我們的清關客戶，提醒一下，這是我們的戰略重點，因為清關是我們業務模式不可或缺的一部分，也是真正的戰略差異化因素。

We have reacquired approximately 2 million clearance customers year-to-date, resulting in clearance sales being up 5% in the quarter compared to being down 5% in the first quarter of this year, a showcase of strong sequential growth.

年初至今，我們已重新獲得約 200 萬清倉客戶，導致本季度清倉銷售額增長 5%，而今年第一季度則下降 5%，顯示出強勁的環比增長。

We anticipate continuing to grow penetration as we move throughout the fall, which will start to bring us back to more normalized levels of clearance. Close, I want to speak to our inventory position. In Q2, our focus was on preparing for back-to-school and gearing up for Septober. We have seen inventory availability continue to improve, but there has still been uncertainty in timing of some deliveries. Because of this, we plan to head, protected ourselves and brought receipts in for the back-to-school and Septober seasons.

我們預計，隨著我們整個秋季的移動，滲透率將繼續增長，這將開始使我們回到更正常的清除水平。關閉，我想談談我們的庫存狀況。在第二季度，我們的重點是為返校做準備並為 9 月做準備。我們看到庫存可用性繼續改善，但某些交付時間仍然存在不確定性。正因為如此，我們計劃在返校和 9 月的季節領導、保護自己並帶來收據。

Accordingly, we ended the quarter with retail inventories up 33% on a square footage basis compared to the second quarter of 2021. It's important to note that the second quarter of 2021 was a period of extraordinary light inventory as we navigated supply chain challenges. Compared to 2019, a more normalized period, our inventory is up only 8% on a square foot basis. This also positions us well for the demand peak period of Septober, and we have planned year-over-year inventory levels to further normalize as we move through the back half of the year.

因此，與 2021 年第二季度相比，我們在本季度末的零售庫存按平方英尺計算增加了 33%。重要的是要注意，在我們應對供應鏈挑戰時，2021 年第二季度是庫存異常少的時期。與更加正常化的 2019 年相比，我們的庫存每平方英尺僅增長 8%。這也使我們在 9 月的需求高峰期處於有利地位，並且我們計劃在下半年進一步正常化庫存水平。

I'll now turn the call over to Jared and look forward to continuing to update you all on our DSW performance in the future.

我現在將把電話轉給 Jared，並期待在未來繼續向大家介紹我們 DSW 的表現。

Thank you, Doug, and good morning, everyone. We are very proud of our second quarter results and continue to be highly encouraged by the impressive growth in our own brands as well as our top national brands. Please note the financial results that we will reference during the remainder of today's call excludes certain adjustments recorded under GAAP unless specified otherwise.

謝謝你，道格，大家早上好。我們對第二季度的業績感到非常自豪，並繼續對我們自有品牌和頂級民族品牌的驚人增長感到鼓舞。請注意，除非另有說明，否則我們將在今天電話會議的剩餘時間中參考的財務結果不包括根據 GAAP 記錄的某些調整。

For a complete reconciliation of GAAP to adjusted earnings, please reference our press release. Let's turn to our results. For the second quarter, net sales increased 5.1% to $859.3 million compared to the same quarter 2021. For the second quarter, total comps were up 6.2% on top of a robust 84.9% comp last year.

有關 GAAP 與調整後收益的完全對賬，請參考我們的新聞稿。讓我們轉向我們的結果。與 2021 年同期相比，第二季度的淨銷售額增長了 5.1%，達到 8.593 億美元。第二季度，總銷售額在去年強勁的 84.9% 的基礎上增長了 6.2%。

Within this growth, owned brands were up 40% in the second quarter compared to last year, with notable growth in both direct-to-consumer and wholesale channels. We feel great about the progress, which we believe showcases our ability to build our own brands to reach nearly 1/3 of our sales by 2026.

在這一增長中，自有品牌在第二季度與去年相比增長了 40%，直接面向消費者和批發渠道均顯著增長。我們對取得的進展感到非常滿意，我們認為這表明我們有能力建立自己的品牌，到 2026 年銷售額將達到近 1/3。

Overall, we saw positive sales across all of our segments. U.S. retail comps were up 2.7% for the second quarter on top of a remarkable 94.3% last year. vincecamuto.com comps were up 43.3% in the quarter on top of a strong 10.6% in the second quarter of 2021. This double-digit growth on top of impressive growth last year amplifies the reach we believe we have to grow our brands across multiple channels to many different customer sets.

總體而言，我們在所有細分市場都看到了積極的銷售情況。美國零售企業第二季度增長 2.7%，高於去年的 94.3%。在 2021 年第二季度強勁的 10.6% 的基礎上，vincecamuto.com 的銷售額在本季度增長了 43.3%。在去年令人印象深刻的增長之上，這一兩位數的增長擴大了我們認為我們必須在多個領域發展我們的品牌的影響力渠道到許多不同的客戶群。

Comps in Canada increased 47.3% in the quarter versus 14.6% in the prior year. As a reminder, Canada has had a slower recovery in 2021 compared to the U.S., and we are continuing to see strength building here. Our consolidated gross profit increased 3.9% to $295.7 million in the second quarter. Consolidated gross margin was 34.4% in the second quarter, down 40 basis points compared to 34.8% last year. The change was driven by a couple of factors. First, we had a planned increase in clearance sales in our U.S. Retail segment as we aim to strategically reacquire the clearance customer whom we lost during this recovery.

本季度加拿大的收入增長了 47.3%，而去年同期增長了 14.6%。提醒一下，與美國相比，加拿大在 2021 年的複蘇速度較慢，我們將繼續看到這裡的實力增強。我們第二季度的綜合毛利潤增長 3.9% 至 2.957 億美元。第二季度的綜合毛利率為 34.4%，與去年的 34.8% 相比下降了 40 個基點。這種變化是由幾個因素驅動的。首先，我們計劃增加美國零售部門的清倉銷售額，因為我們的目標是戰略性地重新獲得在這次復蘇期間失去的清倉客戶。

This progressed exactly as we discussed during our last earnings call. As we mentioned, we expected our core business margins to be more in line with last year as we look to strategically regain our clearance customers.

這與我們在上次財報電話會議中討論的完全一樣。正如我們所提到的，我們預計我們的核心業務利潤率將與去年更加一致，因為我們希望戰略性地重新獲得我們的清關客戶。

We were successful in the quarter with clearance up 5% year-over-year compared to down 5% in the first quarter. Additionally, we continue to see higher freight costs impacting all of our segments, which increased roughly $12 million compared to the second quarter last year as well as some elevated costs related to the consolidation and optimizing of our fulfillment centers.

我們在本季度取得了成功，清算量同比增長 5%，而第一季度則下降了 5%。此外，我們繼續看到影響我們所有部門的更高運費成本，與去年第二季度相比增加了大約 1200 萬美元，以及與整合和優化我們的履行中心相關的一些成本上升。

Overall, we are still 390 basis points above 2019 gross margin levels, which speaks to the structural shifts we have made in our business. I want to reiterate what we have spoken about all year thus far and what Doug echoed in his remarks. We firmly believe that a consistent clearance assortment is a strategic differentiator and a critical part of our unique business model, and we have been executing on plans to rebuild our clearance assortment and reacquire those clearance customers. This started in the second quarter and is building through the third quarter.

總體而言，我們仍比 2019 年的毛利率水平高出 390 個基點，這說明了我們在業務中所做的結構性轉變。我想重申到目前為止我們全年所說的內容以及道格在他的講話中所附和的內容。我們堅信，一致的清關分類是一個戰略差異化因素，也是我們獨特商業模式的關鍵部分，我們一直在執行重建我們的清關分類並重新獲得這些清關客戶的計劃。這從第二季度開始，一直持續到第三季度。

As we succeed in this initiative, we expect to see reacquired customers incrementally return to our business while delivering slightly lower gross profit rate than what we've been generating during this record-setting supply-constrained COVID recovery. Accordingly, we expect to see Q3 of this year lower than Q3 of 2021, resulting in margin rates for the full year, slightly below that of 2021.

隨著我們在這一舉措中取得成功，我們希望看到重新獲得的客戶逐漸回歸我們的業務，同時提供的毛利率略低於我們在創紀錄的供應受限的 COVID 復甦期間產生的毛利率。因此，我們預計今年第三季度將低於 2021 年第三季度，從而導致全年利潤率略低於 2021 年。

And this is a good thing, and exactly what we planned and have been communicating from the start of the year. And importantly, rates are anticipated to continue to be meaningfully above 2019 levels and are expected to continue growing over the next few years as we execute against our plan of doubling sales of our own brands.

這是一件好事，正是我們從年初開始計劃和溝通的內容。重要的是，預計費率將繼續顯著高於 2019 年的水平，並且隨著我們執行將自有品牌銷售額翻番的計劃，預計未來幾年將繼續增長。

Turning to our inventory. We ended the second quarter with inventories of $694 million compared to $504.3 million last year. As Doug mentioned, much of this was driven by tactical planning we deployed for the fall season, including back-to-school in Septober. We expect continued strength in our retail inventory levels as we end the third quarter. In the second quarter, consolidated adjusted SG&A was $227.7 million, up 4.5% versus last year.

轉向我們的庫存。我們在第二季度末的庫存為 6.94 億美元，而去年為 5.043 億美元。正如 Doug 提到的，這在很大程度上是由我們為秋季部署的戰術計劃所推動的，包括 9 月份的返校。我們預計，隨著第三季度結束，我們的零售庫存水平將持續走強。第二季度，綜合調整後的 SG&A 為 2.277 億美元，比去年增長 4.5%。

Similar to the first quarter, selling expenses drove the majority of the increase as customers continued coming back to the store.

與第一季度類似，隨著客戶繼續回到商店，銷售費用推動了大部分增長。

Our adjusted SG&A ratio for the second quarter was 26.5% of sales compared to 26.7% of sales last year, an improvement of 20 basis points. Adjusted operating profit for Designer Brands was $70.4 million in the second quarter compared to $69 million last year. This represents our second highest second quarter adjusted operating income in our history.

我們第二季度調整後的 SG&A 比率為銷售額的 26.5%，而去年為 26.7%，提高了 20 個基點。 Designer Brands 第二季度的調整後營業利潤為 7040 萬美元，而去年為 6900 萬美元。這是我們歷史上第二高的第二季度調整後營業收入。

Adjusted operating margin was 0.2% in the second quarter compared to 8.4% operating margin last year. We had $2.8 million of net interest expense during the second quarter compared to $8.1 million in the prior year. As mentioned in previous calls, with the extinguishment of our term loan, we expect our interest expense to be materially lower than fiscal '21.

第二季度調整後的營業利潤率為 0.2%，而去年的營業利潤率為 8.4%。第二季度我們的淨利息支出為 280 萬美元，而去年同期為 810 萬美元。正如之前的電話會議所述，隨著我們定期貸款的終止，我們預計我們的利息費用將大大低於 21 財年。

Our effective tax rate on our adjusted results were 31.8% in the second quarter. Second quarter adjusted net income was $46.1 million or $0.62 per diluted share compared to $43.4 million or $0.56 last year, an increase of 11%. As we moved into the third quarter, our liquidity position remains strong.

第二季度，我們調整後業績的有效稅率為 31.8%。第二季度調整後淨收入為 4610 萬美元或稀釋後每股收益 0.62 美元，而去年同期為 4340 萬美元或 0.56 美元，增長了 11%。隨著我們進入第三季度，我們的流動性狀況依然強勁。

We are still awaiting receipt of our roughly $160 million CARES Act tax refund due to us from the IRS.

我們仍在等待美國國稅局向我們收取大約 1.6 億美元的 CARES 法案退稅。

Our liquidity position, which includes cash and availability under our revolver is healthy, and we ended the quarter at $208.5 million versus $410.5 million last year. We had $387.4 million of debt at the end of the quarter versus $247.1 million last year.

我們的流動性狀況，包括我們左輪手槍下的現金和可用性是健康的，我們在本季度結束時為 2.085 億美元，而去年為 4.105 億美元。截至本季度末，我們的債務為 3.874 億美元，而去年為 2.471 億美元。

We ended the quarter with $50.8 million of cash versus $46.5 million last year and have $157.7 million available to draw on our revolving credit facility. During the quarter, we repurchased 7.8 million shares. Repurchases year-to-date through July were 9.4 million shares. We are proud of our second quarter performance and the progress we are making on our long-range plan that we outlined at our Investor Day earlier this year as well as the fact that we are accomplishing so much amidst a challenging macro environment.

我們以 5080 萬美元的現金結束本季度，而去年為 4650 萬美元，並且有 1.577 億美元可用於動用我們的循環信貸額度。本季度，我們回購了 780 萬股股票。截至 7 月的年初至今回購了 940 萬股。我們為第二季度的業績和我們在今年早些時候的投資者日概述的長期計劃所取得的進展以及我們在充滿挑戰的宏觀環境中取得如此巨大成就的事實感到自豪。

To that end, we are reiterating the majority of our guidance but raising our EPS guidance range for the full year of 2022 driven by our share repurchase activity and better-than-anticipated second quarter results to a range of $2.05 to $2.15, up from a range of $1.90 to $2.

為此，我們重申了我們的大部分指導，但由於我們的股票回購活動和好於預期的第二季度業績的推動，我們將 2022 年全年的每股收益指導範圍從 2.05 美元提高到 2.15 美元。範圍在 1.90 美元到 2 美元之間。

Our fiscal '22 guidance assumes that the multitude of pressures, including the freight costs, competitive inventory, the health of the consumer and overall macroeconomic headwinds will persist through the remainder of the fiscal year. We also wanted to point out again that our third quarter is anticipated to be our toughest quarter this year as we lap a record-setting quarter last year in terms of gross margin, adjusted operating income and EPS.

我們的 22 財年指引假設，包括運費成本、競爭性庫存、消費者健康和整體宏觀經濟逆風在內的眾多壓力將持續到本財年的剩餘時間。我們還想再次指出，我們的第三季度預計將是我們今年最艱難的一個季度，因為我們去年在毛利率、調整後的營業收入和每股收益方面創下了創紀錄的季度。

We anticipate our third quarter will be below 2021 performance with stronger growth year-over-year coming in the fourth quarter. With that, we will open the call for questions. Operator?

我們預計我們的第三季度業績將低於 2021 年，第四季度同比增長將更加強勁。有了這個，我們將打開問題的電話。操作員？

(Operator Instructions)

（操作員說明）

Our first question today comes from Steve Marotta from CL King & Associates.

我們今天的第一個問題來自 CL King & Associates 的 Steve Marotta。

Roger Jared and Doug, congratulations on the second quarter. Jared, can you just talk a little bit about any sort of margin differential in the expectations for the second half of the year. I know that you mentioned most of the revision -- upward revision in guidance from an EPS standpoint was due to share repurchase as well as results in the second quarter. Is there anything that changed other than that for the second half of the year?

Roger Jared 和 Doug，祝賀第二節。 Jared，您能否談談下半年預期中的任何形式的利潤率差異。我知道您提到了大部分修訂——從每股收益的角度來看，指引的向上修訂是由於股票回購以及第二季度的業績。除了下半年還有什麼變化嗎？

Yes. And thank you, Steve, and I will answer your second question first. No, there is nothing that's changed from the back half projection that we've had all year. So that we are reaffirming and feel pretty good about as has always been the case, and as we've been signaling all year, we did expect to see some margin deleverage in the back half because most importantly, because we are going after reacquiring that lapsed clearance customer, which is exactly what we started in Q2, and you heard Doug talk about almost 2 million new customers, incremental customers who have returned to the fold buying clearance and that assortment is building and is really pretty much in place now in the third quarter.

是的。謝謝你，史蒂夫，我將首先回答你的第二個問題。不，與我們全年的後半部分預測相比，沒有任何變化。因此，我們重申並且一如既往地感覺良好，並且正如我們全年都在發出信號的那樣，我們確實希望在後半部分看到一些保證金去槓桿化，因為最重要的是，因為我們正在重新獲得這一點流失的清倉客戶，這正是我們在第二季度開始的，你聽說 Doug 談到了近 200 萬新客戶，增加的客戶已經回到了購買清倉的範圍內，而且這種分類正在建立，現在在第三季度。

So that's a good thing. That's going to drive roughly around 200 basis points of deleverage on the margin side. But again, that's been the plan that it's always been, and we're very happy with that.

所以這是一件好事。這將在保證金方面推動大約 200 個基點的去槓桿化。但是，這也是一直以來的計劃，我們對此感到非常高興。

That's really helpful. And Roger, can you talk about the success of the incremental purchase by mom during the current back-to-school season? And maybe also a little bit of color on how long of a tail you expect to continue from back-to-school -- back to the back-to-school activity, if you will.

這真的很有幫助。還有羅傑，你能談談媽媽在當前返校季期間增量購買的成功嗎？如果你願意的話，也許還有一點關於你希望從返校繼續多長的尾巴——回到返校活動中的顏色。

Yes. I think, Steve, one of the big things that we've done over the last couple of years, and Doug touched on this, is investing in this what is now a new holiday for us called Kids. And I we are still in the middle of it.

是的。我認為，史蒂夫，我們在過去幾年中所做的一件大事，道格談到了這一點，正在投資這個現在對我們來說是一個新的假期，叫做孩子。而我，我們仍在其中。

So I don't think we should share anything. But I would tell you, out of the gate which is really the first, let's just say, 5 weeks of that window, we are on our plan, which was to grow our kids business and to continue to gain some market share in the athleisure space, and we're very happy with both of those metrics is what I would tell you.

所以我認為我們不應該分享任何東西。但我會告訴你，走出大門，這真的是第一個，比方說，在那個窗口的 5 週內，我們正在製定我們的計劃，那就是發展我們的兒童業務並繼續在運動休閒領域獲得一些市場份額空間，我們對這兩個指標都非常滿意，這就是我要告訴你的。

And our next question comes from Jay Sole from UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

My question is just about the brand portfolio. Jared, how should we think about modeling sales in Q3 and Q4? Just given the trends that we've seen in Q1 and Q2 and just with the changes that have been made in the business over the last couple of years.

我的問題只是關於品牌組合。 Jared，我們應該如何看待第三季度和第四季度的建模銷售？考慮到我們在第一季度和第二季度看到的趨勢，以及過去幾年在業務中所做的變化。

Yes. We are very happy with what we've seen from the kind of the recovery of our wholesale business. As you know, we've really shut that down basically during COVID. We saw that come roaring back with the dress and seasonal business starting last year and continued into the first half of this year. We have taken a bit of a cautious approach for the back half of the year or as to say a more cautious approach.

是的。我們對批發業務的複蘇感到非常滿意。如您所知，我們在 COVID 期間基本上已經將其關閉。我們看到從去年開始的服裝和季節性業務開始回升，並一直持續到今年上半年。我們對下半年採取了一些謹慎的態度，或者說是更加謹慎的態度。

So I think our wholesale sales are not anticipated to be as robust as far as a growth perspective in the fall. However, I will tell you a decent amount of that is stuff that we have planned for our sales to ourselves, which is eliminated in intercompany, eliminations to be sold in the spring anyway.

因此，我認為我們的批發銷售預計不會像秋季的增長前景那樣強勁。但是，我會告訴你，其中相當一部分是我們計劃向我們自己銷售的東西，這些東西在公司間被淘汰了，反正在春天就會被淘汰。

So that really is not impacting our overall year because we eliminate that out until that's ultimately sold. And one thing we are very good at is if things change differently and caution wasn't necessary, then we can chase back into inventory very, very quickly, which we've demonstrated over the last 2 seasons. So I would say maybe a bit of a tempering in the back half on that wholesale business, but more than made up for from a reduction in the assumed intercompany eliminations.

所以這真的不會影響我們的全年，因為我們會在最終售出之前消除它。我們非常擅長的一件事是，如果情況發生了不同的變化並且不需要謹慎，那麼我們可以非常非常快速地追回庫存，我們在過去的兩個賽季中已經證明了這一點。因此，我會說批發業務的後半部分可能會有所緩和，但足以彌補假設的公司間消除的減少。

Okay. Understood. And then maybe just a follow-up on that. If you can just talk about -- you made some comments about gross margin in Q3. Does that apply to the brand portfolio? I mean how do you see the gross margin shaping up for the brand portfolio in the back half of the year?

好的。明白了。然後也許只是對此的跟進。如果您可以談談-您對第三季度的毛利率發表了一些評論。這是否適用於品牌組合？我的意思是你如何看待下半年品牌組合的毛利率？

Yes. On the brand portfolio side, I'm not seeing huge deviations on their gross margin in the fall versus the spring. It's not really been a change in posture from discounting or anything like that. It's really just more around the amount we want to bet on an inventory production side.

是的。在品牌組合方面，我沒有看到他們在秋季與春季的毛利率存在巨大差異。打折或類似的事情並沒有真正改變姿勢。這實際上只是我們希望在庫存生產方面下注的金額。

And Jay, one thing -- this is Roger. One thing I wanted to add was if you look at the brand portfolio piece of our business, I know many of the analysts had suggested that we could not have success in that space. And I just want to emphasize again how proud I am of our team that have proven that we can play in this space and that if we build great product and we put great marketing behind it, we have good partners that want to buy product from us. And I'm really, really proud of our Camuto team and the work they've done to not just drive wholesale, but when you look at our direct-to-consumer business, it increased 45% to last year.

傑伊，有一件事——這是羅傑。我想補充的一件事是，如果您查看我們業務的品牌組合部分，我知道許多分析師曾暗示我們無法在該領域取得成功。我只想再次強調我為我們的團隊感到多麼自豪.我為我們的 Camuto 團隊和他們所做的工作感到非常非常自豪，他們不僅推動了批發業務，而且當您查看我們的直接面向消費者的業務時，它比去年增長了 45%。

That is remarkable. And it is because the combination that we have of an amazing store fleet and amazing digital experience and the ability to make design and source our own shoes. There isn't anyone else in our segment that we are aware of that has that same capability across 30 million people. And that's where we are having success. So again, I just want to give a shout out to my team at Camuto.

這很了不起。這是因為我們擁有驚人的商店車隊和驚人的數字體驗，以及設計和採購我們自己的鞋子的能力。據我們所知，在我們的細分市場中，沒有其他任何人在 3000 萬人中具有相同的能力。這就是我們取得成功的地方。再說一次，我只想向我在 Camuto 的團隊大聲疾呼。

And I would even add to that, we added a chart in the infographic. And hopefully, you all received that and you pulled it down from the website. But we wanted to take a look at how those brands were performing vis-a-vis their national brand competitors. And of course, 3 of ours are national brands. They're in the wholesale channels as you were talking about, Jay.

我什至會補充一點，我們在信息圖中添加了一個圖表。希望你們都收到了，然後從網站上刪除了它。但我們想看看這些品牌相對於他們的國家品牌競爭對手的表現如何。當然，我們的 3 個是民族品牌。正如你所說，它們在批發渠道中，傑伊。

You can see there when you look at all fashion footwear across the industry, we now have 6 of our brands that are in the top 50, 1 that is in the top 10 and only 1 of those even existed in 2019. So when you marry together the brand building and design and sourcing with the infrastructure of our DTC infrastructure, it really is a powerful combination.

當您查看整個行業的所有時尚鞋履時，您會看到那裡，我們現在有 6 個品牌進入前 50 名，1 個進入前 10 名，其中只有 1 個甚至在 2019 年存在。所以當你結婚時將品牌建設、設計和採購與我們 DTC 基礎設施的基礎設施結合在一起，這確實是一個強大的組合。

And to Jared's point, I know you guys all follow other brands that we carry. And to see Kelly & Katie sitting in the same range as Steve Madden, Sketchers, Dr. Martens or Vince Camuto sitting next to (inaudible), Hedberg, Birkenstock, Timberland. Or Jessica and Mix No. 6 right there with Crocs, Clarks, Cole Haan, like that was the vision we had years ago.

就 Jared 而言，我知道你們都關注我們擁有的其他品牌。並且看到 Kelly 和 Katie 與 Steve Madden、Sketchers、Dr. Martens 或 Vince Camuto 坐在（聽不清）Hedberg、Birkenstock、Timberland 旁邊。或者 Jessica 和 Mix No. 6 就在那裡，還有 Crocs、Clarks、Cole Haan，就像我們多年前的願景一樣。

And those investments we made 4 years ago are paying off and we're reaping those benefits right now.

我們 4 年前所做的那些投資正在得到回報，我們現在正在收穫這些好處。

(Operator Instructions)

（操作員說明）

Our next question comes from Dana Telsey from Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢集團的 Dana Telsey。

As you think about the reimagined store of the future, can you tell us -- expand on any updates there, what you're seeing and how you see the learnings from that translating into your other stores? And then also on inventory levels, how do you see that progressing through the third and fourth quarter? And then lastly, on the clearance customer, how is that strategy working to reacquire some of those customers?

當您考慮重新構想的未來商店時，您能否告訴我們——擴展那裡的任何更新、您所看到的以及您如何看待從這些轉換到其他商店的經驗？然後在庫存水平上，您如何看待第三和第四季度的進展？最後，關於清倉客戶，該策略如何重新獲得其中一些客戶？

Dana, this is Doug Howe. Thanks for your question. The first one on reimagine, I would just say just to remind you, we're only about 90 days into the concept, but the initial customer feedback that we're getting from the concept is incredibly positive. So as we shared, we opened this up as a laboratory. We want to continue to watch and iterate. There definitely been some learnings that we'll be able to scale. But again, we want to be mindful of just making sure that we really leverage those when we roll them out to the full fleet.

達納，這是道格·豪。謝謝你的問題。第一個關於 reimagine，我只想提醒你，我們只有大約 90 天的概念，但我們從概念中獲得的初始客戶反饋是非常積極的。因此，正如我們分享的那樣，我們將其作為實驗室開放。我們希望繼續觀察和迭代。肯定有一些我們可以擴展的學習。但同樣，我們要注意確保在將它們推廣到整個機隊時真正利用它們。

In particular, I mean, we're really pleased with the shop-in-shop concepts that we've deployed there in partnership with some of our national brands. So again, just an opportunity to get more seed at storytelling in that store environment. So really pleased, but again, early days there.

特別是，我的意思是，我們對與我們的一些民族品牌合作部署的店中店概念非常滿意。再說一次，這只是一個在商店環境中獲得更多講故事種子的機會。真的很高興，但同樣，早期的日子。

On inventory, we're really feeling confident about our inventory. Again, as we said in the remarks, this was part of our strategy to grow our inventory to reposition for the back half of the year. Specifically, we looked at this opportunity to expand our back-to-school business. And then as we gear into the time period for us, which we call Septober, the receipt levels will moderate as we go through the back half of the year.

在庫存方面，我們對我們的庫存非常有信心。同樣，正如我們在評論中所說，這是我們增加庫存以在今年下半年重新定位的戰略的一部分。具體來說，我們抓住了這個機會來擴大我們的返校業務。然後，隨著我們進入我們稱之為九月的時間段，隨著我們度過下半年，收貨水平將放緩。

But again, we're feeling really good about the content and the flow of that inventory.

但同樣，我們對庫存的內容和流動感覺非常好。

And then lastly, the clearance customer, again, as we said, we acquired approximately 2 million more customers year-to-date. And that, again, was part of the strategy as well because those were customers that hadn't shopped with us for over a year. So again, critical component of our business model, it's a key differentiator, more important now than ever, probably just given the uncertainty in the macro environment, but definitely part of our strategy, and we're feeling really good about the momentum that we're seeing there as well.

最後，清關客戶，正如我們所說，我們今年迄今為止又獲得了大約 200 萬客戶。這也是戰略的一部分，因為這些客戶已經一年多沒有和我們一起購物了。再說一次，我們商業模式的關鍵組成部分，它是一個關鍵的差異化因素，現在比以往任何時候都更重要，可能只是考慮到宏觀環境的不確定性，但絕對是我們戰略的一部分，我們對我們的發展勢頭感到非常滿意'也看到那裡。

And ladies and gentlemen, at this time we're showing no additional questions, I'd like to turn the floor back over to the management team for any closing remarks.

女士們，先生們，目前我們沒有提出任何其他問題，我想將發言權轉回給管理團隊，以聽取任何結束語。

I just want to again say thanks to our team and reinforce what you guys have accomplished in the last 6 months. And if you think about what we've done, we've raised our guidance for the third time. We've bought back approximately 12% of our company's stock in the last 6 months. We've initiated a dividend of $0.05 a quarter. We've now built our owned brands. to be in the top 56 of those in the top 50 fashion footwear, and we've done that in less than 3 years, and you guys are seeing the benefit right now.

我只想再次感謝我們的團隊，並加強你們在過去 6 個月中所取得的成就。如果您考慮一下我們所做的事情，我們已經第三次提高了我們的指導。在過去 6 個月中，我們回購了大約 12% 的公司股票。我們已經開始每季度派發 0.05 美元的股息。我們現在已經建立了我們自己的品牌。進入前 50 名時尚鞋履中的前 56 名，我們在不到 3 年的時間裡就做到了，你們現在看到了好處。

We've acquired Le TIGRE, which we didn't get a ton into that, but we will in the future. It's an opportunity for us to play in that athleisure segment. And then when you look at what Mary and Nancy and Eric and Eric, and I shouldn't say names because I'm leaving somebody out, Joe, our team in Canada is killing it. They are amazing. They are grabbing enormous amounts of market share and driving profitability. And we've done all of that because we have developed and acquired amazing people. So thank you for everything you're doing. Let's keep it up, and let's have a great back half. Thank you, and have a good day.

我們已經收購了 Le TIGRE，我們並沒有對此投入太多，但我們將來會這樣做。這是我們在運動休閒領域發揮作用的機會。然後當你看看瑪麗、南希、埃里克和埃里克，我不應該說名字，因為我把某人排除在外，喬，我們在加拿大的團隊正在扼殺牠。他們是了不起的。他們正在搶占大量市場份額並提高盈利能力。我們之所以做到這一切，是因為我們培養並獲得了優秀的人才。所以感謝你所做的一切。讓我們繼續保持下去，讓我們有一個偉大的後半部分。謝謝你，有一個美好的一天。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們，先生們，至此，我們將結束今天的電話會議和演講。我們非常感謝您的加入。您現在可以斷開線路。