Designer Brands Inc (DBI) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Designer Brands Inc. First Quarter 2023 Earnings Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Justin Fischer, Director of Investor Relations. Please go ahead.

早上好，歡迎參加 Designer Brands Inc. 2023 年第一季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係總監賈斯汀·費舍爾 (Justin Fischer)。請繼續。

Good morning. Earlier today, the company issued a press release comparing results of operation for the 13-week period ending April 29, 2023, to the 13-week period ended April 30, 2022. Please note that the financial results that we will reference during the remainder of today's call excludes certain adjustments recorded under GAAP unless specified otherwise. For a complete reconciliation of GAAP to adjusted earnings, please reference our press release.

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 2023 年 4 月 29 日的 13 週期間與截至 2022 年 4 月 30 日的 13 週期間的經營業績。請注意，我們將在剩餘時間內參考的財務業績除非另有說明，今天的電話會議不包括根據公認會計準則記錄的某些調整。有關 GAAP 與調整後收益的完整調節表，請參閱我們的新聞稿。

Additionally, please note that remarks made about the future expectations, plans and prospects of the company constitute forward-looking statements. 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.

此外，請注意，有關公司未來預期、計劃和前景的言論構成前瞻性陳述。由於今天的新聞稿中列出的各種因素以及該公司向美國證券交易委員會提交的公開文件，結果可能會存在重大差異。該公司不承擔更新任何前瞻性陳述的義務。

Joining us today are Doug Howe, Chief Executive Officer; and Jared Poff, Chief Financial Officer. Now let me turn over the call to Doug.

今天加入我們的是首席執行官 Doug Howe；和首席財務官 Jared Poff。現在讓我把電話轉給道格。

I want to begin by thanking our team for their continued hard work throughout the quarter. Given the strength of our first quarter last year, which was propelled by the strong return of fashion, coupled with this year's broad-based pressure on the consumer, we anticipated our first quarter would face headwinds. That being said, the environment was slightly more difficult than we expected.

首先，我要感謝我們的團隊在整個季度的持續辛勤工作。鑑於去年第一季度在時尚強勁回歸的推動下表現強勁，再加上今年消費者面臨的廣泛壓力，我們預計第一季度將面臨阻力。話雖如此，環境比我們想像的要困難一些。

I was pleased with how our team stepped up to read and react to an increasingly promotional environment and, at the same time, manage our inventory level appropriately across both our Retail and Brand segment.

我很高興我們的團隊如何加緊閱讀和應對日益促銷的環境，同時在零售和品牌部門適當管理我們的庫存水平。

In the first quarter, Designer Brands net sales declined 10.7% compared to the first quarter last year. As I just mentioned, the first quarter of 2022 was a robust period where we saw a net sales growth of 18.1% year-over-year.

第一季度，Designer Brands 淨銷售額較去年第一季度下降 10.7%。正如我剛才提到的，2022 年第一季度是一個強勁的時期，我們看到淨銷售額同比增長 18.1%。

Additionally, our U.S. retail store traffic was up 22% last year, significantly outpacing the market. Despite the negative trend that the retail industry has been experiencing since the fourth quarter as well as the sequential down trend in February, March and April of this year, we are continuing to see increased customer demand in the casual segment of our offerings.

此外，去年我們美國零售店的客流量增長了 22%，大大超過了市場增速。儘管零售業自第四季度以來一直呈現負面趨勢，並且今年 2 月、3 月和 4 月也出現連續下降趨勢，但我們仍然看到客戶對我們的休閒產品領域的需求不斷增加。

However, the increase in casual sales were not significant enough to offset the decreases in our dress and seasonal businesses within our most important Marpril selling season.

然而，休閒裝銷售額的增長不足以抵消我們最重要的三月銷售季期間服裝和季節性業務的下降。

Specifically, we saw a sharp pullback in seasonal products, particularly sandals, which were down 14% in women's and down 8% in men's in the quarter in our Retail segment. Conversely, we saw strength in our overall casual category within DBI with women's up 7% and Men's up 4% in the quarter compared to the prior year, and we are leaning on our ability to flex and pivot our assortment to offer even more of the casual brands they want.

具體來說，我們看到季節性產品急劇下滑，尤其是涼鞋，本季度我們零售部門的女式涼鞋下降了 14%，男式涼鞋下降了 8%。相反，我們在 DBI 的整體休閒品類中看到了優勢，與去年同期相比，本季度女裝增長了 7%，男裝增長了 4%，並且我們依靠我們靈活和調整我們的品類的能力來提供更多他們想要的休閒品牌。

To mitigate the impact of changing consumer preferences, we quickly altered course, increasing our promotional drivers as we move through the quarter.

為了減輕消費者偏好變化的影響，我們迅速改變了方向，在本季度增加了促銷動力。

As we've mentioned frequently over the past year, we have been strategically building back our clearance inventory offering, providing our value customer segment options at lower price points, and we were able to leverage this further during the quarter.

正如我們在過去一年中經常提到的那樣，我們一直在戰略性地重建我們的清倉庫存產品，以較低的價格為我們的價值客戶群提供選擇，並且我們能夠在本季度進一步利用這一點。

Our U.S. clearance business comps were up 5% on a net basis during the quarter compared to last year. Despite the softness in the quarter, we continued to be encouraged by the progress we are making against our long-term strategy of doubling sales of our own brands from 2021 to 2026, while editing and amplifying with our top national brand partners.

與去年相比，本季度我們的美國清關業務淨利潤增長了 5%。儘管本季度表現疲軟，但我們在實現自有品牌銷售額從 2021 年到 2026 年翻倍的長期戰略方面所取得的進展繼續受到鼓舞，同時與我們的頂級國內品牌合作夥伴一起進行編輯和擴大。

We continue to see bright spots in owned brands, particularly in the casual category, and are very excited to continue integrating our new brand acquisitions into our portfolio. We're pleased with the progress we have made in the quarter, growing own brand penetration to 27% of DBI net sales.

我們繼續看到自有品牌的亮點，特別是在休閒類別中，並且非常高興繼續將我們收購的新品牌整合到我們的產品組合中。我們對本季度取得的進展感到滿意，自有品牌滲透率增長至 DBI 淨銷售額的 27%。

As a reminder, over the last year, we have acquired Keds, Le TIGR and Topo Athletic, all of which we anticipate will help to fuel growth for total DBI and provide for a diversified complement to our dress and seasonal powerhouse brands that will continue to benefit us over the long term. Now I'd like to briefly dive into each of these.

提醒一下，去年我們收購了 Keds、Le TIGR 和 Topo Athletic，我們預計所有這些都將有助於推動 DBI 總額的增長，並為我們的服裝和季節性強品牌提供多元化補充，這些品牌將繼續從長遠來看使我們受益。現在我想簡要地深入探討其中的每一個。

Let's start with an update on Keds. We are continuing to integrate Keds and are pleased with the performance of the brand today. Keds saw positive wholesale growth versus its performance last year under Wolverine's ownership and is performing in line with our acquisition expectations.

讓我們從 Keds 的最新情況開始。我們正在繼續整合 Keds，並對該品牌今天的表現感到滿意。與去年 Wolverine 收購後的業績相比，Keds 的批發業績出現了積極的增長，並且表現符合我們的收購預期。

Keds recently launched a brand refresh focused on honoring individual expression through playful optimistic style. Our first product collection that celebrates individual self-expression is focused on the Keds Champion Sneaker, our original sneaker and icon.

Keds 最近推出了品牌更新，重點是通過俏皮樂觀的風格來尊重個人表達。我們首個頌揚個人自我表達的產品系列以 Keds Champion 運動鞋為重點，它是我們原創的運動鞋和標誌。

Keds Champion Sneaker is reinterpreted with different silhouettes, celebrating our iconic style, versatility and staying power. The Court, which launched recently, is a new style within the collection that pays homage to tennis heritage and has been success with both in-line offerings as well as our recent collaboration with recreational habits, experiencing very strong sell-through in multiple points of distribution as well as on keds.com.

Keds Champion 運動鞋以不同的廓形重新詮釋，彰顯我們的標誌性風格、多功能性和持久力。最近推出的 Court 是該系列中的一種新款式，向網球傳統致敬，並且在系列產品以及我們最近與休閒習慣的合作方面都取得了成功，在多個點都經歷了非常強勁的銷售。以及 keds.com 上的分發。

Le TIGRE is planned to launch in late summer, just in time for the back-to-school season. This brand provides us with another unique opportunity to offer fashion forward athletic footwear at a reasonable price point and furthers our own brand reach into the athletic category. Much like Keds, it's a heritage brand with a rich history. It offers great versatility and lifestyle and approach, and we anticipate customers will be excited to see this online and in stores.

Le TIGRE 計劃於夏末推出，正好趕上返校季。該品牌為我們提供了另一個獨特的機會，以合理的價格提供時尚前衛的運動鞋，並進一步擴大我們自己的品牌在運動類別中的影響力。就像 Keds 一樣，它是一個擁有豐富歷史的傳統品牌。它提供了出色的多功能性、生活方式和方法，我們預計顧客會很高興在網上和商店看到這一點。

Lastly, Topo. This acquisition gives us a specialty athletic brand that we intend to lean into across channels from wholesale and DTC to Topo's already meaningful international distribution. We remain on track with our integration plans and are excited about the potential of this brand. These 3 brands will strengthen our positioning in the athletic category while moderating Designer Brands penetration to draft and season, creating less volatility related to weather and fashion trends.

最後，托波。此次收購為我們提供了一個專業運動品牌，我們打算跨渠道進行投資，從批發和 DTC 到 Topo 已經有意義的國際分銷。我們仍然按照我們的整合計劃進行，並對這個品牌的潛力感到興奮。這三個品牌將加強我們在運動類別中的地位，同時緩和設計師品牌對選秀和季節的滲透，減少與天氣和時尚趨勢相關的波動。

In fact, during the first quarter, we saw strength in our owned athletic brands relative to seasonal and dress category. In addition to these 3, we are excited to announce that we are working on closing an agreement to become the exclusive licensee of the Hush Puppies brand in the U.S. and Canada, a stellar addition to our comfort and casual categories in owned brands.

事實上，在第一季度，我們看到了我們自有運動品牌相對於季節性和服裝類別的實力。除了這 3 個品牌之外，我們很高興地宣布，我們正在努力達成一項協議，成為 Hush Puppies 品牌在美國和加拿大的獨家授權商，這是我們自有品牌的舒適和休閒類別的一個重要補充。

Our DSW segment has been the exclusive retail outlet for Hush Puppies for over 2 years now, and this agreement now opens up the opportunity for us to wholesale the brand in the U.S., in Canada as well as operate hushpuppies.com, which will be our sixth independent e-commerce site.

兩年多來，我們的 DSW 部門一直是 Hush Puppies 的獨家零售店，這項協議現在為我們提供了在美國、加拿大批發該品牌以及運營 hushpuppies.com 的機會，該網站將成為我們的網站第六個獨立電子商務網站。

The Hush Puppies brand showcased robust growth in the first quarter at DSW with growth up 400%. This also brings design and sourcing of comfort casual product into our business model, which has meaningful upside for our own brand portfolio. I also want to touch on the performance of several of our legacy owned brands, specifically in the casual category.

Hush Puppies 品牌在 DSW 第一季度表現強勁，增長率高達 400%。這也將舒適休閒產品的設計和採購納入我們的商業模式，這對我們自己的品牌組合具有有意義的優勢。我還想談談我們的幾個傳統自有品牌的表現，特別是在休閒類別中。

First, Lucky continues to be a standout with women's sandals up 10% to last year. We've seen trend-driven demand for Lucky motivated by the resurgence of denim and more Western style. This drove sales up 8% in our DTC channel at DSW in the first quarter compared to the prior year.

首先，Lucky 繼續表現出色，女式涼鞋比去年增長了 10%。我們看到，牛仔布和更多西方風格的複興推動了對 Lucky 的趨勢驅動需求。這使得 DSW 第一季度 DTC 渠道的銷售額與去年同期相比增長了 8%。

Crown Vintage also performed well, and we are pleased with the momentum we are seeing as we continue our celebrity partnership with Emma Roberts, which includes her specially curated styles and storytelling around the latest spring collection. The collaboration drove 4.6 million media impressions over a 5-day period in April.

Crown Vintage 也表現出色，我們對繼續與艾瑪·羅伯茨 (Emma Roberts) 的名人合作夥伴關係感到高興，其中包括她特別策劃的風格和圍繞最新春季系列的故事講述。此次合作在 4 月份的 5 天內帶來了 460 萬次媒體曝光。

We made meaningful progress in the men's space, expanding our assortment beyond dress and serving our male customer across categories with a focus on expanding the casual and hybrid assortment. We are seeing encouraging results within this category with both our Vince Camuto and Crown Vintage casual business.

我們在男裝領域取得了有意義的進展，將我們的品類擴展到正裝之外，並為男性客戶提供跨類別的服務，重點是擴大休閒和混合品類。我們的 Vince Camuto 和 Crown Vintage 休閒業務在這一類別中取得了令人鼓舞的成果。

Vince Camuto's Men's DTC is up 87% for Q1. We are offering him a breadth of assortment in casuals across different types of construction, sporter technical construction and versatile dress hybrids. Several new styles include the introduction of our FLY 365 technology. This is an important step for our Vince Camuto brand as it is the beginning of a journey of engaging with our male customer in an expanded manner.

Vince Camuto 的男士 DTC 第一季度增長了 87%。我們為他提供各種不同結構類型的休閒裝、運動技術結構和多功能混合連衣裙。多種新款式包括引入我們的 FLY 365 技術。對於我們的 Vince Camuto 品牌來說，這是重要的一步，因為它是以擴大的方式與男性客戶互動的旅程的開始。

Turning to Crown Vintage. Our men's Crown vintage business is up 32% in Q1 with the growth driven by casuals. Crown Vintage is currently the #5 brand overall for men's at DSW. In a similar way to our approach to Vince Camuto over the last year, our focus in Crown has been to grow the casual and dress hybrid assortment for the brand with a focus on natural-based materials such as canvas, chambray and other cotton-based materials.

轉向皇冠復古。在休閒裝的推動下，我們的男士 Crown 復古業務在第一季度增長了 32%。 Crown Vintage 目前是 DSW 男裝品牌中排名第五的品牌。與我們去年對 Vince Camuto 的態度類似，我們在 Crown 的重點是為該品牌發展休閒和正裝混合品種，重點關注天然材料，如帆布、青年布和其他棉質材料材料。

Our strength in e-commerce continued across many of our brands and our collective owned brand.com DTC performance showed solid growth compared to last year, with vincecamuto.com delivering an 8.3% comp.

我們在電子商務領域的優勢在許多品牌中得以延續，而我們集體所有的brand.com DTC 業績與去年相比呈現出穩健增長，其中 vincecamuto.com 的同比增長率為 8.3%。

In addition, topoatheletic.com and keds.com both delivered meaningful new DTC sales to designer brands. As we focus our brand-building efforts, we continue to find moments to showcase our brands with engaging events, including several at the end of the quarter that generated excitement and drove traffic in stores and online.

此外，topoatheletic.com 和 keds.com 都為設計師品牌帶來了有意義的新 DTC 銷售。當我們專注於品牌建設工作時，我們繼續尋找時機通過引人入勝的活動來展示我們的品牌，包括在季度末舉辦的幾場活動，這些活動引起了人們的興奮並增加了商店和網上的流量。

Lucky Brand celebrated festival culture during Coachella hosting a desert mirage themed event, featuring surprise performances and exclusive giveaways for guests, including a customization station for trucker jackets. The influencers and attendance were dressed from head to toe in styles from Lucky Brands festival collection, which featured footwear and handbags in crochet and natural leathers, reflecting the cool festival vibe of that moment.

Lucky Brand 在科切拉音樂節期間舉辦沙漠海市蜃樓主題活動，慶祝節日文化，為客人提供驚喜表演和獨家贈品，包括卡車司機夾克定制站。影響者和出席者從頭到腳都穿著 Lucky Brands 節日系列的服裝，其中包括鉤針和天然皮革製成的鞋類和手袋，反映了當時酷炫的節日氛圍。

Vince Camuto created their own buzz at Coachella, treating VIP guests, celebrities and influencers to Coachella bella festival of fashion experience, an homage to the Vince Camuto Spring campaign titled Calbella.

文斯·卡穆托 (Vince Camuto) 在科切拉 (Coachella) 上掀起了熱潮，邀請 VIP 嘉賓、名人和有影響力的人士參加科切拉貝拉 (Coachella bella) 時尚體驗節，這是對文斯·卡穆托 (Vince Camuto) 名為 Calbella 的春季廣告活動的致敬。

Additionally, in mid-April, Jessica Simpson celebrated the launch of our spring/summer 2023 collection of apparel and shoe silhouettes. The collection was inspired by Jessica's love of all things denim and features platforms, wedges and slides and amazing fabrics, bright colors and hot metallics sure to inspire our devoted Jessica Simpson customers to complement their look this season.

此外，4 月中旬，傑西卡·辛普森 (Jessica Simpson) 慶祝了我們 2023 年春夏服裝和鞋履系列的推出。該系列的靈感源自傑西卡·辛普森 (Jessica Simpson) 對牛仔布的熱愛，包括厚底、坡跟鞋和拖鞋，以及令人驚嘆的面料、明亮的色彩和炙熱的金屬色，一定會激發我們忠實的傑西卡·辛普森 (Jessica Simpson) 顧客在本季搭配自己的造型。

Complementary to these own brands initiatives, we are committed to our national brand strategy and growing strong relationships with the largest national brands that are most relevant to our retail customer base. We are focused on editing and amplifying our national brands acting as a top point of distribution for our consumers. As part of our edit and amplify strategy, we are excited to build on our partnership with Nike, which strengthens our position as a leader in the footwear and athletic space.

作為對這些自有品牌計劃的補充，我們致力於我們的國家品牌戰略，並與與我們的零售客戶群最相關的最大的國家品牌建立牢固的關係。我們專注於編輯和擴大我們的民族品牌，作為消費者的首要分銷點。作為我們編輯和放大戰略的一部分，我們很高興能與 Nike 建立合作夥伴關係，這鞏固了我們作為鞋類和運動領域領導者的地位。

This plan will elevate in October this year. Our partnership with Nike will allow us to provide an athletic offering across men's, women's and kids that gives our customers a premium physical and digital assortment.

該計劃將於今年10月升級。我們與耐克的合作將使我們能夠提供涵蓋男士、女士和兒童的運動產品，為我們的客戶提供優質的實物和數字產品。

Before I hand it over to Jared, I want to quickly touch upon our guidance that he will discuss in more detail in a few minutes. While we've had a slightly more challenging start to the year than anticipated, I am still quite proud of the quarter we delivered on top of outsized market-leading growth in the first quarter of last year. With this in mind, I am cautious about the balance of the year and mindful of several dynamics.

在將其交給 Jared 之前，我想快速談談我們的指導，他將在幾分鐘內更詳細地討論這些指導。儘管我們今年的開局比預期的更具挑戰性，但我仍然對我們在去年第一季度實現市場領先增長的基礎上實現的季度感到非常自豪。考慮到這一點，我對今年的平衡持謹慎態度，並關註一些動態。

First, we continue to see a consumer pressured by a macroeconomic environment, a factor that is now expected to be more impactful than originally anticipated. Second, the first quarter is a critical timeframe for our business as Marpril is 1 of our 2 biggest selling periods of the year. Given that we have seen weakness across our original expectations, coupled with the consumer continuing to lean into value, we will continue to leverage and increased promotional and clearance strategy in the second quarter.

首先，我們繼續看到消費者受到宏觀經濟環境的壓力，目前預計這一因素的影響將比最初預期的更大。其次，第一季度是我們業務的關鍵時期，因為四月是我們一年中兩個最大的銷售時期之一。鑑於我們發現最初的預期疲弱，加上消費者繼續傾向於價值，我們將在第二季度繼續利用和增加促銷和清倉策略。

As a result of these elements, we are lowering our sales and earnings guidance for 2023. That being said, we do believe these trends are temporary and expect to see improvements later in the year.

由於這些因素，我們降低了 2023 年的銷售和盈利指導。話雖如此，我們確實相信這些趨勢是暫時的，預計今年晚些時候會有所改善。

With that, I'll pass it over to Jared. Jared?

有了這個，我會把它交給賈里德。賈里德？

Thank you, Doug, and good morning, everyone. I want to reiterate Doug's comments and echo how proud we are of this organization's ability to manage through the current challenging macroeconomic environment. We remain on the path to evolve our business model as we demonstrate the power of our brand-building capabilities, and I am pleased with the progress we have made on our journey to date. As you heard from Doug, it was a challenging first quarter, particularly on the top line, and our adjusted EPS came in slightly below our expectations at $0.21.

謝謝你，道格，大家早上好。我想重申道格的評論，並表達我們對本組織應對當前充滿挑戰的宏觀經濟環境的能力感到多麼自豪。隨著我們展示品牌建設能力的力量，我們仍然走在發展業務模式的道路上，我對我們迄今為止所取得的進展感到高興。正如您從道格那裡聽到的，這是一個充滿挑戰的第一季度，尤其是在營收方面，我們調整後的每股收益略低於我們的預期，為 0.21 美元。

But the strong first quarter performance last year in both our retail and wholesale segments, coupled with the challenges of the current environment, we had communicated that the first quarter would most likely be our most difficult by far from a year-over-year comparison on both the top and bottom line. We continue to feel that this is the case. However, Q1 was slightly more challenging than anticipated and the trajectory change into Q2 is not materializing as originally projected.

但去年第一季度零售和批發領域的強勁表現，加上當前環境的挑戰，我們表示，與去年同期相比，第一季度很可能是我們迄今為止最困難的季度。頂線和底線。我們仍然認為情況確實如此。然而，第一季度比預期更具挑戰性，第二季度的軌跡變化並未像最初預計的那樣實現。

From a retail perspective, we continue to react to the constrained discretionary consumer and saw an increasingly promotional environment across most of our retail peers. Additionally, we had an especially pressured March as weather did not support our all-important Marpril expectations. This is a peak holiday for seasonal product, a category in which we dominate and over-penetrate.

從零售角度來看，我們繼續對受限的可自由支配消費者做出反應，並看到大多數零售同行的促銷環境日益增強。此外，我們的三月壓力特別大，因為天氣不符合我們最重要的三月預期。這是季節性產品的高峰假期，我們在這一類別中佔據主導地位並過度滲透。

From a wholesale perspective, we met expectations, which were down to last year due to many of our retail partners assuming a conservative stance with near-term inventory adjustments.

從批發角度來看，我們達到了預期，由於我們的許多零售合作夥伴對近期庫存調整採取了保守立場，因此預期低於去年。

Now let me provide a bit more detail on our financial results. For the first quarter, sales decreased 10.7% to $742.1 million compared to 2022, primarily as a result of the aforementioned pressures on consumers, inventory tightening across the industry and a highly promotional retail environment.

現在讓我提供有關我們財務業績的更多詳細信息。與 2022 年相比，第一季度銷售額下降 10.7% 至 7.421 億美元，這主要是由於上述消費者壓力、整個行業的庫存緊縮以及高度促銷的零售環境。

For the quarter, total retail comps were down 10% on top of a strong 15% comp in the first quarter of 2022. U.S. retail comps specifically were down 12% for the quarter, driven by the same pressures. However, on a 2-year stacked basis, comps were up 2%. Canada had a strong quarter, posting comps up 3% on top of a robust 41% comp gain last year.

本季度，零售總額在 2022 年第一季度強勁增長 15% 的基礎上下降了 10%。在同樣的壓力推動下，美國零售業本季度具體下降了 12%。然而，在 2 年疊加基礎上，比較增長了 2%。加拿大季度表現強勁，去年同期同比增長 41%，同比增長 3%。

Finally, the performance of vincecamuto.com continued to be positive with comps up 8%, which was particularly noteworthy given last year's comp gain of 20%. Consolidated gross margin was 32% in the first quarter compared to 33.2% last year, a decrease of 120 basis points.

最後，vincecamuto.com 的業績繼續保持積極態勢，同比增長 8%，考慮到去年 20% 的同比增長，這一點尤其值得注意。第一季度綜合毛利率為32%，較去年同期的33.2%下降120個基點。

While much of this decrease was planned given the work we had been doing since fall of last year rebuilding our clearance business, we also saw some deleverage in the quarter given the promotional environment and deleverage of our fixed store occupancy cost.

儘管考慮到我們自去年秋天以來一直在重建清關業務的工作，這一降幅大部分是計劃好的，但考慮到促銷環境和固定商店佔用成本的去槓桿化，我們在本季度也看到了一些去槓桿化。

More importantly, gross margin continues to be structurally more robust than prepandemic with consolidated gross margins up 230 basis points compared to the first quarter of 2019. Our adjusted SG&A ratio for the first quarter was 28.9% of sales compared to 26.8% in the first quarter of 2022.

更重要的是，毛利率在結構上繼續比大流行前更加強勁，綜合毛利率比 2019 年第一季度增長了 230 個基點。第一季度調整後的銷售、管理及行政費用佔銷售額的比例為 28.9%，而第一季度為 26.8% 2022 年。

Although we have deleveraged SG&A with a decrease in sales, we have recognized a significant cut in our expense base from 2022 as we continue to find opportunities to trim costs across the entire business.

儘管我們通過銷售下降降低了 SG&A 槓桿，但我們認識到，隨著我們繼續尋找機會削減整個業務的成本，從 2022 年開始我們的費用基礎將大幅削減。

For the first quarter, adjusted operating profit was 3.5% of sales compared to 6.6% in the prior year. For the first quarter, we had $6.6 million of net interest expense and our effective tax rate on our adjusted results was 25.7% compared to 29.3% last year.

第一季度，調整後營業利潤佔銷售額的 3.5%，而上年同期為 6.6%。第一季度，我們的淨利息支出為 660 萬美元，調整後業績的有效稅率為 25.7%，而去年為 29.3%。

Our first quarter adjusted net income was $14.3 million or $0.21 per diluted EPS versus $36.7 million or $0.48 last year.

我們第一季度調整後淨利潤為 1,430 萬美元，即稀釋後每股收益 0.21 美元，而去年為 3,670 萬美元，即 0.48 美元。

Turning to inventory. We ended the first quarter with inventories of $637.4 million compared to $672.5 million last year. On a retail square footage basis, we ended the quarter down 4% versus the first quarter of 2022. Wholesale inventories ended the first quarter up 15%, but adjusted for the acquisitions of Topo and Keds, inventory would have been down 27% to last year.

轉向庫存。第一季度結束時，我們的庫存為 6.374 億美元，而去年為 6.725 億美元。以零售面積計算，我們本季度末較 2022 年第一季度下降了 4%。第一季度末批發庫存增長了 15%，但根據收購 Topo 和 Keds 進行調整後，庫存量較去年同期下降了 27%年。

As we manage through the uncertainties of this year, we feel good about our inventory position heading into the second quarter. We ended the quarter with $50.6 million of cash and our total liquidity, which includes cash and availability under our revolver was $250.9 million. As of the end of the quarter, we had $200.3 million available to draw on our revolving credit facility.

當我們應對今年的不確定性時，我們對進入第二季度的庫存狀況感到滿意。本季度末，我們擁有 5060 萬美元現金，總流動資金（包括現金和左輪手槍可用資金）為 2.509 億美元。截至本季度末，我們有 2.003 億美元可用於循環信貸額度。

As a reminder, we continue to await the receipt of our remaining $40 million of our CARES Act tax refund due to us from the IRS, which we expect as soon as the standard audits of the applicable prior tax years conclude.

提醒一下，我們仍在等待收到美國國稅局應得的《關懷法案》剩餘 4,000 萬美元退稅，我們預計在適用的先前納稅年度的標準審計結束後，我們會盡快收到退款。

Before I conclude, I want to share a few remarks on our updated guidance. As we discussed last quarter, our original guidance assumed a pullback in consumer spending through the first half of the year with a soft landing in the third quarter and a modest return to growth in the fourth quarter. With the first quarter performing slightly below our expectations and uncertainty continuing to linger, we believe that the recovery in consumer discretionary spending may be delayed. As a result, we are lowering our guidance. We have taken the appropriate steps to manage those factors under our control, including prudently managing our inventories and tightening up expenses across the board.

在結束之前，我想就我們更新後的指南發表一些評論。正如我們上季度討論的那樣，我們最初的指導假設上半年消費者支出回落，第三季度軟著陸，第四季度適度恢復增長。由於第一季度的表現略低於我們的預期，且不確定性持續存在，我們認為非必需消費品支出的複蘇可能會延遲。因此，我們正在降低我們的指導。我們已採取適當措施來管理我們控制下的這些因素，包括審慎管理庫存和全面收緊開支。

As a result, the largest uncertainty lies squarely with the discretionary consumer. Accordingly, we are widening the range of our guidance to reflect this uncertainty and are now guiding to an adjusted EPS of $1.20 to $1.50 per share. As you might expect, sales in our U.S. Retail segment remained the largest uncertainty for the balance of the year. In contemplating the high end of our guidance, we have taken into consideration the slightly slower start to the year that we experienced in Q1 and slower-than-anticipated starts to recovery in Q2.

因此，最大的不確定性完全在於可自由支配的消費者。因此，我們正在擴大指導範圍以反映這種不確定性，目前指導調整後每股收益為 1.20 美元至 1.50 美元。正如您所預料的那樣，我們美國零售部門的銷售仍然是今年剩餘時間裡最大的不確定性。在考慮我們指導的上限時，我們考慮到了第一季度開局稍慢以及第二季度復甦開局慢於預期的情況。

However, the top end of the range still assumes that the consumer returns to a more normalized buying patterns in the fall that, when coupled with increasingly easier comparables to last year, result in a return to net sales growth in the fall versus last year.

然而，該範圍的上限仍然假設消費者在秋季恢復到更加正常化的購買模式，再加上與去年相比越來越容易進行比較，導致秋季與去年相比恢復淨銷售增長。

More specifically, this assumes sales at our U.S. Retail segment down mid-single digits to last year and consolidated sales at Designer Brands, excluding Keds, are down mid-single digits as well.

更具體地說，這是假設我們的美國零售部門的銷售額比去年下降了中個位數，並且設計師品牌（不包括 Keds）的綜合銷售額也下降了中個位數。

On the lower end of our guidance, we have assumed that the consumer doesn't recover as quickly. This would result in fall delivering slightly lower sales than last year, albeit still much improved comp performance over spring given our newly elevated Nike relationship, opportunistic closeout buys we have secured, the extra week in the fiscal calendar and easier comparables to last year than we experienced in the spring.

在我們指導的下限，我們假設消費者不會那麼快恢復。這將導致秋季銷售額略低於去年，儘管考慮到我們新提升的耐克關係、我們已經獲得的機會主義清倉購買、財政日曆中額外的一周以及與去年相比比我們更容易比較，春季的比較表現仍然大大改善經歷過春天。

The low end of our range assumes sales at our U.S. retail segment down in the high single digits to last year, consolidated sales at Designer Brands, excluding Keds, also down in the high single digits to last year.

我們的範圍的低端假設我們的美國零售部門的銷售額比去年下降了高個位數，設計師品牌（不包括 Keds）的綜合銷售額也比去年下降了高個位數。

I will now touch on the assumptions we've made for the other parts of our business within our guidance range. Regardless of the scenarios within our Canadian retail business, we expect sales to be relatively flat to down low single digits to last year, given the continued post-COVID recovery that geography is experiencing.

我現在將談談我們在指導範圍內對業務其他部分所做的假設。無論我們加拿大零售業務的情況如何，鑑於該地區正在經歷新冠疫情后的持續復甦，我們預計銷售額將相對持平，甚至比去年下降到低個位數。

Additionally, in our Brands segment, given the conservative posture with which we entered the year, we are not revising our guidance much. We now expect external wholesale, excluding Keds, to be down to fiscal 2022 by approximately 20% versus the down 15% to 20% in our original guidance and we still anticipate our vincecamuto.com DTC site to be relatively flat to last year.

此外，在我們的品牌領域，鑑於我們進入今年的保守態度，我們不會對我們的指導進行太大修改。我們現在預計外部批發（不包括 Keds）到 2022 財年將下降約 20%，而我們最初的指導則下降 15% 至 20%，並且我們仍然預計我們的 vincecamuto.com DTC 網站將與去年相對持平。

As a reminder, we closed on the Keds acquisition at the beginning of the fiscal year. Since the acquisition, we are pleased to say that Keds has been delivering as expected, and we continue to expect Keds to add approximately $75 million to $85 million of net sales across multiple channels, including wholesale, DTC, international and Canada.

提醒一下，我們在本財年年初完成了對 Keds 的收購。自收購以來，我們很高興地說 Keds 的業績符合預期，並且我們繼續預計 Keds 在多個渠道（包括批發、DTC、國際和加拿大）的淨銷售額將增加約 7500 萬至 8500 萬美元。

As I noted previously, it should be highlighted that while we are excited about this acquisition and will recognize these incremental sales, we are not anticipating a material impact to profitability from these sales in the current year as a result of cost and investments related to the integration process.

正如我之前指出的，應該強調的是，雖然我們對此次收購感到興奮，並將認識到這些增量銷售，但由於與收購相關的成本和投資，我們預計這些銷售不會對本年度的盈利能力產生重大影響。整合過程。

With an estimated tax rate of 29.8% and approximately 69 million weighted average shares for the year, we arrived at our revised EPS guidance range of $1.20 to $1.50 per share. All of the guidance just discussed excludes the impact of the anticipated Dutch auction tender offer that we announced earlier today and related debt raise, which I will now discuss.

預計稅率為 29.8%，今年加權平均股數約為 6,900 萬股，我們得出修訂後的每股收益指導範圍為 1.20 美元至 1.50 美元。剛才討論的所有指導意見都不包括我們今天早些時候宣布的預期荷蘭拍賣要約和相關債務籌集的影響，我現在將討論這些影響。

After a thoughtful consideration and discussion with management and our Board of Directors, later today, we expect to launch a Dutch auction tender offer. We believe this represents a significant investment in our own stock that will allow us to efficiently and effectively increase value for our shareholders.

經過與管理層和董事會的深思熟慮和討論，今天晚些時候，我們預計將推出荷蘭式拍賣要約。我們相信，這是對我們自己股票的重大投資，將使我們能夠高效、有效地為股東增加價值。

We intend to offer to repurchase up to $100 million in value of our Class A common stock at a price between $7 and $8 per share under our existing share repurchase authorization. The repurchase is conditioned upon obtaining financing, which we look to finalize with a $135 million term loan agreement prior to the expiration of the tender offer.

根據我們現有的股票回購授權，我們打算以每股 7 至 8 美元的價格回購價值最多 1 億美元的 A 類普通股。回購的條件是獲得融資，我們希望在要約收購到期之前最終達成 1.35 億美元的定期貸款協議。

The details of the anticipated tender offer can be found in the accompanying press release. As we navigate these uncertain and challenging times, we will continue to operate with a focus on growing value for our customers as well as an emphasis on managing our expense base and our inventory levels in both our retail and wholesale segments. I continue to be excited about the investments we have made in our brand portfolio, and I'm looking forward to continuing the momentum of these latest acquisitions to support and diversify our revenue streams.

預期要約收購的詳細信息可以在隨附的新聞稿中找到。在我們度過這些不確定和充滿挑戰的時期時，我們將繼續專注於為客戶增加價值，並強調管理零售和批發領域的費用基礎和庫存水平。我仍然對我們在品牌組合中所做的投資感到興奮，我期待著繼續這些最新收購的勢頭，以支持我們的收入來源並使我們的收入來源多樣化。

With that, we will open up the call for questions. Operator?

至此，我們將開始提問。操作員？

(Operator Instructions) Our first question comes from Jay Sole from UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Jay Sole。

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Great. Maybe just to start off, I'm interested if you can elaborate a little bit on this elevation of partnership with Nike? Can you just maybe tell us a little bit about how it came together? And I think before Nike was 6% of sales, maybe 7% of sales, I mean are we going to have a full reversal and go back to that level of sales with Nike? And if you can sort of give us some detail around that, that would be helpful.

偉大的。也許只是為了開始，我有興趣您能否詳細說明一下與耐克的合作夥伴關係？您能告訴我們一些關於它是如何結合在一起的嗎？我認為之前耐克佔銷售額的 6％，也許是銷售額的 7％，我的意思是我們會完全逆轉並回到耐克的銷售額水平嗎？如果您能為我們提供一些相關細節，那將會很有幫助。

Hey Jay, thanks for the question. This is Doug. Obviously, we're very excited about the changes that the teams are making in the overall product portfolio, elevating our relationship with Nike is obviously among them.

嘿傑伊，謝謝你的提問。這是道格。顯然，我們對團隊在整體產品組合中所做的改變感到非常興奮，提升我們與耐克的關係顯然就是其中之一。

It just really came -- they've been great partners. We've had ongoing dialogue for the past several months. And we're super excited to be able to bring that back across men's, women's and kids. That will happen in Q4. So kind of November available to the customer. So again, they've been great partners.

它真的來了——他們一直是很棒的合作夥伴。過去幾個月我們一直在進行對話。我們非常高興能夠在男裝、女裝和童裝上重新體現這一點。這將在第四季度發生。就這樣，11 月就可以提供給客戶了。再說一次，他們是很棒的合作夥伴。

We're excited to be able to offer that across stores and digital. We'll thoughtfully, with their partnership, build that business back. We're going to be focusing obviously on, like I said, men's, women's and kids. Big opportunity, I think, for both of us, just given our #3 market share penetration in women's. And the customer will vote that come, we'll continue to evolve our portfolio with them and other partners as well. But obviously, very excited about that.

我們很高興能夠跨商店和數字渠道提供這一服務。我們將與他們合作，深思熟慮地重建該業務。正如我所說，我們顯然將重點關注男裝、女裝和童裝。我認為，鑑於我們在女裝領域的市場份額排名第三，這對我們雙方來說都是一個巨大的機會。客戶將投票，我們將繼續與他們和其他合作夥伴一起發展我們的產品組合。但顯然，對此非常興奮。

Got it. And then maybe just going to follow up on that. You talked about -- just you want to touch on the guidance a little bit. You mentioned that the trajectory change in the business that perhaps you've been anticipating for Q2 hasn't yet materialized. Can you just talk about what you're seeing and sort of like what hasn't happened? And then maybe also talk about when you said there's an increasingly promotional environment, like what categories are you seeing that in? And sort of where are you noticing the most kind of increase in promotions?

知道了。然後也許只是繼續跟進。你談到了——只是你想稍微談一下指導。您提到，您可能一直期待的第二季度業務軌跡變化尚未實現。你能談談你所看到的以及未發生的事情嗎？然後也許還可以談談當您提到促銷環境日益增加時，您在哪些類別中看到了這種情況？您在哪裡註意到促銷活動增加最多？

Yes. This is Doug again. Thanks, Jay. It's pretty equally spread across the categories, to be honest with you. I mean we're definitely seeing strength in buoyancy in the casual area. That casualization trend just continues. And men's, women's, kids all very, very similar, which to us really just points to she's being much more discretionary with their income, right? And it's fairly broad based.

是的。這又是道格。謝謝，傑伊。老實說，它在各個類別中的分佈相當均勻。我的意思是，我們肯定在休閒區域看到了浮力的增強。這種休閒化趨勢仍在繼續。男人、女人、孩子都非常非常相似，這對我們來說確實表明她對自己的收入更加自由裁量，對嗎？而且它的基礎相當廣泛。

I think the good news on that is we feel like there's parts of that, that are in our control, obviously, when that rebounds. We're being very thoughtful about our promotions, obviously, to be able to manage through that. We've always been known for value. So we certainly want to lean into that as a core competency. But I think we're just seeing a little bit of (inaudible) for demand. We had a lot of reasons to believe as we move through the back half of the year. Teams have done an amazing job of rebalancing the inventory, both on the retail side and on the brand side, leaning into that casualization.

我認為好消息是，顯然，當經濟反彈時，我們感覺其中的一部分是在我們的控制之下的。顯然，我們對促銷活動非常謹慎，以便能夠應對這一情況。我們一直以價值而聞名。因此，我們當然希望將其作為核心能力。但我認為我們只是看到了一點點（聽不清）的需求。當我們度過今年下半年時，我們有很多理由相信。團隊在零售方面和品牌方面的庫存重新平衡方面做得非常出色，並傾向於休閒化。

So feel really good about the work the teams are doing there. We're going to be launching an exciting fall marketing campaign. Obviously, excited for the first time to be able to launch an own brand in the athletic space with Le TIGRE. And then as we said, really excited about elevating our relationship with Nike as we move into the back half of the year.

因此，對團隊在那裡所做的工作感到非常滿意。我們將推出一場激動人心的秋季營銷活動。顯然，第一次能夠與 Le TIGRE 在運動領域推出自己的品牌感到很興奮。正如我們所說，隨著下半年的到來，我們對提升與耐克的關係感到非常興奮。

(Operator Instructions) There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Doug Howe for any closing remarks.

（操作員說明）隊列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回給道格·豪 (Doug Howe) 發表閉幕詞。

Thank you. Well, hopefully, you heard through our remarks. Consistently, we are obviously focused on product. We're excited to continue to elevate our national brand portfolio through the relationship with Nike. As I said, we're looking forward to launching Le TIGRE. First time we've launched a known brand in that athletic space in August of this year. And I'll just close where I began by thanking our team for their continued hard work and dedication. I also want to thank our amazing brand partners, and thanks to all of you for joining us today, and we look forward to updating you our progress next quarter.

謝謝。好吧，希望您通過我們的發言聽到了。一直以來，我們顯然都專注於產品。我們很高興能夠通過與耐克的合作關係繼續提升我們的全國品牌組合。正如我所說，我們期待推出 Le TIGRE。今年八月，我們首次在該運動領域推出知名品牌。最後，我要感謝我們的團隊持續的辛勤工作和奉獻精神。我還要感謝我們出色的品牌合作夥伴，感謝大家今天加入我們，我們期待著向您通報下季度的進展情況。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。