Designer Brands Inc (DBI) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Designer Brands Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Designer Brands 2023 年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I'd now like to turn the conference over to Justin Fischer, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監賈斯汀費雪 (Justin Fischer)。請繼續。

Good morning. Earlier today, the company issued a press release comparing results of operations for the 13-week period ending July 29, 2023, to the 13-week period ended July 30, 2022.

早安.今天早些時候，該公司發布了一份新聞稿，比較了截至 2023 年 7 月 29 日的 13 週期間和截至 2022 年 7 月 30 日的 13 週期間的營運結果。

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.

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內參考的財務業績不包括根據 GAAP 記錄的某些調整。有關 GAAP 與調整後收益的完整調整表，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 the various factors listed in today's press release and the company's public filings with the SEC.

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。

The company assumes no obligation to update any forward-looking statements.

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.

今天加入我們的是執行長 Doug Howe；和財務長 Jared Poff。

Now let me turn the call over to Doug.

現在讓我把電話轉給道格。

Good morning, everyone. Before discussing this quarter's performance, I want to thank our team for their dedication and hard work during the quarter that played out against the challenging macroeconomic backdrop.

大家，早安。在討論本季的業績之前，我要感謝我們的團隊在充滿挑戰的宏觀經濟背景下本季的奉獻和辛勤工作。

Because of our team's commitment to improving results, I am pleased to share that we posted overall comps that improved throughout the quarter in addition to posting sequential improvement from the first quarter. Our gross margin also increased year-over-year as well as sequentially and marked the second-highest Q2 rate over the past decade.

由於我們團隊致力於提高業績，我很高興與大家分享，除了第一季的連續改進之外，我們還發布了整個季度的整體業績改善。我們的毛利率也較去年同期成長，並創下過去十年第二高的第二季毛利率。

Sequential improvement alone though, is not enough. Within our organization, we are committed to producing year-over-year growth across our top and bottom lines. As we work towards achieving that goal consistently, I'm pleased with our team's efforts to continue reading and reacting to a highly promotional environment while simultaneously managing our inventory to an appropriate healthy level in both our Retail and Brand segments.

然而，僅靠逐步改進是不夠的。在我們的組織內，我們致力於實現營收和利潤的逐年成長。在我們持續努力實現這一目標的過程中，我對我們的團隊努力繼續閱讀和應對高度促銷的環境，同時將我們的零售和品牌部門的庫存管理到適當的健康水平感到高興。

We are also showcasing consistent operational progress. From an own brand perspective, we are very excited to have launched a completely new athleisure brand, Le Tigre, in the first month of Q3, and we are rolling out new collaborations as we diversify and strengthen our portfolio, which will drive our profitability over the longer term.

我們也展示了持續的營運進展。從自有品牌的角度來看，我們非常高興在第三季的第一個月推出了全新的運動休閒品牌Le Tigre，隨著我們多樣化和加強我們的產品組合，我們正在推出新的合作，這將推動我們的獲利能力超過長期來看。

I also want to take a moment to highlight a very important hire we made during the month of July. I'm thrilled to announce that Laura Denk has been brought on board as the new President of Designer Shoe Warehouse. Laura joins us with an incredible resume that includes time at Macy's, Claire's and Michaels Stores, most recently as Michael's Chief Merchandising Officer.

我還想花點時間強調我們在 7 月進行的一項非常重要的招募。我很高興地宣布 Laura Denk 已被任命為 Designer Shoe Warehouse 的新任總裁。勞拉（Laura）帶著令人難以置信的簡歷加入我們，其中包括在梅西百貨（Macy's）、克萊爾百貨（Claire's）和邁克爾斯商店（Michaels Stores）工作過的經歷，最近擔任邁克爾的首席採購官。

Laura will bring her extensive merchandising background, ability to forge strong vendor partnerships, knowledge of augmenting customer experiences and, importantly, positioning and elevating owned and national brands within our DSW specific channels. With her leadership, we'll be growing our credibility as an on-trend brand builder and retailer. This will help us drive the next phase of growth and will allow me more time to focus on DBI's overall strategic priorities, including driving our own brand's performance, both inside and outside of the DSW. Please join me in welcoming Laura.

Laura 將帶來她豐富的行銷背景、建立強大的供應商合作夥伴關係的能力、增強客戶體驗的知識，以及更重要的是，在我們的 DSW 特定管道中定位和提升自有品牌和國家品牌。在她的領導下，我們將不斷提高作為流行品牌製造商和零售商的信譽。這將有助於我們推動下一階段的成長，並使我有更多時間專注於 DBI 的整體策略重點，包括推動我們自己的品牌在 DSW 內部和外部的表現。請和我一起歡迎勞拉。

I recently hit the 100-day mark in my new seat as DBI's CEO, and I want to take a moment to reflect on the progress we've made and the actions we are taking to ensure we are well positioned for our next phase of growth.

最近，我擔任 DBI 執行長的新職位已滿 100 天，我想花點時間反思我們所取得的進展以及我們為確保我們為下一階段的成長做好準備而採取的行動。

It has become increasingly clear to me that we have 2 distinct and valuable businesses, our legacy Retail business and our new and growing Brands business. Combined, they give us distinctive synergies that do not exist elsewhere in the industry.

我越來越清楚，我們擁有兩項獨特且有價值的業務：我們的傳統零售業務和我們新的、不斷成長的品牌業務。它們結合，為我們帶來了產業其他地方所不存在的獨特協同效應。

Laura's hire follows the organizational realignments we instituted a few months ago, which aim to align our talent and resources more closely with the needs of our different businesses, while setting the foundation for strong strategic growth.

勞拉的任命是在我們幾個月前進行的組織重組之後進行的，旨在使我們的人才和資源更緊密地適應不同業務的需求，同時為強勁的策略成長奠定基礎。

Additionally, we recently announced that Bill Jordan will be stepping down from the business. With this change, we intend to hire a seasoned brand builder to help lead our growing Brands business. We are immensely thankful for the work Bill has led to help made Designer Brands what it is today and wish him the very best.

此外，我們最近宣布比爾喬丹將退出該業務。透過這項變化，我們打算聘請一位經驗豐富的品牌建立者來幫助領導我們不斷成長的品牌業務。我們非常感謝 Bill 所做的工作，幫助 Designer Brands 取得今天的成就，並祝他一切順利。

Designer Brands truly has unlike any other company in the footwear industry, and I firmly believe we have unique advantages that will deliver strategic growth into the future.

Designer Brands 確實與鞋類產業的任何其他公司不同，我堅信我們擁有獨特的優勢，將在未來實現策略成長。

Turning to our quarter's results. In the second quarter, Designer Brands net sales declined 7.8% compared to the second quarter of last year but improved 290 basis points versus the first quarter decline, driven by increasing strength in our casual offerings. Total retail comps were down 8.9%, while wholesale net sales were up roughly 20% versus last year as we integrate the Keds and Topo Athletic brands and launch our newest brand, La TIGRE.

轉向我們本季的業績。第二季度，Designer Brands 的淨銷售額與去年第二季度相比下降了 7.8%，但由於我們休閒產品實力的增強，與第一季的下降相比提高了 290 個基點。由於我們整合了 Keds 和 Topo Athletic 品牌並推出了最新品牌 La TIGRE，零售總額下降了 8.9%，而批發淨銷售額比去年增長了約 20%。

Our long-term strategy of doubling sales of our own brands from 2021 to 2026 remains the top priority, and we continue to move full speed ahead on our journey.

2021年至2026年自有品牌銷售額翻倍的長期策略仍是我們的首要任務，我們將繼續全速前進。

Year-to-date through the second quarter, our own brands' penetration, including wholesale sales, increased year-over-year by 60 basis points to 25% of total DBI revenue. This progress has continued into the third quarter. We are thrilled with the recent launch of La TIGRE. We are equally proud that Topo Athletic has seen steady growth and continues to meet our expectations in terms of performance. We are also excited to continue building our success with Hush Puppies as we have now become the exclusive licensee in the U.S. and Canada, including new DTC channels and international expansion.

年初至今，截至第二季度，我們自有品牌的滲透率（包括批發銷售）年增了 60 個基點，佔 DBI 總營收的 25%。這一進展一直持續到第三季。我們對最近推出的 La TIGRE 感到非常興奮。我們同樣感到自豪的是，Topo Athletic 實現了穩定成長，並繼續滿足我們對業績的期望。我們也很高興能繼續與 Hush Puppies 取得成功，因為我們現在已成為美國和加拿大的獨家授權商，包括新的 DTC 管道和國際擴張。

Ranked 5th by people.com for the hottest fashion launches you need to shop for this summer, on August 1, La TIGRE launched as our newest brand. And as of 8/14, customers were able to buy the brand at DSW. As a reminder, La TIGRE is new to the footwear space, and we are thrilled their inaugural athletic cap leisure year launch is with us.

8 月 1 日，La TIGRE 作為我們的最新品牌推出，在 people.com 評選的今夏最熱門時尚新品中排名第五。截至 8 月 14 日，顧客可以在 DSW 購買該品牌。提醒一下，La TIGRE 是鞋類領域的新手，我們很高興他們首次推出運動帽休閒年款。

The La TIGRE brand was established in 1977, rooted in New York City street culture and Timeless style, and we are bringing the "Born in the city. Raised in the wild. Ready for anything." spirit to this new collection. Their footwear line includes both women's and men's selections inspired by vintage athletic design and loaded with modern day comfort. I couldn't be more excited about the work and the strategic approach that has gone into this launch, our first ever launch of a new national brand.

La TIGRE品牌成立於1977年，植根於紐約市街頭文化和永恆的風格，我們帶來「生於城市，長於野外，做好一切準備」。這個新系列的精神。他們的鞋履系列包括女鞋和男鞋，靈感來自復古運動設計，並充滿現代舒適感。我對這次發布的工作和策略方法感到無比興奮，這是我們首次推出新的國家品牌。

Turning to Hush Puppies. We recently signed an agreement to become the exclusive licensee of the brand in the U.S. and Canada. This was highly informed by the special relationship DSW already had with Wolverine related to exclusive U.S. distribution and is a stellar expansion to our comfort and casual categories and owned brands.

轉向安靜的小狗。我們最近簽署了一項協議，成為該品牌在美國和加拿大的獨家授權商。 DSW 與 Wolverine 已經在美國獨家經銷方面建立了特殊關係，這是對我們舒適和休閒類別以及自有品牌的重大擴張。

Now as the official licensee, we'll take over the hushpuppies.com business, which will be our sixth independent e-commerce site, and we will have the ability to wholesale the brands in North America.

現在作為官方授權商，我們將接管 hushpuppies.com 業務，這將是我們的第六個獨立電子商務網站，我們將有能力在北美批發品牌。

Hush Puppies growth within DSW has been robust, up nearly 60% in the quarter versus last year, driven by men's with growth across casual, dress and boots. Excitingly, our first product expression is anticipated for spring of 2024.

Hush Puppies 在 DSW 內的成長一直強勁，本季較去年增長近 60%，這主要得益於男士休閒裝、連身裙和靴子的增長。令人興奮的是，我們的第一個產品預計將於 2024 年春季推出。

Returning to our progress in the quarter. At Keds, our integration continues to advance as expected. We also launched exciting collaborations in the quarter, both with Recreational Habits and [Star]. First, our Recreational Habits partnership produced a sophisticated take on the court sneaker in classic white and gray color lace. Complementary to this, our Star launch is designed to cater to the latest pick of all craze and court sport enthusiasts.

回到我們本季的進展。在 Keds，我們的整合繼續如預期推進。我們也與 Recreational Habits 和 [Star] 本季進行了令人興奮的合作。首先，我們與 Recreational Habits 合作推出了一款精緻的球場運動鞋，採用經典的白色和灰色蕾絲。與此相輔相成的是，我們推出的 Star 旨在迎合所有熱潮和球場運動愛好者的最新選擇。

We've implemented marketing activations at facts complemented by a robust influencer and digital campaign. As part of this launch, we excited customers with an actual pick-of-all top-up court inside of Saks Fifth Avenue store in New York during July. As part of our exclusive launch, the product was initially available only through Saks Fifth Avenue and Star channels. And later this month, we are bringing the hike in-house to be hosted exclusively on keds.com beginning on September 22.

我們根據事實實施了行銷活動，並輔以強大的影響者和數位活動。作為此次推出的一部分，我們於 7 月在紐約 Saks Fifth Avenue 商店內設置了一個實際的可挑選所有充值場地，讓顧客興奮不已。作為我們獨家推出的一部分，該產品最初僅透過 Saks Fifth Avenue 和 Star 管道發售。本月晚些時候，我們將從 9 月 22 日開始在 keds.com 上獨家舉辦內部健行。

At Crown Vintage, Emma Roberts' first curated collection, Emma [6] launched during the quarter. This included engaging video content on dsw.com, which drove positive customer interactions and buzz. We also have new content coming with Emma in October around seasonal boots and booties. This long-term partnership continues to strengthen our brand positioning and relevance with our Crown Vintage target customer.

在 Crown Vintage 上，艾瑪·羅伯茨 (Emma Roberts) 的首個策劃系列艾瑪 [6] 在本季度推出。這包括 dsw.com 上引人入勝的視訊內容，這推動了積極的客戶互動和熱議。我們還在 10 月與艾瑪一起推出了有關季節性靴子和短靴的新內容。這種長期合作關係將繼續加強我們的品牌定位以及與 Crown Vintage 目標客戶的相關性。

Vince Camuto, we're pleased to have launched our first men's franchise shoe line, Fly365, address meets casual style hybrid shoe selection. As we build out this franchise, what sets this line apart from the rest of the path is the use of special technologies and production, not often found in nonathletic men's shoes, including features like a supportive cupsole for stability, a cushioned lightweight midsole for weight reduction and energy return and a rubber outsole for traction and durability.

Vince Camuto，我們很高興推出我們的第一個男士專營鞋履系列 Fly365，滿足休閒風格的混合鞋款選擇。當我們打造這個系列時，該系列與其他產品的不同之處在於使用了特殊技術和生產，這在非運動男鞋中並不常見，包括用於穩定性的支撐杯底、用於減輕重量的緩衝輕質中底等功能減少能量並返回能量，橡膠外底提供抓地力和耐用性。

We have merged the European Inspire Vince Camuto aesthetic with technical comfort innovation to target the modern male customer who is less likely to compromise on comfort in this post-COVID world. In fact, 365 was recently highlighted in Footwear News.

我們將歐洲 Inspire Vince Camuto 美學與技術舒適創新相結合，瞄準了在後疫情時代不太可能在舒適度上妥協的現代男性顧客。事實上，365 最近在鞋類新聞中得到了重點關注。

Growing our men's business across all of DBI remains one of our largest white space opportunities and we believe represents a significant growth lever over the long term. We believe that our new offerings from Vince Camuto and La TIGRE will help us gain traction with male customers that are increasingly prioritizing the unification of comfort and style. Our continued success was evident in our Q2 results, where we saw Vince Camuto men's sales up 95% in dot-com.

在整個 DBI 發展我們的男裝業務仍然是我們最大的空白機會之一，我們相信從長遠來看這代表著一個重要的成長槓桿。我們相信，Vince Camuto 和 La TIGRE 的新產品將有助於我們吸引越來越重視舒適與時尚統一的男性顧客。我們的持續成功在第二季的業績中得到了體現，我們看到 Vince Camuto 男裝在網路上的銷售額成長了 95%。

We are also committed to strengthening our relationships and expanding our business with the national brands that are most relevant to our customers. This strategy remains on track as we continue leveraging our position as the top point of distribution.

我們也致力於加強與與客戶最相關的國家品牌的關係並擴大業務。隨著我們繼續利用我們作為頂級分銷點的地位，這一策略仍然處於正軌。

As part of our edit-and-amplify strategy, we continue to be excited with our Nike partnership that we announced last quarter. We will leverage this relationship to provide an athletic offering across men's, women's and kids, giving our customers an elevated physical and digital assortment.

作為我們編輯和放大策略的一部分，我們繼續對上季度宣布的 Nike 合作夥伴關係感到興奮。我們將利用這種關係提供涵蓋男士、女士和兒童的運動產品，為我們的客戶提供更豐富的實體和數位產品。

Finally, we continue to be more cognizant of providing increased value to our customers. One of our greatest strengths is our long-standing vendor relationships and associated opportunistic closeout buys with large national brands.

最後，我們繼續更加認識到為客戶提供更高的價值。我們最大的優勢之一是我們與大型國家品牌的長期供應商關係以及相關的機會主義清倉購買。

As such, as part of our long-term relationship with Wolverine, we executed an advantageous buy that provided us with an opportunity to offer compelling savings to our customers on Sperry, Saucony, Merrell and Chaco products in the quarter. We look forward to offering additional events for our customers in the fall.

因此，作為我們與 Wolverine 長期合作關係的一部分，我們執行了一次有利的購買，這使我們有機會在本季度為 Sperry、Saucony、Merrell 和 Chaco 產品的客戶提供令人信服的折扣。我們期待在秋季為我們的客戶提供更多活動。

Before I hand it over to Jared, I'm going to quickly speak to our full year outlook. Although we anticipate macro pressures will continue through the end of the year and in fact, have the potential to increase, today, we reaffirmed our full year 2023 guidance, supported by the sequential improvement we saw from Q1 into Q2.

在將其交給賈里德之前，我將快速談談我們的全年展望。儘管我們預計宏觀壓力將持續到今年年底，而且事實上有可能增加，但今天，我們重申了 2023 年全年指引，並得到了從第一季到第二季連續改善的支持。

We still have our Septober and holiday selling seasons ahead of us, and we continue to be laser-focused on meeting and driving demand with on-trend products. Jared will go into more detail on this in a few moments.

九月和假期銷售季即將到來，我們將繼續專注於透過流行產品滿足和推動需求。賈里德稍後將詳細介紹這一點。

As we move forward, we continue to prioritize value-creating opportunities and are committed to returning capital to our shareholders. In fact, year-to-date, through September 5, Designer Brands has returned $91.1 million to shareholders through a combination of dividends and share repurchases. I'll let Jared speak more on our strategic capital allocation plans for the back half of fiscal '23.

在我們前進的過程中，我們將繼續優先考慮創造價值的機會，並致力於向股東返還資本。事實上，今年迄今為止，截至 9 月 5 日，Designer Brands 已透過股利和股票回購的方式向股東返還 9,110 萬美元。我將讓賈里德更多地談論我們 23 財年後半段的策略資本分配計劃。

I look forward to updating you all on our strategic initiatives as we move through the back half of the year.

我期待著今年下半年向大家通報我們的策略舉措的最新情況。

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 say how excited I am to welcome Laura Denk as our new President of DSW. She will be a tremendous asset in driving our strategic vision for our DSW business, focusing on tactical merchandising, marketing and our overall experience, all of which will be anchored to our current and target customers. We believe that there is meaningful growth to be had at DSW and that Laura's leadership will help us unlock that growth.

謝謝你，道格，大家早安。我想重申 Doug 的評論，並表示我非常高興地歡迎 Laura Denk 成為我們的 DSW 新任總裁。她將成為推動我們 DSW 業務策略願景的巨大資產，專注於戰術推銷、行銷和我們的整體經驗，所有這些都將立足於我們當前和目標客戶。我們相信 DSW 將實現有意義的成長，而 Laura 的領導將幫助我們實現這一成長。

I share Doug's feeling of pride in our organization and this team's ability to continue managing through the increasingly challenging current environment, allowing us to deliver a second quarter adjusted EPS of $0.59, in line with our expectations.

我和 Doug 一樣，對我們的組織以及團隊在當前日益嚴峻的環境中繼續管理的能力感到自豪，這使我們能夠實現第二季調整後每股收益 0.59 美元，符合我們的預期。

We saw a sequential improvement over the first quarter in both our sales and gross margin. And as a result, we are reaffirming our current full year guidance despite continued industry and macro headwinds.

我們的銷售額和毛利率比第一季連續改善。因此，儘管產業和宏觀阻力持續存在，但我們仍重申目前的全年指引。

Now let me provide a bit more detail on our financial results. For the second quarter, sales decreased 7.8% from last year to $792.2 million and an improvement from the first quarter's results. The continued pressure on consumers, high inventory across the industry and an extremely promotional retail environment, all contributed to this decrease.

現在讓我提供有關我們財務業績的更多詳細資訊。第二季銷售額較去年下降 7.8% 至 7.922 億美元，較第一季業績有所改善。消費者的持續壓力、整個行業的高庫存以及極度促銷的零售環境，都導致了這一下降。

From a wholesale perspective, sales were up roughly 20%, driven by the acquisition of Keds, our launch of La TIGRE and acquisition of Topo Athletic. In our Retail segments, total retail comps were down 8.9% compared to last year, but improved sequentially from the first quarter. U.S. retail costs specifically were down 9.2% in the quarter, but also sequentially improved from a pressured Q1.

從批發角度來看，在收購 Keds、推出 La TIGRE 以及收購 Topo Athletic 的推動下，銷售額成長了約 20%。在我們的零售部門，零售總額比去年下降 8.9%，但較第一季環比有所改善。具體而言，美國零售成本本季下降了 9.2%，但也較第一季的壓力有所改善。

While Canada posted comps down 7.3% in the quarter, this was on top of a very strong post-COVID recovery comp of just over 47% in the second quarter of 2022. We remain pleased with the results we are seeing at vincecamuto.com, one of our premier DEC channels, with comps up 50 basis points on top of roughly 43% comp last year.

雖然加拿大本季的綜合成本下降了7.3%，但這是在2022 年第二季新冠疫情後復甦後的強勁綜合成本略高於47% 的基礎上實現的。我們對在vincecamuto.com 上看到的結果仍然感到滿意，我們主要的 DEC 管道之一，與去年大約 43% 的比較相比，上漲了 50 個基點。

Consolidated gross margin was 34.5% in the second quarter compared to 34.4% last year, an increase of 10 basis points and a sequential improvement of 250 basis points versus last quarter. The sequential improvement was primarily driven by lower markdowns. Importantly, our gross margin continues to be fundamentally strong with consolidated gross margin up 400 basis points compared to the second quarter of 2019.

第二季綜合毛利率為 34.5%，與去年同期的 34.4% 相比，增加了 10 個基點，較上季提高了 250 個基點。環比改善主要是由較低的降價推動的。重要的是，我們的毛利率仍然基本強勁，綜合毛利率比 2019 年第二季成長了 400 個基點。

Year-over-year profitability improvement was also driven by consolidation of our fulfillment centers and significantly lower logistics costs, including freight, shipping and distribution expense. The impact of consolidating our fulfillment centers, specifically the Columbus fulfillment center into the New Jersey ECLC, allowed us to achieve a more favorable level of fixed and variable expense leverage.

我們的履行中心的整合以及物流成本（包括貨運、運輸和配送費用）的顯著降低也推動了盈利能力的同比提高。合併我們的履行中心（特別是哥倫布履行中心併入新澤西 ECLC）的影響使我們能夠實現更有利的固定和可變費用槓桿水平。

This benefit was partially offset by increased promotions, the continued rebuilding of our clearance business and deleverage of our fixed store occupancy cost.

這項收益被促銷活動的增加、清關業務的持續重建以及固定門市佔用成本的去槓桿化所部分抵消。

Our adjusted SG&A ratio for the second quarter was 26.9% of sales compared to 26.5% in the second quarter of 2022. Although we are experiencing modest deleverage given our current retail cost performance, we saw sequential improvement from a dollar and rate perspective versus first quarter.

我們第二季調整後的SG&A 比率佔銷售額的26.9%，而2022 年第二季為26.5%。儘管考慮到我們目前的零售成本表現，我們正在經歷適度的去槓桿化，但從美元和利率的角度來看，我們看到與第一季相比連續改善。

Going forward, increased marketing investment to build brand equity and maintain customer awareness could put pressure on sustaining this ratio. This trend may see volatility as we continue rolling out our new DTC sites and execute other strategic initiatives, but we will continue to pursue opportunities to trim costs across the entire business.

展望未來，增加行銷投資以建立品牌資產和保持客戶意識可能會給維持這一比率帶來壓力。隨著我們繼續推出新的 DTC 網站並執行其他策略舉措，這一趨勢可能會出現波動，但我們將繼續尋求機會來削減整個業務的成本。

For the second quarter, adjusted operating profit was 7.9% of sales compared to 8.2% in the prior year and sequentially improved from 3.5% in the first quarter of 2023. In the second quarter, we had $6.9 million of net interest expense and our effective tax rate on our adjusted results was 29.3% compared to 31.8% last year.

第二季度，調整後營業利潤佔銷售額的7.9%，而上一年為8.2%，比2023 年第一季的3.5% 有所改善。第二季度，我們的淨利息支出為690 萬美元，我們的有效調整後業績的稅率為 29.3%，而去年為 31.8%。

Finally, our second quarter adjusted net income was $39.4 million or $0.59 diluted EPS versus $46.1 million or $0.62 last year, and $35.8 million or $0.48 in 2019. We ended the second quarter with inventories of $606.8 million, down roughly 13% compared to $694 million last year and down sequentially from $637.4 million in the first quarter.

最後，我們第二季調整後淨利為3,940 萬美元，即稀釋後每股收益0.59 美元，去年為4,610 萬美元，即0.62 美元；2019 年為3,580 萬美元，即0.48 美元。第二季末，我們的庫存為6.068 億美元，比6.94 億美元下降了約13%較去年第一季的 6.374 億美元有所下降。

On a retail inventory square footage basis, we ended down 10% versus the second quarter of 2022 and down 4% compared to Q1 of 2023. Wholesale inventory ended the second quarter down 10% and, adjusted for the acquisition of Topo and Keds, inventory would have been down 33% when compared to last year.

以零售庫存面積計算，我們最終比2022 年第二季下降了10%，比2023 年第一季下降了4%。第二季批發庫存下降了10%，根據收購Topo 和Keds 進行調整後，庫存與去年相比，將下降 33%。

Because we have remained nimble in our approach to our assortment, we feel good about our inventory positioning heading into fall, ensuring we have the flexibility necessary to chase and take action on opportunistic buys.

由於我們在分類方面保持靈活，因此我們對進入秋季的庫存定位感到滿意，確保我們擁有必要的靈活性來追逐機會性購買並採取行動。

As a reminder, at the end of the last quarter, we announced the commencement of our Dutch auction tender offer, which allowed us to invest in our own stock. In mid-July, we announced the final results of the offer, which included repurchasing $14.7 million of our Class A common stock at a price of $10 per share under our existing Board-approved share repurchase program.

提醒一下，在上季末，我們宣布開始荷蘭拍賣要約收購，這使我們能夠投資自己的股票。 7 月中旬，我們宣布了要約的最終結果，其中包括根據董事會批准的現有股票回購計劃，以每股 10 美元的價格回購 1,470 萬美元的 A 類普通股。

As always, we maintain an ongoing dialogue between management and our Board of Directors on our capital allocation strategy. Together, we continue to believe that our most prudent use of capital at this time is to return it to our shareholders. As a result, we have continued to purchase shares in the open market. We view this as a vote of confidence in our long-term strategy.

一如既往，我們在管理層和董事會之間就資本配置策略保持持續對話。我們仍然相信，目前我們最謹慎的資本使用方式是將其回饋給股東。因此，我們繼續在公開市場購買股票。我們認為這是對我們長期策略的信任票。

In the first 2 quarters of fiscal 2023, based on trading date, we returned $32.9 million to shareholders through dividends and share repurchases. Thus far in the third quarter, we have added to that total by $58.3 million through September 5, thanks to the continued open market repurchases.

在 2023 財年的前 2 季度，根據交易日期，我們透過股利和股票回購向股東返還 3,290 萬美元。到目前為止，由於持續的公開市場回購，截至 9 月 5 日，第三季我們已增加了 5,830 萬美元的資金。

We ended the quarter with $46.2 million of cash and our total liquidity, which includes cash and availability under our revolver of $279.9 million.

本季結束時，我們的現金和總流動資金為 4,620 萬美元，其中包括我們的循環資金下的現金和可用資金 2.799 億美元。

As of the end of the quarter, we had $233.7 million available to draw on our revolving credit facility. However, given the share repurchase activity mentioned previously that has occurred since the end of the second quarter, our current availability to draw on our revolving credit facility was $227.9 million as of 9/5/2023.

截至本季末，我們有 2.337 億美元可用於循環信貸額度。然而，考慮到前面提到的自第二季末以來發生的股票回購活動，截至 2023 年 9 月 5 日，我們目前可動用的循環信貸額度為 2.279 億美元。

As a reminder, to help fund our capital allocation priorities, we previously announced that we had entered into a 5-year term loan. Upon closing that facility on June 23, 2023, we immediately drew $50 million under the term loan and anticipate drawing the additional $85 million throughout the course of the year. The proceeds of that subsequent draw will immediately be used to pay down outstanding debt under the revolving credit facility.

提醒一下，為了幫助為我們的資本分配優先事項提供資金，我們之前宣布我們已簽訂了為期 5 年的定期貸款。 2023 年 6 月 23 日關閉該貸款後，我們立即根據定期貸款提取了 5,000 萬美元，並預計全年提取額外的 8,500 萬美元。隨後提取的收益將立即用於償還循環信貸安排下的未償債務。

We continue to await the receipt of the remaining $40 million of our CARES Act tax refund due to us from the IRS. We are happy to report that the IRS has formally closed our standard audit for which this refund applies with no adjustments. And as such, we are now simply waiting on the refund request to work its way through the appropriate approval channels at the IRS and Treasury Department for ultimate funding.

我們繼續等待收到美國國稅局 (IRS) 應付給我們的剩餘 4,000 萬美元的 CARES 法案退稅。我們很高興地報告，美國國稅局已正式結束我們的標準審計，這筆退款適用且無需任何調整。因此，我們現在只是等待退款請求通過國稅局和財政部的適當審批管道以獲得最終資金。

Before I conclude, I want to share a few remarks on our current guidance. As discussed last quarter, our updated guidance assumes the continued pullback in consumer spending with a recovery delayed until later in the year. Consistent with prior views, the largest uncertainty continues to lie squarely with the discretionary consumer while also contemplating a multitude of other pressures, including competitive inventory, the health of the consumer and overall macroeconomic headwinds.

在結束之前，我想就我們目前的指導意見分享一些評論。正如上季所討論的，我們更新的指引假設消費者支出持續回落，復甦將推遲到今年稍後。與先前的觀點一致，最大的不確定性仍然直接存在於可自由支配的消費者身上，同時也考慮到許多其他壓力，包括競爭性庫存、消費者的健康狀況和整體宏觀經濟逆風。

Our current guidance assumes that our retail comp performance improves throughout the balance of the year as the macro pressures on the consumer begin to subside and as our prior year comparables become wider. That being said, pressures continue to weigh on the consumer, and therefore, potential for headwinds to worsen remains.

我們目前的指導假設，隨著消費者的宏觀壓力開始消退以及我們上一年的可比範圍擴大，我們的零售業績在今年餘下的時間裡都會有所改善。話雖如此，消費者仍然面臨壓力，因此不利因素繼續惡化的可能性仍然存在。

I do want to cover a few updates within our assumptions. With the previously discussed repurchase activity, our share count is now expected to be approximately 64 million weighted average diluted shares outstanding for fiscal 2023.

我確實想在我們的假設範圍內進行一些更新。透過先前討論的回購活動，我們預計 2023 財年的加權平均稀釋後流通股數約為 6,400 萬股。

With the new term loan, interest expense is now expected to be approximately $35 million for the full year. Thus, the incremental interest of the term loan essentially offsets the benefit of the lower weighted average outstanding share count for our fiscal 2023 EPS figure.

加上新定期貸款，預計全年利息支出約 3500 萬美元。因此，定期貸款的增量利息基本上抵消了我們 2023 財年 EPS 數據中加權平均流通股數量較低的好處。

Additionally, our estimated tax rate is anticipated to be 30%.

此外，我們的估計稅率預計為 30%。

With all of this in mind, and given the sequential improvement seen in our most recent quarter in terms of sales and margins, we are reaffirming our fiscal 2023 EPS guidance range of $1.20 to $1.50.

考慮到所有這些，並考慮到最近一個季度銷售額和利潤率的連續改善，我們重申 2023 財年 EPS 指導範圍為 1.20 美元至 1.50 美元。

As Doug noted, we have made incredible progress in our evolution as a company, including recent leadership hires, launches of new brands, growing with existing brand partners and accelerating our journey as a brand builder. I have strong conviction in our path forward.

正如道格指出的那樣，我們作為一家公司的發展取得了令人難以置信的進步，包括最近的領導層招聘、新品牌的推出、與現有品牌合作夥伴的共同成長以及加速我們作為品牌建設者的旅程。我對我們前進的道路充滿堅定的信念。

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

至此，我們將開始提問。操作員？

(Operator Instructions) Today's first question comes from Gaby Carbone with Deutsche Bank.

（操作員說明）今天的第一個問題來自德意志銀行的 Gaby Carbone。

So first, I was wondering if you could maybe discuss the changes you saw in category performance, if any, from 2Q versus 1Q? And then as we look to the fall season, obviously, the boot category becomes quite important. Just curious how you're thinking about inventory there.

首先，我想知道您是否可以討論第二季與第一季在品類表現方面看到的變化（如果有的話）？然後，當我們展望秋季時，顯然，靴子類別變得非常重要。只是好奇你如何考慮那裡的庫存。

Yes. Thanks, Gaby. This is Doug. There's really 2 category performance today. We continue to see buoyancy in the casual category. Obviously, the casualization trend just continues to gain momentum and (inaudible) of that with managing the inventory. So again, we feel really good about that business in particular.

是的。謝謝，蓋比。這是道格。今天確實有 2 個類別的表現。我們持續看到休閒品類的成長。顯然，臨時工趨勢持續增強，並且（聽不清楚）管理庫存的勢頭。再說一遍，我們對這項業務尤其感到非常滿意。

To your point, you know we have a dominant penetration in the boot category. It's very, very early on. We talked a lot about Septober, which is the key time for boot selling. So I think the majority of that season is ahead of us honestly. We are seeing some nice initial results on fashion goods, particularly driven by Western, so we're cautiously optimistic about that. But again, the majority of the season is still ahead of us.

就您而言，您知道我們在靴子類別中佔據主導地位。現在還非常非常早。我們談論了很多關於九月份的事情，這是靴子銷售的關鍵時期。所以說實話，我認為那個賽季的大部分時間都在我們前面。我們看到時尚商品取得了一些不錯的初步成果，特別是在西方的推動下，因此我們對此持謹慎樂觀的態度。但同樣，本賽季的大部分時間仍在我們面前。

Got it. And if I could just sneak in one more. So moving ahead, obviously, it's been promotional out there. Curious, just what's kind of baked into your guidance on the promotion front. And then are there certain categories you're seeing more promotional activity in?

知道了。如果我能再偷偷溜進去一次就好了。因此，顯然，我們一直在進行促銷。很好奇，您在促銷方面的指導中包含了哪些內容。那麼您是否在某些類別中看到了更多的促銷活動？

And then you mentioned that like you're still seeing high inventory levels across the marketplace. So curious if you have any view when maybe you think the marketplace will be a bit more clean?

然後您提到，您仍然看到整個市場的庫存水準很高。很好奇您是否認為市場何時會變得更乾淨一點？

Yes. Good question. Yes, we've obviously done a really strong job of managing our margin and largely that is fueled by the fact that our inventory is in really good shape, so we didn't feel the need to get overly promotional.

是的。好問題。是的，我們顯然在管理利潤方面做得非常出色，這在很大程度上是由於我們的庫存狀況非常良好，因此我們認為沒有必要進行過度促銷。

We are seeing the landscape improvement as we move through the back half, particularly in the athletic category. I think we'll start to see that inventory start to normalize, which hopefully will allow us to be less promotional. So we're staying very close to that. But as you said, it's a choppy macroeconomic environment out there. So we'll definitely stay close to it.

當我們進入後半區時，我們看到景觀有所改善，特別是在運動類別中。我認為我們將開始看到庫存開始正常化，這有望讓我們減少促銷活動。所以我們非常接近這個目標。但正如你所說，宏觀經濟環境不穩定。所以我們一定會靠近它。

(Operator Instructions) Today's next question comes from Mauricio Serna with UBS.

（操作員說明）今天的下一個問題來自 UBS 的 Mauricio Serna。

Great. First, I wanted to ask if you could provide maybe some color on what you see on quarter-to-date performance. Have you seen any (inaudible) versus Q2?

偉大的。首先，我想問您是否可以提供一些有關您所看到的季度至今業績的資訊。你有看過任何（聽不清楚）與 Q2 的對比嗎？

And if we think about second half, should we -- do you see like any big difference between the sales growth in Q3 and Q4?

如果我們考慮下半年，您認為第三季和第四季的銷售成長之間有什麼大的差異嗎？

Then just on the margins, you talked about SG&A, probably the SG&A rate probably being a little bit more pressured because of the marketing and the launching of the website. So does that mean that SG&A dollar growth will accelerate in the second half? Or how should we think about that?

然後，就在邊緣，您談到了 SG&A，由於行銷和網站的推出，SG&A 率可能會受到更大的壓力。那麼這是否意味著下半年SG&A 美元成長將加速？或者說我們該如何思考這個問題？

And then just lastly, on the balance sheet, very encouraging to see all the buybacks continuing in Q3. Is there like a potential for even more given how there's also the higher leverage on the balance sheet at this point?

最後，在資產負債表上，看到第三季繼續進行所有回購非常令人鼓舞。鑑於目前資產負債表上的槓桿率也較高，是否有可能增加更多？

Yes. Thanks, Mauricio. This is Doug. There's a lot to unpack there. I think you had 4 questions. So I'll take the first 2 on the current performance and then Q3 and Q4. And I'll hand it over to Jared to speak to SG&A and the balance of the year.

是的。謝謝，毛里西奧。這是道格。那裡有很多東西需要解壓。我想你有 4 個問題。因此，我將採用目前表現的前 2 個，然後是第三季和第四季。我將把它交給 Jared 來討論 SG&A 和今年的餘額。

As you know, we don't comment on sales in the current quarter. Having said that, we haven't seen anything that would lead us to change our guidance, which is why we're maintaining our outlook. We think about sales growth in Q3 and Q4 definitely a tailwind, we feel, certainly, as regards to we're up against softer comps in Q3 and most notably in Q4.

如您所知，我們不對本季的銷售額發表評論。話雖如此，我們還沒有看到任何會導致我們改變指導的因素，這就是我們維持展望的原因。我們認為第三季和第四季的銷售成長絕對是一個順風車，我們當然認為，我們在第三季度，尤其是第四季面臨較疲軟的競爭。

Nice tailwinds are our fall campaign that we're going to be kicking off at DSW to really focus on bringing awareness, which we're optimistic about. And then secondly, as we shared last quarter, the return of Nike, we are very excited about continuing to elevate that partnership. So again, those are 2 tailwinds. But again, as we navigate through a choppy macroeconomic environment, we're balancing, obviously, those tailwinds with those headwinds.

我們將在 DSW 啟動秋季活動，以真正專注於提高人們的意識，我們對此持樂觀態度。其次，正如我們上個季度分享的那樣，耐吉的回歸，我們對繼續提升這種合作關係感到非常興奮。再說一遍，這是兩個順風車。但同樣，當我們在動盪的宏觀經濟環境中航行時，顯然我們正在平衡這些順風和逆風。

And I want to echo one thing that Doug had said to make sure it's clear, and we've reiterated this a few times. In our current guidance, which we reaffirmed, we are assuming there is a pretty material change in the current trajectory that we've experienced year-to-date. That's always been the case, and we believe, especially as we get against easier comps, but that is why we have belief, to date, we have not seen that, but we haven't planned to see that yet, but that is what is anticipated, but that is why we called out. There is certainly, I would say, a net risk position as it pertains to the macroeconomic conditions and turning -- seeing that turn to the degree that our current guidance has in there. But for now, it is on trend and that's why we've reaffirmed guidance.

我想重複道格所說的一件事，以確保其清晰，我們已經重申了幾次。在我們重申的當前指導中，我們假設我們今年迄今為止所經歷的當前軌跡發生了相當大的實質變化。情況一直如此，我們相信，特別是當我們面對更容易的比賽時，但這就是為什麼我們有信念，到目前為止，我們還沒有看到這一點，但我們還沒有計劃看到這一點，但這就是這是預料之中的，但這就是我們呼籲的原因。我想說，與宏觀經濟狀況和轉向有關的淨風險頭寸肯定存在——看看我們當前指導的程度。但就目前而言，這是趨勢，這就是我們重申指導的原因。

To your last 2 questions on the SG&A rate, I'm actually very glad you spoke or asked about that because in my mind, that's right now where the consensus modeling is probably most disconnected for the fall.

對於你關於SG&A費率的最後兩個問題，我實際上很高興你談到或詢問了這個問題，因為在我看來，這正是秋季共識模型可能最脫節的地方。

I want to take you back to a moment to our initial guidance for SG&A for the year. And what we had said was that we have done the reorg that we talked about and some cost-savings initiatives that stripped about $25 million year-over-year out of our legacy business. But we also have about $50 million of SG&A to add into the overall company because of Keds, Topo and the 53rd week. And right now, I'm not seeing consensus reflect that on a total year basis. In fact, it's looking like most consensus has that SG&A dollars below LY.

我想帶您回顧我們對今年 SG&A 的初步指導。我們所說的是，我們已經進行了我們談到的重組和一些成本節約舉措，這些舉措使我們的遺留業務同比減少了約 2500 萬美元。但由於 Keds、Topo 和第 53 週，我們還有大約 5000 萬美元的 SG&A 可以添加到整個公司。目前，我還沒有看到共識反映了全年的情況。事實上，大多數人都認為 SG&A 美元低於 LY。

So I think that's one of the biggest disconnects that are currently out there in consensus. So that and the new interest within the loan, I want to call you back to that which I gave guidance to. If we look at a change in SG&A dollars, spring to fall, there's about a $40 million shift to kind of get to what I just talked about our full year guidance.

所以我認為這是目前達成共識的最大脫節之一。因此，以及貸款中的新利息，我想請您回顧我所提供的指導。如果我們觀察從春季到秋季的 SG&A 美元變化，就會發現大約有 4000 萬美元的變化，以達到我剛才談到的全年指導。

That's coming from a few big buckets of work. One, we've got marketing. We shifted about $15 million of marketing across the company out of spring into fall as we were not seeing the traction or the incremental traction that we would have expected to see with that marketing. And so we've moved that into fall. We used some of that for back-to-school. And we're very excited to be launching for the first time in a long time some DSW branding top of funnel marketing, very video heavy in the fall as well. So that shift has moved.

這是來自幾項大工作的成果。第一，我們有行銷。我們將大約 1500 萬美元的行銷費用從春季轉移到了秋季，因為我們沒有看到行銷所帶來的吸引力或增量吸引力。所以我們把它推遲到了秋天。我們用其中的一些來返校。我們很高興能夠在很長一段時間內首次推出一些 DSW 品牌頂部的漏斗行銷，在秋季也非常注重影片。所以這種轉變已經發生了。

We also have about $9 million of that 53rd week that's being added in there. So again, that's unique to fall, not happening in spring. And then about $4 million related to coming off the TSA with our Keds transition.

我們還增加了第 53 週的約 900 萬美元。再說一遍，這是秋天獨有的，而不是春天。然後，大約 400 萬美元與 Keds 過渡擺脫 TSA 相關。

That has always been the case. We just weren't sure when that was going to materialize. That final month, we have a month of catch-up to do, and that happens to be in Q3.

情況一直如此。我們只是不確定什麼時候會實現。最後一個月，我們有一個月的時間來追趕，而這恰好是在第三季。

So all of that together, along with selling expenses related to an improvement in our comp performance totals about a $40 million shift in SG&A between fall versus spring and more in line with that total year guidance that we gave at the beginning of the year, which I just want to make sure you guys are properly modeling.

因此，所有這些加在一起，再加上與我們的比較業績改善相關的銷售費用，秋季與春季之間的銷售費用和管理費用(SG&A) 變化總計約為4,000 萬美元，這與我們年初給出的全年指導方針更加一致。我只是想確保你們建模得當。

And then the last question was repurchases. Obviously, we have wanted to take advantage of what we think is a very opportunistic price. We funded that with term loan liquidity, and we've been executing. We did want to give, which we did, cover in the current quarter because it was much heavier than even what we accomplished in the second quarter. And there is some remaining. We never commit to future activities. So we quoted up through yesterday or to the 5th, but that's, I think, proof of how confident we feel in our long-term strategy.

最後一個問題是回購。顯然，我們想利用我們認為非常機會主義的價格。我們透過定期貸款流動性為其提供資金，並且我們一直在執行。我們確實想在本季度提供（我們確實這樣做了），因為它比我們在第二季度取得的成就要重得多。還有一些剩餘的。我們從不承諾未來的活動。因此，我們昨天或截至 5 日的報價都上漲，但我認為，這證明了我們對長期策略的信心。

Great.

偉大的。

(Operator Instructions) Our next question today comes from Dylan Carden with William Blair.

（操作員說明）今天我們的下一個問題來自迪倫·卡登和威廉·布萊爾。

Jared, just sticking with that last thought, the IRS refund, the primary use, is it in addition to that or how are you thinking about that one as well?

賈里德，只是堅持最後一個想法，國稅局退款，主要用途，是除此之外的還是你也如何考慮這個？

Yes, the lion's share of it is on our revolving credit facility, so adjust mechanically. As soon as that comes in, that will immediately be used to pay that down. We will always assess as we always do current stock price versus liquidity and overall capacity to buy. So we aren't committing to deploy that in one particular fashion. And on day one, it would be used to pay down our ABL debt. But that's -- there's no commitments or earmarked for those funds at this point.

是的，其中大部分是我們的循環信貸額度，因此請機械調整。一旦進來，將立即用於償還首付款。我們將一如既往地評估當前股價與流動性和整體購買能力。因此，我們不承諾以特定的方式部署它。第一天，它將用於償還我們的 ABL 債務。但目前還沒有這些資金的承諾或指定用途。

Great. And then I want to make sure I understand kind of the balance of guidance. So you have a lot of tailwinds between comparisons and Nike, et cetera. But the consumer sort of takes a leg down here. Would that be sort of detrimental to guidance at this point, just given some of the rhetoric on?

偉大的。然後我想確保我理解指導的平衡。因此，在與耐吉等產品的比較中，你有很多優勢。但消費者在這方面有點落後。考慮到一些言論，這是否會對目前的指導產生不利影響？

Yes. Yes. Certainly, Dylan, and you hit it on the head. As we look out for the year and how we built that guidance range, we are anticipating a pretty material shift in overall year-over-year performance than what we've experienced in the spring. That's always been the case, and that's what we've always communicated.

是的。是的。當然，迪倫，你擊中了要害。當我們展望今年以及我們如何建立這一指導範圍時，我們預計整體同比表現將比春季經歷的情況發生相當大的轉變。情況一直如此，這也是我們一直以來溝通的內容。

And we do have some tailwinds, and you hit them on the head. We've got easier comps. We've got Nike coming in. We've got some new branding advertising going on that I just talked about. So there certainly are tailwinds. At the end of the day, though, and we've been saying it across the entire retail land, especially people who sell to the consumer, the discretionary consumer, we're seeing a lot of caution. And right now, I call it -- I feel like we're in a net risk position even as it pertains to our current guidance. But it really lies squarely with that discretionary consumer and how they're feeling it going into fall.

我們確實有一些順風，而你卻擊中了它們的頭。我們有更簡單的比賽。耐吉進來了。我們正在進行一些我剛才談到的新品牌廣告。所以一定有順風。不過，歸根結底，我們在整個零售領域一直在說，尤其是那些向消費者（即自由支配的消費者）銷售產品的人，我們看到了很多謹慎的態度。現在，我稱之為——我覺得我們處於淨風險狀況，即使它與我們目前的指導有關。但這實際上完全取決於自由支配的消費者以及他們對秋天的感受。

And the last one, we haven't talked about sort of the loyalty program in a while. I'm just kind of curious how these new brands interact with or essentially built on the back of the royalty number that you have and how much of your sales sort of happens (inaudible). Is there anything you can talk about there maybe, Doug?

最後一個，我們有一段時間沒有談論忠誠度計劃了。我只是有點好奇這些新品牌如何與您擁有的版稅數字互動或基本上建立在您擁有的版稅數字的基礎上，以及您的銷售量發生了多少（聽不清楚）。道格，你有什麼可以談談的嗎？

Yes, Dylan. This is Doug. Again, we're pleased with the progress of the brands that we mentioned in prepared remarks with regard to Keds and Topo Athletic and then most recently, La TIGRE. But it's very early days on, obviously. We're excited about that as we were the first launch partner at DSW, but we believe that there's opportunity to expand that outside of DBI channels of distribution, which is a broader opportunity as we move forward in general.

是的，迪倫。這是道格。我們再次對我們在準備好的評論中提到的有關 Keds 和 Topo Athletic 以及最近的 La TIGRE 品牌的進展感到高興。但顯然現在還為時過早。我們對此感到很興奮，因為我們是 DSW 的第一個發布合作夥伴，但我們相信有機會將其擴展到 DBI 分銷管道之外，這是我們整體前進的更廣泛的機會。

So everything is performing to our expectations. We feel really good about that. And I think that just goes back to the strength of our business and the fact that we have the Brands segment as well as the Retail segment that we didn't realize those sales in our own channel. So just more confidence in the strategy that we're going to be deploying going forward.

所以一切都符合我們的期望。我們對此感覺非常好。我認為這可以追溯到我們的業務實力以及我們擁有品牌部門和零售部門的事實，但我們沒有在自己的通路中實現這些銷售。因此，我們對未來將要部署的策略更有信心。

The one thing I would add to that, Dylan, is -- and I mentioned it with our SG&A. This month, we will be basically pulling off that transition services agreement actually a little ahead of schedule with Keds. So while this has been a pretty transition latent year for Keds, they've been performing at their acquisition model. We're really excited to have them now on our infrastructures for wholesale, for DTC and really excited about positioning them to start having strategic growth now that they're actually on our systems.

Dylan，我要補充的一件事是——我在 SG&A 中提到過這一點。這個月，我們基本上將提前與 Keds 簽訂過渡服務協議。因此，雖然今年對 Keds 來說是一個相當潛在的過渡年，但他們一直在執行收購模式。我們非常高興現在將它們納入我們的批發和 DTC 基礎設施中，並且非常高興將它們定位為開始實現戰略增長，因為它們實際上已在我們的系統上。

Got it. And then just another one just quickly here. Nike, can you kind of talk about maybe what the business was historically but I think I'm right in this is sort of a new relationship with Nike reengaging in this channel. How should -- how are you thinking about the scale, the pace of the dynamics of that relationship kind of coming -- I think it launches this fourth quarter, right?

知道了。然後很快就又出現了。耐吉，你能談談這項業務的歷史嗎？但我認為我是對的，耐吉重新參與這個管道是一種新的關係。你應該如何考慮這種關係的規模和動態的節奏——我認為它會在第四季度啟動，對嗎？

Yes, Dylan. This is Doug. Again, we continue to be very optimistic about that elevated partnership with Nike. We actually are going to be delivering the product a little bit earlier than we originally anticipated, about a month earlier. We actually have some products that they run on our site, and we'll have a significant amount of units rolling out to our stores in the next couple of weeks. And again, that's about a month earlier than we had anticipated. So again, that is definitely a tailwind. So we feel good about that.

是的，迪倫。這是道格。再次，我們仍然對與耐吉加強合作關係感到非常樂觀。實際上，我們交付產品的時間比我們最初預期的要早一些，大約提前一個月。實際上，他們在我們的網站上運行了一些產品，並且在接下來的幾週內，我們將在我們的商店中推出大量產品。再說一次，這比我們的預期早了大約一個月。再說一遍，這絕對是順風。所以我們對此感覺良好。

We haven't shared specific with regards to how [marks] that brand would be. We shared obviously what it was historically, but we'll manage that very carefully as we manage all of our portfolio of brands, and it will really be informed, obviously, by what the customer is demanding and where we're seeing the top line.

我們還沒有具體分享該品牌的[標記]。我們顯然分享了歷史上的情況，但在管理我們所有品牌組合時，我們將非常謹慎地管理這一點，並且顯然，它將真正了解客戶的需求以及我們在哪裡看到的營收。

Thank you. And, ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Doug Howe for any final remarks.

謝謝。女士們先生們，我們的問答環節到此結束。我想將會議轉回給道格·豪（Doug Howe）發表最後的評論。

Well, thanks, everyone, for tuning in today, and I just want to reiterate, thanks to our team for all their dedication as we move throughout a very challenging macroeconomic backdrop.

好吧，謝謝大家今天的收看，我只想重申，感謝我們的團隊在我們面臨非常具有挑戰性的宏觀經濟背景時所做的奉獻。

We look forward to keeping you updated on our progress as we move through the back half of the year next quarter. So thanks again.

我們期待在下個季度下半年向您通報我們的最新進展。所以再次感謝。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。