Designer Brands Inc (DBI) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Designer Brands, Inc fourth quarter 2023 earnings call.

大家早安，歡迎參加 Designer Brands, Inc 2023 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

Please also note today's event is being recorded.

另請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Dustin Hauenstein, SVP of Finance.

現在，我想請財務高級副總裁達斯汀·豪恩斯坦 (Dustin Hauenstein) 發言。

Please go ahead.

請繼續。

Good morning.

早安.

Earlier today the Company issued a press release comparing results of operations for the 14 week and 53 week periods ended February 3, 2024, through the 13-week and 52-week periods ended January 28, 2023.

今天早些時候，該公司發布了一份新聞稿，比較了截至2024年2月3日的14週和53週期間以及截至2023年1月28日的13週和52週期間的營運結果。

Please note that the financial results that we will be referencing during the remainder of today's call excludes certain adjustments recorded under GAAP.

請注意，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。

Unless specified otherwise.

除非另有說明。

For a complete reconciliation of GAAP to adjusted earnings, please reference our press release.

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 future expectations, plans and prospects of the company constitute 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。

Results may differ materially due to various factors listed in today's press release and the company's public filings with the SEC.

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。

Thank you for joining us this morning.

感謝您今天早上加入我們。

I'd like to begin by recognizing all of our associates for their continued hard work and dedication to designer brands a effectively executed on our priorities quickly adapted inventory to shifting sales trends and work to manage spending levels amidst a challenging macro-economic backdrop.

首先，我要感謝我們所有的員工持續的辛勤工作和對設計師品牌的奉獻，他們有效地執行了我們的優先事項，迅速調整庫存以適應不斷變化的銷售趨勢，並在充滿挑戰的宏觀經濟背景下努力管理支出水平。

While we are pleased with where we ended the year, we fully recognize that we are not operating at our full potential.

雖然我們對今年的業績感到滿意，但我們充分認識到我們尚未充分發揮潛力。

However, as we enter 2024, we do believe we have the right people and processes in place to move our strategy forward.

然而，當我們進入 2024 年時，我們確實相信我們擁有合適的人員和流程來推動我們的策略向前發展。

This provides us with renewed confidence during what will be a transitional year as we begin to see the benefits of new leadership and simultaneously work to rightsize our cost base in anticipation of future growth.

這讓我們在過渡的一年中重拾信心，因為我們開始看到新領導層的好處，同時努力調整我們的成本基礎以預測未來的成長。

In fiscal 2023, we saw a 7.3% year-over-year decline in total sales.

2023 財年，總銷售額年減 7.3%。

So we were still able to deliver EPS at the upper end of our guidance range.

因此，我們的每股盈餘仍能夠達到指導範圍的上限。

During the year, we saw industry weakness across the market according to So Econo dollar sales in the footwear industry contracted year over year for both the fiscal third and fourth quarters consecutively, the first time we have seen a quarterly decline since 2020.

根據 So Econo 美元銷售額，鞋類行業第三財季和第四財季連續同比收縮，我們看到今年整個市場的行業疲軟，這是自 2020 年以來首次出現季度下滑。

This impacted us both within our US retail and Canada retail segments as our footwear offerings are highly discretionary.

這對我們的美國零售和加拿大零售部門都產生了影響，因為我們的鞋類產品是高度自由裁量的。

Within our US retail segment, sales declined 9.2% for the full year compared to 2022 as we continued to operate with a seasonal mix, approximately 50% above the market.

在我們的美國零售部門，由於我們繼續採用季節性組合運營，全年銷售額與 2022 年相比下降了 9.2%，比市場高出約 50%。

The unseasonable warm weather we witness in the back half of the year contributed to softness in our seasonal offerings.

今年下半年，異常溫暖的天氣導致我們的季節性產品疲軟。

And as a result, we instituted necessary promotions to ensure that we exited the quarter with healthy levels of inventory.

因此，我們開展了必要的促銷活動，以確保我們以健康的庫存水準結束本季。

During the fourth quarter, we achieved sales of $754.3 million, a decrease of 0.8% versus the fourth quarter of 2022 with January and the 53rd week, specifically providing a boost to our US retail and Canada retail segments as the seasonal categories rebounded.

第四季度，我們實現銷售額7.543 億美元，與2022 年第四季（1 月和第53 週）相比下降0.8%，特別是隨著季節性類別的反彈，為我們的美國零售和加拿大零售部門帶來了提振。

While the seasonal rebound was not enough to offset the challenges we experienced in the fall, we did see some bright spots throughout our assortment.

雖然季節性反彈不足以抵消我們在秋季遇到的挑戰，但我們確實在我們的產品系列中看到了一些亮點。

Contrary to the reduced demand we experienced in dress and seasonal customers continue to lean into casual and athletic.

與我們對服裝的需求減少相反，季節性客戶繼續傾向於休閒服裝和運動服裝。

Both of these categories saw positive comps during Q4.

這兩個類別在第四季度都取得了積極的業績。

Notably, kids athletic sales were up 15% compared to the fourth quarter of 2022.

值得注意的是，兒童運動用品銷售額與 2022 年第四季相比成長了 15%。

In part due to the return of Nike.

部分原因是耐吉的回歸。

Our results are less indicative of this exciting strength we're seeing in casual and athletic.

我們的結果並不能顯示我們在休閒和運動中看到的這種令人興奮的力量。

Given we remain underpenetrated in these growing segments.

鑑於我們在這些不斷增長的細分市場中的滲透率仍然不足。

We acknowledge our overall performance was lacking and we are laser focused on moving swiftly to evolve our product offerings and reinvigorate our assortment.

我們承認我們的整體表現有所欠缺，我們正專注於迅速發展我們的產品供應並重振我們的品種。

At this point, we are encouraged by the comp sales performance we're seeing quarter to date, we anticipate comps will improve throughout 2024 and expect an inflection in the second half as we lap a weak Q3 2023.

目前，我們對本季迄今所看到的比較銷售業績感到鼓舞，我們預計 2024 年全年比較將有所改善，並預計下半年會出現拐點，因為我們經歷了疲軟的 2023 年第三季。

That being said, there is a high degree of uncertainty headed into 2024, given the discretionary nature of footwear, the uncertain macro environment, the upcoming 2024 US elections and ongoing international conflicts, but we are continuing to address the items within our control that are most immediately impactful to our turnaround.

話雖如此，考慮到鞋類的自由裁量權、不確定的宏觀環境、即將到來的2024 年美國大選以及持續的國際衝突，進入2024 年存在高度的不確定性，但我們將繼續解決我們控制範圍內的問題對我們的扭虧為盈最直接的影響。

Perhaps most importantly, we have brought in talented new leadership, Florida bank president at DSW, who we introduced to you all last quarter and Andrea O'Donnell, our newly appointed brands, President, although it will take some time to see the full effects of their actions on the organization due to lead times both have already driven meaningful changes.

也許最重要的是，我們引進了才華橫溢的新領導層，即我們上個季度向大家介紹過的DSW 佛羅裡達銀行行長，以及我們新任命的品牌總裁Andrea O'Donnell，儘管還需要一些時間才能看到全部效果由於交付時間的原因，他們對組織採取的行動都已經推動了有意義的變革。

I'll speak more about their strategic plans in just a moment.

稍後我將詳細討論他們的戰略計劃。

First, I want to look back the progress we made in 2023 over the past year, we set out to expand our penetration in casual and athleisure, both in our retail offerings and our brand portfolio.

首先，我想回顧過去一年我們在 2023 年的進展，我們著手擴大我們在休閒和運動休閒領域的滲透率，包括零售產品和品牌組合。

Given the significant whitespace opportunities we made notable progress driven by recent acquisitions.

鑑於巨大的空白機會，我們在最近的收購推動下取得了顯著的進展。

Our newest athleisure brands, Keds and towboat will remain key growth drivers of our brand portfolio, and we expect to accelerate distribution and awareness of all of our brands over the coming years.

我們最新的運動休閒品牌 Keds 和 towboat 將仍然是我們品牌組合的主要成長動力，我們預計在未來幾年將加速我們所有品牌的分銷和知名度。

On Keds, we are pleased with the progress we've made since acquiring this nostalgic American brand and largely exiting the Wolverine transition services agreement.

對於 Keds，我們對自收購這個懷舊的美國品牌並基本上退出 Wolverine 過渡服務協議以來所取得的進展感到滿意。

This has been an intensive effort, but we are thrilled to have reached this milestone with only a few remaining component scheduled to transition.

這是一項艱鉅的工作，但我們很高興能夠達到這一里程碑，並且僅計劃過渡幾個剩餘組件。

We are excited about the growth prospects this brand can bring to our brand portfolio once it is fully integrated into our DBI ecosystem, total athletic, which we acquired in December of 2022, had a strong first year in our portfolio with total sales growing sequentially by quarter throughout the year.

我們對這個品牌完全融入我們的DBI 生態系統後可以為我們的品牌組合帶來的增長前景感到興奮，我們於2022 年12 月收購的Total Sports 在我們的產品組合中第一年表現強勁，總銷售額環比增長全年季度。

This franchise Driven Brands has a robust innovation pipeline and is focused on opening new wholesale accounts to build awareness and increase customer conversion.

這家特許經營的 Driven Brands 擁有強大的創新管道，專注於開設新的批發帳戶，以建立知名度並提高客戶轉換率。

Also new to the brand portfolio is Hush Puppies.

該品牌組合中的另一個新成員是 Hush Puppies。

We signed our exclusive North American distribution contract midway through fiscal 2023 and are very excited about the new assortment currently making its way to the market.

我們在 2023 財年中期簽署了北美獨家分銷合同，並對目前進入市場的新品種感到非常興奮。

While this brand is undergoing a relaunch here in the US and is still sold exclusively at DSW, it has a very strong reputation globally, and we are excited about the unique elements It brings to our portfolio.

雖然該品牌正在美國重新推出，並且仍然在 DSW 獨家銷售，但它在全球擁有很高的聲譽，我們對它為我們的產品組合帶來的獨特元素感到興奮。

While we have made progress bringing casual and athletic into our brand portfolio, we are also laser focused on continuing to build upon a strong relationship with national brands in our retail segments and are seeing incremental progress under a slower leadership at DSW.

雖然我們在將休閒和運動納入我們的品牌組合方面取得了進展，但我們也專注於繼續在我們的零售領域與國內品牌建立牢固的關係，並在 DSW 緩慢的領導下看到了漸進的進展。

In September, we welcomed Nike back into our channels.

九月份，我們歡迎 Nike 重返我們的頻道。

And within a few months, Nike sales penetration near pre-COVID levels, being able to offer the largest athletic brand to our customers shopping for men's, women's and kids is a tailwind as we ramp up our casual and athletic offerings across our entire assortment.

在幾個月內，耐吉的銷售滲透率接近新冠疫情前的水平，能夠為購買男裝、女裝和童裝的客戶提供最大的運動品牌，這對我們在整個品類中增加休閒和運動產品來說是一個順風車。

Where do we sit today?

今天我們坐在哪裡？

When I took the helm last year during a period of negative comps at DSW and shrinking sales at our legacy brands, a new sense of urgency would be critical in navigating this difficult landscape.

去年，當我掌舵 DSW 時，正值 DSW 業績不佳、傳統品牌銷售萎縮的時期，一種新的緊迫感對於應對這一困難局面至關重要。

I'm approaching my one year anniversary as CEO, and I've made it clear, one of my top priorities is to identify talent and hire leaders who will bring rigor and execution to our strategy.

我擔任執行長一周年即將到來，我已經明確表示，我的首要任務之一是識別人才並聘請能夠為我們的策略帶來嚴謹性和執行力的領導者。

Our new leadership hires, specifically Laura and Andrea position us to improve our operations and retailing fundamentals, expand our design expertise, grow the salience of our own brands and put us back at the top of customers' minds will also continue to lean into our strong leadership team in Canada headed by Mary Turner as they seek to further expand their market share.

我們新聘的領導層，特別是勞拉和安德里亞，使我們能夠改善我們的營運和零售基礎，擴大我們的設計專業知識，提高我們自有品牌的顯著性，並使我們重新成為客戶心目中的焦點，也將繼續依靠我們強大的實力以瑪麗·特納為首的加拿大領導團隊尋求進一步擴大市場份額。

You heard from Laura last quarter about her early priorities for DSW.

上個季度，您從 Laura 那裡聽到了她關於 DSW 的早期優先事項。

And although Andrea has just recently started with the organization, she is thoughtfully crafting her own strategic pillars leaning on deep experience from her time at Deckers and everything in Canada.

儘管 Andrea 最近剛開始加入該組織，但她正在憑藉在 Deckers 和加拿大一切的豐富經驗，精心打造自己的戰略支柱。

Mary strategy is already well underway and the new year is off to a great start.

瑪莉的策略已經順利實施，新的一年有了一個好的開始。

I'd like to take a moment to speak to some of the strategies these new leaders are spearheading in 2024.

我想花點時間談談這些新領導人在 2024 年率先採取的一些策略。

Let's first talk about our plans at DSW.

我們先來談談我們在 DSW 的計劃。

As we have previously discussed floors, extensive career in merchandising is a critical addition to DSW management for merchants.

正如我們之前討論過的那樣，廣泛的銷售職業生涯是商家 DSW 管理的重要補充。

First, leadership is essential.

首先，領導力至關重要。

As we drive strategic and tactical changes in the business.

當我們推動業務的策略和戰術變革。

She has the tools and insights to execute on revitalizing our assortment and advancing our value proposition, which will optimize our promotions and elevate our brand partnership approach.

她擁有執行振興我們的產品組合和推進我們的價值主張的工具和見解，這將優化我們的促銷活動並提升我們的品牌合作夥伴關係。

I have conviction that we can deliver incremental sales by simplifying the transaction process, putting the customer at the center of merchandising, balancing trends with core assortments and leaving a healthy in-season open receipts, balanced stacked on exciting and both where the close-out buys the cumulative effect of these changes will be a revitalized assortment, an improved brand awareness for DSW.

我堅信，我們可以透過簡化交易流程、將客戶置於商品推銷的中心、平衡趨勢與核心品種、留下健康的當季未結收據、平衡堆積令人興奮的和收尾的地方來實現增量銷售。這些變化的累積效應將是使 DSW 的品種煥發活力，提高品牌知名度。

Beyond the return of NIKE, LoRa is actively reengaging with other key national brands such as Skechers broken stock to New Balance.

除了 NIKE 回歸之外，LoRa 還積極與其他主要國家品牌重新合作，例如 Skechers 斷貨到 New Balance。

Our objective is to build stronger relationships with brand partners and work side-by-side to develop growth targets and secure styles that customers are demanding.

我們的目標是與品牌合作夥伴建立更牢固的關係，並肩努力製定成長目標並確保客戶所需的款式。

I've recently sat down to discuss DSW's merchandising strategy with our top brands for 2024.

我最近坐下來與我們的頂級品牌討論了 2024 年 DSW 的營銷策略。

It is clear that leading brands want to be part of the DSW conversation.

顯然，領導品牌希望參與 DSW 對話。

We are well positioned for spring and summer with all the newness to come.

我們已經為春季和夏季做好了準備，迎接即將到來的所有新事物。

Our teams have built a strong assortment and we are seeing encouraging results in casual athletic and kids.

我們的團隊已經建立了強大的產品組合，並且我們在休閒運動和兒童方面看到了令人鼓舞的成果。

We will continue to seek opportunistic ways to drive newness to our customers, including accessing new styles from long-standing vendors as well as pursuing close-out opportunities with premium brands to ensure that our customers are aware of our updated assortments, we will continue to invest in targeted marketing.

我們將繼續尋求機會主義方式為我們的客戶帶來新鮮感，包括從長期供應商處獲取新款式以及尋求與優質品牌的成交機會，以確保我們的客戶了解我們更新的產品系列，我們將繼續投資於有針對性的行銷。

Our top-of-funnel marketing campaign that launched in the second half of 2023 has already shown positive results in brand awareness investments in advertising on linear TV as well as streaming are expected to continue supporting growth in brand relevance, bolstered by our ongoing focus on expanding our unparalleled loyalty program.

我們於 2023 年下半年推出的漏斗頂部行銷活動已經在線性電視和串流媒體廣告的品牌知名度投資方面取得了積極成果，預計將繼續支持品牌相關性的增長，這得益於我們持續關注擴大我們無與倫比的忠誠度計劃。

Finally, LoRa is focused on strategically enhancing DSW's in-store and digital shopping experiences.

最後，LoRa 致力於策略性地增強 DSW 的店內和數位購物體驗。

This includes simplifying our pricing and promotions as well as selectively updating aspects of brick and mortar stores such as LED lighting, painting, hardwood flooring and core to make the in-store shopping experience even more inviting and enjoyable.

這包括簡化我們的定價和促銷活動，以及選擇性地更新實體店的各個方面，例如 LED 照明、油漆、硬木地板和核心，以使店內購物體驗更加誘人和愉快。

As part of our recent marketing investments, we are also making updates to our Canada retail operations under the leadership of Mary Turner in 2023, we completed a rebranding exercise for the shoe company in Canada and will begin full implementation of the rebranding at the end of this month, both digitally and in new storefronts.

作為我們最近行銷投資的一部分，我們還將在Mary Turner 的領導下於2023 年更新我們的加拿大零售業務，我們完成了加拿大鞋業公司的品牌重塑工作，並將於2023 年底開始全面實施品牌重塑。本月，無論是數位版還是新店面。

We are also further leveraging our existing digital capabilities at DSW, which we anticipate will be a significant driver of sales growth in Canada in 2024.

我們也進一步利用 DSW 現有的數位能力，我們預計這將成為 2024 年加拿大銷售成長的重要推動力。

Finally, we are eager to see the expansion of Shoe Company stores in Canada as we continue to penetrate an attractive market with plans to add eight net new stores in 2024.

最後，我們渴望看到 Shoe Company 商店在加拿大的擴張，因為我們計劃在 2024 年淨增加 8 家新商店，繼續滲透到一個有吸引力的市場。

Moving to our Brand Portfolio segment, our brand journey is still in its early innings, and we believe Andrea's appointment is the catalyst that will take us to the next level.

轉向我們的品牌組合部分，我們的品牌之旅仍處於早期階段，我們相信 Andrea 的任命是將我們帶到下一個水平的催化劑。

Andrea brings proven scaled footwear and brand-building experience to our business for the first time.

安德里亞 (Andrea) 首次為我們的業務帶來了經過驗證的規模鞋類和品牌建立經驗。

For experienced at Deckers, where she led the expansion of the Ugg and Koolaburra brands is indispensable as we strategically plan the next phase of growth for our brands that have been relatively flat over recent years.

對於經驗豐富的 Deckers 來說，她領導 Ugg 和 Koolaburra 品牌的擴張是不可或缺的，因為我們策略性地規劃了近年來相對平穩的品牌下一階段的成長。

Our experience as the CEO of apparel brand ever.

我們作為服裝品牌首席執行官的經驗。

Lane is also immediately additive to the organization.

萊恩也立即加入了組織。

She has the know-how to evolve our current design and marketing capabilities because he understands that each brand's brings a specific and unique end customer with Andrea's leadership.

她擁有發展我們當前設計和行銷能力的專業知識，因為他了解每個品牌在 Andrea 的領導下都會帶來特定且獨特的最終客戶。

We plan to build robust brand plans with key distribution partners fueling long-term growth plans that are informed robust and aligned to our strategy.

我們計劃與主要分銷合作夥伴共同製定穩健的品牌計劃，推動長期成長計劃，這些計劃的資訊豐富且符合我們的策略。

One of Andrea's initial areas of focus is to optimize and streamline our current infrastructure to support and grow our brands.

安德里亞最初的重點領域之一是優化和簡化我們目前的基礎設施，以支持和發展我們的品牌。

This includes finding leverage and efficiencies across the brand portfolio segment as well as across shared infrastructure within our retail segments, our current brand portfolio has grown through multiple acquisitions, each bringing its own architecture as a result of an amalgamation of disparate systems, processes and roles supporting each of our brands in different ways, often creating inefficiencies and at times hampering growth rationalizing the way we are working internally will be critical in setting proper foundation for Andreas' growth plan.

這包括尋找跨品牌組合細分市場以及零售細分市場內共享基礎設施的槓桿作用和效率，我們目前的品牌組合透過多次收購實現成長，由於不同的系統、流程和角色的合併，每個品牌組合都帶來了自己的架構以不同的方式支持我們的每個品牌，通常會造成效率低下，有時還會阻礙成長。合理化我們內部的工作方式對於為Andreas 的成長計畫奠定適當的基礎至關重要。

Before I close, I wanted to again state how excited I am about what lies ahead for us.

在結束之前，我想再次表達我對我們未來的發展感到多麼興奮。

I continue to believe that the unique combination of our store network and our strategic and growing portfolio of nationally distributed brands is a true competitive advantage.

我仍然相信，我們的商店網路與我們策略性且不斷增長的全國分銷品牌組合的獨特結合是真正的競爭優勢。

The pairing of our extensive retail store fleet and logistics networks together with our Own Brands portfolio provides designer brands with the opportunity to harness operational and financial synergies.

我們廣泛的零售店團隊和物流網絡與我們的自有品牌組合相結合，為設計師品牌提供了利用營運和財務協同效應的機會。

Many peers simply cannot match and unlocking additional distinct advantages across our organization is where we are most focused.

許多同行根本無法匹敵，而在我們的組織中釋放額外的獨特優勢是我們最關注的地方。

We are going to continue to leverage assets and infrastructures where it makes sense by driving not only financial leverage but true process efficiencies as our recent acquisitions become fully integrated, we will continue to identify cost savings and additional synergies.

隨著我們最近的收購完全整合，我們將繼續利用有意義的資產和基礎設施，不僅提高財務槓桿，而且提高真正的流程效率，我們將繼續尋求成本節約和額外的協同效應。

Looking ahead to 2024 specifically, we expect net sales to improve throughout the balance of the year as we continue to implement the strategic initiatives I've discussed.

具體展望 2024 年，隨著我們繼續實施我討論過的策略舉措，我們預計全年淨銷售額將有所改善。

There are a variety of unknowns as we enter 2024, but we continue to believe that effectively managing the factors that are under our control will position us well to deliver on our guidance.

進入 2024 年，存在各種未知因素，但我們仍然相信，有效管理我們控制下的因素將使我們能夠很好地實現我們的指導。

I am truly excited about the direction in which we are headed and the opportunities for growth remain both tremendous and attainable.

我對我們前進的方向感到非常興奮，而且成長機會仍然巨大且可實現。

With that, I'll turn it over to Jared.

有了這個，我會把它交給賈里德。

Thank you, Doug, and good morning, everyone.

謝謝你，道格，大家早安。

I would like to echo Doug's excitement regarding the addition of Andrea to our team and the strategies that she and Laura are already driving across the organization.

對於 Andrea 加入我們的團隊以及她和 Laura 已經在整個組織中推行的策略，我想表達道格的興奮之情。

Their combined expertise and proven experience in the US along with that of Mary Turner in Canada are tremendous assets to designer brands.

他們在美國的專業知識和成熟經驗以及加拿大的瑪麗·特納的全面專業知識和經驗對於設計師品牌來說是巨大的資產。

Turning to our financial performance, we delivered solid fourth quarter results that contributed to full year 2023 performance at the upper end of our guidance.

談到我們的財務業績，我們在第四季度取得了穩健的業績，這有助於 2023 年全年業績達到我們指導的上限。

We saw a sequential improvement in our comps from the third to fourth quarter with the improvement accelerating in the month of January, specifically.

從第三季到第四季度，我們的業績連續改善，特別是在一月份加速改善。

Despite these improvements, fourth quarter adjusted earnings per share was a loss of $0.44, negatively impacting our full year adjusted earnings per share of $0.68.

儘管有這些改善，第四季度調整後每股收益仍虧損 0.44 美元，對我們全年調整後每股收益 0.68 美元產生了負面影響。

Let me provide a bit more detail on our fourth quarter and full year financial results.

讓我提供有關我們第四季度和全年財務業績的更多詳細資訊。

For the fourth quarter of 2023, net sales of $754.3 million were down 0.8% versus the prior year period and were down 7.3% on a 13-week comparable basis.

2023 年第四季，淨銷售額為 7.543 億美元，較上年同期下降 0.8%，與 13 週可比相比下降 7.3%。

Notably, our 53 week generated $42.5 million in sales.

值得注意的是，我們第 53 週的銷售額達到了 4,250 萬美元。

Full year 2023.

2023 年全年。

Net sales of $3.075 billion were down 7.3% versus the prior year period and down 9% on a comparable 52-week basis.

淨銷售額為 30.75 億美元，比去年同期下降 7.3%，與 52 週相比下降 9%。

We attribute this shortfall to continued macro pressures, a highly promotional retail environment and the impact of warm weather on our seasonal footwear business.

我們將這種短缺歸因於持續的宏觀壓力、高度促銷的零售環境以及溫暖天氣對我們季節性鞋類業務的影響。

In our US retail segment, comps were down 7.4% in the fourth quarter, an improvement compared to down 9.8% in the third quarter of 2023.

在我們的美國零售領域，第四季的比較下降了 7.4%，與 2023 年第三季下降 9.8% 相比有所改善。

Negative comps were primarily driven by weaker performance in our seasonal business, slightly offset by stronger sales in our casual athletic and athleisure offerings.

負面業績主要是由於我們的季節性業務表現疲軟所推動的，但我們的休閒運動和運動休閒產品的銷售強勁略有抵消。

As Doug mentioned, this was all against a backdrop of year-over-year contraction in the overall footwear market for the second consecutive quarter.

正如道格所提到的，這一切都是在整個鞋類市場連續第二季同比收縮的背景下發生的。

For the full year, US retail comps were down 9.5%.

全年美國零售業指數下跌 9.5%。

Our Canada retail segment comps were down 9.2% for the fourth quarter, driven by macro challenges.

受宏觀挑戰的推動，我們的加拿大零售部門第四季業績下降了 9.2%。

Notably, this was on top of a strong fourth quarter performance last year.

值得注意的是，這是在去年第四季強勁表現的基礎上實現的。

For the full year, Canada comps were down 5.9% following a very strong 2022, which saw comps up nearly 30% as a result of the phasing of Canada's post COVID recovery.

繼 2022 年表現強勁之後，加拿大全年股價下跌 5.9%，由於加拿大在新冠疫情後的復甦階段，加拿大股價上漲了近 30%。

Finally, in our brands portfolio segment, sales were up 37.7% in the fourth quarter.

最後，在我們的品牌組合領域，第四季銷售額成長了 37.7%。

For full year 2023, sales were up 6.5%.

2023 年全年銷售額成長 6.5%。

Both were driven primarily by the acquisition of Keds turbo athletic and the launch of lifitegrast.

兩者的主要動力是收購 Keds Turbo Attent 和推出 Lifitegrast。

Their performance of Vince Camuto.com continued to gain momentum with comps up 5.9% in the quarter, lapping an already strong year.

Vince Camuto.com 的業績繼續保持強勁勢頭，該季度的綜合業績增長了 5.9%，結束了本已強勁的一年。

Full year performance for Vince, Camuto.com was also solid, with comps up 6% versus the prior year as new wide cap food offerings developed traction with our customers.

Vince, Camuto.com 的全年業績也很穩健，由於新的寬盤食品產品對我們的客戶產生了吸引力，與上年相比增長了 6%。

Consolidated gross margin of 27.5% in the fourth quarter decreased 170-basis points versus the prior year, primarily driven by promotions.

第四季綜合毛利率為 27.5%，較上年同期下降 170 個基點，主要是由於促銷活動所致。

Full year 2023.

2023 年全年。

Consolidated gross margin was 31.7% compared to 32.6% last year, a decrease of 90-basis points.

綜合毛利率為31.7%，較去年的32.6%下降90個基點。

As a reminder, we've expanded our gross margin over 300-basis points since pre-COVID.

提醒一下，自新冠疫情爆發之前以來，我們的毛利率已擴大了 300 個基點以上。

In the fourth quarter, our adjusted SG&A was 31.8% of sales compared to 27.5% in the prior year period.

第四季度，調整後的 SG&A 佔銷售額的 31.8%，去年同期為 27.5%。

For the full year 2023, our adjusted SG&A was 29.1% compared to 26.6% in 2022.

2023 年全年，我們調整後的 SG&A 為 29.1%，而 2022 年為 26.6%。

As previously highlighted, this deleveraging was largely a result of a declining top line, coupled with the increases in underlying fixed expenses as a result of several acquisitions we completed in 2023.

如同先前所強調的，這種去槓桿化很大程度上是由於營收下降，加上我們在 2023 年完成的幾項收購所導致的基礎固定費用增加。

As Doug noted, we are examining all areas of the organization to identify cost savings, efficiencies and synergies within our infrastructure and administrative support.

正如道格指出的那樣，我們正在檢查組織的所有領域，以確定我們的基礎設施和行政支援中的成本節約、效率和協同效應。

For the fourth quarter, adjusted operating loss was $30.2 million, which includes $6.6 million in additional operating income generated in the 53 week compared to a $15.1 million gain in the prior year.

第四季度，調整後營運虧損為 3,020 萬美元，其中包括第 53 週內產生的 660 萬美元額外營運收入，而前一年的收益為 1,510 萬美元。

For the full year 2023, adjusted operating profit was $89.6 million compared with $207.5 million last year.

2023 年全年，調整後營業利潤為 8,960 萬美元，而去年為 2.075 億美元。

In the fourth quarter of 2023, we had $9.9 million of net interest expense compared to $4.3 million last year.

2023 年第四季度，我們的淨利息支出為 990 萬美元，而去年為 430 萬美元。

For the full year 2023 Our interest expense was $32.2 million compared with $14.9 million in the prior year.

2023 年全年，我們的利息支出為 3,220 萬美元，而前一年為 1,490 萬美元。

Our higher interest as a direct result of the term loan we installed during the year as well as higher average borrowings on our ABL at higher interest rates.

我們的利息較高是我們在這一年安裝的定期貸款以及我們的 ABL 上平均借款利率較高的直接結果。

Our effective tax rate for the fourth quarter on our adjusted results was 37% compared to 56.7% last year.

我們在第四季調整後業績的有效稅率為 37%，而去年為 56.7%。

For the year, our effective tax rate was 24.8%, which was below last year's 30.6%, and our fourth quarter adjusted net loss was $25.3 million or negative $0.44 and diluted earnings per share.

今年，我們的有效稅率為 24.8%，低於去年的 30.6%，第四季調整後淨虧損為 2,530 萬美元，攤薄每股收益為負 0.44 美元。

Weaker performance, along with higher interest expense culminated in a lower diluted EPS compared to the $0.07 per share in Q4 of 2022.

業績疲軟以及利息支出增加最終導致稀釋後每股收益低於 2022 年第四季的每股 0.07 美元。

To Finally, our full year adjusted net income was $43.2 million or $0.68 per diluted share compared to $133.7 million or $1.85 earnings per share in 2022.

最後，我們全年調整後淨利為 4,320 萬美元，即稀釋後每股收益 0.68 美元，而 2022 年為 1.337 億美元，即每股收益 1.85 美元。

Turning to inventory we ended the fourth quarter with inventories down 5.7% versus the prior year as we continued to emphasize a clean inventory position and prioritize placement of our newest product brand portfolio.

談到庫存，我們第四季末的庫存比去年同期下降了 5.7%，因為我們繼續強調清潔庫存狀況並優先放置我們最新的產品品牌組合。

Inventory ended the fourth quarter down 8% and adjusted for the acquisition of Topo and Keds inventory would have been down 23% to last year.

第四季末庫存下降 8%，並根據收購 Topo 和 Keds 進行調整，庫存將比去年下降 23%。

We feel good about our inventory levels heading into the new fiscal year.

我們對進入新財年的庫存水準感到滿意。

And our strong balance sheet provides us flexibility to continue to chase and take action on opportunistic buys.

我們強大的資產負債表為我們提供了繼續追逐機會性購買並採取行動的靈活性。

As I highlighted on our third quarter earnings call, we strategically deployed significant promotions during the Black Friday and Cyber Monday period to clear through seasonal product and rightsize our inventory positions to prepare for a revitalized selection heading into the spring season.

正如我在第三季財報電話會議上所強調的那樣，我們在黑色星期五和網路星期一期間策略性地部署了重大促銷活動，以清理季節性產品並調整我們的庫存頭寸，為進入春季的新產品選擇做好準備。

As we continue to shift our assortment mix to include more of the brands we know our customers' desire.

隨著我們不斷改變我們的產品組合以納入更多品牌，我們了解客戶的需求。

We anticipate we will drive higher sell-throughs and faster inventory turns, ultimately giving customers newness each time they shop at DSW.

我們預計我們將推動更高的銷售和更快的庫存週轉，最終為客戶每次在 DSW 購物時帶來新鮮感。

In fiscal 2023, I'm pleased to report that Designer Brands returned $114.3 million to shareholders through a combination of dividends and share repurchases.

在 2023 財年，我很高興地報告，Designer Brands 透過股息和股票回購的方式向股東返還了 1.143 億美元。

During the year, we repurchased an aggregate 9.7 million Class A common shares at an aggregate cost of $102.2 million and paid $12.2 million in dividends.

年內，我們回購了總計 970 萬股 A​​ 類普通股，總成本為 1.022 億美元，並支付了 1,220 萬美元股息。

As of February 3, 2024, $87.7 million remained available under our share repurchase program, which, as a reminder, has no set expiration date.

截至 2024 年 2 月 3 日，我們的股票回購計畫仍有 8,770 萬美元可供使用，但需要提醒的是，該計畫沒有設定到期日期。

We have also once again reaffirmed our commitment to returning cash to shareholders declaring a $0.05 per share dividend for the first quarter of 2024.

我們也再次重申向股東返還現金的承諾，宣布 2024 年第一季每股股息 0.05 美元。

I'm proud that Designer Brands was able to generate strong cash flows and shore up our balance sheet during 2023 despite the sales headwinds.

我感到自豪的是，儘管銷售不利，Designer Brands 仍能夠在 2023 年產生強勁的現金流並支撐我們的資產負債表。

For the full year, we generated $107.4 million of free cash flow, defined as cash provided by operating activities, less cash paid for property and equipment, reflecting a strong cash conversion rate and the resiliency of our business.

全年，我們產生了 1.074 億美元的自由現金流，定義為經營活動提供的現金減去購買財產和設備的現金，反映了強勁的現金轉換率和我們業務的彈性。

Amidst macro headwinds.

在宏觀逆風中。

We ended the fourth quarter of 2023 with $49.2 million of cash.

截至 2023 年第四季末，我們擁有 4,920 萬美元現金。

And our total liquidity, which includes cash and availability under our revolver was $210.1 million.

我們的總流動資金（包括現金和左輪手槍可用資金）為 2.101 億美元。

As a reminder, we continue to await the receipt of the remaining $40 million of our CARES Act tax refund due to us from the IRS.

謹此提醒，我們將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《關懷法案》退稅款。

This refund has cleared all audits and is simply awaiting funding by the US Treasury.

這筆退款已經通過了所有審計，只是等待美國財政部的資助。

On January 29t, 2024, we borrowed the remaining $60 million available under our new term loan.

2024 年 1 月 29 日，我們借入了新定期貸款中剩餘的 6,000 萬美元。

We remain well inside of all covenants and have strong relationships with all of our credit providers.

我們始終遵守所有契約，並與所有信貸提供者建立了牢固的關係。

Total debt outstanding was $434.2 million as of the end of the fourth quarter.

截至第四季末，未償債務總額為 4.342 億美元。

Before discussing our 2024 outlook I would like to provide an update on changes we are implementing within our brands portfolio segment to move towards a consistent approach to selling of our own brands to our other segments.

在討論我們的 2024 年展望之前，我想先介紹一下我們在品牌組合細分市場中正在實施的變革的最新情況，以採取一致的方式向其他細分市場銷售我們的自有品牌。

As it stands today, certain owned brands and our segment sales are recorded as wholesale sales with a corresponding gross profit identical to sales made to external wholesale customers at the same time, certain other owned brands are recorded as commission income based on the product being designed by our brands portfolio segment at a commission rate.

依照目前的情況，某些自有品牌和我們的分部銷售記錄為批發銷售，相應的毛利與同時向外部批發客戶的銷售相同，某些其他自有品牌根據所設計的產品記錄為佣金收入依我們的品牌組合細分市場收取佣金。

But the product is direct ordered by our retail segments from the factories starting in the first quarter of fiscal 2024, we plan to transition intersegment commission income transactions to a standardized and streamlined approach and transact at wholesale sales with an attributable gross margin.

但從2024 財年第一季開始，該產品由我們的零售部門直接從工廠訂購，我們計劃將部門間佣金收入交易轉變為標準化和簡化的方式，並以可歸屬毛利率的批發銷售方式進行交易。

As a result, reported sales as well as gross profit will increase for our Brand Portfolio segment.

因此，我們品牌組合部門的報告銷售額和毛利將會增加。

While the US retail segment will have lower gross margin upon selling through to the end customer.

而美國零售部門在向最終客戶銷售時的毛利率將會較低。

As is inventory cost basis will be higher on a total DBI. basis.

以總 DBI 計算，庫存成本基礎將會更高。基礎。

There is no change due to consolidation through inter-company eliminations.

不存在因公司間抵銷合併而產生的變化。

While this does not change our ultimate consolidated financial results and will provide our teams with greater clarity and consistency in the business, planning and execution process at the brand level for full year 2024, we are anticipating this will add approximately $70 million of sales and $20 million of gross profit to the Brand Portfolio segment's reported operations.

雖然這不會改變我們的最終綜合財務業績，並將為我們的團隊提供2024 年全年品牌層面的業務、規劃和執行流程的清晰度和一致性，但我們預計這將增加約7000 萬美元的銷售額和20 美元的收入。品牌組合部門報告業務的毛利為 100 萬美元。

This will also increase the amount of sales and gross profit that is eliminated in consolidation as captured separately from the reported segments' results.

這也將增加合併中抵銷的銷售額和毛利，這些銷售額和毛利是與報告部門的績效分開獲取的。

Before I conclude, I want to share.

在結束之前，我想分享一下。

A few thoughts on our 2024 guidance.

關於我們 2024 年指導的一些想法。

We expect net sales growth in the low single digits versus last year, even when considering the headwind of the sales recorded in the 53 week of 2023.

即使考慮到 2023 年第 53 週的銷售逆風，我們預計淨銷售額成長仍將比去年低個位數。

We also expect comparable sales to be up low single digits, improving sequentially as the year progresses.

我們也預期可比銷售額將成長低個位數，並隨著年份的推移而持續改善。

The accelerating comp growth is expected to be driven by our new assortment strategy increasingly coming to life in our stores as well as an assumed continuance of improved DSW awareness as a result of optimized marketing and while our comparable sales growth is expected to improve sequentially throughout the year, the 53 week last year as a bit of calendarization volatility to our quarterly year-over-year sales growth with key selling weeks sometimes falling in non-comparable quarters and of course, the loss of an entire selling week in Q4.

加速的複合成長預計將受到我們商店中日益實施的新分類策略的推動，以及由於優化行銷而假設 DSW 意識持續提高，而我們的可比銷售成長預計將在整個季度內連續改善。去年的第53 週對我們的季度同比銷售成長產生了一定的日曆波動，關鍵銷售周有時會在非可比季度中下降，當然，第四季度整個銷售週的損失。

This results in Q3 being projected as our strongest growth quarter and Q4 to be our weakest.

這導致第三季度預計為我們成長最快的季度，而第四季為最弱的。

We anticipate sales in our Brand Portfolio segment will increase mid-single digits, driven by double digit DTC growth and key wholesale growth, especially at topo and Hush Puppies.

我們預計，在兩位數 DTC 成長和主要批發成長（尤其是 topo 和 Hush Puppies）的推動下，我們的品牌組合細分市場的銷售額將實現中個位數成長。

Excluding the impact of the change in selling approach I just discussed turning to factors impacting our profitability.

排除銷售方式變化的影響，我剛剛討論了影響我們獲利能力的因素。

While we are not providing detailed P and L guidance, directionally, I want to help bridge build a bridge from our top line sales to net income.

雖然我們沒有提供詳細的損益指導，但從方向上來說，我想幫助建立一座從我們的營地收到淨利潤的橋樑。

First, we are anticipating our gross profit rate to be relatively flat to slightly up to last year.

首先，我們預計毛利率將與去年持平或略有上升。

As fewer promotional markdowns helped to mitigate some of the lower merchandise margin associated with increasing penetration of key national athletic brands within our DSW assortment.

由於促銷降價活動的減少有助於緩解因主要國家運動品牌在 DSW 產品系列中的滲透率不斷提高而導致的商品利潤率下降的情況。

We also expect to see slight expense leverage in our SG&A ratio as we are aggressively pursuing identifying and unlocking efficiencies across the organization, while reinvesting in key areas such as marketing, personnel and technology.

我們也預期 SG&A 比率將出現輕微的費用槓桿，因為我們正在積極尋求識別和釋放整個組織的效率，同時在行銷、人員和技術等關鍵領域進行再投資。

We anticipate an effective tax rate of roughly 30% for fiscal 2024 and expect earnings per share to be in the range of $0.70 to $0.80, representing a roughly 10% increase at the midpoint when compared to our 2023 results.

我們預計 2024 財年的有效稅率約為 30%，每股收益預計在 0.70 美元至 0.80 美元之間，與我們 2023 年的業績相比，中位數增長約 10%。

For the reasons mentioned previously, including sequential top line improvement as a result of our retail assortment changes as well as the deployment of some of the expense initiatives not starting to materialize until Q2.

基於前面提到的原因，包括由於我們的零售品種變化而導致收入連續改善，以及部署一些直到第二季才開始實現的費用計劃。

We anticipate our EPS growth over last year to be negative in the first half of the year with healthy year-over-year growth.

我們預計今年上半年每股盈餘較去年為負成長，但年比將實現健康成長。

In the second half, we expect capital expenditures to be in the range of $65 million to $75 million for the year.

下半年，我們預計全年資本支出將在 6,500 萬美元至 7,500 萬美元之間。

In conclusion, we are confident we are making the appropriate changes to move our organization in the right direction and could not be more assured.

總之，我們相信我們正在做出適當的改變，使我們的組織朝著正確的方向發展，我們對此感到非常放心。

And the new leadership we have at the helm.

以及我們的新領導階層。

We have an important transition year ahead as we plan to return to growth on the top and bottom lines, while continuing to generate strong free cash flow and our teams will continue to be laser focused on reducing excess spending while reinvesting to accelerate our brand and retail strategies.

我們將迎來重要的轉型年，因為我們計劃恢復營收和利潤的成長，同時繼續產生強勁的自由現金流，我們的團隊將繼續專注於減少過度支出，同時進行再投資以加速我們的品牌和零售業務策略。

With that, we will open the call for questions.

至此，我們將開始提問。

Operator?

操作員？

Ladies and gentlemen, at this time, we'll begin the question-and-answer session to ask a question.

女士們、先生們，現在我們將開始問答環節來提問。

(Operator Instructions)

（操作員說明）

Mauricio Serna, UBS,.

毛里西奧·塞爾納，瑞銀集團。

Good morning and thanks for taking my questions.

早安，感謝您提出我的問題。

First, I wanted to maybe you could talk a little bit more about what you're seeing on a quarter to date.

首先，我想也許您可以多談談您迄今為止所看到的一個季度的情況。

And you mentioned you were pleased with the comp sales performance so far, but maybe you could give us a little bit of insight.

您提到您對迄今為止的銷售業績感到滿意，但也許您可以給我們一些見解。

How does that compare to, you know, the comp sales that you had in Q4?

與第四季的比較銷售額相比如何？

And then maybe you could provide a little bit more details on the guidance are for the interest expenses.

然後也許您可以提供有關利息支出指導的更多詳細資訊。

You know, how should we think about interest expenses for 2024?

你知道，我們該如何考慮2024年的利息支出？

Thank you.

謝謝。

I'm sorry, Phil, this is Doug.

對不起，菲爾，我是道格。

I'll start and then I'll turn it over to Jared.

我先開始，然後把它交給賈里德。

And yes, we are pleased, as we said, with the results that we're seeing season to date, largely driven by strength that we're seeing in the casual area as well as athletic and kids.

是的，正如我們所說，我們對本賽季迄今為止所看到的結果感到高興，這主要是由我們在休閒領域以及運動和兒童領域看到的實力所推動的。

And it's come again, a significant improvement to what we saw coming out of Q4.

它再次出現，與我們在第四季度看到的情況相比有了顯著改善。

So early days.

這麼早的日子。

So a lot of volatility, obviously in the market, but we're very pleased with how the quarter is starting to play out.

市場顯然存在很大的波動，但我們對本季的開始表現感到非常滿意。

And Maurucio, this is Jared on the interest income, given that we will have the full amount of the term loan over the entire balance of the year, but then offsetting a little bit with earned cash flow paying down the ABL.

毛魯西奧，這是利息收入的賈里德，因為我們將在今年的整個餘額中獲得全額定期貸款，然後用償還 ABL 的賺取現金流來抵消一點。

We are anticipating relatively the same interest that yearly interest expense, maybe just a couple of million dollars more than last year in totality.

我們預期利息與每年的利息支出大致相同，可能只比去年多幾百萬美元。

Got it.

知道了。

Very helpful.

很有幫助。

And then maybe on stick, if I'm thinking about the operating margin, it seems that gross profit could be sorry, gross margin could be flat.

然後也許堅持下去，如果我考慮營業利潤率，似乎毛利可能會很遺憾，毛利率可能持平。

But and you were mentioning maybe some a slight expense leverage.

但是你提到的可能是一些輕微的費用槓桿。

So if I put those things together, I think you're expecting like a modest expansion on a year-over-year basis, just wanted to make sure I understand that.

因此，如果我將這些事情放在一起，我認為您期望逐年適度擴張，只是想確保我理解這一點。

Right.

正確的。

And lastly, if you could just remind us or talk a little bit more about now how the Nike business has been going.

最後，您能否提醒我們或多談談耐吉業務目前的進展。

You know, you said like it's near pre-COVID level penetration.

你知道，你說過它的滲透率接近新冠疫情之前的水平。

Maybe Mike, could you remind us how much what that used to be?

也許麥克，你能提醒我們那曾經是多少嗎？

And any additional detail would be very helpful.

任何額外的細節都會非常有幫助。

I will start with answering your first question, and that is, yes, a modest expansion on the op income rate line.

我將首先回答你的第一個問題，那就是，是的，操作收入率線的適度擴張。

And then I'll turn it over to Doug for Nike.

然後我會把它交給耐吉的道格。

Yes, on NIKE versa.

是的，耐吉亦然。

We're as we said in the remarks, were the brand went to one of our top national brands pretty quickly in the quarter.

正如我們在評論中所說，該品牌在本季度很快就成為了我們的頂級國家品牌之一。

We're very pleased with the results they continue to be great partners.

我們對結果感到非常滿意，他們仍然是優秀的合作夥伴。

It's nearing the penetration that it was pre pandemic.

它已接近大流行前的滲透率。

So again, we feel really good about that and continuing to get access to product that we've ever had before.

再說一次，我們對此感覺非常好，並繼續獲得我們以前擁有的產品。

Again, they've been great partners, very pleased with the progress that we're seeing there as well as overall active and Nike, that's kind of a positive halo effect and some of the other businesses as well, really strong driver.

再說一遍，他們是很棒的合作夥伴，對我們所看到的進展以及整體活躍度和耐吉感到非常滿意，這是一種積極的光環效應，其他一些業務也是如此，真正強大的驅動力。

The kids business, we're seeing nice trip drivers, Tom, coming out of driven by Nike kids that are actually positively impacting the women's business as well.

在兒童業務方面，我們看到湯姆是一位出色的出行司機，他們是由耐吉兒童駕駛的，這實際上也對女性業務產生了積極影響。

So again, couldn't be more pleased with the partnership today.

再說一次，我們對今天的合作關係感到非常滿意。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Please go ahead with your question was just trying to kind of simplify this a little bit for the kind of sales guide on the year.

請繼續回答你的問題，只是想稍微簡化一下今年的銷售指南。

I know you're not going to guide component pieces of it.

我知道你不會指導它的組成部分。

But as you start lapping maybe a full branded portfolio provide you're making other acquisitions is the idea here that DSW banner is going to be doing more of the heavy lifting until that portfolio kind of finds footing?

但當你開始投資一個完整的品牌組合時，如果你正在進行其他收購，那麼 DSW 旗幟將承擔更多的繁重工作，直到該組合找到立足點？

Or just given the be kind of on sales or sort of the expectation on sales this quarter versus the comp just trying to kind of set expectations appropriately for the year if that makes sense.

或者只是考慮到本季的銷售或銷售預期，而公司只是試圖為今年設定適當的預期（如果有意義的話）。

Yes, you does done certainly just given the sheer size of DSW vis a vis the brand segments, you know, the sales growth and comp growth we guided to would indicate you've got more just actual dollar volume coming from that segment.

是的，考慮到 DSW 相對於品牌細分市場的龐大規模，您確實做到了，您知道，我們指導的銷售增長和比較增長將表明您從該細分市場獲得了更多的實際美元交易量。

However, and we did we did guide that the Brands segment will actually grow mid-single digits.

然而，我們確實預測品牌細分市場實際上將實現中個位數成長。

And we do have a full year of work that we acquired both kids and turbo at the beginning of last year.

我們確實有一整年的工作，我們在去年年初收購了 kids 和 Turbo。

So with all of that put into the mixer, we are seeing mid-single digit growth on the brand side, both single digit growth in our comps for our retail businesses.

因此，將所有這些投入到混合器中，我們看到品牌方面實現了中個位數成長，我們的零售業務也實現了個位數成長。

Sorry, I missed that, but the mid-single digit brand side, that's more or less given timing of acquisitions, the not organic growth,

抱歉，我錯過了這一點，但是中個位數的品牌方面，這或多或少是考慮到收購的時機，而不是有機增長，

I guess I'm sorry, you broke up there.

我想我很抱歉，你們在那裡分手了。

What was the question?

問題是什麼？

I just apologize for missing that commentary, but the mid-single digit growth on the branded side, given the timing of acquisitions is closer than that organic growth sounds like, correct?

我只是為錯過這一評論而道歉，但考慮到收購的時機比有機增長聽起來更接近，品牌方面的中個位數增長，對嗎？

Yes, yes, that's organically, Scott.

是的，是的，這是有機的，斯科特。

And is there anything I guess, the when should you start seeing potentially, I guess, kind of to reset or to level set some of the merchandising architecture within the DSW banner, the idea of pulling out these ancillary brands and kind of adding our own brand portfolio, some of the shift has maybe shifted, too.

我猜你什麼時候應該開始看到潛在的，我猜，有點重置或水平設置 DSW 旗幟內的一些銷售架構，撤出這些輔助品牌並添加我們自己的想法品牌組合方面，一些轉變可能也發生了變化。

Is these other purchase brand.

這些是其他購買品牌嗎？

Just how does the assortment look next year at the DSW level as far as sort of own brand mix and how that kind of helps the overall banner?

就自有品牌組合而言，明年在 DSW 層面上的品種會是什麼樣子？這對整體旗幟有何幫助？

Yes, John, this is Doug on Laura has already made meaningful progress with the team.

是的，約翰，這是道格，勞拉已經與團隊取得了有意義的進展。

Obviously, just as our focus is continuing to revitalize the assortment, most notably, that's really leaning into the areas where we're seeing consumer demand growing and we're underpenetrated specifically athletic.

顯然，正如我們的重點是繼續振興該品種一樣，最值得注意的是，這確實傾向於我們看到消費者需求不斷增長但我們在運動方面的滲透率不足的領域。

So that's where we're seeing some really nice growth there and seeing a really nice growth in the kids area as well.

因此，我們看到了一些非常好的成長，並且在兒童領域也看到了非常好的成長。

And a lot of that is on the back of the return of Nike, obviously.

顯然，這很大程度上是耐吉回歸的結果。

But we're maintaining our commitment in own brands.

但我們仍堅持對自有品牌的承諾。

The penetration was essentially flat and that will evolve, obviously in the portfolio has evolved with the acquisition of Keds.

滲透率基本上持平，而且這種情況將會發生變化，顯然，隨著收購 Keds，投資組合也發生了變化。

Turbo talked about Hush Puppies as well.

Turbo 也談到了 Hush Puppies。

So again, we'll continue to evolve that feeling really good about the green shoots we're seeing already with the changes that the team has made in the assortment.

因此，我們將繼續發展這種對我們已經看到的萌芽的感覺，以及團隊在產品類別中所做的改變。

Thanks for that.

感謝那。

And then final one for me, whether presumably continue to be volatile, any kind of incremental ways you can mitigate that either between kind of being lean on inventory or athletic penetration?

對我來說最後一個問題是，是否可能繼續波動，有任何一種增量方式可以緩解這種情況，無論是依靠庫存還是運動滲透？

This is Doug.

這是道格。

I mean, we're going to continue to focus on what we can control.

我的意思是，我們將繼續專注於我們可以控制的事情。

So the team has done a really good job of managing inventory.

因此，該團隊在庫存管理方面做得非常好。

We have open-to-buy to take advantage of opportunistic buys to Chase Home categories and products that are working as well.

我們開放購買，以利用機會主義購買大通家居類別和同樣有效的產品。

That's one of our key strengths, honestly, and we're certainly not walking away from that.

老實說，這是我們的主要優勢之一，我們當然不會放棄這一點。

So I'd say that's the biggest thing that we could do.

所以我想說這是我們能做的最重要的事。

And so we just stay really close to what's happening obviously, as we progress through 2024 crude.

因此，隨著 2024 年原油產量的進展，我們只是密切關注正在發生的事情。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, good morning, everyone.

嗨，大家早安。

As you think about just the health and the state of the consumer, whether it's in the US or whether it is in Canada, what are you seeing that are the same or the differences?

當您考慮消費者的健康和狀況時，無論是在美國還是在加拿大，您看到什麼相同或不同？

And how has that changed exiting 2023 and into 2024 so far, whether online or in-store and speaking about stores, how are you thinking about your store base in 2024 whether it's openings or closings?

從 2023 年到 2024 年，到目前為止，情況發生了怎樣的變化，無論是在線還是實體店，說到商店，您如何看待 2024 年的商店數量，無論是開業還是關閉？

And lastly, very good.

最後，非常好。

Very nice hire in welcoming Andrea to the fold.

非常好的僱傭，歡迎安德里亞加入。

As you think about the assortment and category assortment and margin profile, what looks different a year from now than what it is today in attracting customers and gaining market share?

當您考慮品種和類別以及利潤狀況時，一年後在吸引客戶和獲得市場份額方面與現在有何不同？

Thank you.

謝謝。

Thanks, Dana, this is Doug.

謝謝，達納，這是道格。

As it relates to your first question on the consumer health on, as we said, we are encouraged by the trend change that we've seen, obviously in Q1 as it compares to Q4 overarching, I would say that customer is definitely responding to newness, and that has been a dedicated focus, obviously driven by Laura in the US and then Mary Turner in Canada.

正如我們所說，這與您關於消費者健康的第一個問題有關，我們對我們所看到的趨勢變化感到鼓舞，顯然是在第一季度，與第四季度相比，我想說客戶肯定會對新鮮事物做出反應，這一直是一個專門的焦點，顯然是由美國的勞拉（Laura）和加拿大的瑪麗·特納（Mary Turner）推動的。

So the team has been maniacally focused on that leaning into categories that were underpenetrated and where we're seeing really nice demand specifically athletic, the casual businesses had a nice buoyancy as well.

因此，團隊一直瘋狂地專注於那些滲透不足的類別，我們看到了非常好的需求，特別是運動領域，休閒業務也有很好的活力。

And then the kids business is coming on strong as well.

而且兒童業務也正在蓬勃發展。

And we talked about the positive impact of Nike, but it's definitely broader than that.

我們談到了耐吉的積極影響，但它肯定比這更廣泛。

So I'd say overall, it's really around we're seeing a trajectory change from what we saw coming out of Q4, still early on, obviously.

所以我想說，總的來說，我們確實看到了與第四季的情況相比的軌跡變化，顯然還處於早期階段。

And so volatility as we think about channel growth.

當我們考慮渠道成長時，波動性也是如此。

We really think agnostically about that between stores and digital.

我們確實對商店和數字之間的關係持不可知論的態度。

The digital business has been stronger from a comp perspective than stores.

從比較的角度來看，數位業務比商店更強大。

But again, we're big believers in stores and we are definitely seeing an increase and modestly in traffic there.

但同樣，我們是商店的忠實擁護者，我們確實看到那裡的客流量增加且適度。

We're continuing to invest in top of funnel mark marketing, which had a really positive pull that results to increase the traffic there.

我們將繼續投資漏斗頂部行銷，這確實產生了積極的推動作用，從而增加了那裡的流量。

So we're feeling good about that.

所以我們對此感覺良好。

We're leveraging stores in a different way, and we think it's very much this ecosystem. 60% of our digital demand is fulfilled by our stores, 90% of our e-commerce churns are made in stores.

我們以不同的方式利用商店，我們認為這很大程度上就是這個生態系統。我們 60% 的數位需求是由我們的商店滿足的，我們 90% 的電子商務流失是在商店中完成的。

So there's a lot of footsteps when the confluence of those two channels.

所以當這兩個通道匯合時會有很多腳步聲。

So we really think about those holistically.

所以我們確實從整體來考慮這些問題。

We talked about the eight net new stores in Canada.

我們討論了加拿大的八家淨新店。

And so we're excited about that and we don't have any plans to make any material differences on in DSW.

因此，我們對此感到興奮，我們沒有任何計劃對 DSW 做出任何重大改變。

Again, it really goes back to the work that I mentioned that Laura is focusing on how do we update those stores in a very thoughtful way with LED lighting, paint, hardwood flooring and think about making the experience even more inviting and enjoyable.

再次，這確實回到了我提到的工作，勞拉專注於我們如何以非常周到的方式更新這些商店，使用 LED 照明、油漆、硬木地板，並考慮讓體驗變得更加誘人和愉快。

So lots of focus on that, but no major change in the store count.

所以很多人都關注這一點，但商店數量沒有重大變化。

And then as it relates to your last question, it's early days with Andrea, but I've been really pleased with the progress that she's making already with the team.

就你的最後一個問題而言，安德里亞還處於早期階段，但我對她在團隊中所取得的進展感到非常滿意。

She's maniacally focused on profitability as well as prioritizing the brands that we see significant upside growth.

她瘋狂地專注於盈利能力，並優先考慮我們看到顯著增長的品牌。

There has been some meaningful changes through investments in the brand portfolio in the last, you know, 12 to 15 months, obviously with the Keds acquisition topo and high Sappi's and little growth.

在過去的 12 到 15 個月裡，透過對品牌組合的投資，發生了一些有意義的變化，顯然是 Keds 收購 topo 和高 Sappi 的成長。

So again, there's a lot of net new in the portfolio that she has on arsenal to work with.

再說一次，她的武器庫中有很多新的東西可以合作。

But it's very, very early days.

但這還為時過早。

We'll come back with more specifics as she's had a little bit more time in the role.

我們會回來提供更多細節，因為她在這個角色上有更多的時間。

Thanks for your questions.

感謝您的提問。

Thank you.

謝謝。

And ladies and gentlemen, with showing no additional questions, we'll conclude the question and answer session.

女士們先生們，在沒有提出任何其他問題的情況下，我們將結束問答環節。

I'd like to turn the floor back over to Doug for any closing remarks.

我想請道格發表結束語。

Thank you all again for joining us this morning and we look forward to continuing to update you on our progress as we progress through 2024.

再次感謝大家今天早上加入我們，我們期待在 2024 年繼續向您通報我們的最新進展。

Thanks again.

再次感謝。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation.

女士們先生們，我們今天的電話會議和演示就到此結束。

We do thank you for joining.

我們非常感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。