Designer Brands Inc (DBI) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Designer Brands second quarter 2025 results conference call. (Operator Instructions) Note this event is being recorded.

早安，歡迎參加 Designer Brands 2025 年第二季業績電話會議。（操作員說明）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ashley Firlan, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的 Ashley Firlan。請繼續。

Good morning. Earlier today, the company issued a press release comparing results of operations for the 13-week period ended August 2, 2025 to the 13-week period ended August 3, 2024. Please note that the financial results that we will be referencing during the remainder of today's call excludes certain adjustments recorded under GAAP unless specified otherwise.

早安.今天早些時候，該公司發布了一份新聞稿，比較了截至 2025 年 8 月 2 日的 13 週期間與截至 2024 年 8 月 3 日的 13 週期間的經營業績。請注意，除非另有說明，否則我們在今天電話會議剩餘部分將提及的財務業績不包括根據 GAAP 記錄的某些調整。

For a complete reconciliation of GAAP to adjusted earnings, please reference our press release. 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. Except as may be required by applicable law, the company assumes no obligation to update any forward-looking statements.

有關 GAAP 與調整後收益的完整調整表，請參閱我們的新聞稿。此外，請注意，有關公司未來預期、計劃和前景的評論構成前瞻性陳述。由於今天新聞稿和公司向美國證券交易委員會提交的公開文件中列出的各種因素，結果可能與預期有重大差異。除適用法律可能要求的情況外，本公司不承擔更新任何前瞻性聲明的義務。

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

今天到場的有執行長道格·豪和財務長賈里德·波夫。現在我把電話交給道格。

Good morning, and thank you, everyone, for joining us. I'd like to begin by saying how proud I am of the improvements we've made throughout the quarter due in no small part to the hard work and dedication of our associates. We are pleased with the meaningful progress against our strategic initiatives throughout the second quarter and are excited to report this positive momentum has carried forward into August.

早安，感謝各位的參與。首先，我想表達我對本季所取得的進步感到多麼自豪，這在很大程度上要歸功於我們員工的辛勤工作和奉獻精神。我們對第二季度各項戰略舉措取得的實質進展感到滿意，並很高興地報告說，這種積極的勢頭已經延續到了八月份。

In the second quarter, we delivered sequential improvement over Q1, reflecting the impact of targeted operational efforts and the resilience of our team. Our total sales for the quarter were down 4% year-over-year, with a 5% decline in comparable sales. This was a 280 basis point improvement from the first quarter comps and despite remaining volatility and uncertainty, we believe this reflects the effectiveness of our strategies and gradual improvement in consumer sentiment.

第二季度，我們實現了比第一季更好的業績，這反映了有針對性的營運措施的效果以及我們團隊的韌性。本季總銷售額年減 4%，同店銷售額下降 5%。這比第一季的同店銷售額提高了 280 個基點，儘管市場仍存在波動和不確定性，但我們相信這反映了我們策略的有效性以及消費者信心的逐步改善。

On the expense side, adjusted operating expenses were down over $14 million last year, and we achieved 350 basis points of leverage compared to Q1. We demonstrated disciplined cost management and supporting year-over-year EPS growth. Let me review some highlights from each segment with the second quarter. Starting with our retail businesses.

在支出方面，去年調整後的營運支出減少了 1,400 多萬美元，與第一季相比，我們的槓桿率提高了 350 個基點。我們展現了嚴格的成本管理，並支持了每股盈餘逐年成長。讓我回顧一下第二季度各部分的一些亮點。首先從我們的零售業務說起。

For the second quarter, US retail comps were down 5%, with total sales also down 5%. These declines were an improvement from the first quarter, correlated with slightly improved consumer sentiment and sequential improvement in store traffic as we move through the quarter. While broader macroeconomic pressures persist, these trends offer encouraging signs that some headwinds may be starting to ease.

第二季度，美國零售同店銷售額下降了 5%，總銷售額也下降了 5%。這些下降幅度較第一季有所改善，與消費者信心略有改善以及本季門市客流量的環比增長有關。儘管宏觀經濟壓力依然存在，但這些趨勢顯示出令人鼓舞的跡象，顯示一些不利因素可能開始緩解。

Additionally, we know that the largest number of sign-ups for our VIP rewards program happened in stores. So as store traffic improves, you should have a positive impact on the program whose members drive over 90% of our transactions. Store conversion was up 1% versus last year as our strong assortment and improved in-stock levels resonated with customers.

此外，我們知道，VIP獎勵計劃的最大註冊人數是在實體店獲得的。因此，隨著門市客流量的改善，您應該會對該計劃產生積極影響，該計劃的會員貢獻了我們 90% 以上的交易量。由於我們豐富的商品種類和改善的庫存水準引起了顧客的共鳴，門市轉換率比去年提高了 1%。

To support further improvements in traffic and conversion, we are continuing to invest in marketing, both in and outside of stores, meeting our customers where they are with the styles they are seeking. In stores, we have seen positive results from the collateral and branded in gaps that have echoed consistent, improved messaging.

為了進一步提升流量和轉換率，我們將繼續增加對行銷的投入，無論是在店內還是店外，我們都致力於在顧客所在的地方提供他們想要的款式。在商店裡，我們看到宣傳資料和品牌標誌在缺口處都取得了正面的效果，這些缺口處傳達了一致、改進的訊息。

Our simplified pricing strategy also helped drive clearance sales up 3% versus last year. Delivering value has always been a core part of our model, and this approach reinforces our commitment to making it even easier for customers to find. As we utilize marketing to acquire new customers, we've also successfully launched a new partnership with DoorDash.

我們簡化的定價策略也幫助推動清倉銷售額比去年成長了 3%。為客戶創造價值一直是我們模式的核心部分，而這項措施進一步強化了我們讓客戶更容易找到所需資訊的承諾。在利用行銷獲取新客戶的同時，我們也成功地與 DoorDash 建立了新的合作關係。

While it's early in this relationship, we're encouraged that approximately 85% of our transactions from the DoorDash marketplace so far represent customers that are new to DSW. Believe this is also helping to bolster interest in our stores across local geographies. Within our stores, we launched several trend-driven campaigns with key national brands this summer.

雖然我們與 DoorDash 的合作關係還處於早期階段，但我們感到鼓舞的是，到目前為止，我們透過 DoorDash 市場完成的交易中，約有 85% 的客戶是 DSW 的新客戶。相信這也有助於提升各地顧客對我們門市的興趣。今年夏天，我們在門市與一些重要的全國性品牌合作，推出了一系列引領潮流的行銷活動。

Specifically, we executed a working stock front of store takeover across all locations. The campaign was fully integrated across all channels reinforced by a revitalized digital storefront and VIP program integration. Additionally, social engagement continued to climb in Q2, fueled by stronger content strategies and creator partnerships that continue to build relevancy with the consumer.

具體來說，我們對所有門市的庫存門面進行了全面接管。這項行銷活動全面整合了所有管道，並透過煥然一新的數位店面和 VIP 會員計畫的整合得到加強。此外，在第二季度，社交互動持續攀升，這得益於更強大的內容策略和創作者合作關係，這些策略和合作關係不斷增強與消費者的相關性。

We are excited to continue to leverage these partnerships throughout the back-to-school season. In our US retail business, a few categories meaningfully outpaced the balance of the business. This was led by strength in the women's dress category, which delivered a positive 5% comp, a 900-basis point improvement from the first quarter.

我們很高興能夠在整個返校季繼續利用這些合作關係。在我們美國的零售業務中，少數幾個品類的成長速度明顯超過了其他類別。其中，女裝類別表現強勁，實現了 5% 的同比增長，比第一季提高了 900 個基點。

Our top eight brands also continued to outperform the balance of chain with a positive 1% comp for the quarter. Penetration of our top eight brands grew 300 basis points over last year, accounting for 45% of total sales in the quarter. On the athletic side, our adult business showed sequential improvement and kids athletic posted a flat comp, representing a 500-basis point improvement over the prior quarter, underpinned by a strong start to the back-to-school season.

我們的前八大品牌也繼續跑贏連鎖店的其他品牌，本季實現了 1% 的同店銷售成長。我們前八大品牌的滲透率比去年同期成長了 300 個基點，佔本季總銷售額的 45%。在運動服裝方面，我們的成人服裝業務呈現環比增長，而兒童服裝業務則與上一季度持平，較上一季度增長了 500 個基點，這得益於返校季的強勁開局。

As we discussed last quarter, we have been leaning more overtly into our back-to-school marketing to reinforce our position as a true destination and see this resonating as we continue to see positive momentum in August with further sequential improvement in comps. We spoke last quarter about our improved distribution strategy and increased focus on enhancing digital profitability.

正如我們上個季度所討論的，我們一直在更加明確地加強返校季營銷，以鞏固我們作為真正目的地的地位，並且我們看到這種做法正在產生共鳴，因為我們在 8 月份繼續看到積極的勢頭，同店銷售額也進一步環比改善。上個季度我們談到了我們改進的分銷策略以及對提高數位獲利能力的更多關注。

We made progress on this in the second quarter, optimizing our marketing spend and placing stronger focus on cultivating customers across channels. Looking ahead, we plan to continue leaning into our omnichannel approach to deepen relationships and enhance customer lifetime value. Turning to our Canadian business. Total sales in the second quarter showed sequential improvement over Q1 and held flat year-over-year.

我們在第二季度取得了進展，優化了行銷支出，更加重視跨通路的客戶培養。展望未來，我們計劃持續加強全通路策略，以加深客戶關係並提升客戶終身價值。接下來談談我們在加拿大的業務。第二季總銷售額較第一季有所環比成長，與去年同期持平。

The trajectory continued to sequentially improve throughout the quarter with July turning to a positive comp. Overall, this steady progress gives us cautious optimism as we look ahead. Now to our brands Portfolio segment. Although sales were down 24% compared to last year, this was largely driven by lower internal sales as anticipated.

該季度業績持續穩步改善，7 月實現了正成長。整體而言，這種穩定進展讓我們對未來充滿謹慎樂觀的態度。現在進入我們的品牌組合部分。儘管銷售額比去年下降了 24%，但這主要是由於內部銷售額下降所致，正如預期的那樣。

Importantly, wholesale activity across all other external retail partners delivered year-over-year growth. Turning to our near-term areas of focus. We remain confident in our strategy, and we will continue to focus on the two pillars of customer and product within our retail businesses. In brands, we will drive growth by scaling private label, building a more profitable wholesale model and investing in strategic growth brands like Topo and Keds.

值得注意的是，所有其他外部零售合作夥伴的批發業務均實現了同比增長。接下來談談我們近期的重點領域。我們對我們的策略仍然充滿信心，我們將繼續專注於零售業務中的客戶和產品兩大支柱。在品牌方面，我們將透過擴大自有品牌規模、建立更盈利的批發模式以及投資 Topo 和 Keds 等策略成長品牌來推動成長。

Our customer remains our first priority, and we are committed to delivering meaningful, consistent value to them across all channels. With our customer squarely in mind, we are excited about the DSW brand repositioning that we recently launched. This includes implementation of newly branded customer-facing assets, including an updated DSW logo, a refreshed fall marketing campaign, gift cards and evergreen signage.

顧客始終是我們的首要任務，我們致力於透過所有管道為顧客提供有意義、持續的價值。我們始終以客戶為中心，對近期推出的 DSW 品牌重新定位感到非常興奮。這包括實施新的面向客戶的品牌資產，包括更新的 DSW 標誌、煥然一新的秋季行銷活動、禮品卡和常青標誌。

As part of our brand repositioning, we were excited to unveil our new tagline, -- let us surprise you. This marks a pivotal step in reinvigorating our DSW brand identity and leans back into what truly differentiates the DSW shoe buying experience. We are actively bringing the campaign to life with an optimized marketing approach, which will help to balance spend between top of funnel and personalized activations, raise brand awareness and deepen customer engagement.

作為品牌重新定位的一部分，我們很高興推出新的標語——讓我們給您帶來驚喜。這標誌著我們在重振 DSW 品牌形象方面邁出了關鍵一步，並回歸到真正使 DSW 鞋類購買體驗與眾不同的因素。我們正在積極推動這項活動，採用優化的行銷方法，這將有助於平衡漏斗頂端和個人化活化之間的支出，提高品牌知名度並加深客戶參與度。

We're also consistently focusing on highlighting the value we provide. As we discussed before, we have moved clearance pricing to a flat percentage off versus the multiple discount levels we used in the past. We are selectively offering additional discounts on clearance, marketed as buzzworthy as well as rolling out exciting limited time events.

我們也一直致力於突顯我們提供的價值。正如我們之前討論過的，我們將清倉價格改為統一的折扣百分比，而不是像過去那樣採用多級折扣。我們正在選擇性地為清倉商品提供額外折扣，並以吸引眼球的方式進行宣傳，同時還會推出令人興奮的限時活動。

While it's early, we're encouraged by the trends we are seeing, particularly as average clearance markdown rates are trending lower than in prior periods. Shifting to our product pillar. We continue to operate with focus on elevating and evolving our assortment while driving improvement in inventory availability and productivity.

雖然現在下結論還為時過早，但我們對目前看到的趨勢感到鼓舞，尤其是平均清倉降價率低於以往時期的趨勢。轉向我們的產品支柱。我們將繼續專注於提升和改進產品種類，同時努力提高庫存可用性和生產效率。

We are meaningfully reducing our choice count while simultaneously increasing our depth on key styles throughout the year. Our choice count for the back half of 2025 is planned down 25% versus last year, and our depth is planned up 15%, underscoring our focus on inventory productivity. Looking ahead, we are adding depth in our core styles, including our top eight brands, ensuring we are focusing on the areas of highest demand.

我們正在大幅減少產品選擇數量，同時全年不斷增加關鍵款式的深度。2025 年下半年，我們的選擇數量計畫比去年減少 25%，庫存深度計畫增加 15%，凸顯了我們對庫存生產力的關注。展望未來，我們將深化核心產品系列，包括我們的八大品牌，確保我們專注於需求最高的領域。

Going into fall, we are also seeing positive signs as it relates to regular price boots, which we believe may signal potential strength in our seasonal merchandise this fall. On the product availability side, we have continued to shift inventory allocation in the US between digital fulfillment centers and our store locations to optimize in-store product availability.

進入秋季，我們也看到正價靴子出現了積極的跡象，我們認為這可能預示著今年秋季的季節性商品將有強勁的成長勢頭。在產品供應方面，我們一直在調整美國境內數位履行中心和門市之間的庫存分配，以優化店內產品供應。

Our in-stock levels of regular priced products materially improved to approximately 70%, a clear sign of progress in our inventory availability. We are seeing this strategy validated by our DSW store customers who are driving our positive conversion comps. We continue to optimize our digital fulfillment through our distribution center, which is operationally more efficient than fulfilling from stores, while also protecting store inventory to ensure the shoe she wants is in the store when she visits.

我們正價商品的庫存水準顯著提高至約 70%，這清楚地表明我們的庫存供應情況正在改善。我們的DSW門市顧客驗證了這項策略的有效性，他們推動了我們同店銷售額的正面成長。我們不斷優化透過配送中心實現的數位化訂單履行，這在營運上比從門市出貨效率更高，同時還能保障門市庫存，確保她到店時能買到心儀的鞋子。

In the second quarter, we fulfilled over 80% more of our digital demand through our logistics center compared to last year. Overall, this adjustment has allowed us to protect our in-store inventory, focus on cost efficiencies and post higher store conversion rates, all of which are foundational elements to better serve our customers.

第二季度，我們透過物流中心滿足的數位化需求比去年同期成長了 80% 以上。總的來說，這項調整使我們能夠保護店內庫存，專注於成本效益，並提高門市轉換率，所有這些都是更好地服務客戶的基礎要素。

As we continue to focus on the pillars of customer and product in our retail businesses, we recently unveiled a reimagined DSW store in Framingham, Massachusetts. This store is the first within the DSW fleet to fully integrate the DSW brand positioning of -- let us surprise you with immersive playful elements designed to drive deeper customer engagement and discovery within our curated assortment.

在我們繼續專注於零售業務中的客戶和產品兩大支柱的同時，我們最近在馬薩諸塞州弗雷明漢推出了一家重新設計的 DSW 門市。這家店是 DSW 旗下第一家完全融入 DSW 品牌定位的門市——我們將透過沉浸式趣味元素為您帶來驚喜，旨在推動顧客更深入地參與和探索我們精心挑選的商品系列。

As we pilot new and emerging technologies for potential integration across our retail footprint, this store location will be an important testing ground for modern and innovative shopping experiences. Aligned with our larger retail strategy to transform and differentiate our retail experience, this new store format features a suite of services, including Fitfinder technology, shoe protection services and a dedicated try-on area with augmented reality-enabled try-on kiosks that allow customers to build complete outfits from toe to head.

隨著我們試行新興技術並將其潛在地整合到我們的零售業務中，這家門市將成為現代化創新購物體驗的重要試驗場。為了配合我們更大的零售策略，即轉變和差異化我們的零售體驗，這種新的門市形式提供了一系列服務，包括 Fitfinder 技術、鞋子保護服務以及專門的試穿區，該區域配備了增強現實試穿亭，讓顧客可以從頭到腳搭配出完整的服裝。

A customization station further elevates the experience, enabling customers to personalize their purchases through embroidery, engraving and digital printing. We believe this initiative represents a meaningful step forward in our efforts to evolve the DSW brand, deepen customer loyalty, leverage our stores as differentiators and unlock long-term value.

客製化區進一步提升了體驗，讓顧客可以透過刺繡、雕刻和數位印刷等方式個人化自訂自己的購買商品。我們相信，這項舉措代表著我們在發展 DSW 品牌、加深客戶忠誠度、利用我們的門市作為差異化優勢以及釋放長期價值方面邁出的重要一步。

Turning to our Brands segment. Our sourcing team has done an admirable job mitigating the impact of tariffs and has made meaningful progress in our strategy to continue to diversify our supply base. Moving forward, we will continue to prioritize diversification to avoid overreliance on any one country of origin as the tariff environment remains highly unpredictable. Turning to our brands themselves.

接下來我們來看看品牌板塊。我們的採購團隊在減輕關稅影響方面做得非常出色，並在我們繼續實現供應基礎多元化的策略方面取得了實質進展。展望未來，我們將繼續優先考慮多元化，以避免過度依賴任何原產國，因為關稅環境仍然高度不可預測。讓我們來看看我們自己的品牌。

At Topo, we continue to meaningfully expand door count and shelf space in existing locations. Additionally, our DTC business continues to deliver outsized growth. Topo was early in raising prices as we saw tariff risks materialize, and they have helped to mitigate a significant portion of these costs. And we have seen no impact on sales or growth rates by doing so.

在 Topo，我們持續在現有門市中大幅增加門數量和貨架空間。此外，我們的 DTC 業務持續實現超額成長。當關稅風險成為現實時，Topo很早就提高了價格，這有助於降低這些成本中的很大一部分。而且我們發現這樣做對銷售額或成長率沒有任何影響。

Before I conclude, I want to share a few thoughts on our 2025 guidance. Given the ongoing volatility with the recent tariff increases extended and the continued consumer caution around discretionary spending, we decided to continue to withhold our guidance. We will remain focused on disciplined execution across the areas within our control as we navigate the near-term environment.

在結束之前，我想分享一些關於我們 2025 年業績指引的想法。鑑於近期關稅上調持續，市場波動性不斷，消費者對非必需品支出仍持謹慎態度，我們決定繼續暫不發布業績指引。在應對近期環境變化的過程中，我們將繼續專注於在我們可控範圍內嚴格執行各項工作。

By doing so, I'm confident we're building a business grounded in the strength of our brands centered on the customer and positioned to drive sustainable long-term value. I want to emphasize that we remain committed to our strategy and our transformation. We are encouraged by the early signs of positive momentum and pleased with the sequential improvement we've delivered.

透過這樣做，我相信我們正在打造一個以品牌實力為基礎、以客戶為中心、旨在創造永續長期價值的企業。我想強調的是，我們仍然致力於我們的策略和轉型。我們對目前出現的正面動力感到鼓舞，並對所取得的持續進步感到滿意。

We remain cautiously optimistic for the remainder of the year as there is still a lot of macro uncertainty. As always, I am deeply proud of our team members whose commitment, resilience and focus have been the driving force behind our progress. Their ability to navigate challenges while continuing to deliver excellence, exemplifies the culture and strength of our organization and will position us well for long-term growth.

鑑於宏觀經濟仍存在諸多不確定因素，我們對今年剩餘時間仍持謹慎樂觀態度。一如既往，我為我們的團隊成員深感自豪，他們的奉獻精神、韌性和專注力一直是推動我們進步的動力。他們能夠在應對挑戰的同時繼續保持卓越表現，這體現了我們組織的文化和實力，並將使我們為長期發展奠定良好的基礎。

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

接下來，我將把麥克風交給賈里德。賈里德？

Thank you, Doug, and good morning, everyone. I want to begin by echoing Doug's comment that the sequential improvement we've seen this quarter is a significant step forward, despite ongoing macroeconomic headwinds and continued pressure on consumer discretionary spending, our focus on advancing our strategy is delivering improved results.

謝謝你，道格，大家早安。首先，我想附和道格的評論，儘管宏觀經濟持續面臨不利因素，消費者可自由支配支出持續承壓，但我們本季取得的環比改善是一個重大進步，我們專注於推進戰略正在帶來更好的結果。

Let me provide a bit more detail on our second quarter financial results. For the second quarter of fiscal 2025, our net sales of $739.8 million declined 4.2% year-over-year with comp sales down 5%. This represents a significant improvement from Q1 where net sales were down 8% from last year. In our US retail segment, sales declined 4.8% year-over-year with comp sales down 4.9%.

讓我更詳細地介紹一下我們第二季的財務表現。2025 財年第二季度，我們的淨銷售額為 7.398 億美元，年減 4.2%，同店銷售額下降 5%。這比第一季有了顯著改善，第一季的淨銷售額比去年同期下降了 8%。在美國零售業務方面，銷售額較去年同期下降 4.8%，同店銷售額下降 4.9%。

This represents another significant improvement from Q1. We are also encouraged by our women's dress performance, which posted a 5% positive comp in the quarter and represents a significant part of the business at almost 12% of total sales. While athletic sales were a slightly negative comp of down 2%, we did see a two-point comp improvement from the first quarter.

這比第一季有了另一個顯著的進步。女裝業績也令我們倍感鼓舞，本季實現了 5% 的年成長，佔總銷售額的近 12%，在公司業務中佔據了相當大的份額。雖然運動用品銷售額較去年同期略微下降了 2%，但與第一季相比，年比提高了 2 個百分點。

In our Canada retail segment sales were up 0.4% in the second quarter compared to last year with comps down 0.6%, another significant improvement from the first quarter. Finally, in our brand portfolio segment, total sales were down 23.8% to last year, largely driven by the anticipated decline of internal sales to DSW. I would like to echo Doug's comment about the strength of our brand's external wholesale business, which was up 7%.

與去年同期相比，我們加拿大零售業務第二季的銷售額成長了 0.4%，同店銷售額下降了 0.6%，與第一季相比又有了顯著改善。最後，在我們的品牌組合部分，總銷售額比去年下降了 23.8%，這主要是由於預期對 DSW 的內部銷售額下降所致。我同意 Doug 對我們品牌外部批發業務強勁表現的評價，該業務增長了 7%。

While we continue to see challenges throughout the quarter, Topo remains a standout in our assortment, posting 45% growth in sales year-over-year. Within our dress and seasonal assortment, Jessica and Vince continued to be strong performers, achieving sales growth of 12% and 17% in wholesale sales to partners outside of DSW.

儘管本季我們持續面臨挑戰，但 Topo 仍然是我們產品系列中的佼佼者，銷售額年增 45%。在我們的服裝和季節性系列中，Jessica 和 Vince 繼續表現出色，在 DSW 以外的合作夥伴批發銷售中分別實現了 12% 和 17% 的銷售成長。

Consolidated gross margin was 43.7% in the second quarter and decreased by 30 basis points versus the prior year, primarily driven by lower IMU due to increased penetration of the athletic category but leveraged 70 basis points from the first quarter. For the second quarter, adjusted operating expenses dropped $14.1 million versus last year, slightly leveraging by 20 basis points year-over-year.

第二季綜合毛利率為 43.7%，較上年同期下降 30 個基點，主要原因是運動品類滲透率提高導致 IMU 下降，但較第一季增加了 70 個基點。第二季度，調整後的營運支出比去年同期減少了 1,410 萬美元，年比略微下降了 20 個基點。

As we discussed on our last call, in response to the highly volatile macro environment and its impact on our business, we have taken an aggressive disciplined approach to managing our expense structure and capital expenditures. With these actions, we currently are on track to deliver approximately $20 million to $30 million in expense dollar savings across fiscal 2025 as compared to 2024.

正如我們在上次電話會議中所討論的，為了應對高度波動的宏觀環境及其對我們業務的影響，我們採取了積極自律的方式來管理我們的費用結構和資本支出。透過這些措施，我們目前預計在 2025 財年實現比 2024 財年節省約 2,000 萬至 3,000 萬美元的支出。

As a reminder, our third quarter will include a headwind of $9 million compared to the prior year from our bonus accrual reversal last year during Q3. For the second quarter, adjusted operating income was $30.3 million compared to operating income of $32.5 million last year. In the second quarter of 2025, we had $11.7 million of net interest expense compared to $11 million last year.

提醒各位，由於去年第三季獎金提列的衝回，我們第三季的業績將比去年同期減少 900 萬美元。第二季調整後營業收入為 3,030 萬美元，去年同期營業收入為 3,250 萬美元。2025 年第二季度，我們的淨利息支出為 1,170 萬美元，而去年同期為 1,100 萬美元。

Our effective tax rate in the second quarter on our adjusted results was 10.1% compared to 20.6% last year. Our second quarter adjusted net income was $16.7 million versus $17.1 million last year, and $0.34 in adjusted diluted earnings per share for the quarter, which I'm happy to report was above last year's EPS of $0.29. Turning to our inventory.

第二季經調整後的實際稅率為 10.1%，去年同期為 20.6%。我們第二季調整後淨利為1,670萬美元，去年同期為1,710萬美元；本季調整後稀釋每股收益為0.34美元，我很高興地報告，這一數字高於去年同期的0.29美元。接下來談談我們的庫存。

We ended the second quarter with total inventories down 5% to last year. During the quarter, we utilized excess cash to pay down debt, ending the quarter with total debt outstanding of $516.3 million. Subsequent to the end of the second quarter, we have further paid down debt to end fiscal August with outstanding debt of $476.1 million.

第二季末，我們的總庫存比去年同期下降了5%。本季度，我們利用多餘的現金償還了債務，季度末未償債務總額為 5.163 億美元。第二季結束後，我們進一步償還了債務，截至 8 月底，未償債務為 4.761 億美元。

We ended the second quarter with $44.9 million of cash and our total liquidity as of the end of the second quarter, which includes cash and availability under our revolver was $149.2 million. While we are encouraged by the progress made since Q1 and remain cautiously optimistic about the second half of fiscal 2025, there is still work ahead.

第二季末，我們持有現金 4,490 萬美元；截至第二季末，我們的總流動資金（包括現金和循環信貸額度）為 1.492 億美元。儘管我們對第一季以來的進展感到鼓舞，並且對 2025 財年下半年保持謹慎樂觀，但仍有許多工作要做。

Persistent macro headwinds and uncertainties related to tariffs have led us to the decision to continue to withhold full year guidance as we focus on the factors within our control. To conclude, I'm encouraged by the progress we achieved during the second quarter. And as the macro environment stabilizes, I'm confident that we are well positioned to advance our strategy.

持續的宏觀經濟逆風和關稅相關的不確定性導致我們決定繼續暫不發布全年業績指引，因為我們將專注於我們可控的因素。總之，我對我們在第二季的進展感到鼓舞。隨著宏觀環境趨於穩定，我相信我們已經做好充分準備，推進我們的策略。

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

接下來，我們將開始接受提問。操作員？

(Operator Instructions) Mauricio Serna, UBS.

（操作說明）毛里西奧·塞爾納，瑞銀集團。

Great. I guess I wanted to ask if you could elaborate on the intra-quarter trends, it seems like things really got better as the quarter progressed. Could you give us a sense of like what were the comps -- the comp sales looked during the quarter? And how to think about that considering that you mentioned the momentum continued into August so far?

偉大的。我想問的是，您能否詳細說明一下季度內的趨勢？看起來隨著季度的推進，情況確實好轉了很多。能否大致介紹一下本季同店銷售額的情況？考慮到您提到這股勢頭一直延續到八月份，我們該如何看待這個問題？

Yes. Mauricio, this is Doug. Thanks for your question. Yes, we saw a sequential improvement as we move through the quarter. And as we said in the prepared remarks, we're obviously very encouraged by the trend that we saw in athletic, both in kids and adults. But most notably, the dramatic improvement that we saw in women's dress which was a 900-basis point improvement in the quarter.

是的。毛里西奧，我是道格。謝謝你的提問。是的，隨著季度的推進，我們看到了逐週改善的情況。正如我們在準備好的演講稿中所說，我們顯然對在兒童和成人運動中看到的趨勢感到非常鼓舞。但最值得注意的是，女性穿著方面出現了顯著改善，本季改善了 900 個基點。

That's always been a core area of strength for us, obviously. That has continued even as we've advanced in August, as we've said. So we're very encouraged by that. And I mentioned it's very early on, but the initial boot selling, specifically regular price is very encouraging as well. So we think that bodes well for not only the -- it's really a fashion inning.

很顯然，這始終是我們的核心優勢領域。正如我們之前所說，即使到了八月份，這種情況仍然持續存在。我們對此感到非常鼓舞。我之前也提到過，現在還處於非常早期的階段，但最初的靴子銷售情況，特別是常規價格的銷售情況，也非常令人鼓舞。所以我們認為這不僅對——這真是一個時尚的時代——來說是個好兆頭。

So we feel really strongly about that assortment and are cautiously optimistic as we move through the back half of the year.

因此，我們對這項產品組合充滿信心，並且對下半年的發展持謹慎樂觀態度。

Got it. And I guess, just wondering, like at the end of the quarter, were you still on negative comps? Or just trying to -- or like were you actually like positive as a total company?

知道了。我想問一下，季度末的時候，你們的業績比較數據是否仍然為負值？或者只是想嘗試一下——或者說，你們公司整體上真的積極向上嗎？

Still slightly negative. And then again, we've seen sequential improvement as we've now moved into through August.

仍然略為負值。然後，隨著我們進入八月份，我們看到情況又有了持續改善。

Mauricio, one thing I would remind you, and we talked about it on the last call, we are taking a very different approach than we historically have towards our digital business, recognizing there's a large part of that it's very difficult to make actual money on. And so we have been very deliberately pulling back the marketing we spend to chase some of those empty calorie sales as well as the sales themselves.

毛里西奧，有一件事我想提醒你，我們在上次通話中也談到過，我們對數位業務採取了與以往截然不同的方法，因為我們意識到，數位業務中很大一部分很難真正賺錢。因此，我們一直在有意識地減少在行銷方面的投入，以追求一些毫無意義的銷售以及實際的銷售。

And so we're really focused on where we can provide a differentiation, which is our stores and are seeing some really strong trends there. And as Doug mentioned in his script, we saw that turn to positive in August in our stores comp. So when you do look at the total, you do need to make sure and understand there's a piece of it that we're okay with negative comps on, on the digital specifically as long as we're improving our profitability.

因此，我們真正關注的是如何提供差異化優勢，也就是我們的門市，我們看到了一些非常強勁的趨勢。正如道格在他的腳本中提到的那樣，我們在 8 月的門市同店銷售中看到了積極的轉變。所以，當你查看整體數據時，你需要確保並理解，其中有一部分我們可以接受負成長，尤其是在數位行銷方面，只要我們能夠提高獲利能力。

And then to Jared's point, I mean we are seeing positive conversion in stores as a result of both the assortment and the inventory fulfillment strategy that we've spoken about. So that was actually very encouraging to see that the assortment is resonating with customers, specifically in stores.

然後，正如 Jared 所說，我們看到，由於我們討論過的商品種類和庫存履行策略，門市的轉換率都出現了正面的成長。看到這些商品組合受到顧客的歡迎，尤其是在實體店裡，這確實令人非常鼓舞。

And then just one quick follow-up on the topic of profitability. Could you maybe give us a little bit more detail on the Q3. Like how much of pressure are you foreseeing because of tariffs? I guess at this point, like you already have that inventory. So you probably have an idea of like what's like the weighted average tariff or the incremental costs just related to that in the -- in your Q3?

最後，我想就獲利能力這個話題再補充一點。能否詳細介紹一下第三季的情況？您預計關稅會帶來多大的壓力？我想，到了現在，你們應該已經有那批庫存了。所以你可能已經對第三季的加權平均關稅或與之相關的增量成本有所了解了吧？

Yes, Mauricio, let me kind of give you some high level and Jared can add the color here as well. I just want to remind everyone that the overwhelming concern that we've had from the onset has not been the direct impact of tariffs, because when you look at it in the grand scheme of things, like our brands portfolio, only import about 20% of product, the rest of it, we land domestically. And at DSW, obviously, we're largely reliant on our brand partners.

是的，毛里西奧，我先給你概括一下，賈里德可以補充一些細節。我只想提醒大家，我們從一開始就最關注的並非關稅的直接影響，因為從宏觀角度來看，就我們的品牌組合而言，只有大約 20% 的產品是進口的，其餘的都是在國內銷售的。很顯然，DSW 很大程度上依賴我們的品牌合作夥伴。

So we are -- have always been most concerned about the indirect impact of tariffs. We've been working very closely on the retail side. We've had brand partners strategically, very selectively pass on price increases. We've largely passed those on and maintained our IMU. The majority of those are just now coming customer-facing in the last couple of weeks.

因此，我們一直以來最關注的是關稅的間接影響。我們在零售方面一直密切合作。我們有一些品牌合作夥伴，他們有策略地、非常有選擇性地將價格上漲轉嫁給消費者。我們已經基本將這些設備轉讓給了其他廠商，並保留了我們的慣性測量單元（IMU）。其中大部分的產品都是在過去幾週才開始面對客戶。

So we're cautiously optimistic, but that's why we have concern, but it's always been more around that indirect impact that it would have on overall consumer sentiment as opposed to the direct impact. We've selectively taken price increases in some of our private label products haven't had a negative reaction to that. But again, it's early days, and we are kind of cautiously optimistic as we move through the balance of the back half.

所以我們持謹慎樂觀態度，但正因如此，我們才有所擔憂，不過我們一直以來更關注的是它對整體消費者情緒的間接影響，而不是直接影響。我們對部分自有品牌產品進行了選擇性的漲價，目前尚未收到任何負面回饋。但話說回來，現在還為時過早，我們對下半程剩餘賽程的進展持謹慎樂觀態度。

(Operator Instructions) Dana Telsey, Telsey Group.

（操作說明）Dana Telsey，Telsey 集團。

As you just put out the new marketing campaign would let us surprise you what are the markers that you're looking for, given that 70% of your customer-based shops in stores? And you mentioned the store in Framingham, how are you thinking of draw of productivity with this campaign? How are you thinking of openings and closings? Is there any real estate bent to it that you'll get from the enhanced marketing and marketing as a percent of sales, how are you thinking about that this year?

既然你們剛推出了新的行銷活動，不妨讓我們來給你們一些驚喜：鑑於你們70%的顧客都是在實體店購物，你們正在尋找哪些指標？您提到了弗雷明漢的那家店，您認為這次活動將如何提高生產力？您是如何考慮開業和歇業的？今年，您認為透過加強行銷和將行銷費用計入銷售額，能否在房地產方面獲得一些收益？您對此有何看法？

Dana, this is Doug. Yes, we're very excited about the brand campaign. It is really early days. We just launched that actually in Q3. So it went live on September 2. I'd say anecdotally, the feedback has been very, very positive from both customers interaction, certainly from our associates. We are very happy with just the positioning of it. It a bit of a blink and a nod.

達娜，這是道格。是的，我們對這次品牌推廣活動感到非常興奮。現在還為時過早。我們實際上在第三季才剛推出這款產品。所以它在9月2日正式上線。就我個人觀察而言，無論是顧客互動還是我們的同事，回饋都非常非常正面。我們對其位置非常滿意。就像眨眨眼點點頭那麼簡單。

It's whimsical it just feels like encouraging her to come in and kind of enjoy shopping in our stores, which, again, we believe, are very much our core differentiator. You walk into one of our stores, there's 2,000 choices of footwear. We want her to really enjoy that experience. It's been well over 30 minutes in the store. So we're happy about that. But it's very early days as it relates to the reaction.

這很輕鬆愉快，感覺就像是在鼓勵她進來，享受在我們店裡購物的樂趣，而我們再次堅信，這正是我們的核心差異化優勢。你走進我們的任何一家店，都會看到 2000 種鞋類可供選擇。我們希望她能真正享受那次經驗。已經在店裡待了超過30分鐘了。所以我們對此感到高興。但就反應而言，現在下結論還為時過早。

That's got a lot of impressions and pick up on the press. That's all been very overwhelmingly positive as well. And then to your point, I mean, we're going to be very thoughtful around how this shows up in store in our CRM and all of our marketing channels. We're obviously, as Jared said, really focusing on channel profitability, so we want to make sure that we're continuing to focus on optimizing that marketing investment.

這件事引起了媒體的廣泛關注和報導。這方面也都是非常正面的回饋。至於你提到的這一點，我的意思是，我們會非常認真地考慮如何在我們的客戶關係管理系統和所有行銷管道中體現這一點。正如 Jared 所說，我們顯然非常關注通路獲利能力，因此我們希望確保我們繼續專注於優化行銷投資。

And we'll be happy to report out as we get a little bit further along, but it's fairly anecdotal at this point. But again, very encouraged by the work. And it was all informed by qualitative and quantitative research. So we took the appropriate time to actually get to the messaging -- but to me, it feels like kind of reminiscent of DSW's core strength. Surprising by great brands, great value, great assortment in our stores.

隨著進展的深入，我們會很樂意向大家報告情況，但目前為止，這還只是一些零星的發現。但再次強調，這份工作讓我備受鼓舞。這一切都基於定性和定量研究。因此，我們花了適當的時間來真正落實訊息傳遞——但對我來說，這感覺有點像是 DSW 的核心優勢。我們的門市有許多知名品牌、超值商品和豐富品種，定會讓您驚喜不已。

So again, we look forward to reporting out on the specifics, but it's a bit premature to do that at this point.

所以，我們期待著報道具體細節，但目前這樣做還為時過早。

Dana, from the marketing as a percentage of sales, I would say we have -- we are certainly cognizant. We are probably at the higher end of much of our peer set, but we think it's important to highlight where the differentiation is for DSW versus other shoe chain and shoe stores that are out there. We have mentioned when we kicked this off it has been a minute, a very long minute since we have done some DSW brand marketing.

Dana，從行銷佔銷售額的百分比來看，我認為我們已經——我們當然意識到了這一點。我們可能在同行業中處於較高水平，但我們認為有必要強調 DSW 與其他鞋類連鎖店和鞋店的區別所在。我們在啟動這個專案時就提到過，距離我們上次進行 DSW 品牌行銷已經過去很久了，真的很久很久了。

But also, we just talked about how we are pulling back on aggressively chasing some of those empty calorie digital sales, which has freed up some marketing dollars on that front. So overall, we're not seeing or expecting significant deleverage on our marketing SG&A line. We think it's more of an optimizing and kind of pivoting.

但我們也談到了我們正在減少對一些無意義的數位銷售的過度追求，這節省了一些行銷預算。所以總的來說，我們沒有看到或預期行銷銷售、一般及行政費用方面會出現明顯的去槓桿化。我們認為這更像是一種優化和轉型。

But as long as it's getting the returns that we're seeing, and we're tracking that and we're tracking it very closely. We'll continue to fund that where it makes sense.

但只要它能獲得我們看到的這種回報，而我們正在密切追蹤這種回報，那就沒問題。我們將繼續在合理的情況下提供資金支持。

Got it. And then you had mentioned Burton stock is one of the brands at an activation that performed well. What are you seeing from brands? How is Nike performing? And any highlights of what you're expecting for brand activations or performance in Q4?

知道了。然後你提到 Burton 股票是這次活動中表現良好的品牌之一。你從品牌中看到了什麼？耐吉的表現如何？您對第四季的品牌推廣活動或業績表現有何預期？

Yes, Dana, that's a great question. Birkenstock was among the top eight brands that we're tracking. We're really encouraged by the fact that those brands as we said, delivered a 1% comp and their penetration increased to 45% of total sales. So that Birkenstock is one example, but the team has done a really good job of providing more brand collateral in stores, really telling a brand story, getting behind those brands that the customers are creating right now, and that will continue to be our focus going forward.

是的，達娜，這是一個很好的問題。Birkenstock 是我們追蹤的前八大品牌之一。我們非常欣慰地看到，正如我們所說，這些品牌實現了 1% 的同店銷售額成長，並且滲透率提高到總銷售額的 45%。勃肯鞋就是一個例子，但團隊在店內提供更多品牌宣傳材料、講述品牌故事、支持顧客正在創造的品牌方面做得非常出色，而這將繼續是我們未來的重點。

But we're fortunate to have great partnerships with those key brands, we're maintaining better in-stock levels with them, getting more access to product and continue to be very encouraged by those top eight brands, of which Nike is obviously one of them.

但我們很幸運能與這些主要品牌建立良好的合作關係，我們與他們保持著更好的庫存水平，獲得了更多的產品，並且繼續受到這八大品牌的鼓舞，其中耐吉顯然是其中之一。

Mauricio Serna, UBS.

Mauricio Serna，瑞銀集團。

Great. Just a quick follow-up. I think I recall you mentioned you're planning to have like deeper assortment. Could you elaborate a little bit more on what you're bringing maybe from a brand perspective or category perspective? Like where is this steepening in assortment taking place? And just as a reminder, maybe on the puts and takes on your expectation of SG&A dollars to be down $20 million to $30 million for the full year. Like could you break that out like into what are the different buckets that are driving that decline?

偉大的。再補充一點。我記得你好像說過你打算增加更多種類的產品。您能否從品牌或品類角度，更詳細闡述您將帶來的價值？這種產品種類日益豐富的趨勢究竟發生在哪些方面？再次提醒一下，或許可以考慮一下您對全年銷售、管理及行政費用下降 2000 萬至 3000 萬美元的預期。能具體分析一下導致這種下滑趨勢的不同因素嗎？

Yes. Thanks, Mauricio. I'll take the first part of that, and then I'll let Jared answer the SG&A piece. From an inventory perspective, as we've shared earlier this year, the teams are really focused on increasing our product availability to our in-stock. So that applies to the top brands at a price that applies to the top categories.

是的。謝謝你，毛里西奧。我來回答第一部分，然後請 Jared 來回答銷售、管理及行政費用（SG&A）部分。從庫存角度來看，正如我們今年早些時候分享的那樣，團隊正致力於提高我們庫存產品的可用性。所以，這適用於頂級品牌，價格也適用於頂級品類。

But as I said in my prepared remarks, our choice count for the back half is down 25%, but our debt is up 15%. And that's a meaningful change and is driving a pretty strong results in store conversion. When we do customer intercept interviews, the number one reason a store -- when a customer leaves a store without a purchase if they didn't find their size.

但正如我在準備好的演講稿中所說，我們下半年的選擇數量下降了 25%，但我們的債務卻上升了 15%。這是一個意義重大的改變，並且在門市轉換率方面取得了相當不錯的成效。當我們進行顧客攔截訪談時，顧客離開商店而沒有購買任何東西的首要原因是——如果他們沒有找到合適的尺寸。

So again, this goes squarely at that with regards to making sure that we have the style she wants and the size she wants when she comes into the store. So that's the benefit we're actually seeing on the inventory productivity.

所以，這完全是為了確保她進店時，我們能提供她想要的款式和尺寸。這就是我們實際看到的庫存生產力方面的好處。

And on the $20 million to $30 million, I would kind of bucket it this way. About 1/3 of that is professional fees, consultants and things like that, that we had been using for various initiatives that we have certainly ratcheted that down to things that are just absolutely critical.

至於那 2000 萬到 3000 萬美元，我會這樣歸類。其中大約三分之一是專業費用、顧問費等等，我們之前一直將這些費用用於各種項目，現在我們已經大幅削減了這部分費用，只保留那些絕對至關重要的項目。

We're getting an immediate payback. We've got roughly around half of the savings from personnel-related type of actions. So there were some corporate actions taken earlier in the year. as well as the flex that goes with the comps that we're seeing out in the store land. And then the balance is just some puts and takes along lines like depreciation of occupancy, things like that.

我們馬上就能得到回報。我們透過人事相關措施節省了大約一半的費用。所以今年早些時候公司採取了一些措施，以及我們在門市銷售中看到的與同店銷售相關的彈性調整。然後，餘額就是一些買賣，例如佔用折舊之類的。

This concludes our question-and-answer session. I would like to turn the conference back over to Doug Howe for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給道格·豪，請他作總結發言。

I just close by saying that we are encouraged by the early signs of positive momentum, and we were pleased with the sequential improvement that we delivered throughout the quarter. And I want to say thank you again to all of our team members for their unwavering commitment and they're focused as they continue to operate with a sense of urgency to move the business forward. And thanks to all of you for joining us today.

最後我想說，我們對目前出現的正面勢頭感到鼓舞，並且對本季的持續進步感到滿意。我再次感謝我們所有團隊成員的堅定承諾，他們專注且有效率地推動業務發展。感謝各位今天蒞臨。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。