Genesco Inc (GCO) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Genesco fourth quarter fiscal 2024 for a conference call. Just a reminder, today's call is being recorded. I'll now turn the call over to Darryl MacQuarrie, Senior Director of FP&A. Please go ahead, sir.

大家好，歡迎參加 Genesco 2024 財年第四季的電話會議。提醒一下，今天的通話正在錄音。現在我將把電話轉給 FP&A 高級總監 Darryl MacQuarrie。請繼續，先生。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter fiscal '24 results for participants on the call expect to make forward-looking statements reflecting our expectations as of today, but actual results could be different. Genesco refers you to this morning's earnings release and the company's SEC filings, including its most recent 10-K and 10-Q filings for some of the factors that could cause differences from the expectations reflected in the forward-looking statements made today. Participants also expect to refer to certain adjusted financial measures during the call.

大家早安，感謝您與我們一起討論我們的 24 年第四季財報結果，電話會議的參與者預計會做出反映我們截至今天的預期的前瞻性聲明，但實際結果可能會有所不同。 Genesco 請您參考今天早上的收益報告和該公司向SEC 提交的文件，包括其最近的10-K 和10-Q 文件，以了解可能導致與今天做出的前瞻性聲明中反映的預期存在差異的一些因素。與會者也希望在電話會議期間提及某些調整後的財務措施。

All non-GAAP financial measures are reconciled to their GAAP counterparts in the attachments to this morning's press release and in schedules available on the company's website in the Quarterly Results section. We have also posted a presentation summarizing our results here as well. With me on the call today is Mimi Vaughn, Board Chair, President, and Chief Executive Officer; and Tom George, Chief Financial Officer. Now I'd like to turn the call over to Mimi.

所有非公認會計原則財務指標均與今天早上新聞稿的附件中的公認會計原則財務指標以及公司網站季度業績部分的時間表進行了核對。我們也在這裡發布了總結我們結果的簡報。今天與我一起參加電話會議的是董事會主席、總裁兼執行長 Mimi Vaughn；和首席財務長湯姆·喬治。現在我想把電話轉給咪咪。

Thanks, Darryl, and good morning, everyone, and thank you for joining us fiscal '24 highlighted how substantially our consumer shopping behavior has changed since the pandemic.

謝謝達裡爾，大家早安，感謝您加入我們的 24 財年，這突顯了自大流行以來我們的消費者購物行為發生了多麼巨大的變化。

Back in fiscal '22, consumers were flush with cash, thanks to fiscal stimulus and spent heavily in the footwear category, which led to a record year for Journeys.

早在 22 財年，得益於財政刺激措施，消費者現金充裕，並在鞋類類別上投入巨資，這導致 Journeys 創下了創紀錄的一年。

As we enter fiscal '24, we saw a pronounced drop in purchases at the beginning of the year and have been working to close the gap ever since the forward buying dynamic along with a period of higher inflation that followed competitive discounting to clear elevated athletic footwear inventories and a general lack of innovation in footwear made for a difficult operating environment that remained challenging as we progress through fiscal '24 throughout the year.

當我們進入 24 財年時，我們在年初看到購買量明顯下降，自遠期購買動態以及競爭性折扣清除高價運動鞋後通脹較高時期以來，我們一直在努力縮小差距庫存和鞋類產品普遍缺乏創新造成了困難的經營環境，隨著我們全年24財年的進展，這種環境仍然充滿挑戰。

These evolving purchase patterns lead to greater volatility and made it hard to forecast demand, particularly for Journeys in the fourth quarter.

這些不斷變化的購買模式導致更大的波動性，並使得預測需求變得困難，特別是第四季的旅程。

After a strong Black Friday and solid kickoff to the holiday season, sales were negatively impacted by a more selective customer that shopped almost exclusively for key footwear items, coupled with a market shift away from boots as we got into the month of January, the combination of softer than anticipated sales due to disruptive winter storms and higher than anticipated expenses at Journeys is what drove EPS below our most recent guidance.

在經歷了強勁的黑色星期五和假日季的強勁開局之後，銷售受到了更加挑剔的客戶的負面影響，他們幾乎只購買關鍵的鞋類產品，再加上進入1 月份市場開始從靴子轉向，這兩種因素結合在一起由於破壞性冬季風暴導致的銷售低於預期，以及旅程的費用高於預期，導致每股收益低於我們最近的指引。

Throughout the quarter, our core product assortment was much more pressure than we originally expected at the beginning of Q4.

整個季度，我們的核心產品種類所承受的壓力比我們在第四季初最初預期的要大得多。

We expect this dynamic to carry into this current year and given our limited ability to now impact product for spring, we believe it will remain a significant headwind in the first half, despite facing easier compares, we are clearly disappointed with these results.

我們預計這種動態將持續到今年，鑑於我們目前影響春季產品的能力有限，我們相信這在上半年仍將是一個重大阻力，儘管面臨更容易的比較，但我們顯然對這些結果感到失望。

However, I want to stress that we faced challenging times before and consistently demonstrated a strong track record of turning around our businesses to emerge even stronger when confronted with economic and consumer disruption.

然而，我想強調的是，我們以前面臨過充滿挑戰的時期，並始終表現出良好的業績記錄，使我們的業務在面臨經濟和消費者乾擾時變得更加強大。

Our response to the pandemic and recent turnaround at shoe and J&M evidenced by another year of record sales for both are clear examples of this, and I'm confident we will achieve the same success with Journeys.

我們對這場流行病的反應以及最近鞋業和J&M 的扭虧為盈，這兩家公司的銷售額又創下了新一年的記錄，這些都是明顯的例子，我相信我們將在Journeys 上取得同樣的成功。

It's also important to note, despite a very difficult operating climate in fiscal '24, our overall sales declined only low single digits and our gross margin compressed by just 30 basis points.

同樣值得注意的是，儘管 24 財年的經營環境非常困難，但我們的整體銷售額僅下降了低個位數，毛利率僅壓縮了 30 個基點。

The sensitivity of our model is such that smaller movements in sales are magnified with quite a bit of deleverage against our largely fixed cost base, coupled with our low share count, that's had a substantial effect on our bottom line.

我們模型的敏感度是如此之大，即銷售中較小的變動會因我們基本固定的成本基礎而進行相當多的去槓桿化而被放大，再加上我們的股份數量較少，這對我們的利潤產生了重大影響。

However, the inverse is true as well in a sales growth environment.

然而，在銷售成長環境中，反之亦然。

As we've demonstrated before, our model provides significant leverage and earnings upside potential.

正如我們之前所證明的，我們的模型提供了巨大的槓桿作用和獲利上行潛力。

Our cost savings initiatives are aimed at improving this further.

我們的成本節約措施旨在進一步改善這一點。

As we turn the page to fiscal '25, the operating environment remains difficult.

當我們翻到 25 財年時，經營環境仍然很困難。

Given the steeper challenges in our core business, we now have more work to do in our assortments.

鑑於我們的核心業務面臨更嚴峻的挑戰，我們現在在品類方面還有更多工作要做。

As such, we're counting on more time for our journeys rebound.

因此，我們指望有更多的時間來恢復我們的旅程。

All that said, we have a very clear understanding of what we need to achieve journeys.

話雖如此，我們對實現旅程所需的東西有非常清晰的了解。

Continued turnaround is our number one priority with the right new leadership already in place and a strong team overall, we're better positioned than ever to accomplish this task.

持續轉虧為盈是我們的首要任務，有了正確的新領導階層和強大的整體團隊，我們比以往任何時候都更有能力完成這項任務。

I said before, well positioned strategically with a spotlight focused on the teen, no other retailer services customer, quite the same as journeys Journeys is the one-stop shop for our broad range of both casual and athletic brands.

我之前說過，策略定位得當，重點關注青少年，沒有其他零售商為客戶提供服務，這與旅程一樣，旅程是我們廣泛的休閒和運動品牌的一站式商店。

This unique proposition as the destination for teen fashion footwear, particularly for the teen girl, remains solidly intact.

作為青少年時尚鞋類（尤其是青少年女孩）的目的地，這項獨特主張仍然完好無損。

As fashion broadens and teams are embracing multiple wearing occasions, we will achieve success with a more diversified assortment that addresses these needs and fills out our customers' closets.

隨著時尚的擴展和團隊正在擁抱多種穿著場合，我們將透過更多樣化的品種來滿足這些需求並充實客戶的衣櫃，從而取得成功。

Importantly, we already have the backing of our consumer who consistently scores Journeys' higher than key competitors in market research and our brand partners who are demonstrating exceptional support under Andy Grace leadership.

重要的是，我們已經得到了消費者的支持，他們在市場研究中對 Journeys 的評分始終高於主要競爭對手，而我們的品牌合作夥伴則在 Andy Grace 的領導下表現出了卓越的支持。

The Journeys team is working to dramatically accelerate the pace of improvement in response to how the consumer has changed with a strong merchant background, excellent vendor relationships and expertise in brand building and product innovation.

Journeys 團隊憑藉強大的商家背景、良好的供應商關係以及品牌建立和產品創新方面的專業知識，致力於大幅加快改進步伐，以應對消費者的變化。

And these insights have already proven tremendously valuable.

事實證明，這些見解非常有價值。

We are working with greater urgency.

我們的工作更加緊迫。

However, these efforts will take some time given footwear industry lead times already in the works, though they will set the stage for more significant progress for back-to-school and especially for holiday.

然而，考慮到鞋類產業已經在籌備中，這些努力將需要一些時間，儘管它們將為返校，特別是假期取得更重大進展奠定基礎。

I will discuss some of these initiatives in more detail shortly.

我將很快更詳細地討論其中一些舉措。

But first, I'd like to point out some important highlights from the quarter and year beyond the record sales years.

但首先，我想指出銷售創紀錄年份之外的季度和年度的一些重要亮點。

Two and J&M delivered.

兩個和 J&M 交付了。

We grew our comparable digital business by 5% in Q4, 8% for the year and expanded digital penetration in fiscal '24 to 23% versus 20% a year ago.

我們的可比較數位業務在第四季度成長了 5%，全年成長了 8%，並在 24 財年將數位滲透率擴大至 23%，而去年同期為 20%。

We launched journeys All Access loyalty program and Buy Online Pickup in Store in North America to encouraging initial results, focus was a bright spot in Journeys and its first holiday in operation, accounting for almost 30% of e-commerce sales in the week, leading up to Christmas.

我們在北美推出了Journeys All Access 忠誠度計劃和在線購買店內提貨，以取得初步成果，重點是Journeys 的亮點及其運營的第一個假期，佔當週電子商務銷售額的近30%，領先直到聖誕節。

Importantly, we made further progress rightsizing our inventory journeys ended Q4 with inventory down over 20% to last year, enabling us to generate strong cash flow and enter the new fiscal year in a very clean position.

重要的是，我們在第四季末的庫存調整方面取得了進一步進展，庫存比去年下降了 20% 以上，使我們能夠產生強勁的現金流，並以非常乾淨的狀態進入新的財年。

This also helped us deliver solid gross margins ahead of expectations and positions us well to buy into the product we need to drive Journeys' sales.

這也幫助我們實現了超出預期的穩定毛利率，並使我們能夠很好地購買推動旅程銷售所需的產品。

Furthermore, we continued to advance our strategies to position the business for better productivity and profitability.

此外，我們繼續推進策略，以提高業務生產力和獲利能力。

We closed nearly 100 underperforming Journeys stores and are evaluating up to 50 more closures this fiscal year as we reshape the footprint to align with the shopping patterns of today's consumer.

我們關閉了近 100 家表現不佳的 Journeys 商店，並正在評估本財年再關閉多達 50 家商店，因為我們正在重塑足跡，以適應當今消費者的購物模式。

And we made substantial progress in realigning our cost base and are now targeting an increased run rate of $45 million to $50 million in annual savings by the end of this year.

我們在調整成本基礎方面取得了實質進展，現在的目標是到今年年底將運行率提高到每年 4500 萬美元至 5000 萬美元的節省。

And now for color on our individual businesses, starting with Journeys.

現在我們的個人業務的色彩，從旅程開始。

While we were pleased that sales once again improved sequentially in Q4 as they have in every quarter this year.

我們很高興第四季度的銷售額再次環比成長，就像今年每季一樣。

Results nonetheless fell short of our initial expectations following a strong base giving weekend business decelerated in December as customer shopping trends remained choppy.

儘管如此，由於客戶購物趨勢仍不穩定，12 月週末業務減速，基礎強勁，結果仍低於我們最初的預期。

That said, store traffic was positive and consumers responded well to the newness in our assortment, which tells us that Journeys' remains a key destination for our team.

儘管如此，商店客流量依然良好，消費者對我們的新品類反應良好，這表明 Journeys 仍然是我們團隊的主要目的地。

However, a decline in conversion outweighed this given our consumers' selective appetite for key items.

然而，考慮到我們的消費者對關鍵商品的選擇性胃口，轉換率的下降超過了這一點。

Once we ran out of high demand product, we were not able as we usually are to motivate an alternate purchase and discounting did not drive enough sales to be effective.

一旦我們用完高需求產品，我們就無法像平常那樣激發替代購買，而且折扣也無法推動足夠的銷售發揮作用。

This was evident in boots.

這一點在靴子上表現得很明顯。

While we planned our boot business down in anticipation of a challenging season, it was weaker and impacted by both warm weather and style preferences.

雖然我們預計靴子業務將面臨一個充滿挑戰的季節，但由於天氣溫暖和風格偏好的影響，靴子業務表現疲軟。

Boot sales, which typically represent 50% of Journeys' holiday business, were down 20% during the holiday period.

通常佔 Journeys 假日業務 50% 的靴子銷售額在假期期間下降了 20%。

And as I mentioned, we experienced more pressure than we expected in our core assortment, including vulcanized product.

正如我所提到的，我們在核心產品系列（包括硫化產品）中遇到的壓力比我們預期的要大。

The overall sales decline in Q4 was confined to stores as Journeys' digital business performed quite well, up mid single digits versus last year.

第四季的整體銷售額下降僅限於商店，因為 Journeys 的數位業務表現相當出色，比去年增長了中個位數。

We tested numerous engagement and traffic driving programs with All Access members, increased SMS usage and increased influencer and paid social campaigns to generate awareness and drive conversion in fact, as we exited the year, we saw some acceleration in total comps in January, led by Journeys' e-com, which increased 35% during the month.

我們與All Access 會員一起測試了眾多參與度和流量驅動計劃，增加了短信使用量，增加了影響者和付費社交活動，以提高知名度並推動轉換。 1 月的總比較有所加速，其中領先的是Journeys 的電子商務本月增長了 35%。

Moving to the UK despite experiencing a slowdown in Q4 comps against a difficult compare to delivered an exceptional year with strong comp growth throughout the first nine months, our efforts to strengthen shoes value proposition has differentiated the business from competitors grabbing the attention of new customers and enhancing our brand relationships and access to top-tier products.

搬到英國，儘管經歷了第四季度的競爭放緩，但我們在前九個月的競爭中實現了強勁的增長，但我們為加強鞋類價值主張所做的努力使我們的業務與競爭對手區分開來，吸引了新客戶的注意力，增強我們的品牌關係並獲得頂級產品。

That said, sales in Q4 were challenged by a tough boot business, coupled with a more cautious UK consumer that against recessionary economic challenges was also more discriminating in their purchases.

儘管如此，第四季度的銷售受到了艱難的靴子業務的挑戰，再加上英國消費者更加謹慎，面對經濟衰退的挑戰，他們在購買時也更加挑剔。

The pressure was primarily in stores issues.

壓力主要來自商店問題。

E-comm business remained positive in the quarter, accounting for over 40% of total sales.

本季電子商務業務仍保持積極勢頭，佔總銷售額的40%以上。

Sales also remained a bright spot with sales up 8%, while non-footwear categories saw strong growth of 35% even amidst a difficult operating environment.

銷售也仍然是一個亮點，銷售額增長了 8%，而非鞋類類別即使在困難的經營環境下也實現了 35% 的強勁增長。

Shoe held strong market share as of mid January to maintain its number 10 ranked in total UK footwear market share.

截至 1 月中旬，鞋類市場份額強勁，在英國鞋類市場總份額中保持第十位。

According to Kantar, a position he's held since May 2023.

據 Kantar 稱，他自 2023 年 5 月起擔任該職位。

After moving up three spots during the year, loyalty has played a key role in strengthening shoes market position currently accounting for roughly 30% of total sales.

今年上升了三位之後，忠誠度在鞏固鞋類市場地位方面發揮了關鍵作用，目前鞋類市場銷售額約佔總銷售額的 30%。

Shoe club members now stand at $2.3 million and are more engaged than non-loyalty customers purchasing more frequently.

鞋類俱樂部會員現在的價值為 230 萬美元，並且比購買頻率更高的非忠誠客戶更積極參與。

Turning to Johnston & Murphy, the business was a standout over holiday with a record fourth quarter as we continued to invest to drive growth.

轉向 Johnston & Murphy，隨著我們繼續投資以推動成長，該業務在假期中表現出色，第四季度創紀錄。

Compelling product and strong sales of non-footwear led to nicely positive comps demonstrated a solid recovery from the ERP implementation challenges in Q3.

引人注目的產品和非鞋類產品的強勁銷售帶來了良好的積極業績，證明了從第三季 ERP 實施挑戰的穩健復甦。

However, relative to the run rate over holiday sales were pressured by the disruptive January winter storms.

然而，相對於假日銷售的運作率，受到一月份破壞性冬季風暴的壓力。

Our efforts to reimagine J&M as a more comfortable lifestyle brand with products suited for today's more casual preferences is resonating really well with our consumers in Q4.

我們努力將 J&M 重新打造為更舒適的生活風格品牌，提供適合當今更休閒偏好的產品，這在第四季度與我們的消費者產生了很好的共鳴。

J & M's direct-to-consumer business was strong across all channels, e-com retail and factory.

J & M 的直接面向消費者業務在所有通路、電子商務零售和工廠均表現強勁。

Although the casual and casual athletic categories were key drivers in J & M's footwear business, apparel and accessories were an even bigger callout in Q4.

儘管休閒和休閒運動類別是 J & M 鞋類業務的主要推動力，但服裝和配件在第四季度的表現更為強勁。

Apparel and accessories increased 18%, driven by strong growth in blazers and outerwear and accounted for almost half of J & M's DTC. sales.

在西裝外套和外套強勁增長的推動下，服裝和配件增長了 18%，幾乎佔 J&M DTC 的一半。銷售量。

J&M is a great example of how we've taken our strong DTC capabilities built in retail and applied them to a branded concept with the work of repositioning to an updated multi-category lifestyle brand paying dividends.

J&M 是一個很好的例子，說明我們如何利用零售中內建的強大 DTC 能力，並將其應用到品牌概念中，並透過重新定位為更新的多品類生活風格品牌帶來紅利。

J&M is positioned to drive meaningful growth with opportunities across categories, age, demographics, geographies and gender.

J&M 的定位是透過跨品類、年齡、人口統計、地理和性別的機會來推動有意義的成長。

As the cornerstone of our branded platform, the future for this business is incredibly bright.

作為我們品牌平台的基石，這項業務的未來非常光明。

Now switching back to Journeys Andy and team have taken a deep dive on the business and put sharper focus on a turnaround program and growth strategy that will impact the customer through product marketing and experience and today I'll highlight some key initiatives for this fiscal year, which are a mix of both strategic acceleration and disciplined expense management.

現在回到旅程安迪和團隊深入研究了業務，並更加關注將透過產品行銷和體驗影響客戶的周轉計劃和成長策略，今天我將重點介紹本財年的一些關鍵舉措，這是策略加速和嚴格的費用管理的組合。

Number one, drive product leadership and create marketplace differentiation to continue improving Journeys' footwear leadership and assortment.

第一，推動產品領先地位並創造市場差異化，以繼續提高 Journeys 的鞋類領導地位和品種。

We're implementing new strategies led by our recently appointed Chief Merchant to meaningfully increase product access and boost investment in key fashion athletic and casual brands.

我們正在實施由最近任命的首席商務官領導的新策略，以有意義地增加產品獲取並增加對主要時尚運動和休閒品牌的投資。

This includes diversifying and adding new key styles with our existing brand partners, increasing our leadership position with all our key brands, enhancing in-store, social and digital exposure to build awareness with our customer to shop journeys for these brands and working to add brands beyond those, we're traditionally known for number two, build the Journeys brand and enhance the omni experience we're intensifying efforts to build and promote journeys as an industry leading retail brand.

這包括與我們現有的品牌合作夥伴一起多元化和增加新的主要款式，提高我們在所有主要品牌中的領導地位，增強店內、社交和數位曝光度，以提高客戶對這些品牌的購物旅程的認識，並努力增加品牌除此之外，我們傳統上以第二名而聞名，打造旅程品牌並增強全方位體驗，我們正在加緊努力，將旅程打造為行業領先的零售品牌。

We're currently onboarding a new creative agency to develop a new brand communication strategy.

我們目前正在組建一個新的創意機構來制定新的品牌傳播策略。

We plan to roll this out in the back part of the year, along with an updated brand mission, vision and purpose.

我們計劃在今年下半年推出這項項目，並更新品牌使命、願景和宗旨。

In parallel, we're improving journeys brand presence and upgrading the customer experience with quick actions in both stores and online, including refreshed messaging and visuals, the teleco Houston brand story across channels and social.

同時，我們正在透過商店和網路上的快速行動來改善旅程品牌形象並升級客戶體驗，包括更新的訊息和視覺效果、跨渠道和社交的休士頓電信品牌故事。

We're excited about the investment we're making to personalize and improve the timeliness and relevance of our marketing communications as well.

我們對我們為個人化和提高行銷傳播的及時性和相關性而進行的投資感到興奮。

We're also evolving the All Access loyalty program where we signed up over 2 million members in six months, continuing to provide an exciting feature-rich program that differentiates journeys generates valuable consumer insights and encourages consumers to consolidate purchases across brands with us.

我們還在發展All Access 忠誠度計劃，在六個月內註冊了超過200 萬會員，繼續提供令人興奮的功能豐富的計劃，使旅程與眾不同，產生有價值的消費者洞察，並鼓勵消費者與我們整合跨品牌的購買。

And finally, we'll ultimately pursue an updated store concept and next-generation design to further enrich the customer experience and number three, leverage the power of our people.

最後，我們最終將追求更新的商店概念和下一代設計，以進一步豐富客戶體驗，第三，充分利用我們員工的力量。

This initiative leverages the expertise of our store employees to set us apart by providing excellent service as a differentiator.

這項舉措利用了我們商店員工的專業知識，透過提供卓越的服務作為差異化優勢，使我們脫穎而出。

Over the past year, we've introduced new capabilities, including mobile point-of-sale and focus to improve efficiency and customer engagement.

在過去的一年裡，我們推出了新功能，包括行動銷售點以及專注於提高效率和客戶參與度。

And this year, we'll further improve training and execution and rollout additional features like data and form suggestive selling, number four, optimize to drive operational and cost efficiencies.

今年，我們將進一步改進培訓和執行，並推出其他功能，例如數據和形式建議性銷售，第四，優化以提高營運和成本效率。

We're implementing several initiatives here, including continued efforts to optimize the store footprint, closing unproductive stores and redirecting traffic and sales, while strategically opening mall and off-mall locations and prioritize optimization projects focused on selling salaries, rent expense, inventory management and digital marketing spend, efficiency in summary.

我們在這裡實施了多項舉措，包括繼續努力優化商店佔地面積、關閉效率低下的商店以及重新引導流量和銷售，同時戰略性地開設購物中心和購物中心外地點，並優先考慮重點關注銷售工資、租金費用、庫存管理和銷售的最佳化項目。

Overall, I want to emphasize my belief in our team's ability to reshape our business and unlock Journeys' considerable earnings potential.

總的來說，我想強調我相信我們的團隊有能力重塑我們的業務並釋放旅程的可觀盈利潛力。

In addition, we're executing new initiatives to accelerate growth, pursue and J&M in fiscal '25, all building off our footwear focused strategy.

此外，我們正在實施新的舉措，以加速成長，並在 25 財年追求 J&M，所有這些都建立在我們以鞋類為重點的策略的基礎上。

I'll discuss a few select examples with the data capture rate at 75% plus for customers in North America and growing loyalty and affinity programs across our concepts were augmenting our understanding of our customers' needs and driving up repeat purchase rates using our CRM platforms and more advanced analytics for JNN.

我將討論一些精選的範例，其中北美客戶的數據捕獲率高達75% 以上，並且在我們的概念中不斷增長的忠誠度和親和力計劃增強了我們對客戶需求的理解，並使用我們的CRM 平台提高了重複購買率以及 JNN 的更高級分析。

We're excited for the launch of the brand's refreshed marketing campaign this spring, powered by a new agency.

我們很高興今年春天該品牌在新機構的支持下推出全新的行銷活動。

This campaign aims to increase overall brand awareness and heat and attract a broader and younger consumer while also changing the perception that J&M is still primarily address your resource rebound, social media content and organic social campaigns are key drivers of these efforts along with new digital and in-store rollouts.

該活動旨在提高整體品牌知名度和熱度，吸引更廣泛、更年輕的消費者，同時也改變人們對J&M 仍主要解決資源反彈問題的看法，社交媒體內容和有機社交活動以及新的數位化和社交媒體活動是這些努力的關鍵驅動力。

Finally, building out the shoe club loyalty offering will accelerate member sign-ups and customer engagement.

最後，建立鞋業俱樂部忠誠度服務將加速會員註冊和客戶參與。

Turning now to our outlook for fiscal '25 we continue to navigate volatile consumer behavior and are not assuming any significant change in the near term.

現在轉向我們對 25 財年的展望，我們將繼續應對不穩定的消費者行為，並且預計短期內不會發生任何重大變化。

As I mentioned, we anticipate a difficult first half with significant pressure in Q1 given the product challenges at Journeys and are planning the back half to be much stronger than the front as we make an aggressive push to reposition our assortments.

正如我所提到的，考慮到旅程的產品挑戰，我們預計上半年會很困難，第一季將面臨巨大壓力，併計劃下半年比前半段強得多，因為我們積極推動重新定位我們的品種。

Our guidance for the year reflects this view with the expected front half results impacting our ability to further grow EPS in fiscal '25.

我們今年的指導反映了這一觀點，預計上半年業績會影響我們在 25 財年進一步成長每股收益的能力。

But with the product build we're putting in place setting us up well for fiscal '26 and beyond.

但隨著我們正在實施的產品構建，我們為 26 財年及以後做好了準備。

And before closing, I'd like to say that while this past year has truly tested us, I am extremely proud of our resilience and drive to overcome the challenges we face.

在結束之前，我想說，雖然過去的一年確實考驗了我們，但我對我們克服所面臨挑戰的韌性和動力感到非常自豪。

None of this would be possible without our incredible talented people.

如果沒有我們才華洋溢的員工，這一切都不可能實現。

I'd like to thank you all for your tremendous efforts and for all the great work you will be doing in the coming year.

我要感謝你們所有人付出的巨大努力以及你們在來年所做的所有出色工作。

And with that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Mimi.

謝謝，咪咪。

But headwinds and Journeys, along with the inclement weather, we faced in January had a greater impact on our fourth quarter financial performance than we initially anticipated.

但我們一月份面臨的逆風和旅程以及惡劣天氣對我們第四季度財務表現的影響比我們最初預期的要大。

Relative to our revised guidance, the net earnings per share result was below our expectations primarily due to expense pressures at Journeys, coupled with the lost store traffic and earnings resulting from January's unusually impactful snow and ice storms.

相對於我們修訂後的指引，每股淨收益結果低於我們的預期，主要是由於 Journeys 的費用壓力，加上 1 月份異常嚴重的雪災和冰暴造成的商店客流量和收益損失。

Looking ahead, the efforts we've made and continue to make to contain expenses and drive productivity will better position us to withstand this pressure and emerge even stronger as sales growth returns.

展望未來，我們已經並將繼續為控制開支和提高生產力而做出的努力將使我們能夠更好地承受這種壓力，並隨著銷售成長的回歸而變得更加強大。

Turning to results for the quarter, consolidated revenue was $739 million, up approximately 2% compared to last year, driven by sales increases in all divisions other than journeys.

談到本季的業績，綜合收入為 7.39 億美元，比去年增長約 2%，這得益於除旅程以外的所有部門的銷售增長。

Excluding the 53rd week total sales declined 2% relative to our expectations.

排除第 53 週的總銷售額，較我們的預期下降 2%。

Sales were largely in line with our revised guidance with the exception of China, which was especially impacted by January's weather disruptions.

除中國以外的銷售情況基本上符合我們修訂後的指導，該地區尤其受到一月份天氣幹擾的影響。

Total comps were down 4% for Journeys, although comps were negative 5%.

旅程的總比較下降了 4%，儘管比較負 5%。

The business continued to improve sequentially to comps were down 5%, driven by stores even with the January shortfall J&M comps increased a healthy 8% by channel.

儘管 1 月出現短缺，但在門市的推動下，J&M 的業務繼續改善，同比下降了 5%，按通路計算，J&M 的同比增長了 8%。

Total store comps were down 7%, while direct comps were up 5%, with digital sales accounting for 27% of total retail sales up from 25% last year.

商店總銷售額下降 7%，直接銷售額成長 5%，數位銷售額佔零售總額的 27%，高於去年的 25%。

We ended the quarter with 69 fewer stores versus a year ago, largely the result of closing underperforming Journeys stores as we optimize our store footprint and drive productivity in our remaining store fleet.

本季末，我們的門市數量比一年前減少了 69 家，這主要是因為我們優化了門市佈局並提高了剩餘門市的生產力，從而關閉了表現不佳的 Journeys 門市。

Overall, gross margin was down 10 basis points compared to last year, which was ahead of our expectations due to lower planned promotions at Journeys with our consumer focused on purchasing key items.

總體而言，毛利率比去年下降了 10 個基點，這超出了我們的預期，因為 Journeys 計劃的促銷活動較少，而我們的消費者專注於購買關鍵商品。

Discounting was not as effective in driving sales.

折扣對於推動銷售並不那麼有效。

So we moderated our promotional stance relative to last year Journeys' gross margin was down 30 basis points due primarily to product mix shift.

因此，我們調整了促銷立場，與去年相比，Journeys 的毛利率下降了 30 個基點，這主要是由於產品結構的轉變。

Shoe's gross margin was down 10 basis points to last year, while J & M's gross margin was up 70 basis points, driven largely by lower freight expense and a favorable mix shift to retail versus wholesale, partially offset by higher retail markdowns.

鞋業的毛利率比去年下降了10 個基點，而J&M 的毛利率則上升了70 個基點，這主要是由於運費下降以及向零售與批發的有利組合轉變所推動，部分被較高的零售降價所抵消。

Lastly, Genesco brands' gross margin was up 420 basis points as we lapped last year's freight and logistics cost pressures and benefited from price increases this year.

最後，Genesco 品牌的毛利率上升了 420 個基點，因為我們克服了去年的貨運和物流成本壓力，並受益於今年的價格上漲。

Moving down the P&L.

損益表向下移動。

Adjusted SG&A expense was 41.1% of sales, 170 basis points above last year, with roughly 60 basis points of the increase attributable to the 53rd week.

調整後的 SG&A 費用佔銷售額的 41.1%，比去年增加 170 個基點，其中約 60 個基點的成長歸因於第 53 週。

While the 53rd week added to our top line.

第 53 週增加了我們的收入。

It was a low sales volume week that was particularly dilutive to our bottom line.

這是銷量較低的一周，特別稀釋了我們的利潤。

Adjusting for the 53rd week, SG&A expenses were relatively flat in absolute dollars compared to last year, despite the additional variable expenses associated with our direct sales growth, reflecting the impact and benefit of our cost savings initiatives.

在對第 53 週進行調整後，儘管與我們的直接銷售成長相關的額外可變費用與去年相比，SG&A 費用（以絕對美元計算）相對持平，這反映了我們成本節約計劃的影響和效益。

The increase in operating expenses relative to our guidance was primarily driven by Journeys.

營運費用相對於我們的指導的增加主要是由旅程推動的。

In addition to the incremental cost to support higher than expected direct sales product returns to our vendors resulted in greater than anticipated wage and freight pressure.

除了支援高於預期的直銷產品退貨給供應商帶來的增量成本之外，還導致了高於預期的工資和運費壓力。

Finally, we experienced additional store expenses, including occupancy cost, lowering overall occupancy cost and reducing the amount of fixed expense in the store channel remains a key priority.

最後，我們經歷了額外的商店費用，包括佔用成本，降低整體佔用成本和減少商店管道的固定費用仍然是關鍵優先事項。

In Q4, we achieved a 15% reduction in straight-line rent expense on 47 lease renewals across the Company with an average term of approximately three years.

第四季度，我們在公司範圍內進行了 47 次續租，平均租期約為三年，直線租金費用減少了 15%。

This brings our full year fiscal '24 renewals to [202], resulting in a 15% reduction in straight-line rent expense.

這使我們的 24 財年全年續約達到 [202]，導致直線租金費用減少 15%。

With over 50% of our fleet coming up for renewal in the next couple of years, we continue to have a lot of runway to capture additional savings.

我們超過 50% 的機隊將在未來幾年內進行更新，我們將繼續擁有大量跑道來節省額外費用。

Although we've made nice headway in rent savings and savings on selling salaries productivity and hours.

儘管我們在節省租金、銷售工資、生產力和工作時間方面取得了巨大進展。

Higher hourly wages has been an offset and remains a pressure point due to minimum wage and competitive increases, and we continue to work to mitigate that.

由於最低工資和競爭性增長，較高的時薪已被抵消並仍然是一個壓力點，我們將繼續努力緩解這一問題。

In summary, for the fourth quarter, we realized adjusted operating income of $38.5 million compared to adjusted operating income of $51 million for Q4 last year.

總之，第四季調整後營業收入為 3,850 萬美元，而去年第四季調整後營業收入為 5,100 萬美元。

This all resulted in adjusted diluted earnings per share of $2.59 for the quarter versus earnings per share of $3.6 last year.

這一切導致本季調整後稀釋每股收益為 2.59 美元，去年每股收益為 3.6 美元。

For the 53rd week operating income was an estimated loss of $2.6 million or approximately $0.18 per share.

第 53 週營業收入預計虧損 260 萬美元，即每股虧損約 0.18 美元。

Turning now to capital allocation and the balance sheet, we ended the quarter in a slightly positive net cash position and generated approximately $108 million of free cash flow.

現在轉向資本配置和資產負債表，本季結束時，我們的淨現金部位略為正，並產生了約 1.08 億美元的自由現金流。

We ended the year with clean inventories down 17% from last year with respect to Journeys, we worked with our brand partners to adjust inventory levels, enabling us to end the quarter with inventories 22% lower than last year and well-positioned to bring newness and freshness to the assortment.

截至年底，我們的 Journeys 清潔庫存比去年下降了 17%，我們與品牌合作夥伴合作調整庫存水平，使我們在季度末的庫存比去年減少了 22%，並處於有利位置，能夠帶來新鮮感和品種的新鮮度。

In addition, our strong cash flow balance sheet liquidity under our revolving line of credit provides the financial capacity to support all our strategic efforts, capital expenditures in Q4 were $10 million, with the investments primarily directed to retail stores.

此外，循環信貸額度下我們強大的現金流資產負債表流動性提供了支持我們所有戰略努力的財務能力，第四季度的資本支出為1000萬美元，投資主要針對零售店。

In our digital and omnichannel initiatives.

在我們的數位和全通路計劃中。

We opened five stores, which were primarily off-mall and closed 24 ending the quarter with 1,341 total stores.

我們開設了 5 家商店，主要位於商場外，本季末關閉了 24 家商店，商店總數為 1,341 家。

Lastly, we didn't repurchase any shares during the quarter, but bought back 10% over the year and our current authorization remains at $52 million.

最後，我們在本季沒有回購任何股票，但全年回購了 10%，目前的授權仍為 5,200 萬美元。

Over the past five years, we have repurchased almost 50% of our outstanding shares regarding cost savings, when you combine our efforts to increase the variability of our cost structure with savings under our cost savings plan, we made meaningful progress on expense reductions in fiscal '24.

在過去的五年裡，我們為了節省成本而回購了近50% 的已發行股票，當您將我們增加成本結構的可變性的努力與我們的成本節省計劃下的節省結合起來時，我們在減少財務費用方面取得了有意義的進展。

Our updated plan now targets a reduction in annualized run rate before reinvesting of $45 million to $50 million by the end of fiscal '25, which is above our original target of $40 million.

我們更新後的計畫現在的目標是，到 25 財年末，再投資前的年化運行率降低 4,500 萬美元至 5,000 萬美元，這高於我們最初的 4,000 萬美元目標。

We expect savings from reduced store rents, selling salary, productivity gains, reduced warehouse and logistics cost and reduced freight costs from inventory optimization initiatives.

我們預計，商店租金的降低、銷售工資的降低、生產率的提高、倉庫和物流成本的降低以及庫存優化措施的貨運成本的降低都會帶來節省。

With respect to store closures, we closed 94 Journeys stores in fiscal '24 or roughly 8% of the total fleet.

在商店關閉方面，我們在 2024 財年關閉了 94 家 Journeys 商店，約佔總店數的 8%。

These were primarily mall-based locations for fiscal '25.

這些主要是 25 財年的購物中心地點。

We are aiming the clubs aiming to close up to 50 more Journeys stores.

我們的目標是俱樂部關閉多達 50 家 Journeys 商店。

Savings from these closures will eliminate approximately $14 million of annualized costs from SG&A expense, which adds to the roughly $25 million of annualized savings from the stores closed this past year and is in addition to the $45 million to $50 million of run rate savings we expect to achieve by the end of this year.

這些關閉帶來的節省將消除約1400 萬美元的SG&A 費用年化成本，這增加了去年關閉的商店帶來的約2500 萬美元的年化成本節省，此外我們預計運行率節省了4500 萬至5000萬美元力爭在今年底前實現。

The goal of these cost savings and store closure programs is to gain better expense leverage and operating margin expansion even with modest increases in sales.

這些成本節約和商店關閉計劃的目標是即使在銷售額適度增長的情況下，也能獲得更好的費用槓桿和營業利潤率擴張。

Now turning to guidance, recognizing that we're starting this year in a difficult position given the product challenges we are facing, I'd like to start providing some specifics around Q1, starting with the top line.

現在轉向指導，認識到鑑於我們面臨的產品挑戰，今年我們將處於一個困難的境地，我想開始提供有關第一季度的一些具體信息，從營收開始。

We don't expect to see the demand curve improve within Journeys' core product assortment, which makes up a sizable portion of our spring business.

我們預期 Journeys 的核心產品種類的需求曲線不會改善，該產品種類占我們春季業務的很大一部分。

That pressure will make it difficult to drive sales growth.

這種壓力將使其難以推動銷售成長。

As such, we expect a mid to high single digit sales decline versus last year, driven primarily by Journeys and to a lesser extent, Genesco brands group.

因此，我們預計銷售額將較去年出現中高個位數下降，這主要是由 Journeys 以及較小程度上由 Genesco 品牌集團推動的。

Regarding Q1 gross margins, we expect an overall gross margin decrease of 40 to 50 basis points, mostly due to product mix shift in Journeys and Schuh as Q1 is also one of our lower volume quarters with expenses at minimum levels and largely fix the sales decline will result in roughly 320 to 350 basis points of SG&A deleverage, resulting in an earnings per share loss of approximately $1.10 more than we lost in Q1 last year.

關於第一季的毛利率，我們預計整體毛利率將下降40 至50 個基點，這主要是由於Journeys 和Schuh 的產品組合發生變化，因為第一季也是我們銷售較低的季度之一，費用處於最低水平，並在很大程度上解決了銷售額下降的問題將導致 SG&A 去槓桿化約 320 至 350 個基點，導致每股收益損失比去年第一季的損失多約 1.10 美元。

Moving to the full year, while we are confident that our turnaround strategy at Journeys can begin to drive improvements in the back half.

進入全年，我們相信旅程的扭虧為盈策略可以開始推動下半年的改善。

Best of luck for holiday.

祝假期好運。

Since this is a transition year for Journeys, we believe it's prudent to adopt a cautious view through out fiscal '25 with opportunity for a more significant rebound in fiscal '26.

由於今年是旅程的過渡年，我們認為在整個 25 財年採取謹慎的態度是謹慎的做法，並有機會在 26 財年實現更顯著的反彈。

We are also taking a more conservative view for Sue and Jane.

我們對蘇和簡也持較保守的看法。

And as they both cycle robust multiyear comparisons Taking this all into account, we expect fiscal '25 total sales to decrease 2% to 3% or down 1% to 2% when excluding the 53rd week last year.

由於它們都循環強勁的多年比較，考慮到這一切，我們預計 25 財年的總銷售額將下降 2% 至 3%，如果排除去年第 53 週，則下降 1% 至 2%。

The variance between the high and the low end of the range is primarily due to uncertainty in the consumer and macro environment, particularly in the UK.

該範圍的高端和低端之間的差異主要是由於消費者和宏觀環境的不確定性，特別是在英國。

Regarding EPS, we expect adjusted earnings per share in the range of $0.6 to $1.

關於每股收益，我們預計調整後每股收益將在 0.6 美元至 1 美元之間。

We expect a challenging first half to be a way to positive earnings in the back half as back-to-school and holiday give us the opportunity to generate profitability on higher sales.

我們預計，充滿挑戰的上半年將成為下半年實現正收益的一種方式，因為返校和假期使我們有機會透過更高的銷售額來獲利。

Net-net, we expect improvement over last year to be weighted to Q4 as further pivoting the Journeys' assortment will take time.

淨淨來看，我們預計第四季將比去年有所改善，因為進一步調整旅程的分類需要時間。

We expect gross margin rates to be flat to up 10 basis points for the year, with improvement in shoe mitigating some product and channel mix pressure at Journeys as a percentage of sales, we expect adjusted SG&A to range from deleverage of 30 basis points to flat with the cost reduction efforts I described earlier and other actions working to partially offset deleverage on fixed expenses.

我們預計今年的毛利率將持平至上升10 個基點，隨著鞋類業務的改善緩解了Journeys 的部分產品和通路組合壓力（佔銷售額的百分比），我們預計調整後的銷售及管理費用將在去槓桿化30 個基點至持平之間我之前描述的降低成本的努力以及其他旨在部分抵消固定支出去槓桿化的行動。

All of these inputs result in an operating margin that is in the range of fiscal '24 operating margin.

所有這些投入導致營業利潤率在 24 財年營業利潤率範圍內。

Our guidance assumes no additional share repurchases which results in fiscal '25 average shares outstanding of approximately $11.3 million, and we expect the tax rate to be approximately 26%.

我們的指導假設沒有額外的股票回購，這導致 25 財年平均已發行股票約為 1,130 萬美元，我們預計稅率約為 26%。

Closing, we are taking aggressive actions to accelerate our journeys turnaround.

最後，我們正在採取積極行動來加速我們的旅程週轉。

And while those efforts will take a little time to create impact in the P & L, we believe they will best position us to unlock journeys, considerable earnings potential return to growth and create meaningful shareholder value.

雖然這些努力需要一點時間才能對損益表產生影響，但我們相信它們將使我們能夠最有效地開啟旅程、實現可觀的獲利成長潛力回報並創造有意義的股東價值。

Operator, we are now ready to open the call for questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Jeff Frelick with B. Riley Securities.

（操作員指示）B. Riley Securities 的 Jeff Frelick。

Good morning, guys.

早上好傢伙。

Thanks for taking the question.

感謝您提出問題。

Kind of a three-parter here.

這裡有點像三人組。

First off in January, it appears that Journeys' sales actually got better.

首先，從一月開始，Journeys 的銷售情況似乎確實有所改善。

If you look at pre release, it was accomplished down six, it ended up being down five, weather was bad.

如果你看一下發布前的情況，它是在下降了六點的情況下完成的，最終卻下降了五點，天氣很糟糕。

I was wondering if you could expound expound upon that.

我想知道你是否可以對此進行闡述。

And then just building on that, you referenced Tom, in your script product challenges.

然後在此基礎上，您在腳本產品挑戰中引用了湯姆。

I'm just kind of curious, new product challenges for the first half first quarter.

我只是對第一季上半年的新產品挑戰感到好奇。

What specifically those are the big kind of a head-scratcher question, is it the implication was that the thought that the sales was the issue, but it appears that it's expenses and you referenced unanticipated expenses and just that but a point on this in 2019, you did $317 million of gross profit dollars.

具體來說，這是一個令人頭疼的大問題，這是否意味著人們認為銷售是問題所在，但似乎是費用問題，而您提到了意外費用，而這只是 2019 年的一個問題，您的毛利潤為3.17 億美元。

This year.

今年。

You did $342 million.

你做了 3.42 億美元。

I'm less stores, but your SG&A is $43 million higher.

我的商店較少，但你們的 SG&A 卻高出 4,300 萬美元。

So it appears that the issue here might be expenses more than it is sales or gross profit.

因此，這裡的問題可能是費用高於銷售額或毛利。

So I was wondering if you could unpack that for us Thanks.

所以我想知道你是否可以為我們打開它，謝謝。

Thank you for all those questions.

謝謝你提出的所有這些問題。

And let's take them one at a time.

讓我們一次一個地拿它們。

So you asked about in January, Journeys' sales got better and in fact, did in January Journeys' sales did get better.

所以你問到一月份，Journeys 的銷售情況有所好轉，事實上，一月份 Journeys 的銷售情況確實有所好轉。

I'll just remind you of the cadence of the quarter that we started out nicely in November with a very nice Black Friday weekend.

我只想提醒您本季的節奏，我們在 11 月以一個非常愉快的黑色星期五週末開始了良好的開局。

And then sales gave some back in December and then picked up in January.

12 月銷量回升，1 月又有所回升。

Now also say that in December, in particular, we saw that customer first coming to our stores, traffic was up, but in fact, we are they were very focused on select items, and we're shopping only for those things, those must-have key items and we always can convert our customers to other things but it was challenging this year, just given some of the other other pressures, economic pressures.

現在還要說，特別是12月份，我們看到顧客第一次來我們店，人流量就上升了，但事實上，我們是他們非常專注於精選的商品，而我們只買那些東西，那些必須的東西。

And so as we got into January, we saw that what really took off was our e-commerce business.

因此，進入一月後，我們發現真正起飛的是我們的電子商務業務。

We've been working to grow e-comm over the last many years, and we're delighted to see some of the growth.

過去多年來，我們一直致力於發展電子商務，我們很高興看到一些成長。

There were a lot of winter storms in our and our journeys customer went online.

我們的旅程中有很多冬季暴風雨，我們的客戶上網了。

We were driving some of those sales with a clearance product.

我們透過清倉產品推動了其中一些銷售。

And so there was some appetite for clearance product as well.

因此，人們對清倉產品也有一定的興趣。

I would say that that's what helped?

我會說這就是有幫助的嗎？

That's what helped.

這就是有幫助的。

That's what helped us January.

這就是對我們一月的幫助。

And then I'm just talking about product challenges that are specific to Q1 before I hand it over to Tom, we have made a lot of progress on Journeys over the course of this year where we started the year, we came into the year and after a relatively flat flattish sales the year before saw a pretty significant drop as the consumer just had a great appetite for newness and wanted to buy different things than they had been buying before.

然後我只是談論第一季度特有的產品挑戰，然後我將其交給 Tom，我們在今年的旅程中取得了很多進展，我們開始了這一年，我們進入了這一年，在前一年相對在平穩的銷售之後，由於消費者對新鮮事物的胃口很大，並且想要購買與以前購買的不同的東西，因此出現了相當大的下降。

We had some record years coming out of the pandemic.

我們在擺脫大流行的過程中經歷了創紀錄的年份。

And I think the pendulum swung back the other way.

我認為鐘擺又朝另一個方向擺動了。

And so we have been working all year to be able to fill that gap that started down 14%.

因此，我們一整年都在努力填補這一開始下降 14% 的缺口。

And then again, we've made a lot of progress here.

話又說回來，我們在這裡取得了很大進展。

What we do see here is that that journey is itself a destination where teens go for a variety of product, both fashion athletic and also the casual product that we have been talking about.

我們在這裡看到的是，這段旅程本身就是青少年購買各種產品的目的地，既有時尚運動產品，也有我們一直在談論的休閒產品。

Journeys is quite well positioned to take advantage of this.

Journeys 非常善於利用這項優勢。

What we saw is that the product that we knew was heartened with sell-in that we chased into for the fourth quarter sold very nicely.

我們看到的是，我們所知道的產品因我們在第四季度追逐的銷售而受到鼓舞，銷售得非常好。

But what we also saw is that some of the four product that we expected a better sell-through rates on there was not as much take-up on the part of the consumer, and that's the product that we're talking about that we are going to have challenges on in the first half of the year.

但我們也看到的是，我們預計會有更好的銷售率的四種產品中的一些產品並沒有受到消費者的那麼多關注，這就是我們正在談論的產品上半年將面臨挑戰。

And just given that the product lead times, we've got a new head of Journeys.

考慮到產品的交付時間，我們任命了一位新的旅程主管。

We've got a new chief merchant and journeys.

我們有了新的首席商人和旅程。

They are both chasing aggressively into product that we believe is going to move the needle even further.

他們都在積極開發我們相信將進一步推動發展的產品。

And they have merchant backgrounds and they bring the right expertise and the right, the right relationships to improve even further on the relationships that we have.

他們擁有商人背景，他們帶來了正確的專業知識和正確的關係，以進一步改善我們現有的關係。

And so we're chasing into additional products that will really hit in the back part of the year, we see fashion broadening and teens embracing just more wearing occasions.

因此，我們正在尋找更多今年下半年真正流行的產品，我們看到時尚範圍不斷擴大，青少年擁抱更多的穿著場合。

And I think over the longer term, that is going to be good for us, both on the fashion athletic and on the casual side.

我認為從長遠來看，這對我們有利，無論是在時尚運動方面還是在休閒方面。

And so there are some interesting things happening on the apparel side as well, and it's the chasing into the greater appetite for newness and freshness and then specifically around the brands that we know are really resonating with the consumer today and will be resonating with the consumer as we anticipate we go through the year.

因此，服裝方面也發生了一些有趣的事情，這是對新奇和新鮮的更大興趣的追逐，特別是圍繞我們知道真正與當今消費者產生共鳴並將與消費者產生共鳴的品牌正如我們預期的那樣，我們度過了這一年。

And I will turn it over to Tom for the last question.

我將把最後一個問題交給湯姆。

Joe, for me, as we tried to tackle on the expenses and hit some of the points, I think the first one was an understanding of the expenses in January, and we did have some additional expenses more than we originally anticipated in Journeys and it was around the store channel.

喬，對我來說，當我們試圖解決費用問題並解決一些問題時，我認為第一個是對一月份費用的了解，我們確實有一些額外的費用比我們最初在旅程中預期的要多，而且它是在商店通道周圍。

Some of it was the the occupancy costs for Journeys and some of that's related to just some of the final timing of some store closures there as well as we had some additional costs and January over and above what we expected processing some significant returns to vendors on.

其中一些是旅程的佔用成本，其中一些與一些商店關閉的最終時間有關，以及我們有一些額外的成本，一月份超出了我們的預期，處理了一些對供應商的重大回報。

And as a result of that, the good news is we got our inventories down at the end of the year at Journeys down about 22% related to the prior year.

因此，好消息是我們的 Journeys 庫存在年底比去年下降了約 22%。

So there was some return on those additional expenses.

因此，這些額外費用得到了一些回報。

And then there was just some of the other additional store expenses related even the labor to process that return to vendor.

然後還有一些其他額外的商店費用，甚至與處理退貨給供應商的勞動力有關。

So that's the January number.

這就是一月份的數字。

When you look at expenses relative to calendar '19, our fiscal year '20 important thing to point out there is there's been a huge transformation in the business and that there's been a huge movement towards our direct business in all in all our businesses, especially journeys are.

當你查看相對於日曆'19，我們的財政年度'20的支出時，需要指出的是，業務發生了巨大的轉變，並且我們所有業務中的直接業務都發生了巨大的變化，特別是旅程是。

So with that growth in our e-commerce business, there's an investment operating expenses.

因此，隨著我們電子商務業務的成長，就會產生投資營運費用。

So that you need to consider that when you're considering the growth in expenses and I think another thing to point out on expenses in terms of when you look at our guide going forward to next year, you can see that that implies a significant reduction in our expenses going forward.

因此，您需要考慮到，當您考慮費用增長時，我認為在費用方面需要指出的另一件事是，當您查看我們明年的指南時，您會發現這意味著大幅減少在我們未來的開支中。

So we feel good where we're at on expenses.

所以我們對開支感到滿意。

And when you look at that guide, you can see the traction we're getting taking expenses out and just another thing back in on fiscal year '24, we get a lot of traction within the Journeys store channel, taking expenses out so

當您查看指南時，您可以看到我們在扣除費用方面獲得的吸引力，而在 24 財年，我們在 Journeys 商店渠道中獲得了很大的吸引力，因此扣除了費用，因此

(multiple speakers)

（多個發言者）

(multiple speakers) With regards to the final timing of store closures, returns to vendors, the labor that's associated there.

（多名發言者）關於商店關閉的最終時間、供應商的退貨以及相關的勞動力。

I mean, it seems like it might have been tempted tempting to kind of put those are nonrecurring, which you did not have any thoughts there?

我的意思是，看起來似乎很想把那些是一次性的，你對此沒有任何想法？

And what maybe any guidance as to what that amount might have been?

對於這個金額可能有什麼指引？

Yes, it's normal course.

是的，這是正常的過程。

So we really those are situations we can't necessarily put them down into nonrecurring.

所以我們確實不能把這些情況歸為一次性的。

So we were hoping to use the conference call here to get into conversations about some of those one-time type of things?

所以我們希望利用這裡的電話會議來討論一些一次性的事情？

Yes, we had a aggressive question.

是的，我們有一個激進的問題。

I think the great news is that we are in terrific shape in our inventory.

我認為好消息是我們的庫存狀況非常好。

Journeys is down more than 20% and so that and we did that without having to take an excessive amount of markdowns.

Journeys 下降了 20% 以上，因此我們在沒有進行過多降價的情況下做到了這一點。

And so are rightly clean.

所以是正確的乾淨。

We've got ample open to buy to chase into the product that we know we will bring in during the course of the year.

我們有足夠的空間來購買我們知道今年將推出的產品。

And so I think that that's that's a positive and we had a chance to be able to push back more inventory that didn't work to our brand partners who have been exceptional working with us and are excited about being able to work with us to bring new styles in and to bring in, you know, to feed some of the trends like clogs and the fashion athletic that that we see a lot of appetite for.

所以我認為這是一個積極的方面，我們有機會推遲更多對我們的品牌合作夥伴不起作用的庫存，他們與我們合作非常出色，並且很高興能夠與我們合作帶來你知道，新款式的引入和引入是為了迎合一些趨勢，例如木鞋和時尚運動，我們看到了許多人的胃口。

Okay.

好的。

No, thanks very much.

不，非常感謝。

I'm taking up too much time.

我佔用了太多時間。

So let some others ask some questions and best of luck in Q1.

因此，讓其他人問一些問題，祝第一季好運。

Thank you.

謝謝。

Corey Tarlowe, Jefferies.

科里·塔洛，杰弗里斯。

Good morning, and thanks for taking my questions and many are longer term in nature.

早安，感謝您提出我的問題，其中許多問題本質上都是長期的。

Curious to how you think about the go forward margin trajectory for the business and what the right margin profile for the enterprise might be more broadly and what are the building blocks to get you to that level over a multiyear time horizon?

想知道您如何看待企業的未來利潤率軌跡，更廣泛地了解企業的正確利潤率狀況是什麼，以及讓您在多年的時間範圍內達到這一水平的基石是什麼？

Cory, thank you for the question.

科里，謝謝你的提問。

I had to talk about the different parts of our business.

我必須談談我們業務的不同部分。

We were delighted to see that post Johnston & Murphy and chew had back-to-back record years.

我們很高興看到 Post Johnston & Murphy 和 Chew 連續多年創下紀錄。

We have done a lot of work there.

我們在那裡做了很多工作。

The consumer changed a lot during the pandemic and both of those businesses were quite challenged a couple of years ago, and we put our heads down and did the work to really turnaround those businesses and took the actions around product and marketing and technology to be able to get those businesses back to mid-single digit levels of operating income where they have achieved historically.

在大流行期間，消費者發生了很大變化，這兩家企業幾年前都受到了相當大的挑戰，我們埋頭苦幹，努力真正扭轉這些企業，並圍繞產品、營銷和技術採取行動，以便能夠讓這些企業的營業收入回到歷史上個位數的水準。

And so what we are talking about right now is journeys and our journey is value proposition is very strong.

所以我們現在談論的是旅程，我們的旅程的價值主張非常強大。

We've been through many cycles before where we have come out ahead this time around.

我們之前經歷過很多周期，但這次我們取得了領先。

It was unique because there's so many factors at play.

它是獨一無二的，因為有很多因素在起作用。

And we do believe it's a cycle that we're in.

我們確實相信這是一個循環。

We have a lot of confidence in the Journeys business.

我們對旅程業務充滿信心。

It's the go-to place for teams.

這是團隊的首選之地。

It plays such an important role in just their their selection of fashion footwear items.

它在他們選擇時尚鞋類產品時起著如此重要的作用。

Our brand relationships are terrific as well.

我們的品牌關係也很棒。

We're very important to our brands, and we've got some terrific dialogue going on with our brands today to talk about bringing in a new product to be able to fill the appetite for our teams.

我們對我們的品牌非常重要，今天我們與我們的品牌進行了一些精彩的對話，討論引入新產品以滿足我們團隊的需求。

The next thing I'd say is that Journeys is a really resilient business.

接下來我要說的是，Journeys 是一個非常有彈性的業務。

If you go back and you look at our track record of navigating both economic headwinds and fashion shifts.

如果你回顧過去，看看我們應對經濟逆風和時尚轉變的記錄。

And we have successfully navigated that, you know, in the recent past and in the last recent past as well and the beauty of our model is that we can shift into brands that are hot.

你知道，我們已經成功地解決了這個問題，在最近的過去和最近的過去，我們模式的美妙之處在於我們可以轉向熱門品牌。

We can rotate the assortment and there's a lot of leverage in our business.

我們可以輪換品種，我們的業務有很大的槓桿作用。

So structurally speaking, the things that have changed is what Tom talked about, that there's a lot more opportunity for digital.

所以從結構上來說，湯姆談到的事情已經發生了變化，數位化有更多的機會。

And our digital business is not only unprofitable, but it's nicely accretive because we've got double digit profitability within digital.

我們的數位業務不僅沒有獲利，而且還具有很好的增值性，因為我們在數位領域的獲利能力達到了兩位數。

We have a chance to grow journeys.

我們有機會拓展旅程。

Digital Business shoe is at 40%.

鞋業數位化業務佔比為 40%。

Journeys is less than half of that.

旅程還不到一半。

So that will certainly help over the longer term.

因此，從長遠來看，這肯定會有所幫助。

And we've taken a lot of actions to bring our cost base down.

我們已經採取了很多行動來降低我們的成本基礎。

You will see that in Journeys' overall P&L, both by closing less productive stores and also by working on productivity and overall expenses.

您將在《旅程》的整體損益表中看到這一點，包括關閉生產力較低的商店以及提高生產力和整體支出。

And so that allows us to leverage at very low levels of comp.

因此，這使我們能夠在非常低的競爭水平上發揮槓桿作用。

The really big issue here and Tom talked about that as well is that our we've deleveraged the expense base on the negative store comp.

湯姆也談到了這裡真正的大問題是我們已經根據負商店補償降低了費用基礎。

And so the solution to that is to build that back end to drive sales.

因此，解決方案是建立後端來推動銷售。

And so when we when we talk about the most important initiatives it is around driving sales is around being able to add to drive newness and freshness into the product assortment to drive store sales and online sales.

因此，當我們談論最重要的舉措時，它圍繞著推動銷售，圍繞著能夠增加產品種類的新穎性和新鮮度，以推動商店銷售和線上銷售。

And I see no reason why we won't go back to historical levels of profitability for Journeys.

我認為我們沒有理由不讓旅程的獲利能力回到歷史水平。

I'm certainly in the mid single digit range and that takes on positive comps to be able to get us there.

我當然處於中等個位數範圍內，並且需要積極的比較才能讓我們到達那裡。

Maybe one more thing I'd add, Corey, is on the branded side of the business, Johnston & Murphy and our Genesco branded group where we're getting a lot of traction in terms of improving our gross margins.

也許我還要補充一件事，Corey，是在業務的品牌方面，Johnston & Murphy 和我們的 Genesco 品牌集團，我們在提高毛利率方面獲得了巨大的吸引力。

And we have a roadmap going forward to continue to improve our gross margins on the branded side of the business.

我們制定了繼續提高品牌業務毛利率的路線圖。

So that's as well as a driver going forward to improve the overall Company operating margin.

因此，這也是提高公司整體營運利潤率的驅動力。

Great, thanks.

萬分感謝。

And just to double-click on gross margin, it sounds like there's the expectation for sales to be down.

只要雙擊毛利率，聽起來銷售額就會下降。

It's here, but gross margin to be up.

它就在這裡，但毛利率要上升。

So Tom, would you could you just maybe walk through how to get to that from the first quarter through the full year?

湯姆，您能否介紹如何從第一季到全年實現這一目標？

And what are the underlying drivers are and maybe rank the drivers that because?

潛在的驅動因素是什麼，也許對驅動因素進行排名是因為？

Well, let me start and then I'll hand it to Tom, but I think we have been in a position where we've kept our inventories really clean through the course of the year.

好吧，讓我開始，然後我會把它交給湯姆，但我認為我們在這一年中一直保持庫存非常乾淨。

So we haven't seen any we haven't taken markdowns at or near the level of others in our industry.

因此，我們還沒有看到任何降價幅度達到或接近行業內其他公司的水平。

And in fact, we outperformed gross margin in the fourth quarter.

事實上，我們第四季的毛利率表現超過了毛利率。

So we don't and by the way, the industry is more cleaned up than it was when we started the fourth quarter.

所以我們沒有，順便說一句，這個行業比我們第四季開始時更乾淨。

And so we don't anticipate that we will have a lot of pressure from markdowns given how clean our inventories are there's a little bit of pressure from mix because of the of the brand mix in both those journeys and shoe, but that's offset by some other initiatives that we have underway.

因此，考慮到我們的庫存有多乾淨，我們預計不會面臨很大的降價壓力，由於這些旅程和鞋子中的品牌組合，混合會帶來一點壓力，但這會被一些因素所抵消。進行的其他舉措。

To help on gross margins.

有助於提高毛利率。

So I think we're anticipating it will be up a bit.

所以我認為我們預計它會有所上升。

And now into Tom's talking about of that in total, we expect it to be flat to up a bit for the year and maybe hit on a good one of the bigger points in terms of the promotional environment we're expecting on the Journeys side, the other thing to consider is with our shoe business.

現在湯姆正在談論這一點，我們預計這一年的銷量將持平甚至略有上升，並且可能會達到我們在《旅程》方面所期望的促銷環境方面的一個更大的目標，另一件需要考慮的事情是我們的鞋業業務。

We continue to work and have initiatives in place to continue to drive gross margin improvement there as well.

我們將繼續努力並採取舉措，繼續推動毛利率的提高。

So we'll see some of that and some of that as freight contracts, we've renegotiated any value or efficiency within our distribution centers.

因此，我們將看到其中一些，其中一些作為貨運合同，我們已經在配送中心內重新協商了任何價值或效率。

So both in the US and the UK that will allow us to have more efficient warehouse warehousing and distribution expense.

因此，在美國和英國，這將使我們能夠擁有更有效率的倉庫倉儲和配送費用。

And then on the branded side of the business, we expect to see some improved margins there as well.

然後在品牌業務方面，我們預期利潤率也會提高。

But one thing to point out in terms of the cadence in that in the first quarter, we're expecting some some decline in gross margin, and that's mainly around the iron loan mix in both Journeys and shoe in the first quarter.

但需要指出的是，就第一季的節奏而言，我們預計毛利率會有所下降，這主要是圍繞第一季旅程和鞋業的鐵貸款組合。

That seems to moderate as the rest of the year goes by.

隨著今年剩餘時間的推移，這種情況似乎會有所緩和。

Great.

偉大的。

Thank you so much for all the color.

非常感謝您提供的所有顏色。

Mitch Kummetz, Seaport Research.

米奇·庫梅茨，海港研究中心。

Yes, thank you.

是的，謝謝。

Can you guys hear me?

你們聽得到我說話嗎？

Okay?

好的？

I'm having some phone issues.

我的電話有一些問題。

We can.

我們可以。

We can.

我們可以。

I've got a handful of questions.

我有幾個問題。

I'm going to you just do these one by first on Journeys, you mentioned the sequential improvement in 4Q.

我將讓你先在《旅程》中做這些，你提到了第四季的連續改進。

Has that continued in the through February or have you seen the business kind of fall back again?

這種情況是否會持續到整個二月，或者您是否看到業務再次回落？

And so when you think about the fourth quarter, I just talked about January picked up a bit on the key here, Mitch, is that what emerged over the holidays is that our consumer move further away from four products.

因此，當你想到第四季時，我剛剛談到一月份的關鍵點，米奇，假期期間出現的情況是我們的消費者遠離四種產品。

And while we made improvement in terms of the winter assortment that we brought and the newness and the freshness, it's the core product that the consumer move further away from.

雖然我們在帶來的冬季品種以及新穎性和新鮮度方面做出了改進，但消費者卻遠離了核心產品。

And that is core product that we anticipated to carry into the spring.

這是我們預計在春季推出的核心產品。

And that's really what we have been focused on in terms of our outlook for the first quarter that we'd have pressure as a result of that.

這確實是我們對第一季前景的關注，因此我們將面臨壓力。

And so we wouldn't anticipate that the trend would pick up further.

因此，我們預計這種趨勢不會進一步加劇。

We have had nice sequential improvement, but we expect that will sort of be where we are at least for the first quarter of the year.

我們已經取得了不錯的連續改進，但我們預計至少在今年第一季我們會達到這樣的水平。

That will improve a little bit as we can bring product in and affect the trend in the back part of the second year, even more pickup in the third quarter, and we have a huge push in the fourth quarter, just given the overall lead times for four for footwear, which are in the range of six months.

這將會有所改善，因為我們可以在第二年下半年引入產品並影響趨勢，甚至在第三季度有更多的回升，並且考慮到總體交貨時間，我們在第四季度有巨大的推動鞋類為四件，保存期限為六個月。

And then on journeys on you're expecting Journeys' comp to be down mid-singles for the year.

然後在旅程中，你預計旅程的全年收入會下降到單打的中間水平。

I believe if I read the presentation correctly, it sounds like from a sales standpoint, you expect the most pressure in 1Q.

我相信，如果我正確地閱讀了演示文稿，從銷售的角度來看，您預計第一季的壓力最大。

So what is your plan for Journeys in the first quarter?

那麼您第一季的旅程計畫是什麼？

Are you expecting it to be down double digits and no unexpected will be down double digits as MDR for the year?

您是否預計今年的 MDR 會下降兩位數，並且不出意外會下降兩位數？

Not expecting it to be down double digits.

沒想到會下降兩位數。

I think we just need to check that number.

我想我們只需要檢查一下這個數字。

(multiple speakers) so I'm not sure we came out with a number for Germany specifically, I know you gave total company guidance for the year, but the first quarter for Journeys, we did expect that to be mid to down mid to high single digits in the first quarter.

（多個發言者）所以我不確定我們具體為德國提供了一個數字，我知道您給出了今年的公司總體指導，但旅程的第一季度，我們確實預計該數字將是中到下中到高第一季為個位數。

Okay.

好的。

It looks like about presentation not far from our presentation. (multiple speakers) you've got journeys down mid-single digits, but I guess that's on a sales side, not a comp side.

看起來離我們的演示不遠。 （多個發言者）你的旅程下降了中個位數，但我想這是銷售方面，而不是補償方面。

(multiple speakers) That's correct center because of the floors that we have clients that are that are gone away from say that it's not a comp by are not productive product robots.

（多個發言者）這是正確的中心，因為我們的客戶離開的樓層說這不是一個生產性產品機器人的競爭。

Right.

正確的。

Okay.

好的。

And then on shoe, I know that you're lapping some difficult comps in the first half of the year.

然後在鞋子方面，我知道你們在今年上半年進行了一些困難的比賽。

You guys were, I think, double digit comp last year in the first half.

我認為你們去年上半年的表現是兩位數。

So how are you thinking about the shape of shoe for the year?

那麼您如何看待今年的鞋款造型呢？

Just given tougher comparisons in the first half and then that easing in the back half?

只是在上半場進行了更嚴格的比較，然後在後半場進行了緩和？

Yes, that's exactly right.

是的，完全正確。

So in the first half, we expect the most pressure shoe because if you look at the stacked comps, we had really a pretty spectacular stacked comps in the first half over over the last the last several years.

所以在上半場，我們預計壓力最大的鞋子，因為如果你看看堆疊的比賽，我們在過去幾年的上半場確實有一個非常壯觀的堆疊比賽。

And so we expect continued pressure into that, particularly because the economic environment has been tougher in the second quarter, we actually expect that to ease off a bit, and we see opportunity in the back part of the year for shoe with holiday and also back to school.

因此，我們預計這方面的壓力將持續存在，特別是因為第二季度的經濟環境更加嚴峻，我們實際上預計這種情況會有所緩解，我們看到今年下半年鞋類的假期和回歸機會去學校。

The environment inflation is coming down.

環境通膨正在下降。

They've had higher inflation than we've had their inflation efforts overall are gaining traction we expect that that will show up in the consumers' appetite for purchasing in the back part of the year.

他們的通膨率比我們高，他們的通膨努力總體上正在獲得牽引力，我們預計這將體現在消費者今年下半年的購買慾望中。

There also have been mandatory wage increases in the UK that will take hold and we expect a brighter picture for the consumer in the back part of the year.

英國也將實施強制性工資上漲，我們預期今年下半年消費者的前景將會更加光明。

Overall, too, has just been taking market share and operating in a very difficult environment.

總體而言，該公司也剛剛佔領市場份額並在非常困難的環境中運作。

And the overall retail sales in the UK were down for the holiday period.

假期期間英國的整體零售額有所下降。

And we expect that as the consumer regroup and we get into spring selling that down there is appetite for spring product and some sandal product and that we'll be able to leverage that into the back part of the year.

我們預計，隨著消費者重新組合，我們進入春季銷售，人們對春季產品和一些涼鞋產品會有興趣，我們將能夠在今年下半年利用這一點。

So so you're right, it's a it's a more difficult front part of the year building into a more positive back part of the year.

所以你是對的，今年的前半段會比較困難，而後半段會變得更積極。

And then maybe lastly, I'm just trying to better understand and your confidence in an uptick in the Journeys business for the back half because for holiday, I mean, obviously boots were weak on, but also you talked about selling out of key items.

也許最後，我只是想更好地理解您對後半段旅程業務成長的信心，因為假期，我的意思是，顯然靴子很弱，但您也談到了關鍵商品的銷售。

And then for the first half of the year spring, you're talking about challenges in the core business.

然後在春季的上半年，您談論的是核心業務中的挑戰。

So when you look at the back half and from a key items standpoint, are you anticipating better access and allocations to those key items.

因此，當您從關鍵項目的角度來看後半部分時，您是否期望對這些關鍵項目有更好的訪問和分配。

And then also in terms of the core business, are you seeing some inflection there?

然後就核心業務而言，您是否看到了一些變化？

Do you think that you talked about vulcanized being difficult for 4Q.

你認為你談到的硫化對於4Q來說是困難的嗎？

Like are you anticipating the vulcanized business getting better?

您是否預期硫化業務會變得更好？

Are you pivoting to other things, other products that you consider to be core that you'd be better better on represented in core product because of some shift to other types of product.

您是否正在轉向其他事物，您認為是核心的其他產品，由於向其他類型產品的轉移，您最好在核心產品中表現更好。

You understand what I'm trying to get at is how much of this is just better allocation of key items versus something happening in the core that's different in the back half first half?

你明白我想要表達的意思是，這在多大程度上只是關鍵項目的更好分配，而不是在核心中發生的與後半場不同的事情？

It could be a lot lot of questions in there, Matt, but we are absolutely anticipating that we are going to be getting better allocations of product.

馬特，這可能有很多問題，但我們絕對預計我們將獲得更好的產品分配。

We are absolutely anticipating that we are going to be shifting into brands and increasing the assortment in the brands that are working and we've got line of sight into what those are.

我們絕對預期我們將轉向品牌並增加有效品牌的種類，並且我們已經了解了這些品牌的內容。

We've actually got line of sight into a bigger order book based on the actions that we have already taken when I think about the strength of our journeys merchant relationships, we have doubled down on that by bringing in even even more expertise that our new Chief Merchant and that Andy have and the relationships that they have with the brands that are really important.

事實上，當我考慮我們的旅程商家關係的強度時，我們已經根據我們已經採取的行動，看到了更大的訂單簿，我們通過引入更多的專業知識來加倍努力。他們與品牌的關係非常重要。

And so it's a full-court press to get more allocation of items that we are excited about diversifying across our mix with brands that are working today, it is moving the assortment into a different mix for sure.

因此，這是一場全場緊逼，以獲得更多的商品分配，我們很高興與當今正在運作的品牌實現多樣化的組合，這肯定會將品種轉變為不同的組合。

And we absolutely do not anticipate that core products that we've been selling traditionally will rebound that the vulcanized product that I reference will be rebounding.

我們絕對不認為我們傳統上銷售的核心產品會像我提到的硫化產品那樣反彈。

It is putting in additional product on the athletic side and also on the casual side to be able to build the sales through the course of the year.

它在運動方面和休閒方面投入了額外的產品，以便能夠在一年中建立銷售。

Okay.

好的。

That's helpful.

這很有幫助。

I appreciate the color.

我很欣賞它的顏色。

So thanks and good luck.

謝謝，祝你好運。

Right.

正確的。

Thank you.

謝謝。

Thank you.

謝謝。

At this time, I will turn the floor back to management for any further remarks.

此時，我將把發言權交還給管理階層，以徵求進一步的意見。

Great.

偉大的。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to you joining us on future calls where we're going to talk about the progress that we are making within our Journeys business.

我們期待您在未來的電話會議中加入我們，我們將討論我們在旅程業務中取得的進展。

And and thanks again.

並再次感謝。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。