Genesco Inc (GCO) 2025 Q2 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, everyone, and welcome to the Genesco second-quarter fiscal 2025 conference call.

    大家好,歡迎參加 Genesco 2025 財年第二季電話會議。

  • Just a reminder, today's call is being recorded.

    提醒一下,今天的通話正在錄音。

  • I'll now turn the call over to Darryl MacQuarrie, Senior Director of FP&A.

    現在我將把電話轉給 FP&A 高級總監 Darryl MacQuarrie。

  • Please go ahead, sir.

    請繼續,先生。

  • Darryl MacQuarrie - Senior Director, FP&A & Investor Relations

    Darryl MacQuarrie - Senior Director, FP&A & Investor Relations

  • Good morning, everyone, and thank you for joining us to discuss our second quarter fiscal 2025 results.

    大家早安,感謝您與我們一起討論我們的 2025 財年第二季業績。

  • Participants on the call expect to make forward-looking statements reflecting our expectations as of today, but actual results could be different.

    電話會議的參與者希望做出反映我們今天預期的前瞻性聲明,但實際結果可能有所不同。

  • 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.

    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。

  • Participants also expect to refer to certain adjusted financial measures during the call, 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.

    與會者還希望在電話會議期間提及某些調整後的財務指標,所有非公認會計原則財務指標均與今天上午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調整。

  • We have also posted a presentation summarizing our results here as well.

    我們也在這裡發布了總結我們結果的簡報。

  • With me on the call today is Mimi Vaughn, Board Chair, President and Chief Executive Officer; and Tom George, Chief Financial Officer.

    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。

  • Now I'd like to turn the call over to Mimi.

    現在我想把電話轉給咪咪。

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Thanks, Darryl.

    謝謝,達裡爾。

  • Good morning, everyone, and thank you for joining us.

    大家早安,感謝您加入我們。

  • I'll start today with a review of the key drivers of our second quarter performance and provide an update on the strategic initiatives to drive growth at Journeys and elsewhere in our company.

    今天我將首先回顧第二季度業績的關鍵驅動因素,並提供有關推動旅程和公司其他部門成長的策略舉措的最新資訊。

  • Tom will review the financials in more detail and walk through our current outlook, and then we'll be happy to take questions.

    湯姆將更詳細地審查財務狀況並介紹我們當前的前景,然後我們將很樂意回答問題。

  • We were pleased in the second quarter to once again, deliver top and bottom line results ahead of our expectations.

    我們很高興在第二季度再次取得超出我們預期的頂線和底線結果。

  • Sales exceeded the levels we anticipated led by Journeys more than offsetting some pressure issue in Johnston & Murphy, which continued to face robust multiyear comparisons.

    Journeys 的銷售額超過了我們預期的水平,抵消了 Johnston & Murphy 的一些壓力問題,該公司繼續面臨強勁的多年比較。

  • Our digital business was a standout up high single digits, and our ongoing plan to optimize the store footprint and reduce costs contributed to the bottom line as well, allowing us to leverage expenses in what is one of our lower volume quarters.

    我們的數位業務取得了突出的高個位數成長,而且我們正在進行的優化商店佔地面積和降低成本的計劃也有助於實現盈利,使我們能夠在銷量較低的季度之一中利用支出。

  • Our number one priority is and has been to improve performance at Journeys.

    我們的首要任務是並且一直是提高旅程的績效。

  • Step one of our plan centered around efforts to inject our product assortment with more newness, excitement and storytelling to drive an inflection in Journeys' comps and deliver that to our consumers through enhanced store, digital and social experiences.

    我們計劃的第一步集中在努力為我們的產品系列注入更多的新鮮感、興奮感和故事性,以推動Journeys 的產品結構發生變化,並透過增強的商店、數位和社交體驗將其傳遞給我們的消費者。

  • And as we anticipated, our Q2 results demonstrated solid progress against that plan.

    正如我們預期的那樣,我們第二季的業績表明該計劃取得了堅實的進展。

  • Journeys' assortment resonated well, driving strong sequential sales improvement with comps turning positive in July for the onset of back-to-school and accelerating into August.

    Journeys 的產品組合反應良好,推動了連續銷售的強勁成長,7 月返校季開始後,業績轉好,並加速進入 8 月。

  • We saw a notable pickup in attention to footwear marked by growth in traffic by our North American news consumer.

    我們看到,隨著北美新聞消費者流量的成長,人們對鞋類的關注度顯著上升。

  • As the quarter progressed.

    隨著季度的進展。

  • The Journeys customer has become more interested in a broader range of brands they're buying and more diversified in the styles they're wearing.

    Journeys 客戶對他們購買的品牌範圍更廣更感興趣,而且他們的穿著風格也更加多樣化。

  • This shift plays well into Journeys' proposition as the constant curator of styles across both casual and fashion athletic brands.

    這種轉變很好地契合了 Journeys 作為休閒和時尚運動品牌風格的持續策展人的主張。

  • New Journeys' leadership accomplished a lot in a short time to seize the opportunity to meet these changing footwear preferences and deliver positive back-to-school results.

    New Journeys 的領導層在短時間內取得了巨大成就,抓住了滿足這些不斷變化的鞋類偏好的機會,並取得了積極的返校成果。

  • With greater depth on brand and styles teams, what we expect to be well positioned to similarly drive demand for the important holiday season.

    隨著品牌和款式團隊的深入,我們預計將能夠很好地推動重要假期季節的需求。

  • We have more work to do to unlock Journeys' full earnings potential.

    我們還有更多工作要做,才能釋放旅程的全部獲利潛力。

  • But our recent performance gives us confidence.

    但我們最近的表現給了我們信心。

  • We're on the right track and is a key first step toward achieving this critical goal.

    我們正走在正確的軌道上,並且是實現這一關鍵目標的關鍵的第一步。

  • Nevertheless, we continue to navigate a choppy environment faced with higher prices.

    儘管如此,我們仍繼續在面臨價格上漲的動盪環境中前進。

  • The consumer remains very selective about what to buy and what not to buy continuing to shop primarily for key footwear items and must-have product in Q2 and passing on others.

    消費者對買什麼和不買什麼仍然非常挑剔,在第二季度繼續主要購買關鍵鞋類產品和必備產品,並放棄其他產品。

  • They again showed willingness to shop when there's a reason like during 4 July and back to school and retreat when there's not.

    他們再次表現出在 7 月 4 日等有原因的情況下購物的意願,在沒有原因的情況下返回學校並撤退的意願。

  • We expect these behaviors to carry on, particularly during non-peak shopping periods.

    我們預期這些行為會持續下去,特別是在非購物高峰期。

  • As we demonstrated the Schuh and J&M coming through the pandemic, we have a solid record of managing well through adverse economic and fashion cycles, evolving with the customer to meet and exceed their changing footwear preferences and emerging stronger.

    正如我們所展示的Schuh 和J&M 度過疫情的過程一樣,我們在應對不利的經濟和時尚週期方面擁有良好的記錄,能夠與客戶一起發展,滿足並超越他們不斷變化的鞋類偏好,並變得更加強大。

  • We're committed and excited to do the same with Journeys as we execute strategies to elevate the Journeys, product brand and consumer experience.

    我們致力於並興奮地在旅程上做同樣的事情,因為我們執行策略來提升旅程、產品品牌和消費者體驗。

  • Driving positive Journeys' comps gives us considerable EPS upside with the leverage in our model, enhanced by our recent cost reduction and share repurchase actions.

    透過我們模型中的槓桿作用,推動積極的 Journeys 比較為我們帶來了可觀的每股收益上漲,而我們最近的成本削減和股票回購行動也增強了這一點。

  • Now for color on individual businesses, starting with Journeys.

    現在,從旅程開始,對個體企業進行色彩描述。

  • During holiday, at the end of last year, we faced increased pressure on Journeys' core assortment including vulcanized product and boots.

    去年年底的假期期間,我們對 Journeys 的核心產品(包括硫化產品和靴子)面臨越來越大的壓力。

  • With minimal ability to adjust right away given footwear lead times.

    考慮到鞋類的交貨時間,立即調整的能力很小。

  • We expected this dynamic to continue through much of the first half this year despite easier compares until we could deliver enough product to meaningfully impact the mix.

    儘管比較容易,但我們預計這種動態將持續到今年上半年的大部分時間,直到我們能夠提供足夠的產品來對組合產生有意義的影響。

  • Knowing our young customers' preferences were shifting in favor of this more diversified offering.

    我們知道年輕客戶的偏好正在轉向這種更多元化的產品。

  • The team led by our new Chief Merchant took aggressive and quick action and successfully added significant newness and freshness across several major brands.

    由我們的新首席商人領導的團隊採取了積極而迅速的行動,成功地為幾個主要品牌增添了顯著的新穎性和新鮮感。

  • Our key brand partners, very enthusiastic about Journeys' unique customer proposition, stepped up with tremendous support of our strategic direction to better serve this cohort through elevated assortments and depth.

    我們的主要品牌合作夥伴對旅程獨特的客戶主張非常熱衷,他們為我們的策略方向提供了大力支持,透過提升品種和深度更好地服務這一群體。

  • Following a more challenging May and June receipt of this product in time to kick off a strong back-to-school drove positive comps in July and higher ASPs with solid results in early back-to-school markets and over tax-free holidays.

    在5 月和6 月收到更具挑戰性的產品後,該產品及時啟動了強勁的返校季,並在7 月推動了積極的競爭,並提高了平均售價,在早期返校市場和免稅假期期間取得了堅實的成果。

  • The comp trend improved further in August when we entered the third quarter as shoppers turned out in a bigger way during key back-to-school weeks.

    當我們進入第三季時,8月份的比較趨勢進一步改善,因為在關鍵的返校週期間購物者的數量更大。

  • Importantly, store traffic nicely outpaced the broader market as it accelerated through the quarter, highlighting that Journeys' remains a key footwear destination.

    重要的是,商店客流量在本季度加速增長,遠遠超過了大盤,突顯 Journeys 仍然是重要的鞋類目的地。

  • Journeys' digital business remained very healthy, posting another quarter of double digit growth as our performance marketing all access loyalty incentives, CRM campaigns and omnichannel delivery options entice shoppers to purchase online.

    Journeys 的數位業務仍然非常健康,由於我們的績效行銷都獲得了忠誠度激勵、CRM 活動和全通路交付選項來吸引購物者在線上購買,因此又實現了兩位數成長。

  • Finally, Journeys' inventories remain very clean, enabling us to drive full-price selling and keep markdowns below last year's levels.

    最後,旅程的庫存仍然非常乾淨,使我們能夠推動全價銷售並將降價幅度保持在去年的水平以下。

  • This positions us well to pull forward receipts to build inventory and maximize the demand in the back half.

    這使我們能夠很好地提前收貨以建立庫存並最大限度地提高下半年的需求。

  • Moving to Schuh, up against a strong two year stacked comp of 26%.

    轉向 Schuh,對比 26% 的強勁兩年疊加比較。

  • It proved to be a tough summer season and quarter for Schuh.

    事實證明,對舒赫來說,這是一個艱難的夏季和季度。

  • Q2 started off on a good note with pent-up demand from a late start to spring selling, but as summer kicked in with the higher cost of living consumers were generally not motivated to make purchases in the footwear category and Schuh’s seasonal assortment did not resonate to the level we expected.

    第二季開局良好,從開局較晚到春季銷售,需求被壓抑,但隨著夏季的到來,生活成本上升,消費者普遍沒有動力購買鞋類和 Schuh 的季節性品種沒有達到我們預期的共鳴。

  • Like Journeys, Schuh’s customers have also been shifting away from vulcanized footwear.

    與 Journeys 一樣,Schuh 的顧客也開始不再購買硫化鞋。

  • These pressures prompt issue due to increased promotional activity to clear slower-moving product and match activity in the marketplace.

    由於清理流動緩慢的產品和匹配市場活動的促銷活動增加,這些壓力引發了問題。

  • While this helped drive a sequential improvement in comps and kept inventories in good shape.

    雖然這有助於推動業績的連續改善並保持庫存狀況良好。

  • It took a toll on gross margin in the quarter.

    這對本季的毛利率造成了影響。

  • E-com growth helped offset the weakness in stores and Schuh's, digital business and meaningful channel at almost 40% of sales remains a key avenue for driving growth and engagement.

    電子商務的成長幫助抵消了商店和 Schuh's 的疲軟,數位業務和占銷售額近 40% 的有意義的管道仍然是推動成長和參與度的關鍵途徑。

  • Despite the challenging backdrop, according to Kantar, Schuh held its Number 10 position in the UK footwear market versus last year, remaining a key destination for the youth shopper.

    據 Kantar 稱,儘管面臨充滿挑戰的背景,但與去年相比,Schuh 在英國鞋類市場上仍保持第十名的位置,仍然是年輕購物者的主要目的地。

  • Many of the brands and styles working at Journeys are resonating at Schuh for back-to-school, and while demand remains muted, we expect less pressure on gross margin in this period, given the cleaner inventory.

    Journeys 旗下的許多品牌和款式在返校季期間在 Schuh 引起了共鳴,儘管需求依然低迷,但鑑於庫存更加清潔,我們預計這一時期的毛利率壓力會較小。

  • The kids' business remains a highlight, outperforming the business as a whole for the quarter and during back-to-school to-date.

    兒童業務仍然是一大亮點,本季和返校至今的表現優於整體業務。

  • Looking ahead, the team is implementing several initiatives to improve the trend and sharpen its customer focus.

    展望未來,該團隊正在實施多項措施來改善趨勢並加強對客戶的關注。

  • These include efforts to gain even stronger access to the best brands and in-demand product, putting in play its new customer segmentation based on its latest market research, revamping Schuh’s creative marketing content, accelerating signups for the Schuh Club Loyalty Program, which now represents nearly 35% of total sales, and deploying new campaigns to drive higher loyalty point redemptions and sales.

    其中包括努力獲得更好的品牌和需求產品,根據最新的市場研究實施新的客戶細分,改進 Schuh 的創意行銷內容,加速 Schuh 俱樂部忠誠度計劃的註冊,目前佔總銷售額的近35%,並部署新的活動來推動更高的忠誠度積分兌換和銷售。

  • Now turning to our branded business, starting with Johnston & Murphy.

    現在轉向我們的品牌業務,從 Johnston & Murphy 開始。

  • Efforts to evolve and reimagine J&M, as a more comfortable, more casual, multi-category lifestyle brand led to years of solid growth and success coming out of the pandemic.

    J&M 努力發展和重新構想,將其打造成一個更舒適、更休閒、多品類的生活方式品牌,在疫情期間實現了多年的穩健增長和成功。

  • During this time, J&M drove footwear market share gains by growing both its physical and digital direct-to-consumer channels.

    在此期間,J&M 透過發展其實體和數位直接面向消費者的管道,推動了鞋類市場份額的成長。

  • However, the combination of robust 29% two year stack comps and considerable softening in the men's premium non-athletic footwear market, pressured sales and caused de-leveraging Q2.

    然而,強勁的 29% 兩年堆疊比較和男士優質非運動鞋市場的大幅疲軟相結合,給銷售帶來壓力,並導致第二季度去槓桿化。

  • On a positive note, new products and new footwear franchises like the Amherst 2.0 are resonating well, showing the great appetite for freshness and reinforcing the ongoing desire for innovation and distinctive product.

    從積極的方面來看,新產品和新鞋類系列(例如 Amherst 2.0)引起了良好的反響,顯示了人們對新鮮感的巨大興趣,並強化了對創新和獨特產品的持續渴望。

  • J&M has responded by pulling forward new product launches like the Anders Sneakers program, fast-tracking programs like the Upton Dress Shoe Program, and rethinking its future development calendar to find places to inject more innovation and newness much more frequently into the assortment.

    J&M 的應對措施包括提前推出Anders 運動鞋計劃等新產品發布、Upton 正裝鞋計劃等快速跟踪計劃,並重新考慮未來的開發日程,以找到更頻繁地為產品系列注入更多創新和新鮮感的地方。

  • Another major opportunity is to build on the success of apparel and accessories, which now represent almost half of its direct-to-consumer business.

    另一個重大機會是在服裝和配件的成功基礎上再接再厲,目前該領域幾乎佔其直接面向消費者業務的一半。

  • Woven shirts, blazers, bags, and wallets have all been standouts this year in our mission to step up J&M affluence customers' wardrobes, increase apparel purchase frequency, and outfit them with confidence from head-to-toe.

    今年,梭織襯衫、西裝外套、包包和錢包都表現出色,我們的使命是豐富 J&M 富裕客戶的衣櫥,增加服裝購買頻率,讓他們從頭到腳充滿自信。

  • To accelerate progress for the rest of the year, we are looking forward to the arrival of more new fall product and franchise launches, which will pair with product story marketing and J&M's new brand campaign.

    為了加快今年剩餘時間的進展,我們期待更多秋季新產品和特許經營產品的到來,這將與產品故事行銷和 J&M 的新品牌活動相結合。

  • We'll be increasing engagement with J&M's most valuable customers by leveraging its Insiders Affinity Program, which now consists of roughly 900,000 members.

    我們將利用其內部人士親和計畫(該計畫目前約有 90 萬名會員)來增加與 J&M 最有價值客戶的互動。

  • The program is driving higher average transaction size and more purchases, while at the same time nearly two-thirds of new customers are joining as well.

    該計劃正在推動更高的平均交易規模和更多的購買量,同時近三分之二的新客戶也加入其中。

  • Finishing the branded discussion, we continue to achieve success with the repositioning of Genesco Brands Group.

    品牌討論結束後,我們繼續透過 Genesco Brands Group 的重新定位取得成功。

  • Efforts to simplify the license portfolio to emphasize key brands and channels, means lower sales in the short-term but more profit, which was evident once again in Q2 results and we expect will be for the future.

    努力簡化授權組合以強調關鍵品牌和管道,意味著短期內銷售額下降,但利潤增加,這一點在第二季度的業績中再次顯而易見,我們預計未來也會如此。

  • Moving back to Journeys and its strategic growth plan, Andy Gray and team have made substantial progress on initiatives to rapidly accelerate Journeys improvement and reinforce its leading market position for the longer term.

    回到 Journeys 及其策略性成長計劃,Andy Gray 和團隊在快速加速 Journeys 改進並鞏固其長期市場領先地位的舉措方面取得了實質進展。

  • Product advantages are at the forefront of this effort initially, but ultimately it is about elevating our product brand and experience and putting the customer at the center of everything we do.

    產品優勢最初是這項工作的首要任務,但最終是為了提升我們的產品品牌和體驗,並將客戶置於我們所做的一切的中心。

  • A critical component has been strengthening the leadership team, which began with the addition of Andy, then a new Chief Merchant, and a new leadership role for the SVP of Strategy and Transformation.

    一個關鍵組成部分是加強領導團隊,首先是安迪(Andy)的加入,然後是一位新的首席商人,以及策略和轉型高級副總裁的新領導角色。

  • Most recently, we strengthened the team further with the addition of Stacy Doren as Journeys’ new Chief Marketing Officer.

    最近,我們進一步加強了團隊實力,並聘請 Stacy Doren 擔任 Journeys 的新行銷長。

  • An exceptional Marketing Leader, Stacy joins the team following an accomplished career at Levi's.

    Stacy 是一位出色的行銷領導者,她在 Levi's 取得了出色的職業生涯後加入了團隊。

  • We're excited for what her expertise and many achievements in consumer brand building will bring to Journeys offense.

    我們對她在消費者品牌建立方面的專業知識和許多成就將為旅程的進攻帶來的影響感到興奮。

  • I'll take a moment now to share with you updates on other key initiatives.

    我現在將花一點時間與大家分享其他關鍵舉措的最新情況。

  • Number one, drive product leadership and create marketplace differentiation.

    第一,推動產品領先地位並創造市場差異化。

  • Beyond successfully broadening our assortment and re-merchandising our stores to put an even sharper focus on footwear, we've also completed extensive customer research and updated our segmentation.

    除了成功地擴大我們的品種和重新規劃我們的商店以更加關注鞋類之外,我們還完成了廣泛的客戶研究並更新了我們的細分。

  • The outcome of that work has revealed significant upside to build on our unique proposition being the leading destination for the young fashion teen and in particular the teen girl.

    這項工作的成果揭示了我們獨特的主張的顯著優勢,即成為年輕時尚青少年(尤其是少女)的主要目的地。

  • This is an underserved consumer in the footwear space.

    這是鞋類領域服務不足的消費者。

  • While many retailers in the mall cater to young females with fashion apparel, Journeys is the only destination in footwear for her with an authentically inclusive environment and strong presence across categories and premium brands.

    雖然商場裡的許多零售商都以時尚服裝迎合年輕女性的需求,但 Journeys 是她唯一的鞋類目的地,擁有真正包容的環境以及跨品類和高端品牌的強大影響力。

  • The diversity of our footwear offering which is led by style versus any one category, is our leadership position.

    我們鞋類產品的多樣性是我們的領先地位,這種多樣性以風格為主導,而不是任何單一類別。

  • Number two, build the Journeys’ brand and enhance the Omni-experience.

    第二,打造 Journeys™ 品牌並增強全方位體驗。

  • This focuses on marketing and brand awareness to underscore Journeys as a leading retail brand.

    其重點是行銷和品牌知名度,以強調 Journeys 作為領先零售品牌的地位。

  • Beginning with our store environment, we're executing parallel initiatives to first implement a visual refresh across all our stores.

    從我們的商店環境開始,我們正在執行並行計劃,首先在所有商店中實施視覺刷新。

  • And second, roll out in a small group of test stores an updated store concept with a modern aesthetic that embodies Journeys useful attitude and energy.

    其次,在一小群測試店中推出更新的商店概念,具有現代美學,體現了旅程有用的態度和活力。

  • The fleet-wide refresh gets underway in mid Q3, highlighting Journeys’ footwear leadership and enhancing the in-store shopping experience with stronger visuals and storytelling.

    全機隊的更新將於第三季中期開始,突顯 Journeys 鞋類的領先地位,並透過更強大的視覺效果和故事敘述來增強店內購物體驗。

  • We plan to begin rolling out the updated store concept and next generation design in October.

    我們計劃於十月開始推出更新的商店概念和下一代設計。

  • Next, through our updated brand positioning and customer segmentation, we see considerable opportunity to both reach more consumers and better serve our current ones, meeting their needs for all footwear wearing occasions.

    接下來,透過我們更新的品牌定位和客戶細分,我們看到了巨大的機會來接觸更多消費者並更好地服務我們現有的消費者,滿足他們對所有鞋類穿著場合的需求。

  • We're already doing that with best sellers in running, sandals, clogs, boots, and vulcanized styles.

    我們已經在跑步鞋、涼鞋、木底鞋、靴子和硫化款式的暢銷產品上做到了這一點。

  • Over the next several months, we'll enhance how we market to these consumer segments through digital and social channels delivering Journeys updated brand-positioning, and tone of voice.

    在接下來的幾個月裡,我們將透過數位和社群管道加強對這些消費者群體的行銷方式,為旅程提供更新的品牌定位和語氣。

  • And number three, leverage the power of our people.

    第三,利用我們員工的力量。

  • Here we're doubling down on our amazing group of store employees.

    在這裡,我們加倍努力培養我們優秀的商店員工團隊。

  • Providing excellent service is the key to differentiating Journeys from competition and ensuring our stores are fun and engaging places to shop.

    提供卓越的服務是 Journeys 在競爭中脫穎而出的關鍵,也是確保我們的商店成為有趣且引人入勝的購物場所的關鍵。

  • To do this, we are investing in our people, improving employee training to help drive more efficiency and stronger conversion on the sales floor, and we're increasing customer engagement through store technology like mobile checkout and browsing.

    為此,我們正在對員工進行投資,改善員工培訓,以幫助提高銷售樓層的效率和更強的轉換率,並且我們正在透過行動結帳和瀏覽等商店技術來提高客戶參與度。

  • Number four, optimize to drive operational and cost efficiencies.

    第四,優化以提高營運和成本效率。

  • These efforts aim to lower the leverage point on our fixed expense base.

    這些努力旨在降低我們固定費用基礎的槓桿點。

  • And to that end, we continue to optimize the store footprint, closing unproductive stores, and investing to meaningfully drive profitability in better locations.

    為此,我們繼續優化門市佈局,關閉生產力低下的門市,並進行投資,以有意義地提高更好地點的獲利能力。

  • Sales recapture rates from these stores continue to exceed the level required to achieve breakeven.

    這些商店的銷售回收率持續超過實現損益平衡所需的水平。

  • Turning now to our outlook, we're very encouraged by the positive reaction to Journeys improved back-to-school assortment, and optimistic we'll be positioned to drive similar results for holiday.

    現在轉向我們的前景,我們對 Journeys 改進的返校品種的積極反應感到非常鼓舞,並且樂觀地認為我們將在假期中取得類似的成果。

  • But in addition, we're taking a more cautious view for Schuh and J&M over the remainder of the year.

    但除此之外,我們對今年剩餘時間 Schuh 和 J&M 的看法更加謹慎。

  • While we now expect higher sales in total, we are maintaining our full year guidance.

    雖然我們現在預計總銷售額會更高,但我們仍維持全年指引。

  • We look forward to building on Journeys’ momentum going forward to unlock the considerable growth and value here and across the rest of our company in fiscal 2026 and beyond.

    我們期待在 Journeys 的發展勢頭的基礎上,在 2026 財年及以後釋放公司以及公司其他部門的可觀增長和價值。

  • Before passing the call, I'd like to give an extra special thank you to our incredible people.

    在通過電話之前,我想特別感謝我們出色的員工。

  • Our unmatched ability to reinvent ourselves, evolve and grow over the years with a keen understanding of what our customer wants is our true competitive advantage.

    多年來,憑藉對客戶需求的敏銳理解,我們具有無與倫比的重塑自我、發展和成長的能力,這是我們真正的競爭優勢。

  • There's no better reminder of this than the celebration of our company's 100 anniversary this summer.

    沒有什麼比今年夏天慶祝我們公司成立 100 週年更能提醒人們這一點了。

  • Congratulations and thank you for your tremendous efforts to drive our business for the balance of the year.

    祝賀並感謝您為推動我們今年剩餘時間的業務所做的巨大努力。

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

    這樣,我就把它交給湯姆了。

  • Thomas George - Chief Financial Officer, Senior Vice President - Finance

    Thomas George - Chief Financial Officer, Senior Vice President - Finance

  • Thanks, Mimi.

    謝謝,咪咪。

  • We were pleased results for the quarter exceeded expectations.

    我們很高興本季的業績超出預期。

  • Improved profitability in Journeys in Genesco brands more than offset pressures in J&M and Schuh.

    Genesco 品牌 Journeys 獲利能力的提高足以抵銷 J&M 和 Schuh 的壓力。

  • Looking ahead, getting back to positive comps at Journeys provides us with meaningful opportunity to drive earnings per share upside given the cost reductions and share repurchases we have made and overall leverage in our model.

    展望未來,考慮到我們已經削減的成本和股票回購以及我們模型中的整體槓桿作用,Journeys 恢復積極的業績為我們提供了推動每股收益上漲的有意義的機會。

  • Turning to results, consolidated revenue for the quarter was $525 million, which was better than we anticipated and flowed-through to better leverage.

    談到業績,本季的綜合收入為 5.25 億美元,優於我們的預期,並帶來了更好的槓桿率。

  • In addition, the Journeys stores we closed over the last year, which drove a roughly 4% reduction in the size of our total fleet, resulted in improved overall productivity and had only a 1% net impact on total sales.

    此外,我們去年關閉了 Journeys 商店,導致我們的總車隊規模減少了約 4%,從而提高了整體生產力,但對總銷售額的淨影響僅為 1%。

  • The progress we've made in our digital business helped overcome the top-line pressure on our stores and wholesale business.

    我們在數位業務方面取得的進展幫助我們克服了商店和批發業務的頂線壓力。

  • Total company comps were down 2%, which was a healthy sequential acceleration.

    公司總成本下降了 2%,這是一個健康的環比加速。

  • By channel, total store comps were down 4%, while direct comps were up 8%, with digital sales accounting for 22% of total retail sales.

    按通路劃分,商店總銷售額下降了 4%,而直營銷售額增加了 8%,其中數位銷售額佔零售總額的 22%。

  • Overall, adjusted gross margin was down 90 basis points compared to last year.

    總體而言,調整後毛利率比去年下降了 90 個基點。

  • By division, Journeys’ gross margin was down 90 basis points, due primarily to product mix and a higher mix of e-com sales.

    按部門劃分,Journeys 的毛利率下降了 90 個基點,這主要是由於產品組合和電子商務銷售組合的增加。

  • Schuh's gross margin decreased 210 basis points, driven mainly by increased promotional activity.

    Schuh 的毛利率下降了 210 個基點,主要是由於促銷活動增加。

  • J&M's gross margin was up 40 basis points, due largely to a comparison against increased inventory reserves last year, partially offset by increased retail markdowns and a lower mix of DTC volume.

    J&M 的毛利率上升了 40 個基點,這主要是由於與去年庫存儲備的增加相比,零售降價的增加和 DTC 銷量的減少部分抵消了這一影響。

  • Lastly, Genesco Brands adjusted gross margin was down 20 basis points due primarily to brand sales mix shift.

    最後,Genesco Brands 調整後的毛利率下降了 20 個基點,這主要是由於品牌銷售組合的轉變。

  • Moving down to P&L, SG&A expense was 48.6% of sales, leveraging 100 basis points over last year.

    向下看損益表,SG&A 費用佔銷售額的 48.6%,比去年提高了 100 個基點。

  • The combination of our cost savings initiatives, closure of unproductive stores and some improvement in other expenses offset the increased variable expenses to support our direct-sales growth, as well as additional selling salaries.

    我們的成本節約措施、關閉生產力低下的商店以及其他費用的一些改善相結合,抵消了支持我們直銷增長的可變費用的增加以及額外的銷售工資。

  • In addition, expenses benefited from some one-time items, including a royalty reversal and a favorable pickup in certain non-income taxes.

    此外,一些一次性項目也使支出受益,包括特許權使用費逆轉和某些非所得稅的有利增加。

  • Finally, we experienced increased appreciation from our technology investments.

    最後,我們的技術投資不斷增值。

  • Optimizing our store fleet to reduce occupancy cost and fixed expense levels in the store channel remains one of our key financial objectives.

    優化我們的商店隊伍以降低商店通路的佔用成本和固定費用水準仍然是我們的主要財務目標之一。

  • In Q2, we achieved a 9% reduction in straight-line rent expense on 45 lease renewals across the company with an average term of approximately four years.

    第二季度,我們在全公司進行了 45 次續租,平均期限約為四年,實現了直線租金費用減少 9%。

  • This brings our year-to-date renewals to 164 with a 9% reduction in straight-line rent expense.

    這使得我們今年迄今的續約次數達到 164 次,直線租金費用減少了 9%。

  • With over 50% of our fleet coming up for renewal in the next couple years, we will continue to be opportunistic to capture rent reductions as appropriate.

    由於我們超過 50% 的機隊將在未來幾年內進行更新,我們將繼續抓住機會酌情降低租金。

  • In summary, for the second quarter, we incurred a better than expected adjusted operating loss of $9.3 million compared to an adjusted operating loss of $10 million for Q2 last year.

    總之,第二季的調整後營運虧損為 930 萬美元,優於預期,而去年第二季調整後營運虧損為 1,000 萬美元。

  • This all resulted in an adjusted diluted loss per share of $0.83 for the quarter versus an adjusted diluted loss per share of $0.85 last year.

    這一切導致本季調整後稀釋每股虧損為 0.83 美元,去年調整後稀釋每股虧損為 0.85 美元。

  • The year-over-year improvement was driven by the shift of a key week of back-to-school into Q2 from Q3, which added approximately $20 million to $25 million to the top-line and roughly $0.40 to earnings per share.

    年比改善的推動因素是返校關鍵週從第三季度轉移到第二季度,這使得營收增加了約 2,000 萬至 2,500 萬美元,每股收益增加了約 0.40 美元。

  • Turning now to capital allocation and the balance sheet, we ended the quarter in a net debt position of approximately $32 million with clean inventories down 8% from last year.

    現在轉向資本配置和資產負債表,本季末我們的淨債務部位約為 3,200 萬美元,而清潔庫存比去年下降 8%。

  • Journeys’ inventory was down 9%, leaving us well positioned for the fresh new receipts we were bringing in through the back half.

    Journeys 的庫存下降了 9%,這使我們能夠很好地應對下半年帶來的新收入。

  • Overall, we plan to start building up our inventory level to drive sales.

    總體而言,我們計劃開始建立庫存水準以推動銷售。

  • Looking at our financial flexibility, our strong balance sheet, and free cash flow generation combined with our revolving line of credit provide us with ample liquidity to pursue all our strategic objectives.

    我們的財務靈活性、強大的資產負債表、自由現金流的產生以及循環信貸額度為我們提供了充足的流動性來實現我們的所有策略目標。

  • Capital expenditures in Q2 were $8 million with investments primarily directed to retail stores and our digital and omnichannel initiatives.

    第二季的資本支出為 800 萬美元,投資主要針對零售店以及我們的數位和全通路計畫。

  • After a cycle of investment in digital and omnichannel where we are currently getting the benefits, we are shifting the emphasis to refreshing our store base.

    經過對數位和全通路的投資週期,我們目前正在獲得收益,我們正在將重點轉向更新我們的商店基礎。

  • Lastly, during the quarter, we repurchased almost 382,000 shares for $9.3 million for an average cost of $24.49 per share.

    最後,在本季度,我們以 930 萬美元回購了近 382,​​000 股股票,平均成本為每股 24.49 美元。

  • We have $42.8 million remaining on our current authorization.

    我們目前的授權還剩 4280 萬美元。

  • Over the past six years, we have repurchased nearly 50% of our outstanding shares.

    在過去的六年裡,我們回購了近50%的流通股。

  • Looking at expense savings, we continue to gain traction on our plan to reduce cost by $45 million to $50 million on an annualized basis by the end of fiscal 2025, before reinvestment with savings from all divisions and across the entire organization.

    在費用節省方面,我們繼續推進我們的計劃,即到 2025 財年底,年化成本減少 4500 萬至 5000 萬美元,然後再利用所有部門和整個組織的節省進行再投資。

  • Initiatives include lowering occupancy costs and increasing selling salary productivity to improve store profitability.

    措施包括降低入住成本和提高銷售工資生產力,以提高商店獲利能力。

  • In addition, we are working on optimizing our inventory marketing spend, warehouse freight logistics cost, and other procurement efficiencies.

    此外,我們正在努力優化庫存行銷支出、倉庫貨運物流成本和其他採購效率。

  • These actions to reshape our cost structure are designed to strengthen the economics of our store channel and enable investment in other strategic areas such as marketing and technology.

    這些重塑我們成本結構的行動旨在增強我們商店管道的經濟性,並促進對行銷和技術等其他策略領域的投資。

  • We opened five stores and closed 12 Journeys stores, ending the quarter with 1,314 total stores.

    我們開設了 5 家門市,關閉了 12 家 Journeys 門市,本季末門市總數達到 1,314 家。

  • Here today we've closed 29 Journeys stores, primarily mall-based locations.

    今天,我們關閉了 29 家 Journeys 商店,主要是位於購物中心的商店。

  • We continue to evaluate up to 50 potential journeys closures in total this year.

    我們將繼續評估今年總共多達 50 個可能關閉的旅程。

  • We expect these closures to eliminate approximately $14 million of annualized SG&A cost, which is incremental to the roughly $25 million of annualized savings we realized from the stores we closed last year, and the $45 million to $50 million of run rate savings we are targeting for this year.

    我們預計這些關閉將消除約1,400 萬美元的年度SG&A 成本,這比我們去年關閉的商店實現的約2,500 萬美元的年度節省成本以及我們目標節省的4,500 萬至5,000 萬美元的運行率節省了增量。

  • Now turning to guidance, although Q2 results were better than we expected, we continue to retain a cautious view and as such, reiterate our most recent full year EPS outlook of $0.60 to $1.

    現在轉向指引,儘管第二季業績好於我們的預期,但我們繼續保持謹慎觀點,因此重申我們最近的全年每股收益預期為 0.60 美元至 1 美元。

  • Before I walk through our assumptions, I'd like to quickly recap that despite a challenging first half, our comp sales trends showed nice sequential improvement from Q1 to Q2, led by Journeys with overall comps turning positive in July.

    在闡述我們的假設之前,我想快速回顧一下,儘管上半年充滿挑戰,但我們的比較銷售趨勢從第一季度到第二季度顯示出良好的連續改善,其中Journeys 帶動了整體比較在7 月份轉為正值。

  • This momentum accelerated in August, driving comps further into positive territory, Q3 to-date.

    這種勢頭在 8 月加速,推動公司業績從第三季至今進一步進入正值區間。

  • Given this progress, we remain optimistic that our assortment and consumer engagement initiatives have Journeys’ position to deliver a solid holiday season, as Mimi said.

    鑑於這一進展,我們仍然樂觀地認為,我們的產品分類和消費者參與計劃將能夠為 Journeys 帶來一個穩定的假期季節,正如 Mimi 所說。

  • However, as we've seen over the past couple years, the peaks and valleys of consumer shopping patterns have gotten more pronounced, marked by higher peaks and deeper troughs.

    然而,正如我們在過去幾年中看到的那樣,消費者購物模式的波峰和波谷變得更加明顯,其特點是波峰更高、波谷更深。

  • As such, we expect trends to moderate over the remainder of Q3.

    因此,我們預計第三季剩餘時間趨勢將放緩。

  • In addition, we have adopted a more cautious view for J&M and Schuh, given their current trends and the uncertain operating environment, and expect that to offset the current strength at Journeys.

    此外,鑑於 J&M 和 Schuh 目前的趨勢和不確定的經營環境,我們對 J&M 和 Schuh 採取了更謹慎的看法,並預計這將抵消 Journeys 目前的強勢。

  • In all, we expect Q3 comps to be up low single digits versus last year, with sales down slightly due to the 53 week shift.

    總而言之,我們預計第三季的銷售額與去年相比將出現低個位數成長,由於 53 週的輪班,銷售額略有下降。

  • For additional color, we expect an overall gross margin decrease of approximately 60 to 80 basis points in Q3, mostly due to IMO pressure from product mix shift at Journeys and Schuh and some increased levels of promotional activity at Schuh.

    對於其他顏色,我們預計第三季的整體毛利率將下降約 60 至 80 個基點,這主要是由於 IMO 因 Journeys 和 Schuh 的產品組合轉變以及 Schuh 的促銷活動水平增加而產生的壓力。

  • In addition, the sales decline on our largely fixed cost base will result in SG&A deleverage of roughly 10 to 40 basis points, leading to earnings per share approximately $0.35 lower than Q3 last year.

    此外,我們基本固定的成本基礎上的銷售額下降將導致 SG&A 去槓桿化約 10 至 40 個基點,導致每股收益比去年第三季下降約 0.35 美元。

  • As I mentioned earlier, the timing of back-to-school sales shifted approximately $0.40 of earnings per share out of Q3 and into Q2.

    正如我之前提到的,返校銷售的時機將每股收益從第三季轉移到第二季約 0.40 美元。

  • Looking at Q4, we are assuming comps at a similar level to Q3.

    看看第四季度,我們假設與第三季度的比較水準相似。

  • However, given the higher sales volumes in Q4, we are able to generate much more operating leverage on our expense structure to drive earnings.

    然而,鑑於第四季度的銷售量較高,我們能夠在費用結構上產生更多的營運槓桿來推動獲利。

  • Taking this all into account for the year, we now expect higher sales and higher leverage, but more pressure in gross margin.

    考慮到今年的所有這些,我們現在預計銷售額和槓桿率將更高,但毛利率壓力更大。

  • Therefore, we now expect fiscal 2025 total sales to decrease 1% to 2% or flat to down 1%, when excluding the 53rweek last year, versus our prior guidance for a total sales decrease of 2% to 3%.

    因此,我們現在預計 2025 財年總銷售額將下降 1% 至 2%,或持平至下降 1%(排除去年的 53 週),而我們先前的總銷售額預期下降 2% 至 3%。

  • We now expect adjusted gross margin rates to be down 10 to 20 basis points for the year versus flat up 10 basis points prior, primarily due to product mix and the higher expected promotional activity at Schuh, along with some product and channel mix pressure at Journeys.

    我們現在預計今年調整後的毛利率將下降 10 至 20 個基點,而之前則持平上升 10 個基點,這主要是由於產品組合和 Schuh 預期促銷活動較高,以及 Journeys 的一些產品和通路組合壓力。

  • As a percentage of sales, we now expect SG&A in the range of flat to leverage of 20 basis points versus a range of flat to de-leverage of 20 basis points prior.

    作為銷售額的百分比,我們現在預期 SG&A 的範圍為固定至槓桿 20 個基點,而先前的範圍為固定至去槓桿化 20 個基點。

  • Our guidance assumes no additional share repurchases, which results in fiscal 2025 average shares outstanding of approximately $11 million, and we expect the tax rate to be approximately 27%.

    我們的指導假設沒有額外的股票回購,這導致 2025 財年平均已發行股票約為 1,100 萬美元,我們預計稅率約為 27%。

  • To sum up, we're pleased with our progress at Journeys and confident that the measures we're implementing will position the business for even stronger long-term growth.

    總而言之,我們對旅程的進展感到滿意,並相信我們正在實施的措施將使業務實現更強勁的長期成長。

  • Supporting that are the many other initiatives across our businesses that will collectively enable us to unlock considerable earnings potential, return to growth, and create meaningful shareholder value.

    支持這一目標的是我們業務中的許多其他舉措,這些舉措將使我們能夠釋放巨大的獲利潛力,恢復成長,並創造有意義的股東價值。

  • Operator, please open the call for questions.

    接線員,請打開電話提問。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • We'll now be conducting a question-and-answer session.

    我們現在將進行問答環節。

  • (Operator Instructions)

    (操作員說明)

  • Mitch Kummetz, Seaport Research.

    米奇·庫梅茨,海港研究中心。

  • Mitch Kummetz - Analyst

    Mitch Kummetz - Analyst

  • Thanks for taking my questions.

    感謝您回答我的問題。

  • I've got a handful.

    我有一把。

  • I want to start with the third quarter guide.

    我想從第三季指南開始。

  • Tom, if I heard you correctly, I think you said you are expecting a low single digit comp.

    湯姆,如果我沒聽錯的話,我想你說過你期待一個低個位數的補償。

  • Was that a consolidated comp?

    那是一個合併的比較嗎?

  • And if so, what kind of a Journeys comp is embedded in that?

    如果是這樣,其中嵌入了什麼樣的旅程組合?

  • Thomas George - Chief Financial Officer, Senior Vice President - Finance

    Thomas George - Chief Financial Officer, Senior Vice President - Finance

  • Mitch, that is a consolidated comp and relative to Journeys, Journeys is low single digits as well.

    米奇,這是一個綜合比較,相對於旅程,旅程也是低個位數。

  • Mitch Kummetz - Analyst

    Mitch Kummetz - Analyst

  • And then how are you thinking about September and October.

    那麼您對九月和十月有何看法?

  • It sounds like August has been a very good month for Journeys.

    聽起來八月對旅程來說是一個非常好的月份。

  • Mimi, you talked about the pattern of shopping, the consumers are shopping peaks and kind of disappearing in between.

    咪咪,你談到了購物的模式,消費者在購物高峰期然後在高峰期消失。

  • Are you assuming that comp stays positive in September and October or does that kind of single-digit journeys assume that you kind of go negative for the balance of the quarter?

    您是否假設 9 月和 10 月的比較保持正值,或者這種個位數的旅程是否假設您在本季度的剩餘時間內出現負值?

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Mitch, thanks for joining us this morning.

    米奇,感謝您今天早上加入我們。

  • We are really excited about what we are seeing in Journeys.

    我們對在《旅程》中所看到的內容感到非常興奮。

  • What is different now is that there is more interest in footwear overall, just in general, in the category, and a lot of interest with our youth consumer.

    現在的不同之處在於,人們對鞋類的整體興趣更大,就一般而言,在這個類別中,以及我們的年輕消費者更感興趣。

  • And, you know, they've been quite interested in buying apparel and typically when they are interested in buying apparel, they're then interested in buying footwear.

    而且,您知道,他們對購買服裝非常感興趣,通常當他們對購買服裝感興趣時,他們會對購買鞋類感興趣。

  • And we couple that with Journeys much improved assortment and we're going after a diversified assortment of brands and of styles and repositioning overall what we are offering and that's been a good combination.

    我們將其與 Journeys 大大改進的產品組合相結合,我們追求品牌和風格的多樣化,並重新定位我們所提供的產品,這是一個很好的組合。

  • And so as we said, we saw a nice pickup as we dropped a new product that our merchant team's been working hard to chase in July and then that accelerated into August.

    正如我們所說,我們看到了一個不錯的回升,因為我們放棄了我們的商家團隊在 7 月一直在努力追逐的新產品,然後加速到 8 月。

  • We expect that we will continue to see positive comps because we do have that product that will drive and that combination of consumer demand and having great product to serve the consumer will continue into September and October, but we also then think the consumer just pulls back and gets interested in other things.

    我們預計我們將繼續看到積極的競爭,因為我們確實擁有能夠推動的產品,消費者需求和為消費者提供優質產品的結合將持續到九月和十月,但我們也認為消費者會撤退並對其他事物產生興趣。

  • We then again think about holiday and being able to pursue demand during those peak weeks leading into holiday.

    然後,我們再次考慮假期以及能夠在假期前的高峰週內滿足需求。

  • And so it continues to be positive, to be pulling back, and then strength things again as we get to the holiday period.

    因此,當我們進入假期時,它仍然是積極的,有所回落,然後再次加強。

  • Mitch Kummetz - Analyst

    Mitch Kummetz - Analyst

  • And then, Mimi, for holiday, I guess starting with back-to-school, I mean, it seems like you've had a lot of newness, particularly on the athletic side, which really feeds into kind of back-to-school demand.

    然後,咪咪,假期,我想從返校開始,我的意思是,看起來你有很多新鮮感,特別是在運動方面,這確實有助於返校要求。

  • But going into holidays, then it kind of shifts more towards boots and things like that.

    但到了假期,人們就會更多地轉向靴子之類的東西。

  • Do you feel like you've got enough newness on the boot side to maintain this momentum, or do you just think that like what you're doing on the athletic piece really just sort of carries forward into holiday, as well to drive the positive comp and 4Q that Tom referenced in the outlet?

    你覺得你在靴子方面有足夠的新鮮感來保持這種勢頭,還是你只是認為你在運動鞋上所做的事情真的只是延續到假期,以及推動積極的一面湯姆在出口中提到的comp和4Q?

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Sure, Mitch, what's interesting is that what we've seen resonating for back-to-school is not just athletic, but it's also on our casual side.

    當然,米奇,有趣的是,我們所看到的返校運動不僅是運動方面的,而且還包括休閒方面的。

  • And so it is not just one brand, it really is a variety of brands, and in fact we saw strength in even more brands than we had anticipated for back-to-school.

    因此,這不僅僅是一個品牌,它確實是多種品牌,事實上,我們看到的品牌數量比我們預期的返校季還要多。

  • So it's a few brands certainly on the athletic side and athletic is where we have strengthened the most.

    因此,這肯定是一些運動方面的品牌,而運動是我們加強最多的領域。

  • You're right about that.

    你是對的。

  • But also on what we call the casual side, we have seen some nice strengths.

    但在我們所謂的休閒方面,我們也看到了一些不錯的優勢。

  • The category in particular, it seems like consumers have gone more to season-less style, whereas they used to shift to sandals in summer, you know, where athletic year-round and then boots in the winter.

    尤其是這個類別,消費者似乎更傾向於不分季節的款式,而他們過去常常在夏季轉向涼鞋,全年運動,然後在冬季轉向靴子。

  • Seems like there's more carry-through of product.

    看來產品的流通量更多了。

  • And so we've read-through all of that and have leaned into an assortment that will be more athletically oriented for holiday but will also lean across all those brands and all those styles that are resonating.

    因此,我們已經通讀了所有這些內容,並傾向於選擇一種更適合度假的運動型產品,但也會傾向於所有那些能引起共鳴的品牌和風格。

  • And so, we've talked with you about how the boot category specifically has been declining over the past few years.

    因此,我們與您討論了過去幾年靴子類別的具體下降。

  • We're not expecting boots, say, to pick up, but we are seeing some green shoots across some boot brands.

    例如,我們不期望靴子銷售回升,但我們看到一些靴子品牌出現了一些萌芽。

  • And so if that comes and gets some traction, then that'll be additive to where we are.

    因此,如果這一點到來並獲得一些牽引力,那麼這將有助於我們所處的位置。

  • But it's really looking through the assortment today and saying what's going to resonate in the fourth quarter and we do believe that we have the product to back up the comps that we are expecting for holiday.

    但它確實在審視今天的產品組合,並說明什麼會在第四季度引起共鳴,我們確實相信我們有產品來支持我們預期的假期補償。

  • Mitch Kummetz - Analyst

    Mitch Kummetz - Analyst

  • And then maybe you mentioned in your prepared remarks this opportunity to better serve the teen girl consumer.

    然後也許您在準備好的發言中提到了這個更好地服務少女消費者的機會。

  • Can you just elaborate on that?

    能詳細說明一下嗎?

  • How much of that is again like further tweaking the assortment versus maybe doing a better job marketing to that consumer and then from an assortment standpoint, obviously there are lead times.

    其中有多少又像進一步調整品種,而不是更好地向消費者進行行銷,然後從品種的角度來看,顯然存在交貨時間。

  • So how quickly can you make adjustments in order to better serve that consumer?

    那麼,為了更好地服務該消費者,您可以多快做出調整?

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Sure, Mitch.

    當然,米奇。

  • So it's all of the above in terms of what you're talking about.

    因此,就您所談論的內容而言,這就是以上所有內容。

  • If you think about the competition that serves the team customer, there are lots of great competitors out there who do a terrific job, particularly serving that male, that boy customer with athletic product.

    如果你考慮一下為團隊客戶服務的競爭,你會發現有很多偉大的競爭對手都做得非常出色,特別是為男性客戶提供運動產品。

  • And our ability to serve that teen across that diversified assortment of both athletic and of casual for whatever your wearing occasions are.

    我們有能力為青少年提供多樣化的運動和休閒服裝,適合您的穿著場合。

  • And girls are wearing athletic, they are slipping into sandals, they are wearing athletic across lots of brands.

    女孩們都穿著運動服,她們穿上涼鞋,她們穿著許多品牌的運動服。

  • I mean, we've seen coming away from vulcanized that the concentration within a couple of brands has proliferated.

    我的意思是,我們已經看到,從硫化的趨勢來看,幾個品牌的集中度已經激增。

  • And more options is better for us.

    更多的選擇對我們來說更好。

  • More ability to serve the customer is better for us.

    更有能力為客戶服務對我們來說更好。

  • We are more female than we are male today.

    今天,我們的女性人數多於男性人數。

  • We traditionally have been serving the female consumer well, but we are doubling down on that.

    傳統上,我們一直為女性消費者提供良好的服務,但我們正在加倍努力。

  • We've done a battery of research that's allowed us to do even more refined segmentation around our customer group.

    我們進行了一系列研究,使我們能夠圍繞客戶群進行更精細的細分。

  • And so you're going to see a real change in our overall marketing to the consumer.

    因此,您將看到我們對消費者的整體行銷發生了真正的變化。

  • You're going to see some real emphasis within our stores to cater to that female customer.

    您會看到我們的商店真正重視迎合女性顧客。

  • You're going to see an elevation of our assortment.

    您將會看到我們產品種類的豐富。

  • You're going to see just the premium nature of our brands come through because we've gotten that feedback that we can really deliver to the customer on that space and she's looking for it.

    您將看到我們品牌的優質本質,因為我們已經收到了回饋,我們可以真正在該空間上向客戶提供回饋,而她正在尋找回饋。

  • It's the white space in the market that we are jumping into.

    這是我們正在進入的市場空白。

  • And so this is something we've been talking about for a while and we have been working on the assortment to be able to deliver on that vision.

    因此,這是我們已經討論了一段時間的事情,我們一直在努力開發品種,以實現這一願景。

  • And so it's a complete picture of starting with product, adding marketing, having a great store environment, getting out there on social, speaking to that customer, letting her know that we are the place when she thinks about coming and buying her fashion footwear.

    因此,這是一個完整的畫面,從產品開始,增加行銷,擁有良好的商店環境,走出去社交,與客戶交談,讓她知道當她考慮來購買她的時尚鞋類時,我們就是她的地方。

  • And it's not just the female that we're talking about, but we do think leading with a female, we will open up the aperture for customers, we aren't serving today and certainly welcome anybody who wants to come shop in our Journeys stores.

    我們談論的不僅僅是女性,但我們確實認為以女性為主導,我們將為顧客打開大門,我們今天不提供服務,當然歡迎任何想來我們的 Journeys 商店購物的人。

  • Mitch Kummetz - Analyst

    Mitch Kummetz - Analyst

  • And then my last question just on the stores, you talked about a refresh starting in 3Q.

    然後我關於商店的最後一個問題,您談到了從第三季開始的刷新。

  • Is that going to be complete before the holiday season really kicks in and then as far as the updated concept is concerned and can you just remind us like what's really different there versus the current box?

    這是否會在假期真正開始之前完成,然後就更新的概念而言,您能否提醒我們,與當前的盒子相比,有什麼真正的不同?

  • And, like, when do you expect to have that test done?

    而且,例如,您預計什麼時候完成該測試?

  • And what might a rollout look in terms of taking that to more doors.

    就將其推廣到更多的門來說,推出可能會是什麼樣子。

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • So Mitch, the refresh that we're talking about starting in Q3 will touch all of our stores, and it's going to be a lot with visuals.

    因此,米奇,我們正在談論的從第三季度開始的更新將涉及我們所有的商店,並將涉及很多視覺效果。

  • It's going to be a lot with how we merchandise within the stores.

    這很大程度取決於我們在商店內的銷售方式。

  • We started a little bit of that, but this will be a rollout across the entire footprint.

    我們已經開始了一點,但這將是在整個足跡上的推廣。

  • And that will be completed before holiday kicks in.

    這將在假期開始前完成。

  • We are taking advantage of that period between back-to-school and holiday.

    我們正在利用返校和假期之間的這段時間。

  • And it is visuals as you walk in the store.

    當你走進商店時,這是視覺效果。

  • It's -- the placement of product within the store.

    它是-產品在商店內的放置。

  • It's those things that we can get done in a pretty immediate and pretty impactful fashion.

    這些事情我們可以以非常直接且非常有影響力的方式完成。

  • Then in terms of what's really different in terms of the new concept versus the current box, I think you've known our Journeys Store for a long time and I would say that it's been more of an evolution than a revolution.

    然後,就新概念與當前盒子的真正不同而言,我想您已經了解我們的旅程商店很長時間了,我想說它更像是一種演變,而不是一場革命。

  • And this new concept is going to be really different, and it is going to absolutely highlight the product.

    這個新概念將會非常不同,並且絕對會突出產品。

  • It is going to put us in a position where we'll have more flexibility and more functionality but that we can highlight our brand partners, we can speak to the product, we can speak to our customer, we'll have flexibility of being able to do it in this new box.

    這將使我們處於一個擁有更多靈活性和更多功能的位置,但我們可以突出我們的品牌合作夥伴,我們可以與產品交談,我們可以與我們的客戶交談,我們將具有能夠在這個新盒子裡做這件事。

  • And yet it will at the same time keep that great youth energy and that excitement that Journeys is all about.

    但同時它也將保留《Journeys》所蘊含的巨大的青春活力與興奮感。

  • The beginning, we are going to roll out to a handful of stores to begin with, as we said, starting in October, and we're starting in the big volume locations where we know we can drive productivity and the impact.

    一開始,正如我們所說,從 10 月開始,我們將首先向少數商店推出,我們將從大批量地點開始,我們知道我們可以在這些地點提高生產力和影響力。

  • And so we will test as we go along.

    因此,我們將邊做邊測試。

  • And not only are we putting in place a new look of the store, but we are combining that with better marketing, with better social, with increased merchandising.

    我們不僅要打造新的商店外觀,還要將其與更好的行銷、更好的社交和增加的商品推銷結合起來。

  • And so it's going be a full picture, a full 360 picture to be able to speak to the customer that we're trying to appeal to.

    因此,這將是一個完整的圖片,一個完整的 360 度圖片,以便能夠與我們想要吸引的客戶交談。

  • And so we're going to test that and we're going to roll it as we get the results and then we'll go from there.

    因此,我們將對其進行測試,並在得到結果後對其進行滾動,然後我們將從那裡開始。

  • Operator

    Operator

  • Mantero Moreno-Cheek, Jefferies.

    曼特羅·莫雷諾-奇克,傑弗里斯。

  • Mantero Moreno-Cheek - Analyst

    Mantero Moreno-Cheek - Analyst

  • Hello, and thanks for taking my call today.

    您好,感謝您今天接聽我的電話。

  • Just two quick ones from me.

    我只有兩個快的。

  • First one is just, I think last when we talked about Johnston & Murphy marketing and it was like not your -- shoe.

    第一個是,我想最後當我們談論 Johnston & Murphy 行銷時,它就像不是你的一樣——鞋子。

  • So just anything else how you're thinking with the marketing for J&M and just -- the brands in your company

    那麼,您對 J&M 以及您公司品牌的行銷有何看法

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Good morning, Mantero.

    早上好,曼特羅。

  • We have been pleased with the results of our new brand marketing campaign for Johnston & Murphy and it speaks to the progress that we've made and reinventing the brand and evolving with the consumer.

    我們對 Johnston & Murphy 的新品牌行銷活動的結果感到滿意,它說明了我們在重塑品牌和與消費者一起發展方面所取得的進步。

  • I know that we pivoted hard into casual and comfortable styles and traditionally Johnston & Murphy has been known for wingtips and cap toes, but we did a lot coming out of the pandemic to absolutely reposition the assortment.

    我知道我們努力轉向休閒舒適的風格,傳統上 Johnston & Murphy 一直以翼尖鞋和包頭鞋而聞名,但在疫情結束後,我們做了很多工作來徹底重新定位該產品系列。

  • And we need to let the customer know about this and also know about the great technology and the features that we have built into our footwear.

    我們需要讓客戶了解這一點,並了解我們在鞋類中內建的絕佳技術和功能。

  • In addition to that, we've grown categories outside of footwear and it comprises almost half of what we're selling in our DTC channels today.

    除此之外,我們也拓展了鞋類以外的品類,該品類幾乎占我們目前 DTC 通路銷售商品的一半。

  • And so getting the word out has been really important.

    因此,宣傳非常重要。

  • We have found that our awareness for our Johnston & Murphy customer is lower than we'd like it to be.

    我們發現我們對 Johnston & Murphy 客戶的認知度低於我們的預期。

  • So the brand marketing is directed at updating the consumer to know the latest with Johnston & Murphy and then also being able to build that awareness for customers who are similar to the ones who already shopped with us but don't necessarily know about Johnston & Murphy.

    因此,品牌行銷的目的是讓消費者了解 Johnston & Murphy 的最新動態,然後也能夠為那些與已經在我們這裡購物但不一定了解 Johnston & Murphy 的客戶類似的客戶建立這種意識。

  • What is important right now is newness, new products and new franchises and I spoke about that in the overall remarks that we are pulling forward product because it's what's resonating with the consumer.

    現在重要的是新鮮感、新產品和新特許經營權,我在總體評論中談到了這一點,我們正在推動產品,因為它能引起消費者的共鳴。

  • There is a real opportunity for innovation and more distinctive product and so it's not just marketing that is going to make a difference and drive sales going forward.

    這是一個真正的創新和更獨特產品的機會,因此,不僅僅是行銷能夠發揮作用並推動銷售向前發展。

  • But it is also the great product and the great product stories that we'll tell with that marketing.

    但我們將透過行銷來講述偉大的產品和偉大的產品故事。

  • Mantero Moreno-Cheek - Analyst

    Mantero Moreno-Cheek - Analyst

  • Thank you.

    謝謝。

  • And then also just on, what brands would you say, not brands, what would you say is a great trend that we should be looking forward to for the back-to-school season right now?

    另外,您會說哪些品牌,而不是品牌,您認為什麼是我們現在應該期待的返校季節的大趨勢?

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Yeah, so it's a good question and I can't tell all our secrets.

    是的,這是一個很好的問題,我不能說出我們所有的秘密。

  • You'll have to come in our store to check it out, but the theme of the day is diversification and great interest.

    你必須來我們店裡看看,但今天的主題是多樣化和趣味性。

  • And I said it to Mitch, but what is exciting right now is that the customer is really enthusiastic about footwear.

    我對米奇說過,但現在令人興奮的是顧客對鞋類非常熱情。

  • And we've seen that in overall traffic patterns for the category, but Journeys traffic has really outstripped the overall category benchmark.

    我們已經在該類別的整體流量模式中看到了這一點,但旅程流量確實超過了整體類別基準。

  • And so there's a lot of just interest in footwear, and I think that over time we've spent a lot of time discussing the fact that during the pandemic we didn't offer a lot of innovation and our brands didn't offer a lot of innovation and that innovation is hitting now and it's not just interest in one brand it's not just interest in athletic or in non-athletic product, it's really interest across the board in a number of brands and a number of styles.

    因此,人們對鞋類有很多興趣,我認為隨著時間的推移,我們花了很多時間討論這樣一個事實:在大流行期間,我們沒有提供很多創新,我們的品牌也沒有提供很多創新。正在興起,它不僅僅是對一個品牌的興趣,也不僅僅是對運動或非運動產品的興趣,而是對許多品牌和多種款式的全面興趣。

  • What is good for us is that average selling price is also has also gone up, ticked up pretty significantly with the new assortment that we are selling, which is more premium product at higher price points.

    對我們有利的是,平均售價也有所上漲,隨著我們銷售的新品種(價格更高的更優質產品)的出現,平均售價顯著上升。

  • And so there's interest across a number of different brands.

    因此,許多不同的品牌都產生了興趣。

  • There's still a move away from vulcanized product, which was represented by a couple of strong brands in particular but vulcanized will always be part of our assortment and we will continue to offer newness that comes along with vulcanized, but the great trend right now is a lot of interest and a lot of diversification and better price points as a result of all of that.

    仍然有遠離硫化產品的趨勢,尤其是由幾個強大品牌代表的硫化產品,但硫化產品將永遠是我們品種的一部分,我們將繼續提供硫化產品帶來的新產品,但現在的大趨勢是所有這些都引起了人們的興趣、多樣化和更好的價格點。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • At this time, I'd like to turn the floor back to management for further remarks.

    現在,我想請管理階層進一步發表意見。

  • Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

    Mimi Vaughn - Chairman of the Board, President, Chief Executive Officer

  • Great.

    偉大的。

  • Thank you for joining us today, and we look forward to speaking to you on our third quarter earnings call.

    感謝您今天加入我們,我們期待在第三季財報電話會議上與您交談。