Genesco Inc (GCO) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to Genesco's third quarter fiscal 2025 conference call. Just a reminder, today's call is being recorded.

大家好，歡迎參加 Genesco 2025 財年第三季電話會議。提醒一下，今天的通話正在錄音。

Genesco management included in the conference call will be Mimi Vaughn, Board Chair, President and Chief Executive Officer; Sandra Harris, Senior Vice President, Chief Financial Officer; Tom George, Senior Vice President, Principal Accounting Officer; and Darryl MacQuarrie, Senior Director, FP&A.

出席電話會議的 Genesco 管理階層包括董事會主席、總裁兼執行長 Mimi Vaughn；桑德拉‧哈里斯 (Sandra Harris)，資深副總裁、財務長；湯姆‧喬治，資深副總裁、首席會計官；以及 FP&A 資深總監 Darryl MacQuarrie。

I will now turn the call over to Darryl MacQuarrie, Senior Director of FP&A. Please go ahead.

我現在會把電話轉給 FP&A 高級總監 Darryl MacQuarrie。請繼續。

Good morning, everyone, and thank you for joining us to discuss our third quarter fiscal '25 results. Participants on the call expect to make forward-looking statements reflecting our expectations as of today, but actual results could be different.

大家早安，感謝您與我們一起討論我們的 25 財年第三季業績。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. Participants also expect to refer to certain adjusted financial measures during the call.

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.

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調整。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; Tom George, Principal Accounting Officer; and Sandra Harris, Senior Vice President, Finance and 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；湯姆‧喬治，首席會計官；財務高級副總裁兼財務長桑德拉哈里斯 (Sandra Harris)。

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

現在我想把電話轉給咪咪。

Thank you, Daryl. Good morning, everyone, and thank you for joining us.

謝謝你，達裡爾。大家早安，感謝您加入我們。

I'd like to begin by welcoming Darryl, who joined Genesco as Chief Financial Officer in October, with over 30 years of finance leadership experience, including 10 years at VF Corp where she was responsible for driving global business and financial strategies across VF iconic lifestyle brands.

首先我要歡迎 Darryl，她於 10 月加入 Genesco，擔任首席財務官，擁有 30 多年的財務領導經驗，其中包括在 VF Corp 工作了 10 年，負責推動 VF 標誌性生活方式的全球業務和財務戰略品牌。

Her experience with VF includes serving as Chief Financial Officer for direct-to-consumer global supply chain and shared services, including information technology. She is a terrific addition to our team as we drive a return to profitable growth, bringing invaluable expertise from numerous multichannel, multibrand consumer businesses.

她在 VF 的經驗包括擔任直接面向消費者的全球供應鏈和共享服務（包括資訊科技）的財務長。她為我們團隊帶來了極佳的補充，幫助我們推動獲利成長的回歸，為我們帶來了眾多多通路、多品牌消費企業的寶貴專業知識。

I also want to take a moment to thank Tom for his many contributions to Genesco since stepping in as CFO in late 2020. Tom joined our company at a pivotal time of tremendous change in the consumer environment, helping us successfully navigate both record highs and some very unique challenges. After a 40-year career in finance, including 30 years as a public company CFO, we wish you all the best during your well-deserved retirement.

我還想花點時間感謝Tom 自2020 年底擔任財務長以來為Genesco 做出的許多貢獻。了一些成就。在從事了 40 年的金融職業生涯（包括擔任上市公司財務長 30 年）之後，我們祝福您在當之無愧的退休生活中一切順利。

I'll start with a review of the key drivers of our third quarter performance and provide an update on the strategic initiatives to drive growth at Journeys and elsewhere across our company. Tom and Darryl will review our financials in more detail and walk through our raised outlook. Then we'll be happy to answer questions.

我將首先回顧第三季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。湯姆和達裡爾將更詳細地審查我們的財務狀況，並詳細介紹我們提出的前景。然後我們將很樂意回答問題。

But first, we were pleased to deliver third quarter results that exceeded expectations, marking another quarter of year-over-year sales increases and a strong return to positive comps. Our outperformance was driven by Journeys as the initial phase of our strategic growth plan unfolds, underscoring the outstanding execution of Journeys' near-term initiatives and the resilience of this business even in the face of continued consumer headwinds.

但首先，我們很高興第三季業績超出預期，標誌著銷售額又一個季度同比增長，並強勁回歸正值。隨著我們策略性成長計畫初始階段的展開，我們的優異表現是由旅程推動的，突顯了旅程近期計劃的出色執行力以及即使面對持續的消費者逆風，該業務的彈性。

Journeys' comparable sales for the third quarter not only inflected positive but were up double digits, fueled by continued improvement in the product assortment and the visual reset of our stores, among other actions. Congratulations to Andy Gray and the entire Journeys team for the speed in which they've been able to enhance the consumer experience and deliver an excellent back-to-school and strong finish to the third quarter.

在產品種類的持續改進和商店視覺重置等行動的推動下，Journeys 第三季度的可比較銷售額不僅出現了積極的變化，而且實現了兩位數的增長。恭喜 Andy Gray 和整個 Journeys 團隊，他們能夠快速提升消費者體驗，並為第三季帶來出色的返校成績和強勁的成績。

This performance more than offset modest comp declines for both Schuh and Johnston & Murphy, allowing us to deliver total comp growth of 6%. Both store and digital comps were nicely positive with the digital business a standout, up mid-teens with digital penetration reaching over 24% of retail sales.

這一業績足以抵消 Schuh 和 Johnston & Murphy 的同業比較小幅下滑，使我們能夠實現 6% 的總同業增長。商店和數位業務的表現都非常積極，其中數位業務表現突出，成長了 15%，數位滲透率達到零售額的 24% 以上。

Overall, sales, gross margins and expenses as a percentage of sales all exceeded our expectations in Q3, and our clean inventory exiting the quarter positions us well for the balance of the year. Ongoing cost reduction and store optimization efforts contributed to adjusted EPS as well, which was also meaningfully above our projection and up versus last year.

總體而言，第三季的銷售額、毛利率和費用佔銷售額的百分比均超出了我們的預期，本季的清潔庫存使我們在今年餘下的時間裡處於有利地位。持續的成本削減和商店優化工作也對調整後的每股收益做出了貢獻，這也大大高於我們的預測，並且與去年相比有所上升。

If you add back the approximately $0.35 to $0.40 from the 53rd week calendar shift, including the move of an important back-to-school week into the second quarter instead of the third quarter this year, EPS would have been up further highlighting the impact of positive comps driving profitable growth on the platform of reduced costs and lower share count we've been building. Our number one priority is to improve performance at Journeys.

如果您將第 53 週日曆班次的大約 0.35 美元至 0.40 美元加回來，包括將重要的返校週移至第二季度而不是今年的第三季度，每股收益將進一步上升，凸顯了在我們一直在降低成本和減少股份數量的平台上，積極的競爭推動利潤成長。我們的首要任務是提高旅程的績效。

As we have in the past, most recently coming out of COVID with Schuh and J&M, we have demonstrated our ability to evolve our businesses to meet shifts in consumer preferences and changes in purchasing behavior emerging stronger through challenging cycles. The consumer dynamic and changes over the last few years have required accelerated and unprecedented ongoing evolution on our part to successfully meet our customers' needs.

正如我們過去所做的那樣，最近與Schuh 和J&M 一起走出新冠疫情後，我們已經證明了我們有能力發展我們的業務，以滿足消費者偏好的變化以及在充滿挑戰的周期中更加強勁的購買行為的變化。過去幾年的消費者動態和變化要求我們加速和前所未有的持續發展，以成功滿足客戶的需求。

We are excited to accomplish this with Journeys. As a reminder, step one of our plan centered around efforts to inject the product assortment with more newness and storytelling and to deliver that to our consumers through enhanced store, digital and social experiences. The double-digit comps in Q3 demonstrates solid progress against that plan.

我們很高興能透過 Journeys 實現這一目標。提醒一下，我們計劃的第一步集中在努力為產品種類注入更多的新穎性和故事性，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。第三季的兩位數業績顯示該計劃取得了堅實的進展。

The Journeys consumer has become more interested in a broader range of brands and more diversified in the styles they're wearing. For the first time in several quarters, we saw a notable pickup in interest in footwear over back-to-school marked by growth in industry traffic this year.

旅程消費者對更廣泛的品牌越來越感興趣，他們的穿著風格也更加多樣化。今年幾季以來，我們首次看到返校期間人們對鞋類的興趣顯著上升，其標誌是今年行業流量的增長。

This shift plays well into Journeys' proposition as the expert curator of styles across both casual and fashion athletic brands. Importantly, we're seeing strong consumer response across both categories reinforcing Journey's unique position as the footwear destination for the style-led team, particularly the Team Girl. Journeys traffic consequently considerably outpaced the growth in traffic in the industry.

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專家策展人的主張。重要的是，我們看到這兩個類別的消費者反應強烈，這鞏固了 Journey 作為以時尚為主導的團隊（尤其是 Team Girl）鞋類目的地的獨特地位。因此，旅程流量的成長速度大大超過了產業流量的成長速度。

While sales at journeys have accelerated after multiyear positive sales runs, traffic at Schuh and Johnston & Murphy continues to trend lower than last year. Schuh's performance is being hampered by the difficult macroeconomic environment in the UK while in the US, softer demand for premium nonathletic footwear is pressuring J&M's top line.

雖然旅程的銷售在經歷了多年的積極銷售後有所加速，但 Schuh 和 Johnston & Murphy 的客流量繼續低於去年。 Schuh 的表現受到英國宏觀經濟環境困難的影響，而在美國，對優質非運動鞋的需求疲軟給 J&M 的營收帶來壓力。

On both sides of the Atlantic, consumer behavior remains needs based and consumers remain very selective about what to buy. We continue to add newness and freshness into our assortments to satisfy shoppers who are looking for key footwear items and must-have product and passing on everything else.

在大西洋兩岸，消費者行為仍然是基於需求，消費者對購買商品仍然非常挑剔。我們不斷為我們的產品系列增添新穎性和新鮮感，以滿足那些尋找關鍵鞋類產品和必備產品並傳遞其他所有產品的購物者。

As we entered the fourth quarter, we have been pleased with our performance to date and in our Black Friday Cyber Monday results in the midst of a heavily promotional retail environment. The arrival of more seasonable weather has encouraged sales of fall and winter merchandise.

當我們進入第四季度時，我們對迄今為止的業績以及在大力促銷的零售環境中黑色星期五網絡星期一的業績感到滿意。氣候轉好的到來刺激了秋冬商品的銷售。

While we diligently work to deliver a strong holiday and finish to the year, building on these positive Q3 results, we are in the very early innings of returning Journeys and the overall company to historical rates of sales and profitability. We're optimistic that these product changes and a sharper focus on the consumer, along with initiatives around brand building and elevating the consumer experience will drive even greater improvement in fiscal '26 and beyond.

雖然我們在第三季積極​​業績的基礎上，努力打造一個強勁的假期並為今年畫上句號，但我們正處於使旅程和整個公司恢復歷史銷售和盈利水平的初期階段。我們樂觀地認為，這些產品變化和對消費者的更加關注，以及圍繞品牌建立和提升消費者體驗的舉措將推動 26 財年及以後的更大改善。

And now for more color on our individual businesses in Q3, starting with Journeys. After turning positive in July, comps accelerated as back-to-school shopping got underway in earnest and remained consistently strong throughout the quarter.

現在我們從旅程開始，對第三季的各個業務進行更多介紹。繼 7 月轉正後，隨著返校購物的認真開展，公司業績加速成長，並在整個季度保持持續強勁。

Journeys skilled merchant team and new merchant leadership took aggressive and quick action with the order book and our key brand partners at the start of the year to bring in the styles that would resonate during back-to-school. Significant newness across a number of casual and athletic brands yields strong full price selling, including post Labor Day, even as the industry saw a pullback in demand when there wasn't much -- as much reason to shop.

年初，Journeys 熟練的商家團隊和新的商家領導層與訂單簿和我們的主要品牌合作夥伴採取了積極而迅速的行動，引入了在返校期間能引起共鳴的風格。許多休閒和運動品牌的顯著新穎性帶來了強勁的全價銷售，包括勞動節後，儘管該行業在沒有太多購物理由的情況下看到需求下降。

Journeys' customers transitioned nicely into buying must-have styles in the fall/winter assortment at the end of September into October during what is typically a nonpeak time before holiday, driving sales gains for the quarter, which outpaced the market. With greater depth of the brands and styles teams want, we are well positioned to continue to drive demand through the holiday season.

Journeys 的客戶在 9 月底至 10 月期間很好地轉變為購買秋冬系列的必備款式，這通常是假期前的非高峰期，從而推動了該季度的銷售增長，超過了市場的增長。隨著團隊想要的品牌和款式更加深入，我們處於有利位置，可以在整個假期中繼續推動需求。

Journeys stores with positive traffic and higher ASPs, inflected positive and Journeys digital business remained very healthy, posting another quarter of double-digit growth and even sharper acceleration than stores, resulting in digital representing 17% of total sales. This performance is reflective of our recent cycle of investment in digital including all access loyalty program incentives, CRM campaigns and omnichannel delivery options targeted to entice shoppers to purchase online.

Journeys 門市擁有正客流量和較高的ASP，呈現出正面的影響，而Journeys 數位業務仍然非常健康，又錄得兩位數增長，甚至比門市增速更快，導致數位業務佔總銷售額的17%。這項業績反映了我們最近在數位領域的投資週期，包括所有訪問忠誠度計畫激勵、CRM 活動和旨在吸引購物者在線上購買的全通路交付選項。

And moving to Schuh. Comps improved versus the first half, getting closer to positive territory even as the footwear category continues to face market headwinds in the UK. While still challenged, the sequential improvement was driven by better performance in stores as traffic and conversion picked up relative to earlier in the year.

並搬到舒。儘管鞋類類別在英國繼續面臨市場逆風，但與上半年相比有所改善，更接近正值區域。儘管仍面臨挑戰，但隨著客流量和轉換率相對於今年稍早的回升，商店業績的改善推動了季比的改善。

At the same time, digital sales remained resilient and were positive at over 40% of the business. The Schuh Kids category remained a bright spot and delivered a solid back-to-school continuing its trend of outperformance as well.

同時，數位銷售仍然保持彈性，並且在業務中所佔比例超過 40%。 Schuh Kids 類別仍然是一個亮點，並在返校後表現強勁，延續了其優異表現的趨勢。

During Q3, UK consumers were motivated to buy only during key shopping periods and the market overall was more promotionally driven to spur demand. We expect this choppiness to continue in the fourth quarter. 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.

第三季度，英國消費者僅在關鍵購物時段才有購買動力，整個市場更受到促銷推動以刺激需求。我們預計這種波動將在第四季度持續。根據凱度 (Kantar) 統計，儘管面臨充滿挑戰的背景，但與去年相比，Schuh 在英國鞋類市場的排名仍保持在第十位，仍然是年輕購物者的主要目的地。

Looking ahead, the team is focused on a number of initiatives to improve performance. Like Journeys, Schuh is leaning into the opportunity to better serve the female customer and further differentiate Schuh to both consumers and global brand partners.

展望未來，團隊將重點放在一系列旨在提高績效的措施。與 Journeys 一樣，Schuh 也抓住機會更好地服務女性客戶，並進一步在消費者和全球品牌合作夥伴中脫穎而出。

With that positioning, Schuh has achieved success elevating its access to several key athletic and casual brands and important franchises for future coming seasons and is working on others. Schuh is also building awareness and engagement with its new brand agency and marketing campaigns. This work also includes leveraging in connection with its CRM programs, the growing Schuh Club loyalty program, which now stands at almost 3 million members and benefits from greater member purchase frequency.

憑藉這一定位，Schuh 已經取得了成功，在未來幾個賽季中提升了對幾個主要運動和休閒品牌以及重要特許經營權的影響力，並且正在致力於其他品牌的發展。 Schuh 也透過新的品牌代理商和行銷活動來提高知名度和參與度。這項工作還包括與其 CRM 計劃相關的利用，即不斷發展的 Schuh Club 忠誠度計劃，該計劃目前擁有近 300 萬會員，並受益於更高的會員購買頻率。

Now turning to our branded business, starting with Johnston & Murphy. Mike Schuh, J&M's comps improved over the first half as consumers responded favorably to new product launches and new product innovation, and we anniversaried last year's ERP implementation. While store traffic was down in Q3, both conversion and transaction size were up, demonstrating positive customer reaction to the assortment.

現在轉向我們的品牌業務，從 Johnston & Murphy 開始。 Mike Schuh，J&M 上半年的業績有所改善，因為消費者對新產品發布和新產品創新反應良好，而且我們還慶祝了去年的 ERP 實施。儘管第三季商店客流量有所下降，但轉換率和交易規模均有所上升，顯示客戶對該產品系列反應積極。

Despite an ongoing slowdown in men's nonathletic premium footwear, J&M continues to make inroads driving growth in more casual footwear and non-footwear categories like apparel and accessories, which now represent about half of the direct-to-consumer sales.

儘管男士非運動優質鞋類的銷售持續放緩，但 J&M 繼續取得進展，推動休閒鞋類和服裝及配件等非鞋類類別的增長，這些類別目前約佔直接面向消費者銷售額的一半。

Our strategy of evolving J&M into a more casual multi-category lifestyle brand, in response to the changing needs of the J&M consumer has produced significant sales growth over the past four years as the team works to reimagine and reposition the brand from its legacy dress shoe heritage.

為了滿足J&M 消費者不斷變化的需求，我們將J&M 發展成為更休閒的多品類生活方式品牌，我們的策略在過去四年中取得了顯著的銷售成長，因為我們的團隊致力於從傳統的正裝鞋品牌中重新構想並重新定位該品牌遺產。

Looking ahead to the balance of the year, we expect and have seen an acceleration in sales of the fall/winter assortment with items like outerwear as the weather has finally turned colder across the country.

展望今年剩下的時間，我們預計並且已經看到，隨著全國天氣終於變冷，外套等秋冬系列的銷售將加速。

In addition, we're in a better inventory position in our stores for the holidays, including more depth in footwear, outerwear and other items and with success relaunching backpacks and other accessories. And looking further ahead, we have several initiatives underway to improve current trends and return J&M to year-over-year growth.

此外，我們的商店在假期期間的庫存狀況更好，包括鞋類、外套和其他商品的深度增加，並成功重新推出了背包和其他配件。展望未來，我們正在採取多項措施來改善當前趨勢，並使強生恢復年成長。

The most important of which our efforts to bring more distinctive product to the market built upon our unique brand style, quality and design principles and to deliver more frequent year-round freshness in our offering. This includes bringing back updated iconic styles for our 175th year brand anniversary next year. Coupled with efforts to increase brand awareness, we look forward to driving this renowned brand to new heights.

其中最重要的是，我們努力根據我們獨特的品牌風格、品質和設計原則，為市場帶來更多獨特的產品，並在我們的產品中提供更頻繁的全年新鮮度。其中包括為明年我們的 175 週年紀念品牌週年紀念帶回更新的標誌性款式。加上努力提高品牌知名度，我們期待將這個知名品牌推向新的高度。

Wrapping up the branded discussion, we continue to achieve very good success with the repositioning of Genesco Brands Group. Efforts to simplify the licenses portfolio to emphasize key brands and channels means lower sales in the short term, but considerably more profit, which was evident once again in Q3 results.

結束品牌討論後，我們透過 Genesco Brands Group 的重新定位繼續取得了非常好的成功。簡化授權組合以強調關鍵品牌和管道的努力意味著短期內銷售額會下降，但利潤會大幅增加，這一點在第三季的業績中再次得到體現。

Now moving back to Journeys and its strategic growth plan. Our broader plan centers on Journeys unique positioning to address the underserved Team Girl in the mall. While this customer is well served with fashion apparel, our in-depth market research revealed Journeys has an even greater opportunity to serve this consumer's fashion footwear needs.

現在回到旅程及其策略性成長計劃。我們更廣泛的計劃以 Journeys 的獨特定位為中心，以解決商場中服務不足的女隊女孩的問題。雖然該客戶對時尚服裝的需求得到了很好的滿足，但我們深入的市場研究表明，Journeys 有更大的機會滿足該消費者的時尚鞋類需求。

To that end, we've been expanding our consumer segmentation and sharpening our brand positioning to reach a wider teen audience with a more intentional focus on the Style led team with a sharp point on Her with an assortment of even more premium product. This consumer continues to evolve, and today's teams are interested in expressing themselves in different ways from one day to the next and footwear is a key enabler to this.

為此，我們一直在擴大我們的消費者細分並強化我們的品牌定位，以吸引更廣泛的青少年受眾，並更加有意識地關注以「她」為主導的時尚團隊，提供各種更優質的產品。這種消費者不斷發展，今天的團隊有興趣日復一日地以不同的方式表達自己，而鞋類是實現這一目標的關鍵推動者。

At the same time, the marketplace is quite segmented among athletic casual and fashion with no concept that goes across all footwear categories in the mall for the Style led team. This is the opportunity and no one is better positioned than Journeys to win with this customer.

同時，市場在運動休閒和時尚方面相當細分，對於時尚領導團隊來說，並沒有涵蓋商場所有鞋類類別的概念。這就是機會，沒有人比 Journeys 更能贏得這個客戶。

We have built three strategic growth priorities around product, brand and experience to fuel our new positioning and engage and excite more customers. In addition to bringing in a new President, we have also augmented our talented Journeys leadership team this year with highly experienced new chief product and marketing officers who bring tremendous expertise.

我們圍繞產品、品牌和體驗制定了三個策略成長重點，以推動我們的新定位並吸引和激發更多客戶。除了引進新總裁之外，今年我們還擴充了才華橫溢的 Journeys 領導團隊，聘請了經驗豐富的新首席產品和行銷官，他們帶來了豐富的專業知識。

Starting with product and diversifying our footwear leadership, our focus here is on expanding our leadership positions across athletic canvas and casual footwear with both breadth and depth of key leading styles, building more long-term strategic partnerships with our best-in-class premium footwear brands and editing and focusing our non-footwear business.

從產品和多元化我們的鞋類領導地位開始，我們的重點是擴大我們在運動帆布和休閒鞋類領域的領導地位，在主要領先款式的廣度和深度上，與我們一流的優質鞋類建立更長期的策略夥伴關係品牌並編輯和專注於我們的非鞋類業務。

Next is investing in our Journeys brand. These efforts include creating a new brand purpose and platform to differentiate and be a positive, inclusive connected force for teens and young adults, increasing investment in brand marketing, delivering Journeys updated brand positioning and tone of voice to drive awareness and consideration of the Journeys brand through digital, social and other media and ultimately, building new footwear demand creation capabilities.

接下來是投資我們的 Journeys 品牌。這些努力包括創造一個新的品牌宗旨和平台，以區分並成為青少年和年輕人積極、包容的聯繫力量，增加對品牌行銷的投資，提供旅程更新的品牌定位和語氣，以提高旅程品牌的認知度和考慮透過數位、社交和其他媒體，最終建立新的鞋類需求創造能力。

And finally, elevating our consumer experience, we are introducing an updated store concept, which retains the Journeys energy and DNA in an environment designed for the Style led team who shops across footwear brands and categories with 10 initial locations opened to date, strengthening our brand positioning and elevating the consumer experience on journeys.com to enhance the transactional approach we've been delivering.

最後，為了提升我們的消費者體驗，我們引入了更新的商店概念，該概念在專為Style 領導團隊設計的環境中保留了Journeys 的活力和DNA，該團隊負責購買各種鞋類品牌和類別，迄今已開設10 家初始門市，強化了我們的品牌定位並提升旅程網站上的消費者體驗，以增強我們一直在提供的交易方法。

And lastly, evolving our all Access membership program, where we've already signed up over 4 million members in a little over a year to provide a more personalized experience and increase long-term customer value and retention. These actions will solidify Journeys leading market position for the longer term, and we look forward to sharing more details of this plan with you going forward.

最後，不斷發展我們的 all Access 會員計劃，在一年多一點的時間裡，我們已經註冊了超過 400 萬會員，以提供更個性化的體驗並提高長期客戶價值和保留率。這些行動將鞏固旅程的長期領先市場地位，我們期待與您分享該計劃的更多細節。

In closing with our outlook, we're pleased with the upside we delivered in Q3 and the momentum we've carried into Q4. For Journeys, we're optimistic we're in a position to drive solid results over the remainder of the year while at the same time, based on recent trends, we've adopted a more cautious view for Schuh and Johnston & Murphy.

最後，我們對第三季的成長和第四季的勢頭感到滿意。對於 Journeys 而言，我們樂觀地認為我們能夠在今年剩餘時間內取得穩健的業績，同時，根據最近的趨勢，我們對 Schuh 和 Johnston & Murphy 採取了更為謹慎的看法。

This all results in us modestly raising our view for the year, and Cassandra will take you through the specifics. Before passing the call, I'd like to thank our incredible people. Our unmatched ability to reinvent ourselves evolve and grow over the years with a profound understanding of what our customer wants is our true competitive advantage and real cause for celebration with our 100th anniversary as a company this year.

這一切導致我們謙虛地提出了對今年的看法，Cassandra 將向您介紹具體細節。在打電話之前，我要感謝我們優秀的員工。我們無與倫比的自我重塑能力多年來不斷發展和成長，深刻理解客戶的需求，這是我們真正的競爭優勢，也是我們今年慶祝公司成立 100 週年的真正原因。

The work you've done has positioned us well for this busy holiday season, and I look forward to continued success as we finish strong in fiscal '25 and build on this momentum to unlock the considerable growth and value in our company in fiscal 2016 and beyond.

你們所做的工作為我們在這個繁忙的假期做好了準備，我期待著我們在25 財年取得強勁的業績，並在此勢頭的基礎上繼續取得成功，在2016 財年實現公司的可觀增長和價值，超過。

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

然後，我會將電話轉給湯姆。

Thanks, Mimi. We were pleased results for the quarter exceeded expectations. Getting back to positive comps at Journeys provides us with great upside to drive earnings per share meaningfully higher year over year given the cost reductions and share repurchases, we have made an overall leverage in our operating model.

謝謝，咪咪。我們很高興本季的業績超出預期。鑑於成本降低和股票回購，Journeys 恢復積極的業績為我們帶來了巨大的上行空間，可以使每股收益逐年大幅提高，我們已經在營運模式中實現了整體槓桿化。

Turning to results. Consolidated revenue for Q3 was up 3% to $596 million, which was better than we anticipated and significant given the calendar, which included the shift of a strong back-to-school week into Q2 last quarter. The shift negatively impacted sales by approximately $17 million or another 3%.

轉向結果。第三季的綜合收入成長了 3%，達到 5.96 億美元，這比我們的預期要好，而且考慮到日曆，其中包括上季度第二季度返校週的強勁表現，這一數字非常顯著。這一轉變對銷售額產生了約 1700 萬美元或 3% 的負面影響。

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. We continue to drive our digital business, which grew to 24% of direct-to-consumer revenues.

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%。我們繼續推動數位業務，該業務佔直接面向消費者收入的 24%。

Total company comps were up 6%, with stores up 4% and e-com up 15%. This was a major sequential acceleration from the negative 5% and negative 2% total comps. We reported in Q1 and Q2, respectively. Overall, gross margin was down 30 basis points compared to last year.

公司總業績成長 6%，其中商店成長 4%，電子商務成長 15%。與負 5% 和負 2% 的總比較相比，這是一個重大的連續加速。我們分別在第一季和第二季進行了報告。整體而言，毛利率比去年下降了30個基點。

By division, Journeys gross margin was down 80 basis points due primarily to product mix as we are selling brands with lower initial margins but higher average selling prices. Schuh's gross margin decreased 20 basis points and J&M's gross margin was up 170 basis points due to improved initial margins, lower markdowns and channel mix. Lastly, Genesco Brands gross margin was up 330 basis points due to improved initial margins.

按部門劃分，Journeys 的毛利率下降了 80 個基點，這主要是由於產品組合的原因，因為我們銷售的品牌初始利潤較低，但平均售價較高。由於初始利潤率提高、降價幅度降低以及通路組合的改善，Schuh 的毛利率下降了 20 個基點，而 J&M 的毛利率則上升了 170 個基點。最後，由於初始利潤率提高，Genesco Brands 毛利率上升了 330 個基點。

Moving down the P&L. SG&A expense was 46.1% of sales, an improvement of 10 basis points compared to last year. The combination of our cost savings initiatives, the 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 and marketing expense.

損益表向下移動。 SG&A 費用佔銷售額的 46.1%，比去年提高了 10 個基點。我們的成本節約舉措、關閉效率低下的商店以及其他費用的一些改善相結合，抵消了支持我們直接銷售增長的可變費用的增加以及額外的銷售工資和營銷費用。

Optimizing our store fleet to reduce occupancy costs and fixed expense levels in the store channel remains one of our key financial objectives. In Q3, we achieved a 4% reduction in straight-line rent expense on 67 lease renewals across the company, with an average term of approximately three years. This brings our year-to-date renewals to 231 with an 8% reduction in straight-line rent expense.

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。第三季度，我們在全公司進行了 67 次續租，平均租期約為三年，直線租金費用減少了 4%。這使得我們今年迄今的續約次數達到 231 次，直線租金費用減少了 8%。

Looking further at cost savings, we continue to gain traction on our plan to reduce costs by $45 million to $50 million on an annualized basis by the end of fiscal '25 before reinvestment. The initiatives include lowering occupancy cost to improve store profitability as well as optimizing our inventory, warehouse, freight logistics costs and other procurement efficiencies.

進一步考慮成本節約，我們繼續推進我們的計劃，即到 25 財年末再投資前按年率減少 4500 萬至 5000 萬美元的成本。這些措施包括降低佔用成本以提高商店獲利能力，以及優化我們的庫存、倉庫、貨運物流成本和其他採購效率。

Summary for the third quarter, we incurred a better-than-expected adjusted operating income of $10.3 million compared to $11 million for Q3 last year. Keep in mind, the 53rd week shift negatively impacted Q3 operating income by approximately $5 million to $6 million or $0.35 to $0.40 per share.

第三季總結，我們的調整後營業收入為 1,030 萬美元，優於預期，而去年第三季為 1,100 萬美元。請記住，第 53 週的輪班對第三季營業收入產生了約 500 萬至 600 萬美元或每股 0.35 至 0.40 美元的負面影響。

Turning now to capital allocation and the balance sheet. We ended the quarter in a net debt position of approximately $67 million with clean inventories, up 1% from last year. We plan to build up our inventory levels especially for Journeys to drive Q4 sales and be well positioned to drive sales in the first half of fiscal year '26.

現在轉向資本配置和資產負債表。本季結束時，我們的淨債務部位約為 6,700 萬美元，庫存充足，比去年增加 1%。我們計劃建立特別是 Journeys 的庫存水平，以推動第四季度的銷售，並為推動 26 財年上半年的銷售做好準備。

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. Capital expenditures in Q3 were $13 million, with investments primarily directed to retail stores and our digital and omnichannel initiatives.

考慮到我們的財務靈活性、強大的資產負債表和自由現金流的產生，再加上我們的循環信貸額度，為我們提供了充足的流動性來實現我們的所有策略目標。第三季的資本支出為 1,300 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 investment in refreshing our store base. We opened two stores and closed 14 stores, ending the quarter with 1,302 total stores.

經過數位化和全通路的投資週期（目前我們正在從中受益），我們正在將重點轉向投資更新我們的商店基礎。我們開設了 2 家商店並關閉了 14 家商店，本季末商店總數為 1,302 家。

Year to date, we've closed 41 Journeys stores. We expect to close up to 10 more Journeys stores this year as part of our program to optimize our store fleet in order to best serve the shopping habits of today's consumer.

今年迄今為止，我們已經關閉了 41 家 Journeys 商店。作為優化店群計畫的一部分，我們預計今年將關閉多達 10 家 Journeys 商店，以便更好地滿足當今消費者的購物習慣。

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. These actions to reshape our cost structure are designed to strengthen the economics of our store channel and enable investment in our strategic initiatives to drive top line growth.

我們預計這些關閉將消除約1,400 萬美元的年度SG&A 成本，這比我們從去年關閉的商店中實現的約2,500 萬美元的年度節省以及我們為此目標的4,500 萬至5,000 萬美元的運行率節省而增加。這些重塑我們成本結構的行動旨在增強我們商店通路的經濟性，並促進對我們策略性舉措的投資，以推動收入成長。

Lastly, during the quarter, we repurchased almost 18,000 shares for $0.4 million or an average cost of $24.50 per share. We have $42.3 million remaining on our current authorization. Over the past six years, we have repurchased nearly 50% of our outstanding shares.

最後，在本季度，我們以 40 萬美元或平均成本每股 24.50 美元回購了近 18,000 股股票。我們目前的授權還剩 4230 萬美元。在過去的六年裡，我們回購了近50%的流通股。

Let me now turn it over to Darryl for guidance.

現在讓我把它交給達裡爾尋求指導。

Thanks, Tom. With third quarter results coming in ahead of expectations, we are raising our full year EPS guidance to $0.80 to $1, up from our prior range of $0.60 to $1. We now expect higher sales in total, driven by Journeys, partially offset by a more cautious view for Schuh and Johnson & Murphy for the balance of the year. We also expect some additional expenses.

謝謝，湯姆。由於第三季業績超出預期，我們將全年每股盈餘指引從先前的 0.60 美元至 1 美元上調至 0.80 美元至 1 美元。我們現在預計，在 Journeys 的推動下，總銷售額將會上升，但 Schuh 和 Johnson & Murphy 對今年餘下時間的更謹慎的看法將部分抵消這一影響。我們也預計會產生一些額外費用。

For Journeys, the fourth quarter has started well, thanks to the consumer-focused investments we have made in our brand, combined with the positive adjustments to the product assortment, and we expect Q4 comps to be positive, although not at the level we saw in the third quarter.

對於Journeys 來說，第四季度開局良好，這要歸功於我們對品牌進行的以消費者為中心的投資，再加上對產品種類的積極調整，我們預計第四季度的業績將是積極的，儘管沒有達到我們看到的水平在第三季度。

We now expect sales of Schuh to be somewhat more muted than our prior expectations given the weak market demand in the UK and we expect the ongoing weakness in the premium men's footwear category to put more pressure on Johnston & Murphy.

鑑於英國市場需求疲軟，我們現在預計 Schuh 的銷售將比我們先前的預期更加疲軟，我們預計高端男鞋類別的持續疲軟將給 Johnston & Murphy 帶來更大壓力。

Combining all these factors, we now expect full year total sales to be flat to a decrease of 1% versus our prior expectations of down 1% to 2%. Excluding the 53rd week impact, which we estimated to be approximately $25 million of sales and a small negative effect on earnings per share, we expect sales to be flat to slightly up year over year with the back half accelerating meaningfully over the front half.

綜合所有這些因素，我們現在預計全年總銷售額將持平或下降 1%，而我們先前的預期為下降 1% 至 2%。排除第53 週的影響（我們估計銷售額約為2500 萬美元）以及對每股收益的小幅負面影響，我們預計銷售額將同比持平或略有增長，下半年的銷售額將比上半年大幅增長。

By division, total year-end sales compared to last year are expected to be a low single-digit increase for Journeys. For Schuh, we now expect sales to be relatively flat. And for Johnston & Murphy, we expect to be down mid-single digits, including the impact from the Johnston & Murphy store closings.

按部門劃分，與去年相比，旅程的年終總銷售額預計將出現較低的個位數成長。對於 Schuh，我們現在預計銷售額將相對持平。對於 Johnston & Murphy，我們預計會下降中個位數，包括 Johnston & Murphy 商店關閉的影響。

Shifting to gross margin. We do expect to be somewhat more promotional in some of our businesses in the fourth quarter but had a pickup in gross margin in Q3. Although we still expect gross margin to be impacted by the shift in consumer demand to lower-margin athletic footwear, our cost savings initiatives should help offset this pressure.

轉向毛利率。我們確實預計第四季度我們的某些業務會進行更多促銷，但第三季毛利率有所回升。儘管我們仍然預期毛利率將受到消費者需求轉向利潤率較低的運動鞋的影響，但我們的成本節約措施應有助於抵消這種壓力。

Therefore, we will still expect overall gross margin to be down 10 to 20 basis points versus last year. We now expect adjusted SG&A as a percentage of sales to be in a range of flat to 10 basis points of leverage compared to our prior guidance of flat to 20 basis points of leverage.

因此，我們仍預期整體毛利率將較去年下降10至20個基點。我們現在預計調整後的 SG&A 佔銷售額的百分比將在槓桿水平持平至 10 個基點的範圍內，而我們之前的指導槓桿水平持平至 20 個基點。

This is largely the result of higher incentive compensation that was triggered by our stronger performance. Our guidance assumes no additional share repurchases, which results in a fiscal year '25 average shares outstanding of approximately $11 million, and we expect the tax rate to be approximately 27%.

這很大程度上是由於我們更強的表現引發了更高的激勵性薪酬的結果。我們的指導假設沒有額外的股票回購，這導致 25 財年的平均已發行股票約為 1,100 萬美元，我們預計稅率約為 27%。

To close, we are streamlining our operations and adapting swiftly to the changing consumer demands. These strategic changes will create a more efficient company that better serves our customers, enhances profitability and creates greater value for our shareholders.

最後，我們正在簡化營運並迅速適應不斷變化的消費者需求。這些策略變革將創造一家更有效率的公司，更好地服務客戶、提高獲利能力並為股東創造更大價值。

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) Mitch Kummetz, Seaport Research.

（操作員說明）Mitch Kummetz，海港研究中心。

I guess first off, I want to thank Tom again for all the health he's provided over the years. And Darryl, welcome. I look forward to working with you.

我想首先，我要再次感謝湯姆多年來為我提供的健康。達裡爾，歡迎。我期待與您合作。

As far as Mini, you talked about early innings. And I'm curious, I want to start with the assortment. You made a lot of progress there, but where is it relative to where you'd like it to be? How much opportunity is there for better access, better allocations changing -- still changing some of the brand mix?

至於Mini，你談到了前幾局。我很好奇，我想從品種開始。你在那裡取得了很大的進步，但是相對於你想要的位置來說，它在哪裡？有多少機會可以更好地進入、更好地分配變化——仍然改變一些品牌組合？

And like to what extent are the brands taking notice and looking at the strong back-to-school results? And how does that help you going forward in terms of improving your access and allocations?

品牌在多大程度上註意到並關注返校後的強勁成果？這如何幫助您在改善訪問和分配方面取得進展？

Mitch, thanks for that nice tribute to Tom, and welcome to Sandra and for your question. And as far as the journeys change in the assortment, we talked a lot about the fact that consumers have gone through a large cycle of purchasing coming out of the pandemic and really had their closets full.

米奇，感謝您對湯姆的盛情款待，歡迎桑德拉並提出您的問題。就品種的變化而言，我們談論了很多這樣的事實：消費者經歷了大流行後的一個大購買週期，並且他們的衣櫃確實已經滿了。

And we're looking for newness in the assortment and really looking for innovation. And we went through a very long cycle as well of our customer wanting cannabis products. We call it vulcanized product as well and had a lot of success with that.

我們正在尋找品種的新穎性並真正尋求創新。我們的客戶想要大麻產品也經歷了一個很長的週期。我們也稱之為硫化產品，並且取得了巨大的成功。

And today, we see that our customer is much more diversified in what they are interested in wearing, they're embracing -- teams embracing more wearing occasions. Journeys has -- is well positioned to take advantage of this.

今天，我們看到我們的客戶對穿著的興趣和擁抱的方式更加多樣化——團隊擁抱更多的穿著場合。 Journeys 已做好充分利用這一優勢的準備。

And so this means a greater number of brands for us. The back-to-school success was not one or two brands, it was seven or eight brands really driving the business. There is a fashion shift away, as I said, from where we've been.

因此，這對我們來說意味著更多的品牌。返校季的成功不是一兩個品牌的功勞，而是七、八個品牌真正推動了業務發展。正如我所說，時尚正在轉變。

And consumers are moving into more seasonless assortments as well. And so I'd say that we have a strong merchant team. We've bolstered that merchant team Journeys, bringing in for (inaudible) bringing in Andy Gray. We are typically the number one or two partner for brands on the casual side.

消費者也開始購買更多不季節性的產品。所以我想說我們有一個強大的商人團隊。我們加強了商人團隊 Journeys 的實力，引進了（聽不清楚）安迪格雷。我們通常是休閒品牌的第一或第二合作夥伴。

And they helped us to increase our relationships on the athletic side and our teams want both. And so I'd say that our brand partnerships are strong. They're getting stronger. Our brands taking notice of our strong back-to-school results. I certainly hope so.

他們幫助我們增進了運動方面的關係，而我們的球隊兩者都想要。所以我想說我們的品牌合作關係很牢固。他們越來越強大了。我們的品牌注意到了我們強勁的返校成績。我當然希望如此。

And it is not just one action of saying, hey, we'd like more allocation. It is the partnership that is a holistic approach to serving that team customer, particularly that Team Girl. And our brands want access to that girl. We have made a commitment to them to provide an excellent store environment.

這不僅僅是說，嘿，我們想要更多分配的一種行動。這種夥伴關係是為團隊客戶（尤其是團隊女孩）提供服務的整體方法。我們的品牌希望接觸到那個女孩。我們向他們做出了承諾，提供優良的商店環境。

We have terrific people who serve our customers within the stores. And so we -- as we said, we're in the early innings of where we believe we will go in terms of restoring the Journeys brand to historically the sales and levels of profitability, and we look to build on where we are today.

我們有優秀的員工在店內為顧客提供服務。因此，正如我們所說，我們正處於早期階段，我們相信我們將把《旅程》品牌恢復到歷史上的銷售額和盈利水平，我們希望在今天的基礎上再接再厲。

And then, many, on the stores, really two parts to this question because you're closing some stores and then you also have this new store design. So first of all, I'm curious to know, as you close stores and continue to close stores, what are you seeing in terms of the productivity of stores that remain open in those markets where stores are closing?

然後，很多關於商店的問題，實際上有兩個部分，因為你要關閉一些商店，然後你還有這個新的商店設計。首先，我很想知道，當您關閉商店並繼續關閉商店時，您對那些商店正在關閉的市場中仍然營業的商店的生產力有何看法？

It sounds like you're not seeing much of a sales hit in general a little bit. So I would imagine that some of those stores, we'll see a productivity lift when they're in a market where there might be other stores of yours closing. So maybe you could just go through that.

聽起來你並沒有看到銷售整體上受到太大影響。因此，我想，當其中一些商店所處的市場可能有其他商店關閉時，我們會看到生產力的提升。所以也許你可以經歷一下。

And then also on the new store design, it sounds like you've had 10 stores open there. I don't know if there are any early results that you could speak to. But I guess more so, can you talk about what you see as being the rollout there and the potential for that longer term?

另外，關於新店的設計，聽起來你們在那裡開了 10 家店。我不知道是否有任何早期結果可供您討論。但我想更重要的是，您能談談您認為在那裡推出的內容以及長期的潛力嗎？

Sure. So the way we're thinking about it, Mitch, is we're not necessarily calling it closing stores. We're calling at optimizing our footprint. And there have been lots of changes in terms of consumer shopping patterns, as you know. And there is just really a need to serve customers differently.

當然。所以，米奇，我們思考這個問題的方式是，我們不一定稱之為關閉商店。我們呼籲優化我們的足跡。如您所知，消費者購物模式發生了很多變化。確實需要以不同的方式為客戶提供服務。

So we have some terrific store analytics that help us to really understand demographics and other patterns and are able to make decisions about store closings based on that. And so when we are closing stores, and as you said, they are in less productive places because of the shift of traffic patterns or the shift to different shopping venues, we've got more sophisticated capabilities to drive that traffic to other stores that are nearby or online.

因此，我們擁有一些出色的商店分析功能，可以幫助我們真正了解人口統計和其他模式，並能夠據此做出關閉商店的決策。因此，當我們關閉商店時，正如您所說，由於客流量模式的變化或向不同購物場所的轉移，它們位於生產力較低的地方，我們擁有更複雜的功能來將流量吸引到其他商店附近或在線。

And we've got more sophisticated information about the consumer that lets us do that. And so we are really optimizing the store footprint in response to the changes that we've been seeing. And as you said, certainly, the productivity in these locations are less.

我們已經獲得了有關消費者的更複雜的信息，可以讓我們做到這一點。因此，我們確實正在優化商店佔地面積，以應對我們所看到的變化。正如你所說，當然，這些地方的生產力較低。

But our overall strategy is to drive productivity in our best locations to make our best locations even more productive than they are. And so that is partially the assortment and some of what we've been doing with the assortment but it also necessitates really a visible change.

但我們的整體策略是提高我們最佳地點的生產力，使我們最好的地點比他們現在的生產力更高。因此，這部分是品種和我們一直在品種上所做的一些事情，但它也確實需要明顯的改變。

And we are really excited about this element of the plan. With our new positioning and with the product assortment. We need a more aspirational environment that showcases this more premium product. It's designed for a style-led team who shops across footwear brands and categories.

我們對該計劃的這一要素感到非常興奮。隨著我們的新定位和產品種類。我們需要一個更理想的環境來展示這種更優質的產品。它專為購買各種鞋類品牌和類別的時尚團隊而設計。

We can showcase the brands. It's a cleaner environment. We'd love you to see it. We've got it set up in our showroom here and a couple of stores here in Nashville, I think the closest store to you is maybe in Utah. But it is a cleaner environment. It's a more neutral aesthetic.

我們可以展示品牌。這是一個更清潔的環境。我們希望您能看到它。我們已經在我們的陳列室和納什維爾的幾家商店裡設立了它，我想離您最近的商店可能在猶他州。但這是一個更乾淨的環境。這是一種更中性的美學。

We can create brand statements, as I said, but it retains the journey's energy and its DNA and the attitude and personalization for the location. So it's a really open shopping environment.

正如我所說，我們可以創建品牌聲明，但它保留了旅程的能量及其 DNA 以及該地點的態度和個性化。所以這是一個真正開放的購物環境。

And we have had -- it's early days. We opened our first store in October. And so we've been quite pleased with the results that we have seen and are going to be tracking this carefully.

我們已經經歷過──現在還處於早期階段。我們在十月開設了第一家商店。因此，我們對所看到的結果非常滿意，並將仔細追蹤這一結果。

And just again to follow up, can you say what the rollout plan is as you go into next year?

再次跟進，你能說說明年的推出計劃是什麼嗎？

Yes, sure. So 10 opened so far. It will be about 15 for the year. We have at least that number designated for next year, but we do want to see some results, Mitch. And we can pull forward.

是的，當然。目前已開業10家。今年大約是15個。我們至少為明年指定了這個數字，但我們確實希望看到一些結果，米奇。我們可以繼續前進。

In fact, we have been really working with our real estate. We've been working with our landlord partners who are quite excited about this as well. And so we can pull forward, and we typically are doing this with lease renewal.

事實上，我們一直在真正致力於我們的房地產。我們一直在與我們的房東合作夥伴合作，他們也對此感到非常興奮。所以我們可以向前推進，我們通常透過續租來做到這一點。

But if the results really warrant it, which we anticipate they very well could, we can pull forward some of these remodels. And so we do -- we are planning on a wave of growth for this that these stores will create comps in excess of the comps that we're driving with our other initiatives. And so [five] so far, at least that many for next year and the open opportunity to pull forward.

但如果結果確實如此（我們很可能會這樣做），我們就可以推進其中一些改造。因此，我們正在計劃為此掀起一波成長浪潮，這些商店將創造出超過我們透過其他舉措推動的競爭的競爭。到目前為止，[五個]，至少明年有這麼多，並且有向前推進的機會。

Okay. And then maybe just a couple of last of things. One, just in terms of Journeys comp, you've obviously bumped up the comp guide for the full year. I think for the fourth quarter, Sandra, you mentioned positive but not as strong as the Q.

好的。然後也許只是最後幾件事。第一，就旅程補償而言，您顯然已經提高了全年的補償指南。我認為對於第四季度，桑德拉，你提到了積極的一面，但不如 Q 那麼強烈。

That's a pretty wide range. I'm wondering if you get a little bit more specific? Are you looking low single, mid-single, high single for Journeys in the quarter?

這是一個相當廣泛的範圍。我想知道你是否能說得更具體一點？您是否正在尋找本季度旅程的低單曲、中單曲、高單曲？

And also with -- where is the business quarter to date, if you can say? And is it -- is quarter to date in line with what you're thinking for the quarter as a whole? And then I guess I have one last one.

還有——如果你可以說的話，迄今為止的業務季度在哪裡？迄今為止的季度數據是否符合您對整個季度的預期？然後我想我還有最後一張。

Great. So in terms of Journeys comp, absolutely. Journeys is an outlier in the market. I think as you've seen others report over the earnings cycle that most have a good back-to-school, but we anticipated and most people saw that in the end of September and October that during nonpeak periods, the consumers demonstrated that they're just setting it out and waiting until there is a reason to buy.

偉大的。所以就旅程補償而言，絕對是這樣。 Journeys 是市場上的異類。我認為，正如您所看到的其他人對盈利週期的報告一樣，大多數人都有良好的返校情況，但我們預計並且大多數人都看到，在9 月底和10 月的非高峰時期，消費者表明他們「我們只是把它擺出來，等待有理由購買。

And we did not see that in Journeys. We saw rolling right out of back-to-school into winter that our consumers started buying the winter assortment, and the fall assortment and really didn't miss a beat.

我們在《旅程》中沒有看到這一點。我們看到，從返校季開始進入冬季，我們的消費者開始購買冬季系列和秋季系列，並且確實沒有錯過任何一個節拍。

And so we are positive for Q4, as Sandra said, not at the level -- I mean, Journeys had an 11% comp, not at the level that we have -- that we saw in Q3 because we don't know whether or not there was a pull forward of the winter purchasing, right? That is -- I think that's the thing to really focus on.

因此，正如桑德拉所說，我們對第四季度持樂觀態度，但不是達到我們在第三季度看到的水平——我的意思是，《Journeys》的營收率為11%，不是我們在第三季看到的水平，因為我們不知道是否或不是說冬季採購有所提前嗎？那就是——我認為這是真正需要關注的事情。

And we are -- where is the business quarter to date, I'll talk a little bit about Black Friday in November. And the calendar offsets, I just can't [disconnect] you are spending a lot of time looking at that. But I think we are comparable for Black Friday and November and we're pleased with the results.

我們 - 迄今為止的業務季度在哪裡，我將談論 11 月的黑色星期五。還有日曆偏移，我只是無法[斷開連接]你花了很多時間看它。但我認為黑色星期五和十一月的表現是可比的，我們對結果感到滿意。

We saw that Journeys was not promotional, the rest of footwear, particularly athletic footwear was quite promotional. The strength of our assortment carried the business. And we did not need to match the promotional activity.

我們看到Journeys沒有促銷，其他鞋類，尤其是運動鞋的促銷力度很大。我們的品種實力支撐著我們的業務。而且我們不需要配合促銷活動。

We had a lot of full price selling. And so we're well positioned in inventory for the fourth quarter, and we are going to drive the business to the full extent that we can.

我們有很多全價銷售。因此，我們在第四季度的庫存方面處於有利地位，我們將盡我們所能推動業務發展。

And then I guess last question, maybe as one of your priorities for Journeys, you talked about -- you talked about creating some new demand creation opportunities. So I was just hoping you could elaborate on that.

然後我想最後一個問題，也許作為您旅程的優先事項之一，您談到了創造一些新的需求創造機會。所以我只是希望你能詳細說明這一點。

Is that -- are you looking to do any more digital advertising? Are you looking to apply some analytics to these 4 million loyalty members and being more targeted in the market? What exactly were you see new demand creation opportunities, what might those be?

那是——您打算做更多的數位廣告嗎？您是否希望對這 400 萬名忠誠會員應用一些分析，並在市場上更有針對性？您到底看到了哪些新的需求創造機會？

Sure. So it is all of those things that you talked about and more. We have been driving our digital business. As you saw, we've more than doubled our digital business since the pandemic. But when -- and we've also put in place this loyalty club.

當然。這就是您談到的所有這些事情以及更多內容。我們一直在推動我們的數位業務。如您所見，自疫情爆發以來，我們的數位業務成長了一倍以上。但是當我們也建立了這個忠誠俱樂部。

And we've been seeing really positive things in loyalty across all of our businesses. And the ability to serve our customer even better because we know who they are is something that is at our disposal right now between loyalty and CRM.

我們在所有業務中都看到了在忠誠度方面非常積極的事情。我們現在可以利用忠誠度和 CRM 來更好地服務客戶，因為我們知道他們是誰。

But in terms of creating demand, it really is creating the brand purpose around Journeys, articulating that to the consumer in a better way, having Journeys be even more top of mind as far as the decision for teens to shop part of our strategy. And this isn't just bring Journeys back to where it was. This is take for news to new levels.

但在創造需求方面，它實際上是圍繞旅程創建品牌目標，以更好的方式向消費者闡明這一點，就青少年購物決定作為我們策略的一部分而言，讓旅程成為更重要的考慮因素。這不僅僅是讓《Journeys》回到原來的樣子。這將新聞提升到了新的水平。

And we talked about widening the aperture, more teams appealing to a broader group of teams who may not consider our Journeys today. We're surprised at the opportunity for awareness. We think that all teams know about Journeys, but we know there is an opportunity to build the brand awareness.

我們談到了擴大範圍，更多的團隊吸引更多可能不考慮我們今天的旅程的團隊。我們對有機會提高認識感到驚訝。我們認為所有團隊都了解 Journeys，但我們知道這是建立品牌知名度的機會。

And so we put in a new Head of Marketing. She's terrific. She came from Levi's, really very well versed in the team consumer, and we're working hard on increasing our social presence on platforms like TikTok a very important one.

因此我們任命了一位新的行銷主管。她太棒了。她來自 Levi's，非常熟悉團隊消費者，我們正在努力提高我們在 TikTok 等平台上的社交影響力，這是一個非常重要的平台。

We've got exciting things in store here of really being able to articulate the brand positioning across stores, across online. We have a new creative agency on board to help with that, and we're just going to increase the investment in brand marketing and talk about that updated positioning.

我們這裡有令人興奮的事情，真正能夠在商店和網路上闡明品牌定位。我們有一個新的創意機構來幫助解決這個問題，我們將增加對品牌行銷的投資並討論更新的定位。

And so it's all of those things. It's in increasing our presence, increasing our marketing dollars, reaching out in stores, reaching out on social reaching out on digital.

這就是所有這些事情。它正在增加我們的影響力，增加我們的行銷資金，在商店中進行宣傳，在社交媒體上進行宣傳，在數位上進行宣傳。

Mantero Moreno-Cheek, Jefferies.

曼特羅·莫雷諾-奇克，傑弗里斯。

I guess I want to start and touch on Journeys. The last quarter, you discussed how Journeys had improved assortment, and you talked about a lot today.

我想我想開始談論旅程。上個季度，您討論了 Journeys 如何改進產品種類，今天您也討論了很多。

And then how the holiday periods you show stream, which you mentioned on the Black Friday was pretty event and pretty encouraging about so far. So I guess just anything else you want to add on how we should think about the rest of the holy season with the fewer shopping days.

然後，您在黑色星期五上提到的假期期間的直播方式是非常重要的，而且到目前為止非常令人鼓舞。所以我想您還想補充一下我們應該如何考慮聖季剩餘時間以及購物日減少的情況。

And then you called out strength in footwear and outerwear. What -- maybe it wasn't working as well? And what levers do you have to pull a Journey (inaudible) pocket perform a little better?

然後你又強調了鞋類和外套的實力。什麼——也許效果不太好？您需要採取哪些措施才能讓 Journey（聽不清楚）口袋的表現變得更好一些？

Sure. So as I said, we are quite pleased with the assortment that we have in place. The assortment between back-to-school and holiday shift. There is more opportunity to be able to sell what's typically known as more cold weather product.

當然。正如我所說，我們對現有的產品種類非常滿意。返校和假期輪班之間的分類。有更多機會銷售通常被稱為更寒冷天氣的產品。

But having said that, we have observed that our team customer is pursuing just really seasonless fashion. They are wearing sandals and clogs. In the winter, we have a great assortment of clogs which is driving our business.

但話雖如此，我們觀察到我們的團隊客戶正在追求真正不分季節的時尚。他們穿著涼鞋和木底鞋。在冬天，我們有各種各樣的木鞋，這推動了我們的業務。

We expect during holiday, we brought in significantly more product aligned with the brands that we believe will drive our business at specific items. The footwear market right now is very focused on must-have product.

我們預計在假期期間，我們會帶來更多與我們相信將推動我們特定商品業務的品牌相關的產品。現在的鞋類市場非常注重必備產品。

We work on a model of scarce allocated product. And we create the demand in partnership with our brands to say that you need to buy it now because if you don't, it's going to be sold out and you can't find what we sell everywhere, and the allocation model means that there is going to be more demand than there is supply in the market.

我們研究稀缺分配產品模型。我們與我們的品牌合作創造了需求，說你現在需要購買它，因為如果你不買，它就會被賣光，你就找不到我們到處賣的東西，分配模型意味著有市場上的需求將超過供應。

And so we believe we're well assorted and what the consumer is looking for, thanks to the changes in our assortment and that we have those key items that will support the demand for the holiday. In terms of strength in footwear, I would say that we've talked a bit about boots.

因此，我們相信，由於我們品種的變化，我們的產品種類齊全，符合消費者的需求，我們擁有那些能夠支持節日需求的關鍵商品。就鞋類的強度而言，我想說我們已經討論了一些關於靴子的問題。

And boots are typically something that sell this time of year, the last at least couple of years. The demand on the part of the consumer for boots has not been as strong. So I'll talk about that for a minute and just say that we are not necessarily planning boots up.

靴子通常是每年這個時候（至少過去幾年）銷售的商品。消費者對靴子的需求就沒那麼強烈。所以我會討論這個問題，只是說我們不一定會計劃啟動。

But we have seen and we're leaning into the trend for shorter or mini boots, a lot of moccasins are out there. And as we go into the season this year, whether the category, it's going to be very focused on specific items and specific brands.

但我們已經看到，我們正在傾向於短靴或迷你靴的趨勢，有很多莫卡辛鞋可供選擇。當我們進入今年的季節時，無論是類別，都將非常關注特定的商品和特定的品牌。

And then on -- during the (inaudible) , you also mentioned there's a more promotional operating environment and then also product mix is just driving a lower gross margin. But just any early reason how we should think about margins for next year?

然後 - 在（聽不清楚）期間，您還提到有一個更具促銷性的營運環境，然後產品組合只會導致毛利率降低。但我們該如何考慮明年的利潤率，有什麼早期原因嗎？

Yes. So we have talked about the promotional environment, and then we've talked about product mix. So I'm going to take both of those separately. So we are not more promotional in Journeys. In fact, we are significantly less promotional.

是的。我們討論了促銷環境，然後討論了產品組合。所以我將分別考慮這兩個面向。所以我們在Journeys上沒有更多的促銷。事實上，我們的促銷活動明顯較少。

We were significantly less promotional in the third quarter than we were last year. And so it's not more markdowns or more promotional activity that is affecting our gross margin. It really is mix.

我們第三季的促銷活動比去年明顯減少。因此，影響我們毛利率的並不是更多的降價或更多的促銷活動。這確實是混合的。

And what we are -- what's affecting our mix is that we're moving from Canvas and Vulcanized product, which tends to be at a higher initial margin and selling a broader assortment of both casual and athletic brands that start with lower initial margins. But the good news and the positive news is that it's higher average selling prices. And so we're able to really make that formula work.

我們是什麼——影響我們組合的是，我們正在從帆布和硫化產品（這些產品往往具有較高的初始利潤）轉向銷售更廣泛的休閒和運動品牌，這些品牌的初始利潤較低。但好消息和正面消息是平均售價較高。所以我們能夠真正讓這個公式發揮作用。

And so in terms of gross margin for next year, we will anniversary some of that in the back part of the year but we may see some puts and takes on gross margin in the front part of the year as we shift our assortment. We have been anniversarying the Canvas sales and those margins for some point -- some period of time. And so that should normalize over time.

因此，就明年的毛利率而言，我們將在今年下半年紀念其中的一些，但隨著我們改變產品類別，我們可能會在今年上半年看到一些毛利率的看跌期權和承兌。我們一直在慶祝 Canvas 的銷售和利潤率，這已經有一段時間了。因此，隨著時間的推移，這種情況應該會正常化。

Okay. Perfect. And then just one more for me. We discussed how e-comm performed well across the board and then also performed a light journeys.

好的。完美的。然後再給我一個。我們討論了電子商務如何全面表現良好，然後也進行了一次輕鬆的旅程。

And I just wanted to ask, is there anything else to add about how the opportunity that exists for journeys at e-comm? And anything else you want to add to how you're thinking about your e-com going forward?

我只是想問，關於電子商務旅程中存在的機會，還有什麼要補充的嗎？對於您對電子商務未來發展的看法，您還有什麼想補充的嗎？

Sure. So our Journeys team drove really tremendous e-com performance over this last quarter. And Certainly, it was a good product, but it's also lots of the actions that they have been taking.

當然。因此，我們的 Journeys 團隊在上個季度推動了電子商務的巨大業績。當然，這是一個很好的產品，但也與他們一直在採取的許多行動有關。

And we have gone through an investment cycle in digital and in technology over the last several years with everything from improving our real-time inventory to new order management systems to new front-end upgrading as well.

在過去的幾年裡，我們經歷了數位和技術的投資週期，從改善我們的即時庫存到新的訂單管理系統，再到新的前端升級。

And so when we think about the opportunity for e-com for Journeys, Schuh is really very much the same business over in the UK PAUSE. And while the UK market is more advanced for digital, our shoe penetration is at 40%, we talk today about how Journeys is less than 20%.

因此，當我們考慮 Journeys 的電子商務機會時，Schuh 實際上與英國暫停的業務非常相似。雖然英國市場在數位化方面更為先進，但我們的鞋子滲透率為 40%，而我們今天討論的是 Journeys 的滲透率還不到 20%。

And so perhaps we don't get to 40% with journeys, but we still think that there is quite a lot more opportunity to be able to drive digital sales. And it is an important part of our plan going forward is really being able to elevate the consumer experience online to use our CRM and our data analytics capabilities that we have been working very hard to build. And we believe that's going to drive the next wave of growth for us in e-com.

因此，也許我們的旅程沒有達到 40%，但我們仍然認為還有很多機會可以推動數位銷售。我們未來計劃的一個重要部分是真正能夠透過使用我們一直在努力建立的 CRM 和數據分析功能來提升消費者的線上體驗。我們相信這將推動我們電子商務的下一波成長。

Mitch Kummetz, Seaport Research.

米奇·庫梅茨，海港研究中心。

Yes. I guess I've got a couple of follow-ups. One, maybe on Journeys. If I remember correctly, last year in the fourth quarter, you talked about how like you had -- it was very key item-driven, and you just didn't have enough of it. And historically, in Journeys, you were always able to do a good job, but you ran out of things to steer the consumer towards other things and that wasn't happening a year ago.

是的。我想我有幾個後續行動。一，也許是在《旅程》中。如果我沒記錯的話，去年第四季度，您談到了您的情況——這是非常關鍵的項目驅動的，而您只是沒有足夠的。從歷史上看，在《旅程》中，你總是能夠做得很好，但你沒有辦法引導消費者轉向其他事情，而這種情況在一年前是不可能發生的。

I'm curious, as you look at the business today and when you think about 4Q at Journeys, is it really that you just now have a lot more of these key items and you're not assuming that as you potentially run out that you're going to have a better ability to steer consumers to other things this year. Is that the right way to think about it?

我很好奇，當你審視今天的業務並考慮 Journeys 的 4Q 時，你是否真的現在擁有更多這些關鍵項目，並且你沒有假設你可能會用完這些關鍵項目今年將有更好的能力引導消費者去做其他事。這是正確的思考方式嗎？

So Mitch, you have a good memory. And I would say that's exactly right that last year, we talked a lot about how it was a key item-driven order. And in fact, it's remained a key item-driven business for the large part for this year, and we expect a quite key item-driven business for this fourth quarter. And the customer isn't steerable.

米奇，你的記憶力很好。我想說這是完全正確的，去年我們談論了很多關於它如何成為一個關鍵項目驅動的訂單。事實上，今年很大程度上它仍然是一個關鍵的專案驅動業務，我們預計第四季將出現相當關鍵的專案驅動業務。而且客戶是不可引導的。

We used to be that if you didn't have what they wanted, you could get them to buy something else. But in fact, the customer wants what they want. A really positive aspect of this for us is that they're stretching up to much higher average prices for us and that we are able to serve that customer.

我們過去認為，如果你沒有他們想要的東西，你可以讓他們買其他東西。但事實上，客戶想要他們想要的東西。對我們來說，一個真正積極的方面是，他們為我們提供了更高的平均價格，並且我們能夠為該客戶提供服務。

And so for this year, what's different is that -- what's same -- what's the same is that they'll continue to be key item focused. What's different is that we have greater depth in some of the key items that we are excited about. But there is also more breadth in key items across more brands.

因此，今年的不同之處在於，相同之處在於，他們將繼續專注於關鍵項目。不同的是，我們對一些令我們興奮的關鍵項目有更深入的了解。但更多品牌的關鍵產品也更加廣泛。

As I said, it wasn't one or two brands that drove our business, but it was seven or eight brands that drove our business. And so breadth and depth will, we anticipate be a better formula for this year.

正如我所說，推動我們業務發展的不是一兩個品牌，而是七、八個品牌。因此，我們預計今年的廣度和深度將是一個更好的公式。

And then, I guess, lastly, you mentioned in your prepared remarks on Schuh that going forward, you're hoping to have better access to key brands. I think you said getting better access for future seasons.

然後，我想，最後，您在準備好的關於 Schuh 的評論中提到，展望未來，您希望能夠更好地接觸關鍵品牌。我想你說的是在未來的賽季中獲得更好的機會。

Can you just, again, maybe walk us through that? Is that -- I mean, is -- are you going to be leaning on like the new Journeys team to help drive that? Or is this all just about the Schuh team leverage off of one another?

您能否再次引導我們完成這個過程？那是——我的意思是，是——你會像新的旅程團隊一樣依靠它來幫助推動這一目標嗎？或者這只是 Schuh 團隊相互影響的結果？

And when might this happen? Is this -- do you expect improvement as early as spring? Or is this going to be more in the back half of next year?

這什麼時候會發生？您預計最早在春天就會有改善嗎？或是明年下半年這種情況會更多嗎？

So Mitch, the journeys in the shoe business are very much the same business on both sides of the Atlantic. And the top brands -- 8 of the top 10 brands overlap with Journeys and with Schuh. And so there's really great synergy across our brand partnerships with these businesses.

因此，米奇，大西洋兩岸的製鞋業歷程幾乎都是一樣的。頂級品牌－前 10 個品牌中有 8 個與 Journeys 和 Schuh 重疊。因此，我們與這些企業的品牌合作關係確實具有巨大的協同作用。

And so there's a lot of good back and forth of sharing knowledge and sharing trends and sharing experiences across the teams. And so we certainly lean on each other for exclusives. We carry some of the same exclusives and journeys that we carry in the and vice versa. In terms of the shoe business, that business has performed remarkably well post pandemic in the face of some pretty big headwinds.

因此，團隊之間有許多良好的知識交流、趨勢交流和經驗交流。因此，我們當然會相互依賴以獲得獨家產品。我們提供一些與我們所提供的相同的獨家優惠和旅程，反之亦然。就製鞋業務而言，儘管面臨一些相當大的阻力，但該業務在大流行後表現非常出色。

The consumer environment has been worse than the US and inflation was worse. And there is a lot of -- the consumer confidence hasn't been good. And Schuh's been able to drive and build market share.

消費環境比美國更糟糕，通貨膨脹也更糟。還有很多——消費者信心一直不好。 Schuh 能夠推動並建立市場份額。

We've moved up three places in market share with some of the same aspects of the playbook that we have rolled out for Journeys and Schuh has benefited from better access and has benefited from the positioning and the marketing and the brand purpose pillars that we have rolled out.

我們的市佔率上升了三位，與我們為《Journeys》推出的策略有一些相同的方面，Schuh 受益於更好的訪問，並受益於我們擁有的定位、行銷和品牌宗旨支柱推出。

It is a never-ending quest for access to brands, what brands really like is their ability to showcase their brands in a physical format, Journeys and Schuh allow that to happen. They like sitting and testing the reaction of the consumer when they're sitting on our shelves up against other brands.

對品牌的接觸是永無止境的追求，品牌真正喜歡的是他們能夠以實體形式展示自己的品牌，Journeys 和 Schuh 允許這種情況發生。他們喜歡坐下來測試消費者在我們的貨架上與其他品牌進行比較時的反應。

And we talk over the longer term about sharing customer information we have and about how we are going to increase the business that we're doing with customers that our brands are very interested in, particularly that Team Girl. And so we've got line of sight into access to some better product for sure.

從長遠來看，我們將討論分享我們擁有的客戶訊息，以及我們將如何增加與我們品牌非常感興趣的客戶（尤其是 Team Girl）開展的業務。因此，我們肯定能夠獲得一些更好的產品。

We have access to some brands that are coming in spring. We will keep working at it. And we do expect to see some improvement in this business because of the access, but the consumer headwinds will continue to be a challenge.

我們可以接觸到一些將於春季推出的品牌。我們將繼續努力。我們確實希望看到這項業務因訪問而有所改善，但消費者的逆風將繼續成為一個挑戰。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Ms. Vaughn for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把最後的意見轉回給沃恩女士。

Thank you for joining us today. We look forward to speaking with you all when we report our year-end results and holiday performance. Have a great holiday.

感謝您今天加入我們。我們期待在報告年終業績和假期表現時與大家交談。祝你假期愉快。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。