Genesco Inc (GCO) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Genesco first quarter fiscal 2026 conference call. Just a reminder, today's call is being recorded.

大家好，歡迎參加 Genesco 2026 財年第一季電話會議。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 and IR. Please go ahead, sir.

現在我將電話轉給 FP&A 和 IR 高級總監 Darryl MacQuarrie。先生，請繼續。

Good morning, everyone, and thank you for joining us to discuss our first quarter fiscal 2026 results.

大家早安，感謝您加入我們討論 2026 財年第一季的業績。

Participants on the call expect to make forward-looking statements reflecting our expectations as of today, but actual results could be different. Genesco refers you to this morning's earnings release and the company's SEC filings, including its most recent 10-K and 10-Q filings for some of the factors that could cause differences from the expectations reflected in the forward-looking statements made today.

電話會議的參與者希望做出反映我們今天的預期的前瞻性陳述，但實際結果可能會有所不同。Genesco 請您參閱今天早上發布的收益報告和公司向美國證券交易委員會 (SEC) 提交的文件，包括最新的 10-K 和 10-Q 文件，其中列出了可能導致與今天前瞻性聲明中反映的預期產生差異的一些因素。

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

與會者也希望在電話會議中參考某些調整後的財務指標。所有非 GAAP 財務指標均與今天早上新聞稿附件中的 GAAP 指標以及公司網站季度業績部分提供的時間表中的指標相一致。我們也在這裡發布了總結我們研究結果的簡報。

With me on the call today is Mimi Vaughn, Board Chair, President and Chief Executive 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還有董事會主席、總裁兼執行長 Mimi Vaughn 和財務高級副總裁兼財務長 Sandra Harris。

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

現在，我想把電話轉給 Mimi。

Thanks, Darryl. Good morning, everyone, and thank you for joining us. Following the significant momentum in last year's back half, we are pleased with our start to fiscal '26 with both sales and operating income coming in nicely above our expectations and last year. First quarter sales growth once again outpaced the industry, highlighted by an overall 5% comparable sales increase above the high end of our full year guidance range, led again by strong Journeys results.

謝謝，達裡爾。大家早安，感謝大家的收看。繼去年下半年強勁成長動能之後，我們對 26 財年的開局感到滿意，銷售額和營業收入都遠高於我們的預期和去年的水平。第一季的銷售額成長再次超過行業水平，其中整體可比銷售額增長 5%，高於我們全年指導範圍的高端，而 Journeys 的強勁業績再次引領了這一增長。

Our overall comps were relatively consistent for February and March, April combined, highlighting the strength of our assortments as we transitioned out of winter and into spring. Journeys comps increased high-single digits as the initial phase of our strategic plan to accelerate growth extended its momentum and Journeys continued to gain market share.

我們 2 月、3 月和 4 月的整體表現相對一致，凸顯了我們在從冬季過渡到春季時產品組合的強勁表現。隨著我們加速成長的策略計畫的初始階段延續了其勢頭，並且 Journeys 的市場份額不斷增加，Journeys 的同店銷售額實現了高個位數成長。

The consumer environment remains choppy and with recent first quarter events, this choppiness has become more pronounced. Consumers show a willingness to shop when there's a reason like we saw over Valentine's Day and Easter and retreat when there's not. And they remain quite selective. Our merchant and product teams continue to innovate and add freshness to our assortments to satisfy shoppers who are looking for must-have product and a reason to buy something new and who are passing on everything else. We know that in this environment, it is compelling footwear and freshness that motivate the consumer to purchase, and we've taken major actions to respond to these consumer needs.

消費環境依然不穩定，隨著最近第一季事件的發生，這種不穩定性變得更加明顯。當有理由時，消費者會表現出購物的意願，就像我們在情人節和復活節看到的那樣，而當沒有理由時，消費者就會放棄購物。而且他們仍然非常挑剔。我們的商家和產品團隊不斷創新，為我們的商品增添新鮮感，以滿足那些尋找必備產品、購買新產品的理由以及放棄其他產品的購物者的需求。我們知道，在這種環境下，引人注目的鞋類和新鮮感才是促使消費者購買的動力，我們已經採取了重大行動來滿足這些消費者需求。

First quarter results are evidence of this outstanding work with all channels posting positive growth. Comparable sales increased 5%, our third consecutive positive increase with both stores up mid-single digits and online up high-single digits and wholesale channel growth of 5%. Journeys comps were strongly positive for the third consecutive quarter as well, up 8% and Schuh continued its positive comp run from Q4.

第一季的業績證明了這項出色的工作，所有通路都實現了正成長。可比銷售額增長了 5%，這是我們連續第三次實現正增長，其中實體店銷售額增長了中等個位數，在線銷售額增長了高個位數，批發渠道增長了 5%。Journeys 的同店銷售額連續第三個季度保持強勁增長，上漲 8%，而 Schuh 的同店銷售額則延續了第四季度的正增長勢頭。

Operating expense leveraged 170 basis points, benefiting from our ongoing cost reduction efforts and operating income and EPS improved year-over-year, thanks to the higher sales and better expenses. EPS would have been $0.05 better in Q1 had we not opportunistically bought back shares, which will ultimately benefit the full year.

營業費用槓桿率提高 170 個基點，受益於我們持續的成本削減努力，並且由於銷售額增加和費用減少，營業收入和每股收益同比有所提高。如果我們沒有趁機回購股票，第一季的每股盈餘將會提高 0.05 美元，這最終將使全年受益。

Before I give more color on the quarter and our strategic growth initiatives, I'd like to address the uncertainty with respect to tariffs, which I know is on everyone's minds and our active mitigation efforts. We've built a solid track record of successfully evolving our businesses and shown our resilience when confronted with economic, consumer and fashion disruption, which we demonstrated most recently coming out of the pandemic, and we are demonstrating once again with Journeys right now. The traction we're achieving and the continued strength of our footwear-focused strategy and initiatives give me confidence in our ability to navigate the current trade environment while building on our recent success.

在我對本季和我們的策略成長計畫進行更多闡述之前，我想先談談關稅方面的不確定性，我知道這是每個人都關心的問題，我們也在積極努力緩解這個問題。我們在成功發展業務方面有著良好的記錄，並在面臨經濟、消費者和時尚衝擊時展現了我們的韌性，最近疫情爆發後我們就證明了這一點，現在我們透過 Journeys 再次證明了這一點。我們所取得的進展以及我們以鞋類為重點的策略和舉措的持續強勁，使我相信我們有能力在鞏固近期成功的同時，應對當前的貿易環境。

In summary, we are well diversified across a number of brands we sell. We have limited and reducing exposure to China sourcing, and we are implementing many actions to mitigate the impact of reciprocal tariffs. Thus, we are well positioned to navigate this. While there is some immediate impact and assuming tariffs remain close to levels where they are today, our teams are working hard to offset much of the impact this year.

總而言之，我們銷售的品牌種類繁多，十分多元化。我們已經限制並減少了對中國採購的接觸，並且我們正在採取多項措施來減輕互惠關稅的影響。因此，我們已做好充分準備來應對這項挑戰。雖然有一些直接影響，並且假設關稅仍保持在接近目前的水平，但我們的團隊正在努力抵消今年的大部分影響。

To dimension this, we need to talk about our retail business where we buy and sell a mix of in-demand brands and our branded business where we source our own product. Retail is the largest portion at more than 80% of sales, namely Journeys and Schuh. Schuh is a quarter of this 80% and since it is UK-based, is largely unaffected directly by reciprocal tariffs. For Journeys, our top vendors are a mix of mostly larger premium global brands with diversified sourcing.

為了實現這一點，我們需要談談我們的零售業務（我們買賣各種熱門品牌）和我們的品牌業務（我們購買自己的產品）。零售佔比最大，佔銷售額的 80% 以上，即 Journeys 和 Schuh。Schuh 佔這 80% 的四分之一，而且由於總部位於英國，因此基本上不受互惠關稅的直接影響。對 Journeys 而言，我們的頂級供應商大多是具有多元化採購管道的大型高端全球品牌。

While this situation is quite dynamic and evolving, to date, a limited number of our vendor partners have notified us of immediate price increases in response to reciprocal tariffs. We do expect price increases over time, but know our brands are working to mitigate tariff cost pressure and ensure key franchises remain stable. Brands with momentum as usual have more ability to take price, and we anticipate that our partners like us will remain flexible and respond accordingly to any changes in tariff rates versus current levels.

雖然這種情況相當動態且不斷發展，但到目前為止，只有有限數量的供應商合作夥伴通知我們，由於互惠關稅，價格將立即上漲。我們確實預計價格會隨著時間的推移而上漲，但我們知道我們的品牌正在努力減輕關稅成本壓力並確保主要特許經營權保持穩定。像往常一樣具有發展勢頭的品牌具有更強的定價能力，我們預計，像我們這樣的合作夥伴將保持靈活性，並對關稅稅率相對於當前水平的任何變化做出相應反應。

We do not expect to absorb gross margin reductions. The biggest unknown will be the consumer response to price increases and inflationary pressure in general. We will be in constant communication with our brand partners to relay and react to this dynamic. Our experience shows that customers continue to engage and shop with us when we offer the best brands and the highly coveted footwear they desire, positioning us well to manage through this impact.

我們預計不會吸收毛利率的下降。最大的未知數將是消費者對物價上漲和整體通膨壓力的反應。我們將與我們的品牌合作夥伴保持持續溝通，以傳達和應對這一動態。我們的經驗表明，當我們提供客戶最想要的最好的品牌和最令人垂涎​​的鞋類時，客戶會繼續與我們互動併購買我們的產品，這使我們能夠很好地應對這種影響。

Now, to our branded side, Johnston & Murphy and Genesco Brands Group, where we source product directly. Overall, for Genesco and including our retail business, we estimated at the start of the year that a little over 10% of our products are subject to China tariffs with branded representing about half of this at 5% weighted toward Genesco Brands. Over the last several years, we've been working diligently to reduce risk across our supply chain with a concerted effort to diversify our countries of production. These efforts have meaningfully paid off with dramatically lower dependence on and a path to be almost completely out of China in short order as needed.

現在，說到我們的品牌方面，Johnston & Murphy 和 Genesco Brands Group，我們直接採購產品。總體而言，對於 Genesco 及其零售業務而言，我們在年初估計，略高於 10% 的產品受中國關稅影響，其中品牌產品約佔一半，Genesco 品牌佔 5%。過去幾年來，我們一直努力降低整個供應鏈的風險，並齊心協力實現生產國家多元化。這些努力已獲得顯著成效，對中國的依賴顯著降低，並可在必要時在短時間內幾乎完全脫離中國。

Over the last two months, our teams have swiftly and continuously evaluated our product lines and sourcing plans and taken aggressive action to minimize the reciprocal tariff impact. At the current rates, we estimate the reciprocal tariffs in our branded business would result in unmitigated cost increases of roughly $15 million this fiscal year. We are taking the following actions, among others, to mitigate this cost pressure, accelerating, increasing or canceling inventory to take advantage of tariff windows, further diversifying suppliers and resourcing to countries with lower tariffs, working with long-standing factory partners to reduce costs and planning for strategic price increases targeted more toward the back half of the year, coupled with demand generation investments.

在過去的兩個月裡，我們的團隊迅速且持續地評估了我們的產品線和採購計劃，並採取了積極的行動，以盡量減少互惠關稅的影響。按照目前的稅率，我們估計我們品牌業務的互惠關稅將導致本財年成本增加約 1500 萬美元。我們正在採取以下措施來緩解成本壓力，包括加速、增加或取消庫存以利用關稅窗口，進一步實現供應商多元化並向關稅較低的國家提供資源，與長期工廠合作夥伴合作降低成本，併計劃在下半年進行戰略性提價，同時進行需求生成投資。

While reciprocal tariffs have delivered considerable new challenges, as I said, we see a path to offset much of the impact this year. We are playing offense and we will capitalize on opportunities we see emerging. I want to sincerely thank our people across our company, especially in our product and supply chain areas for working around the clock and for the tremendous efforts you have put forth. I've seen you take some remarkable actions to put the company in a much better place. It's the ingenuity and determination of our highly experienced teams, working with our valued brand and factory partners and the high level of execution that allowed us to be -- to succeed in times like this before, and I am confident will again.

正如我所說，雖然互惠關稅帶來了相當大的新挑戰，但我們看到了今年抵消大部分影響的途徑。我們正在採取進攻措施，並將抓住我們看到的新興機會。我要真誠地感謝我們全公司的員工，特別是產品和供應鏈領域的員工，感謝你們夜以繼日地工作並付出的巨大努力。我看到您採取了一些了不起的行動，使公司狀況變得更好。正是我們經驗豐富的團隊的聰明才智和決心，與我們尊貴的品牌和工廠合作夥伴的合作以及高水平的執行力，才使我們以前在這樣的時期取得了成功，我相信我們一定會再次取得成功。

Now, for Q1 color and growth initiatives for each business, starting with Journeys. Our number one priority this past year has been to improve performance of the Journeys business. After bringing in a new President, Chief Merchant and Chief Marketing Officer, the first phase of our strategic growth plan focused on injecting the product assortment with more newness excitement and storytelling and drove a noteworthy double-digit comp increase in the back half. Excited about these results, along with Journeys' distinctive team proposition and enhanced focus on the teen girl, our key brand partners are further stepping up in support of our strategic direction to better serve this customer through elevated product and depth.

現在，針對每個業務的第一季色彩和成長計劃，從旅程開始。過去一年我們的首要任務是提高旅程業務的績效。在引進新的總裁、首席商務官和首席行銷長後，我們策略成長計畫的第一階段重點是為產品組合注入更多新鮮感和故事性，並在下半年實現了值得注意的兩位數成長。對這些結果感到興奮，加上 Journeys 獨特的團隊主張和對少女的加強關注，我們的主要品牌合作夥伴正在進一步加強支持我們的策略方向，透過提升產品和深度來更好地服務於該客戶。

The growing strength of our assortment drove robust comps again in Q1. This comp strength was broad-based with seven brands across both athletic and casual posting double-digit gains. The strongest gains were with athletic brands, although athletic and casual are well balanced in Journeys assortment. Vulcanized or canvas footwear is still pressured, but with diversification and growth of these other brands and positive consumer reaction to trends like low profile and 2000s running inspired styles, these increases are driving healthy growth overall.

我們的產品系列不斷增強，帶動第一季業績再次強勁成長。這一競爭優勢基礎廣泛，運動和休閒領域的七個品牌均實現了兩位數的成長。儘管 Journeys 的產品系列中運動品牌和休閒品牌的銷量均衡，但增幅最大的仍然是運動品牌。硫化鞋或帆布鞋仍然面臨壓力，但隨著其他品牌的多樣化和增長，以及消費者對低調和 21 世紀跑步風格等趨勢的積極反應，這些增長正在推動整體健康成長。

Journeys drove strong gains in Q1 store conversion and transaction size more than offsetting softer traffic when consumers pulled back from shopping outside of peak periods. We were pleased to see Journeys comp strengthen through the months of the quarter. We expect the same brands and trends to drive Q2 growth. And while not dependent on this to drive results, we are also excited about some new brands we have been introducing or reintroducing at Journeys as well. We have built inventory as planned in support of this growth. This inventory is high quality, and we have a strong track record of working with our brand partners to manage inventory to protect margin in times of volatility. After reviewing our other businesses, I'll briefly highlight the exciting initiatives that drive Journeys' strategic growth and transformation.

旅程推動了第一季商店轉換率和交易規模的強勁成長，足以抵消消費者在非高峰時段購物時減少的客流量。我們很高興看到 Journeys 的業績在本季持續增強。我們預計相同的品牌和趨勢將推動第二季的成長。雖然我們不依賴此來推動業績，但我們也對在 Journeys 推出或重新推出的一些新品牌感到興奮。我們已按計劃建立庫存以支持這一增長。這些庫存品質很高，而且我們在與品牌合作夥伴合作管理庫存以在波動時期保護利潤方面有著良好的記錄。在回顧了我們的其他業務之後，我將簡要介紹推動 Journeys 策略成長和轉型的令人興奮的舉措。

Staying with retail and moving to Schuh. Comps increased low-single digits for the second consecutive quarter, benefiting from Schuh's work on brand and product elevation and improved access to top brands and styles. In a very challenging retail environment, by sharpening its customer focus and intensifying the messaging around the brand, Schuh is becoming more important as a key destination for its youth shopper for casual and athletic footwear. Like the US, the UK consumer remains very selective, putting pressure on the footwear category and purchases in the quarter overall. Key brands and must-have styles drove conversion with the same brands as Journeys driving the business.

繼續從事零售業並轉向 Schuh。由於 Schuh 在品牌和產品提升方面的工作以及對頂級品牌和款式的獲取管道的改善，同店銷售額連續第二個季度實現了低個位數增長。在極具挑戰性的零售環境中，透過強化顧客關注度和加強品牌訊息傳遞，Schuh 已成為年輕購物者購買休閒鞋和運動鞋的主要目的地。與美國一樣，英國消費者仍然非常挑剔，這給鞋類產品和整個季度的購買帶來了壓力。關鍵品牌和必備風格推動了轉化，而旅程則推動了業務的發展。

At over 40% of sales, Schuh's advanced digital capabilities and highly penetrated e-commerce business remains a key channel for consumer engagement with digital sales growth outpacing stores in Q1. Additionally, the kids business continued to perform well. We are excited to build on the enhanced brand partnerships and improved product access Schuh has gained so far. Through our partnership strength, we have already secured significant further improved product access with Nike and New Balance with exciting new styles and iconic franchises arriving this quarter.

Schuh 先進的數位能力和高度滲透的電子商務業務佔銷售額的 40% 以上，仍然是消費者參與的關鍵管道，第一季數位銷售成長超過了商店。此外，兒童業務持續表現良好。我們很高興能夠進一步加強 Schuh 迄今為止獲得的品牌合作夥伴關係並改善其產品存取權。透過我們的合作實力，我們已經與 Nike 和 New Balance 建立了更緊密的合作關係，並將於本季度推出令人興奮的新款式和標誌性系列產品。

Turning now to Johnston & Murphy. After two consecutive years of record sales resulting from J&M's strategic repositioning to a more casual, more comfortable lifestyle brand, we've been working on delivering fresh and distinctive product in response to headwinds J&M experienced last year. While comps were down 2% in Q1, we were encouraged to see growth in store conversion and transaction size, demonstrating positive consumer response to the assortment and purchase intent, especially for new product. Both full-line retail stores and online comps were slightly positive, offset by factory stores where a more price-sensitive customer retreated and caused larger store traffic declines.

現在轉向 Johnston & Murphy。J&M 策略性地重新定位為更休閒、更舒適的生活風格品牌，連續兩年創下銷售記錄。為了應對 J&M 去年遇到的不利因素，我們一直致力於推出新鮮獨特的產品。雖然第一季同店銷售額下降了 2%，但我們很高興看到門市轉換率和交易規模的成長，顯示消費者對商品種類和購買意願（尤其是新產品）的反應積極。全線零售店和線上商店的業績均略有增長，但工廠店的業績有所抵消，因為工廠店對價格更為敏感的顧客有所減少，導致商店客流量大幅下降。

One exciting product call out that speaks to the ongoing repositioning is the success of the Anders sneaker, which is the spring season's best-selling style. This updated and refined approach to a classic sneaker highlights J&M's ability to deliver casual lifestyle products while staying true to its DNA. We've also enjoyed a resurgence in dress shoes with our reimagined Upton Dress program. Blazers and outerwear were standouts as well. The brand continues to ramp up innovation efforts, delivering a 15% increase in new footwear constructions in the first half this year and even more freshness with a 60% increase in the back half in addition to new fabrics and design details in its apparel program.

一個令人興奮的產品號召表明正在進行的重新定位，那就是安德斯運動鞋的成功，這是春季最暢銷的款式。這種對經典運動鞋的更新和改進凸顯了 J&M 在提供休閒生活方式產品的同時忠於其 DNA 的能力。隨著我們重新設計的 Upton Dress 計劃，正裝鞋也迎來了復興。運動夾克和外套也很引人注目。該品牌繼續加強創新力度，今年上半年新款鞋類結構增加了 15%，下半年更是增加了 60%，此外服裝項目還採用了新面料和設計細節。

Accelerating its brand repositioning to build awareness and acquire new customers is J&M's other area of focus. This includes introducing an updated brand book this year, launching a limited edition collection of shoes and apparel in celebration of its 175th anniversary, rolling out its 175 years young media campaign and shifting marketing spend to further support brand building. New stores planned for the back half will also build brand awareness and counteract the deleverage the brand experienced from closed stores in Q1.

加速品牌重塑以提升知名度並吸引新客戶是 J&M 的另一個重點領域。其中包括今年推出更新的品牌手冊、推出慶祝 175 週年的限量版鞋服系列、開展其 175 週年媒體活動以及轉移行銷支出以進一步支持品牌建設。計劃在下半年開設的新店也將提高品牌知名度，並抵消品牌在第一季關閉門市時所經歷的去槓桿效應。

Rounding out the branded discussion, our strategy to simplify our license portfolio to emphasize key brands and channels continues to benefit Genesco Brands Group. Our efforts to improve the portfolio will be ongoing. New product is resonating with our retail partners and consumers and pull forward sales from sunsetting licenses helped Q1 sales growth as well.

總結品牌討論，我們簡化授權組合以強調關鍵品牌和管道的策略繼續使 Genesco Brands Group 受益。我們將持續努力改善投資組合。新產品引起了我們零售合作夥伴和消費者的共鳴，而許可證到期帶來的銷售提前也促進了第一季的銷售成長。

It's worthwhile to now take the time to briefly highlight some of the progress we're making in our exciting Journeys transformation plan. While the teen, especially the teen girl, is well served with fashion apparel in the mall, no concept other than Journeys goes across athletic, casual and fashion footwear for the style-led teen. This is the opportunity and white space we identified to build on the traditional strength of Journeys to serve a wider teen audience interested in style and trend that is 6 times to 7 times larger than the market we've historically served. We're focused on four key areas to achieve this and to be the destination for where this customer shops for the latest fashion footwear.

現在值得花點時間簡要介紹一下我們在令人興奮的旅程轉型計劃中取得的一些進展。雖然青少年，特別是少女，可以在商場中買到各種時尚服飾，但除了 Journeys 之外，沒有其他品牌能為追求時尚的青少年提供運動鞋、休閒鞋和時尚鞋。我們發現這是一個機會和空白，可以利用 Journeys 的傳統優勢，為更廣泛的對風格和潮流感興趣的青少年受眾提供服務，這個群體的規模是我們過去服務的市場的 6 到 7 倍。為實現這一目標，我們專注於四個關鍵領域，並成為顧客購買最新時尚鞋類的目的地。

First, we're focused on diversification and strengthening our product leadership with best-in-class premium footwear brands. We've traditionally been stronger in the casual and canvas categories. A major growth driver is expansion of our premium athletic assortment. In Q1, athletic grew well into the double digits over last year and now represents more than a third of Journeys footwear sales. At the same time, we continue to strengthen and expect growth from casual. It's the powerful combination of all three that defines our footwear leadership. I've said premium a number of times. This strategy is about more customers and more choice product. Product elevation is generating stronger average selling prices, highlighted by an increase of 12% in Journeys Q1 average footwear selling prices.

首先，我們專注於多元化，並透過一流的高端鞋類品牌加強我們的產品領導地位。傳統上，我們在休閒和帆布類別方面實力更強。一個主要的成長動力是擴大我們的優質運動產品種類。在第一季度，運動休閒鞋類銷售額較去年同期成長了兩位數，目前佔 Journeys 鞋類銷售額的三分之一以上。同時，我們將繼續加強休閒業務並期待其成長。正是這三者的強大結合決定了我們在鞋類領域的領導地位。我已經多次提到優質。這項策略是為了更多的客戶和更多的選擇產品。產品提升帶來了更強勁的平均售價，其中 Journeys Q1 鞋類平均售價上漲了 12%。

Second, we're investing in our Journeys brand, bringing our updated brand positioning to build awareness with this expanded group of teen customers. You've already seen a change in our brand platform and imagery with continuity across online and stores and style vignettes online in the Journeys blog, showcasing our fashion authority. We're investing further in influencers, content and social, including TikTok and long-form content. One callout resonating with our core youth audience, our Jasmine Big Foot series has racked up 44 million views so far. We'll be launching a fun new brand platform and campaign at back-to-school and investing more dollars behind it, and we're thrilled with the almost 7 million loyalty members we've added in about two years.

其次，我們正在投資我們的 Journeys 品牌，帶來更新的品牌定位，以提升這個擴大的青少年客戶群的知名度。您已經看到了我們的品牌平台和形象的變化，在線上和商店中保持了連續性，並在 Journeys 部落格中展示了線上風格小插圖，展示了我們的時尚權威。我們正在進一步投資影響者、內容和社交，包括 TikTok 和長篇內容。我們的「茉莉大腳」系列引起了我們核心年輕觀眾的共鳴，迄今已獲得 4400 萬次觀看。我們將在開學季推出一個有趣的新品牌平台和活動，並投入更多資金，我們很高興在大約兩年內增加了近 700 萬忠誠會員。

In our third area, elevating our customer experience, there's one outstanding initiative I'd like to spotlight our new 4.0 store design success. We needed an elevated setting to attract new customers and call attention to our more premium product, while at the same time retaining Journeys' energy and brand DNA. Our new store concept has delivered strong results and a sales lift of more than 25%. Our focus is on making the most productive stores even more productive. These stores have meaningfully better traffic, higher conversion and higher average selling prices and have been attracting a larger share of new customers. We now have 39 stores in the 4.0 format. The results have been so compelling, we've pulled forward more stores to remodel this year. By year-end, we expect to have 75-plus stores in this new format, underscoring our belief in this initiative as a cornerstone of Journeys transformation.

在我們的第三個領域，即提升客戶體驗，有一項傑出的舉措我想重點介紹一下我們新的 4.0 商店設計的成功。我們需要一個高檔的環境來吸引新客戶並引起人們對我們更優質產品的關注，同時保留 Journeys 的活力和品牌 DNA。我們的新店家理念取得了顯著成效，銷售額成長了 25% 以上。我們的重點是讓最高效的商店更有效率。這些商店的客流量明顯更好，轉換率更高，平均售價更高，並吸引了更多的新客戶。我們現在有 39 家 4.0 格式的商店。由於效果十分顯著，我們今年已提前對更多商店進行改造。到年底，我們預計將有 75 多家門市採用這種新模式，這凸顯了我們對這項舉措作為 Journeys 轉型基石的信念。

Fourth, we're unlocking the power of our people. Our store teams are a key differentiator, delivering exceptional service and representing the heart of the brand. Our efforts to double down on selecting and training our people have contributed to improved store conversion we've been achieving. You can see why we're so delighted with Journeys evolution and the tremendous opportunity that lies ahead. We're in early innings in this strategic transformation with several waves of planned growth to broaden and deepen Journeys consumer appeal.

第四，我們正在釋放人民的力量。我們的店鋪團隊是關鍵的差異化因素，提供卓越的服務並代表品牌的核心。我們加倍努力地選擇和培訓我們的員工，這有助於提高我們的商店轉換率。您可以看到我們為何對 Journeys 的發展以及未來的巨大機會感到如此高興。我們正處於這項策略轉型的早期階段，計劃進行幾波成長，以拓寬和深化 Journeys 的消費者吸引力。

All that said, turning now to guidance. We remain confident in our plan for Journeys and our other businesses but recognize there's now more uncertainty in the external consumer environment. In Q2 so far, Journeys and J&M comps have been tracking at a similar pace to Q1, while Schuh has had an offset in timing of a sale period versus last year. While we faced some disruption in the second quarter, in particular, because of the shorter time frames to react to tariffs, given our limited China exposure and tariff mitigation efforts, we are reiterating our full year EPS guidance range of $1.30 to $1.70.

說了這麼多，現在來談談指導。我們對我們的旅程計劃和其他業務仍然充滿信心，但認識到現在外部消費者環境存在更多不確定性。截至目前，第二季 Journeys 和 J&M 同店銷售額的成長速度與第一季相似，而 Schuh 的銷售時間與去年同期相比有所偏移。儘管我們在第二季度面臨一些幹擾，特別是由於對關稅作出反應的時間較短，但考慮到我們在中國的業務有限和關稅減免力度，我們重申全年每股收益預期範圍為 1.30 美元至 1.70 美元。

Sandra will take you through the details, but we're optimistic about our ability to drive our business forward, especially in the second half during back-to-school and holiday when there are more reasons to shop. We have consistently capitalized on key periods, driving outsized volumes during these times and plan to do so again. As the results pay off, we also plan to continue the cycle of store improvement and investment for higher growth. We still have a lot of work to recapture our peak operating profit levels, but we expect fiscal '26 to be another step in the right direction.

桑德拉將向您介紹詳細信息，但我們對推動業務發展的能力充滿信心，特別是在下半年返校和假期期間，那時人們有更多的購物理由。我們始終如一地利用關鍵時期，在這些時期推動超額銷量，並計劃再次這樣做。隨著業績的顯現，我們也計劃繼續進行店鋪改善和投資，以實現更高的成長。我們仍需做大量工作才能重回巔峰營業利潤水平，但我們預計 26 財年將朝著正確的方向邁出又一步。

And now Sandra will take you through the specifics of our financial results and outlook.

現在桑德拉將向您介紹我們的財務表現和前景的具體情況。

Thanks, Mimi. Overall, we were pleased with our first quarter performance, delivering improved results compared to last year, even though the consumer environment became increasingly uncertain in April. Total revenue and comps increased in the mid-single digits. We effectively leveraged SG&A and our adjusted earnings per share loss improved by $0.05 year-over-year. Excluding the impact of opportunistic share repurchases, which were dilutive to EPS for the quarter, but are expected to be accretive over the full year, adjusted earnings per share would have been $0.05 better.

謝謝，咪咪。總體而言，我們對第一季的業績感到滿意，儘管四月份消費環境變得越來越不確定，但我們的業績與去年相比有所改善。總收入和可比銷售額均實現了中等個位數的成長。我們有效地利用了銷售、一般和行政費用，調整後的每股收益損失同比改善了 0.05 美元。排除機會性股票回購的影響（該影響稀釋了本季的每股收益，但預計全年將有所增加），調整後的每股收益將增加 0.05 美元。

Revenue for the quarter of $474 million increased approximately 4%, driven by overall comp growth up 5%, our third consecutive quarter of positive comps, with store comps improving 5% and direct comps increasing 7%. Journeys led the businesses with comps up 8%, followed by Schuh up 1%, while Johnston & Murphy comps declined 2%. Traffic continues to be challenging, but we are seeing improvements in conversion and average transaction size to help offset the traffic declines.

本季營收為 4.74 億美元，成長約 4%，這得益於整體同店銷售額成長 5%，這是我們連續第三季實現正成長，其中門市同店銷售額成長 5%，直接同店銷售額成長 7%。Journeys 的同店銷售額上漲 8%，領先所有企業；其次是 Schuh 的同店銷售額上漲 1%，而 Johnston & Murphy 的同店銷售額則下跌 2%。流量仍然充滿挑戰，但我們看到轉換率和平均交易規模的改善有助於抵消流量下降的影響。

The positive contribution from comps were partially offset by lower revenue due to closed stores. Adjusted gross margin for the quarter of 46.7% declined 90 basis points compared to last year. The change in rate was primarily related to an anticipated shift to higher price point, but lower-margin product in both Journeys and Schuh due to the increased penetration of athletic styles, combined with higher promotional activity at Schuh and the pull forward of liquidation product in Genesco Brands Group.

由於關閉門市導致收入下降，部分抵消了同店銷售額的正面貢獻。本季調整後的毛利率為 46.7%，較去年同期下降 90 個基點。費率變化主要與以下因素有關：由於運動風格的滲透率提高，Journeys 和 Schuh 的產品預期將轉向更高價格點，但利潤率更低；加之 Schuh 的促銷活動增多，以及 Genesco Brands Group 的清算產品提前推出。

Moving down the P&L. SG&A expense was 52.5% of sales, 170 basis points better than the prior year and with the higher sales better than we expected. The improvement was driven by reduced occupancy and bonus expense, along with cost savings initiatives across multiple areas, reflective of the continued benefits from our prior year cost savings program and new reduction initiatives to continue to improve costs across our business. This favorability was partially offset by sales and marketing investments to drive growth.

降低損益。銷售、一般及行政費用佔銷售額的 52.5%，比前一年高出 170 個基點，銷售額的成長也比我們的預期好。這項改善是由於入住率和獎金費用的減少，以及多個領域的成本節約舉措所致，這反映了我們上一年成本節約計劃和新的削減舉措帶來的持續效益，從而繼續改善我們整個業務的成本。但推動成長的銷售和行銷投資卻部分抵銷了這種有利因素。

We continued our store optimization efforts, ending the quarter with 65 net fewer stores versus a year ago. The net closures represented 5% of the fleet and 3% of total square footage but only 1% of total revenue. In general, closing these stores were accretive to operating income. For many of these stores, we have also seen positive sales transfer rates that have helped offset any operating loss impact. At Journeys, we remodeled 29 stores into the new 4.0 format in the quarter, bringing the total remodels to 39 since we started the program in October.

我們繼續進行門市優化工作，本季末門市數量與去年同期相比淨減少了 65 家。淨關閉的門市佔門市總數的 5% 和總面積的 3%，但僅佔總收入的 1%。整體而言，關閉這些商店會增加營業收入。對於許多這樣的商店，我們也看到了正的銷售轉移率，這有助於抵消任何經營虧損的影響。在 Journeys，我們在本季將 29 家門市改造成新的 4.0 模式，自 10 月啟動該計劃以來，改造總數已達到 39 家。

As Mimi discussed, in these remodels, we've seen well above-average performance in comp with gains in traffic, conversion and transaction size. We will continue to optimize the fleet to better support the consumers' preference to shop both in-store and online and to enhance and improve the in-store experience across our fleet.

正如 Mimi 所討論的，在這些改造中，我們看到了遠高於平均水平的表現，流量、轉換率和交易規模都有所增加。我們將繼續優化車隊，以更好地支持消費者在店內和線上購物的偏好，並增強和改善我們車隊的店內體驗。

The performance throughout the first quarter generated an adjusted operating loss of $28 million compared to a $30 million loss for Q1 last year, resulting in an adjusted diluted loss per share of $2.05 for the quarter versus a loss of $2.10 last year. As I mentioned earlier, earnings per share would have been $0.05 better if we had not opportunistically repurchased shares and the lower share count is dilutive in a loss quarter, but will be accretive for the full year. Our adjusted effective tax rate for the quarter was 26.7% compared to 26% in the prior year.

第一季的業績調整後營業虧損為 2,800 萬美元，而去年第一季的虧損為 3,000 萬美元，導致本季調整後每股攤薄虧損為 2.05 美元，而去年每股虧損為 2.10 美元。正如我之前提到的，如果我們沒有投機性地回購股票，每股收益將會提高 0.05 美元，而且較低的股票數量在虧損季度會稀釋每股收益，但會在全年實現增值。本季調整後有效稅率為 26.7%，去年同期為 26%。

Turning now to capital allocation and the balance sheet. Free cash flow for the quarter was negative $120 million compared to negative $40 million in the same quarter last year. We have been working to improve our inventory position with hot product and new brands at Journeys to meet the growth trends of the business. This year, we ended the quarter with inventories up 15% to meet consumer demand at Journeys, impacting our year-over-year cash flow comparison. We expect our inventory growth to be more in line with our sales growth in the back half of the year.

現在來談談資本配置和資產負債表。本季自由現金流為負 1.2 億美元，去年同期為負 4,000 萬美元。我們一直致力於透過 Journeys 的熱門產品和新品牌來改善我們的庫存狀況，以滿足業務的成長趨勢。今年，為了滿足 Journeys 的消費者需求，我們在本季末的庫存增加了 15%，這影響了我們與去年同期相比的現金流。我們預計下半年庫存成長將與銷售成長更加一致。

Our free cash flow in the quarter is also lower due to higher capital spending this year as we continue the strategic investment in store remodels that we began in fourth quarter last year. As we navigate the next few quarters, we expect positive free cash flow for the full year, exceeding fiscal year 2025. Our strong balance sheet and liquidity under our revolving lines of credit provides the financial capacity to support our strategic investments. Capital investments in the first quarter were $19 million, primarily directed to retail stores and other initiatives. We opened four stores and closed 26, ending the quarter with 1,256 total stores. Lastly, and as I mentioned earlier, we did opportunistically repurchase about 605,000 shares of our common stock or about 5% of our shares outstanding during the quarter at an average price of $20.79. We have $29.8 million remaining under our current authorization.

由於我們繼續進行去年第四季開始的門市改造策略投資，今年的資本支出增加，導致本季我們的自由現金流也較低。展望未來幾個季度，我們預計全年自由現金流將為正，超過 2025 財年。我們強勁的資產負債表和循環信貸額度下的流動性為我們提供了支持策略投資的財務能力。第一季的資本投資為 1,900 萬美元，主要用於零售店和其他項目。我們開設了 4 家門市，關閉了 26 家，本季末門市總數為 1,256 家。最後，正如我之前提到的，我們在本季適時回購了約60.5萬股普通股，約占我們已發行股票的5%，平均回購價格為20.79美元。根據目前的授權，我們剩餘的回購金額為2,980萬美元。

Now, turning to guidance. We remain appropriately cautious considering the ongoing macroeconomic uncertainties and recent developments in global trade policy that have added complexity to our planning environment. Despite these challenges, we have carefully evaluated a range of scenarios and based on the outcome of those scenarios, we are reaffirming our full year earnings per share guidance of $1.30 to $1.70. Our guidance reflects the current level of tariffs, along with the impact of our mitigation strategies that Mimi discussed and some degree of consumer pullback. Our guidance assumes that tariff conditions do not materially worsen, our mitigation efforts are effective and there are no significant shifts in consumer sentiment.

現在，轉向指導。考慮到持續的宏觀經濟不確定性和全球貿易政策的最新發展增加了我們的規劃環境的複雜性，我們仍然保持適當的謹慎。儘管面臨諸多挑戰，我們仍仔細評估了一系列情境假設，並根據這些情境假設的結果，重申全年每股收益1.30美元至1.70美元的預期。我們的預期反映了目前的關稅水平，以及Mimi之前提到的緩解策略的影響，以及一定程度的消費回落。我們的指導假設關稅條件不會實質惡化，我們的緩解措施是有效的，並且消費者情緒不會發生重大轉變。

We now expect comp sales for the year to be up 2% to 3%, down somewhat from our beginning of the year guidance of up 2% to 4%. However, we now expect a total sales increase of 1% to 2% versus our previous guidance of flat to up 1% due to a more favorable pound sterling rate. Comps continue to be driven by Journeys with total comps higher in the front half of the year as Journeys anniversaries negative comps last year and moderating comp growth in the back half as we go against Journeys strong comps last year.

我們現在預計今年的銷售額將成長 2% 至 3%，比年初預測的 2% 至 4% 有所下降。然而，由於英鎊匯率更有利，我們現在預計總銷售額將成長 1% 至 2%，而我們先前預測的總銷售額將持平至成長 1%。同店銷售額繼續受到 Journeys 的推動，由於 Journeys 週年紀念日去年的同店銷售額為負，因此上半年總同店銷售額有所上升，而由於與去年 Journeys 的強勁同店銷售額相反，下半年的同店銷售額增長有所放緩。

For our other businesses, we are now more conservative around comps based on the consumer pressure on the footwear category in the UK market for Schuh and for J&M, especially for the factory channel. This comp growth is offset by roughly $30 million from the impact of net store closures and now helped by a pickup of approximately $15 million from a stronger pound sterling.

對於我們的其他業務，我們現在對同類產品更加保守，因為英國市場上的消費者對 Schuh 和 J&M 鞋類產品的壓力較大，尤其是工廠通路。這一增長被淨門市關閉帶來的約 3000 萬美元的影響所抵消，而現在由於英鎊走強而帶來的約 1500 萬美元的收益則有所回升。

By division, we still expect Journeys total fiscal year sales to be up low-single digits as mid-single digit comps are partially offset by closed store volume. For Schuh, we now expect total sales to be up low-single digits as favorability in foreign exchange overcomes flattish comps. For J&M, we still expect sales to be up low-single digits. And for Genesco Brands, we now expect sales to be down high-single digits as we manage through the expiration of certain licenses and navigate the wholesale landscape around the tariff situation.

按部門劃分，我們仍預期 Journeys 財年總銷售額將成長低個位數，因為中等個位數的銷售額被關閉的門市數量部分抵銷。對於 Schuh 而言，我們現在預計總銷售額將成長低個位數，因為外匯的有利因素克服了平緩的銷售額。對於 J&M，我們仍然預期銷售額將出現低個位數成長。對於 Genesco Brands，我們現在預計銷售額將下降高個位數，因為我們正在管理某些許可證的到期以及圍繞關稅情況處理批發業務。

For gross margin, we continue to expect the year to be down 20 to 30 basis points, in line with our previous guidance as the impact of tariffs are offset by our mitigation efforts and better margins in our retail businesses. We continue to expect adjusted SG&A as a percentage of sales to leverage 50 to 70 basis points as the decrease in comps and related deleverage versus our beginning of year guidance is offset largely by further cost-saving initiatives this year. In summary, we expect adjusted earnings per share to be in line with our previous expectations due to our tariff mitigation actions, including selected price increases, the better-than-expected performance in the first quarter, FX and the lower share count from the share repurchase.

就毛利率而言，我們繼續預計今年將下降 20 至 30 個基點，與我們先前預期的一致，因為關稅的影響被我們的緩解措施和零售業務利潤率的提高所抵消。我們繼續預計，調整後的銷售、一般及行政費用佔銷售額的百分比將達到 50 至 70 個基點，因為與年初指引相比，同店銷售額和相關去槓桿率的下降在很大程度上被今年進一步的成本節約舉措所抵消。綜上所述，由於我們採取了降低關稅的措施，包括有選擇地提高價格、第一季業績好於預期、外匯以及股票回購導致的股票數量減少，我們預計調整後的每股收益將與我們先前的預期一致。

Our guidance assumes no additional share repurchases, which results in approximately 10.6 million average shares outstanding for fiscal '26. We do expect higher interest as we built inventory in the first half, and we expect the tax rate to be approximately 29%. Although we are reiterating the EPS guidance for the full year, the results by quarter will be different as the tariff impact outpaces our ability to implement mitigation efforts in the near term, and we expect a disproportionate effect on our branded businesses, especially Genesco Brands. We expect overall sales for the second quarter to be slightly better than last year, reflecting the improvement in foreign exchange and the positive comps at Journeys are partially offset by store closures. We also expect softer comps for J&M and Schuh and lost sales related to tariffs.

我們的指導假設沒有額外的股票回購，這導致 26 財年平均流通股數約為 1,060 萬股。由於我們在上半年建立了庫存，我們確實預計利息會更高，並且我們預計稅率約為 29%。儘管我們重申了全年每股收益指引，但由於關稅影響超過了我們短期內實施緩解措施的能力，因此各季度的結果將有所不同，並且我們預計我們的品牌業務（尤其是 Genesco Brands）將受到不成比例的影響。我們預計第二季的整體銷售額將略好於去年，這反映了外匯的改善，並且 Journeys 的積極成長被門市關閉部分抵消。我們也預期 J&M 和 Schuh 的銷售額將下降，並且會因關稅而遭受損失。

For the second quarter, we expect overall gross margins to be relatively flat to down a little year-over-year with the impact of tariffs being partially offset by mix shift in our business. For SG&A in Q2, we are pulling forward marketing investments to drive sales in the back half of the year, specifically for Johnston & Murphy and Schuh. Since the second quarter is a lower volume quarter, this, combined with the lost sales from tariffs, will result in roughly 100 to 140 basis points deleverage of SG&A in the quarter. This results in operating income that is approximately $6 million below last year or approximately $0.40 to $0.50 below last year in EPS.

對於第二季度，我們預計整體毛利率將與去年同期相比相對持平或略有下降，關稅的影響將被我們業務組合的變化部分抵消。對於第二季的銷售、一般及行政費用，我們正在提前進行行銷投資，以推動下半年的銷售，特別是針對 Johnston & Murphy 和 Schuh。由於第二季銷售較低，再加上關稅造成的銷售損失，將導致本季銷售、一般及行政費用去槓桿化約 100 至 140 個基點。這導致營業收入比去年低約 600 萬美元，或每股收益比去年低約 0.40 至 0.50 美元。

We also expect our interest costs to be higher in the second quarter than last year and generally similar to the first quarter this year, and I'd like to call out that ongoing uncertainty related to tax reform could introduce greater variability to our tax rate for the second quarter. We expect to end Q2 with approximately 10.3 million average shares outstanding for earnings per share calculations, lower than the 10.5 million at the end of the first quarter.

我們也預期第二季的利息成本將高於去年，與今年第一季基本持平，我想指出的是，與稅改相關的持續不確定性可能會為我們第二季的稅率帶來更大的波動。我們預計第二季末每股收益平均流通股數約為 1,030 萬股，低於第一季末的 1,050 萬股。

Looking ahead to the back half, we believe that we will have a greater ability to mitigate the impact of tariffs, drive consumer demand as we get into the important back-to-school and holiday shopping periods and that our renewed cost reduction efforts in response to tariffs will help drive nice operating leverage to offset the second quarter results. As we move through fiscal '26, I am confident in our ability to continue growing despite the headwinds, leveraging our deep understanding of what our customers want and our unmatched execution capabilities. We remain focused on unlocking the considerable earnings potential that exists within our business, and I'm excited about the opportunities ahead as we build on the strong foundation we've established.

展望下半年，我們相信，我們將有更大的能力減輕關稅的影響，在進入重要的返校和假日購物期時推動消費者需求，並且我們為應對關稅而採取的新的降低成本措施將有助於推動良好的經營槓桿，以抵消第二季度的業績。隨著我們進入26財年，我相信我們有能力克服逆風繼續成長，利用我們對客戶需求的深刻理解和無與倫比的執行能力。我們將繼續致力於釋放我們業務中存在的巨大盈利潛力，並且我對我們在已經建立的堅實基礎上的未來機會感到興奮。

Operator, we're now ready to open the call to questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Joseph Civello, Truist.

（操作員指示）Joseph Civello，Truist。

Congrats on a great quarter. Just wanted to ask a few questions about the Journeys strength. In addition to some wider assortments with existing partners, we also saw you establish some new relationships last year with some hot athletic brands. Can you talk about the impacts of those on the 1Q comp and give us a little more color on how scaled those assortments are through your footprint?

恭喜本季取得優異成績。只是想問幾個有關 Journeys 實力的問題。除了與現有合作夥伴進行更廣泛的合作外，我們還看到您去年與一些熱門運動品牌建立了新的關係。您能否談談這些對第一季業績的影響，並向我們詳細介紹這些產品在您的足跡中的規模？

Good morning, Joe. Thanks for joining us this morning. And we are really excited about the momentum that we have been seeing in our Journeys business as a result of not just great product, but the number of other efforts that I did talk about. And part of our overall strategy as we think about our product initiatives is to show our leadership and it's to show our leadership across athletic, across casual and across canvas to meet the needs of our teen consumer. Part of what leadership means is being -- is having the most relevant styles in the most relevant brands. And as we think about our assortment, that's the objective as we add new product to the brands that we already carry.

早安，喬。感謝你今天上午加入我們。我們對 Journeys 業務所呈現的良好勢頭感到非常興奮，這不僅是因為產品出色，還因為我所談到的其他一些努力。當我們考慮我們的產品計劃時，我們的整體策略的一部分是展示我們的領導力，展示我們在運動、休閒和帆布方面的領導力，以滿足青少年消費者的需求。領導力的一部分含義是－在最相關的品牌中擁有最相關的風格。當我們考慮我們的產品組合時，這就是我們在已有品牌中添加新產品的目標。

And so the comp in the quarter was actually driven by our existing brands. But the impactful newer brands, and we got HOKA this quarter, we introduced HOKA. We usually don't talk about brands, but since you asked the question, Saucony was another one that we have reintroduced. They're really impactful in terms of our customers' reaction to the new offerings. They help validate Journeys in these categories that we haven't had historical strength in. Lifestyle running is a really good example of a category that's important to our teen consumer.

因此，本季的業績實際上是由我們現有的品牌推動的。但是有影響力的新品牌，我們本季推出了 HOKA。我們通常不談論品牌，但既然你問了這個問題，Saucony 是我們重新推出的另一個品牌。就客戶對新產品的反應而言，它們確實產生了影響。它們有助於驗證我們在這些類別中不具備歷史實力的旅程。生活方式跑步是對我們的青少年消費者來說很重要的一個類別的一個很好的例子。

And our portfolio of brands shows our commitment to the category. And so -- and the trend development. So as I said, in terms of comp, we typically start with a handful of stores. And by a handful, I mean, like 50-plus stores that we begin a new brand, and then we ramp that up over time. And so in development of brands, it really is a start, test, react. We were very pleased with the reaction that we saw. And then we scale up from there, and we can scale quickly and we can put a lot of effort behind moving significant volume when we know it's the right time.

我們的品牌組合體現了我們對該類別的承諾。所以——以及趨勢的發展。正如我所說，就公司而言，我們通常從少數幾家商店開始。我所說的少數是指我們在 50 多家商店推出新品牌，然後隨著時間的推移逐步擴大規模。因此，在品牌發展過程中，這確實是一個開始、測試、反應的過程。我們對所看到的反應感到非常高興。然後我們從那裡開始擴大規模，我們可以快速擴大規模，當我們知道時機成熟時，我們可以投入大量精力來轉移大量業務。

Got it. That's very helpful. And then secondly, can you just talk a little bit more about the trends for the vulcanized product, of course, under pressure, but how did it compare to your expectations? And what do you see for that category moving forward?

知道了。這非常有幫助。其次，您能否再多談談硫化產品的趨勢，當然在壓力下，但與您的預期相比如何？您認為該類別未來的發展如何？

Yes. Again, I was talking about the overall strategy that we have in the assortment is to demonstrate great leadership across not only canvas, which we've traditionally been known for and canvas and vulcanized we talk about interchangeably, but also in athletic and in casual, which we are known for as well. We have seen fashion broadening and teams embracing a lot more wearing occasions and Journeys is well positioned to take advantage of this.

是的。再次，我談論的是，我們在該系列產品中的總體戰略是展示卓越的領導力，不僅在帆布方面（我們傳統上以帆布和硫化帆布著稱，我們交替談論帆布和硫化帆布），而且在運動和休閒方面（我們也以帆布和硫化帆布著稱）也展現卓越的領導力。我們看到時尚的領域不斷擴大，人們穿著的場合也越來越多，而 Journeys 則充分利用了這一優勢。

And -- so the results, I said were really good for us. We had seven brands that were up double digits on both the casual and the athletic side and especially strong growth on the athletic side. Our new leadership in Journeys have a lot of great relationships on the athletic side. We see it as an opportunity to be able to continue to build.

所以我說結果對我們來說真的很好。我們有七個品牌在休閒和運動方面均實現了兩位數的成長，尤其是運動方面的成長尤為強勁。Journeys 的新領導階層在運動方面擁有許多良好的關係。我們將其視為一個繼續建設的機會。

On the vulcanized side, we have seen pressure on vulcanized. We continue to see pressure on canvas products through the quarter, but the strength of our other brands, the strength of the assortment is more than offsetting and has been more than offsetting that pressure over the last several quarters.

在硫化方面，我們看到了硫化的壓力。我們在本季繼續看到帆布產品面臨的壓力，但我們其他品牌的實力和產品組合的實力足以抵消這一壓力，並且在過去幾個季度中足以抵消這一壓力。

Mitch Kummetz, Seaport Research Partners.

海港研究合作夥伴的米奇·庫梅茨 (Mitch Kummetz) 說。

I've got a few. Let me start with the second quarter and the guide there. Cassandra, I think you said that you expect a positive comp from Journeys. I don't know if you could be more specific there. Mimi, I think in your prepared remarks, you said that Journeys is tracking -- early 2Q is tracking similar to the first quarter. Is your guidance -- your sales guidance on 2Q assuming Journeys is at a high-single digit comp? Or is there a different underlying assumption embedded in the outlook?

我有幾個。讓我從第二季和那裡的指南開始。卡桑德拉，我想你說過你期待《旅程》能帶來正面的回報。我不知道您是否可以說得更具體一些。Mimi，我想在你準備好的發言中，你說過 Journeys 的跟踪情況——第二季度初的跟踪情況與第一季類似。您的指導—您對第二季的銷售指引是否假設 Journeys 的銷售額達到高個位數？或者，這種觀點中是否存在著不同的潛在假設？

Thanks for your question, Mitch. We were pleased with Journeys results. Journeys had a plus 8% comp in the first quarter. And as I said, we are tracking at about the same level where we were. We have seen quite a lot of choppiness out there where the consumer retreats during periods of non-shopping -- they don't shop during times when there isn't a reason to shop, and then they come, and they shop in a huge force and Journeys capitalized on that. And so we have taken that.

謝謝你的提問，米奇。我們對 Journeys 的結果非常滿意。Journeys 第一季的銷售額年增 8%。正如我所說，我們現在的追蹤水平與之前的大致相同。我們已經看到很多波動，消費者在非購物時段退出——他們不會在沒有購物理由的時候購物，然後他們又湧來，並且大舉購物，而 Journeys 正是利用了這一點。所以我們採取了這項措施。

We start to anniversary stronger comps as we go through the back part of the year. We're very optimistic about where Journeys business is going. And Sandra talked about an overall comp for the year. So we've taken our trends and built that into the second quarter. We do still expect a very nicely positive Journeys comp.

隨著今年下半年的到來，我們開始迎來更強勁的競爭對手。我們對 Journeys 業務的發展方向非常樂觀。桑德拉談到了今年的整體業績。因此，我們已將趨勢納入第二季。我們仍然期待 Journeys 能取得非常積極的成績。

Yes. And then Mitch, just to add on the second quarter sales, as we spoke about, we do have the favorable FX on overall sales that's coming into the quarter. So that is definitely one of the impacts as to why we're saying we're slightly better than last year.

是的。然後，米奇，補充第二季度的銷售額，正如我們所說，本季的整體銷售額確實出現了有利的外匯影響。所以這肯定是我們說我們比去年略好一點的原因之一。

But I also want to remind you that positive comps at Journeys, but similar to what we saw in the first quarter, we have considered consumer softness continuing in our J&M business, specifically in our factory stores. And then also our Schuh UK consumer continues to have pressure on them. So those comps for Journeys will be slightly mitigated by our other two businesses.

但我也想提醒您，Journeys 的業績表現積極，但與我們在第一季度看到的情況類似，我們認為消費者的疲軟趨勢在我們的 J&M 業務中仍在持續，特別是在我們的工廠商店。而我們的 Schuh UK 消費者也持續面臨壓力。因此，Journeys 的業績將因我們另外兩項業務而略微受到削弱。

Yes. And overall, the second quarter is just a low quarter for us, and there's not a lot of reasons to shop. So Easter in the first quarter, you have back-to-school or really gearing up for back-to-school and for holiday.

是的。總體而言，第二季度對我們來說只是一個低迷的季度，沒有太多購物的理由。因此，第一季是復活節，你要返校，或真正為返校和假期做準備。

So two more questions. One, on the back half for Journeys, obviously, the back half is much more important for you guys, particularly at Journeys. And you guys are going to start lapping much more difficult comparisons starting in the third quarter. Talk to us about what are going to be the -- first of all, what kind of a comp are you assuming for Journeys in the back half? I assume something positive.

還有兩個問題。首先，關於 Journeys 的後半部分，顯然，後半部分對你們來說更為重要，尤其是在 Journeys 中。從第三季開始，你們將開始進行更困難的比較。和我們談談接下來會發生什麼事——首先，您認為後半部的旅程會有什麼樣的安排？我認為這是積極的。

And talk about the drivers. How much impact do you expect to see from the 4.0 stores on the back half? How does your product access compare, you think it will compare versus maybe a year ago that could help drive the comp?

並討論一下司機。您預計 4.0 商店對下半年會產生多大影響？您的產品訪問量如何？您認為與一年前相比，它是否有助於推動競爭？

And then you also talked about a trend towards low profile, assuming that, that continues to develop like how positive might that be for you guys at Journeys in the back half? So just maybe kind of walk through some of the drivers of the Journeys in the back half as you start to lap much more difficult comparisons. And then I have one last question.

然後你也談到了低調的趨勢，假設這種趨勢繼續發展，那麼這對你們 Journeys 後半部分來說有多大積極意義？因此，當您開始進行更困難的比較時，也許可以先了解後半部分旅程中的一些車手。我還有最後一個問題。

Mitch, that's a lot of questions. So let's get started here. We are -- we know we are lapping more difficult comparisons for Journeys, but you'll have to go back to the past several years, and we have a lot of opportunity.

米奇，有很多問題。那我們就從這裡開始吧。我們知道，我們正在為旅程進行更困難的比較，但你必須回顧過去幾年，我們有很多機會。

The most important thing I'll say is that our strategy is geared at serving a much broader market. It's 6 times to 7 times bigger. We see an opportunity to serve this teen girl really well in a way that nobody else is doing. And so that is just the cornerstone of the strategy. Not only are we serving a broader market, but we're also serving the customer with more premium product. And so if you think about that, you think about more customers, you think about more premium product that drives lots of opportunity for growth.

我要說的最重要的事情是，我們的策略是為了服務更廣闊的市場。它大了6倍到7倍。我們看到了一個機會，可以用別人沒有做過的方式為這個少女提供更好的服務。這只是該策略的基石。我們不僅服務於更廣泛的市場，而且還為客戶提供更優質的產品。所以如果你考慮到這一點，你會想到更多的客戶，你會想到更多的優質產品，這些都會帶來大量的成長機會。

The first phase of our overall Journeys program was to inject the assortment with a lot better product. We knew that the customer preferences were changing. And so that's what our merchant team and Chris Santaella led to let that happen in the back part of the year. And of course, we're benefiting in the front part of the year. But we're not finished. We're going to continue to build on our overall product assortment. I talked a little bit about the new brands that we have introduced. We're not counting on those. What we're counting on is more allocation, better allocation of product that we are currently selling.

我們整個旅程計劃的第一階段是為產品系列注入更好的產品。我們知道顧客的偏好正在改變。這就是我們的商家團隊和 Chris Santaella 領導的，讓這個目標在今年下半年實現。當然，我們在年初就受益了。但我們還沒完成。我們將繼續擴大我們的整體產品種類。我稍微談了一下我們推出的新品牌。我們不指望這些。我們所期望的是，我們目前正在銷售的產品能夠得到更多的分配，並得到更好的分配。

And so strengthening further our product leadership, again, we've just begun, strengthening our inventory position, differentiating our scale across these number of in-demand brands and building our longer-term strategic partnerships. And so this isn't necessarily we've got one year worth of growth. It is we've started in one place, and we'll continue to build on that. So product, product, product in this first phase.

因此，我們才剛開始進一步加強我們的產品領導地位，加強我們的庫存地位，在眾多熱門品牌中區分我們的規模，並建立我們的長期策略合作夥伴關係。所以這並不一定意味著我們獲得了一年的成長。我們從一個地方開始，並將繼續在此基礎上發展。因此，第一階段的產品是產品、產品、產品。

In addition to that, the plans, the strategic plans to grow Journeys are centered right back around what I started with, which is to serve that customer and to let that customer know that we have -- that we welcome them into Journeys. And so we've invested in the Journeys brand. I talked about the marketing initiatives.

除此之外，發展 Journeys 的計劃和策略計劃都圍繞著我開始時的初衷，那就是為客戶提供服務，並讓客戶知道我們歡迎他們加入 Journeys。因此我們投資了 Journeys 品牌。我談到了行銷舉措。

And I think the best representation of where we are headed is our 4.0 stores. And that speaks to the consumer. It's a visible representation of the fact that we have changed the assortment, elevated the opportunity for that consumer. And we are -- that store refresh is paying great dividends. We've moved quickly. We've remodeled 39 stores and expect to do 75 plus this year, which is more than 10% of our portfolio.

我認為最能體現我們發展方向的就是我們的 4.0 商店。這對消費者來說很有啟發。這明顯顯示我們已經改變了產品種類，為消費者提供了更多的機會。而我們——商店的更新正在帶來巨大的回報。我們行動迅速。我們已經改造了 39 家商店，預計今年將改造 75 家以上，占我們投資組合的 10% 以上。

We think we can get about 50 -- close to 50% of our portfolio done in over the next three or so years. And so the results there have been fantastic. We are up 25% plus in those stores, and that's just another wave of growth. And so when you think about the plan that we've put together, the first phase is about product. Then all of these other initiatives kick in to drive the awareness of what the Journeys brand is all about and to bring new customers into the brand and then just continue to serve them with great product.

我們認為我們可以在未來三年左右完成大約 50% 到接近 50% 的投資組合。因此，結果非常出色。這些商店的銷售額成長了 25% 以上，這只是另一個成長浪潮。因此，當您考慮我們制定的計劃時，第一階段是關於產品的。然後，所有這些其他舉措都會開始發揮作用，以提高人們對 Journeys 品牌的認識，並為品牌帶來新客戶，然後繼續為他們提供優質的產品。

That's helpful. And then lastly, you mentioned that the consumer continues to be very focused on kind of must-have key items. And you also made a comment so much to the effect that the brands with the most momentum are the ones that are probably best positioned to take price. So when you think about your business and maybe some price increases coming your way, like what percent of your business is kind of must-have key items? And how confident are you that if prices increase on some of those products that the consumer will be pretty willing to spend more to get what they want? And that's it for me.

這很有幫助。最後，您提到消費者仍然非常關注必備的關鍵物品。您也發表了這樣的評論：最具發展勢頭的品牌可能是最有能力承受價格上漲的品牌。因此，當您考慮您的業務以及可能出現的價格上漲時，您的業務中有多少比例是必備的關鍵商品？如果某些產品的價格上漲，您是否確信消費者會願意花更多的錢來購買他們想要的東西？對我來說就是這樣。

Yes. So typically, when we talk about key items, we're talking about just a specific model. I think when I'm talking about key items now, I'm just really talking about brands, key brands and key franchises. So we have a lot to pick from, Mitch, in terms of where our consumer is going.

是的。因此通常，當我們談論關鍵項目時，我們只是談論特定的模型。我認為，當我現在談論關鍵項目時，我實際上只是在談論品牌、關鍵品牌和關鍵特許經營權。因此，米奇，就我們的消費者去向而言，我們有很多選擇。

Again, the momentum across a range of brands has been good, really being able to satisfy what needs the customer has, what brands they're looking for, which styles they are looking for. And it's not just one style, but it's multiple styles is really what we are focused on.

再次，各個品牌的發展勢頭良好，真正能夠滿足客戶的需求、他們正在尋找的品牌以及他們正在尋找的風格。我們真正關注的並不是單一風格，而是多種風格。

And so we have seen in prior times when the customer gets squeezed that the customer gravitates toward lower price point product. And they're not doing it this time around, and they are stretching up to buy what they want. And so you asked about price increases. We haven't heard a lot yet from our brand partners about price increases. We expect we will hear some about that.

因此，我們以前就看到過，當客戶受到擠壓時，客戶傾向於購買價格較低的產品。而這次他們沒有這樣做，而是伸出援手去買他們想要的東西。所以你問到價格上漲的問題。我們還沒有從品牌合作夥伴那裡聽到太多關於漲價的消息。我們期望能夠聽到一些有關此的消息。

But I think that it is the in-demand brands that have more opportunity to take price and the less demand brands don't. So our brands are working carefully through where opportunities are and where they aren't. I think there is really high awareness that there's a lot of price sensitivity in the market, and everyone is trending cautiously here.

但我認為，需求旺盛的品牌有更多的機會降低價格，而需求較少的品牌則沒有。因此，我們的品牌正在謹慎地尋找機會，而哪裡沒有機會。我認為人們已經高度意識到市場對價格的敏感性，並且每個人都在謹慎行事。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

Mimi, I just was curious to get your perspective on the recent M&A in the footwear and footwear retail landscape. Does that cause you to think differently at all about the space, your competition and maybe some of your key brand partners?

Mimi，我只是好奇地想知道您對最近鞋類和鞋類零售領域的併購事件的看法。這是否會讓您對這個領域、您的競爭對手以及一些主要品牌合作夥伴有不同的看法？

Corey, thanks for joining us this morning, and thanks for the question. So there has been some M&A activity certainly in the footwear landscape, and it's largely been focused on more of the performance athletic side and more of the performance side, and there's been consolidation in general there.

科里，感謝您今天早上加入我們，也感謝您提出這個問題。因此，鞋類產業確實存在一些併購活動，而且主要集中在運動性能方面和性能方面，總體而言，鞋類產業一直在進行整合。

I think when you think about what we do, we talked about being -- strengthening our positioning with the team, with a style-led team who is interested in a diversified assortment across athletic, and they use athletic for lifestyle purposes. We're really lifestyle-driven. So it's about lifestyle for us. It's about style. It's about being able to offer the assortment across a number of different categories.

我認為，當你思考我們所做的事情時，我們談論的是——加強我們在團隊中的定位，與一個以風格為主導的團隊合作，他們對運動的多樣化組合感興趣，並將運動用於生活方式的目的。我們確實受生活方式驅動。所以對我們來說，這和生活方式有關。這是關於風格的。這是為了能夠提供涵蓋多個不同類別的商品。

And so we're quite -- we're positioned quite differently from a place where much of that activity has been taking place. And we feel great about the opportunity in Journeys, the opportunity to serve more customers with the strategies that I have been talking about.

因此，我們的立場與開展此類活動的大部分地方截然不同。我們對 Journeys 中的機會感到非常高興，有機會透過我一直在談論的策略為更多客戶提供服務。

That's great. And then just on the gross margin, I was curious if you could maybe talk a little bit more about the impacts in the quarter and maybe perhaps what sticks and then how you think about between balancing price increases versus, I guess, cost absorption as it relates to tariffs for the full year?

那太棒了。然後就毛利率而言，我很好奇您是否可以再多談一下本季的影響，也許還有什麼影響，然後您如何考慮平衡價格上漲與成本吸收，因為這與全年的關稅有關？

So we had called out that we had expected that -- if you remember, we had been shifting out of canvas product to an athletic -- more of an athletic assortment. And the margin profile is different between canvas. Canvas has the best margin profile, but the athletic part of the assortment has highest price points. And so we are getting more gross margin dollars. So it's not necessarily a bad trade-off here. So we had called that out in terms of we expected the pressure until we anniversary that in the first half of the year. And so that really was the largest driver around gross margin, and we expect that, that will let off a bit through the back part of the year.

因此，我們曾表示，我們已經預料到——如果您還記得的話，我們已經將帆布產品轉向運動產品——更多的是運動產品。且畫布之間的邊距輪廓是不同的。帆布具有最好的利潤率，但運動系列產品的價格最高。因此我們獲得了更多的毛利率。因此這不一定是個糟糕的權衡。因此，我們預計壓力會一直存在，直到上半年週年紀念日。因此，這確實是毛利率最大的驅動因素，我們預計，這一因素在今年下半年會減弱。

We do and Sandra did call out that we have some onetime unusual hits in the second quarter in particular, but we're working hard because of tariffs, and we're working hard to offset that. And so we think that structurally, there isn't anything that over the longer term will be affecting gross margins beyond what I just mentioned.

我們確實如此，桑德拉也確實指出，我們在第二季度遭遇了一些一次性的異常打擊，但由於關稅，我們正在努力工作，我們正在努力抵消這一影響。因此，我們認為，從結構上講，除了我剛才提到的之外，從長遠來看，沒有任何因素會對毛利率產生影響。

In terms of balancing price increases versus cost absorption, I did say that we are not expecting to get any -- to take any gross margin -- have any gross margin impact as a result of tariffs. We are working with our brand partners there. We are in a place where we are rebuilding Journeys overall margins. You know our story, and we're in the process of rebuilding. And in rebuilding, we've got an eye on overall profitability. And so we're, again, working with our brands to make the best decisions in this area.

在平衡價格上漲與成本吸收方面，我確實說過，我們預期關稅不會對毛利率產生任何影響。我們正在那裡與我們的品牌合作夥伴合作。我們正在重建 Journeys 的整體利潤。你知道我們的故事，我們正在重建。在重建過程中，我們關注的是整體獲利能力。因此，我們再次與我們的品牌合作，在這一領域做出最佳決策。

Corey, a little more color around the quarter on the margin. I also just want to call out, like I did in the script that we did have a really strong quarter for our Genesco Brands Group, but it was a pull on our margins as we pull forward that liquidation product. And then our second quarter margins, I just want to remind everybody that we did already have in our guidance the first round of tariffs. And so adding the additional round of tariffs, combined with the mitigation efforts that Mimi talked about and a shift as we have less sales in Q2 related to the Genesco Brands business, both for lost sales on tariffs as well as the pull forward in Q1 is the impact on the Q2 margins.

科里，邊緣處的四分之一處的顏色稍微豐富一些。我還想指出，就像我在腳本中所做的那樣，我們的 Genesco Brands Group 確實度過了一個非常強勁的季度，但隨著我們提前推出清算產品，我們的利潤率受到了影響。然後是我們第二季的利潤率，我只想提醒大家，我們的指導已經包含了第一輪關稅。因此，加上新一輪關稅，再加上 Mimi 談到的緩解措施，以及由於我們第二季度與 Genesco Brands 業務相關的銷售額減少而發生的轉變，無論是關稅造成的銷售額損失還是第一季度的提前銷售，都會對第二季度的利潤率產生影響。

Got it. And then just lastly on inventory. Is there a way to break down what's price versus units in the first quarter? And then how does that shape throughout the remainder of the year?

知道了。最後是關於庫存。有沒有辦法細分第一季的價格與單位數量？那麼今年剩餘時間的情況會如何呢？

Price was not yet a factor in Q1. I think tariffs went in place. We were already selling inventory in Q1 that we had on hand before tariffs really came into be. So you can know that our ASPs are up pretty significantly. And so there is a trade-off between ASPs and units, and we're trying to hit a sales plan. And we think that our inventory is in really good shape. It is up because we were at pretty low levels in inventory last year.

價格還不是第一季的因素。我認為關稅已經實施。在關稅真正生效之前，我們在第一季就已經在出售庫存了。所以您可以知道我們的 ASP 上漲幅度相當大。因此，ASP 和單位之間存在權衡，我們正在努力製定銷售計劃。我們認為我們的庫存狀況非常好。之所以上漲，是因為去年我們的庫存水準相當低。

We had sold through, rationalized a lot of the Journeys inventory to keep it clean. And so we were down 20% when we started the year last year. And so there is a buildup to be able to support the sales momentum. And so we feel like we've got the inventory that we need. And our partners work with us no matter sort of what happens through the course of the year to help us to manage inventory in a really positive way.

我們已經售出了大部分 Journeys 庫存，並對其進行了合理化處理，以保持庫存清潔。因此，去年年初我們的業績下降了 20%。因此，需要進行累積來支持銷售動能。因此我們覺得我們已經獲得了所需的庫存。無論一年中發生什麼，我們的合作夥伴都會與我們合作，幫助我們以真正積極的方式管理庫存。

I'll now hand the call back to management for closing remarks.

我現在將把電話交還給管理階層，請他們作最後發言。

Thank you for joining us. We look forward to speaking with you again on our next quarter's earnings.

感謝您加入我們。我們期待再次與您討論下一季的收益。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。