Genesco Inc (GCO) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Genesco Inc. Q2 fiscal year 2026 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Genesco Inc. 2026 財年第二季電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, [Jason Ware], Vice President, FP&A and Investor Relations. Jason, please go ahead.

現在我很高興將電話轉給主持人、FP&A 和投資者關係副總裁 [Jason Ware]。傑森，請繼續。

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

大家早安，感謝您加入我們討論 2026 財年第二季的業績。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，以了解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 Cassandra 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 Cassandra Harris。

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

現在我想把電話轉給 Mimi。

Thanks, Jason. Good morning, everyone, and thank you for joining us. The strong comp momentum from the second half last year has carried into the first half this year with positive comps fueling both top and bottom-line results above expectations again in Q2. Our sales growth continues to outpace the industry driven by a high single-digit comp increase at Journeys.

謝謝，傑森。大家早安，感謝大家的收看。去年下半年強勁的同店銷售勢頭延續到了今年上半年，積極的同店銷售業績再次推動第二季度的營收和淨利潤均超乎預期。在 Journeys 銷售額高個位數成長的推動下，我們的銷售額成長持續超過產業平均。

Overall comps grew 4%, marking our fourth consecutive quarter of positive comps for the company and for Journeys, reinforcing the meaningful progress we're making in our strategic plan to accelerate growth. Journeys' comps for the trailing 12-months are now up just over 10% as Journeys continues to gain market share.

整體同店銷售額成長了 4%，這標誌著公司和 Journeys 業務連續第四個季度實現正成長，鞏固了我們在加速成長策略計畫中取得的重大進展。隨著 Journeys 的市場份額不斷擴大，其過去 12 個月的同店銷售額增長了 10% 以上。

While the second quarter in general is a lower volume quarter for us as consumers pursue summer activities and devote less time to shopping, we're further encouraged by the strong performance of the back-to-school and tax-free shopping period that began at the end of the quarter in July and accelerated into August. Notably, Journeys' comps are up double digits third quarter to date on top of double-digit comps for the same period last year, which marked the inflection of Journeys' comps as the next wave of Journeys' transformational initiatives gain considerable traction.

雖然由於消費者忙於夏季活動並減少購物時間，第二季度對我們來說總體而言是一個銷售量較低的季度，但從 7 月底本季度開始並持續到 8 月份的返校購物和免稅購物期的強勁表現令我們更加鼓舞。值得注意的是，Journeys 第三季的銷售額比去年同期的銷售額增長了兩位數，這標誌著 Journeys 銷售額的轉折點，因為 Journeys 下一波轉型舉措將獲得相當大的推動力。

The consumer environment remains much the same with customer shopping when there's a reason and retreating when there's not. We saw this choppiness overall again in the quarter. However, our exceptional and experienced merchant teams were more than ready for our back-to-school team and youth customer with newness and freshness and just the right brands and styles to satisfy exactly what this choosy customer is looking for.

消費環境基本上不變，顧客有理由時就會購物，無理由時就會退出。本季我們再次看到了這種整體波動。然而，我們出色且經驗豐富的商家團隊已經為返校團隊和年輕顧客做好了充分的準備，他們將以新穎性和新鮮感以及合適的品牌和款式來滿足這些挑剔顧客的需求。

Importantly, when you have what our customer wants, they're willing to pay for what they want, driving increased ASPs and higher average transaction size. While we expected the bottom line to be below last year in this low-volume quarter, we drove higher sales and better expense leverage than expected, offsetting more promotional pressure from a challenging UK market.

重要的是，當你擁有客戶想要的東西時，他們願意為他們想要的東西付費，從而推動平均售價的提高和平均交易規模的增加。雖然我們預計這個低銷售季度的利潤將低於去年，但我們實現了比預期更高的銷售額和更好的費用槓桿，抵消了來自充滿挑戰的英國市場的更多促銷壓力。

Before I dive deeper into the business, I'll highlight a few more notable call-outs for the second quarter. First, both store and digital channels posted positive growth, although stores were the real highlight, reflecting both the shift of our investment into this channel and results from our strategic initiatives, including doubling down on selecting and training our people to drive improved store conversion and sales.

在深入探討業務之前，我將重點放在第二季度的一些值得注意的事項。首先，門市和數位通路都實現了正成長，但門市才是真正的亮點，這不僅反映了我們向這一通路的投資轉移，也反映了我們戰略舉措的成果，包括加倍選擇和培訓我們的員工，以推動門市轉換率和銷售額的提高。

We know our store teams are a differentiator among competition and we're strengthening the outstanding service that is a hallmark of our concepts. Store comps accelerated as we moved through the quarter and hit back to school and are a material driver of profitability, particularly in the back half with higher back-to-school and holiday volumes.

我們知道我們的商店團隊是競爭中的差異化因素，我們正在加強作為我們理念標誌的卓越服務。隨著本季的推進和開學季的到來，門市銷售加​​速成長，成為獲利能力的重要推動力，尤其是在下半年，由於開學季和假期銷售量增加。

Second, Johnston & Murphy inflected to positive comps. We've been working on delivering more fresh and distinctive products in response to headwinds J&M experienced last year. We were pleased with these positive results from injecting more newness into the assortment and have even more newness planned for both footwear and apparel later this year.

其次，約翰斯頓和墨菲對積極的比較進行了調整。為了因應 J&M 去年所遇到的逆境，我們一直致力於提供更多新鮮、獨特的產品。我們對為產品系列注入更多新鮮元素所取得的積極成果感到滿意，並計劃在今年稍後為鞋類和服裝推出更多新鮮元素。

And finally, our investments in loyalty where we're at a new milestone of 12 million members and marketing and awareness campaigns along with new stores and remodels like our Journeys 4.0 supported the growth in the second quarter and will contribute for the upcoming holiday season as well. And now for more Q2 color and initiatives for each business, starting with Journeys.

最後，我們在忠誠度方面的投資，我們已達到 1200 萬會員的新里程碑，行銷和宣傳活動以及新店和改造（例如我們的 Journeys 4.0）支持了第二季度的增長，並將為即將到來的假期做出貢獻。現在，我們將介紹每個業務在第二季的更多色彩和舉措，首先是「旅程」。

Improving Journeys' performance has been our number one priority. Our strategic efforts are achieving tremendous results as the first phase of our strategic growth plan focused primarily on product and injecting the assortment with more newness, excitement and storytelling delivered its fourth consecutive quarter of high single or double-digit comps this quarter.

提高 Journeys 的表現一直是我們的首要任務。我們的策略努力正在取得巨大的成果，因為我們的策略成長計畫的第一階段主要側重於產品，並為產品系列注入更多新鮮感、刺激感和故事性，本季度連續第四個季度實現了高個位數或兩位數的同比增長。

While we continue efforts to elevate and strengthen the product offering, we have in place a robust plan focused on brand and customer to extend these gains, reach a wider audience of teens and drive significant additional growth for Journeys. I'll discuss our progress with this plan after discussing our other businesses. Journeys' Q2 comp strength was again broad-based as our teen customers' preferences have been shifting in favor of a more diversified product offering.

在我們繼續努力提升和加強產品供應的同時，我們制定了以品牌和客戶為重點的強有力計劃，以擴大這些收益，覆蓋更廣泛的青少年受眾，並推動 Journeys 的顯著額外增長。我將在討論我們的其他業務之後討論該計劃的進展。Journeys 第二季度的競爭實力再次呈現廣泛增長，因為我們的青少年顧客的偏好已經轉向更加多樣化的產品。

Six brands across both casual and athletic posted double-digit gains, with other brands demonstrating strong growth too. Sandals trended positively along with low profile and 2000s running inspired styles. And although we're still in the middle of summer, we're seeing green shoots in certain boot brands as well. We expect growth in both the casual and athletic categories again in Q3, and our assortment remains well balanced among athletic, casual and canvas styles.

休閒和運動領域的六個品牌均實現了兩位數的成長，其他品牌也表現出強勁的成長勢頭。涼鞋與低調風格以及 2000 年代跑步風格的風格一起流行起來。儘管我們仍處於夏季，但我們也看到某些靴子品牌出現了復甦的跡象。我們預計第三季休閒和運動類別都會再次成長，我們的產品系列在運動、休閒和帆布風格之間保持了良好的平衡。

We continue to be excited about some new brands we've been introducing or reintroducing at Journeys. However, we're not dependent on these new brands to drive results. Our store initiatives delivered especially strong impact at Journeys where the teen purchases at the mall more frequently during back-to-school. Journeys store teams drove double-digit store comps with noteworthy increases in conversion and much higher transaction size.

我們繼續對在 Journeys 推出或重新推出的一些新品牌感到興奮。然而，我們並不依賴這些新品牌來推動績效。我們的商店計劃對 Journeys 產生了特別強烈的影響，青少年在返校期間更頻繁地在商場購物。Journeys 商店團隊推動了兩位數的商店銷售額成長，轉換率顯著提高，交易規模大幅增加。

Consumers responded vigorously to tax-free holidays this year and our 4.0 store remodels contributed nicely to the gains as well. Our focus here is improvement in the top volume stores, and our top 250 stores outpaced the gains elsewhere in the chain. Congratulations to Andy Gray and the Journeys team on this outstanding performance.

消費者對今年的免稅假期反應熱烈，我們的 4.0 店鋪改造也為收益做出了良好的貢獻。我們的重點是銷量最高的商店的改善，我們的前 250 家商店的成長速度超過了連鎖店中的其他商店。恭喜安迪·格雷和 Journeys 團隊的出色表現。

Now turning to Schuh. It was an especially challenging quarter in what continues to be a challenging UK retail environment. Sales started off slowly across the industry at the beginning of summer, with fewer reasons to shop, and Schuh saw major store traffic and comp declines in May and June. The UK customer remains cautious and quite selective, putting pressure on the footwear category with purchases only of must-have items.

現在轉向 Schuh。在持續充滿挑戰的英國零售環境中，這是一個特別具有挑戰性的季度。夏季伊始，整個產業的銷售開始放緩，購物的理由較少，Schuh 發現 5 月和 6 月商店客流量和同店銷售額均大幅下降。英國消費者仍然保持謹慎且非常挑剔，只購買必需品，對鞋類產品帶來壓力。

In response to this softness, footwear retailers became more promotional to spur consumer demand. To maintain share and right size inventories in this sluggish and highly competitive market, Schuh was considerably more promotional, which pressured gross margins. It was a tougher sandal season on the other side of the Atlantic.

為了因應這種疲軟，鞋類零售商加大了促銷力度，以刺激消費者需求。為了在這個低迷且競爭激烈的市場中保持份額和適當規模的庫存，Schuh 加大了促銷力度，這給毛利率帶來了壓力。大西洋彼岸的涼鞋季節則更加艱難。

And while many of the same brands and styles at Journeys are resonating, less interest in the rest of the assortment is pronounced. We took action on inventory, which was in a better position by the end of the quarter. Traffic picked up in July and much higher store conversion and transaction size, together with improved online sales, turned Schuh comp positive with late summer purchases and the lead-up to back-to-school shopping.

儘管 Journeys 的許多相同品牌和款式引起了共鳴，但人們對其餘商品的興趣卻不那麼明顯。我們對庫存採取了措施，到本季末庫存狀況有所改善。7 月客流量回升，門市轉換率和交易規模大幅提升，加之線上銷售的改善，使得 Schuh 公司的業績在夏末購物季和開學季來臨前呈現正增長。

This improvement has extended into August and back-to-school, but we expect it will continue to be volatile. Looking ahead, the team has implemented a number of initiatives, including several from the Journeys playbook, to improve the trend in the near term. The most immediate of these are to bring in more newness and in-depth -- and in-demand products, leveraging the enhanced brand partnerships and improved product access Schuh has gained, driving traffic to the stores through the CRM, marketing and loyalty initiatives underway, eliminating non-accretive discounting and aggressively focusing on store customer conversion with the recently launched ATV program.

這種改善趨勢一直延續到 8 月和開學季，但我們預計它仍將保持波動。展望未來，該團隊已經實施了多項舉措，其中包括來自 Journeys 計劃的幾項舉措，以在短期內改善這一趨勢。其中最直接的措施是引入更多新穎、深入且需求旺盛的產品，利用 Schuh 所獲得的加強的品牌合作夥伴關係和改進的產品訪問權，透過正在進行的 CRM、行銷和忠誠度計劃為商店帶來客流量，消除非增值折扣，並積極關注商店客戶轉化，推出最近推出的 ATV 計劃。

Turning now to Johnston & Murphy and our branded business. After success with J&M's strategic repositioning into a more casual, more comfortable, multi-category lifestyle brand, we've been diligently working to deliver more newness and distinctive product in response to last year's headwinds. While we still have work to do, we were pleased to see overall comps inflect positively in Q2.

現在談談 Johnston & Murphy 和我們的品牌業務。在成功將 J&M 策略性地重新定位為更休閒、更舒適、多類別的生活風格品牌之後，我們一直努力推出更多新穎、獨特的產品，以應對去年的逆風。雖然我們仍有工作要做，但我們很高興看到第二季整體業績出現正面變化。

Comp sales in our full-price stores and digital channels were nicely positive, fueled by gains in conversion and transaction size. Customers embraced our newest assortments with blazers, pants and a revamped dress shoe collection as standouts, offsetting softness in wholesale and factory stores which cater to more price-aware shoppers.

由於轉換率和交易規模的成長，我們的全價商店和數位通路的同店銷售額表現良好。我們的最新系列產品深受顧客歡迎，其中西裝外套、褲子和新版正裝鞋系列尤為突出，抵消了批發店和工廠店迎合更注重價格的購物者的疲軟表現。

Another highlight was a nice tick-up in gross margin as a result of J&M's costing and sourcing efforts and more full-price selling despite some tariff pressure. We continue to ramp up innovation with even more footwear newness for the back half, along with new fabrics and design details for our apparel programs. Going forward, we're committed to increased freshness across our categories with a redesigned product development process aimed at more frequent in-season introductions and speeding up of our innovation pipeline.

另一個亮點是，儘管面臨一些關稅壓力，但 J&M 的成本核算和採購努力以及更多全價銷售導致毛利率大幅上升。我們將繼續加強創新力度，為後半部推出更多新穎的鞋類產品，並為我們的服裝項目引入新的布料和設計細節。展望未來，我們致力於透過重新設計的產品開發流程來提高所有產品類別的新鮮度，旨在更頻繁地推出當季產品並加快我們的創新管道。

Accelerating its brand repositioning to build awareness and acquire new customers is J&M's other area of focus. This includes the continuation of its 175 years young media campaign, highlighting the brand's 175th anniversary and status as the longest continually operated footwear brand in the United States, further shifting marketing funding to support brand building, completing new store remodels where we've seen a double-digit sales lift.

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。這包括繼續開展其 175 年年輕媒體活動，突出該品牌 175 週年紀念和作為美國運營時間最長的鞋類品牌的地位，進一步轉移營銷資金以支持品牌建設，完成新店改造，我們看到銷售額實現了兩位數的增長。

And opening new stores to build awareness and counteract the deleverage the brand has been experienced from closed stores. And finally, stay tuned, we'll be turning up the excitement even further in Q3 with the debut of a new brand ambassador and campaign. Rounding out the branded business, as we've discussed, we're resetting the Genesco Brands Group portfolio this year, sunsetting some licenses and activating a major new one.

並開設新店來提高知名度並抵消關閉門市為品牌帶來的去槓桿作用。最後，請繼續關注，我們將在第三季推出新的品牌大使和活動，進一步提升興奮度。正如我們所討論的，為了完善品牌業務，我們今年將重置 Genesco Brands Group 產品組合，取消一些許可證並啟動一個重要的新許可證。

Pull forward of product we're liquidating helped sales in the quarter but substantially affected gross margins in addition to the impact from tariffs, which affects this business the most. We're truly thrilled about the growth potential of our recently announced footwear partnership for Wrangler, an iconic and legendary brand that embodies American authenticity, hard work and adventure.

我們正在清算的產品的提前清算有助於本季度的銷售，但除了關稅的影響外，還大大影響了毛利率，這對該業務的影響最大。我們對最近宣布的與 Wrangler 鞋類合作的成長潛力感到非常興奮，Wrangler 是一個標誌性的傳奇品牌，體現了美國的純正、勤奮和冒險精神。

We're building the footwear category from the ground up with the official product launch next fall in 2026. And now coming back to Journeys, we want to update you on the exciting progress we're making in our Journeys transformation plan. While the team, especially the teen girl, is well served with fashion apparel in the mall, no concept other than Journeys goes across athletic, casual and canvas footwear for the style-led team.

我們正在從頭開始打造鞋類產品，並於 2026 年秋季正式推出產品。現在回到旅程，我們想向您介紹我們在旅程轉型計劃中取得的令人興奮的進展。雖然該團隊，尤其是少女團隊，在商場中為時尚服飾提供了良好的服務，但除了 Journeys 之外，沒有其他概念為時尚主導的團隊提供運動鞋、休閒鞋和帆布鞋。

This is how we are differentiated and the 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 six times to seven 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 consumer shops for the latest footwear for all versions of their style.

這就是我們的差異化之處，也是我們在 Journeys 傳統優勢的基礎上發現的空白領域，旨在服務於對風格和潮流感興趣的更廣泛的青少年受眾，這個群體的規模是我們過去服務的市場的六到七倍。為實現這一目標，我們專注於四個關鍵領域，並成為消費者購買各種風格的最新鞋類的目的地。

First, we continue to drive product elevation and diversify footwear leadership with best-in-class premium footwear brands. Premium is a key aspect of our strategy, more choice product to serve this wider group of customers. Product elevation is generating higher average selling prices highlighted by an increase in second quarter average transaction value into the double digits.

首先，我們繼續透過一流的高端鞋類品牌推動產品升級並實現鞋類領導地位的多元化。優質是我們策略的關鍵方面，透過更多選擇的產品來服務更廣泛的客戶群。產品的提升帶來了更高的平均銷售價格，第二季平均交易額成長了兩位數。

We're reinforcing our core strengths in casual and canvas while thoughtfully complementing with premium athletic. This powerful balance of casual, canvas and athletic broadens our reach across segments and defines our footwear leadership. Increased allocations and access through brand partnership are key goals here.

我們正在加強休閒和帆布方面的核心優勢，同時精心補充優質運動產品。休閒、帆布和運動之間的完美平衡拓展了我們在各個領域的影響力，並確立了我們在鞋類領域的領先地位。透過品牌合作增加分配和訪問量是這裡的關鍵目標。

Second, we're investing in the Journeys brand, building momentum with refreshed positioning that is style-led and aimed at building awareness with the expanded group of teen customers. We've elevated and integrated our storytelling across journeys.com, our in-store digital network and social channels to build credibility with our core style-focused consumer.

其次，我們正在投資 Journeys 品牌，透過以風格為主導的全新定位來打造發展勢頭，旨在提高不斷擴大的青少年客戶群的知名度。我們在 journeys.com、店內數位網路和社交管道上提升並整合了我們的故事講述方式，以在我們注重風格的核心消費者中建立信譽。

We're continuing to invest in content, influencers and social, including long-form content with our Jazmine Bigfoot series which has garnered almost 90 million views so far across social platforms. We're increasing our brand partner activations this fall to drive more buzz and community engagement. And in September, we're unveiling a new brand platform and campaign, Life on Loud, which has great energy, uses music to connect with our customer and is at a scale and with media spend we've never done at Journeys before.

我們將繼續投資於內容、影響力和社交，包括我們的 Jazmine Bigfoot 系列的長篇內容，該系列迄今為止在社交平台上的觀看次數已接近 9000 萬次。今年秋天，我們將增加品牌合作夥伴的活躍度，以激發更多的關注和社群參與。9 月份，我們將推出一個全新的品牌平台和活動，名為“Life on Loud”，它充滿活力，利用音樂與我們的客戶建立聯繫，其規模和媒體投入都是 Journeys 以前從未達到過的。

Third, we're elevating the customer experience, especially in stores, through the ongoing rollout of our new impactful 4.0 store format. We needed an elevated setting to attract new customers and call attention to our more premium products. These stores feature a more modern aesthetic, better product presentation and a fresh take on Journeys' energetic brand DNA.

第三，我們正在透過持續推出具有影響力的全新 4.0 商店模式來提升客戶體驗，尤其是在商店中的體驗。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注意。這些商店具有更現代的美感、更好的產品展示以及對 Journeys 充滿活力的品牌 DNA 的全新詮釋。

The results have exceeded expectations with remodeled locations seeing stronger traffic, better conversion, higher transaction values and more new customer acquisition, all leading to a sales lift of more than 25% for stores remodeled to date in this format. With over 55 stores converted so far and more than 80 expected by yearend, this initiative is fast becoming a cornerstone and meaningful contributor to our transformation.

結果超出了預期，改造後的門市客流量更大、轉換率更高、交易額更高、新客戶更多，迄今為止，採用這種形式改造的門市銷售額成長了 25% 以上。截至目前，已有超過 55 家門市轉型，預計年底將有超過 80 家門市轉型，這項舉措正迅速成為我們轉型的基石和有意義的貢獻者。

And finally, we continue to harness the strength of our people. Our store teams are passionate brand ambassadors who represent the heart of the Journeys brand. And I've already spoken about the impressive results our field team is achieving with a stronger team at retail engaged in better selling behaviors and stepped-up customer engagement.

最後，我們將繼續發揮人民的力量。我們的商店團隊是充滿熱情的品牌大使，代表著 Journeys 品牌的核心。我已經談到了我們的現場團隊所取得的令人矚目的成果，我們擁有更強大的零售團隊，致力於改善銷售行為並加強客戶參與度。

With compelling product, clearer brand identity and a more elevated shopping experience, we are confident in the road ahead and the tremendous opportunity and value Journeys can unlock. Now turning to our outlook. We are encouraged with our results through the first half of the year, excited by the strong momentum during back-to-school, especially Journeys positively comping last year's positive results, and focused on driving improved sales and profits capitalizing on the larger volumes during the holidays.

憑藉引人注目的產品、更清晰的品牌形象和更高端的購物體驗，我們對未來的道路以及 Journeys 可以釋放的巨大機會和價值充滿信心。現在轉向我們的展望。我們對上半年的業績感到鼓舞，對返校期間的強勁勢頭感到興奮，尤其是 Journeys 與去年的積極業績相媲美，並專注於利用假期期間更大的銷量來提高銷售額和利潤。

Although we have performed at levels ahead of our expectations since the last time we gave guidance, we know we will have to absorb a second round of tariff increases and navigate through the uncertainty in the external consumer environment in the US and especially in the UK. Our overall comps have accelerated into the third quarter, but we are also mindful of the slower period between back-to-school and holiday.

儘管自上次給出指引以來，我們的業績表現超出了預期，但我們知道，我們必須承受第二輪關稅上調，並應對美國，尤其是英國外部消費環境的不確定性。我們的整體銷售額在第三季加速成長，但我們也注意到返校和假期之間的較慢時期。

While we are really pleased with the momentum and the opportunity in our business for the back half, with all these puts and takes, we are reiterating our full year adjusted EPS guidance range of $1.30 to $1.70. Sandra will take you through the details. We still have a lot of work to recapture our peak operating profit levels, but we expect fiscal '26 will be another step in the right direction.

雖然我們對下半年業務的勢頭和機會感到非常滿意，但考慮到所有這些利弊，我們仍重申全年調整後每股收益預期區間為 1.30 美元至 1.70 美元。 Sandra 將為您詳細介紹。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。

Before turning the call over, I'd like to thank our teams for their tremendous dedication and incredible execution, which is evident in all the efforts to mitigate tariffs and in the performance during back-to-school. This good work gives me confidence we will achieve continued success over the balance of the year and beyond.

在轉交電話之前，我要感謝我們的團隊所做的巨大奉獻和出色的執行力，這在所有降低關稅的努力以及開學期間的表現中都得到了體現。這項出色的工作讓我相信，我們將在今年餘下時間及以後繼續取得成功。

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

現在，卡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. In the second quarter, we were pleased to deliver our fourth consecutive quarter of positive comparable sales growth with top and bottom-line results exceeding our expectations. Both total revenue and comparable sales grew in the mid-single digits, resulting in operating leverage in SG&A. And we delivered better-than-expected operating results even with more margin pressure from the promotional UK market.

謝謝，咪咪。在第二季度，我們很高興地看到，我們的可比銷售額連續第四個季度實現正成長，營業收入和淨利潤都超出了我們的預期。總收入和可比銷售額均實現了中等個位數成長，從而帶來了銷售、一般及行政費用的營運槓桿。儘管英國市場促銷活動給利潤帶來更大壓力，但我們的經營業績仍優於預期。

Turning now to revenue. Total revenue for the quarter was $546 million, up 4% compared to last year, driven by overall comparable sales growth of 4%, reflecting 9% comps at Journeys, 1% comp growth at J&M, partially offset by 4% lower comps at Schuh. Store comps increased 5%, while direct comps improved 1% on top of high single-digit comp last year.

現在談談收入。本季總收入為 5.46 億美元，比去年同期增長 4%，主要由於整體可比銷售額增長 4%，其中 Journeys 銷售額增長 9%，J&M 銷售額增長 1%，但 Schuh 銷售額下降 4% 部分抵消了這一增長。門市同店銷售額成長了 5%，而直接同店銷售額在去年高個位數成長的基礎上又成長了 1%。

A favorable exchange rate in the UK helped offset an overall smaller store base. Gross margin for the quarter was 45.8%, down 100 basis points compared to last year. A more promotional environment at Schuh and the impact of higher tariffs and product liquidations at Genesco brands group in connection with the exit of the licenses were partially offset by margin expansion at J&M and Journeys.

英國有利的匯率有助於抵銷整體門市數量減少的影響。本季毛利率為45.8%，較去年同期下降100個基點。Schuh 的促銷環境增強，而 Genesco 品牌集團因許可證退出而產生的關稅上調和產品清算的影響，被 J&M 和 Journeys 的利潤率擴大部分抵消。

Overall SG&A expense was 48.4% of sales, leveraging 20 basis points year-over-year. Journeys delivered significant SG&A leverage of about 200 basis points on the strong comp results and our store fleet optimization efforts, showing the powerful leverage that is created in our operating model. The favorable leverage at Journeys was partially offset by Schuh's deleverage on their store comp decrease as well as an increase in brand awareness marketing across all of our banners.

整體銷售、一般及行政費用佔銷售額的 48.4%，較去年同期增加 20 個基點。憑藉強勁的業績和門市隊伍優化努力，Journeys 實現了約 200 個基點的顯著銷售、一般和行政費用槓桿，顯示了我們營運模式所創造的強大槓桿作用。Journeys 的有利槓桿率被 Schuh 對其門市同店銷售額下降的去槓桿率以及我們所有橫幅廣告的品牌知名度營銷的增加部分抵消。

Adjusted operating loss for the quarter was $14.3 million. As we highlighted in our first quarter call, we expected our operating loss for the second quarter to be more than last year's loss of $9.3 million, primarily due to the early impact of tariffs ahead of mitigation efforts and the pull forward of strategic marketing investments to support the critical back half selling period.

本季調整後的營業虧損為 1,430 萬美元。正如我們在第一季電話會議上所強調的那樣，我們預計第二季的營運虧損將超過去年的 930 萬美元，這主要是由於關稅在緩解措施之前的早期影響以及為支持關鍵的下半年銷售期而提前進行的策略行銷投資。

Adjusted diluted loss per share was $1.14, versus a per share loss of $0.83 a year ago. Turning to the balance sheet and capital allocation. Free cash flow for the quarter was $72 million, compared to $20 million in the same period last year. The increase is primarily attributable to the receipt of a US federal tax refund that was disclosed in our June 10-Q filing.

調整後每股攤薄虧損為 1.14 美元，去年每股虧損為 0.83 美元。轉向資產負債表和資本配置。本季自由現金流為 7,200 萬美元，去年同期為 2,000 萬美元。成長主要歸因於我們在 6 月 10-Q 報告中揭露的美國聯邦退稅。

The increase from the refund was partially offset by the ongoing ramp-up in capital spending to support remodels and other growth initiatives. Inventory for the quarter was up 11% to support higher back-to-school demand and reflects a better assortment of new and key products. We continue to expect positive free cash flow for the full year with improvement in the back half as profits improve and inventory growth moderates.

退款的增加部分被支持改造和其他成長計劃的資本支出的持續增加所抵消。本季庫存增加了 11%，以滿足更高的返校需求，並反映出新產品和關鍵產品的種類更加豐富。我們繼續預期全年自由現金流為正，隨著利潤改善和庫存成長放緩，下半年自由現金流將有所改善。

Capital expenditures for the quarter totaled $15 million, focused on store remodels, new stores, digital investments and other customer experience enhancement. We ended the quarter with 1,253 stores, opening 9 and closing 12. We now have 57 Journeys 4.0 stores. These stores continue to outperform across all key metrics: comps, traffic, conversion and average transaction size.

本季資本支出總計 1500 萬美元，主要用於門市改造、新店建設、數位投資和其他客戶體驗提升。本季末，我們共有 1,253 家門市，新開 9 家，關閉 12 家。我們現在有 57 家 Journeys 4.0 商店。這些商店在所有關鍵指標上繼續表現出色：同店銷售額、客流量、轉換率和平均交易規模。

We did not repurchase any shares in the quarter, but we did repurchase approximately 600,000 shares in the first quarter, approximately 5% of shares outstanding, leaving $29.8 million remaining under our current share repurchase authorization. Now turning to guidance. We remain confident in our ability to deliver on our full year operating income and EPS outlook despite the near-term headwinds, particularly from tariffs and consumer sentiment.

我們在本季沒有回購任何股票，但在第一季我們確實回購了約 60 萬股，約佔流通股的 5%，根據我們目前的股票回購授權，剩餘 2,980 萬美元。現在轉向指導。儘管近期面臨阻力，尤其是關稅和消費者情緒方面的阻力，但我們仍然有信心實現全年營業收入和每股盈餘預期。

We continue to execute against our key initiatives and are encouraged by the momentum we are seeing heading into the important back half of the year. For the full fiscal year, we are reiterating our adjusted EPS guidance of $1.30 to $1.70 as higher sales projections and better expense leverage are offset by increased gross margin pressure.

我們將繼續執行我們的關鍵舉措，並對進入重要的下半年所看到的勢頭感到鼓舞。對於整個財年，我們重申調整後的每股盈餘預期為 1.30 美元至 1.70 美元，因為更高的銷售預測和更好的費用槓桿被增加的毛利率壓力所抵消。

Our assumptions now include total revenue growth of 3% to 4%, compared to our prior guidance of up 1% to 2%; and comp sales growth of 4% to 5%, higher than the 2% to 3% growth we communicated last quarter as we now anticipate Journeys sales to be up mid-single digits as the first half momentum continues through the back half and holiday season.

我們現在的假設包括總收入增長 3% 至 4%，而我們之前的預測是增長 1% 至 2%；同店銷售額增長 4% 至 5%，高於我們上個季度傳達的 2% 至 3% 的增長，因為我們現在預計 Journeys 的銷售額將增長中等個位數，因為上半年的勢頭將持續到下半年和假期。

Gross margin is now expected to decline 50 basis points to 60 basis points year-over-year, compared to our previous estimate of down 20 basis points to 30 basis points, reflecting the first half deleverage some additional margin pressure at Schuh in the third quarter and the impact of the new round of higher tariffs. SG&A is now expected to leverage 80 basis points to 100 basis points as a percent of sales versus our prior expectation of 50 basis points to 70 basis points, reflecting leverage on the positive comp growth and benefits from our ongoing cost initiatives and store optimization efforts.

目前預計毛利率將年減 50 個基點至 60 個基點，而我們先前估計的下降幅度為 20 個基點至 30 個基點，這反映了上半年去槓桿、第三季 Schuh 的一些額外利潤壓力以及新一輪關稅上調的影響。目前預計銷售、一般及行政費用佔銷售額的百分比將達到 80 個基點至 100 個基點，而我們之前預期的是 50 個基點至 70 個基點，這反映了積極的可比增長以及我們正在進行的成本計劃和門店優化工作帶來的好處。

We continue to invest in the Journeys 4.0 remodel program, new stores, store refreshes at Schuh and J&M and digital investments, and expect our capital expenditures to be $55 million to $65 million. Average shares outstanding of approximately 10.6 million and an adjusted tax rate of 29% that excludes the impact of the One big beautiful bill.

我們將繼續投資 Journeys 4.0 改造計畫、新店、Schuh 和 J&M 的店鋪更新以及數位投資，預計我們的資本支出將達到 5,500 萬至 6,500 萬美元。平均流通股數約為 1,060 萬股，調整後的稅率為 29%，不包括「一項美麗大法案」的影響。

We expect the third quarter assumptions to be mostly aligned to our full year guidance assumptions. The strong back-to-school shopping period that accelerated into August is expected to drive a total sales increase of 3% to 4%. We expect approximately 50 basis points to 70 basis points of gross margin deleverage on improvement from the 100 basis points of deleverage in the first half.

我們預計第三季的假設將與我們的全年指導假設基本一致。8 月強勁的返校購物熱潮預計將推動總銷售額成長 3% 至 4%。我們預計，毛利率去槓桿率將在上半年 100 個基點的基礎上改善，下降約 50 至 70 個基點。

This reflects the continued pressure at Schuh and lower margins in our Genesco Brands Group, driven by higher tariffs and clearance of product as we work to complete the exit of certain licenses. Finally, we expect SG&A to leverage a little over 100 basis points even with the higher brand awareness marketing in the quarter, resulting in adjusted earnings per share that is $0.15 to $0.30 higher than last year.

這反映了 Schuh 持續面臨的壓力以及 Genesco Brands Group 利潤率的下降，這是由於我們在努力完成某些許可證的退出過程中產品關稅和清關上調所致。最後，即使本季品牌知名度行銷更高，我們預計銷售、一般及行政費用 (SG&A) 的使用率仍將略高於 100 個基點，從而導致調整後的每股收益比去年高出 0.15 美元至 0.30 美元。

As always, we remain focused on execution and flexibility in the face of macroeconomic uncertainty and are confident in our long-term opportunity to deliver value for shareholders.

像往常一樣，面對宏觀經濟的不確定性，我們仍然專注於執行和靈活性，並對我們為股東創造價值的長期機會充滿信心。

And now I'll turn the call back to the operator.

現在我將把電話轉回給接線生。

(Operator Instructions) Mitch Kummetz, Seaport Global Securities.

（操作員指示） Mitch Kummetz，Seaport Global Securities。

I've got maybe a handful. Mimi, I want to start by asking you about the product at Journeys. That's something that really kind of got going in earnest a year ago for back-to-school. And it sounds like you guys are performing very well for back-to-school this year. And I'm just kind of curious, how would you assess the assortment today versus kind of where it stood for back-to-school last year, just in terms of maybe kind of your access and allocations? And sort of any kind of color there would be helpful.

我可能有一把。Mimi，首先我想問您關於 Journeys 的產品的情況。這是一年前為了開學而認真進行的活動。聽起來你們今年的開學表現非常出色。我只是有點好奇，您如何評價今天的商品種類與去年開學時的商品種類相比，就您的訪問和分配而言？任何一種顏色都會有幫助。

Mitch, thanks for your question, and thanks for joining us this morning. And you're right that we have been spending a lot of time on product for Journeys. And what we've seen is that our teen is embracing just more diversified fashion and more styles. And so we have been leaning into that. There's more in their closets these days and Journeys is well positioned to take advantage of this.

米奇，感謝您的提問，也感謝您今天早上加入我們。您說得對，我們在 Journeys 產品上花費了大量時間。我們看到，我們的青少年正在接受更多樣化的時尚和更多的風格。因此我們一直傾向於此。如今，他們的衣櫃裡有更多衣服，而 Journeys 則有充分的條件來利用這一點。

And so we have been working on the assortment. The way I've described it is that we've got three legs of the stool. We've got casual, we've got canvas and we also have athletic. Last year, when there was a shift in fashion into this more diversified assortment, our merchants did a truly incredible job of chasing products quickly for back-to-school and holiday. Lead times, as you know, are six-plus months.

因此我們一直致力於產品分類。我是這樣描述的：我們有三條凳子腿。我們有休閒裝、帆布裝，還有運動裝。去年，當時尚轉向更加多樣化的商品種類時，我們的商家在快速追蹤返校和假期產品方面做得非常出色。如您所知，交貨時間為六個月以上。

And this year we've had more time to build on the strength that we saw last year. The results for us have been good. Six brands are up double digits. We are broader and deeper in the assortment that's really selling. We've been elevating price points. We've got a lot to pick from. It's not just one or two brands. And so it is -- this year, the opportunity was to just lean into the things that were working and to build on the strength.

今年，我們有更多的時間來鞏固去年所取得的成就。對我們來說結果是好的。六個品牌的銷售量均出現兩位數成長。我們真正熱銷的商品種類更廣泛、更深入。我們一直在提高價格點。我們有很多東西可以選擇。這不僅僅是一兩個品牌。事實確實如此——今年的機會就是依靠正在發揮作用的事情並增強實力。

And then you also mentioned in your prepared remarks that you're now targeting a wider audience at Journeys. I think you said that maybe the TAM there is sort of like six times to seven times where Journeys kind of was historically. You ran through some of the initiatives there. But I'm curious, like where are you in the process of kind of rolling those things out? And how do you see that kind of impacting the business over the balance of the year, particularly for holiday?

然後，您在準備好的發言中也提到，您現在的目標是 Journeys 的更廣泛的受眾。我想您說過，也許那裡的 TAM 有點像 Journeys 歷史上的六到七倍。您在那裡介紹了一些舉措。但我很好奇，你們在推廣這些東西的過程中處於什麼階段？您認為這會對全年的業務，特別是假期業務產生什麼影響？

When we were looking at Journeys and the repositioning of Journeys overall, we conducted quite a battery of market research. And this is where we found that we could serve not only the customer that Journeys traditionally has been good at surveying, but also that wider audience that is interested in style, some who are faster style adopters and some who really want to be on trend but wait a while to lean into the trend.

當我們審視旅程以及旅程的整體重新定位時，我們進行了大量的市場調查。我們發現，我們不僅可以服務 Journeys 傳統上擅長調查的客戶，還可以服務於對風格感興趣的更廣泛的受眾，其中一些是更快的風格採用者，而另一些人確實想趕上潮流，但要等待一段時間才能適應潮流。

And so the excitement we have about this broader market has informed the strategy and how we're going at putting Journeys' initiatives together. And so while we did have product to serve this customer, I think this customer didn't really understand that we had that product. And so we are in very early days. The first push around Journeys was to go after better product and a better assortment.

因此，我們對這個更廣泛市場的興奮為我們的策略以及我們如何整合 Journeys 的計劃提供了資訊。因此，雖然我們確實有產品可以服務該客戶，但我認為該客戶並不真正了解我們有該產品。因此我們還處於非常早期的階段。Journeys 的首要目標是追求更好的產品和更好的分類。

And beyond that, we are -- we have developed much broader marketing strategies that speak to this wider group of audience. I spoke about our Life on Loud campaign that's going to launch in a couple of weeks. And that's to let the customer know what's new in Journeys and to reach this broader audience. We've got store remodels, which are the most visible sign of what's happening within Journeys and speaks to this customer as well.

除此之外，我們也制定了更廣泛的行銷策略，以吸引更廣泛的受眾。我談到了我們將在幾週後啟動的「大聲生活」活動。這是為了讓客戶了解 Journeys 中的新內容並接觸更廣泛的受眾。我們對商店進行了改造，這是 Journeys 內部正在發生的事情最明顯的標誌，同時也向客戶傳達了訊息。

So in terms of where are we, we're in very early days of broadening the customer opportunity. We have been attracting a broader set of customers into our 4.0 remodels, but we've started this initiative less than a year ago. So early days and much more to come.

因此，就我們所處的位置而言，我們正處於擴大客戶機會的早期階段。我們一直在吸引更廣泛的客戶參與我們的 4.0 改造，但我們開始這項計劃不到一年。這只是開始，未來還有更多。

Great. And then if I heard you correctly, I believe you said that Journeys is running double-digit comp through early 3Q. Is that -- did I hear you correctly, first of all? And then can you kind of remind us what that business was doing around the same period last year? I guess what I'm really ultimately trying to understand is if maybe like the two-year stack on Journeys in early 3Q has got sort of a two handle on it.

偉大的。如果我沒聽錯的話，我相信您說過 Journeys 在第三季初的業績將達到兩位數。那是——首先，我聽清楚了嗎？然後您能否提醒我們一下去年同期該業務的狀況？我想我最終真正想了解的是，是否像第三季初的 Journeys 上的兩年堆疊那樣，有兩種處理方式。

I'm excited to say you did hear me correctly, Mitch. Journeys is running double-digit comps through early Q3, which is really the heart of back-to-school, big volume times for us. And if you remember, last year, we started working on the assortment in -- at the beginning of the year. It takes about six months. We started to see comps turn in July.

我很高興地說你確實聽清了我的話，米奇。Journeys 在第三季初期的業績一直保持兩位數成長，這對我們來說確實是開學季、銷售量大的時候。如果您還記得的話，去年年初我們就已經開始著手進行產品分類了。大約需要六個月的時間。我們從七月開始看到業績出現好轉。

But when we hit the third quarter, we were running double-digit comps through back-to-school. So it's a double-digit comp on top of the double-digit comp. Really just tremendous work on the part of our merchant team. And the execution in the stores on back-to-school has really led to this great result.

但當我們進入第三季時，我們在開學期間的成績就達到了兩位數。因此，這是兩位數的比較之上的兩位數的比較。我們的商家團隊確實做出了巨大的努力。商店在開學季的執行確實帶來了這一出色的成果。

And then maybe lastly for me, on Schuh. So again, I just wanted to get a confirmation. It sounds like, even though Schuh was negative comp in the quarter, it sounds like July was positive and that's continued into August. I know you're expecting continued gross margin pressure on Schuh in the third quarter, but have you seen any uptick in like the merch margin at Schuh on better comps as well?

對我來說也許最後一個是關於 Schuh 的。所以，我只是想再確認一下。聽起來，儘管舒爾在本季度的業績為負，但七月份的業績似乎為正，並且這種勢頭一直持續到八月份。我知道您預計 Schuh 在第三季將繼續面臨毛利率壓力，但您是否看到 Schuh 的商品利潤率在更好的同店銷售中出現上升？

Yes. So we were coming off of a couple of positive quarters of Schuh comps really as a result of our strategic efforts to target a customer very similar to the Journeys customer, with a range of initiatives that we've been implementing. We were surprised at how much traffic fell off. The UK customer just really stopped shopping in May and June for footwear. And so that was demonstrated by much lower traffic into our stores.

是的。因此，我們取得了 Schuh 同店銷售額連續幾個季度呈現積極增長的成績，這實際上得益於我們為瞄準與 Journeys 客戶非常相似的客戶而做出的戰略努力，以及我們一直在實施的一系列舉措。我們對流量下降的幅度感到驚訝。英國消費者在五月和六月實際上已經停止購買鞋類產品。這體現在我們商店的客流量大幅下降。

And so our team at Schuh responded quickly, and we are in a moment in time when the customer, when there's a need to come out and shop or a reason, that they come out and shop. And so we took advantage of that in July and then into August. So comps have improved. But some of that has been through attracting the customer through more promotional activity, certainly, in the second quarter.

因此，Schuh 的團隊做出了快速反應，當顧客需要出來購物或有理由出來購物時，我們就會及時做出反應。因此我們在 7 月和 8 月充分利用了這一點。因此，業績有所改善。但其中一些是透過在第二季度透過更多的促銷活動來吸引客戶來實現的。

In the third quarter, we have lifted off on that, but the market itself is quite promotional. And so when the market was flat in May and June, competition responded pretty quickly, and that created the dynamic in the market. We did a lot to clean up inventory, but we are just still looking to see whether or not -- what competition does for the back part of the year. We do expect, Mitch, that it's just going to continue to be volatile in the UK market through the back part of the year.

在第三季度，我們已經開始實現這一目標，但市場本身的促銷力道相當大。因此，當五月和六月市場穩定時，競爭對手的反應相當迅速，這就產生了市場活力。我們做了很多工作來清理庫存，但我們仍在觀察今年下半年的競爭。米奇，我們確實預計，今年下半年英國市場將持續動盪。

Joseph Civello, Truist Securities.

約瑟夫·西維洛（Joseph Civello），Truist 證券公司。

Congrats on a great quarter. Now you guys mentioned some new brand introductions and reintroductions that we talked about last time. Just wanted to see if we could get some more color on how those are scaling and performing.

恭喜本季取得優異成績。現在你們提到了我們上次討論過的一些新品牌的推出和重新推出。只是想看看我們是否可以更詳細地了解它們的擴展和性能。

Sure. So I was speaking a bit about our product strategy, and the newness is definitely a part of this overall strategy. The new brands have been really impactful in terms of our customers' reaction and validating Journeys in categories that we have not had historical strength. So it's really important part of this. Lifestyle running is a great example of a category that's important to our teen customer.

當然。所以我談了一下我們的產品策略，新穎性絕對是整個策略的一部分。新品牌對我們客戶的反應產生了很大的影響，並驗證了我們歷史上不具備實力的類別中的旅程。所以這是非常重要的部分。生活方式跑步是對我們的青少年顧客來說很重要的一個類別的一個很好的例子。

And our portfolio of brands really just shows our commitment to this category and trend development. So that's part of what we are doing with this new brand introduction, is that we've got to have the complement of brands that our teen is looking for. In terms of comps, they don't start out as major revenue plays. We introduced these brands and they start by just really checking the relevancy box for us.

我們的品牌組合確實體現了我們對這個類別和趨勢發展的承諾。所以這就是我們推出這個新品牌所做的事情之一，我們必須擁有青少年所尋找的品牌。就可比公司而言，它們一開始並不是主要的收入來源。我們介紹了這些品牌，他們首先只是檢查了我們的相關性。

And they do become revenue over time. We're pleased with our assortment from our new partners. I'm just going to -- one brand, we don't usually talk about brands, but I did talk about us introducing Hoka, and we introduced them into a handful of our Journeys stores. And then are building upon that for the back part of the year and into next year.

隨著時間的推移，它們確實會成為收入。我們對新合作夥伴提供的產品組合感到非常滿意。我只是想——一個品牌，我們通常不談論品牌，但我確實談到了我們推出 Hoka，並且我們將它們引入了我們的一些 Journeys 商店。然後在此基礎上為今年下半年和明年做好準備。

It's just an important part of the product development process. We have an incredible testing ground for product. Our brands want to fit on the shelf next to their competition and really see how they will perform with our really attractive teen customer and that teen girl, especially. And so new products, the opportunity to be able to bring them right to the consumer is what our brands and we are interested in doing.

這只是產品開發過程中的一個重要部分。我們擁有一個令人難以置信的產品試驗場。我們的品牌希望在貨架上與競爭對手相媲美，並真正了解它們在我們真正有吸引力的青少年顧客，尤其是少女中的表現如何。因此，將新產品直接帶給消費者的機會正是我們和我們的品牌所感​​興趣的。

Got it. Yes, makes sense. And then just one more for me. Now the better product access seems to be driving a meaningful lift for ASPs, but also does open up the opportunity for you guys to serve a much larger customer base. So just thinking about that, like how should we be looking at longer-term ticket and transaction dynamics?

知道了。是的，有道理。然後我再說一次。現在，更好的產品存取似乎正在為 ASP 帶來有意義的提升，同時也為你們服務更大的客戶群創造了機會。所以想想看，我們該如何看待長期票務和交易動態？

It's a great question, Joe. And product elevation has been important for us. And the elevated environment that we are creating is helping to reinforce that. And I think traditionally, Journeys has been really strong on the casual side, and we continue to drive strength on casual across sandals, across boots, across just footwear in general, and are elevating price points there for sure.

喬，這個問題問得很好。產品升級對我們來說非常重要。我們正在創造的高尚環境有助於強化這一點。我認為，從傳統上來說，Journeys 在休閒方面一直非常強大，我們將繼續在休閒涼鞋、靴子以及一般鞋類方面發力，並且肯定會提高這些產品的價格點。

What we always thought is that: could we be as successful with elevated price points on the athletic side? And so our Journeys team, in particular, has strength on the athletic side. And so we've been doing a lot to enhance and increase the assortment, and to bring into the assortment athletic product at the same level where our casual assortment has been. And so we saw some of the increases last year.

我們一直在想：透過提高運動方面的定價，我們還能取得同樣的成功嗎？因此，我們的 Journeys 團隊在運動方面尤其具有實力。因此，我們一直在努力增強和增加產品種類，並將運動產品種類提升到與休閒產品種類相同的水平。因此，我們看到去年出現了一些增長。

We're actually comping on top of the ASP increases. And we'll keep going until we get to the right level. Interestingly, the consumer in this environment is stretching to reach price points for must-have product. In prior times when consumers have been stretched, they've gravitated to lower price point products. And that's just not the case this time.

我們實際上正在根據 ASP 的成長進行競爭。我們會繼續努力，直到達到正確的水平。有趣的是，在這種環境下，消費者正竭盡全力達到必備產品的價格點。以前，當消費者手頭拮据時，他們會傾向於購買價格較低的產品。但這次的情況不同。

Mantero Moreno-Cheek, Jefferies.

曼特羅·莫雷諾-奇克，傑弗里斯。

I'm happy to hear that the 4.0 stores are performing well. I'd just like to know, was there anything else we should know about the remodel stores and the 4.0 performance?

我很高興聽到 4.0 商店表現良好。我只是想知道，關於改造商店和 4.0 性能我們還應該了解什麼嗎？

Mantero, thanks for joining us. So we started with the 4.0 in October of last year, and so it has been a relatively short time frame in terms of the time that we've been implementing this initiative. However, we've been very pleased with the success of the 4.0s. We are up to 55 stores. Our team has done a phenomenal job of rolling out the 4.0s.

Mantero，感謝您加入我們。我們從去年 10 月開始推出 4.0 版本，因此就我們實施此計劃的時間而言，時間相對較短。不過，我們對4.0的成功感到非常高興。我們的門市數量已經達到55家。我們的團隊在推出 4.0 方面做得非常出色。

We've been opening a handful of new stores as well. These 4.0s are a really nice design aesthetic. If you haven't seen one, you should definitely go and check it out. But it is an environment that advances where Journeys has been, but it retains the Journeys DNA. And so it's a good combination. We've been able to hang on to customers that we have traditionally served, but we are attracting more new customers into the 4.0 design.

我們也開設了一些新店。這些 4.0 確實具有很好的設計美感。如果你還沒看過，你一定要去看看。但這是一個在 Journeys 曾經存在的地方不斷進步的環境，但它保留了 Journeys 的 DNA。所以這是一個很好的組合。我們能夠留住傳統服務的客戶，但我們正在吸引更多新客戶加入 4.0 設計。

And so our plans are to have more than 80 stores open by the end of the year. And that's a substantial part of our fleet. We've been concentrating on the top 250 locations which have the highest volume. And so it's a real needle mover if you think about it, that it's going to be at 10% of our Journeys base. And I said they were comping at 25%-plus levels.

因此，我們的計劃是在今年年底開設 80 多家商店。這是我們艦隊的重要組成部分。我們一直專注於交易量最高的前 250 個地點。如果你仔細想想，這將會是一個真正的推動力，它將占到我們旅程基礎的 10%。我說他們的競爭水平在 25% 以上。

We don't yet know how we'll anniversary beyond that, but we see some additional growth with the additional customer base. And then from there, we could certainly do 100 stores a year over the next couple of years and effect a large portion of the overall fleet. So we're excited to see where we are and see that there's good opportunity over the next few years to continue to drive comps as a result of these remodels.

我們尚不清楚未來將如何發展，但隨著客戶群的增加，我們看到了一些額外的成長。然後從那時起，我們肯定可以在未來幾年內每年開設 100 家門市，並影響整體門市數量的很大一部分。因此，我們很高興看到我們現在所處的狀況，並且看到未來幾年透過這些改造有良好的機會繼續推動同店銷售。

The last thing I would say is that 4.0s also opened up an opportunity for us to think about much larger store locations. Because of the strength of these stores, we're thinking about, do we take a store that's -- a $1.5 million store and move it to a $3 million store? Do we take a $2 million store and move it to a $4 million store? And so it's just opened up a lot of avenues. We can showcase our brands within these locations.

最後我想說的是，4.0 也為我們考慮更大的商店位置提供了機會。由於這些商店的實力，我們正在考慮，是否要將一家價值 150 萬美元的商店轉變為價值 300 萬美元的商店？我們要把一家價值 200 萬美元的商店改造成價值 400 萬美元的商店嗎？因此它開闢了很多途徑。我們可以在這些地方展示我們的品牌。

We can tell better product stories. There's just a lot of good that's coming out of these 4.0s and a lot to build on.

我們可以講述更好的產品故事。4.0 帶來了許多好處，還有很多可以藉鏡的地方。

And then I guess -- I know you noted that Schuh will be volatile in the second half. Was there anything else to add on the outlook for the UK market for this holiday season?

然後我想——我知道你注意到舒赫在下半年會表現不穩定。關於這個假期英國市場的前景還有什麼要補充的嗎？

Yes. So I did talk about that and I did talk about how we were surprised at the traffic over the early part of the summer. That does seem to have stabilized over the course of back-to-school. But what we anticipate will happen is that between back-to-school and holiday, there's usually a trough where the consumer is more quiet. And so we are -- absolutely have moved into action to address the back part of the year for Schuh.

是的。所以我確實談到了這一點，也談到了我們對初夏的交通狀況感到驚訝。開學期間，這一情況似乎已經穩定下來。但我們預計，在開學和假期之間，通常會出現一個消費者較為平靜的低谷期。因此，我們已經採取行動來解決 Schuh 今年下半年的問題。

We are working on bringing in even a stronger assortment for the back part of the year. We've placed a lot of our buys, but the Schuh market works -- the UK market works a little bit differently where we can pick up product. And so we'll be working with our vendor partners to ensure that we can pick up product. We are a full-price retailer. We don't -- we really don't want to discount product.

我們正在努力在今年下半年推出更強大的產品系列。我們已經進行了很多採購，但 Schuh 市場與英國市場的運作方式略有不同，我們可以從英國市場購買產品。因此，我們將與我們的供應商合作夥伴合作，以確保我們能夠獲得產品。我們是一家正價零售商。我們真的不想打折銷售產品。

We want to have must-have product that we can sell. And so we do our all to make sure that we don't have to get dragged into the promotional activity that our competitors trigger off. And so we will be focused on finishing the execution through back-to-school. We'll be focused on the product assortment, which is going to be the best antidote to what's happening in the market for the back part of the year.

我們希望擁有可以銷售的必備產品。因此，我們竭盡全力確保自己不會被捲入競爭對手所發起的促銷活動。因此，我們將專注於在返校期間完成這項任務。我們將專注於產品分類，這將是應對今年下半年市場狀況的最佳良方。

We're focused on store execution. We are really eliminating any discounting that is not accretive. And so I think that's really the outlook for the market. We expect it to continue to be choppy.

我們專注於商店執行。我們確實正在消除任何不具有增值的折扣。所以我認為這確實是市場的前景。我們預計市場將繼續波動。

And I guess one more for me. I'm happy to hear about the growth potential for the Wrangler partnership. Are you looking to add more partnerships and do more licensing? Is there anything else I need to know about the opportunity there?

我想對我來說還有一個。我很高興聽到有關牧馬人合作夥伴關係的成長潛力。您是否希望增加更多的合作關係並獲得更多許可？關於那裡的機會我還需要知道什麼嗎？

Sure. The Genesco Brands Group business, this year we've been talking about that we decided to focus on fewer licenses and drive the profitability of the remaining ones. And adding Wrangler, we are just thrilled with this overall partnership with Kontoor Brands. It's a legendary denim and lifestyle brand. I can't think of a more exciting brand opportunity. We've got men's, women's and children's.

當然。關於 Genesco Brands Group 業務，我們今年一直在談論，我們決定專注於更少的許可證，並提高剩餘許可證的獲利能力。加上 Wrangler，我們對與 Kontoor Brands 的全面合作感到非常興奮。這是一個傳奇的牛仔和生活方式品牌。我想不出還有比這更令人興奮的品牌機會。我們有男裝、女裝和童裝。

Wrangler's signature rugged look will be part of our assortment. There's so much breadth in terms of what we can do with this brand with footwear. It's going to -- where our initial collection is going to be a blend of the classic Wrangler inspired designs and also some more trend-driven styles, we can deliver Western-inspired silhouettes, workwear, casual lifestyle footwear. There's just so many different vectors of growth for Wrangler and this product.

牧馬人 (Wrangler) 標誌性的粗獷外觀將成為我們產品系列的一部分。就鞋類產品而言，我們可以為這個品牌提供非常廣泛的選擇。我們的初始系列將融合經典的 Wrangler 風格設計和一些更受潮流驅動的風格，我們可以提供西方風格的輪廓、工作服、休閒生活方式鞋類。Wrangler 和這款產品擁有許多不同的成長方向。

We've got a strong team at Genesco Brands Group. We've been looking for more things for them to do. We think we will have our hands full in the near term just getting Wrangler off the ground. There's not much footwear presence at all for Wrangler today. And as large as the Wrangler apparel brand is, we think that there will be a great complement for footwear.

Genesco Brands Group 擁有一支強大的團隊。我們一直在尋找更多的事情讓他們去做。我們認為，短期內我們將忙於 Wrangler 的啟動。如今，Wrangler 的鞋類產品並不多。由於 Wrangler 服裝品牌規模龐大，我們認為其鞋類產品將是一個很好的補充。

So stay tuned. Certainly, we've got a portfolio. We've got great capabilities. We're looking to put in place larger opportunities rather than the smaller ones that we've had before.

敬請關注。當然，我們有投資組合。我們擁有強大的能力。我們希望創造更大的機會，而不是像以前那樣創造較小的機會。

Thank you. We reach the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Great. Thanks for joining today. I hope everybody has a great holiday. And look forward to speaking to you on our next quarterly call.

偉大的。感謝您今天的加入。我希望每個人都度過一個愉快的假期。並期待在下次季度電話會議上與您交談。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We do thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，享受美好的一天。我們非常感謝您今天的參與。