Movado Group Inc (MOV) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to Movado Group, Inc. first-quarter fiscal year 2025 earnings conference call.

大家好，歡迎參加摩凡陀集團 2025 財年第一季財報電話會議。

As a reminder, today's call is being recorded and may not be reproduced in full or in part without permission from the company.

謹此提醒，今天的通話內容正在錄音中，未經公司許可不得全部或部分複製。

At this time, I would like to turn the conference over to Cody McAllister of ICR.

現在，我想將會議交給 ICR 的 Cody McAllister。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

With me on the call is Efraim Grinberg, Chairman and Chief Executive Officer; and Sallie DeMarsilis, Executive Vice President, Chief Operating Officer and Chief Financial Officer.

與我一起參加電話會議的是董事長兼執行長 Efraim Grinberg；以及執行副總裁、營運長兼財務長薩莉‧德馬西利斯 (Sallie DeMarsilis)。

Before we get started, I would like to remind you of the company's Safe Harbor language, which I'm sure you're all familiar with.

在我們開始之前，我想提醒您公司的安全港語言，我相信您都熟悉它。

The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

本次電話會議所包含的陳述並非歷史事實，可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC, which includes today's press release.

由於存在許多風險和不確定性，未來的實際結果可能與此類聲明中建議的結果存在重大差異，所有這些都在該公司向 SEC 提交的文件（包括今天的新聞稿）中進行了描述。

If any non-GAAP financial measure is used on this call, a presentation of the most directly comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release.

如果本次電話會議使用任何非 GAAP 財務指標，則將在我們的新聞稿中提供與該非 GAAP 財務指標最直接可比較的 GAAP 財務指標作為補充財務資訊。

Now, I would like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.

現在，我想將電話轉給摩凡陀集團董事長兼執行長 Efraim Grinberg。

Thank you, Cody.

謝謝你，科迪。

Good morning, and welcome to Movado Group's first quarter conference call.

早安，歡迎參加摩凡陀集團第一季電話會議。

With me today is Sallie DeMarsilis, our COO and CFO.

今天和我在一起的是我們的營運長兼財務長薩莉‧德馬西利斯 (Sallie DeMarsilis)。

After I review our progress on our strategic growth initiatives, Sallie will review our financial results in greater detail.

在我回顧我們策略性成長計畫的進展後，薩莉將更詳細地回顧我們的財務表現。

We would then be glad to answer any questions you might have.

我們很樂意回答您可能提出的任何問題。

Our results for the first quarter were in line with expectations -- with our expectations.

我們第一季的業績符合預期—符合我們的預期。

Sales declined by 5.7% to $136.7 million and operating income was $3.3 million versus $10.9 million last year.

銷售額下降 5.7%，至 1.367 億美元，營業收入為 330 萬美元，去年為 1,090 萬美元。

When we reported fiscal 2024 results in March, we shared our new investment growth strategy in which we would utilize our strong balance sheet and cash position to invest behind our brands and drive growth in our biggest and most important markets.

當我們在3 月報告2024 財年業績時，我們分享了新的投資成長策略，其中我們將利用我們強大的資產負債表和現金狀況來投資我們的品牌，並推動我們最大和最重要市場的成長。

We mentioned that we would see an impact to profitability in the short term, but over time, these investments would help build a strong foundation for driving long-term sustainable sales and profitable growth.

我們提到，短期內我們會看到對獲利能力的影響，但隨著時間的推移，這些投資將有助於為推動長期永續銷售和獲利成長奠定堅實的基礎。

We're already making progress on these initiatives, which will enable us to drive accelerating growth throughout the year.

我們已經在這些舉措上取得了進展，這將使我們能夠推動全年加速成長。

We are building cohesive storytelling and messaging across our brand portfolio.

我們正在整個品牌組合中打造有凝聚力的故事講述和訊息傳遞。

As the year progresses, we will amplify our marketing investments and support key growth drivers for our brands, particularly in the second half of the year.

隨著時間的推移，我們將加強行銷投資並支持我們品牌的關鍵成長動力，特別是在下半年。

During the first quarter, we continued to exercise strong discipline on our balance sheet, ending the quarter with $225.4 million of cash and no debt.

第一季度，我們繼續嚴格控制資產負債表，季度末現金為 2.254 億美元，無債務。

I would now like to share some brand and regional highlights for the quarter, along with some of the key initiatives that we are working on for the balance of the year.

我現在想分享本季的一些品牌和區域亮點，以及我們在今年餘下時間裡正在進行的一些關鍵舉措。

Last year, we began rolling out a brand refresh from Movado, our biggest and most important owned brand.

去年，我們開始對我們最大、最重要的自有品牌摩凡陀進行品牌更新。

I would like to share with you some of the progress that we have made and some of the significant steps that we will be taking throughout the year, as we continue in this journey.

我想與大家分享我們在這趟旅程中所取得的一些進展以及我們將在這一年中採取的一些重要步驟。

This spring, we launched our new Movado TV commercial, further building our brand image, supporting our iconic Museum Classic chronograph for him and our iconic Museum Classic for her.

今年春天，我們推出了新的摩凡陀電視廣告，進一步塑造了我們的品牌形象，支持我們為男士設計的標誌性博物館經典計時碼表和為女士設計的標誌性博物館經典腕錶。

This campaign is intended to support -- important to support important gifting moments during the spring, such as Mother's Day, Father's Day and graduations.

該活動旨在支持春季重要的送禮時刻，例如母親節、父親節和畢業典禮。

We also launched our new Bold Quest collection, supported by a strong digital campaign in both still life and video.

我們還推出了新的 Bold Quest 系列，並得到了強大的靜物和視訊數位行銷活動的支持。

Bold Quest is one of our most successful launches ever, and we are extremely excited by it.

Bold Quest 是我們有史以來最成功的產品之一，我們對此感到非常興奮。

As we move through the year, we will round out the collection with the addition of smaller sizes, chronographs and automatic versions.

隨著時間的推移，我們將推出更小尺寸的腕錶、計時碼錶和自動腕錶，以完善該系列。

We are confident that the Bold Quest collection will quickly grow into one of our most important collections.

我們相信 Bold Quest 系列將迅速成長為我們最重要的系列之一。

We are also continuing to drive our 360-degree messaging for the Movado brand, with a new look at the point -- at point of sale that will launch in the second half and new iconic packaging as well.

我們也將繼續推動摩凡陀品牌的 360 度訊息傳遞，並在下半年推出新的銷售點和新的標誌性包裝。

The final piece of the puzzle in support of the Movado brand refresh is our biggest advertising campaign ever, which is planned to launch in September.

支持摩凡陀品牌更新的最後一塊拼圖是我們有史以來規模最大的廣告活動，計劃於 9 月啟動。

This campaign will feature distinctly accomplished brand ambassadors, who are masters of their craft, and who embody the excellence, quality and distinctive image of the Movado brand.

這場活動將邀請才華洋溢的品牌大使，他們都是各自領域的大師，體現了摩凡陀品牌的卓越、品質和獨特形象。

Although most of our Movado brand building efforts have not even launched yet, we're already seeing early results from the initial stages of our brand refresh.

儘管我們的大部分摩凡陀品牌建立工作尚未啟動，但我們已經看到了品牌更新初始階段的早期成果。

Our movado.com direct-to-consumer platform was up double digits for the first quarter with momentum continuing into the second quarter.

我們的 movado.com 直接面向消費者平台在第一季實現了兩位數成長，這一勢頭持續到第二季​​度。

We are beginning to see improved results in our department store channel as well.

我們也開始看到百貨公司通路的業績有所改善。

These early successes make us eager to see the full impact of our Movado brand building efforts, as they roll out over the rest of the year.

這些早期的成功讓我們渴望看到摩凡陀品牌建立工作在今年餘下時間推出時所產生的全面影響。

We had planned our Movado company stores to be down for the first half, as we didn't anniversary certain programs this spring.

我們原計劃上半年關閉摩凡陀公司商店，因為今年春天我們沒有慶祝某些活動。

We would expect that our outlet business will return to growth in the second half, which should benefit from our new exciting advertising campaign in support of the Movado brand.

我們預計我們的直銷業務將在下半年恢復成長，這將受益於我們支持摩凡陀品牌的新的令人興奮的廣告活動。

In our Licensed Brand division, sales were down 4.8% during the quarter.

在我們的授權品牌部門，本季銷售額下降了 4.8%。

We expect results to improve throughout the year with a return to growth for the 12 months.

我們預計全年業績將有所改善，並在 12 個月內恢復成長。

We're seeing particular strength in our licensed brand jewelry business.

我們看到我們的授權品牌珠寶業務特別有實力。

In Hugo Boss, we are focused on two key families for him, the Candor Automatic and the Skytraveller Chronograph, a fresh interpretation of a classic.

在 Hugo Boss 中，我們將重點放在他的兩個重要係列：Candor 自動腕錶和 Skytraveller 計時腕錶，這是對經典的全新詮釋。

We're also featuring Lucy, a beautiful new tank for her in our spring advertising campaign with Suki Waterhouse.

我們還在與 Suki Waterhouse 合作的春季廣告活動中展示了露西 (Lucy)，這是一款為她打造的漂亮新背心。

In Tommy Hilfiger, we continue to stand behind our elevated TH 85 collection, which was launched late last year with an automatic family further communicating our support of mechanical watches across our brand portfolio.

在 Tommy Hilfiger，我們繼續支持我們的高級 TH 85 系列，該系列於去年年底推出，其中包含一個自動系列，進一步傳達了我們對整個品牌組合中機械手錶的支持。

This spring, we are launching a GMT model featuring a Swiss movement.

今年春天，我們推出了採用瑞士機芯的 GMT 型號。

We're also launching the new Steward watch, a classic multifunction model at $179.

我們還推出了新款 Steward 手錶，這是一款經典的多功能型號，售價 179 美元。

In Coach, we are excited to launch our new advertising campaign for him with basketball superstar, Jayson Tatum.

在 Coach 中，我們很高興與籃球巨星傑森·塔圖姆 (Jayson Tatum) 合作為他推出新的廣告活動。

Jayson is currently featured wearing our new Jackson Chronograph.

傑森目前戴著我們新款傑克遜計時碼錶。

To further strengthen our presence in men's watches this spring, we are introducing our (inaudible) automatic collection starting at $295.

為了進一步加強我們在今年春季男士手錶領域的影響力，我們推出了（聽不清楚）自動腕錶系列，起價為 295 美元。

We continue to see strong results in the US with momentum in our department store and Amazon channels, led by out Carrie and Elliott families.

在 Carrie 和 Elliott 家族的帶領下，我們在美國的百貨公司和亞馬遜頻道繼續取得強勁業績，勢頭強勁。

Lacoste continues to perform very well, and we are excited by the continued development of our Boston family and the iconic 12.12 family.

Lacoste 繼續表現出色，我們對 Boston 系列和標誌性 12.12 系列的持續發展感到興奮。

We are seeing strong growth in our jewelry collection, which continues to show increasing penetration at point of sale, and we have an exciting pipeline of new products coming for the second half of the year.

我們看到我們的珠寶系列強勁成長，其在銷售點的滲透率不斷提高，並且我們將在今年下半年推出一系列令人興奮的新產品。

In our third full year with the Calvin Klein brand, we continue to be excited by the potential of this great brand in both watches and jewelry.

今年是 Calvin Klein 品牌的第三個完整年頭，我們仍然對這個偉大品牌在手錶和珠寶領域的潛力感到興奮。

Our amplified marketing programs for CK launches in the second quarter and is focused on building awareness for CK watches and jewelry in key markets in Europe, India, the Middle East, Brazil and Mexico.

我們為 CK 推出的密集行銷計畫將於第二季推出，重點是在歐洲、印度、中東、巴西和墨西哥等主要市場提高 CK 手錶和珠寶的知名度。

During the second quarter, we are launching our automatic iconic CK family, featuring a transparent dial with distinctive CK branding for him.

在第二季度，我們將推出標誌性的 CK 自動上鍊系列，其透明錶盤上刻有獨特的 CK 品牌標誌。

We are also launching a new family for women, the minimalist feel collection.

我們還推出了一個新的女性系列，即簡約風格系列。

While challenges remain in its home UK market, we are pleased with the progress that we are making in our Olivia Burton brand.

儘管英國本土市場仍面臨挑戰，但我們對 Olivia Burton 品牌所取得的進展感到滿意。

We are seeing strength in our ob.com business, driven by the continued success of our Grosvenor family and increasing penetration of jewelry with the Honeycomb and Celestial Sun collections.

在 Grosvenor 家族的持續成功以及 Honeycomb 和 Celestial Sun 系列珠寶的滲透率不斷提高的推動下，我們看到了 ob.com 業務的實力。

From a regional focus, from a regional perspective, we are focused on returning our Movado brand to growth in the United States and returning our licensed brand portfolio to growth in Europe.

從區域重點來看，從區域角度來看，我們致力於使我們的摩凡陀品牌在美國恢復成長，並使我們的授權品牌組合在歐洲恢復成長。

While the retail environment remains challenging in these regions, we are seeing traction in our marketing efforts and beginning to see slight growth in our major European markets.

儘管這些地區的零售環境仍然充滿挑戰，但我們的行銷工作正在取得進展，並開始看到歐洲主要市場的小幅成長。

Many of our marketing efforts and new product initiatives are starting during the second quarter and will accelerate throughout fiscal 2025.

我們的許多行銷工作和新產品計劃將於第二季開始，並將在 2025 財年加速。

We continue to see strong sell-through results in Mexico, Brazil, India and the Middle East, which are important markets for the company.

我們繼續看到墨西哥、巴西、印度和中東的強勁銷售業績，這些都是該公司的重要市場。

While it is still early in the year, we are pleased with the results for the first quarter, where we have begun to lay the groundwork for the balance of the year, as we focus on returning -- as we focused on returning the company to revenue growth.

雖然現在還處於今年年初，但我們對第一季的業績感到滿意，我們已經開始為今年剩餘時間奠定基礎，因為我們專注於回歸——因為我們專注於讓公司回歸收入成長。

We are focused on collaborating with our retail partners in our major markets and continuing to drive innovation and excitement in our marketing efforts.

我們專注於與主要市場的零售合作夥伴合作，並繼續推動行銷工作的創新和興奮。

Our teams have remained disciplined and continue to focus on our priorities and executing at a high level in a challenging market.

我們的團隊保持紀律，繼續專注於我們的優先事項，並在充滿挑戰的市場中高水準執行。

As we have said earlier in the year, we are utilizing our strong balance sheet and cash position to invest in our brands and our biggest markets to drive growth and profitability for the long term.

正如我們今年稍早所說，我們正在利用強大的資產負債表和現金狀況投資於我們的品牌和最大的市場，以推動長期成長和獲利。

We remain committed to the initiatives that we have put in place, and we are looking forward to the impact they will have on our business.

我們仍然致力於我們已經採取的舉措，並期待它們對我們的業務產生影響。

I would now like to turn the call over to Sallie to go through our financial results, as well as our outlook.

我現在想將電話轉給薩莉，了解我們的財務表現以及我們的前景。

Thank you, Efraim, and good morning, everyone.

謝謝你，埃夫拉伊姆，大家早安。

For today's call, I will review our first quarter fiscal 2025 results and balance sheet and then discuss our outlook for the remainder of the year.

在今天的電話會議中，我將回顧我們 2025 財年第一季的業績和資產負債表，然後討論我們對今年剩餘時間的展望。

Overall, we are pleased with our performance for the first quarter of fiscal 2025.

整體而言，我們對 2025 財年第一季的業績感到滿意。

As expected, our performance trailed the first quarter of fiscal 2024 yet included significant progress on our key strategic initiatives, which we believe has us positioned to achieve our annual objectives.

正如預期的那樣，我們的業績落後於 2024 財年第一季度，但我們的關鍵策略舉措取得了重大進展，我們相信這使我們能夠實現年度目標。

Turning to a review of the quarter.

轉向本季的回顧。

For the first quarter of fiscal 2025, sales were $136.7 million, as compared to $144.9 million last year, a decrease of 5.7%.

2025財年第一季銷售額為1.367億美元，較去年的1.449億美元下降5.7%。

In constant dollars, net sales decreased 6.1%.

以不變美元計算，淨銷售額下降 6.1%。

By segment, net sales decreased across our own brands, licensed brands and company stores.

依細分市場劃分，我們自有品牌、授權品牌和公司專賣店的淨銷售額均有所下降。

By geography, US net sales decreased 6.2%.

按地區劃分，美國淨銷售額下降 6.2%。

International net sales decreased 5.4%, as compared to the first quarter of last year.

國際淨銷售額較去年第一季下降 5.4%。

On a constant currency basis, international net sales decreased 6.1%.

以固定匯率計算，國際淨銷售額下降 6.1%。

Gross profit as a percent of sales was 55.3% compared to 56.6% in the first quarter of last year.

毛利佔銷售額的百分比為 55.3%，而去年第一季為 56.6%。

The decrease in gross margin rate as compared to the same period last year was primarily driven by unfavorable channel and product mix and the deleverage of certain fixed costs, as a result of lower sales.

毛利率較去年同期下降主要是由於通路和產品結構不利以及銷售額下降導致某些固定成本去槓桿所致。

Operating expenses were $72.2 million, as compared to $71.1 million for the same period of last year.

營運費用為 7,220 萬美元，去年同期為 7,110 萬美元。

The increase was driven primarily by an increase in payroll-related expenses.

這一增長主要是由於工資相關費用的增加所致。

Primarily as a result of the reduction in sales and gross margin, operating income decreased by $7.6 million to $3.3 million, as compared to $10.9 million in the first quarter of fiscal 2024.

主要由於銷售額和毛利率下降，營業收入減少了 760 萬美元，至 330 萬美元，而 2024 財年第一季為 1,090 萬美元。

We recorded approximately $2.1 million of other non-operating income in the first quarter of fiscal 2025, which is primarily comprised of interest earned on our global cash position.

2025 財年第一季度，我們錄得約 210 萬美元的其他非營業收入，其中主要包括我們的全球現金部位所賺取的利息。

We recorded income tax expense of $2.3 million in the first quarter of fiscal 2025, as compared to $2.5 million in the first quarter of fiscal 2024.

2025 財年第一季我們的所得稅費用為 230 萬美元，而 2024 財年第一季的所得稅費用為 250 萬美元。

Net income in the first quarter was $2.9 million or $0.13 per diluted share, as compared to $9.1 million or $0.40 per diluted share in the year ago period.

第一季淨利為 290 萬美元，即稀釋後每股收益 0.13 美元，而去年同期淨利為 910 萬美元，即稀釋後每股收益 0.40 美元。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

Cash at the end of the first quarter was $225.4 million, as compared to $198.3 million in the prior year period.

第一季末的現金為 2.254 億美元，而去年同期為 1.983 億美元。

Accounts receivable were $101.7 million, as compared to $94 million at the same period of last year due to timing and mix of business.

由於時間安排和業務組合的原因，應收帳款為 1.017 億美元，而去年同期為 9,400 萬美元。

Inventory at the end of the quarter was $159.6 million, a decrease of $35.6 million or 18.2% below the same period of last year, primarily due to the timing of receipts.

本季末庫存為 1.596 億美元，比去年同期減少 3,560 萬美元，或 18.2%，主要是由於收貨時間所致。

We are comfortable with the composition and balance of our inventory at year-end at quarter end.

我們對年末季末庫存的組成和平衡感到滿意。

In the first quarter of fiscal 2025, capital expenditures were $1.6 million, and we repurchased approximately 39,000 shares under our share repurchase program.

2025 財年第一季，資本支出為 160 萬美元，我們根據股票回購計畫回購了約 39,000 股股票。

As of April 30, 2024, we had $16.8 million remaining under our authorized repurchase program.

截至 2024 年 4 月 30 日，我們的授權回購計畫仍有 1,680 萬美元。

Subject to prevailing market conditions and the business environment, we plan to utilize our share repurchase plan to offset dilution in fiscal 2025.

根據當前市場狀況和商業環境，我們計劃利用股票回購計劃來抵消 2025 財年的稀釋。

Now, I would like to discuss our outlook.

現在，我想談談我們的展望。

For fiscal 2025, we continue to expect net sales in a range of approximately $700 million to $710 million.

對於 2025 財年，我們繼續預期淨銷售額約為 7 億至 7.1 億美元。

Gross margin of approximately 55%.

毛利率約55%。

Operating income in a range of $32 million to $35 million.

營業收入在 3,200 萬美元至 3,500 萬美元之間。

This expectation includes increased investment in marketing and brand building of approximately $25 million, as we have previously communicated, as well as an increase in performance-based compensation and other payroll-related costs, as compared to fiscal 2024.

正如我們之前所傳達的，與 2024 財年相比，這一預期包括增加約 2500 萬美元的營銷和品牌建設投資，以及基於績效的薪酬和其他工資相關成本的增加。

An effective tax rate of 22% and earnings in a range of approximately $1.20 per diluted share to $1.30 per diluted share.

有效稅率為 22%，稀釋後每股收益約為 1.20 美元至 1.30 美元。

As previously mentioned, we expect the incremental marketing spend to drive long-term top line growth.

如前所述，我們預期增量行銷支出將推動長期營收成長。

However, sales trends are expected to improve behind the spend, as the year progresses.

然而，隨著時間的推移，銷售趨勢預計將隨著支出的成長而改善。

The company, therefore, expects to return to sales growth in the second half of the year.

因此，該公司預計下半年銷售將恢復成長。

This outlook does not contemplate significant further impact of economic deterioration and assumes no further significant fluctuations from prevailing foreign currency exchange rates.

此前景並未考慮經濟惡化的進一步重大影響，並假設現行外幣匯率不會進一步出現重大波動。

I would now like to open the call up for questions.

我現在想打開電話提問。

(Operator Instructions) Michael Legg, Benchmark Company.

（操作員說明）Michael Legg，Benchmark 公司。

Good morning.

早安.

Sorry, I have bad connection, if I fade out.

抱歉，我的網路連線不好，如果我淡出的話。

Can you just talk a little bit about when you give your forecast, we obviously know the marketing spend is going to help move that revenue number.

您能否簡單談談您何時給出預測，我們顯然知道行銷支出將有助於推動收入數字。

Can you just talk about your viewpoint on

能簡單談談您的看法嗎

(technical difficulty)

（技術難度）

Mike, you're cutting out.

麥克，你要退出了。

(technical difficulty) from the consumer.

（技術難度）來自消費者。

So I guess, you asked our viewpoint about the consumer, I think.

所以我想，你問了我們對消費者的看法。

Is that correct?

那是對的嗎？

Yes.

是的。

Okay.

好的。

Yes.

是的。

So we believe that the consumer is challenged right now, especially in our target audiences in the US and Europe.

因此，我們認為消費者現在面臨挑戰，尤其是美國和歐洲的目標受眾。

But historically we have seen that when we do creative things from a product perspective and also from a marketing perspective, which we are diligently working on for this year, that we will be able you know, be able to drive the consumer.

但從歷史上看，我們已經看到，當我們從產品角度和行銷角度做創造性的事情時（我們今年正在努力做到這一點），我們將能夠吸引消費者。

You have to work harder when the consumer is challenged to drive demand.

當消費者面臨推動需求的挑戰時，您必須更加努力。

And that's what our plan is based on for this coming year.

這就是我們來年計劃的基礎。

Obviously, when we instituted the plan at the end of last year, we knew that we could affect real change towards the second half of this year and that is -- still remains our plan.

顯然，當我們在去年年底制定該計劃時，我們知道我們可以在今年下半年影響真正的變化，而且這仍然是我們的計劃。

We're really excited about the launch of Quest, and so we see that innovation and it's an excellent value opening at $595 and the Movado Bold Collection is doing really well.

我們對 Quest 的推出感到非常興奮，因此我們看到了這種創新，它的開盤價為 595 美元，物超所值，摩凡陀 Bold Collection 的表現也非常好。

And that will also accelerate throughout the year as we build demand for the Bold Collection and our Quest family, as well as our Classic Museum Collections.

隨著我們對 Bold Collection 和 Quest 系列以及經典博物館藏品的需求不斷增加，這一趨勢也將在全年加速。

And within each of our brands, we have important marketing initiatives and important products launching throughout the year.

在我們的每個品牌中，我們全年都有重要的行銷舉措和重要產品推出。

Does making

是否製作

(technical difficulty)

（技術難度）

Mike, I think there's something wrong with your connection. Mike?

麥克，我認為你的連線有問題。麥克風？

Yes, hi. Sorry, I was just asking does your guidance (technical difficulty)

是的，嗨。抱歉，我只是想問您的指導嗎（技術難度）

Mike, I'm sorry, we can't hear you. Mike?

麥克，對不起，我們聽不到你的聲音。麥克風？

Yes (technical difficulty)

是（技術難度）

No, I think there's something wrong with your connection. You may have to hang up and dial back in. Mike, are you back?

不，我認為您的連線有問題。您可能需要掛斷電話並重新撥入。

I'm going to check on him. One moment. Thank you.

我要去檢查一下他。一會兒。謝謝。

Thank you.

謝謝。

Okay, if we don't hear back in a few seconds, I will end the call.

好的，如果幾秒鐘後沒有收到回复，我會結束通話。

Okay.

好的。

Well, I guess we won't have Mike back.

好吧，我想麥克不會回來了。

But thank you all for participating on today's call.

但感謝大家參加今天的電話會議。

And we look forward to communicating throughout the year.

我們期待全年的溝通。

And we do have very exciting plans in place for the second half and I look forward to sharing those with you on future calls.

我們確實為下半年制定了非常令人興奮的計劃，我期待在未來的電話會議上與您分享這些計劃。

We do have Mike back.

我們確實讓麥克回來了。

Okay, Mike, go ahead.

好吧，麥克，繼續吧。

I apologize.

我道歉。

Just wanted to understand if your guidance factors in any interest rate cuts helping the consumer?

只是想了解您的指導是否會考慮到有利於消費者的降息？

Not particularly, no.

不是特別，不是。

We're still planning on operating in a challenging environment that doesn't deteriorate.

我們仍計劃在一個不會惡化的充滿挑戰的環境中運作。

So if we get interest rate cuts helping the consumer, it could be obviously a positive towards...

因此，如果我們降息來幫助消費者，這顯然會對...

I would think that -- Yes.

我想——是的。

I would think that that would be a positive with the consumer now.

我認為這對現在的消費者來說是正面的。

I don't think you get an immediate effect of that benefit either.

我認為你也不會立即獲得這種好處。

Okay.

好的。

Okay.

好的。

And then just any guidance you can give us.

然後就是您可以給我們的任何指導。

I know it's during the quarter, but graduation, Mother's Day, Father's day, you talked a little bit about seeing strength in some areas.

我知道這是在本季度，但畢業典禮、母親節、父親節，你談到了在某些領域看到的力量。

Just any comments on how we're seeing the holidays come in?

對於我們如何看待假期的到來有什麼評論嗎？

Yes, I think it's obviously Mother's Day is past us.

是的，我想母親節顯然已經過去了。

Father's day and graduations, a lot of it comes throughout May and June.

父親節和畢業典禮，很多都發生在五月和六月。

And so it's a little early for us to see that.

所以我們現在看到這一點還為時過早。

But we are seeing some pockets of improvement although it's not and as I talked about, very, very strong trends on our own website.

但我們看到了一些改進，儘管正如我所說，我們自己的網站上沒有非常非常強勁的趨勢。

And so that leads us to have a good sense of optimism, some strengthening of our department store channel, which is obviously an important channel for the company.

這讓我們抱持樂觀的態度，加強我們的百貨公司管道，這顯然是公司的重要管道。

But I would still believe that the really major effect and benefit for the company will begin to come into the second half of this year.

但我仍然相信，對公司真正的重大影響和效益將在今年下半年開始顯現。

Okay, great.

好的，太好了。

And then just one last question.

最後一個問題。

Just how's jewelry doing versus expectations?

珠寶的表現與預期相比如何？

Jewelry is doing very well, so that we're really pleased with it.

珠寶做得很好，所以我們對它非常滿意。

And that's in our licensed brand portfolio and in Olivia Burton.

這就是我們的授權品牌組合和 Olivia Burton 的特色。

We are in the process of -- we'll launch some major new collections for the Movado brand as we reposition the jewelry category in Movado during the second half and probably more into the fourth quarter.

我們正在 - 我們將為摩凡陀品牌推出一些主要的新系列，因為我們將在下半年甚至第四季度重新定位摩凡陀的珠寶類別。

But within our licensed brand portfolio, we're seeing some real good pockets of strength in jewelry.

但在我們的授權品牌組合中，我們在珠寶領域看到了一些真正的優勢。

It is a majority focus for the company, and we did have growth in that area during Q1.

這是公司的主要關注點，第一季我們在該領域確實取得了成長。

Okay, thank you.

好的謝謝。

Congrats on getting the quarter out.

恭喜您完成本季的工作。

Okay.

好的。

Thank you.

謝謝。

Thank you very much, Mike.

非常感謝你，麥克。

And as I said earlier, we look forward to talking with all of you again during our second quarter conference call and be able to continue to share progress on our marketing initiatives and product introductions for this coming year.

正如我之前所說，我們期待在第二季電話會議期間再次與大家交談，並能夠繼續分享我們來年的行銷計劃和產品介紹的進展。

Thank you very much.

非常感謝。

Thank you.

謝謝。

This will complete today's call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。