Oxford Industries Inc (OXM) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Oxford Industries Third Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

您好，歡迎來到牛津工業公司 2022 財年第三季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄製中。

I will now turn the conference over to our host, Jevon Strasser of Investor Relations. Thank you. You may begin.

我現在將會議轉交給我們的主持人，投資者關係部的 Jevon Strasser。謝謝你。你可以開始了。

Thank you, and good afternoon. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results of operations or financial condition to differ are discussed in our press release issued earlier today and in documents filed by us with the SEC, including the risk factors contained in our Form 10-K. We undertake no duty to update any forward-looking statements. During this call, we will be discussing certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today, which is posted under the Investor Relations tab of our website at oxfordinc.com.

謝謝，下午好。在我們開始之前，我想提醒與會者，在今天的電話會議和問答環節中所做的某些陳述可能構成聯邦證券法意義上的前瞻性陳述。前瞻性陳述並非保證，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。我們今天早些時候發布的新聞稿和我們向美國證券交易委員會提交的文件中討論了可能導致實際經營結果或財務狀況不同的重要因素，包括我們的 10-K 表格中包含的風險因素。我們不承擔更新任何前瞻性陳述的義務。在這次電話會議中，我們將討論某些非 GAAP 財務指標。您可以在我們今天早些時候發布的新聞稿中找到非 GAAP 與 GAAP 財務指標的對賬，該新聞稿發佈在我們網站 oxfordinc.com 的“投資者關係”選項卡下。

And now I'd like to introduce today's call participants. With me today are Tom Chubb, Chairman and CEO; and Scott Grassmyer, CFO and COO.

現在我想介紹一下今天的電話會議參與者。今天和我在一起的是董事長兼首席執行官 Tom Chubb；首席財務官兼首席運營官 Scott Grassmyer。

Thank you for your attention. And now I'd like to turn the call over to Tom Chubb.

感謝您的關注。現在我想把電話轉給 Tom Chubb。

Thank you, Jevon. Good afternoon, and thank you for joining us for the third quarter of fiscal 2022 OXM conference call. As most of you know, our purpose as a company is to evoke happiness in our customers with the products, services and experiences we offer through our portfolio of brands. When we are successful in evoking that happiness, our businesses deliver profitable growth and, of course, sustained profitable growth is what allows us to accomplish our objective of driving long-term shareholder value.

謝謝你，傑文。下午好，感謝您加入我們參加 2022 財年第三季度 OXM 電話會議。正如你們大多數人所知，作為一家公司，我們的目標是通過我們通過品牌組合提供的產品、服務和體驗來喚起客戶的快樂。當我們成功喚起這種快樂時，我們的業務就會實現盈利增長，當然，持續的盈利增長使我們能夠實現推動長期股東價值的目標。

And we certainly did that during the third quarter, delivering our sixth consecutive quarter of record adjusted earnings. Strong top line growth across all our brands, combined with the acquisition of the Johnny Was brand in September, fueled a 26% sales gain. Sales in the aggregated group of Tommy Bahama, Lilly Pulitzer and Emerging Brands grew 19% with Johnny Was contributing an additional $23 million of sales for the quarter.

我們在第三季度確實做到了這一點，連續第六個季度實現了創紀錄的調整後收益。我們所有品牌的強勁收入增長，加上 9 月份收購 Johnny Was 品牌，推動了 26% 的銷售額增長。 Tommy Bahama、Lilly Pulitzer 和 Emerging Brands 合併後的銷售額增長了 19%，而 Johnny Was 在本季度又貢獻了 2300 萬美元的銷售額。

At the same time, adjusted gross margin improved an impressive 120 basis points. All of these factors, along with our repurchase activity, helped drive a 23% or $0.27 increase in adjusted earnings per share from $1.19 last year to $1.46 this year. The biggest contributor to our increased earnings was our largest brand, Tommy Bahama, which delivered 20% top line growth and a $9 million increase in adjusted operating income for the quarter, with excellent results in all channels of distribution. Lilly Pulitzer also had a successful quarter with sales growing 16% and positive comps in both retail and e-commerce. Finally, our newly constituted Emerging Brands Group had a revenue increase of 22% during the third quarter.

與此同時，調整後的毛利率提高了 120 個基點，令人印象深刻。所有這些因素，加上我們的回購活動，幫助推動調整後每股收益從去年的 1.19 美元增加到今年的 1.46 美元，增長 23% 或 0.27 美元。對我們收入增長的最大貢獻是我們最大的品牌 Tommy Bahama，該品牌在本季度實現了 20% 的收入增長和 900 萬美元的調整後營業收入增長，在所有分銷渠道中都取得了優異的成績。 Lilly Pulitzer 也有一個成功的季度，銷售額增長 16%，零售和電子商務均取得積極進展。最後，我們新成立的新興品牌集團在第三季度的收入增長了 22%。

We have also recently advanced a number of strategic initiatives. I will highlight just 3, among many. First, during September, we added the Johnny Was brand to our portfolio of lifestyle brands. The brand has clearly defined positioning, which drives emotional connection and strong engagement with its very loyal customer base. Johnny Was is priced a bit higher than our other brands and sits in the very attractive affordable luxury portion of the market. The brand has an excellent balanced distribution model with 40% of sales coming through e-commerce, bolstered by a fleet of 60-plus carefully located stores with attractive unit economics and a brand-enhancing and mutually profitable wholesale business. Currently generating annualized sales of over $200 million with operating margins in the mid- to high-teen range, Johnny Was has a profitable growth trajectory ahead of it. The brand is led by an excellent management team that has been in place for many years and is well aligned culturally and strategically with OXM.

我們最近還推進了一些戰略舉措。我只強調其中的 3 個。首先，在 9 月份，我們將 Johnny Was 品牌添加到我們的生活方式品牌組合中。該品牌具有明確定義的定位，這推動了與其非常忠誠的客戶群的情感聯繫和強烈參與。 Johnny Was 的價格略高於我們的其他品牌，並且位於市場中極具吸引力的負擔得起的奢侈品部分。該品牌擁有出色的平衡分銷模式，40% 的銷售額來自電子商務，並得到 60 多家精心佈置的門店的支持，這些門店具有誘人的單位經濟效益以及可提升品牌和互利的批發業務。目前，Johnny Was 的年銷售額超過 2 億美元，營業利潤率處於中高水平，未來有望實現盈利增長。該品牌由一支優秀的管理團隊領導，該團隊已經存在多年，並且在文化和戰略上與 OXM 保持一致。

The Johnny Was and OXM corporate teams have been working hard on the integration and laying the foundation for future growth in the brand. I'm grateful to all of them for their extraordinary efforts and the successes that they have achieved so far.

Johnny Was 和 OXM 企業團隊一直在努力整合，為品牌未來的發展奠定基礎。我對他們所有人的非凡努力和迄今為止所取得的成功表示感謝。

In November, we were also pleased to announce our first Tommy Bahama-branded hotel, the Tommy Bahama Miramonte Resort, which should open in late 2023. Tommy Bahama is a longtime player in the hospitality business with a restaurant business that's over 25 years old and does more than $100 million in business annually. Our customers have long viewed a resort hotel as a natural extension of our hospitality business. One of our most successful restaurants is located in the Coachella Valley in California, where we've been operating a bar, restaurant and store in Palm Desert since 1998. We also opened a Marlin Bar in Palm Springs in 2018. For those of you who are familiar with the Coachella Valley and/or are tennis fans, the location of the Tommy Bahama Miramonte Resort will be in Indian Wells, which is also home to the BNP Paribas tennis tournament.

11 月，我們還很高興地宣布我們的第一家 Tommy Bahama 品牌酒店 Tommy Bahama Miramonte Resort 將於 2023 年底開業。Tommy Bahama 是酒店業的長期參與者，其餐廳業務已有 25 年以上的歷史，每年的業務超過 1 億美元。長期以來，我們的客戶一直將度假酒店視為我們酒店業務的自然延伸。我們最成功的餐廳之一位於加利福尼亞州的科切拉山谷，自 1998 年以來，我們一直在棕櫚沙漠經營酒吧、餐廳和商店。2018 年，我們還在棕櫚泉開設了一家馬林魚酒吧。如果您熟悉 Coachella Valley 和/或是網球迷，Tommy Bahama Miramonte Resort 將位於印第安維爾斯，這裡也是法國巴黎銀行網球錦標賽的舉辦地。

We have a fantastic partner in the Lowe Group and have been discussing this opportunity with them for a number of years. We are glad to see it coming to fruition. We look forward to the opening of the hotel and hope that all of you will be able to visit.

我們在 Lowe Group 中有一個很棒的合作夥伴，並且多年來一直在與他們討論這個機會。我們很高興看到它取得成果。我們期待著酒店的開業，並希望大家能夠光臨。

Third, we continue to make excellent progress in our ability to attract and retain customers and drive customer engagement. As of the end of the quarter, our customer base, excluding Johnny Was customers, increased by 16% versus last year's third quarter. Including Johnny Was, as of the end of the quarter, we had 2.5 million identifiable unique customers who have transacted in the last 12 months. We not only brought in more customers, but they spent more with us as well with average annual spending increasing across all of our brands. We believe that most of these gains are attributable to our digital marketing efforts, which have been a strategic priority for us across the enterprise this year.

第三，我們在吸引和留住客戶以及推動客戶參與的能力方面繼續取得長足進步。截至本季度末，我們的客戶群（不包括 Johnny Was 客戶）比去年第三季度增長了 16%。包括 Johnny Was 在內，截至本季度末，我們有 250 萬可識別的獨特客戶在過去 12 個月內進行了交易。我們不僅帶來了更多的客戶，而且他們在我們這裡的消費也增加了，我們所有品牌的平均年消費也在增加。我們認為，這些收益中的大部分都歸功於我們的數字營銷工作，這已成為我們今年整個企業的戰略重點。

Included in those efforts have been the establishment of a marketing center of excellence whose principal function is to service the brands within our Emerging Brands group. This team was built during this fiscal year and began posting some very impressive results during the third quarter, particularly during the Black Friday, Cyber Monday weekend. With a little less than 3 weeks to go before Christmas, we feel very positive about the holiday selling season and our ability to deliver a strong fourth quarter.

這些努力包括建立卓越營銷中心，其主要職能是為我們的新興品牌集團內的品牌提供服務。這個團隊是在本財年建立的，並在第三季度開始發布一些非常令人印象深刻的結果，特別是在黑色星期五和網絡星期一周末。距離聖誕節還有不到 3 週的時間，我們對假日銷售旺季以及我們實現強勁第四季度的能力感到非常樂觀。

Scott will elaborate more in a minute, but our inventories are in excellent shape to support holiday season as the result of more normalized levels as well as bringing in inventory early to avoid any supply chain snarls.

斯科特將在一分鐘內詳細說明，但我們的庫存狀況良好，可以支持假日季節，這是由於更正常的水平以及提前引入庫存以避免任何供應鏈混亂的結果。

Finally, as I do every quarter, I would like to thank and express my gratitude to our incredible team of people. Whatever their role within the company may be, their commitment and dedication to evoking happiness in our customers is simply unparalleled. A great example of this occurred during the aftermath of Hurricane Ian. Notwithstanding the fact that it struck one of the most important markets we have in the entire company and notwithstanding the challenges the hurricane had on their personal lives, due to the commitment and resilience of our people, we hardly missed a beat and we were operating on a business-as-usual basis within a very short time. This is just one example among many of how focused our people are on serving our customers. We are very grateful to all of them and wish all of them and all of you a very happy holiday season.

最後，就像我每個季度所做的那樣，我要感謝並表達我對我們不可思議的團隊的感激之情。無論他們在公司中扮演什麼角色，他們對喚起客戶幸福感的承諾和奉獻是無與倫比的。這方面的一個很好的例子發生在颶風伊恩之後。儘管它襲擊了我們在整個公司擁有的最重要的市場之一，儘管颶風給他們的個人生活帶來了挑戰，但由於我們員工的承諾和韌性，我們幾乎沒有錯過任何一個節拍，我們正在繼續運營在很短的時間內照常營業。這只是我們的員工專注於為客戶服務的眾多例子之一。我們非常感謝他們所有人，並祝愿他們所有人和你們所有人度過一個愉快的假期。

I'll now hand the call over to Scott, who will provide more details on the quarter and our outlook for the balance of the year. Scott?

我現在將電話轉給 Scott，他將提供有關本季度的更多詳細信息以及我們對今年餘下時間的展望。斯科特？

Thank you, Tom. We're thrilled to deliver our sixth consecutive quarter of record sales, gross margin and adjusted earnings in the third quarter of 2022. This excellent performance was driven by revenue expansion in all of our brands and distribution channels versus the third quarter of 2021. Consolidated net sales were $313 million for the third quarter, which included $23 million of sales for Johnny Was, growing 26% above last year's third quarter sales of $248 million, which included $4 million of sales from Lanier Apparel. This growth was strong across all distribution channels with increases of 22% in full-price bricks-and-mortar, 26% in full-price e-commerce, 32% in wholesale, 17% in restaurants and 15% in outlets.

謝謝你，湯姆。我們很高興能夠在 2022 年第三季度連續第六個季度實現創紀錄的銷售額、毛利率和調整後收益。這一出色的表現是由於我們所有品牌和分銷渠道的收入與 2021 年第三季度相比有所增長。第三季度的淨銷售額為 3.13 億美元，其中包括 Johnny Was 的 2300 萬美元銷售額，比去年第三季度的 2.48 億美元銷售額增長 26%，其中包括 Lanier Apparel 的 400 萬美元銷售額。所有分銷渠道的增長都很強勁，全價實體店增長 22%，全價電子商務增長 26%，批發增長 32%，餐廳增長 17%，奧特萊斯增長 15%。

We also had increased sales of $9 million in the Lilly Pulitzer e-commerce flash sale. Meanwhile, adjusted gross margin expanded to 63.4%, which is 120 basis points above last year's third quarter. We benefited from lower freight costs, which included less air freight due to the early receipt of inventory and from lower freight rates. Also, we increased IMUs. This was partially offset by the impact of Lilly Pulitzer's larger flash sale this year due to extremely lean inventories last year.

我們還在 Lilly Pulitzer 電子商務閃購中增加了 900 萬美元的銷售額。同時，調整後的毛利率擴大至 63.4%，比去年第三季度高出 120 個基點。我們受益於較低的運費成本，其中包括由於提前收到庫存和較低的運費而導致的空運費減少。此外，我們增加了 IMU。由於去年庫存極度不足，禮來普利策今年更大規模的閃購的影響部分抵消了這一影響。

Adjusted SG&A expenses were $171 million in the third quarter of 2022 compared to $131 million last year. This increase was driven by the addition of Johnny Was operating expenses as well as increases in our other businesses for employment costs, advertising costs, [favorable] expenses and other expenses to support sales growth. The result of all this yielded $33 million of adjusted operating income compared to $27 million in the prior year period with improved operating income driven by the strong results in Tommy Bahama and the inclusion of Johnny Was for half the quarter. This level of operating profit, combined with a $0.07 benefit from our share repurchase program, led to EPS growth of $0.27 to $1.46.

2022 年第三季度調整後的 SG&A 費用為 1.71 億美元，而去年為 1.31 億美元。這一增長是由於 Johnny Was 運營費用的增加以及我們其他業務的僱傭成本、廣告成本、[有利] 費用和其他支持銷售增長的費用的增加。所有這些的結果產生了 3300 萬美元的調整後營業收入，而去年同期為 2700 萬美元，其中營業收入有所改善，這得益於 Tommy Bahama 的強勁業績以及 Johnny Was 的半個季度。這一營業利潤水平，加上我們的股票回購計劃帶來的 0.07 美元收益，導致每股收益增長 0.27 美元至 1.46 美元。

I'll now move on to our balance sheet, beginning with inventory. With employees up 61% year-over-year on a FIFO basis, we're in a good position to capture the sales momentum we built throughout the year. Two strategic actions contributed to the inventory growth: $25 million of additional inventory from our acquisition of Johnny Was and the early receipt of $20 million of incremental inventory to mitigate supply chain disruptions. Increased product cost raised inventory balances as well.

我現在轉到我們的資產負債表，從庫存開始。在 FIFO 的基礎上，員工同比增長 61%，我們處於有利地位，可以抓住我們全年建立的銷售勢頭。兩項戰略行動促成了庫存增長：2500 萬美元的額外庫存來自我們對 Johnny Was 的收購，以及提前收到 2000 萬美元的增量庫存以減輕供應鏈中斷。產品成本的增加也增加了庫存餘額。

Comparing back to 2019, our 25% revenue growth for the first 9 months of the year significantly outpaces our FIFO inventory growth of 14% over the same period, even with the earlier receipt of product. From a liquidity standpoint, we had $15 million in cash and cash equivalents versus $188 million of cash, cash equivalents and short-term investments at the end of the third quarter of fiscal 2021. We also had $130 million of borrowings outstanding under our revolving credit agreement at the end of the third quarter of fiscal 2022, increasing from no borrowings at the end of the prior year period. The change in our liquidity position was clearly driven by our funding of the Johnny Was acquisition, which we believe will yield significant long-term benefits to our shareholders.

與 2019 年相比，我們今年前 9 個月 25% 的收入增長大大超過了我們同期 14% 的 FIFO 庫存增長，即使較早收到產品也是如此。從流動性的角度來看，截至 2021 財年第三季度末，我們擁有 1500 萬美元的現金和現金等價物，而現金、現金等價物和短期投資為 1.88 億美元。我們的循環信貸下還有 1.3 億美元的未償借款2022 財年第三季度末的協議，比去年同期末的無借款有所增加。我們流動性狀況的變化顯然是由我們為 Johnny Was 收購提供的資金推動的，我們相信這將為我們的股東帶來重大的長期利益。

As of today, we have returned $134 million of capital directly to shareholders in the last 12 months via dividends and open market share repurchases. $100 million of this came from repurchasing 1.1 million shares or over 6% of total shares outstanding at the inception of the program in Q4 of 2021. $5 million of these repurchases occurred in the fourth quarter of 2022. This represents the completion of the $100 million share repurchase program. Looking forward, I'm pleased to announce that our Board of Directors declared a dividend of $0.55 per share for the fourth quarter, payable in January.

截至今天，我們在過去 12 個月內通過股息和公開市場股票回購直接向股東返還了 1.34 億美元的資本。其中 1 億美元來自於 2021 年第四季度該計劃開始時回購 110 萬股股票，佔已發行股票總數的 6% 以上。這些回購中的 500 萬美元發生在 2022 年第四季度。這意味著 1 億美元的完成股票回購計劃。展望未來，我很高興地宣布，我們的董事會宣佈在 1 月份支付第四季度每股 0.55 美元的股息。

I'll now spend some time on our outlook for the remainder of the year. For the full year, we are raising our sales guidance to a range of $1.395 billion to $1.41 billion, up from our prior range of $1.375 billion to $1.405 billion and compared to sales of $1.142 billion in fiscal 2021. Accordingly, we expect adjusted EPS for fiscal 2022 to be between $10.60 to $10.75, up from our previous guidance of $10.25 to $10.60 and compared to $7.99 in 2021. We expect sales in the fourth quarter of 2022 to be between $366 million and $381 million compared to sales of $300 million in the fourth quarter of 2021. More than 60% of the sales increase is expected to be from Johnny Was sales.

我現在將花一些時間談談我們對今年剩餘時間的展望。對於全年，我們將我們的銷售指引從之前的 13.75 億美元至 14.05 億美元上調至 13.95 億美元至 14.1 億美元的範圍，而 2021 財年的銷售額為 11.42 億美元。因此，我們預計調整後的每股收益2022 財年的銷售額將在 10.60 美元至 10.75 美元之間，高於我們之前的 10.25 美元至 10.60 美元的指導，而 2021 年為 7.99 美元。我們預計 2022 年第四季度的銷售額將在 3.66 億美元至 3.81 億美元之間，而 2022 年第四季度的銷售額為 3 億美元2021 年第四季度。預計 60% 以上的銷售額增長將來自 Johnny Was 的銷售額。

These updated guidance figures also reflect strong holiday sales to date while contemplating the uncertainty, as we believe shoppers are returning to pre-COVID holiday shopping patterns after shopping earlier in 2021. We also anticipate modest gross margin improvement in the fourth quarter. These higher sales and improved gross margins are expected to be partially offset by increased SG&A, higher interest expense and a higher effective tax rate. The fourth quarter 2022 will include a full quarter of interest expense after the third quarter only included about a half quarter of interest expense, as we were debt-free until acquiring Johnny Was in mid-September. We expect the effective tax rate to be higher this year as Q4 of the prior year included certain nonrecurring favorable items.

這些更新後的指導數據還反映了迄今為止強勁的假期銷售，同時考慮到不確定性，因為我們認為購物者在 2021 年初購物後將恢復到 COVID 之前的假期購物模式。我們還預計第四季度毛利率將適度改善。這些更高的銷售額和更高的毛利率預計將被增加的 SG&A、更高的利息費用和更高的有效稅率部分抵消。 2022 年第四季度將包括整個季度的利息支出，而第三季度僅包括約半個季度的利息支出，因為在 9 月中旬收購 Johnny Was 之前我們沒有債務。我們預計今年的實際稅率會更高，因為去年第四季度包括某些非經常性優惠項目。

After considering these items, fourth quarter adjusted EPS is expected to be between $2.01 and $2.16 versus adjusted EPS of $1.68 last year. The fourth quarter will be the first full quarter of operations for Johnny Was as part of the Oxford family. We're excited to have added a business with annual net sales in excess of $200 million, the opportunity for double-digit top line growth in the future, the expectation of approximately [65%] gross margins and mid- to high-teen operating margins, excluding any inventory step-up charges and amortization of intangible assets.

考慮這些項目後，第四季度調整後每股收益預計在 2.01 美元至 2.16 美元之間，而去年調整後每股收益為 1.68 美元。第四季度將是 Johnny Was 作為 Oxford 家族成員的第一個完整運營季度。我們很高興增加了一家年淨銷售額超過 2 億美元的業務，未來有兩位數的收入增長機會，毛利率約為 [65%] 的預期以及中高端運營利潤率，不包括任何庫存增加費用和無形資產攤銷。

Thank you for your time today, and we will now turn the call over for questions. Diego?

感謝您今天抽出時間，我們現在將把電話轉過來提問。迭戈？

(Operator Instructions) Our first question comes from Ed Yruma with Piper Sandler.

（操作員說明）我們的第一個問題來自 Ed Yruma 和 Piper Sandler。

I guess 2 questions for me. First, more of a modeling question. How should we think about Johnny Was from a seasonality perspective? Are there particular quarters where revenue or profitability has outsized impact? And I guess, just a more short-term question. You guys seem to have been very successful over the Black Friday shopping season with actually a less promotional strategy than years past, which is very different than obviously the rest of what we're seeing in retail. I guess, how do you contemplate kind of the remainder of the holiday season? And does your guidance contemplate maybe potentially having to be more reactive to what looks like an intensifying-ly promotional holiday?

我想我有 2 個問題。首先，更多的是建模問題。我們應該如何從季節性的角度來看待 Johnny Was？是否存在對收入或盈利能力產生巨大影響的特定領域？我想，這只是一個更短期的問題。你們似乎在黑色星期五購物季非常成功，實際上促銷策略比往年少，這顯然與我們在零售業看到的其他情況截然不同。我想，您如何看待假期的剩餘時間？您的指導是否考慮過可能不得不對看起來像強化促銷假期的情況做出更大的反應？

Thanks, Ed. It's always good to hear your voice. And I'll answer the one about BFCM and the remainder of the season, and then Scott and Jevon can chime in with additional thoughts on that as well as the seasonality of Johnny Was, which is a great question. But I think what's happening this holiday season in the aggregate is very much what we thought would happen. We thought that the season would sort of normalize. And you'll recall well that for us and for many others in the market last year, customers started shopping super early and super hard. So they shopped during October, which is still third quarter. They shopped hard during the first part of November. And then they shopped through the holiday season, but it was much more tilted towards the first part of the season than it would have been in a normal year.

謝謝，埃德。聽到你的聲音總是好的。我會回答關於 BFCM 和本賽季剩餘時間的問題，然後 Scott 和 Jevon 可以就此以及 Johnny Was 的季節性提出額外的想法，這是一個很好的問題。但我認為這個假期發生的事情總體上與我們認為會發生的事情非常相似。我們認為這個賽季會正常化。你會清楚地記得，對於我們和去年市場上的許多其他人來說，客戶開始超早和超努力地購物。所以他們在 10 月份購物，這仍然是第三季度。他們在 11 月上旬瘋狂購物。然後他們在假期購物，但與正常年份相比，購物季的前半部分更加傾斜。

The second thing that was very unusual last year is that for the first time in many years, the market was just not very promotional at all, primarily because people were short of inventory. This year, we expected things to normalize, and they have. We planned accordingly. So the Black Friday, Cyber Monday 5-day period ended up being really the kickoff of the holiday season, which is the way that it's traditionally worked. And the level of the promotions in the marketplace, much greater than last year. I'm not sure they're really that much greater than they were back pre-pandemic. It's -- there's a lot. We expected that, and that's really how it's playing out, and we expect it to continue to be like that for the remainder of the holiday selling season, and we built our guidance based on that assumption.

去年非常不尋常的第二件事是，多年來第一次，市場根本沒有太多的促銷活動，主要是因為人們庫存不足。今年，我們預計情況會正常化，而且確實如此。我們據此計劃。因此，黑色星期五、網絡星期一的 5 天時間最終成為假期的真正開始，這是傳統的運作方式。而市場的促銷力度，也比去年大了很多。我不確定它們是否真的比大流行前大得多。這是 - 有很多。我們預料到了這一點，這確實是它的結果，我們預計在假期銷售季節的剩餘時間裡它會繼續這樣，我們基於這一假設製定了我們的指導。

And Ed, as far as the seasonality, Johnny Was is really not that seasonal. It's pretty level quarter-to-quarter, where other businesses seem to have the spring spike in the lower third quarter. Johnny Was is pretty level each quarter throughout the year.

Ed，就季節性而言，Johnny Was 確實沒有那麼季節性。季度與季度相當，其他企業似乎在第三季度末出現春季高峰。 Johnny Was 全年每個季度都相當穩定。

The next question comes from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. First, I was hoping you guys could give us some color on the regional performance and performance in some of your bigger states. And then what are you guys seeing from your wholesale partners? Are you seeing any cautiousness at all, like we've heard from some others? Or is it really -- are they continuing to place big orders because sell-throughs are good?

Tracy Kogan 代替了 Paul。首先，我希望你們能給我們一些關於地區表現和一些較大州表現的顏色。那麼你們從你們的批發合作夥伴那裡看到了什麼？你是否看到任何謹慎，就像我們從其他人那裡聽到的那樣？還是真的——他們繼續下大訂單是因為銷售情況好？

Yes. Thank you, Tracy. So on the regional performance during third quarter, it was really -- it was kind of good everywhere. But very happily for us, some of our biggest markets were actually the strongest of the strong. So Hawaii was really good. The Desert was really good. West Florida, even with the hurricane that happened down there, still was just fantastic. So the regional lineup really worked well for us during the quarter. Again, there wasn't really anywhere that was particularly weak. But the strongest of the strong were really in the places that we would like to see it the most, so that was really a great outcome for us.

是的。謝謝你，特蕾西。因此，關於第三季度的區域表現，真的——到處都很好。但令我們非常高興的是，我們一些最大的市場實際上是強者中的強者。所以夏威夷真的很好。沙漠真的很好。西佛羅里達州，即使那裡發生了颶風，仍然非常棒。因此，區域陣容在本季度對我們來說真的很有效。再說一次，真的沒有什麼特別薄弱的地方。但是強者中的強者真的出現在我們最想看到的地方，所以這對我們來說真的是一個很好的結果。

And then in terms of retailer cost and I think going into spring of 2023, they are definitely very cautious. Most of the big retailers and really most of the small ones too had cut back their open-to-buy dollars pretty meaningfully for spring of 2023. We actually think that's a healthy thing for the marketplace. It means they'll be appropriately inventoried, and we'll sell more at full price. In terms of our own bookings, I think we're getting much more than our share in that environment. So bookings, depending on the brand, are sort of flattish to down very modestly, which we think in the environment is -- actually, we're really getting more than our share of the open-to-buy dollars. And we think that's based on the performance and the strength of our brands. And just yesterday, I was looking at last week's selling from our -- some of our major wholesale partners where we get good reporting out of them on a weekly basis. And it looks really, really good. And over the long term, that's what we need to do to have successful wholesale businesses. And I think we're doing that quite well at the moment.

然後就零售商成本而言，我認為進入 2023 年春季，他們肯定非常謹慎。大多數大型零售商和實際上大多數小型零售商也都在 2023 年春季相當有意義地削減了他們的開放購買美元。我們實際上認為這對市場來說是一件健康的事情。這意味著它們將得到適當的庫存，我們將以全價銷售更多。就我們自己的預訂而言，我認為我們得到的遠遠超過我們在那種環境中的份額。因此，根據品牌的不同，預訂量有點持平到非常適度下降，我們認為在環境中是——實際上，我們確實獲得了超過我們在開放購買美元中的份額。我們認為這是基於我們品牌的表現和實力。就在昨天，我正在查看我們的一些主要批發合作夥伴上週的銷售情況，我們每週都會從他們那裡獲得良好的報告。它看起來真的非常好。從長遠來看，這就是我們要擁有成功的批發業務所需要做的。我認為我們目前做得很好。

Our next question comes from Noah Zatzkin with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Noah Zatzkin。

Congrats on the quarter. Just on the strong improvement at Lilly, could you just provide a little bit of color on kind of the change in marketing strategy and how that kind of played out in improving trends through the quarter? And then second, across a lot of your peers, we're seeing kind of stronger performance from brick-and-mortar relative to DTC, but you guys had a pretty even split in terms of growth rates. So just -- have you seen any different behavior among consumers shopping brick-and-mortar versus e-commerce? Or has the behavior largely been the same?

祝賀這個季度。就 Lilly 的強勁改善而言，您能否提供一些關於營銷策略變化的顏色，以及這種變化如何在整個季度的改善趨勢中發揮作用？其次，在你們的許多同行中，我們看到實體店相對於 DTC 的表現更強勁，但你們在增長率方面的差距相當大。那麼，您是否看到消費者在實體店購物與電子商務購物之間有任何不同的行為？或者行為在很大程度上是相同的？

Yes. Thank you, Noah, for the question, and thanks for being on the call. And what I would say is I think brick-and-mortar is having a great year. We're really happy with what we're seeing there. And while it is true that when you take the Johnny Was impact out of the picture, it was really sort of evenly balanced in terms of year-over-year growth in e-comm versus brick-and-mortar. But if you think back to last year and then even the year before, it was much more tilted towards e-comm. So the fact that brick-and-mortar is having the growth that it is this year, I think it's a different trend line than what we've seen before. We've been really happy to see it. It's wonderful. We expect to see that really continuing through the holiday. And actually, as we get closer to Christmas, I kind of think that bricks-and-mortar will continue to get stronger. So great to see that. Love to see e-comm still growing, too, and it's a good picture all the way around.

是的。諾亞，謝謝你提出這個問題，也謝謝你接聽電話。我想說的是，我認為實體店今年過得不錯。我們對在那裡看到的一切感到非常滿意。雖然當你將 Johnny Was 的影響排除在外時，它確實在電子商務與實體店的同比增長方面處於平衡狀態。但如果你回想一下去年甚至前一年，它更傾向於電子商務。因此，實體店今年的增長這一事實，我認為這是一條與我們之前看到的不同的趨勢線。我們真的很高興看到它。太棒了。我們希望看到這種情況真正持續到整個假期。事實上，隨著聖誕節的臨近，我認為實體店會繼續變得更強大。很高興看到這一點。很高興看到電子商務也在不斷發展，而且它一直都是一幅好圖景。

And then in terms of the improvement at Lilly, it was really about changing the partners that we were working with in the digital marketing arena and then sort of using that as the jumping off point to make sure that we were attending to all the fundamentals in the right way in our digital marketing arena. I think that work is well underway. Obviously, it's well underway, and we've seen some great results to date, but there is also more to come there. There's more work to be done and also, I think, more room for us to improve our performance there. But we were delighted to see the positive comps in Lilly during the quarter in both bricks-and-mortar and e-commerce.

然後就 Lilly 的改進而言，這實際上是關於改變我們在數字營銷領域合作的合作夥伴，然後將其作為起點，以確保我們關注所有基礎知識在我們的數字營銷領域的正確方法。我認為這項工作進展順利。顯然，它正在順利進行，迄今為止我們已經看到了一些很好的結果，但還有更多的東西要來。還有更多的工作要做，而且我認為，我們還有更多的空間來提高我們的表現。但我們很高興看到本季度禮來在實體和電子商務方面的積極表現。

There are no further questions at this time. I'll hand the floor back to Tom Chubb for closing remarks.

目前沒有其他問題。我將把發言權交還給 Tom Chubb，讓他發表閉幕詞。

Thank you, Diego, and thanks to all of you for your interest in our company. We hope you enjoy the holidays, and we look forward to talking to you again in the new year.

謝謝 Diego，也感謝大家對我們公司的關注。我們希望您假期愉快，我們期待在新的一年再次與您交談。

Thank you. And that concludes today's conference. All parties may disconnect. Have a great evening.

謝謝你。今天的會議到此結束。各方可能會斷開連接。祝你有個愉快的夜晚。