Oxford Industries Inc (OXM) 2023 Q4 法說會逐字稿

Welcome to the Oxford Industries Inc. fourth quarter fiscal 2023 earnings conference call.

歡迎參加牛津工業公司 2023 財年第四季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Brian Smith.

我現在想把會議交給布萊恩史密斯。

Please go ahead.

請繼續。

Thank you and good afternoon.

謝謝你，下午好。

But 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.

但在我們開始之前，我想提醒與會者，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含義內的前瞻性陳述。

Forward-looking statements are not guarantees and actual results may differ materially from those expressed or implied in the forward-looking statements.

前瞻性聲明並非保證，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

Important factors that could cause actual results of operations or our 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.

我們今天稍早發布的新聞稿以及我們向SEC 提交的文件中討論了可能導致實際營運結果或我們的財務狀況出現差異的重要因素，包括我們的10 K 表格中包含的風險因素。我們不承擔以下責任：更新任何前瞻性陳述。

During this call, we will be discussing certain non-GAAP financial measures and 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 Oxford, inc.com and now I'd like to introduce today's call.

在本次電話會議中，我們將討論某些非GAAP 財務指標，您可以在今天早些時候發布的新聞稿中找到非GAAP 與GAAP 財務指標的調節表，該新聞稿發佈在我們牛津網站的“投資者關係」標籤下， inc.com 現在我想介紹一下今天的電話會議。

Participants.

參與者。

With me today are Tom Chubb, Chairman and CEO, and Scott Grassmyer, CFO and COO.

今天與我在一起的有董事長兼執行長 Tom Chubb 和財務長兼營運長 Scott Grassmyer。

Thank you for your attention.

感謝您的關注。

And now I'd like to turn the call over to Tom Chubb.

現在我想把電話轉給湯姆·查布。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

We are pleased with our results for fiscal 2023, which represent the second strongest annual earnings in our 82 year history.

我們對 2023 財年的業績感到滿意，這是我們 82 年歷史上第二強勁的年度收益。

The conclusion of the FY23 also caps the end of a five year period during which we delivered compound annual adjusted EPS growth exceeding 18%.

2023 財年的結束也標誌著我們實現了超過 18% 的複合年度調整後每股收益成長的五年期的結束。

In addition, we generated generated strong cash flow from operations of $244 million in fiscal 2023, allowing us to invest in both organic growth and acquisitions, return capital to our shareholders via our quarterly dividend and opportunistic share repurchases and pay down almost all our outstanding debt.

此外，我們在2023 財年的營運中產生了2.44 億美元的強勁現金流，使我們能夠投資於有機增長和收購，透過季度股息和機會性股票回購向股東返還資本，並償還幾乎所有未償債務。

On today's call, I will walk through our recent performance and provide an update on the initiatives we have planned for fiscal 2024 that we believe will position us to continue to deliver sustained profitable growth and drive long-term shareholder value for many years to come.

在今天的電話會議上，我將介紹我們最近的業績，並提供我們為2024 財年計劃的舉措的最新情況，我們相信這些舉措將使我們能夠在未來許多年繼續實現持續的盈利增長並推動長期股東價值。

In terms of how we wrapped up the fiscal year, January was a bit softer than expected.

就我們如何結束本財年而言，一月份的情況比預期要軟一些。

And as a result, both our fourth quarter and full year came in at the low end of our forecast with sales for fiscal 2023 totaling [$1.571 billion] and adjusted earnings per share coming in at $10.15.

因此，我們的第四季和全年業績均處於我們預測的低端，2023 財年銷售額總計 [15.71 億美元]，調整後每股收益為 10.15 美元。

The January softness continued into the new fiscal year and February was also down as we cycled strong double digit comps in February of last year in March, as comparisons ease business has picked up month.

1 月份的疲軟持續到新財年，2 月份也有所下降，因為我們在去年 2 月份的業績循環強勁，到了 3 月份，業務有所回升。

Today, we are comping modestly positive.

今天，我們的業績比較樂觀。

We believe the choppiness we've experienced is reflective of a somewhat unusual situation where most economic indicators are actually fairly positive.

我們認為，我們所經歷的波動反映了一種有些不尋常的情況，即大多數經濟指標實際上相當積極。

And yet consumer sentiment remains materially below where it was for the four or five years prior to the pandemic, the muted consumer sentiment is manifesting itself in consumers who have the ability to spend, but are being much more cautious in their spending on discretionary items such as the fashion apparel, which is the core of our business experience has shown us that during times like this, when near term demand is choppy, it is best to stay focused on the long-term opportunity and strengthening the fundamentals of the business that have created our strong foundation, and that is exactly what we plan to do during fiscal 2024.

然而，消費者信心仍大幅低於疫情前四、五年的水平，消費者信心低迷體現在有消費能力的消費者身上，但他們在非必需品上的支出更加謹慎，例如作為我們業務核心的時尚服裝業務經驗告訴我們，在這樣的時期，當短期需求波動時，最好繼續專注於長期機會，並加強業務的基本面。為我們奠定了堅實的基礎，這正是我們計劃在2024 財年要做的事情。

First, we will double down on our efforts to make sure that we have fresh new differentiated product that gives the consumer a good reason to open her wallet.

首先，我們將加倍努力，確保我們擁有全新的差異化產品，讓消費者有充分的理由打開錢包。

Second, we will make sure we maintain the elevated happy and optimistic messaging that is representative of each of our brands.

其次，我們將確保保持代表我們每個品牌的高尚的快樂和樂觀的訊息。

Third, we will make sure that we are being diversified and creative in the media channels that we use to communicate our brand messages to the customer.

第三，我們將確保向客戶傳達品牌訊息的媒體管道多元化且富有創意。

And finally, we will make sure that we are making our product available to our customer when and where she wants it, including our own stores, e-commerce websites, restaurants and bars and the wholesale accounts across all our brands.

最後，我們將確保在客戶需要的時間和地點向他們提供我們的產品，包括我們自己的商店、電子商務網站、餐廳和酒吧以及我們所有品牌的批發帳戶。

There are initiatives planned for fiscal 2024 that touch on each of these four fundamentals in Tommy Bahama our biggest brand.

2024 財政年度計畫採取的舉措涉及我們最大品牌 Tommy Bahama 的這四個基本要素。

We are focused on continuing to develop and grow our hospitality business, our hospitality business, including our new Tommy Bahama mirror mountain resort, our full-service restaurants and bars and our unique upscale fast-casual Marlin Bars is a key part of the success of our brand.

我們專注於繼續發展和壯大我們的酒店業務，我們的酒店業務，包括我們新的Tommy Bahama 鏡山度假村、我們全方位服務的餐廳和酒吧以及我們獨特的高檔快速休閒Marlin 酒吧，是我們成功的關鍵部分。我們的品牌。

Hospitality helps complete the dream that is Tommy Bahama in the customer's mind.

熱情好客有助於實現顧客心中 Tommy Bahama 的夢想。

And in that way helps evolve the brand, acquire new customers, retaining existing customers and increases the annual spend of the brand's guests.

透過這種方式，有助於發展品牌、獲取新客戶、留住現有客戶並增加品牌客人的年度支出。

As we have mentioned in the past, our stores that are connected to one of our restaurant and bars almost uniformly do a higher percentage of business in women's than the fleet average and have higher sales per square foot by a significant margin than the fleet average Hospitality has been a big part of our success in growing our women's business over the last several years said that women's has now grown to 36% of our total Tommy Bahama direct-to-consumer business.

正如我們過去提到的，與我們的一家餐廳和酒吧相連的商店幾乎一致地從事女性業務，其比例高於車隊平均水平，並且每平方英尺銷售額大幅高於車隊平均水平。過去幾年來，我們成功發展女裝業務，其中很大一部分是女裝業務。目前，女裝業務已佔Tommy Bahama 直接面向消費者業務總量的36%。

Our efforts during the 2024 calendar year include opening six new Marlin Bars, including one in Winter Park Village in Florida, which opened in January and one in La Cantera outside of San Antonio, Texas, which opened in February.

我們在 2024 年的努力包括開設 6 家新的 Marlin 酒吧，其中一家於 1 月在佛羅裡達州 Winter Park Village 開業，另一家於 2 月在德克薩斯州聖安東尼奧市郊外的 La Cantera 開業。

Both of these new additions to the fleet are off to a terrific start for additional Marlin Bars are planned for the second half of fiscal 2024, including one in South Park Mall in Charlotte, King of Prussia Mall, which is one of the nation's premier malls that Oaks in Oklahoma City and Sarasota, Florida areas upscale Lakewood Ranch community 2024 marks the 65th anniversary of the Lilly Pulitzer brand.

這兩家新增的馬林魚酒吧為計劃在2024 財年下半年新增馬林魚酒吧奠定了良好的開端，其中包括位於夏洛特South Park Mall 的一家，普魯士王購物中心，該購物中心是美國頂級購物中心之一位於俄克拉荷馬城和佛羅裡達州薩拉索塔地區的Oaks 高檔Lakewood Ranch 社區2024 年將迎來禮來普立茲品牌成立65 週年。

Exciting plans for the brand are already underway, including a higher priced, more elevated capsule collection, celebrating the anniversary, which is retailed extremely well and makes us believe that we have the opportunity to expand the price continuum of our assortments.

該品牌令人興奮的計劃已經在進行中，包括推出價格更高、更高檔的膠囊系列，慶祝週年紀念日，該系列的零售情況非常好，讓我們相信我們有機會擴大我們品種的價格連續性。

We also have a number of exciting collaborations underway, several of which have already launched on the product side.

我們還正在進行許多令人興奮的合作，其中一些已經在產品方面啟動。

We have rolled out a Lilly Pulitzer print wrapped no camera kind of resort cruise or a special edition.

我們推出了禮來·普利策印刷品，沒有相機包裝的度假遊輪或特別版。

Lilly Pulitzer Nadal used to use a line of Pottery Barn home goods and a beautiful capsule collection done in collaboration with Badgley Mischka.

Lilly Pulitzer Nadal 曾經使用過一系列 Pottery Barn 家居用品以及與 Badgley Mischka 合作的精美膠囊系列。

Lilly Pulitzer and Vogue have also partnered to produce an exciting collection of collaborative media content under those style by Vogue banner.

禮來普立茲 (Lilly Pulitzer) 和《Vogue》也合作製作了一系列令人興奮的合作媒體內容，以《Vogue》的風格為主題。

On the commercial front, Lilly Pulitzer remains focused on mixing things up to continue to delight and surprise that customer.

在商業方面，禮來·普立茲仍然專注於混合事物，以繼續讓客戶感到高興和驚喜。

We have changed several of the promotional events that we ran last year during the first and second quarters.

我們改變了去年第一季和第二季舉辦的幾項促銷活動。

Such that we expect Lilly Pulitzer's first quarter to be mid tier really smaller than last year and the second quarter to be materially larger than a year ago.

因此，我們預期禮來普立茲第一季的業績將比去年同期小得多，而第二季的業績將比去年同期大幅成長。

We believe this decision will make for a successful first half, albeit one that lays out across the two quarters differently than it did last year.

我們相信這項決定將有助於上半年取得成功，儘管這兩個季度的情況與去年有所不同。

In China, it was we were delighted during fiscal 2023 to complete most integration activities post the acquisition during 2024, our focus will be on enhancing the profitability of this business.

在中國，我們很高興在 2023 財年在 2024 年完成了收購後的大部分整合活動，我們的重點將是提高該業務的獲利能力。

The two main elements of this improvement plan are increasing store productivity and improving the effectiveness and efficiency of our marketing activities.

此改進計劃的兩個主要要素是提高商店生產力和提高行銷活動的有效性和效率。

Last year, Jonny was achieved a 10% operating margin, a respectable level that we believe we can expand on in 2024 and even further in the years ahead.

去年，Jonny 實現了 10% 的營業利潤率，我們相信我們可以在 2024 年甚至未來幾年進一步擴大這一水平。

We remain extremely enthusiastic about the Johnny was brand and expected to be an important part of our ongoing objective to grow long-term shareholder value in the Emerging Brands Group.

我們仍然對 Johnny was 品牌充滿熱情，並期望成為我們不斷提高新興品牌集團長期股東價值目標的重要組成部分。

Starting with Southern Tide.

從南潮開始。

During 2023, we opened a number of stores and acquired a number of our signature stores, bringing our total company-owned Southern Tide stores to 19 by the end of the year.

2023年，我們開設了多家門市並收購了多家招牌店，到年底，公司自有的Southern Tide門市總數達到19家。

We have plans to open several more during fiscal 2024, along with at least one store for the future public company.

我們計劃在 2024 財年開設更多門市，並為未來的上市公司開設至少一家商店。

A 2024 priority for both brands is driving performance across the newly established retail store platform.

兩個品牌 2024 年的首要任務是提升新成立的零售店平台的績效。

We are also delighted to have added the iconic Jack ROGERS footwear brand to the Emerging Brands group in late fiscal 2023.

我們也很高興在 2023 財年末將標誌性的 Jack ROGERS 鞋類品牌加入新興品牌集團。

Jack Rogers has a well-known brand that is based around an iconic product the pandemic and post pandemic years were challenging for the entire Kroger's business.

傑克羅傑斯 (Jack Rogers) 擁有一個知名品牌，該品牌基於一款標誌性產品，疫情期間和疫情後的歲月對整個克羅格業務構成了挑戰。

While Jack Rogers will be slightly dilutive to earnings in 2024, we are going to use this year to focus on resetting the brand, cleaning up inventory and preparing the brand for future success and profitability.

雖然傑克羅傑斯 (Jack Rogers) 到 2024 年的盈利將略有下降，但我們將利用今年重點重置品牌、清理庫存，並為品牌未來的成功和盈利能力做好準備。

Finally, on an enterprise-wide basis, we will be working hard during fiscal 2024 on our new state-of-the-art distribution center in Lions, Georgia, which will allow us to house and shift more of our product, much closer to the markets where we do a very large portion of our business.

最後，在整個企業範圍內，我們將在 2024 財年努力建造位於喬治亞州獅子市的最先進的新配送中心，這將使我們能夠容納和轉移更多的產品，距離更近我們大部分業務都在這些市場進行。

This should allow us to get product in consumers' hands more quickly, replenish our stores faster and ultimately allow us to do more business on less inventory.

這將使我們能夠更快地將產品送到消費者手中，更快地補充我們的商店，並最終使我們能夠以更少的庫存做更多的業務。

The initiative also allows us to leverage our long history in the alliance community and the excellent work force that we have there.

該計劃還使我們能夠利用我們在聯盟社區的悠久歷史以及我們在那裡擁有的優秀員工隊伍。

We believe we will be able to do all of this while maintaining highly competitive shipping costs.

我們相信我們將能夠做到這一切，同時保持極具競爭力的運輸成本。

We also have exciting plans to explore opportunities to expand our use of artificial intelligence across the enterprise.

我們也制定了令人興奮的計劃，探索在整個企業範圍內擴大人工智慧使用的機會。

We already employ AI in a wide variety of specific situations and believe that we will continue to find incremental use cases where we can employ AI to improve our efficiency and effectiveness.

我們已經在各種特定情況下使用人工智慧，並相信我們將繼續找到可以使用人工智慧來提高效率和有效性的增量用例。

As we look to our forecast for fiscal 2024.

我們展望 2024 財年的預測。

As outlined above, we have excellent plans for each of our brands this year.

如上所述，今年我們為每個品牌都制定了出色的計劃。

That said, we expect the cautiousness of the consumer to persist throughout the course of the year.

儘管如此，我們預期消費者的謹慎態度將持續一整年。

That current operating environment has led to caution among many retailers.

目前的經營環境導致許多零售商保持謹慎。

And as a result, we expect our wholesale business to be down meaningfully in the first quarter compared to a very strong first quarter for wholesale last year.

因此，與去年非常強勁的批發業務相比，我們預計第一季的批發業務將大幅下降。

We expect wholesale to be positive on a year-over-year basis for the balance of the year, which will partially but not fully offset the first quarter decline, meaning that we will be down slightly in wholesale for the full year.

我們預計今年剩餘的批發量將同比增長，這將部分但不能完全抵消第一季的下降，這意味著我們全年的批發量將略有下降。

Scott will provide more detail in a minute, but as a result of the wholesale decline that Titan's change in Lilly Pulitzer that I mentioned a few minutes ago and a weak February.

斯科特將在一分鐘內提供更多細節，但由於我幾分鐘前提到的禮來普立茲泰坦的整體下降和疲軟的二月。

We expect the first quarter to be materially below last year's first quarter results.

我們預計第一季的業績將大幅低於去年第一季的業績。

For the full year, we expect mid single digit top-line growth with new stores and modestly positive comps.

就全年而言，我們預計新店和適度積極的比較將帶來中個位數的收入成長。

Offsetting the headwinds that I have outlined from a profitability standpoint, gross margins will be flat to up slightly, while we will experience some pressure at the SG&A line due to the effects of inflation across expense categories as well as the new stores, Marlin Bars and other investments we are making in the future.

抵消我從獲利角度概述的不利因素，毛利率將持平或略有上升，同時由於各個費用類別以及新店、Marlin Bars 和我們未來正在進行的其他投資。

We are very proud of the portfolio of brands that we have built and the strong connections we've forged with our customers.

我們對我們建立的品牌組合以及我們與客戶建立的牢固聯繫感到非常自豪。

Most of all, we are incredibly proud of the amazing team of people that bring them to life every day.

最重要的是，我們為每天為他們帶來活力的出色團隊感到無比自豪。

As always, we are committed to delivering on our near term targets while staying focused on the initiatives that will strengthen our brands and business fundamentals over the long term.

一如既往，我們致力於實現近期目標，同時專注於長期加強我們品牌和業務基礎的措施。

I'll now turn the call over to Scott for additional color on 2023 and our plans for 2024 Scott, and thank you, Scott.

現在，我將把電話轉給斯科特，了解 2023 年的更多信息以及我們 2024 年斯科特的計劃，謝謝你，斯科特。

As Tom mentioned, we are pleased to report top and adjusted bottom line results within our guidance range for both the fourth quarter and full fiscal year 2023, despite facing headwinds from a challenging consumer environment, our operating groups focused on what they control and delivered solid results going against positive DTC comps of 9% and 17% for the fourth quarter and full year fiscal '22, respectively.

正如Tom 所提到的，我們很高興在我們的指導範圍內報告第四季度和2023 年整個財年的最高和調整後的淨利潤結果，儘管面臨著充滿挑戰的消費者環境的阻力，我們的運營團隊專注於他們控制的內容並提供可靠的服務22 財年第四季和全年的 DTC 業績分別為 9% 和 17%。

In 2023, consolidated net sales grew 11% to $1.57 billion, including an increase of $130 million in sales for Johnnie Walker's, which we owned for 19 of 52 weeks during fiscal 2022, the 2023.

2023 年，合併淨銷售額成長11%，達到15.7 億美元，其中尊尼獲加(Johnnie Walker's) 的銷售額增加了1.3 億美元，我們在2022 財年（即2023 年）的52 周中擁有該公司19 週。

Net sales also included an approximate [$16 million] benefit from the 53rd week, resulting in $10 million of additional gross profit in the aggregate Tommy Bahama, Lilly Pulitzer and emerging brands delivered growth across most of our full-price distribution channels with increases of 6% and restaurants that have delivered strong results all year 3% in full price e-commerce and 1% growth in an especially difficult wholesale channel.

淨銷售額還包括第53 週的約[1,600 萬美元] 收益，導致Tommy Bahama、禮來·普利策和新興品牌總計增加1,000 萬美元的毛利潤，在我們的大多數全價分銷渠道中實現了成長，成長了 6 % 和全年業績強勁的餐廳全價電子商務成長 3%，特別困難的批發管道成長 1%。

Full-price bricks-and-mortar were relatively flat compared to 2022.

與 2022 年相比，實體店全價相對持平。

Additionally, we also had increases in sales in our outlets of 5% and 3% in the Lilly Pulitzer e-commerce flash sales, both benefiting from consumers looking for deals and promotions.

此外，我們的門市銷售額在禮來普立茲電子商務閃購中也分別成長了 5% 和 3%，這都得益於尋求優惠和促銷的消費者。

In addition to increased sales, we're able to expand adjusted gross margin 50 basis points to 64% BOSS and meaningfully lowering inventory balances.

除了銷售額增加之外，我們還能夠將調整後毛利率提高 50 個基點，達到 64% BOSS，並顯著降低庫存餘額。

The increase in adjusted gross margin was driven by a full year of higher margin.

調整後毛利率的成長是由全年更高的利潤率所推動的。

Sales from Johnny was a decrease in inventory markdowns and decreased freight costs.

約翰尼的銷售減少了庫存降價和運輸成本的下降。

These were partially offset by increased promotional sales at both Tommy Bahama and Lilly Pulitzer.

Tommy Bahama 和 Lilly Pulitzer 的促銷銷售增加部分抵消了這些影響。

Adjusted SG&A expenses were $807 million compared to $684 million last year, with approximately $76 million or 62% of the increase due to a full year of SG&A from Johnny was 2023.

調整後的 SG&A 費用為 8.07 億美元，去年為 6.84 億美元，其中約 7,600 萬美元或 62% 的成長是由於 Johnny 於 2023 年全年支付的 SG&A 費用。

Total also includes approximately $11 million of incremental SG&A from the 53rd week.

總計還包括從第 53 週開始增加的約 1,100 萬美元的銷售、管理及管理費用。

During 2023, we incurred higher costs related to increased employment costs, advertising costs, variable costs and other expenses to support sales growth and our expanded store footprint.

2023 年，我們因僱用成本、廣告成本、變動成本和其他費用增加而產生了更高的成本，以支持銷售成長和擴大商店規模。

Result of this yielded $215 million of adjusted operating income for a 13.8% operating margin compared to $234 million or 16.6% in 2022.

結果是調整後營業收入為 2.15 億美元，營業利益率為 13.8%，而 2022 年為 2.34 億美元，營業利潤率為 16.6%。

The decrease in adjusted operating income reflects planned growth in SG&A investments in our people and business outpacing growth in revenue.

調整後營業收入的下降反映了我們員工和業務的銷售、管理及行政費用（SG&A）投資的計劃增長超過了收入的增長。

We also incurred startup losses related to the Tommy Bahama Amira Monty resource and saw modest declines in royalty income resulting from lower income from our licensing partners.

我們也遭受了與 Tommy Bahama Amira Monty 資源相關的啟動損失，並且由於我們的許可合作夥伴收入減少，特許權使用費收入略有下降。

Moving beyond operating income, we incurred more interest expense as a result of higher interest rates and higher average debt levels, but benefited from a slightly lower adjusted effective tax rate.

除了營業收入之外，由於較高的利率和較高的平均債務水平，我們產生了更多的利息支出，但受益於調整後的有效稅率略低。

For all of this, we achieved $10.15 of adjusted EPS solidly within our guidance range in connection with our annual impairment test for goodwill and indefinite-lived intangible assets performed in the fourth quarter of fiscal 2023.

儘管如此，根據 2023 財年第四季對商譽和無限期無形資產進行的年度減損測試，我們實現了 10.15 美元的調整後每股收益，完全在我們的指導範圍內。

We concluded that the fair values of the Johnny was goodwill and trade name did not exceed their respective carrying values, resulting in a total impairment charge of $111 million.

我們得出的結論是，Johnny 的公允價值是商譽，商號並未超過其各自的帳面價值，導致總減損費用為 1.11 億美元。

The impairment charge reflects the macroeconomic challenges faced by smaller brands subsequent to our acquisition of Johnny was in September of 2022 and a significant prolonged increase in interest rates.

減損費用反映了我們於 2022 年 9 月收購 Johnny 後較小品牌面臨的宏觀經濟挑戰以及利率的長期大幅上漲。

Management strongly believes in the health and long-term prospects as Johnny was business.

管理層堅信約翰尼的健康和長期前景。

Despite these challenges are diligently looking ways to fuel growth in the business and manage expenses.

儘管面臨這些挑戰，我們仍在努力尋找促進業務成長和管理費用的方法。

I'll now move on to our balance sheet beginning with inventory during 2023, we were able to decrease inventories by 18% or $51 million year over year on a FIFO basis, while being able to expand adjusted gross margin as noted earlier.

現在，我將繼續討論我們的資產負債表，從2023 年的庫存開始，我們能夠在先進先出的基礎上同比減少18% 或5100 萬美元的庫存，同時能夠擴大調整後的毛利率，如前所述。

The decrease in inventories resulted from our continued inventory discipline as well as the reduction of incremental inventories previously built into our supply chains in 2022 to mitigate potential disruptions that were largely resolved in 2023.

庫存減少是由於我們持續實行庫存紀律，以及減少先前在 2022 年納入供應鏈的增量庫存，以減輕潛在的干擾，這些幹擾已在 2023 年基本解決。

From a liquid liquidity standpoint, we used our robust cash flows to significantly repay our borrowings used to fund the Johnny West acquisition.

從流動性的角度來看，我們利用強勁的現金流大量償還了用於收購 Johnny West 的借款。

We finished 2023 with $29 million of borrowings under our revolving credit facility, down $90 million from $119 million of borrowings at the beginning of the year, our $244 million of cash flow from operations in 2023 compared to $126 million in 2022 allowed us to reduce outstanding debt while also funding $74 million of capital expenditures, $42 million of dividends, $20 million of share repurchases and $12 million of acquisition related expenditures for the acquisition of Jack Rogers and six former Southern Tide signature stores.

截至2023 年，我們的循環信貸額度下的借款為2,900 萬美元，比年初的1.19 億美元借款減少了9,000 萬美元，2023 年的營運現金流為2.44 億美元，而2022 年為1.26 億美元，這使我們能夠減少未償債務債務，同時也為收購Jack Rogers 和六家前Southern Tide 簽名店的7,400 萬美元資本支出、4,200 萬美元股息、2,000 萬美元股票回購和1,200 萬美元收購相關支出提供資金。

I'll now spend some time on our outlook for 2024 the full year, we expect net sales to be between $1.63 billion and $1.67 billion, growth of 4% to 6% compared to sales of $1.57 billion in 2023.

現在我將花一些時間展望 2024 年全年，我們預計淨銷售額將在 16.3 億美元至 16.7 億美元之間，與 2023 年的銷售額 15.7 億美元相比增長 4% 至 6%。

Increased sales plan in 2024 includes growth in all brands with growth in the mid-single digit range for Tommy Bahama and Lilly Pulitzer and low double digit range for Johnny was in emerging brands.

2024 年增加的銷售計劃包括所有品牌的成長，其中 Tommy Bahama 和 Lilly Pulitzer 的成長處於中個位數範圍，新興品牌的 Johnny 則處於低兩位數範圍。

The growth consist of full-price brick-and-mortar e-commerce channel growth growth in food and beverage outlets.

這一增長包括全價實體電子商務通路的成長以及食品和飲料店的成長。

We expect wholesale sales.

我們預計批發銷售。

We are challenged in 2024 with approximately $10 million of lower wholesale sales than in 2023, with reductions in the first quarter and partially offset by modest growth for the remainder of the year.

我們在 2024 年面臨的挑戰是批發銷售額比 2023 年減少約 1000 萬美元，其中第一季的減少額被今年剩餘時間的溫和增長所部分抵消。

We anticipate gross margins will increase slightly in 2024, including the expectation of higher proportion of full-price direct-to-consumer sales and a lower proportion of wholesale and all priced direct-to-consumer sales.

我們預期 2024 年毛利率將小幅上升，包括預期全價直接面向消費者的銷售比例將提高，批發和全價直接面向消費者的銷售比例將下降。

These higher sales and improved gross margin are expected to be offset by increased SG&A, which is expected to grow at a rate higher than sales in 2024, primarily due to investments in people, information, technology and marketing, as well as investments in additional brick and mortar locations opening in 2024, including five new Marlin Bars, our net brick and mortar count is expected to increase by approximately 25 locations.

銷售額的增加和毛利率的提高預計將被SG&A 的增加所抵消，SG&A 的成長速度預計將高於2024 年的銷售額，這主要是由於對人員、資訊、技術和行銷的投資，以及對額外磚塊的投資預計 2024 年開業的實體店數量將增加約 25 個，其中包括 5 個新的 Marlin Bars。

As Tom mentioned, we acquired the Jack Rogers brand in the fourth quarter of 2023.

正如 Tom 所提到的，我們在 2023 年第四季收購了 Jack Rogers 品牌。

We have decided to add this iconic brand with an iconic product to our portfolio and expand our presence into the footwear category with Dylan's, we look for the right opportunity in this space and believe that is a natural fit with our stable, happy, differentiated lifestyle brand.

我們決定將這個具有標誌性產品的標誌性品牌添加到我們的產品組合中，並透過Dylan's 將我們的業務擴展到鞋類類別，我們在這個領域尋找合適的機會，並相信這與我們穩定、快樂、差異化的生活方式自然契合品牌。

While we believe in the potential of the brand, we do expect the brand to generate an operating loss of approximately $2 million in 2024 as we reset and refocus the business.

雖然我們相信該品牌的潛力，但我們確實預計，隨著我們重新調整和重新調整業務重點，該品牌將在 2024 年產生約 200 萬美元的營運虧損。

Additionally, we anticipate lower interest expense at $3 million for the year compared to $6 million in 2023 and higher royalty and other income, primarily from a full year of the Tommy Bahama Vermont type resort.

此外，我們預計今年的利息支出將從 2023 年的 600 萬美元降至 300 萬美元，特許權使用費和其他收入將增加，主要來自佛蒙特州湯米巴哈馬度假村全年的收入。

We also spent a higher adjusted effective tax rate of approximately 25% compared to 23% in 2023, which benefited from certain favorable items that are not expected to recur in 2024.

我們也採用了約 25% 的調整後有效稅率，高於 2023 年的 23%，這得益於預計 2024 年不會再出現的某些優惠項目。

Considering all these items, we expect that operating margin will decrease modestly from 2023 levels and expect 2024 adjusted EPS to be between $9.30 and $9.70 versus adjusted EPS of $10.15 last year with decreases in our businesses and a higher effective tax rate being partially offset by the lower interest expense and higher royalty and other income.

考慮到所有這些項目，我們預計營業利潤率將較2023 年的水平小幅下降，並預計2024 年調整後每股收益將在9.30 美元至9.70 美元之間，而去年調整後每股收益為10.15 美元，因為我們的業務減少，有效稅率較高，但被利息支出較低，特許權使用費和其他收入較高。

In the first quarter of 2024, we expect sales of $395 million to $415 million compared to sales of $420 million in the first quarter of 2023.

我們預計 2024 年第一季的銷售額為 3.95 億至 4.15 億美元，而 2023 年第一季的銷售額為 4.2 億美元。

Expected decline in the first quarter is driven primarily by a decline in wholesale sales of between $15 million and $20 million compared to the first quarter 2023 due to continued softness in that channel than non anniversary of a successful 30% off promotional event at Lilly Pulitzer in the first quarter of 2023 and a slow start to the year in February in our direct to consumer businesses, followed by improving trends in March, many of the other factors driving our results include flat gross margin, some SG&A deleveraging and lower interest expense of approximately $1 million will affect the first quarter.

第一季的預期下降主要是由於批發銷售額與2023 年第一季相比下降了1500 萬美元至2000 萬美元，原因是該渠道持續疲軟，因為禮來普利策(Lilly Pulitzer) 成功舉辦30 % 促銷活動非週年紀念日。2023 年第一季度，我們的直接面向消費者業務在 2 月份開局緩慢，隨後3 月份趨勢有所改善，推動我們業績的許多其他因素包括毛利率持平、SG&A 去槓桿化以及利息費用降低約100萬美元將影響第一季。

Although we do expect our effective tax rate to be approximately 25% and consistent with the first quarter of 2023.

儘管我們確實預計有效稅率約為 25%，與 2023 年第一季一致。

We expect this to result in first quarter adjusted EPS of between $2.60 to $2.80 compared to $3.78 in the first quarter of 2023.

我們預計這將導致第一季調整後每股收益在 2.60 美元至 2.80 美元之間，而 2023 年第一季調整後每股收益為 3.78 美元。

Expanding on the investments we intend to make in 2024.

擴大我們計劃在 2024 年進行的投資。

I'd like to briefly discuss our capital expenditure outlook for 2024.

我想簡單討論一下我們 2024 年的資本支出前景。

Capital expenditures in fiscal 2024 are expected to be approximately $200 million compared to $74 million in fiscal 2023 with approximately $100 million related to the significant multiyear project to build a new distribution center lines, Georgia, to enhance the direct to consumer throughput capabilities of our brands.

2024 財年的資本支出預計約為2 億美元，而2023 財年為7,400 萬美元，其中約1 億美元與在喬治亞州建設新配送中心線的重要多年項目相關，以增強我們品牌直接面向消費者的吞吐能力。

Remaining capital expenditures relate to the execution on our pipeline of Marlin Bars, including five expected to open in fiscal 2024 increases in store count across Tommy Bahama, Lilly Pulitzer, Johnny was and Southern Tide and increased investments in our various direct to consumer technology system initiatives.

剩餘資本支出與我們的Marlin Bars 管道的執行有關，包括預計將於2024 財年開業的5 家，增加Tommy Bahama、Lilly Pulitzer、Johnny was 和Southern Tide 的商店數量，以及增加對我們各種直接面向消費者的技術系統計劃的投資。

We expect this elevated capital expenditure level to moderate in 2025 and beyond.

我們預計這種上升的資本支出水準將在 2025 年及以後放緩。

We also have a positive outlook on our cash and liquidity position as well as cash flows from operations are expected to be very strong, giving us ample room to fund the previously mentioned investment in a 3% increase to our quarterly dividend.

我們對現金和流動性狀況也持樂觀態度，預計營運現金流將非常強勁，這為我們提供充足的空間來為前面提到的投資提供資金，使我們的季度股息增加 3%。

Thanks for your time today, and we will now turn the call for questions.

感謝您今天抽出寶貴時間，我們現在將進行提問。

Betsy?

貝特西？

(Operator Instructions) Janine Stichter, BTIG.

（操作員說明）Janine Stichter，BTIG。

Good afternoon and thanks for taking my question and thank you for all the color on this.

下午好，感謝您提出我的問題，並感謝您對此的所有看法。

The health of the consumer and the state of the consumer was hoping you could elaborate a little bit more on what you saw in January and February into March?

消費者的健康狀況和消費者的狀況希望您能詳細說明一月、二月到三月的情況？

And curious if you saw any variance by brand, I think also curious if you think weather played any role or what's driving the improvement into March.

我很好奇您是否看到了不同品牌之間的差異，我想也很好奇您是否認為天氣發揮了任何作用，或者是什麼推動了三月的改善。

Thank you.

謝謝。

Well, thank you for the question, Janine, and thanks for being on the call today.

好吧，謝謝你的提問，珍妮，也謝謝你今天接電話。

As we said, it was soft in January and in February, there were some variations in among the brands, but really everybody saw the softness.

正如我們所說，一月和二月市場疲軟，各個品牌之間存在一些差異，但實際上每個人都看到了疲軟。

And I think weather probably did have some impact on that, but we believe it was a little bit more just about consumer sentiment and where they are and the willingness to spend.

我認為天氣可能確實對此產生了一些影響，但我們認為這更多地與消費者情緒、他們所處的位置以及消費意願有關。

As we outlined in the comments.

正如我們在評論中概述的那樣。

We also were going against very difficult comps from the prior year so that January and February both had very strong comps a year ago.

我們也與前一年的非常困難的比較進行了比較，因此一年前一月和二月的比較都非常強大。

And so we think we're going against the toughest comps of the year and comps started moderating in march forward.

因此，我們認為我們正在對抗今年最艱難的競爭，並且競爭在未來三月開始放緩。

So we're optimistic that we can still on comp positive for the year, although very modestly.

因此，我們樂觀地認為，今年我們仍然可以實現正面的業績，儘管幅度非常有限。

Great and then just on the wholesale side of things.

很棒，然後就在批發方面。

I mean, you talked about wholesale being down in Q1 and then turning positive in Q2, I'm trying to understand, is that pretty consistent with how you had been thinking about it?

我的意思是，您談到批發在第一季度下降，然後在第二季度轉為正值，我試圖理解，這與您的想法非常一致嗎？

I'm just curious if you're seeing any change in tone from your wholesale partners or if that's similar to how you've been thinking about it before?

我只是好奇您是否發現批發合作夥伴的語氣有任何變化，或者這是否與您之前的想法相似？

I think I've been pretty cautious for a while now.

我想我已經有一段時間非常謹慎了。

I think it maybe is a little they've been a little more cautious than we would have thought back in the late latter part of this year.

我認為他們可能比我們今年下半年想像的更加謹慎。

But the good news, Jeanine is that our performance at wholesale is actually quite strong from those accounts that we get that are know most of the majors give us pretty good feedback on how we're performing on the floor and those numbers actually look quite good.

但好消息是，珍妮，我們在批發方面的表現實際上相當強勁，從我們得到的那些帳戶來看，大多數專業都給我們提供了關於我們在場上表現的很好的反饋，這些數字實際上看起來相當不錯。

And so we believe over the longer term that we're not losing any position at all.

因此，我們相信，從長遠來看，我們根本不會失去任何部位。

In fact, we're outperforming our peers on the floor and that as the retailers get a little more optimistic about where they are in their overall business that we will get rewarded for our performance currently, we also are optimist that we don't really have this in the plan, but we might get a little bit of in-season business.

事實上，我們的表現優於我們的同行，隨著零售商對他們在整體業務中的地位更加樂觀，我們將因目前的表現而獲得獎勵，我們也樂觀地認為，我們並沒有真正做到這一點。計劃中有這個，但我們可能會得到一些反季節的業務。

And then the last thing I would tell you is that we talk about the costs in Allied.

我要告訴你的最後一件事是我們談論盟軍的成本。

But I think a lot of the or at least a portion of what's going on is also that retailers are getting their inventories back in line post pandemic, there was a period where they were because of all the supply chain issues.

但我認為，正在發生的事情中有很多或至少一部分是零售商在大流行後恢復了庫存，有一段時間，由於所有供應鏈問題，他們的庫存恢復正常。

They were over by maybe a little bit sort of a just in case inventory because they didn't know what they were going to do and where when they were going to get other than I think most vendors are shipping pretty much on time and complete these days.

他們可能有點以防萬一的庫存，因為他們不知道自己要做什麼，也不知道什麼時候要去哪裡，除了我認為大多數供應商都按時發貨並完成這些天。

So there's less of that sort of safety stock buying going on.

因此，此類安全庫存的購買活動較少。

So we view this as a short term blip, Jeanine, we don't really think we're losing ground and no sale.

所以我們認為這是一個短期現象，珍妮，我們不認為我們正在失去市場，也沒有銷售。

And in fact, we think we're probably getting stronger in that arena.

事實上，我們認為我們在這個領域可能會變得更強大。

And in last year, Jeanine first quarter was a very strong wholesale quarter for us.

去年，珍妮第一季對我們來說是一個非常強勁的批發季度。

I think we're kind of bucking the trend in the industry where we're actually up in Q1 last year.

我認為我們有點逆行業趨勢，去年第一季我們實際上處於上升狀態。

So we are again going against a strong wholesale period the year before for us.

因此，我們再次面臨前一年強勁的批發時期。

Thanks so much and best of luck.

非常感謝，祝你好運。

Thank you, Jimmy.

謝謝你，吉米。

(Operator Instructions) Mauricio Serna, UBS.

（操作員指示）Mauricio Serna，UBS。

Great.

偉大的。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

I just wanted to get a little bit more detail on the quarterly trend you mentioned.

我只是想更詳細地了解您提到的季度趨勢。

You know, February started soft March got better.

你知道，二月開始比較軟，三月變得更好。

Maybe you could tell us like quarter to date by car, the DTC comp sales trending and what is like for your for your full year sales guidance expectation?

也許您可以告訴我們季度至今的汽車銷售、DTC 比較銷售趨勢以及您對全年銷售指導的預期如何？

What are the implied DTC comp sale?

隱含的 DTC 贈品銷售是什麼？

And then maybe you talked about the gross margin drivers in all being essentially like a positive sales mix shift.

然後也許您談到毛利率驅動因素本質上就像積極的銷售組合轉變。

Anything that you can tell us about your expectations on promotions?

能告訴我們您對促銷的期望嗎？

And then just lastly, if you could elaborate a little bit more about the Jack Rogers acquisition.

最後，您能否詳細說明一下傑克羅傑斯的收購。

You know, what prompted you to to buy the brand, like any like the new overview of about the brand like the size of the business.

你知道，是什麼促使你購買這個品牌，就像任何像關於該品牌的新概述一樣的業務規模。

You talked about the impact on on the operating profit, but maybe when you think about the top line, it will be very helpful.

您談到了對營業利潤的影響，但也許當您考慮營收時，這會非常有幫助。

Thanks.

謝謝。

Yes, maybe I'll start in reverse order and assuming Jack Rogers, it is a great brand Marie share.

是的，也許我會以相反的順序開始，假設傑克·羅傑斯，這是瑪麗分享的一個偉大的品牌。

It's been around for a long time like Lilly Pulitzer was born in about 1960.

它已經存在很長時間了，就像莉莉·普利策 (Lilly Pulitzer) 誕生於 1960 年左右一樣。

I believe Lilly was 59.

我相信莉莉已經59歲了。

As far as we know, I'm Jack Rogers with, I think 60 or so 59, 60, right about the same time born in Palm Beach.

據我們所知，我是傑克羅傑斯，我想大約 60 歲、59 歲、60 歲，大約在同一時間出生在棕櫚灘。

It was popular with Jackie, candidly, a time later, Jackie O NASA's very classic brand.

坦白說，不久之後，它就受到了 Jackie O NASA 非常經典的品牌的歡迎。

They have a single sandal that people refer to as Jack Rogers that they're very, very well.

他們有一款涼鞋，人們稱之為 Jack Rogers，他們非常非常好。

I've known for and they've been sort of a staple of East Coast classic ladies dressing for a long, long time at one time, this business, it was up in the $50 million plus range.

我知道它們在很長一段時間裡一直是東海岸經典女士著裝的主打產品，這項業務的價值一度超過 5000 萬美元。

And during the pandemic and post pandemic and probably even a little leading up to that, it went through sort of a rough period on with a number of changes in management and of course, all the issues that happened with the pandemic, but they've still held on to their sort of iconic positioning with the customer.

在大流行期間和大流行後，甚至可能在這之前，它經歷了一段艱難的時期，管理方面發生了一些變化，當然還有大流行中發生的所有問題，但他們已經仍然堅持他們對客戶的標誌性定位。

And so we bought it at a time where it needs a little bit of a reset needs to go back to its core DNA, go back to its roots.

因此，我們在它需要一點重置、需要回歸其核心 DNA、回歸其根源的時候購買了它。

And there's some inventory that we've actually mostly got cleaned up at this point, but we need to do that at sort of reset the market and we're going to take this year to do it.

目前我們實際上已經清理了一些庫存，但我們需要這樣做以重置市場，我們將在今年完成這項工作。

I think during this year, we'll do not quite $10 million in revenue, but somewhere in that range.

我認為今年我們的收入不會達到 1000 萬美元，但會在這個範圍內。

And then as Scott outlined, we will have a little bit of an operating loss but I think we'll be in good shape to go from there to build both the business going forward.

然後，正如斯科特所概述的那樣，我們將出現一點營運虧損，但我認為我們將處於良好的狀態，可以從那裡開始發展未來的業務。

And then I think you had also asked about comp and the absence creator year.

然後我想你也問過關於補償和缺勤創建年份的問題。

1st of the year, February was down low double digits, but again, going against a very robust comp last year.

今年第一天，二月的業績下降了兩位數，但再次與去年非常強勁的業績背道而馳。

We had really strong February, strong early March and then we started seeing it weaken a bit.

我們的二月非常強勁，三月初也非常強勁，然後我們開始看到它有點減弱。

So we're down low double digits in February.

因此，二月我們的業績下降了兩位數。

March were up very modestly.

3 月漲幅非常溫和。

We have a very modest positive comp.

我們的積極補償非常有限。

The March is a bigger month.

三月是一個更大的月份。

So I think quarter to date, we're growing mid-single digits down, but trending in the right direction.

因此，我認為本季迄今為止，我們的成長呈現中個位數下降，但趨勢是正確的。

And so for the year, we wouldn't we're not expecting a overly robust comp but we still think we can for the year come out, slightly on the positive side.

因此，對於今年，我們不會期待一個過於強勁的競爭，但我們仍然認為今年我們可以取得稍微積極的一面。

Great and in terms of promotions,

很棒，在促銷方面，

Yeah, as we noted in our prepared remarks, we expect gross margin for the year to be flat to up slightly.

是的，正如我們在準備好的評論中指出的那樣，我們預計今年的毛利率將持平或略有上升。

That's mostly driven by mix change, but it also doesn't reflect and you don't have a whole lot more discounting in the product.

這主要是由組合變化驅動的，但它也沒有反映出來，而且你的產品也沒有更多的折扣。

And I think that's a sign of a very healthy business.

我認為這是一個非常健康的業務的標誌。

Understood.

明白了。

Thank you very helpful.

謝謝你非常有幫助。

Thank you.

謝謝。

(Operator Instructions) Ashley Owens, KeyBanc Capital.

（操作員指示）Ashley Owens，KeyBanc Capital。

Hi, thanks for taking the question And I guess just to start, you know, you talked a little bit about promotions already, but I'm just curious as to how you're thinking about kind of the calendar from promotions relative, you know, we've talked a little bit about Lilly and the focus there and some of the shifts that we're seeing in 1Q into 2Q So would just be curious, Tennant, I hear how that's shaking out for your other brands and if you're planning for any material shift?

你好，謝謝你提出這個問題，我想剛開始，你知道，你已經談論了一些關於促銷的事情，但我只是好奇你是如何考慮促銷相關的日曆的，你知道，我們已經討論了一些關於禮來（Lilly）和那裡的焦點以及我們在第一季度到第二季度看到的一些轉變所以我很好奇，Tennant，我聽說這對您的其他品牌產生了怎樣的影響，如果您'重新計劃任何重大轉變？

I think Lilly's the biggest shift in the last year.

我認為禮來公司是去年最大的轉變。

We did a [30] off that in the first quarter and while it generated a lot of revenue, we believe maybe it was it was off everything and we believe that it would be better, not to do that because sometimes you get a little bit of a hangover after it.

我們在第一季做了[30]，雖然它產生了很多收入，但我們相信也許它放棄了一切，我們相信最好不要這樣做，因為有時你會得到一點宿醉之後。

And so we're not going to do that event this year.

所以我們今年不會舉辦這個活動。

On, but we will do Lilly flash sales and we're going to mix them up a little bit, which yes, but but that will be limited prior season product as it always is.

繼續，但我們將進行禮來（Lilly）閃購，我們將把它們稍微混合起來，是的，但這將一如既往地限制前一季的產品。

So we just have some timing changes with the biggest being between Q1 and Q2, where there'll be less of that less dollar value events in Q1 than last year.

因此，我們只是在時間上發生了一些變化，其中最大的變化發生在第一季和第二季之間，第一季美元價值較低的事件將比去年少。

And then Q2 probably a little bit more.

然後第二季可能會多一點。

So that's the biggest change.

所以這是最大的改變。

I think I think everywhere else, it's pretty much typical type promo events.

我想我認為在其他地方，這都是典型的促銷活動。

You know, Tommy does their friends and family twice a year and they do their promotional cards with on a with a flip side of it a couple of times a year and then they do experience limited end-of-season sales.

你知道，湯米每年給他們的朋友和家人做兩次，他們每年都會用反面做幾次促銷卡，然後他們確實會經歷有限的季末銷售。

And I think their plan is to do basically this exact thing again this year.

我認為他們的計劃是今年再次做同樣的事情。

Okay, great and then I guess just kind of to follow up on that again, a lot of guidance and color kind of on that 1Q, but also from just going into 2Q.

好吧，太棒了，然後我想只是再次跟進，在第一季度提供了很多指導和顏色，但也從剛剛進入第二季度開始。

So just thinking about the overall guide for the top line as we move there through the remainder of the year?

那麼，當我們在今年剩餘的時間裡向該方向邁進時，只需考慮一下營收的總體指南就可以了嗎？

Any help you could provide kind of on the shaping there when we're factoring in some of the moving pieces that we're seeing would be helpful.

當我們考慮到我們看到的一些移動部件時，您可以在塑造方面提供的任何幫助都會有所幫助。

We would expect your top line for this for each quarter going forward to be up anywhere from high single to right at double digits or maybe you have maybe more year at least mid-single to low double digits on we're first quarter will be a bit weaker.

我們預計您未來每季的收入都會從高個位數上升到兩位數，或者也許您可能有更多的時間，至少在我們第一季的中個位數到低兩位數將是弱一點。

And again, wholesale, we expect wholesale for the Q2 through four to actually be up a little, but Q1 being down so that that that will help quite a bit.

再說一次，批發，我們預計第二季度到第四季度的批發實際上會有所上升，但第一季會下降，因此這將有很大幫助。

And then again, not having that big negative comp like we had in February, we don't expect that to repeat as the comps were going against for the rest of the year, we think are not as difficult as the February comp.

話又說回來，沒有像二月那樣出現巨大的負面競爭，我們預計這種情況不會重複，因為今年剩餘時間的競爭情況會有所不同，我們認為不會像二月份那樣困難。

So we think we expect sales growth in every quarter going forward.

因此，我們預計未來每季的銷售額都會成長。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thank you, Ashley.

謝謝你，阿什利。

(Operator Instructions) Yes, this concludes our question and answer session.

（操作員說明）是的，我們的問答環節到此結束。

I would like to turn the conference back over to Tom Chubb.

我想把會議轉回給湯姆·查布。

Any closing remarks.

任何結束語。

Thanks.

謝謝。

All of you for your interest and your attention today and we look forward to talking to you again in June.

感謝大家今天的興趣和關注，我們期待在六月再次與您交談。

And until then, I hope you stay well and we'll look forward to seeing you there.

在那之前，我希望您保持健康，我們期待在那裡見到您。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。