Shoe Carnival Inc (SCVL) 2024 Q4 法說會逐字稿

Good morning and welcome to Shoe Carnival's fourth quarter 2024 earnings conference call. Today's conference call is being recorded and is also being broadcast via webcast. Any reproduction or rebroadcast of any portion of this call is expressly prohibited.

早安，歡迎參加 Shoe Carnival 2024 年第四季財報電話會議。今天的電話會議正在錄音，也將透過網路直播進行播出。明確禁止複製或重播本次通話的任何部分。

Management remarks today may contain forward-looking statements that involve a number of risk factors. These risk factors could cost the company's actual results to be materially different from those projected in such statements. Forward-looking statements should also be considered in conjunction with the discussion of risk factors included in the company's SEC filings and today's earnings press release.

管理階層今天的言論可能包含涉及多種風險因素的前瞻性陳述。這些風險因素可能使公司的實際結果與此類聲明中的預測結果有重大差異。前瞻性陳述也應與公司美國證券交易委員會 (SEC) 文件和今天的收益新聞稿中包含的風險因素討論結合起來考慮。

Investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of today's date. The company disclaims any obligation to update any of the risk factors or to publicly announce any revisions to the forward-looking statements discussed on today's conference call or contained in today's press release to reflect future events or developments.

提醒投資者不要過度依賴這些前瞻性陳述，因為這些陳述僅代表截至今天的觀點。本公司不承擔更新任何風險因素或公開宣布對今天的電話會議中討論的或今天的新聞稿中包含的前瞻性陳述的任何修訂以反映未來事件或發展的義務。

Today's call will reference non-GAAP measures. The non-GAAP or adjusted results referenced exclude the purchase accounting, merger, integration, and transaction costs related to the acquisition of Rogan Shoes. A reconciliation of GAAP to non-GAAP results is included in today's earnings press release.

今天的電話會議將參考非公認會計準則指標。引用的非 GAAP 或調整後結果不包括與收購 Rogan Shoes 相關的購買會計、合併、整合和交易成本。今天的收益新聞稿中包含了 GAAP 與非 GAAP 結果的對帳。

I'll now turn the conference over to Mr. Mark Worden, President and CEO of Shoe Carnival, for opening remarks. Mr. Worden, you may begin.

現在，我將會議交給 Shoe Carnival 總裁兼執行長馬克沃登先生，請他致開幕詞。沃登先生，您可以開始啦。

Good morning, everyone, and thank you for joining us today for Shoe Carnival's fourth quarter 2024 earnings conference call.

大家早安，感謝您今天參加 Shoe Carnival 2024 年第四季財報電話會議。

Joining me on today's call are Carl Scibetta, Chief Merchandizing Officer, and Patrick Edwards, Chief Financial Officer.

參加今天電話會議的還有行銷長 Carl Scibetta 和財務長 Patrick Edwards。

We're excited to share our fiscal 2024 growth results with you today and discuss the transformational news announced this morning about our Shoe Station growth strategy.

今天，我們很高興與您分享我們 2024 財年的成長業績，並討論今天上午宣布的有關我們的 Shoe Station 成長策略的轉型新聞。

First, I'll start with a brief overview of 2024 trends and results. Over the past few years, our industry has faced a challenging landscape with inflationary pressures constraining purchases among lower income households and urban consumers.

首先，我將簡要概述 2024 年的趨勢和結果。過去幾年，我們的行業面臨嚴峻的形勢，通膨壓力限制了低收入家庭和城市消費者的購買力。

We've seen footwear customers shop at high engagement levels during key event periods such as back to school holiday and then pull back spending and engagement during non-key periods.

我們發現，在返校假期等關鍵活動期間，鞋類消費者的購物參與度很高，而在非關鍵時期，他們的消費和參與度就會下降。

Despite the many headwinds our customers and industry faced last year, our long-term strategies set our results apart from the competitive set and enabled us to deliver industry leading sales growth during fiscal 2024 and achieve net income growth.

儘管去年我們的客戶和行業面臨諸多阻力，但我們的長期策略使我們的業績在競爭對手中脫穎而出，並使我們能夠在 2024 財年實現行業領先的銷售增長並實現淨收入增長。

We remained disciplined throughout the year, relentlessly focused on maximizing margin delivery, cost controls, energy capture, profitably engaging customers, and bringing the nation's best brands to market.

我們全年保持嚴明紀律，堅持不懈地專注於最大化利潤交付、成本控制、能源取得、有利可圖地吸引客戶，以及將全國最好的品牌推向市場。

We gained market share again in 2024. We entered new geographies, expanded our customer base, and acquired a regional leader in the Midwest.

我們在 2024 年再次獲得了市場份額。我們進入了新的地區，擴大了客戶群，並獲得了中西部地區的區域領導者。

Our balance sheet started fiscal 2024 strong and got even stronger by year end. We expanded our cash flow generation and built up higher year-end cash balances during a year where we also acquired a chain from 100% cash on hand.

我們的資產負債表在 2024 財年開局強勁，到年底變得更強勁。我們擴大了現金流生成，並在這一年累積了更高的年終現金餘額，同時我們也用 100% 的現金收購了一家連鎖店。

We provided shareholders our 52nd consecutive dividend, and for the 20th consecutive year we started a year with zero debt and ended a year with zero debt. Ultimately, our strategies resulted in net income growth and EPS results at the very high end of our profit guidance range.

我們向股東連續第 52 次派發股息，並且連續第 20 年以零債務開始一年，並以零債務結束一年。最終，我們的策略使淨收入成長並且每股收益達到了我們利潤指導範圍的最高端。

I'd like to thank our exceptional vendor partners and team members for all their efforts to achieve these results during a tough year.

我要感謝我們優秀的供應商合作夥伴和團隊成員，感謝他們在這艱難的一年裡為這些成果所做的一切努力。

Turning to a few highlights of fiscal 2024 results. Net sales were $1.2 billion this year, growth of 2.3%. This contrasts to the industry contracting mid singles for the year and reflects solid growth, particularly given this was a 52-week year compared to a 53 week in the prior year comparison.

談談2024財年業績的幾個亮點。今年淨銷售額為 12 億美元，成長 2.3%。這與今年該行業中期單週的萎縮形成了鮮明對比，反映出穩健的成長，尤其是考慮到今年共 52 週，而去年同期為 53 週。

Our Shoe Station growth banner grew an industry leading 5.7%, successfully entered new markets, captured new customers, and achieved comparable growth for the year.

我們的 Shoe Station 成長旗幟領先產業成長 5.7%，成功進入新市場，贏得新客戶，並實現全年可比成長。

Rogan's achieved profitable results beyond our expectations with integrations completed well ahead of target and full synergies captured. The contributions from these two acquisitions drove our overall sales growth and led to achieving the high end of our EPS guidance for the year.

Rogan 取得了超越我們預期的獲利業績，整合工作提前完成，並充分發揮了協同效應。這兩項收購推動了我們的整體銷售成長，並使我們實現了今年每股收益預期的高端。

Our digital first marketing approach continued to drive highly profitable growth and efficiencies, particularly during event periods where we achieve sales growth during both the Thanksgiving and Christmas Holiday period, similar to growth achieved earlier in the year going back to school and spring events.

我們的數位優先行銷方法繼續推動高利潤成長和效率，特別是在活動期間，我們在感恩節和聖誕節假期期間實現了銷售成長，類似於今年早些時候返校和春季活動期間實現的成長。

During non-event periods, customer trends remain unchanged with the lower income customer at our Carnival banner.

在非活動期間，嘉年華郵輪的顧客趨勢保持不變，即低收入顧客。

We continue to see customers pull back on spending in the industry in these non-event periods. The Shoe Carnival contracted at similar levels as the broader industry declined during fiscal 2024.

我們持續看到客戶在這些非活動時期減少在該行業的支出。2024 財年，隨著整個產業的衰退，鞋業嘉年華也出現了類似程度的萎縮。

Looking at these first months of 2025, which are non-event shopping months, I can share the trends have not changed, and we expect this down trend persists this year with lower income customers in non-event months.

回顧 2025 年的前幾個月，也就是非活動購物月份，我可以說趨勢並沒有改變，我們預期今年這種下降趨勢將持續，非活動月份的消費者收入較低。

Additionally, the 2024 boot season was a disappointment with unseasonably warm weather in Q3 lingering late into Q4 and then an average customer response for the balance of the year. Food inventory dollars are down around double digit currently versus last year with smart inventory management.

此外，2024 年的開機季令人失望，第三季異常溫暖的天氣一直持續到第四季末，而全年顧客反應也平平。透過智慧庫存管理，目前食品庫存金額與去年相比下降了約兩位數。

We achieved gross profits over 35% for the fourth consecutive year with a steady focus on targeted smart promotions and buys that maximize margins and conversion.

我們連續四年實現了超過 35% 的毛利，並始終專注於有針對性的智慧促銷和購買，以最大程度地提高利潤率和轉換率。

Adjusted net income grew to $75 million or $2.72 versus $74 million or $2.70 in fiscal 2023. Patrick will provide additional commentary on fiscal 2024 results.

調整後淨收入從 2023 財年的 7,400 萬美元或 270 美元增長至 7,500 萬美元或 272 美元。帕特里克將對 2024 財年業績提供更多評論。

I'd now like to turn to what I believe could be the most transformational strategy in our company's 46 year history. This morning we announced a new strategic plan to scale up Shoe Station from a regional retailer to a national footwear and accessories leader.

現在我想談談我認為可能是我們公司 46 年歷史上最具變革性的策略。今天上午，我們宣布了一項新的策略計劃，將 Shoe Station 從一家區域零售商擴大為全國鞋類和配件領導者。

Today, we will review the first phase of this plan, the investments, the expected payback period, financial leverage, and thoughts on following phases.

今天，我們將回顧該計劃的第一階段、投資、預期回報期、財務槓桿以及對後續階段的想法。

Shoe Station is our premium retail banner, attracting higher income households, providing customers the top branded assortments for both non-athletic and athletic branded footwear, high levels of service, and a welcoming contemporary shopping environment.

Shoe Station 是我們的高端零售品牌，吸引高收入家庭，為顧客提供非運動和運動品牌鞋類的頂級品牌產品、高水準的服務和溫馨的現代購物環境。

Since we acquired Shoe Station in 2021, we've been evaluating customer analytics, market data, and developing strategies to expand the chain beyond its roots in the Gulf region of America.

自 2021 年收購 Shoe Station 以來，我們一直在評估客戶分析、市場數據並制定策略，以將該連鎖店擴展到美國墨西哥灣地區之外。

Over the past two years, we've been expanding the station into new markets, and it has become the industry's fastest growing retailer and solid market leader in the Southeast where it competes.

在過去的兩年裡，我們一直致力於將該站拓展到新的市場，它已成為業內成長最快的零售商，並且在其競爭的東南部地區穩固地成為市場領導者。

As discussed in prior calls, we conducted an extensive in-market test to validate what our customer and market data indicated that Shoe Station would better meet customer needs than Shoe Carnival in many markets we operate.

正如在先前的電話會議中所討論的那樣，我們進行了廣泛的市場測試，以驗證我們的客戶和市場數據是否表明，在我們運營的許多市場中，Shoe Station 比 Shoe Carnival 更能滿足客戶需求。

We methodically went about testing this, including closing 10 underperforming shoe carnival stores across multiple markets and opening 10 new Shoe Station stores.

我們有條不紊地進行了測試，包括關閉多個市場中 10 家表現不佳的鞋類嘉年華商店並開設 10 家新的 Shoe Station 商店。

After a full year of testing and analysis, I can share the test is now complete, and it is clear that Shoe Station was preferred by customers to Carnival. This creates a transformational business opportunity to invest now to accelerate our future earnings potential.

經過整整一年的測試和分析，我可以分享測試現在已經完成，很明顯，Shoe Station 比 Carnival 更受客戶青睞。這創造了一個變革性的商業機會，現在投資可以加速我們未來的獲利潛力。

The overall results from the 10 rebonered stores exceeded our success criteria. Combined, they generated sales over 10% higher than Shoe Carnival, expanded margins, attracted higher income households, converted new customers, and ultimately delivered a double digit increase in profits, excluding closing and opening costs.

10 家重整門市的整體業績超出了我們的成功標準。他們的綜合銷售額比 Shoe Carnival 高出 10% 以上，擴大了利潤率，吸引了高收入家庭，轉化了新客戶，最終實現了利潤的兩位數增長（不包括關閉和開業成本）。

Patrick will unpack the payback model for this strategy, but I will share that the return on investment is high, fast, and currently is our best usage of our solid cash flow to drive organic growth.

派崔克將闡述這項策略的回報模型，但我要分享的是，投資報酬率高、速度快，目前是我們利用穩健現金流推動有機成長的最佳方式。

We originally planned for 25 rebanners this year and then a gradual expansion over many years. We now believe that it's too conservative an approach based on the customer response, financial accretion, and the continued headwinds we anticipate the lower income households face this year.

我們最初計劃今年重新組建 25 個橫幅廣告團隊，然後用多年時間逐步擴大規模。我們現在認為，根據客戶反應、財務成長以及我們預計低收入家庭今年將面臨的持續阻力，這種方法過於保守。

We will move swiftly with executing our transformation plan in order to capture future earnings and market share. Within 24 months, 51% of our current store fleet will be operated under the Shoe Station banner.

我們將迅速實施轉型計劃，以獲取未來的收益和市場份額。在 24 個月內，我們目前 51% 的門市將以 Shoe Station 的名義營運。

Let me break out the specifics in a little more depth. During this fiscal year, we have increased the rebanner store count to 50 to 75 from the 25 originally planned. Growth this year will include markets where station's already well known to customers in the south, as well as entering new markets where we operate a Shoe Carnival.

讓我更深入闡述具體細節。在本財政年度，我們將品牌重塑商店數量從原計劃的 25 家增加到 50 至 75 家。今年的成長將包括該站已為南方客戶所熟知的市場，以及我們舉辦鞋嘉年華的新市場。

This will result in station representing between 22% to 27% of the company's total store count by fiscal end versus a little under 10% at the start of this year. We will rebound 100 or more stores between the start of fiscal 2026 and April 2027, resulting in 218 Shoe Station stores in 24 months. At that point, we believe our growth banner has the scale needed to offset the negative trends of the carnival banner and lower income customer headwinds.

這意味著到財年末，該站點將占公司總門市數量的 22% 至 27%，而今年年初這一比例略低於 10%。我們將在 2026 財年年初至 2027 年 4 月期間重新開設 100 家或更多門市，從而在 24 個月內將 Shoe Station 門市數量達到 218 家。此時，我們相信我們的成長橫幅具有足夠的規模，可以抵消狂歡節橫幅和低收入客戶逆風帶來的負面趨勢。

During 2026, 2027, we will begin testing Shoe Station in regions the company does not compete meaningfully or not at all. We will be evaluating these markets over the year ahead and expect to have information to share on these expansion markets as we get into 2026.

2026 年、2027 年期間，我們將開始在公司沒有實質競爭或根本沒有競爭的地區測試 Shoe Station。我們將在未來一年對這些市場進行評估，並期望在 2026 年時分享有關這些擴張市場的資訊。

To be clear, we see this 24 month plan as just the first phase of Shoe Stations scaling up. Based on our customer data, industry leading growth achieved in the past two years, enthusiastic vendor partners, and profit potential, we intend to scale Shoe Station nationally over the long-term horizon.

需要明確的是，我們認為這個 24 個月的計畫只是 Shoe Stations 擴大規模的第一階段。根據我們的客戶數據、過去兩年實現的行業領先成長、熱情的供應商合作夥伴以及獲利潛力，我們打算長期在全國擴大 Shoe Station 的規模。

The profit leverage of this plan is substantial for long-term earnings accretion and will receive our prioritized investments in 2025.

該計劃的利潤槓桿對於長期獲利成長具有重要意義，並將在 2025 年獲得我們的優先投資。

Patrick will provide the details, but the headline is the year one investments, the scale of this plan up total to approximately $0.65 reduction in EPS this year, and the downtime for the 50 to 75 store closures and reopening amounts to approximately 1% sales reduction during the year.

帕特里克將提供詳細信息，但標題是第一年的投資，該計劃的規模總計導致今年每股收益減少約 0.65 美元，而 50 到 75 家商店關閉和重新開業造成的停工時間相當於全年銷售額減少約 1%。

That near term investment is expected to pay back fully in a 2 to 3 year horizon and increase our annual profit contribution to these stores by over 20% in 2027. Said differently, in the second full year after rebannering, we expect store profits to increase over 20%.

預計這項短期投資將在 2 至 3 年內獲得全部回報，並在 2027 年將這些商店的年度利潤貢獻提高 20% 以上。換句話說，在重新定位後的第二個整年，我們預計商店利潤將增加 20% 以上。

In addition to our organic growth strategy, we remain committed to pursuing M&A to achieve our long-term vision to be the nation's leading footwear retailer for families. We start this fiscal year in a competitive position of strength with a strong balance sheet and robust cash flow generation.

除了我們的有機成長策略外，我們還致力於進行併購，以實現我們的長期願景，成為全國領先的家庭鞋類零售商。我們以強勁的資產負債表和強勁的現金流產生，在競爭中佔優勢地位開始本財年。

Our two prior acquisitions have integrated smoothly, full synergies captured and built our readiness for further acquisitions when the right opportunity at an attractive evaluation becomes available.

我們先前的兩次收購都順利整合，充分發揮了協同效應，並為我們在合適的機會和有吸引力的評估出現時進行進一步的收購做好了準備。

Our M&A targeting focus is on market leading footwear retailers with scale, providing geographic expansion, and/or diversifying to a higher income customer base.

我們的併購目標重點是具有規模的市場領先鞋類零售商，能夠實現地理擴張和/或向更高收入客戶群多樣化。

Before handing it over to Carl, I'll summarize with a few closing thoughts. Fiscal 2024 was a very profitable year, and EPS was at the top end of our guidance, led by the success of our acquisitions, relentless focus on margin delivery, cost controls, and continued efficiencies in our successful digital first marketing approach.

在將其交給卡爾之前，我將總結幾點結束語。2024 財年是利潤非常豐厚的一年，每股收益達到了我們預期的最高水平，這得益於我們收購的成功、對利潤交付的不懈關注、成本控制以及我們成功的數位優先行銷方法的持續效率。

Our Shoe Carnival comps remain under pressure during non-event periods. We anticipate that pressure continues this year with a lower income customer, uncertainty of tariffs, and increased volatility with Hispanic customers. Two stations with the fastest growing footwear chain in our industry again, and our rebanner in-market test exceeded our success criteria.

在非活動期間，我們的鞋業嘉年華競爭對手仍然面臨壓力。我們預計今年的壓力仍將持續，因為客戶收入較低、關稅不確定以及西班牙裔客戶的波動性加劇。這兩個電台再次擁有了我們行業中成長最快的鞋類連鎖店，而我們的市場重新測試超出了我們的成功標準。

We rolled out today our new strategy to scale up Shoe Station, from a regional to a national footwear leader. The first phase will be complete in 24 months with 51% of our current store fleet operated under our station growth banner.

我們今天推出了新的策略，將 Shoe Station 從一個地區性鞋類領導者發展為全國性鞋類領導者。第一階段將在 24 個月內完成，屆時我們目前 51% 的門市將在我們的站點成長策略下營運。

It is a significant near term investment that pays back quickly and is expected to drive over a 20% increase in profitability at the rebannered stores.

這是一項重大的短期投資，回報很快，預計將使重新命名的商店的獲利能力提高 20% 以上。

Despite a volatile landscape in the industry, our team strengthened our competitive and financial position during 2024 and achieved our expectations. The early 2025 industry landscape is shaping up like 2024, and as such, we expect continued mid to high singles declines from the lower income household at our carnival banner.

儘管行業形勢動盪，但我們的團隊在 2024 年加強了我們的競爭和財務地位，並實現了我們的預期。2025 年初的產業格局將與 2024 年相似，因此，我們預計嘉年華橫幅中低收入家庭的單身人數將繼續呈現中高下降趨勢。

We also have the added unknown of tariffs yet to play out of the customer, vendors, and industry pricing. Yet despite the market volatility expected in 2025, we are well positioned with our strong balance sheet to advance our strategies and invest during this down cycle to prepare for long-term profit growth in 2027.

我們也面臨關稅對客戶、供應商和產業定價產生影響的未知因素。儘管預計 2025 年市場將出現波動，但憑藉強勁的資產負債表，我們有能力在這一下行週期推進我們的策略並進行投資，為 2027 年的長期利潤成長做好準備。

Finally, as we announced previously, Carl Scibetta is retiring April 4 after over 50 years in the retail industry and over a decade of service to Shoe Carnival. Thank you so much, Carl, for your outstanding partnership and leadership.

最後，正如我們之前宣布的那樣，Carl Scibetta 將於 4 月 4 日退休，他在零售業工作了 50 多年，並為 Shoe Carnival 服務了十多年。非常感謝您，卡爾，出色的合作和領導。

We also recently announced that Tanya Gordon has been appointed to succeed Carl as our next Chief Merchandizing Officer. I've worked with Tanya for many years and can share she is passionate about brands, growth, prioritizes vendor relationships, and will work tirelessly to drive our vision into reality. On behalf of the Board of Directors, I would like to congratulate Tania.

我們最近也宣布任命 Tanya Gordon 接替 Carl 擔任我們的下一任行銷長。我與 Tanya 合作多年，可以說她對品牌和發展充滿熱情，重視供應商關係，並將不懈努力地將我們的願景變為現實。我謹代表董事會向塔妮亞表示祝賀。

And now, for one last time, I'd like to hand it over to Carl. Carl?

現在，最後一次，我想把它交給卡爾。卡爾？

Thank you, Mark. For full year fiscal 2024, we achieved a net sales increase in line with our expectations and delivered $2.68 earnings per share, which is at the very high end of our guidance.

謝謝你，馬克。2024 財年全年，我們的淨銷售額實現了符合預期的成長，每股收益為 2.68 美元，處於我們預期的最高水準。

The sales trends we have been experiencing through 2024 continued during the fourth quarter. We performed well during the peak event times of Thanksgiving and Christmas. During off-peak times, we saw traffic and comp sales declines at our carnival banner. I am very proud of our team as they managed their way through the changes in customer behavior.

我們在 2024 年經歷的銷售趨勢在第四季得以延續。我們在感恩節和聖誕節的活動高峰期表現出色。在非尖峰時段，我們發現嘉年華橫幅的客流量和同店銷售額都有所下降。我為我們的團隊感到非常自豪，因為他們成功地應對了客戶行為的改變。

Utilizing well thought out targeted promotions and strong vendor partnerships, we achieved our product margin expectations. We increased our receipts in January to prepare for the first quarter rebid in our stores, as well as deliver product early to avoid the effect of potential supply chain disruptions and additional tariffs. And the inventory was flat versus year-end 2023, excluding the inventory of Rogan's Shoes that was acquired during 2024. Patrick will take you through the individual product category performances for Q4.

利用深思熟慮的針對性促銷和強大的供應商合作夥伴關係，我們實現了產品利潤預期。我們在一月份增加了收貨，為我們門市第一季的重新招標做準備，並提前交付產品，以避免潛在的供應鏈中斷和額外關稅的影響。除 2024 年收購的 Rogan's Shoes 庫存外，庫存與 2023 年底相比持平。派崔克將帶您了解第四季各個產品類別的表現。

As I prepare for my retirement next month, I would like to congratulate Chief Merchandizing Officer and Executive Vice President, Tanya Gordon, on her new role. Tanya brings extensive retail experience to the position and has played a key role within the Shoe Carnival merchant Organization for 10+ years. She has worked closely with Mark and the officer team and is a cultural leader within the company.

在我準備下個月退休之際，我想祝賀首席行銷長兼執行副總裁 Tanya Gordon 擔任新職務。Tanya 為該職位帶來了豐富的零售經驗，並在 Shoe Carnival 商家組織中發揮了 10 多年的關鍵作用。她與馬克和高階主管團隊密切合作，是公司內的文化領袖。

Tanya has established excellent vendor relationships while at Shoe Carnival that have contributed greatly to the success of the company. I am very confident I leave the team in good hands.

Tanya 在 Shoe Carnival 期間建立了良好的供應商關係，這對該公司的成功貢獻巨大。我非常有信心，我可以把團隊交給可靠的人。

Being part of this industry for many years, I've had the pleasure to work with countless individuals. I would personally like to thank the vendor community for the support they have given me year after year, especially thankful for your support for Shoe Carnival over the past 12+ years. We together have achieved much success.

作為這個行業多年的一份子，我很高興能與無數人共事。我個人要感謝供應商社群年復一年給我的支持，特別感謝你們過去 12 多年來對 Shoe Carnival 的支持。我們共同取得了許多成功。

I am most proud to have been part of this great company. I would like to thank Mark Worden, Cliff Sifford, and the Board of Directors for giving me this amazing opportunity.

我非常自豪能夠成為這家偉大公司的一員。我要感謝馬克沃登 (Mark Worden)、克利夫西福德 (Cliff Sifford) 和董事會給我這個絕佳的機會。

Thank you to the management team here at Shoe Carnival for their unwavering support, as well as our over 6,000 employees. A special thanks to Shoe Carnival, amazing and talented merchant team. It has been my privilege to have been part of this team for over 12 years. We have seen a great deal of change and at times unheard of disruptions. You have performed brilliantly through it all. You truly are best in class, and I know you will achieve great success in the future.

感謝 Shoe Carnival 管理團隊的堅定支持，以及我們 6,000 多名員工。特別感謝 Shoe Carnival，優秀且才華洋溢的商家團隊。我很榮幸能夠成為這個團隊的一員超過 12 年。我們見證了巨大的變化，有時出現了前所未聞的混亂。在這一切中，你的表現非常出色。你確實是班上最優秀的，我知道你將來會取得巨大的成功。

With that, I would like to thank our investors and analysts. I have enjoyed working with you over the years. I will now turn the call over to Patrick for a review of our financials. Patrick?

最後，我要感謝我們的投資人和分析師。多年來我很高興與您共事。現在我將把電話轉給帕特里克，讓他審查我們的財務狀況。派崔克？

Carl, I would like to thank you for your guidance and leadership.

卡爾，我感謝你的指導和領導。

Now moving on to our financial results.

現在來看看我們的財務表現。

We delivered EPS at the high end of our guidance for the quarter at $0.54 per share on an adjusted basis and $0.53 per share on a GAAP basis and grew our annual top line and adjusted EPS compared to the prior year.

我們本季實現的每股收益達到預期高位，調整後每股收益為 0.54 美元，以 GAAP 計算每股收益為 0.53 美元，與去年相比，我們的年度營業收入和調整後每股收益均有所增長。

Comparisons between our quarterly and annual results in fiscal 2024 compared to fiscal 2023 were impacted by a one-week shift in the retail calendar, which benefited net sales approximately 20 million in fiscal 2023's 14-week fourth quarter and $15 million in fiscal 2023's 53-week year.

與 2023 財年相比，我們 2024 財年的季度和年度業績之間的比較受到零售日曆一周變化的影響，這導致 2023 財年 14 週的第四季度淨銷售額受益約 2000 萬美元，2023 財年 53 週的年度淨銷售額受益 1500 萬美元。

We estimate the retail calendar shift contributed EPS of approximately $0.10 in the fourth quarter last year when we earned GAAP EPS of $0.57 and adjusted EPS of $0.59. Taking into account this $0.10 headwind, we otherwise grew our fourth quarter results led by our Rogan's acquisition, inclusive of synergy capture, and Shoe Station's industry leading performance. Now going into more details starting with net sales.

我們估計，零售日曆轉變在去年第四季貢獻了約 0.10 美元的每股收益，當時我們的 GAAP 每股收益為 0.57 美元，調整後每股收益為 0.59 美元。考慮到這 0.10 美元的不利因素，我們第四季度的業績仍然實現了成長，這得益於我們對 Rogan 的收購（包括協同效應）以及 Shoe Station 的行業領先表現。現在從淨銷售額開始詳細介紹。

In the fourth quarter, net sales totaled $262.9 million, consistent with expectations compared to $280.2 million last year. As noted, sales in Q4 2023 benefited from the calendar shift by approximately $20 million, so net sales otherwise increased approximately $2 million.

第四季淨銷售額總計 2.629 億美元，與去年的 2.802 億美元相比符合預期。如上所述，2023 年第四季的銷售額因日曆變化而受益約 2,000 萬美元，因此淨銷售額增加了約 200 萬美元。

Net sales in the comparable 52 weeks last year were led by growth from Shoe Station, which outpaced the industry, and the Rogan's acquisition, adding revenues of $16.5 million.

去年同期的 52 週淨銷售額主要得益於 Shoe Station 的成長（成長超過行業平均）和 Rogan 的收購，增加了 1,650 萬美元的收入。

On a comparable store basis, which excludes the impact of the calendar shift, Rogan sales, and other new store growth, net sales for fourth quarter declined 6.3%, primarily due to shoe carnival sales in non-event periods.

以可比店鋪計算，排除日曆變化、Rogan 銷售和其他新店增長的影響，第四季度淨銷售額下降 6.3%，主要原因是非活動期間的鞋類嘉年華銷售。

From a category perspective in the quarter, adult athletic sales decreased mid singles, while athletic performance at our Shoe Station banner delivered a high single increase led by runnings and court.

從本季的類別來看，成人運動服飾的銷售額年減了一半，而我們 Shoe Station 品牌的運動表現服裝在跑步和球場方面的銷售量則大幅增加。

Children's sales were down low teens, primarily due to softness in boots. While children's athletics grew at our Shoe Station stores as we continued to increase children's penetration with our Shoe Station customer.

兒童靴子的銷售量下降，主要原因是靴子太軟。隨著我們繼續提高兒童在 Shoe Station 客戶中的滲透率，兒童運動在我們的 Shoe Station 商店也不斷發展。

Fourth quarter sales in women's non-athletic footwear were down high singles with boots, the key driver once again. Casual was up high singles and sandals continued to perform well with a low singles increase.

第四季度，女士非運動鞋類銷售額大幅下降，其中靴子的銷量再次成為主要推動因素。休閒鞋單價上漲，涼鞋持續表現良好，單價上漲。

Men's athletic comp sales were down low singles, dress was down mid-teens, and boots were down mid singles. Consistent with women's, men's casual was up low singles.

男子運動服飾銷售額下降了幾個檔次，正裝銷售額下降了十幾個檔次，靴子的銷售額也下降了幾個檔次。與女裝一致，男裝休閒單品也採用低筒設計。

On an annual basis, net sales in fiscal 2024 totaled $1.203 billion and grew 2.3% compared to fiscal 2023 that had an extra week of sales. Without the 53rd week benefiting last year, sales were up 3.7%. This increase was primarily due to our Shoe Station growth strategy, which increased sales 5.7% compared to the prior year 53-week period. Our acquisition of Rogans and growth during event period shopping. Comparable sales were down 3.9%.

以年計算，2024財年的淨銷售額總計12.03億美元，與多出一週銷售額的2023財年相比成長2.3%。去年沒有第53週的銷售成長，銷售額成長了3.7%。這一成長主要歸功於我們的 Shoe Station 成長策略，與去年同期的 53 週相比，銷售額成長了 5.7%。我們對 Rogans 的收購以及活動期間購物期間的成長。可比銷售額下降3.9%。

As Mark mentioned, our 2.3% sales increase was consistent with expectations and exceeded the competition. Q4 gross profit margin was 34.9% on a GAAP basis and 35% on an adjusted basis compared to Q4 2024 gross profit margin of 35.6%.

正如馬克所提到的，我們 2.3% 的銷售成長符合預期，並超越了競爭對手。根據 GAAP，第四季毛利率為 34.9%，調整後為 35%，而 2024 年第四季的毛利率為 35.6%。

On a GAAP basis, gross profit margin declined 70 basis points. The decrease was primarily due to BD&O cost, which increased on higher occupancy costs from operating more stores and deleverage as impacted by the retail calendar shift.

根據美國通用會計準則 (GAAP)，毛利率下降了 70 個基點。下降的主要原因是 BD&O 成本，由於經營更多門市導致的入住成本增加以及零售日曆轉變導致的去槓桿化，該成本有所增加。

Our merchandise margins were higher in the quarter by 35 basis points, inclusive of higher product margins on boots. For the year, gross profit margin was 35.6%, consistent with expectations and exceeded 35% for the fourth consecutive year.

本季我們的商品利潤率上升了 35 個基點，其中包括靴子產品利潤率的提高。全年毛利率35.6%，符合預期，連續第四年超過35%。

Overall gross profit margin was down 20 basis points compared to last year with BD&O down 30 basis points on increased occupancy costs, offset by merchandise margin up 10 basis points.

整體毛利率與去年相比下降了 20 個基點，其中 BD&O 因入住成本增加而下降了 30 個基點，但商品利潤率上升了 10 個基點，抵消了這一影響。

SG&A in Q4 was $77.6 million representing a decrease of $2.1 million versus 2023's fourth quarter. The decrease was primarily related to lower selling cost at Shoe Carnival and Shoe Station stores, given the extra week for store operations in last year's results. This, combined with current year expense reductions and optimized advertising spend, more than offset new costs associated with Rogan's in the quarter.

第四季的銷售、一般及行政費用為 7,760 萬美元，較 2023 年第四季減少 210 萬美元。下降主要由於 Shoe Carnival 和 Shoe Station 商店的銷售成本降低，因為去年的業績顯示商店營運時間增加了一周。加上本年度的費用削減和廣告支出的優化，這一增幅超過了本季與 Rogan's 相關的新成本。

As a percentage of net sales, SG&A in the quarter was 29.6%, with deleverage reflecting the extra week of sales last year offset by the lower expenses.

淨銷售額的百分比，本季的銷售、一般及行政費用為 29.6%，去槓桿反映了去年額外一週的銷售量被較低的費用所抵銷。

Now going into more detail on Rogan's. The Rogan's acquisition contributed solid results this year, with net sales approximating $16.5 million in the quarter and over $80 million for the year as expected.

現在來更詳細地介紹一下 Rogan。Rogan 的收購為今年帶來了穩健的業績，本季淨銷售額約為 1,650 萬美元，全年淨銷售額預計將超過 8,000 萬美元。

When we purchased Rogan's, we guided that it would earn $10 million of operating income, and that operating income would increase after synergy capture was complete. In FY24, we beat that $10 million original target by over 20%, with the primary driver being synergy captured in advance of the original timeline.

當我們收購 Rogan's 時，我們預計它將獲得 1000 萬美元的營業收入，並且在協同效應完成後營業收入將會增加。在 24 財年，我們比原定的 1,000 萬美元目標高出了 20% 以上，主要驅動力是提前實現了協同效應。

In the fourth quarter, we recorded $3 million of tax credits and other income associated with Rogan's operations and we recorded a benefit to income taxes related to Rogan's that favorably impacted our annual effective tax rate by approximately 80 basis points.

在第四季度，我們記錄了 300 萬美元的稅收抵免和與 Rogan 營運相關的其他收入，並且我們記錄了與 Rogan 相關的所得稅收益，這對我們的年度有效稅率產生了約 80 個基點的有利影響。

Our ability to integrate the acquired business ahead of schedule and capture full synergies was a key driver of increased value for shareholders this year. Fourth quarter 2024 net income was $14.7 million or $0.53 per diluted share compared to fourth quarter 2023 net income of $15.5 million or $0.57 per diluted share.

我們提前整合收購業務並實現全面綜效的能力是今年股東價值提升的關鍵驅動力。2024 年第四季淨收入為 1,470 萬美元，即每股攤薄收益 0.53 美元，而 2023 年第四季淨收入為 1,550 萬美元，即每股攤薄收益 0.57 美元。

On an adjusted basis, excluding merger and integration expenses, fourth quarter 2024 adjusted EPS was $0.54 compared to $0.59 in fourth quarter 2023. As previously noted, we estimate the retail calendar shift benefited fourth quarter 2023 by approximately $0.10.

經調整後，不包括合併和整合費用，2024 年第四季調整後每股收益為 0.54 美元，而 2023 年第四季為 0.59 美元。如前所述，我們估計零售日曆的轉變將使 2023 年第四季受益約 0.10 美元。

For the full year, net income in fiscal 2024 grew $73.8 million or $2.68 per diluted share compared to net income of $73.3 million or $2.68 per diluted share in fiscal 2023.

就全年而言，2024 財年的淨收入增長 7,380 萬美元，即每股攤薄收入 2.68 美元，而 2023 財年的淨收入為 7,330 萬美元，即每股攤薄收入 2.68 美元。

Adjusted net income in fiscal 2024 grew to $75 million or $2.72 per diluted share compared to $74 million or $2.70 per diluted share in fiscal 2023.

2024 財年的調整後淨收入為 7,500 萬美元或每股攤薄收入 2.72 美元，而 2023 財年的調整後淨收入為 7,400 萬美元或每股攤薄收入 2.70 美元。

Our growth strategies led by Shoe Station and Rogan's more than offset the impacts of sales at our Shoe Carnival banner declining mid singles for the year and the extra week last year.

我們以 Shoe Station 和 Rogan 為主導的成長策略足以抵消 Shoe Carnival 橫幅今年中期單曲銷量下滑以及去年額外一周銷量下滑帶來的影響。

Our income tax rate in fiscal 2024 was 24.3%, resulting in a headwind to EPS of approximately $0.02 per share versus the prior year rate of 23.7%. This higher rate primarily reflected discrete benefits that favorably impacted the prior year and did not recur in fiscal 2024 and a lower benefit from share-based awards in fiscal 2024 offset by the Rogan's benefit previously discussed.

我們 2024 財年的所得稅率為 24.3%，導致每股盈餘下降約 0.02 美元，而去年同期的稅率為 23.7%。這一較高的比率主要反映了對上一年產生有利影響且在 2024 財年未重複出現的離散福利，以及 2024 財年基於股票的獎勵產生的較低福利，但被之前討論過的 Rogan 福利所抵消。

Merchandise inventories totaled 385.6 million at the end of fiscal 2024, an increase of 39.2 million compared to the end of fiscal 2023, primarily reflecting Rogan's acquired inventory. Merchandise inventory supporting Shoe Carnival and Shoe Station stores were slightly down on a unit basis at the end of fiscal 2024 compared to the end of fiscal 2023.

2024財年末，商品庫存總額為3.856億，較2023財年末增加3,920萬，主要反映了Rogan收購的庫存。2024 財年末，Shoe Carnival 和 Shoe Station 商店的商品庫存以單位計算略有下降，與 2023 財年末相比。

Additional inventory purchases were made near year end to support rebannering additional stores and to a lesser extent as a hedge against potential supply chain disruption from port worker strikes and from tariffs.

臨近年底，公司進行了額外的庫存購買，以支持重新開設更多商店，並在較小程度上對沖港口工人罷工和關稅可能造成的供應鏈中斷。

Fiscal 2024 marked the 20th consecutive year the company ended the year with no debt. At the end of the year, we had total cash equivalents, and marketable securities of approximately $123 million, an increase of $12 million versus last year, including the all cash acquisition of Rogan's earlier in fiscal 2024.

2024 財年是該公司連續第 20 年無債務。截至年底，我們的現金等價物和有價證券總額約為 1.23 億美元，比去年增加 1,200 萬美元，其中包括 2024 財年早些時候對 Rogan 的全現金收購。

Cash flow from operations in fiscal 2024 was over $100 million and capital expenditures were down $23 million, freeing up cash for increased dividends and further investment in growth strategies in fiscal 2025.

2024 財年的營運現金流超過 1 億美元，資本支出下降 2,300 萬美元，從而釋放了現金用於增加股息並在 2025 財年進一步投資於成長策略。

To further support shareholder value, last week we increased our dividend by 11% to $0.15 per share, representing an increased annualized dividend rate of $0.60 per share. This new rate is a 238% increase compared to five years ago. We've now provided a dividend for 52 consecutive quarters and increased our dividend for 11 straight years.

為了進一步支持股東價值，上週我們將股息提高了 11% 至每股 0.15 美元，這意味著年度股息率提高至每股 0.60 美元。與五年前相比，這項新費率上漲了238％。我們現在已經連續 52 個季度派發股息，並且連續 11 年增加股息。

Including newly rebannered stores at the end of fiscal 2024, we operated 430 stores with 360 Shoe Carnival stores, 42 Shoe Station stores, and the 28 Rogan's locations.

包括 2024 財年末新更名的商店在內，我們經營 430 家商店，其中包括 360 家 Shoe Carnival 商店、42 家 Shoe Station 商店和 28 家 Rogan's 商店。

Before discussing our outlook for 2025, I'm going to build on Mark's comments regarding our rebanner growth strategy. Industry data supports Shoe Station is the fastest growing retailer in our industry, and we aim to capitalize on that.

在討論我們對 2025 年的展望之前，我將先談談馬克對我們的品牌重塑成長策略的評論。行業數據支持 Shoe Station 是我們行業中成長最快的零售商，我們的目標是利用這一點。

From our 10 store in market test in aggregate, we have seen positive results with over a 10% top line lift and a more than 10% increase in store profitability.

從我們總共 10 家商店的市場測試來看，我們看到了積極的結果，營業額增長了 10% 以上，商店盈利能力提高了 10% 以上。

As Mark mentioned, we're going to rebanner 50 to 75 stores in fiscal 2025, and in 24 months, over half our present store fleet is expected to operate as a Shoe Station store. Over the long term, we see significant benefits of rebannering stores to Shoe Station stores.

正如馬克所提到的，我們將在 2025 財年重塑 50 至 75 家門市，並且預計在 24 個月內，我們目前一半以上的門市將作為 Shoe Station 門市營運。從長遠來看，我們看到將商店重新命名為 Shoe Station 商店會帶來顯著的好處。

During fiscal 2025, we anticipate spending between $35 million and $45 million in capital expenditures for store growth, including rebannering the 50 to 75 stores. We forecast a $20 million to $25 million investment impacting the P&L.

在 2025 財年，我們預計將花費 3,500 萬至 4,500 萬美元的資本支出用於門市成長，包括重新規劃 50 至 75 家門市。我們預計 2,000 萬至 2,500 萬美元的投資將影響損益表。

These P&L impacts include amortization of the CapEx investments, other new store opening cost and customer acquisition costs, sales reductions during the four to six week period while the Shoe Carnival store is closed and the Shoe Station store is grand open, and write-offs of existing assets.

這些損益影響包括資本支出投資的攤銷、其他新店開業成本和客戶獲取成本、Shoe Carnival 商店關閉和 Shoe Station 商店盛大開業期間四到六週內的銷售額減少以及現有資產的註銷。

We expect this $20 million to $25 million P&L investment to decrease our operating income in fiscal 2025 compared to fiscal 2024 in a range around $0.65 per share.

我們預計，這筆 2,000 萬至 2,500 萬美元的損益投資將使我們 2025 財年的營業收入與 2024 財年相比減少約 0.65 美元/股。

Our modeling and in-market tests support a rapid payback for the rebannered stores. We expect this first year P&L investment will be recovered over a two to three year period following the store's grand opening.

我們的建模和市場測試支援重新命名的商店快速獲得回報。我們預計，第一年的損益投資將在商店開業後的兩到三年內收回。

In 2027, we expect that net sales from these rebannered stores will be over 10% higher and profit contribution will increase over 20% compared to the stores before being re-bannered.

到 2027 年，我們預計這些更名後的門市的淨銷售額將比更名前的門市高出 10% 以上，利潤貢獻將增加 20% 以上。

In fiscal 2026, our plan is to scale up further and complete 100 or more rebanners with the first year P&L investment forecast between $22 million and $27 million and a similar path to payback for the investment of approximately two to three years.

在 2026 財年，我們的計畫是進一步擴大規模，完成 100 個或更多的橫幅重塑，第一年的損益投資預計在 2,200 萬美元至 2,700 萬美元之間，投資回報期約為兩到三年。

As we progress towards 51% of the present store fleet operating at the Shoe Station store, increased store profitability from the stores rebannered in fiscal 2025 is expected to largely offset the P&L investment in fiscal 2026.

隨著我們逐步實現 Shoe Station 商店營運中 51% 的店鋪數量，預計 2025 財年重新命名的商店的獲利能力將大幅抵銷 2026 財年的損益投資。

Moving on to our 2025 outlook. Our financial outlook in fiscal 2025 contains a wider range reflective of anticipated volatility and uncertainty surrounding tariffs, inflation, and geopolitical topics and the impact these uncertainties might have on consumer confidence and spending for family footwear. This guidance is also impacted by variability of when each of the anticipated 50 to 75 revented stores will grand open.

接下來是我們對 2025 年的展望。我們對 2025 財年的財務展望涵蓋了更廣泛的範圍，反映了關稅、通貨膨脹和地緣政治問題的預期波動性和不確定性，以及這些不確定性可能對消費者信心和家庭鞋類支出產生的影響。該指引也受到預期的 50 至 75 家新門市開業時間的變化的影響。

Net sales are expected to be in a range of $1.15 billion to $1.23 billion, representing a range of down 4% to up 2%. For fiscal 2025, GAAP EPS is expected to be in a range of $1.60 to $2.10.

預計淨銷售額在 11.5 億美元至 12.3 億美元之間，下降 4% 至成長 2%。2025 財年，預計 GAAP EPS 在 1.60 美元至 2.10 美元之間。

Total capital expenditures are expected to be in a range of $45 million to $60 million with $35 million to $45 million targeted for rebanners and other store growth. Compared to CapEx recorded in FY22 to FY24, the total of $76 million, $56 million and $33 million, respectively.

預計總資本支出將在 4,500 萬至 6,000 萬美元之間，其中 3,500 萬至 4,500 萬美元將用於橫幅重塑和其他門市成長。與 FY22 至 FY24 記錄的資本支出相比，總額分別為 7,600 萬美元、5,600 萬美元和 3,300 萬美元。

A little more color on our 2025 outlook. Compared to GAAP EPS of $2.68 earned in fiscal 2024, the $0.65 rebanner P&L investment and the Rogan's tax benefits in FY24 are the primary drivers to the $1.85 midpoint of our EPS guidance.

我們對 2025 年的展望略有不同。與 2024 財年 GAAP EPS 2.68 美元相比，0.65 美元的重新橫幅損益投資和 Rogan 在 2024 財年的稅收優惠是我們 EPS 指引中點 1.85 美元的主要驅動因素。

Similarly, the midpoint of our net sales guidance of down approximately 1% is reflective of the downtime associated with rebanners as stores are closed and reopened.

類似地，我們的淨銷售額預期中位數下降了約 1%，這反映了商店關閉和重新開業過程中與重新橫幅相關的停工時間。

During FY25, we anticipate minimal change to our store account with one to three stores opening and two to four stores closing. Our sales and EPS guidance contemplate modest price increases, including from tariffs and/or inflation and consistency in consumer confidence.

在 25 財年，我們預計門市帳戶變化很小，將開設一到三家門市，關閉兩到四家門市。我們的銷售和每股盈餘指引考慮了適度的價格上漲，包括關稅和/或通貨膨脹以及消費者信心的穩定。

As a result of the changes taking place in FY25, we are providing additional information on the first quarter. We do not expect first quarter comparable store sales trends to improve versus Q4 2024 as non-event period buying resembles last year trends so far.

由於 25 財年發生的變化，我們將提供有關第一季的更多資訊。我們預計第一季同店銷售趨勢不會較 2024 年第四季有所改善，因為非活動期間的購買趨勢與去年迄今的趨勢相似。

We also expect a headwind to sales of approximately 1% associated with the rebanner strategy. With respect to EPS in Q1 2025, the $0.65 annual rebanner investment is expected to be generally ridable between the first half and back half of the year and between $0.15 and $0.20 per quarter.

我們也預計，重新制定橫幅策略將對銷售額造成約 1% 的不利影響。就 2025 年第一季的每股盈餘而言，預計每年 0.65 美元的重新橫幅投資一般可在上半年和下半年之間以及每季 0.15 美元至 0.20 美元之間實現。

Before opening up for questions, I will summarize a few closing thoughts. In fiscal 2024, we grew our net sales and adjusted EPS with adjusted EPS at the high end of our guidance range exceeding the competition.

在開始提問之前，我將總結幾點結束語。在 2024 財年，我們的淨銷售額和調整後每股收益均有所增長，調整後的每股收益處於指導範圍的高端，超過了競爭對手。

We closed out FY 2024 with strong cash generation and our recent acquisition delivered operating income 20% greater than expectations on full synergy capture.

我們以強勁的現金創造能力結束了 2024 財年，我們最近的收購在充分發揮協同效應的基礎上實現了比預期高出 20% 的營業收入。

In FY25, we're going to re-banner 50 to 75 stores and expect that associated P&L investment will be paid back in two to three years and to materially fund continued investment in FY 2026.

在 2025 財年，我們將重新標榜 50 至 75 家商店，並預計相關的損益投資將在兩到三年內收回，並為 2026 財年的持續投資提供實質資金。

Our wider view of guidance for FY25 reflects impacts from our rebanner strategy at the midpoint and assumes customer behavior in non-event periods resembles similar down trends last year.

我們對 2025 財年指導的更廣泛看法反映了我們在中期重塑策略的影響，並假設非事件期間的客戶行為與去年類似的下降趨勢相似。

Today we announced that April 24, 2025 has been set as the shareholder of record date for our annual meeting, and the Annual Meeting of Shareholders will be held on June 25, 2025.

今天我們宣布，2025年4月24日被定為我們的年度股東大會的登記日期，年度股東大會將於2025年6月25日舉行。

This concludes our comments. I will now open up the call for questions, operator.

我們的評論到此結束。接線員，我現在開始回答大家的提問。

(Operator instructions) Mitch Kummetz, Seaport Research.

（操作員指示）海港研究部的 Mitch Kummetz。

And Carl, I'd like to wish you all the best in retirement. Mark, let me start on the rebannering. So the 10-store test, if I understand it correctly, was all in the market. The 50 to 75 stores that you guys are doing in 2025, are those also all in market or some of them out of market?

卡爾，我祝福你退休後一切順利。馬克，讓我開始重新設計橫幅。所以，如果我沒有理解錯的話，10 家商店的測試全部都在市場上進行。你們打算在 2025 年開設 50 到 75 家門市，這些門市也都是在市場上嗎，還是其中有些不在市場上？

And I mean, it sounds like over time, some of these rebanner stores are going to be out of market. What gives you the confidence that this is going to work as well out of the market where you really haven't, I guess, tested it so far? And I have other questions.

我的意思是，聽起來隨著時間的推移，其中一些重新橫幅的商店將會退出市場。為什麼您有信心這項技術能夠在您尚未測試過的市場中發揮作用？我還有其他問題。

Mitch, thank you for the question. We're very excited about the strategy. We've been mining this data for a few years now, and it gives us great confidence that the higher income nonurban customer resonates with the Shoe Station banner, the premium assortment, the excellent service, the technical expertise we provide in this modern shopping experience. You're spot on, on the question.

米奇，謝謝你的提問。我們對這項策略感到非常興奮。我們已經挖掘這些數據幾年了，它讓我們非常有信心，高收入的非城市客戶會對 Shoe Station 的標語、優質的產品、卓越的服務以及我們在這種現代購物體驗中提供的技術專長產生共鳴。您對這個問題的回答非常正確。

The 10 stores tested were all within existing markets, and they performed very well. Again, to recap, sales in aggregate grew over 10% better than Shoe Carnival during that period of time, and profits double digit with great growth in margin, customers in the higher income bracket and every core metric.

測試的 10 家商店均位於現有市場內，並且表現非常出色。再次回顧一下，在那段時間裡，總銷售額比 Shoe Carnival 增長了 10% 以上，利潤實現了兩位數的增長，利潤率、高收入階層的客戶以及每個核心指標都有了很大的增長。

As we march forward, this first tranche is focused on filling in gaps largely in the markets. Right now, we have multiple of these 50 to 75 stores rolling out already in existing markets where our Shoe Station is already known. And then the plan is to expand into new markets that are not covered within existing states. So for example, in the state of Florida, we have multiple rebannered stores going on right this minute, where we have underperforming Shoe Carnival stores.

隨著我們不斷前進，第一批資金將主要用於填補市場空白。目前，我們在現有的 Shoe Station 知名的市場中已經開設了 50 至 75 家商店。然後計劃擴展到現有州未覆蓋的新市場。舉個例子，在佛羅裡達州，我們目前正在進行多個重新命名的商店，其中我們的 Shoe Carnival 商店表現不佳。

The demographics looked far superior to matching a Shoe Station. We're in the process of rebannering those now. So that would be an example of the expansion strategy in a state where the brand is known, but markets where Carnival is underperforming.

人口統計看起來比匹配鞋站好得多。我們現在正在重新制定這些內容。這就是嘉年華郵輪公司在某個州實施擴張策略的例子，該州的品牌知名度很高，但在某個市場上表現不佳。

As the year progresses, we'll be broadening that to go where the demographics and data looks like it should work, and we'll be methodically and slowly later in the year, expanding into new states, confirming that we have the strength of results that we've seen so far.

隨著時間的推移，我們將擴大範圍，以適應人口統計和數據的變化，並將在今年稍後有條不紊地、緩慢地擴展到新的州，確認我們迄今為止所看到的成果的強勁勢頭。

It's not so really '26 that we see branching off into areas that are meaningfully different for Shoe Station, and that's where we're going to be getting a lot of data and testing this year. So we're very confident when we do get into those newer markets further out of SEC, South, ACC kind of territories with March Madness on my mind as well, kind of that world will kind of branch out into Big 10 and big East country as we get into further years.

事實上，我們看到的 26 年並沒有真正擴展到 Shoe Station 具有顯著不同意義的領域，而這正是我們今年將要獲取大量數據並進行測試的地方。因此，我們非常有信心，當我們進入那些遠離 SEC、南部、ACC 地區的新市場時，考慮到瘋狂三月，隨著我們進入未來幾年，這個世界將擴展到十大聯盟和東部大國。

And then on the tariff, I think in Patrick's prepared remarks, it was mentioned that you guys are -- the guidance assumes some modest price increases. I was just hoping you could provide a little bit more color in terms of what you're seeing with the vendors that you work with in terms of what they're doing on pricing. And then on the private label side, what are you seeing in terms of kind of costing there? Any sort of color would be helpful.

然後關於關稅，我想派崔克在準備好的發言中提到過——指導價格假設會適度上漲。我只是希望您能提供更多詳細信息，說明您與合作的供應商在定價方面的做法。那麼在自有品牌方面，您看到的成本狀況是如何的呢？任何顏色都會有幫助。

Sure, Mitch, it's Carl. At this point, it's pretty unsettled right now. We're getting information from vendor to vendor that is different. In most cases, the vendors are able to assume some of those costs, negotiate with the factories. We're not seeing across-the-board price increases for fall based on tariffs, but we might be seeing some price increases on individual items, newness, new items.

當然，米奇，我是卡爾。目前，情況還很不穩定。我們從各個供應商獲得的資訊各不相同。大多數情況下，供應商可以承擔部分成本，並與工廠協商。我們沒有看到因關稅而導致的秋季全面價格上漲，但我們可能會看到個別商品、新品、新商品的價格上漲。

But so far, things have held with the big core items. We're seeing some price increases potentially in the mid-single digit at the high and certainly, we believe we'll be able to tolerate those, pass those along where we can. So we've not seen anything meaningful today. Again, the vendors are all over the board as they continue to negotiate with factories and transportation, and agents. So it's a bit -- it is unsettled right now but we don't -- we see some effect, but not the 20% that you hear about coming out of China right now.

但到目前為止，主要核心項目的情況還算穩定。我們看到一些價格上漲可能達到最高個位數的中段，當然，我們相信我們能夠容忍這些上漲，並盡可能地將這些上漲轉嫁給其他人。所以我們今天沒有看到任何有意義的東西。再次，供應商們都在繼續與工廠、運輸和代理商進行談判。因此，這有點——目前情況尚不穩定，但我們沒有——我們看到一些影響，但不是你們聽說的現在來自中國的 20%。

And if I could build on it, it's Mark. And that's what our guide assumes continues. As Carl laid out, what we're seeing today, if we see a volatile swing with double-digit changes pass through from Vietnam in particular or major China implications, that is not implicit in our guidance we provided today, and we would revisit that if that changes. But as Carl said, we've not experienced that sharp implication yet.

如果我可以在此基礎上進一步發展的話，那就是馬克。我們的指南假設這種情況將會持續下去。正如卡爾所述，我們今天看到的情況是，如果我們看到來自越南的兩位數變化或對中國的重大影響出現劇烈波動，這並不在我們今天提供的指導中隱含，如果這種情況發生變化，我們將重新審視。但正如卡爾所說，我們還沒有經歷過那麼尖銳的暗示。

And then I guess maybe as a last question, just on the guide. So for the full year, you're giving us sales and GAAP earnings. Is there any more you can say in terms of what comp outlook is embedded in that as well as maybe a margin breakout, kind of any thoughts around gross margin, op margin? And then in the first quarter, is there sort of an EPS range that you're looking at in the first quarter? And I wasn't really clear what the rebannering impact -- rebannering impact is in Q1. Is it -- I think you said something like $0.15 to $0.20? Maybe just more clarity there.

然後我想也許這是最後一個問題，只是關於指南。因此，您向我們提供了全年銷售額和 GAAP 收益。您還能再說其中包含的競爭前景以及利潤率突破，對毛利率和營業利潤率有什麼看法嗎？那麼在第一季度，您所關注的每股盈餘範圍是如何的呢？我不太清楚重新制定橫幅對第一季的影響是什麼。是嗎——我想您說的是 0.15 美元到 0.20 美元左右？或許只是更加清晰而已。

Mitch, it's Patrick. Nice to talk to you. With respect to the first part of comp, we expect minimal store openings and closings next year. So the guide that we provided of up 2% to down 4% would be the same for both total sales and comp. On gross profit margin, our expectation is we -- both Mark and I touted the fourth year above 35%. Our expectation for next year based on where we sit today.

米奇，我是派崔克。很高興和你談話。就第一部分而言，我們預計明年開設和關閉的商店數量將很少。因此，我們所提供的上漲 2% 至下跌 4% 的指引對於總銷售額和同店銷售額都是相同的。關於毛利率，我們的預期是──馬克和我都認為第四年將超過 35%。我們對明年的預期是基於我們目前的狀況。

And as Carl mentioned and Mark mentioned with respect to the impact of tariffs on things that we think are happening in our guide, we think that above 35% is going to stick for next year. There's obviously a lot of play in that number given the uncertainty and unsettling in the market right now.

正如卡爾和馬克在指南中提到的關於關稅對正在發生的事情的影響，我們認為明年的關稅稅率將維持在 35% 以上。考慮到目前市場的不確定性和不安定因素，這個數字顯然具有很大的影響力。

In Q1, we're going to reiterate what we said before, which is what we've seen so far today on sales, which is that they're down in non-event periods, much like they were in Q4 last year. and that we expect it to be a little bit worse than that because of the rebanner strategy. So a sales forecast would be -- would be outside of our guidance range for Q1 if you take both of those things into account.

在第一季度，我們將重申先前所說的話，也就是我們今天到目前為止所看到的銷售情況，即非活動時期的銷售量下降，與去年第四季的情況非常相似。由於重新制定橫幅策略，我們預計情況會比這更糟一些。因此，如果將這兩方面都考慮進去，銷售預測將超出我們對第一季的指導範圍。

And then with respect to the rebanner strategy, the $0.65 is obviously a range. It's not an exact number. We would love to be that good, but we are obviously not that good with the number of stores. And the guide for that is going to stick with the $0.15 to $0.20 impact for Q1. But they are duplicative, the non-event sort of thing that we've seen thus far that Mark talked about and then the $0.15 to $0.20 on the rebanner strategy.

然後就重新制定橫幅策略而言，0.65 美元顯然是一個範圍。這不是一個確切的數字。我們希望做得這麼好，但我們在商店數量方面顯然還不夠好。並且該指導方針將堅持第一季 0.15 美元至 0.20 美元的影響。但它們是重複的，是我們迄今為止看到的馬克談到的非事件類的事情，然後是重新制定橫幅策略的 0.15 美元到 0.20 美元。

Sam Poser, Williams Trading.

薩姆·波瑟（Sam Poser），威廉斯貿易公司。

I'll save the best question for last. But the -- I want to just follow up on Mitchel's question regarding how many stores are you -- can you sort of give us the breakdown of how many stores you're rebannering by quarter or something? Can you just say, okay, of these 50 to 75, X percent will be at what time -- by what quarter or within which quarters? I know some will overlap quarters, but --?

我會把最好的問題留到最後。但是——我想跟進米切爾關於你們有多少家商店的問題——你能否按季度給我們提供一下你們重新規劃了多少家商店的詳細情況？您能否說一下，在這 50% 到 75% 中，X% 將在什麼時候實現——哪個季度或在哪些季度內實現？我知道有些會重疊，但是--？

Hi Sam, good morning, it's Mark. Thanks for the question. We plan at half the guide range before back-to-school and half the guide range after back-to-school is the simplest way to say that.

嗨，山姆，早安，我是馬克。謝謝你的提問。最簡單的說法是，我們計劃在開學前將指導範圍減少一半，在開學後將指導範圍減少一半。

So with the majority -- with that -- and you wouldn't be doing it during holidays. So could we assume that -- and you want to be ready for back-to-school. Could we assume that Q1 and Q3 would be the most -- sorry, Q1 and the end of Q3 into the beginning of Q4 be the most impacted periods of time from this? Is that the right way to think about it?

因此，大多數人都不會在假期期間這樣做。所以我們可以假設——你想為返校做好準備。我們是否可以假設第一季和第三季將是受影響最大的時期——抱歉，第一季以及第三季末到第四季初是受影響最大的時期？這是正確的思考方式嗎？

It's not wrong. The back half is still not 100% firm, but you're absolutely right thinking about we'll be doing the work in downtime and non-event periods. It's the approach for the most part. We don't want to impact customer and shopping behavior during BTS or holiday period so spot on with that. We're going right now with -- again, we don't have the exact point that we're guiding, but it wouldn't be wrong to think we get in that 35 to 40-ish of the stores before back-to-school gets going.

這沒錯。後半部分仍然沒有 100% 牢固，但您完全正確地想到我們將在停機時間和非事件期間完成工作。大多數情況下都採用此方法。我們不想影響 BTS 或假期期間的客戶和購物行為，所以要這樣做。我們現在就這樣做——再說一次，我們還沒有確定具體的指導點，但如果我們認為在開學前，我們可以進入 35 到 40 家商店，那就沒錯了。

That would be a nice ambition of us if everything goes smooth with construction and product and materials. So it wouldn't be wrong to think about it that way. And then we'll pick back up after back-to-school with the maximum amount we can accomplish without distracting the holiday period in sync with getting the great product in stores and construction flawless. So you could see some go into January if we feel it's too late to not impact DAT and holiday. But the way you described it is right, overall.

如果施工、產品和材料一切順利，這將是我們的美好願望。所以這樣想並沒有錯。然後，開學後，我們會繼續努力，盡最大努力完成工作，不會影響假期的安排，同時將優秀的產品送到商店，並保證施工完美無缺。因此，如果我們覺得不影響 DAT 和假期為時已晚，那麼您可能會看到一些人進入 1 月。但總體來說，您描述的方式是正確的。

So then like your comps from -- just theoretically, your comps in -- during the back-to-school season, which arguably is the end of Q2 into early September, and then holiday comps, given the event period and the timing of all of this should be the best comp periods of the year for both the event period situation and these stores will be open and going and theoretically performing at a better rate than they did before.

那麼，就像您的同店銷售額——只是理論上的，您的同店銷售額——在返校季節，也就是第二季度末到九月初，然後是假期同店銷售額，考慮到活動期間和所有這些的時間安排，這應該是一年中最好的同店銷售額期，無論是在活動期間，這些商店都會開業並繼續營業，理論上的表現會比以前更好。

Yeah, absolutely. Yeah, spot on. By holiday, we'll have between 22% and 27% of the company under the station banner compared to nine-something as we started the year. So you're absolutely right. As that percent starts to become a meaningful scale, it will start offsetting what we anticipate mid-to-high single declines in Carnival and why we're moving as fast as possible because as we said, we had comp growth in Station last year, and we're very pleased with where it's gone. So bang on.

是的，絕對是如此。是的，非常正確。到假期時，我們公司將有 22% 到 27% 的人員使用這個電台品牌，而今年年初時這個數字只有 9% 左右。所以你完全正確。隨著該百分比開始成為一個有意義的範圍，它將開始抵消我們預期嘉年華郵輪的中高單次下滑，這也是我們盡快採取行動的原因，因為正如我們所說，去年我們的 Station 郵輪實現了同比增長，我們對目前的狀況感到非常滿意。所以繼續吧。

By back-to-school, it will be our strongest period of growth, we expect also. stations don't have the scale to demonstrably move the needle. But as we flip forward to back-to-school '26, now we're starting to get to a point where we believe there's enough scale. We're getting very close to 51% with each quarter, and that's where we believe we can start seeing positive trends. Certainly, as we get to holiday '26 and into '27, but you're spot on. It should get better with each passing quarter as we get towards holiday of this year and event periods.

我們預計，開學後將是我們成長最快的時期。這些站點沒有足夠的規模來明顯地改變現狀。但當我們展望26年開學時，我們開始相信我們已經擁有了足夠的規模。我們每季的成長率都非常接近 51%，我們相信從這個角度來看，我們可以開始看到正面的趨勢。當然，隨著我們迎來 26 年假期和 27 年假期，但您說得對。隨著今年假期和活動期的臨近，情況應該會逐季改善。

And within back-to-school, what percent of back-to-school selling in general happens in Q2 versus in Q3?

在返校季，第二季和第三季的返校銷售量分別佔多少百分比？

It's about half, a rough estimate.

粗略估計，大約是一半。

And then lastly, this is for Carl, I'm going to miss you, Carl. But I've got to ask you, and I'm going to follow up on the same question for Mark. Who do you think is better, the current Chief Merchandising Officer or the incoming Chief Merchandising Officer?

最後，這是給卡爾的，我會想念你的，卡爾。但我必須問你，我會繼續問馬克同樣的問題。您認為誰比較優秀，現任行銷長還是新任行銷長？

Well, Sam, I'll put it this way. Since the incoming Chief Merchandising Officer is somebody I recruited 11 years ago and have been working with closely all that time, I believe there's potential for growth in the future.

好吧，山姆，我就這麼說吧。由於新任行銷長是我 11 年前招募的，並且一直與他密切合作，因此我相信未來他還有很大的成長潛力。

Well, that's not -- I mean, I'm going to have a conversation because that's not an overwhelming -- there's potential either -- I mean -- all right. Well, and then Mark same question.

嗯，那不是——我的意思是，我要進行一次談話，因為那不是一個壓倒性的問題——也有潛力——我的意思是——好吧。好吧，馬克又問了同樣的問題。

Sam, let me say this. We are very -- I'm very excited to turn the reigns over to Tanya. We have -- we'll work very, very closely in the future. And I think she's going to do a terrific job. And the team here really is excited and supports her 100%.

山姆，讓我這麼說吧。我們非常——我非常高興將權力移交給 Tanya。我們已經－未來將會進行非常非常密切的合作。我認為她會做得很好。這裡的團隊真的很興奮並且全力支持她。

Well, when I met her, I thought she had more support than you, but now I'm not really sure. And Mark, I asked you the same question.

嗯，當我見到她時，我認為她比你得到更多的支持，但現在我不太確定。馬克，我也問過你同樣的問題。

I love the question, Sam, because I've been so fortunate. I've had the best Chief Merchant in the industry and so fortunate to work with Carl and like you, I'm going to miss him. And April 6, I have the next best chief merchant in the industry. And I think the vendor community talking to so many people is so supportive of where we've been and where Tanya is going to take it.

我很喜歡這個問題，山姆，因為我很幸運。我擁有業內最好的首席商人，很幸運能與卡爾共事，和你一樣，我會想念他的。4 月 6 日，我迎來了業內第二好的首席商人。我認為供應商社群與如此多的人進行了交流，他們對我們目前的狀況以及 Tanya 的未來發展給予了極大的支持。

Tanya is the absolute right person to bring this next vision to life as we transform the corporation. Tanya is going to be very aggressive about growth. She's going to be aggressive about building our relationship, taking it from strength to strength, but a new thing as we go after higher-income customers with half of the corporation or more and go after getting the best brands at premium prices, Tanya is going to be -- we've got great confidence in her and so does our vendor community. So I've been fortunate, two great chief merchants, one retiring after 50 years and one just about to start.

在我們改革公司的過程中，Tanya 是實現這個願景的最佳人選。Tanya 將非常積極地實現成長。她將積極地建立我們的關係，使其不斷壯大，但當我們用一半或更多的公司股份來追逐高收入客戶，並以高價獲得最好的品牌時，Tanya 將會——我們對她非常有信心，我們的供應商社區也是如此。所以我很幸運，有兩位很棒的首席商人，一位在位 50 年後退休，另一位剛開始。

All right. I'm just going to throw one more in for Patrick. Again, a follow-up to Mitchel's question on the gross margin. I mean, how do we think about the gross margin from the BD&O and the merge? Because I mean, I assume that Q1's gross margin is going to be down quite a bit reflective of Q4, again, because of the -- mostly because of the BD&O. Is that the right way to think about it?

好的。我只是想為派崔克再加一句。再次回答米切爾關於毛利率的問題。我的意思是，我們如何看待 BD&O 和合併帶來的毛利率？因為我的意思是，我假設第一季的毛利率將下降相當多，這主要反映了第四季度的情況，主要是因為 BD&O。這是正確的思考方式嗎？

Sam, with respect to our overall concept on just talking about the year and the full guide on margins. At the midpoint, we would expect some deleverage because our sales are expected down. There is a commitment in our process for what we see right now, assuming that everything holds on tariffs and on consumer confidence and on the general basis of market conditions right now that we would expect a margin above 35% for the whole year with some deleverage on the BD&O and some stability in our merchandise margins. And in the quarter, the expectation would be the same, but there would be a little bit more deleverage because the sales are planned down a little bit more.

山姆，關於我們的整體概念，我們只談論年份和利潤的完整指南。在中間點，我們預計會出現一些去槓桿現象，因為我們的銷售額預計會下降。對於我們現在看到的情況，我們在流程中做出了承諾，假設關稅、消費者信心和目前市場狀況的總體基礎都保持不變，我們預計全年利潤率將超過 35%，BD&O 的槓桿率將有所降低，商品利潤率將保持穩定。而在本季度，預期將是相同的，但去槓桿率將會略有增加，因為銷售計劃會略有下降。

And that would also be true at the end of Q3 going into Q4 because of the store because of the store redos, but offset by the new store -- you get offset by the new stores being -- the stores that were converted earlier in the year, which you don't get right now. Is that right?

在第三季末進入第四季度時，這種情況也會發生，因為商店重新開業，但被新店所抵消——新店是今年早些時候轉換的商店，而你現在還沒有得到這些商店。是嗎？

That is correct. That is a fair assessment, Sam.

正確。這是一個公平的評價，山姆。

There are no more questions. I will now turn the conference back over to Mark Worden for closing remarks.

沒有其它問題了。現在，我將會議交還給馬克‧沃爾登，請他致結束語。

Thank you all so much for joining us today. 2024 was a tough year in the market, but I want to thank our vendors, our team for achieving growth in sales, growth in profits, and a bulletproof balance sheet where we started the year with no debt, ended the year with no debt.

非常感謝大家今天的參與。 2024 年是市場艱難的一年，但我要感謝我們的供應商、我們的團隊實現了銷售額增長、利潤增長，並擁有一份堅不可摧的資產負債表，年初時我們沒有任何債務，年底時也沒有任何債務。

And I really like where we start 2025. It's volatile without a doubt, as we talked through, but we have a strategic plan here to rapidly move from under 10% of our company with our growth banner to over half of our company marketed and engaging with our customers with our growth banner in just 24 months.

我真的很喜歡我們從 2025 年開始的地方。正如我們剛才所說，毫無疑問它是不穩定的，但我們有一個戰略計劃，將在短短 24 個月內，迅速將公司中不到 10% 的部分採用增長旗幟，增加到公司中超過一半的部分採用增長旗幟進行營銷並與客戶互動。

The profit accretion that comes from this investment and the payback are fast, they're high, and we've got a great enthusiasm from the vendor community to help us continue to bring the most distinct family footwear brand to the market. So thank you so much, and I really look forward to talking to you all again at Q1 about early insights from the rollout and how we're progressing. Best wishes to talk to you soon.

這項投資帶來的利潤成長和回報很快且很高，我們也得到了供應商社群的極大熱情，幫助我們繼續將最獨特的家庭鞋類品牌推向市場。非常感謝，我非常期待在第一季再次與大家討論推出的早期見解以及我們的進展。祝早日與您交談。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。