Shoe Carnival Inc (SCVL) 2025 Q3 法說會逐字稿

Good morning, and welcome to Shoe Carnival's third quarter 2025 earnings conference call. (Operator Instructions) 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，歡迎參加鞋業嘉年華2025年第三季財報電話會議。（操作員說明）今天的電話會議正在錄音，並透過網路直播。嚴禁以任何形式複製或轉播本次通話的任何部分。

Management's remarks today may contain forward-looking statements that involve a number of risk factors. These risk factors could cause the company's actual results to be materially different from those projected in such statements.

管理階層今天的演講可能包含涉及許多風險因素的前瞻性陳述。這些風險因素可能導致公司的實際業績與此類聲明中預測的業績有重大差異。

Forward-looking statements should also be considered in conjunction with the discussion of risk factors including in the company's SEC filings and today's earnings press release. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date.

前瞻性陳述也應與風險因素的討論結合起來考慮，包括公司向美國證券交易委員會提交的文件和今天的盈利新聞稿中討論的風險因素。投資人請注意，不要過度依賴這些前瞻性陳述，這些陳述僅代表截至今日的觀點。

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.

公司聲明，沒有義務更新任何風險因素，也沒有義務公開宣布對今天電話會議中討論的或今天新聞稿中包含的前瞻性聲明進行任何修訂，以反映未來的事件或發展。

I will now turn the call over to Mr. Mark Worden, President and CEO of Shoe Carnival, for opening remarks. Mr. Warden, you may begin.

現在我將把電話交給鞋業嘉年華總裁兼執行長馬克沃登先生，請他致開幕詞。典獄長先生，您可以開始了。

Good morning, everyone, and thank you for joining us today. With me are Kerry Jackson, our Chief Financial Officer; and Tanya Gordon, our Chief Merchandising Officer.

各位早安，感謝大家今天收看我們的節目。陪同我的是我們的財務長 Kerry Jackson 和我們的首席商品長 Tanya Gordon。

This is a pivotal moment for our company. Last week, we announced that our Board of Directors unanimously approved changing our corporate name to Shoe Station Group Inc., subject to the approval of the name change for our shareholders at our annual meeting to be held in June 2026. That decision reflects our board's conviction about where this company is headed. We're building a stronger more focused and more profitable company.

這對我們公司來說是一個關鍵時刻。上週，我們宣布董事會一致批准將公司名稱更改為 Shoe Station Group Inc.，但需經股東在 2026 年 6 月舉行的年度股東大會上批准。這項決定體現了董事會對公司未來發展方向的堅定信念。我們正在打造一家更強大、更專注、更獲利的公司。

Today, I'll walk you through our third quarter performance, update you on where we are in executing the strategy, and provide context for fiscal 2026 and 2027.

今天，我將帶大家了解我們第三季的業績，向大家報告我們在執行策略方面的進展，並為 2026 財年和 2027 財年提供背景資訊。

Let's start with the quarter. We delivered a strong third quarter, EPS of $0.53 and net sales of $297.2 million, both exceeded consensus expectations. Gross profit margin expanded 160 basis points to 37.6%, driven by disciplined pricing and our continued shift toward the higher income [testation] customer.

我們先從季度開始。我們第三季業績強勁，每股收益為 0.53 美元，淨銷售額為 2.972 億美元，均超出市場預期。毛利率成長了 160 個基點，達到 37.6%，這得益於嚴格的定價策略以及我們不斷向高收入（測試）客戶群轉型。

We achieved positive comparable sales during August back-to-school with margin expansion. That's significant, given the promotional intensity across family footwear retail and the continued pressure on lower-income households.

8 月返校季期間，我們實現了同店銷售額成長，利潤率也隨之提高。考慮到家庭鞋類零售業的促銷力度以及低收入家庭面臨的持續壓力，這一點意義重大。

Athletics represented 51% of total sales in the quarter and delivered low single-digit growth overall. At Shoe Station specifically, our focus on premium brands and higher transaction values drove double-digit athletic growth in both Q3 and year-to-date. Our nonathletic categories represented 43% of Q3 total sales with a mid-single-digit comp decline overall.

體育用品在本季度佔總銷售額的 51%，整體實現了個位數低成長。具體來說，在鞋站，我們專注於高端品牌和更高的交易額，推動了第三季和今年迄今為止運動鞋業務的兩位數成長。第三季非運動類產品銷售額佔總銷售額的 43%，但整體同店銷售額出現了中等個位數的下降。

Similar to prior quarters, Shoe Station outperformed in every major category versus Shoe Carnival. The story beneath these numbers is what matters most. Our two banners delivered very different results in the third quarter. Shoe Station net sales grew 5.3%. Shoe Station product margins expanded 260 basis points.

與前幾季類似，Shoe Station 在所有主要類別中的表現都優於 Shoe Carnival。這些數字背後的故事才是最重要的。我們的兩個品牌在第三季取得了截然不同的業績。鞋站淨銷售額成長5.3%。鞋站產品利潤率提高了 260 個基點。

Meanwhile, Shoe Carnival net sales declined 5.2%, reflecting continued pressure on lower-income households earning under $40,000 annually. That's a 10.5 percentage point performance gap between our two banners.

同時，鞋類嘉年華的淨銷售額下降了 5.2%，反映出年收入低於 4 萬美元的低收入家庭持續面臨壓力。這意味著我們兩個品牌之間的績效差距為 10.5 個百分點。

This divergence isn't new, we've been discussing it for quarters. What's different now is the scale of the gap and our conviction that it will persist. Shoe stations core customer, median household income $60,000 to $100,000, is choosing premium product, see elevated service and responding to our brand positioning.

這種分歧並非新鮮事，我們已經討論這個問題好幾個季度了。現在不同的是差距的規模，以及我們堅信這種差距將會持續存在。鞋站的核心客戶，家庭收入中位數在 6 萬至 10 萬美元之間，選擇高端產品，享受優質服務，並認同我們的品牌定位。

The traditional Shoe Carnival customer is under economic pressure. And the competitive response in that segment is driving margins down across the industry. This quarter, we maintained pricing discipline instead of propping up traffic from a lower-income customer. a segment we are strategically shifting away from. As a result, Carnival also expanded product margin. We are not chasing unprofitable sales.

傳統鞋類嘉年華的顧客正面臨經濟壓力。該領域的競爭加劇正在拉低整個產業的利潤率。本季度，我們堅持價格策略，沒有為了吸引低收入客戶而人為抬高流量，我們正在策略性地逐步減少對這一細分市場的需求。因此，嘉年華郵輪也擴大了產品利潤率。我們不會去追求無利可圖的銷售。

Third quarter EPS included a $0.22 impact from planned rebanner investments. Year-to-date, that's $0.58 per share. These are planned investments to convert underperforming locations into the Shoe Station format that's demonstrably winning. We expect to recover these investments within two to three years following each store's conversion.

第三季每股收益包含計畫中的品牌重塑投資帶來的 0.22 美元影響。今年迄今為止，每股收益為 0.58 美元。這些投資計劃旨在將業績不佳的門市改造成已被證明行之有效的鞋店模式。我們預計在每家店改造完成後兩到三年內收回這些投資。

Let me give you the numbers on our progress. We completed 101 store rebanners during fiscal 2025. We now operate 428 stores, 144 Shoe Station locations, and 284 Shoe Carnival locations. This evolution started with test and learn, move to scaling across the Southeast and is now a full chain rollout.

讓我來為你們介紹一下我們所取得的進展數據。我們在 2025 財年完成了 101 家門市的重新招牌更換工作。我們現在經營 428 家門市、144 家鞋站門市和 284 家鞋嘉年華門市。這項發展歷程始於測試和學習，然後擴展到整個東南地區，現在已全面推廣至整個連鎖店。

We acquired Shoe Station in December 2021 with 21 stores. We started this fiscal year with Station representing just 10% of our fleet. Today, Station is 34% of the total store fleet. By back-to-school 2026, it will be 51%. That 51% threshold is the inflection point.

我們在 2021 年 12 月收購了擁有 21 家門市的 Shoe Station。本財年開始時，車站僅占我們車隊的 10%。如今，Station門市佔總門市數量的34%。到 2026 年返校季，這一比例將達到 51%。51% 這個閾值就是拐點。

When Shoe Station becomes the majority of this business, and we expect to return to comparable sales growth.

當鞋站成為這家公司的大部分業務時，我們預計銷售額將恢復到之前的水平。

Based on what we have learned through 101 store conversions this year, we now expect that well over 90% of our fleet will operate a Shoe Station before the end of fiscal 2028. The remaining locations will be evaluated for rebannering outlet repositioning for closure.

根據我們今年透過 101 家門市改造所了解到的情況，我們現在預計到 2028 財年結束，我們超過 90% 的門市將開設鞋類專賣店。其餘地點將進行評估，以確定是否需要重新掛牌、重新定位或關閉。

Why consolidates to one brand? Running two distinct banners with different customer targets, different merchandising strategies and different operating models is inefficient. Every quarter this year, the sales performance gap between Shoe Station and Shoe Carnival has exceeded 10 percentage points. We're leaving value on the table by maintaining dual infrastructure when one banner is clearly winning.

為什麼要整合為一個品牌？同時經營兩個客戶群不同、行銷策略不同、營運模式不同的品牌是低效率的。今年每個季度，鞋站和鞋嘉年華之間的銷售業績差距都超過 10 個百分點。我們明明有一個品牌明顯佔優，卻仍維持雙重基礎設施，這無疑是在浪費價值。

What makes Shoe Station different comes down to three things: the customer. Stations serve the American median income household, $60,000 to $100,000, stable everyday workers value conscious, but not price-driven.

鞋站與眾不同之處在於三件事：顧客。加油站服務於美國中等收入家庭（年收入 6 萬至 10 萬美元），這些穩定的日常工作者重視品質，但並非價格驅動型消費。

Carnival serves a value-focused customer facing economic pressure; the product approach, station offers premium brand access, higher transaction values, and strong full-price selling. Carnival focuses on opening price points and a promotional model.

嘉年華郵輪服務於注重價值、面臨經濟壓力的客戶；其產品策略是提供高端品牌、更高的交易額和強勁的全額銷售。嘉年華郵輪注重開放的價格點和促銷模式。

The experience; station is modern and approachable, low-profile merchandising, easy to shop, service-oriented. Carnival is high energy, treasure hunt promotional intensity.

體驗；車站現代而平易近人，商品陳列低調，購物方便，服務周到。嘉年華充滿活力，促銷力道堪比尋寶遊戲。

Both models work for their customers, but consumer preferences are shifting towards best brands, premium product, and quality over lowest price. That's the Shoe Station customer. Consolidating to one brand creates significant structural advantages. By the end of fiscal 2027, we expect $20 million in annual cost savings and operating efficiencies.

兩種模式都能滿足客戶的需求，但消費者的偏好正在從最低價格轉向最好的品牌、優質產品和品質。那是鞋站的顧客。整合為一個品牌可以帶來顯著的結構優勢。到 2027 財年末，我們預計每年可節省成本並提高營運效率 2,000 萬美元。

We expect comparable sales growth to resume as Shoe Station becomes the dominant [fan]. And we're executing this on a foundation of financial strength. We're debt-free with over $100 million in cash and securities, funding this entire program from operating cash flow, just as we have funded operations and growth for 20 consecutive years. We're building one team, one infrastructure, one P&L.

我們預計隨著鞋站（Shoe Station）成為市場主導者，同店銷售成長將會恢復。[扇子]。而我們正是在雄厚的財務實力基礎上執行這項計劃的。我們沒有債務，擁有超過 1 億美元的現金和證券，整個專案資金全部來自營運現金流，就像我們連續 20 年為營運和成長提供資金一樣。我們正在打造一個團隊、一套基礎建設、一個損益表。

Now turning to inventory and the value we're unlocking. We bought heavy this year to derisk tariff volatility. It worked. We delivered positive comps during back-to-school. We're fully loaded for fall, holiday and spring. Now we plan to sell through this extra tariff-related inventory and move to the next phase.

現在來說說庫存以及我們正在釋放的價值。我們今年大量買入是為了降低關稅波動風險。成功了。我們在返校季期間取得了積極的業績。我們已為秋季、假日和春季做好充分準備。現在我們計劃出售這些額外的關稅相關庫存，並進入下一階段。

By the end of fiscal 2027, we'll free up $100 million in working capital. This isn't about cutting corners, it's a fundamentally different operating model. Shoe Station unlocks this capital through superior merchandising, Station presents product clearly, curated, organized, easy to browse and shop. Station generates higher transaction values, which means we need fewer units to deliver strong sales performance.

到 2027 財年末，我們將釋放 1 億美元的營運資金。這並非偷工減料，而是一種截然不同的營運模式。鞋站透過卓越的商品陳列釋放了這種資本，鞋站清晰、精心、有條理地展示產品，方便瀏覽和購買。該站點能產生更高的交易額，這意味著我們需要更少的單位就能實現強勁的銷售業績。

The Carnival model is stack it high and let it fly, requiring deep inventory to maintain powering displays and promotional volume. Shoe Station delivers a superior customer experience with less inventory per store. Better merchandising drives better turns, better margins and capital efficiency. That's $100 million we plan to deploy toward growth.

嘉年華的商業模式是堆得很高，然後讓產品大肆銷售，這需要大量的庫存來維持強大的展示和促銷規模。鞋站以更少的門市庫存提供更優質的客戶體驗。更好的商品陳列可以帶來更高的周轉率、更高的利潤率和更高的資本效率。我們計劃將這1億美元用於發展。

Let me walk you through what's ahead in the key milestones. Fiscal 2026 is our inflection year. We're converting 70 stores to reach the critical 51% Shoe Station threshold by back-to-school. That's the milestone, when station becomes the majority of this business and the dominant driver of our results.

讓我帶您了解接下來幾個關鍵里程碑的內容。2026財年是我們的轉捩點。為了在返校季前達到關鍵的 51% 鞋站門檻，我們正在改造 70 家門市。這是一個里程碑，當電台成為這項業務的大部分，並成為我們業績的主要驅動力時，就意味著電台業務的顯著成長。

First half of 2026, we'll see similar dynamics to 2025 as we work through rebanner conversions. Second half, we crossed 51% and expect to return to comparable sales growth. This requires P&L investment in fiscal 2026. One brand synergies begin, but the full benefit comes toward the end of fiscal 2027.

2026 年上半年，隨著我們逐步提高橫幅廣告轉換率，我們將看到與 2025 年類似的動態。下半年，我們突破了 51%，預計將恢復同店銷售成長。這需要在 2026 財年進行損益投資。品牌綜效會先開始顯現，但要到 2027 財年末才能完全發揮作用。

The end of fiscal 2027 is when the full picture comes together. We expect $20 million in cost savings million free from inventory reduction, comparable sales growth restored and EPS expanding. Bottom line, we're investing through 2025, all of 2026 and into 2027. We see modest gains beginning in 2027 and meaningful acceleration in 2028. Kerry will give you more specifics on fiscal 2026 and 2027.

到 2027 財年末，全貌才會逐漸清晰。我們預期透過減少庫存、恢復同店銷售成長和擴大每股收益，可節省 2,000 萬美元的成本。總之，我們的投資將持續到 2025 年、2026 年以及 2027 年。我們預計從 2027 年開始出現小幅成長，並在 2028 年顯著加速成長。Kerry將為您提供2026財年和2027財年的更多具體資訊。

Let me bring this together. The performance gap tells the story. Shoe Station outperformed Shoe Carnival by more than 10 percentage points this quarter. Station margins expanded 260 basis points. The industry is declining, but we're growing where the consumer is headed, premium brands, better experience, customers who value quality.

讓我來總結一下。績效差距說明了一切。本季度，Shoe Station 的業績比 Shoe Carnival 高出 10 個百分點以上。車站利潤率擴大了 260 個基點。產業正在衰退，但我們卻順應消費者的發展方向而成長，追求高端品牌、更佳體驗，以及重視品質的客戶。

We're executing this from a position of strength, debt-free over $100 million in cash and securities, 20 consecutive years of self-funding our growth. We have the financial flexibility to invest through this transformation and build for the long term.

我們以雄厚的實力執行這項計劃，我們擁有超過 1 億美元的現金和證券，且無任何債務，並連續 20 年實現自籌資金增長。我們有足夠的財務靈活性，可以透過投資進行轉型，並為長遠發展做好準備。

When our Board approved changing the corporate name to Shoe Station Group, it wasn't about branding, it was about conviction, conviction that this strategy is right for long-term value creation and building a stronger company. This isn't a rebrand, it's a repositioning of this entire company around what's winning.

當我們的董事會批准將公司名稱更改為 Shoe Station Group 時，這並非出於品牌建立的考慮，而是出於一種信念，即這項策略對於創造長期價值和打造更強大的公司而言是正確的。這不是品牌重塑，而是圍繞著成功要素對整個公司進行重新定位。

I'll now turn the call over to Kerry for the detailed financials, our fiscal 2025 outlook in perspective on '26 and 2027. After Kerry remarks, I'll have a brief closing comments before we open for questions. Kerry?

現在我將把電話交給 Kerry，讓他詳細介紹財務狀況，並展望我們 2025 財年對 20​​26 和 2027 財年的前景。在克里發言之後，我將作簡短的總結發言，然後開始接受提問。凱裡？

Thank you, Mark, and good morning, everyone. Let me start with the quarter performance. Let me walk you through our outlook and the financial framework for fiscal 2026 and 2027.

謝謝你，馬克，大家早安。首先，讓我談談本季的業績。讓我帶您了解我們對 2026 財年和 2027 財年的展望和財務框架。

Net sales totaled $297.2 million, down 3.2%, versus $306.9 million last year. Comparable store sales declined 2.7%, including approximately 0.5 percentage point of headwind from the 56 stores rebannered during the quarter.

淨銷售額總計 2.972 億美元，較去年的 3.069 億美元下降 3.2%。同店銷售額下降 2.7%，其中包括本季 56 家門市重新招牌帶來的約 0.5 個百分點的負面影響。

The banner divergence Mark described is the critical story. Shoe Station net sales grew 5.3% with mid-single-digit comparable sales growth. Shoe Carnival net sales declined 5.2% with mid-single-digit comparable sales decline. Rogan's generated $21 million in net sales consistent with our integration plan.

馬克描述的橫幅差異是關鍵所在。鞋店淨銷售額成長 5.3%，同店銷售額成長中個位數。鞋類嘉年華淨銷售額下降 5.2%，同店銷售額下降幅度為個位數中段。Rogan's 實現了 2,100 萬美元的淨銷售額，符合我們的整合計劃。

Three category highlights worth noting. First, men's and women's athletics, 35% of our business delivered breakeven comps overall, but Shoe Stations athletic business grew high teens.

三個值得關注的類別亮點。首先，在男裝和女裝運動服裝方面，我們 35% 的業務總體上實現了收支平衡，但鞋站的運動服裝業務實現了兩位數以上的成長。

Second, kids footwear, 22% of Q3 sales delivered low double-digit athletic growth at stations. Overall, for the company, kids was down low singles for the quarter due to weakness in kids nonathlete footwear.

其次，童鞋在第三季銷售額中佔 22%，在各站點實現了兩位數的低成長。總體而言，由於兒童非運動鞋銷量疲軟，該公司本季童裝銷售額大幅下降。

Third, the boot season started modestly, but we were well positioned with inventory dip as we move into the heart of the season.

第三，靴子銷售季開局平淡，但隨著我們進入銷售季的高峰期，庫存下降，我們處於有利地位。

Rounding out the categories, men's and women's nonathletic categories both declined mid-single digits compared to Q3 last year. Athletics across our men's, women's, and kids categories, with 51% of our business in the quarter, up from 49% in Q3 last year and was key to our overall comp positive results in back-to-school August.

最後，與去年第三季相比，男子和女子非體育類別均出現了個位數的下降。男裝、女裝和童裝等運動服飾業務在本季占我們業務的 51%，高於去年第三季的 49%，是我們在 8 月返校季實現整體同店銷售額成長的關鍵因素。

Shoe Station's athletic sales have strong comparable store growth every quarter this year as our premium brands continue to resonate with higher-income consumers that the Shoe Station banner attracts. Nonathletic was 43% of our total sales in Q3, down 1% from last year, again reflecting the strong athletic cycle we are in.

今年以來，Shoe Station 的運動產品銷售額每季都實現了強勁的同店銷售成長，因為我們的高端品牌繼續受到 Shoe Station 品牌所吸引的高收入消費者的青睞。第三季非運動類商品占我們總銷售額的 43%，比去年同期下降 1%，再次反映了我們目前所處的強勁運動類商品銷售週期。

Gross profit margin expanded 160 basis points to 37.6% and exceeding the high end of our guidance. Merchandise margins increased 190 basis points, driven by disciplined pricing, favorable mix shift towards Shoe Station's higher-income consumers, and our strategic inventory investments. This more than offset 30 basis points of deleverage in our buying, distribution, and occupancy costs.

毛利率成長160個基點至37.6%，超過了我們預期的上限。商品利潤率提高了 190 個基點，這得益於嚴格的定價、向鞋站高收入消費者的有利組合轉變以及我們的策略性庫存投資。這足以抵消我們在採購、分銷和佔用成本方面 30 個基點的去槓桿化。

SG&A was $93.2 million or 31.3% of sales compared to $85.9 million or 28% of sales last year. The 3.3 percentage point increase breaks down as follows: 2.5 points reflects banner reinvestments, including store closing costs, new store construction depreciation, and customer acquisition costs. The remaining 0.8 points is deleveraging on lower sales.

銷售、一般及行政費用為 9,320 萬美元，佔銷售額的 31.3%，去年同期為 8,590 萬美元，佔銷售額的 28%。3.3個百分點的成長構成如下：2.5個百分點反映了品牌再投資，包括門市關閉成本、新店建設折舊和客戶獲取成本。剩餘的 0.8 個百分點是由於銷售額下降而導致的。

The rebanner P&L investment in Q3 was approximately $8 [million]. Year-to-date, we've invested $20 million in operating income or $0.58 per share towards this transformation. Net income for Q3 was $14.6 million or $0.53 per diluted share compared to $19.2 million or $0.70 per share last year. This year-over-year decrease of $0.17 primarily reflects our rebanner investments, which we estimate impacted Q3 by $0.22 per share. In the quarter, our EPS otherwise grew by $0.05.

第三季重新招標損益投資約 8 [百萬美元]。今年迄今，我們已投入 2,000 萬美元的營業收入（即每股 0.58 美元）用於這項轉型。第三季淨利為 1,460 萬美元，即每股攤薄收益 0.53 美元，而去年同期為 1,920 萬美元，即每股收益 0.70 美元。年比下降 0.17 美元，主要反映了我們的重新投放廣告的投資，我們估計這影響了第三季每股收益 0.22 美元。本季度，我們的每股盈餘成長了 0.05 美元。

The 2- to 3-year payback of these rebanner investments, we've consistently discussed, remains on track. Shoe Station's net sales were up 3.8% year-to-date compared to Carnival's net sales down 8.5%. Said differently, year-to-date through Q3, Shoe Stations net sales growth has outperformed Shoe Carnival by 12.3 percentage points.

我們一直討論過，這些重新投放廣告的投資將在 2 到 3 年內收回成本，目前看來，這一目標仍在按計劃進行。鞋站今年迄今的淨銷售額成長了 3.8%，而嘉年華郵輪的淨銷售額則下降了 8.5%。換句話說，截至第三季末，Shoe Station 的淨銷售成長率比 Shoe Carnival 高出 12.3 個百分點。

These results support the One Banner strategy time line Mark just outlined, and our view of the long-term profit potential from doing so. Our balance sheet continues to strengthen. We ended the quarter with over $107 million in cash, cash equivalents and marketable securities, up 18.2% versus last year. And we remain debt-free with $100 million of available credit.

這些結果支持了 Mark 剛剛概述的 One Banner 策略時間表，以及我們對這樣做帶來的長期獲利潛力的看法。我們的資產負債表持續增強。本季末，我們持有超過 1.07 億美元的現金、現金等價物和有價證券，比去年同期成長 18.2%。我們保持零負債，並擁有 1 億美元的可用信貸額度。

Based on strong Q3 results and continued to rebanner momentum, we updated our full-year outlook. We are reaffirming our net sales guidance and continue to expect net sales of $1.12 billion to $1.15 billion. We are raising the EPS guidance range to $1.80 to $2.10, increasing the low end by $0.10.

基於強勁的第三季業績和持續的成長勢頭，我們更新了全年展望。我們重申淨銷售額預期，繼續預期淨銷售額為 11.2 億美元至 11.5 億美元。我們將每股收益預期範圍上調至 1.80 美元至 2.10 美元，下限提高 0.10 美元。

We continue to expect gross profit margin of 36.5% to 37.5% and now expect SG&A in the range of $350 million to $355 million, down $5 million from previous guidance.

我們仍預期毛利率為 36.5% 至 37.5%，現在預期銷售、一般及行政費用在 3.5 億至 3.55 億美元之間，比先前的預期減少了 500 萬美元。

For Q4 specifically, we are forecasting net sales of $240 million to $270 million, ranging from down 7% to up 2% compared to Q4 last year, with a midpoint down 3%, consistent with Q3 trends. Our Q4 net sales range is wider than typical, given macroeconomic volatility, consumer behavior in nonevent periods, and fourth quarter weather uncertainty.

具體到第四季度，我們預測淨銷售額為 2.4 億美元至 2.7 億美元，與去年第四季相比，降幅在 7% 到 2% 之間，中間值為下降 3%，與第三季度的趨勢一致。鑑於宏觀經濟波動、非事件時期消費者的行為以及第四季度天氣的不確定性，我們第四季的淨銷售額範圍比往年要寬。

We expect Q4 EPS in the range consistent with consensus prior to our earnings release in the range of $0.25 to $0.30. Q4 EPS in that range targets full-year EPS at the lower end of our annual outlook. The higher end of our outlook assumes stronger holiday selling and improvement in lower-income consumer spending.

我們預計第四季每股收益將與財報發布前的市場普遍預期一致，介於 0.25 美元至 0.30 美元之間。第四季每股收益在該範圍內，意味著全年每股收益將處於我們年度預期範圍的下限。我們樂觀預期的高端部分假設假日銷售強勁，低收入消費者的支出有所改善。

Regarding our One Banner strategy, we've rebannered 101 stores in fiscal 2025, including 56 in Q3 and 1 additional store after quarter end. We anticipate no further rebanners this year. Rogan's acquisition is now fully integrated in the shoe station. And beginning in Q4, we'll report Rogan's results as a part of the Shoe Station banner.

關於我們的「一旗」策略，我們在 2025 財年更換了 101 家門市的旗幟，其中 56 家在第三季更換，1 家在季度末更換。我們預計今年不會再有新的橫幅廣告出現。Rogan 的收購現已完全融入鞋類專賣店。從第四季開始，我們將把 Rogan 的業績當作 Shoe Station 的一部分進行報導。

Year-to-date, rebanner CapEx is approximately $31 million with minimal additional CapEx expected for the remainder of the year. Full-year P&L investment remains on track at approximately $25 million. For Q4, we expect rebanner investments of $0.10 to $0.12 per share, bringing the full-year impact to $0.68 to $0.70 per share.

今年迄今為止，重新招牌的資本支出約為 3,100 萬美元，預計今年剩餘時間的額外資本支出將很少。全年損益投資計畫仍按計畫進行，約 2,500 萬美元。我們預計第四季度重新招標投資為每股 0.10 至 0.12 美元，全年影響將達到每股 0.68 至 0.70 美元。

Looking ahead, our fiscal 2026 and 2027 framework, while we're not providing detailed fiscal 2026 guidance today, that will come in March; we can provide transparency on what to expect. As Mark has clearly identified, it's critical for our financial success to reach the milestone of 51% of our stores banner at Shoe station or inflection point.

展望未來，關於我們 2026 財年和 2027 財年的框架，雖然我們今天不會提供 2026 財年的詳細指導，但將在 3 月份提供；我們可以讓大家了解預期情況。正如馬克明確指出的那樣，要實現鞋類專賣店 51% 的門市品牌達到這一里程碑或轉折點，對我們的財務成功至關重要。

To achieve that goal, fiscal 2026 will be a year of continued investment. We believe that next year's investments will lead to a return to sales and earnings growth in fiscal 2027 and further accelerating in fiscal 2028 as we complete the rebannering program.

為實現此目標，2026財年將是持續投資之年。我們相信，明年的投資將使公司在 2027 財年恢復銷售和獲利成長，並在 2028 財年隨著品牌重塑計畫的完成而進一步加速成長。

Let me detail our future expectations for sales, SG&A, and inventory reductions. Sales trends will mirror what we've seen in fiscal 2025. The first half will be challenging as Shoe Carnival's mid- to high single-digit declines more than offset Station's growth. The inflection comes in the second half when Station process 51% of fleet. We expect flat to very low single-digit growth in the back half.

讓我詳細說明我們對未來銷售、銷售、管理及行政費用以及庫存減少的預期。銷售趨勢將與 2025 財年的情況類似。上半年將充滿挑戰，因為鞋類零售商 Shoe Carnival 的個位數中高段位下滑幅度超過了 Station 的成長幅度。轉捩點出現在下半年，當時車站處理了 51% 的車隊。我們預計下半年成長率將持平或非常低，達到個位數。

Overall, for fiscal 2026, we expect net sales and comparable sales will be down, but improved compared to the 6% year-to-date declines we have seen so far this year.

總體而言，我們預計 2026 財年的淨銷售額和同店銷售額將下降，但與今年迄今 6% 的降幅相比有所改善。

With respect to SG&A for fiscal 2026, we expect rebanner investments to range from $25 million to $30 million for the entire year. Given the timing of the rebanners in fiscal 2026, we do expect costs in fiscal 2026 to be more front loaded.

關於 2026 財年的銷售、一般及行政費用，我們預計全年重新招牌投資額將在 2,500 萬美元至 3,000 萬美元之間。鑑於 2026 財年重新投放橫幅廣告的時間安排，我們預計 2026 財年的成本將更集中在前期。

In addition, we continue to recognize costs associated with stores re-bannered in fiscal 2025, as we continue to educate customers to -- in those markets and as CapEx investments made in fiscal 2025 are depreciated.

此外，我們繼續確認與 2025 財年重新更換品牌標識的商店相關的成本，因為我們將繼續在這些市場中教育顧客，並且 2025 財年進行的資本支出投資將會折舊。

As a result, we currently see significant SG&A investment in Q1 and Q2 of fiscal 2026 compared to 2025. And we expect those headwinds to moderate post back-to-school as fiscal 2025 costs become comparable and the $20 million of expected synergies and efficiencies from implementation of the One Banner strategy begin to be realized. Overall, we do not expect SG&A to decline in fiscal 2026 compared to fiscal 2025 and may increase.

因此，我們目前預計 2026 財年第一季及第二季的銷售、一般及行政費用投資將比 2025 年大幅增加。我們預計，隨著 2025 財年成本趨於可比性，以及「一個旗幟」策略實施後預期的 2,000 萬美元協同效應和效率開始實現，這些不利因素將在返校後有所緩解。整體而言，我們預期 2026 財年的銷售、一般及行政費用不會比 2025 財年下降，反而可能會增加。

Given the impacts on sales and SG&A, we expect fiscal 2026 EPS to be lower than fiscal 2025, with more significant decreases in Q1 and Q2 compared to the prior year.

鑑於對銷售額和銷售、一般及行政費用的影響，我們預計 2026 財年每股收益將低於 2025 財年，並且與上年相比，第一季和第二季度的降幅將更大。

Now for more insight on expected inventory reductions driven by the One Banner strategy. We expect higher inventory for the remainder of fiscal 2025 and for inventory at the end of fiscal '25 to be flat to up from the Q3 balance inclusive of additional buys in Q4 to support launching new athletic assortments in styles next year.

接下來，我們將更深入地了解「單一品牌」策略所帶來的預期庫存減少。我們預計 2025 財年剩餘時間庫存將有所增加，並且 2025 財年末庫存將與第三季度持平或有所增長，其中包括第四季度為支持明年推出新款運動系列而進行的額外採購。

The level of inventory we are carrying this year has been intentional, given the tariff backdrop and the optimistic buy of seasonal merchandise and in-demand product. These opportunistic purchases were key to our 160 basis point gross profit margin increase in Q3 and 270 basis increase in Q2.

鑑於關稅背景以及對季節性商品和熱門產品的樂觀購買預期，我們今年的庫存水準是有意識地設定的。這些機會性收購是我們第三季毛利率成長 160 個基點和第二季毛利率成長 270 個基點的關鍵。

We expect our inventory position will also drive a margin increase in Q4 of over 100 basis points. We expect tariff-related increases in our inventory to moderate in fiscal 2026, assuming there is more tariff certainty.

我們預計庫存狀況也將推動第四季利潤率提高 100 個基點以上。我們預計，在關稅確定性提高的前提下，2026 財年與關稅相關的庫存成長將會放緩。

As Mark stated, we are planning for more dramatic shifts in inventory as Shoe Station becomes our dominant banner, which is expected to free up $100 million of cash through inventory reduction over the next two years. This inventory reduction comes from Shoe Station's fundamentally different operating model, which requires 20% to 25% less inventory per store compared to Carnival's model.

正如馬克所說，隨著鞋站成為我們的主要品牌，我們計劃對庫存進行更劇烈的調整，預計在未來兩年內透過減少庫存釋放 1 億美元的現金。庫存減少的原因在於 Shoe Station 的營運模式與 Carnival 的模式截然不同，與 Carnival 的模式相比，Shoe Station 每家門市所需的庫存減少了 20% 到 25%。

Where we get to 51% of our stores operating the shoe station model, we expect a $50 million to $60 million reduction by the end of fiscal 2026. As we transition the inventory model, we expect some near-term gross margin pressure from selling through legacy carnival inventory, partially offset by the lower-cost opportunistic purchases we made in fiscal 2025.

當我們的門市中有 51% 採用鞋類專賣店模式時，我們預計到 2026 財年末將減少 5,000 萬至 6,000 萬美元的成本。隨著我們庫存模式的轉變，我們預計短期內毛利率會因銷售遺留的嘉年華庫存而面臨一些壓力，但部分會被我們在 2025 財年進行的低成本機會性採購所抵消。

This inventory reduction will more than fully fund our rebanner capital needs over the course of the year, maintaining our debt-free position at year-end. We expect rebanner capital expenditures between $25 million and $35 million to be concentrated in Q1 and Q2, while inventory reductions may be more gradual and more focused on the back half of the year. The payoff comes in fiscal 2027 and accelerates into fiscal 2028.

此次庫存減少將足以滿足我們全年的重新招牌資金需求，使我們在年底保持零負債狀態。我們預計，重新招牌的資本支出將在 2,500 萬美元至 3,500 萬美元之間，主要集中在第一季度和第二季度，而庫存削減可能會更加緩慢，並且更集中在今年下半年。收益將在 2027 財年顯現，並在 2028 財年加速顯現。

By the end of fiscal 2027, we expect to see the full $20 million in annual cost savings from reduced dual-brand complexity, the full $100 million in working capital freed from inventory reduction, a return to annual comparable sales growth and EPS growth resumes in fiscal 2027 and expand significantly in fiscal 2028. We'll provide more specific fiscal 2026 and and 2027 guidance in our March earnings call.

到 2027 財年末，我們預計透過減少雙品牌複雜性，每年可節省 2000 萬美元的成本；透過減少庫存，可釋放 1 億美元的營運資金；年度可比銷售額和每股收益增長將在 2027 財年恢復，並在 2028 財年大幅增長。我們將在3月的財報電話會議上提供更具體的2026財年及2027財年業績指引。

With that, I'll turn the call back to Mark for closing remarks before we open the call for questions.

接下來，我將把電話轉回給馬克，請他作總結發言，之後我們將開放提問環節。

Before we open for questions, let me flip this quarter in this transformation in context. We're not at the beginning of this journey. We're at the acceleration point. Show Station was 10% of our company when we started this fiscal year. Today, it's 34%, eight months from now, it will be 51%, the inflection point where this business returns to comparable sales growth. Now we're scaling Shoe station across the fleet.

在開始提問之前，讓我先從這個轉型的角度來談談本季的情況。我們並非處於這段旅程的起點。我們正處於加速階段。在本財年開始時，Show Station占我們公司的10%。今天，這一比例為 34%，八個月後將達到 51%，這將是該業務恢復同店銷售成長的轉捩點。現在我們正在將鞋站推廣到整個車隊。

This transformation unlocks significant value, $20 million in annual cost savings by the end of fiscal 2027, $100 million in working capital freed from inventory reductions. We're building a company positioned for sustained growth while funding this entire transformation from a debt-free balance sheet with over $100 million in cash.

此次轉型釋放了巨大的價值，到 2027 財年末每年可節省 2,000 萬美元的成本，並透過減少庫存釋放 1 億美元的營運資金。我們正在打造一家能夠持續成長的公司，同時利用超過 1 億美元的現金儲備，以零債務資產負債表為整個轉型過程提供資金。

The performance gap between our two banners continues. Station outperformed Carnival by more than 10 percentage points every quarter this year. Station margins are 260 basis points higher than Q3 last year. Consumer preferences are shifting toward premium brands and quality over price. We're aligning our entire company with where the market is headed.

我們兩大品牌之間的業績差距依然存在。今年以來，Station 的業績每季都比 Carnival 高出 10 個百分點以上。車站利潤率比去年第三季高出 260 個基點。消費者的偏好正在從價格轉向高端品牌和品質。我們正在調整整個公司的方向，使其與市場發展方向保持一致。

Our Board's approval to change the corporate name the Shoe Station Group reflects conviction about this path. We're investing through fiscal 2025, 2026, and into 2027 to capture gains that begin in 2027 and accelerate into 2028. This isn't a rebrand, it's a repositioning of this entire company around what's winning.

董事會批准將公司名稱更改為鞋站集團，這反映了我們對這條路的信心。我們將投資至 2025 財年、2026 財年以及 2027 財年，以獲取從 2027 年開始並加速到 2028 年的收益。這不是品牌重塑，而是圍繞著成功要素對整個公司進行重新定位。

Now I'd like to open up the call for questions.

現在我想開放提問環節。

(Operator Instructions) Mitch Kummetz, Seaport Research.

（操作說明）Mitch Kummetz，Seaport Research。

And welcome back, Kerry. You guys provided a lot of color around the rebannering and kind of the cadence of those impacts. I was hoping you might be able to boil it down a little bit more. So I think you said that for this year, the drag on earnings is $0.68 to $0.70. Can you say what the additional drag will be next year?

歡迎回來，凱瑞。你們為重新張貼橫幅以及這些影響的節奏提供了許多細節。我希望你能再精簡一點。所以，我記得您說過，今年的收益拖累為0.68美元至0.70美元。您能說說明年的額外拖累會是多少嗎？

And then help us kind of think through what happens in 2027 and '28. How much of that do you get back in '27? And by '28, will all of that kind of flow back to the P&L? And I've got a few follow-ups.

然後幫助我們思考 2027 年和 2028 年會發生什麼。到 2027 年你能拿回多少？到 2028 年，所有這些因素都會反映在損益表上嗎？我還有幾個後續問題。

Well, what we said -- Mitch, thank you for the welcome back. I appreciate it. It's good to be back with my friends. We said $25 million to $30 million in rebanner expenses are expected next year to kind of help you understand what those are going to be. And we said they're going to be front loaded because we're going to be doing approximately 70 stores in the rebanner of those stores next year.

嗯，我們剛才說的是──米奇，謝謝你的歡迎回來。謝謝。能和朋友重聚真好。我們之前說過，預計明年重新投放橫幅的費用將達到 2,500 萬至 3,000 萬美元，這可以幫助你們了解這些費用具體是多少。我們說過，這些工作將前期集中進行，因為明年我們將對大約 70 家門市進行重新裝修。

The effect of that, we will continue to have rebanner cost as we have store closing costs, the depreciation on the investments of this CapEx in the stores, along with customer acquisition costs will continue as we go through those multiple years.

由此產生的影響是，我們將持續面臨重新掛牌成本、門市關閉成本、門市資本支出投資的折舊以及客戶獲取成本，這些成本將在未來幾年內持續存在。

However, an important point on that is that when we look at each store individually in the time frame that we make those investments, we're seeing -- we're expecting to get those monies back in a 2- to 3-year time frame in the profitability of those stores post conversion.

然而，需要指出的是，當我們單獨審視每家門市在我們進行這些投資的時間範圍內的情況時，我們發現——我們預計這些門市在改造後的 2 到 3 年內，透過盈利能力收回這些資金。

When I think about -- so just from like a core earnings standpoint, like pro forma earnings, if I were to try to adjust out some of these rebannering expenses, is it fair to say that you'll -- like 2026, you'll see stronger earnings growth than 2025, like if I strip these things out? I mean, I kind of get there just because it sounds like you'll perform better from a comp standpoint. So I think that would go a long way towards better earnings growth next year on a kind of -- in terms of the growth rate this year versus -- or I'm sorry, next year versus this year?

當我思考——就核心收益而言，例如按備考收益來看，如果我嘗試調整掉一些重新推廣的費用，那麼可以說——比如，如果我剔除這些因素，2026 年的收益增長會比 2025 年更強勁嗎？我的意思是，我之所以會去那裡，是因為從競技角度來看，你似乎會表現得更好。所以我認為這將大大有助於明年實現更好的獲利成長——就今年的成長率與——或者抱歉，是明年與今年的成長率而言？

No. Let me unpack a little bit of what I said. What we want next year, we're going to be in an investment year. So in the first half of the year, what we're saying is Shoe Carnival is still going to be the dominant brand. We expect it to be down mid-single digits in sales. And that's going to override any gains we get out of Shoe Station. So we expect sales to be down in the first half.

不。讓我稍微解釋一下我剛才說的話。我們希望明年能有所作為，因為明年將是投資年。所以，我們想說的是，在今年上半年，鞋履嘉年華仍將是主導品牌。我們預期銷售額將下降個位數中段。這將抵消我們從鞋站獲得的任何收益。因此，我們預計上半年銷售額將下降。

Now once -- at back-to-school, once we hit that 51% threshold where a Shoe Station is the dominant brand, we expect to see a flat to slight positive sales gain in the second half. Having said that, we also expect that as we transitioned our stores, we might see some margin pressure longer term in the second half of the year from the rebanners, as we have less Shoe Carnival stores to transition the inventory to.

一旦——在返校季，一旦我們達到 51% 的門檻，即鞋站成為主導品牌，我們預計下半年銷售額將持平或略有增長。話雖如此，我們也預計，隨著我們門市的轉型，由於鞋類嘉年華門市數量減少，庫存轉移可能會給下半年帶來一些長期的利潤壓力，因為重新掛牌的門市數量減少了。

And so in '25, we had significant amounts. So when we converted a store, if we had remaining -- so Carnival stores, we could transfer those products to other stores. As we have fewer of the stores available, we may see some margin pressure on clearing out the non-go for Shoe Carnival inventory.

因此，在 2025 年，我們擁有了大量的資金。所以當我們改造一家商店時，如果還有剩餘的——例如嘉年華商店，我們可以把這些產品轉移到其他商店。由於可用的門市數量減少，清理鞋類嘉年華滯銷庫存時，利潤率可能會面臨一些壓力。

We also expect to see significant pressure, particularly in Q1 and Q2 on our SG&A line because of the rebanner expenses. And we expect that SG&A next year will be flat and possibly up. So while we're not in a position to give full guidance as we will in March on '26 numbers, you can see that, that will be a down earnings year when you take into account lower sales, a little margin pressure from clearance, and then flat to up SG&A.

我們也預計，由於重新招牌的費用，我們的銷售、一般及行政費用將面臨巨大壓力，尤其是在第一季和第二季。我們預計明年的銷售、管理及行政費用將持平，甚至可能上升。因此，雖然我們現在還無法像 3 月份公佈 2026 年業績那樣給出完整的指導，但你可以看出，考慮到銷售額下降、清倉帶來的利潤率壓力以及持平或上升的銷售、一般及行政費用，2026 年的盈利將會下降。

I was just trying to think about it in terms of stripping out some of these sort of extraneous events. But a couple of last ones for me. One, I think it was mentioned that boots started slowly I think that was more of a Q3 comment.

我只是想從剔除一些無關事件的角度來思考這個問題。但我還有幾個問題想問。第一，我認為有人提到靴子銷售起步緩慢，我認為這更像是第三季的評論。

Have you seen any improvement in the boot business early in the fourth quarter? And kind of what is your outlook there? And then I have one last one.

第四季初，您認為靴子業務有任何改善嗎？那麼你對那裡的情況有什麼看法呢？最後我還有一個問題。

Mitch, it's Tonya. And yes, boots did start a little bit slow. But as we got our inventory in, again, just based on some delayed deliveries, as we moved into October, we saw nice double-digit increases. So it bodes well as we move into fourth quarter, and we really saw it balanced across all categories. So Tileshaft boots, booties, combat looks, and [fur] doing very well.

米奇，我是托妮亞。是的，靴子確實開始有點慢。但隨著我們庫存的到貨（同樣是由於一些延遲交貨），進入 10 月後，我們看到了兩位數的良好增長。因此，進入第四季是個好兆頭，我們看到各個類別的情況都很均衡。所以 Tileshaft 的靴子、短靴、戰鬥服和[毛皮]都賣得很好。

Okay. That's helpful. And then last one for you, Mark. On the station side, you talked about how it's a higher-income consumer and more premium brand access and more service-oriented stores.

好的。那很有幫助。最後，馬克，給你最後一個問題。在車站這邊，你談到了高收入消費者、更多高端品牌選擇以及更多服務導向商店。

I'm curious, is there an opportunity to further elevate the assortment there? Like Tanya, you just mentioned the Furbo business. I mean you guys you sell in athletic, but -- I'm sorry, I hope on athletic, but you don't sell Hawk. Can you get or even across your athletic business you sell the courts, but not so to or you sell core visions, not Air Force 1s?

我很好奇，那裡的產品種類是否還有機會進一步豐富？和 Tanya 一樣，你剛才也提到了 Furbo 生意。我的意思是，你們在運動用品店有售，但是——抱歉，我希望是在運動用品店，但是你們不賣Hawk品牌的商品。你能否理解，或者說，你經營的體育用品生意，你賣的是球場，而不是核心理念，而不是空軍一號球鞋？

I mean as Shoe Station becomes a bigger player in the industry, is there an opportunity to get even more elevated product versus just the elevation that you see going from a Carnival to the Station, but there more elevation opportunity within state going forward?

我的意思是，隨著 Shoe Station 在行業中扮演越來越重要的角色，除了從嘉年華到 Shoe Station 所看到的提升之外，是否還有機會獲得更高水平的產品，並且在州內未來還有更大的提升空間？

Mitch, absolutely. We believe that maybe the most exciting part of the Shoe Station model. And the key reason of why we're proceeding publicly now with our move to the shoe station group is so that Tanya and I can be working transparently long term with our partners to build out those new assortments and new brand launches and more premium topics.

米奇，絕對沒錯。我們認為這或許是鞋站模式中最令人興奮的部分。我們現在公開宣布加入鞋站集團的關鍵原因，是為了讓 Tanya 和我能與合作夥伴進行長期透明的合作，共同打造新的產品系列、推出新的品牌以及更多高端話題。

And so now we're having those great fully multiyear discussions with the best of the best brands in the world. And we're getting very enthusiastic partnership meetings of where we could go together.

所以現在我們正在與世界上最好的品牌進行長達多年的深入洽談。我們正在召開非常積極的合作會議，探討我們可以共同發展的方向。

I think it's that core element of serving the middle-income American household that working every day American consumer that values all of the activities that get life done. So absolutely. And Tanya's team is doing a great job. We'll see new assortments, new styles coming in Q1.

我認為，服務美國中等收入家庭的核心要素，即每天辛勤工作的美國消費者，他們重視所有能幫助人們完成生活的活動。當然。Tanya的團隊做得非常出色。第一季我們將看到新的產品系列和新款式推出。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

All right. So I just would like to to dig into the comp that you talked about for Shoe Station. So as I understand, at the end of the third quarter last year, I believe there were 42 Shoe Station stores. And today, they're 144. Is that correct?

好的。所以我想深入探討你提到的鞋站的競爭情況。據我了解，去年第三季末，鞋站門市數量為 42 家。而今天，他們的數量是 144 個。是這樣嗎？

The 144 is correct. I'll have to double check -- the 42 is approximately, right.

144是正確的。我得再確認一下——42 是大約值，對吧。

What was the comp -- so the comp that you're comparing to is the comp versus Shoe Carnival. So the question I have is, what were the comp on those 42 stores like on like-for-like shoe station last year vs. Shoe Station this year's store? I know it's not a big picture, but that is the cleanest view of how existing station store a year ago as compared to existing Shoe Station store today.

比較對像是什麼？ ——所以你比較的對像是與 Shoe Carnival 的比較對象。所以我的問題是，去年這 42 家門市的同類型鞋店與今年的同類型鞋店相比，業績對比情況如何？我知道這不是一張全貌，但這卻是最清晰地展現一年前現有鞋站商店與如今鞋站商店對比情況的視圖。

Well, Sam, we're not going to break down the banners into smaller components -- we've been breaking down the rebanner stores to help you understand what happens when they transition from one to another.

山姆，我們不會把橫幅廣告分割成更小的組件——我們一直在拆分重新投放橫幅廣告的商店，以幫助你了解它們從一個商店過渡到另一個商店時會發生什麼。

But we've got enough critical mass that in future quarters, we're going to talk about the banners exclusively in the total numbers because they tell the right story right there. They tell you the information you need to know to understand what the underlying fundamentals of the business.

但我們已經累積了足夠的規模，在未來的幾個季度裡，我們將只在總數據中討論橫幅廣告，因為它們能夠準確地反映出實際情況。他們會告訴你你需要知道的信息，以便了解企業的基本面。

We think the exciting part of the business is the overall brand. And honestly, within the full banner, there's a range of outcomes, but the range of outcomes comes down to be a very positive number, particularly when you look at the Shoe Carnival. On a like-for-like, you're seeing that they're continuing to decline, but we're seeing the increases.

我們認為這項業務最令人興奮的部分是整體品牌。說實話，從整體來看，結果有很多種，但總的來說，結果總體上是正面的，尤其是當你看到鞋類嘉年華的時候。從同類數據來看，它們仍在持續下降，但我們也看到了成長。

Now I hate to try to parse out the various pieces of it just for the fact that it will the noise may take away from the real story.

現在我不想分析其中的各種細節，因為那會產生幹擾，讓人忽略真正的故事。

Okay. And then the inventory decrease, you talked a little bit about this on the call to bring the inventory down $50 million to $60 million next year and the margin. So within the -- within getting the inventory down $50 million to $60 million next year and then another $40 million to $50 million in '27, there's different ways to do it. There's a return -- you can return goods to vendors. You can take -- you could have lower margins, which would then increase your cost and you can bring in less product.

好的。然後是庫存減少，你在電話會議上稍微談到了這一點，明年將庫存減少 5000 萬至 6000 萬美元，以及利潤率。因此，在明年將庫存減少 5,000 萬至 6,000 萬美元，然後在 2027 年再減少 4,000 萬至 5,000 萬美元的過程中，有很多不同的方法可以做到這一點。有退貨機制－你可以把商品退還給商家。你可以接受－你的利潤率可能會降低，這會導致成本增加，你就可以減少產品的供應量。

How should we think about the breakdown of that? You talked a little bit about -- and how much gross margin pressure should we anticipate in fiscal '26, in that what you brought up about not being able to shuffle inventory around as there are less Carnival stores?

我們該如何看待這種崩潰？您剛才稍微談到了——以及我們應該預期在 2026 財年面臨多大的毛利率壓力，因為您提到由於嘉年華商店數量減少，我們無法靈活調配庫存？

Sam, it's Mark. Let me take that first, and Tim can build on it. I think aside from the new assortments will be opened up to Shoe Section, the structural change to how we service the customers, the area I'm probably most excited about.

山姆，我是馬克。讓我先完成這個部分，蒂姆可以在此基礎上進行拓展。我認為除了鞋類區將推出新的商品種類之外，最讓我興奮的可能是我們服務顧客方式的結構性改變。

And when we think of a Carnival store, as I like to describe it, they're powering displays that promotional products above person's arm length unless your (inaudible), Shoe Station has a very structural difference that our vision and where we're progressing towards, curated product, lower profile, accessible, the customer can see and easily navigate and by nature of that, significant change of where we're heading, we have in that 20% to 25% reduction of units on hand in the stores when we get to right that end point.

當我們想到嘉年華商店時，正如我喜歡描述的那樣，他們的促銷產品陳列在顧客手臂夠不到的地方，除非你（聽不清楚）。鞋站的結構與我們的願景和發展方向截然不同，我們精選產品，降低店面高度，方便顧客查看和瀏覽。因此，我們未來的發展方向發生了重大變化，當我們達到目標時，門市的庫存量將減少 20% 到 25%。

Now that gets us along with selling through the tariff inventory at accretive margins that gets us the $100 million reduction that Tanya and I and Kerry are talking about. We're going to get there quickly but we need to do it in conjunction with our partners through those means you have just mentioned, Sam.

這樣一來，我們就能以更高的利潤率售出關稅庫存，從而實現 Tanya、我和 Kerry 所說的 1 億美元的減免。我們會很快實現目標，但我們需要透過你剛才提到的那些方式與我們的合作夥伴共同努力，山姆。

So all of those things are going to a car that you just said. The most strategic of it will be, as Tanya and I worked through our buys from back-to-school of this year forward. We will be buying with intentionality to meet where Station is and where the rest of the company is going now that we're not in test and learn.

所以所有這些東西都要裝到你剛才說的那輛車裡。其中最具戰略意義的是，我和 Tanya 會仔細規劃今年開學季開始的購物。我們將有目的地進行採購，以滿足 Station 目前的狀況以及公司其他部門的發展方向，因為我們現在不再處於測試和學習階段。

Now Kerry touched on a point that's super important. And we're not going to hold on to the Carnival product that's stranded past the season. So as we get past boot season, for example, this year, we're having a good start, as Tanya said, we've got the right product. But if you get to the end of boot season, we're going to clear it. We're not going to carry it.

現在克里談到了一個非常重要的問題。我們不會保留那些已經過季的嘉年華產品。所以，例如，今年靴子季節過去後，我們開局不錯，正如 Tanya 所說，我們擁有合適的產品。但如果到了訓練季結束，我們會把它清理乾淨。我們不會攜帶它。

If it's not a go forward into shoestation, That will have some margin pressure. It's the right thing to do. We're not going to hang on to that for a year, and we've got the financial balance sheet to clear that out. So there will be some margin pressure as we liquidate non-go-forward Shoe Carnival product from boot season, for example. For the 51% of the stores, that will be shoe station by back-to-school. There will be non-go-forward brand styles and assortments. And same thing, we'll be liquidating that.

如果進軍鞋站業務的計畫落空，利潤率將會面臨一些壓力。這是應該做的。我們不會把那筆錢留一年，而且我們的財務狀況足以償還這筆債務。例如，當我們清倉處理靴子季中不再繼續銷售的鞋類嘉年華產品時，利潤率會面臨一些壓力。對於 51% 的門市來說，返校季期間將設立鞋類專區。將會有一些不再流行的品牌風格和產品系列。同樣的事情，我們也會清算它。

I think we'll be able to do a much better job as we get into our formal guidance in March to unpack the specificity of that. But our intent today is to let the stakeholders understand that's where we're heading, significant structural advantage clearance of the tariff-related product at full strong accretive margins, and then liquidation of non-go-forward products because I have talked many times, Sam, why would you want to carry that forward? We don't. So there will be some pressure.

我認為，隨著我們在三月正式發布指導意見，我們將能夠更好地闡明其中的具體細節。但我們今天的目的是讓利害關係人明白，這就是我們的方向：以強勁的增值利潤率清除與關稅相關的產品，從而獲得顯著的結構優勢，然後清算不再繼續發展的產品，因為我已經說過很多次了，薩姆，你為什麼要繼續推進這些產品呢？我們不。所以會有一些壓力。

I don't know, Kerry, if you have any bills or Tanya?

凱瑞，我不知道你和坦雅有沒有帳單要付？

I agree. Mark. Right now, we need to get through the inventory further along. We'll know in March better how those stores, what their position of their inventories are on the stores we're going to be rebannering and therefore, the potential for the inventory that might be clearance at this stage is too early. We need to see some sales through of those products.

我同意。標記。現在，我們需要盡快完成庫存盤點。到三月份，我們就能更清楚地了解這些商店的情況，以及我們將要重新掛牌的商店的庫存狀況，因此，現在談論庫存清倉的可能性還為時過早。我們需要看到這些產品有一定的銷售量。

Okay. And just a follow-up. I mean, so I'm backing in, and again, I know it's not a clean number, but receipt of this year of around -- to get to slightly above, I'm a little bit higher, but call it, $770 million of receipts this year versus down from last year a bit. But next year, to get to where you want to get to on my numbers means that your total receipts even with margins off a little bit, would probably have to be down in the inventory receipts probably in the range of $100 million.

好的。還有一個後續問題。我的意思是，所以我再往後推算一下，我知道這不是一個精確的數字，但今年的收入大約是——略高於這個數字，我估計得稍微高一點，但姑且算作今年的收入7.7億美元，比去年略有下降。但明年，要達到我預測的目標，即使利潤率略有下降，你的總收入可能也必須低於庫存收入，大概在 1 億美元左右。

Is that -- am I thinking about that properly? That's probably a better Tanya question, but am I thinking about that process?

我這樣想對嗎？這或許更適合問 Tanya，但我正在考慮這個過程嗎？

Well, let me start out with that and then Tanya can build on it. The idea -- and you got to remember that we have pre-bought goods for the spring season. So the opportunistic buys and the tariff product, we're going to carry that type of product into season of the spring. So therefore, we have front-loaded those purchases, so there will be a reduction in the overall. So directionally, you're right about purchases.

那我就先從這裡開始，然後坦妮亞可以在此基礎上補充。這個想法——你得記住，我們已經為春季預購了商品。所以，我們會把這種機會主義採購和關稅產品帶到春季銷售季。因此，我們提前進行了這些採購，所以總成本將會降低。所以從方向上來說，你對購買的看法是對的。

Yes. Just to build on that, Sam. Based on the pre-tariff goods that we're bringing in, those are sitting in our current inventory today. And then based on our go-forward model, rebannering the Shoe Station, our [payers] have to come down. Our [payers] are coming down in that model and our AURs are going up.

是的。山姆，我只是想在此基礎上再補充一點。根據我們進口的關稅前商品，這些商品目前都存放在我們現有的庫存中。然後，根據我們未來的發展模式，重新佈置鞋站，我們的[付款人]就必須下來。在這種模式下，我們的付款方數量減少了，而平均使用率卻上升了。

So the new model, our [payers] have to come down significantly. So that's what's going to get us back to the inventory levels that we need to be at

所以，在新模式下，我們的（支付方）必須大幅降低成本。所以，這就是讓我們恢復到所需庫存水準的方法。

Okay. And then -- but that -- but when you front load a lot of spring products and you're buying it well ahead of time to do it, I mean, the consumer wants what the consumer wants, and you're buying a lot of that stuff probably earlier in the discounts that may not be -- you might not be able to realize the margin.

好的。然後——但是——但是當你提前大量進貨春季產品，並且為此提前很久就購買時，我的意思是，消費者想要什麼就是什麼，而你可能在折扣季早期就購買了很多這類產品，這可能——你可能無法實現利潤。

But how -- I mean when we think about reducing -- I guess, let me just break it out, when you say you're going to get conceptually down 40 to 50 million 50 to 60 million next year, what percent of that is less receipts, what percent of that do you foresee as TVs? And what percent of that do you think is is just going to be higher cost of goods, lower gross margin. I mean, how do you think about that concept?

但是——我的意思是，當我們考慮減少——我想，讓我解釋一下，當你說明年你的電視銷量要減少 4000 萬到 5000 萬台，5000 萬到 6000 萬台時，其中有多少百分比是收入減少，你預計其中有多少百分比是電視機的銷量減少？你認為其中有多少百分比會是更高的商品成本和更低的毛利率造成的？我的意思是，你對這個概念有什麼看法？

Sam, is me again. Sam, it's Mark. You're not thinking about it wrong in general terms. We're not ready to provide firm guidance the thinking about receipts coming down next year in a range around $100 million is not the wrong way to think about it right now. We'll get tighter at Q1.

山姆，我又回來了。山姆，我是馬克。從整體來看，你的想法並沒有錯。我們目前還無法給出確切的指導意見，但現在考慮明年營收可能在 1 億美元左右的想法並沒有錯。第一季我們會更加膠著。

But I don't want to dance it. You're thinking about it similar to how we're thinking about it. will get tighter as we fine-tune some of those elements we've talked about. But spot on, our model requires less receipts.

但我不想跳那支舞。你的想法和我們的想法很像。隨著我們對討論過的那些要素進行微調，情況會越來越好。沒錯，我們的模式確實需要更少的收據。

And then lastly, if one of the things is that if you're -- the comps at Shoe Carnival have remained tough and are difficult, and you're anticipating that they will remain that way, why not just -- if the consumer is not showing up right now, one, why not get more aggressive while the DUCs are flying during holiday to just get really clean, especially in the 70 or so stores?

最後，如果其中一件事是——鞋類嘉年華的競爭依然激烈且困難重重，而且你預計這種情況還會持續下去，那麼為什麼不——如果消費者現在不來，為什麼不趁著節假日期間DUC（經銷商）大量湧入，採取更積極的措施，徹底清潔，尤其是在那70多家門市中呢？

You're not going to -- that are going to convert with that product that won't go forward in the stores, which I'm gathering, it's about -- would I be right in like the 50% range that between brands and styles that that are the same or different for that matter between Shoe Carnival and Shoe Station, be it from Nike, Sketchers, Adidas and so on, while like with the Burford stock, you carry some of the same product, but you got the big buckle at Shoe Station that doesn't go to Carnival, but then that will go into Carnival?

你不會——那些不會在商店裡銷售的產品，我理解的是——我理解的沒錯吧，鞋類嘉年華和鞋站之間，品牌和款式相同或不同的產品，比如耐吉、斯凱奇、阿迪達斯等等，大約有50%的差異。而像Burford的庫存，你們賣一些相同的產品，但是鞋站有那種大扣環，嘉年華沒有，但嘉年華卻有？

So but there's a good deal of it, still a big chunk of product that won't go forward won't go forward. So how aggressive are you being? And then in the plan to possibly create clearance stores, why not start to do that earlier to give yourself an out so you can earn some of these Carnival stores in the clearance stores ahead of time to help yourself out through liquidation?

所以，雖然數量不少，但仍有很大一部分產品無法繼續推進。所以你的攻擊性有多強？然後，在可能開設清倉店的計劃中，為什麼不早點開始呢？這樣你就可以提前在清倉店裡賺取一些嘉年華商店的商品，以便在清算時幫助自己擺脫困境。

Those are three great questions. This is Mark again. Let me answer them all. The first, it's not wrong to think 40% to 60% of the Carnival inventory does not go forward into Shoe station. There's variability, but the range you're talking about is the right way to think about it.

這三個問題都很好。我是馬克。讓我來一一解答。首先，認為嘉年華郵輪庫存中有 40% 到 60% 沒有進入 Shoe 站，這種想法並不算錯。雖然存在一些差異，但你所說的範圍是正確的思考方式。

Second, the 70 stores that are Shoe Carnivals today and will be Shoe Stations, that product that does not go forward will be liquidated aggressively, totally agree with your point, it will be gone. And that's what we're alluding to. You said it better than we may have communicated it. That's what we're alluding to when we say there will be margin pressure.

其次，目前作為鞋類嘉年華的70家門市，未來將更名為鞋類驛站，那些滯銷的產品將會被大力清倉甩賣，我完全同意你的觀點，它們將會消失。這就是我們所指的。你表達得比我們可能傳達的要好得多。這就是我們所說的利潤率將面臨壓力的原因。

In the past when it was test and learned, it was easy to reallocate 10 stores. And then it was still easy to do it when now that it's not test and learn, and it's a full corporation rollout. Now we need to clear that product out because it makes no sense to move it around. We'll be doing that for those 70 stores, full stop.

過去在測試和學習階段，重新分配 10 家門市很容易。而現在，這不再是測試和學習階段，而是整個公司的全面推廣，所以做起來仍然很容易。現在我們需要清理掉那個產品，因為移動它沒有任何意義。我們將對這70家門市採取這種方式，就這麼簡單。

Sorry, you might have had a third or fourth point, but hopefully that answers your question, Sam.

抱歉，你可能還有第三點或第四點，但希望這能解答你的疑問，山姆。

Jim Chartier, Manesar.

吉姆·查蒂爾，馬內薩爾。

You previously talked about getting to 80% of stores rebannered by March of 2027. Is that still the plan? Or is that pushed back?

您之前提到過，到 2027 年 3 月，要實現 80% 的門市重新更換招牌。計劃依舊如此嗎？或者說，這件事被延後了？

Jim, it's Mark. What I tried to say in the speech today is we will be well over 90% before we finish 2028, and we will surpass the critical point of 51% this summer. We're not putting any intermediary dates in there because we think it's far more important that we focus on delivering that experience, that inventory transformation we've just talked about and unlocking the $20 million of synergies.

吉姆，我是馬克。我今天在演講中想表達的是，到 2028 年底，我們的完成度將遠遠超過 90%，我們將在今年夏天突破 51% 的臨界點。我們不打算設定任何中間日期，因為我們認為更重要的是專注於提供我們剛才談到的那種體驗、庫存轉型以及釋放 2000 萬美元的協同效應。

As we get closer, we're going to learn a lot more and we can provide better guidance on those intermediary dates of '27 as we get much closer. Where they really focused on the tight 2026. here's what we know, We're doing 70. We'll get to 51%, and we turned that pivotal quarter this year. We'll do more in '27, but we want to lock into 2028 versus an intermediary date. Now that's not test and learn, and it's a full company rollout.

隨著日期臨近，我們將了解更多信息，並能更好地指導 2027 年的那些中間日期。他們真正關注的是緊張的 2026 年。我們知道的是，我們正在做 70。我們將達到 51%，而我們今年已經度過了這個關鍵的季度。我們會在 2027 年做更多工作，但我們希望鎖定 2028 年，而不是選擇一個中間日期。這不再是測試和學習，而是全公司範圍的推廣。

Okay. Makes sense. And then on the $20 million of savings, how much of that do you expect flows to the bottom line versus like go toward reinvestment? And then, how should we invest the timing of those is?

好的。有道理。那麼，在這 2000 萬美元的節省中，您預計有多少會轉化為利潤，又有多少會用於再投資？那麼，我們該如何把握投資時機呢？

Yes. As we get into 2028, we think it flows. We may choose to invest more in brand building for the corporation or other activities. But when you look at SG&A, this year versus SG&A that year, excluding advertising expense, I would see it would flow in 2028.

是的。我們認為，進入2028年，情況會好轉。我們可能會選擇加大對公司品牌建立或其他活動的投入。但是，如果比較今年的銷售、一般及行政費用與去年的銷售、一般及行政費用（不包括廣告支出），我認為到 2028 年情況會有所改善。

Kerry did a nice job saying it's not going to manifest in 2026 because there's other investment costs here. but Kerry can build on that, if you like.

克里說得很好，他說這不會在2026年顯現出來，因為還有其他投資成本。但如果你願意，克里可以就此展開論述。

That's the key right there. So in 2026, is an investment year. We're going to be rebannering significant stores, and we'll just be starting to get the benefit of that $20 million in 2026. But it might mitigate some of the rebanner costs, but it's not going to offset them. Like Mark said that once the rebanner costs are diminished in 28, and we have that full benefit of that $20 million savings, that's when we can start to realize it.

這就是關鍵所在。所以2026年是投資年。我們將對一些重要門市進行重新招牌，而我們將在 2026 年開始享受這 2000 萬美元的好處。但這樣做或許可以減輕一些重新投放橫幅廣告的成本，但卻無法完全抵銷這些成本。正如馬克所說，一旦 28 年重新投放橫幅的成本降低，並且我們能夠充分受益於節省的 2000 萬美元，那時我們才能開始實現這一目標。

That concludes our Q&A session. I would now like to turn the call back over to Mark Gordon for closing remarks.

我們的問答環節到此結束。現在我謹將電話交還給馬克·戈登，請他作總結發言。

Thank you all for joining us today. As we said, it's a pivotal moment for the company as we move towards Shoe Station Group, becoming our new corporate name, pending shareholder approval next summer, the majority of our fleet next summer. And we progressed towards one brand, unlocking significant value.

感謝各位今天蒞臨。正如我們所說，對於公司而言，這是一個關鍵時刻，因為我們正朝著鞋站集團（Shoe Station Group）邁進，這將是我們的新公司名稱。待股東明年夏天批准後，我們的大部分車隊將於明年夏天投入使用。我們逐步打造了一個統一的品牌，釋放了巨大的價值。

I want to thank you all so much for your time and wish each of you and your families a happy Thanksgiving and holiday season ahead. I hope to see you in the markets or a shoe Station store between now and then. Take care.

非常感謝各位抽出時間，祝福各位及家人感恩節快樂，並祝福大家接下來的假期愉快。希望在此之前能在市集或鞋店見到你。小心。

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。感謝各位的參與。您現在可以斷開連線了。