Steven Madden Ltd (SHOO) 2023 Q2 法說會逐字稿

Good morning, everyone, and welcome to Steve Madden Earnings Conference for 2023. I will now turn the call over to Danielle McCoy.

大家早上好，歡迎參加 Steve Madden 2023 年收益會議。我現在將把電話轉給 Danielle McCoy。

Thanks, Savannah, and good morning, everyone. Thank you for joining our second quarter 2023 earnings call and webcast. Before we begin, I'd like to remind you that our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to materially differ from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we have described in our press release issued earlier today and filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.

謝謝，薩凡納，大家早上好。感謝您參加我們的 2023 年第二季度財報電話會議和網絡廣播。在開始之前，我想提醒您，我們接下來的評論，包括對您問題的回答，包含我們認為屬於《私人證券訴訟改革法案》含義內的前瞻性陳述的陳述。這些前瞻性陳述存在可能導致實際結果與此類前瞻性陳述明示或暗示的結果存在重大差異的風險。這些風險包括我們在今天早些時候發布的新聞稿以及我們向 SEC 提交的文件中描述的事項等。我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們下一次季度收益電話會議才會更新（如果有的話）。

The financial results discussed on today's call are on an adjusted basis, unless otherwise noted. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release.

除非另有說明，今天電話會議上討論的財務業績均經過調整。我們的收益報告中包含了與最直接可比的公認會計準則財務指標和其他相關披露的調節。

Joining me on the call today is Ed Rosenfeld, Chairman and Chief Executive Officer; and Zine Mazouzi, Chief Financial Officer. With that, I'll turn the call over to Ed. Ed?

今天與我一起參加電話會議的是董事長兼首席執行官埃德·羅森菲爾德 (Ed Rosenfeld)；和首席財務官 Zine Mazouzi。這樣，我就把電話轉給埃德。艾德？

Well, thanks, Danielle, and good morning, everyone, and thank you for joining us to review Steve Madden's Second Quarter 2023 Results. As expected, we faced a challenging operating environment in the second quarter. In light of the difficult market conditions, in particular, the cautious approach to orders by many of our wholesale customers in the United States, we were pleased to deliver earnings results in line with expectations for the quarter. And while we are never satisfied with financial performance that falls short of what we achieved in the prior year, I'm proud of how our team controlled what we can control in the quarter. As we; one, drove strong gross margin performance despite the promotional retail landscape; two, managed our inventory with discipline, delivering a 32% reduction in inventory at the end of Q2 compared to the prior year. and three, controlled expenses and drove cost efficiencies even as we continue to invest in product innovation, consumer engagement and our long-term growth initiatives.

好吧，謝謝丹妮爾，大家早上好，感謝您與我們一起回顧 Steve Madden 的 2023 年第二季度業績。正如預期的那樣，我們在第二季度面臨著充滿挑戰的經營環境。鑑於市場條件困難，特別是我們在美國的許多批發客戶對訂單採取謹慎態度，我們很高興交付符合本季度預期的盈利結果。雖然我們永遠不會對低於上一年所取得的財務業績感到滿意，但我對我們的團隊如何控制我們在本季度可以控制的事情感到自豪。和我們一樣;第一，儘管零售環境促銷，但仍推動了強勁的毛利率表現；第二，嚴格管理庫存，第二季度末庫存比去年同期減少 32%。第三，在我們繼續投資產品創新、消費者參與和長期增長計劃的同時，控制開支並提高成本效率。

As we move forward, we will remain focused on executing our strategy for long-term growth, the foundation of which is driving closer connections with consumers through the combination of consistently trend-right product assortments and effective consumer engagement, which in turn will enable success with our 4 key long-term business drivers: one, driving our direct-to-consumer business led by digital; two, expanding in categories outside of footwear like handbags and apparel; three, growing in international markets; and four, strengthening our core U.S. wholesale footwear business.

在我們前進的過程中，我們將繼續專注於執行我們的長期增長戰略，其基礎是通過始終如一的潮流產品分類和有效的消費者參與相結合，推動與消費者更緊密的聯繫，從而取得成功我們有4 個關鍵的長期業務驅動力：一是推動以數字化為主導的直接面向消費者的業務；第二，拓展鞋類以外的品類，如手袋和服裝；三、拓展國際市場；第四，加強我們的核心美國鞋類批發業務。

Now turning to our performance by channel in Q2. In wholesale, revenue remained under pressure, declining 21% versus the second quarter of 2022. As expected, our private label business was again a significant drag on the top line as our mass merchant customers have reduced orders in an effort to rightsize overall inventory levels in our categories. Our branded business was also down, though not as dramatically as private label as our branded customers also continue to take a conservative approach to orders.

現在轉向我們在第二季度按渠道劃分的表現。在批發方面，收入仍然面臨壓力，與2022 年第二季度相比下降了21%。正如預期的那樣，我們的自有品牌業務再次嚴重拖累營收，因為我們的大眾商戶客戶減少了訂單，以調整總體庫存水平在我們的類別中。我們的品牌業務也有所下降，儘管不像自有品牌那麼嚴重，因為我們的品牌客戶也繼續對訂單採取保守的態度。

Despite strong sell-through in several key styles, our wholesale customers did not chase business in those styles the way they normally would, and reorders were significantly lower than we would see in a more typical retail environment.

儘管幾種主要款式的銷量強勁，但我們的批發客戶並沒有像平常那樣追逐這些款式的業務，並且重新訂購量明顯低於我們在更典型的零售環境中看到的情況。

Looking ahead, while our wholesale customers remain cautious, we expect to see significant improvement in the balance of the year relative to the first half. Even if similar to spring, we see limited chase business from wholesale customers in fall, we still believe we can be flat or close to flat to last year's wholesale revenue in the back half.

展望未來，雖然我們的批發客戶仍保持謹慎態度，但我們預計今年的餘額較上半年將出現顯著改善。即使與春季類似，我們看到秋季批發客戶的追逐業務有限，我們仍然相信下半年批發收入可以與去年持平或接近持平。

In our direct-to-consumer business, revenue in the second quarter declined 5% compared to the same period in the prior year, with decreases in both the brick-and-mortar and e-commerce channels. While consumer demand trends remain choppy, we have seen improvement in the year-over-year revenue performance over the last couple of months as comparisons have eased, and we expect to return to year-over-year growth in DTC in the back half.

在我們的直接面向消費者業務中，第二季度收入較去年同期下降5%，實體和電商渠道均出現下滑。儘管消費者需求趨勢仍然波動，但隨著比較的緩和，我們看到過去幾個月收入同比表現有所改善，我們預計 DTC 在下半年將恢復同比增長。

Overall, while we are planning for the operating environment to remain choppy in the near term, we are poised to see significant improvement in our financial performance beginning in Q3. We knew coming into the year that the first half would be tough, and I'm proud of how our team weathered the storm and excited about our prospects for the balance of the year.

總體而言，雖然我們計劃短期內經營環境繼續動盪，但我們有望從第三季度開始看到我們的財務業績顯著改善。我們知道今年上半年將會很艱難，我為我們的團隊如何度過難關感到自豪，並對我們今年剩餘時間的前景感到興奮。

Looking out further, I'm confident that with our strong brands, proven business model and multiple significant growth opportunities, we are well positioned to drive top and bottom line gains for years to come.

展望未來，我相信，憑藉我們強大的品牌、成熟的商業模式和多個重大增長機會，我們有能力在未來幾年推動營收和利潤的增長。

Now I'll turn it over to Zine to review our second quarter financial results in more detail and provide our outlook for 2023.

現在我將把它交給 Zine，更詳細地回顧我們第二季度的財務業績，並提供我們對 2023 年的展望。

Thanks, Ed, and good morning, everyone. Our consolidated revenue in the second quarter was $445.3 million, a 16.8% decrease compared to the second quarter of 2022. Our wholesale revenue was $314.6 million, down 20.8% compared to the same period in the prior year. As Ed discussed, private label was particularly soft. Wholesale revenue in the branded business declined 13% versus Q2 2022, while revenue in the private label business decreased 40% compared to the same period last year.

謝謝埃德，大家早上好。我們第二季度的合併收入為 4.453 億美元，比 2022 年第二季度下降 16.8%。我們的批發收入為 3.146 億美元，比上年同期下降 20.8%。正如埃德所討論的，自有品牌特別軟。品牌業務的批發收入較 2022 年第二季度下降 13%，自有品牌業務的收入較去年同期下降 40%。

Wholesale Footwear revenue was $234.9 million, a 19.4% decrease from the second quarter of 2022. Wholesale accessories and apparel revenue was $79.7 million, down 24.6% to the same period last year. In our direct-to-consumer segment, revenue was $128.2 million, decreasing 5.4% compared to the same period last year. On a relative basis, e-commerce outperformed brick-and-mortar and international outperformed the United States.

鞋類批發收入為 2.349 億美元，較 2022 年第二季度下降 19.4%。配飾和服裝批發收入為 7970 萬美元，較去年同期下降 24.6%。在我們的直接面向消費者部門，收入為 1.282 億美元，比去年同期下降 5.4%。相對而言，電子商務的表現優於實體商業，國際商業的表現優於美國。

We ended the quarter with 242 brick-and-mortar retail stores, including 69 outlets as well as 5 e-commerce websites and 22 company-operated concessions in international markets.

截至本季度末，我們擁有 242 家實體零售店，其中包括 69 家直營店以及 5 個電子商務網站和國際市場上的 22 家公司經營的特許經營店。

In our licensing segment, royalty income was $2.5 million in the quarter compared to $2.2 million in Q2 last year.

在我們的許可部門，本季度的特許權使用費收入為 250 萬美元，而去年第二季度為 220 萬美元。

Turning to gross margin. Consolidated gross margin was 42.6% in the quarter, expanding 190 basis points from the same period last year. Wholesale gross margin was 33.6%, a 200-basis-point improvement compared to the same period last year, driven by an improvement in gross margin in the wholesale accessories and apparel business. While wholesale gross margin benefited from a mix shift to the branded business, we also drove like-for-like gross margin improvement in both the branded and private label businesses.

轉向毛利率。該季度綜合毛利率為42.6%，較去年同期擴大190個基點。批發毛利率為33.6%，較去年同期提高200個基點，主要得益於批發配飾及服裝業務毛利率的改善。雖然批發毛利率受益於向品牌業務的混合轉型，但我們也推動了品牌和自有品牌業務毛利率的同比改善。

Direct-to-consumer gross margin was 63.7% versus 66.4% in the comparable period last year, driven by increased promotional activity.

由於促銷活動增加，直接面向消費者的毛利率為 63.7%，而去年同期為 66.4%。

Operating expenses in the second quarter were $145.3 million, a 3.6% decrease compared to the second quarter of 2022, reflecting our ability to control costs while continuing to invest in marketing and other long-term growth initiatives.

第二季度運營費用為 1.453 億美元，較 2022 年第二季度下降 3.6%，反映出我們在繼續投資營銷和其他長期增長舉措的同時控製成本的能力。

Operating income for the quarter was $44.5 million or 10% of revenue compared to $67 million or 12.5% of revenue in the same period last year. Our effective tax rate for the quarter was 23.8% compared to 23.5% in Q2 of 2022.

本季度營業收入為 4450 萬美元，佔收入的 10%，而去年同期為 6700 萬美元，佔收入的 12.5%。我們本季度的有效稅率為 23.8%，而 2022 年第二季度為 23.5%。

Finally, net income attributable to Steve Madden Limited for the quarter was $34.9 million or $0.47 per diluted share versus $49.8 million or $0.63 per diluted share in the second quarter of 2022.

最後，本季度歸屬於Steve Madden Limited 的淨利潤為3490 萬美元，即稀釋後每股收益0.47 美元，而2022 年第二季度歸屬於Steve Madden Limited 的淨利潤為4980 萬美元，即稀釋後每股收益0.63 美元。

Moving to the balance sheet. Our financial foundation remains very strong. And as of June 30, 2023, we had $274.4 million of cash, cash equivalents and short-term investments and no debt. Inventory totaled $207.8 million compared to $306.5 million at the end of the second quarter in 2022, a reduction of $98.7 million or 32.2%. Our CapEx in the quarter was $4 million.

轉向資產負債表。我們的財務基礎仍然非常雄厚。截至 2023 年 6 月 30 日，我們擁有 2.744 億美元的現金、現金等價物和短期投資，沒有債務。庫存總額為 2.078 億美元，較 2022 年第二季度末的 3.065 億美元減少 9,870 萬美元，即 32.2%。本季度我們的資本支出為 400 萬美元。

During the quarter, we spent $25.8 million on repurchases of the company's common stock, which includes shares acquired through the net settlement of employee stock awards, bringing the total spend on share repurchases to $64.2 million for the first half of 2023. Our Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on September 25, 2023, to the stockholders of record as of the close of business on September 15, 2023.

本季度，我們花費了 2580 萬美元回購公司普通股，其中包括通過員工股票獎勵淨額結算獲得的股票，使 2023 年上半年股票回購總支出達到 6420 萬美元。批准每股0.21 美元的季度現金股息。該股息將於2023年9月25日支付給截至2023年9月15日收盤時在冊的股東。

Turning to our outlook. We are reiterating our revenue and earnings per share guidance. We continue to expect revenue for 2023 to decrease 6.5% to 8% compared to 2022, and we continue to expect diluted EPS to be in the range of $2.40 to $2.50.

轉向我們的展望。我們重申我們的收入和每股收益指引。我們仍然預計 2023 年的收入將比 2022 年下降 6.5% 至 8%，我們繼續預計稀釋後每股收益將在 2.40 美元至 2.50 美元之間。

Now I'd like to turn the call over to the operator for questions. Savanna?

現在我想將電話轉給接線員詢問問題。稀樹草原？

(Operator Instructions) Our first question comes from Aubrey Tianello from BNP.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Aubrey Tianello。

Wanted to start off first with the revenue guidance. Within the updated guide for revenues to be down 6.5% to 8% that you reiterated, just curious what you're embedding there for wholesale and DTC for the year, whether that's changed versus last quarter?

希望首先從收入指導開始。在您重申的收入下降 6.5% 至 8% 的更新指南中，我只是好奇今年的批發和 DTC 中嵌入了什麼內容，與上季度相比是否有所改變？

Yes. For wholesale, where we have embedded down low double digits, and for DTC up low single digits.

是的。對於批發，我們嵌入了較低的兩位數，對於 DTC，我們嵌入了較低的個位數。

Great. Got it. Okay. And then if I could just follow up on the DTC side. I think in the last call, you mentioned that the DTC was down about 8% in March, and then it was kind of trending similar through April and into May. Just curious how that kind of progressed month-to-month through 2Q and then so far, what you're seeing into 3Q on DTC?

偉大的。知道了。好的。然後我是否可以在 DTC 方面進行跟進。我想在上次電話會議中，您提到 3 月份 DTC 下降了約 8%，然後整個 4 月份和 5 月份的趨勢類似。只是好奇第二季度的逐月進展如何，到目前為止，您對 DTC 的第三季度有何看法？

Yes. We did see DTC revenue trends year-over-year improve as we move throughout the quarter. It didn't improve quite as much as we had anticipated, and that's why we've adjusted the revenue guidance modestly compared to what we were forecasting last quarter. But we have seen improvement. And this month to date -- or excuse me, this quarter to date, we're running about flat.

是的。隨著整個季度的發展，我們確實看到 DTC 收入趨勢逐年改善。它的改善程度沒有我們預期的那麼大，這就是為什麼我們相對於上季度的預測小幅調整了收入指引。但我們已經看到了進步。這個月迄今為止——或者對不起，本季度迄今為止，我們的運行情況基本持平。

Our next question comes from Samuel Poser from Williams Trading Company.

我們的下一個問題來自威廉姆斯貿易公司的塞繆爾·波塞爾。

I think that was a record of prepared remarks at 11 minutes, so thank you. Couple of just details and then I have a broader question. So Ed, you mentioned -- can you just give us what the international revenue growth was and what the domestic revenue growth was or decreases?

我認為這是 11 分鐘準備好的發言記錄，所以謝謝。只是一些細節，然後我有一個更廣泛的問題。 Ed，您提到，您能否告訴我們國際收入增長情況以及國內收入增長情況或下降情況？

Yes. International grew 4% in the quarter. I don't have the domestic off the top of my head, but a little bit worse than the overall. Go ahead...

是的。國際業務本季度增長 4%。我對國內沒有什麼印象，但比整體差一點。前進...

You talked about sort of the appetite of the retailers. So when we're thinking things are going to get less, worse, better as we -- you're expecting that to happen as we proceed through the year. Can you give us some context into -- are you expecting it more out of, let's say, department stores than you are out of the Mad or your private label versus branded? And what kind of a variance was there between the 2 in the quarter -- in the second quarter?

您談到了零售商的胃口。因此，當我們認為事情會變得更少、更糟、更好時，你會期望隨著這一年的進展，這種情況會發生。您能否給我們一些背景信息——您對百貨商店的期望是否比對瘋狂的期望更高，或者您的自有品牌與品牌的關係？第二季度的兩個季度之間存在什麼樣的差異？

Sure. Yes. So I think Zine provided the branded versus private label and wholesale. So branded was down 13% in the quarter and private label was down 40% in the quarter on a wholesale basis. So clearly, much bigger drag from private label. As we go into the back half, I want to be clear, we're really not assuming any significant improvement in the overall approach from the wholesale customers. We still assume that they are cautious. We haven't built in a big chase business in Q4, for instance. But really, what you're seeing here is that we're expecting an improvement compared to the first half just because of the easing comparisons.

當然。是的。所以我認為 Zine 提供的是品牌與自有品牌和批發。因此，品牌本季度的批發量下降了 13%，自有品牌本季度的批發量下降了 40%。很明顯，自有品牌的拖累更大。當我們進入後半部分時，我想澄清的是，我們實際上並沒有假設批發客戶的整體方法有任何重大改進。我們仍然假設他們是謹慎的。例如，我們在第四季度還沒有建立大型大通業務。但實際上，您在這裡看到的是，由於比較的寬鬆，我們預計與上半年相比會有所改善。

And the big place where we get much easier comparisons is in private label because that was, if you'll recall, where we felt the pullback first. And so once we get into Q3, we really anniversaried some big declines in that business.

我們更容易進行比較的重要地方是自有品牌，因為如果你還記得的話，那是我們首先感受到回調的地方。因此，進入第三季度後，我們確實迎來了該業務的一些大幅下滑。

And then I just want to verify, you -- the other piece is the operating margin, the gross margin that you talked about earlier in the year at around 43.5% for the gross margin and operating margin of just over 12% or a little higher. Those numbers remain in place?

然後我只想核實一下，另一部分是營業利潤率，您今年早些時候談到的毛利率約為 43.5%，毛利率和營業利潤率略高於 12% 或更高一點。這些數字仍然存在嗎？

Yes. Sam, for the gross margin, we revised that down just a little bit to 43%, so down about 50 bps, and just reflecting a lower mix of DTC and also some potential pressure and promo pressure in fall that were reflected in our forecast in retail.

是的。 Sam，對於毛利率，我們將其稍微下調至43%，因此下降了約50 個基點，這只是反映了DTC 組合的降低以及秋季的一些潛在壓力和促銷壓力，這在我們的預測中得到了反映。零售。

And then for op margin, I would say, close to 12% is what we're looking at now.

至於運營利潤率，我想說，我們現在看到的接近 12%。

And is that because with the DTC business being slightly less, the requirement for sort of that support of SG&A there just won't be there to keep it in that range kind of thing?

是不是因為 DTC 業務稍微減少，就不再需要 SG&A 支持來將其保持在這樣的範圍內？

Yes. For the SG&A, the assumption that we have is that we'll be at 3% growth dollar against dollars from last year for Q3 and Q4.

是的。對於 SG&A，我們的假設是，第三季度和第四季度的美元兌美元增長率將較去年增長 3%。

But to your point, Sam, yes, we have -- given what we've seen on the top line and particularly in DTC, we have tightened our belt a little bit. And we've looked for savings wherever we can find them, while obviously not pulling back on marketing or other -- or our other long-term growth initiatives.

但就你的觀點而言，Sam，是的，我們已經——考慮到我們在營收方面所看到的情況，特別是在 DTC 方面，我們已經勒緊了一點。我們一直在盡可能地尋找節省成本的方法，同時顯然不會撤回營銷或其他——或我們的其他長期增長計劃。

And then lastly, your inventory levels are clean on a forward basis. You guys -- how quickly if somebody came to you post back-to-school because there's going to be a lot of activity in the next, call it, through September 15, we're going to see a lot of acceleration that could change a lot of outlooks. I mean if people come to you with orders and like by mid-October, you can still respond to holiday, even though you're not necessarily expecting that. Is that a fair...

最後，您的庫存水平在遠期基礎上是乾淨的。你們——如果有人來找你們發布返校消息，因為接下來會有很多活動，可以這麼說，直到 9 月 15 日，我們將看到很多可能改變的加速很多展望。我的意思是，如果人們在 10 月中旬之前向您發出訂單，您仍然可以對假期做出回應，即使您不一定期待這一點。這公平嗎...

Mid-October would be late for that. But the good news is, our transit times basically are back -- and our lead times overall are basically back to normal. We do have the Mexico capability, and we use Mexico more in fall. So yes, we still -- if we get reads and get customers that are willing to step up, we can still chase into goods for fourth quarter. I wouldn't say all the way until mid-October, but certainly over the next month or 2.

十月中旬就晚了。但好消息是，我們的運輸時間基本上恢復了，而且我們的整體交貨時間也基本恢復正常。我們確實有墨西哥的能力，而且我們在秋季更多地使用墨西哥。所以，是的，我們仍然 - 如果我們得到閱讀並獲得願意加緊努力的客戶，我們仍然可以追逐第四季度的貨物。我不會說一直到十月中旬，但肯定會在接下來的一兩個月內。

And then are we -- nobody has brought up the Nordstrom Anniversary Sale. I think we're in it or just passed. What have you seen from that?

然後我們——沒有人提起諾德斯特龍週年紀念促銷。我想我們已經在其中或者剛剛過去了。你從中看到了什麼？

Yes. I think we were pleased with what we saw in the event. Our sell-through percentage was essentially right in line with what it was a year ago, which I think in this environment is a win. And just as importantly, I think we got some good reads on early fall product, particularly in boot and bootie category, which is encouraging and gives us confidence going into fall.

是的。我認為我們對這次活動所看到的感到滿意。我們的售出率基本上與一年前一致，我認為在這種環境下這是一場胜利。同樣重要的是，我認為我們對早秋產品，特別是靴子和短靴類別有了一些很好的了解，這令人鼓舞，並讓我們對進入秋季充滿信心。

Our next question comes from Laura Champine from Loop Capital.

我們的下一個問題來自 Loop Capital 的 Laura Champine。

It's really also about the back half revenue trend where you expect to see improvement. I hear you on easier comps. But how much visibility do you have in that? Meaning, is this an improved prebooking story? Or is it more about replenishment? And maybe talk about how that mix works in private label versus branded since that's driving most of the decline.

這實際上也與後半段收入趨勢有關，您預計會看到改善。我聽說你在更簡單的比賽中。但你對此有多少可見度？意思是，這是一個改進的預訂故事嗎？還是更多的是為了補貨？也許可以談談這種組合在自有品牌與品牌中的運作方式，因為這是造成大部分下降的原因。

So in terms of our wholesale business, look, we've got Q3 97% or 98% booked. We have essentially almost all of Q3 booked. In Q4, that's probably sitting at just a little bit less than half of Q4 is already booked. And as I mentioned, we have not built in an aggressive reorder or chase business into Q4 given the behavior of our wholesale customers so far this year. So I think, all in all, we know quite a lot about where wholesale will fall. There's obviously still work to do, but we're tracking towards the numbers that we've guided to.

因此，就我們的批發業務而言，看，我們第三季度的預訂量為 97% 或 98%。我們幾乎已經預訂了第三季度的所有時間。在第四季度，預訂量可能略低於第四季度的一半。正如我所提到的，考慮到今年迄今為止我們批發客戶的行為，我們尚未在第四季度建立積極的再訂購或追逐業務。所以我認為，總而言之，我們非常了解批發市場的走向。顯然還有很多工作要做，但我們正在追踪我們指導的數字。

And to your question about branded versus private label, private label obviously books much further out. So we know a lot about what the private label business is going to look like in the back half. Branded is where there's more variance from here based on what reorders and chase does end up looking like.

至於你關於品牌與自有品牌的問題，自有品牌顯然要走得更遠。因此，我們非常了解自有品牌業務在後半段的情況。品牌化是指根據重新訂購和追逐最終的結果，與這裡有更多差異。

Our next question comes from Tom Nikic from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Tom Nikic。

Austin Borina on for Tom Nikic. I just want to get a quick idea about gross margins for the quarter. How much of the improvement in Q2 gross margin was driven by channel mix compared to like other factors such as freight product mix? And can you expand upon your comment regarding promotional activity on the full year gross margin guide in the back half?

奧斯汀·博里納換下湯姆·尼基奇。我只想快速了解本季度的毛利率。與貨運產品組合等其他因素相比，第二季度毛利率的改善有多少是由渠道組合推動的？您能否詳細闡述一下您對下半年全年毛利率指南促銷活動的評論？

Yes. So as far as gross margin is concerned, I think it's the best to look at it wholesale versus retail. So in wholesale, we had a 200-basis-point improvement in margin and a little bit more than half of that was mix related.

是的。因此，就毛利率而言，我認為最好從批發與零售的角度來看待。因此，在批發方面，我們的利潤率提高了 200 個基點，其中一半多一點與混合相關。

And then in terms of the promo activity, we have -- I think, I don't know how much more we can elaborate. We built in a little bit more promo activity into the plan for the back half in DTC, relatively modest change from where we were before.

然後就促銷活動而言，我們——我想，我不知道我們還能詳細闡述多少。我們在 DTC 後半段的計劃中加入了更多的促銷活動，與之前相比，變化相對較小。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

Great. I'm just curious about the sneakers business. So there's a lot of talk about excess sneaker inventory in the channel. Is that something that's impacting your our sneaker business? And how much do you expect sneakers to be a big percentage of the business this year in back-to-school and holiday?

偉大的。我只是對運動鞋業務感到好奇。因此，關於渠道中運動鞋庫存過剩的討論很多。這會影響您的運動鞋業務嗎？您預計今年返校和假期期間運動鞋將在業務中佔據多大比例？

Look, it's hard to say how much we're feeling some of that excess sneaker inventory from the big sneaker players. The sneaker category has been down for us overall over the last few quarters, but we're actually quite optimistic about sneakers going forward. We've got some new sneakers that we're delivering that we feel very good about, some very good early reads in that category, and we think that we're actually going to be on the upswing in the fashion sneaker category moving forward.

聽著，很難說我們對大型運動鞋製造商的過剩運動鞋庫存有多大感受。過去幾個季度，我們的運動鞋類別總體有所下降，但我們實際上對運動鞋的未來相當樂觀。我們推出了一些新的運動鞋，我們對此感覺非常好，在該類別中有些非常好的早期讀物，我們認為我們實際上將在時尚運動鞋類別中保持上升勢頭。

Got it. And then if you could just talk more broadly about trends. Are you seeing obviously return to sort of events in '21 and return to work in '22. This year, it seems like the trends, for the first half of the year, are a little bit low. Are you seeing new fashion trends emerge in the dress side of the business?

知道了。然後您是否可以更廣泛地談論趨勢。你是否明顯看到了 21 年的一些事件的回歸，以及 22 年的回歸工作。今年上半年的趨勢似乎有點低。您是否看到服裝行業出現了新的時尚趨勢？

In dress shoes specifically or in the business overall?

具體是在正裝鞋方面還是在整個業務方面？

Well, I guess in the business overall. Yes, the business overall.

嗯，我想在整個業務中。是的，整體業務。

Yes. Yes, we are. We've got some -- as I mentioned, we've got some good early reads on things for fall. I called out feeling good about the new sneakers that we're delivering as well as some excitement around the boot and bootie category. I don't want to get -- this early in the season don't want to get too specific about what those specific trends are. But we do see some newness, which we're excited about.

是的。是的我們是。正如我所提到的，我們有一些關於秋季的早期讀物。我對我們提供的新運動鞋感覺良好，並對靴子和短靴類別感到興奮。我不想在賽季初就知道這些具體趨勢是什麼。但我們確實看到了一些新鮮事物，對此我們感到很興奮。

Got it. And maybe just last 1 for me. Just on the top of the call, you talked about some of the growth initiatives that you're excited about. You continued -- it sounds like you're continuing to invest behind those. Can you just maybe rank order or not mean you just list some of the top growth opportunities that you see, whether it's international or DTC or whatever, just for apparel, just to remind people what you're focused on and what you think is going to drive some nice growth beyond 2023?

知道了。對我來說也許只是最後 1 個。就在電話會議的最後，您談到了一些讓您感到興奮的增長計劃。你繼續說——聽起來你正在繼續投資這些。您是否可以只是排名順序，或者不意味著您只是列出一些您看到的頂級增長機會，無論是國際的還是DTC 或其他什麼，只是針對服裝，只是為了提醒人們您關注的是什麼以及您認為會發生什麼推動 2023 年之後的良好增長？

Yes, absolutely. I think first, the one I would put at the top of the list is international. That's been the fastest-growing part of the business over the last few years. And we anticipate that, that will be the fastest growing part of the business over the next few years. And we're just really excited about the momentum that we have in a lot of the markets around the world. Obviously, EMEA has been the fastest-growing region for us, and we think that will probably drive the most growth over the next few years, but excited about what we're seeing in other places in the Americas and in APAC as well.

是的，一點沒錯。我認為首先，我將把它放在首位的是國際性的。這是過去幾年中增長最快的業務部分。我們預計，這將是未來幾年業務增長最快的部分。我們對全球許多市場的發展勢頭感到非常興奮。顯然，歐洲、中東和非洲一直是我們增長最快的地區，我們認為這可能會在未來幾年推動最大的增長，但我們對美洲和亞太地區其他地方所看到的情況也感到興奮。

I would say #2 is continuing -- we've obviously seen tremendous growth in direct-to-consumer, led by digital over the last few years. Obviously, a little bit of a pullback over the first couple of quarters here, but we still see that as an important growth driver going forward. And it's related to the international growth as well because that business is much more penetrated to DTC. We're already about 40% DTC in international, and we see that heading north over the next few years.

我想說第二點仍在繼續——過去幾年，在數字化的引領下，我們顯然看到了直接面向消費者的巨大增長。顯然，前幾個季度出現了一些回落，但我們仍然認為這是未來重要的增長動力。這也與國際增長有關，因為該業務對 DTC 的滲透程度要高得多。我們已經在國際市場上實現了約 40% 的 DTC，並且我們預計這一比例將在未來幾年內向北發展。

And then after that, I would put accessories and apparel. We've got tremendous momentum in Steve Madden handbags. That's been a real bright spot. That business was 1 of the few businesses that grew for us in Q2, and we're seeing that perform really in all channels, wholesale, DTC and particularly in international markets as well. And then longer term, we're obviously -- it's early days with apparel, but feel very good about the start that we're off to there and the opportunity and the runway that we have in that business. So that's how I would sort of rank the top 3 growth drivers.

之後，我會放配飾和服裝。 Steve Madden 手袋給我們帶來了巨大的動力。這真是一個亮點。該業務是我們在第二季度實現增長的少數業務之一，我們看到它在所有渠道、批發、DTC，尤其是國際市場上都表現出色。從長遠來看，我們顯然——服裝行業還處於早期階段，但我們對我們的起步以及我們在該業務中擁有的機會和跑道感到非常滿意。這就是我對三大增長動力的排名。

Our next question comes from -- oh, we're actually back with Samuel Poser from Williams Trading Company.

我們的下一個問題來自——哦，我們實際上又回到了威廉姆斯貿易公司的塞繆爾·波塞爾。

Just a quick one, sorry. Are you -- if you have any early reads on back-to-school?

只是快一點，抱歉。如果您有關於返校的早期讀物嗎？

It's pretty early, Sam. I mean nothing that I think would be worth calling out at this moment.

現在還很早，薩姆。我認為此時此刻沒有什麼值得大聲疾呼的。

Our next question comes from Corey Tarlowe with Jefferies.

我們的下一個問題來自 Jefferies 的科里·塔洛 (Corey Tarlowe)。

I just wanted to double-click on the handbag commentary that you made. Would be curious to get a little bit more color as to what's really driving the growth in that segment specifically?

我只是想雙擊你所做的手袋評論。您是否想了解更多關於真正推動該細分市場增長的因素？

Yes. I think we've been on a multiyear growth journey here in Steve Madden Handbags. We've invested a lot in upgrading the product there. And I think we've just made a lot of progress. And feel really good about what the design team is delivering in that category. And I think the customer is responding. And as I said, what's nice about it is that we're seeing really perform across all the different channels and businesses in which we operate, both wholesale and DTC, both domestic and international. So it's really Steve Madden handbags that's driving that.

是的。我認為 Steve Madden 手袋我們已經經歷了多年的成長之旅。我們在那裡投入了大量資金來升級產品。我認為我們剛剛取得了很大進展。並且對設計團隊在該類別中提供的產品感到非常滿意。我認為客戶正在做出回應。正如我所說，它的好處是，我們看到我們經營的所有不同渠道和業務（包括國內和國際批發和 DTC）的真正表現。所以，真正推動這一趨勢的是 Steve Madden 手袋。

Great. And then just also double-click on apparel. It sounds like that's an area where you see opportunity. What do you anticipate? Or how do you expect to continue to execute upon expanding that segment and more profitably growing it ahead?

偉大的。然後雙擊服裝即可。聽起來這是一個你看到機會的領域。你預計什麼？或者，您預計如何繼續擴大該細分市場並在未來更有利地發展它？

Yes. Well, look, it's -- we're just getting started there, but we're off to a very good start. I think the spring performance, frankly, exceeded my expectations in terms of sell-through. We're very pleased about the performance we had in some key customers like Bloomingdale's, Dillard's, Macy's, et cetera. And we feel even better about the fall products. We feel like the fall product is really a significant step-up even from what we had in spring and is the line that really best represents what we want Steve Madden apparel to be. And so we're just getting that out now, but we're really excited about what that's going to look like. But, look, for us, it always starts with the products.

是的。嗯，看，我們才剛剛開始，但我們已經有了一個非常好的開始。坦率地說，我認為春季的銷售量超出了我的預期。我們對在 Bloomingdale's、Dillard's、Macy's 等一些主要客戶中的表現感到非常滿意。我們對秋季產品的感覺更好。我們覺得秋季產品確實比春季產品有了重大進步，並且是最能代表我們想要的 Steve Madden 服裝的系列。所以我們現在才把它拿出來，但我們對它的外觀感到非常興奮。但是，對我們來說，一切總是從產品開始。

So the most important initiative right now is just continuing to make even better products and products that more accurately reflects the Steve Madden brand DNA. And if we do that, we obviously have the distribution channels to get that out to market and to drive a lot of growth.

因此，現在最重要的舉措就是繼續生產更好的產品和更準確地體現 Steve Madden 品牌 DNA 的產品。如果我們這樣做，我們顯然擁有將其推向市場並推動大量增長的分銷渠道。

Our next question comes from Paul from Citi.

我們的下一個問題來自花旗銀行的保羅。

This is Kelly on for Paul. I just wanted to drill down on the back half sales guidance. Could you talk about 3Q versus 4Q in terms of total sales growth? And then maybe elaborate on how that should look by wholesale versus DTC in 3Q versus 4Q? That's my first question.

這是凱利替保羅發言。我只是想深入了解後半部分的銷售指導。您能談談第三季度與第四季度總銷售額增長情況嗎？然後也許可以詳細說明在第三季度和第四季度中批發與 DTC 的情況應該如何？這是我的第一個問題。

Yes. I think that overall, Q4 should grow a little bit faster than Q3. That's on a consolidated basis. In terms of wholesale, well, that's -- and that's primarily driven by, I think, wholesale doing a little bit better or seeing a little bit better growth in Q4 than in Q3. And also the higher mix of DTC in Q4, which we have growing a little faster than wholesale in the back half.

是的。我認為總體而言，第四季度的增長應該比第三季度快一點。這是在綜合基礎上的。就批發而言，我認為這主要是由批發做得更好或第四季度比第三季度更好的增長推動的。第四季度 DTC 的組合也更高，我們的增長速度比下半年的批發速度要快一些。

So just to clarify that, in the wholesale side of the business, your comparison eased significantly in the fourth quarter, but I guess you're saying that you're not going to see that much of a step-up in growth in 3Q versus 4Q, it's a little bit more consistent than what we're looking at on a 1-year comparison basis?

因此，我想澄清一下，在批發業務方面，您的比較在第四季度顯著放緩，但我猜您是說，與去年同期相比，您不會看到第三季度的增長有那麼大的提升。 4Q，這比我們在一年比較的基礎上看到的更加一致嗎？

Yes. And that's because Q4 is -- Q3 is more of a sell-in quarter, Q4, more of a reorder and chase quarter. And we've got a relatively cautious forecast in there given how our wholesale customers have been approaching that.

是的。這是因為第四季度——第三季度更多的是銷售季度，第四季度更多的是重新訂購和追逐季度。考慮到我們的批發客戶的應對方式，我們對此做出了相對謹慎的預測。

And on that note, actually, so you saw your branded wholesale partners really kind of freeze up on the reorders back after the consumer -- we saw the broad consumer slowdown in March. I guess how are those conversations going with your retail partners? I mean, is there a chance that -- I mean are they feeling a little bit better about the business? Is there a saying that there could be some opportunities to chase into product in the back half of the year? And how are inventory levels looking for you within the retail channel?

事實上，在這一點上，你看到你的品牌批發合作夥伴在消費者之後的重新訂購上確實有點凍結——我們在三月份看到了廣泛的消費者放緩。我想您與零售合作夥伴的對話進行得怎麼樣？我的意思是，是否有可能——我的意思是，他們對這項業務感覺好一點了嗎？是不是有句話說下半年可能會有一些追產品的機會？您在零售渠道中的庫存水平如何？

Yes. I mean I think the answer is, is there an opportunity that, that could get better and that they could chase? Yes. But in terms of how those conversations are going, we're still -- the overall sentiment is still very cautious and the overall approach is still very cautious. So that's how we're -- we've built our forecast.

是的。我的意思是，我認為答案是，是否有一個可以變得更好並且他們可以追逐的機會？是的。但就這些對話的進展情況而言，我們仍然——總體情緒仍然非常謹慎，總體方法仍然非常謹慎。這就是我們的方式——我們已經建立了我們的預測。

In terms of our inventory levels in the channel, though, they're low. We think they're too low. And so we're certainly encouraging them to step up and get those inventory levels back where they should be.

不過，就我們渠道的庫存水平而言，它們很低。我們認為它們太低了。因此，我們當然鼓勵他們加緊努力，使庫存水平回到應有的水平。

Got it. And then just lastly from me, on the private label, I guess -- I mean I guess the private label business is going to be up in the back half of the year. Is that fair? And then the brand is still down maybe similar to the first half of the year?

知道了。最後，我想，關於自有品牌——我的意思是，我猜自有品牌業務將在今年下半年有所增長。這公平嗎？然後品牌仍然在下滑，也許與上半年類似？

No. I think both of them will be relatively similar to what we've said about the overall wholesale, which is flat or close to flat.

不會。我認為兩者都會與我們所說的整體批發相對相似，即持平或接近持平。

And we are back with Tom Nikic from Wedbush.

我們和韋德布什的湯姆·尼克奇一起回來了。

Just wanted to confirm, you guys are seeing EPS in the back half, like the split between Q3 and Q4, similar to how you're seeing revenue for those periods, correct, based on the wholesale dynamics in the back half?

只是想確認一下，你們看到後半段的每股收益，比如第三季度和第四季度之間的差距，類似於你們根據後半段的批發動態看到的這些時期的收入，對嗎？

I'm not sure I understand the question. Could you...

我不確定我是否理解這個問題。您可以...嗎...

Like, I guess, the thing is you're not seeing any major like SG&A like deleverage in -- like Q3 compared to like Q4, correct?

就像，我想，問題是你沒有看到像 SG&A 這樣的去槓桿化之類的專業——比如第三季度與第四季度相比，對嗎？

The SG&A -- again, the SG&A growth, I think that Zine provided really is about 3%. That really goes for both Q3 and Q4, if that helps.

SG&A——再說一遍，SG&A 增長，我認為 Zine 提供的確實是 3% 左右。如果有幫助的話，這確實適用於第三季度和第四季度。

If there are no further questions, I will turn the call back over to Ed Rosenfeld.

如果沒有其他問題，我會將電話轉回埃德·羅森菲爾德。

Great. Well, thank you very much for joining us for today's call. Enjoy the rest of your summer. We look forward to speaking with you on the next call.

偉大的。非常感謝您參加今天的電話會議。享受你剩下的夏天。我們期待在下次通話中與您交談。

This concludes the meeting. You may now disconnect.

會議到此結束。您現在可以斷開連接。