Steven Madden Ltd (SHOO) 2023 Q3 法說會逐字稿

Good day, and welcome to the Steve Madden Limited Third Quarter 2023 Earnings Conference Call.

美好的一天，歡迎參加 Steve Madden Limited 2023 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Danielle McCoy, VP of Corporate Development and Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，企業發展和投資者關係副總裁 Danielle McCoy。請繼續。

Thanks, Abigail, and good morning, everyone. Thank you for joining our third quarter 2023 earnings call and webcast.

謝謝阿比蓋爾，大家早安。感謝您參加我們的 2023 年第三季財報電話會議和網路廣播。

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 within -- 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. 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.

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有重大差異的風險。這些風險包括我們在今天稍早發布的新聞稿以及我們向美國證券交易委員會提交的文件中所述的事項。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財報電話會議才會更新（如果有的話）。除非另有說明，否則今天電話會議上討論的財務表現均經過調整。我們的收益報告中包含了與最直接可比較的公認會計準則財務指標和其他相關揭露的調節。

Joining me on the call today is Ed Rosenfeld, Chairman and Chief Executive Officer; and Zine Mazouzi, Chief Financial Officer.

今天與我一起參加電話會議的是董事長兼執行長 Ed Rosenfeld；和財務長 Zine Mazouzi。

With that, I'll turn the call over to Ed. Ed?

這樣，我就把電話轉給艾德。艾德？

Well, thanks, Danielle, and good morning, everyone, and thank you for joining us to review Steve Madden's third quarter 2023 results.

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 年第三季業績。

We were pleased to return to year-over-year earnings growth in the third quarter, demonstrating the strength and durability of our business model in challenging operating environments. After a tough first half, where we saw significant year-over-year declines in revenue and earnings, we drove strong improvement in our financial performance in Q3. On a consolidated basis, revenue for the quarter declined 1% versus the prior year period. Operating margin expanded 90 basis points to 15.1%, and diluted EPS rebounded sharply to increase 11% over the comparable period in 2022.

我們很高興在第三季恢復年比獲利成長，這證明了我們的業務模式在充滿挑戰的營運環境中的實力和持久性。在經歷了艱難的上半年（收入和盈利同比大幅下降）之後，我們在第三季度的財務業績取得了強勁改善。綜合來看，本季營收較去年同期下降 1%。營業利益率擴大 90 個基點至 15.1%，稀釋後每股盈餘較 2022 年同期大幅反彈，成長 11%。

In a challenging and uncertain environment, our team remains focused on controlling what we can control and executing our strategy for long-term growth. That strategy starts with utilizing our proven model, which combines talented design teams, a test and react strategy and an industry-leading speed to market capability to create trend-right product assortments and get them to market ahead of the competition. We then support that great product with an always-on full funnel marketing and consumer engagement strategy. By consistently combining outstanding product and effective marketing, we create deeper connections with our consumers, which in turn enables our success with our 4 key business drivers.

在充滿挑戰和不確定的環境中，我們的團隊仍然專注於控制我們可以控制的事情並執行我們的長期成長策略。該策略首先利用我們經過驗證的模型，該模型結合了才華橫溢的設計團隊、測試和反應策略以及行業領先的上市速度能力，以創建順應潮流的產品組合，並在競爭中領先將其推向市場。然後，我們透過始終在線的全漏斗行銷和消費者參與策略來支持這款出色的產品。透過一致地將卓越的產品和有效的行銷相結合，我們與消費者建立了更深的聯繫，這反過來又使我們能夠透過 4 個關鍵業務驅動因素取得成功。

The first of those drivers is growing our business in international markets. In the third quarter, our international revenue increased 5% compared to the prior year period and accounted for just under 20% of consolidated revenue, a new quarterly high. Our EMEA region was a standout. We continue to see strong momentum in Europe, where third quarter revenue rose 18% compared to the same period in 2022. Our success in the region was recently recognized by the leading U.K. industry trade publication drapers, which named Steve Madden, the Women's Footwear Brand of the Year for 2023, and in September, we opened a flagship store on Oxford Street in London with our local partner, allowing us to showcase the brand to customers from around the globe in one of the world's most important shopping destinations.

第一個驅動因素是我們在國際市場上發展業務。第三季度，我們的國際營收較去年同期成長 5%，佔合併收入的比例略低於 20%，創季度新高。我們的 EMEA 地區表現出色。我們繼續看到歐洲的強勁勢頭，第三季度收入與2022 年同期相比增長了18%。我們在該地區的成功最近得到了英國領先行業貿易出版物drapers 的認可，該雜誌將Steve Madden 命名為女鞋品牌2023 年，我們與當地合作夥伴在倫敦牛津街開設了一家旗艦店，使我們能夠在世界上最重要的購物目的地之一向來自世界各地的客戶展示該品牌。

We also continue to develop our business in the Middle East through our new joint venture in the region. The JV opened 5 new stores in the quarter, drove strong performance in e-commerce and made significant investments in marketing, both offline and online to build brand awareness. And while it's a smaller market, I also want to call out our South African joint venture, where we experienced explosive growth with revenue increasing 87% versus the prior year period, driven in large part by outstanding performance in sneakers, where we've seen multiple products go viral in the market.

我們也透過在該地區的新合資企業繼續發展我們在中東的業務。該合資公司在本季度開設了 5 家新店，推動了電子商務的強勁表現，並在線下和線上行銷方面進行了大量投資，以建立品牌知名度。雖然這是一個較小的市場，但我也想提及我們的南非合資企業，我們在那裡經歷了爆炸式增長，收入比去年同期增長了87%，這在很大程度上得益於運動鞋的出色表現，我們已經看到多種產品在市場上瘋傳。

Closer to home, in our Americas region, our directly owned subsidiary in Mexico continued its strong momentum, growing revenue 31% compared to the prior year period, including a 23% gain in wholesale and a 46% increase in DTC. This was offset by a decline in Canada, where trends continue to be softer overall and some large wholesale orders moved out of Q3 and into the beginning of Q4.

言歸正傳，在美洲地區，我們在墨西哥的直屬子公司持續保持強勁勢頭，營收較上年同期增長 31%，其中批發增長 23%，DTC 增長 46%。這被加拿大的下滑所抵消，加拿大整體趨勢繼續疲軟，一些大型批發訂單從第三季轉移到第四季初。

Our second key business driver is expanding in categories outside of footwear like accessories and apparel. In the third quarter, our overall accessories and apparel revenue increased 27% versus the prior year period. Our Steve Madden handbag business was the primary growth driver. It had another outstanding quarter, increasing revenue 52% compared to the third quarter of 2022, including a 46% gain in wholesale and a 90% increase in DTC. We also continue to make meaningful progress in apparel. Our Steve Madden apparel business is having a strong fall season with robust sell-through rates in our key accounts. And based on this performance, we see meaningful opportunity for both door growth and expanded assortments within existing doors in our most important accounts in 2024.

我們的第二個關鍵業務驅動力是擴大鞋類以外的品類，例如配件和服裝。第三季度，我們的配件和服裝整體收入比去年同期成長了 27%。我們的 Steve Madden 手袋業務是主要的成長動力。該季度又表現出色，營收較 2022 年第三季成長 52%，其中批發收入成長 46%，DTC 營收成長 90%。我們也在服裝領域繼續取得有意義的進展。我們的 Steve Madden 服裝業務正處於旺季，我們的主要客戶的銷售率強勁。基於這一表現，我們認為 2024 年我們最重要的客戶中的門增長和現有門類別的擴大都有著有意義的機會。

In last month, we further enhanced our apparel platform with the acquisition of privately held Almost Famous, a designer and marketer of women's apparel. Almost Famous markets products in the wholesale channel under its own brands, primarily Almost Famous as well as private label brands for various retailers. It has also been the exclusive licensee for Madden NYC apparel since its launch in 2022 and has had outstanding success with that brand so far. Almost Famous' core expertise is in the junior apparel category and in value price distribution channels, making it a strong complement to our existing Steve Madden apparel business, which is focused on contemporary styling and is primarily distributed in department stores and e-commerce retailers. Our top priorities will be to use the Almost Famous platform to introduce Madden Girl apparel and to grow Madden NYC.

上個月，我們收購了私人企業「Almost Famous」（一家女裝設計師和行銷商），進一步增強了我們的服裝平台。 Almost Famous 在批發通路以自有品牌銷售產品，主要是Almost Famous 以及各零售商的自有品牌。自 Madden NYC 服裝於 2022 年推出以來，它也是該品牌的獨家授權商，迄今為止該品牌已取得了巨大成功。 Almost Famous 的核心專長是初級服裝類別和超值價格分銷管道，這使其成為我們現有的 Steve Madden 服裝業務的有力補充，該業務專注於現代造型，主要經銷於百貨公司和電子商務零售商。我們的首要任務是利用「Almost Famous」平台推出 Madden Girl 服裝並發展 Madden NYC。

This will enable us to implement in apparel, the strategy that has been so successful for us in footwear and accessories, which is to utilize the Steve Madden brand portfolio, including Steve Madden, Madden Girl and Madden NYC to reach customers in all tiers of distribution from premium channels down through mass. Almost Famous had revenue in the 12 months ended September 30, 2023, of approximately $163 million and acquisition was completed for $52 million in cash, subject to a working capital adjustment plus an earn-out provision based on future financial performance. We're extremely excited about the addition of Almost Famous, the capabilities it brings and the opportunities it creates to continue the expansion of our business outside of footwear.

這將使我們能夠在服裝領域實施我們在鞋類和配件領域非常成功的策略，即利用 Steve Madden 品牌組合（包括 Steve Madden、Madden Girl 和 Madden NYC）來接觸各級分銷的客戶從優質管道一直到大眾通路。截至 2023 年 9 月 30 日的 12 個月中，Almost Famous 的收入約為 1.63 億美元，收購以 5,200 萬美元現金完成，但須根據未來財務業績進行營運資本調整和盈利撥備。我們對「Almost Famous」的加入感到非常興奮，它所帶來的能力和它創造的機會將繼續擴展我們在鞋類以外的業務。

Our third key business driver is driving our direct-to-consumer business led by digital. In the third quarter, DTC revenue declined 2% versus the prior year period, a sequential improvement from the 5% decline we experienced in the second quarter. We also delivered a 250 basis point improvement in gross margin in DTC, enabling us to expand operating margins and drive higher EBIT than in the prior year period despite the revenue decline. And despite the pullback we've seen this year, it's important to note that our DTC business continues to be over 50% bigger than it was pre-COVID. On a trailing 12-month basis, DTC accounted for 26% of consolidated revenue, up from 18% in pre-COVID 2019.

我們的第三個關鍵業務驅動力是推動我們以數位化為主導的直接面向消費者的業務。第三季度，DTC 營收較去年同期下降 2%，較第二季下降 5% 有所改善。我們的 DTC 毛利率也提高了 250 個基點，使我們能夠在收入下降的情況下擴大營業利潤並推動息稅前利潤高於上年同期。儘管今年出現了下滑，但值得注意的是，我們的 DTC 業務仍然比新冠疫情爆發前增長了 50% 以上。在過去 12 個月的基礎上，DTC 佔合併收入的 26%，高於 2019 年新冠疫情之前的 18%。

And our fourth and final key driver is strengthening our core U.S. wholesale footwear business. As we have discussed on prior earnings calls, this business has been under significant pressure this year as our wholesale customers pulled back on orders across the board as they prioritize inventory control. But while we are still not all the way back to where we'd like to be, we saw a significant improvement in the third quarter. U.S. wholesale footwear revenue decreased 6% in the quarter, a 1,500 basis point improvement compared to the first half trend, and we expect to see sequential improvement again in the fourth quarter.

我們的第四個也是最後一個關鍵驅動力是加強我們的核心美國鞋類批發業務。正如我們在先前的財報電話會議上討論的那樣，該業務今年面臨著巨大的壓力，因為我們的批發客戶因優先考慮庫存控製而全面撤回了訂單。雖然我們還沒有完全回到我們想要的狀態，但我們在第三季看到了顯著的進步。本季美國鞋類批發收入下降 6%，與上半年趨勢相比改善了 1,500 個基點，我們預計第四季將再次出現季比改善。

So putting that all together, we are pleased with the progress we are making on our key strategic initiatives. And as we execute against our plan and focus on the long term, we are also cognizant of the challenging operating environment and disciplined in how we manage the business in the near term. In the third quarter, we won expanded gross margin for the fourth consecutive quarter with gross margin increases in both wholesale and DTC channels despite an increasingly promotional retail landscape; two, managed our inventory with discipline, reducing inventory by 16% at the end of Q3 compared to the prior year; and three, controlled expenses and drove cost efficiencies with operating expense dollars declining year-over-year for the second consecutive quarter, even as we continue to invest in product innovation, consumer engagement and our long-term growth initiatives.

因此，總而言之，我們對關鍵策略措施所取得的進展感到高興。當我們執行計劃並著眼於長期時，我們也認識到充滿挑戰的營運環境，並嚴格遵守短期內的業務管理方式。第三季度，儘管零售促銷活動日益增多，但我們的毛利率連續第四個季度擴大，批發和 DTC 管道的毛利率均有所增長；二是嚴格庫存管理，第三季末庫存比去年同期減少16%；第三，控制費用並提高成本效率，儘管我們繼續投資於產品創新、消費者參與和長期成長計劃，但營運費用連續第二季同比下降。

As we look ahead, this operating discipline will remain important because we continue to face a challenging macro environment. Trends across our industry softened beginning in September, which, combined with the impact of the crisis in the Middle East on our Israel and Middle East joint ventures leaves us incrementally more cautious on the near-term outlook.

展望未來，這種營運紀律仍然很重要，因為我們繼續面臨充滿挑戰的宏觀環境。從 9 月開始，整個產業的趨勢趨於疲軟，再加上中東危機對我們以色列和中東合資企業的影響，使我們對近期前景逐漸變得更加謹慎。

Looking out further, we remain confident that our core strengths, our people, brands and business model will enable us to deliver sustainable revenue and earnings growth over the long term.

展望未來，我們仍然相信，我們的核心優勢、我們的員工、品牌和商業模式將使我們能夠實現長期可持續的收入和獲利成長。

And finally, as we navigate these challenges and execute our strategic initiatives, we also continue to embrace the opportunity and the responsibility we have to create positive change for our people, planet and communities, and we seek to embed corporate social responsibility and sustainability in everything we do. In the third quarter, we published our 2022 sustainability report, which outlines the progress we have made on our Let's Get Real sustainability strategy and our goals going forward. You can find the report on the sustainability section of stevemadden.com, and I encourage you all to check it out.

最後，當我們應對這些挑戰並執行我們的策略性舉措時，我們也繼續擁抱為我們的人民、地球和社區創造積極變化的機會和責任，我們尋求將企業社會責任和永續發展融入一切之中我們的確是。第三季度，我們發布了 2022 年永續發展報告，概述了我們在 Let's Get Real 永續發展策略方面的進展以及我們的未來目標。您可以在 stevemadden.com 的可持續發展部分找到該報告，我鼓勵大家都查看一下。

And now I'll turn it over to Zine to review our third quarter financial results in more detail and provide our updated outlook for the year.

現在我將把它交給 Zine，更詳細地審查我們第三季的財務業績，並提供我們今年的最新展望。

Thanks, Ed, and good morning, everyone. Our consolidated revenue in the third quarter was $552.7 million, a 0.7% decrease compared to the third quarter of 2022. Our wholesale revenue was $433.5 million, down 0.3% compared to the same period in the prior year, a strong improvement compared to the 20% year-over-year decline we experienced in the first half. Wholesale Footwear revenue was $306.1 million, a 7.5% decrease from the third quarter of 2022. While wholesale customers remain cautious in their approach to orders, we are encouraged by the sequential improvement we are seeing in this business and expect to return to year-over-year revenue growth in the fourth quarter. Wholesale accessories and apparel revenue was $127.4 million, an increase of 22.7% compared to the same period last year, driven by the outstanding growth of Steve Madden handbags in both domestic and international markets.

謝謝艾德，大家早安。我們第三季的綜合收入為 5.527 億美元，比 2022 年第三季下降 0.7%。我們的批發收入為 4.335 億美元，比上年同期下降 0.3%，比 20 強有強勁改善上半年我們經歷的較去年同期下降百分比。鞋類批發收入為 3.061 億美元，較 2022 年第三季下降 7.5%。雖然批發客戶對訂單仍持謹慎態度，但我們對該業務的連續改善感到鼓舞，並預計將恢復到同比水平第四季度收入實現同比增長。批發配件及服裝收入為1.274億美元，較去年同期增長22.7%，受到Steve Madden手袋在國內和國際市場出色增長的推動。

In our direct-to-consumer segment, revenue was $116.4 million, decreasing 1.8% compared to the same period last year. Our brick-and-mortar business outperformed our e-commerce business and International outperformed the United States. We opened 13 new stores and closed 4 stores during the third quarter, all in international markets and in the quarter with 251 brick-and-mortar retail stores, including 71 outlets as well as 5 e-commerce websites and 22 company-operated concessions in international markets. In our licensing segment, royalty income was $2.9 million in the quarter compared to $3.5 million in Q3 last year.

在我們的直接面向消費者部門，營收為 1.164 億美元，比去年同期下降 1.8%。我們的實體業務表現優於電子商務業務，國際業務表現優於美國業務。第三季度，我們新開了13 家門市，關閉了4 家門市，全部位於國際市場，本季我們在全球擁有251 家實體零售店，其中包括71 家直營店以及5 個電子商務網站和22家公司經營的特許經營店。國際市場。在我們的授權部門，本季的特許權使用費收入為 290 萬美元，而去年第三季為 350 萬美元。

Turning to gross margin. Consolidated gross margin was 42.1% in the quarter, expanding 90 basis points from the third quarter of 2022 with margin improvement in both wholesale and DTC. Wholesale gross margin rose 60 basis points year-over-year to 35.9%, driven by improvement in the wholesale accessories and apparel business.

轉向毛利率。本季綜合毛利率為 42.1%，較 2022 年第三季擴大 90 個基點，批發和 DTC 利潤率均有所改善。受批發配件和服裝業務改善的推動，批發毛利率年增 60 個基點至 35.9%。

Direct-to-consumer gross margin was 63.7%, a 250 basis point improvement compared to the same period last year, driven by lower freight expense and a reduction in promotional activity. Operating expenses in the third quarter were $149.3 million, a 0.8% decrease compared to the third quarter of 2022, reflecting our ability to control costs while continuing to invest in marketing and our long-term growth initiatives.

由於運費下降和促銷活動減少，直接面向消費者的毛利率為 63.7%，較去年同期提高 250 個基點。第三季營運費用為 1.493 億美元，較 2022 年第三季下降 0.8%，反映了我們在繼續投資行銷和長期成長計畫的同時控製成本的能力。

Operating income for the quarter totaled $83.4 million or 15.1% of revenue, up from $79 million or 14.2% of revenue in the same period last year. We drove operating margin improvement in both wholesale and DTC channels. Our effective tax rate for the quarter was 22.8% compared to 22.9% in Q3 2022.

該季度營業收入總計 8,340 萬美元，佔營收的 15.1%，高於去年同期的 7,900 萬美元，佔營收的 14.2%。我們推動批發和 DTC 通路的營業利潤率提高。我們本季的有效稅率為 22.8%，而 2022 年第三季為 22.9%。

Finally, net income attributable to Steve Madden Limited for the quarter was $65.1 million or $0.88 per diluted share, up from $61.5 million or $0.79 per diluted share in the third quarter of 2022.

最後，本季歸屬於 Steve Madden Limited 的淨利潤為 6,510 萬美元，即稀釋後每股收益 0.88 美元，高於 2022 年第三季的 6,150 萬美元，即稀釋後每股收益 0.79 美元。

Moving to the balance sheet. Our financial foundation remains very strong. And as of September 30, 2023, we had $206.4 million of cash, cash equivalents and short-term investments and no debt. Inventory at the end of the quarter was $205.7 million compared to $244.3 million at the end of the third quarter in 2022, a reduction of 15.8%. Our CapEx in the quarter was $6.1 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 9 月 30 日，我們擁有 2.064 億美元的現金、現金等價物和短期投資，沒有債務。本季末的庫存為 2.057 億美元，比 2022 年第三季末的 2.443 億美元減少了 15.8%。本季我們的資本支出為 610 萬美元。

During the quarter, we spent $40 million on repurchases of the company's common stock, which includes shares acquired through the net settlement of employee stock awards, bringing the 2023 year-to-date spend to $104.2 million. Our Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on December 29, 2023, to stockholders of record as of the close of business on December 15, 2023.

本季度，我們花了 4,000 萬美元回購公司普通股，其中包括透過員工股票獎勵淨額結算獲得的股票，使 2023 年年初至今的支出達到 1.042 億美元。我們的董事會批准了每股 0.21 美元的季度現金股利。該股將於2023年12月29日支付給截至2023年12月15日營業結束時在冊的股東。

Turning to our full year outlook. We are updating our revenue and earnings per share guidance. We now expect revenue for 2023 will decrease approximately 7% compared to 2022 and now expect diluted EPS will be approximately $2.40. This updated guidance includes a contribution from the Almost Famous acquisition of approximately $30 million to $35 million in revenue and $0.01 to $0.02 in EPS. It also includes a negative impact related to the effect of the crisis in the Middle East on our Israel and Middle East joint ventures of approximately $8 million to $9 million in revenue and $0.03 in EPS.

轉向我們的全年展望。我們正在更新我們的收入和每股盈餘指引。我們現在預計 2023 年的收入將比 2022 年下降約 7%，目前預計稀釋後每股收益約為 2.40 美元。更新後的指引包括對Almost Famous 的收購貢獻的約3000 萬至3500 萬美元的收入和0.01 至0.02 美元的每股收益。它還包括與中東危機對我們的以色列和中東合資企業產生的約 800 萬至 900 萬美元收入和 0.03 美元每股收益的負面影響。

Now I would like to turn the call over to the operator for questions. Abigail?

現在我想將電話轉給接線員詢問問題。阿比蓋爾？

(Operator Instructions)

（操作員說明）

Our first question comes from Paul Lejuez with Citi.

我們的第一個問題來自花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. I guess can we just dig into 4Q guidance a little further now? It looks like you're growing the core business. Some of that is due to the Middle East and Israel JVs. But outside of that, can you just talk about where you're kind of lowering the core business outlook. It seems like wholesale is going to sequentially improve versus the fourth quarter. So just trying to figure out where we're seeing that. We'll start there. And I have another follow-up.

這是凱利替保羅發言。我想我們現在可以進一步深入研究第四季的指導嗎？看來您正在發展核心業務。其中部分原因是中東和以色列合資企業。但除此之外，您能談談您在哪些方面降低了核心業務前景嗎？與第四季相比，批發似乎將持續改善。所以只是想弄清楚我們在哪裡看到了這一點。我們將從這裡開始。我還有另一個後續行動。

Kelly. So essentially, we're taking -- if you back out the impact of almost famous as well as the impact from the crisis in the Middle East, we're basically going to the low end of both the revenue and the earnings guidance -- the previous revenue and earnings guidance. So revenue would be down about $8 million if you exclude those 2 impacts. And what's moving us towards that low end is a reduction in our forecast for DTC. Wholesale is pretty darn close to where it was before, but we have taken the DTC down based on this softening trend that you probably heard about from others that's really happened across the industry since September.

凱莉.因此，從本質上講，如果你排除幾乎著名的影響以及中東危機的影響，我們基本上將達到收入和盈利指導的低端——之前的收入和盈利指引。因此，如果排除這 2 個影響，收入將減少約 800 萬美元。導致我們走向低端的是我們對 DTC 預測的降低。批發市場與之前的水平非常接近，但我們根據這種疲軟趨勢取消了 DTC，您可能從其他人那裡聽說過自 9 月以來整個行業確實發生的情況。

I know you've talked a lot about the customer kind of showing up when there's reason to shop. So I guess taking all that into account that the health of the consumers and then maybe the fashion trends you're seeing out there, are you feeling optimistic that those trends could improve, or is there just not enough happening on the [munis] fashion side to make you more optimistic?

我知道您已經談過很多關於當有理由購物時顧客就會出現的問題。因此，我想考慮到消費者的健康狀況以及您所看到的時尚趨勢，您是否對這些趨勢可能改善感到樂觀，或者[市政]時尚方面發生的事情還不夠多一面讓你更加樂觀？

Well, I think that the point you raised is a good one that we have continued to see customers -- the shopping pattern is becoming more and more event-driven, and customers showing up on those holiday weekends, those promotional times, but then in between, the valleys have been a little deeper. So certainly, we're hopeful that as we move into this holiday period in Black Friday, Cyber Monday, et cetera, which is clearly the biggest event of the year that the customers will really show up. And so is it possible that we could do a little bit better than this, Yes. But essentially, what we've done to build this forecast is rule the recent trend forward through the end of the year.

嗯，我認為你提出的觀點是一個很好的觀點，我們繼續看到顧客——購物模式變得越來越由事件驅動，顧客出現在那些假日週末、那些促銷時間，但隨後在中間的山谷更深一些。因此，我們當然希望，當我們進入黑色星期五、網路星期一等節日時，這顯然是一年中最大的活動，客戶將真正出現。那麼我們是否可以做得比這更好一點，是的。但本質上，我們為建立這項預測所做的工作是控制今年年底的近期趨勢。

Just one more for me on the wholesale side. Your wholesale came in a little bit better than expected. Did you see retailers place orders? And are they -- how are they kind of feeling about taking any feedback? Is there a fashion out there that they're excited about? And how does that outlook look when we look to spring '24. Just how the wholesale partners are behaving?

批發方面再給我一個。你們的批發收入比預期好一些。您看到零售商下訂單了嗎？他們對於接受回饋有何感受？有沒有一種時尚讓他們興奮？當我們展望 24 年春天時，前景如何？批發合作夥伴的表現如何？

Yes. I think there is some new fashion. I do feel good about our product assortments were we're getting very good feedback from our wholesale customers about spring, we've been getting very good feedback about our spring assortments. But overall, the sentiment amongst the big wholesale customers remains quite cautious, and we still see a pretty conservative approach to order patterns.

是的。我認為有一些新的時尚。我確實對我們的產品種類感到滿意，因為我們從批發客戶那裡得到了關於春季的非常好的反饋，我們已經得到了關於我們的春季品種的非常好的反饋。但整體而言，大型批發客戶的情緒仍然相當謹慎，我們仍然認為訂單模式相當保守。

One moment for our next question -- our next question comes from Aubrey Tianello with BNP Paribas.

我們的下一個問題是由法國巴黎銀行的 Aubrey Tianello 提出的。

I wanted to touch on the Almost Famous acquisition, and why now was kind of the right time to do the deal. And going forward, how do you see the landscape for M&A opportunities from here? Can we see kind of a pickup in activity? And are you more focused on these type of platform acquisitions, or could brands be in the cards, too?

我想談談對「Almost Famous」的收購，以及為什麼現在是進行這筆交易的最佳時機。展望未來，您如何看待這裡的併購機會？我們能看到活動有所回升嗎？您是否更關注此類平台收購，或者品牌也可能參與其中？

Okay. Aubrey, thanks for the questions. So in terms of why now, look, we just feel pretty excited about the path that we're on in apparel, and we are excited about expanding our business in that category, expanding our platform and our capability in that category. We bought BB Dakota in 2019, which was our entree into apparel. We have since converted that to Steve Madden apparel as of fall of 2022. We feel very good about the path we're on there. And we felt it was time to expand the platform to add this capability that Almost Famous brings, which as a reminder, their expertise is in the trend-driven junior part of the market and in value price distribution channels, which, again, a very strong complement to what we do in Steve Madden apparel, which is contemporary styling and is primarily distributed in the premium channels like department stores, better department stores and pure play e-commerce retailers.

好的。奧布里，謝謝你的提問。因此，就為什麼現在而言，我們對我們在服裝領域所走的道路感到非常興奮，並且我們對擴大我們在該類別中的業務、擴大我們在該類別中的平台和能力感到興奮。我們於 2019 年收購了 BB Dakota，這是我們進軍服飾領域的主力。自 2022 年秋季起，我們已將其轉換為 Steve Madden 服裝。我們對目前的發展道路感到非常滿意。我們認為是時候擴展平台以添加“Almost Famous”帶來的這種功能了，提醒一下，他們的專業知識是市場趨勢驅動的初級部分和價值價格分銷渠道，這又是一個非常好的選擇。這對我們在Steve Madden 服裝領域所做的工作形成了強有力的補充，該服裝具有現代風格，主要在百貨公司、更好的百貨商店和​​純粹的電子商務零售商等高端渠道分銷。

So with this transaction, we now have a capability similar to what we have in shoes and accessories where we'll be able to sell into all tiers of distribution from premium down through mass. So we feel quite good about that strategy and are very excited about what we can do with this new capability. In terms of the overall landscape for M&A, I don't think there's any big update there. We're going to -- we obviously have the wherewithal to continue to do more. If we find the right transaction, we'll continue to keep our eyes and ears open. There's nothing else imminent, but we'll continue to look for the right transactions. And then as far as what they would be, yes, additional brands to add to the portfolio would be interesting. So on occasion, we like to buy capabilities and platforms, the way we did with all most famous, but if we found the right brand that we thought was complementary and that we could grow under our umbrella and then we would be interested in that as well.

因此，透過這筆交易，我們現在擁有了類似於鞋子和配件的能力，我們將能夠向從高端到大眾的所有分銷層次進行銷售。因此，我們對該策略感覺非常好，並且對我們可以利用這項新功能做什麼感到非常興奮。就併購的整體格局而言，我認為沒有什麼重大的更新。我們顯然有足夠的資金繼續做更多的事情。如果我們找到正確的交易，我們將繼續保持警惕。沒有其他迫在眉睫的事情，但我們將繼續尋找合適的交易。然後就它們而言，是的，添加到產品組合中的其他品牌將會很有趣。因此，有時，我們喜歡購買功能和平台，就像我們對所有最著名的品牌所做的那樣，但如果我們找到了我們認為是互補的正確品牌，並且我們可以在我們的保護傘下成長，那麼我們就會對此感興趣，因為出色地。

In the meantime, while we integrate Almost Famous, we'll continue, as always, to look at our international opportunities in international joint ventures in addition to what we normally do.

同時，在我們整合Almost Famous 的同時，除了我們通常所做的事情之外，我們將一如既往地繼續在國際合資企業中尋找國際機會。

Got it. And just as a follow-up, I think earlier this year, you called out some strength in your outlet business, wondering if you're starting to see any trade-down effect happening as the consumer environment softens a bit. And just how we should think about how you're positioned if the customer does start migrating down toward lower price points?

知道了。作為後續行動，我想今年早些時候，您強調了直銷業務的一些優勢，想知道隨著消費環境的稍微疲軟，您是否開始看到任何降價效應的發生。如果客戶確實開始轉向更低的價格點，我們應該如何考慮您的定位？

Yes. Well, with respect to our own brick-and-mortar retail business in the United States, we are seeing outlets significantly outperform full-price stores. Q3 and so far in Q4, we're looking at like more than 1,000 basis points better comp in outlet than in full-price stores. So I think that's definitely reflective of a customer that is focused on value. And look, we obviously operate one of the things we like about our business is where we're very well diversified by channel, and we operate in regular priced channels, we also operate in the more value-priced channels, and so we should be able to be able to go where the customer goes.

是的。就我們在美國的實體零售業務而言，我們發現專賣店的表現明顯優於全價商店。第三季和第四季到目前為止，我們認為奧特萊斯的銷售比全價商店的銷售要好 1,000 個基點以上。所以我認為這絕對反映了關注價值的客戶。看，我們顯然喜歡我們業務的一件事，那就是我們的管道非常多元化，我們在常規價格管道中運營，我們也在更有價值的價格管道中運營，所以我們應該能夠去到客戶去的地方。

Our next question comes from Tom Nikic with Wedbush.

我們的下一個問題來自韋德布希的湯姆·尼基奇。

Following up on Kelly's question earlier about DTC. And I believe you said you're more cautious on DTC now than you were 3 months ago. Can you give us any sort of, I guess, quantification or I guess, previously, you thought DTC would be up low single digits for the year. How should we think about it for Q4 or for the full year?

跟進凱利之前關於 DTC 的問題。我相信您說過您現在對 DTC 比 3 個月前更加謹慎。我猜你能給我們任何形式的量化嗎？我猜你之前認為今年 DTC 會出現較低的個位數成長。我們應該如何看待第四季或全年的情況？

Yes. Thank you, Tom. It's a good question. So that's right. We were -- our previous forecast, we have built in about a 1% increase in DTC for the year. And we've now lowered that to down close to 4.5% for the year. So the bridge from that 1 to that close to down 4.5%, you got about 150 basis point negative impact from the crisis in the Middle East and the impact that's had on our bricks and mortar stores on our DTC business rather in Israel, in our Israel JV and our Middle East JV. We've also got about a 50 basis point impact from non-comp stores, stores that we were planning to open that we have delayed the openings on. And then the balance are close to 350 basis points is due to a lower comp assumption because of the slowdown that we talked about starting in mostly -- starting really in September.

是的。謝謝你，湯姆。這是一個好問題。所以說是這樣的。我們先前的預測是，今年 DTC 成長約 1%。我們現在已將今年的成長率降低至接近 4.5%。因此，從 1 到接近下降 4.5% 的橋樑，中東危機對我們的實體店、我們的 DTC 業務（而不是以色列、我們的 DTC 業務）產生了約 150 個基點的負面影響。以色列合資企業和我們的中東合資企業。我們也受到非補償商店、我們計劃開設但已推遲開業的商店的約 50 個基點的影響。然後，餘額接近 350 個基點是由於較低的比較假設，因為我們談論的經濟放緩主要是從 9 月開始的。

Understood. And I'm not sure if you mentioned this earlier, but has there been any improvement in the DTC trend quarter-to-date or with the cooler weather or anything like that?

明白了。我不確定您之前是否提到過這一點，但本季至今 DTC 趨勢是否有任何改善，或天氣轉涼或類似情況？

No. Unfortunately, we talked about things slow in September. October was even weaker than September and November has really been in line with October.

不。不幸的是，我們在九月談論事情的速度很慢。 10 月甚至比 9 月還要弱，而 11 月確實與 10 月一致。

Our next question comes from Laura Champine with Loop.

我們的下一個問題來自 Laura Champine 和 Loop。

I wanted to ask about the private label slowdown that happened in Q2. Did you get catch-up sales from that in Q3, or was it just a return to normal wholesale volumes from private label customers in Q3?

我想問一下第二季發生的自有品牌放緩的情況。您是否從第三季度獲得了追趕銷售，或者這只是第三季度自有品牌客戶的正常批發量的恢復？

Laura, thank you. So I wouldn't say we had catch-up sales from Q2, but the private label did get much better in Q3, that's really a function of the comparisons from the prior year. So it was really Q3 of last year when we began to see that Steve slowdown in private label as the big customers there cut orders to try to get their inventories back in line. So we were anniversarying much easier numbers beginning in Q3. And that's why you saw that number get much -- that business gets much better on a year-over-year basis. We also did have between Q3 and Q4, a little bit of a shift from Q4 into Q3. So private label was up nicely in Q3. It will be down again in Q4, but for the back half, it will be up in total.

勞拉，謝謝你。因此，我不會說我們在第二季度的銷售額有所追趕，但自有品牌在第三季度確實取得了很大的進步，這實際上是與去年進行比較的函數。因此，實際上是去年第三季度，我們開始看到史蒂夫在自有品牌業務上放緩，因為那裡的大客戶削減了訂單，試圖讓庫存恢復正常。因此，我們從第三季開始慶祝更容易的數字。這就是為什麼你會看到這個數字變得很大——業務逐年變得更好。我們在第三季和第四季之間也確實有一些從第四季到第三季的轉變。因此，自有品牌在第三季表現良好。第四季會再次下降，但下半年整體會上升。

Understood. And then on the EPS guide towards the low end of your prior range, how much pricing are you giving. Otherwise, I think your gross margins be really strong in Q4.

明白了。然後，在每股收益指南上，向您之前範圍的低端方向，您給出的定價是多少。否則，我認為你們第四季的毛利率非常高。

We built in a little bit more -- we've assumed, particularly in DTC, that it is a very promotional fourth quarter here. I think from here on out, you're going to see a lot of promotions across the industry. So we've built a little bit of that into our guidance. But in wholesale, I don't really see us giving any price back. Any other color, Zine?

我們做了更多的準備——我們假設，特別是在 DTC 方面，這是一個非常促銷的第四季。我認為從現在開始，您將看到整個行業的大量促銷活動。因此，我們已將其中的一些內容納入我們的指導中。但在批發方面，我並沒有看到我們給予任何價格回饋。還有其他顏色嗎，Zine？

Yes. No. As far as Q4, I think we were very clear with the guide that $2.40 for EPS, I might as well tell you that the gross margin will also be somewhere around 42%. And if you look at the 42%, it's about 40 basis points or so lower than last year. And that's primarily driven -- we have a benefit from freight as we know, and we discussed it earlier for 100 basis points, and we have the offset of the mix of the business and mix means the penetration of DTC, penetration of private label and the addition of Almost Famous into the mix is 140 basis points the other way.

是的。不會。就第四季而言，我認為我們非常清楚 EPS 為 2.40 美元，我不妨告訴你，毛利率也將在 42% 左右。如果你看一下 42%，你會發現比去年低了約 40 個基點左右。這主要是由貨運帶來的好處，正如我們所知，我們之前討論過 100 個基點，我們有業務組合的抵消，組合意味著 DTC 的滲透、自有品牌的滲透和另一方面，將Almost Famous加到組合中則為140 個基點。

Our next question comes from Janine Stichter with BTIG.

我們的下一個問題來自 BTIG 的 Janine Stichter。

Wanted to dig a little bit more into the slowdown that you've seen in September and beyond, it's been pretty well documented across the industry. But would just love your thoughts on what you think is driving that. And then it sounds like you've definitely seen it in your retail business. Curious if you have any sense of what's happened in terms of sell-through that wholesale? And just your views on the inventory industry-wide, if any of the department stores have kind of been cut off guard by the slowdown and what inventory looks like in the channel?

想要更深入了解 9 月及以後所看到的經濟放緩，整個產業對此都有充分記錄。但我會喜歡你對你認為推動這個趨勢的想法。聽起來您肯定在零售業務中看到過這種情況。好奇您是否了解批發銷售方面發生了什麼事？您對整個行業庫存的看法是，是否有任何一家百貨公司因經濟放緩而措手不及？渠道中的庫存情況如何？

Sure. Yes, I think the first question was what's driving the slowdown. Look, I think there's a lot of macro data that we can point to about pressure on the consumer, whether it's credit card debt or continued inflation or resumption of student loan payments, et cetera. I can't tell you exactly what's driving what we're seeing, but I'm not sure that it matters. I think that what matters is it's happening, and we need to make sure that we manage our business accordingly. You asked about sell-throughs at wholesale. We have seen a similar impact in wholesale.

當然。是的，我認為第一個問題是什麼導致了經濟放緩。看，我認為有很多宏觀數據可以說明消費者面臨的壓力，無論是信用卡債務還是持續的通貨膨脹或恢復學生貸款支付等等。我無法確切地告訴你是什麼推動了我們所看到的，但我不確定這是否重要。我認為重要的是它正在發生，我們需要確保我們相應地管理我們的業務。您詢問了批發銷售情況。我們在批發領域也看到了類似的影響。

When we speak to our wholesale customers, I think on a relative basis, we're still doing well and better than our direct competitive set in terms of wholesale sell-throughs even over the last couple of months, but we have seen the rate slow down a bit.

當我們與批發客戶交談時，我認為相對而言，即使在過去的幾個月裡，我們在批發銷售方面仍然做得很好，而且比我們的直接競爭對手更好，但我們看到速度緩慢下降一點。

And then in terms of inventory in the channel, I think that generally speaking, I still don't think inventories are very out of whack in the channel, although there are certainly categories where there's probably too much inventory. I mean if you think about boots, for instance, I think the booty category has been weaker than expected, and there's probably some excess inventory building in the channel there.

然後就渠道中的庫存而言，我認為一般來說，我仍然不認為渠道中的庫存非常不正常，儘管肯定有一些類別的庫存可能過多。我的意思是，例如，如果您考慮靴子，我認為戰利品類別一直弱於預期，並且該頻道中可能存在一些過剩的庫存。

Our next question comes from Corey Tarlowe with Jefferies.

我們的下一個問題來自 Jefferies 的 Corey Tarlowe。

Just a follow-up on the Almost Famous acquisition. Could you talk a little bit about what you think the longer-term sales and margin opportunity for the acquisition could be as we think about the growth or the potential growth for that business ahead, and if it's perhaps ratable, what that could look like? And then also, you mentioned that you've controlled expenses, and you're driving some cost efficiencies, where are some other areas where you think you could fine-tune the business to further optimize costs ahead?

只是「幾乎成名」收購的後續行動。當我們考慮該業務未來的成長或潛在成長時，您能否談談您認為收購的長期銷售和利潤機會可能是什麼？如果它可能是可評級的，那會是什麼樣子？然後，您還提到您已經控制了費用，並且正在提高成本效率，您認為您可以在哪些其他領域對業務進行微調，以進一步優化未來的成本？

Sure. Thanks Corey. I'll take the first one, and then I'll turn it over to Zine to talk about expenses. So in terms of Almost Famous, as we disclosed, it's a little over $160 million business in revenue currently. In its most recent fiscal year, they had about a 7% operating margin. But we believe we see a pretty clear path to increasing that over time as we get the benefits of combination of our 2 companies. And so we think we can get that into the high singles and over time into the -- most likely into the low doubles in terms of operating margin. In terms of revenue growth, we do think that there are some pretty significant revenue synergies from combining with our company. I mentioned the introduction of Madden Girl apparel, for instance, is something we want to do. So not willing to quantify exactly how big I think this business can be at this very moment, but we certainly see significant revenue growth and operating margin opportunity in this business. Zine, do you want to address the operating expenses?

當然。謝謝科里。我會拿第一個，然後我會把它交給 Zine 來討論費用。因此，就《Almost Famous》而言，正如我們所揭露的，目前其業務收入略高於 1.6 億美元。在最近一個財年，他們的營業利潤率約為 7%。但我們相信，隨著時間的推移，隨著我們從兩家公司合併中獲益，我們看到了一條非常清晰的成長之路。因此，我們認為，就營業利潤率而言，我們可以將其納入高單打，並隨著時間的推移，最有可能進入低雙打。就收入成長而言，我們確實認為與我們公司合併會產生一些相當顯著的收入綜效。例如，我提到推出《Madden Girl》服裝就是我們想做的事情。因此，目前我不願意準確量化我認為這項業務的規模，但我們確實看到了這項業務的顯著收入成長和營業利潤機會。 Zine，你想解決營運費用問題嗎？

Sure. So for Q3, we came in at negative $0.8 against dollar from last year -- from the quarter last year. Obviously, as we said before, we continue to try and control the control goals in this choppy environment. And we put a lot of controls around specifically our supply chain, mainly our warehouses to make sure that we control those expenses. So that drove a big portion of the drop versus last year. And we also have variable expenses related specifically to retail and e-com, where we didn't do so well from a sales perspective, and those variable expenses came in favorable, and that was partially offset by our continued investment in marketing and innovation and IT.

當然。因此，就第三季而言，與去年同期相比，我們兌美元匯率為負 0.8 美元。顯然，正如我們之前所說，我們將繼續嘗試在這種動盪的環境中控制控制目標。我們對我們的供應鏈（主要是我們的倉庫）進行了許多控制，以確保我們控制這些費用。因此，與去年相比，這在很大程度上導致了下降。我們還有專門與零售和電子商務相關的可變費用，從銷售角度來看，我們在這方面做得不太好，而這些可變費用是有利的，這被我們對行銷和創新的持續投資所部分抵消。它。

So for Q4, just to give you a little bit of guidance there, we expect operating expenses to be up around 4%, and that is primarily due to the inclusion of Almost Famous into the base. Without almost Famous, we expect to be below a 1% increase in Q4. And as far as going forward, any initiatives that we may have, I just want to obviously remind you that we run very lean as a company, and we did some big cuts back in the COVID days. And we always try and not run with that in the company. But going forward, we're looking at many areas we're continuing to invest in our automation in some of our warehouses to reduce cost, and we look basically as we always do, enter every rock for any savings. But using technology and automation is a good thing that we're doing in our supply chain.

因此，對於第四季度，只是為了給您一點指導，我們預計營運費用將成長 4% 左右，這主要是由於將《幾近成名》納入基礎。如果沒有most Famous，我們預期第四季的增幅將低於1%。就未來而言，我們可能採取的任何舉措，我只是想明確提醒您，我們作為一家公司的運營非常精簡，並且在新冠疫情期間我們做了一些大幅削減。我們總是盡量避免在公司裡這樣做。但展望未來，我們正在考慮許多領域，我們將繼續投資一些倉庫的自動化，以降低成本，我們基本上像往常一樣，不遺餘力地節省成本。但使用技術和自動化是我們在供應鏈中所做的一件好事。

Our next question comes from Samuel Poser with Williams Trading.

我們的下一個問題來自威廉斯貿易公司的塞繆爾·波塞爾。

A lot of them have been answered. But I'd like to know, are you seeing a variance in your, let's say, sell-through rates or consumer appetite within -- with the Steve Madden brand within your wholesale accounts? How does that compare to what you're seeing with DTC?

其中很多已經得到解答。但我想知道，您是否發現您的批發帳戶中的 Steve Madden 品牌的銷售率或消費者偏好有差異？這與您在 DTC 中看到的情況相比如何？

Thanks, Sam. No, I really don't think there's a big -- I don't think there's any big distinction to call out at this very moment in terms of consumer demand across the channel, yes.

謝謝，山姆。不，我真的不認為就整個通路的消費者需求而言，目前沒有什麼大的區別，是的。

And -- but you did say that you felt like you were sort of maybe outperforming let's say, your peers are outperforming maybe how people are doing, other brands are doing within let's say, on the Macy's floor. But there's still a reticence from those wholesale accounts to write fill-ins for the best-selling stuff. Is that a fair statement?

而且--但你確實說過，你覺得自己的表現可能優於你的同行，也許人們的表現優於其他品牌，比如說梅西百貨的表現。但那些批發帳戶仍然不願意為最暢銷的產品填寫內容。這是一個公平的說法嗎？

It is accurate. Yes. We do feel that for the fall season, if you look at the folks that we compete with most directly, we feel that where our sell-throughs are better than theirs. That's the feedback that we're getting. It's not resulting in a ton of reorders given the overall environment. But I do think it bodes well for spring. We're getting pretty good feedback from our wholesale customers about how they're thinking about us for spring. I think they've got a conservative approach overall, but they've -- we're hearing from all the big folks that they're going to plan us better than they plan their overall department. And I think that's a function of, number one, the sell-through we're seeing right now relative to the competition; and number two, the strength of the spring product assortments.

這是準確的。是的。我們確實認為，在秋季，如果你看看那些與我們最直接競爭的人，我們會覺得我們的銷售量比他們更好。這就是我們收到的回饋。考慮到整體環境，它不會導致大量重新訂購。但我確實認為這對春天來說是個好兆頭。我們從批發客戶那裡得到了很好的回饋，了解他們對我們春季的看法。我認為他們總體上採取了保守的做法，但他們——我們從所有大人物那裡聽說，他們對我們的規劃將比他們對整個部門的規劃更好。我認為，第一，這是我們現在看到的相對於競爭對手的銷售量的函數；第二，彈簧產品種類的強度。

And 2 other things. One, do you think they're actually buying to the trend, or are they still buying sort of cautiously below it? And secondly, one of your larger accounts is a vendor managed program. Can you sort of talk to maybe the difference between the vendor managed program and the non-vendor managed program, and if you're making any headway in convincing the non-vendor manage programs to become vendor-managed programs?

還有另外兩件事。第一，您認為他們實際上是在順應趨勢買入，還是仍在謹慎地低於趨勢買入？其次，您的較大帳戶之一是供應商管理的程序。您能否談談供應商管理的程序和非供應商管理的程序之間的區別，以及您在說服非供應商管理的程序成為供應商管理的程序方面是否取得了任何進展？

So in terms of the overall approach to orders, it is still cautious. I would say it's still below what we view as underlying consumer demand. And so we're working with our wholesale customers to try to get that back in line. You mentioned vendor managed program with a big wholesale customer. Over the last -- if you even zoom out a little bit, look, over the last few years, that's been one of our most successful businesses, and we do think that's in part because of the influence that we've been able to have on what the assortments look like at that account. And so we're continually on a process of trying to work more closely with our key wholesale customers to make sure that we have the right goods in the right stores at the right time.

所以從整體的接單態度來看，還是謹慎的。我想說，它仍然低於我們認為的潛在消費者需求。因此，我們正在與批發客戶合作，努力使其恢復正常。您提到了與大批發客戶的供應商管理計畫。在過去 - 如果你稍微縮小一點，看看，在過去的幾年裡，這是我們最成功的業務之一，我們確實認為這部分是因為我們能夠擁有的影響力該帳戶中的分類是什麼樣的。因此，我們不斷努力與我們的主要批發客戶進行更密切的合作，以確保我們在正確的時間在正確的商店中提供正確的商品。

Lastly, can you tell me the variance between, let's say, that vendor managed programs business, from an increase, the variance between that and the non-vendor managed program?

最後，您能告訴我供應商管理程序業務與非供應商管理程序業務之間的差異嗎？

No, I cannot.

不，我不能。

So you could, but you won't, but I appreciate it. Thank you.

所以你可以，但你不會，但我很感激。謝謝。

There you go. I won't. Good try, as always, thanks.

就這樣吧。我不會。一如既往的好嘗試，謝謝。

(Operator Instructions)

（操作員說明）

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。

Can I just ask for an update on the handbag and apparel parts of the business like the BB Dakota business? How have you seen those trends in the quarter? Are they different from what you're seeing in footwear?

我可以詢問 BB Dakota 業務等手袋和服裝業務的最新情況嗎？您如何看待本季的這些趨勢？它們與您在鞋類中看到的有什麼不同嗎？

Yes. Thank you, Jay. So I'll start with handbags because that's just a fantastic story. You heard about it in the prepared remarks, but Steve Madden handbag has just been on this incredible growth journey. We've been -- this is something that goes back years now that we've been really investing in this area, and we've been seeing strong growth in this business, double-digit growth year after year now for several years. And the business continues to have incredible momentum. I think we called it out Steve Madden's handbags is up over 50% overall in Q3, 46% in wholesale and 90% in our own direct-to-consumer channels.

是的。謝謝你，傑伊。所以我將從手袋開始，因為那隻是一個奇妙的故事。您在準備好的演講中聽說過這一點，但 Steve Madden 手提包剛剛踏上了這段令人難以置信的成長之旅。我們一直在——這可以追溯到幾年前，我們一直在這個領域進行真正的投資，而且我們已經看到這個業務的強勁增長，幾年來年復一年的兩位數增長。而且該業務繼續保持著令人難以置信的勢頭。我想我們已經指出了這一點，Steve Madden 的手袋在第三季度整體增長了 50% 以上，批發增長了 46%，我們自己的直接面向消費者的渠道增長了 90%。

And so we're just really excited about the momentum that we have there. For us, it all starts with product and just very proud of the -- of all the work the team has done. I think the bags are better than they've ever been. They're on trend, the detailing the materials, everything has just been right, and they've done a great job, and that's driven the growth in wholesale and DTC, as I mentioned, but also in domestic and international markets. And that Steve Madden handbag business has become a significant business for us. Now I think it's going to -- it will be close to $225 million in 2023.

因此，我們對我們在那裡的勢頭感到非常興奮。對我們來說，這一切都始於產品，並且對團隊所做的所有工作感到非常自豪。我認為這些包比以往任何時候都好。他們緊跟著潮流，注重材料細節，一切都恰到好處，他們做得很好，正如我所提到的，這推動了批發和 DTC 的成長，也推動了國內和國際市場的成長。 Steve Madden 手提包業務已成為我們的重要業務。現在我認為到 2023 年它將接近 2.25 億美元。

So meaningful business and very strong growth over the last several years. That's just Steve Madden. If you add in our other handbag businesses, Anne Klein, Betsey, private label, that's another $100 million or so. And then in terms of apparel, again, we talked about that fall of last year was the first season of Steve Madden apparel. And we continue to refine the product assortment there. And we really feel that this is -- this fall is the best assortment that we've had, and we're really pleased with the sell-throughs we're seeing there. We're outperforming our key competitors in our top accounts and talking about our better department stores, whether it's Bloomingdale's, Dillard, et cetera. We're very pleased with what we're seeing. And as I mentioned, based on the success that we're having, we are expecting door growth, and we're also expecting to get significantly expanded assortments in a lot of those better department stores and some of the pure-play e-commerce retailers you know, REVOLVE, et cetera. So really a positive story there.

過去幾年的業務非常有意義，成長非常強勁。這就是史蒂夫馬登。如果算上我們的其他手袋業務，例如 Anne Klein、Betsey、自有品牌，那麼還需要約 1 億美元。然後在服裝方面，我們再次談到去年秋天是 Steve Madden 服裝的第一季。我們繼續完善那裡的產品種類。我們真的覺得這是——今年秋天是我們擁有的最好的品種，我們對在那裡看到的銷售非常滿意。我們在頂級客戶方面的表現優於我們的主要競爭對手，並談論我們更好的百貨公司，無論是布魯明代爾百貨公司、迪拉德百貨公司等等。我們對所看到的感到非常滿意。正如我所提到的，基於我們所取得的成功，我們預計門市數量將會增長，並且我們還預計在許多更好的百貨公司和一些純電子商務中獲得顯著擴大的品種您知道的零售商，REVOLVE 等等。這確實是一個正面的故事。

That concludes the question-and-answer session. At this time, I would like to turn the call back to Ed Rosenfeld for closing remarks.

問答環節到此結束。此時，我想將電話轉回給艾德‧羅森菲爾德（Ed Rosenfeld），讓其致閉幕詞。

Great. Well, thank you so much for joining us this morning. Have a great holiday season, and we look forward to speaking with you on the next call. Have a great day.

偉大的。非常感謝您今天早上加入我們。祝您假期愉快，我們期待在下次通話中與您交談。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。