Steven Madden Ltd (SHOO) 2024 Q2 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Q2 2024 Steven Madden Limited earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Steven Madden Limited 2024 年第二季財報電話會議。 （操作員指示）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, Vice President 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, Tanya. And good morning, everyone. Thank you for joining our second-quarter 2024 earnings call and webcast.

謝謝，塔妮亞。大家早安。感謝您參加我們的 2024 年第二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 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.

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陳述的義務，這些前瞻性陳述可能要到我們下一次季度財報電話會議才會更新（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，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？

All right. Well thanks, Danielle. And good morning, everyone. And thank you for joining us to review Steve Madden's second-quarter 2024 earnings.

好的。好吧，謝謝，丹妮爾。大家早安。感謝您與我們一起回顧 Steve Madden 的 2024 年第二季財報。

We delivered strong results in the second quarter with revenue increasing 18% and adjusted diluted EPS rising 23% compared to the same period in 2023. This performance was driven by exceptional growth in the accessories and apparel categories and robust gains in international markets and direct-to-consumer channels, demonstrating our team's ongoing execution of our strategy for long-term growth and value creation. The foundation of that strategy is creating deeper connections with our consumers through the combination of outstanding product and effective marketing, thereby enabling our success with our four key business drivers.

我們在第二季度取得了強勁的業績，與2023 年同期相比，營收成長了18%，調整後稀釋後每股收益成長了23%。以及國際市場和直接銷售的強勁成長。該策略的基礎是透過卓越的產品和有效的行銷相結合，與消費者建立更深入的聯繫，從而使我們的四個關鍵業務驅動力取得成功。

Our first key driver and what we continue to view as our largest long-term growth opportunity is expanding our business in international markets. Revenue in international grew 13% in the second quarter compared to the same period in the prior year, and we are on track to achieve mid-teens percentage revenue growth for the full year. The EMEA region continues to be the biggest driver of growth. We expect EMEA revenue to be up more than 20% in 2024.

我們的第一個關鍵驅動力以及我們仍然認為最大的長期成長機會是擴大我們在國際市場的業務。第二季度國際業務收入與去年同期相比成長了 13%，我們預計將實現全年中雙位數的收入成長。歐洲、中東和非洲地區仍然是最大的成長動力。我們預計 2024 年 EMEA 營收將成長 20% 以上。

In Europe, we continue to outperform the competition and take share in a challenging retail market. We also converted our distributor business in Southeastern Europe, including Serbia and Croatia to a joint venture with our partner fashion company in the second quarter. In May, we opened a new store in Galerija Belgrade, the largest and most important mall in the region, and we now operate four Steve Madden stores through the UJV.

在歐洲，我們繼續超越競爭對手，並在充滿挑戰的零售市場中佔有份額。我們也在第二季將我們在東南亞（包括塞爾維亞和克羅埃西亞）的經銷商業務轉變為與合作夥伴時裝公司的合資企業。 5 月份，我們在貝爾格萊德畫廊（該地區最大、最重要的購物中心）開設了一家新店，現在我們透過 UJV 經營四家 Steve Madden 商店。

We are also gaining traction with our new joint venture in the Middle East and expect to end the year with 35 stores in that region, up from 27 at the start of the year. And our JV in South Africa continues to drive exceptional brand heat and outstanding growth on the top and bottom lines.

我們在中東的新合資企業也獲得了關注，預計到今年年底，該地區將擁有 35 家門市，而年初的數量為 27 家。我們在南非的合資企業繼續推動卓越的品牌熱度以及營收和利潤的出色成長。

In our Americas region, we've seen a nice rebound in Canada after a tough 2023, driven by strong growth in direct-to-consumer channels. And in Mexico, where we have built Steve Madden into a clear leader in the market, our strong momentum continues. We are on pace for another year of double-digit percentage revenue growth there. We also converted our distributor for certain countries in Latin America to the joint venture model in the second quarter. This JV covers Central America, Ecuador, Colombia, the Dominican Republic, Paraguay, and Bolivia and currently operates 10 Steve Madden stores.

在美洲地區，我們看到加拿大在經歷了艱難的 2023 年後，在直接面向消費者管道強勁增長的推動下出現了良好的反彈。在墨西哥，我們已將 Steve Madden 打造成明顯的市場領導者，我們的強勁勢頭仍在繼續。我們預計在新的一年實現兩位數的收入成長。我們也在第二季將拉丁美洲某些國家的經銷商轉變為合資模式。該合資企業涵蓋中美洲、厄瓜多、哥倫比亞、多明尼加共和國、巴拉圭和玻利維亞，目前經營 10 家 Steve Madden 商店。

Our second key business driver is growing our business outside of footwear. In the second quarter, overall accessories and apparel revenue rose 74% or 27% excluding the newly acquired Almost Famous business. Our Steve Madden handbag business remains a standout with revenue increasing more than 30% in the quarter compared to the same period of the prior year. We continue to see success with structured mini satchels and crossbodies as well as on-trend materials like denim and quilting.

我們的第二個關鍵業務驅動力是發展鞋類以外的業務。第二季度，配件和服裝整體收入成長 74% 或 27%（不包括新收購的Almost Famous 業務）。我們的 Steve Madden 手袋業務仍然表現出色，本季營收與去年同期相比成長了 30% 以上。我們繼續看到結構化迷你挎包和斜挎包以及牛仔布和絎縫等流行材料的成功。

We are also making strong progress in building our Steve Madden Apparel business. Steve Madden Apparel revenue grew nearly 80% in the quarter. And importantly, overall sell-through performance for spring was strong, making us the leading brand in our department for the season in a number of our largest wholesale accounts. Based on this performance, we are positioned for a significant door expansion and expanded assortments within existing doors for Steve Madden Apparel as we look to 2025.

我們在打造 Steve Madden 服裝業務方面也取得了巨大進展。 Steve Madden Apparel 本季營收成長了近 80%。重要的是，春季的整體銷售表現強勁，使我們成為本季許多最大批發客戶中我們部門的領先品牌。基於這項業績，我們預計到 2025 年，Steve Madden Apparel 將大幅擴張門市並擴大現有門市的品種。

Turning to Almost Famous. Our new acquisition contributed $45 million in revenue in the quarter. The introduction of Madden Girl apparel through the Almost Famous platform is progressing nicely. After a successful launch at Macy's in Q1, we added Kohl's for back-to-school, and we'll be expanding to a number of additional retailers for fall. Madden NYC Apparel also continues to see robust sell-through performance and a strong increase in orders compared to the prior year.

轉向幾乎成名。我們的新收購在本季度貢獻了 4500 萬美元的收入。透過「Almost Famous」平台推出《Madden Girl》服裝進展順利。繼第一季在梅西百貨成功推出後，我們又在返校季增加了 Kohl's 商品，並將在秋季擴展到更多零售商。與前一年相比，Madden NYC Apparel 也持續保持強勁的銷售業績和訂單強勁成長。

Our third key business driver is expanding our direct-to-consumer business, led by digital. DTC revenue grew 6% in the second quarter, including a 4% increase on a comp basis, and we remain on track to achieve our plan of high single-digit growth in DTC for the year. We also drove gross margin expansion in DTC for the second consecutive quarter as our strong product assortments and disciplined inventory management enabled us to reduce promotional activity despite the challenging retail environment.

我們的第三個關鍵業務驅動力是擴大以數位化為主導的直接面向消費者的業務。第二季 DTC 營收成長 6%，其中年增 4%，我們仍有望實現今年 DTC 高個位數成長的計畫。我們也連續第二季推動了 DTC 毛利率的成長，因為我們強大的產品種類和嚴格的庫存管理使我們能夠在零售環境充滿挑戰的情況下減少促銷活動。

Finally, our fourth key business driver is strengthening our core US wholesale footwear business. Revenue in this business rose 2% in the quarter. Our private label business saw another quarter of strong growth, but this was partially offset by a decline in the branded business as many of our largest wholesale customers continue to take a cautious approach to orders. While this business remains important for us, our strong overall results, despite a muted performance in the US wholesale footwear business demonstrate the progress and impact of our efforts to diversify our business over the last several years and reduce our reliance on wholesale footwear in the US.

最後，我們的第四個關鍵業務驅動力是加強我們的核心美國鞋類批發業務。本季該業務的營收成長了 2%。我們的自有品牌業務又實現了一個季度的強勁成長，但這部分被品牌業務的下滑所抵消，因為我們許多最大的批發客戶繼續對訂單採取謹慎態度。儘管這項業務對我們仍然很重要，但儘管美國批發鞋類業務表現不佳，但我們強勁的整體業績證明了我們在過去幾年中努力實現業務多元化並減少對美國批發鞋類業務的依賴所取得的進展和影響。

In pre-COVID 2019, US wholesale footwear revenue -- excuse me, represented 55% of our consolidated revenue. This year, we expect that business to make up less than 40% of our overall business as we have shifted our business mix to include a meaningfully higher penetration of revenue in international markets, accessories and apparel categories and direct-to-consumer channels. So overall, our strong performance in the second quarter demonstrates the soundness of our strategy and our team's disciplined execution of that strategy.

抱歉，在 2019 年新冠疫情爆發之前，美國鞋類批發收入占我們合併收入的 55%。今年，我們預計該業務將占我們整體業務的 40% 以下，因為我們已經調整了業務組合，大幅提高了國際市場、配件和服裝類別以及直接面向消費者管道的收入滲透率。因此，總的來說，我們第二季度的強勁表現證明了我們策略的健全性以及我們團隊對該策略的嚴格執行。

Looking ahead to the balance of the year, while the operating environment remains choppy, we are on track to meet our financial goals for 2024. And looking out further, we remain confident that the continued execution of our strategy will enable us to drive sustainable, profitable growth and significant value for our stakeholders over the long term.

展望今年剩餘時間，儘管經營環境依然動盪，但我們有望實現 2024 年的財務目標。利害關係人帶來獲利成長和重大價值。

And now, I'll turn it over to Zine to review our second quarter financial results in more detail and provide our outlook for 2024.

現在，我將把它交給 Zine，更詳細地回顧我們第二季的財務業績，並提供我們對 2024 年的展望。

Thanks, Ed. And good morning, everyone.

謝謝，艾德。大家早安。

In the second quarter, our consolidated revenue was $523.6 million, a 17.6% increase compared to the second quarter of 2023. Excluding Almost Famous, consolidated revenue grew 7.5% compared to the same period in the prior year.

第二季度，我們的綜合收入為 5.236 億美元，較 2023 年第二季度增長 17.6%。

Our wholesale revenue was $385.3 million, up 22.5% compared to the second quarter of 2023. Excluding Almost Famous, wholesale revenue increased 8.2% compared to the same period in the prior year. Wholesale footwear revenue was $237 million, a 0.9% increase from the comparable period in 2023 with strong growth in the private label business, partially offset by softness in the branded business. Wholesale accessories and apparel revenue was $148.3 million, up 86% to the second quarter last year or 29.8% excluding Almost Famous. Both our Steve Madden handbag and apparel businesses had outstanding growth compared to the same period last year.

我們的批發收入為 3.853 億美元，比 2023 年第二季成長 22.5%。批發鞋類營收為 2.37 億美元，較 2023 年同期成長 0.9%，自有品牌業務強勁成長，但部分被品牌業務疲軟所抵銷。配件和服裝批發收入為 1.483 億美元，比去年第二季成長 86%，不包括「Almost Famous」則成長 29.8%。我們的 Steve Madden 手袋和服裝業務與去年同期相比都有顯著的成長。

In our direct-to-consumer segment, revenue was $136.4 million, a 6.4% increase compared to the second quarter of 2023, including a strong gain in brick-and-mortar and a more modest increase in e-commerce. We ended the quarter with 273 company-operated brick-and-mortar retail stores, including 68 outlets, five e-commerce websites, and 27 company-operated concessions in international markets.

在我們的直接面向消費者細分市場中，營收為 1.364 億美元，與 2023 年第二季相比成長 6.4%，其中實體店營收強勁成長，而電子商務營收成長較為溫和。截至本季末，我們擁有 273 家公司經營的實體零售店，其中包括 68 家直營店、5 個電子商務網站以及國際市場上 27 家公司經營的特許經營店。

Turning to our licensing segment. Our licensing royalty income was $1.8 million in the quarter compared to $2.5 million in the second quarter of 2023.

轉向我們的許可部分。本季我們的授權使用費收入為 180 萬美元，而 2023 年第二季為 250 萬美元。

Consolidated gross margin was 41.5% in the quarter versus 42.6% in the comparable period of 2023. Excluding Almost Famous, consolidated gross margin increased 10 basis points year-over-year.

本季綜合毛利率為 41.5%，而 2023 年同期為 42.6%。

Wholesale gross margin was 33.1% compared to 33.6% in the second quarter of 2023. And excluding Almost Famous, wholesale gross margin was also up 10 basis points year-over-year.

批發毛利率為 33.1%，而 2023 年第二季為 33.6%。 不包括《Almost Famous》，批發毛利率也較去年同期成長 10 個基點。

Direct-to-consumer gross margin was 64.3%, up 60 basis points from the comparable period in 2023, driven by a reduction in promotional activity.

由於促銷活動減少，直接面向消費者的毛利率為 64.3%，較 2023 年同期成長 60 個基點。

Operating expenses as a percentage of revenue was 31.1%, down from 32.6% in the second quarter of 2023. Operating income for the quarter was $54.5 million or 10.4% of revenue, up from $44.5 million or 10% of revenue in the comparable period in the prior year.

營運費用佔收入的百分比為31.1%，低於2023 年第二季的32.6%。 %。

The effective tax rate for the quarter was 23.4% compared to 23.8% in the second quarter of 2023.

本季的有效稅率為 23.4%，而 2023 年第二季的有效稅率為 23.8%。

Finally, net income attributable to Steve Madden Limited for the quarter was $41.2 million or $0.57 per diluted share compared to $34.9 million or $0.47 per diluted share in the second quarter of 2023.

最後，本季歸屬於Steve Madden Limited 的淨利潤為4,120 萬美元，即稀釋後每股收益0.57 美元，而2023 年第二季歸屬於Steve Madden Limited 的淨利潤為3,490 萬美元，即稀釋後每股收益0.47 美元。

Moving to the balance sheet. Our financial foundation remains strong. As of June 30, 2024, we had $192.2 million of cash, cash equivalents and short-term investments and no debt. Inventory at the end of the quarter was $241.6 million, up 16.3% to the prior year, and our CapEx in the second quarter was $5.3 million.

轉向資產負債表。我們的財務基礎依然強勁。截至 2024 年 6 月 30 日，我們擁有 1.922 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 2.416 億美元，比上年同期成長 16.3%，第二季的資本支出為 530 萬美元。

During the second quarter, the company spent $38.2 million on repurchases of its common stock, including shares acquired through the net settlement of employees stock awards. The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on September 23, 2024, to stockholders of record as of the close of business on September 13, 2024.

第二季度，該公司花了 3,820 萬美元回購普通股，其中包括透過員工股票獎勵淨額結算購買的股票。公司董事會批准了每股 0.21 美元的季度現金股利。該股將於2024年9月23日支付給截至2024年9月13日收盤時在冊的股東。

Turning to our outlook. We are maintaining our annual guidance. We continue to expect revenue for 2024 to increase 11% to 13% compared to 2023. And we continue to expect diluted EPS to be in the range of $2.55 to $2.65.

轉向我們的展望。我們維持年度指導。我們仍預期 2024 年的營收將比 2023 年成長 11% 至 13%。 我們仍預期稀釋後每股盈餘將在 2.55 美元至 2.65 美元之間。

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

現在，我想將電話轉給接線員詢問問題。坦妮亞？

(Operator Instructions) Aubrey Tianello, BNP Paribas.

（操作員說明）Aubrey Tianello，法國巴黎銀行。

Hey. Good morning. Thanks for taking the questions. Can you hear me okay?

嘿。早安.感謝您提出問題。你聽得到我說話嗎？

Yes. Good morning.

是的。早安.

Great. Thanks so much. I wanted to start out with the 11% to 13% revenue growth guidance for the year. Just curious whether there are any changes to the composition of that guide from a segment perspective or from what you're expecting from Almost Famous?

偉大的。非常感謝。我想從今年 11% 到 13% 的收入成長指導開始。只是好奇從細分的角度或從您對《幾近成名》的期望來看，該指南的構成是否有任何變化？

No, really in the same place as we were before. So still low to mid-singles in wholesale, high singles in DTC. And if we exclude Almost Famous overall, it's still mid-singles, so really in the same place.

不，確實和我們之前在同一個地方。因此，批發中的單曲仍為中低檔，DTC 中的單曲仍為高單曲。如果我們排除《Almost Famous》，它仍然是中單曲，所以實際上處於同一個位置。

Perfect. And then on the accessories and apparel side, I think next quarter, you start lapping some of the really strong growth in the handbags category. How should we think about the organic growth rate in the accessories and apparel segment, going forward, into the back half of the year?

完美的。然後在配件和服裝方面，我認為下個季度，手袋類別將開始出現一些真正強勁的成長。我們該如何看待今年下半年配件和服裝領域的有機成長率？

Yeah, that's right. We do start to lap much tougher comparison. So we have built into the guidance a slowdown in that business. In fact, in the back half, excluding Almost Famous, the guidance assumes kind of low singles wholesale accessories and apparel. I do think, given the momentum that if you're looking for sources of potential upside that could be one, but that's how we built the forecast.

是的，沒錯。我們確實開始進行更嚴格的比較。因此，我們在指導中納入了該業務的放緩。事實上，在後半部分，除了“Almost Famous”之外，該指導假設的是低單品批發配件和服裝。我確實認為，考慮到如果你正在尋找潛在上漲來源的勢頭，這可能是其中之一，但這就是我們建立預測的方式。

Got it. Very clear. Thank you.

知道了。非常清楚。謝謝。

Thanks, Aubrey,

謝謝，奧布里，

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Hi. Thanks. Good morning. Thanks for taking my questions, everybody. What is the apples-to-apples store count? Because you said that you -- your business is up 60%, but you were up 4%. I'm just a little confused, because it looked like your store count is significantly up, and I'm trying to figure out sort of a comp and so on, on your DTC?

你好。謝謝。早安.謝謝大家回答我的問題。同類商店數量是多少？因為你說你的業務成長了 60%，但你成長了 4%。我只是有點困惑，因為看起來您的商店數量顯著增加，而我正在嘗試在您的 DTC 上找出某種補償等？

So we had 273 stores at the end of this Q2. A year ago, we had 242. But keep in mind, we opened -- we added 14 stores through those new JVs that came on at the tail-end of the year -- tail end of the second quarter and didn't contribute much revenue in the quarter. So again, if you're looking at comp versus total, the comp was 4% or 4.1% to be exact. And the overall revenue growth in DTC was 6.4%.

截至第二季末，我們擁有 273 家商店。一年前，我們有 242 家。所以，如果你比較一下比較與總體，準確地說，比較是 4% 或 4.1%。 DTC整體營收成長6.4%。

And then, how much of that was driven by -- and how does that -- when you look at the comp and the breakdown of that between e-commerce, full-line stores, and outlets? I mean, how do we think about that?

然後，當你查看電子商務、全線商店和直銷店之間的比較和細分時，其中有多少是由——以及如何驅動的？我的意思是，我們如何看待這個問題？

So brick-and-mortar comp was 7% in the quarter. Digital was 1%. And then, if you're looking in the US at outlets versus full price, outlet was still performed better than full price, although that gap has narrowed significantly. Now, there was a period there where we were running -- outlet was running 1,000 basis points or more higher comp than full price. There was only about a 300 basis points difference this time.

因此，本季實體店的利潤率為 7%。數字為1%。然後，如果你在美國比較奧特萊斯與全價，奧特萊斯的表現仍然好於全價，儘管差距已顯著縮小。現在，有一段時間我們的價格比全價高 1,000 個基點或更高。這次只有大約300個基點的差異。

Okay. Thank you. And then, secondly, on the branded footwear business, how do you keep the Steve Madden all this apparel going with -- like how do you intend to get the Steve Madden and Dolce Vita and sort of the better brand businesses turned given the, say, the cautiousness of your largest -- your larger customers these days?

好的。謝謝。其次，在品牌鞋類業務上，你如何讓 Steve Madden 的所有這些服裝繼續發展——比如你打算如何讓 Steve Madden 和 Dolce Vita 以及更好的品牌業務轉向，比如，你現在最大的——你的大客戶的謹慎態度？

Yeah. Look, it certainly has been a challenging environment in that US branded wholesale footwear channel. And to your point, our customers have taken a pretty cautious approach. But I think what we need to do is focus on -- and what we are doing is just focusing on what we can control, and that's delivering the right product that resonates with consumers. And we think we're doing that. We feel very good about our product assortments.

是的。看，美國品牌鞋類批發通路的環境確實充滿挑戰。就您而言，我們的客戶採取了相當謹慎的態度。但我認為我們需要做的是專注於我們正在做的事情只是專注於我們可以控制的事情，那就是提供能引起消費者共鳴的正確產品。我們認為我們正在這樣做。我們對我們的產品種類感覺非常好。

The most recent market week that I think you attended Sam, in June, The Shoe Show, the reaction to our collections from the wholesale customers was very, very strong. We feel we've got an equally impressive collection to show next week. And we're just going to keep delivering the right products. And history tells us that when we do that, eventually, we'll see that in the numbers in the wholesale channel.

我想您最近參加了六月的 Sam 鞋展市場週，批發客戶對我們系列的反應非常非常強烈。我們認為下週我們將展示同樣令人印象深刻的系列。我們將繼續提供正確的產品。歷史告訴我們，當我們這樣做時，最終我們會在批發管道的數字中看到這一點。

Thank you very much.

非常感謝。

Thanks, Sam.

謝謝，山姆。

Tom Nikic, Wedbush Securities.

韋德布希證券公司的湯姆‧尼基奇 (Tom Nikic)。

Hi. Good morning, guys. Thanks for taking my question. I'd like to ask on gross margins, Zine, I think at the start of the year, you were talking about gross margins being down 70 basis points. Obviously, it's been worse than that in the first half, largely due to the Almost Famous mix. Like should we still think about gross margins for the year is down 70%?

你好。早安，夥計們。感謝您提出我的問題。我想問毛利率，Zine，我想在今年年初，你談到毛利率下降了 70 個基點。顯然，情況比上半場更糟糕，這很大程度上是由於幾乎成名的組合。例如我們是否還應該考慮今年的毛利率下降了 70%？

Yes. We're still maintaining that 41.4% gross margin, down 70%, and the impact, as you know, coming from Almost Famous is driving that margin down.

是的。我們仍然維持 41.4% 的毛利率，下降了 70%，而正如您所知，來自《幾近成名》的影響正在導致毛利率下降。

Got it. All right. And then if I could follow up on Sam's question about the branded footwear. I think obviously, it's been a tough environment. I guess like, in your view, Ed, like what are inventory levels in the channel, like are the wholesale partners lean but still nervous, like do you feel like maybe they've got more clearance inventory than they want? I guess, just -- is it just like kind of general macro fear that's causing the caution there just, I guess, kind of help us understand like why it's so slow to recover and even against pretty big declines from a year ago? You're still seeing pressure there?

知道了。好的。然後我能否跟進 Sam 關於品牌鞋類的問題。我認為顯然，這是一個艱難的環境。我想，埃德，在您看來，渠道中的庫存水平是多少，批發合作夥伴是否精簡但仍然緊張，您是否覺得他們的清倉庫存比他們想要的多？我想，這是否就像普遍的宏觀恐懼一樣，導致了人們的謹慎，我想，這有助於我們理解為什麼復甦如此緩慢，甚至與一年前相比出現了相當大的下滑？你還覺得那裡有壓力嗎？

Yes. It's a good question. I do not think at this point that it's an issue with a lot of excess inventory in the channel. I think that overall, the inventories in the channel are reasonably well controlled. Obviously, I'm sure they are in categories where certain retailers have more inventory than they'd like. But if you look at overall inventory levels, they appear to be in line. Our inventory levels are certainly in line. Again, we think they're too low. And we think that if they add more of our goods on the floor that we would do more business.

是的。這是一個好問題。我認為目前這不是渠道中大量過剩庫存的問題。我認為整體來說渠道庫存控制得還不錯。顯然，我確信某些零售商的庫存量超出了他們的預期。但如果你看看整體庫存水平，它們似乎是一致的。我們的庫存水準肯定是一致的。我們再次認為它們太低了。我們認為，如果他們在地板上添加更多我們的商品，我們就會做更多的生意。

But I don't think that's the issue. I think the bigger issue is that if you look at a lot of the big wholesale customers that are important for us in the US, the majority of them are still seeing soft sales and many of them still comping negatively and still are cautious on their overall sales forecast in footwear. And I think that's leading them to continue to be cautious.

但我認為這不是問題所在。我認為更大的問題是，如果你看看對我們在美國很重要的許多大型批發客戶，他們中的大多數人仍然看到疲軟的銷售，其中許多人仍然處於負面競爭狀態，並且仍然對他們的整體表現持謹慎態度鞋類銷售預測。我認為這導致他們繼續保持謹慎。

Understood. And if I could sneak one more in just on DTC. I believe you said you're still expecting high single-digit growth for the full year. Given that you've got the contribution from the distributors that you turn the JV, which I assume converts some revenue from wholesale to retail unless the account -- I don't understand the accounting treatment. But if that's the case, like should we assume that the comp growth that's embedded in guidance is lower than what you saw in the first half?

明白了。如果我能在 DTC 再偷偷加入一次就好了。我相信您說過您仍預計全年實現高個位數成長。考慮到你已經從分銷商那裡得到了你轉向合資企業的貢獻，我認為這會將一些收入從批發轉化為零售，除非帳戶——我不明白會計處理。但如果是這樣的話，我們是否應該假設指導中包含的複合成長率低於您在上半年看到的水平？

No. We think that the comp -- we expect comps to remain roughly in line with where they've been recently.

不。

Understood. All right. Thanks, guys. Best of luck for the rest of the year.

明白了。好的。謝謝，夥計們。祝今年剩下的時間一切順利。

Thanks, Tom.

謝謝，湯姆。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi. Good morning. I guess, I just had a question for Zine. I was wondering if you could comment on freight. What you're seeing, I think you recently went through the process of renegotiating your contracts. So kind of just some visibility in terms of what you've locked in and what you're seeing more broadly on the freight side?

你好。早安.我想，我只是想問 Zine 一個問題。我想知道你是否可以對貨運發表評論。你所看到的，我認為你最近經歷了重新談判合約的過程。那麼，對於您已鎖定的內容以及您在貨運方面更廣泛看到的內容，是否有一些可見性？

Yes. Hi, Janine, we talked about the freight just to open in spring and all those up charges and everything that was happening before this recent development, and we were able to actually mitigate most of that in spring. And we negotiated our contracts as we normally do in April -- and those contracts, as previously mentioned, were somewhere around the $1,500 range for imports from China.

是的。嗨，珍妮，我們討論了春季開放的貨運以及所有這些上漲的費用以及在最近的發展之前發生的一切，我們實際上能夠在春季減輕其中的大部分費用。我們像往常一樣在 4 月進行了合約談判——正如前面提到的，從中國進口的這些合約價格在 1,500 美元左右。

The current -- what we're seeing in the spot rate is, I think everybody is talking about it, rates are $7,000 to $9,000 at the spot. We're able to use our relationship and continue to utilize at least two-thirds of our imports falling under our contractual rates. And the balance, we just negotiate in the spot and we typically come in below what is scores out there.

目前，我們在即期匯率中看到的是，我認為每個人都在談論它，即期匯率為 7,000 美元至 9,000 美元。我們能夠利用我們的關係並繼續利用符合合約費率的至少三分之二的進口產品。至於平衡，我們只是當場談判，我們通常會低於現有的分數。

Great. That's helpful color. And then, maybe for Ed, on the wholesale business on the -- or business in general, I would love to just hear how you're thinking about where we are kind of in the product cycle. I know you've talked about some of the Casual Court Sneakers potentially being a little bit of a headwind for you with just how successful they've been. So where do you think we are in that? And maybe just speak a bit to what you're seeing from a product trend standpoint?

偉大的。這是有用的顏色。然後，也許對於艾德來說，關於批發業務——或者一般業務，我很想聽聽您如何思考我們在產品週期中的位置。我知道您曾經說過，一些休閒宮廷運動鞋可能會對您帶來一些阻力，因為它們非常成功。那麼您認為我們處於什麼位置？也許只是從產品趨勢的角度談談您所看到的？

Yeah, I'm sorry. So the question (laughter) -- we were having a conversation. I just wanted Zine to -- if we could just pause -- can Zine just give you the impact on the freights because I think that's important.

是的，對不起。所以問題是（笑聲）──我們正在交談。我只是想讓 Zine - 如果我們可以暫停一下 - Zine 能否告訴你對貨運的影響，因為我認為這很重要。

Yes. So the impact that we have built in our guide now is about 40 basis points. And if you recall, previously, we were talking about 20 that was already built in. So now it's around 40 basis points, which is impacting us all in fall. So it's a heavier impact on fall about 70 bps.

是的。因此，我們現在在指南中建立的影響約為 40 個基點。如果你還記得的話，之前我們談論的是已經內建的 20 個基點。 所以現在大約是 40 個基點，這將在秋季影響我們所有人。因此，下跌影響較重，約 70 個基點。

And I'll let Ed take the next question. If you can repeat it. That would be great. (laughter)

我會讓艾德回答下一個問題。如果你能重複的話。那太好了。 （笑聲）

I think, it was just where we are at this point, correct?

我想，這正是我們現在所處的位置，對吧？

Just to clarify, you're maintaining the gross margin guide, but there's a slightly bigger headwind for freight built in?

澄清一下，你們維持了毛利率指導，但內建貨運面臨更大的阻力？

Correct.

正確的。

Okay. Yeah. And then on the second question, was just kind of where we are in terms of the fashion cycle. You talked about some of the Casual Court Sneakers maybe even a little bit into the fashion side of the business and being a headwind for the Madden brand. So just what you're seeing product trend-wise and where you think we are in that fashion cycle?

好的。是的。然後關於第二個問題，就是我們在時尚週期中所處的位置。您談到了一些休閒宮廷運動鞋甚至可能有點進入時尚產業，並成為 Madden 品牌的逆風。那麼您對產品趨勢有何看法以及您認為我們在時尚週期中處於什麼位置？

Yes. Look, I think that we've got some interesting new fashion to capitalize on. We've also introduced some new sneakers recently that are getting a very good reaction in our direct-to-consumer channels. So we feel very good about that new sneaker package. Boots are running ahead in our DTC channels in July from where they were a year ago, although it's obviously -- I don't want to draw too many conclusions from that, it's early in the season, but that's encouraging. And we see some interesting things happening in the dress category as well. So overall, it's not the most robust fashion cycle I've ever seen, but I think that we feel pretty good that there are some things to capitalize on here.

是的。看，我認為我們有一些有趣的新時尚可以利用。我們最近也推出了一些新的運動鞋，這些運動鞋在我們的直接面向消費者的管道中獲得了很好的反響。所以我們對這個新的運動鞋包感覺非常好。 Boots 在 7 月的 DTC 頻道中比一年前領先，儘管很明顯 - 我不想從中得出太多結論，現在還處於賽季初期，但這令人鼓舞。我們也看到服裝類別中發生了一些有趣的事情。總的來說，這不是我見過的最強勁的時尚週期，但我認為我們感覺很好，因為這裡有一些東西可以利用。

Perfect. Thanks so much.

完美的。非常感謝。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Thanks, guys. I'm curious how you'd characterize the promotional environment out there, both in the DTC channel, but also what you're seeing in terms of the need for discounting on the wholesale side? And just how did that come in relative to what you planned for 2Q, just promos in general. I think on DTC, you said reduced promotional activity, but curious relative to plan, if this is what you thought?

謝謝，夥計們。我很好奇您如何描述 DTC 管道中的促銷環境，以及您對批發方面折扣需求的看法？相對於您對第二季的計劃（一般來說只是促銷活動）而言，這是如何實現的。我想在 DTC 上，您說減少了促銷活動，但相對於計劃感到好奇，這是否是您的想法？

Yes. I would say that the promo activity out there, we would characterize it as normal. It's not super aggressive, but I wouldn't characterize it as light either. And it came in pretty much where we expected it to. We had -- I'm pretty pleased with the gross margin performance in Q2 all the way around.

是的。我想說的是，我們將其視為正常的促銷活動。它不是超級激進，但我也不會將其描述為輕。它幾乎出現在我們預期的地方。我對第二季的毛利率表現非常滿意。

As you point out, we were ahead in DTC in gross margin compared to where we were a year ago. And in wholesale, if you back out the impact of Almost Famous, we were ahead there. And even if you drill down further in footwear, if you don't -- if you exclude the mix impact from the greater private label, we were up. And again, in accessories and apparel if you exclude Almost Famous impact, we were up. So all the way around, a nice organic improvement in gross margin in the quarter.

正如您所指出的，與一年前相比，我們在 DTC 的毛利率方面處於領先地位。在批發方面，如果你排除《幾近成名》的影響，我們就領先了。即使你進一步深入研究鞋類，如果你不這樣做——如果你排除更大的自有品牌的混合影響，我們就會上升。再說一次，在配件和服裝方面，如果排除「幾乎成名」的影響，我們就上升了。總而言之，本季的毛利率有了很好的有機改善。

Got it. And then secondly, there is a lot of talk out there about higher tariff potential on imports in China. Can you just remind us of where you are just in terms of your current sourcing exposure to China? What percent of total sales is China to US products specifically? And just what the strategy and plan of attack would be if we do see higher tariffs? Thanks.

知道了。其次，有許多關於中國進口產品關稅可能提高的討論。您能提醒我們一下您目前在中國的採購狀況嗎？具體而言，中國對美國產品的總銷售額佔多少百分比？如果我們確實看到更高的關稅，我們的策略和攻擊計劃將會是什麼？謝謝。

Sure. So the US is about 81% of our total business. And of the goods that come into the US, about 75% of them currently come from China. So you may remember, several years ago, that number was about 95% coming from China. So we have brought that down a bit by diversifying to countries like Cambodia, Vietnam, and Mexico.

當然。所以美國約占我們總業務的 81%。目前進入美國的商品中，約 75% 來自中國。所以你可能還記得，幾年前，這個數字大約 95% 來自中國。因此，我們透過向柬埔寨、越南和墨西哥等國家進行多元化發展，稍微降低了這一點。

But as we've talked about previously, our philosophy here has been to migrate or diversify to these other countries methodically. So we don't introduce risk that can come with moving too fast. But what we have done is worked very hard at establishing a factory base and a sourcing infrastructure in these alternative countries such that we feel that we are positioned to be able to step on the accelerator and move much more quickly if we have to.

但正如我們之前談到的，我們的理念是有條不紊地向其他國家遷移或實現多元化。因此，我們不會引入因行動過快而帶來的風險。但我們所做的是非常努力地在這些替代國家建立工廠基地和採購基礎設施，這樣我們就覺得我們能夠踩下加速器，並在必要時更快採取行動。

So right now, we're obviously moving a little bit more aggressively out of China, and you'll see that number come down a little bit faster than it has been coming down or that it has come down over the past few years. But also, again, we'll be prepared such that if new tariffs were implemented, and we needed to move much faster, we feel we're in a position to do that.

所以現在，我們顯然正在更積極地撤出中國，你會發現這個數字的下降速度比過去幾年的下降速度還要快一些。但同樣，我們也會做好準備，如果實施新的關稅，並且我們需要更快地採取行動，我們認為我們有能力做到這一點。

Got it. Is there a certain percentage that you just can't get below when you think about China as a percent of total?

知道了。當你考慮中國佔總數的百分比時，是否存在一個不能低於的特定百分比？

Well, no, I don't think so. I mean I think that -- but you obviously -- the faster we go, the more risk is associated with that. And so, we'd like to do this methodically. I'd like to -- if we could go forward and bring it down by 10% per year that I think is something we could do comfortably. And without a lot of risk to the sales or gross margin, if we have to go much faster than that, then it becomes more challenging.

嗯，不，我不這麼認為。我的意思是，我認為——但顯然——我們走得越快，與之相關的風險就越大。因此，我們希望有條不紊地做到這一點。我希望——如果我們能夠繼續前進，每年將其降低 10%，我認為這是我們可以輕鬆做到的事情。在銷售或毛利率沒有太大風險的情況下，如果我們必須比這更快，那麼它就會變得更具挑戰性。

Got it. And then just one follow-up. I think you said something was working well in July. Can you just repeat what you said? And any comments on quarter-to-date in general?

知道了。然後只有一個後續行動。我想你說過七月有些事情進展順利。你能重複一下你說過的話嗎？對本季至今的整體情況有什麼評論嗎？

Something working well in July? Yeah, I think we were talking about product trends. I think we've introduced a new sneaker package, which is doing very well in our DTC channels. And I also mentioned that boots are running ahead of LOI in DTC.

七月有什麼進展順利的嗎？是的，我想我們正在談論產品趨勢。我認為我們推出了一款新的運動鞋套裝，在我們的 DTC 頻道中表現得非常好。我還提到，靴子在 DTC 中運行在 LOI 之前。

Thank you. Good luck.

謝謝。祝你好運。

Laura Champine, Loop.

勞拉‧尚平，《循環》。

Thanks for taking the question. Given that the results in the first half have been relatively strong, does your back half guidance imply a tougher Q4 just given the calendar and the election? Are you being relatively conservative on the macro? Or is this just the growth in purses and the lapping growth of Almost Famous?

感謝您提出問題。鑑於上半年的結果相對強勁，考慮到日曆和選舉，您的下半年指導是否意味著第四季度會更加艱難？您在宏觀上是否相對保守？或者這只是錢包的成長和幾乎成名的重疊成長？

I think it's some of both. We do face much tougher comparisons in the back half than we do in the first half. So that's reflected in the guidance. We also do have some meaningful headwinds in the back half that we didn't have in the first half. So Zine called out the freight impact, that's about $0.09 headwind in the back half that we built in from freight.

我認為兩者都有。我們下半場確實面臨比上半場更嚴峻的比較。這在指導中得到了體現。我們在後半場也確實遇到了一些上半場沒有的重大阻力。因此，Zine 指出了貨運的影響，我們從貨運中增加了約 0.09 美元的逆風。

And then, there's also a tax impact, which is about $0.08, almost all in Q4, that again, we didn't have in the back half. So about $0.17 of headwinds there. And then, in addition to that, I think we have tried to be relatively conservative about how we think about the macro, given all the uncertainty through the balance of the year.

然後，還有稅收影響，約為 0.08 美元，幾乎全部發生在第四季度，同樣，我們在後半段沒有受到影響。因此，存在大約 0.17 美元的阻力。除此之外，我認為考慮到今年餘下的所有不確定性，我們在宏觀方面的看法也試圖保持相對保守。

And then, to just maybe keep us more in line with your thinking. So the implication is earnings down in the back half of the year. Is that a more extreme impact in Q4 given the tax change? Or how should we think about the quarters assuming you're willing to give that kind of granularity?

然後，也許只是為了讓我們更符合您的想法。因此，這意味著下半年的獲利會下降。鑑於稅收變化，第四季的影響是否更為極端？或者，假設您願意提供這種粒度，我們應該如何考慮季度？

Yes, absolutely that the -- Q4 is the quarter where you should see the decline because of the tax impact.

是的，由於稅收影響，您應該會在第四季度看到下降。

Got it. Thank you.

知道了。謝謝。

Corey Tarlowe, Jefferies.

科里·塔洛，杰弗里斯。

Great. Thanks. Ed, maybe if you could just give us an update on Almost Famous and how that's tracking versus expectations? That would be great. Thanks.

偉大的。謝謝。 Ed，也許您可以向我們介紹《幾近成名》的最新情況，以及它與預期的跟踪情況如何？那太好了。謝謝。

Yeah. Really pleased with the performance of Almost Famous so far and how that's going. I mentioned the success that we're having with Madden Girl and Madden NYC, the apparel brands that we're running through that platform. So that's very exciting to see.

是的。對《幾近成名》迄今的表現以及進展感到非常滿意。我提到了我們透過這個平台經營的服裝品牌 Madden Girl 和 Madden NYC 所取得的成功。所以這非常令人興奮。

And then, in terms of the overall financials, the revenue is really tracking right where we thought it would be. And so far, we are running a little bit ahead on profitability. So some of the gross margin improvement and operating efficiencies that we were looking for are coming a little bit faster than we originally anticipated.

然後，就整體財務狀況而言，收入確實符合我們的預期。到目前為止，我們在獲利能力方面領先一些。因此，我們所尋求的一些毛利率改善和營運效率的實現速度比我們最初預期的要快一些。

Great. And then, maybe just on EMEA, you've highlighted that multiple times as a really significant growth driver for the business. Are there any regions specifically where you've seen outsized growth? Any specific products that are resonating in that -- in the geography? Just curious to see what you think of the success that you've seen there and what might drive that growth ahead? Thanks.

偉大的。然後，也許僅在歐洲、中東和非洲地區，您就多次強調這一點是業務真正重要的成長動力。您是否在某些地區看到了大幅成長？有哪些特定產品能在該地區引起共鳴？只是想知道您對在那裡看到的成功有何看法，以及什麼可能推動未來的成長？謝謝。

So over the last several years, the biggest driver has been Continental Europe, and that continues to outperform. But more recently, we're getting a bigger contribution from the new joint venture in the Middle East as well as this joint venture in South Africa, which has just been red hot.

因此，在過去幾年中，最大的推動力是歐洲大陸，並且其表現繼續優於大盤。但最近，我們從中東的新合資企業以及剛剛火熱的南非合資企業中獲得了更大的貢獻。

And then, in terms of products, what we do see is that we have a much higher penetration of fashion sneakers in that region, and that's been a really critical growth driver for us is the performance that we're having with our sneakers. And then, secondarily, I would say we're doing quite well with handbags in that region, and that's been an important part of the growth story.

然後，就產品而言，我們確實看到時尚運動鞋在該地區的滲透率要高得多，這對我們來說真正關鍵的成長動力是我們運動鞋的性能。其次，我想說我們在該地區的手袋業務做得很好，這是成長故事的重要組成部分。

Great. Thank you so much.

偉大的。太感謝了。

Thank you.

謝謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much. Ed, you mentioned boots in your comments, just a few questions ago. Can you just talk about how you're thinking about the boot business heading into 4Q? And how your retail partners are thinking about the boot business in Q4, just given what happened last year? And just given the choppy consumer environment that you said it before? Thanks.

偉大的。太感謝了。 Ed，您在幾個問題前的評論中提到了靴子。您能否談談您對進入第四季度的靴子業務有何看法？考慮到去年發生的情況，您的零售合作夥伴如何考慮第四季的靴子業務？考慮到您之前所說的動盪的消費環境？謝謝。

Yeah, it's a good question. Look, I definitely will tell you that the industry and the wholesale customers, I think, are cautious overall on the fashion boot category. Our wholesale customers are planning that category conservatively. We have obviously built that into our forecast here.

是的，這是一個好問題。看，我肯定會告訴你，我認為行業和批發客戶對時尚靴子類別總體持謹慎態度。我們的批發客戶正在保守地規劃該類別。顯然，我們已將其納入我們的預測中。

In terms of how we're thinking about it, I think we've tried to take a fairly conservative look at that category as well, even in our DTC channels. Although I do feel good about the product assortment that we have and some of the early indications we have on those products. So certainly hoping that, that can be a source of potential upside.

就我們的想法而言，我認為我們也嘗試以相當保守的方式看待該類別，即使在我們的 DTC 管道中也是如此。儘管我確實對我們擁有的產品種類以及我們對這些產品的一些早期跡象感到滿意。因此，我們當然希望這能夠成為潛在上漲的來源。

Yes. Obviously, the company is always in a position to turn the inventory faster and get to market faster than everybody else. But, I mean, in this season, where last year was kind of tough, people taking a conservative approach. Are you -- is there any way you're going to find to maybe position a little inventory to chase some upside if it materializes, if the winter -- if the weather's cold, and if the -- just if the environment cooperates?

是的。顯然，該公司始終能夠比其他公司更快地週轉庫存並更快地進入市場。但是，我的意思是，在這個賽季，去年有點艱難，人們採取了保守的態度。如果冬天真的到來，如果天氣寒冷，如果環境配合的話，你是否會找到一些方法來儲備一些庫存，以追逐一些上漲空間？

Yeah. We'll always be prepared to chase if the opportunity arises. And obviously, we have our -- it makes boots in Mexico and have the ability to move quite quickly when we're working out of Mexico because of the reduced transit times. So we will have some ability to chase in that category if that opportunity is there.

是的。如果機會出現，我們將隨時準備好追逐。顯然，我們有——它在墨西哥生產靴子，並且當我們在墨西哥境外工作時，由於運輸時間減少，因此能夠快速移動。因此，如果有機會的話，我們將有能力在該類別中追逐。

Got it. Okay. Thank you so much.

知道了。好的。太感謝了。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Thank you. Two things. One, when we think -- are you anticipating that the branded footwear -- wholesale branded footwear improves in the back half, given the response you mentioned from the retailers that sell the product a couple of months ago, and we'll see the products again next week?

謝謝。有兩件事。一，當我們認為——你是否預計品牌鞋類——批發品牌鞋類在後半部分會有所改善，考慮到你提到的幾個月前銷售該產品的零售商的反應，我們會看到這些產品下週再來一次？

And then, if you can talk about how the EBIT margin in wholesale footwear? Because it works. I mean, because that's really the story here, I would think that you have lower gross margin on the private label, but very little SG&A and then you have the -- you have more SG&A attached to the higher margin -- higher gross margin branded stuff. So if you could just give us some color there. And I have one other question.

然後，您能否談談批發鞋類的息稅前利潤率如何？因為它有效。 I mean, because that's really the story here, I would think that you have lower gross margin on the private label, but very little SG&A and then you have the -- you have more SG&A attached to the higher margin -- higher gross margin branded東西.所以如果你能給我們一些顏色的話。我還有一個問題。

Sure. Yeah, we do expect that the branded wholesale footwear business is going to be better in the back half than it was in the first half. It was obviously down in the first half, and we expect it to be up in the low singles in the back half. I would say, more flattish in Q3 and then improving in Q4.

當然。是的，我們確實預期下半年品牌批發鞋類業務會比上半年更好。上半場明顯下降，我們預計後半場低單會上升。我想說，第三季更加平坦，然後第四季有所改善。

In terms of the EBIT margins in the wholesale footwear, I think you've hit the nail on the head that private label, obviously, has a much lower gross margin than the branded business, but it also has a lower operating expense structure. And so the gap between the EBIT margin is not as wide as the gap between the gross margins. Nevertheless, obviously, the branded business still has a considerably higher EBIT margin than the private label business. And so, we do see the wholesale footwear EBIT margin coming down this year because of that mix shift.

就批發鞋類的息稅前利潤而言，我認為您已經擊中要害，即自有品牌顯然比品牌業務的毛利率低得多，但其營運費用結構也較低。因此，息稅前利潤率之間的差距並不像毛利率之間的差距那麼大。儘管如此，顯然，品牌業務的息稅前利潤率仍然比自有品牌業務高得多。因此，我們確實看到今年批發鞋類的息稅前利潤率因這種組合轉變而下降。

Got you. Thank you. And then, the boots -- you mentioned that boots were selling. I know it's early in July. But can you give us some idea of what type of boots people are responding to initially?

明白你了。謝謝。然後是靴子——你提到靴子很暢銷。我知道現在是七月初。但您能否告訴我們人們最初對哪種類型的靴子有反應？

Yeah. Honestly, this early in the season for competitive reasons, I'd rather not.

是的。老實說，出於競爭的原因，在賽季初，我寧願不這麼做。

Understood. Thank you.

明白了。謝謝。

Thanks, Sam.

謝謝，山姆。

And I would now like to turn the conference back to Ed Rosenfeld for closing remarks.

現在我想請艾德‧羅森菲爾德（Ed Rosenfeld）發表閉幕詞。

Great. Well, thanks, everybody, for joining us today. Enjoy the rest of the day. We look forward to speaking with you on the next call.

偉大的。好的，謝謝大家今天加入我們。享受這一天剩下的時間。我們期待在下次通話中與您交談。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。