Steven Madden Ltd (SHOO) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q3 2024 Steven Madden Limited earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Steven Madden Limited 2024 年第三季財報電話會議。此時，所有參與者都處於只聽模式。（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 first 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第一位發言人，企業發展和投資者關係副總裁丹妮爾·麥考伊 (Danielle McCoy)。請繼續。

Thanks, Rivka and Good morning, everyone. Thank you for joining our third quarter 2024 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.

謝謝 Rivka，大家早安。感謝您參加我們的 2024 年第三季財報電話會議和網路廣播。在開始之前，我想提醒您，我們接下來的評論（包括對您的問題的回答）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。

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 application to update these forward-looking statements which may not be updated until our next quarterly earnings conference call if at all.

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。我們不接受任何更新這些前瞻性陳述的申請，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原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.

這樣，我就把電話轉給艾德。

Thanks, Danielle. Good morning, everyone and thank you for joining us to review Steven Madden's third quarter 2024 earnings results. We delivered strong results in the third quarter with revenue and earnings exceeding expectations. This performance was driven by outstanding growth in the accessories and apparel categories – including another quarter of exceptional performance in Steve Madden handbags and a strong contribution from newly acquired Almost Famous – and robust top line gains in international markets and direct-to-consumer channels demonstrating our team's continued execution of our strategy for long term growth. Within that strategy, our top priority is to win with product. This fall, we are successfully utilizing our proven model – which combines talented design teams led by Steve, a test and react strategy and industry leading speed-to-market capability – to create trend-right product assortments across the footwear, accessories and apparel categories that are resonating with consumers.

謝謝，丹妮爾。大家早安，感謝您與我們一起回顧 Steven Madden 的 2024 年第三季盈利結果。我們在第三季取得了強勁的業績，營收和獲利超出了預期。這一業績的推動因素是配件和服裝類別的出色增長，包括 Steve Madden 手袋又一個季度的出色表現，以及新收購的“Almost Famous”的強勁貢獻，以及國際市場和直接市場的強勁收入增長。消費者通路展示了我們團隊持續執行我們的長期成長策略。在該策略中，我們的首要任務是以產品取勝。今年秋天，我們成功地利用了我們經過驗證的模型，該模型結合了史蒂夫領導的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，在鞋類、與消費者產生共鳴的配件和服飾品類。

In footwear, we are seeing particular success with tall shaft boots, soccer-inspired sneakers, and Mary Janes. In handbags, our structured mini satchels and crossbodies remain strong, and we are also seeing robust demand for shoulder bags and small accessories, and for on-trend materials like quilting and patchwork suede.

在鞋類領域，我們看到高筒靴、足球運動鞋和瑪麗珍鞋特別成功。在手提包方面，我們的結構化迷你挎包和斜挎包依然強勁，而且我們還看到對單肩包和小配飾以及絎縫和拼接麂皮等流行材料的強勁需求。

And in Steve Madden apparel, we are offering our consumers the same of-the-moment, on-trend styling that they are accustomed to getting from us in shoes and bags, and we're getting a great response to our interpretation of key trends including animal print, vegan leather, suede, satin and denim.

在 Steve Madden 服裝中，我們為消費者提供了與我們鞋履和包袋相同的時下流行款式，並且我們對主要趨勢的詮釋得到了熱烈的反響包括動物印花、純素皮革、絨面革、緞面和牛仔布。

We are also supporting this great product with increased full-funnel marketing investment. In our flagship Steve Madden brand, we kicked off the fall season with an integrated global marketing campaign called “Never Miss a Beat.” Featuring the iconic Deee-Lite song “Groove Is In The Heart,” the campaign served as a love letter to our hometown of New York City.

我們也透過增加全通路行銷投資來支持這項出色的產品。在我們的旗艦 Steve Madden 品牌中，我們以名為「不錯過任何一個節拍」的綜合全球行銷活動拉開了秋季的序幕。該活動以 Deee-Lite 的標誌性歌曲“Groove Is In The Heart”為特色，成為我們寫給家鄉紐約市的情書。

It featured cameos from NYC creators and cultural figures and came to life across our digital and social channels, direct mail, outdoor media and experiential activations in our retail stores around the world. And it worked – t he campaign drove positive impact throughout the consumer journey including increased organic search for the Steve Madden brand, positive social sentiment, and revenue gains. Together this combination of outstanding product and effective marketing serves to deepen our connection with our consumers, which is the foundation of our strategy and the enabler for our four key business drivers.

它以紐約創作者和文化人物的客串為特色，並透過我們的數位和社交管道、直郵、戶外媒體以及我們世界各地零售店的體驗活動而變得栩栩如生。它奏效了——該活動在整個消費者旅程中產生了積極影響，包括增加對 Steve Madden 品牌的自然搜尋、積極的社會情緒和收入成長。出色的產品和有效的行銷相結合，加深了我們與消費者的聯繫，這是我們策略的基礎，也是我們四大關鍵業務驅動力的推動者。

Our first key driver is expanding our business in international markets. International revenue grew 11% in the third quarter compared to the same period in the prior year. And we remain 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. In Europe, we continue to outperform the competition and take share in a challenging retail market.

我們的第一個關鍵驅動力是擴大我們在國際市場的業務。第三季國際營收較去年同期成長11%。我們仍有望實現全年中十幾%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。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。

We are also gaining traction with our new joint venture in the Middle East and expect to end the year with 33 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. In our Americas region, we are on track for double-digit top line growth in 2024 with healthy gains in our directly-owned subsidiaries in Canada and Mexico, as well as the contribution from our new joint venture in Latin America which is off to a strong start.

我們在中東的新合資企業也獲得了關注，預計到年底，該地區的門市數量將從年初的 27 家增加到 33 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。在美洲地區，我們預計在 2024 年實現兩位數的營收成長，我們在加拿大和墨西哥的直屬子公司將實現健康成長，而且我們在拉丁美洲的新合資企業也將做出貢獻。 。

Our second key business driver is growing our business outside of footwear. In the third quarter overall, accessories and apparel revenue rose 48%, or 19% excluding Almost Famous. Our Steve Madden handbag business was again the highlight with revenue increasing 27% in the quarter, on top of 52% growth in the same period in the prior year.

我們的第二個關鍵業務驅動力是發展鞋類以外的業務。第三季配件和服裝收入整體成長 48%，若不包括「Almost Famous」則成長 19%。我們的 Steve Madden 手袋業務再次成為亮點，本季營收成長 27%，而去年同期成長 52%。

Steve Madden apparel also continues to gain traction; revenue there is on pace to grow more than 20% in 2024, and we are well positioned for another year of strong growth in 2025 based on the robust sell-through performance at key wholesale customers year-to-date, which is resulting in plans for additional doors and expanded assortments going forward.

Steve Madden 服裝也繼續受到關注；到 2024 年，該地區的收入預計將增長 20% 以上，並且基於今年迄今為止主要批發客戶的強勁銷售表現，我們已做好準備，在 2025 年再次實現強勁增長，這正在製定計劃未來將有更多的門和更多的品種。

Turning to Almost Famous, our new acquisition contributed $41 million in revenue in the quarter. The launch of Madden Girl apparel at Kohl’s for the back-to-school season was very successful, with sell-through performance that outpaced the overall department, and we are ahead of schedule in realizing operating margin improvement at the Almost Famous division overall.

至於Almost Famous，我們的新收購在本季貢獻了 4,100 萬美元的收入。Kohl’s 返校季推出的 Madden Girl 服裝非常成功，銷售業績超過了整個部門，我們提前實現了「Almost Famous」部門營業利潤率的提高全面的。

Our third key business driver is expanding our direct-to-consumer business, led by digital. DTC revenue grew 8% in the third quarter, including a 5% increase on a comp basis. Our e-commerce business accelerated meaningfully beginning in July and grew revenue by 10% in the quarter. Brick-and-mortar revenue increased 6% for the quarter. We remain on track to achieve our plan of high-single digit growth in DTC for the year.

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。第三季 DTC 營收成長 8%，其中年增 5%。我們的電子商務業務從 7 月開始顯著加速，本季營收成長了 10%。本季實體營收成長 6%。我們仍有望實現今年 DTC 高個位數成長的計劃。

Our fourth key business driver is strengthening our core U.S. wholesale footwear business. Revenue in this business declined 4% in the quarter. Our private label business remained strong, but growth slowed compared to the first half on tougher comparisons. Our branded business remained down, as many of our wholesale customers pushed back deliveries of boots this year and continue to take a cautious approach to orders overall.

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。本季該業務的收入下降了 4%。我們的自有品牌業務依然強勁，但由於更嚴格的比較，成長速度較上半年放緩。我們的品牌業務仍然下滑，因為我們的許多批發客戶今年推遲了靴子的交貨，並繼續對整體訂單採取謹慎態度。

Finally, a critical component of our strategy is advancing our corporate social responsibility objectives. We recently published our 2023 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，我們策略的關鍵組成部分是推動我們的企業社會責任目標。我們最近發布了 2023 年永續發展報告，概述了我們在 Let's Get Real 永續發展策略方面取得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。

Overall, our team continues to consistently execute our strategy for long-term growth and our performance in the third quarter was another proof point. Based on our third quarter results, we are raising our guidance for 2024 revenue and earnings. And looking out further, we remain confident in our ability to drive growth and create value for stakeholders over the long term.

總體而言，我們的團隊繼續始終如一地執行我們的長期成長策略，第三季的業績是另一個證明。根據我們第三季的業績，我們上調了 2024 年收入和獲利的指引。展望未來，我們對長期推動成長和為利害關係人創造價值的能力充滿信心。

With that, I'll turn it over to Zine to review our third quarter financial results in more detail and provide our updated outlook for 2024.

接下來，我將把它交給 Zine，更詳細地審查我們第三季的財務業績，並提供我們對 2024 年的最新展望。

Thanks, Ed and good morning, everyone. In the third quarter, our consolidated revenue was $624.7 million, a 13% increase compared to the third quarter of 2023. Excluding Almost Famous, consolidated revenue grew 5.5% compared to the same period in the prior year. Our wholesale revenue was $495.7 million, up 14.4% compared to the third quarter of 2023.

謝謝艾德，大家早安。第三季度，我們的合併收入為 6.247 億美元，比 2023 年第三季成長 13%。不計入Almost Famous，綜合營收較上年同期成長5.5%。我們的批發收入為 4.957 億美元，比 2023 年第三季成長 14.4%。

Excluding Almost Famous, wholesale revenue increased 4.8% compared to the same period in the prior year. Wholesale footwear revenue was $299.3 million a 2.2% decrease from the comparable period in 2023, with growth in the private label business, more than offset by a decline in the branded business.

不包括Almost Famous，批發收入較去年同期成長4.8%。批發鞋類營收為 2.993 億美元，比 2023 年同期下降 2.2%，自有品牌業務的成長被品牌業務的下降所抵消。

Wholesale accessories and apparel revenue was $196.4 million, up 54.2% to the third quarter in the prior year, or 21.6% excluding Almost Famous, driven by strong growth in our Steven Madden handbag business despite difficult comparisons with the same period last year. In our direct-to-consumer segment revenue was $125.5 million, a 7.8% increase compared to the third quarter of 2023.

批發配件和服裝收入為1.964 億美元，較上年第三季度增長54.2%，不包括“Almost Famous”則增長21.6%，這得益於我們的Steven Madden 手袋業務的強勁增長，儘管與去年同期相比存在困難。我們的直接面向消費者細分市場收入為 1.255 億美元，較 2023 年第三季成長 7.8%。

As Ed mentioned, performance was stronger in e-commerce than the brick-and-mortar channel. We ended the quarter with 282 company operated brick-and-mortar retail stores including 68 outlets, five e-commerce websites and 67 company operated concessions in international markets. Turning to our licensing segment, our licensing royalty income was $3.5 million in the quarter compared to $2.9 million in the third quarter of 2023.

正如艾德所提到的，電子商務的表現比實體通路更強。截至本季末，我們擁有 282 家公司經營的實體零售店，其中包括 68 家直營店、5 個電子商務網站和 67 家公司在國際市場經營的特許經營店。談到我們的授權部門，本季我們的授權使用費收入為 350 萬美元，而 2023 年第三季為 290 萬美元。

Consolidated gross margin was 41.6% in the quarter versus 42.1% in the comparable period of 2023 due to the impact of Almost Famous. Excluding Almost Famous consolidated gross margin increased 50 basis points year-over-year. The freight impact from the supply chain disruption was offset by lower promotional activity.

受《幾近成名》的影響，本季綜合毛利率為 41.6%，而 2023 年同期為 42.1%。不包括Almost Famous的綜合毛利率年增50個基點。供應鏈中斷對貨運的影響被促銷活動的減少所抵銷。

Wholesale growth margin was 35.5% compared to 35.9% in the third quarter of 2023, also due to the impact of Almost Famous. Excluding Almost Famous, wholesale growth margin increased 30 basis points year-over-year. Direct-to-consumer gross margin was 64.0% up 30 basis points from the comparable period in 2023, driven by a reduction in promotional activity.

批發成長率為 35.5%，而 2023 年第三季為 35.9%，這也是受到《幾近成名》的影響。不包括Almost Famous，批發成長率年增30個基點。由於促銷活動減少，直接面向消費者的毛利率為 64.0%，較 2023 年同期成長 30 個基點。

Operating expenses as a percentage of revenue or 27.9%, compared to 27.0% in the third quarter of 2023, driven by increased marketing investment, higher incentive compensation and a mix shift within DTC to e-commerce which has higher variable expenses. Operating income for the quarter was $85.4 million, or 13.7% of revenue, up from $83.4 million, or 15.1% of revenue, in the comparable period in the prior year.

營運費用佔收入的百分比為 27.9%，而 2023 年第三季為 27.0%，這是由於行銷投資增加、激勵薪酬提高以及 DTC 向可變費用較高的電子商務的混合轉變所推動的。本季營業收入為 8,540 萬美元，佔營收的 13.7%，高於去年同期的 8,340 萬美元，佔營收的 15.1%。

The effective tax rate for the quarter was 23.8% compared to 22.8% in the third quarter of 2023. Finally net income attributable to Steven Madden, Ltd. for the quarter was $64.8 million, or $0.91 per diluted share, compared to $65.1 million, or $0.88 per diluted share, in the third quarter of 2023.

本季的有效稅率為 23.8%，而 2023 年第三季的有效稅率為 22.8%。最終，本季Steven Madden, Ltd. 的淨利為6,480 萬美元，即稀釋後每股收益0.91 美元，而2023 年第三季歸屬於Steven Madden, Ltd. 的淨利為6,510 萬美元，即稀釋後每股收益0.88 美元。

Moving into the balance sheet, our financial foundation remains strong. As of September 30, 2024, we had $150.5 million of cash, cash equivalents and short term investments and no debt. Inventory at the end of the quarter was $268.7 million compared to $205.7 million in the prior year. The majority of the increase in inventory was a result of increased transit times; we built an average of approximately 10 [additional] (added by company after the call) days compared to last year to transport goods from their countries of origin to our warehouses.

從資產負債表來看，我們的財務基礎依然強勁。截至 2024 年 9 月 30 日，我們擁有 1.505 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 2.687 億美元，而去年同期為 2.057 億美元。庫存增加的主要原因是運輸時間增加；與去年相比，我們平均增加了約 10 天（由公司在電話後添加）將貨物從原產國運送到我們的倉庫。

Our CapEx in the third quarter was $7.4 million. During the third quarter, the company spent $20.2 million on repurchases of its common stock including shares acquired through the net settlement of employee stock awards, bringing our year-to-date total to $95.8 million.

我們第三季的資本支出為 740 萬美元。第三季度，公司花了 2,020 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，使年初至今的總額達到 9,580 萬美元。

The Company's board of directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on December 27, 2024, to stockholders of record as of the close of business on December 13, 2024. Turning to our outlook, we are raising our annual guidance. We now expect revenue for 2024 to increase 13% to 14% compared to 2023 and we now expect diluted EPS to be in the range of $2.62 to $2.67.

公司董事會批准每股 0.21 美元的季度現金股利。該股將於2024年12月27日支付給截至2024年12月13日營業結束時在冊的股東。談到我們的展望，我們正在提高年度指導。我們現在預計 2024 年的收入將比 2023 年增長 13% 至 14%，我們現在預計稀釋後每股收益將在 2.62 美元至 2.67 美元之間。

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

現在，我想將電話轉給接線員詢問問題。里夫卡？

(Operator Instructions)

（操作員說明）

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey guys, this is Kelly on for Paul. Thanks for taking our questions. Just first one, if you could just update us on your China sourcing exposure. And what your thought is around how you address that going forward in light of the potential tariffs?

大家好，這是保羅的凱利。感謝您回答我們的問題。這是第一個，請您向我們介紹您在中國的採購情況。鑑於潛在的關稅，您對如何解決這個問題有何想法？

And then secondly, can you talk a bit more about what played out in the wholesale footwear channel? I believe you were expecting an improvement in the core Steve Madden wholesale footwear business in 3Q versus 2Q. So I guess how did that trend versus, I believe it was down to single digits in 2Q. So just any color, there would be great. Thanks.

其次，可以多談談批發鞋類通路的情況嗎？我相信您預計第三季史蒂夫馬登 (Steve Madden) 核心批發鞋類業務將比第二季度有所改善。所以我想這個趨勢如何，我相信第二季下降到個位數。所以任何顏色都會很棒。謝謝。

Yeah, great. Thanks Kelly. So, first of all, with respect to your first question around China and potential tariff exposure. Look, we have been planning for a potential scenario in which we would have to move goods out of China more quickly. We've worked hard over a multi-year period to develop our factory base and our sourcing capability in alternative countries like Cambodia, Vietnam, Mexico, Brazil, et cetera. And so as of yesterday morning, we are putting that plan into motion and you should expect to see the percentage of goods that we source from China to begin to come down more rapidly going forward.

是的，太棒了。謝謝凱莉。首先，關於你關於中國和潛在關稅風險的第一個問題。看，我們一直在計劃一種可能的情況，在這種情況下，我們必須更快地將貨物運出中國。我們多年來一直努力在柬埔寨、越南、墨西哥、巴西等其他國家發展我們的工廠基地和採購能力。因此，從昨天早上開始，我們正在實施該計劃，您應該會看到我們從中國採購的商品的比例將開始更快地下降。

You asked about the China exposure just to give you some context, hopefully help you frame the issue here. About two-thirds of our overall business is done in with U.S. imports. So U.S. imports account for about two-thirds of our overall business. And of that, we currently source a little bit more than 70% of those goods from China.

您詢問有關中國的風險只是為了給您一些背景信息，希望能幫助您在這裡闡述這個問題。我們整體業務的大約三分之二是透過美國進口完成的。因此，美國進口約占我們整體業務的三分之二。其中，我們目前 70% 以上的商品來自中國。

So in other words, just under half of our current business would be potentially subject to tariffs on Chinese imports. Our goal over the next year is to reduce that percentage of goods that we source from China by approximately 40% to 45% which means that if we're able to achieve that, and we think we have the plan to do it, that a year from today, we would be looking at just over a quarter of our business that would be subject to potential tariffs on Chinese goods.

換句話說，我們目前的業務中不到一半可能會受到來自中國進口產品的關稅的影響。我們明年的目標是將我們從中國採購的商品比例減少約 40% 至 45%，這意味著如果我們能夠實現這一目標，並且我們認為我們有計劃做到這一點，那麼從今天開始，我們將有四分之一以上的業務受到中國商品潛在關稅的影響。

I think the second part of your question was about our wholesale footwear business and I think you're referring specifically to probably to the branded business. So again, that was down in Q3, we improved sequentially so the decline was a little bit smaller than it was in Q2, but we did not get all the way to flat, which was our goal. And look at the dynamics in that channel.

我認為您問題的第二部分是關於我們的批發鞋類業務，我認為您具體指的是品牌業務。因此，第三季有所下降，我們連續有所改善，因此下降幅度比第二季小一些，但我們並沒有完全持平，這是我們的目標。看看該頻道的動態。

The challenging dynamics have been a little stickier than we had hoped. You know, in Q3, I think we were particularly impacted by the fact that some of our key wholesale customers took in their boot deliveries about a month or so later than they did a year ago. Now, when we got those boots delivered, we've had quite a lot of success with our boots. I think we've outperformed the competition there. We've seen some strong sell-through and we are getting reorders but those reorders are hitting Q4 and not Q3.

充滿挑戰的動態比我們預期的要棘手一些。你知道，在第三季度，我認為我們受到的影響尤其嚴重，因為我們的一些主要批發客戶收到的靴子比一年前晚了大約一個月左右。現在，當我們收到這些靴子時，我們的靴子已經取得了相當大的成功。我認為我們已經超越了那裡的競爭對手。我們已經看到一些強勁的銷售量，我們正在收到重新訂購，但這些重新訂購是在第四季度而不是第三季。

And look overall, we just continue to see a cautious approach from some of our key wholesale customers. But we're going to keep banging away at it and the good news is that the products that we are getting delivered are seeing sell-through that are outpacing the competition.

總體而言，我們繼續看到一些主要批發客戶採取謹慎態度。但我們將繼續努力，好消息是我們交付的產品的銷售量超過了競爭對手。

Got it. So, on that point, do you expect that wholesale footwear will improve in 4Q versus 3Q?

知道了。那麼，在這一點上，您預計第四季度鞋類批發市場會比第三季有所改善嗎？

I do.

我願意。

Aubrey Tianello, BNP Paribas.

奧布里·蒂內洛，法國巴黎銀行。

Hey, good morning. Thanks for taking the questions. I wanted to start out with the updated revenue guidance for 2024. I think previously you were expecting low to mid-single-digit organic growth in wholesale and then high-singles in DTC, curious how you're thinking about growth between the channels in this new guide for higher revenue.

嘿，早安。感謝您提出問題。我想從更新的 2024 年收入指引開始。我認為之前您預計批發業務會出現低至中個位數的有機增長，然後DTC 會出現高個位數的有機增長，很好奇您如何考慮本新指南中渠道之間的增長以實現更高的收入。

Yeah, thanks Aubrey. So we have updated our guidance or raised our revenue guidance in the wholesale channel. So we're now looking for that business to be up mid-teens overall or about 6% to 7% excluding Almost Famous and that increase is really coming from the continued strength that we're seeing in our wholesale accessories and apparel business, but primarily driven by the continued strength in Steve Madden handbags. For DTC, we continue to be at up high singles for the year. So right in line with where we were when we last spoke.

是的，謝謝奧布里。因此，我們更新了我們的指導或提高了批發管道的收入指導。因此，我們現在預計該業務將整體成長 10% 左右，即排除「Almost Famous」約 6% 至 7%，這種成長實際上來自於我們在批發配件和服裝業務中看到的持續強勁勢頭，但是主要是受到Steve Madden 手袋持續強勢的推動。對於 DTC，我們今年的單打繼續處於高位。與我們上次談話時的位置一致。

Okay, got it great. And then I, yeah, just to follow up on the handbag business and the really impressive growth we saw this quarter, I think this is the fifth straight quarter now, since the handbag business has really inflected and you were lapping a lot harder compares starting this quarter. And I guess just any more color you can share on what's been driving that growth and just how we should think about growth in that business going forward.

好的，太棒了。然後我，是的，只是為了跟進手袋業務以及我們本季度看到的真正令人印象深刻的增長，我認為這是連續第五個季度，因為手袋業務確實發生了變化，而且與開始相比，你的表現要努力得多本季。我想您可以分享更多關於推動這一成長的因素以及我們應該如何考慮該業務未來成長的資訊。

Yeah, we're just really pleased with how the team has executed. Again, this has been a multi-year growth journey. We've seen acceleration recently, but I think we're seeing the fruit of a lot of labor over a number of years to develop a really strong product engine there to build a position, with our consumer in this category. And that's paying off.

是的，我們對團隊的執行方式感到非常滿意。同樣，這是一個多年的成長之旅。我們最近看到了加速發展，但我認為我們看到了多年來大量勞動的成果，開發了一個真正強大的產品引擎，在這個類別中與我們的消費者建立了一個地位。這正在得到回報。

Steve Madden is to your point, we're now anniversarying some very tough comparisons and still seeing strong growth. The team has done a great job of updating some of our biggest items to extend their life and also introducing new silhouettes that are really catching on, and also making sure to consistently each season really be on any kind of new trends and trends in materials and colorways, et cetera. So just good product execution and we'll keep focusing on it.

史蒂夫·馬登（Steve Madden）說的是你的觀點，我們現在正在慶祝一些非常艱難的比較，但仍然看到強勁的增長。團隊做了出色的工作，更新了我們一些最大的單品以延長其使用壽命，並推出了真正流行的新款式，並確保每個季節都始終遵循材料和材料方面的任何新趨勢和趨勢。配色等。因此，只要有良好的產品執行力，我們就會繼續關注它。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good morning, everyone. As you think about the wholesale business and what you're seeing, how does it differ by type, whether it's department stores, off-price or mass merchants, what you're seeing in the private label business? And then when you think of the retail business, what are you seeing in outlets and full-price stores and then just one follow up. Thank you.

嗨，大家早安。當您思考批發業務以及您所看到的情況時，它的類型有何不同，無論是百貨公司、折扣店還是大眾商家，您在自有品牌業務中看到了什麼？然後當你想到零售業務時，你在直銷店和全價商店中看到了什麼，然後只是一個後續行動。謝謝。

Sure. Look, I think in the wholesale channel, we continue to see that the value-price retailers are performing more strongly. So our private label business is outpacing our branded business and again, our private label business is primarily done with mass merchants and even within the branded business, we're clearly seeing strength in the off-price channel as it relatives to say the department store channel.

當然。看，我認為在批發通路中，我們繼續看到超值零售商的表現更加強勁。因此，我們的自有品牌業務正在超越我們的品牌業務，我們的自有品牌業務主要是與大眾商家完成的，即使在品牌業務中，我們也清楚地看到折扣管道的優勢，因為它相對於百貨公司而言通路。

Although again, I want to point out our sell-through performance in the department store channel, we feel good about and we think it's outpacing our closest competition. In terms of our own DTC, we've been talking for some time about outlets outperforming full-price stores. That has reversed itself over the last couple of months. And in fact, in recent months, we've seen full-price stores actually outpacing outlets.

儘管如此，我想再次指出我們在百貨公司通路的銷售業績，我們感覺良好，並且我們認為它超過了我們最接近的競爭對手。就我們自己的 DTC 而言，我們一段時間以來一直在談論直營店的表現優於全價商店。在過去的幾個月裡，這種情況發生了逆轉。事實上，近幾個月來，我們發現全價商店的銷售量實際上超過了專賣店。

And then just on the wholesale footwear category, what are you seeing by styles, any trends, whether it's sneakers, whether it's boots, any new styles or trends that you see driving demand into holiday season and beyond? Thank you.

然後就批發鞋類別而言，您認為風格、趨勢是什麼，無論是運動鞋、靴子，還是您認為推動假期季節及以後需求的新款式或趨勢？謝謝。

I'm really excited about what we're seeing with our tall-shaft boots right now. I think that's a category where again, I think we really have the right items, whether it's engineer boots, stretch boots, anything in suedes, particularly Brown suedes we're doing great with. And I think, it's a category where we believe that we are outperforming the competition. So that's one thing I'm really excited about.

我對我們現在所看到的高筒靴感到非常興奮。我認為在這個類別中，我認為我們確實擁有合適的產品，無論是工程師靴子、彈性靴子還是麂皮鞋，特別是我們做得很好的棕色麂皮鞋。我認為，在這個類別中，我們相信我們的表現優於競爭對手。這是我真正興奮的一件事。

We also introduced some new sneakers this fall, a lot in that sort of soccer-inspired space and those are performing very well. And we're now updating those by taking them up on platforms and those are also seeing good demand from the consumer. So, we feel good about that. And then in some of the other categories, casuals, et cetera, we said that Mary Janes have being very good. We've also got some loafers that are performing. So the team has done a really good job with the product on the footwear side and feel good about how we are positioned there.

今年秋天我們也推出了一些新的運動鞋，很多都是以足球為靈感的領域，而且表現非常好。我們現在正在透過在平台上進行更新來更新這些內容，而這些內容也看到了消費者的良好需求。所以，我們對此感覺良好。然後在其他一些類別（休閒裝等）中，我們說瑪麗珍鞋非常好。我們還有一些正在表演的樂福鞋。因此，團隊在鞋類方面的產品做得非常好，並且對我們在這方面的定位感到滿意。

Laura Champine, Loop.

勞拉‧尚平，《循環》。

Thanks for taking my question and thanks for being so specific about the plans, you've got to move production out of China. Obviously, you were there for a reason. What's the likely gross margin impact of that move or do you think you can just pass on any change in cost to your customers?

感謝您提出我的問題，也感謝您對計劃如此具體，您必須將生產移出中國。顯然，你在那裡是有原因的。這項舉措可能對毛利率產生什麼影響，或者您認為您可以將任何成本變化轉嫁給您的客戶嗎？

I think it's really difficult to quantify the potential impact here and especially if we are contemplating a new policy where there are significant tariffs on China that's going to have all sorts of wide ranging implications, not only the supply chain, but the overall economy, supply and demand impacts in all these countries where we would be sourcing from. So, I think it's a little too early to speculate about what the impact will be.

我認為量化這裡的潛在影響確實很困難，特別是如果我們正在考慮一項新政策，對中國徵收高額關稅，這將產生各種廣泛的影響，不僅是供應鏈，而且是整體經濟、供應。以及對我們採購的所有這些國家的需求影響。因此，我認為現在猜測影響會是什麼還為時過早。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hey, good morning. I just was hoping you could elaborate a bit on what you saw with the marketing campaign in September. Any learnings there. And then I think you've been making some investments in your stores. Where are we on that? And just any initial reads from those tests? Thank you.

嘿，早安。我只是希望您能詳細說明一下您在 9 月的行銷活動中看到的情況。那裡有任何學習。然後我認為您一直在對商店進行一些投資。我們在這方面的進展如何？以及這些測試中的任何初步讀數？謝謝。

Sure. Yeah, we were really excited with the marketing campaign and the results that we saw there. I think it was our best campaign in some time and really resonated with the consumer. And again, drove results. We talked about the lift that we saw in folks searching for us, searching for our brand. We saw a big lift across the United States and we focused a lot of our offline activations in the New York area and we saw a much more significant lift in New York.

當然。是的，我們對行銷活動和在那裡看到的結果感到非常興奮。我認為這是我們一段時間以來最好的活動，確實引起了消費者的共鳴。再次推動結果。我們談到了人們在搜尋我們、搜尋我們的品牌時所看到的提升。我們在美國看到了巨大的提升，我們將許多線下活動集中在紐約地區，我們在紐約看到了更顯著的提升。

So we saw that those marketing activities really worked, but also of course, drove revenue… that's critically important. And we've got some really great data from some of our media partners, YouTube, for example, on the lift that we saw in awareness, consideration, et cetera from folks that saw the ads.

所以我們看到這些行銷活動確實有效，當然也增加了收入……這是至關重要的。我們從一些媒體合作夥伴（例如 YouTube）那裡獲得了一些非常有用的數據，我們從看到廣告的人那裡看到了認知度、考慮度等方面的提升。

So it really worked. We felt very good about it. And the nice thing about doing this top of funnel marketing is we saw that it also made our performance marketing dollars work harder and and we saw better returns there. So overall, a successful campaign and we'll look to do more of that going forward.

所以它確實有效。我們對此感覺非常好。進行漏斗頂部行銷的好處是，我們看到它也使我們的績效行銷資金更加有效，並且我們在那裡看到了更好的回報。總的來說，這是一次成功的活動，我們將在未來做更多的事情。

In terms of the investments in stores was that the second part of the question, right? Yeah, those are ongoing. I know we've talked about Times Square on this call before. That one's going to open right before Black Friday. So we're under construction there right now and we're super excited to get that flagship store open and we'll continue to refresh the fleet going forward.

就商店投資而言，這是問題的第二部分，對嗎？是的，這些正在進行中。我知道我們之前在這次電話會議上討論過時代廣場。那家將在黑色星期五前開業。所以我們現在正在那裡建設，我們非常高興能開設旗艦店，我們將繼續更新車隊。

At this time. I'm showing no further questions. I would now like to turn the call back over to Ed Rosenfeld for closing remarks.

此時。我沒有再提出任何問題。現在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, thanks everybody for joining us today. Enjoy the rest of your day, have a great holiday season and we will speak to you soon.

偉大的。好的，謝謝大家今天加入我們。祝您有個愉快的一天，度過一個愉快的假期，我們很快就會與您聯繫。

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

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。