Steven Madden Ltd (SHOO) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 Steve Madden Limited earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 Steve Madden Limited 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給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, Lauren, and good morning, everyone. Thank you for joining our first quarter 2025 earnings call and webcast.

謝謝，勞倫，大家早安。感謝您參加我們的 2025 年第一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.

在我們開始之前，我想提醒您，我們接下來的評論（包括對您的問題的回答）包含我們認為符合《私人證券訴訟改革法案》含義的前瞻性陳述。這些前瞻性陳述具有風險，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。

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.

這些風險包括我們在今天稍早發布的新聞稿和向美國證券交易委員會提交的文件中所描述的事項。我們不承擔更新這些前瞻性聲明的任何義務，這些聲明可能要等到我們下次季度收益電話會議才會更新。

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

除非另有說明，今天電話會議上討論的財務結果均經過調整。我們的收益報告中包含了與最直接可比較的 GAAP 財務指標的對帳以及其他相關揭露。

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

今天與我一起參加電話會議的還有董事長兼執行長 Ed Rosenfeld 和財務長兼營運執行副總裁 Zine Mazouzi。

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

說完這些，我將把電話轉給 Ed。 Ed？

All right. Thank you, Danielle, and good morning, everyone. And thank you for joining us to review Steve Madden's first quarter 2025 results.

好的。謝謝你，丹妮爾，大家早安。感謝您與我們一起回顧 Steve Madden 2025 年第一季的業績。

We were pleased with our performance in the first quarter, with earnings results significantly exceeding expectations. While sales trends across the industry were somewhat sluggish in January and February, we saw a strong improvement in March as weather turned warmer and more consumers began to look for spring fashion.

我們對第一季的業績感到滿意，獲利結果大大超乎預期。雖然一月和二月整個產業的銷售趨勢有些低迷，但隨著天氣變暖以及更多消費者開始尋找春季時尚，三月出現了強勁改善。

Our product teams did an outstanding job of creating on-trend spring assortments that resonated with consumers. And we supported these assortments with increased investment in our full-funnel marketing strategy, highlighted by our global marketing campaign, House of Steve, featuring social media sensation Tefi and the iconic Salt-N-Pepa song, Shoop. Overall, our team's disciplined execution of our strategy continues to create deeper consumer connections and drive demand for our brands and products.

我們的產品團隊出色地創造了符合潮流的春季產品系列，引起了消費者的共鳴。我們透過增加對全通路行銷策略的投資來支持這些產品組合，其中最突出的是我們的全球行銷活動“House of Steve”，該活動以社交媒體紅人 Tefi 和標誌性的 Salt-N-Pepa 歌曲 Shoop 為特色。總體而言，我們的團隊嚴格執行我們的策略，繼續建立更深層的消費者聯繫並推動對我們的品牌和產品的需求。

That said, it's no secret that in the near term, we face meaningful headwinds and heightened uncertainty due to the impact of new tariffs on goods imported into the United States. After the most recent additional tariffs were implemented in early April, our team moved swiftly to adapt to the changing landscape with a focus on mitigating near-term impacts while positioning the company for long-term growth.

儘管如此，由於美國進口商品新關稅的影響，我們在短期內將面臨重大阻力和更大的不確定性，這已不是什麼秘密。在四月初實施最新一輪附加關稅後，我們的團隊迅速採取行動，適應不斷變化的形勢，重點是減輕短期影響，同時為公司的長期成長做好準備。

We leveraged our strong and long-standing supplier relationships to negotiate meaningful discounts on products coming from China to the US so we could limit the negative impact to earnings in the short term while keeping goods flowing, continuing to deliver the most important fashion items, and protecting market share.

我們利用與供應商之間長期穩固的關係，就從中國到美國的產品協商獲得有意義的折扣，這樣我們就可以在短期內限制對收益的負面影響，同時保持貨物流通，繼續提供最重要的時尚產品，並保護市場份額。

Simultaneously, we sharply accelerated our shift of production out of China, capitalizing on the groundwork we've laid in alternative countries of production over the last several years to move quickly and minimize disruption as we did so. Due to the foundation we have built in these other countries, combined with our model of working close to season, we have been able to significantly reduce the amount of fall 2025 production out of China.

同時，我們大幅加快了將生產轉移出中國的步伐，利用過去幾年在其他生產國家打下的基礎，迅速採取行動，並將幹擾降至最低。由於我們在這些其他國家建立的基礎，加上我們接近季節的工作模式，我們已經能夠大幅減少中國 2025 年秋季的產量。

On previous earnings calls, we disclosed that in 2024, we sourced 71% of our US imports from China. For fall 2025, we expect the comparable figure, excluding Kurt Geiger, to be in the mid-teens and, by spring 2026, down to the mid-single digits.

在先前的收益電話會議上，我們揭露，到 2024 年，美國 71% 的進口產品將來自中國。對於 2025 年秋季，我們預計不包括 Kurt Geiger 在內的可比較數字將達到十幾歲左右，而到 2026 年春季，將降至個位數中間值。

Additionally, we have begun selectively raising prices to consumers and wholesale customers. We have taken a surgical approach, raising prices by differing amounts, and sometimes not at all, depending on the brand, product category, and style.

此外，我們已經開始有選擇地提高針對消費者和批發客戶的價格。我們採取了精準的策略，根據品牌、產品類別和款式，以不同幅度提高價格，有時甚至不提高價格。

The first adjustments to retail prices were made over the last several days. So it's too early to assess the impact, but we will monitor the elasticity of demand carefully and react accordingly. Finally, we are also looking for expense savings and operational efficiencies where we can and recently completed a reduction in force that will result in over $12 million in annual savings.

零售價格已於過去幾天首次做出調整。因此現在評估影響還為時過早，但我們將仔細監控需求彈性並做出相應反應。最後，我們也正在盡可能地節省開支、提高營運效率，最近我們完成了裁員，這將帶來每年超過 1,200 萬美元的節省。

While the tariffs and the related uncertainty are undeniably challenging in the short term, we believe that we are well-positioned relative to many of our closest competitors, most of whom do not have the ability to shift production as quickly as we can and/or are not as well capitalized. We will continue to invest in marketing and the other strategic initiatives that position us for long-term growth, and we believe that the current disruption will create opportunities for us to take market share over time.

儘管關稅和相關的不確定性在短期內無疑具有挑戰性，但我們相信，與許多最接近的競爭對手相比，我們處於有利地位，其中大多數競爭對手沒有能力像我們一樣快速地轉移生產和/或資本不足。我們將繼續投資於行銷和其他策略舉措，為我們的長期成長做好準備，我們相信當前的混亂將為我們隨著時間的推移佔據市場份額創造機會。

The most important investment we've made this year is the acquisition of Kurt Geiger, which we were excited to close yesterday. The Kurt Geiger London brand continues to demonstrate outstanding momentum as its unique brand image, distinctive design aesthetic, and compelling value proposition drive success across multiple categories led by handbags.

我們今年最重要的投資是對 Kurt Geiger 的收購，我們很高興昨天完成了這項收購。Kurt Geiger London 品牌繼續展現出卓越的發展勢頭，其獨特的品牌形象、鮮明的設計美學和引人注目的價值主張推動了以手袋為主導的多個類別的成功。

Its differentiated and elevated position and its alignment with our strategic initiatives of expanding in international markets, accessories categories, and direct-to-consumer channels make it a highly attractive and complementary addition to our portfolio.

其差異化和高端定位以及與我們在國際市場、配件類別和直接面向消費者管道擴張的戰略舉措的一致性，使其成為我們產品組合中極具吸引力和互補性的補充。

For the 12 months ended February 1, 2025, Kurt Geiger had revenue of GBP400 million, and the purchase price in the transaction reflected an enterprise value of GBP289 million, of which approximately GBP14 million is deferred and payable to management over a five-year period upon achievement of certain financial targets.

截至 2025 年 2 月 1 日的 12 個月內，Kurt Geiger 的收入為 4 億英鎊，交易中的購買價格反映的企業價值為 2.89 億英鎊，其中約 1400 萬英鎊為遞延款項，在實現某些財務目標後五年內支付給管理層。

In connection with the acquisition, the company entered into a new credit agreement which provides for a $300 million term loan facility and a $250 million revolving credit facility. And we funded the acquisition with borrowings under the new credit agreement and cash on hand. With the transaction consummated, we are thrilled to get to work in supporting the Kurt Geiger management team, led by CEO Neil Clifford, in their journey to making Kurt Geiger London a billion-dollar brand.

結合此次收購，該公司簽署了一項新的信貸協議，提供 3 億美元的定期貸款和 2.5 億美元的循環信貸。我們利用新信貸協議下的借款和現金為此收購提供資金。隨著交易的完成，我們很高興能夠支持由執行長 Neil Clifford 領導的 Kurt Geiger 管理團隊，將 Kurt Geiger London 打造為價值 10 億美元的品牌。

So in sum, we delivered solid results in the first quarter in a tough environment. Looking ahead, we are clear-eyed about the challenges and uncertainty we face due to the impact of tariffs. But our team has moved quickly to adapt, and we believe the agility of our business model, combined with our fortress balance sheet, gives us a competitive advantage in dynamic environments like this one.

總而言之，我們在第一季在艱難的環境下取得了穩健的表現。展望未來，我們清楚地認識到關稅影響所帶來的挑戰和不確定性。但我們的團隊已經迅速適應，我們相信，我們業務模式的靈活性，加上我們穩固的資產負債表，使我們在像這樣的動態環境中具有競爭優勢。

We are confident that we are well-positioned to navigate the current disruption and to return to profitable and sustainable growth when the dust settles. And with the acquisition of Kurt Geiger, we have added a powerful brand to our portfolio that meaningfully enhances the growth profile of our company going forward.

我們有信心，我們有能力應對當前的混亂局面，並在塵埃落定後恢復盈利和可持續增長。透過收購 Kurt Geiger，我們在產品組合中增加了一個強大的品牌，這將顯著提升我們公司未來的成長前景。

And now, I'll turn it over to Zine to review our first quarter 2025 financial results in more detail.

現在，我將交給 Zine 來更詳細地回顧我們 2025 年第一季的財務表現。

Thanks, Ed, and good morning, everyone. In the first quarter, our consolidated revenue was $553.5 million, a 0.2% increase compared to the first quarter of 2024. Our wholesale revenue was $439.3 million, up 0.2% compared to Q1 2024.

謝謝，艾德，大家早安。第一季度，我們的綜合營收為 5.535 億美元，與 2024 年第一季相比成長 0.2%。我們的批發收入為 4.393 億美元，與 2024 年第一季相比成長 0.2%。

Wholesale footwear revenue was $296.1 million, a 0.2% increase from the comparable period in 2024. Wholesale accessories and apparel revenue was $143.2 million, up 0.4% compared to the first quarter in the prior year.

批發鞋類營收為 2.961 億美元，比 2024 年同期成長 0.2%。批發配件和服裝收入為 1.432 億美元，比去年同期第一季成長 0.4%。

In both businesses, gains in the branded business were partially offset by declines in private label. As a reminder, we moved approximately $13 million of shipments related to the mass channel from January 2025 to December 2024, which benefited wholesale revenue in the fourth quarter of 2024 and negatively impacted revenue in the first quarter of 2025.

在兩項業務中，品牌業務的成長被自有品牌業務的下滑部分抵消。提醒一下，我們將與大眾通路相關的約 1,300 萬美元的出貨量從 2025 年 1 月轉移到 2024 年 12 月，這對 2024 年第四季的批發收入有利，並對 2025 年第一季的收入產生負面影響。

In our direct-to-consumer segment, revenue declined 0.2% to $112.1 million as a modest increase in our digital business was offset by a decline in brick and mortar. We ended the quarter with 314 company-operated brick-and-mortar retail stores, including 72 outlets, as well as five e-commerce websites and 61 company-operated concessions in international markets.

在我們的直接面向消費者的部門中，收入下降 0.2% 至 1.121 億美元，因為數位業務的溫和成長被實體業務的下滑所抵消。截至本季末，我們擁有 314 家公司經營的實體零售店，其中包括 72 家門市，以及 5 個電子商務網站和 61 家公司在國際市場的特許經營店。

Our licensing royalty income was $2.2 million in the quarter, compared to $1.8 million in the first quarter of 2024. Consolidated gross margin was 40.9% in the quarter compared to 40.7% in the comparable period of 2024, a 20-basis-point increase despite approximately 20 basis points of negative impact from the tariffs implemented in February and March.

本季我們的授權使用費收入為 220 萬美元，而 2024 年第一季為 180 萬美元。本季綜合毛利率為 40.9%，而 2024 年同期為 40.7%，儘管 2 月和 3 月實施的關稅產生了約 20 個基點的負面影響，但仍增加了 20 個基點。

Wholesale gross margin was 35.7% compared to 35.1% in the first quarter of 2024, with increases in both the wholesale footwear and wholesale accessories and apparel businesses. Direct-to-consumer gross margin was 60.1%, compared to 61.9% in the comparable period in 2024, driven by an increase in promotional activity.

批發毛利率為 35.7%，而 2024 年第一季為 35.1%，鞋類批發業務和配件及服裝批發業務均有所成長。直接面向消費者的毛利率為 60.1%，而 2024 年同期為 61.9%，這得益於促銷活動的增加。

Operating expenses were $170.5 million, or 30.8% of revenue in the quarter, compared to $164.1 million, or 29.7% of revenue, in the first quarter of 2024. Operating income for the quarter was $56.1 million, or 10.1% of revenue, compared to $61 million, or 11% of revenue, in the comparable period in the prior year.

本季營運費用為 1.705 億美元，佔營收的 30.8%，而 2024 年第一季營運費用為 1.641 億美元，佔營收的 29.7%。本季營業收入為 5,610 萬美元，佔營收的 10.1%，而去年同期營業收入為 6,100 萬美元，佔營收的 11%。

The effective tax rate for the quarter was 24% compared to 23.6% in the first quarter of 2024. And finally, net income attributable to Steve Madden Ltd. for the quarter was $42.4 million, or $0.60 per diluted share, compared to $47 million, or $0.65 per diluted share, in the first quarter of 2024.

本季有效稅率為 24%，而 2024 年第一季為 23.6%。最後，本季歸屬於 Steve Madden Ltd. 的淨收入為 4,240 萬美元，即每股攤薄收益 0.60 美元，而 2024 年第一季為 4,700 萬美元，即每股攤薄收益 0.65 美元。

Moving to the balance sheet, our financial foundation remained strong. As of March 31, 2025, we had $147.2 million of cash, cash equivalents, and short-term investments; and no debt. Inventory was $238.6 million, compared to $202 million in the first quarter of 2024. This is driven primarily by longer lead times caused by the disruption in the Suez Canal and our diversification out of China, as well as shipments we accelerated ahead of the April 2 tariff announcement.

從資產負債表來看，我們的財務基礎依然強勁。截至 2025 年 3 月 31 日，我們擁有 1.472 億美元的現金、現金等價物和短期投資；且沒有債務。庫存為 2.386 億美元，而 2024 年第一季為 2.02 億美元。這主要是由於蘇伊士運河中斷導致交貨時間延長、我們將業務從中國轉移，以及我們在 4 月 2 日關稅公告發布前加快了發貨速度。

Our CapEx in the first quarter was $9.8 million. And during the first quarter, the company did not repurchase any shares of its common stock in the open market. The company spent $7.8 million on repurchases of shares through the net settlement of employee stock awards.

我們第一季的資本支出為 980 萬美元。並且在第一季度，該公司沒有在公開市場上回購任何普通股。該公司透過員工股票獎勵的淨結算方式回購了780萬美元的股票。

The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on June 20, 2025, to stockholders of record as of the close of business on June 9, 2025.

該公司董事會批准每股 0.21 美元的季度現金股利。股利將於 2025 年 6 月 20 日支付給 2025 年 6 月 9 日營業結束時登記在冊的股東。

As mentioned in our press release issued earlier this morning, due to uncertainty related to the impact of new tariffs on goods imported into the United States, we are withdrawing the 2025 financial guidance we provided on February 26, 2025, and will not be providing guidance at this time.

正如我們今天早上發布的新聞稿中提到的那樣，由於新關稅對進口到美國的商品的影響存在不確定性，我們將撤回 2025 年 2 月 26 日提供的 2025 年財務指導，並且目前不會提供指導。

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

現在我想將電話轉給接線員來回答問題。勞倫？

(Operator Instructions) Paul Lejuez, Citi.

（操作員指示）花旗銀行的 Paul Lejuez。

Hi. This is Kelly on for Paul. First, just on your more aggressive move outside of China. It's good to see you're only going to see a mid-teens penetration. I guess, could you just talk more broadly about how you're handling the orders from China? Is there a sense that it would not make sense altogether to take orders?

你好。這是凱莉 (Kelly) 取代保羅 (Paul)。首先，談談你們在中國以外採取的更激進的措施。很高興看到你只會看到十幾歲的滲透率。我想，您能否更廣泛地談談您如何處理來自中國的訂單？有沒有一種感覺，接受命令根本沒有任何意義？

And then, on where the production is moving, just any color on the countries where you're moving to and what the margin profile looks like from sourcing from those countries relative to pre-tariff margins, just to understand the impact there. And then I'll have a follow-up.

然後，關於生產轉移到哪裡，只需標明要轉移到的國家/地區，以及從這些國家/地區採購的利潤率相對於關稅前利潤率的狀況，即可了解那裡的影響。然後我會跟進。

Sure. So in terms of how we're handling production that was in China, the stuff that was far along in the production process or done, we are taking the majority of that in. But we have worked with our factory partners and suppliers to negotiate price concessions on those goods so we can at least mitigate some of the damage in the near term and again, keep those goods flowing and make sure we're still delivering fashion to our customers and consumers.

當然。因此，就我們如何處理在中國的生產而言，對於生產過程中已經完成或已經完成的部分，我們都會承擔大部分工作。但我們已經與工廠合作夥伴和供應商就這些商品的價格優惠進行談判，以便我們至少可以在短期內減輕一些損失，並再次保持這些商品的流通，並確保我們仍然為客戶和消費者提供時尚產品。

But basically, anything that was early enough in the production process to move, we have moved. And so we have taken components from China, for instance, and moved them to other countries. And that's why you've seen that fall production come down so significantly.

但基本上，生產過程中任何足夠早期可以轉移的東西，我們都已經轉移了。例如，我們從中國獲取零件，然後將其運往其他國家。這就是為什麼你會看到秋季產量大幅下降。

And in fact, in brands like Steve Madden Shoes or Dolce Vita Shoes, that fall production in China is going to be virtually nothing. Overall, in footwear and accessories, we think we'll be below 5% in fall.

事實上，像 Steve Madden Shoes 或 Dolce Vita Shoes 這樣的品牌，中國秋季的產量幾乎是零。總體而言，我們認為鞋類和配件的跌幅將低於 5%。

It's really some of the apparel, the more value-priced apparel, that's bringing the number up because it's taking us a little longer to move those goods. But we've been very proactive, and we've moved very quickly to move those goods for fall.

實際上是一些服裝，價格更高的服裝，導致數量上升，因為我們運輸這些貨物的時間更長。但我們一直非常積極主動，並且已經迅速採取行動，將這些貨物運送至秋季。

Now, I do want to point out that some of these goods, as we move them to the other countries, it does mean that the goods are going to come a month to even 45 days later. And so that will push out some of our deliveries.

現在，我確實想指出，當我們將這些貨物運往其他國家時，這確實意味著貨物將在一個月甚至 45 天後到達。這將會推遲我們的部分交付。

In terms of the countries that we're moving to, it's really the same countries that we have been talking about. You've got some countries in Asia, like Cambodia and Vietnam, that are important; and then Mexico and Brazil are also very important.

就我們要遷往的國家而言，其實就是我們一直在談論的國家。亞洲的一些國家很重要，例如柬埔寨和越南；墨西哥和巴西也很重要。

And we've particularly been focused on pushing as hard as we can on Mexico and Brazil for a couple reasons. One is those are countries where we can actually see improved speed from when we were sourcing out of China, whereas right now, Vietnam and Cambodia, the lead times are extended from what we're traditionally used to out of China.

基於以下幾個原因，我們特別注重盡力推動墨西哥和巴西的發展。一是，與我們在中國採購相比，這些國家的速度確實有所提高，而目前，越南和柬埔寨的交貨時間比我們傳統上在中國採購的時間還要長。

And then also, as you know, Mexico and Brazil did not receive reciprocal tariffs. So there is less risk when July 9 comes along with respect to tariffs in those countries.

而且，如你所知，墨西哥和巴西並沒有享受到互惠關稅。因此，7 月 9 日這些國家的關稅風險較小。

Just to follow up on the question around moving to production, I guess within that, the sourcing penetrations that you've cited, is some of that as a result of just not choosing to take orders in China in terms of where the penetration is going?

只是想跟進有關轉向生產的問題，我想其中，您所提到的採購滲透，是否部分是由於沒有選擇在中國接受訂單而導致的？

Or are you -- I guess trying to get at the question of whether or not we're going to see some good impact in the top line in the back half of the year. Because obviously, your penetration of China will come down if you're just not taking orders at all.

或者你——我想你是想弄清楚我們是否會在今年下半年看到營業收入的一些好影響。因為很明顯，如果你根本不接受訂單，那麼你在中國的滲透率就會下降。

So I just want to clarify there in terms of potential impact from lost sales. And then just to follow up on just the margins or any other impact on your business model, your -- as you point out the longer lead times, how does that impact how you -- your normal course of business?

因此，我只想澄清一下銷售損失的潛在影響。然後，僅跟進利潤率或對您的商業模式的任何其他影響，正如您所指出的，更長的交貨時間對您的正常業務過程有何影響？

Yeah, I know. For the most part, we are replacing all the production in these other countries. So we're not walking away from whole businesses or whole categories of business or anything like that. Now, that's not to say there won't be any top-line impact from what's going on with tariffs. So we have experienced some cancellations.

是的，我知道。在很大程度上，我們正​​在取代這些其他國家的所有生產。因此，我們不會放棄整個業務或整個業務類別或諸如此類的事情。但這並不是說關稅不會對企業造成任何實際影響。因此，我們經歷了一些取消的情況。

I want to explain that, as you know, we have certain customers who buy from us on what's called an FOB basis, where they are the importer of record and they are responsible for the tariffs. We have seen some cancellations from those customers. We've also seen some cancellations from customers who are not willing to accept the price increases that we are putting through in fall.

我想解釋一下，如您所知，我們有一些客戶以所謂的離岸價向我們購買產品，他們是記錄進口商並負責關稅。我們發現有些客戶取消了訂單。我們還發現一些客戶取消了訂單，因為他們不願意接受我們秋季實施的價格上漲。

And also, certain customers are canceling because the goods, as I mentioned, when they get moved to the other countries, may come in later. And even if the customers are taking those goods in, if the initial sets go in a month or a month and a half later, we do think that will have an impact on reorder business.

而且，某些客戶取消訂單是因為，正如我所提到的，當貨物運往其他國家時，可能會晚點到貨。即使客戶接收這些貨物，如果第一批貨物晚了一個月或一個半月到貨，我們認為這會對重新訂購業務產生影響。

And then I guess the last point would be, we are starting to hear about certain wholesale customers who are thinking about their fall plans more conservatively, given the current environment. And I think we all have to be aware that there may be a consumer demand impact from the turmoil here.

我想最後一點是，我們開始聽到一些批發客戶表示，考慮到當前的環境，他們正在更加保守地考慮秋季計畫。我認為我們都必須意識到，這裡的動盪可能會對消費者需求產生影響。

So certainly, there will be a revenue impact from all of this, but it's not because we just can't ship goods. I think you asked about the margin impact of moving to the other countries.

因此，所有這些都肯定會對收入產生影響，但這並不是因為我們無法運送貨物。我想您詢問的是轉移到其他國家對利潤的影響。

It's a very fluid situation, so I'm not going to be too specific about that. But certainly, we are accepting lower margins than we've historically achieved when we're moving to some of these other countries. And there is price pressure on some of these other countries, as everybody is trying to move so quickly out of China to these alternative countries.

這是一個非常不穩定的情況，所以我不會對此說得太具體。但可以肯定的是，當我們轉向其他一些國家時，我們接受的利潤率比我們過去實現的利潤率要低。由於大家都在試圖迅速從中國轉移到這些替代國家，一些其他國家也面臨價格壓力。

So if you look at Vietnam, Cambodia, Brazil, these are countries where the FOB prices prior to this disruption were already slightly higher than what you see in China. And we have seen additional pressure recently due to the greater demand in those countries, as much as 10% to 15% additional price hikes relative to where things were before.

如果你看看越南、柬埔寨、巴西，你會發現這些國家的離岸價在這場危機發生前就已經略高於中國了。由於這些國家的需求增加，我們最近看到了額外的壓力，與以前相比，價格上漲了 10% 至 15%。

So we're obviously managing through that. But then you asked about the lead times. Yes, again, the lead times are longer right now in Vietnam and Cambodia. But we have Brazil and Mexico, where we're actually faster than we are in China. And so we're utilizing this network where we have multiple countries to manage the business and make sure that when we need to move very quickly, we try to lean on Mexico and Brazil. And when we have a little bit more time, we can work in some of these other countries.

所以我們顯然正在解決這個問題。但隨後您詢問了交貨時間。是的，目前越南和柬埔寨的交貨時間更長。但我們在巴西和墨西哥的速度實際上比在中國更快。因此，我們利用這個覆蓋多個國家的網路來管理業務，並確保當我們需要快速行動時，我們會嘗試依靠墨西哥和巴西。當我們有更多時間時，我們可以在其他一些國家開展工作。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

We wanted to follow up on gross margins. Came in better than expectations and up in wholesale. How much of that was FX as a benefit?

我們想追蹤毛利率。業績優於預期，批發量也有所上升。其中有多少是外匯收益？

And others have called out higher costs, trickling through the P&L, starting now mid-2Q, and you're a faster inventory-turning business. Just any color on how we should think about gross margins directionally as we go through the year, just given all the moving pieces.

其他人則指出，從第二季中期開始，成本就會增加，並逐漸計入損益表中，而企業的庫存週轉速度也會加快。考慮到所有變動因素，我們應該如何看待這一年中的毛利率方向。

Sure. So in Q1, we did come in a little better than we had anticipated. I think there was a couple of things there. One was March was just a better month than we anticipated and we guided at the end of February.

當然。因此，在第一季度，我們的業績確實比預期好一些。我認為那裡有幾件事。一是三月的情況比我們預期的要好，我們在二月底就給了指導。

And as we mentioned, we had a somewhat soft start to the year and then saw this big improvement in March, so that was part of it. I think the team really did a good job of managing inventory as well, and that enabled us to deliver a better gross margin.

正如我們所提到的，今年年初我們的表現有些疲軟，但三月出現了巨大的改善，這也是部分原因。我認為團隊在庫存管理方面確實做得很好，這使我們能夠實現更好的毛利率。

You called out FX. That was not a significant issue for us at all. There is also, if you're looking at it versus last year, a benefit for a mix. Because as Zine called out in his prepared remarks, on the wholesale side, we were positive in the branded business and had a decline in the private label business. So that's a mix benefit for us.

你呼叫了 FX。對我們來說這根本不是什麼大問題。如果與去年相比，混合還有好處。因為正如 Zine 在他的準備好的發言中所說的那樣，在批發方面，我們對品牌業務持積極態度，而對自有品牌業務則有所下滑。所以這對我們來說是一種混合利益。

And then as you pointed out, you're asking about when tariffs start to impact us. Because we turn our inventory quickly, we start to see the tariff impact sooner than some others. So we did, in fact, have even, as Zine called out, about a 20-basis-point negative impact in Q1. And obviously, there will be a much more significant impact in Q2.

正如您所指出的，您詢問的是關稅何時開始對我們產生影響。由於我們的庫存週轉速度很快，所以我們比其他一些公司更早感受到關稅的影響。因此，正如 Zine 所說，我們在第一季確實受到了約 20 個基點的負面影響。顯然，第二季的影響將更為顯著。

And just -- okay, that's very helpful. And just as a follow-up, you mentioned March better. You did call out a promo activity in DTC. Just anything to share on quarter-to-date? Curious if you're seeing different trends of full price versus outlets. And are you starting to see the industry get more promotional or not necessarily yet?

而且——好的，這非常有幫助。作為後續問題，您提到了三月更好。您確實在 DTC 中發起了促銷活動。關於本季迄今還有什麼可以分享的嗎？好奇您是否看到全價和奧特萊斯的不同趨勢。您是否開始看到該行業得到更多的推廣，還是還不一定？

In terms of April, in DTC, it's been a touch softer than March, but still better than we were in the January and February period. It has not been super promotional. So we have not seen any major uptick in promotions, and we haven't had to be more promotional than expected in our own DTC to date.

就 4 月而言，DTC 的表現比 3 月略有疲軟，但仍比 1 月和 2 月期間更好。它的促銷效果並不好。因此，我們尚未看到促銷活動有任何大幅增加，而且到目前為止，我們在自己的 DTC 中也沒有進行比預期更多的促銷活動。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Ed, does moving production out of China restrict your ability to deliver different fashion styles in any way? In other words, is there certain types of footwear that if you don't produce in China that you can't make? So in other words, if that's the trend that consumers are looking for, you'd be able to deliver that trend.

艾德，將生產轉移出中國是否會以某種方式限制您提供不同時尚風格的能力？換句話說，是否有某些類型的鞋類如果不在中國生產就無法生產？換句話說，如果這是消費者所尋求的趨勢，你就能夠實現這個趨勢。

No, there are certain things that are, I would say, a little bit more difficult; but there is nothing that we are prevented from making at all. If there's any category, footwear that I would highlight is probably the most difficult, I think kids is challenging, but we think we have a good plan there as well. And we're going to figure that out.

不，我想說，有些事情確實有點困難；但我們完全可以做任何事。如果有任何類別，我要強調的可能是最困難的鞋類，我認為兒童鞋類具有挑戰性，但我們認為我們在那裡也有一個很好的計劃。我們會解決這個問題的。

Great. Got it. And how do you think about just the 10% tariff on the other countries? Obviously, China is in its own category, but what's the strategy to mitigate the impact of just the 10% tariff on countries like Cambodia or some of the other places that you're doing business?

偉大的。知道了。您如何看待對其他國家徵收 10% 的關稅？顯然，中國也屬於這個類別，但有什麼策略可以減輕 10% 關稅對柬埔寨或其他一些有業務往來的國家的影響呢？

Yeah, well, as we mentioned in the earlier remarks, we are raising prices. And so even absent what's happening in China, we do need to raise prices because of the additional costs in the other countries, which includes the 10% baseline tariff. And so I think you're going to see that from us. And I expect you'll see that from most others in the marketplace as well over time.

是的，正如我們之前提到的，我們正在提高價格。因此，即使中國的情況沒有變化，我們也需要提高價格，因為其他國家的額外成本包括 10% 的基準關稅。所以我想你會從我們這裡看到這一點。我希望隨著時間的推移，你也會在市場上的大多數其他人身上看到這一點。

Got it. And maybe one more, if I can, just on the inventory being up 18%. Can you just make -- is it possible to break it down in terms of units or ASPs or Kurt Geiger? What are the different components of that inventory growth? If you can give us a little bit more color on that, that'd be super helpful.

知道了。如果可以的話，我可能還會再說一個，關於庫存增加 18% 的問題。您能否——是否可以按單位、ASP 或 Kurt Geiger 來細分它？庫存成長有哪些不同的組成部分？如果您能為我們提供更多有關此方面的詳細信息，那將會非常有幫助。

Yeah, this is Zine. The inventory does not include Kurt Geiger. So over 70% of that increase is primarily related to the three things I mentioned in the remarks, which relate to the longer lead times based on the disruption in the supply chain; also, the fact that we're diversifying outside of China. And those are also creating longer lead times.

是的，這是 Zine。清單中不包括 Kurt Geiger。因此，超過 70% 的成長主要與我在評論中提到的三件事有關，這些事情與供應鏈中斷導致的更長的交貨時間有關；此外，我們還在中國以外實現業務多元化。這些也導致了更長的交貨時間。

And the third component is the fact that we decided to accelerate certain production that was ready to ship and would have shipped otherwise in April, and we shipped it in March. So that's basically the main drivers for the inventory. We remain confident in inventory composition and the health of our inventory, and we feel that we're set up nicely for Q2 from an inventory position.

第三個因素是，我們決定加速某些已準備好出貨的產品，這些產品原本會在 4 月出貨，但我們在 3 月就出貨了。所以這基本上是庫存的主要驅動因素。我們仍然對庫存組成和庫存健康狀況充滿信心，並且我們認為從庫存狀況來看，我們已經為第二季度做好了充分的準備。

Laura Champine, Loop.

勞拉·尚皮恩（Laura Champine），Loop。

I think you mentioned in your prepared comments some price increases that you're rolling out already. Can you generalize about how significant those increases are and how fully they recapture your cost increases?

我認為您在準備好的評論中提到了您已經推出的一些價格上漲。您能否概括一下這些增長有多大以及它們如何完全收回您的成本增長？

Yeah. So look, as I mentioned, we're really looking at this at the style level. And we're not taking an approach where we're just applying a blanket percentage increase across the portfolio. There are goods that we're not raising the prices at all, and there are goods we're raising the prices as much as 20%.

是的。所以，正如我所提到的，我們實際上是從風格層面來看這個問題的。我們採取的方法並不是僅僅在整個投資組合中應用一刀切的百分比成長。有些商品我們根本不漲價，有些商品我們漲價幅度高達 20%。

If I had to give you a round number, I think we're in and around 10% on average. But this is a very fluid situation. And again, we're going to be monitoring the elasticity of demand carefully. And we'll continue to iterate going forward.

如果我必須給你一個大概的數字，我認為平均在 10% 左右。但這是一個非常不穩定的情況。再次強調，我們將密切監測需求的彈性。我們將繼續進行迭代。

Is it your sense that that's the stance of the industry as a whole, that your price increases are in keeping with what you're seeing out there in the competitive environment? Or do you have a different philosophy?

您是否認為這是整個行業的立場，您的價格上漲是否與您在競爭環境中看到的狀況一致？還是你有不同的哲學？

I think it's a little bit too early to say. I mean, I could speculate based on conversations with some of our wholesale customers. But I think it's better to wait to see what actually happens.

我認為現在說這個還為時過早。我的意思是，我可以根據與一些批發客戶的對話進行推測。但我認為最好還是等著看實際情況如何。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

I've got a pile of questions. The first thing is, you mentioned in your -- I think, Ed, you mentioned towards the end of your comments -- I don't have the exact quote, but something. We expect to return to profitability next year, whatever. You said something like that. Can you rehash what you said there, repeat what you said there? And then I have a question about that.

我有一堆問題。首先，你提到過——我想，埃德，你在評論的結尾提到過——我沒有確切的引述，但有些內容。無論如何，我們預計明年將恢復獲利。你說過類似這樣的話。你能重新討論一下你在那裡說過的話嗎？重複一下你在那裡說過的話嗎？我對此有一個疑問。

I said return to profitable growth. While we're not providing guidance, I will tell you we are not expecting to be loss-making either.

我說的是恢復獲利成長。雖然我們沒有提供指導，但我要告訴你，我們也不認為會出現虧損。

No, because you said return to profitable growth, which makes me feel like you're not going to have profitable growth for the rest of the year. So that's -- I'm just trying to figure out -- that was a weird comment. So I was just trying to make sure I understood it.

不，因為你說要恢復獲利成長，這讓我覺得今年剩餘時間你不會再獲利成長。所以那是——我只是想弄清楚——那是一個奇怪的評論。所以我只是想確保我理解了它。

Yeah, I think you should assume that in the near term, we won't be growing profits; and the longer term, we expect to. That was what we were trying to articulate.

是的，我認為你應該假設在短期內我們的利潤不會成長；但從長期來看，我們預期利潤會增加。這就是我們試圖表達的。

So a couple -- now I've got a bunch of other things. So one, what is the additional inventory that you have now with the acquisition of -- the closed acquisition of Kurt Geiger?

所以有幾件——現在我還有一堆其他東西。那麼，首先，透過收購 Kurt Geiger，你們現在擁有哪些額外的庫存？

I don't have that number off the top of my head. We closed the deal 24 hours ago.

我暫時還記不清這個數字了。我們 24 小時前就完成了交易。

Well, okay. And then what is the sourcing mix for Kurt Geiger as of now?

嗯，好的。那麼，目前 Kurt Geiger 的採購組合是怎麼樣的呢？

Yeah, Kurt Geiger is about 80% out of China. So I do want to remind folks that if you look at their business, most recent fiscal year, only 35% of it was done in the United States. So they are more insulated from tariff impacts than our existing business due to the much heavier penetration outside of the US.

是的，Kurt Geiger 大約 80% 的產品來自中國。所以我確實想提醒大家，如果你看看他們的業務，最近一個財政年度，只有 35% 是在美國完成的。因此，由於它們在美國以外的滲透率更高，因此與我們現有的業務相比，它們更能抵禦關稅的影響。

But certainly 80% sourcing out of China is an issue. And I can tell you that that is the number one priority for us now that we are closed. And as we start to integrate, that is job one. And we've got a pretty comprehensive plan and a team mobilized.

但 80% 的採購來自中國肯定是個問題。我可以告訴你，這是我們關閉後的第一要務。當我們開始整合時，這是首要任務。我們有一個非常全面的計劃，並且已經調動了一支團隊。

And in fact, we're already engaged and moving the ball forward on that front. And you're going to see that number go down significantly for spring '26.

事實上，我們已經開始參與並推動這方面的工作。而你會看到，到26年春季，這個數字將會大幅下降。

And then how long do you think it's going to take to get your margins back to normal, given what you know today?

那麼，根據您目前所了解的情況，您認為需要多長時間才能讓您的利潤恢復正常？

I'm not going to speculate about that. I mean, there's, there's way too much uncertainty for me to put a line in the sand there.

我不會對此進行猜測。我的意思是，有太多的不確定性，我無法在那裡劃一條界線。

And then lastly, on your -- the product that you're selling, your private label product that you sell to the mass, is that where -- I mean, the big container shipments that they take, is that probably the biggest challenge for keeping that business to get those prices well enough for them to still be -- how is that being handled, I guess?

最後，關於您銷售的產品，即您向大眾銷售的自有品牌產品，是那種——我的意思是，他們採用大型集裝箱運輸，這可能是維持該業務的最大挑戰，以便讓他們仍然可以獲得足夠好的價格——我想，這是如何處理的？

I think a lot of that product as well. And that's also something we've been working on for the last couple of years with those customers is finding alternative countries of production. I'd like to think that we're ahead of most of the folks that we compete with for that business.

我也非常看重該產品。這也是我們過去幾年一直在與這些客戶合作的事情，尋找替代的生產國家。我認為我們在該業務上比大多數競爭對手都領先。

And so actually, I think that this could create an opportunity for us over time. But no, we're on a good path there; and I'm confident we'll figure that out.

因此實際上，我認為隨著時間的推移，這可能會為我們創造機會。但不，我們正走在正確的道路上；我相信我們會解決這個問題。

Aubrey Tianello, BNP Paribas.

法國巴黎銀行的奧布里‧蒂埃洛 (Aubrey Tianello)。

Ed, I wanted to follow up on a point you made earlier about demand. And just curious what you're seeing in terms of consumer behavior right now. Are you seeing consumers trying to make purchases before prices for goods go up? Just any thoughts on how you see consumers reacting to the changing environment.

艾德，我想跟進一下你之前提出的有關需求的觀點。我只是好奇您現在看到了什麼消費者行為。您是否看到消費者試圖在商品價格上漲之前進行購買？您如何看待消費者對不斷變化的環境的反應？

Yeah. So far, consumer demand is holding in there okay. As we mentioned, our DTC business was a little softer in April than in March, but still okay. I mentioned ahead of where we were in the first couple months of the year.

是的。到目前為止，消費者需求仍保持良好。正如我們所提到的，我們的 DTC 業務 4 月比 3 月略有疲軟，但仍然還可以。我之前提到今年頭幾個月我們的狀況。

So in terms of how much of that is consumers trying to get ahead of price increases, that's very hard for us to know. But as of now, consumer demand still looks okay, but it's obviously something we're going to have to watch carefully. We're certainly well aware that consumer confidence has tipped sharply over the last few months.

因此，我們很難知道其中有多少是消費者試圖搶在價格上漲之前採取行動。但截至目前，消費者需求看起來仍然不錯，但顯然我們必須密切注意。我們當然很清楚，過去幾個月消費者信心急劇下降。

Got it. And then I'm just curious if there's any traction in the lobbying front in Washington. I think there was a letter from the FDRA to the White House last week. Just wondering if any conversations are happening there in terms of potential exemptions for the industry that you're hearing about.

知道了。我只是好奇華盛頓的遊說活動是否有任何進展。我認為上週 FDRA 給白宮發了一封信。我只是想知道那裡是否正在討論您所聽到的有關該行業的潛在豁免的問題。

Well, I think our lobbying group and our industry trade organization, FDRA, is doing a great job of trying to get our voice out there and make our position known. But I don't have any new information to share about developments on that front. So we're hopeful, but we're not counting on that. We're running our business and operating as though we have to deal with what is in place currently.

嗯，我認為我們的遊說團體和行業貿易組織 FDRA 在努力發出我們的聲音並表明我們的立場方面做得很好。但關於這方面的進展，我沒有任何新資訊可以分享。所以我們充滿希望，但我們並不指望這一點。我們正在經營我們的業務並開展運營，就好像我們必須處理當前存在的問題一樣。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

All the tariff questions seem to have been beaten to death, so I'll ask you something else. Congrats on closing the Geiger acquisition yesterday. I know you talked about diversifying the sourcing mix as being an opportunity there. Can you talk about some of the other strategies to drive growth at Geiger and capitalize on some of the opportunities that you see there?

所有關稅問題似乎都已經被討論過了，所以我會問你一些其他問題。祝賀昨天完成 Geiger 收購。我知道您談到了採購組合多樣化是一個機會。您能否談談推動 Geiger 發展並利用您在那裡看到的一些機會的其他一些策略？

Yeah. Look, if we start with the US, that's been a tremendous growth business for them over the last several years. I think I disclosed on the last call, Kurt Geiger London brand was less than $10 million in 2019 and did over $170 million last year. But we still think we're just scratching the surface of what that brand can be in the United States.

是的。如果我們從美國開始，那麼過去幾年這對他們來說是一個巨大的成長業務。我想我在上次電話會議上透露過，Kurt Geiger London 品牌在 2019 年的銷售額不到 1000 萬美元，去年的銷售額超過 1.7 億美元。但我們仍然認為，我們只是觸及了該品牌在美國的皮毛。

They've got outstanding momentum in digital. Again, that was a business that was up almost 60% last year. And we think that we're going to continue to push hard there.

他們在數位領域有著出色的發展勢頭。再次，該業務去年成長了近 60%。我們認為我們將繼續努力。

I think there's a very meaningful store rollout opportunity. They've just opened over the last year their first five stores in the US. The most recent one is in Aventura in Miami. They're doing very well. And so we think there's a big opportunity there.

我認為這是一個非常有意義的商店推廣機會。去年他們剛在美國開設了前五家商店。最近一次是在邁阿密的 Aventura。他們做得很好。因此我們認為這裡面有很大的機會。

And then I think that we can continue to grow the wholesale business. The distribution there is really Nordstrom, Dillard’s, and Bloomingdale's primarily. They have very successful businesses with each of those. And I think there's room for growth there.

然後我認為我們可以繼續發展批發業務。那裡的經銷商主要有 Nordstrom、Dillard’s 和 Bloomingdale’s。他們的每項業務都非常成功。我認為那裡還有成長空間。

And then internationally, look, this is what I would characterize as the early stages of their expansion in Europe, but they're performing very well. They're positioned in all the right image accounts and are seeing strong sell-throughs. And so we think there's a big opportunity there.

然後從國際上看，這就是我所描述的他們在歐洲擴張的早期階段，但他們的表現非常好。它們被放置在所有正確的形象帳戶中，並且銷售業績強勁。因此我們認為這裡面有很大的機會。

They're doing great in Mexico, I think I've mentioned. And then I'm really bullish. I think the other area of synergy -- we talked about, obviously, helping them with the sourcing. But I think the other big area of synergy is utilizing our Steve Madden international network to help them expand outside the US.

我想我已經提到過，他們在墨西哥做得很好。我真的很樂觀。我認為協同效應的另一個領域——我們顯然談到了幫助他們尋找採購。但我認為協同效應的另一個重要領域是利用我們的史蒂夫馬登國際網絡幫助他們在美國以外擴張。

And so that's going to be the other big priority in the near term is making those connections and helping them. Because this is a brand that I think has tremendous global reach and potential. So that's what we're really excited about.

因此，短期內的另一項重要任務就是建立這些聯繫並幫助他們。因為我認為這個品牌具有巨大的全球影響力和潛力。這才是我們真正興奮的事。

And I think there's some other synergy opportunities as well. We think they can really help to expand Steve Madden in the UK. They already operate two of our stores, but I think we have a plan to roll out more stores and continue to expand our business there digitally with their help, et cetera. So a lot of exciting stuff that we're going to be working on there.

我認為還存在一些其他的協同機會。我們認為他們確實可以幫助 Steve Madden 在英國擴張。他們已經經營我們的兩家商店，但我認為我們計劃在他們的幫助下開設更多商店並繼續以數位方式擴展我們的業務等等。因此我們將在那裡開展許多令人興奮的工作。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi. Thinking about the near term and the long term. In the near term, any more discussion around private label versus branded and the current performance and also international?

你好。考慮近期和長期。短期內，是否還有自有品牌與品牌、當前表現和國際化的討論？

And then thinking about the long term, with the shift in sourcing in the countries that things are coming from, what could that mean for the business long term? Are there opportunities that could emerge from that, that getting through this near term mess? What does it mean for the long term in terms of the complexion of the business, whether quantitative financially or qualitative opportunities?

然後從長遠來看，隨著產品來源國採購的轉變，這對企業的長期發展意味著什麼？由此是否會出現一些機會來幫助人們度過近期的困境？就業務狀況而言，從長遠來看，這意味著什麼，無論是定量的財務機會還是定性的機會？

Yeah. So in terms of branded versus private label, we did disclose that in Q1, the branded business performed better. We grew in both wholesale footwear and wholesale accessories and apparel on the branded side, and we're down modestly on the private label side.

是的。因此，就品牌與自有品牌而言，我們確實揭露，在第一季度，品牌業務表現較好。我們在品牌鞋類批發、配件和服裝批發方面均有所成長，而在自有品牌方面則略有下降。

In terms of international versus domestic, international performed better in Q1. And obviously, given tariffs, the outlook for international is better than for the US in the near term. And obviously, in the context of tariffs, growing that international business becomes even more important. And so we were already focused on it, but we're even more focused on it today.

就國際市場與國內市場而言，第一季國際市場表現較佳。顯然，考慮到關稅，短期內國際前景比美國好。顯然，在關稅的背景下，發展國際業務變得更加重要。所以我們之前就已經關注過這個問題了，但今天我們更關注它。

If I understand your question correctly, you were asking about the opportunities that could be created by some of this turmoil and shift in production, et cetera. I do think that, as I mentioned in the prepared remarks, many of our competitors, particularly some of these private companies that are important competitors of ours, their China penetration is even higher than ours.

如果我理解正確的話，您問的是這種動盪和生產轉變等可能創造的機會。我確實認為，正如我在準備好的演講中提到的那樣，我們的許多競爭對手，特別是一些作為我們重要競爭對手的私人公司，他們在中國的滲透率甚至高於我們。

And also, they are not able to move as quickly as we are. So I think that that actually could create an opportunity for us to take some share. Because we have moved, as I mentioned, over 95% of our shoes and accessories for fall 2025 outside of China.

而且，他們的行動速度也不如我們快。所以我認為這實際上可以為我們創造一個獲得一些份額的機會。因為正如我所提到的，我們已經將 2025 年秋季 95% 以上的鞋類和配件轉移到中國以外。

And so I think that if some of these competitors are not able to deliver goods or can't deliver as much, that we will have an opportunity to take some share there. And that goes for even potentially taking some business that was historically done on a private label basis for certain retailers.

因此我認為，如果一些競爭對手無法交付貨物或交付量不夠，我們將有機會在那裡佔據一些份額。這甚至可能意味著某些零售商將接手一些過去以自有品牌形式開展的業務。

And then the other thing is we compete with a lot of folks that aren't as well capitalized. And so they may have to pull back on marketing or other growth investments, and we won't. And we'll still be able to play offense where appropriate.

另一件事是，我們與許多資本不足的公司競爭。因此，他們可能不得不減少行銷或其他成長投資，而我們不會。我們仍然能夠在適當的時候發動攻擊。

Corey Tarlow, Jeffries.

科里·塔洛，杰弗里斯。

Ed, I wanted to get your perspective on the handbag category. I know that, at least you had previously mentioned, I think it was on the last call, that the category was backed up. Any updated thoughts there?

艾德，我想了解你對手提包類別的看法。我知道，至少您之前提到過，我想是在最後一次通話中，該類別得到了備份。有任何更新的想法嗎？

Yeah, I do think that's still an issue. We mentioned on the last call, as you point out, that we expected some pressure there because there was some excess inventory in the channel at our price points, the price points that we focus on in Steve Madden. And that was going to constrain our shipping.

是的，我確實認為這仍然是一個問題。正如您所指出的，我們在上次電話會議上提到，我們預計會面臨一些壓力，因為在我們的價格點（即我們在 Steve Madden 關注的價格點）管道中存在一些過剩庫存。這將限制我們的運輸。

And we still think that that's a factor. And frankly, the top line impact will be compounded a little bit by the disruption we're experiencing from tariffs.

我們仍然認為這是一個因素。坦白說，關稅給我們帶來的干擾將稍微加劇營收影響。

Got it. And then you mentioned that -- I guess, in April, you talked about DTC trends. But I'm just curious about -- if there's anything you can provide about color around wholesale and maybe around cancellations and what that has looked like versus historical averages or any context around that.

知道了。然後您提到——我想，在四月份，您談到了 DTC 趨勢。但我只是好奇——您是否可以提供任何有關批發和取消情況的信息，以及與歷史平均水平相比的情況或任何相關背景。

Because we've heard a lot of concern from investors around what inventory might look like going forward. I'm curious what you might be able to tell us about what you have seen in terms of cancellations.

因為我們聽到很多投資者對未來庫存狀況的擔憂。我很好奇您能否告訴我們您所看到的取消情況。

Yeah. Well first, I'll start with the sell through in April in wholesale has been good. It was really very similar to what we saw in March, which, again, was an improvement over what we saw in January and February. So that piece, we're pleased with.

是的。首先，我要說的是，四月批發銷售情況良好。它與我們在三月看到的情況非常相似，而且比我們在一月和二月看到的情況又有所改善。我們對這個作品很滿意。

I'm not going to quantify cancellations for you. But we did indicate earlier in the call that, yes, we have seen cancellations for the reasons I articulated In the near term, if you're talking about this quarter, most of those are related to the FOB customers, again, who are the importer of record in the transaction and have to pay the tariffs themselves. We have seen some cancellations there.

我不會為你量化取消的數量。但我們確實在早些時候的電話會議中指出，是的，我們確實看到了由於我所闡述的原因而取消的訂單。在短期內，如果您談論的是本季度，其中大多數都與 FOB 客戶有關，同樣，他們是交易中的記錄進口商，必須自己支付關稅。我們看到那裡有一些取消的情況。

And then going forward, there are going to be some cancellations due to customers that don't want to take -- don't want to accept price increases or don't want to accept the later deliveries that are required when we move the products from China to other countries.

展望未來，由於客戶不願接受價格上漲，或不願接受我們將產品從中國運往其他國家時所需的延期交貨，因此會有一些訂單取消。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

I just wanted to get your thoughts on the longer-term outlook for China sourcing. We totally understand the need to move out as quickly as possible right now, but there's definitely tradeoffs in terms of speed, skill, cost. So if we get tariff rates moving lower, do you pivot back at some level or are you viewing this as a long-term move?

我只是想了解您對中國採購長期前景的看法。我們完全理解現在盡快撤出的必要性，但在速度、技能和成本方面肯定需要權衡。那麼，如果我們降低關稅稅率，您是否會在某種程度上調整政策，還是將此視為長期舉措？

Yeah. Obviously, we need to move as quickly as possible right now for the goods that we're bringing into the US, but we are maintaining a China sourcing capability because we're continuing to make, for the rest of the world, for our international businesses, in China. And so if we find ourselves in a situation where tariffs go away and there's a little bit more clarity and certainty that we can work in China again, then we will certainly be well-positioned to pivot back if that makes sense.

是的。顯然，我們現在需要盡快將貨物運往美國，但我們仍保持在中國的採購能力，因為我們將繼續在中國為世界其他地區、為我們的國際業務生產產品。因此，如果我們發現關稅取消，並且我們能夠再次在中國開展業務的前景更加明朗和確定，那麼如果這有意義的話，我們肯定能夠很好地重新定位。

Perfect. Okay. And then maybe just on off-price, I think you had talked about that channels wholesale buys being a little bit weaker just on their expectation that there'd be some dislocation and better opportunistic buys. Are you still seeing that now?

完美的。好的。然後也許只是關於折扣，我想你已經談到了渠道批發購買稍微弱一點，只是因為他們預期會出現一些錯位和更好的機會性購買。你現在還看到這個嗎？

The inventory outlook's a little bit less clear with maybe not having enough on some level for the next few quarters. And then maybe we do get to a point where there's excess in the back half of the year.

庫存前景不太明朗，未來幾季可能在某種程度上庫存不足。然後我們可能確實會在下半年達到過剩的程度。

Yeah, I do continue to expect that to be a channel where there is somewhat reduced demand for what we do on an upfront basis. We talked about customers not accepting or certain customers being less willing to accept price increases. I would put off-price in that bucket.

是的，我確實繼續預期這是一個對我們預付業務的需求減少的管道。我們討論了客戶不接受或某些客戶不太願意接受價格上漲的情況。我會把折扣價放在那個桶子裡。

They are taking some price increases, but there's more resistance there. And again, I do think that they are expecting to have some excess inventory available to them as the year moves on.

他們正在接受一些價格上漲，但面臨更大的阻力。而且我確實認為，隨著時間的推移，他們預計會有一些過剩的庫存。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

I've got three follow-ups. One, besides pricing, what else -- I think you might have said this before. What else are you doing to mitigate the tariffs?

我有三個後續問題。首先，除了定價之外，還有什麼——我想你可能之前說過這件事。您還採取了什麼措施來降低關稅？

Well, number one, we talked about how we're moving all the goods out of China. Number two, on the goods that are still coming from China in the near term, we've negotiated factory cost concessions. And then number three is raising the prices.

嗯，首先，我們討論瞭如何將所有貨物運出中國。第二，對於近期仍從中國進口的貨物，我們已經協商了工廠成本優惠。第三點是提高價格。

Okay. And then you mentioned -- when you announced the pending acquisition of Kurt Geiger, you talked about the sales. I mean, are those sales expectations, whatever they were now, less than what they were when you told us before? I mean, have they changed for this year anyway, without asking what they are?

好的。然後您提到——當您宣布即將收購 Kurt Geiger 時，您談到了銷售情況。我的意思是，無論現在的銷售預期是多少，是否都比您之前告訴我們的要低？我的意思是，今年它們有變化嗎？不用問就知道改變是什麼。

Yeah. Look, we're not providing guidance, but I think you should assume that for both the existing business and for Kurt Geiger, that we're looking at a more conservative revenue expectation. I just want to follow up on that. The impact to Kurt Geiger should be less than what we see in the existing business in part because of the fact that 65% of the business is done outside the US.

是的。瞧，我們沒有提供指導，但我認為你應該假設，對於現有業務和 Kurt Geiger，我們都在尋找更保守的收入預期。我只是想跟進一下這一點。對 Kurt Geiger 的影響應該小於我們在現有業務中看到的，部分原因是 65% 的業務是在美國以外進行的。

Got you. And then lastly, when you're getting the impact on a lot of the containers that get taken control of at the port, I guess, and these retailers have to pay the duty. With that business shrinking, does that immediately create -- I believe that would create significant or more deleverage on your SG&A because there's virtually no SG&A against that -- those shipments. Is that the right way to think about it?

明白了。最後，當你感受到港口扣押大量貨櫃的影響時，我想，這些零售商必須繳納關稅。隨著該業務的萎縮，這是否會立即造成——我相信這會對您的銷售、一般及行政費用造成顯著或更多的去槓桿化，因為幾乎沒有銷售、一般及行政費用與這些發貨量相關。這是正確的思考方式嗎？

No, I don't see the --

不，我沒有看到--

If those container shipments become less a percentage of your business, that would increase SG&A as a percent because you have to do more handling and other costs that would go in. Or is that all freight that would de-lever the distribution costs out of the gross margin? I'm not sure which way it works.

如果這些貨櫃運輸在您的業務中所佔的比例減少，那麼銷售、一般和行政費用的百分比就會增加，因為您必須承擔更多的處理費用和其他成本。或者說所有貨運都會降低毛利率中的分銷成本？我不確定它以何種方式起作用。

It's no different from the other business, Sam.

這與其他生意沒什麼不同，山姆。

This concludes the question-and-answer session. I would now like to turn it back to Ed Rosenfeld for closing remarks.

問答環節到此結束。現在我想請艾德·羅森菲爾德作最後發言。

Great. Well, thanks so much, everybody, for joining us today. Hope you have a great day. We look forward to speaking with you on the next call.

偉大的。好吧，非常感謝大家今天加入我們。祝您有個愉快的一天。我們期待下次通話時與您交談。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。