Steven Madden Ltd (SHOO) 2025 Q2 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Steven Madden Limited 2025 年第二季財報電話會議（操作員說明）請注意，今天的會議正在錄音。

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，我謹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。請繼續。

Thanks, Steven, and good morning, everyone. Thank you for joining our second-quarter 2025 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.

謝謝你，史蒂文，大家早安。感謝您參加我們2025年第二季財報電話會議和網路直播。在開始之前，我想提醒各位，接下來我們的發言，包括對你們問題的回答，包含我們認為屬於《私人證券訴訟改革法案》意義上的前瞻性陳述。

These forward-looking statements are subject to risk 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 that 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.

這些前瞻性陳述存在風險，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。這些風險包括（但不限於）我們在今天早些時候發布的新聞稿和我們向美國證券交易委員會提交的文件中描述的事項。我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們下次季度財報電話會議才會更新，甚至可能根本不會更新。

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. 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.

除非另有說明，今天電話會議上討論的財務表現均為調整後業績。我們的獲利報告中包含了與最直接可比較的 GAAP 財務指標的調整表以及其他相關揭露資訊。今天與我一起參加電話會議的有董事長兼執行長艾德‧羅森菲爾德，以及財務長兼營運執行副總裁齊內‧馬祖齊。

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

那麼，我就把電話交給你了，艾德。埃德？

Thanks, Danielle. Good morning, everyone, and thank you for joining us to review Steven Madden's second-quarter 2025 results.

謝謝你，丹妮爾。各位早安，感謝大家與我們一起回顧史蒂文·馬登2025年第二季的業績。

As anticipated, the second quarter was extremely challenging, driven largely by the impact of new tariffs on goods imported into the United States. As we highlighted on the last earnings call, our team moved swiftly to adapt to the changing landscape, sharply diversifying our sourcing out of China, negotiating meaningful discounts with suppliers, and implementing surgical price increases.

正如預期的那樣，第二季度極具挑戰性，這主要是由於美國對進口商品加徵新關稅的影響。正如我們在上次財報電話會議上所強調的那樣，我們的團隊迅速採取行動以適應不斷變化的市場環境，大幅減少了從中國採購的來源，與供應商談判獲得了可觀的折扣，並實施了精準的價格上漲。

That said, wholesale customers canceled orders and reduced open-to-buys. Shipment delays led to lost sales and pushed deliveries to later periods. And organic gross margins declined due to the significant increase in our landed costs, resulting in substantial pressure on both revenue and earnings.

儘管如此，批發客戶還是取消了訂單，減少了可購金額。發貨延遲導致銷售損失，並將交貨期推遲。由於到岸成本大幅增加，有機毛利率下降，導致收入和利潤都面臨巨大壓力。

Since the last call, our team has remained focused on mitigating near-term impacts while positioning the company for long-term growth. We've continued to move forward with our sourcing diversification efforts, although due to the agreement reached with the Chinese government to temporarily reduce the new tariff on Chinese imports from 145% to 30%, we have moved certain production for fall back to China, where we felt it would be difficult to ensure on-time delivery, appropriate product quality, and/or reasonable pricing in an alternative country.

自上次通話以來，我們的團隊一直專注於減輕近期影響，同時為公司的長期發展做好準備。儘管我們與中國政府達成協議，暫時將中國進口商品的新關稅從 145% 降至 30%，但我們仍繼續推動採購多元化工作。我們認為，在其他國家很難保證按時交貨、產品品質合格和/或價格合理。

For fall 2025, we currently expect to source approximately 30% of our US imports from China, down from 71% for the full-year 2024. We are also selectively raising prices to wholesale customers and consumers. So far, we've been pleased overall with consumer acceptance of the price increases, particularly on new fashion. But it's still early. We will continue to monitor the elasticity of demand carefully and react accordingly.

預計到 2025 年秋季，我們美國進口商品中約有 30% 來自中國，低於 2024 年全年的 71%。我們也選擇性地提高了批發客戶和消費者的價格。到目前為止，我們對消費者對價格上漲的接受程度總體感到滿意，尤其是在新款時裝方面。但現在下結論還為時過早。我們將繼續密切關注需求彈性，並做出相應的反應。

While these short-term mitigating actions are important, our team's primary focus remains on positioning the company for long-term growth by executing our strategy to deepen consumer connections through the combination of compelling product and effective marketing.

雖然這些短期緩解措施很重要，但我們團隊的主要重點仍然是透過執行我們的策略，將引人注目的產品和有效的行銷相結合，加深與消費者的聯繫，從而使公司能夠實現長期成長。

Our design teams are delivering strong assortments. And we're seeing positive consumer response to new fashion offerings, particularly in the dress shoe and boot categories, across both DTC and wholesale channels, including very strong performance in the Nordstrom anniversary event.

我們的設計團隊正在打造強大的產品系列。我們看到消費者對新的時尚產品，特別是正裝鞋和靴子類別，在 DTC 和批發管道都給予了積極的反饋，包括在 Nordstrom 週年慶活動中的強勁表現。

And we are amplifying these assortments with marketing campaigns and initiatives designed to drive sustained brand heat and cultural relevance. In the flagship brand, we are capitalizing on Steven's appearance on fashion podcast, The Cutting Room Floor, which sparked viral interest on TikTok, by continuing to rebalance our marketing spend across the funnel; increasing our investment in top- and mid-funnel tactics; and diversifying our spend by channel, expanding our investment in YouTube, Pinterest, and Snapchat. And, these efforts are driving results, with measurable increases in awareness and consideration for the brand, with our key Gen Z and millennial consumers. Another key priority is integrating our new acquisition, Kurt Geiger, which closed May 6. The Kurt Geiger London brand continues to have strong momentum. And we are more confident than ever in its potential to be a significant driver of growth for the company in the years ahead.

我們正在透過行銷活動和措施來擴大這些產品組合，旨在持續提升品牌熱度和文化相關性。在旗艦品牌方面，我們正利用 Steven 在時尚播客節目《The Cutting Room Floor》中的亮相，該節目在 TikTok 上引發了病毒式傳播，我們將繼續調整整個營銷漏斗的支出；增加對漏斗頂部和中部策略的投資；並按渠道分散支出，擴大對 YouTube、Pinterest 和 Snapchat 的投資。而且，這些努力正在取得成效，我們重點關注的 Z 世代和千禧世代消費者對品牌的認知度和關注度都顯著提高。另一項重點工作是整合我們新收購的 Kurt Geiger 公司，該收購已於 5 月 6 日完成。Kurt Geiger London品牌持續保持強勁發展勢頭。我們比以往任何時候都更有信心，它將成為公司未來幾年成長的重要驅動力。

The integration is proceeding smoothly. And our teams are making strong progress on work streams related to revenue synergies, including expanding Kurt Geiger in international markets through the Steven Madden network and growing Steven Madden in the UK through the Kurt Geiger platform, as well as cost savings opportunities in areas like freight and logistics.

整合工作進展順利。我們的團隊在與收入綜效相關的工作流程方面取得了顯著進展，包括透過 Steven Madden 網路在國際市場拓展 Kurt Geiger，以及透過 Kurt Geiger 平台在英國發展 Steven Madden，此外還在貨運和物流等領域尋找節約成本的機會。

So in sum, our financial performance in the second quarter was not up to our usual standards, as we grappled with the impact of tariffs. And we know the path forward will continue to be bumpy in the near-term.

總之，由於受到關稅的影響，我們第二季的財務表現並沒有達到平常的標準。我們知道，短期內前進的道路仍將充滿坎坷。

But as we look out further, we believe our core strengths -- powerful brands, a robust balance sheet, and a proven business model, supplemented by a powerful new growth engine in Kurt Geiger -- position us well to navigate the current disruption and deliver sustainable growth over time.

但展望未來，我們相信我們的核心優勢——強大的品牌、穩健的資產負債表和成熟的商業模式，再加上庫爾特·蓋格這位強大的新增長引擎——使我們能夠很好地應對當前的動盪，並隨著時間的推移實現可持續增長。

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

現在我將把鏡頭交給 Zine，讓他更詳細地回顧我們 2025 年第二季的財務表現。

Thanks, Ed, and good morning, everyone. In the second quarter, our consolidated revenue was $559.0 million, a 6.8% increase compared to the second quarter of 2024. Excluding the newly acquired Kurt Geiger, consolidated revenue decreased 10%.

謝謝你，艾德，大家早安。第二季度，我們的合併收入為 5.59 億美元，比 2024 年第二季成長了 6.8%。剔除新收購的 Kurt Geiger 後，合併收入下降了 10%。

Our wholesale revenue was $360.6 million, down 6.4% compared to Q2 2024. Excluding Kurt Geiger, our wholesale revenue decreased 12.8%. Wholesale footwear revenue was $220.1 million, a 7.1% decrease from the comparable period in 2024 or down 11.7%, excluding Kurt Geiger.

我們的批發收入為 3.606 億美元，比 2024 年第二季下降了 6.4%。剔除 Kurt Geiger 後，我們的批發收入下降了 12.8%。批發鞋類營收為 2.201 億美元，比 2024 年同期下降 7.1%，若不包括 Kurt Geiger，則下降 11.7%。

Wholesale accessories and apparel revenue was $140.4 million, down 5.3% compared to the second quarter in the prior year or down 14.6%, excluding Kurt Geiger. The majority of the organic decline in wholesale revenue can be attributed to order cancellations, lost orders due to delivery delays or pricing, shipments moved out to the following quarter, and other impacts related to disruption from tariffs.

批發配件和服裝收入為 1.404 億美元，與去年同期相比下降 5.3%，如果不包括 Kurt Geiger，則下降 14.6%。批發收入的自然下降主要歸因於訂單取消、因交貨延遲或定價而導致的訂單損失、發貨推遲到下一季以及關稅造成的其他幹擾。

In our direct-to-consumer segment, revenue increased 43.3% to $195.5 million. Excluding Kurt Geiger, our direct-to-consumer revenue decreased 3%, with declines in both the brick-and-mortar and e-commerce channels. We saw negative impacts to DTC revenue in the quarter from canceled and delayed deliveries due to tariff-related disruption as well as systems migration we completed in the quarter.

在我們的直接面向消費者業務領域，營收成長了 43.3%，達到 1.955 億美元。除了 Kurt Geiger 外，我們的直接面向消費者的收入下降 3%，實體店和電子商務通路的收入均有所下降。由於關稅相關的干擾導致訂單取消和延遲交付，以及我們在本季完成的系統遷移，本季 DTC 收入受到了負面影響。

Looking ahead to the third quarter, we expect a continued impact from tariff-related disruption. But the systems' implementations are behind us and should not have a further impact. We ended the quarter with 392 company-operated brick-and-mortar retail stores, including 98 outlets, as well as 7 e-commerce websites and 130 company-operated concessions in international market.

展望第三季度，我們預期關稅相關的干擾將持續產生影響。但這些系統的實施工作已經完成，不應再產生任何影響。本季末，我們擁有 392 家公司自營實體零售店，其中包括 98 家門市，以及 7 個電子商務網站和 130 家公司自營的國際市場特許經營店。

This includes 73 company-operated brick-and-mortar retail stores, including 27 outlets, as well as 2 e-commerce websites and 72 concessions related to Kurt Geiger. Our licensing royalty income was $2.9 million in the quarter, compared to $1.8 million in the second quarter of 2024. Consolidated gross margin was 41.9% in the quarter, compared to 41.5% in the comparable period of 2024.

這包括 73 家公司自營的實體零售店（包括 27 家奧特萊斯），以及 2 個電子商務網站和 72 個與 Kurt Geiger 相關的特許經營店。本季我們的授權費收入為 290 萬美元，而 2024 年第二季為 180 萬美元。本季綜合毛利率為 41.9%，而 2024 年同期為 41.5%。

The impact of tariffs, net of supplier discounts, resulted in 230 basis points of pressure to gross margin. This was offset by a significantly greater mix of higher-margin DTC business compared to the prior year, due mostly to the acquisition of Kurt Geiger and a mix shift to DTC in the existing business.

扣除供應商折扣後，關稅的影響導致毛利率面臨 230 個基點的壓力。與前一年相比，高利潤率的 DTC 業務佔比顯著增加，這主要歸功於對 Kurt Geiger 的收購以及現有業務向 DTC 業務的轉型，從而抵消了上述損失。

Wholesale gross margin was 31.0% compared to 33.1% in the second quarter of 2024, due primarily to pressure from tariffs. Direct-to-consumer gross margin was 61.3% compared to 64.3% in the comparable period in 2024, due primarily to the addition of Kurt Geiger, which had lower DTC margin in the quarter than the existing business, driven by the concessions business as well as pressure from tariffs.

批發毛利率為 31.0%，而 2024 年第二季為 33.1%，主要是由於關稅壓力造成的。直接面向消費者的毛利率為 61.3%，而 2024 年同期為 64.3%，這主要是由於收購了 Kurt Geiger，而 Kurt Geiger 在本季度的直接面向消費者毛利率低於現有業務，這是由於特許經營業務以及關稅壓力造成的。

Operating expenses were $211.6 million or 37.9% of revenue in the quarter, compared to $162.8 million or 31.1% of revenue in the second quarter of 2024. Operating income for the quarter was $22.6 million or 4% of revenue, compared to $54.5 million or 10.4% of revenue in the comparable period in the prior year.

本季營運費用為 2.116 億美元，佔營收的 37.9%，而 2024 年第二季營運費用為 1.628 億美元，佔營收的 31.1%。本季營業收入為 2,260 萬美元，佔營收的 4%，而上年同期營業收入為 5,450 萬美元，佔營收的 10.4%。

The effective tax rate for the quarter was 25.6% compared to 23.4% in the second quarter of 2024. Finally, net income attributable to Steven Madden Limited for the quarter was $13.9 million or $0.20 per diluted share compared to $41.2 million or $0.57 per diluted share in the second quarter of 2024.

本季實際稅率為 25.6%，而 2024 年第二季為 23.4%。最後，本季歸屬於 Steven Madden Limited 的淨利潤為 1,390 萬美元，即每股攤薄收益 0.20 美元，而 2024 年第二季為 4,120 萬美元，即每股攤薄收益 0.57 美元。

Moving to the balance sheet, our financial foundation remains strong. As of June 30, 2025, we had $293.5 million of outstanding debt and $111.9 million in cash, cash equivalents, and short-term investments for a net debt of $181.6 million.

從資產負債表來看，我們的財務基礎依然穩固。截至 2025 年 6 月 30 日，我們有 2.935 億美元的未償債務和 1.119 億美元的現金、現金等價物和短期投資，淨債務為 1.816 億美元。

Inventory was $437.0 million compared to $241.6 million in the second quarter of 2024. Excluding Kurt Geiger, inventory increased 1% compared to the same period last year. Our CapEx in the second quarter was $7.7 million. During the second quarter, the company did not repurchase any shares of its common stock in the open market.

庫存為 4.37 億美元，而 2024 年第二季為 2.416 億美元。剔除 Kurt Geiger 的庫存後，庫存較去年同期成長 1%。我們第二季的資本支出為770萬美元。第二季度，該公司沒有在公開市場上回購任何普通股。

The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on September 23, 2025, to stockholders of record as of the close of business on September 12, 2025. Due to the continued uncertainty related to the impact of new tariffs on goods imported into the United States, we will not be providing 2025 financial guidance at this time.

公司董事會批准派發每股 0.21 美元的季度現金股利。股利將於 2025 年 9 月 23 日支付給截至 2025 年 9 月 12 日營業結束時登記在冊的股東。由於對進口到美國的商品徵收新關稅的影響仍然存在不確定性，我們目前不會提供 2025 年的財務指引。

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

現在，我想把電話交給接線員，回答大家的問題。史蒂文？

(Operator Instructions) Paul Lejuez, Citi.

（操作員說明）Paul Lejuez，花旗銀行。

Hey, thanks, guys. Curious if you can talk about which channels of wholesale where you see the significant order of cancellations that impacted 2Q? And how has that ordering behavior changed as we've gotten a little bit more clarity on the tariff front?

嘿，謝謝大家。請問您能否談談您認為哪些批發管道的訂單取消量較大，從而影響了第二季的業績？隨著關稅方面情況逐漸明朗，這種訂購行為又發生了什麼樣的變化？

I think you mentioned some shipment timing. So if you can maybe just talk about that a little bit more. And then also on the gross margin pressure in the core business in the second quarter that you saw as a result of higher tariffs, can you frame maybe what you expect in 3Q and 4Q relative to the 2Q pressure? Thanks.

我想你提到過發貨時間的問題。所以，如果您能再多談談這方面的話。此外，關於第二季核心業務因關稅上漲而面臨的毛利率壓力，您能否談談您對第三季和第四季相對於第二季壓力的預期？謝謝。

Okay. Great. Good morning. In terms of the channels that saw the pressure from the tariff-related disruption, it was really very concentrated in the value price channels. Specifically the mass channel and the off-price channel. And I can tell you actually that if you look at the wholesale revenue shortfall in the organic business versus last year, approximately 95% of that shortfall came from off-price and mass.

好的。偉大的。早安.就受關稅相關幹擾影響的管道而言，受影響的管道主要集中在物美價廉的管道。具體來說，就是大眾通路和折扣通路。我可以告訴你，如果你看一下有機食品批發業務與去年相比的收入缺口，大約 95% 的缺口來自折扣店和大眾市場。

So, I think that really illustrates the story there. In terms of how that's looking going forward, I think we're going to see continued pressure on those channels going forward. It should get better. There was a complete pause for a period there. And both of those channels are now once again taking in goods and placing forward orders. But you will see an impact in Q3 as well.

所以，我認為這很好地說明了那件事。就未來發展趨勢而言，我認為這些管道將繼續面臨壓力。情況應該會好轉。那段時間完全陷入了停滯。現在這兩個管道都已恢復收貨和下訂單。但第三季也會受到影響。

In terms of the gross margin pressure from tariffs, again, we articulated that was about 230 basis points. That's not the gross. That's the net after we got the supplier discounts for Q2. Look, we're not providing guidance going forward. So, we're not going to be specific there. But I think that you're still going to see a significant impact certainly in Q3. Hopefully, by Q4, that number will start to get smaller.

關於關稅帶來的毛利率壓力，我們再次明確指出，約 230 個基點。那還不是最噁心的。這是扣除第二季供應商折扣後的淨收入。你看，我們不提供未來發展方向的指導。所以，我們就不具體說明這一點了。但我認為，第三季肯定會受到顯著影響。希望到第四季度，這個數字會開始下降。

Does 3Q mark the weakest point in terms of the tariff impact on gross margin at 3Q?

第三季是否是關稅對毛利率影響最弱的時期？

Again, I'm not going to try to get specific, and there's so many moving parts here. But certainly, I don't think it will get better.

再次聲明，我不會試著說得具體一些，而且這裡面涉及的因素太多了。但可以肯定的是，我認為情況不會好轉。

Got it. Thank you.

知道了。謝謝。

Thanks.

謝謝。

Aubrey Tianello, BNP Paribas.

奧布里·蒂亞內洛，法國巴黎銀行。

Hey, good morning. Thanks for taking the questions. I wanted to go back to your comments on price. And if you could maybe comment a little bit on just the consumer response to price increases, what you're seeing in terms of elasticity maybe by product category. And I think last quarter, you mentioned price increases on average about 10%. Is that still the way we should think about it given the change in tariffs?

嘿，早安。謝謝您回答問題。我想回到你對價格的評論。如果您能就消費者對價格上漲的反應，以及您觀察到的價格彈性（按產品類別劃分）發表一些看法，那就太好了。我記得上個季度您提到平均價格上漲了約 10%。鑑於關稅的變化，我們是否仍應該這樣考慮？

Yes. We are still looking at average price increases of 10%. Again, that's not a one-size-fits-all number. We're looking at this on a style level. But in average, we're looking at prices up about 10%. So far, I think we've been pretty pleased with the consumer acceptance of the price increases that we flowed through.

是的。我們預計平均價格漲幅仍將達到10%。再次強調，這並不是適用於所有情況的數字。我們是從風格層面來看這個問題的。但平均而言，價格上漲了約 10%。到目前為止，我認為我們對消費者接受我們逐步推行的價格上漲措施的情況相當滿意。

And it's been pretty much what we expected that we've seen very little resistance on new fashion items and particularly in the categories that are really trending like dress shoes and our summer boots that have been performing very well for us. And I would say where we think there's less ability to take price was in the sandal category and in fashion sneakers.

正如我們預期的那樣，新時尚單品幾乎沒有遇到任何阻力，尤其是在像正裝鞋和夏季靴子這樣真正流行的品類中，這些單品的銷售情況都非常好。我認為，涼鞋和時尚運動鞋這兩個品類在價格方面接受度較低。

But I do want to caution you that it's still early because we started to layer in these prices in May. But on new deliveries in May, now that's really at the end of the season and then you go into sort of a markdown period.

但我確實想提醒您，現在還為時過早，因為我們從五月就開始逐步反映這些價格了。但是，5 月的新貨到店，實際上已經是季末了，然後就會進入降價促銷期。

So we really won't know. I think we'll know a lot more, I should say, once we get fully into the fall season and you've got all the new deliveries in fall at the higher prices. And also, our competitors will have their products out at, we believe, higher prices. And we'll see what the consumer does then.

所以我們真的無從得知。我想，等到秋季全面來臨，所有秋季新品上市，價格上漲之後，我們就會知道更多了。而且，我們相信，競爭對手的產品價格也會更高。接下來，我們將拭​​目以待消費者的反應。

Got it. And then maybe on Kurt Geiger, you called it out as being on a journey to being a $1 billion brand. Now that you've owned it for a few months, can you talk about some of the things you've learned and how you're thinking about that path to potentially getting to $1 billion in revenue from Kurt Geiger?

知道了。然後，你可能在談到 Kurt Geiger 時，指出它正在朝著成為一個價值 10 億美元的品牌邁進。現在你已經擁有它幾個月了，你能談談你學到了什麼，以及你如何思考如何才能讓 Kurt Geiger 的收入達到 10 億美元嗎？

Yeah. Look, I mean, I think that we feel better than ever after having spent more time really digging into the business here and working with the team. It's a very strong team, and we just believe that the brand has tremendous runway.

是的。我的意思是，我覺得在花更多時間深入了解業務並與團隊合作之後，我們感覺比以往任何時候都好。這是一個非常強大的團隊，我們相信這個品牌擁有巨大的發展潛力。

The US business has been such an incredible growth story for them over the last several years, but it's just scratching the surface of what it can be. And frankly, there's still a relatively low brand awareness. So one of the things that we really have to do in the coming years in the United States is to build that brand awareness.

過去幾年，美國業務為他們帶來了令人難以置信的成長，但這只是冰山一角。坦白說，該品牌的知名度仍然相對較低。因此，未來幾年我們在美國真正需要做的事情之一就是建立品牌知名度。

I think that retail stores will be an important part of that. They've opened now six retail stores in the US that are performing very well. And they're beautiful stores and it's really the best expression of what the brand is about and, I think, communicate to the consumer what the Kurt Geiger lifestyle is about.

我認為零售商店將是其中的重要組成部分。他們目前已在美國開設了六家零售店，業績都非常出色。這些店鋪很漂亮，真正體現了品牌的理念，而且我認為，它們向消費者傳達了 Kurt Geiger 的生活方式。

So that will be a part of the story. Obviously, there will be some marketing investment. I think we'll focus on full-price stores initially. But clearly, I think there's an outlet store opportunity that should be big and profitable over time. They've got a very good wholesale business in the United States with limited partners. And they've built a big business with just a handful of partners. And so, I think there's some nice opportunity to grow that as well.

所以，這也會成為故事的一部分。顯然，我們會進行一些行銷方面的投入。我認為我們最初會專注於全價門市。但很明顯，我認為開設奧特萊斯店的機會很大，而且隨著時間的推移，這個機會應該會很豐厚。他們在美國擁有非常成功的批發業務，並與有限合夥人合作。他們僅憑少數幾個合夥人就建立了一家龐大的企業。所以，我認為這方面也有很大的發展機會。

And then, of course, the digital business, I probably should have said that first because that's extremely important and has extremely strong momentum. And so, we're going to continue to fuel that. That's the US story.

當然，還有數位業務，我可能應該先說這個，因為它非常重要，而且發展勢頭非常強勁。所以，我們將繼續推動這一趨勢。這就是美國的情況。

But there's also a huge opportunity around the world. Because, obviously, they've got a very strong business in their home market of the UK but relatively early stages of their growth in the rest of the world. And we've talked about Europe as being a huge opportunity for them. They're positioned in the key distribution points, image accounts in most of the key European markets. And the brand is seeing very strong demand. So we know it resonates. But there's a big opportunity now to expand the distribution thoughtfully, of course, and really start to build that business.

但世界各地也蘊藏著巨大的機會。很顯然，他們在英國本土市場擁有非常強大的業務，但在世界其他地區的成長仍處於相對早期的階段。我們已經討論過，歐洲對他們來說是一個巨大的機會。它們在大多數歐洲主要市場的關鍵分銷點和形象帳戶中佔據一席之地。該品牌的需求非常強勁。所以我們知道它能引起共鳴。當然，現在有很大的機會可以深思熟慮地擴大分銷管道，並真正開始建立這項業務。

And they're having a lot of success in Mexico, for instance. But there's tremendous opportunity in the rest of Central and South America, I should say. And then Asia is really untapped. So just tons of runway really all over the world with this brand.

例如，他們在墨西哥就取得了巨大的成功。但我認為，中南美洲其他地區蘊藏著巨大的機會。而亞洲市場還有很大的開發空間。所以這個品牌在全球各地都有大量的T台走秀。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《零售追蹤》

Hey, guys. Thanks for all the information. I was wondering if you could just talk about a couple of quick things. The apparel business, you have -- I know it's a smaller part of the business -- but you have an improving footprint in several stores. And the product flow has been consistent and very good. So I'm curious if you could talk a little bit about that.

嘿，夥計們。謝謝你提供的所有資訊。我想請您簡單談談幾件事。服裝業務，我知道它在您的業務中所佔比例較小，但您在幾家門市的規模正在擴大。產品供應一直穩定且良好。所以我很想知道您是否可以談談這方面的情況。

And then also just touching back on the boot business, you had a strong boot business in spring. I was curious if it held through summer. And as we sort of turn the corner to back-to-school, what are you seeing as far as boots versus sneakers and just your instinct as to where the business is going for back-to-school?

另外，再簡單談談靴子生意，你們春季的靴子生意非常火爆。我很好奇它能否一直維持到夏天。隨著開學季的臨近，您認為靴子和運動鞋的銷售量如何？您對開學季的鞋類市場發展趨勢有何看法？

Sure. Yeah, no, I appreciate your comments about Steven Madden apparel because we're proud of the progress that we're making there. That was one of the few businesses that was up for us in the quarter. So even in this tough environment, we had a nice revenue growth in Steven Madden apparel.

當然。是的，我很感謝你對史蒂文·馬登服裝的評價，因為我們為我們在該領域取得的進展感到自豪。那是本季我們少數幾家業績成長的企業之一。因此，即使在如此艱難的環境下，Steven Madden 服裝的收入也實現了不錯的成長。

As you pointed out, we've been slowly expanding the distribution there and keeping it in premium distribution, regular price distribution, but expanding the footprint there, expanding our assortments within existing doors. And most importantly, the product is selling through, and the team is doing a great job.

正如您所指出的，我們一直在逐步擴大那裡的分銷管道，保持高端分銷和常規價格分銷，同時擴大那裡的業務範圍，在現有門市中擴大產品種類。最重要的是，產品銷售情況良好，團隊表現出色。

So excited about the path that we're on there. And then you asked about boots. And yeah, that was really has been a highlight for us this spring and summer, the performance of boots. It's really not such a seasonal category anymore. Girls are wearing a lot of boots with dresses and shorts and skirts at this time of year.

對我們目前的發展方向感到非常興奮。然後你問到了靴子。是的，靴子的表現確實是我們今年春夏的一大亮點。它現在已經不再是一個具有強烈季節性的類別了。每年的這個時候，女孩們都會穿靴子搭配洋裝、短褲和短裙。

And I think we've really nailed that. It's a bigger play for us in our DTC channels than in wholesale. Because some of the wholesale partners haven't fully gotten on board with the way consumers are shopping right now. But it's been very successful for us.

我認為我們真的做到了。對我們來說，這在 DTC 頻道比在批發管道更重要。因為有些批發合作夥伴還沒有完全適應消費者目前的購物方式。但對我們來說，這非常成功。

These are primarily tall shaft boots, Western, Moto, et cetera, have been very good for us. And so we feel good about boots going forward. And to your point, we've seen more energy in that category -- that's been on the upswing -- whereas the fashion sneaker category has softened a bit.

這些主要是高筒靴，例如西部靴、摩托車靴等等，對我們來說都非常好。因此，我們對靴子的未來發展充滿信心。正如您所說，我們看到該類別的活力更強了——它一直在上升——而時尚運動鞋類別則有所疲軟。

That makes sense. And then could you just follow up? I think you said it was the off-price and the mass business that was slowing. And I think you mentioned very briefly -- or one of you guys mentioned briefly some cancellations.

這很有道理。然後能否跟進一下？我想你說過，是折扣商品和大眾商品業務成長放緩了。我想你們當中有人曾簡要地提到過一些取消的情況。

Were the cancellations coming out of the mass area? And is it their customer? Or is it just their caution on price increases that they can take? I'm curious what they're saying and seeing versus what the department stores are seeing.

取消的座位都來自群眾聚集區嗎？這是他們的客戶嗎？或者，這只是他們對物價上漲的謹慎態度？我很好奇他們的看法和所見所聞與百貨公司所見所聞有何不同。

I would say there were cancellations across channels, although, again, the biggest issues were in mass and off-price. And particularly in Q2, I just want to point out with the mass channel. Because we do a lot of the business that we do in those channels on an FOB basis, w where our customers are bringing the goods in, and they are the important record, and therefore, they are responsible for the tariff.

我認為各個管道都有取消訂單的情況，不過，再次強調，最大的問題還是出在大眾市場和折扣市場。尤其是在第二季度，我想特別指出大眾通路的情況。因為我們透過這些管道開展的許多業務都是以FOB方式進行的，客戶將貨物運進來，他們是重要的記錄，因此，他們負責繳納關稅。

Certainly, when we were looking at 145% tariffs out of China, they were canceling a lot of merchandise. So that was a lot of what you're seeing there.

當然，當中國對商品徵收 145% 的關稅時，他們取消了許多商品的訂單。所以你在那裡看到的很多東西都跟這些差不多。

All right. Thank you.

好的。謝謝。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

Hey, everybody. Thank you for taking my question. Good morning. I just want to follow up on that last question.

大家好。感謝您回答我的問題。早安.我只想就最後一個問題做個後續說明。

You talked about -- the 95% of the downdraft was from those channels. Were there channels that were up in the quarter? And if so, what within wholesale or brands that were up like Steven Madden, the core Steven Madden business, or Dolce and so on?

你剛才提到──95%的下沉氣流來自這些通道。本季有哪些頻道發展勢頭良好？如果是這樣，那麼批發商或像 Steven Madden 這樣的品牌，或者像 Dolce 這樣的核心業務，情況又如何呢？

I Betsey Johnson was up in the quarter. We're really outperforming there. The team is doing a great job with the product there. Other than that, I think the key brands and channels were down in the quarter.

貝齊·約翰遜在第四節比賽中表現出色。我們在那裡的表現確實非常出色。團隊在那邊的產品方面做得非常好。除此之外，我認為本季主要品牌和通路均有所下滑。

And moving on to the sourcing, you were moving some product to Brazil. And now Brazil looks like an absolute headache.

接下來談談貨源，你們當時正在向巴西出口一些產品。現在看來，巴西簡直是個令人頭痛的問題。

So how are you thinking about the shifting of sourcing -- because I thought Brazil and Mexico were going to become a much larger part. But now it looks like a 50% tariff might put a kibosh on some of that in Brazil. So I was just wondering where you're going with that.

那麼，您如何看待採購來源的轉變呢？因為我原以為巴西和墨西哥將佔更大的份額。但現在看來，對巴西徵收 50% 的關稅可能會扼殺其中的一些項目。所以我想知道你接下來要說什麼。

Yeah. To your point, we were focused on moving a lot of product to Brazil. We're going to have to wait and see what happens. I think that really goes not just for Brazil, but for a lot of the countries that we work with.

是的。正如您所說，我們當時專注於向巴西出口大量產品。我們只能拭目以待了。我認為這不僅適用於巴西，也適用於我們合作的許多國家。

So we've tried to create a more diversified sourcing footprint. But there's obviously a lot of uncertainty still about where the ultimate tariff rates will land by country. And so we're going to have to wait and see what happens and then react accordingly. That's all we can do.

因此，我們努力打造更多元化的採購管道。但顯然，各國最終的關稅稅率仍有很大的不確定性。所以，我們只能拭目以待，看看事態如何發展，然後再做出相應的反應。我們只能做到這些了。

I know you're not guiding, but when we look -- it sounds to me like from a wholesale perspective, excluding Kurt Geiger, it looks like the back half of the year, Q3, will look similar to Q2 and maybe slightly less worse.

我知道你不是在做指導，但從整體上看——撇開 Kurt Geiger 不談——在我看來，下半年（第三季度）的情況似乎會與第二季度類似，甚至可能略好一些。

And then how are you sort of thinking about it? I know you don't want to give us guidance. But how are you sort of thinking about the responses that you're seeing and so on right now from more on the wholesale side of things?

那麼，你是怎麼考慮這個問題的呢？我知道你不想給我們指導。但是，從批發商的角度來看，您如何看待目前看到的這些反應等等？

Well, yes, we're not giving guidance. But I think you should assume that there will be continued impact from the tariff-related disruption. I think that's as much as we're going to say about that.

是的，我們不提供指導。但我認為你應該預料到，關稅相關的干擾將會持續產生影響。我想關於這件事我們就說這麼多。

And have you seen it hit the consumers yet? Or is this more like nervousness from your wholesale partners ahead of what they're nervous about with consumers, if that makes sense?

你看到它已經進入消費者視野了嗎？或者，這更像是批發合作夥伴對消費者的擔憂，而不是他們對消費者的擔憂，如果我這麼說你能理解的話？

Yes. Overall, I think the consumer is basically hanging in there. I would say it's not the most robust consumer spending environment for fashion I've ever seen, but it's okay.

是的。總的來說，我認為消費者基本上還能堅持下去。我認為這不是我見過的最強的時尚消費環境，但還可以接受。

And then lastly, within your DTC business ex-Kurt Geiger, can you talk about maybe a variance between what the store comps were and your e-commerce comps were in the DTC business? Did the stores outperform e-commerce or did e-commerce from a year over year outperform?

最後，關於您之前在 Kurt Geiger 的 DTC 業務，您能否談談 DTC 業務中實體店的同店銷售額與電商同店銷售額之間的差異？是實體店的業績優於電商，還是電商的業績年比優於實體店？

E-commerce was quite a bit better than stores.

電子商務比實體店好得多。

For the core Steven Madden, excluding Kurt Geiger?

核心成員是史蒂文·馬登，不包括庫爾特·蓋格嗎？

Correct.

正確的。

Thank you very much.

非常感謝。

Thanks, Sam.

謝謝你，山姆。

Corey Tarlowe, Jefferies.

科里·塔洛，傑富瑞。

Great. Thanks, and good morning. Just had a question for you on inventory. Is there any way to dimensionalize what was AUR versus units and the Kurt Geiger acquisition, just so we can have a bit more color and dimensionalization of what that up significantly number -- what that number kind of dissects into? Thank you.

偉大的。謝謝，早安。我有一個關於庫存的問題想問你。有沒有辦法對 AUR 與單位以及 Kurt Geiger 收購進行維度化，以便我們能夠更清晰、更深入地了解這個顯著增長的數字——這個數字可以分解成什麼？謝謝。

Yeah. So look, if you back out Kurt Geiger, the inventory was only up 1% year versus the Q2 of last year. And keep in mind, there's a couple of things impacting that. One is the tariffs that we pay. Those inflate the inventory value or increase the inventory value. And then also, there's an impact to in transit from longer transit times.

是的。所以你看，如果剔除 Kurt Geiger，庫存與去年第二季相比僅成長了 1%。請記住，有幾個因素會影響這一點。一是我們繳的關稅。這些都會虛增庫存價值或增加庫存價值。此外，運輸時間延長也會對在途旅客造成影響。

And there's really two pieces to that. One is as we diversify our sourcing, the transit times from Cambodia, for instance, are longer than the transit times from China. And then also, just because of the overall disruption, there's sort of apples-to-apples increase in transit times.

這其實包含兩個面向。一方面，隨著我們採購管道的多元化，例如從柬埔寨發貨的運輸時間比從中國發貨的運輸時間要長。此外，由於整體混亂，運輸時間也出現了某種程度的增加。

So China to China, it's about three days longer and so does Cambodia than it was a year ago. So those are really the two reasons. If you back those out, our inventory year over year, excluding Kurt Geiger, its really right in line with the revenue decline.

所以，從中國到中國，大約要三天時間，柬埔寨也是如此，比一年前要長三天左右。所以，這其實就是兩個原因。如果剔除這些因素，我們去年的庫存（不包括 Kurt Geiger）與營收下降幅度基本一致。

Okay. That's really helpful. I was wondering, could we also just run through a similar exercise with the OpEx as well because that was also up quite substantially? And it would be good to get a bit more color as to kind of what drove that.

好的。這真的很有幫助。我想問一下，我們是否也可以對營運支出進行類似的分析，因為營運支出也大幅上漲了？如果能更詳細地了解背後的驅動因素就更好了。

Yeah, excluding Kurt Geiger, OpEx was up a little less than 3%.

是的，如果排除 Kurt Geiger，營運支出成長略低於 3%。

Okay. That's very helpful. Thank you very much. Really appreciate all the color.

好的。那很有幫助。非常感謝。非常喜歡這些色彩。

Thanks.

謝謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hey, good morning. You have Ethan Saghi, on for Janine. For my first question, I was just wondering on Kurt Geiger. Could you provide some more color on how the brand has performed since the acquisition closed as well as the current margin profile for the brand and where China sourcing sits today compared to the 80% number you gave last call?

嘿，早安。替補珍妮上場的是伊森·薩吉。我的第一個問題，我只是想了解一下庫爾特·蓋格。能否詳細介紹一下自收購完成以來該品牌的表現如何，以及該品牌目前的利潤率情況，還有與上次電話會議中提到的 80% 相比，目前中國採購的比例是多少？

Yeah, the brand continues to perform. As I mentioned, we continue to see very strong double-digit growth in digital. Particularly in the US, very strong performance and momentum there.

是的，該品牌表現持續出色。正如我之前提到的，我們在數位領域繼續保持著非常強勁的兩位數成長。尤其是在美國，表現非常強勁，發展勢頭良好。

As I mentioned, the new stores that they've opened are performing extremely well, ahead of where we expected them to be and on track to drive very strong four-wall profitability. And then the brand is comping positively in the home market of the UK and its existing footprint. So continue to feel very good about the momentum there.

正如我之前提到的，他們新開的門市業績非常好，超出了我們的預期，並且有望實現非常強勁的實體店獲利能力。而且，該品牌在英國本土市場及其現有市場份額方面也取得了積極的競爭表現。所以，請繼續對目前的勢頭感到非常樂觀。

In terms of the margin profile, again, look, we're not providing guidance. But what we've said, just to remind you, is that last year, the business had EBIT margins of about 9.3%. That was in the year prior to our acquisition of them. We do expect that number to come down a bit this year because of pressure from tariffs. But obviously, over time, we think this will be double digit and then profitability.

至於利潤率方面，我們再次重申，我們不提供指導。但正如我們之前所說，提醒一下各位，去年該業務的息稅前利潤率約為 9.3%。那是在我們收購他們的前一年。我們預計今年由於關稅壓力，這個數字會略有下降。但很顯然，我們認為隨著時間的推移，這個數字將達到兩位數，然後實現盈利。

Got it. And then on the China sourcing, just where it sits today compared to the 80% number you gave last call?

知道了。那麼關於中國採購，目前的情況與您上次提到的 80% 相比如何？

Oh, yeah. I'm sorry. Yeah, so I think that they're in the low 60s currently out of China.

哦，是的。對不起。是的，所以我認為目前中國產的產量在 60 毫克/公升左右。

Got it. Thanks so much.

知道了。非常感謝。

Thank you, Ethan.

謝謝你，伊森。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great. Thanks so much. Good morning, guys. To Zine, just a follow-up on DTC on systems' implementation. Did you say what that impact was to the second quarter? And curious what are you guys seeing in the DTC business quarter-to-date?

偉大的。非常感謝。各位早安。致 Zine，只是對 DTC 系統實施的後續跟進。你有沒有說過這對第二季造成了什麼影響？大家對本季迄今的DTC業務有何看法？

And then to Ed, you've talked about getting back to double-digit margins in the past. Can you just talk about how we should think about that path of a margin recapture and just any timeframe that you guys could provide? Thanks so much.

然後，艾德，你過去曾談到要恢復到兩位數的利潤率。您能否談談我們應該如何考慮利潤率恢復這條路徑，以及您可以提供的任何時間框架？非常感謝。

Sure. Yeah, I'll take those. So in DTC, we completed an ERP implementation in our DTC business and also a new POS in Q2. And I think the team did a great job. But as always, there's going to be a little bit of disruption. They were related to sort of moving inventory around. And we were limited in what we could do from an allocation standpoint for a period. We couldn't fulfill e-commerce orders from stores from a certain point; what we call send sales, where we take an order in a store and send from another store. So anyway, we were limited for a period of time. We estimate that that hit us about 110 basis points of comp in the quarter, something like that. And then we also had inventory disruptions from tariffs in the quarter. That was probably another 160 basis points or so because we canceled orders or had delayed orders because of the tariff disruption. So that did impact DTC in the quarter. But the good news is the system stuff is completely behind us, and we don't expect that to impact us going forward. And we have seen a slight improvement in July versus Q2 in terms of comp quarter-to-date.

當然。好的，我要了。因此，在 DTC 業務方面，我們在第二季完成了 ERP 系統的實施，以及新的 POS 系統的上線。我認為團隊做得非常出色。但和往常一樣，一定會有一些幹擾。它們與庫存調動有關。在一段時間內，我們在資源分配上受到限制。從某個時間點開始，我們就無法履行來自商店的電子商務訂單；我們稱之為“發貨銷售”，即我們在一家商店下訂單，然後從另一家商店發貨。總之，有一段時間我們受到了限制。我們估計這導致本季同業銷售額下降了約 110 個基點，大概是這樣。此外，本季我們也受到了關稅帶來的庫存中斷影響。那可能又造成了大約 160 個基點的損失，因為關稅中斷導致我們取消了訂單或延遲了訂單。所以這確實對本季的DTC業務產生了影響。但好消息是，系統方面的問題已經完全過去了，我們預期這不會對我們未來的發展產生影響。與第二季相比，7 月迄今的季度業績略有改善。

In terms of getting the overall margins, EBIT margins, back to double digits, look, there's no way we can provide any kind of timeframes right now with all the uncertainty. Until we understand what the tariff regime is and can react to that, we can't provide any color around that. But as soon as we know what the rules of the game are, we'll be happy to tell you the path and the timing.

至於如何讓整體利潤率、息稅前利潤率恢復到兩位數，目前由於種種不確定因素，我們根本無法給出任何時間表。在我們了解關稅制度並能夠做出相應反應之前，我們無法對此提供任何細節。但一旦我們了解了遊戲規則，我們將很樂意告訴您路線和時間安排。

Okay. That's very helpful. Thank you. And just as a follow-up, do you think KG should be a higher-margin business over time than the core business?

好的。那很有幫助。謝謝。最後補充一點，您認為從長遠來看，KG業務的利潤率應該高於核心業務嗎？

I certainly think there's an opportunity for it to be, yes.

是的，我認為它確實有機會成為那樣。

All right. Fair enough. Very helpful. Thank you guys.

好的。很公平。很有幫助。謝謝大家。

Thank you.

謝謝。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hi, this is Matt Quigley, on for Tom. Thanks for taking our question. Can you just talk a little bit more about how the international business performed in the quarter, excluding Kurt Geiger? Have you seen any differences in performance by region? Thanks.

大家好，我是 Matt Quigley，代 Tom 發言。感謝您回答我們的問題。能否再詳細談談本季國際業務的表現，不包括 Kurt Geiger 的業務？你觀察到不同地區之間的表現差異嗎？謝謝。

Yeah. We continue to see nice performance in our international business. Excluding Kurt Geiger, it was up about 8% in revenue or about 10% constant currency in the quarter. And we're on track to have high single-digit growth for the year in dollars, again, double digits in constant currency.

是的。我們的國際業務持續表現良好。若不計入 Kurt Geiger 的收入，該公司本季營收成長約 8%，以固定匯率計算成長約 10%。我們預計今年將實現以美元計的高個位數成長，以固定匯率計算則將實現兩位數成長。

And we're seeing growth across all of the three primary regions. So EMEA, APAC, and Americas ex-US, all on track to see that kind of high single-digit-type growth in US dollars.

我們看到三大主要區域均實現了成長。因此，歐洲、中東和非洲地區、亞太地區以及除美國以外的美洲地區，都有望實現以美元計價的高個位數成長。

Got it. Thanks.

知道了。謝謝。

Thank you.

謝謝。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

Hello. Hi, everyone. As you think about current trends, Ed, how was the Nordstrom anniversary sale? Is there any indicators from that, as I've always thought about it as a read forward to potential holiday and what you're seeing? And then when you think about the trends at Kurt Geiger and what you're seeing sell-through there, how is it different or the same of what you're seeing with your brands? Thank you. And then a follow-up.

你好。大家好。艾德，就你目前對流行趨勢的思考而言，諾德斯特龍週年慶促銷活動怎麼樣？從中能看出什麼端倪嗎？因為我一直把它看作是對未來假期以及你所見所聞的一種預示。然後，當你思考 Kurt Geiger 的發展趨勢以及你在那裡看到的銷售情況時，它與你自己的品牌所看到的情況有何不同或相同之處？謝謝。然後還有後續報道。

Sure. The Nordstrom anniversary event went very well for us. We're really excited about what we saw there. I think it was the best sell-through performance that we've had in that event in a number of years. And so that gives us a lot of optimism going forward about fall and the products that our design team is creating.

當然。Nordstrom週年慶活動對我們來說非常成功。我們對在那裡看到的景象感到非常興奮。我認為這是我們多年來在該賽事中取得的最佳銷售成績。因此，這讓我們對秋季以及我們設計團隊正在創造的產品充滿樂觀。

In terms of Kurt Geiger, sell-through, again, continues to be very strong, as we said, overall. And it's just a brand with very good momentum. But we're seeing good strong sell-through in Steven Madden and Dolce Vita and other brands as well.

就 Kurt Geiger 而言，正如我們所說，整體而言，銷售情況仍然非常強勁。這是一個發展勢頭非常強勁的品牌。但我們看到 Steven Madden、Dolce Vita 和其他品牌的銷售情況也相當不錯。

Got it. And then on Kurt Geiger, the small portion that is in the US. Are you increasing the prices a similar amount to what you're increasing for Steven Madden? And when does distribution of Kurt Geiger, in any format, how do you see that expanding in the US in terms of timing-wise? Is it this year or next year?

知道了。然後是關於 Kurt Geiger 的，他在美國的那一小部分。你們的漲價幅度是否與史蒂文·馬登的漲價幅度相似？那麼，庫爾特·蓋格的作品，無論以何種形式，何時會在美國發行？從時間安排來看，您認為發行規模會如何擴大？是今年還是明年？

In terms of price increases, it's pretty similar to what we're doing in our other brands, maybe a little bit more in Kurt Geiger. I think we have a little bit more room there. And so we'll probably test going a little bit higher there. And then in terms of distribution, I think in the US, the big difference would be just opening more of our own retail stores in the coming years.

就價格上漲而言，這與我們在其他品牌中的做法非常相似，Kurt Geiger 的價格漲幅可能會稍微高一些。我覺得我們那裡還有一些空間。所以我們可能會試著把高度再提高一些。至於分銷方面，我認為在美國，最大的區別在於未來幾年我們將開設更多自己的零售店。

Thank you.

謝謝。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Hi, this is Natalie Koltermann, on Jay Sole. Thanks for taking our question. I wanted to ask about the amount of inventory you have on hand, especially for inventory coming from non-China.

大家好，我是 Natalie Koltermann，來自 Jay Sole。感謝您回答我們的問題。我想詢問一下你們目前的庫存量，特別是來自中國以外地區的庫存量。

Do you have enough to last you through Q3 before the higher rates we're seeing from Cambodia, Vietnam, and other countries go into effect? Or when would you expect the higher rates to kind of start flowing through the P&L? Thank you.

在柬埔寨、越南和其他國家提高利率之前，你的資金是否足夠維持到第三季？或者，您預期較高的利率何時會開始對損益表產生影響？謝謝。

Most of what we're going to deliver in Q3 would not be impacted. But as you know, we turn our inventory very quickly. And particularly in our wholesale business, we turn our inventory in and around 10 times a year. And so, we do feel these impacts from tariffs when they're implemented earlier than others because we're bringing goods in and shipping them right out. So let's just keep that in mind.

第三季我們大部分的交付內容都不會受到影響。但正如您所知，我們的庫存週轉速度非常快。尤其是在我們的批發業務中，我們每年要進行大約 10 次庫存週轉。因此，當關稅比其他關稅更早實施時，我們會感受到這些影響，因為我們進口貨物後會立即將其運出。所以，我們記住這一點。

Great. Thank you.

偉大的。謝謝。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Ed for closing remarks.

謝謝。我目前沒有其他問題要問。現在我想把時間交還給艾德，讓他做總結發言。

Okay. Well, thanks so much for joining us today. We hope you all have a great day, and we look forward to speaking with you on the next call.

好的。非常感謝您今天能來。祝大家今天過得愉快，期待下次通話與您交流。

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

好的。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。