Steven Madden, Ltd. (SHOO) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first quarter 2026 Steve Madden Limited earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Steve Madden Limited 2026 年第一季財報電話會議。（接線員指示）敬請注意，今日會議將被錄音。

We 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.

現在我們將把會議交給今天的第一位講者——企業發展與投資人關係副總裁 Danielle McCoy。請開始。

Thanks, Jill, and good morning, everyone. Thank you for joining our first quarter 2026 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. 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.

謝謝你，Jill，大家早安。感謝各位參加我們 2026 年第一季財報電話會議與網路直播。在開始之前，我想提醒各位，我們接下來的發言（包括對各位提問的回答）包含我們認為屬於《私人證券訴訟改革法》所定義之「前瞻性陳述」。這些前瞻性陳述存在風險，可能導致實際結果與該等前瞻性陳述所明示或暗示者有重大差異。

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 call, if at all.

這些風險包括但不限於我們在今日稍早發布的新聞稿，以及向美國證券交易委員會（SEC）提交之文件中所描述的事項。我們不承擔更新這些前瞻性陳述的任何義務；即使更新，也可能要等到下一次季度財報電話會議，或根本不會更新。

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.

除非另有說明，今日電話會議中討論的財務結果均以調整後（adjusted）基礎呈現。與最直接可比之 GAAP 財務衡量指標的調節表及其他相關揭露，均載於我們的財報新聞稿中。

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.

今天與我一同參與電話會議的有：董事長兼執行長 Ed Rosenfeld，以及營運執行副總裁兼財務長 Zine Mazouzi。

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

接下來我把電話交給 Ed。Ed？

All right. Well, thanks, Danielle, and good morning, everyone, and thank you for joining us to review Steve Madden's first quarter 2026 results.

好的。謝謝你，Danielle，各位早安，也感謝大家加入我們，一同回顧 Steve Madden 2026 年第一季的業績表現。

We got off to a solid start to the year in Q1 with healthy underlying demand across our brands, driven by our team's disciplined execution of our strategy for long-term growth, the foundation of which is deepening connections with consumers through compelling product assortments and effective marketing.

第一季我們為全年開了個好頭；在各品牌上都看到健康的基本需求，這得益於團隊以紀律性方式執行我們的長期成長策略。該策略的基礎在於：透過具吸引力的產品組合與有效的行銷，深化與消費者的連結。

Our flagship brand, Steve Madden, continued to gain momentum as the on-trend assortments created by Steve and his design team resonated with consumers. We saw strength across classifications, including casuals, dress shoes, and boots, and we capitalized on a variety of trends in style and materials, including split toes, Velcro, hidden wedges, mesh, and ballet-inspired looks.

我們的旗艦品牌 Steve Madden 持續增強動能，Steve 與其設計團隊打造的潮流產品組合獲得消費者共鳴。我們在多個品類皆見到強勁表現，包括休閒鞋、正裝鞋與靴款；並把握多種款式與材質趨勢，包括分趾設計、魔鬼氈、隱藏式楔形鞋跟、網布，以及芭蕾舞風格造型。

Our marketing team supported these assortments with rich brand and product storytelling, including our Hello Spring campaign featuring it girl Delilah Bell and a full-funnel approach that drove strong new customer acquisition and cultural relevance.

我們的行銷團隊以豐富的品牌與產品敘事來支持這些產品組合，包括由時尚新星 Delilah Bell 擔綱的 Hello Spring 春季活動，以及帶動強勁新客獲取與文化相關性的全漏斗（full-funnel）策略。

And the combination of trend-right product and targeted marketing investments drove measurable brand heat. Online searches for Steve Madden increased 27% in the quarter, and global DTC comp sales rose 6%, or 10% excluding our stores in the Middle East. For the year, we continue to expect mid to high-single-digit revenue growth in the Steve Madden brand.

而「符合趨勢的產品」與「精準的行銷投資」相結合，帶來可衡量的品牌熱度。本季 Steve Madden 的線上搜尋量增加 27%；全球 DTC（直面消費者）同店銷售成長 6%，若排除中東門市則成長 10%。就全年而言，我們仍預期 Steve Madden 品牌營收將呈現中至高個位數成長。

Kurt Geiger London also delivered another strong quarter. In handbags, in addition to continued strength in the Kensington collection, new totes and shoulder bags drove strong demand. And in shoes, sandals were a standout, including exceptional performance in Meena Eagle slides.

Kurt Geiger London 也再度交出強勁的一季。在手袋方面，除 Kensington 系列持續強勢外，新款托特包與肩背包帶動了強勁需求；在鞋類方面，涼鞋表現突出，其中 Meena Eagle 拖鞋的表現尤為亮眼。

We also made progress on our key growth initiatives, including new store openings in the United States and international expansion into new markets. We now have leases secured for four new full-price stores and one premium outlet in the US in 2026. And we signed a new franchise and distribution agreement with Reliance brands to bring Kurt Geiger to India beginning in Q4.

我們也在關鍵成長計畫上取得進展，包括在美國開設新店，以及拓展至新的國際市場。我們目前已在 2026 年於美國取得四家全價店與一家高端暢貨中心（premium outlet）的租約。此外，我們與 Reliance Brands 簽署新的加盟與經銷協議，將自第四季起把 Kurt Geiger 帶進印度市場。

For the quarter, revenue for the Kurt Geiger brand increased 23% on a pro forma basis. And based on the momentum we are seeing, we have increased our forecast and now expect mid-teens pro forma revenue growth in the Kurt Geiger brand for the year.

本季 Kurt Geiger 品牌營收以擬制（pro forma）基礎計算成長 23%。基於目前所見的動能，我們已上調預測，現預期 Kurt Geiger 品牌全年擬制營收將呈現中十位數（mid-teens）成長。

In Dolce Vita, we delivered a compelling spring assortment with particular strength in jelly, raffia, and woven styles across footwear and handbags that drove robust sell-through with key wholesale customers, including Nordstrom, Dillard's, and Macy's. We also continued to gain traction with our key growth initiatives of expanding the handbag category and growing in international markets. For 2026, we continue to expect high single-digit revenue growth in Dolce Vita.

在 Dolce Vita 方面，我們推出具吸引力的春季產品組合；鞋履與手袋中以果凍材質（jelly）、拉菲草（raffia）與編織風格表現尤為強勁，帶動與主要批發客戶（包括 Nordstrom、Dillard's 與 Macy's）的良好銷售去化。我們也持續推進關鍵成長計畫，包括擴大手袋品類，以及在國際市場成長。對於 2026 年，我們仍預期 Dolce Vita 營收將呈現高個位數成長。

Now, despite all this, in the first quarter, we saw, as expected, a decline in organic revenue driven by softness in private label and lower Steve Madden handbag revenue in the US wholesale channel. That, combined with SG&A pressure from the normalization of incentive compensation and increased warehouse expenses, resulted in an earnings decline for the quarter.

不過，儘管如此，第一季我們如預期看到有機營收下滑，主要原因是自有品牌（private label）疲弱，以及美國批發通路中 Steve Madden 手袋營收較低。再加上因獎酬激勵回歸常態化與倉儲費用增加所帶來的 SG&A 壓力，導致本季獲利下滑。

But looking ahead, based on the strong underlying demand trends across our brand portfolio, we expect to return to earnings growth in the second quarter and deliver strong top and bottom-line growth for the full year. And looking out further, we are confident that our powerful brands, proven business model, and talented team position us to deliver sustainable growth for years to come.

但展望未來，基於我們品牌組合整體強勁的基本需求趨勢，我們預期第二季將恢復獲利成長，並在全年實現營收與獲利（top line 與 bottom line）的強勁成長。再往更長期看，我們有信心，憑藉強大的品牌、經驗證的商業模式與優秀的團隊，我們具備在未來多年持續成長的有利條件。

And now, I'll turn it over to Zine to review our first quarter 2026 financial results in more detail and provide our updated outlook for 2026.

接下來我把時間交給 Zine，請她更詳細回顧 2026 年第一季財務結果，並提供我們更新後的 2026 年展望。

Thanks, Ed, and good morning, everyone. In the first quarter, consolidated revenue was $653.1 million, an 18% increase compared to the first quarter of 2025. Excluding Kurt Geiger, which we acquired in the second quarter of 2025, consolidated revenue decreased 4.8%.

謝謝你，Ed，各位早安。第一季合併營收為 6.531 億美元，較 2025 年第一季成長 18%。若排除我們於 2025 年第二季收購的 Kurt Geiger，合併營收則下滑 4.8%。

Wholesale revenue was $443.6 million, up 1% compared to the first quarter of 2025. And excluding Kurt Geiger, our wholesale revenue decreased 8.2%. Wholesale footwear revenue was $278.9 million, a 5.8% decrease, or down 12%, excluding Kurt Geiger, primarily driven by a steep decline in the private label business.

批發營收為 4.436 億美元，較 2025 年第一季成長 1%。若排除 Kurt Geiger，我們的批發營收下滑 8.2%。批發鞋類營收為 2.789 億美元，下滑 5.8%；若排除 Kurt Geiger 則下滑 12%，主要是自有品牌業務大幅下滑所致。

Wholesale accessories and apparel revenue was $164.8 million, up 15.1% compared to the first quarter in the prior year, or down 0.5%, excluding Kurt Geiger, as declines in Steve Madden handbags and private label were mostly offset by increases in other branded accessories and apparel.

批發配件與服飾營收為 1.648 億美元，較去年同期第一季成長 15.1%；若排除 Kurt Geiger 則下滑 0.5%。其中 Steve Madden 手袋與自有品牌的下滑，多數被其他品牌配件與服飾的成長所抵銷。

In our direct-to-consumer segment, revenue was $206 million, an 83.8% increase compared to the first quarter of 2025. Excluding Kurt Geiger, our DTC revenue increased 8%, with growth in both brick-and-mortar and e-commerce channels.

在直面消費者（DTC）部門，營收為 2.06 億美元，較 2025 年第一季成長 83.8%。若排除 Kurt Geiger，我們的 DTC 營收成長 8%，實體門市與電商通路皆有成長。

Steve Madden brand US DTC comp sales increased 17%, driven by an exceptional performance in full-price channels. Outlet comps remained modestly negative but showed significant sequential improvement as we began to anniversary declines in our border stores. International comp sales decreased 5%, but increased 1%, excluding our stores in the Middle East.

Steve Madden 品牌在美國的 DTC 同店銷售成長 17%，主要由全價通路的卓越表現所帶動。暢貨中心（outlet）同店仍小幅為負，但隨著我們開始進入邊境門市下滑的比較基期（anniversary），較前期有顯著改善。國際同店銷售下滑 5%，但若排除中東門市則成長 1%。

We ended the quarter with 387 company-operated brick-and-mortar stores, including 95 outlets, as well as eight e-commerce websites and 162 company-operated concessions in international markets.

本季結束時，我們共有 387 家公司自營實體門市，其中包括 95 家暢貨中心（outlet）；另有 8 個電商網站，以及在國際市場的 162 個公司自營專櫃（concessions）。

Our licensing royalty income was $3.4 million in the quarter compared to $2.2 million in the first quarter of 2025. Consolidated gross margin was 46.3% in the quarter, a 540 basis point improvement compared to the prior year. Wholesale gross margin was 39.2% compared to 35.7% in the first quarter of 2025 due to higher average selling prices as well as mix benefits from the addition of the Kurt Geiger business and a lower penetration of private label.

我們本季的授權權利金收入為340萬美元，相較於2025年第一季的220萬美元。合併毛利率為46.3%，較去年同期提升540個基點。批發毛利率為39.2%，相較於2025年第一季的35.7%，主要受惠於較高的平均售價，以及因新增Kurt Geiger業務帶來的產品組合效益，並且自有品牌（private label）滲透率較低。

Direct-to-consumer gross margin was 60.8% compared to 60.1% in the comparable period in 2025, as a result of the addition of the Kurt Geiger business and a modest increase in the organic business. Operating expenses were $256 million or 39.2% of revenue in the quarter compared to $170.5 million or 30.8% of revenue in the first quarter of 2025, primarily driven by the addition of Kurt Geiger, as well as higher incentive compensation and warehouse expenses.

直營消費者（DTC）毛利率為60.8%，相較於2025年同期的60.1%，主要因新增Kurt Geiger業務以及自有（有機）業務小幅成長所致。本季營業費用為2.56億美元，占營收39.2%，相較於2025年第一季的1.705億美元、占營收30.8%，主要由於納入Kurt Geiger，以及較高的獎勵性薪酬與倉儲費用。

Operating income for the quarter was $46.3 million or 7.1% of revenue compared to $56.1 million or 10.1% of revenue in the prior day year. The effective tax rate for the quarter was 25.3% compared to 24% in the first quarter of 2025.

本季營業利益為4,630萬美元，占營收7.1%，相較於去年同期的5,610萬美元、占營收10.1%。本季有效稅率為25.3%，相較於2025年第一季的24%。

Finally, net income attributable to Steve Madden Limited for the quarter was $32.1 million or $0.45 per diluted share compared to $42.4 million or $0.60 per diluted share in the prior year.

最後，本季歸屬於Steve Madden Limited的淨利為3,210萬美元，或稀釋後每股0.45美元，相較於去年同期的4,240萬美元，或稀釋後每股0.60美元。

Turning to the balance sheet. Our financial foundation remains strong. As of March 31, 2026, we had $286.5 million of debt and $77.2 million in cash and cash equivalents for a net debt of $209.3 million. Inventory was $379.4 million compared to $238.6 million in the prior year. Excluding Kurt Geiger, inventory decreased 2.5%. Our CapEx in the quarter was $5.9 million.

接著看資產負債表。我們的財務基礎仍然穩健。截至2026年3月31日，我們有2.865億美元的負債，以及7,720萬美元的現金及約當現金，淨負債為2.093億美元。存貨為3.794億美元，相較於去年同期的2.386億美元。若排除Kurt Geiger，存貨下降2.5%。本季資本支出（CapEx）為590萬美元。

We did not repurchase any shares in the open market. During the first quarter, we spent $7.4 million on shares acquired through the net settlement of employee stock awards.

我們未在公開市場回購任何股份。第一季期間，我們透過員工股票獎酬的淨額交割所取得的股份支出為740萬美元。

The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on June 19, 2026, to stockholders of record as of the close of business on June 8, 2026.

公司董事會核准每季現金股利每股0.21美元。股利將於2026年6月19日支付給截至2026年6月8日營業結束時登記在冊的股東。

Turning to our fiscal 2026 guidance. We are raising our revenue outlook and now expect revenue to increase 10% to 12%, up from our prior guidance of 9% to 11%. We are also introducing EPS guidance for the year and expect earnings per share to be in the range of $2.00 to $2.10.

接著談我們2026會計年度的財測指引。我們上調營收展望，現預期營收將成長10%至12%，高於先前指引的9%至11%。我們也首次提供全年EPS指引，預期每股盈餘將落在2.00至2.10美元區間。

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

現在，我想把電話會議交給接線員進行提問。接線員？

(Operator Instructions) Paul Lejuez, Citi.

（接線員指示）Paul Lejuez，花旗（Citi）。

If you can talk about what's driving the higher revenue guidance for the year. I think you said it was Kurt Geiger, but any detail you can give in the core versus Kurt Geiger in terms of what has changed in your full-year outlook?

能否談談是什麼驅動你們上調全年營收指引？我想你提到是Kurt Geiger，但就核心業務相較於Kurt Geiger而言，你們對全年展望有哪些變化，能否提供更多細節？

And then can you talk about the conversations you're having with private label customers and if there's been any change in how they're thinking as the tariff picture evolves? And then also just curious what you built in for tariffs within your guidance.

另外，能否談談你們與自有品牌（private label）客戶的對話情況，以及隨著關稅情勢演變，他們的想法是否有任何改變？也想請教你們在指引中對關稅納入了哪些假設。

Sure. Okay. All right. So the first question was about the higher revenue guidance. And yes, we did raise Kurt Geiger based on the early momentum that we're seeing there. The Kurt Geiger brand exceeded our expectations in Q1.

好的。好。第一個問題是關於較高的營收指引。是的，我們確實基於目前看到的早期動能，上調了Kurt Geiger的預期。Kurt Geiger品牌在第一季的表現超出我們的預期。

We've also modestly raised our expectations for Steve Madden and Dolce Vita based on the strong performance that we're seeing there in Spring and the momentum in those brands. So a positive picture because we were able to increase our forecast for each of our three largest brands.

我們也基於Steve Madden與Dolce Vita在春季的強勁表現以及品牌動能，小幅上調了對它們的預期。因此整體來看是正向的，因為我們得以提高三大品牌各自的預測。

In terms of the private label conversations, I would say we're having a lot of conversations. I think they're productive, but the tariff picture remains uncertain. And so there's no major change to that situation right now, but it's something we're working hard on.

就自有品牌（private label）的對話而言，我會說我們正在進行大量溝通。我認為這些對話很有建設性，但關稅情勢仍不明朗。因此目前這個狀況沒有重大改變，但我們正在努力處理。

We have taken our forecast up very modestly for the year based on some orders that we got for the tail end of the year, but obviously still looking at a pretty steep decline in '26 and really targeting '27 for recovery there.

基於我們拿到一些今年年底的訂單，我們非常小幅地上調了全年預測，但顯然2026年仍預期會有相當陡峭的下滑，並且我們真正把復甦目標放在2027年。

And then in terms of what we've built into the guidance, so we have assumed the 10% Section 122 tariffs remain in effect through about the end of July when those expire, and then we've built in a 15% tariff thereafter.

至於我們在指引中納入的假設，我們假設10%的第122條（Section 122）關稅將持續到大約7月底、也就是到期為止，之後我們納入15%的關稅假設。

Anna Andreeva, Piper Sandler.

Anna Andreeva，Piper Sandler。

Congrats. Really nice to see the momentum. Curious on also what you're hearing from your partners, specifically the off-price channel. Is that channel now back to growth? And how do you think about the contribution there? And it sounds like department store business is turning very quickly with the reorders. Are you guys able to fulfill that demand? Just any color on that would be great.

恭喜，動能看起來很不錯。也想了解你們從合作夥伴那邊聽到的情況，特別是折扣通路（off-price）。該通路現在是否已回到成長？你們如何看待其貢獻？另外聽起來百貨公司業務因補單而快速回溫。你們是否能夠滿足那樣的需求？若能提供一些補充說明會很有幫助。

And secondly, you mentioned the business back to earnings growth starting the second quarter. Just anything you can share how we should think about 2Q. Is the DTC business, which was super strong in 1Q, is that further accelerating from here?

第二，你提到從第二季開始業務將回到獲利成長。關於2Q我們應該如何看待，有沒有什麼可以分享？DTC業務在1Q非常強勁，接下來是否會進一步加速？

Sure. Okay, so in terms of the off-price channel, yeah, those businesses, we're seeing some nice improvement there. Those conversations have been very productive recently. And so, we are seeing growth in that channel in 2026 versus 2025.

好的。就折扣通路（off-price）而言，是的，我們看到那些業務有不錯的改善。最近的對話非常有成效。因此，我們確實看到2026年相較於2025年該通路呈現成長。

Still not all the way back to '24 levels, as opposed to your second question which was about department stores. There, we are seeing strong growth. To your point, we're getting reorders. We are able to chase into goods for them. And we do expect that first-tier business to exceed what we achieved in 2024.

但仍未完全回到2024年的水準。至於你的第二個問題、也就是百貨公司方面，我們看到強勁成長。正如你所說，我們收到補單；我們也能夠為他們追加備貨。我們確實預期一線（first-tier）業務將超過我們在2024年達成的水準。

And then what was the third one?

那第三個是什麼？

Do you expect DTC to accelerate in the future?

你們預期DTC未來會加速嗎？

So we're not going to guide quarterly, but I will say that we continue to see strong trends in that DTC business. Now, the overall DTC growth, of course, won't be as strong because we'll be anniversarying Kurt Geiger starting in early May, but the core business or the organic business should see similar trends to what we saw in Q1.

我們不會提供季度指引，但我會說我們持續看到DTC業務的強勁趨勢。當然，整體DTC成長不會那麼強，因為我們從5月初開始會進入Kurt Geiger的同比基期（anniversarying），但核心業務或有機業務應會呈現與第一季相近的趨勢。

No, that's great. Thank you so much, guys. Can I just sneak in another one? Just as you think about the uses of cash with the tariff refund, would paying down debt be your first priority? Or just any color you can give on that.

不，這很棒。非常感謝各位。我可以再偷偷問一個嗎？當你們考量關稅退稅帶來的現金用途時，償還債務會是你們的第一優先嗎？或是能否提供一些相關看法。

Yeah. The first priority would be to accelerate the pay down of the debt, and then in the back half of the year, we'll start assessing potential repurchases.

是的。第一優先會是加速償還債務，然後在下半年我們會開始評估可能的回購。

Marnie Shapiro, The Retail Tracker.

Marnie Shapiro，《The Retail Tracker》。

Hey, guys, congratulations. The assortments have looked absolutely fantastic.

嗨，各位，恭喜。你們的商品組合看起來真的非常出色。

I'm curious if you could just talk a little bit more about the sell-throughs at the department stores. Are you seeing that across footwear and the apparel? And the apparel has looked really fantastic as far as I have seen. Could you talk a little bit about, I guess, how big that business can be and what the margin implications are? Are the margins on the apparel equal or better to what you're seeing in footwear and how that could play out over time?

我想請教你們能否再多談一點百貨通路的售罄率（sell-through）。你們在鞋類與服飾上都有看到這樣的表現嗎？而且就我所見，服飾看起來也非常棒。你們能否談談，我想，這個業務規模可以做到多大，以及對毛利的影響？服飾的毛利是否與你們在鞋類看到的相當或更好？以及這在時間推移下可能會如何發展？

Yeah. We've been pleased with what we've seen from a sell-through perspective. I would say in spring, footwear has been stronger because the Steve Madden brand, in particular, has been quite hot in footwear.

是的。從售罄的角度來看，我們對目前看到的表現感到滿意。我會說在春季，鞋類表現更強，因為特別是 Steve Madden 品牌在鞋類方面相當火熱。

Apparel, we had a little bit of a soft start to the year. I don't think we transitioned as well as we could have, but once we got into the season, we've been very pleased with what we've seen that the team did a great job with. Obviously, dresses has been our biggest category. We've got some very strong dresses, but we've also got some novelty denim that's been selling, some blazers.

服飾方面，我們年初開局稍微偏弱。我不認為我們的轉季銜接做得如同可以做到的那麼好，但一旦進入季節後，我們對團隊所做的工作、以及目前看到的表現感到非常滿意。顯然，洋裝一直是我們最大的品類。我們有一些非常強勢的洋裝，同時也有一些正在熱賣的特色丹寧、以及一些西裝外套。

So we continue to sort of expand, broaden out the strength in that business and are very optimistic about what that can be longer-term.

因此我們持續在擴張，讓這個業務的強勢面向更廣、更全面，並且對其長期發展非常樂觀。

In terms of how big that business is, it's over a couple of hundred million now for us in apparel. As of now, it is lower margin than the shoe and bag business, but we've been in investment mode, and we're still building, and overtime, we think that should have comparable margins.

就這個業務規模而言，我們的服飾目前已經超過數億美元。以目前來看，它的毛利率低於鞋與包的業務，但我們一直處於投資模式，仍在建置中；隨著時間推移，我們認為毛利應該能達到相近的水準。

Great. And then if I could just ask one more follow-up on the Steve Madden brand. I mean, it looks so good in the stores. It looks so good everywhere. And your placement has been excellent. You've had a couple of semi-viral, viral items. Could you just talk about your investments behind social media and marketing and what that would look like for the rest of the year?

很好。那我再追問一個關於 Steve Madden 品牌的問題。我的意思是，它在店內看起來非常好，在各個地方都看起來很棒。而且你們的陳列位置也非常出色。你們有幾個半病毒式、甚至病毒式的單品。你們能否談談你們在社群媒體與行銷上的投資，以及今年剩餘時間會是什麼樣子？

Yeah. First of all, I really appreciate what you say about the product. We're really proud of how the team has executed there.

好的。首先，我非常感謝你對產品的評價。我們對團隊在那方面的執行成果感到非常自豪。

And so I think it all starts with product, and that's the biggest driver here, but we also feel that we really raised our game on the marketing front. And we continue to increase the investment there. As you know, a few years ago, we were sub-2% of revenue devoted to marketing. And now this year will be 5.3%, 5.4%, something like that, so a pretty significant increase in investment.

因此我認為一切都始於產品，而這是最大的驅動因素；但我們也覺得我們在行銷面向確實大幅提升了水準，而且我們持續增加投資。如你所知，幾年前我們用於行銷的費用占營收比重不到 2%。而今年將會是 5.3%、5.4% 左右，因此投資增加相當顯著。

And we've also, I think, done a better job of balancing that investment because when we first increased it, it was really very heavily focused at the bottom of the funnel on performance channels, and we now have much more of a balanced spend throughout the funnel. We're much more balanced by channel, and we're much more consistent about the way we tell the Steve Madden story across channels, on an omnichannel basis.

而且我認為我們也更善於平衡這些投資，因為當我們一開始提高投入時，重點其實非常偏向漏斗底部的成效型（performance）渠道；而現在我們在整個漏斗的投入更均衡。我們在渠道配置上更平衡，也更一致地以全通路（omnichannel）的方式，在各渠道講述 Steve Madden 的品牌故事。

And so, as you mentioned, obviously, given our core customer and the state of the world today, digital and social are paramount, and that's where we are focusing a lot of our spend.

因此如你所提到的，考量到我們的核心客群以及當今世界的狀況，數位與社群至關重要，而這也是我們將大量預算投入的重點。

Great. Thank you. Sorry, if I can sneak in one more. Dolce Vita is just having as good -- like, is sell-through as strong on the Dolce Vita brand at wholesale as it is on the Steve Madden brand?

很好，謝謝。抱歉，我再偷偷問一個。Dolce Vita 的表現也非常好——在批發通路上，Dolce Vita 品牌的售罄率是否和 Steve Madden 品牌一樣強？

Yeah. Dolce Vita is having a very strong spring. In fact, their biggest customer, they're even outpacing Steve Madden in terms of sell-through.

是的。Dolce Vita 今年春季表現非常強勁。事實上，在他們最大的客戶那裡，就售罄率而言，他們甚至超過 Steve Madden。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Nice to see the progress. With rising energy prices, is there any impact on costs and how you're planning or are the contracts all taken care of before it? Or how do you think of that impact on rising energy prices?

很高興看到進展。隨著能源價格上漲，對成本是否有任何影響？你們在規劃上是如何因應的，還是合約都已在之前就處理好了？你們如何看待能源價格上漲帶來的影響？

And then the cadence of the quarter, was there any difference in demand on the exit of the quarter? And we've now seen this lastly on product trends. Boots become like a 52-week a year trend. Any updates on product trends or the sneakers, fashion, sandals, boots to discuss?

另外，本季的節奏（cadence）方面，在季末離場（exit of the quarter）時需求是否有任何差異？最後談到產品趨勢：靴款似乎已成為一年 52 週的趨勢。產品趨勢方面有任何更新嗎？例如運動鞋、時尚涼鞋、靴子等，有什麼可以分享的？

Sure, yeah. I'll take the latter two questions and then turn it back to Zine to talk about what we're seeing on freight. So in terms of the cadence for the quarter, it bounced around a little bit based on weather and the Easter shift and promotion time, et cetera. But basically, I would say that it was pretty strong trends throughout the quarter, and there's nothing super meaningful to call out there.

當然可以。後面兩個問題我先回答，然後再交給 Zine 談談我們在運費方面看到的情況。就本季節奏而言，受天氣、復活節檔期移動、促銷時點等因素影響，表現有些波動。但基本上，我會說整季的趨勢都相當強勁，沒有什麼特別重大的事項需要指出。

In terms of the product trends, I think the big thing is we've seen a decrease in penetration in sandals and sneakers, and we've seen super strong performance in casuals and really strong increases in dress shoes as well and also in boots and booties. And as you correctly pointed out, those continue to be important even in spring. We did a really nice job, for instance, in our DTC with boots for festival season.

就產品趨勢而言，我認為最大的重點是：我們看到涼鞋與運動鞋的滲透率下降；休閒鞋表現非常強勁；正裝鞋也有非常強的成長；靴子與短靴同樣表現強勢。而如你所正確指出的，即使在春季，這些品類仍然很重要。舉例來說，我們在 DTC 通路針對音樂祭季節的靴款就做得非常好。

So Zine, you want to talk about the freight?

那 Zine，你要談談運費嗎？

Sure. So on the freight side, obviously, the war impact is visible, and we started seeing what they call EBS. These are emergency bunker surcharges that are being imposed by the maritime companies. So in our guide, we built in about 30 basis points of pressure from ocean, as well as the increase we're seeing on air freight. We started seeing air freight increases as early as April. And then as far as the ocean side, the emergency bunker surcharges, those started in May, on May 1, and there's another round potentially that would be coming in July as well. So all in all, it's about a 30-basis point impact.

好的。就運費而言，戰爭的影響很明顯，我們開始看到他們所稱的 EBS，也就是緊急燃油附加費（emergency bunker surcharges），由海運公司加收。因此在我們的指引中，我們納入了約 30 個基點的海運壓力，以及我們在空運上看到的增加。我們早在 4 月就開始看到空運費用上升。而海運方面，緊急燃油附加費從 5 月開始，5 月 1 日起生效，7 月也可能還會有另一輪。因此整體而言，影響約為 30 個基點。

From a cost perspective, as far as raw materials, we're not seeing that yet, but if this continues for an extended period of time, we expect that that will have an impact in the latter part of the year.

從成本角度來看，就原物料而言，我們目前還沒有看到影響，但如果這種情況持續較長一段時間，我們預期會在今年下半年帶來影響。

Sam Poser, Williams Trading.

Sam Poser，Williams Trading。

A couple of things. When we think about the gross margin more holistically for the balance of the year, how much -- in the press release you discussed -- you backed out $55 million of the refunds out of the gross margin. How much of the refunds were effective for the goods sold in Q1 were in it?

有幾點問題。當我們更全面地看今年剩餘時間的毛利率時，你們在新聞稿中提到——你們從毛利率中剔除了 5,500 萬美元的退款（refunds）。其中有多少退款是對第一季已售商品（goods sold in Q1）產生影響並已反映在裡面的？

And then going forward, I guess the question is, what kind of increase in gross margin are we planning to see for the full year, taking into account the lower tariffs than what was true -- lower than the IEEPA tariffs, but then also the increase plus that 30 bps from freight? I mean, how should we think about the gross margin? And then I have another question.

然後往後看，我想問題是：在考量關稅低於先前——低於 IEEPA 關稅——但同時又有運費上升、再加上那 30 個基點的影響之下，我們預期全年毛利率會提升多少？也就是說，我們應該如何看待毛利率？然後我還有另一個問題。

Yeah, sure. So in the first quarter, obviously, there was a relatively modest negative impact from tariffs because of the reversal of IEEPA and then the institution of the Section 122. As we go forward, obviously, we'll see on a gross basis a bigger impact than we saw in Q1.

好的，當然。第一季很明顯地，關稅帶來的負面影響相對不大，因為 IEEPA 的撤銷以及第 122 條（Section 122）的實施。往後看，顯然在毛額（gross）層面，我們會看到比第一季更大的影響。

But if you're thinking about gross margin versus the prior year, we still should be seeing nice increases versus the prior year each quarter, although it will narrow a little bit in terms of the delta. Part of that is that we anniversary Kurt Geiger in Q2, which has been a mix benefit to gross margin. But even on an organic basis, we do expect to see year-over-year gross margin improvement through the balance of the year.

但如果你在思考毛利率相較於前一年，我們每一季相較於前一年仍應該會看到不錯的提升，儘管就差異幅度而言會稍微收斂一些。其中一部分原因是我們在第二季會迎來 Kurt Geiger 的併購滿周年，而這對毛利率的組合有正面助益。但即使以有機基礎來看，我們也預期在今年剩餘期間，毛利率仍會呈現年對年改善。

Thank you. And then could you -- I know it's going to come out in the Q, but can you give us the adjusted gross margin and SG&A for footwear wholesale, handbag wholesale, and direct-to-consumer, please?

謝謝。接著你能不能——我知道這會在 Q 裡面揭露，但你能否提供鞋類批發、手袋批發，以及直營消費者（DTC）的調整後毛利率與 SG&A，麻煩？

What do you mean adjusted? You mean the wholesale footwear gross margin?

你說的調整後是什麼意思？你是指批發鞋類的毛利率嗎？

Yeah.

對。

Okay, sure.

好，當然可以。

I mean, so we can get to the total.

我的意思是，這樣我們才能加總到整體。

Yeah. Wholesale footwear gross margin was 38.6%. Wholesale accessories was 40.0%. And DTC, I think you have it, but it was 60.8%.

好。批發鞋類毛利率為 38.6%。批發配件為 40.0%。而 DTC，我想你已經有了，是 60.8%。

And then what about SG&A? I mean -- or give us the adjusted operating income for each one of those sections, however you want to do it.

那 SG&A 呢？我的意思是——或者你也可以提供這三個部門各自的調整後營業利益，你想用哪種方式都可以。

No. I mean, I built my model this way, and it's important how you break it up, but I'm sorry I'm driving you crazy.

不是。我的意思是，我的模型是這樣建的，怎麼拆分很重要，但抱歉我把你逼瘋了。

EBIT dollars for wholesale footwear, $52.7 million; wholesale accessories and apparel, $28.8 million; DTC, loss of $11.4 million.

批發鞋類的 EBIT 金額為 5,270 萬美元；批發配件與服飾為 2,880 萬美元；DTC 為虧損 1,140 萬美元。

And the loss in DTC was primarily because it's a small quarter. You have the fixed cost for Kurt Geiger with those fixed cost staying in. I assume that is correct.

而 DTC 的虧損主要是因為這是一個小季度。Kurt Geiger 的固定成本在那裡，固定成本仍然留在裡面。我假設這是正確的。

That's right. Even the organic business, we're always loss making in Q1 in DTC, and the same goes for Kurt Geiger.

沒錯。即使是有機業務，我們在第一季的 DTC 一向都是虧損的，Kurt Geiger 也是一樣。

And you originally said that Kurt Geiger would do about $600 million. That's up -- just given the first quarter, it's just up a bit from there. Is that how we should think about it?

你一開始說 Kurt Geiger 大約會做到 6 億美元。就第一季來看，這個數字似乎略高一些。我們應該這樣理解嗎？

Yes, low $600 million.

是的，6 億美元出頭。

Janine Stitcher, BTIG.

Janine Stitcher，BTIG。

On Kurt Geiger, with the mid-teens growth for the brand, just wanted to clarify, does that include any new distribution? And if not, how are you thinking about that?

關於 Kurt Geiger，品牌中段十位數（mid-teens）的成長，你們想再釐清一下：這是否包含任何新的通路佈局？如果沒有，你們對此是怎麼思考的？

And then Steve Madden handbags, can you elaborate a little bit more on what's going on there? Would you still expect it to turn positive in the second quarter?

另外，Steve Madden 手袋方面，你能再多說一點目前發生了什麼嗎？你們仍預期第二季會轉為正成長嗎？

In terms of the Kurt Geiger brand mid-teens growth, we are adding some wholesale distribution in the back half. I think that the most important thing is that we have reached an agreement with Macy's to enter Macy's starting in October. We'll be in a beautiful concession in Herald Square, as well as 15 other doors with handbag shops and also shoes. So we're excited about that.

就 Kurt Geiger 品牌中段十位數成長而言，我們會在下半年增加一些批發通路。我認為最重要的是，我們已與 Macy's 達成協議，將自 10 月起進駐 Macy's。我們會在 Herald Square 設置一個很漂亮的專櫃（concession），另外也會進入其他 15 家門店，設有手袋店中店以及鞋類。因此我們對此感到非常興奮。

But there's also very strong momentum in the DTC business, in digital. The US stores continue to perform very well, and we're opening some additional US stores. So a lot of good things happening there.

此外，DTC 業務在數位端也有非常強勁的動能。美國門店持續表現非常好，我們也會再開一些新的美國門店。所以那邊有很多好事正在發生。

And Steve Madden handbag, yes, as we have indicated, we expect to return to growth starting in the current quarter. So we're pleased to have that headwind behind us.

至於 Steve Madden 手袋，是的，正如我們先前所指出的，我們預期從本季開始會回到成長。因此我們很高興這個逆風已經在我們身後了。

Great. And then maybe just one more on the core Steve Madden business. I think you said organic gross margins for DTC were up slightly. Maybe just talk about what you're seeing from a promotional standpoint there. It seems like you've been able to pull back a little bit on the promotional lever.

很好。那再問一個關於核心 Steve Madden 業務的問題。我想你提到 DTC 的有機毛利率略有上升。能否談談你們在促銷方面看到的情況？看起來你們已經能稍微收回一些促銷槓桿。

Yeah, we have. We've been pleased. Because of the strength of the product and the demand, we have been able to reduce overall promotion days, and we really haven't seen any significant impact on demand, so that's been very positive.

是的，我們確實有。我們很滿意。由於產品力與需求的強勁，我們已能降低整體促銷天數，而且我們並沒有看到對需求造成任何顯著影響，所以這是非常正面的。

Aubrey Tianello, BNP Paribas.

Aubrey Tianello，BNP Paribas。

I wanted to ask on SG&A and how we should be thinking about the cadence of SG&A growth into the next quarter and then into the back half of the year when you lap the Kurt Geiger acquisition.

我想問一下 SG&A，以及我們應該如何看待 SG&A 成長在下一季、以及在下半年（當你們與 Kurt Geiger 併購的比較基期重疊之後）的節奏。

So including Kurt Geiger in Q1, SG&A was up 50.2%. We expect that to be probably around, I would say, 25% increase in Q2, and then it should drop to low-teens in Q3 and high singles in Q4.

所以在第一季納入 Kurt Geiger 後，SG&A 年增 50.2%。我們預期第二季大概會是約 25% 的增幅，然後第三季應該會降到低十位數，第四季則是高個位數。

Perfect. Thank you. And then maybe just a follow-up on the Middle East and how the conflict impacts the business from a direct standpoint in terms of revenues. You mentioned the impact to store comp in the prepared remarks. I'd be curious just what's included in the guidance for 2026 from a top-line perspective from the Middle East.

非常好，謝謝。接著可能再追問一下中東，以及衝突對業務在收入面直接造成的影響。你在事先準備的發言中提到對門店同店的影響。我想了解的是，在 2026 年指引中，從營收（top-line）角度，你們對中東納入了哪些假設？

We had north of $50 million business there, about 63 stores. I don't have the overall top-line impact that we've built-in there, but look, the business in the GCC, for instance, is still trending down close to 40% this month. And so we built in about a $4 million profit hit in that region.

我們在那邊的業務規模超過 5,000 萬美元，大約 63 家門店。我手上沒有我們在模型中納入的整體營收影響，但你看，例如在 GCC，那邊本月的業務仍接近下滑 40%。因此我們在該區域納入了約 400 萬美元的獲利衝擊。

Yeah, Zine's telling me it's about $9 million to $10 million that we've taken out for the impact there -- for revenue, excuse me.

對，Zine 跟我說，我們因那邊的影響——抱歉，是就營收而言——大約扣除了 900 萬到 1,000 萬美元。

Okay, got it. Thank you. And then just last one, I wanted to ask about Kurt Geiger from a margin perspective. You mentioned in the past having a runway to getting to double-digit EBIT margins over time. Anything you can share on how EBIT margins progressing for Kurt Geiger this year, especially in light of the higher revenue guide?

好的，了解，謝謝。最後一個問題，我想從毛利/利潤率角度問 Kurt Geiger。你們過去提到，長期有機會達到雙位數的 EBIT 利潤率。你能否分享一下今年 Kurt Geiger 的 EBIT 利潤率進展如何，特別是在營收指引上調的情況下？

Yeah. So we're expecting about 100 basis points of improvement in '26 versus '25. It still doesn't get us back to pre-tariff levels, so we need to continue to drive that up in the coming years. And we still continue to believe there's no reason this business shouldn't be in the double digits. And certainly, the branded portion, if we exclude the concessions, we think that should be certainly in the teens, if not the mid-teens.

可以。我們預期 2026 年相較 2025 年大約改善 100 個基點。但這仍無法回到關稅前的水準，所以我們需要在未來幾年持續推升。我們仍然相信，沒有理由這個業務不應該達到雙位數。當然，就品牌業務的部分，如果我們排除專櫃（concessions），我們認為應該可以到十幾個百分點，甚至中段十位數。

And I am now showing no further questions, and I would like to turn it back to Ed Rosenfeld for closing remarks.

我現在顯示沒有其他提問了，我想把時間交回給 Ed Rosenfeld 做結語。

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

很好。非常感謝大家今天加入我們。祝各位有美好的一天。我們期待在下一次電話會議再與各位交流。

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

感謝各位參與今天的會議。本次議程到此結束。您現在可以中斷連線。