Steven Madden Ltd (SHOO) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first quarter Steven Madden, Ltd Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到第一季度 Steven Madden, Ltd 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

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

我現在想將會議交給企業發展和投資者關係副總裁 Danielle McCoy。請繼續。

Thanks, Norma, and good morning, everyone. Thank you for joining our first quarter 2022 earnings call and webcast.

謝謝，諾瑪，大家早上好。感謝您參加我們的 2022 年第一季度財報電話會議和網絡直播。

Before we begin, I'd like to remind you that our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to materially differ from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we have described in our press release issued earlier today and filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.

在開始之前，我想提醒您，我們隨後的評論（包括對您的問題的回答）包含我們認為屬於《私人證券訴訟改革法案》含義內的前瞻性陳述的陳述。這些前瞻性陳述存在可能導致實際結果與此類前瞻性陳述明示或暗示的結果大不相同的風險。這些風險包括我們在今天早些時候發布的新聞稿中描述的事項以及我們向美國證券交易委員會提交的文件。我們不承擔更新這些前瞻性陳述的任何義務，如果有的話，這些前瞻性陳述可能要等到我們的下一個季度財報電話會議才會更新。

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. Joining the call today are Ed Rosenfeld, Chairman and Chief Executive Officer; and Zine Mazouzi, Chief Financial Officer.

除非另有說明，否則今天電話會議上討論的財務結果是經過調整的。我們的收益發布中包含與最直接可比的 GAAP 財務指標和其他相關披露的對賬。今天加入電話會議的是董事長兼首席執行官 Ed Rosenfeld；和首席財務官 Zine Mazouzi。

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

有了這個，我會把電話轉給 Ed。埃德?

Thanks, Danielle. Good morning, everyone, and thank you for joining us to review Steven Madden's first quarter 2022 results.

謝謝，丹妮爾。大家早上好，感謝您加入我們審查 Steven Madden 2022 年第一季度的業績。

Before I begin, I would like to acknowledge the devastating war in Ukraine and the heartbreaking humanitarian crisis we are seeing in the region. We at Steven Madden have provided over $500,000 in assistance for the relief effort through cash donations from the Steven Madden Foundation as well as donations of footwear, clothing, blankets and accessories. We will continue to look for ways to help and stand alongside the global community calling for an immediate end to the war.

在開始之前，我要承認烏克蘭的毀滅性戰爭和我們在該地區看到的令人心碎的人道主義危機。我們 Steven Madden 通過 Steven Madden 基金會的現金捐贈以及鞋類、服裝、毯子和配飾的捐贈，為救災工作提供了超過 500,000 美元的援助。我們將繼續尋找提供幫助的方法，並與國際社會站在一起，呼籲立即結束戰爭。

Now moving on to our first quarter results. We got off to an outstanding start to the year, delivering the highest quarterly earnings in our history in the first quarter. Q1 revenue increased 55% and diluted EPS increased 180% compared to the prior year.

現在繼續我們的第一季度業績。我們今年開局出色，第一季度實現了歷史上最高的季度收益。與去年相比，第一季度的收入增長了 55%，攤薄後的每股收益增長了 180%。

Overall, these results reflect the strength of our strategy and our team's execution. We are winning with product and supporting that great product with effective marketing, and that combination is driving closer connections with our consumers and increasing brand relevance, particularly for our 2 largest brands, Steve Madden and Dolce Vita. That, in turn, is enabling success with each of our 4 key business drivers: First, driving our direct-to-consumer business led by digital. DTC revenue grew over 60% in the quarter; second, expanding in categories outside of footwear like handbags and apparel. Our branded handbag business increased more than 50% and our apparel revenue was up more than 100% in Q1; third, growing in international markets. Our international revenue increased over 60% in the quarter; and fourth, strengthening or our core U.S. wholesale footwear business. That business also grew over 60% in Q1.

總體而言，這些結果反映了我們戰略的實力和團隊的執行力。我們以產品取勝，並通過有效的營銷支持偉大的產品，這種組合正在推動與我們的消費者更緊密的聯繫並增加品牌相關性，特別是對於我們的兩個最大品牌 Steve Madden 和 Dolce Vita。這反過來又使我們的 4 個關鍵業務驅動因素中的每一個都取得了成功：首先，推動我們以數字為主導的直接面向消費者的業務。本季度 DTC 收入增長超過 60%；其次，擴大鞋類以外的品類，如手袋和服裝。一季度品牌手袋業務增長超過50%，服裝收入增長超過100%；三是國際市場增長。我們的國際收入在本季度增長了 60% 以上；第四，加強我們的核心美國批發鞋類業務。該業務在第一季度也增長了 60% 以上。

So across the board, we are executing on our key strategic initiatives and seeing the results and we are confident that our continued focus on these initiatives will enable us to continue to drive top and bottom line growth going forward.

因此，我們正在全面執行我們的關鍵戰略舉措並看到結果，我們相信，我們對這些舉措的持續關注將使我們能夠繼續推動營收和利潤的增長。

So turning to our performance by segment in Q1. Our Wholesale Footwear segment revenue increased 60% compared to the prior year. The Steve Madden brand drove the majority of the growth with strong gains across Steve Madden Women's, Men's and Kids as well as Madden Girl. Dolce Vita was also outstanding, with revenue up over 100% to last year as that brand's momentum continues to accelerate.

因此，轉向我們在第一季度的細分市場表現。與去年相比，我們的批發鞋類部門收入增長了 60%。 Steve Madden 品牌推動了大部分增長，Steve Madden 女裝、男裝和童裝以及 Madden Girl 取得了強勁增長。 Dolce Vita 也很出色，隨著該品牌的發展勢頭繼續加速，其收入比去年增長了 100% 以上。

In international markets, we had triple-digit percentage increases in Canada and Mexico and another strong quarter of growth in Europe. In our Wholesale Accessories and Apparel segment, revenue increased 37% compared to the prior year. Growth in this segment was driven primarily by strong gains in Steve Madden handbags, which is up more than 60% to the prior year, and BB Dakota Steve Madden apparel, which more than doubled compared to the year-ago period.

在國際市場，我們在加拿大和墨西哥實現了三位數的百分比增長，在歐洲實現了另一個強勁的季度增長。在我們的批發配飾和服裝部門，收入與去年相比增長了 37%。這一細分市場的增長主要得益於 Steve Madden 手袋的強勁增長，比去年增長了 60% 以上，以及 BB Dakota Steve Madden 服裝，與去年同期相比增長了一倍以上。

And in our direct-to-consumer segment, revenue increased 61% versus the prior year period. E-commerce continued to account for the majority of our DTC revenue and e-com revenue increased 57% compared to last year. Brick-and-mortar revenue increased 64% year-over-year.

在我們的直接面向消費者的細分市場中，收入與去年同期相比增長了 61%。電子商務繼續占我們 DTC 收入的大部分，電子商務收入與去年相比增長了 57%。實體店收入同比增長 64%。

Overall, we are seeing robust consumer demand for our brands and strong performance across channels, product categories and geographies. Our strategic initiatives are paying dividends, and we are confident that we are well positioned to deliver sustainable growth for years to come.

總體而言，我們看到消費者對我們品牌的強勁需求以及跨渠道、產品類別和地域的強勁表現。我們的戰略舉措正在帶來紅利，我們有信心在未來幾年內實現可持續增長。

So now I will turn it over to Zine to review our first quarter financial results in more detail and provide an update to our outlook for 2022.

所以現在我將把它交給 Zine 來更詳細地審查我們的第一季度財務業績，並提供我們對 2022 年展望的更新。

Thanks, Ed, and good morning, everyone. Our consolidated revenue in the first quarter was $559.7 million, a 55% increase compared to 2021 and a 34.6% increase versus 2019. Our wholesale revenue was $449 million, up 54.1% compared to the prior year and up 29% compared to 2019. Wholesale footwear revenue was $346.7 million, a 59.9% increase from 2021 and a 25.4% increase from 2019.

謝謝，Ed，大家早上好。我們第一季度的綜合收入為 5.597 億美元，比 2021 年增長 55%，比 2019 年增長 34.6%。我們的批發收入為 4.49 億美元，比上年增長 54.1%，比 2019 年增長 29%。鞋類收入為 3.467 億美元，比 2021 年增長 59.9%，比 2019 年增長 25.4%。

These results were primarily driven by strong performance in our flagship brand, Steve Madden as well as in Dolce Vita and Betsey Johnson. Q1 revenue also benefited from a pull forward of orders as some wholesale customers elected to front load deliveries. Wholesale Accessories and Apparel revenue was $102.3 million, up 37.1% to last year and up 43% to 2019. These results were primarily driven by a strong quarter in Steve Madden handbag, which grew 59% compared to 2021 and 70% compared to 2019, in part due to some accelerations of handbag shipments from Q2.

這些結果主要得益於我們的旗艦品牌 Steve Madden 以及 Dolce Vita 和 Betsey Johnson 的強勁表現。由於一些批發客戶選擇提前交貨，第一季度的收入也受益於訂單的提前。批發配飾和服裝收入為 1.023 億美元，比去年增長 37.1%，比 2019 年增長 43%。這些結果主要受史蒂夫·馬登手提包季度強勁增長的推動，與 2021 年相比增長 59%，與 2019 年相比增長 70%，部分原因是第二季度手袋出貨量有所加速。

The apparel business also saw significant strength, growing triple digits compared to last year. In our direct-to-consumer segment, revenue was $108.3 million, a 60.5% increase compared to 2021 and a 72.4% increase compared to 2019. E-commerce revenue increased 57.5% compared to last year, and 244% versus 2019, reflecting strong performance in the Steve Madden, Dolce Vita and Betsey Johnson digital businesses.

服裝業務也取得了顯著的增長，與去年相比增長了三位數。在我們的直接面向消費者部門，收入為 1.083 億美元，與 2021 年相比增長 60.5%，與 2019 年相比增長 72.4%。電子商務收入與去年相比增長 57.5%，與 2019 年相比增長 244%，反映強勁在 Steve Madden、Dolce Vita 和 Betsey Johnson 數字業務中的表現。

Brick-and-mortar revenue increased 64.1% to last year or 52% on a comp store basis. Comparing to 2019, a brick-and-mortar revenue was up 10.4% or 13% on a comp basis. We ended the quarter with 213 brick-and-mortar retail stores, including 66 outlets as well as 6 e-commerce websites and 19 company-operated concessions in international markets.

實體店收入比去年增長了 64.1%，或者在綜合商店的基礎上增長了 52%。與 2019 年相比，實體店收入同比增長 10.4% 或 13%。我們在本季度末擁有 213 家實體零售店，其中包括 66 家門店以及 6 個電子商務網站和 19 家公司經營的國際市場特許經營店。

Turning to our Licensing and First Cost segments. Our license and royalty income was $1.6 million in the quarter compared to $1.5 million last year and $2.5 million in 2019. First Cost commission income was $0.8 million in the quarter compared to $0.6 million last year and $2.4 million in 2019. Consolidated gross margin was 40.7% in the quarter, expanding 220 basis points from the prior year, and wholesale gross margin was 35.2%, a 290 basis point improvement compared to last year, driven by an increase in wholesale footwear.

轉向我們的許可和首次成本部分。本季度我們的許可和特許權使用費收入為 160 萬美元，去年為 150 萬美元，2019 年為 250 萬美元。本季度首次成本佣金收入為 80 萬美元，去年為 60 萬美元，2019 年為 240 萬美元。綜合毛利率為 40.7 %，較上年擴大 220 個基點，批發毛利率為 35.2%，較去年提高 290 個基點，主要受批發鞋類業務的推動。

Direct-to-consumer gross margin was 62.3% compared to 63.5% last year, driven primarily by freight pressure. Operating expenses were $133.5 million in the quarter compared to $103.5 million last year. As a percentage of revenue, operating expenses were 23.8% in the quarter compared to 28.7% last year, reflecting expense leverage on the increased revenue and our continued discipline around expense management.

直接面向消費者的毛利率為 62.3%，而去年為 63.5%，主要受貨運壓力的推動。本季度的運營費用為 1.335 億美元，而去年為 1.035 億美元。本季度運營費用佔收入的百分比為 23.8%，而去年為 28.7%，這反映了收入增加的費用槓桿以及我們在費用管理方面的持續紀律。

Operating income for the quarter totaled $94.4 million or 16.9% of revenue, up from $35.6 million or 9.9% of revenue in the last year, and $45.1 million or 10.8% of revenue in 2019.

本季度營業收入總額為 9440 萬美元，佔收入的 16.9%，高於去年的 3560 萬美元，佔收入的 9.9%，2019 年為 4510 萬美元，佔收入的 10.8%。

Our effective tax rate for the quarter was 22.3% compared to 21.1% in 2021. Finally, net income attributable to Steve Madden Limited for the quarter was $73.4 million or $0.92 per diluted share, up from $26.9 million or $0.33 per diluted share in 2021 and $35.1 million or $0.42 per diluted share in 2019.

我們本季度的有效稅率為 22.3%，而 2021 年為 21.1%。最後，Steve Madden Limited 本季度的淨收入為 7340 萬美元或稀釋後每股收益 0.92 美元，高於 2021 年的 2690 萬美元或稀釋後每股收益 0.33 美元，以及2019 年每股攤薄收益 3510 萬美元或 0.42 美元。

Moving to the balance sheet. Our financial foundation remains very strong. As of March 31, 2022, we had $180.2 million of cash, cash equivalents and short-term investments and no debt. Inventory totaled $233.4 million compared to $106.6 million last year. Inventory continues to be higher than historical levels due to our need to place production orders earlier due to the supply chain disruption and longer transit lead times. But we remain comfortable with the amount and the content of our inventory and our ability to meet our customer-ship windows. Our CapEx in the quarter was $3.6 million.

轉移到資產負債表。我們的財務基礎仍然非常牢固。截至 2022 年 3 月 31 日，我們擁有 1.802 億美元的現金、現金等價物和短期投資，沒有債務。庫存總額為 2.334 億美元，而去年為 1.066 億美元。由於供應鏈中斷和較長的運輸提前期，我們需要提前下訂單，庫存繼續高於歷史水平。但我們仍然對庫存的數量和內容以及滿足客戶發貨窗口的能力感到滿意。我們本季度的資本支出為 360 萬美元。

During the quarter, we repurchased $42.4 million of the company's common stock, which includes shares acquired through the net settlement of employee stock awards. The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend will be payable on June 24, 2022, to stockholders of record as of the close of business on June 13, 2022.

在本季度，我們回購了 4240 萬美元的公司普通股，其中包括通過員工股票獎勵淨額結算獲得的股票。公司董事會批准了每股 0.21 美元的季度現金股息。股息將於 2022 年 6 月 24 日支付給截至 2022 年 6 月 13 日營業結束時在冊的股東。

Turning to our outlook. Based on the strong start to the year, we are raising our revenue and earnings per share guidance. We now expect revenue to increase 13% to 16% compared to 2021, and we expect diluted EPS to be in the range of $2.90 to $3. Now I'd like to turn the call over to the operator for questions. Norma?

轉向我們的前景。基於今年的強勁開局，我們正在提高我們的收入和每股收益指導。我們現在預計收入將比 2021 年增長 13% 至 16%，我們預計攤薄後每股收益將在 2.90 美元至 3 美元之間。現在我想把電話轉給接線員提問。諾瑪？

(Operator Instructions) Our first question comes from Paul Lejuez with Citi.

（操作員說明）我們的第一個問題來自 Citi 的 Paul Lejuez。

This is [Brandon Shea] I'm on for Paul. I was wondering if you could talk a little bit about recent supply chain developments. Have you seen any changes from recent world events? And what are you expecting near-term on the supply chain front?

我是 [Brandon Shea] 我支持 Paul。我想知道你能否談談最近的供應鏈發展。你看到最近的世界事件有什麼變化嗎？您對供應鏈方面的近期期望是什麼？

Yes. We really have not seen any material change to the supply chain. We're still experiencing extended lead times and transit times, we're still experiencing quite a bit of pressure on freight. If anything, I think the freight pressure has gotten incrementally a little worse since the last time we were on the call, at least in terms of the impact to our forecast for the year. But overall, no. No material change as of now.

是的。我們確實沒有看到供應鏈有任何重大變化。我們仍在經歷延長的交貨時間和運輸時間，我們仍然承受著相當大的貨運壓力。如果有的話，我認為自我們上次接聽電話以來，貨運壓力已經逐漸惡化，至少在對我們今年預測的影響方面。但總的來說，沒有。目前沒有實質性變化。

Appreciate that. And can you talk a little bit about the -- it sounds like wholesale pulled forward some deliveries. Was that helpful for 1Q and you think it pulled from maybe the second quarter?

感謝。你能談談 - 聽起來批發商提前了一些交貨。這對第一季度有幫助嗎？你認為它可能從第二季度開始嗎？

Yes. There was definitely a change in timing of deliveries Q1 versus Q2 compared to what we -- the pattern historically. So you will see the Q2 wholesale revenue growth decelerate a little bit, although it will still be strong. We're up by 54% in wholesale in Q1 versus last year. I think for Q2, you should be thinking more around high 30s.

是的。與我們的歷史模式相比，第一季度與第二季度的交付時間肯定發生了變化。因此，您會看到第二季度批發收入增長略有放緩，儘管仍將強勁。與去年相比，我們第一季度的批發業務增長了 54%。我認為對於第二季度，您應該更多地考慮 30 歲左右。

That's super helpful. And one last one for me. Can you talk about price increases for the second half? And what are you seeing on the cost side and expectations for the second half on product?

這非常有幫助。最後一個給我。你能談談下半年的價格上漲嗎？您在成本方面看到了什麼以及對下半年產品的期望？

Sure. Yes, we continue to see pressure on our costs. There's some pressure on FOB costs based on what's meaning factoring costs, meaning based on what's going on with both labor and materials. And then, of course, there's also quite a bit of pressure that we continue to see from freight.

當然。是的，我們繼續看到我們的成本壓力。基於什麼是保理成本，FOB成本有一些壓力，這意味著基於勞動力和材料的情況。然後，當然，我們繼續從貨運中看到相當大的壓力。

So the good news is we have -- we've been raising prices. And for the most part, feel very good about by customers' acceptance of those prices. Particularly when we have newness, we're seeing that the customers are not pushing back on the price increases. If the products are what we call LY products, last year type products, there may be a little bit more resistant, but anything new, we're seeing the customer willing to pay. So for the most part, we're offsetting those pressures with the price increases.

所以好消息是我們有 - 我們一直在提高價格。在大多數情況下，客戶對這些價格的接受程度感到非常好。特別是當我們有新品時，我們看到客戶並沒有推遲價格上漲。如果產品是我們所說的 LY 產品，去年類型的產品，可能會有更多的抵抗力，但任何新的，我們看到客戶願意支付。因此，在大多數情況下，我們通過價格上漲來抵消這些壓力。

And next question comes from Jay Sole with UBS.

下一個問題來自瑞銀的 Jay Sole。

Maybe my question is just on the guidance for the full year. How do you think about adjusting the guidance given that you beat the consensus by $0.41 in Q1. You're raising the midpoint of the guide by about $0.17 for the full year. Was there something that you're seeing in the environment that makes you think the back half of the year won't be as strong as you thought previously? Or is it sort of -- this was your plan for Q1 and sort of everything is sort of a little bit better than Q1, but just treat it undermodeled it. How do you think about it?

也許我的問題只是關於全年的指導。鑑於您在第一季度超過共識 0.41 美元，您如何看待調整指導。您將全年指南的中點提高了約 0.17 美元。您在環境中看到的一些事情讓您認為下半年不會像您之前想像的那麼強勁嗎？或者是這樣的——這是你對第一季度的計劃，而且一切都比第一季度好一點，但只是把它當作模型不足。你怎麼看？

Yes. It's a good question. We definitely -- we're not aligned -- or the Street was not aligned with how we were looking at Q1. So our internal forecast was about $0.20 ahead of consensus for Q1. So you talked about, I think, a $0.41 beat. About half of that just accounted for the difference in how the Street was looking at it versus our internal forecast. So we did obviously come in another $0.20 or so ahead of our internal forecast. And as you said, we're raising the full year $0.17. Keep in mind, part of that increase or beat to our internal forecast was a little bit of pull forward from Q2. So essentially, what we've done is taken what we beat into Q1 and roll that forward and not change the back 9 months of the year.

是的。這是個好問題。我們肯定——我們沒有一致——或者華爾街與我們對第一季度的看法不一致。因此，我們的內部預測比第一季度的共識高出約 0.20 美元。所以你談到了，我認為，0.41 美元的節拍。其中大約一半只是解釋了華爾街對它的看法與我們的內部預測之間的差異。因此，我們確實比我們的內部預測提前了 0.20 美元左右。正如你所說，我們將全年提高 0.17 美元。請記住，我們內部預測的部分增長或超過我們的內部預測是從第二季度開始的一點點拉動。所以從本質上講，我們所做的是將我們擊敗的東西帶入第一季度並將其向前推進，而不是改變一年中的後 9 個月。

All right. Got it. And then maybe if I could ask just another question on the quarter. it seems like there was not just strong trend right product, but a lot of great execution like on social media with marketing. Can you just talk about some of the successes that you had in the quarter, which maybe helped amplify the growth that you had in the business. And maybe talk about what you expect to see as we go forward into Q2 and the rest of the year.

好的。知道了。然後也許我可以在本季度再問一個問題。似乎不僅有強大的趨勢正確的產品，還有很多很棒的執行，比如在社交媒體上進行營銷。您能否談談您在本季度取得的一些成功，這可能有助於擴大您在業務中的增長。也許可以談談我們進入第二季度和今年餘下時間時您期望看到的情況。

Yes. Look, I feel very good about how the team is executing. And that goes for Steve Madden, it goes for Dolce Vita, it goes for some of our smaller brands like Betsey Johnson, I think for us, -- it always starts with product and the team has done a great job of creating trend-right products that are resonating with the consumers. And so that's -- I think that's where it starts.

是的。看，我對團隊的執行情況感覺非常好。這適用於 Steve Madden，適用於 Dolce Vita，適用於我們的一些小品牌，比如 Betsey Johnson，我認為對我們來說，——它總是從產品開始，團隊在創造正確趨勢方面做得很好能引起消費者共鳴的產品。所以這就是 - 我認為這就是它開始的地方。

But as you point out, we also -- an important part of our strategy is to support that great product with effective marketing. And I think that's an area where we've been raising our game over the last few years, particularly in the digital marketing front and all the work that we do, in particular, to drive our owned and operated e-commerce businesses. And I think you're seeing the results of that, not only in Steve Madden, but also tremendous success, for instance, in Dolce Vita. Again, a smaller brand but Betsey Johnson's owned and operated e-commerce is growing rapidly. So we feel good about the execution on that front, and we're going to continue to lean into those initiatives.

但正如您所指出的，我們也——我們戰略的一個重要部分是通過有效的營銷來支持偉大的產品。我認為這是過去幾年我們一直在提升我們的遊戲的一個領域，特別是在數字營銷方面以及我們所做的所有工作，特別是推動我們擁有和經營的電子商務業務。而且我認為你看到了結果，不僅在史蒂夫·馬登身上，而且在例如甜蜜生活中也取得了巨大的成功。同樣，一個較小的品牌，但 Betsey Johnson 擁有和經營的電子商務正在迅速增長。所以我們對這方面的執行感覺很好，我們將繼續傾向於這些舉措。

Our next question comes from Tom Nikic with Wedbush.

我們的下一個問題來自 Tom Nikic 和 Wedbush。

I wanted to ask about the gross margin. You had a pretty strong increase in the wholesale gross margin despite freight costs being really, really elevated. How are you able to do that when most other brands out there are seeing a lot of gross margin pressures from freight?

我想問一下毛利率。儘管運費確實非常高，但批發毛利率的增長非常強勁。當大多數其他品牌都看到來自貨運的大量毛利率壓力時，您如何做到這一點？

Yes. We saw some nice improvement, particularly in the wholesale really driven by the Wholesale Footwear business, and it was really a -- nice to see was it was broad-based. So we were up in the branded business. We were up in the private label business, but we also did benefit from a mix shift because the branded business grew much stronger than the private label business, and that's obviously higher margin. So that definitely contributed increase.

是的。我們看到了一些不錯的改進，特別是在批發鞋類業務真正推動的批發方面，這真的是 - 很高興看到它的基礎廣泛。所以我們從事品牌業務。我們在自有品牌業務上有所增長，但我們也確實從混合轉變中受益，因為品牌業務的增長遠強於自有品牌業務，這顯然是更高的利潤率。所以這肯定促成了增長。

But look, we've pushed through some pricing increases, and our sell-throughs have been very good. So very limited promotional activity, limited amount of markdown allowances, very limited amount of closeouts. So good full price selling. And that's obviously the biggest driver of gross margin for us.

但是看，我們已經推動了一些價格上漲，我們的銷售情況非常好。所以非常有限的促銷活動，有限的降價補貼，非常有限的清倉。這麼好的全價銷售。這顯然是我們毛利率的最大驅動力。

All right. And just a quick modeling question. I believe when you reported Q4, you said that the 1H versus 2H revenue split this year should be similar to what you had in 2019, I think something like a 48-52 split. Should we still think about that being the 1H-2H split this year?

好的。只是一個快速建模問題。我相信當您報告第四季度時，您說今年 1H 與 2H 的收入分配應該類似於您在 2019 年的情況，我認為類似於 48-52 的分配。我們還應該考慮今年的1H-2H拆分嗎？

No, at this point because we overachieved by $0.20 or so in Q1. I think that you're going to see at least the way we're modeling it now is that it will be more front-half weighted than 2019.

不，在這一點上，因為我們在第一季度超額完成了 0.20 美元左右。我認為您至少會看到我們現在對其建模的方式是，它將比 2019 年更加前半部分加權。

Our next question comes from Laura Champine with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Laura Champine。

So a follow-up on that. What would be the reason that you would see a sequential slowdown in the back half, especially if you lap your toughest comp this next quarter. And I think you just mentioned you might be able to grow Wholesale Footwear 30% plus on top of that. So what would drive a big slowdown in the back half.

因此，對此進行了跟進。您會看到後半部分連續放緩的原因是什麼，特別是如果您在下個季度完成最艱難的比賽。而且我認為您剛剛提到您可能能夠將批發鞋類業務增長 30% 以上。那麼是什麼導致後半部分大幅放緩。

Well, I guess there's a couple of things I'd say is, first of all, our comparisons in the back half are dramatically tougher than in the first half. So that's number one. But I think also there is some level of caution that we have on the back half just given all the macro headwinds -- or potential macro headwinds. And we have heard from some of our -- basically all of our big wholesale customers that they're taking a somewhat cautious approach to the back half overall. I think that they'll be less cautious with us because of how well we're performing and the sell-throughs that we've been driving for them.

好吧，我想有幾件事我想說的是，首先，我們在後半場的比較比上半場要艱難得多。所以這是第一名。但我認為，考慮到所有宏觀逆風或潛在的宏觀逆風，我們在後半部分也有一定程度的謹慎。我們從我們的一些 - 基本上是我們所有的大批發客戶那裡聽說，他們對整體後半部分採取了某種謹慎的態度。我認為他們對我們不會那麼謹慎，因為我們的表現有多好以及我們一直在為他們推動的銷售。

But certainly, we know that folks are our cautious heading into the back half. And we know, for instance, in our wholesale business, quite a lot about what Q2 is going to look like. And we have a pretty good sense of Q3, but we don't have a lot of visibility in Q4. And we had a blowout Q4 last year. And at this point, we are modeling that to be down to last year.

但可以肯定的是，我們知道人們在進入後半區時會謹慎行事。例如，在我們的批發業務中，我們知道很多關於第二季度的情況。我們對第三季度有很好的了解，但我們在第四季度的知名度並不高。去年第四季度我們經歷了井噴。在這一點上，我們正在建模到去年。

Our next question comes from Camilo Lyon with BTIG.

我們的下一個問題來自 BTIG 的 Camilo Lyon。

Great job on Q1 here. Kind of following that train of thought and how to think about the cadence of the year. And how that unfolds and I appreciate the comments on the lower visibility as we get out into the back half of the year. Can you think -- can you help us understand your ability to kind of meet more of the in-season demand that you typically are geared to do? So said differently, you've been pulling forward a lot of the production given the supply chain issues that you've -- that everyone has been experiencing and that's been working very well to garner more shelf space and more market share. Is this -- is it limiting your ability to fulfill in-season orders. So if there is a cautious ordering pattern that unfolds for the back half of the year, and demand does not change and continues to be robust. We have an ability to meet that demand.

在這裡第一季度做得很好。有點遵循這種思路以及如何考慮一年的節奏。以及這是如何展開的，我很欣賞關於我們進入下半年的低能見度的評論。你能想一想——你能幫助我們了解你滿足更多季節性需求的能力嗎？換種說法，鑑於您所遇到的供應鏈問題，您一直在推進大量生產——每個人都在經歷這些問題，並且在獲得更多貨架空間和更多市場份額方面工作得很好。這是 - 它是否限制了您履行當季訂單的能力。因此，如果下半年出現謹慎的訂購模式，並且需求不會改變並繼續保持強勁。我們有能力滿足這種需求。

Yes. Well, look, given the supply chain disruption, we don't have the same ability to chase goods in season that we normally do. I won't say we don't have any ability to do that. And I still think that we have an advantage against our closest competitors in our speed to market and in our ability to work in season. But certainly, it's not the same capability that we had when we had shorter lead times prior to the pandemic. So that does create a challenge. Again, in fall, in particular, we do a lot out of Mexico, which does help with regard to chasing in season. But part of what you're seeing here is that we do need to get more of the orders upfront. And fortunately, we're doing that.

是的。好吧，看，鑑於供應鏈中斷，我們沒有像往常那樣追趕商品的能力。我不會說我們沒有能力做到這一點。而且我仍然認為，我們在上市速度和季節性工作能力方面與最接近的競爭對手相比具有優勢。但可以肯定的是，這與我們在大流行之前的交貨時間較短時所擁有的能力不同。所以這確實帶來了挑戰。再說一次，尤其是在秋天，我們在墨西哥以外的地方做了很多事情，這確實有助於在賽季中追逐。但是您在這裡看到的部分情況是，我們確實需要提前獲得更多訂單。幸運的是，我們正在這樣做。

And so then the follow-up to that is, I think last year, you talked about switching 50% of your Madden production to Mexico and Brazil. Is there an intent to increase that percentage to both of those countries?

所以接下來的事情是，我想去年，你談到將 50% 的 Madden 生產轉移到墨西哥和巴西。是否打算增加這兩個國家的百分比？

There's definitely a long-term goal to continue to move more production out of China and into countries like Brazil and Mexico. You're not going to see us get past that level this year.

將更多的生產從中國轉移到巴西和墨西哥等國家肯定是一個長期目標。今年你不會看到我們超過這個水平。

Okay. Okay. Got it. And then I apologize if you've addressed this already -- so many issues today. Have you talked about -- or are you seeing any sort of impact to your Chinese manufacturing facilities from the COVID shutdowns?

好的。好的。知道了。如果你已經解決了這個問題，我很抱歉——今天有很多問題。您是否談論過——或者您是否看到 COVID 關閉對您的中國製造設施產生任何影響？

So far, we have not seen any material impact.

到目前為止，我們還沒有看到任何實質性影響。

Good luck and congrats on the great execution.

祝你好運，祝賀偉大的執行。

Our next question comes from Marni Shapiro with The Retail Tracker.

我們的下一個問題來自零售追踪器的 Marni Shapiro。

This is Marni. Can you guys hear me?

這是瑪尼。你們能聽到我嗎？

Yes. we can.

是的。我們可以。

Congratulations. So a couple of very quick questions. Could you talk a little bit about REBOOTED? I know it's very early, but have you seen good response to the launch? And how are you marketing it? Is it getting out there? Are people learning about it? And then could you also talk a little bit about your private label business? Your core business has been so strong. Your products are in prime positions in all of the key department stores. So are you seeing increased interest from other retailers of their people to do private label, again, things like that?

恭喜。所以有幾個非常快速的問題。你能談談 REBOOTED 嗎？我知道現在還為時過早，但您是否看到對發布的良好反應？你是如何營銷的？它出去了嗎？人們在學習它嗎？然後你能談談你的自有品牌業務嗎？你的核心業務一直很強大。您的產品在所有主要百貨公司都處於主要位置。那麼，您是否看到他們的員工的其他零售商對做自有品牌的興趣再次增加，類似的事情？

Sure. Yes. Okay. So the first one was about REBOOTED. And just for the folks on the call, that's our resale marketplace on Steve Madden. We also have 1 on Dolce Vita, called re:vita. And yes, we're off to a good start there. I mean I think it's exciting. I think that our customers are responding to our efforts here to do right by the planet and to help folks to help keep products out of the landfill and extend their life. And I think it's really our first -- or it's an important first step towards circularity, which is obviously where the fashion industry needs to move long term if we want to lessen our environmental impact.

當然。是的。好的。所以第一個是關於重新啟動的。僅針對電話中的人們，這就是我們在史蒂夫·馬登（Steve Madden）上的轉售市場。我們在 Dolce Vita 上也有 1 個，稱為 re:vita。是的，我們有一個良好的開端。我的意思是我認為這很令人興奮。我認為我們的客戶正在響應我們在地球上做正確的事情並幫助人們幫助將產品遠離垃圾填埋場並延長其使用壽命的努力。而且我認為這真的是我們的第一步——或者這是邁向循環的重要的第一步，如果我們想減少對環境的影響，這顯然是時尚行業需要長期發展的地方。

So I think that we feel good about it. I think the customers like -- I think are -- it's important to our employees, too. So that's another important factor here. Do I think this is going to be a big revenue driver in the near-term? No.

所以我認為我們對此感覺良好。我認為客戶喜歡——我認為是——這對我們的員工也很重要。所以這是這裡的另一個重要因素。我認為這會在短期內成為一個重要的收入驅動因素嗎？不。

But it's building. It's -- we're getting more products placed up there every week. And I think we feel good about the fact that we're leaving here in and want to continue to drive it. You asked about the marketing. I think we've taken a fairly -- have we posted about it? Sure. Sent e-mails about it? Yes. But we haven't marketed it aggressively yet. But I think that given the early success, we will look to market it more meaningfully going forward.

但它正在建設中。這是 - 我們每週都會有更多的產品放在那裡。而且我認為我們對我們離開這裡並希望繼續推動它的事實感覺很好。你問的是營銷。我認為我們已經採取了公平 - 我們發布了它嗎？當然。發送電子郵件有關嗎？是的。但我們還沒有積極地推銷它。但我認為，鑑於早期的成功，我們將期待在未來更有意義地推銷它。

And then in terms of private label, yes, we are looking at a couple of additional private label accounts. But I wouldn't say that adding new private label accounts is a really core part of our strategy. If you look at our private label business, the vast majority of the revenue is still done with a couple of big mass merchants. And we're going to continue to focus on driving that business and then be selective about adding other private label accounts where we think it makes sense.

然後就自有品牌而言，是的，我們正在研究另外幾個自有品牌帳戶。但我不會說添加新的自有品牌帳戶是我們戰略的真正核心部分。如果你看看我們的自有品牌業務，絕大多數收入仍然來自幾個大的大眾商家。我們將繼續專注於推動該業務，然後在我們認為有意義的地方選擇性地添加其他自有品牌帳戶。

That makes sense. Can I just do one quick follow-up on REBOOTED. Do you take ownership of the merchandise back from your clients? Like do you do you buy it back? What does that look like? What does that transaction look like?

那講得通。我可以對 REBOOTED 做一個快速跟進嗎？您是否從客戶那裡收回商品的所有權？比如你買回來嗎？那看起來像什麼？那筆交易是什麼樣的？

No.

不。

Okay, you don't.

好吧，你沒有。

No. We do not.

不我們沒有。

And so when somebody sells something, say, I have a Steve Madden shoe that I want to sell a big flip flop, I post it through you. How do you vet them so that you know it's safe and secure for the people who are then buying it? Or does somebody host the platform for you?

所以當有人賣東西時，比如說，我有一隻 Steve Madden 鞋，我想賣一個大人字拖，我通過你發布它。您如何審查它們，以便您知道它對購買它的人來說是安全的？還是有人為您託管平台？

Hosting the platform, I had to talk to our team about how they're managing that. I'd have to get back to you on that.

託管該平台時，我不得不與我們的團隊討論他們是如何管理該平台的。我必須在這方面回复你。

The assortment looks outstanding. Best of luck for the summer season.

該分類看起來很出色。祝夏季好運。

Our next question comes from Sam Poser with Williams Trading.

我們的下一個問題來自 Williams Trading 的 Sam Poser。

I've got a few. Ed, you mentioned that the consensus numbers didn't quite match yours in the first quarter. So I'm going to ask for a little help, so we make sure we could match yours or at least get close to yours going forward. So first of all, on the prior call, you called out that the DTC growth would be mid- to high-single-digits with double-digit e-commerce growth. wholesale to be up low-double-digits, flat gross margin and flat SG&A. What does that look like now? And can you give us some idea of some number we should be looking at? What kind of increase we're looking at again in Q2 in total, just to help us out so we can all sort of get aligned to you?

我有幾個。 Ed，您提到第一季度的共識數字與您的數字不太匹配。所以我要尋求一點幫助，所以我們確保我們可以匹配你的，或者至少在未來接近你的。因此，首先，在之前的電話會議中，您提到 DTC 的增長將是中高個位數，電子商務增長將達到兩位數。批發將保持兩位數的低位增長，毛利率持平，SG&A持平。現在看起來像什麼？你能給我們一些我們應該關注的數字的想法嗎？我們在第二季度再次看到什麼樣的增長，只是為了幫助我們，以便我們都能與你保持一致？

Sure. So in terms of the annual revenue growth by segment. So Wholesale, we've taken up our expectations for both Wholesale and DTC compared to the numbers that you quoted last time. So I would say Wholesale now we're looking more at, let's say, mid- to high-teens versus '21. And DTC high singles at the midpoint, maybe getting to 10% at the high end of our guidance. Gross margins still looking at flat. And then did you ask about SG&A as well?

當然。因此，就按部門劃分的年收入增長而言。所以 Wholesale，與您上次引用的數字相比，我們已經接受了 Wholesale 和 DTC 的期望。所以我想說批發現在我們更多地關注，比方說，中高青少年與 21 世紀。中點的 DTC 高單曲，可能在我們指導的高端達到 10%。毛利率仍看平。然後你也問過SG&A嗎？

Yes.

是的。

SG&A as a percentage of revenue, we were at flat before, maybe now we're flat to maybe very modest leverage, 10 bps or something at the higher end of the guidance. And then in terms of Q2, I already gave you help on Wholesale revenue growth, sort of high 30s. DTC, obviously, very tough comparisons there. Going up against the impact of stimulus from a year ago and the big pop that we saw in that business. So in DTC, we'd be happy to get to flat versus '21 for Q2.

SG&A 作為收入的百分比，我們之前持平，也許現在我們持平到可能非常溫和的槓桿，10 個基點或更高的指導水平。然後就第二季度而言，我已經為您提供了批發收入增長方面的幫助，大約 30 多歲。 DTC，顯然，在那裡進行非常艱難的比較。對抗一年前刺激措施的影響以及我們在該業務中看到的大流行。因此，在 DTC 中，我們很高興在第二季度與 21 年持平。

Got you. And then just you talked about the timing of orders and the price increases. What -- I think you said once before that your normal is like 40 days on the water, you were out at 70. What does it look like now? And are you having -- in China with production, are you having other issues? What kind of issues are there with, let's say, factories and then also the component factories that flow of all every materials and all that other stuff within China to get good. So how does this all look from sort of the outset of making of a product through the transportation. Is that -- is any part of that getting better? Or is this lockdown making it worse now?

得到你。然後剛才你談到了訂單的時間和價格上漲。什麼——我想你曾經說過你的正常情況是40天在水上，你70歲了。現在是什麼樣子？你有沒有——在中國有生產，你有其他問題嗎？比方說，工廠以及零部件工廠都存在什麼樣的問題，這些工廠在中國境內流通所有材料和所有其他東西以獲得良好的效果。那麼從製造產品到運輸的開始，這一切看起來如何。是不是——其中任何一部分變得更好了？還是這種封鎖現在讓情況變得更糟了？

Yes. So I'll take the transit first. you asked about 70-day transit times. Yes, that is still what we're experiencing, and that's actually up from more like 30 days on a normalized basis. So still more than double the amount of time that it's taking to get us the product. In terms of factory delays, have we had some issues here or there? Yes, but there really haven't been any material issues in terms of factory delays so far, but it's something we'll obviously have to watch carefully going forward. And obviously, with the zero-Covid policy in China, there's always a risk that there is some impact there going forward.

是的。所以我先坐公交。您詢問了 70 天的運輸時間。是的，這仍然是我們正在經歷的，實際上這比正常情況下的 30 天要多。因此，我們獲得產品所需的時間仍然是其兩倍多。在工廠延誤方面，我們在這里或那裡是否遇到了一些問題？是的，但到目前為止，在工廠延遲方面確實沒有任何重大問題，但這顯然是我們未來必須仔細觀察的事情。顯然，隨著中國的零冠狀病毒政策，總是存在對未來產生一些影響的風險。

Our next question comes from Dana Tesley (sic) [Dana Telsey] with Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢小組的 Dana Tesley (原文如此) [Dana Telsey]。

Congratulation on the great performance. Just a couple of things, can you talk about category performance? What you saw in the different categories and the outlook going forward. The magnitude of the price increases, does it (inaudible) by category and what are you looking at going forward in price increases. And international how did (inaudible) perform, what did you see there? And is there any update on GSP?

祝賀精彩的表演。只是幾件事，你能談談類別表現嗎？您在不同類別中看到的內容以及未來的前景。價格上漲的幅度，按類別劃分（聽不清），以及您對未來價格上漲的看法。國際（聽不清）表現如何，你在那裡看到了什麼？普惠制有什麼更新嗎？

Okay. All right. So the first one was category performance. I assume you're talking about within footwear.

好的。好的。所以第一個是品類表現。我假設你在談論鞋類。

Exactly.

確切地。

Yes. So there's -- in terms of what's working, if you try to look at it thematically, I really think we're seeing a lot of success with this '90s and Y2K trend, and that really goes across category. So we're seeing success with platforms and with block heels and with big bottom sneakers and with loafers and all the stuff that really fits into this '90s Y2K trend.

是的。因此，就有效的方法而言，如果您嘗試從主題上看，我真的認為我們在 90 年代和 Y2K 趨勢中看到了很多成功，這確實跨越了類別。因此，我們看到厚底鞋、粗跟鞋、大底運動鞋和樂福鞋以及所有真正符合 90 年代千年蟲趨勢的東西都取得了成功。

I think the second question was about the magnitude of price increases. And -- as you alluded to, it does vary depending on the category and also really the distribution of the price -- the price points. So private label, obviously, less than branded, for instance. But we're still -- I think sticking with that sort of 5% to 12% is the range on our various products, obviously. Steve Madden being towards the higher end of that.

我認為第二個問題是關於價格上漲的幅度。而且——正如你所提到的，它確實取決於類別以及價格的分佈——價格點。因此，例如，自有品牌顯然不如品牌。但我們仍然 - 我認為堅持 5% 到 12% 是我們各種產品的範圍，顯然。史蒂夫·馬登（Steve Madden）正朝著更高端的方向發展。

The next one was about international. Overall, international has very strong momentum. Really excited about what we're seeing in just about every region outside the U.S. And Europe, of course, has been our shining star and we continue to have very strong momentum there, and that business should be up over 30% again this year versus 2021. And then Zine, you take the last one.

下一個是關於國際的。總體而言，國際化勢頭非常強勁。對我們在美國和歐洲以外的幾乎每個地區所看到的情況感到非常興奮。當然，這一直是我們的閃亮之星，我們在那裡繼續保持強勁勢頭，與今年相比，該業務應該再次增長 30% 以上2021. 然後是 Zine，你拿最後一個。

Sure. Dana, on the GSP, the only update since the last time we spoke is that the leadership conference committee, these are the negotiators that will work on reconciling the house incentive versions of the competition and innovation bill was announced on April 7, 2022. And the conference will consist of 26 senators, evenly split and 81 representatives with 50 of them Democrats and 31 Republicans. So they'll be assigned to subcommittees to work on science, foreign affairs, energy, commerce, (inaudible) and tariffs. And we hope that when they come back from their state work, which they're expected to be back this week from the state work that this is the top priority. That's based on leaders from both parties, talking about the USICA and the America COMPETES Act. So we're -- it's looking positive, but it looked positive before as well, and we haven't seen a lot of movement, but it seems like they're committed this time. Just a reminder, the annual impact that is built into our forecast is just about the same as last year. Over 2021, there's not much of an impact on gross margin. But over 2019, it's still about 50 basis points roughly.

當然。 Dana，關於 GSP，自我們上次發言以來的唯一更新是領導會議委員會，這些談判人員將致力於協調競爭和創新法案的內部激勵版本，已於 2022 年 4 月 7 日宣布。會議將由 26 名參議員組成，平均分為 81 名代表，其中 50 名民主黨人和 31 名共和黨人。因此，他們將被分配到小組委員會，從事科學、外交事務、能源、商業、（聽不清）和關稅方面的工作。我們希望當他們從州工作回來時，他們預計本週將從州工作回來，這是首要任務。這是基於雙方領導人談論 USICA 和美國競爭法案。所以我們 - 它看起來很積極，但之前看起來也很積極，我們還沒有看到很多動靜，但這次他們似乎已經承諾了。提醒一下，我們預測中的年度影響與去年大致相同。到 2021 年，對毛利率的影響不大。但在 2019 年，它仍然大約是 50 個基點。

Our next question comes from Susan Anderson with B. Riley.

我們的下一個問題來自 Susan Anderson 和 B. Riley。

Great job on the quarter. I was wondering if you could maybe just talk about the promotions. Obviously, the mess has still been pretty lean. Just curious if anything was layered back on versus those lean levels last year? And then how you're thinking about it for the rest of the year?

本季度的出色工作。我想知道你是否可以只談談促銷活動。顯然，混亂仍然很精簡。只是好奇，與去年的精益水平相比，是否有任何東西分層？然後你在今年剩下的時間裡是怎麼想的？

Yes. So in Q1, you're right. We did have very controlled promotional activity. As we look out, we do see some more promotional activity out in the market than we saw last year. It's certainly not back to the levels that we saw pre-pandemic. But I think we all recognized last year it was very low in the market overall, and we have seen an uptick there. So we've built a little bit of that into our forecast, just given the consumer demand for our for our brands and our products. We don't anticipate having to resort to a lot of promotional activity, but we do think it will be a little bit higher than it was in 2021.

是的。所以在第一季度，你是對的。我們確實有非常嚴格的促銷活動。正如我們所看到的，我們確實看到市場上的促銷活動比去年更多。它肯定不會回到我們在大流行前看到的水平。但我認為我們都認識到去年整個市場的價格非常低，並且我們看到了那裡的上漲。因此，考慮到消費者對我們品牌和產品的需求，我們在預測中加入了一點點。我們預計不必採取大量促銷活動，但我們確實認為它會比 2021 年高一點。

Great. And then just on the apparel front, it looks like that was pretty strong in the quarter. I guess now that were kind of past COVID and we're returning to some more fashionable apparel and everything. Maybe if you could just give some color on how you're thinking about that business and maybe where you're thinking about it longer term?

偉大的。然後就服裝方面而言，這一季度看起來相當強勁。我想現在那是一種過去的 COVID，我們正在回歸一些更時尚的服裝和一切。也許您可以就您如何看待該業務以及您長期考慮的地方提供一些顏色？

Yes. We're excited about the opportunity we have in apparel. I think I discussed last time that we expect that business to be up close to 50% this year versus 2021. And also talked about how for fall of this year, we are going just to the Steve Madden label. So we're -- as you know, we've been operating with the co-branded label, BB Dakota Steve Madden and we're going to be going just to Steve Madden.

是的。我們對我們在服裝領域的機會感到興奮。我想我上次討論過，我們預計今年的業務將比 2021 年增長近 50%。還談到了今年秋天，我們將只使用史蒂夫·馬登 (Steve Madden) 品牌。所以我們 - 如你所知，我們一直在與聯合品牌品牌 BB Dakota Steve Madden 合作，我們將只與 Steve Madden 合作。

And we've gotten very good consumer response to the brand change and also to the line for fall, and we're very optimistic about that business. Continue to see some nice sell-throughs this spring, addresses particularly strong category for us, doing well with many to maxi lengths there. Our prints are doing very well across the range of silhouettes, we got some color, a lot of color on the line that's doing very well. So we're just excited about the opportunity there.

我們已經得到了消費者對品牌變化和秋季產品線的非常好的反應，我們對該業務非常樂觀。今年春天繼續看到一些不錯的銷售情況，為我們解決了特別強勁的類別，在許多到最大長度的情況下表現良好。我們的印花在整個輪廓範圍內都做得很好，我們有一些顏色，很多顏色的線條都做得很好。所以我們只是對那裡的機會感到興奮。

And currently, I'm showing no further questions in the queue at this time. I'd like to hand the call back to Mr. Ed Rosenfeld for closing comments.

目前，我目前沒有在隊列中顯示更多問題。我想將電話轉回給 Ed Rosenfeld 先生以徵求結束意見。

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

偉大的。嗯，非常感謝大家加入我們。我們期待在下一次電話會議上與您交談。祝你有美好的一天。

Ladies and gentlemen, thank you for your participation in today's conference. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，感謝你們參加今天的會議。您現在可以斷開連接。大家，有一個美好的一天。