WEYCO Group Inc (WEYS) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to Weyco Group, Inc. third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Judy Anderson, Chief Financial Officer. You may begin.

感謝您的耐心等待。在此，我謹代表 Weyco Group, Inc. 歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將會議交給財務長朱迪·安德森。你可以開始了。

Thank you. Good morning, and welcome to Weyco Group's conference call to discuss third quarter 2025 results.On the call with me today are Tom Florsheim, Jr., Chairman and Chief Executive Officer; and John Florsheim, President and Chief Operating Officer.

謝謝。早安，歡迎參加 Weyco 集團 2025 年第三季業績電話會議。今天與我一起參加會議的有董事長兼執行長 Tom Florsheim, Jr. 和總裁兼營運長 John Florsheim。

Before we begin to discuss the results for the quarter, I will read a brief cautionary statement. During this call, we may make projections or other forward-looking statements regarding our current expectations concerning future events and the future financial performance of the company. We wish to caution you these statements are just predictions and that actual events or results may differ materially. We refer you to the section entitled Risk Factors in our most recent annual report on Form 10-K which provides a discussion of important factors and risks that could cause our actual results to differ materially from our projections.

在開始討論本季業績之前，我先宣讀一份簡短的警示聲明。在本次電話會議中，我們可能會就我們對未來事件和公司未來財務表現的當前預期做出預測或其他前瞻性陳述。我們在此提醒您，這些說法只是預測，實際事件或結果可能與預測有重大差異。請您參閱我們最新的 10-K 表格年度報告中題為「風險因素」的部分，其中討論了可能導致我們的實際業績與預測業績存在重大差異的重要因素和風險。

These risk factors are incorporated herein by reference. They include, in part, the uncertain impact of U.S. trade and tariff policies, which remain highly dynamic and unpredictable, the impact of inflation on our costs and consumer demand for our products, increased interest rates and other macroeconomic factors that may cause slowdown or contraction in the U.S. or Australian economy.

本文透過引用納入了這些風險因素。其中部分因素包括：美國貿易和關稅政策的不確定性影響（這些政策仍然高度動態且難以預測）、通貨膨脹對我們的成本和消費者對我們產品的需求的影響、利率上升以及其他可能導緻美國或澳洲經濟放緩或萎縮的宏觀經濟因素。

Overall net sales for the third quarter of 2025 were $73.1 million, down 2% compared to $74.3 million in the third quarter of 2024. Consolidated gross earnings were 40.7% of net sales compared to 44.3% of net sales in last year's third quarter. Earnings from operations were $8.1 million for the quarter, down 21% from $10.2 million in the third quarter of 2024.

2025 年第三季總淨銷售額為 7,310 萬美元，比 2024 年第三季的 7,430 萬美元下降了 2%。合併毛利佔淨銷售額的 40.7%，而去年第三季淨銷售額佔 44.3%。本季營業收入為 810 萬美元，比 2024 年第三季的 1,020 萬美元下降了 21%。

Net earnings totaled $6.6 million for the quarter, down 18% from $8.1 million last year. Diluted earnings per share were $0.69 per share in the third quarter of 2025 and $0.84 per share in last year's third quarter. Net sales in our North American Wholesale segment totaled $60.2 million for the quarter down 2% from $61.1 million last year.

本季淨利潤總計 660 萬美元，比去年同期的 810 萬美元下降了 18%。2025 年第三季稀釋後每股收益為 0.69 美元，去年第三季稀釋後每股收益為 0.84 美元。本季北美批發業務淨銷售額總計 6,020 萬美元，比去年同期的 6,110 萬美元下降 2%。

Sales volumes were down 7% for the quarter, but selling price increase instituted on July 1, 2025, helped to mitigate the impact of the volume decline. The decrease in volume was primarily due to reduced business with a large wholesale customer who failed to timely adopt our new pricing structure, resulting in order cancellations during the period. This issue has since been resolved and is not expected to significantly impact the fourth quarter.

本季銷量下降了 7%，但從 2025 年 7 月 1 日起實施的售價上漲有助於緩解銷量下降的影響。銷售下降的主要原因是與一家大型批發客戶的業務量減少，該客戶未能及時採用我們的新定價結構，導致在此期間出現訂單取消的情況。該問題目前已解決，預計不會對第四季造成重大影響。

Wholesale gross earnings as a percentage of net sales were 35.7% and 40.1% in the third quarter of 2025 and 2024, respectively. Gross margins were negatively impacted by the effects of incremental tariffs. Although selling price increases helped mitigate the effect of these tariffs, they did not fully offset the costs leading to the margin erosion for the period.

2025 年第三季和 2024 年第三季度，批發毛利潤佔淨銷售額的百分比分別為 35.7% 和 40.1%。毛利率受到關稅遞增的負面影響。雖然提高售價有助於緩解這些關稅的影響，但並未完全抵銷導致該時期利潤率下降的成本。

Wholesale selling and administrative expenses totaled $14 million for the quarter and $15.1 million last year. The decrease was primarily due to lower employee costs. As a percentage of net sales, wholesale selling and administrative expenses were 23% and 25% in the third quarter of 2025 and 2024, respectively.

本季批發銷售和管理費用總計 1,400 萬美元，去年同期為 1,510 萬美元。下降的主要原因是員工成本降低。2025 年第三季和 2024 年第三季度，批發銷售和管理費用分別佔淨銷售額的 23% 和 25%。

Wholesale operating earnings totaled $7.5 million for the quarter, down 20% from $9.4 million in 2024 due to lower sales volumes and margin erosion.

由於銷售量下降和利潤率下滑，本季批發業務營業收入總計 750 萬美元，比 2024 年的 940 萬美元下降 20%。

Earlier this year, the U.S. government enacted reciprocal and retaliatory tariffs collectively referred to as incremental tariffs on goods imported into the United States. The incremental tariff on goods sourced from China, where most of our products originate remained 30% out the third quarter of 2025. This tariff rate is set to be reevaluated on or before November 10, 2025. The incremental tariffs on goods sourced from other countries, excluding China, range from 10% to 50% throughout the third quarter of 2025.

今年早些時候，美國政府對進口到美國的商品實施了對等報復性關稅，統稱為增量關稅。從中國採購的商品（我們的大部分產品都來自中國）的增量關稅在 2025 年第三季之前仍將維持 30% 的水平。此關稅稅率將於 2025 年 11 月 10 日或之前重新評估。從中國以外的其他國家採購的商品，在 2025 年第三季度，逐步加徵 10% 至 50% 的關稅。

U.S. trade and tariff policies currently remain fluid and unpredictable and the specific tariff rates applicable to goods imported by our company continue to evolve. As such, there is significant ongoing uncertainty regarding the potential near-term impact of incremental tariffs on our gross margins. We have implemented various mitigation strategies and remain committed to adopting further strategies, including shifting our sourcing in alignment with evolving tariff policies, optimizing our pricing structure, and enhancing operational efficiencies as needed in response to future policy developments.

美國目前的貿易和關稅政策仍然不穩定且難以預測，適用於我公司進口商品的具體關稅稅率也在不斷變化。因此，增量關稅對我們毛利率的近期潛在影響仍然存在很大的不確定性。我們已經實施了各種緩解策略，並將繼續致力於採取進一步的策略，包括根據不斷變化的關稅政策調整採購方式、優化定價結構，以及根據未來政策發展需求提高營運效率。

Net sales in our North American Retail segment were $7 million for the quarter, down 4% from $7.2 million in 2024. The decrease was primarily due to softer demand on the Florsheim and Stacy Adams websites amid the tepid retail environment. Retail gross earnings as a percentage of net sales were 66.4% and 66.9% in the third quarters of 2025 and 2024, respectively.

本季北美零售業務淨銷售額為 700 萬美元，比 2024 年的 720 萬美元下降 4%。下降的主要原因是零售環境疲軟，導致 Florsheim 和 Stacy Adams 網站的需求疲軟。2025 年第三季和 2024 年第三季度，零售毛利潤佔淨銷售額的百分比分別為 66.4% 和 66.9%。

Retail operating earnings totaled $600,000 for the quarter versus $800,000 in last year's third quarter. The decrease was primarily due to lower (technical difficulty) Our other operations consist of our retail and wholesale businesses, primarily based in Australia, with a limited presence in South Africa collectively referred to as Florsheim Australia.

本季零售營業收入總計 60 萬美元，而去年第三季為 80 萬美元。下降的主要原因是（技術難度）降低。我們的其他業務包括零售和批發業務，主要位於澳大利亞，在南非的業務有限，統稱為 Florsheim Australia。

Net sales of Florsheim Australia remained flat at $6 million in both the third quarters of 2025 and 2024. In local currency, Florsheim Australia's net sales were up 2% for the quarter, driven by growth in its retail businesses. Florsheim Australia's gross earnings as a percentage of net sales were 61% and 59.2% in the third quarter of 2025 and 2024, respectively. Florsheim Australia generated operating losses totaling $100,000 for the quarter and breakeven results for the third quarter last year.

Florsheim Australia 2025 年第三季和 2024 年第三季的淨銷售額均維持在 600 萬美元不變。以當地貨幣計算，Florsheim Australia 本季淨銷售額成長 2%，這主要得益於其零售業務的成長。2025 年和 2024 年第三季度，Florsheim Australia 的毛利佔淨銷售額的百分比分別為 61% 和 59.2%。Florsheim Australia 本季營業虧損共 10 萬美元，而去年第三季則實現了損益平衡。

At September 30, 2025, our cash and marketable securities totaled $78.5 million, and we had no debt outstanding on our $40 million revolving line of credit. During the first 9 months of 2025, we generated $13.2 million in cash from operations and used funds to pay $7.7 million in dividends. We also repurchased $4.1 million of company stock and had $900,000 of capital expenditures.

截至 2025 年 9 月 30 日，我們的現金和有價證券總額為 7,850 萬美元，且我們 4,000 萬美元的循環信貸額度沒有未償債務。2025 年前 9 個月，我們從經營活動中產生了 1,320 萬美元的現金，並用這些資金支付了 770 萬美元的股息。我們也回購了價值 410 萬美元的公司股票，並有 90 萬美元的資本支出。

We estimate that 2025 annual capital expenditures will be between $1 million and $3 million.

我們預計 2025 年的年度資本支出將在 100 萬美元至 300 萬美元之間。

On November 4, 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share to shareholders of record on November 17, 2025, payable January 9, 2026. Additionally, on November 4, 2025, our Board of Directors declared a special cash dividend of $2 per share to all shareholders of record on November 17, 2025, paid January 9, 2026.

2025 年 11 月 4 日，董事會宣布向 2025 年 11 月 17 日登記在冊的股東派發每股 0.27 美元的季度現金股息，將於 2026 年 1 月 9 日支付。此外，2025 年 11 月 4 日，我們的董事會宣布向 2025 年 11 月 17 日登記在冊的所有股東派發每股 2 美元的特別現金股息，將於 2026 年 1 月 9 日支付。

I would now like to turn the call over to Tom Florsheim, Jr., Chairman and CEO.

現在我謹將電話交給董事長兼執行長小湯姆‧弗洛爾斯海姆。

Thanks, Judy, and good morning, everyone. Overall company wholesale sales were down 2% in dollars and 7% in unit volume during the third quarter. We raised prices by 10% on July 1 to offset tariff increases. While shipments were down slightly, we were encouraged by the relative strength of our brands at retail following those price increases. In what remains a difficult market, our brands, especially our legacy business performed well.

謝謝你，朱迪，大家早安。第三季度，公司整體批發銷售額（美元）下降了 2%，銷售量（單位）下降了 7%。為了抵​​銷關稅上漲的影響，我們在7月1日將價格提高了10%。雖然出貨量略有下降，但價格上漲後，我們的品牌在零售市場的相對強勁表現令我們感到鼓舞。在市場依然艱難的情況下，我們的品牌，尤其是我們的傳統業務，表現良好。

Even so, the unsettled tariff environment, along with weak consumer sentiment and the cautious approach retailers are taking toward inventory investment continues to create midterm challenges.

即便如此，不穩定的關稅環境，加上疲軟的消費者信心以及零售商對庫存投資的謹慎態度，仍然給中期帶來挑戰。

We continue to diversify our factory base to reduce our manufacturing concentration in China while maintaining strong relationships with our long-standing partners there who have been instrumental to Weyco's reputation for quality and value.

我們不斷拓展工廠佈局，以降低在中國的生產集中度，同時與我們在中國的長期合作夥伴保持牢固的關係，這些合作夥伴對Weyco的品質和價值聲譽起到了至關重要的作用。

Expanding our factory base isn't a quick process, and we're very deliberate about partnering only with factories that share a commitment to quality and on-time delivery. As we navigate the uncertainties in this economic environment, we remain confident in the strength of our brands and the resilience of our business model.

擴大工廠規模並非一朝一夕之功，我們非常謹慎地選擇合作夥伴，只與那些同樣致力於品質和準時交付的工廠合作。面對當前經濟環境的不確定性，我們依然對品牌的實力和商業模式的韌性充滿信心。

Sales of our combined legacy business were up 3% despite a 3% decline in unit volume. Florsheim was a standout brand, with sales up 8% for the quarter. Florsheim continues to be a bright spot in men's nonathletic footwear for 2 reasons. First, it's become the go-to brand for traditional dress and dress casual footwear priced under $150. While this segment has shrunk with the trend toward more casual lifestyles, it remains an important part of the market that retailers rely on to meet consumer demand for work in occasion-based styles.

儘管銷量下降了 3%，但我們合併後的傳統業務的銷售額增長了 3%。Florsheim 是一個表現突出的品牌，該季度銷售額增長了 8%。Florsheim 之所以在男士非運動鞋領域持續保持領先地位，原因有二。首先，它已成為售價低於 150 美元的傳統正裝鞋和休閒正裝鞋的首選品牌。雖然隨著生活方式越來越休閒，這個細分市場有所萎縮，但它仍然是零售商滿足消費者對不同場合工作服裝需求的重要市場組成部分。

Florsheim is gaining shelf space as a bridge brand that offers premium quality at a reasonable price.

Florsheim 作為一個提供優質產品且價格合理的過渡品牌，正在贏得更多的貨架空間。

Second, the brand has expanded its presence in hybrid footwear and dress sneakers with good success. The Florsheim DNA fits well in the refined casual category, which remains a key focus for growth.

其次，該品牌已成功拓展在混合鞋履和正裝運動鞋領域的業務。Florsheim 的品牌基因與精緻休閒服飾類別非常契合，而精緻休閒服飾類別仍然是其成長的關鍵重點。

Our Nunn Bush business was up 1% and continued to show good momentum in retail. With pricing pressures across the industry, Nunn Bush is positioned as a branded value alternative and the comfort casual on traditional dress casual segments as competitors exit the under $80 price point. We continue to invest in Comfort technology platforms that differentiate Nunn Bush from private label options and allow it to compete effectively against higher-priced brands.

我們的 Nunn Bush 業務成長了 1%，零售業務持續保持良好的成長動能。鑑於整個行業的價格壓力，Nunn Bush 定位為品牌價值替代品，以及傳統休閒正裝領域的舒適休閒產品，而競爭對手則退出了 80 美元以下的價格點。我們持續投資於舒適技術平台，使 Nunn Bush 與自有品牌產品區分開來，並使其能夠有效地與價格更高的品牌競爭。

Stacy Adams was down 5% for the quarter. It remains the leader in accessible elevated dress footwear with exceptional brand loyalty among style-driven consumers. We're focused on expanding its casual offerings to capture the same refined aesthetic. While we're seeing some success, we'll need to grow this segment further and make Stacy Adams back on a growth track.

Stacy Adams本季股價下跌5%。它仍然是價格適中的高檔正裝鞋領域的領導者，在追求時尚的消費者中擁有極高的品牌忠誠度。我們致力於拓展休閒服飾產品線，以展現同樣精緻的美學概念。雖然我們取得了一些成功，但我們需要進一步發展這個領域，讓 Stacy Adams 重回成長軌道。

The BOGS business remains challenging with a 17% decline for the quarter. The category became oversaturated after the pandemic and mild winters in recent years have made many retailers more cautious, waiting to fund weather boot purchases closer to the season.

BOGS業務仍面臨挑戰，本季下滑17%。疫情之後，該品類已飽和，而且近年來冬季氣候溫和，這使得許多零售商更加謹慎，等到臨近季節時再為購買防寒靴提供資金。

As a result, BOGS is now more dependent on fourth quarter cold and precipitation to drive sales. Our focus is on innovation and diversifying away from the winter weather dependence. We believe our seamless construction with its durability and lightweight feel gives us a real competitive edge in the market place.

因此，BOGS 現在更加依賴第四季度的寒冷天氣和降水來推動銷售。我們的重點是創新和擺脫對冬季天氣的依賴，實現多元化發展。我們相信，我們無縫結構的設計，加上其耐用性和輕盈性，使我們在市場上擁有真正的競爭優勢。

While we're making progress with less insulated and noninsulated footwear, that diversification will take time to materially impact sales. During the quarter, we made the strategic decision to wind down operations of the Forsake brand due to a sustained lack of growth and profitability. This decision is part of our ongoing effort to optimize our brand portfolio and focus on those brands with the greatest potential for long-term success. The closure of Forsake is not expected to have a material impact on our consolidated financials.

雖然我們在減少保暖鞋和非保暖鞋的生產方面取得了進展，但這種多元化需要時間才能對銷售產生實質影響。本季度，由於持續缺乏成長和獲利能力，我們做出了停止 Forsake 品牌營運的策略決定。這項決定是我們持續優化品牌組合、專注於最具長期成功潛力的品牌的努力的一部分。Forsake 的關閉預計不會對我們的合併財務報表產生重大影響。

Net sales in our Retail segment were down 4% for the quarter, driven by a decline in e-commerce sales. We've seen increased price sensitivity from consumers in comparison to last year as more consumers are choosing items at lower prices. We also believe we're losing some sales to our wholesale partners, e-commerce sites since our own sites are often priced at full MSRP while some partners promote our brands more aggressively.

受電子商務銷售額下降的影響，本季零售業務淨銷售額下降了 4%。與去年相比，我們發現消費者對價格的敏感度有所提高，因為越來越多的消費者選擇價格較低的商品。我們也認為，由於我們自己的網站通常按建議零售價定價，而一些合作夥伴更積極地推廣我們的品牌，因此我們的一些銷售額正在流失到我們的批發合作夥伴和電子商務網站。

The pricing gap widened when we raised retail price points by 10% on July 1, while our wholesale customers phased in to increase more gradually. This situation should level out over time, but we recognize that consumers with limited discretionary spending will continue to shop around through the best prices across our brands.

7 月 1 日，我們將零售價格提高了 10%，而我們的批發客戶則逐步提高價格，導致價格差距擴大。這種情況應該會隨著時間的推移而趨於穩定，但我們也意​​識到，可支配支出有限的消費者會繼續在我們各個品牌中貨比三家，尋找最優惠的價格。

Florsheim Australia's net sales were flat for the quarter, but up 2% in local currency. Our Florsheim Australia business, which includes the South African and Pacific Rim markets, remains a work-in-progress from a profitability standpoint. We're encouraged by the increase in same-store sales during the quarter, but we still need to grow our wholesale business to reach our profitability targets.

Florsheim Australia 本季淨銷售額持平，但以當地貨幣計算增長了 2%。從獲利角度來看，我們的 Florsheim Australia 業務（包括南非和環太平洋市場）仍處於發展階段。本季同店銷售額的成長令人鼓舞，但我們仍需發展批發業務才能達到獲利目標。

Our overall inventory as of September 30, 2025, was $67.2 million compared to $74 million at December 31, 2024. We are at a good inventory level as we move into the fourth quarter. Our overall gross margins were 40.7% for the quarter and 44.3% last year. Our wholesale margins were negatively impacted by the incremental tariffs. We took a conservative approach to price increases because we want to maintain our market share, and we do not know where the tariffs are going to land from China or India.

截至 2025 年 9 月 30 日，我們的總庫存為 6,720 萬美元，而截至 2024 年 12 月 31 日，總庫存為 7,400 萬美元。進入第四季度，我們的庫存水準良好。本季整體毛利率為 40.7%，去年同期為 44.3%。關稅的增加對我們的批發利潤率產生了負面影響。我們對提價採取了保守的態度，因為我們想保持市場份額，而且我們也不知道中國或印度的關稅最終會落到誰頭上。

While we are encouraged by recent trade talks between the US and China, we still consider the situation to be volatile and uncertain. As we gain more clarity, we will continue to mitigate the impact of incremental tariffs by shifting our supply chain and assessing the need for additional price increases or the implementation of other strategies.

儘管我們對近期中美貿易談判感到鼓舞，但我們仍然認為局勢動盪且充滿不確定性。隨著情況逐漸明朗，我們將繼續透過調整供應鏈和評估是否需要進一步提價或實施其他策略來減輕關稅遞增的影響。

As Judy mentioned, yesterday, our Board of Directors declared a special cash dividend. Over the past few years, we've built up cash in excess of what we need to fund operations and capital expenditures. Looking to the future, we anticipate that our strong balance sheet and liquidity will allow us to fund organic growth and pursue future strategic opportunities as they arise. Therefore, we are returning capital to our shareholders in the form of a special cash dividend alongside our other annual quarterly dividend.

正如朱迪昨天提到的，我們的董事會宣布派發特別現金股息。過去幾年，我們累積的現金超過了營運和資本支出所需的金額。展望未來，我們預計我們強勁的資產負債表和流動性將使我們能夠為內生成長提供資金，並在出現未來戰略機會時抓住這些機會。因此，我們將以特別現金股利的形式，連同我們其他年度季度股息，向股東返還資本。

This concludes our formal remarks. Thank you for your interest in Weyco Group, and I would now like to open the call to your questions.

我們的正式發言到此結束。感謝您對Weyco集團的關注，現在我想開放提問環節。

(Operator Instructions) David Wright, Henry Investment Trust.

（操作說明）David Wright，亨利投資信託公司。

Can you hear me?

你聽得到我嗎？

Yes, we can.

是的，我們可以。

No, we hear you.

不，我們聽到了。

Okay. Thanks for the special dividend. That's excellent. And I applaud the continued efforts at capital management.

好的。感謝發放特別股息。太好了。我讚賞資本管理方面持續做出的努力。

Tom, do you have any sense on in the last quarter, how much of the margin deterioration is attributable to tariffs? Do you try to look at it that way?

湯姆，你覺得上個季度利潤率下降有多少是因為關稅造成的？你試著從這個角度看待這個問題嗎？

Yes. I would say -- and I'm going to have Judy voice in on this as well. It's 100% basically of our margin erosion. I mean we raised prices 10%. But the incremental duties out of China have been at 30%.

是的。我想說──我還要讓茱蒂也參與進來談談我的看法。這基本上就是我們利潤率下降的全部原因。我的意思是，我們提價了10%。但來自中國的增量關稅已達 30%。

And so it doesn't cover -- we didn't raise prices enough, I guess, to cover the cost of the incremental tariffs. We did that intentionally because as we mentioned, we really want to maintain market share, and we don't want to go too fast with price increases until we see where all these tariffs are going to land.

因此，它無法彌補——我想，我們提高價格的幅度不夠，不足以彌補新增關稅的成本。我們這樣做是有意為之，因為正如我們所說，我們真的想保持市場份額，在看到所有這些關稅最終會如何變化之前，我們不想提價太快。

India started out -- now the tariffs changed off, but I can't remember where they started out 10% or 20%. And then the administration added an extra 50%. And we have been moving product to India from China. And so it's been -- David, it's been a pretty crazy six months. And we're pleased with our results with how this is going on, and we think that we're doing the right things for the long-term health of the business as far as maintaining market share.

印度最初——現在關稅已經改變了，但我記不清最初是 10% 還是 20% 了。然後政府又增加了 50%。我們一直在將產品從中國運往印度。所以，大衛，過去的六個月真是太瘋狂了。我們對目前的進展感到滿意，我們認為，就保持市場份額而言，我們正在為企業的長期健康發展做正確的事情。

And reasonable profitability. We know that with the margin erosion, we're not going to be as profitable as we've been in the last couple of years, but we think that we're better off kind of taking time and seeing where everything lands.

而且獲利能力合理。我們知道，隨著利潤率的下降，我們不可能像過去幾年那樣獲利，但我們認為，最好還是花點時間，看看最終結果如何。

Okay. There's been an increasing commentary in the general business press lately about the upper end of the consumer caring the economy and the lower end cutting back. And I don't know, if you dice your customer base to that extent. But if you do, do you have any sense of -- do you see one region or one wholesale customer, one demographic remaining stronger relative to another?

好的。最近，大眾商業媒體上越來越多出現這樣的評論：高端消費者關心經濟，而低端消費者則在削減開支。我不知道，如果你把客戶群細分到那個程度會怎麼樣。但如果你真的看到了這種情況，你是否感覺到——你是否看到某個地區或某個批發客戶、某個群體相對於其他群體而言仍然更強大？

This is John. It's hard to parse it. I mean, we see certain retailers that have more customers from the lower middle income strata. And I think those customers are challenged right now just in terms of seeing their performance. When you look at our brands, I think the Florsheim attracts a slightly higher income customer.

這是約翰。很難理解。我的意思是，我們看到某些零售商的顧客群中，中低收入階層的顧客較多。我認為這些客戶目前面臨的挑戰在於，他們很難看到自己的業績表現。從我們的品牌來看，我認為 Florsheim 吸引的顧客收入水準略高一些。

So we're -- and our business with Florsheim is very strong right now.

所以，我們——而且我們與 Florsheim 的業務目前非常強勁。

Stacy Adams and Nunn Bush are more of a value customer. And that's -- and I think we're seeing a bit of that drag on those two brands.

Stacy Adams 和 Nunn Bush 更像是高價值客戶。而且我認為，我們正在看到這兩個品牌受到一些拖累。

Okay. So you're kind of seeing the same thing that other companies are commenting on, and I appreciate the answer there.

好的。所以你看到的情況和其他公司評論的情況差不多，我很感謝你的解答。

Okay. Great. Well, those are my questions. I commend you for the continued great quarterly call, the comprehensive review that Judy gives. It's all good.

好的。偉大的。這就是我的問題。我很欣賞你們持續出色的季度電話會議，以及朱迪所做的全面回顧。一切都好。

(Operator Instructions)

（操作說明）

Seeing no further questions at this time, ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，目前沒有其他問題了，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。