Steven Madden (SHOO) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Q1 twenty twenty five Steve Madden Limited Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your que ...

鞋业公司Steven Madden：关税导致订单取消、价格上涨。 ...

联署企业一致反对"关税倒逼制造业回流"的逻辑。Nike、adidas等指出，运动鞋生产依赖精密模具与熟 练工人，转移产能将导致至少18-24个月断供，且美国缺乏配套产业链。据国信证券分析，鞋服类产品 加价倍数普遍为5倍，供应链利润空间仅能承受约5%的关税分摊，最终涨价压力将转嫁消费者。 目前，美国零售联合会已预警关税将加剧通胀，运动鞋均价或上涨10%。行业巨头正加速调整物流体 系，部分品牌将库存转移至美国本土仓库以缓冲冲击，但长期仍依赖政策调整。 联名信指出，鞋类制造回流美国需"巨额资本投入与数十年规划"，而当前供应链高度依赖越南、印尼等 亚洲生产基地。数据显示，Nike约50%、adidas 39%的鞋履产能集中于越南，两国合计贡献全球运动鞋 产量的60%以上。若加征关税，美国消费者将承担近100%的税负，工薪家庭购鞋成本或翻倍。 FDRA强调，鞋类平均关税已达11.3%，部分品类税率高达67.5%，若叠加25%新税，部分儿童鞋总税率 将飙升至220%，远超企业承受能力。平价品牌首当其冲，可能导致库存短缺与大规模倒闭潮。尽管美 国政府提出"90天暂缓期"，但越南、印尼等核心产区仍面临供应链中断风险。 （原标 ...

Core Insights - The company announced the completion of the acquisition of Kurt Geiger, which is expected to enhance growth and align with strategic initiatives [4][11] - The first quarter of 2025 showed a slight revenue increase of 0.2% year-over-year, with total revenue reaching $553.5 million [8] - The company is facing near-term challenges due to new tariffs impacting imported goods, but remains optimistic about long-term growth opportunities [3][12] Financial Performance - Revenue for the wholesale business was $439.3 million, a 0.2% increase compared to the first quarter of 2024, with gross profit margin improving to 35.7% from 35.1% [5] - Direct-to-consumer revenue decreased by 0.2% to $112.1 million, with gross profit margin declining to 60.1% from 61.9% due to increased promotional activity [6] - Net income attributable to Steven Madden, Ltd. was $40.4 million, or $0.57 per diluted share, compared to $43.9 million, or $0.60 per diluted share, in the same period of 2024 [8][20] Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents totaled $147.2 million, while inventory increased to $238.6 million from $202.0 million a year earlier [7][22] - The company ended the quarter with a total asset value of $1.427 billion, reflecting a slight increase from $1.411 billion at the end of 2024 [22] - The company did not repurchase any shares in the open market during the first quarter but spent $7.8 million on share repurchases through net settlements of employee stock awards [9] Acquisition Details - The acquisition of Kurt Geiger was completed for an enterprise value of approximately £289 million, funded through a new credit agreement and cash on hand [11] - Kurt Geiger reported revenue of £400 million for the twelve months ended February 1, 2025, indicating a strong market presence [11] Future Outlook - The company has withdrawn its 2025 financial guidance due to macroeconomic uncertainties related to new tariffs and is not providing guidance at this time [12]

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Core Viewpoint - Weyco Group, Inc. reported a decline in financial performance for the first quarter of 2025, with net sales down 5% compared to the same period in 2024, primarily due to lower sales across major brands and reduced consumer spending on non-athletic footwear [3][11]. Financial Performance - Net sales for the first quarter of 2025 were $68.0 million, down from $71.6 million in Q1 2024 [11]. - Gross earnings as a percentage of net sales were 44.6%, slightly down from 44.7% in Q1 2024 [11]. - Earnings from operations decreased by 15% to $7.0 million compared to $8.3 million in Q1 2024 [11]. - Net earnings fell by 17% to $5.5 million from $6.7 million in the previous year [11]. - Diluted earnings per share decreased to $0.57 from $0.69 in Q1 2024 [11]. Segment Performance North American Wholesale Segment - Wholesale net sales were $54.3 million, a 4% decrease from $56.2 million in Q1 2024 [3]. - Florsheim's sales increased by 7% due to new product launches, but this was offset by declines in other brands: Stacy Adams down 7% and Nunn Bush down 16% [3]. - Wholesale operating earnings decreased by 10% to $6.6 million from $7.4 million in 2024 [4]. North American Retail Segment - Retail segment net sales were $8.7 million, down 12% from $9.8 million in 2024 [5]. - Retail operating earnings fell by 52% to $0.6 million from $1.3 million in the previous year [6]. Other Operations - Florsheim Australia reported net sales of $5.1 million, down 7% from $5.5 million in Q1 2024, impacted by a weaker Australian dollar [8]. - In local currency, net sales in Australia increased by 6%, with higher sales in both wholesale and retail [8][9]. Tariff Impact - The effective total tariff rate on goods sourced from China has risen to 161% from 16% in 2024, which may significantly increase future costs of goods sold [10]. - The company has negotiated cost reductions with several Chinese suppliers to mitigate the impact of these tariffs [10][12]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.27 per share, a 4% increase from the previous rate of $0.26 [14]. Conference Call - A conference call is scheduled for May 7, 2025, to discuss the first quarter 2025 financial results in detail [15].

Core Viewpoint - 3G Capital has reached a multibillion-dollar agreement to acquire Skechers and take the company private, with unanimous approval from Skechers' board [1][2]. Deal Details - 3G Capital will purchase outstanding Skechers shares for $63 each, with an option for existing shareholders to receive $57 in cash and one unlisted, non-transferable equity unit in a newly-formed parent company [2]. - The total value of the deal is approximately $9.4 billion [2]. - The transaction is expected to be completed in the third quarter, pending customary closing conditions and regulatory approvals [4]. Company Transition - Skechers will cease trading on the New York Stock Exchange after the transaction, ending its nearly 26-year run as a publicly traded company [5]. - CEO Robert Greenberg expressed optimism about the partnership with 3G Capital, highlighting their history of supporting global consumer businesses [5]. Management and Strategy - The current management team, including Robert and Michael Greenberg, will remain in charge post-transaction [6]. - Skechers plans to continue its strategic initiatives, focusing on product innovation, international development, direct-to-consumer expansion, and investments in distribution and technology [6]. Financial Performance - In the first quarter, Skechers reported sales of $2.41 billion and net earnings of $202.4 million [8]. - The company rescinded its annual guidance for 2025 due to macroeconomic uncertainties related to global trade policies [8]. Market Position - Skechers, co-founded by Robert and Michael Greenberg in 1992, claims to be the third-largest footwear company globally, selling 297 million units last year [9]. - The company's market capitalization was approximately $9.19 billion at the time of the announcement regarding the acquisition [9].

国产百年老牌鞋企双星名人集团陷入家族内斗漩涡。其创始人不仅领导双星鞋业辉煌一时，更是许多 80后关于国产球鞋记忆的创造者。 双星名人集团的前身是 1921年成立的国营青岛第九橡胶厂。在创始人汪海的带领下，双星曾以"穿上双星鞋，潇洒走世界"的广告语风靡全国，连 续15年销量居首，成为中国制鞋行业的龙头。 尤其是双星绿标黑色的足球鞋，更是成为 80后一代人对于那个全民热爱足球时代的集体回忆坐标。 凤凰网财经致电双星名人集团官网对外联系电话，无人接听。 此后，凤凰网财经联系双星员工及经销商，普遍得到谨慎回应。一位双星员工表示： "不清楚"。另一位双星经销商则告诉凤凰网财经："不方便说，就是目前网络流传的信息，公司目前正常经营。反正对于我们来说都是与进货相关， 只和下面业务员有来往，具体谁管理公司和咱们也没什么关系。" （ 汪海 ） 近日，一份由 84岁 创始人汪海发布的公开信在网络上广泛流传。信中，汪海详细指控其子汪军、儿媳徐英及孙子汪子栋企图抢夺公司公章，并限 制其人身自由长达两小时。他还提到，儿媳徐英与儿子汪军曾带人闯入其办公室，毁坏监控设备、殴打工作人员并阻挠会议。汪海声称已向公安机 关报案，并宣布即日起暂停 ...

Summary of Li Ning Co. (2331.HK) Conference Call Company Overview - **Company**: Li Ning Co. (2331.HK) - **Market Cap**: HK$38.6 billion / $5.0 billion - **Enterprise Value**: HK$23.2 billion / $3.0 billion - **Industry**: Greater China Retail Key Points from the Conference Call 1. 1Q25 Performance - Retail sales growth was reported at +LSD% year-over-year, aligning with expectations but weaker than competitors like Anta (+HSD%) and Fila (+HSD%) [1][2] - The performance in March and April showed a decline, indicating uncertainty in demand recovery [1][2] 2. Full Year Guidance - The company maintained its guidance for flat revenue growth and a net profit margin (NPM) at high single digits (HSD%) [2][17] - Management noted that the NPM decline is anticipated due to stable gross profit margin (GPM) outlook, increased advertising and promotion (A&P) expenses, and rising R&D costs [2][22] 3. Monthly Sales Trajectory - Sales were satisfactory in January and February but decelerated in March, with April showing persistent weakness due to unfavorable weather impacting spring collections [2][17] - Retail sales by channel showed mixed results: offline retail was down, while e-commerce grew by low teens percentage [18] 4. Discount and Inventory Management - Discounts improved year-over-year in 1Q25 but narrowed in March due to softening demand [2][18] - Inventory levels were controlled at approximately 5 times sales, with expectations to reach a healthier turnover of 4-5 times by year-end [18][22] 5. Category Performance - Running category saw over 20% year-over-year growth, while basketball and lifestyle categories experienced double-digit declines [2][18] - Footwear led growth with +HSD% year-over-year, while apparel saw a slight decline [18] 6. Store Network and POS - Total points of sale (POS) in China decreased by 29 in Q1, with expectations for a net closure of 10-20 direct-operated stores and an increase of 30-40 wholesale stores [18][22] 7. Marketing and A&P Strategy - A&P expenses are expected to increase by low double digits in 2025, with significant marketing planned for the second half of the year [22] - The company plans to launch various marketing activities, including sponsorships for marathons and basketball events [22] 8. Economic and Strategic Considerations - The company does not foresee significant direct impacts from tariffs due to minimal U.S. business, but indirect effects from economic factors are acknowledged [20] - Management's strategy remains focused on enhancing brand power through increased investment in professional resources and tailored products for specific consumer segments [21][22] 9. Financial Projections - Revenue forecasts for 2025-2027 have been revised down by 4-7% due to the current market conditions [8][14] - New 12-month price target set at HK$14.5, down from HK$14.8, based on a 12x 2026E P/E ratio [14] 10. Market Performance - The stock has underperformed relative to the Hang Seng China Enterprises Index, with a 12-month absolute return of -28.9% [10][11] Conclusion Li Ning Co. is navigating a challenging retail environment with mixed performance across categories and channels. The company is maintaining a cautious outlook for the remainder of the year, focusing on inventory management, marketing strategies, and adapting to economic conditions.

1 May 2025 | 10:37PM HKT China Export Tracker Number 2: What corporates are telling us (week of Apr 28, 2025) The China Export Tracker is a research product series put together by the GS China team, focusing on the changing dynamics of China exports to the US, amid the intensified uncertainty around export activity due to the US-China tariff escalation. In this tracker, we present our proprietary work across 48 corporates, with products representing nearly 70% of China export value by product group to the U ...