Amer Sports Inc (AS) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Amer Sports first-quarter fiscal 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Amer Sports 2025 財年第一季財報電話會議。（操作員指示）

I'd now like to turn the call over to Omar Saad, SVP, Capital Markets and Investor Relations. You may begin.

現在我想將電話轉給資本市場和投資者關係高級副總裁 Omar Saad。你可以開始了。

Welcome, everyone. Thanks for joining Amer Sports Earnings Call for the first quarter of fiscal year 2025. Earlier this morning, we announced our financial results for the quarter ended March 31, 2025, and the release can be found on our IR website, investors.amersports.com.

歡迎大家。感謝您參加 2025 財年第一季 Amer Sports 收益電話會議。今天早些時候，我們公佈了截至 2025 年 3 月 31 日的季度財務業績，該新聞稿可以在我們的 IR 網站 investors.amersports.com 上找到。

A quick reminder to everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please see the safe harbor statement in our earnings release and SEC filings.

快速提醒大家，今天的電話會議將包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受某些風險和不確定性的影響，可能導致實際結果大不相同。請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件中的安全港聲明。

We will also discuss certain non-IFRS financial measures. Please refer to our earnings release for important information regarding such non-IFRS financial measures, including reconciliations to the most comparable IFRS financial measures.

我們也將討論某些非國際財務報告準則的財務指標。請參閱我們的收益報告，以了解有關此類非國際財務報告準則財務指標的重要信息，包括與最具可比性的國際財務報告準則財務指標的對帳。

We'll begin with prepared remarks from our CEO, James Zheng; and CFO, Andrew Page, followed by a Q&A session until approximately 9:00 AM Eastern. James will cover key operational and brand highlights, and Andrew will provide a financial review at both the group and segment level and also walk through our guidance for the second quarter and full year '25. Arc'teryx CEO, Stuart Haselden, will also join for the Q&A session.

首先，我們先來聽聽執行長 James Zheng 的演講；以及財務長 Andrew Page 的會談，隨後是問答環節，持續至東部時間上午 9:00 左右。詹姆斯將介紹關鍵的營運和品牌亮點，安德魯將在集團和部門層面提供財務審查，並介紹我們對 2025 年第二季和全年的指導。Arc'teryx 執行長 Stuart Haselden 也將參加問答環節。

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

說完這些，我將把電話轉給詹姆斯。

Thanks, Omar. Amer Sports began 2025 with a great performance in the first quarter, delivering sales adjusted margin and EPS well above expectations. We generated 23% sales growth or 26% ex currency, and we also expanded our adjusted operating margin by nearly 500 basis points.

謝謝，奧馬爾。Amer Sports 2025 年第一季表現優異，銷售調整後利潤率和每股盈餘遠超預期。我們的銷售額成長了 23%，扣除匯率因素，成長了 26%，同時我們的調整後營業利潤率也提高了近 500 個基點。

Our performance was led by strong growth and profitability in both Technical Apparel and Outdoor Performance, as well as solid sales and margin results in Ball & Racquet.

我們的業績得益於技術服裝和戶外性能的強勁成長和獲利能力，以及球類和球拍的穩健銷售和利潤表現。

In addition to the continued broad-based strength from our flagship brand, Arc'teryx, I'd like to highlight the growing momentum behind the Salomon sneakers. We are really starting to see consumers all around the world response to their unique performance and size attributes. Furthermore, our market-leading hard goods equipment franchises delivered better-than-expected results for both Winter Sports Equipment and the Wilson Ball & Racquet Sports.

除了我們的旗艦品牌 Arc'teryx 持續的廣泛實力之外，我還想強調一下 Salomon 運動鞋背後的日益增長的勢頭。我們確實開始看到世界各地的消費者對其獨特的性能和尺寸屬性的反應。此外，我們市場領先的耐用品設備特許經營權為冬季運動設備和威爾遜球拍運動帶來了好於預期的業績。

Although we are off to a great start in 2025, given macro uncertainty related to US tariffs, we are operating our business with discipline and flexibility. Andrew will provide a more detailed discussion of our tariff exposure, mitigation strategies and the financial impacts. But I'd like to emphasize that I believe we are very well positioned to manage through a wide range of tariff scenarios, given our premium brands with pricing power, secular growth trends and relatively low US revenue exposure.

儘管我們在 2025 年取得了良好的開端，但考慮到與美國關稅相關的宏觀不確定性，我們仍將以紀律性和靈活性開展業務。安德魯將更詳細地討論我們的關稅風險、緩解策略和財務影響。但我想強調的是，鑑於我們的高端品牌擁有定價權、長期成長趨勢以及相對較低的美國收入曝險，我相信我們完全有能力應對各種關稅情境。

Looking here and long term, we believe Amer Sports is a uniquely positioned company within the global sports and outdoor space. Several factors give me confidence for the rest of this year and well beyond. First, we own and operate a unique portfolio of premium outdoor and sports brands. Each one is empowered by our technical innovation and is positioned at the pinnacle of its segment. Our brands have high conversion and satisfaction, but are still small players with room to grow.

從目前和長遠來看，我們相信 Amer Sports 在全球運動和戶外領域是一家具有獨特地位的公司。有幾個因素讓我對今年剩餘時間以及以後的日子充滿信心。首先，我們擁有並經營獨特的高端戶外和運動品牌組合。每一款產品都由我們的技術創新驅動，並處於其領域的巔峰。我們的品牌轉換率和滿意度很高，但仍然是小品牌，還有成長空間。

Second, Arc'teryx is a breakout growth story with great growth and profitability for the outdoor industry, driven by its disruptive direct-to-consumer models and a unique competitive position. It's still very underpenetrated globally and still has a tremendous long-term growth opportunity.

其次，Arc'teryx 是一個突破性的成長案例，在其顛覆性的直接面向消費者的模式和獨特的競爭地位的推動下，為戶外產業帶來了巨大的成長和獲利能力。它在全球範圍內的滲透率仍然很低，並且仍然具有巨大的長期成長機會。

Third, we believe Salomon sneakers have unique performance and design attributes and the brand is experiencing accelerating momentum globally, but still has a small market share of the global sneaker market.

第三，我們認為 Salomon 運動鞋具有獨特的性能和設計屬性，該品牌在全球範圍內正經歷加速發展勢頭，但在全球運動鞋市場中仍佔有較小的份額。

Fourth, Wilson and our Winter Sports Equipment brands have authentic heritage, premium positioning, higher performance products and the leading market positions. These high market share brands will deliver slower long-term growth in their core equipment businesses, but they still have large soft goods potential, especially Wilson Tennis 360.

第四，Wilson 和我們的冬季運動裝備品牌擁有真正的傳承、高端的定位、更高性能的產品和領先的市場地位。這些高市佔率品牌的核心設備業務的長期成長將會放緩，但它們仍然擁有巨大的軟商品潛力，尤其是 Wilson Tennis 360。

And fifth, we believe we have a very strong differentiated platform in Great China, where we continue to deliver best-in-class performance with great momentum across all three big brands.

第五，我們相信我們在大中華區擁有非常強大的差異化平台，我們三大品牌將繼續以強勁勢頭提供一流的業績。

Before I turn it over to Andrew, allow me to briefly recap key brand highlights from our three segments. Starting with Technical Apparel, which is led by our fastest-growing and largest brand, Arc'teryx. Arc'teryx delivered another great quarter with strong growth across all regions, channels and categories, especially footwear and women's, which continue to grow faster than the brand overall. We are encouraged to see the Technical Apparel momentum continue in the direct-to-consumer channel where we generate a plus 19% omni-comp in quarter one. Importantly, our direct-to-consumer growth was driven by strong performance in both stores and online.

在將時間交給安德魯之前，請允許我簡要回顧我們三個部門的主要品牌亮點。首先是科技服裝，由我們發展最快、規模最大的品牌 Arc'teryx 主導。Arc'teryx 又一個季度表現出色，所有地區、通路和類別均實現強勁增長，尤其是鞋類和女裝，其增長速度繼續快於品牌整體增長速度。我們很高興地看到，科技服裝的勢頭在直接面向消費者的管道中繼續保持，我們在第一季實現了 19% 的全通路銷售額成長。重要的是，我們的直接面向消費者的成長是由商店和網路上的強勁表現所推動的。

We believe Arc'teryx stores are very differentiated from both our product and experience perspective, and they continue to be critical to the whole strategy, especially how we engage with local consumers and the community. Arc'teryx net new store openings were flat in quarter one as four openings were offset by the closure of four legacy locations as part of our ongoing strategy to optimize the quality and the productivity of our store fleet. Key new store locations this quarter include two stores in China, one in Georgetown, Washington, D.C. as well as our new Chamonix location, which is our first mountain town store in Europe, and has attracted great consumer interest since day one.

我們相信，從產品和體驗的角度來看，Arc'teryx 商店都非常獨特，而且它們對整個策略仍然至關重要，尤其是我們如何與當地消費者和社區互動。Arc'teryx 在第一季淨新店開設數量持平，因為作為我們持續優化門市品質和生產力策略的一部分，新開的四家門市被關閉的四家舊門市所抵消。本季主要新開店包括中國的兩家門市、華盛頓特區喬治敦的一家門市以及我們新的夏慕尼門市，這是我們在歐洲的第一家山城門市，自開業第一天起就吸引了消費者的極大興趣。

Arc'teryx store expansion strategy includes of a mixed different formats ranging from multilevel large-scale Alpha Flagship stores to small format, very distinct mountain town shops. For 2025, we plan to open approximately 25 net new Arc'teryx stores globally, which incorporates a similar level of gross openings as in 2024, partially offset by the closure of certain outlets and other suboptimal locations. We are focused on positioning Arc'teryx for sustainable long duration growth, and developing a high-quality store network is critical to our success, and much more important, chasing fast-paced new store expansion.

Arc'teryx 商店擴張策略包括混合不同形式，從多層次的大型 Alpha 旗艦店到小型、非常獨特的山城商店。到 2025 年，我們計劃在全球開設約 25 家新的 Arc'teryx 商店，其總開業數量與 2024 年相似，但部分門市和其他次優地點的關閉將抵消這一增長。我們專注於讓 Arc'teryx 實現可持續的長期成長，開發高品質的門市網路對於我們的成功至關重要，更重要的是追求快節奏的新店擴張。

For example, in Great China, we will continue to focus on optimizing Arc'teryx retail footprint rather than pushing new store expansion. This year, we will have net store closure in China, including closing some legacy partner stores, but will grow our own store count, continue to open larger format, high-quality locations. We expect to grow revenue strong double digits, driven by comp store growth and replacing small, less productive stores with large-format, high-quality locations.

例如，在大中華區，我們將繼續專注於優化Arc'teryx零售足跡，而不是推動新店擴張。今年，我們將在中國關閉部分門市，包括關閉一些傳統的合作門市，但會增加自己的門市數量，繼續開設更大規模、更優質的門市。我們預計，營收將實現強勁的兩位數成長，這得益於同店成長以及以大型、高品質的門市取代小型、生產率較低的門市。

In Beijing, we will still open a brand store within the [Peninsula Hotel,] and we have plans to open two more shops at other [Peninsula] locations later this year. We are very excited that Arc'teryx will be the first sports brand to sit alongside traditional luxury brands inside this iconic hotel chain.

在北京，我們仍將在[半島酒店]內開設一家品牌店，並計劃今年稍晚在其他[半島酒店]酒店再開設兩家店。我們非常高興 Arc'teryx 將成為第一個與傳統奢侈品牌一起進駐這家標誌性酒店連鎖的運動品牌。

We also recently opened another mountain town store in Banff, a popular mountain destination in Canada, and it's a great addition to our small but growing portfolio of authentic mountain town locations, including Chamonix, Shangri-La and Whistler. Community engagement continues to be a key part of our strategy to raise brand awareness. In March, we host our first ever Arc'teryx Academy in California at Mammoth Mountain. The event drew thousands of participants, achieved a record-breaking ReBIRD sales, created 6 million media impressions and saw a direct lift in sales in Arc'teryx stores in the Los Angeles areas as well as e-commerce.

我們最近還在加拿大熱門山區旅遊勝地班夫開設了另一家山城店，這對我們規模雖小但不斷增長的正宗山城店組合來說是一個很好的補充，其他店組合包括霞慕尼、香格里拉和惠斯勒。社區參與仍然是我們提高品牌知名度策略的關鍵部分。三月份，我們在加州猛獁山舉辦了第一屆 Arc'teryx 學院。這項活動吸引了數千名參與者，創下了 ReBIRD 銷售額的新高，產生了 600 萬次媒體曝光，並直接提升了洛杉磯地區 Arc'teryx 商店以及電子商務的銷售額。

Shifting to products. Footwear continued to be Arc'teryx fastest-growing category in quarter one. As consumers continue to respond positively to what we believe is the best line of technical performance footwear designed for mountains. This spring, we launched the Northern LD4, an elevation of the popular silhouette made for long-distance mountain running. We also launched the Vertex Speed, which is a mountain running shoe designed to climb through technical vertical terrain.

轉向產品。鞋類繼續成為 Arc'teryx 第一季成長最快的類別。我們認為，消費者對專為山地設計的、技術性能最佳的鞋類產品持續做出積極的反應。今年春天，我們推出了 Northern LD4，這是專為長距離山地跑步而設計的流行鞋款的升級版。我們還推出了 Vertex Speed，這是一款專為攀爬技術垂直地形而設計的山地跑鞋。

Looking forward, Arc'teryx has an exciting pipeline for shoe launch in the second half of 2025. We believe footwear will become a sizable and profitable growth avenue for Arc'teryx, both in own retail, e-commerce and in certain wholesale accounts over time. We have now structured footwear as a separate business unit with a dedicated P&L and the team focused on the category.

展望未來，Arc'teryx 將在 2025 年下半年推出一系列令人興奮的鞋款。我們相信，隨著時間的推移，鞋類將成為 Arc'teryx 的一個可觀且有利可圖的成長途徑，無論是在自有零售、電子商務還是某些批發帳戶中。我們現在已將鞋類打造為一個獨立的業務部門，擁有專門的損益表，並且有團隊專注於該類別。

Women's also continued its great momentum in quarter one with double-digit growth across all regions and channels, outperforming the rest of the brand in every region. We see a big opportunity to serve women in the outdoor differently through a pinnacle design and performance. A great example of our design focused on women's is the Clarkia pants, which has been explosive growth in quarter one, stocking out quickly. We are seeing rising brand awareness and affinity with women in the US and Europe as we have improved fit, style and function.

女裝在第一季也延續了強勁勢頭，所有地區和通路均實現了兩位數成長，在每個地區的表現都優於該品牌的其他產品。我們看到了透過頂級設計和性能為戶外女性提供不同服務的巨大機會。我們的設計專注於女性的一個很好的例子是 Clarkia 褲子，它在第一季實現了爆炸式增長，很快就售罄了。隨著我們改進了合身度、款式和功能，我們看到美國和歐洲女性的品牌知名度和親和力正在不斷提高。

ReBIRD also continues to be one of our priority strategies, which we believe will truly separate us from the marketplace. Our products are long-lived and beautifully paired. We experienced especially strong consumer engagement in all of our locations with the ReBIRD center. At the end of quarter one, we had 25 ReBIRD service centers globally.

ReBIRD 也將繼續成為我們的優先策略之一，我們相信這將真正使我們在市場中脫穎而出。我們的產品壽命長，搭配精美。在所有設有 ReBIRD 中心的場所，我們都感受到了消費者的強烈參與。第一季末，我們在全球擁有 25 個 ReBIRD 服務中心。

Lastly, on to Veilance, which we view as the city expression of Arc'teryx flat footwear, Veilance also now has its own P&L and the management team. Our new Veilance leadership is sharply focused on developing the best products, merchandising, marketing and go-to-market strategies to drive various long-term growth opportunity. For the first time, Veilance will present at fashion week in Paris where the brand was positioned alongside the luxury players and received a very positive feedback from buyers, industry and media.

最後，談到 Veilance，我們將其視為 Arc'teryx 平底鞋的城市表達，Veilance 現在也有自己的損益表和管理團隊。我們新的 Veilance 領導層高度重視開發最佳產品、商品推銷、行銷和市場進入策略，以推動各種長期成長機會。Veilance 將首次亮相巴黎時裝週，該品牌與奢侈品品牌並列，並獲得了買家、業界和媒體的積極反饋。

Moving to the outdoor performance segment, which delivered an excellent quarter led by Salomon footwear and apparel. Winter Sports Equipment with us were also better than expected. Global brand momentum behind Salomon sneakers is accelerating. Not only is the Salomon footwear franchise continue to grow very well in China and APAC, it's now also starting to impact in both the US and Europe.

轉向戶外性能領域，該領域在 Salomon 鞋類和服裝的帶動下本季表現出色。我們帶來的冬季運動裝備也比預期的還要好。Salomon 運動鞋背後的全球品牌勢頭正在加速。Salomon 鞋類特許經營不僅在中國和亞太地區持續保持良好成長，現在也開始對美國和歐洲產生影響。

Our brand awareness has doubled the past couple of years. and we are now seeing very strong momentum in both sport style and our performance lines.

在過去幾年裡，我們的品牌知名度翻了一番。我們現在看到運動風格和性能係列都呈現出非常強勁的發展勢頭。

Salomon sneakers surplus USD1 billion of sales in 2024, but it's still tiny relative to the USD180 billion global sneaker market. We believe Salomon sneakers have an authentic and unique market position with technical features designed for athletes on a variety of terrains, but also great for everyday use. Our unique style and the technical attributes are relevant with consumers at a time when they are more receptive than ever to wearing new sneaker brands. Long term, we expect Salomon soft goods to grow strong double digits annually.

到 2024 年，Salomon 運動鞋的銷售額將超過 10 億美元，但相對於 1,800 億美元的全球運動鞋市場而言，這一數字仍然微不足道。我們相信 Salomon 運動鞋擁有真實而獨特的市場地位，其技術特點專為各種地形的運動員設計，也非常適合日常使用。當消費者比以往任何時候都更容易接受穿著新的運動鞋品牌時，我們獨特的風格和技術屬性與消費者息息相關。從長遠來看，我們預計 Salomon 軟商品每年將實現兩位數的強勁成長。

In Q1, Salomon footwear and apparel continued its very strong growth in Great China and APAC, while America accelerated and the EMEA continued its solid growth. Direct-to-consumer remains the fastest-growing channel for the brand and the sport style offering continues to lead footwear growth. In addition to shoes, Salomon apparel, bags and socks are also experiencing great momentum.

第一季度，Salomon鞋類和服裝在大中華區和亞太地區持續保持強勁成長，美洲地區加速成長，歐洲、中東和非洲地區持續保持穩健成長。直接面向消費者仍是品牌成長最快的管道，運動風格產品持續引領鞋類成長。除了鞋子之外，Salomon 的服飾、箱包和襪子也發展勢頭強勁。

Our key brand highlights in quarter one was our first ever global footwear launch with XT-Whisper, a new addition to our sports style offering. This global synchronized launch has been a massive success, and was welcomed with excitement by customers around the globe. We did XT-Whisper collaborations with KITH and Sandy Liang in the US and have been great results from our Whisper Girl campaign in China.

我們第一季的主要品牌亮點是我們首次在全球推出 XT-Whisper 鞋類產品，這是我們運動風格產品系列的新成員。這次全球同步發布取得了巨大成功，受到了全球客戶的熱烈歡迎。我們與美國的 KITH 和 Sandy Liang 進行了 XT-Whisper 合作，並且在中國的 Whisper Girl 活動中取得了巨大的成果。

On the performance side, we have been very pleased with the launch of the low running shoe, Aero Glide 3, one of the best footwear launched in Salomon history. Aero Glide 3 uses a foam called optiFOAM Evo, which we believe represent a disruptive new generation materials offering the runner a new level of rebound and comfort for running on road or trail. We are also very excited by the GRVL launch this month, a new line that offers consumers a more versatile than ever running shoe that performs great on various types of terrain from pavement to parks and trails.

在性能方面，我們對低筒跑鞋 Aero Glide 3 的推出感到非常滿意，這是 Salomon 歷史上推出的最好的鞋類之一。Aero Glide 3 使用一種名為 optiFOAM Evo 的泡沫，我們認為它代表了一種顛覆性的新一代材料，為跑步者在公路或小路上跑步提供了全新的回彈力和舒適度。我們也對本月推出的 GRVL 感到非常興奮，這是一條新系列，為消費者提供比以往更加多功能的跑鞋，可在從人行道到公園和小徑的各種地形上表現出色。

Regionally, Salomon soft goods is continuing to experience great and solid order books in Europe, both for sports and the performance. Just look for retailers, continues to be strong with translating to healthy growth in our outlook.

從地區來看，薩洛蒙的軟商品在歐洲繼續獲得大量且穩定的訂單，包括運動和表演產品。只看零售商，其持續保持強勁勢頭，在我們的前景中將轉化為健康成長。

In Asia, direct-to-consumer continued to be the growth handle for Salomon. Our Salomon contact shop format developed in China works very well, and we believe these stores generated significantly higher sales per square foot versus industry average and continues to improve.

在亞洲，直接面對消費者繼續成為所羅門兄弟公司的成長動力。我們在中國開發的 Salomon 接觸式商店模式效果很好，我們相信這些商店每平方英尺的銷售額明顯高於行業平均水平，並且還在繼續提高。

We are continuing to expand our compact shop in Great China, opening 22 net new Salomon shops in quarter one, including both owned stores and partner stores, bringing our total count to 218. We are on track to reach near 300 Salomon shops in Great China this year. We believe Salomon has the opportunity to grow to several hundred locations over time in just Tier 1 and 2 cities from only eight stores four years ago.

我們繼續在大中華區擴張緊湊型商店，第一季淨增 22 家 Salomon 商店，包括自有商店和合作商店，使我們的商店總數達到 218 家。我們計劃今年在大中華區開設近 300 家 Salomon 專賣店。我們相信，隨著時間的推移，Salomon 有機會從四年前的 8 家門市發展到在一二線城市擁有數百家門市。

Our new Salomon flagship in Shanghai has continued to perform very well in the first few months. We will open a second Shanghai flagship in August, which will be located in the former branch of concession district known for its boutique shopping.

我們位於上海的新 Salomon 旗艦店在頭幾個月繼續表現非常出色。我們將於八月在上海開設第二家旗艦店，該店將位於以精品購物而聞名的租界區的原始分店。

In the US, we continue to lay the groundwork to support significant future growth, and we are seeing more and more signals that the brand is gaining momentum in the world's larges sneaker market. Our first US store in New York City continues to show incredible traction with our consumers, and the brand is seeing strong buzz with key sneaker retailers across the city. We plan to open three to four more Salomon shops in the great New York area this year as well as continue to expand our presence in key wholesale accounts.

在美國，我們繼續奠定基礎以支持未來的顯著成長，我們看到越來越多的訊號表明該品牌正在全球最大的運動鞋市場中獲得發展動力。我們位於紐約市的第一家美國門市繼續受到消費者的熱烈追捧，該品牌在整個紐約市的主要運動鞋零售商中也引起了強烈反響。我們計劃今年在紐約地區再開設三到四家 Salomon 商店，並繼續擴大我們在主要批發帳戶中的業務。

Beyond New York, we also focused on San Francisco and Los Angeles as epicenter market for Salomon sneakers. In addition to the success of Salomon sneakers, our Winter Sports Equipment brand delivered a better-than-expected end of the ski season with strong sell-through at retail, leading to better at-once reorders.

除了紐約之外，我們還將舊金山和洛杉磯作為 Salomon 運動鞋的中心市場。除了 Salomon 運動鞋的成功之外，我們的冬季運動裝備品牌在滑雪季結束時的表現也好於預期，零售銷售強勁，從而帶來了更好的一次性重新訂購。

Moving to Ball & Racquet highlights. We are pleased that the Ball & Racquet growth trends continue to be started in quarter one, with 12% growth driven by strength in sportswear, racquet sports and golf. Our Tennis 360 continues to resonate very well with consumers from performance racquet to soft goods, especially in Great China.

轉到球和球拍的亮點。我們很高興看到球類和球拍類產品的成長趨勢在第一季繼續延續，在運動服裝、球拍運動和高爾夫運動的推動下，實現了 12% 的成長。我們的 Tennis 360 繼續受到消費者的熱烈歡迎，從高性能球拍到軟商品，尤其是在大中華區。

Wilson's performance racquets business continues to shine, including the January launch of the Clash v3, which is off to a solid start. And in pickleball, we are experiencing strong response to our Vesper paddle launch. Wilson Tennis 360 soft goods also continues its excellent growth, nearly doubling in Q1 2025. We have seen very strong response to the Intrigue women's tennis shoe.

Wilson 的高性能球拍業務繼續大放異彩，包括一月份推出的 Clash v3，取得了良好的開端。在匹克球運動中，我們推出的 Vesper 球拍獲得了強烈的迴響。Wilson Tennis 360 軟性產品也延續了出色的成長勢頭，在 2025 年第一季幾乎翻了一番。我們看到了市場對 Intrigue 女式網球鞋的強烈反響。

We also continue to excel in China and will open approximately 50 more Wilson Tennis 360 shops in China this year, including both owned and partner stores, bring the total to almost 100. In North America, the new Tennis 360 concept store in the Dallas North Park Mall is off to a very good start. This is also two of our tennis software and apparel test in 50 big sporting goods locations where we are selling through better than our competitors.

我們在中國也持續表現出色，今年將在中國再開設約 50 家 Wilson Tennis 360 專賣店，包括自營店和合作店，總數將達到近 100 家。在北美，位於達拉斯北園購物中心的全新 Tennis 360 概念店取得了良好的開端。這也是我們在 50 家大型運動用品店進行的兩項網球軟體和服裝測試，我們的銷售情況比競爭對手更好。

Lastly, we were pleased to see Wilson Golf have a solid improvement in sales and margins in quarter one, led by the Dynapower launch this spring, which has received positive reviews in the golf influencer community.

最後，我們很高興看到 Wilson Golf 在第一季的銷售額和利潤率取得了穩步提升，這得益於今年春季推出的 Dynapower 產品，該產品在高爾夫影響者社區中獲得了積極評價。

With that, I will turn over to Andrew.

接下來，我將把麥克風交給安德魯。

Thanks, James. Before I start, I want to take the time to thank our more than 13,000 Amer employees around the world. Our passionate teammates are critical to developing innovative products, engaging with consumers and building our brands for the long term. And they've done an amazing job navigating the ever-changing macro environment with discipline and flexibility.

謝謝，詹姆斯。在開始之前，我想花點時間感謝我們遍布全球的 13,000 多名 Amer 員工。我們充滿熱情的隊友對於開發創新產品、吸引消費者以及長期打造我們的品牌至關重要。他們以紀律和靈活性應對不斷變化的宏觀環境，做得非常出色。

I will discuss tariffs in detail when I provide guidance but I want to start by saying that we are very confident that our fundamental business momentum, diverse global footprint, clean balance sheet and strong brand portfolio with pricing power will give us significant flexibility and firepower to manage through a variety of tariff scenarios.

我在提供指導時會詳細討論關稅問題，但首先我想說的是，我們非常有信心，我們的基本業務勢頭、多樣化的全球足跡、清晰的資產負債表以及具有定價能力的強大品牌組合將為我們提供顯著的靈活性和火力，以應對各種關稅情景。

Let's go through Q1 results first. Amer Sports grew 23% in Q1 on a reported basis and 26% in constant currency. The strong group sales performance was led by both Technical Apparel and Outdoor Performance, while Ball & Racquet also delivered very solid growth in the quarter.

讓我們先來看看第一季的業績。以報告基礎計算，Amer Sports 第一季成長了 23%，以固定匯率計算成長了 26%。集團銷售業績強勁，主要由科技服飾和戶外運動產品兩大類產品帶動，而球類和網球拍產品在本季也實現了非常穩健的成長。

By channel, the group continues to be led by DTC, which grew 39%, led by Salomon footwear in Greater China and APAC. We also saw solid wholesale growth of 12% led by Arc'teryx. Regional growth was led by Asia Pacific, which increased 49%, followed by China, which grew 43%. EMEA accelerated to 12% and the Americas also grew 12% in Q1.

以通路來看，集團持續以DTC為主導，成長39%，其中以大中華區和亞太地區的Salomon鞋類業務最為突出。我們也看到批發業務穩定成長 12%，主要由 Arc'teryx 帶動。區域成長由亞太地區引領，成長了 49%，其次是中國，成長了 43%。歐洲、中東和非洲地區第一季成長 12%，美洲地區也成長 12%。

We continue to achieve very strong growth in Greater China, and there are several reasons why we are doing so well there and are also confident in our future growth in this important consumer market. Number one, our brands compete in one of the high-quality and fastest-growing consumer segments in China, the premium sports and outdoor market. The outdoor trend in China continues to be very robust, attracting younger consumers, female consumers and luxury shoppers.

我們在大中華區繼續取得強勁成長，我們在那裡表現如此出色的原因有很多，我們也對我們在這個重要消費市場的未來成長充滿信心。首先，我們的品牌在中國高品質且成長最快的消費市場之一——高端運動和戶外市場中競爭。中國的戶外趨勢持續強勁，吸引了年輕消費者、女性消費者和奢侈品購物者。

Additionally, our still small specialized brands are known for their expertise, high quality and technical innovation, which resonates with Chinese shoppers.

此外，我們規模仍然較小的專業品牌以其專業知識、高品質和技術創新而聞名，引起了中國購物者的共鳴。

Third and most important, we have a great team in China. Our deep expertise and unique scalable operating platform gives us a significant competitive advantage across the portfolio.

第三，也是最重要的一點，我們在中國擁有優秀的團隊。我們深厚的專業知識和獨特的可擴展營運平台為我們在整個產品組合中提供了顯著的競爭優勢。

Turning to profitability. Adjusted gross margin increased 330 basis points to 58% in Q1, primarily driven by favorable channel, geographic and product mix as well as lower discounts compared to prior year. Going forward, we expect our highest gross margin franchise, Arc'teryx, to continue to be the biggest underlying driver of our ongoing gross margin expansion.

轉向盈利能力。第一季調整後的毛利率增加了 330 個基點，達到 58%，這主要得益於有利的通路、地理和產品組合，以及與去年相比更低的折扣。展望未來，我們預計我們毛利率最高的特許經營權 Arc'teryx 將繼續成為我們持續毛利率擴張的最大潛在驅動力。

Adjusted SG&A expense as a percentage of revenues leveraged by 160 basis points and represented 42.6% of revenues in Q1. Both the technical apparel and outdoor performance segments achieved SG&A leverage on very strong growth. This was partially offset by slight deleverage at Ball & Racquet due to the ongoing investment in Tennis 360 and DTC growth. Driven by both gross margin expansion and SG&A leverage, we generated 490 basis points increase in our adjusted operating margin from 10.9% last year to 15.8% in Q1 of the current year.

調整後的銷售、一般及行政費用佔收入的百分比為 160 個基點，佔第一季營收的 42.6%。技術服裝和戶外性能部門均因非常強勁的成長而實現了銷售、一般及行政費用槓桿。由於對 Tennis 360 和 DTC 成長的持續投資，Ball & Racquet 的輕微去槓桿化部分抵消了這一影響。在毛利率擴大和銷售、一般及行政費用槓桿的推動下，我們的調整後營業利潤率從去年的 10.9% 增加了 490 個基點至今年第一季的 15.8%。

Adjusted corporate expenses were $19 million, up from $17 million in Q1 of last year. Depreciation and amortization was $78 million, which includes $36 million of ROU depreciation. Adjusted net finance cost in the quarter was $17 million, which comprised of $22 million of interest expense, partially offset by $5 million of FX gains and other items related to the weakening US dollar.

調整後的企業支出為 1,900 萬美元，高於去年第一季的 1,700 萬美元。折舊和攤提為 7,800 萬美元，其中包括 3,600 萬美元的 ROU 折舊。本季調整後的淨財務成本為 1,700 萬美元，其中包括 2,200 萬美元的利息支出，部分被 500 萬美元的外匯收益和其他與美元疲軟相關的項目所抵銷。

In the quarter, our adjusted income tax expense was $64 million, which equates to an adjusted effective tax rate of 30%, better than expected, primarily due to our over delivery of operating income.

本季度，我們的調整後所得稅費用為 6,400 萬美元，相當於調整後有效稅率為 30%，好於預期，這主要歸功於我們超額交付的營業收入。

Adjusted net income in Q1 was $148 million compared to $50 million in the prior year period. Adjusted diluted earnings per share was $0.27 compared to adjusted diluted earnings per share of $0.11 last year.

第一季調整後的淨收入為 1.48 億美元，而去年同期為 5,000 萬美元。調整後每股攤薄收益為 0.27 美元，而去年調整後每股攤薄收益為 0.11 美元。

Turning to segment results. Technical Apparel revenues increased 28% to $664 million, led by Arc'teryx. Growth was fueled by the 31% DTC expansion, including a 19% omni-comp, a very good result comparing against a 36% omni-comp in the first quarter of last year. Arc'teryx DTC momentum continues to be fueled by both new and existing consumers across all regions, channels and product categories. Technical Apparel wholesale revenues grew 22%, driven by Arc'teryx.

轉向細分結果。科技服飾收入成長 28%，達到 6.64 億美元，其中 Arc'teryx 表現最為突出。成長主要得益於 31% 的 DTC 擴張，其中包括 19% 的全通路銷售，與去年第一季 36% 的全通路銷售相比，這是一個非常好的成績。Arc'teryx DTC 的發展勢頭繼續受到各個地區、通路和產品類別的新舊消費者的推動。在 Arc'teryx 的推動下，科技服裝批發收入成長了 22%。

Although it is a small part of the Technical Apparel segment, it is worth noting that we are making good progress with Peak Performance brand and cleaning up the marketplace in EMEA and the Nordics, shifting to a more full-priced B2C-oriented brand. Peak's healthier core franchise as a solid base for the new President, Stefano Saccone, to lead the brand through the next phase of its journey.

儘管這只是技術服裝領域的一小部分，但值得注意的是，我們在 Peak Performance 品牌方面取得了良好進展，並清理了 EMEA 和北歐市場，轉向了更全價的 B2C 導向品牌。Peak 更健康的核心特許經營權為新任總裁 Stefano Saccone 帶領品牌邁入下一階段的旅程奠定了堅實的基礎。

Regionally, Technical Apparel growth was led by Asia Pacific, followed by Greater China, the Americas and EMEA. All regions grew strong double digits, fueled by Arc'teryx. Technical Apparel adjusted operating margin expanded 110 basis points to 23.8%, driven by SG&A leverage, thanks to strong growth.

從地區來看，科技服飾的成長由亞太地區引領，其次是大中華區、美洲和歐洲、中東和非洲地區。在 Arc'teryx 的推動下，所有地區均實現了兩位數的強勁成長。由於強勁成長，受銷售、一般及行政開支槓桿的推動，Technical Apparel 調整後的營業利潤率擴大 110 個基點至 23.8%。

Moving to our Outdoor Performance segment. We saw revenues increased 25% to $502 million, driven by strong performance in Salomon soft goods and good results in Winter Sports Equipment. The DTC channel grew very healthy double digits, driven by new storage openings in Asia Pacific and Greater China as well as solid comps from existing Salomon stores. Outdoor Performance growth also benefited from a solid performance in Winter Sports Equipment in Q1, following a slow start to the winter season. By channel, Outdoor Performance DTC grew 68%, led by Greater China and APAC, and wholesale grew 9% from the prior year period. The wholesale results were driven by both Salomon Winter Sports Equipment and Salomon soft goods.

前往我們的戶外表演部分。受 Salomon 軟商品的強勁表現和冬季運動器材的良好業績推動，我們的營收成長了 25%，達到 5.02 億美元。DTC 通路實現了非常健康的兩位數成長，這得益於亞太地區和大中華區新開設的倉儲中心以及現有 Salomon 商店的強勁成長。繼冬季開始緩慢之後，戶外表現的成長也受益於第一季冬季運動裝備的強勁表現。按通路劃分，戶外表演 DTC 成長了 68%，其中大中華區和亞太地區的成長最為顯著，批發業務較去年同期成長了 9%。批發業績主要由 Salomon 冬季運動器材和 Salomon 軟品推動。

Regionally, Outdoor Performance growth was led by Greater China and APAC, followed by accelerating growth in EMEA. The Americas was roughly flat, but only because of the ENVE divestiture in 2024. Salomon soft goods saw very good growth in the Americas.

從地區來看，戶外用品表現的成長主要由大中華區和亞太地區引領，其次是歐洲、中東和非洲地區的加速成長。美洲地區基本上持平，但這只是因為 2024 年 ENVE 的剝離。薩洛蒙軟商品在美洲地區實現了非常好的成長。

As James alluded to, the popularity of Salomon footwear is inflecting globally, and we are well positioned to appropriately and fully develop this unique opportunity over time. We believe we have very significant growth in all three major consumer regions and have the right talent and team structures in place to take a more meaningful share of the global sneaker market over time.

正如詹姆斯所提到的，薩洛蒙鞋類的受歡迎程度正在全球範圍內發生變化，我們已做好準備，隨著時間的推移，適當、充分地開發這一獨特的機會。我們相信，我們在所有三個主要消費地區都實現了非常顯著的成長，並且擁有合適的人才和團隊結構，可以隨著時間的推移在全球運動鞋市場中佔據更重要的份額。

Our Winter Sports Equipment business finished on a high note as a good end of season snow helped boost retailer sell-through and reorders. The Nordic or cross country market remains more challenged, but we were able to move a significant amount of inventory at reasonable discounts, leaving us in a very clean position at the end of the winter. Our assumption is that the Winter Sports Equipment market will grow low single digits in 2025 and over the long term. The ski and snowboard industry is healthy and given advanced snowmaking capabilities industry-wide as well as the growing attraction of winter mountain vacations, demand for on-piste skiing is strong.

我們的冬季運動器材業務取得了圓滿成功，因為季末的一場大雪幫助提高了零售商的銷售量和重新訂購量。北歐或跨國市場仍然面臨更大的挑戰，但我們能夠以合理的折扣轉移大量庫存，使我們在冬季結束時處於非常乾淨的境地。我們的假設是，冬季運動器材市場在 2025 年及長期內將維持低個位數成長。滑雪和滑雪板產業發展健康，鑑於整個產業先進的造雪能力以及冬季山區度假的吸引力日益增強，對雪道滑雪的需求強勁。

Winter Sports Equipment now represents 1/3 of the Outdoor Performance Segment and the share is shrinking as Salomon soft goods grows faster. Outdoor Performance adjusted operating profit margin expanded 990 basis points from last year to 14.7% in Q1, driven by strong gross margin expansion, thanks to channel, region and product mix as well as favorable product costs. This margin expansion was also driven by SG&A leverage on high growth.

冬季運動裝備目前佔戶外性能領域的 1/3，隨著 Salomon 軟商品的快速成長，這一份額正在縮小。戶外性能調整後的營業利潤率在第一季較去年同期擴大了 990 個基點，達到 14.7%，這得益於通路、地區和產品組合以及優惠的產品成本，毛利率強勁增長。利潤率的擴大也是由高成長的銷售、一般及行政費用槓桿所推動的。

Moving to Ball & Racquet. Revenue increased 12% to $306 million, driven by soft goods, racquet sports and golf. The strong growth was also helped by easier comparisons from Q1 last year when Wilson was still going through some liquidations normalized inventory levels. We are pleased with the continued rebound but we would caution that double-digit growth is not sustainable long term, and we continue to expect Ball & Racquet to grow low to mid-single digits long term. By category, the growth was led by soft goods, which now represents 10% of Ball & Racquet sales in our marquee racquet sports franchises.

轉向球和球拍。受軟商品、球拍運動和高爾夫的推動，營收成長 12%，達到 3.06 億美元。強勁的成長也得益於與去年第一季相比更容易進行比較，當時威爾森仍在進行一些清算以恢復正常的庫存水準。我們對持續的反彈感到高興，但我們要提醒的是，兩位數的成長是不可持續的長期趨勢，我們仍然預期 Ball & Racquet 的長期成長率將保持在低至中等個位數。從類別來看，成長主要由軟商品帶動，目前軟商品占我們知名球拍運動特許經營中球類和球拍銷售額的 10%。

We continue to see very strong momentum in Tennis 360, especially in North America, Greater China and APAC. Golf achieved positive growth, thanks to a successful Dynapower product launch as well as improving sales in pro golf clubs.

我們繼續看到 Tennis 360 的強勁發展勢頭，尤其是在北美、大中華區和亞太地區。由於 Dynapower 產品的成功推出以及專業高爾夫球桿銷售的提高，高爾夫業務實現了正成長。

Inflatables and baseball were both roughly flat as baseball bats returned to growth, offset by softer ball glove sales. All-in Racquet segment adjusted operating profit margin increased 270 basis points to 6.6%, primarily driven by higher gross margin, thanks to favorable product mix, channel and region mix. We had slight SG&A deleverage due to the continued investment in Tennis 360 and DTC.

由於棒球棒銷售恢復成長，充氣玩具和棒球的銷售量均基本持平，但棒球手套的銷售量較弱。整體球拍部門調整後的營業利潤率增加 270 個基點至 6.6%，主要由於良好的產品組合、通路和地區組合導致毛利率上升。由於對 Tennis 360 和 DTC 的持續投資，我們的銷售、一般及行政費用 (SG&A) 略有去槓桿。

Turning to the balance sheet. We ended the quarter with $515 million of net debt, down from $591 million at the end of Q4. Using the midpoint of our 2025 adjusted operating profit guidance, our net debt to adjusted EBITDA ratio was approximately 0.5x at the end of Q1. Following our $1 billion equity raise and debt paydown last December, our balance sheet is in a healthy position to support our company as we navigate tariffs and other external uncertainties. Looking forward, using excess cash to pay down debt, which carries non-deductible interest remains a high return usage of excess cash.

轉向資產負債表。本季末，我們的淨債務為 5.15 億美元，低於第四季末的 5.91 億美元。使用我們 2025 年調整後營業利潤指引的中點，我們第一季末的淨債務與調整後 EBITDA 比率約為 0.5 倍。繼去年 12 月籌集 10 億美元股權並償還債務後，我們的資產負債表狀況良好，可以支持公司應對關稅和其他外部不確定因素。展望未來，使用過剩現金償還帶有不可扣除利息的債務仍然是一種高回報的過剩現金用途。

We also exited the quarter in a solid inventory position, up 15% year over year, well below our 23% sales growth. Driven by strong profit growth and disciplined working capital management, we generated $164 million of operating cash flow in the first quarter of 2025. And for the full year of 2025, we expect to generate solid operating cash flow growth from the 2024 levels.

本季結束時，我們的庫存狀況依然穩健，年成長 15%，遠低於 23% 的銷售額成長率。在強勁的利潤成長和嚴格的營運資本管理的推動下，我們在 2025 年第一季產生了 1.64 億美元的營運現金流。對於 2025 年全年而言，我們預計經營現金流將在 2024 年的基礎上穩健成長。

Now moving to tariffs and guidance. There are several factors that give me confidence that we are well positioned to manage through a variety of tariff scenarios, both near and long term. First, we have low exposure to the US, only 26% of revenues, and we enjoy a meaningful exposure to high-end consumers. Also, the high functional nature of our products creates personal engagement and a strong value equation for consumers. Thirdly, we believe the brands in our portfolio have significant untapped pricing power.

現在轉向關稅和指導。有幾個因素讓我相信，我們有能力應付短期和長期的各種關稅情境。首先，我們對美國的關注度較低，僅佔營收的 26%，我們對高端消費者的關注度很高。此外，我們產品的高功能性為消費者創造了個人化參與和強大的價值等式。第三，我們相信我們投資組合中的品牌擁有巨大的尚未開發的定價能力。

The vast majority of our growth the last several years has come from more units and not higher prices. Lastly, our clean balance sheet and strong cash flow dynamics give us the financial flexibility to weather macro challenges as they arise.

過去幾年我們的成長絕大部分來自於更多的銷量而不是更高的價格。最後，我們清晰的資產負債表和強勁的現金流動態為我們提供了財務靈活性，以應對可能出現的宏觀挑戰。

Given the upside in the first quarter and our continued operating and financial momentum and despite higher tariffs, we are raising our full year revenue and EPS expectations. This updated guidance assumes the current 30% tariff on goods arriving to the US from China and 10% tariffs on goods coming in from Rest of World will stay in place for the remainder of 2025. Given the mitigation strategies we already have underway, we expect the impact to our P&L from higher tariffs to be negligible this year. Our updated guidance implies slower growth in the second half than in the first half.

鑑於第一季的良好表現以及我們持續的營運和財務勢頭，儘管關稅有所提高，我們仍上調了全年收入和每股收益預期。該更新指南假設，在 2025 年剩餘時間內，對從中國到美國的商品徵收 30% 的關稅，對從世界其他地區到美國的商品徵收 10% 的關稅。鑑於我們已經實施的緩解策略，我們預計今年提高關稅對我們的損益的影響可以忽略不計。我們最新的指引意味著下半年的成長速度將低於上半年。

However, as we've said before, should strong trends continue and better-than-anticipated demand materialize, we believe we will be well positioned to deliver financial performance ahead of these expectations.

然而，正如我們之前所說，如果強勁的趨勢持續下去，並且需求好於預期，我們相信我們將能夠實現超出預期的財務表現。

Looking beyond 2025. we are confident in our ability to offset the vast majority of higher import tariffs under a wide range of scenarios through pricing, vendor renegotiations and supply chain maneuvers. Since the ultimate tariff outcome is still unknown, we thought it would be helpful to frame our US sourcing exposure. In 2024, US revenues represented 26% of group revenues. Sourcing from China to the US was approximately 8 points of the 26%. Vietnam was also 8. Rest of Asia was 6, Europe 3 and the Rest of World 1.

展望2025年後，我們有信心透過定價、供應商重新談判和供應鏈調整，在各種情況下抵銷絕大多數更高的進口關稅。由於最終的關稅結果仍不得而知，我們認為確定我們的美國採購風險將會有所幫助。2024年，美國收入佔集團收入的26%。從中國採購到美國的份額約佔26%中的8個百分點。越南也排名第八。亞洲其他地區為 6，歐洲為 3，世界其他地區為 1。

By brand, slightly more than half of the tariff exposure is in the Ball & Racquet segment, around 30% in Technical Apparel and the remainder in Outdoor Performance. All three segments, including Ball & Racquet are already implementing and executing measures to offset higher tariffs. In addition to partnering with vendors, retailers also understand the landscape and price increases are being accepted and implemented in the second half for those product categories most affected.

按品牌劃分，關稅影響的一半以上集中在球類和球拍領域，約 30% 集中在技術服裝領域，其餘則集中在戶外運動領域。包括 Ball & Racquet 在內的所有三個部門都已實施並執行措施以抵消更高的關稅。除了與供應商合作之外，零售商還了解形勢，對於受影響最嚴重的產品類別，價格上漲將在下半年被接受和實施。

One last perspective I want to share on tariffs. Even if the higher tariffs had remained in effect for the rest of the year or if they do return, i.e., China at 145% and Rest of World at the higher rates from before the 90-day pause, we were only anticipating a $0.05 impact from tariffs for the full year 2025 EPS after mitigation or approximately 100 basis points annualized. And over time, we believe we will be able to mitigate the majority of even the higher tariff rates.

我還想分享關於關稅的最後一個觀點。即使較高的關稅在今年剩餘時間內繼續有效，或者如果關稅真的恢復，即中國稅率為 145%，世界其他地區稅率與 90 天暫停期之前相同，我們預計關稅對 2025 年全年每股收益的影響僅為 0.05 美元，或年化影響約為 100 個基點。隨著時間的推移，我們相信我們將能夠減輕大部分甚至更高的關稅。

For the full year of 2025, we are raising our expectations for reported group revenue growth from 13% to 15% to 15% to 17%. We are now assuming a 150-basis-point drag from unfavorable FX impact at current exchange rates compared to the 250-point drag incorporated in our prior guidance. We are raising our Technical Apparel revenue growth guidance from approximately 20% to 20% to 22%, Outdoor Performance from low double digits to now mid-teens, and Ball & Racquet from low to mid-single digits previously to mid-single digits currently.

對於 2025 年全年，我們將集團報告營收成長預期從 13% 至 15% 上調至 15% 至 17%。我們現在假設，當前匯率的不利外匯影響將帶來 150 個基點的拖累，而我們先前的指導中則包含了 250 個基點的拖累。我們將技術服裝收入成長預期從約 20% 提高到 20% 至 22%，戶外性能收入成長預期從低兩位數提高到現在的中十幾位，球類和球拍收入成長預期從之前的低個位數提高到目前的中個位數。

We are keeping our adjusted gross margin expectations at 56.5% to 57% for the full year. We are maintaining our adjusted operating margin guidance of 11.5% to 12%. For the segments, we continue to expect an adjusted operating margin of approximately 21% for Technical Apparel, approximately 9.5% for Outdoor Performance and 3% to 4% for Ball & Racquet Sports. You should assume full year net finance cost of approximately $120 million and an effective tax rate of 30% to 32%. Other operating income and non-controlling interest will be approximately $10 million each.

我們將全年調整後的毛利率預期維持在 56.5% 至 57% 之間。我們維持調整後的營業利益率指引 11.5% 至 12%。對於各部門，我們繼續預期技術服裝部門的調整後營業利潤率約為 21%，戶外運動部門的調整後營業利潤率約為 9.5%，球類和球拍運動部門的調整後營業利潤率約為 3% 至 4%。您應該假設全年淨財務成本約為 1.2 億美元，有效稅率為 30% 至 32%。其他營業收入和非控制權益分別約為 1,000 萬美元。

We now expect adjusted diluted EPS of $0.67 to $0.72 versus our prior guidance of $0.64 to $0.69, which is based on approximately 560 million fully diluted shares. Also, we are assuming D&A of approximately $350 million, including approximately $180 million of ROU depreciation. CapEx is expected to be approximately $300 million, primarily to support new store expansion, ERP optimization and distribution and logistics investments.

我們現在預計調整後的稀釋每股收益為 0.67 美元至 0.72 美元，而我們先前的預測為 0.64 美元至 0.69 美元，基於約 5.6 億股完全稀釋股份。此外，我們假設 D&A 約為 3.5 億美元，其中包括約 1.8 億美元的 ROU 折舊。資本支出預計約 3 億美元，主要用於支持新店擴張、ERP 優化以及分銷和物流投資。

Turning to the second quarter. We expect reported revenue growth for the group in the range of 16% to 18%. We expect adjusted gross margin to be approximately 57% to 58% in Q2 and adjusted operating profit between 3% and 4%. Our net finance cost for the quarter should fall between $25 million and $30 million and the effective tax rate should be 30% to 32%. We expect adjusted diluted EPS of $0.00 to $0.02 per share.

轉向第二季。我們預計該集團報告的收入成長率將在 16% 至 18% 之間。我們預計第二季調整後的毛利率約為 57% 至 58%，調整後的營業利潤在 3% 至 4% 之間。本季我們的淨財務成本應在 2,500 萬美元至 3,000 萬美元之間，有效稅率應在 30% 至 32% 之間。我們預計調整後的稀釋每股收益為 0.00 美元至 0.02 美元。

As we've said in the past, should strong trends continue and higher-than-expected demand materialize, we will be well positioned to deliver financial performance ahead of these expectations.

正如我們過去所說的那樣，如果強勁的趨勢持續下去並且高於預期的需求成為現實，我們將處於有利地位，實現超出預期的財務業績。

With that, I'll turn it back to the operator for questions.

說完這些，我將把問題轉回給接線生。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Congrats on another great quarter. So James, on your broad-based strength, as we think about the competitive advantages, could you walk through operating from a portfolio approach in this backdrop and just what that provides? And then brand specific, could you elaborate on momentum at Salomon and white space you see to scale this brand?

恭喜您又一個出色的季度。那麼詹姆斯，關於你的廣泛優勢，當我們考慮競爭優勢時，你能否在這種背景下從投資組合方式進行運營，以及它能帶來什麼？然後針對品牌，您能否詳細說明 Salomon 的發展勢頭以及您認為可以擴大該品牌規模的空白？

And Stuart, on Arc'teryx, any change as we think about the omni-comp strength into the second quarter relative to high teens you saw in the first quarter?

斯圖爾特，關於 Arc'teryx，我們認為第二季的全能複合材料實力相對於第一季的高成長有什麼變化嗎？

Okay. Thanks, Matt. Okay. First of all, I will say Amer Sports is really a unique portfolio company, sporting goods company from a very unique portfolio of brands in the market. So we are different from other sporting goods companies.

好的。謝謝，馬特。好的。首先，我要說的是，Amer Sports 是一家真正獨特的投資組合公司，是一家由市場上非常獨特的品牌組合組成的運動用品公司。所以我們與其他體育用品公司不同。

So all the brands we own, they all got a distinguished proposition in the market and with a very strong high technical product pipeline offered to the market to adjust the different level of the sports participants (inaudible). So I think this kind of a unique proposition gives us a very strong competitive edge in the market.

因此，我們旗下的所有品牌都在市場上擁有獨特的地位，並擁有強大的高科技產品線，可以滿足不同程度的運動參與者的需求。（聽不清楚）。所以我認為這種獨特的主張使我們在市場上擁有非常強大的競爭優勢。

And also, especially on the premium segment, outdoor categories, we really see a strong demand in cross-border in the world, especially in Asia and China and more and more consumers participating in outdoor activities. And our products, Arc'teryx and Salomon really address the strong demand from the market. So we feel very good on our overall proposition today in the market.

此外，特別是在高端戶外類別領域，我們確實看到全球跨境需求強勁，尤其是在亞洲和中國，越來越多的消費者參與戶外活動。我們的產品 Arc'teryx 和 Salomon 確實滿足了市場強勁的需求。因此，我們對目前市場上的整體主張感到非常滿意。

On the other side, really look at the Salomon in Q1 results. And we are also really happy to see our soft goods business growing from Salomon brands and especially on (inaudible) footwear, okay? So we created a new category we call the modern outdoor sneakers, which really address very special needs in the market. This kind of a unique position help us to attract kind of new groups of outdoor levers, I mean, especially for female, younger female consumers group. So we create the right (inaudible) and very unique on our sneaker markets.

另一方面，認真看看所羅門公司第一季的業績。我們也很高興看到我們的軟商品業務從 Salomon 品牌不斷成長，特別是（聽不清楚）鞋類，好嗎？因此，我們創造了一個新的類別，我們稱之為現代戶外運動鞋，它真正滿足了市場上非常特殊的需求。這種獨特的定位幫助我們吸引新的戶外群體，特別是女性、年輕的女性消費者群體。因此，我們在運動鞋市場上創造了正確（聽不清楚）且非常獨特的產品。

And we received tremendous positive feedback, not only from Asia Pacific, but also in Europe and the US at the starting base and the people are looking for the kind of attractive offers to the market, and they really enjoy the products we offer to them. We call it real technical products with very nice designs to address the kind of the needs for our consumers for both on the sports activities and also the lifestyle environment. So I think it's a quite unique position. And we see a very -- we also see a very strong runway for that.

我們收到了大量的正面回饋，不僅來自亞太地區，也來自歐洲和美國，人們正在尋找對市場有吸引力的產品，他們真的很喜歡我們提供給他們的產品。我們稱之為真正的科技產品，具有非常精美的設計，可以滿足消費者對身體活動和生活環境的需求。所以我認為這是一個非常獨特的立場。我們也看到了非常強勁的發展動能。

Stuart, you also can comment on the Arc'teryx side.

斯圖爾特，你也可以對 Arc'teryx 方面發表評論。

Yes. Thanks, James. Yes, Matt, the comp in the quarter was really solid, plus 19 omni-comp. That's comparing against a 36% last year. That is the highest comparison that we'll have in '25.

是的。謝謝，詹姆斯。是的，馬特，本季的業績確實很穩健，另外還有 19 家全能公司。相比之下，去年這一比例為 36%。這是我們在 25 年所取得的最高成績。

The comp comparisons moderate for the balance of the year. And I would just add, it was a traffic-driven comp, we had really strong solid conversion, but the upside is really driven from traffic increases, which we think reflects the momentum of the brand and just the investments we've made in community and brand marketing and the expansion of our store fleet.

今年餘下的同類比較則較為溫和。我想補充一點，這是一家由流量驅動的公司，我們的轉換率確實非常強勁，但真正的好處是流量增加，我們認為這反映了品牌的發展勢頭以及我們在社區和品牌營銷以及門店擴張方面所做的投資。

And the brand stores continue to perform well. We're seeing expansion in productivity across every region. We're really pleased with how our stores are performing. Also pleased with the traction that we're seeing in e-commerce. So the -- every signal from the market is positive.

品牌店繼續表現良好。我們看到各個地區的生產力都在不斷提高。我們對我們的商店的表現感到非常滿意。我們也對電子商務領域所取得的進展感到高興。因此，來自市場的每個訊號都是正面的。

And yes, we're excited for what the balance of the year looks like.

是的，我們對今年的平衡感到興奮。

The only thing I would say is in the first quarter, there was a drag on the omni-comp as it relates to our outlet sales. Our outlet sales were lower in both China and North America as we had a stronger full price business, and we chose to pull back on how much inventory we're pushing through our outlets. So we view that as a very positive factor. It speaks to the high-quality full-price nature of our business that we want to continue to increase.

我唯一想說的是，在第一季度，全通路銷售因與我們的直銷店銷售相關而受到了拖累。由於我們的全價業務更強勁，我們在中國和北美的直銷店銷售額均有所下降，並且我們選擇減少透過直銷店推銷的庫存。因此我們認為這是一個非常積極的因素。這體現了我們業務的高品質全價特性，我們希望繼續提高這一特性。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

It sounds like your confidence in broad-based growth for Salomon is growing. Are there any technical reasons that attributed to the outside growth in 1Q? Or do you believe that the momentum observed in the quarter is sustainable? As you look on a multiyear horizon, what margin profile do you think that this business can achieve?

聽起來您對所羅門兄弟全面增長的信心正在增強。第一季外部成長是否有技術原因？或者您認為本季觀察到的勢頭是可持續的？從多年期來看，您認為這項業務可以達到什麼樣的利潤率？

Thanks, Brooke. It's Andrew. Yes. I mean we are on track and doing what we had always set ourselves up to do. I mean to your question around, do we believe it's sustainable?

謝謝，布魯克。我是安德魯。是的。我的意思是，我們正走在正確的軌道上，做著我們一直設定要做的事情。我的意思是，對於你的問題，我們是否相信它是可持續的？

I mean we've raised our guidance for the full year as it relates to Salomon Outdoor Performance. So we're pretty excited about it. We always understood that we had great product. We obviously had to operationalize our commercial go-to-market strategy, get our teams in place. You saw the brand really driving momentum in Asia Pac and Greater China, and it's continuing with both of those regions up over 60%.

我的意思是，我們提高了與 Salomon Outdoor Performance 相關的全年指引。所以我們對此感到非常興奮。我們始終明白，我們擁有優秀的產品。顯然，我們必須實施我們的商業市場進入策略，並組成我們的團隊。您會看到該品牌在亞太地區和大中華區真正推動了發展勢頭，並且這兩個地區的成長勢頭都超過了 60%。

And in Europe, you continue to see the brand picking up momentum there as well. And it's outside of not only our performance, but as well as our sports style and we're doing more with our key strategic partners. We talked about this kind of in May of last year, signing up some key strategic partners that we're able to do more with.

在歐洲，你也會看到該品牌繼續蓬勃發展。這不僅體現在我們的表現上，也體現在我們的運動風格上，而且我們正在與我們的主要策略夥伴做更多的事情。我們在去年五月就討論過這個問題，並簽約了一些關鍵的策略夥伴，以便我們能夠進行更多合作。

And then as you move regionally to North America, that continues to be our less mature market, but we definitely have the leadership team in place and we are starting to penetrate key accounts that we'd like to continue to see the brand -- see the brand continue to grow it. But as we talked about, I mean, our DTC is a leading indicator for what we think that brand can do and the conversion there and the attachment to the consumers is pretty strong. So we're excited about what we see for Salomon footwear.

然後，當您將區域轉移到北美時，這仍然是我們不太成熟的市場，但我們肯定已經擁有領導團隊，我們開始滲透到關鍵客戶，我們希望繼續看到品牌 - 看到品牌繼續發展。但正如我們所說的，我們的 DTC 是我們認為品牌可以做什麼的領先指標，而且那裡的轉換率和對消費者的依戀度相當強。因此，我們對 Salomon 鞋類產品的表現感到非常興奮。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

I'm going to be the third person to ask about Salomon. You've raised out our performance category to grow mid-teens for FY '25. With winter goods, I think, Andrew, I think you said you guided to grow low single digits for this year. Is it fair to assume that it implies that soft goods can grow 20% this year? And longer term, James, you called out that sneakers, Salomon sneakers reached $1 billion in sales last year.

我將成為第三個詢問 Salomon 的人。您已將我們的績效類別提升至 25 財年的十五六成成長。安德魯，我想，就冬季商品而言，我認為你說過今年的預期成長率將達到個位數以下。這意味著今年軟商品的銷售量可以成長 20%，這種假設合理嗎？從長遠來看，詹姆斯，您說去年 Salomon 運動鞋的銷售額達到了 10 億美元。

You mentioned it's still tiny relative to the market. Can Salomon sneakers double over the next five years?

您提到，相對於市場而言，它仍然很小。未來五年內 Salomon 運動鞋的銷量能否翻倍？

Yes. So great question. I appreciate it. We've not necessarily given specific long-term growth targets. But what I will say is that we have a great product.

是的。這個問題問得真好。我很感激。我們不一定會給出具體的長期成長目標。但我要說的是，我們的產品非常棒。

You can see the margin profile of Salomon footwear, Salomon soft goods, really starting to inflect. We talked about the fact that as soft goods within the Outdoor Performance grows, you're going to see margin accretion, which you saw strong margin accretion, the gross margin in the first quarter and even operating margin. And operating margin up almost 1,000 points in Outdoor Performance, two-thirds of that was in gross margin, about 1/3 of that SG&A, which continues to speak to the fact that as we over deliver top line, you have a really strong effect coming down to the bottom line.

您可以看到 Salomon 鞋類、Salomon 軟商品的利潤狀況確實開始改變。我們談到了這樣一個事實：隨著戶外用品領域的軟商品成長，你會看到利潤率的成長，第一季的毛利率甚至營業利潤率都有強勁的成長。戶外性能業務的營業利潤率上升了近 1,000 個百分點，其中三分之二來自毛利率，約佔銷售、一般及行政費用的三分之一，這繼續說明，隨著我們超額完成頂線任務，底線業務將受到非常強烈的影響。

The $1 billion that Salomon is, that's $1 billion on a $180 billion sneaker market. And we believe that we have the product, we have the same and that can disrupt and take meaningful share within this business. I mean within this market. So we're excited about it. Again, you'll continue to -- you saw the margin inflection as we grow that soft goods business.

薩洛蒙價值 10 億美元，在價值 1,800 億美元的運動鞋市場中，這 10 億美元是其中的一部分。我們相信，我們擁有同樣的產品，可以顛覆這個產業並佔據有意義的份額。我指的是在這個市場內。所以我們對此感到很興奮。再說一次，隨著我們軟商品業務的成長，你會看到利潤率持續下降。

And we believe that, that margin inflection reflects the longer-term profile that we will continue to benefit from.

我們相信，利潤率的變化反映了我們將繼續受益的長期狀況。

Very helpful. Maybe just a follow-up question on housekeeping for the model. Andrew, you're maintaining your gross margin for the year. But underlying, I think you talked about 100 basis points on an annualized basis, the impact from tariffs. Maybe just unpacking a little bit like under the hood, what are the moving pieces versus 90 days ago?

非常有幫助。也許只是關於模型管理的一個後續問題。安德魯，你今年的毛利率維持不變。但從根本上講，我認為您談論的是關稅的影響，按年率計算為 100 個基點。也許只是稍微打開一下引擎蓋，看看與 90 天前相比，有哪些變化？

Is it like 50 bps from tariffs and then 50 bps just better performance in the overall business?

這是否意味著關稅降低 50 個基點，然後整體業務表現再提高 50 個基點？

Yes. Thanks for the question. Just let me just kind of reiterate some of my prepared remarks on tariffs. Our assumptions in -- for 2025 guidance is that the 30% tariff on China and 10% Rest of the World remain in place. The burden on our 2025 P&L is negligible.

是的。謝謝你的提問。請容許我重申我準備好的關於關稅的一些發言。我們對 2025 年的指導假設是，對中國徵收 30% 的關稅，對世界其他地區徵收 10% 的關稅。這對我們 2025 年的損益表造成的負擔可以忽略不計。

We have -- after our mitigation initiatives, I thought it would be prudent to kind of contextualize had the higher tariffs stayed in place or if things go backwards, i.e., China at 145%, Rest of World at 30% and 40%, that was -- that's where the 100-basis-point annualized drag would come from. So over time, we believe that we -- the levers that I talked about, whether it be pricing, re-resourcing, vendor management that over time, we could neutralize the 100-basis-point drag.

在我們採取緩解措施之後，我認為，明智的做法是進行背景分析，看看是否繼續維持較高的關稅，或者情況是否出現倒退，即中國關稅為 145%，世界其他地區關稅為 30% 和 40%，這就是 100 個基點的年化拖累的來源。因此，隨著時間的推移，我們相信——我談到的槓桿，無論是定價、重新資源配置還是供應商管理，隨著時間的推移，我們都可以抵消 100 個基點的拖累。

So when you look at our gross margin for the remainder of the year, we, obviously, we had a strong first quarter. There is a meaningful amount of uncertainty still left in the market. And we believe that the guidance for the rest of the year is prudent. It's responsible, given the uncertainty that's out there. But like I said, I mean, we felt convicted and confident in our mitigation initiatives.

因此，當您查看今年剩餘時間的毛利率時，顯然，我們第一季表現強勁。市場上仍然存在相當多的不確定性。我們相信，今年剩餘時間的指引是審慎的。考慮到存在的不確定性，這是負責任的。但就像我說的，我們對我們的緩解措施充滿信心。

And from a bottom line perspective, the impact on tariffs based upon where tariffs stands today is negligible.

從底線角度來看，基於當前關稅水平，對關稅的影響可以忽略不計。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

This is (inaudible) on for Alex. I'd like to touch on Ball & Racquet. My first question is on store growth of 189% in the quarter. What portion of those store openings were in China? And how do you think about the sustainability of Wilson store openings beyond 2025 in the region?

這是（聽不清楚）為亞歷克斯準備的。我想談談球和球拍。我的第一個問題是關於本季門市成長 189% 的問題。其中有多少家新開店位於中國？您如何看待 2025 年以後 Wilson 在該地區開設門市的可持續性？

And then my second question is on Ball & Racquet profitability. You saw a nice improvement in margin in 1Q. What pushes margin back to the mid-single-digit levels or beyond that you've seen in previous years?

我的第二個問題是關於 Ball & Racquet 的獲利能力。您會看到第一季的利潤率有了顯著提高。什麼因素將利潤率推回前幾年的中等個位數水準或更高？

Yes. So the store growth related to Ball & Racquet is primarily -- all of that has been -- mostly all of that is in Asia and Greater China. So that's where you see the store growth. Remember, that's an environment that is very receptive to the mono brand retail format. It works very well.

是的。因此，與 Ball & Racquet 相關的門市成長主要集中在亞洲和大中華區。這就是您看到商店增長的地方。請記住，這是一個非常容易接受單一品牌零售模式的環境。效果非常好。

Our team is very astute at running that, and that's what your -- that's the store growth that you see.

我們的團隊非常精明地經營這一點，這就是您所看到的商店成長。

From a profitability perspective, I think what gets us back is continuing to scale our investment. We are investing in our Tennis 360 concept. We believe that we have the authority to play there, and we will continue to drive that business. And so what's happening is once you see that reach scale, then you'll start to see the profitability and Ball & Racquet return. So yes, so we're excited about the direction that we're going in.

從獲利角度來看，我認為讓我們獲得回報的方法是繼續擴大投資。我們正在投資我們的 Tennis 360 概念。我們相信我們有權在那裡開展業務，並且我們將繼續推動這項業務。所以，一旦你看到達到規模，你就會開始看到獲利能力和 Ball & Racquet 的回報。是的，我們對我們前進的方向感到興奮。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

I'll add my congrats on a nice quarter. Maybe, Stuart, just another way to ask you about the omni-comp, the 19% in Technical Apparel. I know it slowed a little bit from last quarter, but you mentioned the big comparison from a year ago. You mentioned the outlet pullback. I'm wondering if you could speak to whether there was any pull forward or change in the cadence of important product launches for the winter and maybe the progression of how you see that comp evolving through the year, including like impactful launch cadence, impactful launches for the brand the rest of the year.

我要對本季的良好表現表示祝賀。斯圖爾特，也許這只是另一種方式來詢問你有關全能公司，即技術服裝中的 19% 的情況。我知道它比上一季度有所放緩，但您提到了與一年前相比有很大的差異。您提到了出口回撤。我想知道您是否可以談談冬季重要產品發布的節奏是否有所提前或變化，以及您如何看待該公司在全年的發展進程，包括有影響力的發布節奏、今年剩餘時間內品牌的有影響力的發布。

And then I'm just curious on the comment that we're going to close some Arc'teryx partner stores in China to open larger format. Can you just talk about the strategy there from an ROI standpoint? Obviously, partner doors are probably capital-light to run. Maybe just walk us through the opportunity or what the financial prize is for investors as you shift to a larger format.

然後我只是對我們將關閉中國一些 Arc'teryx 合作商店並開設更大門市的評論感到好奇。您能從投資報酬率的角度談談那裡的策略嗎？顯然，合作夥伴入口網站的運作可能需要較少的資金。也許只是向我們介紹這個機會，或者當您轉向更大規模時，投資者可以獲得什麼樣的財務獎勵。

Yes. Thanks, Michael. So yes, I think it's a good call out on the product and how it influences just revenue broadly, and that's obviously reflected in the omni-comp. We're very confident in the outlook that we've shared for the year that Andrew described. We've made improvements in our in-stock positions across a number of categories, footwear in particular.

是的。謝謝，麥可。所以是的，我認為這對產品以及它如何廣泛影響收入進行了很好的說明，這顯然反映在全能公司中。我們對安德魯所描述的今年的前景非常有信心。我們對多個類別的庫存情況進行了改進，尤其是鞋類。

We've seen a stronger position as we entered the year. We learned a lot from last year. We were really excited to see strong footwear trends in the first quarter. Our footwear was up 41% on top of the launch of the three new models last Q1 with the success that we're seeing now in the Norvan LD 4, which was up 163% to plan as part of the launch. That's easily our largest footwear model.

進入新的一年，我們的地位更加穩固。我們從去年學到了很多。我們非常高興地看到第一季鞋類趨勢強勁。繼去年第一季推出三款新鞋款之後，我們的鞋類產品銷量上漲了 41%，其中 Norvan LD 4 取得了巨大成功，比當初的計劃銷量上漲了 163%。這無疑是我們最大的鞋類模型。

Vertex Speed was also very successful in the first quarter. So that will continue to be an important part of the growth story, still leading our product category growth. We'll have a couple of new model launches later in the year, the Konseal (inaudible) shoe and the (inaudible) trail shoe and the Kragg also continues to be a hot model as well. So much better positioned from a footwear standpoint.

Vertex Speed 在第一季也取得了巨大的成功。因此，這將繼續成為成長故事的重要組成部分，並繼續引領我們產品類別的成長。我們將在今年稍後推出幾款新款，Konseal（聽不清楚）鞋和（聽不清楚）越野鞋，而 Kragg 也將繼續成為熱門款式。從鞋類的角度來看，定位更加有利。

Where we've seen continued exciting demand, the Gamma franchise, in particular, we really haven't found the edge of demand yet for the Gamma. It actually moved up. It's the second largest franchise behind the Beta now for us. And so it's exciting to see the momentum in the Gamma. It's a great product.

我們看到持續令人興奮的需求，特別是 Gamma 系列，我們實際上還沒有找到 Gamma 的需求邊緣。它實際上上升了。對我們來說，它是目前僅次於 Beta 的第二大特許經營權。因此，看到 Gamma 的發展勢頭令人興奮。這是一個很棒的產品。

It's versatile. It works in many different climates. We think this has a lot of room to continue to expand and importance in our overall assortment. As I said, we're fighting out of stocks in the Gamma. We see that as potential into the future.

它用途廣泛。它可以在多種不同的氣候條件下發揮作用。我們認為這在我們的整體產品組合中具有很大的擴展空間和重要性。正如我所說，我們正在為 Gamma 的股票短缺而戰。我們認為這是未來的潛力。

And our women's business was up 38% in the first quarter, second behind footwear, we're seeing great momentum there. You heard James mention the success that we saw in the women's pants, the Clarkia pants in particular was up more than double in the first quarter. We're chasing demand there as well. So success in our women's strategy. And overall, we did see some out of stocks also in the first quarter in certain hard shell jackets that we just didn't buy enough into.

我們的第一季女裝業務成長了 38%，僅次於鞋類，我們看到了強勁的發展勢頭。您聽到詹姆斯提到了我們在女褲上看到的成功，尤其是 Clarkia 褲子，其銷量在第一季度增長了一倍多。我們也在追逐那裡的需求。因此我們的女性策略取得了成功。整體而言，我們確實發現第一季某些硬殼外套出現了缺貨現象，因為我們購買的量不夠。

So overall, I think our in-stock is better this year than last year, but opportunities in the areas I just mentioned.

所以總的來說，我認為我們今年的庫存比去年好，但我剛才提到的領域也有機會。

Shifting to your other question around partner doors in China. That continues to be an opportunity for us to elevate the execution in China to move to better locations that better represent the premium nature of the brand, expanding the square footage when we do that. So we see this as a theme of higher quality execution and upside as we convert those from essentially a wholesale to an owned location. You get multiple layers of benefit in terms of larger store, more productive, better execution and then just the accounting of going from wholesale to own. So that's a theme that we'll have for the next few years actually in China.

轉到您關於中國合作夥伴入口網站的另一個問題。這對我們來說仍然是一個機會，我們可以提昇在中國的執行力，將門市遷至更好的地點，以更好地體現品牌的高端特質，同時擴大門市面積。因此，當我們將其從批發場所轉變為自有場所時，我們將此視為更高品質執行和上升空間的主題。您可以獲得多層次的利益，包括更大的商店、更高的生產力、更好的執行力，以及從批發到自有的會計。這就是我們未來幾年在中國的主題。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Andrew, I want to follow up on the full year outlook. When you look to the second half of the implied performance, it looks like limited profit growth and a margin decline that's embedded. So I just want to ask how you're embedding after a pretty strong start to the year here versus a prudent approach to forecasting and some of the assumptions you've made?

安德魯，我想跟進全年的展望。當你觀察下半年隱含業績時，你會發現利潤成長有限，利潤率下降。所以我只想問一下，在經歷了今年相當強勁的開局之後，您是如何採取謹慎的預測方法以及您做出的一些假設的？

Yes. Thanks for the question, Jonathan. First quarter was strong. And as I look through -- as we look through how we're trending out, we can -- the trends continue to be strong. That being said, like I talked about, there is a meaningful amount of uncertainty out there.

是的。謝謝你的提問，喬納森。第一季表現強勁。當我回顧——當我們回顧我們的發展趨勢時，我們可以發現——趨勢仍然強勁。話雖如此，正如我所說的，外面仍然存在著大量的不確定性。

We believe that focusing on the things that we can control are -- is really important. As you know, the macro uncertainties with not only the tariffs, but what could go on in the environment. We're focused on the things that we can control. We believe that we put a (inaudible) here that's really responsible, that puts more things that are controlled than the macro. And if the macro should turn sour things that we are not anticipating out there, we believe that we'll be able to navigate multiple scenarios out there.

我們相信，專注於我們能夠控制的事情非常重要。如你所知，宏觀不確定性不僅在於關稅，還在於環境因素。我們專注於我們能夠控制的事情。我們相信，我們在這裡放置了一個真正負責任的（聽不清楚），它比宏觀控制了更多的東西。如果宏觀經濟出現我們未曾預料到的糟糕情況，我們相信我們能夠應對多種情況。

So our guide infers a slowdown, our guidance for the slowdown in the back half, and we believe that, that is responsible, given the amount of uncertainty that we cannot control.

因此，我們的指南推斷出經濟將放緩，我們對下半年經濟將放緩的預測，我們認為，考慮到我們無法控制的不確定性，這是負責任的。

Okay. Understood. And just one follow-up on Salomon. The wholesale business there, I know had been negative for some time and just recently turned positive. So just any more color on the visibility you see in wholesale given the accelerating overall momentum?

好的。明白了。這只是對 Salomon 的一次後續報道。我知道那裡的批發業務一段時間以來一直處於低迷狀態，最近才開始轉好。那麼，鑑於整體勢頭不斷加速，您對批發業務的可見性還有什麼看法嗎？

Yes. Jonathan, the Salomon wholesale business is mainly driven by our core region, which is Europe, okay? So it's the last region for our Salomon footwear business. And we saw a great momentum also at the beginning of the year in terms of our sales growth in the various channels in Europe, okay, and which give us very strong confidence for our retail partners. And the reorder also accelerated in the first quarter.

是的。喬納森，薩洛蒙的批發業務主要由我們的核心地區，也就是歐洲推動，好嗎？這是我們 Salomon 鞋類業務的最後一個地區。今年年初，我們在歐洲各通路的銷售成長也呈現強勁勢頭，這讓我們對零售合作夥伴充滿信心。第一季的再訂貨量也加速了。

And also our future order booking also see a very positive movement for the second half of this year. So it's very encouraging.

而且我們未來的訂單量在今年下半年也會有非常正面的變化。這非常令人鼓舞。

And also that kind of a trend we believe will carry on because based on our new product offers to the market for both sports style and sports performance products, it's really resonating the market trends and also give us a good level of confidence for our partners.

而且我們相信這種趨勢將會持續下去，因為基於我們向市場推出的運動風格和運動性能產品的新產品，它確實引起了市場趨勢的共鳴，也為我們的合作夥伴帶來了良好的信心。

Yes. I will just double down in on that. If you think about sports style as an example, our XT-Whisper, sports style was always a strong franchise. Our XT-Whisper was the most successful sports style launch within that franchise. Similarly, our Aero Glide 3, just a very, very successful launch in our performance category.

是的。我會加倍努力。以運動風格為例，我們的 XT-Whisper 運動風格一直是個強大的品牌。我們的 XT-Whisper 是該系列中最成功的運動風格產品。同樣，我們的 Aero Glide 3 在我們的性能類別中也是一款非常非常成功的產品。

So not only are the strategic relationships and the wholesale relationship getting stronger with the brand in Europe, but also the franchises are resonating extremely well with consumers and giving us momentum and confidence to go forward.

因此，不僅與歐洲品牌的策略關係和批發關係越來越強大，特許經營權也與消費者產生了極好的共鳴，並給了我們前進的動力和信心。

Operator, we have time. Since we went over on the tariff commentary, maybe time for a couple more questions.

接線員，我們還有時間。既然我們已經討論了關稅評論，也許還有時間再問幾個問題。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Stuart, maybe can you elaborate a little bit on the opportunity in the women's business? James made some comments that, that business was really growing nicely. Can you just maybe talk about what you've learned in the last 90 days and what kind of potential you see long term for the women's business in Arc'teryx?

斯圖爾特，您能否稍微詳細說明女性事業的機會？詹姆斯評論說，業務確實發展得很好。您能否談談過去 90 天您學到了什麼，以及您認為 Arc'teryx 女裝業務的長期潛力如何？

Yes, it's -- we really see this as a strong growth driver for our business. We're underpenetrated in women's as we have focused on improving our color, our fit and our choice for our female guests. We're really seeing traction. And the colored investment in the first quarter really paid off. We saw a much stronger color presentation and higher sell-through as a result.

是的，我們確實將其視為我們業務的強勁成長動力。由於我們專注於改善服裝的顏色、款式和為女性客人提供的選擇，因此我們在女裝方面的滲透率較低。我們確實看到了發展勢頭。第一季的彩色投資確實獲得了回報。結果，我們看到了更強烈的色彩呈現和更高的銷售量。

I mentioned the Clarkia pants, which has been a runaway hit for us with our women's assortment and excited to chase that. It really could be exponential growth for us as we crack into a part of the assortment, that's really a new add for us.

我提到了 Clarkia 褲子，它是我們女裝系列中非常受歡迎的一款產品，我們很高興能夠繼續保持這一勢頭。當我們打入某個產品類別時，這確實可以為我們帶來指數級增長，這對我們來說確實是一個新的補充。

The Gamma was really successful in women's as well as men's and that's sort of right in our wheelhouse in outerwear and something that we've been able to find a fit and a model design that really appeals to our female guests. And something I would add is, we had -- you heard James mentioned our Mammoth Academy in California. This was a huge success, and we saw 49% of the participants in that where women. And over 70% of the content that we generated coming out of that was aimed at our female guests.

Gamma 在女裝和男裝方面都非常成功，這正好符合我們在外套領域的強項，而且我們能夠找到真正吸引女性客人的合身款式和模型設計。我想補充的是，我們有——你聽到詹姆斯提到了我們位於加州的猛獁學院。這是一次巨大的成功，我們發現 49% 的參與者是女性。我們製作的 70% 以上的內容都是針對女性來賓的。

So there's just -- there's a lot of momentum, not only from a product category standpoint, but also just as we're building community and engaging with our female guests. We see this as a huge potential to have a balanced business. Ultimately, we see the potential to see our guests 50-50 between men's and women's. So it's something that we feel we have good momentum, as I said, 38% growth in women's in the quarter, second only to footwear, and we expect that to continue.

因此，不僅從產品類別的角度來看，而且在我們建立社區和與女性客人互動時，都有很大的發展勢頭。我們認為這對於實現業務平衡具有巨大的潛力。最終，我們看到了男女客人比例達到 50% 的潛力。因此，我們感覺我們擁有良好的發展勢頭，正如我所說，本季女裝銷售額增長了 38%，僅次於鞋類，我們預計這種勢頭將持續下去。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Curious if you could talk about your [AURs] in the Salomon footwear business and just where within that assortment, you're seeing the greatest strength and growth?

好奇您是否可以談談 Salomon 鞋類業務的 [AUR]，以及在該系列中您看到的最大優勢和增長在哪裡？

And then second, curious if you saw on the [air pockets] over the last several months in any of the businesses just tied to all the tariff news? And if so, which segments, which regions?

第二，好奇的是，在過去幾個月裡，您是否看到任何與關稅新聞相關的企業出現[氣泡]？如果是的話，是哪些部分、哪些地區？

Paul, you're a little -- coming through a little bit muffled. Can you repeat? The first question was about Salomon AUR? And the second --

保羅，你說話有點含糊不清。你能重複一遍嗎？第一個問題是關於 Salomon AUR 的？第二個--

Yes, Salomon -- Salomon AUR, just where within the assortment you're seeing the greatest strength and growth?

是的，Salomon——Salomon AUR，您認為哪個產品系列中的優勢和成長最顯著？

Yes. Yes. With regard to the greatest strength and growth, I mean, we believe that both our performance category and our sport styles category are very strong. From a growth perspective, we continue to see sports style as the biggest growth driver. Performance is more mature, but sports style is the biggest growth driver.

是的。是的。關於最大的優勢和成長，我的意思是，我們相信我們的性能類別和運動風格類別都非常強大。從成長角度來看，我們仍然認為運動風格是最大的成長動力。性能更加成熟，但運動風格才是最大的成長動力。

Now what I will say is that the -- even within the performance category, our [GRVL] franchise, which both has a running and a gravel platform were very, very, very successful launches. So we're super excited about sports style as a category. We're super excited about gravel and running as a performance within our performance section.

現在我想說的是——即使在性能類別中，我們的 [GRVL] 特許經營權，既有跑步平台，也有礫石平台，都是非常非常成功的推出。因此，我們對運動風格這個類別感到非常興奮。我們對在表演部分中表演礫石和跑步感到非常興奮。

You talked about our average units at retail. I mean we haven't given that information. But what I will say is that our -- both our [AOV] and our ASPs are picking up with both of these franchises and going in the right direction.

您談到了我們零售的平均單位數。我的意思是我們還沒有提供該資訊。但我想說的是，我們的 [AOV] 和 ASP 都在隨著這兩個特許經營權的發展而進步，並且朝著正確的方向發展。

And Paul, there was a second part to your question related to tariffs. Did I hear that right?

保羅，你的問題的第二部分與關稅有關。我沒聽錯吧？

Yes. Just curious if you saw any [air pockets] over the last several months in any of your businesses just tied to the whole tariff news?

是的。我只是好奇，在過去的幾個月裡，您是否發現您的任何一家企業因整個關稅新聞而出現任何[氣泡]？

No. No. We -- as we said, we're -- we continue broad-based strength across the portfolio that you saw in the recent quarters and especially this most recent quarter continued so far. So I don't know that we're going to be the leading indicator on the macro, but we haven't seen any air pockets yet.

不。不。正如我們所說，我們將繼續保持投資組合在最近幾個季度，尤其是最近一個季度所見的廣泛強勢。所以我不知道我們是否會成為宏觀的領先指標，但我們還沒有看到任何氣泡。

And that concludes our question-and-answer session. I will now turn the call back over to management for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給管理階層，請他們作最後發言。

Thanks, everyone, for joining. Look forward to reconnecting in 90 days for our second quarter results. Have a great week.

謝謝大家的參與。期待 90 天後重新聯繫並公佈我們的第二季業績。祝您有個愉快的一周。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。