Amer Sports Inc (AS) 2025 Q2 法說會逐字稿

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

感謝您的支持，歡迎參加 Amer Sports 2025 財年第二季財報電話會議。（操作員指示）謝謝。

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 second quarter of fiscal year 2025. Earlier this morning, we announced our financial results for the quarter ended June 30, 2025, and the release can be found on our IR website, investors.amersports.com.

歡迎大家。感謝您參加 Amer Sports 2025 財年第二季財報電話會議。今天早些時候，我們公佈了截至 2025 年 6 月 30 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 certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only. They are subject to certain risks and uncertainties that cause actual results to differ materially. Please see the safe harbor statements 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某些前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念。它們受到某些風險和不確定性的影響，導致實際結果有重大差異。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 a.m. Eastern. James will cover key operational and brand highlights. Then Andrew will provide a financial view at both the group and segment level and also walk through our guidance for the third quarter and full year 2025. Arc’teryx CEO, Stuart Haselden, will join for the Q&A session.

我們將首先由執行長 James Zheng 和財務長 Andrew Page 發表準備好的講話，然後是問答環節，持續到東部時間上午 9:00 左右。詹姆斯將介紹關鍵的營運和品牌亮點。然後，安德魯將從集團和部門層級提供財務觀點，並介紹我們對 2025 年第三季和全年的指導。Arc'teryx 執行長 Stuart Haselden 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 strong momentum continued in the second quarter as our unique portfolio of premium technical brands continues to create white space and the picture in sports and outdoor markets around the world. We remain confident in our ability to manage through higher tariffs and other near-term macro uncertainties. We are also ensuring that we develop each of our unique brands for higher-quality, long duration growth.

謝謝，奧馬爾。由於我們獨特的高端技術品牌組合繼續在全球體育和戶外市場創造空白並建立形象，Amer Sports 在第二季度繼續保持強勁勢頭。我們仍然有信心能夠應對更高的關稅和其他近期宏觀不確定因素。我們也確保開發每個獨特的品牌，以實現更高品質、更持久的成長。

The recent Salomon footwear acceleration, Arc'teryx continued momentum and steady results from our equipment franchise position us well for another strong performance in 2025 and beyond.

最近 Salomon 鞋類業務加速發展，Arc'teryx 繼續保持成長勢頭，我們的設備特許經營業務取得了穩定成果，這些都為我們在 2025 年及以後再次取得強勁表現奠定了基礎。

In Q2, we delivered strong results across sales, margin and the EPS. We generated 23% sales growth, or 22% excluding currency impact, and we also expanded our adjusted operating margin by 260 basis points. Our performance was led by very strong growth and the profitability in both Outdoor Performance and the Technical Apparel as well as a solid performance in Ball & Racquet.

在第二季度，我們在銷售額、利潤率和每股盈餘方面都取得了強勁的業績。我們的銷售額成長了 23%，若不計貨幣影響則成長了 22%，同時我們的調整後營業利潤率也提高了 260 個基點。我們的業績得益於戶外性能和技術服裝的強勁成長和獲利能力，以及球和球拍的穩健表現。

Andrew will provide a more detailed update on our tariff exposure, but I'd like to emphasize that I believe we are well positioned and managed through a wide range of tariff scenarios, given our premium brands with pricing power, secular growth trends and relatively low US revenue exposures.

安德魯將提供關於我們關稅風險的更詳細的更新，但我想強調的是，鑑於我們擁有定價權的高端品牌、長期成長趨勢和相對較低的美國收入風險，我相信我們能夠很好地應對各種關稅情境。

As I mentioned, we believe Amer Sports is a uniquely positioned company within the global sports and outdoor space. Several factors give me confidence for our near-, medium- and long-term outlook. First, we own a unique portfolio of premium innovation-driven sports and outdoor brands.

正如我所提到的，我們相信 Amer Sports 是一家在全球運動和戶外領域具有獨特地位的公司。有幾個因素讓我對我們的近期、中期和長期前景充滿信心。首先，我們擁有獨特的優質創新驅動的運動和戶外品牌組合。

Second, Arc'teryx is a breakout story with leading growth and profitability for the outdoor industry, driven by its disruptive direct-to- consumer model.

其次，Arc'teryx 是一個突破性品牌，在其顛覆性的直接面向消費者模式的推動下，在戶外產業實現了領先的成長和獲利能力。

Third, Salomon sneakers have unique performance and design positioning, and the brand is experiencing a global acceleration, but still has a small share of the global sneakers market.

第三，Salomon運動鞋擁有獨特的性能和設計定位，品牌正經歷全球加速發展，但在全球運動鞋市場仍佔有較小份額。

Fourth, Wilson and our winter sports equipment franchises have high-performance products and the leading share, but will deliver slower long-term growth except for Wilson soft goods, which has significant long-term potential.

第四，威爾遜和我們的冬季運動裝備特許經營權擁有高性能產品和領先的市場份額，但除了威爾遜軟商品具有巨大的長期潛力外，其長期成長將放緩。

And fifth, we have a strong differentiated platform in Greater China where we continue to deliver best-in-class performance across all three big brands.

第五，我們在大中華區擁有強大的差異化平台，我們三大品牌在此繼續提供一流的業績。

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 largest brand carrier. Arc'teryx delivered another quarter of broad-based strength across regions, channels and categories, especially footwear and women's, which continue to grow faster than the brand overall.

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，首先是技術服裝部門，由我們最大的品牌運營商領導。Arc'teryx 又一個季度在各個地區、通路和類別中表現出色，尤其是鞋類和女裝，其成長速度繼續快於品牌整體。

We are encouraged to see Technical Apparel momentum continue in the direct-to-consumer channel where we generated a very solid 15% omni-comp in Q2 despite facing the highest two-year omni-comp comparison of 2025. Arc'teryx stores continue to be critical to the growth strategy, especially how we engage with local consumers and the community.

我們很欣慰地看到，科技服飾在直接面向消費者的管道中繼續保持成長勢頭，儘管面臨著 2025 年兩年來最高的全能競爭對手的競爭壓力，但我們在第二季度仍實現了非常穩健的 15% 的全能競爭對手增長。Arc'teryx 商店對於成長策略仍然至關重要，尤其是我們如何與當地消費者和社區互動。

Arc'teryx opened seven net new stores in Q2, with 12 openings offset by a closure of five legacy locations as part of our ongoing strategy to optimize the quality and the productivity of our store fleet. Arc’teryx store expansion strategy includes of a mixed different format, ranging from multi-level large-scale alpha flagship stores to small format, very distinct mountain town shops.

Arc'teryx 在第二季淨開設了 7 家新店，同時關閉了 5 家舊店，抵消了新開設的 12 家新店的影響，這是我們持續優化門市品質和生產力策略的一部分。Arc'teryx 商店擴張策略包括混合不同格式，從多層次的大型 alpha 旗艦店到小型、非常獨特的山城商店。

In EMEA, key new store locations this quarter included our first Arc'teryx stores in Milano and Stockholm.

在歐洲、中東和非洲地區，本季主要的新店地點包括我們在米蘭和斯德哥爾摩開設的第一家 Arc'teryx 商店。

In North America, we opened a new mountain town shop at a Banff resort in Canada, which has been experiencing strong traffic since opening in April. It has been one of the top-performing shops in the region, another proof point that Arc'teryx can be relevant year-round, even in summer. We opened a new flagship in Vancouver on Robson Street, the best location in the city with excellent performance since opening in July.

在北美，我們在加拿大班夫度假村開設了一家新的山城店，自四月開業以來客流量一直很大。它是該地區業績最好的商店之一，這再次證明 Arc'teryx 全年都具有吸引力，即使在夏天也是如此。我們在溫哥華羅布森街開設了新的旗艦店，這是溫哥華最好的地理位置，自 7 月開業以來表現出色。

We are also very excited about our first store flagship opening in New York City in Q4, right on Fifth Avenue at Rockefeller Center, one of the highest traffic shopping locations in the world.

我們也非常高興第四季度我們在紐約開設了第一家旗艦店，它位於第五大道的洛克斐勒中心，這是世界上人流量最大的購物場所之一。

In China, we opened our first brand stores in the iconic Peninsula Hotel chain in Beijing. The store represents our most elevated expansion of the brand designed for top-tier luxury shopping experiences.

在中國，我們在北京標誌性的半島酒店連鎖開設了第一家品牌專賣店。該店代表了我們為頂級奢華購物體驗而設計的品牌的最高境界的擴張。

For 2025, we continue to plan to open approximately 25 net new Arc'teryx stores globally, with the most coming in North America. Our store opening plan incorporates a similar level of gross new stores as in 2024, partially offset by the closure of certain outlets and other suboptimal locations. We believe our high-quality retail network is much more important to long-term success than chasing the fast-paced store expansion.

到 2025 年，我們繼續計劃在全球開設約 25 家新的 Arc'teryx 商店，其中大部分將在北美開設。我們的開店計畫包含與 2024 年類似的新店總數，但部分門市和其他次優地點的關閉會抵消這一增長。我們相信，高品質的零售網路對於長期成功而言比追求快節奏的門市擴張更為重要。

In Greater China, we are focused on optimizing Arc'teryx retail footprint rather than pushing new store expansion. This year, Arc'teryx will have net store closure in Greater China, including some legacy partner stores and factory outlets. However, Arc'teryx will still meaningfully increase its presence in China with large-format, high quality, more productive locations. Looking ahead to 2026, we are planning Arc'teryx to have net store opening in China after years of rationalizing the store fleet in the region.

在大中華區，我們專注於優化 Arc'teryx 零售足跡，而不是推動新店擴張。今年，Arc'teryx 將在大中華區關閉部分門市，包括一些傳統合作門市和工廠直營店。然而，Arc'teryx 仍將透過大規模、高品質、更有效率的生產基地顯著提升其在中國的影響力。展望 2026 年，經過多年對該地區的門市優化，我們計劃 Arc'teryx 在中國開設網店。

Community engagement remains critical to elevating Arc'teryx brand awareness. In July, we hosted the 14th Annual Arc'teryx Academy in Germany and France, joined thousands of participants from around the world to our climbing clinics and also drove strong sales to our local shops. Community engagement activities during Q2 included the Fifth Arc'teryx Climbing Academy in Langdale Valley in the UK and our ALL RISE climbing event in the San Francisco Bay area.

社群參與對於提升 Arc'teryx 品牌知名度仍然至關重要。7 月份，我們在德國和法國主辦了第 14 屆 Arc'teryx 學院，來自世界各地的數千名參與者參加了我們的登山訓練營，同時也為當地商店帶來了強勁的銷售業績。第二季的社區參與活動包括在英國朗代爾谷舉辦的第五屆 Arc'teryx 攀岩學院和在舊金山灣區舉辦的 ALL RISE 攀岩活動。

Shifting to products. Footwear continue to be Arc'teryx fastest-growing category in Q2, growing faster than the brand overall, despite comparing against triple-digit growth last year. This spring, we launched the Norvan LD 4, an elevation of the most popular model made for long-distance, long-term running. We also launched 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 第二季度成長最快的類別，儘管與去年的三位數成長相比，其成長速度仍高於整個品牌。今年春天，我們推出了 Norvan LD 4，這是最受歡迎的長距離、長期跑步機型的升級版。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 and continue to believe footwear will be a large and profitable growth avenue for Arc'teryx.

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，並繼續相信鞋類將成為 Arc'teryx 的一大獲利成長途徑。

Women's also continued its great momentum in Q2 with double-digit growth across all regions, outperforming the brand overall. We see a big opportunity to serve women in the outdoor differently through technical design and performance. A great example of our design focus on women is the Clarkia pants, which has continued to see explosive growth in Q2, stocking out quickly across stores and e-commerce. Arc'teryx is experiencing rising brand awareness and affinity with women in the U.S. and Europe as we have improved the fit, style and function.

女裝在第二季也延續了強勁勢頭，所有地區均實現了兩位數成長，表現優於品牌整體。我們看到了透過技術設計和性能為戶外女性提供不同服務的巨大機會。Clarkia 褲子就是我們設計注重女性的一個很好的例子，該褲子在第二季度繼續呈現爆炸式增長，在商店和電子商務中迅速售罄。隨著我們不斷改進產品的合身度、款式和功能，Arc'teryx 在美國和歐洲的女性中的品牌知名度和親和力正在不斷提高。

Moving to the Outdoor Performance segment, which delivered an outstanding quarter led by Salomon footwear and apparel. Salomon brand momentum continues to accelerate across all regions with very strong momentum in both sports line and the performance line. By region, Salomon soft goods continued very strong growth in Greater China and APAC, while growth in both EMEA and America accelerated meaningfully.

戶外表演部門本季表現出色，以 Salomon 鞋類和服裝為首。Salomon 品牌動能在所有地區持續加速，運動系列和性能係列均表現強勁。按地區劃分，所羅門軟商品在大中華區和亞太地區持續保持強勁成長，而歐洲、中東和非洲地區以及美洲地區的成長均顯著加速。

Direct-to-consumer remains the fastest-growing channel for the brand, including a 28% omni-comp with strength in both stores and e-commerce. In addition to sneakers, Salomon apparel, bags and socks are also experiencing great momentum, especially Salomon running vest. Sports side is doing very well globally and continue to lead footwear growth. The momentum of our first-ever global footwear launch of the XT-WHISPER from Q1 continued into Q2 and is especially resonating with younger female consumers.

直接面向消費者仍然是該品牌成長最快的管道，其中全通路銷售佔 28%，在實體店和電子商務方面均表現強勁。除了運動鞋之外，Salomon 的服飾、包包和襪子也發展勢頭強勁，尤其是 Salomon 跑步背心。體育用品在全球範圍內表現良好，並繼續引領鞋類成長。我們在第一季首次在全球推出的鞋類 XT-WHISPER 的勢頭延續到了第二季度，並引起了年輕女性消費者的共鳴。

On the performance side, we are very pleased with our new Aero Glide 3 running shoes, one of the best footwear launched in Salomon history, including traction in the running specialist channel. Aero Glide 3 uses a foam called optiFOAM evo, which we believe represent a disruptive new-generation material, offering the runner a new level of rebound and the comp for running on roads or trails.

在性能方面，我們對新款 Aero Glide 3 跑鞋非常滿意，它是 Salomon 歷史上推出的最好的鞋類之一，包括在跑步專家頻道中的牽引力。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，為跑步者提供了新的回彈水平以及在公路或小徑上跑步的補償。

In May, we launched our new gravel line, which offers consumers a more versatile than ever running shoe that performs great on various type of terrain from hot pavement to lose terrain in parks and on trails. While it's still very small, our gravel line is seeing strong early response from consumers and retailers.

五月，我們推出了新的礫石系列，為消費者提供比以往更加多功能的跑鞋，該跑鞋在從炎熱的路面到公園和小徑上的鬆散地形等各種地形上均有出色的表現。儘管我們的礫石生產線規模還很小，但它已經得到了消費者和零售商的強烈反響。

Another key launch for the quarter was the X Ultra 5, the latest update to our iconic X UItra hiking boots known for lightweight and the stability and upgrade technology. Originally, EMEA has also experienced very strong consumer demand for Salomon sneakers with strong sell-through, reorders and preorders, driven by both performance and sports side.

本季的另一個重要發布是 X Ultra 5，這是我們標誌性 X UItra 登山靴的最新更新，以輕巧、穩定和升級技術而聞名。最初，EMEA 地區的消費者對 Salomon 運動鞋的需求也非常強勁，銷售量、重新訂購量和預訂量都很高，這得益於性能和運動方面的推動。

In Asia, direct-to-consumer continued to be the critical growth channel for Salomon led by our highly productive Salomon compact shop format. We opened 16 net new Salomon shops in Greater China this quarter, including both own stores and partner stores, bringing our total count to 234 . We are on track to reach approximately 290 Salomon shops in Greater China this year, and we believe Salomon has the opportunity to go to several hundred locations over time.

在亞洲，直接面向消費者繼續成為 Salomon 的關鍵成長管道，這主要得益於我們高效的 Salomon 緊湊型商店模式。本季度，我們在大中華區淨增 16 家 Salomon 門市，包括自營店和合作店，使我們的門市總數達到 234 家。我們計劃今年在大中華區開設約 290 家 Salomon 專賣店，我們相信，隨著時間的推移，Salomon 有機會開設數百家專賣店。

We recently opened our second Salomon flagship in Shanghai, a 7,300 square foot clinical expansion of the brand located in the French concession district known for its boutique shopping. The C-level store offers a more immersed experience for consumers and has performed very well in its first month.

我們最近在上海開設了第二家 Salomon 旗艦店，這是該品牌佔地 7,300 平方英尺的臨床擴建，位於以精品購物而聞名的法租界區。C級店為消費者提供了更沉浸式的體驗，並且在第一個月表現非常出色。

In APAC, we opened 10 new Salomon stores in Q2, 5 in Korea and 5 in Japan, including prime locations in the Marunouchi neighborhood of Tokyo and Seongsu in Seoul. Overall awareness and demand for Salomon footwear is rapidly growing across Asia.

在亞太地區，我們在第二季度開設了 10 家新的 Salomon 商店，其中在韓國開設了 5 家，在日本開設了 5 家，包括位於東京丸之內街區和首爾聖水洞的黃金地段。亞洲各地對 Salomon 鞋類的整體認知度和需求正在迅速增長。

In the Americas, we continue to lay the groundwork to support significant future growth, and the Salomon soft goods grew strong double digits in Q2. Our first US store in New York City continued to show incredible traction with our consumers, and we plan to open 3 to 4 more in the great New York area this year or early next year as well as continue to expand our presence in key wholesale accounts.

在美洲，我們繼續奠定基礎以支持未來的顯著成長，Salomon 軟商品在第二季度實現了強勁的兩位數成長。我們在紐約市開設的第一家美國門市繼續受到消費者的極大歡迎，我們計劃今年或明年年初在紐約地區再開設 3 到 4 家門市，並繼續擴大我們在主要批發帳戶中的業務。

New locations this fall include Woodbury Common and Williamsburg, Brooklyn. We are also opening stores in Chicago and West Hollywood this year and will focus on San Francisco, Los Angeles and Miami in 2026.

今年秋季的新地點包括伍德伯里公園和布魯克林威廉斯堡。我們今年還將在芝加哥和西好萊塢開設門市，並將於 2026 年專注於舊金山、洛杉磯和邁阿密。

And from a wholesale perspective, Salomon is seeing growing demand across a variety of retailers, including REI, Nordstrom and the running specialty shops.

從批發角度來看，Salomon 看到各種零售商的需求不斷增長，包括 REI、Nordstrom 和跑步專賣店。

Lastly, as we continue to elevate Salomon's brand awareness, we are excited about upcoming Milano Cortina Olympic, where Salomon is a premium partner, offsetting all volunteers. This will be especially important moment for the brand in its home market of the Europe.

最後，隨著我們不斷提升 Salomon 的品牌知名度，我們對即將到來的米蘭科爾蒂納奧運會感到非常興奮，Salomon 是該賽事的優質合作夥伴，將為所有志願者提供支持。對於該品牌在歐洲本土市場來說，這將是一個特別重要的時刻。

Before I discuss Ball & Racquet highlights, let me cover the Wilson management transition. As you saw on our press release, Joe Dudy has decided to step down as President and CEO of Wilson to pursue new endeavors outside the company. Our group CFO, Andrew Page, has been appointed Interim President and CEO of Wilson and the Ball & Racquet segment and will continue in his current role as Amer Sports CFO.

在討論 Ball & Racquet 的亮點之前，讓我先介紹一下 Wilson 的管理層過渡。正如您在我們的新聞稿中看到的，喬·杜迪 (Joe Dudy) 已決定辭去威爾遜總裁兼首席執行官一職，以在公司之外尋求新的發展。我們集團財務長 Andrew Page 已被任命為 Wilson 及球類和球拍部門的臨時總裁兼首席執行官，並將繼續擔任 Amer Sports 首席財務官一職。

The company has begun a comprehensive search for the next Wilson leader. We are grateful for Joe Dudy's 30 years of service at Wilson and wish him well as he begins a new chapter. His contribution has been critical to the brand's success, especially the last six years as CEO. Looking forward, I have full confidence in Andrew Page to lead Wilson during this transition, where he will also continue to execute his responsibility as Amer Sports CFO.

該公司已開始全面尋找威爾遜的下一任領導者。我們感謝喬·杜迪 (Joe Dudy) 在威爾遜 30 年的奉獻，並祝他在新的篇章中一切順利。他的貢獻對於該品牌的成功至關重要，尤其是在過去六年擔任執行長期間。展望未來，我完全相信安德魯佩奇能夠帶領威爾森度過這段過渡期，他也將繼續履行其作為 Amer Sports 財務長的職責。

Now to the Ball & Racquet segment. Ball & Racquet growth trends continued to be solid in Q2 with 11% growth driven by strength in sportswear and racquet sports. Our Tennis 360 continues to resonate very well with consumers from performing racquets to soft goods. On court, we are thrilled by the recent win by 18-year-old Canadian, Victoria Mboko, at the National Bank opening in Montreal. She is our first ever Wilson head-to-toed Tennis 360 athlete to win a WTA 1000 tournament and is now ranked in the top 25 of the world.

現在進入球和球拍部分。球類和球拍類產品的成長趨勢在第二季度繼續保持穩健，在運動服裝和球拍類運動的強勁推動下，實現了 11% 的成長。我們的 Tennis 360 繼續受到消費者的熱烈歡迎，從運動球拍到軟品。在球場上，我們很高興看到 18 歲的加拿大小將維多利亞·姆博科 (Victoria Mboko) 最近在蒙特利爾國家銀行開幕賽上獲勝。她是我們第一位贏得 WTA 1000 錦標賽的 Wilson 從頭到腳 Tennis 360 運動員，目前排名世界前 25 位。

With consumers, Wilson performance records continue to shine, including the successful launch of our Roger Federer Classic collections this quarter. In pickleball, we are also experiencig a strong response to our Vesper paddle.

對於消費者來說，威爾森 (Wilson) 的表現記錄繼續閃耀，包括本季成功推出的羅傑費德勒 (Roger Federer) 經典系列。在匹克球運動中，我們也感受到了對 Vesper 球拍的強烈迴響。

Wilson soft goods continued its excellent growth, more than doubling in Q2 2025. We continue to see a strong response to the Intrigue women's tennis shoe, which was recently chosen as the best new tennis shoe by Women's Health magazine.

Wilson 軟商品持續保持出色的成長勢頭，2025 年第二季成長了一倍以上。我們繼續看到市場對 Intrigue 女式網球鞋的強烈反響，該鞋最近被《女性健康》雜誌評選為最佳新網球鞋。

We also continue to excel in China and will open approximately 50 more Wilson Tennis 360 shops in China this year.

我們在中國也持續表現出色，今年將在中國開設約 50 家 Wilson Tennis 360 店。

In North America, the new Tennis 360 concept store in the Dallas NorthPark mall continues to perform very well, and we are excited about our new shop in Beverly Hills. And we continue to expand our Tennis 360 test at DICK'S Sporting Goods and other retail partners.

在北美，達拉斯 NorthPark 購物中心的新 Tennis 360 概念店繼續表現良好，我們對位於比佛利山莊的新店感到興奮。我們將繼續在 DICK'S Sporting Goods 和其他零售合作夥伴處擴大我們的 Tennis 360 測試。

Beyond the racquet sports, solid trends in baseball bats were offset by soft sales in gloves, inflatables and golf.

除了球拍類運動外，棒球棒的強勁成長趨勢被手套、充氣玩具和高爾夫球的疲軟銷售所抵消。

Now I will turn it over to Andrew.

現在我將把麥克風交給安德魯。

Thanks, James. I will discuss tariffs in more 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 to manage through a variety of tariff scenarios.

謝謝，詹姆斯。我在提供指導時會更詳細地討論關稅問題，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極大的靈活性，以應對各種關稅情景。

More importantly, the inflection of Salomon footwear adds a strong second leg of growth to Arc'teryx's already exceptional sales and margin trajectory, significantly elevating the long-term value creation potential of our unique brand portfolio.

更重要的是，Salomon 鞋類的轉變為 Arc'teryx 本已出色的銷售和利潤軌跡增添了強勁的第二輪增長，大大提升了我們獨特品牌組合的長期價值創造潛力。

Given our strong first half results and continued operating and financial momentum, and despite higher tariffs than assumed in our previous guidance, we are raising our full year revenue and EPS expectations. This updated guidance assumes the current 30% US tariff on goods from China and that the latest tariff rates on all other countries will stay in place for the remainder of 2025.

鑑於我們上半年業績強勁、營運和財務勢頭持續良好，儘管關稅高於我們之前預期，我們仍上調了全年收入和每股收益預期。該更新指南假設美國目前對中國商品徵收 30% 的關稅，並且對所有其他國家的最新關稅稅率將在 2025 年剩餘時間內保持不變。

Although the impact of higher tariffs to our Ball & Racquet segment will be slightly higher than expected, given the mitigation strategies already underway across brands, we still expect negligible tariff impact to our consolidated results this year and beyond.

儘管關稅上調對我們的球類和球拍部門的影響將略高於預期，但考慮到各品牌已在實施的緩解策略，我們仍然預計關稅對今年及以後的綜合業績的影響可以忽略不計。

Okay. Let's go through Q2 results. Amer Sports grew sales 23% in Q2 on a reported basis or 22% excluding currency. The strong sales performance was led by Outdoor Performance followed by Technical Apparel, and Ball & Racquet also continued to deliver solid growth in the quarter.

好的。讓我們來看看第二季的業績。Amer Sports 第二季的銷售額按報告計算成長了 23%，扣除匯率因素則成長了 22%。強勁的銷售業績由戶外運動產品帶動，其次是技術服裝，而球類和球拍在本季也持續保持穩健成長。

By channel, the group continued to be driven by DTC, which grew 40%, led by Salomon in Greater China and APAC as well as Arc'teryx globally. Wholesale grew 9% at the group level led by Salomon.

從通路來看，集團繼續受到 DTC 的推動，成長了 40%，其中大中華區和亞太區的 Salomon 以及全球的 Arc'teryx 表現最為出色。在 Salomon 的帶動下，集團批發業務成長了 9%。

Regional growth was led by Asia Pacific, which increased 45%, and China, which grew 42%. EMEA accelerated to 18% growth, and the Americas grew 6% in Q2. The Americas deceleration was driven by normalizing growth in Ball & Racquet and a tougher comparison due to the shift in wholesale shipments from Q3 into Q2 in 2024.

區域成長由亞太地區（成長 45%）和中國（成長 42%）引領。歐洲、中東和非洲地區第二季成長 18%，美洲地區成長 6%。美洲地區成長放緩的原因是球類和網球類產品成長正常化，以及 2024 年批發出貨量從第三季轉移到第二季而導致的更嚴格的比較。

Amer Sports continues to achieve very strong growth in China, and there are several reasons why we are confident in our future growth opportunities in this important consumer market. Number one, our brands compete in one of the highest-quality, 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.

Amer Sports 在中國持續強勁成長，有幾個原因讓我們對這個重要消費市場的未來成長機會充滿信心。首先，我們的品牌在中國品質最高、成長最快的消費領域之一——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 authentic brands are known for their expertise, quality and technical innovation, which resonates well with Chinese consumers, and our brands are still small in China.

此外，我們的正宗品牌以其專業、品質和技術創新而聞名，這與中國消費者產生了良好的共鳴，而且我們的品牌在中國的規模仍然很小。

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 250 basis points to 58.7% in Q2, primarily driven by favorable channel, geographic, product and brand mix as well as by lower discounts compared to the prior year and partially offset by the headwinds in transportation, logistics and materials.

轉向盈利能力。調整後毛利率在第二季增加了 250 個基點，達到 58.7%，這主要得益於有利的通路、地理、產品和品牌組合，以及與上年相比較低的折扣，但被運輸、物流和材料方面的不利因素部分抵消。

Adjusted SG&A expenses as a percentage of revenues delevered by 140 basis points and represented 54.7% of revenues in Q2. Outdoor Performance achieved SG&A leverage on very strong growth, which was offset by slight deleverage of Technical Apparel due to retail expansion and Ball & Racquet due to ongoing investments in sportswear.

調整後的銷售、一般及行政費用佔收入的百分比為 140 個基點，佔第二季營收的 54.7%。戶外性能部門憑藉強勁的成長實現了銷售、一般及行政管理方面的槓桿，但因零售擴張導致技術服裝部門以及因持續投資運動服導致球與球拍部門輕微去槓桿，抵消了這一影響。

Led by gross margin expansion, we generated a 260 basis point increase in our adjusted operating margin from 2.9% last year to 5.5% in Q2. Note that we received $19 million of government grants in the second quarter of 2025, which we received in the second half of 2024. This benefited adjusted operating margin by approximately 150 basis points in Q2.

在毛利率擴大的帶動下，我們調整後的營業利潤率從去年的 2.9% 增加了 260 個基點至第二季的 5.5%。請注意，我們在 2025 年第二季收到了 1,900 萬美元的政府補助，這筆補助是我們在 2024 年下半年收到的。這使得第二季的調整後營業利潤率提高了約 150 個基點。

Corporate expenses were $34 million, up from $25 million in Q2 last year. D&A was $81 million, which includes $39 million of ROU depreciation.

公司支出為 3,400 萬美元，高於去年第二季的 2,500 萬美元。D&A 為 8,100 萬美元，其中包括 3,900 萬美元的 ROU 折舊。

Adjusted net finance cost in the quarter was $22 million, comprised of $30 million of interest expense, partially offset by $8 million of FX gains on the remeasurement of certain monetary assets.

本季調整後的淨財務成本為 2,200 萬美元，其中包括 3,000 萬美元的利息支出，部分被重新計量某些貨幣資產的 800 萬美元外匯收益所抵銷。

In the quarter, our adjusted income tax expense was $5 million, which equates to an adjusted effective tax rate of 12%. A discrete item related to a return to provision adjustment benefited our ETR in Q2. Adjusted net income in Q2 was $36 million compared to $25 million in the prior year.

本季度，我們的調整後所得稅費用為 500 萬美元，相當於調整後有效稅率為 12%。與撥備調整回報相關的一項獨立項目使我們第二季的 ETR 受益。第二季調整後的淨收入為 3,600 萬美元，去年同期為 2,500 萬美元。

Adjusted diluted earnings per share was $0.06 compared to adjusted diluted earnings per share of $0.05 last year.

調整後每股攤薄收益為 0.06 美元，而去年調整後每股攤薄收益為 0.05 美元。

Now turning to segment results. Technical Apparel revenues increased 23% to $509 million led by Arc'teryx. Growth was fueled by 31% DTC expansion, including a 15% omni-comp, a solid result facing the toughest 2-year stacked comp comparison of 2025.

現在轉向細分結果。在 Arc'teryx 的推動下，科技服飾收入成長 23%，達到 5.09 億美元。成長主要得益於 31% 的 DTC 擴張，其中包括 15% 的全通路同店銷售，面對 2025 年最艱難的兩年期疊加同店銷售對比，這是一個穩健的成績。

Lower levels of outlet sales had a negative impact on the Technical Apparel omni-comp as Arc'teryx continues to shift more focus on full price sales and limiting online and in-store outlet sales. The DTC momentum continues to be fueled by both new and existing consumers across all regions, channels and product categories. Technical Apparel wholesale revenues grew 4%, negatively impacted by a shift in shipments from Q3 into Q2 last year.

由於 Arc'teryx 繼續將重點轉向全價銷售，並限制在線和店內直銷店銷售，因此直銷店銷售額的下降對技術服裝全品類產生了負面影響。所有地區、通路和產品類別的新舊消費者繼續推動 DTC 的發展勢頭。科技服裝批發收入成長了 4%，受到去年從第三季到第二季的出貨量轉移的負面影響。

Regionally, the Technical Apparel growth rate was led by Asia Pacific followed by Greater China, the Americas and EMEA. All regions grew strong double digits. Technical Apparel adjusted operating margin declined 10 basis points to 13.9%. A slight gross margin expansion and higher other operating income was offset by growing SG&A investments.

從地區來看，技術服裝的成長率以亞太地區為首，其次是大中華區、美洲和歐洲、中東和非洲地區。所有地區均實現了強勁的兩位數成長。技術服飾調整後的營業利益率下降 10 個基點至 13.9%。毛利率略有擴大，其他營業收入增加，但銷售、一般及行政費用 (SG&A) 投資不斷增加，抵消了這一影響。

Lastly, we recently entered into an asset purchase agreement to acquire substantially all of the assets and certain liabilities of Nelson Sports, Inc., the exclusive distributor for Arc'teryx and Veilance products in Korea since 2001. We expect the transaction to close in the second half of 2025, after which the country will be operated fully brand direct versus a traditional distributor model. Korea is a large sport and luxury consumer market, still with strong growth potential for Arc'teryx.

最後，我們最近達成了一項資產購買協議，收購 Nelson Sports, Inc. 的幾乎所有資產和部分負債，該公司自 2001 年以來一直是 Arc'teryx 和 Veilance 產品在韓國的獨家經銷商。我們預計該交易將於 2025 年下半年完成，此後該國將完全採用品牌直銷模式運營，而非傳統的經銷商模式。韓國是一個巨大的運動和奢侈品消費市場，對 Arc'teryx 來說仍然具有強勁的成長潛力。

Moving to Outdoor Performance segment. We saw revenues increase 35% to $414 million, driven by very strong performance in Salomon footwear, apparel and bags and socks. By channel, Outdoor Performance DTC grew 63%, led by new doors and higher productivity across markets, especially Greater China and APAC. E-com is also growing across regions, driven by higher traffic. Wholesale grew 18%, driven by strong sell-through in reorders in soft goods.

轉向戶外表演部分。受 Salomon 鞋類、服裝、箱包和襪子的強勁表現推動，我們的營收成長了 35%，達到 4.14 億美元。按通路劃分，戶外表演 DTC 成長了 63%，這得益於各市場（尤其是大中華區和亞太地區）的新門市和更高的生產力。在流量增加的推動下，電子商務也在各個地區蓬勃發展。批發額成長了 18%，這得益於軟商品重新訂購的強勁銷售。

Regionally, the Outdoor Performance growth rate was led by Greater China and APAC followed by accelerating growth in both EMEA and Americas. 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 opportunities in all three major consumer regions and have the right talent and team structure in place to take a meaningful share of the global sneaker market over time.

從地區來看，戶外性能成長率由大中華區和亞太區引領，其次是歐洲、中東和非洲地區和美洲地區。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擁有非常重要的成長機會，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重要的份額。

For our Winter Sports Equipment brands, while Q2 is by far the smallest quarter of the year, we had solid preorders for the upcoming winter season as we continue to take market share in skiing. We also see growth opportunities in both snowboarding and protective equipment. Winter Sports Equipment is expected to represent only 28% of the Outdoor Performance segment in 2025, down from 46% in 2022.

對於我們的冬季運動裝備品牌而言，雖然第二季度是今年以來最小的季度，但由於我們繼續在滑雪市場佔據份額，我們對即將到來的冬季擁有穩定的預訂單。我們也看到了滑雪板和防護設備的成長機會。預計到 2025 年，冬季運動裝備將僅佔戶外表現領域的 28%，低於 2022 年的 46%。

Outdoor Performance adjusted operating profit margin expanded 720 basis points from last year to 5.1% in Q2. Margin expansion was led by gross margin, thanks to positive channel, region and product mix as well as favorable product costs due to our footwear cost optimization initiatives. This margin expansion was also driven by SG&A leverage on very strong revenue growth.

戶外表現調整後的營業利潤率在第二季比去年擴大了 720 個基點，達到 5.1%。利潤率的成長主要得益於毛利率的提高，這得益於積極的通路、地區和產品組合，以及由我們的鞋類成本優化措施帶來的優惠產品成本。利潤率的擴大也得益於銷售、一般及行政費用槓桿對強勁的收入成長的推動。

Before I get into the results of Ball & Racquet, I'd like to thank Joe Dudy and acknowledge his distinguished 30-year career with Amer Sports and the Wilson franchise. Joe was instrumental in many key achievements of the brand, most recently growing the brand to over $1 billion in annual revenues and setting the stage for its next growth inflection driven by Tennis 360.

在介紹 Ball & Racquet 的成績之前，我想先感謝喬·杜迪 (Joe Dudy)，並對他在 Amer Sports 和 Wilson 特許經營權的 30 年傑出職業生涯表示讚賞。喬在該品牌的許多關鍵成就中發揮了重要作用，最近他帶領該品牌的年收入增長到 10 億美元以上，並為 Tennis 360 推動的下一個增長拐點奠定了基礎。

Now moving to results. Ball & Racquet revenue increased 11% to $314 million, driven by soft goods and racket sports. We are pleased with the continued growth in Ball & Racquet, but would cautioned 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.

現在轉向結果。受軟商品和球拍運動的推動，球類和球拍收入成長 11%，達到 3.14 億美元。我們對 Ball & Racquet 的持續成長感到高興，但需要注意的是，兩位數的成長是不可持續的，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。

By category, the growth was led by soft goods, which now represents approximately 15% of segment sales and also our racquet sports franchises. We continue to see very strong momentum in Tennis 360 across the globe, especially in China.

從類別來看，成長主要由軟商品帶動，目前軟商品約佔該部門銷售額的 15%，此外還有我們的球拍運動特許經營權。我們繼續看到 Tennis 360 在全球範圍內，尤其是在中國，呈現非常強勁的發展勢頭。

Golf, inflatables and baseball were all down slightly. Golf grew strong double digits in EMEA, but this was offset by lower sell-in in the US. However, for H1 overall, golf had solid growth. The inflatables market conditions are challenging, and the weaker baseball glove sales are offsetting growth in bats. Regionally, the Ball & Racquet growth rate was led by China, APAC and EMEA, while Americas was roughly flat.

高爾夫、充氣玩具和棒球的銷售量均略有下降。高爾夫在歐洲、中東和非洲地區實現了兩位數的強勁增長，但被美國市場銷量的下降所抵消。然而，就上半年整體而言，高爾夫運動實現了穩健成長。充氣產品市場狀況嚴峻，棒球手套銷售疲軟抵消了球棒銷售量的成長。從地區來看，球類和球拍的成長率主要由中國、亞太地區和歐洲、中東和非洲地區引領，而美洲則基本持平。

Ball & Racquet segment adjusted operating profit margin increased 200 basis points to 3.1% due to higher gross margin driven by favorable product, channel and region mix, which offset higher duties and slight SG&A deleverage on continued soft goods investment.

球與球拍部門調整後的營業利潤率增加 200 個基點至 3.1%，這歸因於有利的產品、渠道和區域組合推動的毛利率上升，抵消了更高的關稅和持續軟商品投資帶來的輕微銷售、一般及行政管理費用去槓桿。

Turning to the balance sheet. We ended the quarter with $640 million of net debt. Using the midpoint of our 2025 adjusted operating profit guidance, our net debt to adjusted EBITDA ratio was approximately 0.6x at the end of Q2. Our balance sheet is in a healthy position to support our company as we navigate tariff and other external uncertainties. Looking forward, paying down debt, which carries nondeductible interest remains an effective use of excess cash.

轉向資產負債表。本季末我們的淨債務為 6.4 億美元。使用我們 2025 年調整後營業利潤指引的中點，我們第二季末的淨負債與調整後 EBITDA 比率約為 0.6 倍。我們的資產負債表狀況良好，能夠支持我們公司應對關稅和其他外部不確定因素。展望未來，償還帶有不可扣除利息的債務仍然是多餘現金的有效利用方式。

We exited the quarter with inventories up 29% year-over-year, higher than our 23% sales growth, mainly driven by Arc'teryx. This higher inventory is primarily driven by three factors: one, early receipt of fall 2025 merchandise, which included tariff mitigation tactics; two, higher goods in transit from lower airfreight usage, which means we carry the goods on our books much longer; and three, FX translation from the weaker US dollar.

本季末，我們的庫存年增 29%，高於 23% 的銷售額成長，這主要得益於 Arc'teryx 的推動。庫存增加主要由三個因素造成：第一，提前收到 2025 年秋季商品，其中包括關稅減免策略；第二，由於空運使用率降低導致運輸貨物增加，這意味著我們需要將貨物在賬簿上保留更長時間；第三，美元走弱導致的外匯折算。

While we expect inventory growth to remain moderately elevated through the end of 2025, we are very comfortable with the quality of Arc'teryx's goods and expect to work it down and return to normal inventory growth rates as we progress through 2026.

雖然我們預計到 2025 年底庫存成長率仍將保持適度上升，但我們對 Arc'teryx 商品的品質非常滿意，並預計到 2026 年庫存成長率將逐漸下降並恢復正常。

Driven by strong profit growth and disciplined working capital management, we generated $108 million of operating cash flow in the first half. And for the full year 2025, we expect to generate solid operating cash flow growth from 2024 levels.

在強勁的利潤成長和嚴格的營運資本管理的推動下，我們上半年產生了 1.08 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 guidance. We remain confident that we are well positioned to manage through a variety of tariff scenarios, given our low exposure to the US, our high-end consumer base, the untapped pricing power of our brand portfolio and our clean balance sheet and strong cash flow dynamics. And given mitigation strategies underway, we continue to expect negligible impact to our group P&L from higher tariffs in 2025 and beyond.

現在轉向指導。鑑於我們對美國的低風險敞口、我們的高端消費者基礎、我們品牌組合尚未開發的定價能力、以及我們清晰的資產負債表和強勁的現金流動態，我們仍然有信心，我們完全有能力應對各種關稅情景。鑑於正在實施的緩解策略，我們仍然預計 2025 年及以後更高的關稅對我們集團的損益的影響將微乎其微。

For the full year of 2025, given the upside in Q2 and our continued momentum, and despite a slightly higher tariff impact, we are raising our full year revenue and EPS expectations. This guidance assumes incremental U.S. tariffs on imports from China remain at 30%, Vietnam at 20%, Europe at 15% and rest of world at the latest rates.

對於 2025 年全年，鑑於第二季度的上行空間和我們持續的發展勢頭，儘管關稅影響略高，我們仍上調了全年收入和每股收益預期。本指南假設美國對中國進口產品的增量關稅維持在 30%，對越南進口產品的增量關稅維持在 20%，對歐洲進口產品的增量關稅維持在 15%，對世界其他地區進口產品的增量關稅則維持最新稅率。

We are raising our 2025 revenue growth guidance from 15% to 17% to 20% to 21%, including an approximate 100 basis point benefit from favorable FX impact at current exchange rates.

我們將 2025 年營收成長預期從 15% 提高到 17%，再提高到 20% 到 21%，其中包括當前匯率有利的外匯影響帶來的約 100 個基點的收益。

By segment, we are raising our Technical Apparel revenue growth guidance from approximately 20% to 22% to 22% to 25%, including continued strong omni-comp growth. We are also increasing our Outdoor Performance sales growth expectations from mid- teens to 22% to 25% and Ball & Racquet from mid-single digits to 7% to 9% growth.

按部門劃分，我們將技術服裝收入成長預期從約 20% 至 22% 提高至 22% 至 25%，包括持續強勁的全業務成長。我們也將戶外運動產品銷售額的成長預期從中等個位數提高到 22% 至 25%，將球類和球拍銷售額的成長預期從中等個位數提高到 7% 至 9%。

We are raising our full year adjusted gross margin guidance from 56.5% to 57% to approximately 57.5%, and we're also raising our adjusted operating margin guidance from 11.5% to 12% to 11.8% to 12.2%.

我們將全年調整後毛利率預期從 56.5% 至 57% 上調至約 57.5%，同時也將調整後營業利潤率預期從 11.5% 至 12% 上調至 11.8% 至 12.2%。

By segment, we continue to expect an adjusted operating margin of approximately 21% for Technical Apparel. For Outdoor Performance, we are raising adjusted operating margin guidance from approximately 9.5% to 11% to 11.5%.

按部門劃分，我們繼續預期技術服裝的調整後營業利潤率約為 21%。對於戶外性能，我們將調整後的營業利潤率預期從約 9.5% 提高到 11% 至 11.5%。

For Ball & Racquet, we are maintaining our adjusted operating margin guidance of 3% to 4%. Ball & Racquet will experience a slight drag from higher tariffs in the second half because of a few factors. Number one, the termination of the steel and aluminum

對於 Ball & Racquet，我們維持 3% 至 4% 的調整後營業利潤率預期。由於一些因素，Ball & Racquet 下半年將因關稅上調而受到輕微拖累。第一，終止鋼鐵和鋁

exemption, under which Wilson racquets and bats previously fell. Number two, higher actual tariff rates in Vietnam and other sourcing markets than the 10% rest of world assumption we last guided. And three, some shipments of Wilson soft goods had unfavorable timing and were hit by the temporary 145% China tariffs.

此前，威爾遜球拍和球棒均不受該項豁免。第二，越南和其他採購市場的實際關稅稅率高於我們上次預測的世界其他地區 10% 的關稅稅率。第三，部分威爾遜軟商品的出貨時機不佳，受到了中國臨時 145% 關稅的衝擊。

We are now assuming full year net finance cost of approximately $105 million and an effective tax rate of 28% to 30%. The lower effective tax rate is primarily driven by higher profit generation from low tax jurisdictions as well as the discrete item in Q2 that I mentioned.

我們現在假設全年淨財務成本約為 1.05 億美元，有效稅率為 28% 至 30%。較低的有效稅率主要是由於低稅管轄區的利潤增加以及我提到的第二季的單一項目。

Other operating income will be approximately $20 million for the full year and net income attributable to noncontrolling interest will be approximately $10 million.

全年其他營業收入約 2,000 萬美元，歸屬於非控制權益的淨收入約 1,000 萬美元。

We now expect adjusted diluted EPS of $0.77 to $0.82 versus our prior guidance of $0.67 to $0.72, which is based on 561 million fully diluted shares outstanding.

我們現在預計調整後的稀釋每股收益為 0.77 美元至 0.82 美元，而我們先前的預測為 0.67 美元至 0.72 美元，這是基於 5.61 億股完全稀釋流通股。

Also we are assuming D&A of $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.

我們也假設 D&A 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 third quarter guidance. We expect reported revenue growth for the group to be approximately 20%, which includes an approximate 150 basis point benefit from FX. We expect adjusted gross margin to be approximately 56.5% in Q3 and an adjusted operating profit margin between 12% and 13%.

轉向第三季指引。我們預計該集團報告的收入成長率約為 20%，其中包括來自外匯的約 150 個基點的收益。我們預計第三季調整後的毛利率約為 56.5%，調整後的營業利潤率在 12% 至 13% 之間。

Our net finance cost for the quarter should be between $30 million and $35 million, and the effective tax rate should fall between 28% and 30%. We expect adjusted diluted EPS of $0.20 to $0.22 per share.

本季我們的淨財務成本應在 3,000 萬美元至 3,500 萬美元之間，有效稅率應在 28% 至 30% 之間。我們預計調整後的稀釋每股收益為 0.20 美元至 0.22 美元。

Our updated guidance implies slower growth in 2H than 1H. 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.

我們更新後的指引意味著下半年的成長速度將低於上半年。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。

Lastly, before Q&A, we will be hosting our first-ever Investor Day on September 18 in Vancouver at Arc'teryx's headquarters, which will be webcast. Although we will provide a high-level group update, the primary focus of the meeting will be a deep dive into the Arc'teryx brand and its many unique opportunities.

最後，在問答環節之前，我們將於 9 月 18 日在溫哥華 Arc'teryx 總部舉辦首屆投資者日活動，並將進行網路直播。雖然我們將提供高層團隊的最新進展，但會議的主要重點將是深入探討 Arc'teryx 品牌及其眾多獨特的機會。

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

說完這些，我將把問題交還給接線員。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks and Congrats on another nice quarter. Congrats on another nice quarter. So James, could you elaborate on the momentum that you're seeing in the third quarter, supporting the 20% outlook. Speak to drivers of the growth inflection at Salomon and the accelerated back half opportunity.

謝謝，並祝賀您又度過了一個美好的季度。恭喜您又度過了一個美好的季度。那麼詹姆斯，你能否詳細說明一下你在第三季度看到的支持 20% 前景的勢頭。談談所羅門兄弟公司成長轉折點的驅動因素以及加速的後半段機會。

And then, Stuart, could you expand on the raised expectations at Arc'teryx? Maybe specifically trends you've seen third quarter to date relative to the second quarter 15% omni-comp.

那麼，斯圖爾特，您能否進一步闡述一下對 Arc'teryx 的期望值提高的情況？也許具體趨勢是，您看到第三季迄今相對於第二季的全能型企業成長率為 15%。

Thanks, Matt. Okay. I so based on the very strong Q2 results and we see our growth momentum still carry on in Q3 and especially for Salomon footwear, okay, so cross-border, as we just introduced to you guys our strategy work and especially our new products really resonate in the market.

謝謝，馬特。好的。所以基於非常強勁的第二季度業績，我們看到我們的成長勢頭在第三季度仍將持續，特別是對於 Salomon 鞋類而言，好的，所以跨境，正如我們剛剛向你們介紹的我們的戰略工作，特別是我們的新產品確實在市場上引起了共鳴。

And I say, okay, so we created a very unique category we call the outdoor sneakers, which really give us a very strong competitive edge in sneakers markets and especially for female consumers, younger female consumer sector. So we really created a white space for us, and we see very strong growth trend for Outdoor Performance segment.

我說，好吧，所以我們創造了一個非常獨特的類別，我們稱之為戶外運動鞋，這確實讓我們在運動鞋市場，特別是對於女性消費者，年輕女性消費者領域具有非常強大的競爭優勢。因此，我們確實為自己創造了一個空白，並且我們看到戶外表演領域的強勁成長趨勢。

And on the other side, I also will say that Arc'teryx is also on the right track. And the momentum still carry on. Stuart will give you more detailed elaboration on that.

另一方面，我還要說，Arc'teryx 也走在了正確的道路上。而這種勢頭仍在持續。史都華將對此進行更詳細的闡述。

So I mean, Wilson 360 -- Tennis 360 formats continue to work both. And the -- especially in China and Southeast Asia, we see a very clear growth pattern for our Wilson Tennis 360. And in the U.S., we're also on the way to really test a different format in the market we are sitting. And we also have a very good confidence to unlock the potential for our Wilson's Tennis 360 in the United States. So pretty much like this.

所以我的意思是，Wilson 360——Tennis 360 格式可以繼續發揮作用。尤其是在中國和東南亞，我們看到 Wilson Tennis 360 的成長模式非常清晰。在美國，我們也正在真正測試我們所在市場的不同模式。我們也非常有信心在美國釋放 Wilson's Tennis 360 的潛力。非常像這樣。

Stuart?

史都華？

Thanks, James. Yes, Matt, the outlook that we offered really reflects the trends that we're seeing in the business across regions and channels. Specifically, as we look at the second quarter into the third quarter, total revenues, we had a wholesale shift last year that was a headwind for us in the second quarter of this year, and that was reflected in the wholesale sales increase that we had posted single digit. That's a tailwind for us now as we go into Q3 this year, as we lap an easier compare last year in the wholesale channel.

謝謝，詹姆斯。是的，馬特，我們提供的展望確實反映了我們在各個地區和通路的業務中看到的趨勢。具體來說，當我們回顧第二季到第三季的總收入時，我們發現去年批發業務發生了變化，這對我們今年第二季來說是一個阻力，這反映在我們公佈的個位數批發銷售成長上。這對我們來說是一個順風，因為我們今年進入第三季度，與去年相比，我們在批發管道的表現更加輕鬆。

Overall, though, our direct-to-consumer business is very strong. I would say the 15% comp that we posted, we feel really good about that. The comparison was a tough compare to last year. We've also seen a reduction in markdown sales. So our markdowns are down about 500 basis points in retail and about 100 basis points in e-commerce. So much higher full-price business, much healthier that benefits our margins. So we're seeing just strong underlying trends in our business.

整體而言，我們的直接面向消費者的業務非常強勁。我想說的是，對於我們公佈的 15% 的補償，我們感覺非常好。與去年相比，今年的比較很艱難。我們也看到降價銷售有所減少。因此，我們的零售降價幅度下降了約 500 個基點，電子商務降價幅度下降了約 100 個基點。全價業務更高，更健康，有利於我們的利潤率。因此，我們看到我們的業務中存在強勁的潛在趨勢。

From a KPI standpoint, traffic trends remain very strong, which is the KPI that is the driver of our revenue growth. And we have strong inventory position, as was noted, coming into the back half of the year. And what we're seeing so far in the third quarter is very encouraging. We're seeing really strong initial sell-through in the first few weeks of the third quarter. So that connects to the guidance that we just gave.

從KPI的角度來看，流量趨勢仍然非常強勁，這是推動我們營收成長的KPI。如前文所述，進入下半年，我們的庫存狀況良好。到目前為止，我們看到的第三季的情況非常令人鼓舞。我們看到第三季前幾週的初始銷售情況非常強勁。這與我們剛剛給出的指導相關。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. Can you speak to the next levers of growth at the Salomon brand following the recent inflection? How should we be thinking about the pace and magnitude of additional distribution point expansion in the US relative to your other key international regions, both on an owned door and partner wholesale door basis?

早安，感謝您回答我們的問題。您能否談談 Salomon 品牌在近期轉型後的下一個成長槓桿？相對於貴公司其他主要國際地區（包括自有門市和合作夥伴批發門市），我們該如何看待美國額外分銷點擴張的速度和規模？

Yeah. Thank you for your questions. And I -- first of all, Salomon is really on a fast-growing pattern and driven I mean, in the past 2Q, I mean, obviously, mainly driven by strong momentum in China and Asia Pacific, together with EMEA.

是的。感謝您的提問。首先，所羅門兄弟確實處於快速成長模式，我的意思是，在過去的第二季度，顯然主要是受到中國、亞太地區以及歐洲、中東和非洲地區強勁成長勢頭的推動。

And in U.S., we are still literally, we are still on the way to build the foundation. So we right now, we only got one shop in New York City. We plan to open 4 to 5 shops by the end of the year to in New York, Chicago and Los Angeles, and to further validate our so-called Salomon compact shop format, which had been proven in China and Europe.

而在美國，我們實際上仍在建造基礎的道路上。所以目前我們在紐約市只有一家店。我們計劃在年底前在紐約、芝加哥和洛杉磯開設4到5家門市，進一步驗證我們在中國和歐洲已經得到驗證的所謂的Salomon緊湊型門市模式。

So we have a very good confidence because in terms of the retail format and the product assortment, we already got a very solid base to support our US market. Meanwhile, we also continue to try to find a good way to strengthen our B2B business in the United States. Especially, we are underway to build a very strong partnership with the top accounts like REI and Nordstrom.

因此，我們非常有信心，因為就零售模式和產品分類而言，我們已經擁有非常堅實的基礎來支持我們的美國市場。同時，我們也不斷嘗試尋找一個好的方式來加強我們在美國B2B業務。特別是，我們正在與 REI 和 Nordstrom 等頂級客戶建立非常牢固的合作夥伴關係。

And that will give us a good more good place to continue to see what's the right model for us to accelerate our business in the US. And we also together with a very strong performance line we introduced in the market, we also right now, we also try to find a good model in our running specialty in the United States.

這將為我們提供一個更好的平台來繼續了解什麼是適合我們加速在美國開展業務的正確模式。而且，我們也在市場上推出了性能非常強大的產品線，目前，我們也試圖在美國的跑步專業領域找到一個好的模型。

So in summary, I will say we are still in Salomon in US, we are still on a preliminary stage. We are still on the way to build out the foundation. But given the successful model we built up in Europe and China, we have a very high confidence to build a very strong business model for Salomon footwear in the United States in the future.

總而言之，我想說我們仍在美國的所羅門兄弟公司，我們仍處於初步階段。我們仍在打基礎的路上。但鑑於我們在歐洲和中國建立的成功模式，我們非常有信心未來在美國為 Salomon 鞋類建立一個非常強大的商業模式。

Great thanks so much I'll pass it on. Thank you.

非常感謝，我會傳達的。謝謝。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. I wanted to get your views on pricing at each of the brands. What type of price increases are you embedding to mitigate the tariffs? And what has the customer response been to those?

謝謝。早安.我想了解您對每個品牌定價的看法。你們將採取什麼類型的價格上漲來減輕關稅？那麼客戶對此有何反應呢？

Yes. Thanks, Lorraine. Yes, with regard to price increases, I mean, we have across the brands, we would have leaned into some pricing increases in the Wilson brand. We talked about that a little bit earlier this year. But as far as Salomon and Arc'teryx, we continue to acknowledge that we have untapped pricing flexibility that we will definitely lean into should we need to.

是的。謝謝，洛林。是的，關於價格上漲，我的意思是，我們所有品牌的價格都有所上漲，但威爾遜品牌的價格會上漲。我們今年早些時候討論過這個問題。但就 Salomon 和 Arc'teryx 而言，我們仍然承認我們擁有尚未開發的定價彈性，如果需要，我們肯定會利用這一點。

But we've been able to navigate and mitigate the tariff impact without taking price thus far in those other two brands. With regard to Wilson, for certain products, it's been approximately 10%.

但到目前為止，我們已經能夠應對並減輕關稅的影響，而無需降低其他兩個品牌的價格。對 Wilson 來說，對於某些產品來說，這個比例大約是 10%。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, thanks. Hey Stuart, can you talk about how Arc'teryx stores are comping the full-price stores versus how much of a drag you're seeing on comp from the outlet stores? And then just separate. Inventory in terms of dollars versus units, and if you can give any color to places you might be too light, you might be restricting sales versus any regions or categories that you might be a bit too heavy.

嘿，謝謝。嘿，斯圖爾特，你能談談 Arc'teryx 商店與全價商店的競爭情況以及與奧特萊斯商店的競爭情況嗎？然後就分開了。庫存以美元與單位來衡量，如果你能給庫存過輕的地方加上任何顏色，那麼你可能會限制銷售，而對於任何庫存過重的地區或類別，你可能會限制銷售。

Yes. Thanks, Paul. Yes, the comp store trends in our full-price stores is robust. It's probably a mid-single-digit drag on the overall comp based on the outlet sales declines that I mentioned. So we're happy to see that shift happening. We're happy to see a stronger full price mix, even though it may weigh on the headline comp number.

是的。謝謝，保羅。是的，我們的全價商店的同店趨勢很強勁。根據我提到的門市銷售額下滑情況，這可能會對整體業績造成中等個位數的拖累。因此我們很高興看到這種轉變的發生。我們很高興看到更強勁的全價組合，儘管它可能會對整體業績造成影響。

And from an inventory standpoint, the -- in certain of our footwear categories, we've stocked out quickly, especially new models that we're introducing, where we're still trying to find the edge of demand. The Clarkia pant that James had mentioned is a good example of that. We're still chasing the market there.

從庫存的角度來看，某些鞋類的庫存已經很快售罄，尤其是我們推出的新款，我們仍在努力尋找需求邊緣。詹姆斯提到的 Clarkia 褲子就是一個很好的例子。我們仍在追逐那裡的市場。

Much of our spring/summer apparel line, also, we're still painfully out of stock in a number of regions. And so we really don't know how high is high yet in that part of the business, and it gives us encouragement for the spring/summer period, specifically.

我們大部分的春夏服裝系列在多個地區仍然嚴重缺貨。因此，我們確實還不知道該業務的銷售額到底有多高，但這尤其為我們帶來了春夏季節的鼓舞。

We're in a good position, I would say, from a fall/winter as we head into -- as we're now in the third quarter. And what I had mentioned in terms of the trend quarter-to-date in Q3 gives us confidence in the guidance that we had given. And I would further say, if demand continues to materialize, there's the potential to outperform.

我想說，從秋季/冬季開始，我們處於有利地位——現在我們已進入第三季。我剛才提到的第三季迄今為止的趨勢讓我們對我們給予的指導充滿信心。我想進一步說，如果需求持續實現，就有超越的潛力。

And so we think we're well positioned. Nothing structural that would prevent us, and we're in a strong inventory position at this point. So that's the most color we can give right now.

因此我們認為我們處於有利地位。沒有任何結構性因素能夠阻礙我們，目前我們的庫存狀況良好。這就是我們現在可以提供的最多顏色。

Yeah. And Paul, this is Andrew. I would elaborate a little bit on the inventory as Stuart talked about and in our prepared remarks. Definitely comfortable with where we are at inventory and, in fact, a bit encouraged that we're able to get ahead of some of the floor sets that Stuart had to chase in previous years.

是的。保羅，這是安德魯。正如斯圖爾特在我們準備好的演講中談到的，我將對庫存進行一些詳細說明。我們對我們的庫存狀況絕對感到滿意，事實上，我們能夠領先於斯圖爾特前幾年必須追逐的一些地板套裝，這讓我們感到有點鼓舞。

In addition, as we have started to optimize our supply chain and get ahead of some of that, we're taking ownership of our inventory a bit earlier because we have less air freight and actually vessel freight to normalize that supply chain process, which is, again, I'm encouraged by the improvements that we're making in our supply chain and encouraged by the fact that we're going to get ahead of some of that demand that we've been chasing in previous periods.

此外，隨著我們開始優化我們的供應鏈並取得領先地位，我們能夠更早地擁有我們的庫存，因為我們的空運和海運量減少，從而使供應鏈流程正常化，這一點，我對我們在供應鏈中取得的進步感到鼓舞，也對我們能夠領先於前幾期一直在追逐的一些需求這一事實感到鼓舞。

Got it. Thank you guys. Good luck.

知道了。謝謝你們。祝你好運。

Jay Sole, UBS Financial.

瑞銀金融的 Jay Sole。

Great, thank you so much. Just two-part question. One, Stuart, just talk about the women's business at Arc'teryx and how you've seen that develop over the last 90 days. And on Salomon, just with the super strong growth, you're probably above what you talked about at the time of the IPO. What's really gone better, big picture at Salomon, that's allowed you to deliver this big inflection and the big growth?

太好了，非常感謝。這只是兩個部分的問題。首先，斯圖爾特，請談談 Arc'teryx 的女性業務以及您在過去 90 天中看到該業務的發展。就所羅門兄弟而言，憑藉其超強的成長勢頭，其股價很可能已經超出了首次公開募股時所談論的水平。所羅門兄弟公司的整體情況究竟如何，使得你們能夠實現如此大的轉變和成長？

We'll start with Stuart on Arc'teryx and go to James for Salomon.

我們將從 Arc'teryx 的 Stuart 開始，然後是 Salomon 的 James。

Jay, yes, thanks for the question. The women's business, we saw continued strength in the second quarter. Revenues in women's was up over 30% in the quarter. We saw continued increases in our penetration, our mix of business. So we're pleased to see just the strength of our women's business growing in importance, some explosive growth in certain models.

傑伊，是的，謝謝你的提問。我們在第二季看到女裝業務持續保持強勁成長。本季女裝收入成長超過 30%。我們的滲透率和業務組合持續成長。因此，我們很高興看到女性業務的重要性日益增強，某些模式呈現爆炸性成長。

James has mentioned the Clarkia. We also introduced recently a couple of new models, the Nia pant and the Altira Cropped hard shell, they're seeing fast sales out of the gate as well.

詹姆斯提到了克拉克花。我們最近也推出了幾款新款，Nia 褲子和 Altira Cropped 硬殼，它們的銷量也很快。

So we're excited to see women's only specific models performing well as we expand the assortment for women's. This is an important sort of validation of the product strategy, while we're seeing our core products continue to sell well also with our female guests.

因此，隨著我們擴大女性產品的種類，我們很高興看到女性專用型號表現良好。這是對產品策略的重要驗證，同時我們看到我們的核心產品在女性顧客中也持續暢銷。

So we really feel like we're just getting started. So more to follow, and we look forward to sharing more at the Investor Day in September our women specifically.

所以我們真的感覺我們才剛開始。我們還會提供更多內容，我們期待在 9 月的投資者日上分享更多關於女性的資訊。

Jay, I will highlight several key drivers to make Salomon and, at this stage, go so faster in the market, okay? So first of all, I will say, I just mentioned it is all coming from our unique product proposition, okay? So we make a very successful story in the category we call the outdoor sneakers, which mainly driven by our sports style business, okay.

傑伊，我將重點介紹幾個關鍵驅動因素，使所羅門兄弟公司在現階段的市場上發展得更快，好嗎？首先，我要說的是，我剛才提到這一切都源自於我們獨特的產品主張，好嗎？因此，我們在戶外運動鞋這一類別中取得了非常成功的故事，這主要由我們的運動風格業務推動，好的。

So and that franchise really demonstrated very strong performance among the younger, I would say, younger female consumer sectors. So I think this gives us a very unique angle to unlock the potential for the very highly competitive sneakers market.

所以，我想說，該特許經營權在年輕人，特別是年輕女性消費者群體中確實表現出了非常強勁的表現。所以我認為這為我們提供了一個非常獨特的視角來釋放競爭激烈的運動鞋市場的潛力。

And on the other side, the product side, also, we consistently provide introduced a high-performance running products in the market, which also received extremely strong positive feedback from our B2B partners. And also the sell-through also listed on the top in all the shops point of sales we are sitting. So that's number one.

另一方面，在產品方面，我們也不斷向市場推出高性能跑步產品，並得到了我們 B2B 合作夥伴的強烈正面回饋。而且，我們所在的所有商店銷售點的銷售量也位居榜首。這是第一點。

The second one is the I think we also really built up a strong business model in China. Three years ago, we only got five shops. And today, by the end of the year, we will have close to 300 shops. All these shops are profitable. And it really give us a very strong confidence to drive the whole business at the right way.

第二點是，我認為我們也在中國建立了強大的商業模式。三年前，我們只有五家店。如今，到今年年底，我們將擁有近 300 家商店。這些商店都是盈利的。這確實給了我們很大的信心，讓我們能夠以正確的方式推動整個業務的發展。

And this kind of direct-to-consumer channel build-up also give us the chance to leverage overall brand awareness and also make the consumer understand what Salomon stands for, how they can get the right level of service for our from -- in the shop they are working -- in the shop environment they are in, okay?

這種直接面向消費者的通路建立也讓我們有機會提高整體品牌知名度，讓消費者了解 Salomon 的立場，了解他們如何在他們工作的商店、在他們所在的商店環境中獲得適合我們的服務水平，好嗎？

So I think it's a quite amazing situation. And on the other side, I will say the overall, I mean, strategic move on our B2B partners optimization, especially in Europe, okay? We really did a very strong alliance with the top B2B retail -- the top retailers, cross-border in European markets, JD Sports, Foot Locker, and Decathlon. They all give us a very strong exposure in the shops, and so that we can really deliver the results in the market. So that's the main drivers for Salomon, the current high growth pattern in the market.

所以我認為這是一個非常令人驚奇的情況。另一方面，我想說的是，我們在 B2B 合作夥伴優化方面採取了整體策略舉措，尤其是在歐洲，好嗎？我們確實與頂級 B2B 零售商——歐洲市場跨境的頂級零售商、JD Sports、Foot Locker 和 Decathlon 建立了非常強大的聯盟。它們都讓我們在商店中獲得了非常高的曝光率，讓我們能夠真正在市場上取得成果。這就是 Salomon 的主要驅動力，即當前市場的高成長模式。

Got it. Very helpful. Thank you so much.

知道了。非常有幫助。太感謝了。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Oh, good morning. Thank you very much for taking my question. Outdoor Performance is implied to grow 20% in the second half. Can you unpack that a bit more? Any nuances between 3Q and 4Q revenues, especially heading into the Winter Olympics? And then, Andrew, should we still assume that winter goods grow low single digits for the year? And then I have a quick follow-up on margins.

噢，早安。非常感謝您回答我的問題。預計下半年戶外業績將成長 20%。能進一步解釋一下嗎？第三季和第四季的營收之間有什麼細微差別嗎，尤其是在冬季奧運即將來臨之際？那麼，安德魯，我們是否仍應假設今年冬季商品的銷售將以低個位數成長？然後我會快速跟進利潤率。

The last part of the question, I missed the last part. The last part of your question, the second part.

問題的最後一部分，我錯過了最後一部分。你的問題的最後一部分，即第二部分。

Yes. Winter goods, should it still grow low single digits for the year?

是的。冬季商品，今年應該還會維持低個位數成長嗎？

The Winter Sports Equipment will continue to be a low single-digit grower for the rest of the year. The Outdoor Performance implied 20% growth in the second half is it's pretty level between the third and fourth quarter. So there's no cadence that you need to build in that we're signaling.

冬季運動器材在今年剩餘時間內將繼續保持低個位數成長。戶外業績暗示下半年將成長 20%，與第三季和第四季持平。因此，我們不需要建立任何節奏來發出訊號。

Okay. Very helpful. In the last quarter, Andrew, you were very helpful providing a color around 1,000 basis point improvement in margins for the Outdoor Performance. I think 700 bps was from gross margin. Can you kind of give us that bridge for the 700 basis point improvement? And then longer term, are there any structural reasons why this segment margin can't get to mid-teens over time?

好的。非常有幫助。安德魯，上個季度，你為戶外表現的利潤率帶來了約 1,000 個基點的提高，提供了很大的幫助。我認為 700 基點來自毛利率。您能否為我們提供實現 700 個基點改進的橋樑？那麼從長期來看，是否存在一些結構性原因導致該細分市場的利潤率無法隨著時間的推移達到十幾歲左右？

Yes. With regard to the gross margin improvement in the second quarter, it is primarily gross margin. And with regard to whether or not this business can get to we're going to be obviously very competitive. And you know what? As we continue to drive soft goods and footwear, you would expect this business to start to approach that the area that you're talking about. I'm going to give a much a longer-term update on the margin profile of each of our segments when we come up at Investor Day, but you're in the ZIP code.

是的。關於第二季毛利率的改善，主要是毛利率的增加。至於這項業務是否能夠實現，我們顯然會非常有競爭力。你知道嗎？隨著我們繼續推動軟商品和鞋類業務，您會期望這項業務開始接近您所談論的領域。當我們在投資者日到來時，我將對我們每個部門的利潤率狀況進行更長期的更新，但你在郵政編碼中。

Jonathan Komp from Baird.

來自貝爾德的喬納森·康普。

Stuart, just two follow-ups, if I could. The outlook drag on comps for Technical Apparel or Arc'teryx, should we expect that to continue equally throughout the year? And then maybe could you frame up a little more of the opportunity you see bringing the Korea business fully in-house?

斯圖爾特，如果可以的話，我只想問兩個問題。前景拖累了 Technical Apparel 或 Arc'teryx 的業績，我們是否應該預期這種情況會在全年持續下去？那麼，您能否進一步闡述將韓國業務完全納入公司內部所看到的機會？

And then just separately. Andrew, you raised the operating margin again. It was a little bit less than the raise to the gross margin rate. So could you maybe just share where you're driving incremental investment and some of the payoffs that you expect to see?

然後就分開了。安德魯，你再次提高了營業利潤率。這比毛利率的提高少一點。那麼，您能否分享一下您正在推動增量投資的地方以及您期望看到的一些回報？

Yeah. Thanks, Jonathan. Stuart. So the outlet drag, yes, I don't expect it will get worse than what we have seen in the first half of the year. There could be an opportunity for that to moderate to a degree, but probably more like what we've seen in the first half than not, if that makes sense. So probably more consistent into the back half than any change per se.

是的。謝謝，喬納森。斯圖爾特。因此，對於出口拖累，是的，我預計它不會比今年上半年的情況更糟。這種情況可能會有機會在某種程度上緩和，但可能更像我們在上半年看到的情況，如果這說得通的話。因此，後半部可能比任何變化本身都更加一致。

The Korea opportunity, we believe, is exciting. It's an incredible outdoor market. We've had a strong relationship for a number of years with our partner there, but we believe we can invest in the business in a new way and really capture meaningful upside, building on the strong start that our partner had created there. So we see upside, for sure, in Korea. We think it could be bigger than Japan even in terms of revenues, and we've got a great start so far.

我們相信，韓國的機會令人興奮。這是一個令人難以置信的露天市場。多年來，我們與那裡的合作夥伴一直保持著良好的關係，但我們相信，我們可以以一種新的方式投資該業務，並在合作夥伴在那裡創造的良好開端的基礎上，真正獲得有意義的增長。因此，我們肯定看到了韓國的優勢。我們認為，就收入而言，它甚至可能比日本還要大，到目前為止，我們已經有了一個很好的開始。

Jonathan, yes, really excited about the performance in the second quarter. And so think about it, really strong momentum as we go into the third quarter. We're going to seize this opportunity to continue to invest in the growth of the business.

喬納森，是的，我對第二季的表現感到非常興奮。所以想想看，當我們進入第三季時，勢頭確實強勁。我們將抓住這個機會，繼續投資於業務成長。

As you think about things like new store openings, marketing, there was a previous question around Salomon footwear growth and that inflection and continue to invest in that inflection brand awareness, and with all of those key initiative investments, we're still going to deliver 100 basis points of expansion to the bottom line. So it's thoughtful and it's prudent and it's responsible growth.

當您考慮新店開幕、行銷等事宜時，之前有一個關於 Salomon 鞋類成長和這種轉變的問題，並繼續投資於這種轉變的品牌知名度，透過所有這些關鍵的主動投資，我們仍然將為盈利帶來 100 個基點的擴張。所以，這是深思熟慮、謹慎且負責任的成長。

Michael Binetti from Evercore.

來自 Evercore 的邁克爾比內蒂。

Can I just ask? Stuart, it sounds like a few categories stocked out quickly, and it's not the first time, so good to see the demand there. I don't know, it sounds like the drag to the outlets is kind of the same through the year. Could you just help us understand what we should expect for the evolution of that omni-comp? The rest of the year, it is mid-teens more consistent run rate from here. And you also pointed to the high comparison a year ago.

我可以問一下嗎？斯圖爾特，聽起來好像有幾個類別的商品很快就售罄了，而且這不是第一次了，所以很高興看到那裡的需求。我不知道，聽起來對商店的拖累全年都是一樣的。您能否幫助我們理解對於全能電腦的演變我們應該期待什麼？從現在起，今年剩餘時間的運行率將更加穩定在十五六成左右。您還指出了與一年前相比的較高水平。

And then I guess, just backing up, I know you guys don't look at the business in geos, but maybe just unpack the 6% in the Americas there a little bit by brand and channel, give us a sense of whether that's the right range to think about. I know there's some categories like in Ball & Racquet and maybe hard goods that mix higher in the US. But is that the right cadence to think about what we'll see in that mid-single-digit range for the rest of the year?

然後我想，只是回顧一下，我知道你們不是從地理位置來看待業務，但也許只是透過品牌和管道稍微分析美洲的 6%，讓我們了解一下這是否是正確的範圍。我知道有些類別，像是球和球拍，以及耐用品，在美國混合程度較高。但這是否是我們思考今年剩餘時間內將看到中等個位數成長的正確節奏？

Yeah. Michael, it's Stuart. I'll take the first part of your question. So the omni-comp for Arc'teryx, our comparisons get easier into the second half. And as I said, the underlying trend is strong. And so we -- and what we're seeing in the first few weeks of Q3 is very encouraging. We're very pleased with the overall trends, including our omni-comp, and that's reflected in the guidance that we had shared.

是的。邁克爾，我是斯圖爾特。我來回答你問題的第一部分。因此，對於 Arc'teryx 的 omni-comp，我們的比較在後半部變得更容易了。正如我所說，潛在趨勢是強勁的。因此，我們在第三季前幾週看到的情況非常令人鼓舞。我們對整體趨勢非常滿意，包括我們的全方位業務，這反映在我們分享的指導中。

So we certainly see the trends in the first half from an omni-comp standpoint being something that we would see continuing at least at this level or higher into the second half of the year. And as I mentioned, strong inventory position. Nothing structural that would prevent us from delivering upside should demand materialize.

因此，從全能型企業的角度來看，我們肯定會看到上半年的趨勢至少會延續到下半年的這個水準或更高。正如我所提到的，庫存狀況強勁。如果需求出現，沒有任何結構性因素能夠阻礙我們實現上行。

And Michael, this is Andrew. Just coming back to your North American question. Again, really excited about what we're seeing, especially with Arc'teryx and Salomon. Strong double-digit growth for both of them in North America, where you see, obviously, Ball & Racquet is predominantly North America. And so there was slower growth in the US with Ball & Racquet.

邁克爾，這是安德魯。回到你的北美問題。再次，我們對所看到的一切感到非常興奮，尤其是 Arc'teryx 和 Salomon。兩家公司在北美都實現了強勁的兩位數成長，顯然，Ball & Racquet 的業務主要集中在北美。因此 Ball & Racquet 在美國的成長速度較慢。

Tennis 360 continues to grow strong, and we're excited about that. We had strong results in racquets. Where you saw some slower trends were baseball gloves, golf and inflatable balls. We continue to do well with bats, but it was a little bit offset by the gloves.

Tennis 360 持續強勁發展，我們對此感到非常興奮。我們在球拍方面取得了優異的成績。可以看到，一些較慢的趨勢是棒球手套、高爾夫球和充氣球。我們在擊球方面繼續表現良好，但手套的表現稍微抵消。

And then the last thing is we do see some sporting goods retailers being cautious with regard to their ordering. And so that's driving a little bit of that slowdown that you see.

最後一點是，我們確實看到一些體育用品零售商在訂購方面持謹慎態度。這就是你所看到的經濟放緩的原因。

Can I follow that real quick?

我可以很快跟上嗎？

And then, Michael, one more thing. The last thing that I want to remember is that we pointed this out, and Stuart alluded to it a little bit, that last year, we had a pull forward out of Q3 into Q2 for and that was wholesale driven. And so what happens is it's a tougher comp this year. Excluding that pull forward, you would have seen a slight increase in the current year.

然後，邁克爾，還有一件事。我想要記住的最後一件事是，我們指出了這一點，斯圖爾特也稍微提到了這一點，去年，我們從第三季度提前到了第二季度，這是由批發驅動的。所以今年的比賽將會更加艱難。如果不考慮這個提前因素，今年的情況將會略有增加。

Yeah. In the wholesale channel, excluding that drag, wholesale would have actually accelerated slightly overall at the group level.

是的。在批發管道，除去這項拖累因素，集團層級的批發業務其實整體上會略有加速。

Okay. Can I follow that with the reminder of about low to mid-single-digit growth long term out of Ball & Racquet? It sounds like you're feeling very good about the Tennis 360 initiatives. A few things in test, stores are starting to grow in China. Is there an obvious category that you expect to be persistently negative that would offset some of the emerging excitement I hear from you on some of the initiatives there in Ball & Racquet?

好的。我可否接著提醒大家 Ball & Racquet 的長期低至中個位數成長？聽起來您對 Tennis 360 計劃感覺非常好。測試中的一些事情，商店在中國開始成長。是否存在一個明顯的類別，您預計它會持續呈現負面狀態，從而抵消我從您那裡聽到的有關 Ball & Racquet 的一些舉措的一些興奮情緒？

Yeah. I mean, the business is still 90%, 85% equipment. That's number one. Number two, it just really depends on the velocity of our Tennis 360. As James talked about, we've really found a nice format in APAC and Greater China. We're still searching for it in the early stages of that format in North America.

是的。我的意思是，業務中 90%、85% 仍與設備有關。這是第一點。第二，這實際上取決於我們的 Tennis 360 的速度。正如詹姆斯所說，我們確實在亞太地區和大中華區找到了一個很好的模式。我們仍在北美尋找這種格式的早期階段。

And that concludes our question-and-answer session. I will now turn the call back over to management for some final 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，請他們發表最後的結束語。

Thanks, everyone, for joining. Look forward to seeing you on the third quarter call in November. Have a great week.

謝謝大家的參與。期待在十一月份的第三季電話會議上見到您。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。