Amer Sports Inc (AS) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Amer Sports first quarter 2026 earnings call. (Operator Instructions) I will now hand the conference over to Omar Saad, SVP of Investor Relations and Capital Markets. Omar, please go ahead.

各位好。感謝各位加入，歡迎參加 Amer Sports 2026 年第一季財報電話會議。（接線員指示）現在我將會議交給投資人關係與資本市場資深副總裁 Omar Saad。Omar，請開始。

Welcome, everyone. Thanks for joining Amer Sports earnings call for the first quarter of fiscal year 2026. Earlier this morning, we announced our financial results for the quarter ended March 31, 2026, and the release can be found on our IR website, investors.amersports.com.

各位好。感謝各位參加 Amer Sports 2026 會計年度第一季財報電話會議。今天稍早，我們已公布截至 2026 年 3 月 31 日止季度的財務結果，新聞稿可於我們的投資人關係網站 investors.amersports.com 查閱。

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, they are subject to certain risks and uncertainties that could cause actual results to differ materially.

提醒各位，今天的電話會議將包含符合聯邦證券法定義的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期與信念，並受若干風險與不確定性影響，可能導致實際結果與前述陳述存在重大差異。

Please see the safe harbor statement in our earnings release and SEC filings. 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.

請參閱我們財報新聞稿及向 SEC 提交文件中的安全港聲明。我們也將討論若干非 IFRS 財務衡量指標。關於此等非 IFRS 財務衡量指標的重要資訊（包括與最可比 IFRS 財務衡量指標之調節），請參閱我們的財報新聞稿。

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

我們將先由執行長 James Zheng 與財務長 Andrew Page 發表準備好的談話，接著進行問答，至美東時間上午 9:00 結束。James 將說明主要營運與品牌亮點，之後 Andrew 將就集團與事業部層級進行財務回顧，並說明我們更新後的財測指引。Arc'teryx 執行長 Stuart Haselden 與 Salomon 執行長 Guillaume Meyzenq 也將加入問答環節。

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

接下來，我把電話交給 James。

Thanks, Omar. Our excellent momentum continuing in Q1 as our unique portfolio of technical sports and outdoor brands are creating white space and take share globally. All segments, geographies and channels performed extremely well in the quarter, led by exceptional Salomon Softgoods growth, a strong Arc'teryx Omni-comp and solid and we delivered strong results across the P&L, including 32% sales growth and 160 basis points of adjusted operation margin expansion.

謝謝你，Omar。我們在第一季延續了極佳的動能；我們獨特的技術運動與戶外品牌組合正在全球創造新的成長空間並持續搶占市佔。本季所有事業部、地區與通路表現都非常出色，其中以 Salomon 軟性商品（Softgoods）的卓越成長領先，Arc'teryx 的全通路同店（Omni-comp）表現強勁；同時我們在損益表各項目也交出亮眼成果，包括營收成長 32%，以及調整後營業利益率擴張 160 個基點。

All four regions achieved solid double-digit revenue growth, and that strong momentum has continued in Q2. Looking forward, given the continued broad-based momentum across our portfolio and the talent and ambitious teams we have in place around the world, we are very confident in the future outlook for Amer Sports Group.

四大區域皆達成穩健的雙位數營收成長，而這股強勁動能在第二季仍持續。展望未來，鑑於我們品牌組合持續且廣泛的成長動能，以及我們在全球各地所配置的人才與充滿企圖心的團隊，我們對 Amer Sports 集團的未來前景非常有信心。

Several factors give me that confidence. First, we own and operate a unique portfolio of premium innovation-driven sports and outdoor brand. These brands are still only small to medium size with significant room to grow globally.

有幾項因素讓我更具信心。第一，我們擁有並營運一個獨特的高端、以創新驅動的運動與戶外品牌組合。這些品牌目前仍屬小到中型規模，在全球仍有很大的成長空間。

Second, Arc'teryx is a breakout outdoor brand. with leading growth and profitability for the industry driven by its disruptive direct-to-consumer model. Third, demand for Salomon's unique outdoor sneak offering is inflecting globally but the brand still only has a small share of the very large global market.

第二，Arc'teryx 是一個突破性的戶外品牌；其以顛覆性的直面消費者（DTC）模式帶動產業領先的成長與獲利能力。第三，市場對 Salomon 獨特的戶外潮流鞋（outdoor sneaker）產品需求正在全球加速，但該品牌在龐大的全球市場中仍僅占很小的份額。

Fourth, our worsened and the winter sports equipment franchises have leading market positions, which we believe will deliver slower long-term growth except for weather soft goods, which we believe is unique in the marketplace and has significant potential. And fifth, we believe we have a strong and differentiated platform in Great China and APAC where we continue to deliver best-in-class performance across our offering.

第四，我們的 Wilson 與冬季運動裝備事業擁有領先的市場地位；我們認為其長期成長將較為溫和，惟天候相關的軟性商品（soft goods）除外，我們相信其在市場上具獨特性並擁有顯著潛力。第五，我們認為在大中華區與亞太地區，我們擁有強勁且差異化的平台，並持續在各項產品與服務上交出同業最佳的表現。

Before I turn it over to Andrew, I will briefly recap key highlights from our three segments. Starting with technical apparel. Arc'teryx delivered another great quarter with broad-based strength across regions, channels and categories, including another exceptional performance from women's strong momentum in the direct-to-consumer channel continued driven by 19% Omni-comp.

在交給 Andrew 之前，我先簡要回顧三大事業部的重點亮點。首先是技術服飾（technical apparel）。Arc'teryx 再度交出亮眼的一季，在各地區、通路與品類均展現廣泛的強勢表現，其中女性品類再次表現卓越；直面消費者通路的強勁動能持續，主要受 19% 的 Omni-comp 所帶動。

We continue to envision Arc'teryx as a truly global brand with significant runway in all major markets, and we are encouraged that the brand is generating strong double growth across all four regions, including a notable acceleration in North America, with this momentum continued in Q1, growing faster than any other category for Arc'teryx.

我們持續將 Arc'teryx 視為真正的全球品牌，在所有主要市場都具備可觀的成長跑道；我們也很振奮地看到品牌在四大區域皆實現強勁的雙位數成長，其中北美成長明顯加速；而這股動能在第一季仍延續，且女性品類成長速度快於 Arc'teryx 的任何其他品類。

Our confidence in the women's opportunity is rising as we are both on attracting new female consumers to the brand and to driving higher engagement and spend with existing female consumers really see brand affinity with women rising as we improve fit style and function while building expanded assortments, leveraging our unique design advantage.

我們對女性市場機會的信心正在提升，因為我們一方面吸引新的女性消費者加入品牌，另一方面也推動既有女性消費者更高的互動與消費。我們確實看到女性對品牌的黏著度正在上升；我們透過改善版型、風格與機能，同時擴充產品組合，並運用我們獨特的設計優勢。

Our decision to redesign core ABCD models for her while also expanding family is working well. We also believe that success is bottoms with franchise sector, Clarkia, Leutia and Nia pants is also helping us unlock the female consumers. On the men's side, we are excited to welcome a new Arc'teryx designer joined us most recently from Mountain Hardware and the North pace prior to that. His leadership will be instrumental as we continue to push the boundaries of our men's offering when it comes to corn problems for the Mountain assets with technical performance and a beautiful design.

我們決定為女性重新設計核心 ABCD 款式，同時擴展產品家族，效果良好。我們也相信，在下身（bottoms）方面，像是 Clarkia、Leutia 與 Nia 長褲等系列的成功，也正在幫助我們解鎖更多女性消費者。男性方面，我們很高興迎來一位新的 Arc'teryx 設計師，他最近加入我們，先前任職於 Mountain Hardwear，更早之前則在 The North Face。他的領導將在我們持續突破男性產品界限上扮演關鍵角色，特別是在將山岳資產的核心問題（core problems）以技術性能與優美設計加以解決方面。

Footwear had another great quarter with strong growth across regions, led by both existing styles and a new launch. Popular existing starts include Norvan LD four trail shoes, which has strong consumer affinity and is our biggest volume drivers, followed by the Gore-Tex hiking shoe.

鞋類在本季也再度表現出色，各地區皆強勁成長，既有款式與新品上市共同帶動。受歡迎的既有款式包括 Norvan LD 4 越野跑鞋，消費者黏著度高，也是我們最大的出貨量驅動款，其次是 Gore-Tex 健行鞋。

And we launched the two in Q1, which is a technical call relationship. Looking forward, we are confident Arc'teryx has an exciting pipeline of full release for the upcoming years. We are investing in our design capabilities and the commercial teams on the ground in the US and building a strong infrastructure for both direct-to-consumer and wholesale channels.

此外，我們在第一季推出了「two」，這是一款技術性的 call relationship（原文如此）。展望未來，我們對 Arc'teryx 未來幾年的完整產品發布管線充滿信心。我們正投資於設計能力、在美國的在地商業團隊，並為直面消費者與批發通路建立強健的基礎設施。

Our Veilance sub brand also had a strong double-digit growth in Q1. We expect 2026 to be a year of impact for the brand as we invest in units further develop our collections and expand distribution, all of which is creating excitement and engagement in the marketplace.

我們的 Veilance 子品牌在第一季也實現強勁的雙位數成長。我們預期 2026 年將是該品牌的關鍵影響年，因為我們將加大投入、進一步開發系列並擴大通路覆蓋，這些舉措正在市場上創造更多興奮感與參與度。

Circularity and ReBIRD continue to be at the heart of Arc'teryx. In Q4, we increased the credit guests receive when they trade and use Arc'teryx products, and this continue to drive strong triple-digit growth in trade in activities in North America albeit of small bags. Our on-mountain remains a critical role in community management and the memo Mountain Academy we hosted in February was again a great success with 22,000 attendees over the weekend and the 42 clinics caused by Arc'teryx assets. Academies are becoming a key platform for ReBIRD, generating consumer awareness, interest and the rebar service.

循環經濟（Circularity）與 ReBIRD 仍是 Arc'teryx 的核心。在第四季，我們提高了顧客以舊換新並回收使用 Arc'teryx 產品時可獲得的回饋金，這持續推動北美以舊換新活動出現強勁的三位數成長，儘管基期仍小。我們的 on-mountain 仍在社群經營中扮演關鍵角色；我們於 2 月舉辦的 Mountain Academy 再次大獲成功，週末兩天共吸引 22,000 名參與者，並由 Arc'teryx 運動員帶來 42 堂課程。Academy 正逐步成為 ReBIRD 的重要平台，提升消費者認知與興趣，並帶動 ReBIRD 服務。

Big performance, our other technical apparel brand delivered solid growth in Q1. After the brand returned in 2025 the turnaround remains on track so far in 2026 with sales increase across key channels and regions. The brand also continued to improve profitability driven by our concentrated efforts to reduce promotional and increase full price selling, especially in the Nordic market.

Peak Performance（原文為 Big performance）作為我們另一個技術服飾品牌，在第一季實現穩健成長。自品牌於 2025 年回歸後，2026 年迄今的轉型仍按計畫推進，主要通路與地區的銷售均有所提升。品牌獲利能力也持續改善，主要受我們集中降低促銷、提升正價銷售的努力所帶動，尤其在北歐市場。

Moving to the outdoor performance segment, which was led by another outstanding quarter from Salomon Softgoods, the investment we are making to grow Salomon brand awareness and the distribution footprint are paying up at Salomon Footwear momentum is expanding across regions channels and in both portal and the performance.

接著看戶外性能（outdoor performance）事業部，本季再次由 Salomon 軟性商品（Softgoods）的傑出表現領軍。我們為提升 Salomon 品牌知名度與擴大通路覆蓋所做的投資正在見效；Salomon 鞋類的動能正在各地區、各通路擴大，並同時在 portal 與 performance（原文如此）兩端發力。

We are also excited to share that we are seeing a clear acceleration in North America as we leverage rising brand awareness to expand distribution with both new and existing wholesale partners. We also saw solid performance from our Winter Sports Equipment franchise which continue taking share despite challenging market conditions.

我們也很高興分享，隨著品牌知名度提升，我們在北美正看到明顯加速，並藉此與新舊批發合作夥伴擴大通路覆蓋。我們的冬季運動裝備事業也表現穩健，儘管市場環境具挑戰性，仍持續提升市佔。

As you know, Salomon footwear has become a very important growth engine, not just for Salomon, but for Amer Sports Group. We are excited to see a demand inflection for Salomon unique outdoor sneak offering, especially since the brand still only has a small share of the global sneak market. I'd like to highlight a few factors that give us the confidence that Salomon is well positioned to achieve its growth potential and diligent in the life way. Number one, global sports time momentum continues.

如各位所知，Salomon 鞋類已成為不僅對 Salomon、也對 Amer Sports 集團而言非常重要的成長引擎。看到市場對 Salomon 獨特的戶外潮流鞋（outdoor sneaker）產品需求出現拐點，我們感到振奮，尤其是因為該品牌在全球潮流鞋市場仍僅占很小份額。我想強調幾個因素，讓我們有信心 Salomon 已具備良好條件以實現其成長潛力，並在生活風格（lifestyle）領域持續深耕。第一，全球運動風格（sports style）的動能仍在延續。

We believe Salomon is connecting with younger consumers and the female consumers in our way traditional outdoor brands haven't. Sports style is critical to developing Salomon's position as the modern outdoor sneak brand including franchises such as XT6 and XC Whisper.

我們認為 Salomon 正在與年輕消費者及女性消費者建立連結，這是許多傳統戶外品牌未能做到的。運動風格對於建立 Salomon 作為現代戶外潮流鞋品牌的定位至關重要，其中包括 XT6 與 XC Whisper 等系列。

Second, our performance and the running lines are also working well. We continue to believe our new GRVL franchise is happy to unlock the run category for salmon like never before. Salomon is gaining traction in the run specialty channel in South America and recent running launches included SLAB Phantom three, which is ultra lightweight raising shoe engineered for elite performance as well as the -- third, is Salomon amazing brand in great China, Asia, where we believe we operate the most productive and profitable sneak shops in this industry.

第二，我們的性能線與跑步產品線也運作良好。我們仍相信全新的 GRVL 系列有望以前所未有的方式，為 Salomon 打開跑步品類。Salomon 在南美的跑步專業通路正持續獲得動能；近期跑步新品包括 SLAB Phantom 3，這是一款超輕量競速跑鞋，為菁英表現而設計；此外——第三，是 Salomon 在大中華區、亞洲的卓越品牌表現，我們相信我們在該區域營運著本產業中生產力最高、獲利能力最強的潮流鞋門店。

With China was Salomon fastest growing region in Q1, driven by both postal and performance as well as strong growth in apparel. Salomon is also experiencing surging demand in Korea and Japan both large sneak markets.

中國是 Salomon 在第一季成長最快的地區，成長動能來自生活風格與專業運動兩大品類，以及服飾的強勁成長。Salomon 在韓國與日本（兩個大型球鞋市場）的需求也正在飆升。

Fourth, our epicenter strategy is working our strategy to open a handful of brand stores alongside strategic elevated wholesale distribution in key metro markets around the world is critical to elevating Salomon's presence and awareness.

第四，我們的「核心城市（epicenter）」策略正在奏效：在全球關鍵都會市場中，開設少數品牌門市，並搭配策略性、升級版的批發通路布局，對提升 Salomon 的能見度與品牌認知至關重要。

Our Tier 1 global epicenter cities include Paris, London, Shanghai, Beijing, Tokyo, New York. We have seen both rising brand aware and accelerating revenue in our epicenter cities. Fifth is the strong pool demand we are seeing from consumers in Europe, Salomon's home market, driving strong preorders and sell-through. Sportstar continued to be the growth driver, but we have also seen a real inflection in global in Europe supported by marketing campaigns, in-store events and the running event activations.

我們的第一級全球核心城市包括巴黎、倫敦、上海、北京、東京、紐約。我們在核心城市看到品牌認知提升與營收加速成長。第五，我們在歐洲（Salomon 的本土市場）看到消費者端強勁的拉動需求，帶動強勁的預購與良好的銷售轉換（sell-through）。Sportstyle 仍是成長驅動力，但我們也看到歐洲乃至全球出現明顯的成長拐點，並受到行銷活動、店內活動以及跑步賽事推廣（activations）的支持。

Also, we are seeing high e-comm demand growth in Europe even as we expand our retail and wholesale footprint, six in North America, which is the largest sneak market in the world, but it's still a small business for us in the US we are seeing a clear growth inflection driven by sports star and the performance.

此外，即使我們持續擴大零售與批發版圖，我們仍看到歐洲電商需求的高速成長。第六，在北美——全球最大的球鞋市場——我們在美國的業務規模仍然不大，但我們看到由 Sportstyle 與專業運動（performance）帶動的明確成長拐點。

Not only are we expanding our shelf space and sell through existing wholesale products but we are also now starting to move Salomon footwear into key wholesale partner in the US as you know, there is a strong demand for Salomon sneakers in the US we're still very limited distribution for consumers to find our products. Moving to board and the rakes highlights. On records close 13% in Q1, driven by continued strength in Softgoods, and the sports.

我們不僅擴大了既有批發產品的陳列空間並提升銷售轉換，也開始把 Salomon 鞋款導入美國關鍵批發合作夥伴。如各位所知，美國對 Salomon 球鞋的需求很強，但目前消費者能找到我們產品的通路分布仍非常有限。接著談 Ball & Racquet（球拍運動）重點：第一季營收接近成長 13%，主要由 Softgoods（軟性用品）與 Sports（運動品類）的持續強勁表現所帶動。

Our products continue to resonate very well with consumers from performance racquets to tennis, and footwear and the worse Softgoods continued its exceptional trajectory with very strong growth an increasing number of the worst top -- wearing head to toe kits at key events, including Martha -- winning the Madrid Open and the men's top 10 player -- in Q1, we launched a version 10 of our iconic great racquet -- has been well received in the market across all channels with reorders from key customers coming in already.

我們的產品持續與消費者高度契合，從專業球拍到網球鞋與相關用品皆是如此。Softgoods 延續其卓越走勢，成長非常強勁；在關鍵賽事中，越來越多頂尖球員穿著我們從頭到腳的整套裝備，包括 Marta——贏得馬德里公開賽，以及男子前十名球員——。第一季我們推出了經典 Pure Drive 球拍的第 10 代版本——在各通路市場反應良好，關鍵客戶也已開始下追加訂單。

We are also seeing strong validation of the BB10 onto with world number one Aryna Sabalenka who won India West and Miami Open, paying with a racquet our version of the new brake before it was launched publicly. With that, I will turn it over to Andrew.

我們也看到 BB10 的強力背書：世界排名第一的 Aryna Sabalenka 贏得印第安泉與邁阿密公開賽時，使用的是我們新版球拍在正式公開上市前的版本。接下來我把時間交給 Andrew。

Thanks, James. Q1 was a great start to the year with strong sales, margin expansion and EPS growth. The investments we've been making behind our biggest opportunities are paying off in terms of both sales growth and margin expansion. Today, we are experiencing exceptional trends across each of our three biggest growth engines, Arc'teryx, Salomon Softgoods and Wilson Tennis 360, which are all still relatively small franchises with significant room to expand. Turning to our Q1 results.

謝謝，James。第一季為全年帶來非常好的開局，銷售強勁、毛利率擴張且 EPS 成長。我們針對最大機會所做的投資正在回收成果，體現在銷售成長與毛利率擴張兩方面。今天，我們在三大成長引擎——Arc'teryx、Salomon Softgoods 與 Wilson Tennis 360——都看到極佳趨勢；這些業務目前規模仍相對不大，但具有顯著的擴張空間。接著看第一季業績。

Amer Sports grew sales 32% in Q1 on a reported basis or 26% ex currency. The strong group sales performance was led by outdoor performance and technical apparel. All in racquet also had impressive double-digit sales growth. By channel, the group continues to be driven by DTC, which grew 45% led by Salomon and Arc'teryx. At the group level, D2C represented approximately 50% of revenue in Q1.

Amer Sports 第一季以報表口徑銷售成長 32%，若排除匯率影響則成長 26%。集團銷售的強勁表現主要由戶外機能與技術服飾帶動。Ball & Racquet 也實現亮眼的雙位數銷售成長。以通路來看，集團仍由 DTC（直面消費者）驅動，DTC 成長 45%，主要由 Salomon 與 Arc'teryx 帶動。集團層面，第一季 D2C 約占營收 50%。

Wholesale grew 21%, led by Salomon. Growth was also very strong across all geographies. Regional growth was led by Asia Pacific, which increased 53% and China, which grew 45%, EMEA accelerated to 27% and the Americas grew 18% in Q1. As it relates to our EMEA region, I wanted to touch on the Middle East conflict which thus far has had relatively low impact on our business. The region represents less than 1% of our global sales and the impact on both consumer demand as well as our supply chain and logistics operation has been immaterial thus far.

批發通路成長 21%，由 Salomon 領軍。各地區成長也都非常強勁：亞太地區成長 53%，其中中國成長 45%；EMEA 加速至 27%；美洲第一季成長 18%。就 EMEA 而言，我想提及中東衝突：截至目前對我們業務的影響相對有限。該地區占我們全球銷售不到 1%，對消費需求以及供應鏈與物流營運的影響迄今皆不顯著。

We recently renegotiated our annual shipping contracts, and this has also been incorporated in our latest guidance. That said, we continue to closely monitor this rapidly evolving situation, which could create some logistical and cost headwinds should the price of oil remained elevated longer term.

我們近期重新協商了年度海運合約，並已納入最新的財測指引。不過，我們仍將密切關注這個快速演變的情勢；若油價長期維持高檔，可能會帶來部分物流與成本面的逆風。

Turning to profitability. Adjusted gross margin increased 200 basis points to 60% in Q1, primarily driven by favorable channel, geographic, product and brand mix. Adjusted SG&A expenses as a percentage of revenue increased 60 basis points and represented 43.2% of revenue in Q1. This is a better SG&A rate that was implied in our previous guidance as we were able to leverage the higher sales growth against fixed costs. SG&A leverage in both technical apparel and outdoor performance was offset by deleverage in Ball and Racquet due to ongoing investments in Wilson Tennis 360 and higher corporate expenses.

接著談獲利能力。第一季調整後毛利率提升 200 個基點至 60%，主要受惠於通路、地理區域、產品與品牌組合的有利變化。調整後 SG&A（銷售、一般及行政費用）占營收比重上升 60 個基點，第一季為 43.2%。這一 SG&A 比率優於我們先前指引所隱含的水準，因為我們能以更高的銷售成長攤提固定成本。技術服飾與戶外機能的 SG&A 槓桿效益，被 Ball & Racquet 因持續投資 Wilson Tennis 360 以及較高的公司費用所造成的去槓桿所抵銷。

Led by strong margin expansion, we generated a 160 basis points increase in our adjusted operating margin from 15.8% last year to 17.4% in Q1. Corporate expenses was $52 million, up from $27 million in Q1 of last year, mostly related to higher IT personnel and deferred compensation expenses. D&A was $103 million, which includes $50 million of ROU depreciation.

在強勁毛利率擴張帶動下，我們第一季調整後營業利益率較去年 15.8% 提升 160 個基點至 17.4%。公司費用為 5,200 萬美元，高於去年第一季的 2,700 萬美元，主要與 IT 人員增加及遞延薪酬費用上升有關。折舊與攤銷（D&A）為 1.03 億美元，其中包含 5,000 萬美元的使用權資產（ROU）折舊。

Adjusted net finance cost in the quarter was $30 million, which comprised primarily of $25 million from interest expense with the remaining $5 million driven mostly by FX losses associated with the revaluation and settlement of monetary balances. In the quarter, our adjusted income tax expense was prior in the year. Adjusted diluted earnings per share was $0.38 compared to adjusted diluted earnings per share to $0.27 last year.

本季調整後淨財務成本為 3,000 萬美元，主要由 2,500 萬美元利息費用構成，其餘 500 萬美元多數來自外匯損失，與貨幣性餘額的重估與結算相關。本季我們的調整後所得稅費用低於去年同期。調整後稀釋每股盈餘為 0.38 美元，去年同期為 0.27 美元。

Now turning to segment results. Technical apparel revenues increased 33% to $885 million, led by Arc'teryx. Growth was fueled by 41% D2C expansion, including a 19% Omni-comp. Technical apparel wholesale revenue revenues grew 16%. Regionally, the technical apparel growth rate was led by Asia Pacific and a course continue to be central to Arc'teryx growth aspirations, and we plan to open 30 to 35 net new Arc'teryx stores in 2026 across all markets.

接著看各事業部表現。技術服飾營收成長 33% 至 8.85 億美元，由 Arc'teryx 領軍。成長動能來自 D2C 成長 41%，其中包含 19% 的全通路同店成長（Omni-comp）。技術服飾批發營收成長 16%。就地區而言，技術服飾成長率由亞太地區領先；當然，中國仍是 Arc'teryx 成長願景的核心，我們計畫在 2026 年於各市場合計新增 30 至 35 家 Arc'teryx 淨新店。

Our store opening plan in corporate is a similar level of gross new stores as in 2025 and partially offset by the continued closure of certain outlets and other suboptimal locations. We are planning 10 to 12 net new store owns in Greater China in 2026 with openings weighted towards H2 and Q4. After multiple years of optimizing the fleet, we are excited to resume new store extension in this large and important consumer market. In Q1, we had five openings in China, offset by five closures.

我們在整體層面的開店規劃，毛新增店數與 2025 年大致相當，但會被持續關閉部分 outlet 與其他表現不佳據點所部分抵銷。我們計畫 2026 年在大中華區新增 10 至 12 家淨新店，開店時點將偏重下半年與第四季。在經過多年門市組合優化後，我們很高興能在這個龐大且重要的消費市場重新啟動新店擴張。第一季我們在中國新開 5 家門市，同時關閉 5 家。

Key new locations include the Grand Gateway 66 store in Shanghai, a great example of the benefit when we relocate from a third flow location to the ground level with much higher traffic and more premium locations amongst the luxury brands. In Q1, Arc'teryx growth accelerated in North America, and we delivered strong double-digit Omni-comp in the US we are seeing significant progress in brand awareness in the US with unaided brand awareness growing to 12% from 8% last fall, led by our top of funnel marketing strategies.

關鍵新據點包括上海的 Grand Gateway 66 門市，這是我們將店址從三樓搬遷至一樓的典型案例：一樓人流更高，且位於奢侈品牌聚集的更高端位置，效益十分明顯。第一季 Arc'teryx 在北美的成長加速，我們在美國實現強勁的雙位數全通路同店成長（Omni-comp）。我們也看到美國品牌認知度顯著提升：無提示品牌認知（unaided brand awareness）由去年秋季的 8% 提升至 12%，主要由我們的漏斗上端（top of funnel）行銷策略帶動。

We believe brand experience and community are still untapped areas for Arc'teryx to unlock higher conversion rates in the US market, and we will be doubling down on these activities in 2026. One new store worth highlighting is our latest San Francisco area location in Burlingame, which opened in March. It has performed very well so far and will play an important role in continuing to develop Arc'teryx in warmer markets.

我們認為「品牌體驗」與「社群」仍是 Arc'teryx 在美國市場尚未充分開發、可用以提升轉換率的領域，我們將在 2026 年加倍投入這些活動。值得一提的新店是我們最新的舊金山灣區據點——Burlingame 門市，於 3 月開幕；截至目前表現非常好，並將在持續拓展 Arc'teryx 於較溫暖市場的布局上扮演重要角色。

I also want to highlight our Rockefeller city store, where we are encouraged by the building sales trajectory over the course of this past winter. Also, our Mountain strategy continues to resonate as our new stores in Aspen and Park City got off to great starts despite low snow in the Rockies this past weather. Technical adjusted operating margin expanded 250 basis points to 26.4%, driven by both gross margin expansion due to positive region and get as well as modest SG&A leverage on strong sales. Moving to our Outdoor Performance segment. which saw revenues increase 42% to $714 million driven by very strong performance in Salomon footwear, apparel and bags and socks.

我也想特別提到我們的 Rockefeller Center 門市：在剛過去的這個冬季期間，我們對其銷售走勢逐步走強感到鼓舞。此外，我們的「Mountain」策略持續引起共鳴；即使本季洛磯山脈降雪偏少，我們在 Aspen 與 Park City 的新店仍有非常好的開局。技術服飾調整後營業利益率擴張 250 個基點至 26.4%，主要由毛利率擴張（受惠於正向的地區與通路組合）以及在強勁銷售帶動下的溫和 SG&A 槓桿效益所驅動。接著看戶外機能（Outdoor Performance）事業部：營收成長 42% 至 7.14 億美元，主要由 Salomon 鞋類、服飾、包袋與襪類的非常強勁表現所帶動。

By channel, outdoor performance DTC grew 57%, led by new doors and higher productivity across markets, especially Greater China, APAC and the Americas. Outdoor performance achieved a 29% omni-comp with strength in both stores and e-commerce. E-commerce is continuing to grow across regions driven by higher traffic, especially in the Americas and APAC.

按通路來看，戶外機能 DTC 成長 57%，主要由新增門店以及各市場生產力提升所帶動，尤以大中華區、亞太地區與美洲最為突出。戶外機能業務實現 29% 的全通路同店成長（omni-comp），門店與電商皆表現強勁。電商在各區域持續成長，主要由更高的流量所驅動，尤其在美洲與亞太地區。

Outdoor Performance Wholesale grew 34%, driven by strong sell-through and reorders and soft goods. Regionally, the outdoor performance growth rate accelerated across all geographies, led by Greater China and APAC followed by the Americas and EMEA. The popularity of solid and footwear continues to inflect globally, and we are doing everything we can to ensure we are well positioned to fully develop this large opportunity in the right way over time.

戶外機能批發（Wholesale）成長 34%，受惠於強勁的終端銷售（sell-through）、補單（reorders）以及軟性商品（soft goods）。就區域而言，戶外機能的成長率在所有地區皆加速，領先的是大中華區與亞太地區，其次為美洲與 EMEA。硬質商品（solid）與鞋類的熱度持續在全球轉強，我們正竭盡所能，確保能以正確方式在時間推進中充分開發這個龐大的機會。

Salomon is positioned for significant growth in all major consumer regions, where we are working hard to build the right team, operational, go-to-market and brand-building functions to support our growth. In Asia, D2C continues to be the critical growth channel for Salomon led by our highly productive Salomon shops. We opened nine net new Salomon shops in Greater China this quarter, including both owned stores and partner stores, bringing our total count at quarter end to 302 doors.

Salomon 在所有主要消費者區域皆具備顯著成長的定位；我們正努力打造合適的團隊、營運、上市（go-to-market）與品牌建設職能，以支撐成長。在亞洲，D2C 仍是 Salomon 的關鍵成長通路，主要由我們高生產力的 Salomon 門市所帶動。本季我們在大中華區淨新增 9 家 Salomon 門市，包含自營店與合作夥伴門店，使季末總門店數達到 302 個據點（doors）。

For the full year 2016, we now expect to open 45 net new stores in Greater China, a slight increase from the 35 we communicated last quarter as more high-quality locations have become available to us and our partners. Keep in mind, although our net new store openings are slower than nearly 100 new doors the last couple of years, we are focused on upgrading the fleet by opening larger format, highly productive doors and the highest traffic shopping set with more space to incorporate apparel and accessories.

就 2016 全年而言，我們目前預期在大中華區淨新增 45 家門店，較上季所溝通的 35 家略為上調，因為我們與合作夥伴取得了更多高品質的店址。請留意，雖然我們的淨新增開店速度低於過去幾年接近 100 家新據點，但我們的重點在於升級門店組合：開設更大店型、產能更高的門店，並進駐人流最高的購物據點，提供更多空間以納入服飾與配件。

This is a very similar playbook to what we followed for Arc'teryx the last few years again in China. A great example of this is the new Salomon flagship we've recently opened in Beijing's highest footfall shopping center, Chaoyang Hopson One known for its premium trend-driven retail with over 8,000 square feet, the new flagship offers a full range of footwear and apparel and a highly elevated consumer experience.

這與我們過去幾年在中國為 Arc'teryx 所採用的策略非常相似。一個很好的例子是我們近期在北京人流最高的購物中心——朝陽合生匯（Chaoyang Hopson One）新開的 Salomon 旗艦店；該商場以高端、趨勢導向零售聞名。這家新旗艦店面積超過 8,000 平方英尺，提供完整的鞋類與服飾系列，並帶來大幅升級的消費者體驗。

In APAC, another region where Salomon has experienced an explosive growth we opened that 5 new Salomon stores in Q1. These were all in Japan and Korea, both very large and sophisticated sneaker markets. Salomon's overall brand awareness and desirability continues to grow very rapidly across Asia. The Americas, as James mentioned, Salomon footwear is seeing a material growth acceleration. The brand is seeing great D2C demand in both stores and e-com, and we are also excited to share that we are beginning to expand US wholesale in a more meaningful way.

在亞太地區，Salomon 也經歷爆發式成長；我們在第一季新開了 5 家 Salomon 門市，全部位於日本與韓國——兩個規模龐大且成熟的球鞋市場。Salomon 的整體品牌知名度與吸引力在亞洲持續快速提升。美洲方面，如 James 所提，Salomon 鞋類正出現明顯的成長加速。品牌在門店與電商皆看到強勁的 D2C 需求；同時我們也很高興分享，我們正開始以更具規模的方式擴大美國批發業務。

Not only are we improving sell-through and expanding shelf space within existing wholesale partners such as Nordstrom and RAI, we are also now starting to move Salomon footwear into key doors with new US retailers like Foot Locker and JD Sports. There is growing demand for Salomon sneakers in the US and we are strategically sequencing our US wholesale rollout to align with our epicenter market strategy.

我們不僅提升了既有批發合作夥伴（如 Nordstrom 與 RAI）的終端銷售表現並擴大陳列空間，也開始將 Salomon 鞋類導入新的美國零售商關鍵門店，例如 Foot Locker 與 JD Sports。美國市場對 Salomon 球鞋的需求正在增加，我們正策略性地分階段推進美國批發鋪貨，以配合我們的核心據點（epicenter）市場策略。

Keep in mind, this expansion into new wholesale accounts will include a small number of doors initially. Accordingly, we are seeing very strong North America order books for fall, winter 2026 with growing demand across a variety of high-quality existing and new retail partners. And we have improved our inventory person to respond to this growing demand.

請留意，拓展至新的批發客戶初期僅會涵蓋少量門店。因此，我們看到北美 2026 年秋冬的訂單簿非常強勁，來自多元且高品質的既有與新零售合作夥伴的需求持續增加。我們也改善了庫存配置，以回應這項成長中的需求。

In terms of own retail in North America, we are further strengthening our presence in New York City and just recently opened a Salomon brand store in the Upper West side of Manhattan and in Q3, we will open a Salomon store in the Flatiron District of New York. We also opened our first Salomon shop in Mexico City as the brand is also enjoying accelerating awareness and desirability across Latin America markets. We will continue to focus on our epicenter strategy in 2026 and beyond, particularly New York, Los Angeles, Miami and San Francisco.

就北美自營零售而言，我們正進一步強化在紐約市的布局，近期已在曼哈頓上西城（Upper West Side）開設 Salomon 品牌店，並將於第三季在紐約的熨斗區（Flatiron District）再開一家 Salomon 門市。我們也在墨西哥城開設了第一家 Salomon 門市，因為品牌在拉丁美洲市場的知名度與吸引力也在加速提升。2026 年及之後，我們將持續聚焦核心據點策略，特別是紐約、洛杉磯、邁阿密與舊金山。

We currently plan to open 7 to 10 new Salomon shops in the Americas this year. In EMEA, we continue to expand our store fleet in key epicenters, and we will further develop our Europe epicenters into Spain, Germany and other key UK cities in 2026. In Q1, we opened our first brand store in Copenhagen, Denmark, which has delivered a very strong positive start. Lastly, our Winter Sports Equipment franchises had a solid Q1 despite challenging weather and market conditions.

我們目前規劃今年在美洲新開 7 至 10 家 Salomon 門市。在 EMEA，我們持續在關鍵核心據點擴張門店組合，並將於 2026 年把歐洲核心據點進一步拓展至西班牙、德國及英國其他重要城市。第一季我們在丹麥哥本哈根開設了第一家品牌店，開局表現非常強勁。最後，儘管天候與市場環境具挑戰，我們的冬季運動裝備（Winter Sports Equipment）事業群第一季仍有穩健表現。

While the market for cross country and touring remains pressured versus the COVID highs, the core Alpine on-piece market remains healthy despite low snow in certain regions. Outdoor Performance adjusted operating profit margin expanded 480 basis points from last year to 20.4% in Q1. The margin expansion was led by gross margin, thanks to positive channel, region and product mix as well as SG&A leverage on strong growth.

雖然越野滑雪與巡迴（touring）市場相較 COVID 高峰仍承壓，但核心高山滑雪（Alpine）單件（on-piece）市場在部分地區降雪偏少的情況下仍維持健康。戶外機能調整後營業利益率在第一季較去年擴張 480 個基點至 20.4%。此一利潤率擴張主要由毛利率帶動，受惠於通路、區域與產品組合的正向影響，以及在強勁成長下的 SG&A 槓桿效益。

We are pleased to deliver strong margin expansion in Q1 after making the decision last quarter to accelerate investments to support Salomon's long-term growth, including marketing, retail expansion and talent acquisition. We believe these types of investments are critical to deliver the kind of results we saw in Q1 as well as position the brand for high-quality long-term growth.

我們很高興在第一季交出強勁的利潤率擴張；此前我們在上季決定加速投資以支持 Salomon 的長期成長，包括行銷、零售擴張與人才招募。我們相信這類投資對於實現第一季所見的成果至關重要，也能讓品牌具備高品質的長期成長定位。

I would add that we believe this is one of the advantages of our portfolio. The strong sales growth and margin expansion at the group level gives us the flexibility to invest behind early-stage growth opportunities such as Salomon Sneakers and also Wilson Tennis 360 in a way they could not as stand-alone entities.

我還要補充，我們認為這是我們投資組合的優勢之一。集團層級強勁的銷售成長與利潤率擴張，讓我們有彈性去投資於 Salomon Sneakers 等早期成長機會，以及 Wilson Tennis 360；若它們是獨立公司，將難以用同樣方式投入。

Moving to Ball & Racquet, where revenues increased 13% to $347 million, driven by Softgoods and racquet sports. We continue to see very strong momentum in Tennis 360 globally. By category, the growth was led by Softgoods, up very strong double digits with continued momentum in all regions.

接著看 Ball & Racquet，營收成長 13% 至 3.47 億美元，主要由軟性商品（Softgoods）與拍類運動帶動。我們持續看到 Tennis 360 在全球的動能非常強勁。按品類來看，成長由 Softgoods 領軍，維持非常強勁的雙位數成長，且各區域動能延續。

Strong racquets growth was driven by China and EMEA. Beyond Tennis, we saw solid growth in golf, driven by commercial clubs and golf balls, while inflatables were slightly down. Baseball also declined, impacted by the timing of shipments in bats and gloves, partially offset by growth in baseball uniforms and apparel.

球拍（racquets）的強勁成長主要由中國與 EMEA 帶動。除網球外，我們也看到高爾夫穩健成長，主要由商用球桿（commercial clubs）與高爾夫球帶動，而充氣產品（inflatables）則小幅下滑。棒球亦出現下滑，受到球棒與手套出貨時點影響，但部分被棒球制服與服飾的成長所抵銷。

Regionally, the Ball & Racquet growth rate was led by Greater China, APAC and EMEA. We opened one net new Wilson brand store in Q1 in Korea. We have extensive store opening plans for China this year, given the performance of existing Wilson Tennis 360 shops. For the full year, we now plan to open approximately 40 net new Wilson Tennis 360 shops in China between owned and partner doors.

就區域而言，Ball & Racquet 的成長率由大中華區、亞太地區與 EMEA 領先。我們在第一季於韓國淨新增一家 Wilson 品牌店。鑑於既有 Wilson Tennis 360 門市的表現，我們今年在中國有大規模的開店計畫。就全年而言，我們目前規劃在中國於自營與合作夥伴門店之間，淨新增約 40 家 Wilson Tennis 360 門市。

APAC also continues to drive meaningful Wilson Softgoods growth. We are seeing strong growth -- and inflatables in baseball last year. We also continued to expand our Tennis 360 offering into more DICK'S Sporting Goods locations, including House of Sports. We are planning to expand our DICK's footprint from 250 doors to 400 doors by the end of 2026. Ball & Racquet segment adjusted operating profit and margin decreased 370 basis points to 3.6% as positive product, channel and region mix was more than offset by higher SG&A as we made the decision to make...

亞太地區也持續帶動 Wilson Softgoods 的顯著成長。我們看到強勁成長——以及去年在棒球充氣產品（inflatables）的表現。我們也持續將 Tennis 360 方案擴展至更多 DICK'S Sporting Goods 據點，包括 House of Sports。我們計畫在 2026 年底前，將 DICK's 的覆蓋門店數從 250 家擴大至 400 家。Ball & Racquet 事業群調整後營業利益與利潤率下滑 370 個基點至 3.6%，因為正向的產品、通路與區域組合效益，被更高的 SG&A 所抵銷，原因是我們決定要...

Turning to the group balance sheet. We ended the quarter with $539 million of net cash and exited the quarter with inventories up 33% year-over-year, slightly higher than that 32% sales growth. We are very comfortable with the level and quality of our inventory, this high inventory growth is primarily related to the same factors we've previously disclosed.

接著看集團資產負債表。我們在季末的淨現金為 5.39 億美元；季末庫存年增 33%，略高於 32% 的銷售成長。我們對庫存的水位與品質感到非常安心；這次較高的庫存成長主要與我們先前已揭露的相同因素有關。

Number one, earlier receipt of seasonal Arc'teryx merchants to prepare for the better in-stock positions. Two, higher Arc'teryx goods and transit resulting from the greater use of ocean freight versus air freight, three, FX translations from the weaker US dollar and four, the addition of the Arc'teryx Korea inventory following the recent acquisition.

第一，更早收到季節性 Arc'teryx 商品，以準備更佳的現貨（in-stock）水位。第二，由於相較空運更多使用海運，導致 Arc'teryx 在途商品與運輸中貨品增加。第三，美元走弱帶來的外匯換算影響。第四，近期收購後納入 Arc'teryx 韓國的庫存。

We expect inventory growth rates to normalize in the second half of 2026 when we start to cycle our improved in-stock positions and the higher use of ocean freight driven by strong profit growth and disciplined working capital management, we generated $172 million of operating cash flow in the first quarter compared to $164 million last year. And for the full year of 2026, we expect to generate solid operating cash flow growth versus 2025 levels. Now moving to guidance. A couple of housekeeping items before I walk through the details. First on tariffs.

我們預期庫存成長率將在 2026 年下半年回歸正常，屆時我們將開始比較基期涵蓋我們改善後的現貨水位，以及因強勁獲利成長與嚴謹的營運資金管理而提高海運使用比例。第一季我們創造 1.72 億美元的營運現金流，去年同期為 1.64 億美元。就 2026 全年而言，我們預期營運現金流相較 2025 年水準將有穩健成長。接著進入財測指引。在我說明細節前，先提幾個例行事項。首先是關稅。

Our new updated guidance today assumes that the higher IEEPA tariff rates that were in place before the February Supreme Court really remain in place for Q2 and the remainder of 2026. Regarding tariff refunds, we have filed our submission and last week received a small portion of our total submission amount, which does not have an impact on our guidance as presented.

我們今天更新後的指引假設，在二月最高法院裁決之前所實施的較高 IEEPA 關稅稅率，將在 2026 年第二季以及 2026 年剩餘期間持續維持。關於關稅退稅，我們已提交申請，並於上週收到我們申請總額中的一小部分，這對我們目前所呈現的指引沒有影響。

Second, as we mentioned last quarter, Beginning in Q1, we discontinued allocating certain corporate expenses to our reportable segments that are not directly attributable to the operating performance of the segments. There is no impact to the overall group adjusted operating profit margin. It is simply reallocating certain costs from to corporate. Included in our press release and the earnings deck, as an exhibit that details the cost reallocation from each segment to corporate for each quarter of 2025.

第二，如同我們上季提到的，自第一季起，我們已停止將某些無法直接歸因於各分部營運績效的公司費用分攤至可報告分部。這對整體集團的調整後營業利益率沒有影響；只是將部分成本重新歸類至公司層級。我們在新聞稿與財報簡報中附上了一份附表，詳細說明 2025 年各季度由各分部重新分攤至公司層級的成本金額。

Let's begin with our updated full year 2026 outlook. The second quarter is off to a strong start. And given the continued momentum from our highest-margin Arc'teryx franchise, accelerating Salomon's Softgoods growth plus the solid foundation of our equipment franchises, we have the confidence to raise our 2026 sales, margin and EPS guidance. We are raising 2026 revenue growth guidance from 16% to 18% to 20% to 22%, which includes a 200 basis points to 250 basis points benefit from favorable FX impact at current exchange rates. By segment, we are raising our technical apparel 2026 revenue growth guidance from approximately 18% to 20% to 22% to 24%.

接著我們先從更新後的 2026 全年展望開始。第二季開局強勁。鑑於我們最高毛利的 Arc'teryx 特許經營持續帶動動能、Salomon 軟商品成長加速，以及我們裝備類特許經營的穩固基礎，我們有信心上調 2026 年的銷售、利潤率與 EPS 指引。我們將 2026 年營收成長指引由 16% 至 18% 上調至 20% 至 22%，其中包含在目前匯率下，因有利匯率影響帶來的 200 個基點至 250 個基點的助益。按分部來看，我們將技術服飾 2026 年營收成長指引由約 18% 至 20% 上調至 22% 至 24%。

We are also increasing our outdoor performance sales growth expectations from 18% to 20% to 22% to 24%. Our Ball & Racquet sales growth guidance goes from 7% to 9%, and to 10% to 12%. We are also raising our full year adjusted gross margin guidance from approximately 59% to a range of 59% to 59.5%, and we're also -- adjusted operating margin of approximately 22% for technical apparel.

我們也將戶外性能（outdoor performance）銷售成長預期由 18% 至 20% 上調至 22% 至 24%。我們的球類與拍類（Ball & Racquet）銷售成長指引則由 7% 至 9% 上調至 10% 至 12%。我們也將全年調整後毛利率指引由約 59% 上調至 59% 至 59.5% 的區間，並且也——技術服飾的調整後營業利益率約為 22%。

For outdoor performance, we are raising adjusted operating margins guidance from $14.5 million -- we are assuming full year net finance cost of approximately $70 million and an effective tax rate of 28%. Other operating income will be approximately $30 million for the full year, with approximately $20 million coming in Q2. Net income attributable to noncontrolling interest will be approximately $20 million for the full year.

就戶外性能而言，我們上調調整後營業利益率指引，從 1,450 萬美元——我們假設全年淨財務成本約為 7,000 萬美元，有效稅率為 28%。其他營業收入全年約為 3,000 萬美元，其中約 2,000 萬美元將在第二季入帳。歸屬於非控制權益的淨利全年約為 2,000 萬美元。

We now expect adjusted diluted EPS of $1.18 to $1.23 versus our prior guidance of $1.10 to $1.15, which is based on 586 million fully diluted shares. We are also assuming D&A of $400 million, including approximately $200 million of ROU depreciation. CapEx is still expected to be approximately $400 million primarily to support our retail expansion and IT infrastructure investments.

我們目前預期調整後稀釋 EPS 為 1.18 至 1.23 美元，先前指引為 1.10 至 1.15 美元；此係以 5.86 億股完全稀釋後股數為基礎。我們也假設折舊與攤銷（D&A）為 4 億美元，其中包含約 2 億美元的使用權資產（ROU）折舊。資本支出（CapEx）仍預期約為 4 億美元，主要用於支持零售擴張與 IT 基礎設施投資。

Turning to second quarter guidance. We expect reported revenue growth for the group in the range of 22% to 24% which assumes a 200 basis points to 250 basis points benefit from favorable FX impact at current exchange rates. We expect adjusted gross margin to be approximately 59.5% in Q2 of 2026 and an adjusted operating profit margin of 6% to 7%.

接著談第二季指引。我們預期集團報告營收成長介於 22% 至 24%，此假設在目前匯率下，有利匯率影響帶來 200 個基點至 250 個基點的助益。我們預期 2026 年第二季調整後毛利率約為 59.5%，調整後營業利益率為 6% 至 7%。

Other operating income for the quarter would be approximately $20 million. Net finance costs will be approximately $15 million and our effective tax rate will be approximately 28%. We expect adjusted diluted EPS of $0.08 to $0.10 per share in Q2. Lastly, I would note that should strong trends continue and better-than-anticipated demand materialize, we believe we are well positioned to deliver financial performance ahead of our expectations.

本季其他營業收入約為 2,000 萬美元。淨財務成本約為 1,500 萬美元，有效稅率約為 28%。我們預期第二季調整後稀釋 EPS 為每股 0.08 至 0.10 美元。最後我想指出，若強勁趨勢延續且需求優於預期，我們相信我們具備良好條件，能交出超越我們預期的財務表現。

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

接下來我把時間交還給接線員進行提問。

(Operator Instructions)

（接線員指示）

Michael Binetti, Evercore.

Michael Binetti，Evercore。

A great quarter, and thanks for all the detail today. So just on the guidance, the second quarter revenue guidance signal is really good here. I think 20% to 22% is the biggest forward quarter growth rate you've given us since the IPO. Obviously, we're all staring a difficult macro right now. So maybe just double click a little bit on what's driving your confidence?

本季表現非常出色，也謝謝今天提供這麼多細節。我想先就指引提問：第二季營收指引釋出的訊號非常好。我認為 20% 到 22% 是自 IPO 以來你們給出的最大單季前瞻成長率。顯然，我們都正面對艱難的總體環境。能否再更深入說明一下，是什麼在驅動你們的信心？

I know you said current trends are continuing. But maybe just double clicking on that a little bit. And then I guess, on thinking about the product and the road map for Salomon maybe you could just help us think about the road map for distribution there as you look at the running specialty channel in the US and how we should think about some of the channel's willingness to adopt. Some of the key initiatives like Salomon, the GRVL and road products that you guys have coming out anchoring the brand on the performance side.

我知道你提到目前趨勢仍在延續，但能否再更深入談談？另外，談到 Salomon 的產品與路線圖，也許你們可以協助我們理解其通路佈局的路線圖：當你們觀察美國跑步專業通路（running specialty channel）時，我們應如何看待通路端的採用意願？以及像 Salomon 的 GRVL 與公路產品等關鍵計畫，如何在性能端為品牌定錨。

Hey, Michael, this is Andrew Page. It's a pleasure. Thanks for the question.

嗨，Michael，我是 Andrew Page。很高興，謝謝你的問題。

Obviously, one of the things that you definitely want to keep in mind is that we believe that given current rates, the second quarter is going to have about a 200 basis points, 250 basis points tailwind on revenue. The other thing is that, obviously, it's May 18, May 191, and so we are meaningfully through the second quarter. We're excited about the trends we see so far, and that's given us confidence to continue to believe in the momentum that we had exiting Q1.

顯然，有一點你一定要記得：我們認為以目前匯率來看，第二季營收將有約 200 個基點到 250 個基點的順風。另一點是，顯然現在是 5 月 18 日、5 月 191 日，因此我們已經在第二季進行到相當程度。我們對目前看到的趨勢感到振奮，這也讓我們有信心持續相信我們在第一季結束時所帶出的動能。

Again, remember, we have a differentiated set of products and portfolio. Our products continue to have premium innovation. A lot of technical elegance to them, performance, visible technology and functionality, and they're highly differentiated. So when you think about even the macro, as consumers continue to prioritize their health, the outdoor environment is accessible and we have products that provide them with such quality, it provides them a high return on their investment.

再次提醒，我們擁有差異化的產品組合與產品線。我們的產品持續具備高端創新，包含大量技術美感、性能、可視化科技與功能性，而且高度差異化。因此即使在總體環境下，當消費者持續把健康放在優先順序、戶外環境又相對容易接觸，而我們提供高品質產品時，能讓他們的投資獲得很高的回報。

So, and I take the second question, Guillaume Meyzenq. Good morning, everybody. So of course, today, the current momentum we see is on the sports style segment, but we heavily invest in running and gravel running. So it's really one of the key area where we will have a continuous pipeline of product innovation.

那我來回答第二個問題，我是 Guillaume Meyzenq。各位早安。當然，今天我們看到的動能主要在運動風格（sports style）品類，但我們也大力投資跑步與碎石路跑（gravel running）。因此這確實是我們將持續推出產品創新管線的關鍵領域之一。

Today, in US, we are more than a third of the specialty distribution in the market. Once again, our playbook is very cautious saying, okay, door-by-door partnership, making sure that they get the full support from people, training about Salomon, organizing events, and make sure that we are driving sales through. And the [third] signal of '26, is looking very strong for us of course, small scale, but very high level of confidence in this environment.

目前在美國，我們在市場的專業通路覆蓋已超過三分之一。再次強調，我們的作法非常謹慎：逐店（door-by-door）建立合作夥伴關係，確保他們獲得人員支援、Salomon 相關訓練、舉辦活動，並確保我們能帶動銷售。而 26 年的[第三]個訊號對我們來說看起來非常強勁；當然規模仍小，但在這樣的環境下我們的信心非常高。

Thanks, guys.

謝謝各位。

Matthew Boss, JPMorgan. Matthew.

Matthew Boss，JPMorgan。Matthew。

Thanks, and congrats on a great quarter. So a two-part question. James, first, could you elaborate on the strong momentum, which you cited as continued into the second quarter. Have you seen any moderation in any global region tied to this geopolitical backdrop. And if you could touch on real-time trends that you're seeing in China?

謝謝，也恭喜本季表現亮眼。我有兩個問題。James，首先，你能否進一步說明你提到的強勁動能，且延續到第二季？在這樣的地緣政治背景下，你是否看到任何與之相關、在全球任何區域出現降溫？另外也請談談你在中國看到的即時趨勢。

And then Stuart, at Arc'teryx, could you break down drivers of the Omni-comp acceleration in the first quarter or any signs of softening at all that you've seen so far in the second quarter relative to that 19% in 1Q?

接著 Stuart，就 Arc'teryx 而言，你能否拆解第一季全通路（Omni-comp）加速的驅動因素？以及相較於第一季 19% 的表現，你在第二季迄今是否看到任何轉弱跡象？

Matt, thank you for your questions. Okay. First of all, I would say from this global platform, I mean, -- we are in the middle of the Q2, and we continue to see strong momentum across global regions across of all our three brands and the momentum still carry on coming from the outstanding Q1 results. So I think the management has a very good level of confidence to deliver whatever guidance we give to you guys in Q2. I think it's a great momentum for the group, okay, so far.

Matt，謝謝你的問題。好。首先我會說，從這個全球平台來看，我們目前在第二季進行中，並且持續看到全球各區域、我們三個品牌都呈現強勁動能，而這股動能仍延續自第一季出色的成果。因此我認為管理層對於交付我們在第二季提供給各位的任何指引，都有非常高的信心。我認為到目前為止，這對集團而言是很好的動能。

And China is still on track, okay? So I think Q1, we benefited a lot from CNY and because the CNY date is pretty late this quarter, which gives a good opportunity for our business to expand the kind of hot season in Q1. In Q2, we continue to see strong momentum, especially past Labor Day on May 1, and a long weekend. We also see a good momentum for our brands. So I think it's -- so far, we -- especially in our segment, I see still a bit bullish on the overall development of our business in China market.

而中國仍在軌道上，好嗎？我認為第一季我們從人民幣（CNY）中受益很多，且因為本季的 CNY 日期相當晚，這讓我們的業務有很好的機會在第一季延長所謂的旺季。在第二季，我們持續看到強勁動能，特別是在 5 月 1 日勞動節之後以及連假期間。我們也看到我們品牌有良好動能。因此我認為——到目前為止，我們——特別是在我們的分部，我仍對我們在中國市場業務的整體發展保持偏多的看法。

Great. And Matt, it's Stuart Haselden, to respond to your question on the Arc'teryx Omni-comps. Yes, the trends that we saw in the first quarter, I would just say sort of very directly, we continue to see those trends extend into the second quarter. We're really excited for what we're seeing across all our regions, and that's reflected in the guidance that Andrew shared with you. In terms of the drivers, I would say we saw a really healthy traffic-driven comps in the first quarter and now extending into the second quarter. And I would attribute that to just the ongoing brand awareness efforts, top of funnel and just the community engagement that we have across all our regions really paying off.

很好。Matt，我是Stuart Haselden，回應你關於Arc'teryx Omni-comps 的問題。是的，我會很直接地說，我們在第一季看到的趨勢，持續延伸到第二季。我們對於各個區域所呈現的表現都非常振奮，而這也反映在Andrew與各位分享的指引之中。就驅動因素而言，我會說第一季我們看到由客流帶動的同店成長非常健康，現在也延續到第二季。我把這歸因於我們持續推動的品牌知名度提升、漏斗上端的投入，以及我們在各區域的社群互動，確實正在產生效果。

And I think James and Andrew mentioned some of the brand awareness improvement we saw early this year that continue. The conversion trends are also quite healthy and positive. And I think that reflects the strength of the product offerings, the assortments that our guests are finding as they shop our websites and our stores.

我想James和Andrew也提到今年年初我們看到的品牌知名度改善，且仍在延續。轉換率的趨勢也相當健康且正向。我認為這反映了產品供給的強勁，以及顧客在瀏覽我們的網站與門市購物時所看到的商品組合的吸引力。

And we're also seeing really strong guest acquisition. Our guest file is growing at a healthy pace, strong acquisition and retention, also really healthy and growing average spend per guest. So the guest metrics look quite good.

我們也看到非常強勁的顧客獲取。我們的顧客資料庫以健康的速度成長，獲取與留存都很強，同時每位顧客的平均消費也非常健康並持續提升。因此顧客相關指標看起來相當不錯。

And finally, our stores as they begin to comp, we're seeing really healthy continued growth in our store productivity as our stores mature and season. So across the board, we're seeing really strong drivers of that comp performance.

最後，隨著我們的門市開始進入同店可比期，我們看到門市生產力在門市逐步成熟、經歷季節循環的過程中，仍持續健康成長。因此整體而言，我們看到推動同店表現的各項因素都非常強勁。

Hey, Matt, this is Andrew. Great color. Yes. Matt, just to wrap up on the first point that you talked about around the macro. I mean, obviously, we don't live in a bubble, and we are aware of the risks and the -- some of the decisions that consumers need to make associated with all the geopolitical factors out there.

嗨，Matt，我是Andrew。補充得很到位。Matt，針對你提到的第一點、關於總體環境，我的總結是：我們當然不生活在真空中，我們也意識到風險，以及消費者在面對各種地緣政治因素時必須做出的一些決策。

To that point, though, we're not seeing any signs yet with our consumer. We continue to -- you saw our results up in Q1 up in all of our regions. We continue to see momentum as we exited Q1 into Q2. And the thing that we really appreciate is that the premium sports and outdoor market, it remains one of the healthiest segments and all of it. So we do benefit from that.

不過就這點而言，我們目前還沒有從消費者端看到任何跡象。我們持續——你也看到我們第一季在所有區域的結果都成長。我們在第一季結束進入第二季時仍持續看到動能。而我們非常欣賞的一點是，高端運動與戶外市場仍然是整體中最健康的細分領域之一，因此我們也確實受惠於此。

Laurent Vasilescu, BNP.

Laurent Vasilescu，BNP。

Good morning. Thank you very much for taking my question. I have a question for Guillaume regarding the Americas wholesale expansion. I think it was called out that JD and Foot Locker are early innings. But curious to know, are there any limitations for the brand to go into DICK's Sporting Goods. And I think, Guillaume, you mentioned that you're in third of run specialty stores currently. Is there an opportunity?

早安。非常感謝讓我提問。我有一個問題想請教Guillaume，關於美洲地區的批發擴張。我記得你們提到JD和Foot Locker還在早期階段。不過我想了解的是，品牌進入DICK's Sporting Goods 是否有任何限制？另外，Guillaume，我想你提到目前你們在跑步專業店的覆蓋大約是三分之一。這是否還有機會？

Or is there a limitation for you to get to third of the big box accounts in the US? And then Andrew, a question really on input costs. I appreciate that you called out that you locked in freight for the year, which is great. But you did mention that if oil prices do maintain at these levels, you could see an impact potentially on freight or potentially raw materials. If that's the case, any chance you can quantify that for the audience?

或者說，你們在美國要進入大型量販（big box）客戶、達到三分之一覆蓋是否存在限制？然後Andrew，我有一個關於投入成本的問題。我很感謝你提到你們已把今年的運費鎖定，這很好。但你也提到如果油價維持在目前水準，可能會對運費或原物料造成影響。若是如此，你們能否為聽眾量化一下可能的影響？

Let me take the first part first. I did mention the fact that with as oil prices have continued to see pressure, it's important to note that the point that I want you to take away from is that it's almost a nominal impact, if at all, any on us right now. we believe, and I thought it was important to let you guys know that we have locked in our freight and logistics costs for the next year.

我先回答第一部分。我確實提到，隨著油價持續承壓，重要的是我希望各位帶走的重點是：即使有影響，對我們目前而言也幾乎是名目上的影響，甚至可能沒有影響。我們相信，而且我也覺得有必要讓各位知道，我們已經把未來一年的運輸與物流成本鎖定了。

That being said, wrapping it up with if oil prices persist for an elongated period of time, it undoubtedly will have some trickledown effect on the consumer and could possibly have impact on us. But there's nothing to quantify. I wasn't signaling that there's a quantification or a Mendoza line that could trip us.

話雖如此，如果油價在較長時間內持續維持高檔，無疑會對消費者產生一些外溢影響，也可能對我們造成影響。但目前沒有任何可以量化的內容。我並不是在暗示有一個可量化的門檻，或所謂的Mendoza line 會觸發並影響我們。

Right now, again, we see the increased cost, and it's had nominal impact on us, if at all any, and that's what we see for the foreseeable future. But again, we are aware of the macro and if there's a seismic shift in oil and cost over time, this could have some longer-term effect, but we're not seeing anything right now, and I wasn't seeing that something is to come at a particular time of the future.

目前來看，再次強調，我們看到成本上升，但對我們的影響即使有也很有限，甚至可能沒有，而在可預見的未來我們也是這樣看待。不過，我們確實關注總體環境；如果油價與成本隨時間出現劇烈變化，可能會帶來較長期的影響，但我們現在沒有看到任何跡象，我也不是在說未來某個特定時間點一定會發生什麼。

So if I come back to salmon wholesale in North America, we have a clear playbook, which is where the consumer demand. So we are not looking at business opportunity outside of where we can get traction and having consumer agreement. So when you speak about running specialty distribution, we have a pipeline of innovation. This is supported by the store, which is also selling performance project and understanding the Salomon product. So with limited aided awareness, we can still have quite success in running space.

回到北美Salomon的批發業務，我們有一套清晰的作戰手冊，也就是以消費者需求為核心。因此，我們不會在無法取得動能、或缺乏消費者認同的地方去追逐商機。當你談到跑步專業通路的鋪貨時，我們有創新產品的管線，並且有門市端的支持，門市也在銷售性能產品並理解Salomon的產品。即使在輔助認知（aided awareness）有限的情況下，我們在跑步領域仍然可以取得相當成功。

When we are coming back to a large partner and big boxes, then the challenge is we need to build this awareness in order to drive the sell-through and have the consumer demand. This is why we didn't want to deviate from our original strategy, which is starting from epicenter, starting from largely and working together with these big boxes, door by door and opening the door in a very cautious way in order to make sure that we are building success. And from what we learned, we are starting to develop so being said, clearly, we have kind of we will see an acceleration at JD and Footlocker.

當我們回到大型合作夥伴與大賣場（big box）時，挑戰在於我們需要建立這樣的品牌認知，才能推動銷售速度（sell-through）並形成消費者需求。這也是為什麼我們不想偏離原本的策略：從核心據點開始、從重點市場開始，並與這些大賣場逐店（door by door）合作，以非常審慎的方式開店與拓展，確保我們在建立成功。根據我們的學習與累積，我們也開始進一步發展；也就是說，很明顯地，我們會在JD和Foot Locker看到加速。

So we are strong at RAI and Nordstrom today, we are developing fast. And for sure, the next two biggest target is Footlocker and JD Sports where full winter will start to think forward and we are looking at accelerating the playbook, thanks to our brand momentum. But once again, demand -- consumer demand first, playbook with large city where we are building awareness before we start thinking about kind of numeric developments with a lot of doors in North America.

目前我們在REI和Nordstrom表現強勁，也在快速發展。毫無疑問，接下來兩個最大的目標就是Foot Locker和JD Sports；隨著完整冬季開始往前推進，我們也希望藉由品牌動能加速這套作戰手冊。但再次強調，需求——以消費者需求優先；我們會先在大型城市建立認知，之後才會去思考在北美以大量店點進行數量型擴張。

Great to hear. Thank you very much.

很高興聽到。非常感謝。

Jay Sole, UBS.

Jay Sole，UBS。

Great. Thank you so much. Maybe, Stuart, I'd like to ask you about Arc'teryx, especially the progress in the US you talked about women's. Maybe just give us an idea of where you're at stores wise, what you see as the opportunity now and how you see overall sales trend given some of the new categories you penetrated and the progress you've made over the last 90 days.

很好，謝謝你們。我想問Stuart一個關於Arc'teryx的問題，特別是你提到在美國、以及女裝方面的進展。你能否讓我們了解一下目前門市布局到什麼程度、你現在看到的機會是什麼，以及在你們切入一些新類別、並在過去90天取得進展之後，你如何看待整體銷售趨勢？

Hey, Jay, it's Stuart. So yes, thanks for that question. So first, on the US we're seeing really exciting acceleration in the comp business and the underlying traffic and conversion that I mentioned earlier, definitely. We're definitely seeing -- unlock during the IPO, we had shared -- we saw the potential in North America, we've got to reach 200 stores. We still see that potential.

嗨，Jay，我是Stuart。謝謝你的問題。首先談美國，我們看到同店業務出現非常令人振奮的加速成長，以及我先前提到的客流與轉換率的基本面，確實如此。我們確實看到——在IPO期間我們曾分享——我們看到了北美的潛力，有機會達到200家門市。我們仍然認為有這個潛力。

We're still not even halfway and as we continue to develop our view of the markets, I would expect that potential could even expand. But we're on track. We're seeing great traction and momentum in the U.S. and in North America broadly.

我們目前甚至還不到一半；隨著我們持續深化對各市場的看法，我預期這個潛力甚至可能進一步擴大。但我們進度符合預期。我們在美國以及更廣泛的北美地區都看到很好的牽引力與動能。

For women's, just to turn to that question, we saw really strong continued strength in women's. In the first quarter, our women's business was up over 40%. We saw a 200 basis points increase in penetration our overall sales to almost 25% to total revenue. We believe our Women's business can be over 30% of our total revenue by 2030. So we feel like we're ahead of schedule effectively towards that goal.

至於女裝，回到你的問題，我們看到女裝持續非常強勁。第一季我們的女裝業務成長超過40%。女裝在整體銷售中的滲透率提升了200個基點，接近總營收的25%。我們相信到2030年，女裝業務可以占我們總營收的30%以上。因此我們覺得，朝這個目標來看，我們實際上是超前進度的。

And as James mentioned in his prepared remarks, we're seeing great momentum both in our core model redesigns, the beta SV in the first quarter was a fantastic selling product, and that's very much at the bull's eye of who we are as a brand. And the other categories such as pants, and James mentioned the ongoing success we're seeing the Clarkia, the Nia, the Leutia.

另外，如James在事先準備的發言中提到，我們在核心款式的重新設計上也看到很好的動能；第一季的Beta SV是一款銷售非常出色的產品，而它非常符合我們作為品牌的核心定位。其他品類例如褲裝，以及James提到我們持續看到成功的Clarkia、Nia、Leutia。

This is giving us a lot of energy and excitement around the potential we really see women's as offering us a vehicle to transform the brand from not just being a men's brand or a men's bias brand, we see the potential to really transform and become a dual-gender very balanced brand. So yeah, thanks for the question.

這讓我們對於潛力感到非常有能量、也非常興奮。我們確實把女裝視為一個載體，能夠推動品牌轉型：不再只是男裝品牌或偏男性的品牌，而是有機會真正轉型成為一個雙性別、非常均衡的品牌。是的，謝謝你的提問。

Great, thank you.

太好了，謝謝。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Great, good morning and thank you for taking our question. Your guidance today indicates a nice step-up in Salomon profitability for the year. However, it looks like you're planning for a little less improvement for the rest of the year despite some easy comparisons? Can you unpack how you're thinking about reinvestments in Salomon as you continue to expand the key epicenter city strategy as well as profit improvement for the brand ahead. On a medium-term basis, what do you think the right profit margin is for the Salomon brand that's achievable as you continue to fuel continued long-term growth. Thank you.

太好了，早安，謝謝讓我們提問。你們今天的指引顯示 Salomon 今年的獲利能力將有不錯的提升。不過，儘管比較基期相對容易，看起來你們對今年剩餘期間的改善幅度規劃得稍微保守一些？能否說明一下你們如何看待在持續擴大關鍵「核心樞紐城市」策略的同時，對 Salomon 的再投資，以及品牌未來的獲利改善？以中期來看，在持續推動長期成長的同時，你們認為 Salomon 品牌可達成的合理獲利率（利潤率）應該是多少？謝謝。

Thanks, Brooke. This is Andrew. Yes, on the sales, we were very methodical in selecting where and how we expand the Salomon footwear, especially our sports valve offerings. Also, there are some sourcing constraints when you tried it, we grew 42% in the first quarter. And so they're obviously sourcing constraints you can't plan a business throwing a debt kind of rate for the rest of the year.

謝謝，Brooke。我是 Andrew。是的，就銷售而言，我們在選擇 Salomon 鞋類擴張的地點與方式上非常有方法、很謹慎，特別是我們的 sportstyle（運動潮流）產品。另外也有一些採購/供應限制；你看，我們第一季成長了 42%。因此顯然存在供應限制，你不可能把全年剩餘時間都用那種成長速度來規劃業務。

So we believe that the guys are responsible, it's prudent. And on the margin, we're leaving room for brand building and investments in our global sports. Our campaigns, our GRVL campaigns, our local activations. We're making key infrastructure investments in technology and people.

所以我們認為團隊的做法是負責任的、也是審慎的。至於毛利率/利潤率方面，我們也保留空間用於品牌建設與對全球運動業務的投資：我們的行銷活動、我們的 GRVL 活動、我們的在地推廣。我們也在科技與人才方面進行關鍵的基礎建設投資。

We have an exciting pipeline of influencers and event partnerships that you'll hear more about later in the year. And we have more brand store openings globally and especially in Asia. And so we believe that with all of those qualitative points, I'd just add on top of 42% growth in Q1. We believe that the guidance is prudent and it reflects the investments that we want to make, and also it reflects some of the increased demand against some of the supply constraints that we would have to service that demand. So it's a really good problem to have.

我們有一個令人振奮的 KOL/影響者與活動合作夥伴管線，你們在今年稍晚會聽到更多消息。我們也會在全球、尤其是亞洲，開設更多品牌門市。因此，綜合這些質化因素，再加上第一季 42% 的成長，我們認為這份指引是審慎的，反映了我們想要投入的投資；同時也反映了需求增加、但供應端仍有一些限制，我們必須在這些限制下去滿足需求。所以這其實是個很好的煩惱。

Great. Thanks so much.

太好了。非常感謝。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，美國銀行。

Thank you. Good morning. I'm speaking with Salomon; can you discuss the momentum of sports style versus performance? And how you're working to ensure that, that mix doesn't become too skewed towards one versus the other?

謝謝。早安。我想就 Salomon 請教：你能談談運動潮流（sportstyle）相較於性能（performance）的動能嗎？以及你們如何確保產品組合不會過度偏向其中一邊？

Yeah. Thanks for the question. It's, of course, when you look at ground success of Salomon is for time when this category was not existing like five, six years ago. Of course, this is a legitimate question. One thing is -- one thing we have to keep in mind on this model. The first one is why people are choosing Salomon for -- and this is one of the reason of belief of people moving to sports type.

好的，謝謝你的問題。當然，當你回頭看 Salomon 在市場上的成功，這個品類在五、六年前其實還不存在，所以這確實是個合理的問題。有一點——有一點我們在這個模式上必須記住。第一個是，人們為什麼選擇 Salomon——而這也是人們轉向 sportstyle 的原因之一。

This is one point. The second one is -- and you hear about that is, today, we are investing a lot in road running and gravel running, which is our key story for all running and this is about how we can mitigate and having the right balance between the performance development and sports style.

這是一點。第二點是——你也聽到我們提到——今天我們在公路跑與 gravel running（碎石路跑）上投入很多，這是我們跑步品類的關鍵故事；這關乎我們如何在性能研發與運動潮流之間取得適當平衡、並降低偏重單一面的風險。

Sports style, of course, is developing much faster than performance today. But if you look at this niche Salomon. But if you look at gravel and which is still small, this is the fastest-growing category inside Salomon on small scale, but with a very big traction in terms of consumer demand still in the core distribution and so on. And this is what it makes us believe that we have today, we will be able to manage our portfolio and our life cycle development of projects in the future.

運動潮流當然比性能成長得更快。但如果你看 Salomon 的這個利基市場——再看 gravel（碎石路跑），雖然規模仍小，但它是 Salomon 內部成長最快的品類之一；即便基數小，消費者需求的拉力非常強，仍然在核心通路等方面持續發酵。這也讓我們相信，我們今天具備能力在未來管理好產品組合，以及專案的生命週期與開發節奏。

Paul Lejuez, Citi.

Paul Lejuez，花旗。

Hey, thanks, guys. I wanted to understand your tariff assumption a little bit better for 2Q and the rest of the year. Just curious how you're treating the inventory that you already brought in at the 10% rate, if you were attaching actually a higher tariff rate to that product? Or do you assume it just doesn't flow through in the second quarter. And then second, curious if you can talk about what did change within your second half guidance by region or brand? Thanks.

嗨，謝謝各位。我想更了解你們對第二季以及今年剩餘時間的關稅假設。想請教你們如何處理已經以 10% 稅率進口的庫存：你們是否會對那批產品實際套用更高的關稅稅率？還是你們假設它在第二季不會反映出來？第二個問題，想請你們談談下半年指引在區域或品牌層面有哪些變化？謝謝。

Yeah. Paul, it's Andrew. Thanks for the question. Just let me just re-anchor and orient on the tariffs. Our guide does not contemplate any change in tariffs since before the Supreme Court ruling. That being said, obviously, the tariffs have come down a bit. And to the extent that the tariffs come down, that lower tariff rate runs through our gross parts, all right? And but the delta is rather minimal. Remember, we have a small exposure to the US consumer.

好的，Paul，我是 Andrew。謝謝你的問題。我先重新錨定一下關稅的前提：我們的指引並未假設在最高法院裁決之前的關稅水準會有任何變動。話雖如此，顯然關稅已經下降了一些；只要關稅下降，較低的關稅稅率就會反映在我們的毛利中，好嗎？但這個差異其實相當有限。請記得，我們對美國消費者市場的曝險很小。

We believe that, that delta between the IEEPA rates and the current Section 122 rates on our small US space is relatively it's relatively small. It's not a big differential from a gross margin perspective, but it does run through operations. To the extent that we have applied for refunds and to the extent that we get refunds, we got a small amount late last week. It was inconsequential as it relates to our guide, it would not have impacted we did about guidance.

我們認為，在我們小規模的美國業務上，IEEPA 稅率與目前 Section 122 稅率之間的差異相對——相對很小。從毛利率角度看，這不是很大的差距，但它確實會反映到營運中。至於我們已申請退稅、以及若能拿到退稅的部分，我們在上週稍晚收到了一小筆；就我們的指引而言並不重要，也不會影響我們所提供的指引。

And that is the only visibility that we have to future tariff refunds. We're not booked a receivable for future tariff amounts. We've not booked we've not booked an upside or contingent gain because we just don't have enough visibility to understand the realizability of those refunds. So I hope that's helpful. And to the extent that we get them, we will deal with any realization as it comes in.

而這就是我們對未來關稅退稅所能掌握的全部能見度。我們沒有為未來可能退回的關稅金額入帳應收款；我們也沒有入帳任何上行或或有利益，因為我們沒有足夠的能見度來判斷這些退稅是否可實現。所以希望這樣有幫助。若我們確實收到退稅，我們會在實際入帳時再處理其認列。

Thank you for your question.

謝謝你的提問。

Pardon me, please go ahead.

不好意思，請繼續。

With regard to the 2H -- with regard to the 2H guide, we're not necessarily going to get into that level of detail. I believe that the second quarter guide, qualified by operational segment and the full year guide was very robust and very detailed with regard to what we're seeing. The biggest driver is the visibility that we had into the first quarter and the visibility that we've had exiting the first quarter after right now. That's the change in our full year.

關於下半年——關於下半年指引，我們不一定會深入到那個細節層級。我認為第二季指引（按營運部門區分）以及全年指引，對我們所看到的情況已經非常充分、也非常詳細。最大的驅動因素是：我們對第一季的能見度，以及我們在第一季結束、到目前為止所掌握的能見度。這就是我們全年展望變動的原因。

We have now reached the end of the Q&A session. I would like to turn the call back to management for closing remarks. Please go ahead.

我們現在已到問答環節結束。我想把電話交回管理層作結語。請開始。

Thanks, everyone, for joining. I look forward to seeing you in about 90 days on our second quarter call. Have a great rest of the week.

謝謝各位參與。我期待大約 90 天後在我們第二季電話會議上再見到各位。祝大家本週剩餘時間一切順利。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。