Amer Sports Inc (AS) 2026 Q2 法說會逐字稿

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

各位好。感謝各位加入，歡迎參加 Amer Sports 2026 年第二季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係與資本市場主管 Omar Saad。請開始。

Welcome, everyone. Thanks for joining Amer Sports Earnings call for the second quarter of fiscal year 2026. Earlier this morning, we announced our financial results for the quarter ended June 30, 2026, and the release can be found on our IR website, investors.amersports.com.

歡迎各位。感謝各位參加 Amer Sports 2026 會計年度第二季財報電話會議。今天稍早，我們已公布截至 2026 年 6 月 30 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 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 could cause actual results to differ materially. 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.

提醒各位，今天的電話會議將包含依據聯邦證券法所定義之若干前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期與信念。其受若干風險與不確定性影響，可能導致實際結果出現重大差異。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'll 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 also walk through our updated guidance. Arc'teryx CEO, Stuart Haselden; and Salomon's CEO, Guillaume Meyzenq, will join for the Q&A session. With that, I'll turn the call over to James.

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 將說明關鍵營運與品牌重點，之後 Andrew 將就集團與事業部門層級進行財務回顧，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。接下來把電話交給 James。

Thanks, Omar. Our global momentum continued in the second quarter with over 30% revenue growth and the strong operating margin expansion. All segments, geographies and channels achieved strong double-digit growth, led by another exceptional quarter from Salomon Softgoods, a strong Arc'teryx omni-comp and our Wilson Tennis 360 acceleration. We manage a portfolio of sports and outdoor brands that's very unique in the marketplace. And all three of our primary growth engines, Arc'teryx, Salomon Softgoods, and Wilson Tennis 360 are still relatively small with significant room to grow.

謝謝你，Omar。第二季我們的全球動能持續，營收成長超過 30%，營業利益率亦強勁擴張。所有事業部門、地區與通路皆達成強勁的雙位數成長，其中以 Salomon Softgoods 再度繳出卓越的一季、Arc'teryx 全通路同店表現強勁，以及 Wilson Tennis 360 加速成長為主要帶動。我們管理的運動與戶外品牌組合在市場上非常獨特。而我們三大主要成長引擎——Arc'teryx、Salomon Softgoods 與 Wilson Tennis 360——目前規模仍相對較小，仍有顯著的成長空間。

First, I will 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 in [women's]. Strong DTC momentum also continued, driven by a 17% Technical Apparel omni-comp. We believe Arc'teryx is a truly global brand with significant runway in all major markets and are encouraged by the strong double-digit growth across all four regions in Q2. The brand also resonates strongly across categories and consumer segments. I want to highlight our momentum in [women's], which grew faster than any other category for Arc’teryx. Our confidence in the size and the scale of our [women's] opportunity is very large. Brand awareness and affinity with women is rising significantly as we improve fit, style and function and also build expanded assortments, redesigning our core ABCG models for HER, plus expanding feminine color

首先，我將回顧三個事業部門的重點亮點。先從技術服飾（Technical Apparel）開始。Arc'teryx 再度交出亮眼的一季，在各區域、通路與品類皆展現廣泛的強勢表現，其中包括在[女裝]方面再創卓越成績。強勁的 DTC 動能亦持續，帶動技術服飾全通路同店成長 17%。我們相信 Arc'teryx 是真正的全球品牌，在所有主要市場皆有可觀的成長跑道；並對第二季四大區域皆呈現強勁雙位數成長感到鼓舞。該品牌在各品類與消費者族群中也具有高度共鳴。我想特別強調我們在 [女裝] 的動能，其成長速度快於 Arc’teryx 的任何其他品類。我們對 [女裝] 機會的規模與可擴展性充滿信心，且其潛力非常大。隨著我們改善版型、風格與機能，並打造更完整的商品組合——為 HER 重新設計核心 ABCG 款式，同時擴增更具女性化的色彩

Palettes is driving higher female traffic and conversion.

色彩盤（Palettes）正帶動更高的女性客流與轉換率。

In Q2, newness and seasonal colorways generate over 60% of women's sales. Standout new franchises include the [Sinsola] and [Olia] lightweight hiking styles and also the Sonii utility vest and jacket. Our remarkable success in women's bottoms with franchises like the Clarkia, Leutia and Nia pants is helping us unlock the female consumer from head to toe, driving higher overall spend. Turning to footwear, which had another great quarter, including strong double-digit growth across regions, led by both existing and new styles. Popular existing styles included Norvan LD 4 trail shoe, which continues to be our biggest volume driver, followed by the Konseal trekking shoes. In March, we launched the latest version of our technical trail run racing shoe, the Sylan 2, performing very well so far. And we are excited to have eight Arc’teryx trail run athletes competing in the UTMB race in Chamonix next week.

第二季，新品與季節配色貢獻了超過 60% 的女裝銷售。表現突出的新系列包括 [Sinsola] 與 [Olia] 輕量健行款式，以及 Sonii 多功能背心與外套。我們在女裝下身品類的顯著成功——例如 Clarkia、Leutia 與 Nia 長褲等系列——正協助我們從頭到腳打開女性消費者市場，帶動更高的整體消費金額。再看鞋類，第二季同樣表現出色，各區域皆達成強勁雙位數成長，既有款式與新款式皆有帶動。受歡迎的既有款式包括 Norvan LD 4 越野跑鞋，持續為我們最大出貨量的主力，其次為 Konseal 健行鞋。3 月我們推出最新版本的技術型越野跑競速鞋 Sylan 2，目前表現非常亮眼。我們也很期待下週有 8 位 Arc’teryx 越野跑選手將在霞慕尼參加 UTMB 賽事。

Looking forward, we are confident that Arc’teryx has an exciting pipeline of shoe releases for the upcoming years.

展望未來，我們有信心 Arc’teryx 在未來幾年將推出令人振奮的鞋款產品管線。

Turning to our Veilance sub-brand, which had a solid growth in Q2 on a small base. We continue to focus on investing in [newness], further developing our collections and expanding distributions, all of which is creating engagement and awareness in the marketplace. Turning to Circularity and ReBIRD, which continue to be at the heart of Arc’teryx. In Q2, we added five new ReBIRD centers, bringing us to 47 total. Later this month, we will unveil an important new innovation, which combines our passion for Circularity with uncompromised technical performance. On-Mountain, our renowned Chamonix Alpine Academy was again a great success in July, with over 15,000 visitors in the village over the weekend and more than 1,000 attendees in clinics. Our Mountain Academies are the world's premium mountain education events and the space for mountain enthusiasts of all levels to advance their skills and knowledge through clinics on the mountain. We are especially proud that women now account for half of the academy participants.

接著談我們的 Veilance 子品牌，第二季在較小的基期上實現穩健成長。我們持續聚焦投資於 [新品]，進一步開發系列並擴大通路佈局，這些舉措正提升市場參與度與品牌能見度。再談循環（Circularity）與 ReBIRD，這兩者仍是 Arc’teryx 的核心。第二季我們新增 5 個 ReBIRD 中心，總數達到 47 個。本月稍晚，我們將揭示一項重要的新創新，結合我們對循環的熱情與毫不妥協的技術性能。在山上（On-Mountain）方面，我們享譽盛名的霞慕尼高山學院（Chamonix Alpine Academy）於 7 月再度大獲成功，週末期間村莊訪客超過 15,000 人，參加課程者超過 1,000 人。我們的 Mountain Academies 是全球頂級的山岳教育活動，為各程度的山岳愛好者提供在山上透過課程精進技能與知識的場域。我們特別自豪的是，女性如今已占學院參與者的一半。

Turning to Peak performance, which delivered solid growth in Q2. The brand continues to reduce its Nordic dependency and is rationalizing its footprint in the region, while seeing healthy growth in other parts of EMEA. For both Peak Performance and our winter sports equipment brands, we are excited that Freeride Ski will become an Olympic sports at the 2030 games. Peak Performance sponsored the Freeride World Tour and our ski equipment brands sponsored many of the professional freeride skiers. Now turning to the Outdoor Performance segment, which was led by another outstanding quarter from Salomon Softgoods. The investments we are making to grow Salomon brand awareness and distribution footprint are paying off, driving strong footwear momentum across regions, channels and for both sports style and performance products. I'd like to highlight a few factors that give us confidence that Salomon is well positioned to achieve its long-term potential.

接著談 Peak Performance，第二季實現穩健成長。該品牌持續降低對北歐市場的依賴，並在該區域精簡其據點，同時在 EMEA 其他地區維持健康成長。對於 Peak Performance 以及我們的冬季運動裝備品牌而言，我們很振奮 Freeride Ski 將在 2030 年奧運成為正式比賽項目。Peak Performance 贊助 Freeride World Tour，而我們的滑雪裝備品牌也贊助了許多職業自由滑雪選手。接下來談戶外性能（Outdoor Performance）事業部門，其表現由 Salomon Softgoods 再度繳出傑出的一季所帶動。我們為提升 Salomon 品牌知名度與擴大通路佈局所做的投資正在見效，推動鞋類在各區域、各通路，以及運動風格與性能產品兩大類別皆展現強勁動能。我想強調幾項因素，使我們對 Salomon 已具備實現其長期潛力的良好定位充滿信心。

Number one, global sportstyle momentum continues. Sportstyle is critical to developing Salomon position as the modern outdoor sneaker brand. The XT-6 and XT-Whisper franchises are resonating with a younger and more diverse audience from technical sports in the mountains to culture and community in the cities. We were excited to announce that Jisoo, the global superstar singer and actress will be Salomon's new global ambassador. The news had amazing global coverage, reaching nearly 1 billion consumers across social platforms. Second, our performance lines are also working well. We continue to believe our new GRVL franchise is helping to unlock the run category for Salomon like never before. Salomon is gaining traction in the run specialty channels in North America and EMEA. In July, we launched the Aero Glide 4 with a reengineering upper using new mesh technology. We also recently launched the second generation of Genesis, a highly technical trail shoe. Salomon athletes were winning races in Q2, including Courtney Dauwalter earning her fourth Hardrock 100 title, validating Salomon's technical merit on the hardest trails. Third, Salomon continued to have excellent brand heat in Greater China and Asia, where we believe we operate the most productive and profitable sneaker shops in the industry.

第一，全球 Sportstyle 動能持續。Sportstyle 對於將 Salomon 打造成現代戶外運動鞋品牌的定位至關重要。XT-6 與 XT-Whisper 系列正與更年輕且更多元的受眾產生共鳴，從山區的技術型運動到城市中的文化與社群皆然。我們很高興宣布，全球超級巨星歌手兼演員 Jisoo 將成為 Salomon 新任全球品牌大使。此消息在全球獲得驚人的媒體曝光，透過社群平台觸及近 10 億名消費者。第二，我們的性能產品線同樣表現出色。我們持續相信，全新的 GRVL 系列正以前所未有的方式協助 Salomon 打開跑步品類。Salomon 在北美與 EMEA 的專業跑步通路中正持續獲得更多關注與動能。7 月，我們推出 Aero Glide 4，採用全新網布技術並重新設計鞋面。我們近期也推出第二代 Genesis，一款高度技術導向的越野跑鞋。Salomon 運動員在第二季贏得多場賽事，包括 Courtney Dauwalter 拿下她第四座 Hardrock 100 冠軍，驗證 Salomon 在最艱難越野路線上的技術實力。第三，Salomon 在大中華區與亞洲持續維持極佳的品牌熱度；我們相信我們在當地經營的是業界生產力與獲利能力最高的運動鞋門店。

Greater China continued to deliver very strong double-digit growth in Q2, driven by strength across sportstyle, performance and apparel. Our local for local apparel and accessories lines in China with technical products inspired by outdoor and trail running has also been gaining traction in the past few quarters. Beyond China, Salomon is also experiencing surging demand in Korea and Japan, very important markets given their influence on global sneaker culture. Fourth, our epicenter strategy is working. Focusing on key global metro market is allowing us to build up Salomon’s reach and presence in the right way. Our Tier 1 global epicenter, Paris, London, Shanghai, Beijing, Tokyo, New York and Los Angeles are all driving very strong sales momentum as well as rising brand awareness. We approach these markets by opening a handful of impactful brand stores in the most relevant locations alongside handpicked elevated wholesale doors.

大中華區在第二季持續交出非常強勁的雙位數成長，動能來自 Sportstyle、性能與服飾等各品類的全面強勢表現。我們在中國推出的「在地為在地」服飾與配件產品線，以戶外與越野跑為靈感的技術型產品，在過去幾個季度也持續獲得市場青睞。除中國之外，Salomon 在韓國與日本也正經歷需求激增；鑑於其對全球運動鞋文化的影響力，這兩個市場極為重要。第四，我們的「核心據點（epicenter）」策略正在奏效。聚焦於全球關鍵都會市場，使我們能以正確方式建立並擴大 Salomon 的觸及與能見度。我們的一級全球核心據點——巴黎、倫敦、上海、北京、東京、紐約與洛杉磯——皆帶動非常強勁的銷售動能與持續提升的品牌認知。我們在這些市場的做法，是在最具相關性的地點開設少數但具影響力的品牌門店，同時搭配精選的高端批發通路據點。

In these markets, we also invest in event partnerships, community activations and local media to build a strong and lasting connection with our consumers. We plan to adopt and expand this approach to several new major cities in the future, including Berlin, Seoul, Miami, San Francisco, Chicago and Boston. Fifth is the strong demand we are experiencing in our home market, Europe, driving strong reorders, preorders and sell-through. Sportstyle continues to be the biggest growth driver, but GRVL is also inflecting in Europe, supported by marketing campaigns, in-store events and running event activations. Also, we are seeing high e-com growth in Europe even as we expand our premium DTC and wholesale footprint. In markets, we have been very active, hosting a gravel-focused running event called Gravelanza, sponsoring music festivals and artist collaborations. And most recently, we began a unique partnership with the National Opera House of Paris to outfit their dancers.

在這些市場，我們也投資於活動合作夥伴關係、社群啟動與在地媒體，以與消費者建立強而持久的連結。未來我們計畫將此做法導入並擴展至更多新的主要城市，包括柏林、首爾、邁阿密、舊金山、芝加哥與波士頓。第五，我們在本土市場歐洲正經歷強勁需求，帶動強勁的追加訂單、預購與銷售售罄率（sell-through）。Sportstyle 仍是最大的成長驅動力，但在行銷活動、店內活動與跑步賽事啟動的支持下，GRVL 在歐洲也正出現加速拐點。此外，即使我們擴大高端 DTC 與批發版圖，歐洲的電商仍維持高速成長。在各市場，我們也非常積極，舉辦名為 Gravelanza、以碎石路跑（gravel）為主題的跑步活動，贊助音樂節並與藝術家合作。而最近，我們也與巴黎國家歌劇院展開獨特合作，為其舞者提供裝備。

Lastly, I will mention the US, which is the largest single sneaker market in the world, but still a small business for us. We know there's a strong demand for Salomon here, but still very limited distribution for consumers to find us. Today, we are seeing a clear acceleration in North America as we leverage the rising brand awareness to expand distribution with both new and existing wholesale partners as well as our own stores and e-comm. In Q2, we opened our first North America flagship stores on Fifth Avenue in the Flatiron District of New York City, offering both footwear and apparel. And we continue to carefully expand our footprint and shelf space in existing wholesale partners, including Nordstrom, JD Sports and Foot Locker. Lastly, before I switch to Ball & Racquet, although Q2 is a very small quarter for our winter sports equipment franchises, Salomon, Atomic and Armada, we are pleased that our brands continuing taking share despite challenging conditions in certain markets. Moving to Ball & Racquet highlights. Ball & Racquet sales grew 24% in Q2, driven by continued strength in Tennis 360, both softgoods and racquets as well as improved growth in baseball, golf and inflatables.

最後，我想提到美國——這是全球最大的單一運動鞋市場，但對我們而言目前仍是相對小的業務。我們知道 Salomon 在此有強勁需求，但消費者能找到我們的通路分布仍非常有限。目前，隨著品牌認知提升，我們正透過與新舊批發合作夥伴擴大鋪貨，同時拓展自有門店與電商，因而看到北美明顯加速成長。在第二季，我們於紐約市 Flatiron 區的第五大道開設北美首家旗艦店，提供鞋類與服飾。我們也持續審慎擴大在既有批發合作夥伴中的據點覆蓋與貨架空間，包括 Nordstrom、JD Sports 與 Foot Locker。最後，在我轉到 Ball & Racquet 之前，儘管第二季對我們的冬季運動裝備系列（Salomon、Atomic 與 Armada）而言是非常小的季度，我們仍樂見在部分市場環境具挑戰的情況下，我們的品牌持續提升市占。接著進入 Ball & Racquet 的重點。Ball & Racquet 第二季銷售成長 24%，主要由 Tennis 360 的持續強勁表現所帶動（包含軟性商品與球拍），同時棒球、高爾夫與充氣產品的成長也有所改善。

Our Tennis 360 strategy continues to resonate very well with consumers from unique lines of tennis apparel and footwear to high-performance Racquets. Wilson had a couple of very big Racquet launches this spring, including the Q1 rollout of our iconic Blade franchise, Version 10. This has been one of the strongest launches in our history and also the racquets for world number 1 Aryna Sabalenka. We also recently launched a completely new Racquet line called Defy. This is our first-ever Power Spin Racquet, which has been a growing segment of the Racquet market. Early results from the Defy are even exceeding the Blade v10 launch I just mentioned. We continue to invest in new tour players, recently signing former World top five player, Holger Rune and the 17-year-old rising star, Moise Kouame, both playing the Defy Racquet. Marketa Vondrousova, one of our highest profile head-to-toe athletes has been creating great buzz for the brand with her unique Wilson Tennis outfits, reaching the semifinals at both Roland-Garros and Wimbledon. Wilson Softgoods continue its exceptional trajectory with very strong growth across all four major regions. Also, baseball, golf and inflatables saw improved growth in the quarter.

我們的 Tennis 360 策略持續與消費者高度契合，從獨特的網球服飾與鞋款產品線到高性能球拍皆然。今年春季 Wilson 推出了幾項非常重大的球拍新品上市，包括第一季推出我們的經典 Blade 系列第 10 代（Version 10）。這是我們歷史上最強勁的上市之一，同時也是世界排名第一 Aryna Sabalenka 使用的球拍。我們近期也推出一條全新的球拍產品線，名為 Defy。這是我們史上首款 Power Spin 球拍；此類型是球拍市場中正在成長的細分領域。Defy 的早期表現甚至超越我剛提到的 Blade v10 上市成績。我們持續投資新的巡迴賽球員，近期簽下前世界前五選手 Holger Rune，以及 17 歲新星 Moise Kouame，兩人皆使用 Defy 球拍。Marketa Vondrousova 是我們最具代表性的「從頭到腳」贊助運動員之一；她以獨特的 Wilson 網球全套穿搭為品牌創造了極高話題，並在法網（Roland-Garros）與溫網（Wimbledon）皆打進四強。Wilson 軟性商品（Softgoods）持續維持卓越走勢，在四大主要區域皆呈現非常強勁的成長。此外，棒球、高爾夫與充氣產品在本季度的成長也有所改善。

Before turning it over to Andrew, I'd like to conclude by saying that given the broad-based momentum across our portfolio, the healthy and growing premium sports and outdoor markets and the world-class teams we have in place around the world, I'm very confident in the future outlook for Amer Sports. Andrew?

在交棒給 Andrew 之前，我想做個總結：鑑於我們產品組合的廣泛動能、高端運動與戶外市場的健康且持續成長，以及我們在全球所建立的世界級團隊，我對 Amer Sports 的未來展望非常有信心。Andrew？

Thanks, James. We had a great financial performance in Q2 across the P&L with strong sales growth, margin expansion and EPS growth. The investments we're making are paying off, driving strong momentum across each of our three biggest opportunities: Arc’teryx, Salomon Softgoods, and Wilson Tennis 360. In Q2, Amer Sports grew sales 32% on a reported basis or 30% ex currency. Our three growth engines all eclipsed 20% growth with Technical Apparel and Outdoor Performance growing more than 30%. By channel, the group continues to be driven by DTC, which grew 40%, led by all three big brands. At the group level, DTC represented approximately 55% of revenue in Q2, marking a record high. Wholesale grew 24%, led by Arc’teryx and Salomon. Growth was also very strong across all geographies, led by Asia Pacific, which increased 60% and China, which grew 36%. The Americas accelerated to plus 26% and EMEA grew 20%.

謝謝，James。我們在第二季於損益表（P&L）各項指標上皆有出色的財務表現，包含強勁的銷售成長、毛利率擴張以及每股盈餘（EPS）成長。我們所進行的投資正在見到成效，推動我們三大機會領域的強勁動能：Arc’teryx、Salomon 軟性商品，以及 Wilson Tennis 360。第二季，Amer Sports 以報表口徑計算的銷售成長 32%，若排除匯率影響（ex currency）則成長 30%。我們三大成長引擎皆超過 20% 成長，其中技術服飾與戶外性能（Technical Apparel and Outdoor Performance）成長超過 30%。按通路別來看，集團仍由 DTC 驅動，DTC 成長 40%，並由三大品牌共同帶動。在集團層級，第二季 DTC 約占營收 55%，創下歷史新高。批發（Wholesale）成長 24%，主要由 Arc’teryx 與 Salomon 帶動。各地區成長同樣非常強勁，其中以亞太地區領先，成長 60%；中國成長 36%。美洲地區加速至成長 26%，EMEA 成長 20%。

Turning to profitability. Adjusted gross margin increased 710 basis points to 65.8% in Q2, primarily driven by a onetime net tariff refund benefit of $64.3 million or 390 basis points. Excluding this net tariff refund benefit, we generated more than 300 basis points of underlying gross margin expansion, driven by favorable pricing, product, channel and geographic mix as well as favorable transportation and duties costs. The benefit from lower tariff rates versus our plan during Q2 was relatively immaterial. Adjusted SG&A expenses as a percentage of revenues increased 20 basis points and represented 54.9% of revenues in Q2. SG&A leverage in both Technical Apparel and outdoor performance was offset by deleverage at Ball & Racquet due to investments in Wilson Tennis 360 as well as higher Amer corporate expenses.

接著談獲利能力。第二季調整後毛利率上升710個基點至65.8%，主要受一次性淨關稅退稅利益6,430萬美元（約390個基點）所帶動。若排除此淨關稅退稅利益，我們仍實現超過300個基點的基礎毛利率擴張，動能來自有利的定價、產品、通路與地理組合，以及運輸與關稅成本的有利變動。第二季相較於我們計畫的較低關稅稅率所帶來的效益相對不顯著。第二季調整後SG&A費用占營收比重上升20個基點，達營收的54.9%。Technical Apparel與Outdoor Performance的SG&A槓桿效益，被Ball & Racquet因投資Wilson Tennis 360以及Amer企業費用較高所造成的槓桿劣化所抵銷。

Led by strong gross margin expansion, we generated a 730 basis point increase in our adjusted operating margin from 5.5% last year to 12.8% in Q2. Excluding the above-mentioned net tariff refund benefit, adjusted operating margin expanded 340 basis points. Corporate expenses were $68 million, up from $45 million in Q2 of last year, mostly related to higher IT, personnel and deferred compensation expense. Depreciation and amortization was $113 million, which includes $55 million of ROU depreciation. Adjusted net finance cost in the quarter was $21 million, above the $15 million guidance, primarily due to higher cost of hedging and currency losses. In the quarter, our adjusted income tax expense was $50 million, which equates to an adjusted effective tax rate of 27% -- adjusted net income in Q2 was $127 million compared to $36 million in the prior year period. Adjusted diluted earnings per share was $0.22 compared to adjusted diluted earnings per share of $0.06 last year. Net tariff refunds benefited Q2 EPS by approximately $0.08 per share.

在強勁毛利率擴張帶動下，我們第二季調整後營業利益率較去年5.5%提高730個基點至12.8%。若排除上述淨關稅退稅利益，調整後營業利益率擴張340個基點。企業費用為6,800萬美元，高於去年第二季的4,500萬美元，主要與IT、人員及遞延薪酬費用增加有關。折舊與攤銷為1.13億美元，其中包含5,500萬美元的ROU折舊。本季調整後淨財務成本為2,100萬美元，高於指引的1,500萬美元，主要因避險成本較高及匯兌損失所致。本季調整後所得稅費用為5,000萬美元，相當於27%的調整後有效稅率——第二季調整後淨利為1.27億美元，較去年同期的3,600萬美元增加。調整後稀釋每股盈餘為0.22美元，去年為0.06美元。淨關稅退稅使第二季EPS約增加每股0.08美元。

Now turning to segment results. Technical Apparel revenues increased 32% to $674 million, led by Arc’teryx. Growth was fueled by 34% DTC expansion, including a 17% omni-comp. Technical Apparel wholesale revenues grew 27%. In Q2, we opened net eight new Arc’teryx stores globally, and we continue to plan 30 to 35 net new Arc’teryx stores for the full year of 2026 across all markets. Regionally, the Technical Apparel growth rate was led by Asia Pacific, followed by accelerating growth in EMEA and Americas, followed by Greater China. All regions continue to grow strong double digits. Not only is the brand seeing a nice acceleration in North America and EMEA, the largest outdoor markets in the world, Greater China continued to deliver strong growth and maintain exceptional profitability in Q2. We finished Q2 with approximately 140 Arc’teryx stores in Greater China between owned and franchised and believe this could be 200 long term. We are planning 10 to 12 net new store openings in Greater China for the full year of 2026 with openings weighted toward second half and Q4.

接著看各事業部門表現。Technical Apparel營收成長32%至6.74億美元，主要由Arc’teryx帶動。成長動能來自DTC擴張34%，其中包含17%的全通路同店成長（omni-comp）。Technical Apparel批發營收成長27%。第二季我們在全球淨新增8家Arc’teryx門市，並持續規劃在2026全年於各市場淨新增30至35家Arc’teryx門市。就區域而言，Technical Apparel成長率以亞太地區領先，其次為EMEA與美洲的加速成長，其後為大中華區。各區域皆持續維持強勁的雙位數成長。不僅品牌在北美與EMEA（全球最大的戶外市場）呈現良好加速，大中華區在第二季亦持續交出強勁成長並維持卓越獲利能力。第二季結束時，我們在大中華區（含自營與加盟）約有140家Arc’teryx門市，並認為長期可達200家。我們規劃在2026全年於大中華區淨新增10至12家門市，開店將偏重下半年與第四季。

We had one net China opening in Q2, the Chengdu flagship store, which spans over 7,000 square feet and 2 levels, featuring a distinctive cliff house design.

第二季我們在中國淨新增1家門市——成都旗艦店，面積超過7,000平方英尺、共兩層，採用獨特的「崖屋」設計。

Arc’teryx growth continued to accelerate in North America in Q2, and we delivered strong double-digit omni-comps in the US. We are seeing significant progress in US brand awareness, rising by approximately 50% versus last fall, led by top-of-funnel marketing. We also will focus on further leveraging brand experience and community to unlock higher conversions in the US. Q2 store openings in North America include Oakridge Park in Vancouver and Southdale in Minnesota, both very elevated presentations of the brand. We now have 75 stores in North America, which we believe could be 200 doors over time. In the US, we are expanding into a new partnership with DICK'S Sporting Goods, where we will be entering 15 hand-selected premium House of Sports locations for fall/winter 2026. Arc’teryx will be showcased in elevated and experiential shop-in-shop formats with a particular emphasis on the core outerwear offerings and including footwear. This is still in the test and learn stage but has the potential to expand further over time.

Arc’teryx在第二季於北美的成長持續加速，我們在美國實現強勁的雙位數全通路同店成長（omni-comps）。我們看到美國品牌知名度顯著提升，較去年秋季約上升50%，主要由漏斗上端（top-of-funnel）行銷帶動。我們也將著重進一步運用品牌體驗與社群，以在美國解鎖更高轉換率。第二季北美新開門市包括溫哥華的Oakridge Park與明尼蘇達州的Southdale，兩者皆以更高端的方式呈現品牌。我們目前在北美有75家門市，並認為長期可達200家據點。在美國，我們正拓展與DICK'S Sporting Goods的新合作夥伴關係，將於2026年秋冬進駐15家精選的高端House of Sports據點。Arc’teryx將以更高端、體驗式的店中店（shop-in-shop）形式呈現，特別聚焦核心外套品類並包含鞋類。目前仍處於測試與學習階段，但隨時間推進具備進一步擴張的潛力。

EMEA remains Arc’teryx's most underpenetrated market, and we are continuing to open great locations, including Oslo and Copenhagen in Q2, both off to exceptional starts. We now have 19 stores across EMEA, and we believe the market could support 75 plus over the long term. Technical Apparel adjusted operating margin expanded 470 basis points to 18.8%, including a 170 basis point benefit from net tariff refunds. Margin expansion was driven by both gross margin expansion and SG&A leverage on strong sales. Moving to our Outdoor Performance segment, which saw revenues increase 37% to $569 million, driven by continued very strong performance in Salomon footwear and apparel. By channel, Outdoor Performance DTC grew 52%, led by new doors and higher productivity across markets, especially Greater China, APAC and the Americas. Outdoor Performance achieved a 28% omni-comp with strength in both stores and e-commerce. E-com is continuing to grow across regions, driven by sportstyle momentum and higher traffic, especially in the Americas and APAC.

EMEA仍是Arc’teryx滲透率最低的市場，我們持續開設優質據點，第二季包括奧斯陸與哥本哈根，兩者開局皆極為出色。我們目前在EMEA共有19家門市，並認為長期可支撐75家以上。Technical Apparel調整後營業利益率擴張470個基點至18.8%，其中包含淨關稅退稅帶來的170個基點效益。利益率擴張同時受毛利率提升與在強勁銷售下SG&A槓桿效益所驅動。接著看Outdoor Performance事業部，營收成長37%至5.69億美元，主要由Salomon鞋類與服飾持續非常強勁的表現所帶動。按通路別，Outdoor Performance的DTC成長52%，由新據點開設與各市場（尤其大中華區、亞太與美洲）生產力提升所帶動。Outdoor Performance達成28%的全通路同店成長（omni-comp），門市與電商皆表現強勁。電商在各區域持續成長，動能來自sportstyle熱度與流量提升，尤其在美洲與亞太。

Wholesale grew 25%, driven by strong sell-through and reorders for Sports style as well as door count expansion. Regionally, the Outdoor Performance growth rate was led by APAC, Greater China and accelerating growth in the Americas, followed by EMEA. The popularity of Salomon 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 and across markets. In Asia, DTC continues to be the critical growth channel for Salomon led by our highly productive Salomon shops. We opened 13 net new Salomon shops in Greater China this quarter, including both owned stores and partner stores, bringing our total count at quarter end to 315 doors with the potential for 400 to 500 doors over time. For the full year of 2026, we continue to expect to open 45 net new stores in Greater China. We are focused on both expanding and upgrading the fleet with larger format, more productive doors in the highest traffic shopping centers and space to incorporate footwear and apparel.

批發成長25%，主要由sportstyle的強勁銷售動能與補貨，以及門店數擴張所帶動。就區域而言，Outdoor Performance成長率以亞太、大中華區以及美洲的加速成長領先，其後為EMEA。Salomon鞋類的受歡迎程度持續在全球加速攀升，我們正竭盡所能，確保能在時間推進與各市場中，以正確方式充分開發這項龐大機會。在亞洲，DTC仍是Salomon的關鍵成長通路，主要由我們高生產力的Salomon門市帶動。本季我們在大中華區淨新增13家Salomon門市（包含自營與合作夥伴門市），使季末總數達315家據點，長期具備達400至500家據點的潛力。對於2026全年，我們仍預期在大中華區淨新增45家門市。我們聚焦於同時擴張與升級門店組合，在人流最高的購物中心導入更大坪數、效率更高的門店，並保留可納入鞋類與服飾的空間。

For example, we recently upgraded the best-performing Salomon store in China, Shenyang MixC. The new shop performed very well in its first month, demonstrating that even high productivity doors can benefit from an upgrade. In APAC, another region where Salomon is experiencing explosive growth, we opened net 7 new stores in Q2 across Japan, Korea and Australia. Salomon's overall brand awareness and desirability continues to grow very rapidly in Asia for both Sportstyle and performance. In the Americas, as James mentioned, Salomon footwear is continuing to see a material growth acceleration. The brand is seeing great DTC demand in stores and e-com in both Sportstyle and performance. We are pleased to see traffic is up very strongly in e-com, which tracks our expanding geographic presence, distribution and awareness across key cities. As we shared in our last call and aligning with our epicenter strategy, Salomon has begun to expand into a small number of key wholesale doors with important US sneaker retailers such as Nordstrom, Foot Locker and JD Sports. It is still in the early stages, but these channels are performing very well in terms of preorders, sell-through and reorders. We will continue to selectively expand with these retailers over the next couple of years.

例如，我們最近升級了我們在中國表現最佳的 Salomon 門店——瀋陽萬象城（MixC）。新店在首月表現非常出色，證明即使是高生產力門店也能從升級中受益。在亞太地區（APAC）——Salomon 正在經歷爆發式成長的另一個區域——我們在第二季（Q2）於日本、韓國與澳洲淨新增 7 家門店。Salomon 在亞洲的整體品牌知名度與吸引力，無論在 Sportstyle 或專業性能領域，都持續非常快速地提升。在美洲，如 James 所提到的，Salomon 鞋類持續出現顯著的成長加速。該品牌在 Sportstyle 與專業性能兩大品類上，於門店與電商（e-com）皆看到強勁的 DTC 需求。我們很高興看到電商流量大幅上升，這與我們在關鍵城市擴大地理佈局、分銷與知名度的進展一致。如同我們在上次電話會議中分享，並與我們的「核心據點（epicenter）」策略一致，Salomon 已開始在少數關鍵批發門店（wholesale doors）擴張，合作對象包括 Nordstrom、Foot Locker 與 JD Sports 等重要的美國球鞋零售商。目前仍處於早期階段，但這些通路在預購、售罄率（sell-through）與補貨（reorders）方面表現非常好。未來幾年，我們將持續與這些零售商進行選擇性擴張。

We are also expanding our own retail footprint in North America, including our first flagship store on Fifth Avenue in the Flatiron District of New York City. The store is the first one in North America to carry a wide range of both footwear and apparel and is off to a very strong start. And the new Salomon store in the Upper West Side of New York City also continues to perform very well. Looking ahead, as we expand our Los Angeles Epicenter, we are planning a Beverly Hills location for October. We will continue to focus on our epicenter strategy in 2026 and beyond, particularly New York, Los Angeles, Miami and San Francisco. We continue to plan to open 7 to 10 new Salomon shops in the Americas this year. In EMEA, key epicenters, Paris and London are seeing strong growth. We are also further developing other European markets, including a Barcelona shop that opened in July. Lastly, while Q2 is by far the smallest quarter of the year for our winter sports equipment franchises, we are encouraged by the positive order book trends and continued market share gain despite challenging weather and market conditions.

我們也在擴大北美自營零售版圖，包括在紐約市 Flatiron 區第五大道開設我們的首家旗艦店。該店是北美第一家同時販售廣泛鞋類與服飾的門店，開業以來表現非常強勁。此外，位於紐約市上西城（Upper West Side）的新 Salomon 門店也持續表現非常出色。展望未來，隨著我們擴展洛杉磯核心據點，我們計畫於 10 月在比佛利山（Beverly Hills）設點。我們將在 2026 年及之後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。我們今年仍計畫在美洲開設 7 至 10 家新的 Salomon 門店。在 EMEA（歐洲、中東與非洲），關鍵核心據點巴黎與倫敦正呈現強勁成長。我們也在進一步發展其他歐洲市場，包括 7 月開幕的巴塞隆納門店。最後，雖然第二季（Q2）向來是我們冬季運動裝備業務全年最小的季度，但儘管天候與市場環境具挑戰，我們仍對訂單簿（order book）趨勢轉正及市占率持續提升感到鼓舞。

The demand for ski vacations in the mountains remains high and consistent, and the core Alpine on-piste market is healthy despite inconsistent snow conditions as most top ski resorts now have excellent snowmaking capabilities. Outdoor Performance adjusted operating profit margin expanded 800 basis points from last year to 14.6% in Q2, including a 270 basis point positive impact from net tariff refunds. This improvement was largely driven by gross margin expansion due to mix shift benefits and SG&A leverage on strong sales. Moving to Ball & Racquet, where revenue increased 24% to $390 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. Racquets growth was also strong across the board, driven by China, APAC and EMEA. Performance Racquets grew more than 50%, driven by the very strong Blade V10 launch. We are also seeing Padel gaining momentum, and it has become one of the top 5 revenue drivers in Q2.

山區滑雪度假的需求仍然高且穩定；而核心的高山滑雪（Alpine）雪道市場（on-piste）也維持健康，儘管降雪狀況不穩定，因為多數頂級滑雪場如今都具備優異的造雪能力。Outdoor Performance（戶外性能）調整後營業利潤率在第二季（Q2）較去年擴大 800 個基點至 14.6%，其中包含淨關稅退稅帶來的 270 個基點正面影響。此改善主要由毛利率擴張所帶動，原因包括產品組合轉移（mix shift）帶來的效益，以及在強勁銷售下的 SG&A 槓桿效應。接著看 Ball & Racquet（球類與球拍），營收成長 24% 至 3.90 億美元，主要由軟性商品（softgoods）與球拍運動帶動。我們持續看到 Tennis 360 在全球維持非常強勁的動能。按品類來看，成長由軟性商品領先，維持非常強勁的雙位數成長，且各區域動能延續。球拍（Racquets）成長也全面強勁，主要由中國、亞太（APAC）與 EMEA 帶動。專業性能球拍（Performance Racquets）成長超過 50%，主要受 Blade V10 上市表現非常強勁所驅動。我們也看到 Padel 動能提升，並在第二季（Q2）成為前五大營收驅動因素之一。

Beyond tennis, we saw a return to growth in baseball after slower sell-in last quarter. Golf and inflatables also saw solid growth in the quarter. All regions generated double-digit growth for Ball & Racquet led by Greater China, APAC and EMEA, followed by the Americas. We opened 12 net new Wilson brand stores in Q2 with the majority split between Greater China and APAC. We have extensive store opening plans for China given the performance of existing Wilson Tennis 360 shops there. For the full year, we continue to plan to open approximately 40 net new Wilson Tennis 360 shops in China between owned and partner doors. APAC continues to drive meaningful Wilson growth driven by softgoods in Korea and Racquets in Japan. In North America, we saw strong growth across channels as baseball and inflatables rebounded. We have also continued to expand our Tennis 360 offering into more DICK'S Sporting Goods locations, including House of Sports and are now in 450 DICK'S stores with our full head-to-toe to hand offering.

除網球之外，在上一季進貨（sell-in）較慢之後，我們看到棒球業務恢復成長。高爾夫與充氣類產品（inflatables）在本季也呈現穩健成長。Ball & Racquet 各區域皆實現雙位數成長，其中以大中華區、亞太（APAC）與 EMEA 領先，其次為美洲。我們在第二季（Q2）淨新增 12 家 Wilson 品牌門店，其中多數分布於大中華區與亞太（APAC）。鑑於中國現有 Wilson Tennis 360 門店的表現，我們對中國有相當廣泛的開店計畫。就全年而言，我們仍計畫在中國（自營與合作門店合計）淨新增約 40 家 Wilson Tennis 360 門店。亞太（APAC）持續推動 Wilson 的顯著成長，其中韓國由軟性商品帶動、日本由球拍帶動。在北美，隨著棒球與充氣類產品回升，我們看到各通路均呈現強勁成長。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），目前我們已在 450 家 DICK'S 門店提供從頭到腳到手部（head-to-toe to hand）的完整產品組合。

Looking ahead to the rest of the year. Please keep in mind that Ball & Racquet's tremendous 24% growth in Q2 benefited from some big product launches and related sell-in, and we do not expect this level of growth on an ongoing basis.Ball & Racquet segment adjusted operating profit margin increased 1,300 basis points to 17.2%, including a 970 basis point benefit from net tariff refunds. The underlying margin expansion was driven by favorable pricing, product, channel and region mix. This was slightly offset by higher SG&A and our intentional decision to invest behind Wilson Softgoods, including Tennis Tour Pros.

展望今年剩餘時間。請注意，Ball & Racquet 在第二季（Q2）高達 24% 的強勁成長，受惠於一些大型新品上市及相關的進貨（sell-in），我們不預期這樣的成長水準會長期持續。Ball & Racquet 分部調整後營業利潤率提升 1,300 個基點至 17.2%，其中包含淨關稅退稅帶來的 970 個基點效益。基礎利潤率擴張主要由有利的定價、產品、通路與區域組合所驅動。此表現部分被較高的 SG&A 所抵銷，且我們也有意識地決定加大對 Wilson 軟性商品（Softgoods）的投資，包括 Tennis Tour Pros。

Turning to the group balance sheet. We ended the quarter with $573 million of net cash and exited the quarter with inventories up 19% year-over-year, well below our 32% sales growth. We are very comfortable with the level and the quality of our inventory and happy to see the inventory levels normalize versus revenues earlier than planned. Driven by strong profit growth and disciplined working capital management, we generated $339 million of operating cash flow in the first half of 2026 compared to $108 million last year. And for the full year of 2026, we continue to expect to generate solid operating cash flow growth versus 2025 levels. Now moving to guidance. We had another great financial performance in the second quarter across the P&L with strong sales growth, margin expansion and EPS growth. The investments we have been making in our brands are paying off in the form of exceptional trends across each of our three biggest opportunities: Arc’teryx, Salomon Softgoods, and Wilson Tennis 360. We will continue to reinvest behind these early-stage growth engines to ensure high-quality, long-duration growth and strong brand equity over the long term.

接著看集團資產負債表。本季末我們的淨現金為 5.73 億美元，季末存貨年增 19%，明顯低於我們 32% 的銷售成長。我們對存貨的水準與品質都非常放心，也樂見存貨水準相較營收更早於原計畫回歸正常化。在強勁獲利成長與嚴謹的營運資金管理帶動下，我們在 2026 年上半年產生 3.39 億美元的營運現金流，對比去年為 1.08 億美元。而就 2026 全年而言，我們仍預期相較 2025 水準可實現穩健的營運現金流成長。接著進入財測指引（guidance）。我們在第二季於損益表（P&L）各項目再度交出非常出色的財務表現，包含強勁的銷售成長、利潤率擴張與 EPS 成長。我們對品牌所做的投資正開始收穫成果，體現在我們三大機會領域各自的卓越趨勢：Arc’teryx、Salomon 軟性商品（Softgoods）以及 Wilson Tennis 360。我們將持續再投資於這些仍處早期階段的成長引擎，以確保高品質、長週期的成長，並在長期建立強健的品牌資產（brand equity）。

Our guidance assumes that the most recently announced Section 301 tariff rates remain in place for the remainder of 2026. We have already received the majority of our total tariff refund submission amount and any remaining impacts will be negligible. Let's begin with the updated full year 2026 outlook. We are raising 2026 revenue growth guidance from 20% to 22% to approximately 24%, which includes a 200 to 250 basis point currency benefit at current exchange rates. By segment, we are raising our Technical Apparel 2026 revenue growth guidance from approximately 22% to 24% to 25% to 26%. We are also increasing our outdoor performance sales growth expectations from 22% to 24% to 27% to 28%. Our Ball & Racquet sales growth guidance goes from 10% to 12% to approximately 14%. Turning to margins. We are fortunate to have the revenue and gross margin momentum that allows us to reinvest behind our three growth engines to ensure high-quality growth and strong brand equity over the long term, while also expanding our operating margins over time.

我們的指引假設，最新公布的《301條款》關稅稅率在2026年剩餘期間維持不變。我們已經收到我們關稅退稅申請總額中的大部分，任何剩餘影響都將可忽略不計。接下來我們先從更新後的2026全年展望開始。我們將2026年營收成長指引由20%上調至22%至約24%，其中包含以目前匯率計算約200至250個基點的匯率利多。按部門來看，我們將技術服飾（Technical Apparel）2026年營收成長指引由約22%上調至24%至25%至26%。我們也將戶外機能（Outdoor Performance）銷售成長預期由22%上調至24%至27%至28%。我們的球類與球拍（Ball & Racquet）銷售成長指引由10%至12%上調至約14%。接著談毛利率。我們很幸運擁有營收與毛利率的動能，使我們能夠在三大成長引擎上再投資，以確保長期的高品質成長與強勁的品牌資產，同時也能隨時間推進擴大營業利潤率。

For 2026, we are raising our full year adjusted gross margin guidance from 59% to 59.5% to 60.5% to 61%, which includes the 80 basis point benefit from the Q2 net tariff refund. And we are raising our adjusted operating margin guidance from 13.4% to 13.7% to 14.2% to 14.5%. By segment, we are raising Technical Apparel adjusted operating margin guidance from approximately 22% to approximately 22.5%, which includes approximately 30 basis points of net tariff refund benefit from Q2. For Outdoor Performance, we are raising adjusted operating profit margin guidance from 15% to 15.5% to 16% to 16.5%, which includes approximately 50 basis points of tariff refund benefit. And for Ball & Racquet, we are raising the adjusted operating margin from 4.7% to 5% to 6.7% to 7.2%, which includes approximately 250 basis point benefit from tariff refunds. We are assuming 2026 net finance costs of approximately $85 million, which is up from the previous $70 million guidance, mainly attributable to an increase in the cost of hedging, FX losses as well as an increase in lease expense.

針對2026年，我們將全年調整後毛利率指引由59%至59.5%上調至60.5%至61%，其中包含第二季淨關稅退稅帶來的80個基點利多。同時，我們將調整後營業利潤率指引由13.4%至13.7%上調至14.2%至14.5%。按部門來看，我們將技術服飾調整後營業利潤率指引由約22%上調至約22.5%，其中包含第二季淨關稅退稅約30個基點的利多。針對戶外機能，我們將調整後營業利益率指引由15%至15.5%上調至16%至16.5%，其中包含關稅退稅約50個基點的利多。而針對球類與球拍，我們將調整後營業利潤率由4.7%至5%上調至6.7%至7.2%，其中包含關稅退稅約250個基點的利多。我們假設2026年淨財務成本約為8,500萬美元，高於先前指引的7,000萬美元，主要歸因於避險成本上升、外匯損失以及租賃費用增加。

We continue to assume an effective tax rate of 28%. Other operating income should be approximately $43 million for the full year. Corporate expense is now expected to be $240 million versus $220 million previously, primarily due to higher IT investment spend and deferred compensation expense. Net income attributable to noncontrolling interest is expected to be approximately $30 million for the full year. We now expect adjusted diluted EPS of $1.27 to $1.30 versus our prior guidance of $1.18 to $1.23, which is based on approximately 585 million fully diluted shares. Other full year modeling items to consider. We're also assuming depreciation and amortization of approximately $450 million, including approximately $220 million of ROU depreciation. CapEx is still expected to be approximately $400 million, primarily to support our retail expansion and IT infrastructure investments.

我們仍假設有效稅率為28%。全年其他營業收入應約為4,300萬美元。公司費用目前預期為2.4億美元，較先前的2.2億美元提高，主要由於IT投資支出增加以及遞延薪酬費用。全年歸屬於非控制性權益的淨利預期約為3,000萬美元。我們目前預期調整後稀釋每股盈餘（EPS）為1.27至1.30美元，先前指引為1.18至1.23美元，係以約5.85億股完全稀釋股數為基礎。其他全年建模項目需留意。我們也假設折舊與攤銷約為4.5億美元，其中包含約2.2億美元的使用權資產（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。

Now turning to the third quarter guidance. We expect reported revenue growth for the group in the range of 18% to 20%, which assumes an approximate 50 basis point tailwind from favorable FX impact at current exchange rates. We expect adjusted gross margin to be approximately 59% in Q3 2026 and an adjusted operating profit margin of 13.5% to 14%. Keep in mind that last year's Q3 gross margin benefited by approximately 50 basis points from onetime inventory reserve adjustments. Net finance costs will be $15 million to $20 million, and our effective tax rate will be approximately 28%. We expect adjusted diluted EPS of $0.31 to $0.33 in Q3. Lastly, should better-than-anticipated demand materialize, we believe we are well positioned to deliver financial performance ahead of our expectations. With that, I'll turn it back to the operator for questions.

接下來談第三季指引。我們預期集團報告營收成長介於18%至20%，此假設在目前匯率下，因有利的外匯影響帶來約50個基點的順風。我們預期2026年第三季調整後毛利率約為59%，調整後營業利益率為13.5%至14%。請記得，去年第三季毛利率受一次性存貨備抵調整影響，約有50個基點的利多。淨財務成本將為1,500萬至2,000萬美元，有效稅率約為28%。我們預期第三季調整後稀釋每股盈餘為0.31至0.33美元。最後，若需求優於預期，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。接下來我把時間交回給接線員進行提問。

(Operator Instructions)

（接線員指示）

Matthew Boss, JP Morgan.

Matthew Boss，摩根大通（JP Morgan）。

Okay, great. Thanks and congrats on a really nice quarter. So James, 32% revenue growth, sequential acceleration at all three brands in the second quarter. Can you elaborate on the strong top line momentum that you cited has continued into the third quarter?

好的，很棒。謝謝，也恭喜你們交出非常亮眼的一季。James，第二季營收成長32%，三個品牌都呈現環比加速。你能否進一步說明你提到的強勁營收動能，且這股動能已延續到第三季？

And Andrew, can you walk through top line and margin back half assumptions? Or why not more top and bottom line upside given the revenue strength and margin flow-through rate that you saw in the front half of the year?

Andrew，你能否說明一下下半年營收與利潤率的假設？或者，鑑於上半年看到的營收強勁與利潤率的傳導（flow-through）表現，為什麼沒有更多的營收與盈餘上行空間？

Good morning. Thank you for your questions. Okay. So we got exceptional results in Q2. We feel very good about the foundation we built up, especially for the major three brands. They are on right track to grow the market cross-border in the world. So for Q3, I think the momentum is still there, and we already given the guidance. So we will grow our revenue top line from 18% to 20%, okay, based on the much higher base of our business, okay? So Q3 is one of the largest quarters in cross-border this year. So I think based on our current projections, whole year, we will foresee 24% growth cross-border for the company. So overall, I think the momentum still carry on and the management team got a very good confidence to continue to still our business on a healthy track.

早安。謝謝你的提問。好的。我們在第二季取得了非常出色的成果。我們對所建立的基礎感到非常有信心，尤其是三大主要品牌。它們正走在正確的軌道上，在全球跨境市場擴大市占成長。因此就第三季而言，我認為動能仍在，而且我們也已經給出指引。所以我們的營收（top line）將成長18%到20%，好的，這是建立在我們業務基期大幅提高的情況下，好的？第三季是今年跨境業務中規模最大的季度之一。因此，基於我們目前的預測，全年我們預期公司跨境業務將成長24%。總體而言，我認為動能仍會延續，管理團隊也非常有信心，能持續讓我們的業務維持在健康的軌道上。

Matt, thanks. This is Andrew. And as you think about the flow-through and the momentum coming out of Q2, we feel very good about our guidance going forward, as James said. I mean, we continue to always strive to provide ambitious and yet responsible guidance. And as you think about the flow-through, I mean, just really think about the fact that we're going to deliver at the midpoint of our guidance, we're going to deliver well over 100 basis points of margin expansion. And we've done that consistently since the IPO. We've delivered over 150 -- on average, 150 basis points a year.

Matt，謝謝。我是Andrew。當你思考第二季之後的傳導效應與動能時，如James所說，我們對未來的指引感到非常有信心。我的意思是，我們一向努力提供既具企圖心、同時也負責任的指引。而談到傳導效應，我的意思是，請你真正留意一點：若我們在指引區間的中點達成，我們將能實現超過100個基點的利潤率擴張。而自IPO以來，我們一直都能持續做到這一點。我們平均每年實現超過150個基點的擴張。

We have visibility to be in that ballpark as we go through this. And in the back half, there are going to be some continued investment into the growth in our business, especially as you look at the big opportunities we have in Salomon, Arc’teryx, and Tennis 360. We're going to have a little bit more increase, as I talked about in my prepared remarks, increase in our net finance costs as we look at some of the hedging and FX exposure that we have. And we did note the increase in our corporate expenses related to IT investments that we're making.

我們在推進過程中有把握能落在那個區間附近。而在下半年，我們將持續投入以推動業務成長，特別是當你看到我們在 Salomon、Arc’teryx 與 Tennis 360 上的重大機會時。如同我在事先準備的發言中提到的，考量到我們的部分避險與外匯曝險，我們的淨財務成本會有些許增加。我們也提到，與我們正在進行的 IT 投資相關的公司費用有所增加。

But at the end of the day, we are still focused on delivering very strong bottom line expansion. We're excited about where we're going, and we have the opportunity to continue to invest in our growth opportunities and responsibly provide guidance for the back half of the year.

但歸根結底，我們仍然專注於實現非常強勁的底線擴張。我們對前進的方向感到振奮，也有機會持續投資於成長機會，並在下半年負責任地提供指引。

Great. Best of luck.

很好。祝你們好運。

Laurent Vasilescu, BNP Paribas.

Laurent Vasilescu，法國巴黎銀行（BNP Paribas）。

Thank you very much.

非常感謝。

Go ahead.

請說。

Good morning. Thank you very much for taking my questions. I wanted to ask first on Salomon with the recent rollout of Foot Locker and then also, I think JD Sports a few quarters back. But curious to know how many doors are you currently at in these two key retailers? And where do you think the opportunity lies going forward in terms of number of doors? And then I have a follow-up on Ball & Racquet.

早安。非常感謝讓我提問。我想先問 Salomon，最近在 Foot Locker 的鋪貨，以及我記得在幾個季度前也進入了 JD Sports。想了解目前在這兩家關鍵零售商，你們現在進了多少家門店（doors）？以及往前看，就門店數量而言，你們認為機會在哪裡？接著我還有一個關於 Ball & Racquet 的追問。

Thanks for your question, Laurent. We're going to go to Guillaume, who's off-site and dialed in for the Salomon question.

謝謝你的問題，Laurent。關於 Salomon 的問題，我們請在外地、以電話連線的 Guillaume 來回答。

Good morning, everybody. First of all, we have this very diligent strategy developing the B2B doors in US. One thing I want to highlight before we speak about how we develop is we are very much driven by consumer demand, and we are also driven by our epicenter strategy so that we are looking at the consumer not door by door and kind of numeric distribution, but where we sit and how much we are able to drive demand across the market. So today, we have -- our longest partner is Nordstrom, where we see a very -- Nordstrom, then we have JD Sports and then we just started Foot Locker in July, as you maybe you have seen in our communication that we have been doing. So we have -- we are very pleased about the results. We have very strong demand is it on preorder, sell-through and reorder.

各位早安。首先，我們在美國發展 B2B 門店（doors）有一套非常嚴謹的策略。在談我們如何發展之前，我想先強調一點：我們非常以消費者需求為導向，同時也以我們的「epicenter（核心據點）」策略為驅動；因此我們看的是消費者，而不是逐店去看、或只看數字化的鋪貨分布，而是看我們的位置以及我們能在整個市場帶動需求的能力。所以目前，我們合作最久的夥伴是 Nordstrom；接著有 JD Sports；然後我們在 7 月才剛開始與 Foot Locker 合作，如你可能在我們的溝通中所看到的。因此我們對成果非常滿意。我們的需求非常強勁，無論是預購、銷售穿透（sell-through）或補貨（reorder）。

And now we are really planning to have these developments. This is very much handpicked location. So we are looking for epicenter. So starting from New York City, of course, but L.A., Chicago, San Francisco, Miami and others. And once again, we start from small. So you know that this type of partner, they have a very large fleet of doors. And today, we just speak about a couple of -- the ambition a couple of hundred on the best location where we're going to have the best sell-through. But this is where we are driving today the demand and the success. And in parallel, this partner, they have also a very strong e-com platform, which is also helping because this platform drive quite a lot of traffic also in North America. So -- so we -- it's more quality over quantity today, and this is the way we would like to plan in order to really secure the brand positioning, the brand equity and also continue to support the consumer demand behind Salomon.

現在我們確實在規劃這些拓展。這些都是非常精挑細選的據點。我們在尋找核心據點（epicenter）。因此會從紐約市開始，當然也包括洛杉磯、芝加哥、舊金山、邁阿密等地。而且再次強調，我們會從小規模開始。你也知道，這類合作夥伴擁有非常龐大的門店網絡。但目前我們談的只是少數——我們的目標是先在最佳地點做到幾百家門店，確保有最好的銷售穿透。而這正是我們目前推動需求與成功的方式。同時，這些夥伴也有非常強的電商平台，這也有幫助，因為該平台在北美也帶來相當多的流量。所以——我們目前更重視品質而非數量；我們希望以這種方式來規劃，以真正確保品牌定位與品牌資產（brand equity），並持續支撐 Salomon 背後的消費者需求。

Wonderful. And then, Andrew, under your leadership and now Carrie’s leadership, Ball & Racquet has really taken off with this 24% growth. I know you mentioned that it should not grow at this rate over the next few quarters. But near term, I know you're not in the habit to give us color by segment or by quarter, but it does imply if we assume like low double digits for 3Q that it materially flows to mid-single digits for 4Q, if we take the guide for the full year. Is that the right way to think about it near term?

太好了。接著，Andrew，在你的領導以及現在 Carrie 的領導下，Ball & Racquet 以 24% 的成長真的起飛了。我知道你提到未來幾個季度不會以這樣的速度成長。但就短期而言，我知道你們通常不會按事業部或按季度提供太多細節，但如果我們假設第三季是低雙位數成長，依照全年指引推算，第四季就會明顯落到中個位數成長。短期來看，這樣理解是對的嗎？

And then last year at the Investor Day, you called out that it should be growing mid-single digits top line overall over the next few years. Is that still the right way to think about it? Thank you so much.

另外，去年投資人日你們提到，未來幾年整體營收應該會以中個位數成長。現在仍然是這樣看嗎？非常感謝。

Yes. So this is Andrew. Thanks for the question. Very, very strong, as you've talked about, very strong second quarter for Ball & Racquet. It was led by a couple of things. Our go-to-market strategy for our wholesale accounts in North America, we've really amped that up. So our key national accounts, providing them a more fulsome offering, we really amped that up. Wilson Tennis 360, both softgoods and Racquets really had a strong second quarter, led by our two Racquet launches of Defy and Blade V10. And our softgoods door expansion in DICK'S going from 250 to 450 doors -- so if you think about all of those things that I just talked about, the two successful launches, the increased door count with DICK'S, the revision of our go-to-market strategy and focus on our offerings to our key wholesale accounts, those were accelerators in the quarter, and they drove that outsized performance.

是的。我是 Andrew。謝謝你的問題。如你所說，Ball & Racquet 第二季表現非常、非常強勁。主要由幾個因素帶動。我們針對北美批發客戶的上市策略（go-to-market strategy）確實大幅加強了。因此，對我們的關鍵全國性客戶，我們提供了更完整的產品組合，我們確實把這部分拉升了。Wilson Tennis 360，不論是服飾等軟性商品（softgoods）或球拍（Racquets），第二季都很強，主要由兩個球拍新品上市帶動：Defy 與 Blade V10。此外，我們在 DICK'S 的軟性商品門店拓展，從 250 家增加到 450 家——所以如果你把我剛提到的這些因素放在一起：兩個成功的新品上市、DICK'S 的門店數增加、我們上市策略的調整，以及更聚焦於對關鍵批發客戶的產品供給，這些都在本季形成加速器，並帶來超預期的表現。

We also had solid performances in our baseball and our golf irons and our inflatables business. So we feel great about Ball & Racquet's record quarter. We would not expect such high growth rates to sustain given the new launches. So there were new launches and new sell-ins and revision of our go-to-market. So our updated guidance reflects the appropriate growth rate that we believe is appropriate for the second half.

我們的棒球業務、高爾夫鐵桿以及充氣產品（inflatables）業務也都有穩健表現。因此我們對 Ball & Racquet 創紀錄的一季感到非常振奮。但考量到這些新品上市，我們不預期如此高的成長率能持續。因為其中包含新品上市、新的鋪貨（sell-in）以及上市策略的調整。因此，我們更新後的指引反映了我們認為下半年較為合適的成長率。

And longer term, it should it grow mid-single digits as a segment?

那長期來看，作為一個事業部，它應該以中個位數成長嗎？

Update the algorithms on the 2Q call, Laurent. But yes, it is a fair point that the softgoods business has become a lot larger and that business is growing faster.

Laurent，在第二季電話會議上把模型參數更新一下。不過是的，你的觀點合理：軟性商品業務的規模已經大了很多，而且那塊業務成長更快。

Okay, thank you very much. And best of luck.

好的，非常感謝。也祝你們好運。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Good morning, and thank you for taking our question. I was hoping you could elaborate on the growth investments in the business that you're making in the back half of the year. Is there any texture you can provide regarding the categorization of spend? Is this a step-up in marketing spend as a percent of sales relative to your prior forecast? Or are these more durable and permanent investments such as headcount? And how should we be thinking about the revenue and sales growth opportunity on the back of this? Thank you.

早安，感謝讓我們提問。我想請您進一步說明您們在今年下半年於業務上所進行的成長投資。就支出分類而言，您能否提供一些更具體的說明？這是否代表行銷支出占銷售額的比例，相較於您先前的預測有所上調？或者這些是更具持久性、較為永久的投資，例如人力編制？此外，我們應該如何看待這些投資所帶來的營收與銷售成長機會？謝謝。

Brooke, this is Andrew. Let me kick off a little bit, amplifying some of the points I made earlier. Philosophically, because of the significant value creation potential for each of our three growth engines, we're going to invest behind the brands and the capabilities so we can deliver healthy, sustainable growth while also ensuring strong brand equity over the long term. As I noted, we've delivered a very large amount of margin expansion over a short period of time. And if you think about our -- the midpoint of our 2026 guidance, we've averaged 150 basis points of annual EBIT margin over the three years since the IPO from 9.8% in 2023 to 14.2% to 14.5% this year. This is well above our 30 to 70 basis points plus bps on an annual margin expansion in our algorithm.

Brooke，我是Andrew。我先簡單開頭，補充並強化我先前提到的一些重點。從理念上來說，鑑於我們三個成長引擎各自都具備顯著的價值創造潛力，我們將加大對品牌與能力建設的投資，以便在實現健康、可持續成長的同時，也能確保長期強勁的品牌資產。如我所提到的，我們在短時間內實現了非常大幅度的利潤率擴張。如果你看我們2026年指引的中位數，自IPO以來的三年期間，我們的EBIT利潤率年均提升150個基點，從2023年的9.8%提升至今年的14.2%到14.5%。這遠高於我們模型（algorithm）中每年利潤率擴張30到70個基點以上的目標。

So we believe we have three of the most unique brands in all of consumer discretionary, and we're sitting in one of the healthiest and fastest-growing segments. So making it well worth our investment on our sales and gross margin upside to ensure that we capitalize on these opportunities in the right way and still be able to deliver bottom line margin over time. So this means, again, attracting high-quality talent, supporting our brands with best-in-class marketing, building premium owned stores and developing our IT digital platforms. So as we think about that, I'll hand it over to James because I think it's important for you guys to really understand what are we investing in for our key big growth drivers.

因此，我們相信我們擁有消費者非必需品領域中最獨特的三個品牌之一，而且我們所處的是最健康、成長最快的細分市場之一。因此，為了確保我們以正確方式把握這些機會，同時仍能隨時間推進交付底線利潤率，這些投資非常值得，並可帶來銷售與毛利率的上行空間。這也意味著，再次強調，我們要吸引高品質人才、以同級最佳的行銷支持品牌、打造高端自營門店，並發展我們的IT數位平台。基於此，我把問題交給James，因為我認為讓各位真正理解我們在關鍵大型成長驅動因素上投資什麼很重要。

Yes. I will add more color relating to the brand investment areas. So for Arc’teryx, -- so we will continue to invest on our overall global brand awareness, okay? So through very strong global brand campaigns. And we will continue to leverage our store opening process and make sure we have a good level of penetration in the markets we'd like to move in. And obviously, we will put a good level of investment on our products, especially on women's, footwear and apparel, where we really think it's a key growth engine for coming years.

是的。我會就品牌投資領域補充更多細節。以Arc’teryx為例——我們將持續投資於整體全球品牌知名度，好嗎？透過非常強而有力的全球品牌行銷活動。我們也會持續運用我們的開店流程，確保在我們希望進入的市場中具備良好的滲透率。當然，我們也會在產品上投入相當程度的資源，特別是在女裝、鞋類與服裝品類上，我們認為這將是未來幾年的關鍵成長引擎。

So for Arc’teryx, obviously, so these are the major areas. For Salomon, I mean, as Guillaume mentioned, epicenter strategy is still, I mean, underway, cross-border in the world, especially in Europe and North America. I think this is the areas we really like to put the resource behind that. through the strong product and brand campaigns to leverage our overall brand awareness and equities. And also, I mean, we will continue to accelerate our own retail penetration in China, Asia Pacific as well as in North America. So I think these are the areas we really like to focus on Salomon.

因此，對Arc’teryx而言，顯然這些是主要的投資領域。至於Salomon，正如Guillaume提到的，epicenter策略仍在推進中，並在全球跨區域展開，尤其是在歐洲與北美。我認為這些是我們非常希望投入資源的領域，透過強勁的產品與品牌活動來提升整體品牌知名度與品牌資產。此外，我們也將持續加速自營零售在中國、亞太以及北美的滲透。我認為這些就是我們在Salomon上真正想聚焦的方向。

For Wilson, obviously, Wilson Tennis 360 is the most important growth engine for Wilson for coming years, okay? So we will continue to invest on our assets and also the overall store development in -- both in Asia Pacific, China and also North America. So these are kind of areas we really like to put a good level of investment behind that to secure long-term sustainable growth for cross-border for these three brands.

至於Wilson，顯然，Wilson Tennis 360是Wilson未來幾年最重要的成長引擎，好嗎？因此，我們將持續投資於我們的資產，以及整體門店發展——涵蓋亞太、中國以及北美。這些大致就是我們希望投入相當程度資源的領域，以確保這三個品牌在跨區域層面實現長期、可持續的成長。

Great, thanks so much. I'll pass it on.

太好了，非常感謝。我把問題交給下一位。

Boruchow, Wells Fargo.

Boruchow，富國銀行。

Hey, good morning, everyone. I'll add my congrats. Two questions. One, and I don't know if it's for Andrew or James, but just commenting on the constant currency growth you saw in Europe or seeing in Europe, could you give us an update? There's been several brands, both footwear and apparel that have kind of called out some recent slowdowns in the past couple of months. It doesn't seem like you're seeing anything notable, but wanted you to comment on that.

各位早安。我也要向你們表示祝賀。兩個問題。第一個，我不確定是問Andrew還是James，但關於你們在歐洲看到的（或正在看到的）以固定匯率計的成長，能否給我們一個最新狀況？過去幾個月有好幾個品牌（包含鞋類與服裝）都提到近期出現一些放緩。看起來你們並沒有看到任何明顯的變化，但仍想請你們評論一下。

And then this one, I think, is for Andrew. It's just simple math, but you have your algo of 30 to 70 basis points on margin by our math, you're getting 80 bps of the refund in the guide this year. Should we assume, just to keep the models clean that next year, year-over-year margin should net out that 80 basis points, which kind of gets you more flat to down margin as a starting point to your plan to adjust for the refund? Just kind of want to make sure the models kind of stay clean in the outlook.

第二個問題我想是給Andrew的。這只是簡單的數學：依你們的模型，利潤率每年擴張30到70個基點；但按我們的計算，你們今年指引中包含了80個基點的退稅（refund）。我們是否可以假設——為了讓模型保持乾淨——明年同比利潤率應該會把這80個基點抵消掉，作為調整退稅影響後，你們計畫的起點，從而使利潤率大致呈現持平到下滑？只是想確認一下，讓我們在展望上模型能保持一致。

Okay. Thanks, Ike. We're going to start with Guillaume actually, who is going to talk about the market in Europe, the market trends in Europe, what we're seeing in the landscape. And then obviously, Andrew will answer your margin question.

好的。謝謝你，Ike。我們先請Guillaume開始，他會談談歐洲市場、歐洲的市場趨勢，以及我們在競爭環境中看到的情況。接著，Andrew會回答你關於利潤率的問題。

So I think the European market is not a fast-growing market today. But there is still some segments where we can really play a big role, and we see that we get some traction. One is running. So I think that there is still upside and excitement for the consumer in running and especially when we are coming with very unique stories. So trail running is one for Salomon. What we are currently building with GRVL running is also another one. So it looks like micro niche. But finally, you are able to attract traffic and interest from the consumer and leading conversion. The second one is this outdoor sneaker market or modern outdoor sneaker market where Salomon was definitely building this space in the market. So it was -- it's a new space.

我認為歐洲市場目前並不是一個快速成長的市場。但仍有一些細分領域我們可以扮演很重要的角色，而且我們看到正在取得一些進展。其中之一是跑步。我認為跑步領域對消費者仍有上行空間與熱度，尤其當我們帶來非常獨特的故事時。越野跑（trail running）是Salomon的一個方向。我們目前正在打造的GRVL跑步也是另一個方向。看起來像是微型利基市場。但最終，你能吸引消費者的流量與興趣，並帶動轉換。第二個是戶外球鞋市場，或現代戶外球鞋市場；Salomon確實一直在市場中打造這個領域。所以這是一個新的空間。

It looks like now obvious because we are driving big sales and as you can mention for this quarter result. And this segment still is a place -- a good place to be, a good place to shape for Salomon, driving excitement, bringing the modern mountain sport in the city and attracting new consumer. So in a nutshell, I think that it's -- the market is a challenging market overall, but still with some room to grow. And I think Salomon is very well positioning with very unique competitive edge in Europe.

現在看起來似乎很明顯，因為我們正在推動很大的銷售額，正如你在本季業績中也能看到的。而這個細分領域仍然是一個——對Salomon而言——很好的位置、很好的塑造空間：能帶動熱度，把現代山系運動帶進城市，並吸引新的消費者。總結來說，我認為整體市場確實具有挑戰，但仍有一些成長空間。我也認為Salomon在歐洲的定位非常好，並具備非常獨特的競爭優勢。

This is Andrew. Thanks for the question as well. So I'm not ready to provide -- to give margin guidance for next year. But I will acknowledge to your point and included in my prepared remarks that we did -- the net tariff refund will be an 80 bps increment to our margin in the current year. Recall, though, if you think about the two-year stack, our -- we essentially handled the tariff challenge last year primarily through vendor sharing, which was netted out against this, and we essentially absorbed most of the hit of the tariff impact. So if you look at '25 and '26 together, we have -- we believe that our margin reflects a good two-year picture for us. But I do acknowledge 80 bps margin expansion this year, and that's why I called it out to -- when you look at where we guided at the beginning of the year and the onetime impact of the 80 bps. Thanks, Andrew.

我是 Andrew。也謝謝你的提問。所以我還沒準備好提供——給出明年的毛利率指引。但我會回應你的觀點，並且我在事先準備的發言中也提到，我們——淨關稅退款在本年度將為我們的毛利率帶來 80 個基點的增量。不過請回想一下，如果你從兩年疊加的角度來看，我們——去年基本上主要透過與供應商分攤來應對關稅挑戰，這部分已在此處相互抵銷，而我們也基本上吸收了關稅影響的大部分衝擊。所以如果把 '25 和 '26 放在一起看，我們——我們相信我們的毛利率反映了對我們而言良好的兩年整體圖景。但我確實承認今年有 80 個基點的毛利率擴張，這也是我特別點出來的原因——當你回看我們年初給出的指引，以及這 80 個基點的一次性影響時。謝謝，Andrew。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Great. Thank you very much. Congratulations across the board on all the brands. James, there are two very different strategies between the two biggest brands. Wholesale drives brand awareness faster than DTC, but Arc’teryx is following a DTC strategy, maybe more brand premiumization and control and then Salomon is driven by the wholesale. How do you think ultimately kind of this pans out for the longer term in terms of channel mix and penetration?

很好。非常感謝。恭喜各品牌全面表現出色。James，兩個最大品牌之間有兩種非常不同的策略。批發比 DTC 更快推動品牌知名度，但 Arc’teryx 採取的是 DTC 策略，可能更偏向品牌高端化與掌控力；而 Salomon 則由批發驅動。你認為從長期來看，在通路組合與滲透率方面，最終會如何發展？

And then for both Stuart and Guillaume, my follow-up is Arc’teryx has been strong in China, Salomon is strong in Europe. What elements of those successes in current regions accelerate the road map for penetration into the US market? Thank you very much.

接著給 Stuart 和 Guillaume 的追問是：Arc’teryx 在中國表現強勁，Salomon 在歐洲表現強勁。這些在現有區域成功的要素，如何加速在美國市場的滲透路線圖？非常感謝。

Thanks, Adrienne. We're actually going to have Stuart and Andrew sorry, Stuart and Guillaume answer your first question for Arc’teryx and Salomon and how they approach DTC versus wholesale and how that might shake out long term. And then we'll have James and Stuart and Guillaume answer your second question as well.

謝謝你，Adrienne。我們其實會請 Stuart 和 Andrew——抱歉，是 Stuart 和 Guillaume——來回答你第一個問題，關於 Arc’teryx 和 Salomon 如何看待 DTC 相對於批發，以及長期可能會如何演變。然後第二個問題也會由 James、Stuart 和 Guillaume 一起回答。

Okay. Thanks, Omar. And Adrienne, thanks for your question. I'll try to be crisp here. So wholesale remains important for Arc’teryx. It helps ensure that our brand is showing up in the right points of sale and with the right comparisons with other great brands that helps elevate our own brand position. The DTC has been critical and a massive catalyst for our growth around the world and has really unlocked the trajectory we've seen over the last five years. So both parts are important and play different roles for how we're driving growth and brand awareness.

好的。謝謝你，Omar。Adrienne，也謝謝你的提問。我會盡量簡潔。所以批發對 Arc’teryx 仍然很重要。它有助於確保我們的品牌出現在正確的銷售據點，並且與其他優秀品牌在正確的對比情境中呈現，這有助於提升我們自身的品牌定位。DTC 一直是我們全球成長的關鍵，並且是巨大的催化劑，也真正解鎖了我們過去五年所看到的成長軌跡。因此兩者都很重要，並在我們推動成長與品牌知名度的方式中扮演不同角色。

Specific to the US market, Canada is our home market, where we see highest brand awareness, and it's enabled us to have a natural launching point into the US. US is the largest global market and in many ways, the most competitive. Our strategy is focused on what we call epicenters, focusing on major urban areas like New York, L.A., San Francisco, Chicago to where the pools of demand are greatest to drive brand awareness. And that's where we focus our store openings that have been very successful over the last several years. We complement this with what we call our Mountain Town strategy, which is focused on the place of practice, where we see opportunities to stoke the brand identity in places like Aspen and Park City.

就美國市場而言，加拿大是我們的本土市場，我們在那裡的品牌知名度最高，這也讓我們能自然地以此作為進入美國的起點。美國是全球最大的市場，且在許多方面也是競爭最激烈的。我們的策略聚焦於我們所稱的「核心據點（epicenters）」，把重點放在紐約、洛杉磯、舊金山、芝加哥等主要都會區，因為那裡的需求池最大，可用來推動品牌知名度。這也是我們聚焦開店的地方，而過去幾年這些開店都非常成功。我們也以所謂的「山城（Mountain Town）策略」作為補充，聚焦於實際使用場景（place of practice），在 Aspen、Park City 等地尋找機會，強化品牌識別。

So it's the combination of those factors that build the brand while also developing the economic opportunity, and it really leverages an omnichannel approach where we're driving the brand position through our DTC channels, but also driving brand awareness importantly with selected premium wholesale partners. So I'll pause there and hand it over to Guillaume.

因此，這些因素的組合一方面建立品牌，同時也發展經濟機會；並且真正運用全通路方法：我們透過 DTC 通路推動品牌定位，同時也透過精選的高端批發合作夥伴來重要地推動品牌知名度。我先說到這裡，接下來交給 Guillaume。

So thanks, Stuart. I think that, first of all, globally, Salomon is still -- is developing very fast in DTC. So I think that the perception of having Salomon relying only on B2B is a little bit kind of old position we have and previous strategy we had. I think we were turning really into omnichannel, so at the global level. This is true that if we want to develop in US because of the scale of the market, we have to have this true omnichannel strategy. So first step is moving to epicenter, opening some store, making sure that our e-com platform is also a very -- one of the best experience you could have for Salomon. So best experience in our store, best experience on e-com. And of course, we want to rely and we will develop on B2B. So it's an omnichannel for the simple reason that traffic buying footwear is very much about traffic and B2B partner are the one running the traffic and doing a very good job at distributing footwear in the market.

謝謝你，Stuart。我認為首先，在全球層面，Salomon 的 DTC 仍然——正在非常快速地發展。所以認為 Salomon 只依賴 B2B 的看法，有點算是我們過去的定位與先前的策略。我想我們正在真正轉向全通路，在全球層面都是如此。確實，如果我們要在美國發展，因為市場規模很大，我們必須採取真正的全通路策略。所以第一步是進入核心據點，開設一些門市，並確保我們的電商平台也能提供——對 Salomon 而言你能擁有的最佳體驗之一。門市最佳體驗、電商最佳體驗。當然，我們也希望依靠並且會發展 B2B。之所以採取全通路，原因很簡單：鞋類購買非常依賴客流，而 B2B 夥伴是帶動客流的人，他們在市場上分銷鞋類方面做得非常好。

So this is why we are looking at this B2B. But when we develop B2B and maybe for the one living in New York, you have been noticing that in July is we have a very close partnership with our partner. We want to have very strong and outstanding visual merchandising, so where you can notice the brand. We are also building activation to make sure that they are really activating their local community at every store in order to make sure that we position Salomon at the best level even on B2B. So this is really the mindset for US is building retail on epicenter, leveraging with e-com and having this partnership on B2B because this is why you can leverage a larger traffic, but keeping a very strong consistent approach towards the consumer and focusing on demand, which is, of course, our priority number 1.

這就是我們看重 B2B 的原因。但當我們發展 B2B——也許對住在紐約的人來說，你在七月已經注意到——我們與合作夥伴有非常緊密的合作關係。我們希望有非常強而且出色的視覺陳列，讓你能注意到這個品牌。我們也在打造各種行銷啟動（activation），確保他們在每一家店都能真正啟動其在地社群，以確保即使在 B2B 通路中，我們也能把 Salomon 定位在最佳水準。所以，對美國而言，這樣的思維就是：在核心據點建立零售、以電商加以槓桿放大，並與 B2B 建立合作，因為這能帶來更大的客流；同時對消費者維持非常強且一致的方法，並聚焦於需求——這當然是我們的第一優先。

Your next question comes from the line of --

你的下一個問題來自於--

Still, I'd like to add a bit color on Arc'teryx China. So Adrienne, you asked for Arc'teryx China. So actually now Arc'teryx is already the largest premium outdoor brand in China market. So naturally, its growth pattern will normalize versus the hyper growth levels during the past five years. But Arc'teryx China, I think will continue to deliver solid double-digit growth annually, especially given we only have 140 stores today and versus 200 potential for coming years. So the management team also got a very good level of confidence. We are running exceptional work for Arc'teryx in China markets, and we will continue to drive our business and gain market share in China markets. Okay.

另外，我想補充一些關於 Arc'teryx 中國的背景。Adrienne，你問到 Arc'teryx 中國。其實目前 Arc'teryx 已經是中國市場最大的高端戶外品牌。因此，相較於過去五年的高速成長水準，其成長型態自然會趨於常態化。但我認為 Arc'teryx 中國仍將持續每年交出穩健的雙位數成長，尤其考量我們目前只有 140 家門市，而未來幾年有 200 家的潛在空間。因此管理團隊也具備非常高的信心。我們在中國市場為 Arc'teryx 所做的工作非常出色，我們將持續推動業務並在中國市場提升市占率。好的。

Thank you very much.

非常感謝。

Jonathan Komp, Baird.

Jonathan Komp，Baird。

Yes, hi, good morning. If I could follow up on Salomon. I want to ask further the new store opening in July in Flatiron, really telling the full story, footwear and apparel performance and sportstyle. Does that really represent where you see the brand heading as you continue to diversify toward a broader lifestyle -- performance lifestyle brand positioning?

是的，嗨，早安。如果我可以追問一下 Salomon。我想進一步請教 7 月在 Flatiron 開設的新店，是否能完整呈現品牌故事，包括鞋類與服飾的表現，以及 Sportstyle。這是否真的代表你們在持續多元化、朝向更廣泛的生活風格——兼具性能與生活風格的品牌定位——時，所看到的品牌發展方向？

Yes, this is for me. So Salomon has been -- is rooted by performance. And there is one simple thing, this idea of modern mountain sport driven by innovation, elevating the sport experience in the mountain and beyond because, of course, now we conquer also the city, but still having this idea of modern mountain sport. This is where Salomon is coming from. And this is first for footwear because this is where we have the biggest traction, but we have the ambition to move forward in apparel. Today, apparel is pretty small, but we have -- we start to see some traction, and we are preparing the future pipeline of innovation as well in order to offer the full silhouette. So this is the position.

是的，這題我來回答。Salomon 一直——其根基在於性能。有一個很簡單的核心：以創新驅動的「現代山系運動」理念，在山中及更廣泛的場景提升運動體驗；當然，現在我們也征服城市，但仍保有現代山系運動的概念。這就是 Salomon 的出發點。而這首先體現在鞋類，因為這是我們最有牽引力的品類，但我們也有企圖心在服飾上持續推進。目前服飾規模還很小，但我們——開始看到一些動能，同時也在為未來的創新產品管線做準備，以提供完整的輪廓（silhouette）。所以這就是我們的定位。

When we are coming and we are elevating that into culture, this is where Sportstyle resonate to the consumer. And this is why you see this momentum coming in the city with sportstyle. I think that Flatiron is a very good example of what Salomon wants to develop is it's not either or, it's performance and still driven by innovation and culture. So this piece of performance product moving to culture into sportstyle. And this is footwear because this is where we express today the best of our innovation, premiumness, quality of product. But of course, we are also working hard in order to develop that in apparel. So I think that your level of readiness into the store is the right one. But keep in mind that we are coming -- we are rooted by performance and innovation, and this is not either or, but it's and it's performance and culture together.

當我們把這個定位帶入並提升到文化層面時，Sportstyle 就會與消費者產生共鳴。這也是為什麼你會看到 Sportstyle 在城市端帶來這股動能。我認為 Flatiron 是一個很好的例子，展現 Salomon 想要發展的方向：不是二選一，而是性能，且仍由創新與文化所驅動。也就是把性能產品帶入文化，進而延伸到 Sportstyle。而目前主要在鞋類，因為這是我們今天最能展現創新、精品感（premiumness）與產品品質的地方。但當然，我們也正努力把這一點延伸到服飾。所以我認為你提到的店內呈現成熟度是合適的。但請記住，我們——根基在於性能與創新；這不是二選一，而是性能與文化並行。

That's very encouraging. And then, Andrew, if I could just finish Technical Apparel margin in the back half, segment operating margin implied down year-over-year. Is that reflective of incremental investment or some other factors or conservatism? Just any more color there. Thank you.

這非常令人鼓舞。另外，Andrew，如果我可以最後再問一下：Technical Apparel 在下半年毛利率方面，從分部營業利益率推算似乎年對年下滑。這反映的是額外投資，或是其他因素，或是較保守的假設嗎？能否再多給一些說明。謝謝。

We're going to actually have Stuart who is also dialing in remote, talk about the margin for our Technical Apparel.

我們會請也正在遠端連線的 Stuart 來談談我們 Technical Apparel 的利潤率。

Jonathan, it's Stuart. So yes, we're pretty confident in the overall P&L outlook for the full year, we're going to see healthy expansion in gross margin. We're going to see balanced SG&A leverage, and we're going to see operating profit margins expand for the full year. So it's -- the overall business momentum is healthy. As you heard from Andrew earlier on the call, characterize how we provide guidance as being responsible. -- yet, there's nothing structural that would prevent us from delivering higher levels of top line as well as bottom line results should demand materialize.

Jonathan，我是 Stuart。是的，我們對全年整體損益表（P&L）展望相當有信心；我們將看到健康的毛利率擴張。我們將看到均衡的 SG&A 槓桿效益，並且全年營業利益率會擴張。所以——整體業務動能是健康的。正如你先前在電話會議中聽到 Andrew 所說，我們對外提供指引的方式是負責任的——但若需求實現，並沒有任何結構性因素會阻礙我們交出更高水準的營收與獲利表現。

I think we've had a good track record of delivering on that approach to the business in prior quarters since coming public. So yes, we're going to have what we would call a responsible posture for guidance. But there's, as I mentioned, nothing structural that would prevent us from delivering higher levels of sales and profitability, and we're quite bullish on the outlook for the balance of the year and beyond. So hopefully, that gives you some color or context on how we approach guidance.

我認為自從上市以來，我們在過去幾季對這種經營方式的落實有不錯的紀錄。所以是的，我們會採取我們所稱的「負責任」的指引立場。但如我所提，並沒有任何結構性因素會阻礙我們交出更高水準的銷售與獲利能力；我們對今年剩餘期間以及更長期的展望都相當樂觀。希望這能讓你更了解或更有脈絡地理解我們如何制定指引。

That makes a lot of sense. Thanks again.

這很合理。再次感謝。

Okay.

好的。

At this time, there are no further questions. I will now turn the call back to management for closing remarks.

此時沒有其他問題。我現在把電話會議交回管理層作結語。

Thanks, everyone, for joining. And a quick reminder, the Salomon Amer Sports Investor Day, September 17. I look forward to seeing you there or online for the webcast. Have a great day.

感謝各位參與。也快速提醒一下，Salomon 的 Amer Sports 投資人日是在 9 月 17 日。期待在現場或線上網路直播與各位相見。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以斷線。