Birkenstock Holding PLC (BIRK) 2025 Q3 法說會逐字稿

Good morning. Thank you for standing by. Welcome to Birkenstock's Third Quarter 2025 Earnings Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早安.感謝您的支持。歡迎參加 Birkenstock 2025 年第三季財報電話會議。（操作員指示）我想提醒大家，本次電話會議正在錄音。

I will now turn over the call to Megan Kulick, Director of Investor Relations.

現在我將把電話轉給投資者關係總監梅根·庫利克 (Megan Kulick)。

Hello, and thank you, everyone, for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holding plc and Chief Executive Officer of the Birkenstock Group; and Ivica Krolo, Chief Financial Officer of the Birkenstock Group; David Kahan, President, Americas; Nico Bouyakhf, President of EMEA; Klaus Baumann, Chief Sales Officer; and Alexander Hoff, Vice President, Global Finance, will join us for the Q&A.

大家好，感謝大家今天加入我們。參加電話會議的人員包括 Birkenstock Holding plc 董事兼 Birkenstock 集團首席執行官 Oliver Reichert、Birkenstock 集團首席財務官 Ivica Krolo、美洲區總裁 David Kahan、歐洲、中東和非洲區總裁 Nico Bouyakhf、首席銷售官 Klaus Baumann 和全球財務副總裁 Alexander Hoff，他們將參加我們的問答環節。

Today, we are reporting the financial results for our fiscal third quarter of 2025 ended June 30, 2025. You may find the press release and supplemental presentation connected to today's discussion on our investor relations website at birkenstock-holding.com. We would like to remind you that some of the information provided during this call is forward-looking and accordingly is subject to the safe harbor provisions of federal security laws.

今天，我們報告截至 2025 年 6 月 30 日的 2025 財年第三季的財務表現。您可以在我們的投資者關係網站 birkenstock-holding.com 上找到與今天討論相關的新聞稿和補充簡報。我們在此提醒您，本次電話會議中提供的部分資訊具有前瞻性，因此受聯邦證券法安全港條款的約束。

These statements are subject to various risks, uncertainties and assumptions, which could cause our actual results to differ materially from these statements. These risks, uncertainties and assumptions are detailed in this morning's press release as well as in our filings with the SEC and can be found on our website at birkenstock-holding.com.

這些聲明受各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些聲明有重大差異。這些風險、不確定性和假設在今天早上的新聞稿以及我們向美國證券交易委員會提交的文件中都有詳細說明，也可以在我們的網站 birkenstock-holding.com 上找到。

We undertake no obligation to revise or update any forward-looking statements or information, except as required by law. We will reference certain non-IFRS financial information. We use non-IFRS measures, as we believe they represent the operational performance and underlying results of our business more accurately. The presentation of this non-IFRS financial information is not intended to be considered by itself or as a substitute for the financial information prepared and presented in accordance with IFRS.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。我們將參考某些非國際財務報告準則的財務資訊。我們使用非國際財務報告準則指標，因為我們相信它們更準確地反映我們業務的營運績效和基本結果。本非國際財務報告準則財務資訊的呈現本身並不旨在被視為或取代根據國際財務報告準則編制和呈現的財務資訊。

Reconciliations of IFRS to non-IFRS measures can be found in this morning's press release and in our SEC filings.

在今天早上的新聞稿和我們提交給美國證券交易委員會 (SEC) 的文件中可以找到 IFRS 與非 IFRS 指標的對帳表。

Now, I'll turn the call over to Oliver.

現在，我將把電話轉給奧利佛。

Good morning, everybody, and thank you for joining us today for our third quarter results. Once again, we delivered against our guidance with a 16% revenue growth in constant currency. We continue to grow double digit in every segment and channel. At the same time, we significantly improved profitability. Gross margin was up 100 basis points to 60.5%, and EBITDA margin was up 140 basis points to 34.4%, our best third quarter margin ever.

大家早安，感謝大家今天參加我們的第三季業績發表會。我們再次實現了預期目標，以固定匯率計算收入成長了 16%。我們在每個細分市場和通路都持續保持兩位數的成長。同時，我們的獲利能力也顯著提高。毛利率上升 100 個基點至 60.5%，EBITDA 利潤率上升 140 個基點至 34.4%，這是我們有史以來最好的第三季利潤率。

And we did this in a global environment with pressure from tariffs and currency volatility. We continue to see the shift to in-person shopping, which amplifies our brand. We are a touch and feel product, especially for consumers who are new to the brand. We have over 12,000 high-quality touch points through our B2B partners compared to our own fleet of 90 doors.

而且我們是在全球面臨關稅和貨幣波動壓力的環境下做到了這一點的。我們持續看到向實體購物的轉變，這擴大了我們的品牌影響力。我們是一款觸摸和感受產品，尤其適合剛接觸品牌的消費者。透過我們的 B2B 合作夥伴，我們擁有超過 12,000 個高品質接觸點，而我們自己的門市只有 90 個。

That is why this shift in consumer behavior favors our B2B channel over DTC. We are winning in retail, gaining shelf space and taking share. In a flat US market, retail revenue at our top 10 wholesale partners was up 25%. As you do your channel checks for back-to-school, you will hear that Birkenstock is the winner with very strong sellout and fast inventory turns. Same for EMEA.

這就是為什麼消費者行為的轉變有利於我們的 B2B 管道而不是 DTC。我們在零售業中取得了勝利，獲得了貨架空間並佔據了市場份額。在平淡的美國市場中，我們前十大批發合作夥伴的零售收入成長了 25%。當您檢查開學季的管道時，您會聽說 Birkenstock 憑藉強勁的銷售量和快速的庫存週轉率成為贏家。歐洲、中東和非洲地區也是一樣。

Retail revenue at our top 10 partners was up 20%. Within our B2B channel, over 90% of the growth came from within existing doors. We are committed to maintaining relative scarcity and managing tightly our distribution growth. In own retail, we accelerated the pace of openings, adding 13 new doors. Our new stores generally deliver a higher ASP and higher units per transaction from day 1, and we see a return of CapEx within 12-months to 18-months.

我們前十大合作夥伴的零售收入成長了 20%。在我們的 B2B 通路中，超過 90% 的成長來自現有通路。我們致力於保持相對稀缺性並嚴格管理我們的分銷成長。在自有零售方面，我們加快了開幕步伐，新增了 13 家門市。我們的新店通常從第一天起就提供更高的平均售價和每筆交易更高的單位數，並且我們會在 12 個月到 18 個月內看到資本支出的回報。

We are on track to reach our goal of around 100 stores by the end of this fiscal year. This will allow us to capture more in personal shopping demand within our own DTC business and allows us to showcase the full breadth of our product assortment. Our brand heat is stronger than ever no matter if you look at sell-through, full price realization or our strong order book.

我們預計在本財年末實現約 100 家門市的目標。這將使我們能夠在自己的 DTC 業務中滿足更多的個人購物需求，並使我們能夠展示我們產品種類的全部範圍。無論是從銷售量、全價實現量或強勁的訂單量來看，我們的品牌熱度都比以往更加強勁。

This is especially true in the emerging youth market. Our demand is strong across all product categories and target groups. Sales of our classic leather silhouettes grew double digits. Demand for our iconic styles, such as the Arizona and Boston remains strong and is accelerating within the younger demographic. At the same time, we are growing in expansionary categories, such as laced-up shoes.

在新興青年市場尤其如此。我們對所有產品類別和目標群體的需求都很強烈。我們的經典皮革款式的銷量增長了兩位數。對我們標誌性風格（例如亞利桑那和波士頓）的需求仍然強勁，並且在年輕人群中正在加速成長。同時，我們在繫帶鞋等擴張性產品類別上也不斷發展。

Closed-toe share of revenue increased by 400 basis points year-over-year. Now, let's briefly review our segment performance. In the Americas, revenue was up 16% in constant currency with both the B2B and DTC channels growing double digit. Our B2B business was especially strong. Importantly, we saw no pushback or cancellations following the July 1 price increases implemented in response to tariffs.

封閉式鞋頭的營收份額較去年同期成長了 400 個基點。現在，讓我們簡單回顧一下我們的分部表現。在美洲，以固定匯率計算，營收成長了 16%，其中 B2B 和 DTC 通路均實現了兩位數成長。我們的 B2B 業務尤其強勁。重要的是，在 7 月 1 日為應對關稅而實施的價格上漲之後，我們沒有看到任何阻力或取消。

We opened three additional stores, bringing the total number of stores to 13. In EMEA, we delivered double-digit growth of 13%, while both channels grew double digit. B2B Outpaced D2C, driven by strong sell-through at our retail partners. Our online business started off slower than planned in April and May. However, in June, online growth reaccelerated.

我們又開了 3 家門市，門市總數達到 13 家。在歐洲、中東和非洲地區，我們實現了 13% 的兩位數成長，同時兩個管道均實現了兩位數成長。B2B 超越了 D2C，這得益於我們零售合作夥伴的強勁銷售。我們的線上業務在四月和五月起步比計劃慢。然而，6月份，線上成長再次加速。

We saw healthy growth in our own retail with same-store sales up in the mid-teens. We further expanded our brand presence with the opening of new stores in the Netherlands, in Spain, bringing our store count to 39. The APAC region was up 24% in constant currency. Timing of goods in transit shifted revenue from third quarter into the fourth quarter.

我們的零售業務實現了健康成長，同店銷售額成長了 15% 左右。我們在荷蘭和西班牙開設了新店，進一步擴大了我們的品牌影響力，使我們的店數達到 39 家。以固定匯率計算，亞太地區成長了 24%。貨物運輸時間導致收入從第三季轉移到第四季。

We forecast an acceleration in the fourth quarter, in line with our expectation that APAC will grow twice as fast as our other two segments for the full year. We opened eight new owned retail stores, bringing the total number of stores in the region to 38. We also expanded our strategic partnerships, increasing our mono-brand partner stores by around 20% compared to last year. Our business in China was particularly strong and accounted for 20% of APAC revenue in the quarter.

我們預測第四季的成長將會加速，這與我們的預期一致，即亞太地區全年的成長速度將是其他兩個部門的兩倍。我們新開了 8 家自營零售店，使該地區的門市總數達到 38 家。我們也擴大了策略夥伴關係，與去年相比，單一品牌合作店數量增加了約 20%。我們在中國的業務尤其強勁，佔本季亞太地區營收的 20%。

I will now turn it over to Ivica to discuss our financial results in more detail.

現在我將把時間交給 Ivica 來更詳細地討論我們的財務表現。

Thanks, Oliver. I am happy to share with you Birkenstock's performance for the third quarter of 2025. This is the first quarter since we have been a public company, where we saw significant headwind from FX on our reported numbers. The dollar depreciated by about 5% against the euro in the quarter compared to last year. This impacted both our reported revenue growth and margins.

謝謝，奧利佛。我很高興與大家分享Birkenstock 2025年第三季的業績。這是我們上市以來的第一個季度，外匯對我們報告的數據造成了重大阻力。本季美元兌歐元較去年同期貶值約5%。這影響了我們報告的收入成長和利潤率。

FX caused a 330-basis points drag on revenue growth, lowered gross margin by 60-basis points and adjusted EBITDA margin by 70 basis points. Third quarter revenues were EUR635 million, growth of 16% in constant currency, within the range of our 15% to 17% annual guidance for the year. Reported revenue growth was 12%. B2B growth outpaced DTC in the quarter. B2B was up 18% in constant currency.

外匯導致營收成長下降 330 個基點，毛利率下降 60 個基點，調整後 EBITDA 利潤率下降 70 個基點。第三季營收為 6.35 億歐元，以固定匯率計算成長 16%，介於我們 15% 至 17% 的年度預期範圍內。報告的收入增長了12%。本季度，B2B 成長速度超過了 DTC。以固定匯率計算，B2B 成長了 18%。

DTC grew 12% in constant currency. DTC share of business was 38%, down 110 basis points versus prior year. We see sustained strength in our B2B channel from the shift to more in-person shopping. B2B has proven to be the most cost-efficient way to target new consumer groups and usage occasions, both important white spaces for our brand.

以固定匯率計算，DTC 成長了 12%。DTC 業務份額為 38%，較前一年下降 110 個基點。隨著越來越多的實體店購物的興起，我們的 B2B 通路持續保持強勁成長動能。事實證明，B2B 是瞄準新消費族群和使用場合最具成本效益的方式，這兩者都是我們品牌的重要空白領域。

We now expect B2B growth to outpace DTC in both the fourth quarter and for the full year. We are a demand-driven brand. We strategically allocate our products to where the consumer is shopping. And unlike our peers, we own our supply chain. The B2B order book provides predictability and derisks our planning. Gross profit margin for the quarter was 60.5%, up 100 basis points year-over-year.

我們現在預計第四季度和全年 B2B 成長都將超過 DTC。我們是一個需求驅動的品牌。我們將產品策略性地分配到消費者購物的地方。與我們的同行不同的是，我們擁有自己的供應鏈。B2B 訂單簿提供了可預測性並降低了我們的計劃風險。本季毛利率為60.5%，年增100個基點。

Pricing, net of inflation and better absorption of costs related to the Pasewalk facility contributed to margin expansion. This was partially offset by channel mix and the unfavorable currency impact of 60 basis points. Selling and distribution expenditures were EUR163 million in the third quarter, representing 25.6% of revenue. This was down 80 basis points from the prior year, mainly due to a higher B2B share.

扣除通貨膨脹因素後的定價以及更好地吸收與 Pasewalk 工廠相關的成本有助於利潤率的擴大。這被通路組合和 60 個基點的不利貨幣影響部分抵消。第三季銷售和分銷支出為1.63億歐元，佔營收的25.6%。這比前一年下降了 80 個基點，主要原因是 B2B 份額增加。

Adjusted general and administration expenses were EUR31 million or 4.9% of revenue in the quarter, up 40 basis points year-over-year due to higher IT expenses, primarily related to the ERP conversion in the Americas. Adjusted EBITDA in the third quarter of EUR218 million was up 17% year-over-year. Adjusted EBITDA margin of 34.4% was up 140 basis points year-over-year.

本季調整後的一般及行政開支為 3,100 萬歐元，佔營收的 4.9%，較去年同期成長 40 個基點，原因是 IT 開支增加，主要與美洲的 ERP 轉換有關。第三季調整後EBITDA為2.18億歐元，較去年同期成長17%。調整後的 EBITDA 利潤率為 34.4%，較去年同期成長 140 個基點。

This was even despite the 70-basis point impact from unfavorable currency translation. Adjusted net profit of EUR116 million in the third quarter was up 26% year-over-year. Adjusted EPS was EUR0.62, up from EUR0.49 from a year ago, a 27% increase. Cash flows from operating activities during the quarter were EUR261 million, down EUR21 million compared to the last year due to the timing of tax payments and lower working capital release.

儘管不利的貨幣換算造成了 70 個基點的影響，但這個數字仍然沒有改變。第三季調整後淨利1.16億歐元，年增26%。調整後每股收益為 0.62 歐元，高於去年同期的 0.49 歐元，增幅為 27%。本季經營活動產生的現金流為 2.61 億歐元，由於納稅時間和營運資金釋放減少，較去年同期減少 2,100 萬歐元。

We ended the quarter with cash and cash equivalents of EUR262 million after the repurchase of 3.9 million shares totaling EUR176 million. As we continuously improve our inventory efficiency, our inventory to sales ratio declined to 33% from 36% in Q3 '24. Our DSO for the quarter were 43, in line with the 42 a year ago, even with a strong growth in our B2B business.

在回購了 390 萬股股票（總​​額達 1.76 億歐元）後，本季末我們的現金和現金等價物為 2.62 億歐元。隨著我們不斷提高庫存效率，我們的庫存銷售率從24年第三季的36%下降到33%。儘管我們的 B2B 業務成長強勁，但本季我們的 DSO 為 43，與去年同期的 42 持平。

During the quarter, we spent approximately EUR22 million in CapEx, adding to our production capacity in Pasewalk, Gorlitz and Arouca and continuing our investments in retail and IT. We are on track to meet our CapEx target of around EUR80 million for the year. Even with the share buyback we executed in May, our net leverage was 1.7 times as of June 30, '25, down from 1.8 times at the end of Q2.

本季度，我們花費了約 2,200 萬歐元的資本支出，增加了我們在 Pasewalk、Gorlitz 和 Arouca 的生產能力，並繼續在零售和 IT 領域進行投資。我們預計將實現今年約 8,000 萬歐元的資本支出目標。即使我們在 5 月進行了股票回購，截至 2025 年 6 月 30 日，我們的淨槓桿率仍為 1.7 倍，低於第二季末的 1.8 倍。

Without the buyback, the net leverage would have been at 1.4 times. Our capital allocation priorities continue to be, number one, invest in our business number two, reduce debt; and number three, opportunistic share buybacks. Even with the buyback, we continue to expect net leverage of approximately 1.5 times at the end of fiscal '25.

如果沒有回購，淨槓桿比率將達到 1.4 倍。我們的資本配置重點仍然是：第一，投資我們的業務；第二，減少債務；第三，機會性股票回購。即使進行了回購，我們仍然預計 25 財年末的淨槓桿率仍將達到約 1.5 倍。

We believe we are well positioned to meet our stated growth and profitability objectives. We believe we can manage the impact of the baseline 15% EU tariff through the actions we have already taken, including targeted price increases. Pricing is not the only lever we have. Given our vertical integration, additional levers include efficiencies in production, vendor negotiations, the optimization of the product mix and the allocation of products between the regions.

我們相信，我們已做好準備，實現既定的成長和獲利目標。我們相信，透過我們已經採取的行動，包括有針對性的價格提高，我們能夠控制歐盟15%基準關稅的影響。定價並不是我們唯一的手段。鑑於我們的垂直整​​合，額外的槓桿包括生產效率、供應商談判、產品組合的最佳化以及區域之間的產品分配。

Lastly, regarding FX, in the fourth quarter, we expect the currency headwinds from the weaker US dollar to impact reported revenue growth and margins. At today's euro-dollar exchange rate, reported revenue growth should be about 400 basis points below constant revenue growth in the fourth quarter, and margins will be negatively impacted by about 100 basis points, which is reflected in our guidance for the year.

最後，關於外匯，我們預期第四季美元走弱帶來的貨幣逆風將影響報告的營收成長和利潤率。以今天的歐元兌美元匯率計算，第四季度報告的收入成長應比持續收入成長低約 400 個基點，利潤率將受到約 100 個基點的負面影響，這反映在我們對今年的預期中。

Based on results to date, and the current trends we are seeing in the business, we expect to be at the high end of our constant currency revenue growth guidance of 15% to 17%. We still expect adjusted EBITDA margin in the range of 31.3% to 31.8% despite the drag from a significantly weaker US dollar.

根據迄今為止的結果以及我們在業務中看到的當前趨勢，我們預計收入成長將達到 15% 至 17% 的固定匯率收入成長預期的高端。儘管受到美元大幅走弱的拖累，我們仍預期調整後的 EBITDA 利潤率將在 31.3% 至 31.8% 之間。

And now, I'll hand it back to Oliver.

現在，我將把它交還給奧利佛。

Thanks, Ivica. We are well positioned to drive steady long-term growth and shareholder returns. We are a brand with industry-leading growth, pricing power, excellent profitability, global reach, a very healthy balance sheet and strong cash generation. During our second quarter call, we raised our EBITDA margin target based on an exchange rate of $1.12. Even with the current exchange rate of $1.17, I'm confident we will meet our targets for the full year.

謝謝，伊維卡。我們已做好準備，推動長期穩定成長和股東回報。我們是一個擁有領先產業成長、定價能力、出色獲利能力、全球影響力、非常健康的資產負債表和強勁現金產生能力的品牌。在第二季電話會議上，我們根據1.12美元的匯率上調了EBITDA利潤率目標。即使目前匯率為1.17美元，我也相信我們能夠實現全年目標。

I would now kindly ask the operator to open our Q&A session.

現在我請接線生開始我們的問答環節。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Congrats on another nice quarter. So Oliver, could you speak to current demand trends and visibility today to the acceleration that you've embedded back to high teens constant currency in the fourth quarter? And on the bottom line, excluding foreign exchange, maybe if you could just provide some perspective on the more than 61% gross margin and 35% EBITDA this quarter or just sustainability of this pace of improvement?

恭喜您又度過了一個美好的季度。那麼奧利弗，您能否談談當前的需求趨勢以及今天對第四季度嵌入的加速回升至高位恆定貨幣的可見性？就底線而言，不包括外匯，您是否可以提供一些關於本季度超過 61% 的毛利率和 35% 的 EBITDA 的看法，或者這種改善速度的可持續性？

Thank you for the question, Matt. You're correct. Without the FX headwind, the EBITDA margin would have been 35.1% even. So this is the best margin in the Q3 we ever had. All things being equal, our goal is to constantly drive margin improvement, as we scale and grow the business. The demand we saw in Q3 was exceptional, but we simply don't always have the capacity to meet the demand.

謝謝你的提問，馬特。你是對的。若沒有外匯逆風，EBITDA 利潤率將達到 35.1%。這是我們第三季以來的最佳利潤率。在其他條件相同的情況下，我們的目標是隨著業務規模的擴大和成長，不斷提高利潤率。我們在第三季看到的需求非常大，但我們並不總是有能力滿足需求。

This was especially true for the third quarter for Europe and APAC. And growing at this pace requires also constant improvements in efficiency, and this is where I'm spending a lot of my time right now, to find ways to increase production capacity and create long-term efficiency. So within our own supply chain, we want to meet our strongly growing demand by doing both of these things, improvement in efficiency and building the capacity.

歐洲和亞太地區第三季的情況尤其如此。而以這種速度成長也需要不斷提高效率，這就是我現在花費大量時間的地方，尋找提高生產能力和創造長期效率的方法。因此，在我們自己的供應鏈中，我們希望透過提高效率和建立產能來滿足強勁成長的需求。

And as you know, we strive to drive our margin improvement over long term, of course, and also need to invest in the business to sustain this growth. We are adding automation in manufacturing, investing in IT and infrastructure, and we hope to streamline our processes throughout the organization. But what we saw in demand in the market, especially in the third quarter and in the back-to-school.

如您所知，我們當然致力於長期提高利潤率，同時也需要對業務進行投資以維持這種成長。我們正在增加製造業的自動化程度，投資 IT 和基礎設施，並希望簡化整個組織的流程。但我們看到了市場需求，尤其是在第三季和開學期間。

But David will have a conversation about this later on was -- or is tremendously strong. So from our perspective, we don't see any slowdown in consumer demand or anything. We are -- at the moment, we're struggling with capacity. That's our biggest issue.

但大衛稍後會談論這一點——或者說非常強大。因此從我們的角度來看，我們沒有看到消費者需求有任何放緩或任何情況。目前，我們正在努力解決產能問題。這是我們最大的問題。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

And nice to see the progress. Since implementing the price increases on July 1, can you expand on what the market response has been? What are you seeing in demand given the back-to-school season we're in, maybe the Nordstrom anniversary sale in the Americas? We would love an update.

很高興看到進展。自7月1日實施漲價以來，能否介紹一下市場反應如何？鑑於我們正處於返校季，您認為什麼需求會成長，也許是美洲的諾德斯特龍週年慶促銷？我們非常希望得到更新。

Dana, this is David. Thanks for the question. As many in the industry know, we anticipated the potential tariffs as best we could, and we were very proactive. We shared with our retail partners our specific plan as far back as May. And on July 1, the price adjustments became effective. I will say the adjustments we made were surgical by nature versus broad strokes.

達娜，這是大衛。謝謝你的提問。正如許多業內人士所知，我們盡可能地預測了潛在的關稅，並且我們非常積極主動。我們早在五月就與零售合作夥伴分享了我們的具體計劃。並於7月1日起實施價格調整。我想說的是，我們所做的調整本質上是外科手術，而不是大刀闊斧的。

And while they're a bit off of our historic pricing cycle, it's no different than how we have managed this in past years irregardless of tariffs. So now here we are, we're six weeks past the price actions. And as I'm sure, everyone's recent channel checks indicate, our velocity and sell-through from July and into week two of August, the period that includes a significant chunk of the important US back-to-school season, has been exceptional.

儘管它們與我們的歷史定價週期略有不同，但與我們過去幾年無論關稅如何管理這個問題的方式沒有什麼不同。現在，價格行動已經過了六週。而且我確信，大家最近的通路檢查都表明，從 7 月到 8 月的第二週（這段時期包括了美國重要的返校季的大部分時間），我們的速度和銷售量都非常出色。

And it's escalated even beyond the selling results we had in Q3, which historically was when we would have high spring peak sell-throughs. So we're very encouraged and we've seen no impact whatsoever since we took our pricing increases.

它的銷售業績甚至超過了我們第三季的銷售業績，而從歷史上看，第三季是春季銷售高峰期。因此我們感到非常鼓舞，自從我們提高價格以來，沒有看到任何影響。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Congrats, nice to see ongoing momentum. We wanted to ask regarding the tariffs. With the EU tariff now at 15% compared to 10% before August 7, do you see any incremental impact on revenue and on margin? And then as a follow-up on DTC versus B2B, a historical seasonality of the business is such that DTC is a little slower in 3Q, but then accelerates in the fourth quarter. Should we expect a similar dynamic this 4Q?

恭喜，很高興看到持續的勢頭。我們想詢問有關關稅的問題。目前歐盟關稅為 15%，而 8 月 7 日之前為 10%，您是否認為這對收入和利潤有任何增量影響？然後，作為 DTC 與 B2B 的後續研究，業務的歷史季節性使得 DTC 在第三季度略慢，但在第四季度加速。我們是否應該期待第四季也會出現類似的動態？

Thank you, Anna. It's Ivica. So we went into 2025 with an effective tariff rate of around 11%. So we have been exposed to US tariffs before as you all know. This went up in April to 21% even. And this is the additional 10% you mentioned before. So following the EU, US trade deal, we now face a 15% baseline tariff on EU imports, which we believe is very manageable.

謝謝你，安娜。是伊維卡。因此，我們進入2025年時的有效關稅稅率約為11%。大家知道，我們以前就受到美國關稅的影響。4 月這一比例甚至上升至 21%。這就是您之前提到的額外的10%。因此，根據歐盟與美國達成的貿易協議，我們現在面臨針對歐盟進口產品的 15% 基準關稅，我們認為這是非常容易管理的。

Our effective tariff will land somewhere just above 15%, depending largely on the product mix. So as you also know, we have some items that are already tariffed at over 15%, and those higher tariffs, historical tariffs will remain in place. So what's really important is, first, we have pricing flexibility. As David said, on July 1, we implemented pricing actions in the US to offset some of the expected impact with no negative market response.

我們的實際關稅將略高於15%，這主要取決於產品結構。如你所知，我們的一些商品的關稅已經超過 15%，而且這些較高的關稅、歷史關稅仍將繼續存在。因此真正重要的是，首先，我們有定價彈性。正如大衛所說，7 月 1 日，我們在美國實施了定價措施，以抵消部分預期影響，並且沒有引起市場負面反應。

Second, price is not the only lever we have. With a vertically integrated supply chain, we have additional ways to offset through vendor negotiations, manufacturing efficiency and optimization of our product mix. So all in, for 2025, we will fully offset the absolute dollar impact of the tariffs, but see a very small negative on gross margin and EBITDA margin, which, however, is already factored into our full year guidance.

其次，價格不是我們唯一的槓桿。透過垂直整合的供應鏈，我們可以透過與供應商談判、提高製造效率和優化產品組合來彌補損失。總而言之，到 2025 年，我們將完全抵消關稅對美元的絕對影響，但對毛利率和 EBITDA 利潤率的影響將非常小，但這已經計入我們的全年預期。

So taking the second question as well, Anna, on DTC and B2B, so we expect an acceleration in DTC in Q4 of fiscal '25; however, as mentioned before, B2B growth will outpace B2B in both, so Q4 and for the full year. And what's driving -- so the channel mix and what we've seen in Q3 was mostly driven by the continued trend towards in-person shopping, so which naturally favors B2B channel over DTC.

安娜，關於 DTC 和 B2B，我們同樣回答第二個問題，我們預計 2025 財年第四季度 DTC 將加速發展；然而，正如之前提到的，B2B 的增長速度在第四季度和全年都將超過 B2B。驅動因素是什麼？通路組合以及我們在第三季看到的情況主要是由持續的面對面購物趨勢所驅動，因此自然而然地，B2B 通路比 DTC 更受青睞。

And our brand is a brand that benefits from physical shopping. So where consumers can touch, feel, experience the footbed. So it's a haptic product and especially for those who are new to the brand and new to the footbed. So our DTC business is still very much a digital platform. And with 90 doors globally, we are not able to capture all the in-person demand within our DTC business.

我們的品牌是一個受益於實體購物的品牌。因此消費者可以觸摸、感受、體驗鞋墊。因此，它是一款觸覺產品，尤其適合剛接觸該品牌和鞋墊的人。因此我們的 DTC 業務在很大程度上仍然是一個數位平台。由於我們在全球擁有 90 家門市，因此無法滿足 DTC 業務中的所有現場需求。

So the good news here is that both channels are very profitable, so we are very happy to go wherever the demand is actually. However, it's very important, we are not compromising high-quality distribution and full price realization. So we manage inventory in the B2B channel very tightly through our engineered distribution model.

因此，好消息是這兩個管道都非常有利可圖，因此我們很樂意去有實際需求的地方。然而，非常重要的是，我們不會在高品質分銷和全價實現方面做出妥協。因此，我們透過精心設計的分銷模式嚴格管理 B2B 通路中的庫存。

Price realization is at over 90%. Stock-to-sales ratios in the channel are very healthy, and our order book is very strong. We are also accelerating the pace of our own store openings, so that is why we can capture more of this in-person shopping demand in our own DTC channel. There is no change in our strategy, which includes leaning in both channels. And naturally, a higher mix of B2B means lower gross margin and a higher EBITDA margin.

價格實現率超過90%。通路中的庫存銷售比率非常健康，我們的訂單量非常強勁。我們也在加快開設自己門市的步伐，因此我們可以在自己的 DTC 管道中捕捉到更多這種面對面購物的需求。我們的策略沒有改變，包括向兩個管道傾斜。當然，B2B 比例越高意味著毛利率越低，EBITDA 利潤率越高。

The opposite is true via D2C mix, but both are very profitable. And finally, one important fact, as you know, we own our own supply chain. So the B2B order books provides for great predictability and certainly derisks our planning.

透過 D2C 組合則相反，但兩者都非常有利可圖。最後，一個重要的事實是，如您所知，我們擁有自己的供應鏈。因此，B2B 訂單簿提供了極大的可預測性，並且無疑地降低了我們的計劃風險。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Can I ask about EMEA growth? It was a bit lower than the mid-teens expectation. Are there any reasons why there were one-time factors for 3Q? And should we expect a low-teens growth rate for this region as an algorithm going forward? And then, I have a quick follow-up on gross margin.

我可以詢問有關 EMEA 的成長情況嗎？這比十幾歲的預期要低一點。3Q出現一次性因素的原因有哪些？那麼，我們是否應該預期該地區未來的成長率將處於低十幾歲的水平？然後，我會快速跟進毛利率。

Laurent, this is Nico. Thank you for your question. I'm happy to give some context on the EMEA numbers. So yes, in our third quarter, we grew 13% in EMEA with actually double-digit growth in both B2B and DTC, and we further built on a strong third quarter of last year. In a market that was flat to negative, I actually do believe these are pretty strong results, as we continue to be among the best-performing brands, and we continue to take share of many other players.

洛朗，這是尼可。感謝您的提問。我很高興提供一些有關 EMEA 數據的背景資訊。是的，在第三季度，我們在歐洲、中東和非洲地區的業務增長了 13%，B2B 和 DTC 業務實際上都實現了兩位數的增長，並且在去年第三季度強勁增長的基礎上進一步鞏固了這一地位。在市場持平甚至下跌的情況下，我確實相信這些都是相當強勁的業績，因為我們繼續成為表現最好的品牌之一，並且繼續搶佔許多其他參與者的市場份額。

I have to admit this quarter was a more challenging one for our region, and Oliver alluded to that already, not -- and I have to underline this because we are facing a structural demand issue. In fact, we continue to see very strong demand for our product. The challenge for us this time was that we were simply unable to capture the full relevant demand due to limited production capacity.

我必須承認，本季對我們地區來說更具挑戰性，奧利佛已經提到了這一點，我必須強調這一點，因為我們正面臨結構性需求問題。事實上，我們持續看到對我們產品非常強勁的需求。我們這次面臨的挑戰是，由於生產能力有限，我們根本無法滿足全部相關需求。

In other words, we simply didn't have the product at hand to capture the full relevant demand. Allow me to give you some context on the numbers further in regards of trading. So third quarter, we saw strong sell-through results at our wholesale partners of plus 20% versus last year and reorders, which is a direct demand signal increased significantly along the quarter versus last year.

換句話說，我們手邊根本沒有足夠的產品來滿足全部相關需求。請容許我進一步向您介紹一些有關交易的數位背景。因此，第三季度，我們看到批發合作夥伴的銷售業績強勁增長，比去年同期增長了 20%，重新訂購量也大幅增加，這是一個直接的需求信號，與去年同期相比，本季度的需求大幅增加。

As Oliver said, our same-store sales in retail went up significantly double digit, another great demand signal. Our price increases with the spring summer '25 collection were fully absorbed by the market, and we maintained our full price realization of over 90%. As in Americas, the summer started a bit later than -- in our core markets than we expected. So April and May were a bit softer.

正如奧利佛所說，我們的零售同店銷售額大幅成長了兩位數，這是另一個龐大的需求訊號。我們的 2025 年春夏系列價格上漲已被市場完全吸收，並且我們保持了 90% 以上的全價實現率。與美洲一樣，夏季比我們核心市場的預期開始得晚一些。因此四月和五月的情況稍微疲軟一些。

But what we saw in June was a full reversal of that trend, and we could see record sales across all channels and partners. What we've seen so far for Q4, that was also part of your question, is that it's going to be a stronger quarter in EMEA and should return to mid-high teens growth. In regards of the consumer, yes, they have been impacted by a lot of uncertainty in the European zone.

但我們在六月看到的是這一趨勢的徹底逆轉，我們看到所有通路和合作夥伴的銷售額都創下了歷史新高。到目前為止，我們看到第四季度的情況（這也是您問題的一部分）是，歐洲、中東和非洲地區將迎來更強勁的一個季度，並且應該會恢復到中高水準的成長。就消費者而言，是的，他們受到歐洲地區許多不確定性的影響。

But I can definitely confirm that there's no deviation for us from a brand health perspective. I can definitely confirm Birkenstock continues to be one of the chosen brands.

但我可以肯定地確認，從品牌健康的角度來看，我們沒有偏誤。我可以肯定地說，Birkenstock 仍然是被選中的品牌之一。

Very helpful, Nico. And then Ivica/Megan, with regards to the 4Q gross margin, I know there was a lot of noise last year relative on a year-over-year basis. I think GMs were down like 600 basis points. But should we assume that 4Q gross margins were up like 200 basis points? And then last call, during the Q&A, I think there was commentary that gross margin should be up for next fiscal year. Is that still the case, the way to think about it, despite FX and incremental tariffs?

非常有幫助，尼科。然後，Ivica/Megan，關於第四季度的毛利率，我知道去年與去年同期相比有很多噪音。我認為通用汽車的股價下跌了 600 個基點。但我們是否應該假設第四季的毛利率上升了 200 個基點？最後，在問答環節中，我認為有人評論說下一財年的毛利率應該會上升。儘管存在外匯和增量關稅，情況仍然如此嗎？

Laurent, so gross margin was up this quarter by 100 basis points, and there's basically two main drivers behind that. The first and most important is pricing net over inflation, which contributed 120 basis points. And the second point is that we continuously see a better absorption with regards to our newest manufacturing facility in Pasewalk, which contributed 80 basis points this quarter.

勞倫特，本季毛利率上升了 100 個基點，這背後主要有兩個驅動因素。第一個也是最重要的是淨定價通膨率，它貢獻了 120 個基點。第二點是，我們持續看到帕塞瓦爾克 (Pasewalk) 最新製造工廠的吸收率有所提高，本季貢獻了 80 個基點。

And if you compare it to the Q2 this year, this is a trend that we are continuing to see and which are the biggest drivers behind gross margin expansion. On the flip side, the drag of FX was 60 basis points. But overall, we continue for this year to come closer to our 60% gross margin target.

如果將其與今年第二季進行比較，我們會發現這是一個持續存在的趨勢，也是毛利率擴張的最大驅動力。另一方面，外匯的拖累作用達到 60 個基點。但總體而言，今年我們將繼續接近 60% 的毛利率目標。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Just on the B2B versus DTC, just so we have a thought process for -- into next fiscal year, would you want us to kind of think about B2B leading from a growth rate perspective over DTC or any kind of thought process change to that, just so we know? And then you talked about some good significant improvement in penetration in closed-toe, obviously, Boston, et cetera.

僅就 B2B 與 DTC 而言，我們有一個思考過程——進入下一個財政年度，您是否希望我們從增長率的角度考慮 B2B 是否領先於 DTC，或者對此進行任何思考過程的改變，以便我們知道？然後您談到了在封閉式鞋頭、波士頓等鞋類的滲透性方面取得了一些顯著的進步。

Can you give us some perspective just around that out a little bit more beyond the Boston, other kind of wins you're getting in closed-toe, would be super helpful?

您能否給我們一些關於波士頓以外的觀點，您在其他類型的比賽中取得的勝利會非常有幫助嗎？

Thanks, Randy. It's Ivica again. Coming back to your question with regards to B2B and what is driving that and how could you think about it in the terms of next year. So we haven't given guidance yet for 2026 naturally. However, what we see is a constant drive towards in-person shopping, and this is basically why and where we are serving the demand where the actual customer wants to be served.

謝謝，蘭迪。又是伊維卡。回到您關於 B2B 的問題，是什麼推動了 B2B 發展，以及您如何看待明年的發展。因此，我們還沒有給出 2026 年的指導。然而，我們看到的是，人們越來越傾向於親自購物，這基本上就是我們滿足實際客戶需求的原因和途徑。

And this is certainly driving our thought process, and this is the reason why we are also seeing that increase in B2B and the demand of our retail partners. With regards to your second question on closed-to, we see an expanded closed-to share in Q3 by 400 basis points. And looking at the product categories, we see that non-Boston silhouette is growing the same rate as the Boston.

這無疑推動了我們的思考過程，這也是我們看到 B2B 和零售合作夥伴需求成長的原因。關於您關於封閉式銷售的第二個問題，我們預計第三季封閉式銷售份額將擴大 400 個基點。從產品類別來看，我們發現非波士頓輪廓的成長速度與波士頓輪廓的成長速度相同。

So across the board and also with the newness that we have introduced, we feel very comfortable on the growth rates we are seeing in the closed-toe silhouette.

因此，從整體來看，加上我們推出的新品，我們對封閉式鞋頭鞋型的成長率感到非常滿意。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Oliver, I want to ask about the durability of the ASP gains that you've seen because -- with FX and tariffs and price increases because of the tariffs, there's a lot of noise around ASP, but it's been a good trend for a long time. How much further into the future can you see good ASP gains for Birkenstock, and why?

奧利弗，我想問您所看到的平均售價上漲的持久性，因為——由於外匯和關稅以及關稅導致的價格上漲，圍繞平均售價存在很多噪音，但這長期以來一直是一個好的趨勢。您認為 Birkenstock 的平均售價在未來多久內會上漲？為什麼？

Thank you very much. It's Ivica again. And if you disaggregate growth for this quarter, we see high single-digit volume growth and mid-single-digit ASP growth. And if you look ASP, this is not only like-for-like price; however, like-for-like price has contributed to that growth, but it's also a product mix. And we see an increased share of closed-to, as mentioned, 400 basis points in Q3, but we also see a continued trend and demand of customers to high-quality execution. So the preference to leather. And this is also reflected in the ASP growth.

非常感謝。又是伊維卡。如果將本季的成長情況進行分解，我們會看到高個位數的銷售成長和中個位數的平均售價成長。如果你看一下平均售價，這不僅是同類價格；然而，同類價格促進了這種增長，但它也是一種產品組合。我們看到第三季接近 400 個基點的份額增加，但我們也看到客戶對高品質執行的持續趨勢和需求。因此偏愛皮革。這也反映在平均售價的成長上。

Adrien Duverger, Goldman Sachs.

阿德里安·杜維爾格，高盛。

So could you please comment on the factory expansion plans and how they are progressing versus your expectations? And how would you expect the additional supply to evolve over the next few years, particularly given the context you've given today, where supply seems to be the main constraint in the business?

那麼，您能否評論一下工廠擴建計劃以及其進展與您的預期相比如何？您認為未來幾年額外供應將如何變化，特別是考慮到您今天給出的背景，供應似乎是業務的主要限制因素？

It's Ivica again. On factory expansion and especially Pasewalk, so we have said that we are expecting full absorption by end of Q3 '26. We are well on plan, maybe even ahead of that plan when it comes to full capacity utilization. So this works according to what we have initially said. And coming back to capacity overall and looking at our longer-term growth algorithm, we said we will be growing by mid- to-high teens, and that means naturally doubling the business every five years.

又是伊維卡。關於工廠擴建，特別是 Pasewalk，我們說過，我們預計到 26 年第三季末將完全吸收。就滿載生產而言，我們的計劃進展順利，甚至可能提前完成計劃。所以這按照我們最初所說的起作用。回到整體產能，看看我們的長期成長演算法，我們說過我們的成長速度將達到十五六到十五六倍，這意味著每五年業務自然翻一番。

So we are making sure that our capacity in terms of production, manufacturing, but also beyond that, just considering the logistics network, is able to keep up with the growth. And this means additional investments, especially in cork-latex, but also final assembly, and this is what we are currently looking at to keep up with the demand that we are seeing generally in the market.

因此，我們要確保我們的生產、製造能力以及物流網路能夠跟上成長的步伐。這意味著需要額外的投資，特別是在軟木乳膠方面，還有最終組裝方面，這也是我們目前正在考慮的，以滿足市場上普遍存在的需求。

And this is also perfectly in line that we've always said investing in our business in terms of capital allocation remains our top priority. So we are well on track to invest around EUR80 million for CapEx over the course of this year. And this is something that you can expect into the future, including additional investments in building up our capacity.

這也完全符合我們一直以來所說的在資本配置方面投資我們的業務仍然是我們的首要任務。因此，我們預計在今年內投資約 8,000 萬歐元用於資本支出。這也是未來可以期待的事情，包括對建立我們的能力進行額外投資。

If I can just maybe follow up on the wholesale channel, could you please comment on the confidence across the wholesale partners? And how you would compare this to like six months ago, for example?

如果我可以跟進批發管道，您能否評論一下批發合作夥伴的信心？例如，您認為這與六個月前相比如何？

This is David. I think we've spoken for a few calls about general shopping being slower, but intentional purchasing for the chosen brands with a few most successful brands being even stronger. So the wholesale partners are certainly the ones that are driving that, and they're mirroring consumer behavior. So there's, certainly, the appetite for more of our product, not just in quantity.

這是大衛。我想我們已經在幾次電話會議上談過，一般購物速度較慢，但針對特定品牌的有意購買行為卻更為活躍，其中一些最成功的品牌的購買行為更為活躍。因此，批發合作夥伴肯定是推動這項進程的因素，他們也反映了消費者的行為。因此，人們對我們產品的需求肯定是更多的，而不僅僅是數量。

But in breadth of styles, but we always maintain a high level of relative scarcity. And the more we do that, the more we put into the market and the more the demand is from our wholesale partners. So it continues to escalate around the world quarter after quarter.

但在款式的廣度上，我們卻始終保持著較高的相對稀缺性。我們做得越多，我們投入市場的越多，我們的批發合作夥伴的需求就越大。因此，全球範圍內的疫情每季都在持續升級。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

I've got, I guess, 2.5, so I'll ask them. You mentioned the -- can you give us a breakout of what the -- in the US, what store comps of the comp stores were versus -- as compared to the total? And I guess probably about six or seven of your stores are comp. That's number one. Number two, can you give us specifically -- I know you said it.

我猜有 2.5 個，所以我會問他們。您提到了——您能否提供給我們——在美國，與整體相比，各家可比商店的銷售額分別是多少？我猜你們的店大概有六、七家是同店。這是第一點。第二，您能否具體說明一下—我知道您說過。

But can you give us specifically what the reported revenue you're looking at for the full year is based on today -- based on the -- what that reflects on an FX-neutral basis? And three, the tariffs on your product, you were at 11%. It went to 15%. So there's only that 4% variance. You're not -- it's not a stack number. That's correct. So actually, it came down from 21% or so to 15% since you last guided, if I understand it correctly.

但是，您能否具體告訴我們，您所關注的全年報告收入是基於今天的什麼——基於什麼——這在外匯中性基礎上反映了什麼？第三，你們產品的關稅為 11%。漲幅達到 15%。所以只有 4% 的差異。你不是——這不是一個堆疊號碼。沒錯。因此，如果我理解正確的話，實際上，自您上次指導以來，它已經從 21% 左右下降到 15%。

Sam, it's David here. Yes, our comps in our own retail stores were up high teens, very successful quarter for us. And again, what's happened in our retail stores, even more than in the wholesale partners is higher transaction value per transaction, higher ASP, the velocity has been very significant. And all of the new products that we've introduced because, obviously, we've had some winners out in the wholesale world.

山姆，我是大衛。是的，我們自己的零售店的銷售額成長了十幾個百分點，對我們來說這是一個非常成功的季度。而且，與批發合作夥伴相比，我們的零售店每筆交易的交易價值更高，平均售價更高，交易速度非常顯著。我們推出的所有新產品顯然都是在批發領域取得了成功。

We're just able to showcase so many more of the breadth of product. So we're seeing a spread be much more significant, but very successful quarter in our own retail stores, mirroring exactly what happened at wholesale.

我們能夠展示更多種類的產品。因此，我們看到，在我們自己的零售店中，價差明顯，但這個季度卻非常成功，這與批發店的情況完全一致。

So Sam, on your question with regards to FX, it's Ivica speaking again, so the FX headwind that we've been seeing in the third quarter was significant. So it was a 5% depreciation in the US dollar on average in the quarter. The average USD-euro exchange rate was $1.13 compared to $1.8 -- $1.08 in the third quarter. So this resulted in a drag of 330 basis points.

所以 Sam，關於你關於外匯的問題，這是 Ivica 再次發言，所以我們在第三季度看到的外匯逆風非常顯著。因此本季美元平均貶值5%。美元兌歐元的平均匯率為 1.13 美元，而第三季為 1.8 至 1.08 美元。因此這導致了 330 個基點的拖累。

If you look ahead into Q4, we expect a revenue drag of around 400 basis points compared to where the US dollar is currently trading at, which is $1.17 compared to previous year. So if you look at the entire fiscal '25, you will certainly remember that in the first and second quarter, we had some currency tailwinds. This turned in the third and is now turning into the fourth quarter into headwinds.

如果展望第四季度，我們預計與美元目前的交易價格（與去年同期相比為 1.17 美元）相比，營收將下降約 400 個基點。因此，如果你回顧整個 25 財年，你肯定會記得，在第一和第二季度，我們遇到了一些貨幣順風。這在第三季變成了逆風，現在進入了第四季。

And overall, we expect a drag of around 150 basis points to 200 basis points for the full fiscal year. And then covering your question on tariffs, the blended rate was 11%, but this is indeed a blended rate. So pre-iiberation dates. As you certainly are aware, there are some products, which have a lower rate than that and some that had a higher rate than that. And for those that have been tariffed at a lower rate, the rate will go up to 15%.

總體而言，我們預計整個財年利率將下降約 150 至 200 個基點。然後回答您關於關稅的問題，混合稅率是 11%，但這確實是一個混合稅率。所以是解放前的日期。如您所知，有些產品的利率低於該水平，而有些產品的利率高於該水平。對於那些已經享受較低關稅的產品，稅率將上升至15%。

And for those products and materials that had already a historically higher rate, say, 25%, this higher rate will remain in place. As such, we expect to be slightly higher than 15%, but depending on the overall product mix.

而對於那些已經實施歷史較高稅率（例如25%）的產品和材料，這項較高稅率仍將維持不變。因此，我們預計該比例將略高於 15%，但這取決於整體產品組合。

But a few months ago, your blended rate with the additional tariffs were stacked, so it would have stacked on top of that blended 11%, an additional 10%. Now, it's just 15%, which would help you, which is less than what you thought it was going to be three months ago. Is that fair?

但幾個月前，你們的混合稅率與附加關稅是疊加的，所以它會在混合稅率 11% 的基礎上再疊加 10%。現在，它只有 15%，這對您有幫助，但比您三個月前認為的要少。這樣公平嗎？

Yes. It's fair to say that -- so compared to the additional 10% reciprocal tariff, which would have led to 21% blended with the 15% -- or blended 15%, we would be slightly better. This is true.

是的。公平地說，與額外的 10% 互惠關稅相比，這將導致 21% 與 15% 混合 - 或混合 15%，我們會稍微好一點。這是真實的。

Edouard Aubin, Morgan Stanley.

摩根士丹利的愛德華‧奧賓。

Yes, Ivica, so first one is a clarification, sorry, because I couldn't really hear what you said on the DTC in Q4. Did you imply that DTC would reaccelerate from the plus 12% you printed in Q3 to a mid-teen rate or not, just to make sure I understood it correctly? Number one. And the second one is also a clarification, is that, am I right to assume that most of the goods that you're selling in fiscal '25 in the US have already been shipped prior to kind of liberation day.

是的，伊維卡，首先要澄清一下，抱歉，因為我聽不清楚你在 Q4 中對 DTC 的評價。您是否暗示 DTC 將從第三季度公佈的 12% 的增幅重新加速至十幾歲的水平，只是為了確保我理解正確？第一。第二個問題也需要澄清的是，我是否可以正確地假設，你們在美國 25 財年銷售的大部分商品在解放日之前就已經發貨了。

And therefore, you have very limited? If no tariff impact, then that it will come in '26. If you could clarify that, that would be helpful.

因此，你的能力非常有限？如果沒有關稅影響，那麼它將在 26 年實現。如果你能澄清這一點，那將會很有幫助。

On the first part of the question with regards to DTC, so we expect indeed an acceleration in B2C in the fourth quarter of this fiscal year. However, as mentioned before, B2B will outpace DTC in both, so Q4 and the full fiscal '25. However, DTC will accelerate in Q4. With regards to tariffs and inventory, so generally, and more broadly speaking, we have had a very good inventory position. But it's not that limited to US only.

關於問題的第一部分是關於 DTC，我們預計本財年第四季 B2C 業務確實會加速發展。然而，如前所述，B2B 將在第四季度和整個 25 財年都超過 DTC。不過，DTC 將在第四季加速。關於關稅和庫存，總體而言，從更廣泛的角度來看，我們的庫存狀況非常好。但它並不僅限於美國。

So looking at our inventory, it's very productive. It's pre-allocated to customer orders, and certainly, a very good inventory position does help to mitigate adverse effects.

因此，看看我們的庫存，它是非常有成效的。它是預先分配給客戶訂單的，當然，非常好的庫存狀況確實有助於減輕不利影響。

So -- but just to follow up on my question, so again, that would imply that you had little impact in fiscal '25, right? Is that fair to say?

所以 - 但只是為了跟進我的問題，所以再說一次，這意味著你對 25 財年的影響很小，對嗎？這樣說公平嗎？

That's true. And certainly, the inventory position helped in that regard.

這是真的。當然，庫存狀況在這方面有所幫助。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

I was hoping you could expand a bit on the B2B business. You talked about 90% of the growth coming from existing doors. How do you feel about where the ceiling is for growth in shelf space in those existing doors? And then maybe talk a little bit more about what you're seeing from the 10% new doors that you're opening, whether it's sporting goods, the outdoor channel, rent specialty. Curious what you're seeing in those newer channels?

我希望您能稍微擴展一下 B2B 業務。您說過 90% 的成長來自現有的門。您認為現有門的貨架空間增長上限在哪裡？然後，也許您可以再多談談您從新開設的 10% 門市中看到的情況，無論是體育用品、戶外通路還是租賃專賣店。好奇您在這些較新的頻道中看到了什麼？

Yes. We've said -- this is David, we've said that 90% of our growth, 90-plus, comes from existing doors, which means it's more penetration in styles and SKUs and also some depth of inventory. We're very deliberate in expanding doors and especially expanding any new points of distribution. They might be in the professional space. They might be in more run recovery space or outdoor, but again, it's very deliberate.

是的。我們說過——我是大衛，我們說過，我們 90% 的成長，即 90% 以上的成長，都來自現有的門市，這意味著它在款式和 SKU 方面的滲透率更高，庫存深度也有一定的滲透率。我們非常謹慎地擴大業務範圍，特別是擴大任何新的分銷點。他們可能處於專業領域。他們可能會在更多的跑步恢復空間或戶外，但同樣，這是非常刻意的。

Significantly, the growth is coming from some additional door counts and some key partners, but it's really coming from breadth of styles, additional inventory and the fact that we're just performing at a level that's significantly above the peer group. I mean, you're looking at a flat business where we're up. So certainly, we're taking share, but we're doing it very deliberately.

值得注意的是，成長來自於一些額外的門市數量和一些關鍵合作夥伴，但真正的成長來自於風格的多樣性、額外的庫存以及我們的業績遠高於同行的事實。我的意思是，你所看到的業務是平淡的，而我們的業務卻是上升的。所以，我們當然會佔據市場份額，但我們是經過深思熟慮後才這麼做的。

And as Nico said, when he talked about retail in EMEA, we never ever compromise the relative scarcity.

正如 Nico 所說的那樣，當他談到歐洲、中東和非洲地區的零售業時，我們絕不會損害相對的稀缺性。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

I guess just first thinking about the DTC business, where perhaps you have some more granular customer data, curious what you're seeing in terms of sort of new customer growth versus spend per customer or frequency per customer? Obviously, closed-toe penetration growth continues to be a theme here. Just wondering to what extent that sandals buyers that are also buying closed-toe styles versus the closed-toe bringing a new customer into the brand, which is maybe how those trends may be evolving? And then, I had one quick guidance follow-up as well.

我想先考慮 DTC 業務，也許您有一些更細緻的客戶數據，好奇您在新客戶成長與每位客戶的支出或每位客戶的頻率方面看到了什麼？顯然，包頭鞋的滲透率成長仍然是這裡的一個主題。我只是想知道，購買封閉式鞋頭款式的涼鞋買家與購買封閉式鞋頭款式的涼鞋買家在多大程度上為品牌帶來了新客戶，這也許就是這些趨勢的發展方式？然後，我還進行了一次快速指導追蹤。

This is Nico. I'm going to give you some context on the DTC trading and also acquisition of new customers, but also how we -- how pleased we are with the success of expansionary categories and new categories. So what we typically see, and we've been sharing that over the course of the last quarter, is that in our DTC, we have a higher share and a higher growth of so-called expansionary categories.

這是尼科。我將向您介紹一些有關 DTC 交易和新客戶獲取的背景信息，以及我們對擴展類別和新類別的成功感到多麼高興。因此，我們通常看到的是，並且我們在過去的一個季度中也一直在分享的是，在我們的 DTC 中，我們擁有更高的份額，並且所謂的擴張性類別的增長也更高。

So new categories that we expose to our consumers in DTC, be it through our online shop, or in our physical retail, they are fast adopted by consumers than our B2B partner -- than in our B2B partners. What we also do is, for sure, we have the power to celebrate the full line in our DTC, whereas B2B partners typically are more safer placing the buy.

因此，我們在 DTC 中向消費者展示的新產品類別，無論是透過我們的網上商店還是在實體零售店，都比我們的 B2B 合作夥伴更快地被消費者接受——比我們的 B2B 合作夥伴更快。當然，我們也可以做的是，我們有能力在 DTC 中推出全系列產品，而 B2B 合作夥伴通常可以更安全地購買。

But we use the great success in our DTC business to bring it over to B2B and share with our B2B partners what are the styles, what are the categories that are spearheading in our DTC business. What we also see is, whenever we open a retail store, a new store, consumers are coming in and trending towards higher-priced products.

但我們利用 DTC 業務的巨大成功將其帶到 B2B 領域，並與我們的 B2B 合作夥伴分享我們的 DTC 業務中占主導地位的風格和類別。我們也發現，每當我們開設一家零售店、一家新店時，消費者就會蜂擁而至，購買價格較高的產品。

So our new stores are delivering a higher ASP, more premium product and also more units per transaction, while our same stores, as David mentioned, are growing double digit in their sales. So that gives us very much confidence on expanding in DTC through our retail expansion plan that is targeted to address the physical shopping trend, while we also spearhead growth in underpenetrated areas for digital.

因此，我們的新店提供了更高的平均售價、更優質的產品以及每筆交易的更多單位，而正如 David 所提到的，我們相同的商店的銷售額也實現了兩位數的增長。因此，我們對透過零售擴張計劃在 DTC 領域擴張充滿信心，該計劃旨在應對實體購物趨勢，同時我們也引領數位滲透不足領域的成長。

Specifically, in regions like APAC, but also Middle East, our digital business is quite young, but expanding really fast. And that gives us great confidence that we are with quality, expanding our business on the DTC front, while we keep scarcity and the quality in our B2B business.

具體來說，在亞太地區和中東等地區，我們的數位業務還比較年輕，但發展速度非常快。這給了我們很大的信心，我們在保證品質的同時，也在 DTC 領域拓展業務，同時在 B2B 業務中保持稀缺性和品質。

Excellent. And then just on the margin guidance, reiterating the full year, but that does imply a fairly wide range of outcomes for the fiscal fourth quarter, including EBITDA margin being down year-over-year. Just wondering if you could comment on that. I mean, is there a scenario where you see EBITDA margin could be down? Or just what are the factors that you see driving kind of the low end versus the high end of that guidance range?

出色的。然後僅就利潤率指引而言，重申全年指引，但這確實意味著第四財季的結果範圍相當廣泛，包括 EBITDA 利潤率同比下降。只是想知道您是否可以對此發表評論。我的意思是，是否存在您認為 EBITDA 利潤率可能會下降的情況？或者您認為哪些因素導致了該指導範圍的低端與高端？

Mark, it's Ivica speaking. I mean, certainly, the key point driving that is the volatility that we have seen in currency. So it's extremely hard to predict. And if you see where things have developed over the course of the year, we feel very comfortable with that guidance, although we can't naturally predict where the US dollar versus the euro will trade. So as such, we are very comfortable again on that guidance, but there is this part of the equation, which is unknown.

馬克，我是伊維卡。我的意思是，當然，推動這現象的關鍵因素是我們所看到的貨幣波動。因此，預測起來極為困難。如果你看一下這一年來事態的發展，我們會對這項指導感到非常滿意，儘管我們無法自然地預測美元兌歐元的匯率。因此，我們對該指導再次感到非常滿意，但方程式的這一部分尚不清楚。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

You gave some color on DTC business within EMEA. I think, slower start, and then, it accelerated. Can you give some color about what you saw in the other regions within the DTC business throughout the quarter, whether or not you saw an acceleration or deceleration? And then separate -- I'm sorry if I missed this, but can you talk about what your sell-throughs look like within B2B? And how that compares to what you're seeing in DTC in each region?

您對 EMEA 地區的 DTC 業務進行了一些介紹。我認為，一開始速度較慢，然後速度就加快了。您能否介紹一下本季度 DTC 業務其他地區的情況，是加速還是減速？然後單獨——如果我錯過了這一點，我很抱歉，但是你能談談你在 B2B 中的銷售情況嗎？與您在每個地區的 DTC 中看到的情況相比如何？

This is Nico. So we've shared the sell-throughs at our B2B partners are significantly up. So all the way up to 25% in Americas and 20% in EMEA. So that gives us a pretty immediate demand signal, as also reorders have been substantially increasing. I think we could -- in the two big regions, I'm sitting next to David here, we could see that the summer started a bit softer.

這是尼科。因此，我們分享了我們的 B2B 合作夥伴的銷售量大幅上升的情況。因此，美洲的比例高達 25%，歐洲、中東和非洲地區的比例更高達 20%。這給了我們一個相當直接的需求訊號，因為重新訂購的數量也在大幅增加。我認為我們可以——在兩個大地區，我坐在大衛旁邊，我們可以看到夏天開始時有點疲軟。

So April, May came in, in our DTC business a bit softer than expected. And that was a market wide, I'd say, phenomenon. And then, as I shared, June was a complete reversal of that trend. So it was really record sales at the same level, I would say. In our DTC business, in stores, same stores went up significantly. New stores from day one performed really well, while our B2B partners also pushed sell-through at record rates.

因此，四月和五月我們的 DTC 業務比預期略顯疲軟。我想說，這是一個普遍的市場現象。然後，正如我所分享的，六月完全逆轉了這一趨勢。所以我想說，這確實創下了同級銷售的新高。在我們的 DTC 業務中，門市數量和同店銷售額均大幅成長。新店從第一天起就表現得非常好，而我們的 B2B 合作夥伴也以創紀錄的速度推動了銷售。

So we are quite happy to see this in the current market environment, where the market is mostly flat to negative. So we continue, as I said, to be the brand of choice for our consumers that are making choices -- tougher choices and that are impacted by a lot of uncertainty currently. So our brand heat is definitely unbroken.

因此，我們很高興看到在當前市場環境下出現這種情況，目前市場基本持平甚至出現負成長。因此，正如我所說，我們將繼續成為消費者的首選品牌，他們正在做出更艱難的選擇，並且目前受到許多不確定性的影響。所以我們的品牌熱度肯定是不會斷的。

And were those comments related to EMEA? Or did you see that acceleration in all markets in June?

這些評論與 EMEA 有關嗎？還是您看到 6 月所有市場都出現了加速現象？

That is all markets. So that's not just EMEA.

這就是所有市場。所以這裡不只是歐洲、中東和非洲地區。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

I'm curious on the closed-toe penetration, up 400 bps in the June quarter, which is the seasonally smaller quarter for these products. Can you help us think about the closed-toe rate of growth in the September quarter? And how this builds as we look into fiscal '26?

我對閉趾鞋的滲透率很好奇，6 月季度該滲透率上升了 400 個基點，這是這類產品季節性較小的一個季度。您能幫助我們思考一下 9 月季度的成長率嗎？當我們展望 26 財年時，這種情況會如何發展？

So yes -- this is Nico again, closed-toe continued to outpace open-toe, while open-toe shows a very robust growth. We're also very pleased to see that non-Boston styles grow at the same pace as Boston. So it's not just one-horse race. Just now, you might have seen we are completely sold out on Naples Wrapped. We saw an organic TikTok celebration that made Naples Wrapped the style among youth audiences.

所以是的——這又是 Nico，封閉式鞋頭繼續超過露趾鞋，而露趾鞋則顯示出非常強勁的增長勢頭。我們也很高興地看到非波士頓風格與波士頓風格同步發展。所以這不僅僅是一匹馬的比賽。剛才，您可能已經看過我們的 Naples Wrapped 已全部售完。我們看到了一場自然而然的 TikTok 慶祝活動，讓《那不勒斯包裹》在年輕觀眾中成為一種時尚。

We are currently replenishing and coming back early September with Naples Wrapped. But I also like to mention that Tokyo and Lutry are really performing well. So it's, again, not just a Boston race, it's really a very diversified business, and consumers are enjoying that business. Where that share of business can grow? We shared, I believe, something around 30%, but it can grow stronger.

我們目前正在補貨，並將於 9 月初攜 Naples Wrapped 回歸。但我也想提一下，東京和呂特里的表現確實很出色。所以，這不僅僅是一場波士頓馬拉松賽，而是一項非常多元化的業務，消費者很享受這項業務。這部分業務份額可以成長到哪裡？我相信，我們分享了大約 30% 的東西，但它可以變得更強大。

So we are not at the ceiling yet with closed-toe. And typically, in the autumn season, closed-toe is growing faster than open-toe even further. But I'd also like to mention that open-toe is showing a very robust growth. So it's not at the expense of open-toe.

因此，我們尚未達到封閉式腳趾的極限。通常，在秋季，包頭鞋的生長速度比露頭鞋更快。但我還想提一下，露趾鞋正呈現非常強勁的成長動能。所以這並不是犧牲露趾的代價。

Luca Solca, Bernstein.

盧卡·索爾卡，伯恩斯坦。

Yes. Maybe a different question, trying to parse out what you've been doing and what you're planning to do in order to maintain or increase brand momentum. And how you are planning to support brand equity in terms of marketing initiatives, collaborations, communication, social media events, activations, anything that if planned on the marketing side would be very useful?

是的。也許是一個不同的問題，試圖分析您一直在做什麼以及您計劃做什麼以保持或增加品牌勢頭。您計劃如何在行銷計劃、合作、溝通、社交媒體活動、激活等方面支持品牌資產，以及在行銷方面規劃的任何非常有用的事情？

Luca, this is Oliver. Thank you for your question. As you know, we are a purpose-driven brand. So we constantly introduce the functionality and the purpose of the brand to new audiences. That's what we especially see in our in-person shopping. We just talked about the B2B, DTC thing. It is very strong, and it's -- the demand for this kind of info treatment is very, very strong in the APAC region.

盧卡，這是奧利佛。感謝您的提問。如您所知，我們是一個目標驅動的品牌。因此，我們不斷向新的受眾介紹品牌的功能和目的。這是我們親自購物時尤其常見的情況。我們剛剛討論了 B2B、DTC 的事情。它非常強大，而且亞太地區對這種資訊處理的需求非常非常強烈。

It's also strong in the upcoming markets in EMEA, and it's constantly strong in the US and in Latin America as well. So we as a brand, we communicate about our functionality, which is not -- or maybe it's even the core of any marketing activity, but just not printing viable pictures and make them very big and spend a hell of money for it.

它在 EMEA 新興市場也表現強勁，在美國和拉丁美洲也保持強勁勢頭。因此，作為一個品牌，我們傳達的是我們的功能，但這並不是——甚至不是任何行銷活動的核心，而只是不印可行的圖片，也不把它們做得很大，也不花大錢。

So it is the core foundation groundwork what we're doing every day to convince people to try the footbed and come back and buy the second, the third and the tenth pair. So nothing really special, but very broad-based. Because as you can see and as you can imagine, if you have such a huge collection and you're globally relevant and you have this growth in every channel, in every product category, in every city and in every territory you're in, it is a very, very big, big animal.

因此，我們每天所做的核心基礎工作就是說服人們嘗試鞋墊，然後回來購買第二雙、第三雙和第十雙。所以沒有什麼特別的，但基礎非常廣泛。因為正如你所看到的和你可以想像的，如果你有如此龐大的收藏，並且你具有全球相關性，並且你在每個渠道、每個產品類別、每個城市和每個地區都有這種增長，那麼它就會是一個非常非常大的動物。

So what we're doing is something that's really important for the people, we think. And don't forget, 1774, our vehicle from Paris, where we are together with other artists and creators create a luxury-driven line to promote the silhouettes and the different executions to very hard to find new audiences, and -- but that's just like probably the most obvious marketing activity.

因此我們認為，我們所做的事情對人民來說確實非常重要。別忘了，1774，我們的品牌來自巴黎，在那裡我們與其他藝術家和創作者一起打造了一條以奢華為主導的路線，以向很難找到的新受眾推廣我們的輪廓和不同的執行方式——但這可能是最明顯的營銷活動。

You may count from your perspective as a marketing activity. The brutal truth is we on this ground work every single day, all of us, meeting people, talking about the footbed, try it, and that's the mission, give everybody access to the footbed.

從你的角度來看，你可以將其算作一種行銷活動。殘酷的事實是，我們每天都在這個基礎上工作，我們所有人，與人會面，談論鞋墊，嘗試它，這就是我們的使命，讓每個人都能使用鞋墊。

This does conclude today's Q&A session, and it also concludes today's conference. You may now disconnect your lines. Thank you for your participation.

今天的問答環節到此結束，今天的會議也到此結束。現在您可以斷開線路了。感謝您的參與。