Birkenstock Holding PLC (BIRK) 2026 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Birkenstock's first quarter and fiscal 2026 earnings conference call. (Operator Instructions) The company allocated to 45 minutes in total to this conference call. I would like to remind everyone that this conference call is being recorded.

早上好，感謝您的耐心等待。歡迎參加 Birkenstock 2026 財年第一季及財年財報電話會議。（操作員指示）公司為本次電話會議分配了總共 45 分鐘的時間。我想提醒大家，本次電話會議正在錄音。

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

現在我將電話交給投資者關係總監梅根·庫里克。

Hello, and thank you, everyone, for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holdings Plc and Chief Executive Officer of Birkenstock Group; and Ivica Krolo, Chief Financial Officer of Birkenstock Group; Alexander Hoff, VP of Global Finance, will join us for Q&A.

大家好，感謝各位今天蒞臨收看。參加電話會議的有：Birkenstock Holdings Plc 董事兼 Birkenstock 集團執行長 Oliver Reichert；Birkenstock 集團財務長 Ivica Krolo；全球財務副總裁 Alexander Hoff 將加入我們進行問答環節。

As a reminder, we preannounced certain first quarter results in conjunction with our Capital Markets Day on January 28. On this occasion, we took a deep dive into our business model and our growth strategy for the next three years, combined with a Q&A session, which covered a wide variety of topics. For those of you who are not able to attend our Capital Markets Day or follow it via live stream, the presentation materials and replay are available on our Investor Relations website at birkenstock-holding.com.

提醒一下，我們已於 1 月 28 日的資本市場日上預先公佈了部分第一季業績。這次會議，我們深入探討了我們的商業模式和未來三年的成長策略，並進行了問答環節，涵蓋了廣泛的主題。如果您無法參加我們的資本市場日或透過直播觀看，簡報資料和回放可在我們投資者關係網站 birkenstock-holding.com 上取得。

Today, we are reporting the financial results for our fiscal first quarter ended December 31, 2025. You may find the press release and the supplemental presentation connected to today's discussion on our Investor Relations website at birkenstock-holding.com. Results have also been filed on Form 6-K with the SEC. 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 securities laws.

今天，我們公佈截至 2025 年 12 月 31 日的第一個財季財務表現。您可以造訪我們的投資者關係網站 birkenstock-holding.com，查看與今天討論相關的媒體稿和補充簡報。相關業績報告也已以 6-K 表格的形式提交給美國證券交易委員會 (SEC)。我們想提醒您，本次電話會議中提供的一些資訊屬於前瞻性訊息，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, which can be found on our website.

這些聲明受到各種風險、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、不確定性和假設已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詳細說明，這些文件可以在我們的網站上找到。

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.

除法律要求外，我們不承擔任何修訂或更新任何前瞻性陳述或資訊的義務。我們將引用某些非國際財務報告準則（IFRS）的財務資訊。我們使用非國際財務報告準則指標，因為我們認為這些指標能更準確地反映我們業務的營運績效和根本成果。

The presentation of this non-IFRS financial information is not intended to be considered by itself or as a substitute for financial information prepared and presented in accordance with IFRS. Reconciliations of non-IFRS measures to IFRS measures can be found in this morning's press release and in our SEC filings.

本非國際財務報告準則財務資訊的列示並非旨在單獨考慮或取代根據國際財務報告準則編製和列示的財務資訊。有關非 IFRS 指標與 IFRS 指標的調節表，請參閱今天早上的新聞稿和我們提交給美國證券交易委員會的文件。

Now I'll turn it over to Oliver.

現在我把麥克風交給奧利佛。

Good morning, everybody. It was great seeing you in New York two weeks ago. Just to recap some key points from the day. We believe we are one of a kind, purpose-driven brand with a huge runway ahead. Our unique business model is designed to deliver resilience with sustained long-term top line growth, industry-leading margins and strong free cash flow.

大家早安。兩週前在紐約見到你真是太好了。簡單回顧一下今天的一些要點。我們相信我們是一個獨一無二、目標明確的品牌，未來發展前景看好。我們獨特的商業模式旨在透過持續的長期營收成長、業界領先的利潤率和強勁的自由現金流來增強公司的韌性。

Over the next three years, we expect to continue to deliver 13% to 15% top line growth in constant currency and 30% plus EBITDA margins in an environment that has substantially changed since our IPO.

未來三年，我們預計在固定匯率下繼續實現 13% 至 15% 的營收成長，以及 30% 以上的 EBITDA 利潤率，儘管自我們 IPO 以來，市場環境已經發生了巨大變化。

Why are we so confident in our growth potential? Our total addressable market includes every homo sapiens sapiens. That provides a very long runway for global growth. The three year growth algo of 13% to 15% in constant currency reflects our commitment to manage the business with discipline by geography, channel and product. By being vertically integrated, we are capacity constrained by design.

我們為什麼對自身的成長潛力如此有信心？我們的潛在市場涵蓋了所有智人。這為全球成長提供了非常長的時間。三年內以固定匯率計算，成長率達到 13% 至 15%，這反映了我們致力於按地域、通路和產品進行嚴格管理的承諾。由於採用垂直整合模式，我們的產能受到設計上的限制。

So to grow our business profitably, we are committed to maximize profitability per pair while protecting brand equity.

因此，為了實現業務的獲利成長，我們致力於在保護品牌價值的同時，最大限度地提高每雙鞋的利潤。

The Americas, our largest segment, continues to grow double digit. Even in our most developed market, the US we sell only 45,000 to 50,000 pairs per million people or roughly 5% penetration. So there is still substantial room for more growth. As you know, our margins in the US faced headwinds from additional tariffs and the weaker dollar.

美洲是我們最大的業務板塊，並持續保持兩位數的成長。即使在我們最發達的市場——美國，我們每百萬人也只賣出 45,000 到 50,000 雙鞋，滲透率約 5%。因此，仍有很大的成長空間。如您所知，由於額外關稅和美元走軟，我們在美國的利潤率面臨不利影響。

However, our resilient business model allows us to steer growth between geographies to optimize margins under this new reality. In EMEA, our highest margin segment, markets like Germany, Denmark and Austria have reached penetration levels similar to the US and still generate double-digit growth. But we are underpenetrated in other markets like France, Spain, UK and the GCC.

然而，我們具有韌性的商業模式使我們能夠在新形勢下調整地理成長方向，從而優化利潤率。在歐洲、中東和非洲地區（EMEA），我們的利潤率最高，德國、丹麥和奧地利等市場的滲透率已達到與美國類似的水平，並且仍然保持兩位數的成長。但我們在法國、西班牙、英國和海灣合作委員會等其他市場的滲透率仍然不足。

So we see even stronger growth potential in these countries and very high margins.

因此，我們看到這些國家擁有更強勁的成長潛力和非常高的利潤率。

Finally, the largest opportunity for long-term growth remains in APAC countries such as China, Japan, South Korea and India, where we are highly underpenetrated but realize strong margins and some of our highest ASPs. We will steer APAC growth at double the pace of the other segments over the next three years. This means we will double our APAC revenue by 2028. For the foreseeable future, we expect B2B growth will continue to outpace DTC growth, but we are working to balance channel growth and strengthen our DTC business.

最後，長期成長的最大機會仍然在亞太國家，例如中國、日本、韓國和印度，我們在這些國家的市場滲透率很低，但利潤率很高，平均售價也最高。未來三年，我們將引領亞太地區的成長速度達到其他地區的兩倍。這意味著到 2028 年，我們的亞太地區收入將翻倍。在可預見的未來，我們預計 B2B 成長將繼續超過 DTC 成長，但我們正在努力平衡通路成長並加強我們的 DTC 業務。

B2B growth is driven by the trend towards in-person shopping. We are investing in our own retail to capture more of this in-person demand and promote newness. In online, which accounted for 80% of our DTC revenue last year, we are not sitting on our hands. We are transforming our capabilities to convert more of the lifetime value of the brand fan to our e-com business. We do this all within the context of our vertically integrated supply chain and manufacturing capabilities.

B2B業務成長是由線下購物趨勢推動的。我們正在投資自有零售店，以滿足更多線下消費需求並推陳出新。在線上業務方面，我們並沒有袖手旁觀，因為線上業務去年占我們 DTC 收入的 80%。我們正在轉變自身能力，以便將品牌粉絲的終身價值更多地轉化為我們的電子商務業務價值。我們所有這一切都是在我們垂直整合的供應鏈和製造能力框架內完成的。

Our supply chain will deliver the unit growth required to achieve our three year targets.

我們的供應鏈將提供實現三年目標所需的銷售成長。

Now on the quarterly results. We delivered again a strong quarter with revenues of EUR402 million, up 11% on a reported basis and 18% in constant currency, well above our 13% to 15% full year guidance. We saw strong demand and brand momentum during the important holiday shopping season. As expected, our B2B business outperformed DTC during the quarter. B2B was up 24% in constant currency, while DTC was up 12%.

接下來公佈季度業績。我們本季業績再次強勁，營收達 4.02 億歐元，按報告匯率計算成長 11%，以固定匯率計算成長 18%，遠高於我們全年 13% 至 15% 的預期。我們在重要的假期購物季期間看到了強勁的需求和品牌發展勢頭。如預期，本季我們的 B2B 業務表現優於 DTC 業務。以固定匯率計算，B2B 成長了 24%，而 DTC 成長了 12%。

As you know, over 90% of the B2B growth comes from within existing doors. We tightly manage our distribution as relative scarcity and channel health remain top priorities for us. We will never compromise on our pull model. The ultimate truth for the brand health is sell-through at full price and that remains very high, over 90%. We continue to deliver as promised in our white space opportunities.

如您所知，超過 90% 的 B2B 成長來自現有客戶。我們對分銷管道進行嚴格管理，因為相對稀缺性和通路健康仍然是我們的首要任務。我們絕不會在拉動式商業模式上妥協。衡量品牌健康狀況的最終標準是全價售出率，而這一比例仍然非常高，超過 90%。我們將繼續履行承諾，抓住市場空白機會。

In APAC, we grew revenues 37% in constant currency, more than double the pace of growth of the Americas and EMEA. In own retail, we added nine new stores, ending the quarter with 106 stores. We are well on the way to deliver the 40 stores we promised for this fiscal year. This will allow us to capture more in personal shopping demand and younger shoppers within our own DTC business. It also allows us to showcase the full range of our collection newness and special editions not available in B2B.

在亞太地區，我們以固定匯率計算的營收成長了 37%，是美洲和歐洲、中東及非洲地區成長速度的兩倍多。在自有零售方面，我們新增了九家店，本季末門市總數達到 106 家。我們正朝著本財年承諾的40家門市的目標穩步邁進。這將使我們能夠在自己的 DTC 業務中抓住更多個人購物需求和年輕消費者的青睞。它還使我們能夠展示我們全部的系列產品，包括 B2B 通路不提供的新品和特別版。

The closed toll share of revenue reached close to 60% of revenue during the first quarter, which is seasonally the highest quarter for our closed toe business. We saw very strong sales in clocks, including the Boston, a category-defining hero silhouette, celebrating its 50th birthday this year. We also saw strength in other clock silhouettes such as Naples and the Lutry. We are successfully developing the brand beyond sandals, making it a true four season brand.

第一季度，封閉式鞋履的收入佔比接近總收入的 60%，而第一季通常是我們封閉式鞋履業務的旺季。我們看到鐘錶銷量非常強勁，其中包括波士頓鐘錶，這款定義了鐘錶類別的標誌性產品今年迎來了它的 50 週年紀念。我們還看到了其他鐘錶輪廓的強勁勢頭，例如那不勒斯鐘和盧特里鐘。我們正在成功地將該品牌發展成為超越涼鞋的四季品牌。

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

現在我將把發言權交給伊維卡，讓他更詳細地討論我們的財務表現和展望。

Thanks, Oliver. I am happy to share with you details of Birkenstock's performance for the first quarter of fiscal 2026, which exceeded our targets even in the face of a significant headwind from FX on our reported numbers. We generated first quarter revenues of $402 million, growth of 18% in constant currency. Reported revenue growth was 11% due to the historically strong depreciation of the US dollar and Asian currencies compared to the first quarter of 2025.

謝謝你，奧利佛。我很高興與大家分享 Birkenstock 2026 財年第一季的業績詳情，儘管匯率波動對我們公佈的數據造成了重大不利影響，但我們的業績仍然超過了預期目標。我們第一季營收為 4.02 億美元，以固定匯率計算成長 18%。由於美元和亞洲貨幣與 2025 年第一季相比出現了歷史性的大幅貶值，報告的收入增加了 11%。

This caused a 670 basis point headwind to revenue growth in the quarter. We saw strong growth across all segments in the quarter. The Americas segment was up 14% in constant currency. EMEA was up 17% and APAC up 37% in constant currency. By channel for the year, B2B was up 24% in constant currency on the back of strong holiday demand at our key partners and DTC sustained double-digit growth, up 12% in constant currency.

這導致該季度營收成長面臨 670 個基點的阻力。本季度所有業務板塊均實現了強勁成長。美洲地區以固定匯率計算成長了14%。以固定匯率計算，歐洲、中東和非洲地區成長了 17%，亞太地區成長了 37%。按通路劃分，B2B 通路以固定匯率計算成長了 24%，這得益於我們主要合作夥伴強勁的假日需求；DTC 通路保持了兩位數的成長，按固定匯率計算成長了 12%。

Gross profit margin for the first quarter was 55.7%, down 460 basis points year-over-year. Adjusted gross profit margin, including the reversal of distributor markup associated with the acquisition of our Australian distribution partner was 57.4%, down 290 basis points. As we discussed at the CMD, adjusted gross profit margin, excluding 220 basis points of pressure from FX and 130 basis points of pressure from incremental US tariffs was up 60 basis points year-over-year. Selling and distribution expenses were $126 million in the first quarter, representing 31.2% of revenue.

第一季毛利率為 55.7%，年減 460 個基點。經過調整後的毛利率（包括因收購澳洲分銷合作夥伴而產生的經銷商加價的衝回）為 57.4%，下降 290 個基點。正如我們在 CMD 會議上討論的那樣，經調整後的毛利率（不包括匯率帶來的 220 個基點壓力和美國加徵關稅帶來的 130 個基點壓力）同比增長了 60 個基點。第一季銷售和分銷費用為 1.26 億美元，佔營收的 31.2%。

This was down 150 basis points from the prior year, mainly due to a higher B2B share year-over-year. Selling and distribution expenses were $126 million in the first quarter, representing 31.2% of revenue. This was down 150 basis points from the prior year, mainly due to a higher B2B share year-over-year. Adjusted general and administration expenses were $29 million or 7.2% of revenue in the quarter, up 50 basis points versus prior year. Adjusted EBITDA in the first quarter of $106 million was up 4% year-over-year.

這比去年下降了 150 個基點，主要是由於 B2B 份額同比增長。第一季銷售和分銷費用為 1.26 億美元，佔營收的 31.2%。這比去年下降了 150 個基點，主要是由於 B2B 份額同比增長。經調整後的一般及行政費用為 2,900 萬美元，佔本季營收的 7.2%，較上年同期成長 50 個基點。第一季調整後 EBITDA 為 1.06 億美元，年增 4%。

Adjusted EBITDA margin of 26.5% was down 170 basis points year-over-year. Excluding FX and tariff impacts, adjusted EBITDA margin was up 190 basis points to 30.1%.

經調整後的 EBITDA 利潤率為 26.5%，較去年同期下降 170 個基點。剔除匯率和關稅影響，調整後的 EBITDA 利潤率上升 190 個基點至 30.1%。

Adjusted net profit of $49 million in the first quarter was up 47% year-over-year. Adjusted EPS for Q1 was $0.27 and up 50% from $0.18 a year ago, driven by strong operational performance, lower interest expenses, $10 million of income from the change in valuation of the embedded derivative, the lower effective tax rate and lower share count following the $200 million share repurchase we executed in May 2025.

第一季調整後淨利為 4,900 萬美元，年增 47%。第一季調整後每股收益為 0.27 美元，比去年同期的 0.18 美元增長了 50%，這主要得益於強勁的營運業績、較低的利息支出、嵌入式衍生品估值變化帶來的 1000 萬美元收入、較低的實際稅率以及我們在 2025 年 5 月執行 2 億美元股票回購後減少的股份數量。

As usual, in the first quarter, we used $28 million in operating cash compared to a use of $12 million in Q1 '25. This is due to working capital seasonality and income taxes paid of $48 million. We ended the quarter with cash and cash equivalents of $229 million. Our inventory to sales ratio was 39% in the quarter, flat with a year ago. Our DSO for the quarter were a healthy 20%, up from 15% a year ago primarily due to the higher B2B mix.

像往常一樣，第一季我們使用了 2800 萬美元的經營現金，而 2025 年第一季使用了 1200 萬美元。這是由於營運資金季節性波動以及繳納了 4,800 萬美元的所得稅。本季末，我們持有現金及現金等價物2.29億美元。本季我們的庫存銷售比率為 39%，與去年同期持平。本季我們的應收帳款週轉天數 (DSO) 為 20%，高於去年同期的 15%，主要是由於 B2B 業務佔比提高所致。

During the quarter, we spent approximately $38 million in CapEx, adding to our production capacity in Arouca, Gorlitz and Posera and continuing our investments in retail and IT. This also included the EUR18 million purchase price of the Viteinau now facility we announced last year. Our net leverage was 1.7 times as of December 31, 2025, up from 1.5 times at September 30, 2025 due to a normal cash seasonality.

本季度，我們在資本支出方面投入了約 3,800 萬美元，增加了我們在 Arouca、Gorlitz 和 Posera 的生產能力，並繼續投資於零售和 IT 領域。這其中也包括我們去年宣布的以 1800 萬歐元收購 Viteinau now 工廠。截至 2025 年 12 月 31 日，我們的淨槓桿率為 1.7 倍，高於 2025 年 9 月 30 日的 1.5 倍，這是由於正常的現金季節性波動所致。

Turning to our outlook for the second quarter of fiscal 2026. We expect second quarter revenue growth in constant currency within our annual guidance of 13% to 15%. We will experience significant headwinds from FX and tariffs in the second quarter. Regarding FX, we will see an especially strong headwind in the second quarter. As a reminder, the second quarter of 2025 represented the strongest quarter for the US

接下來展望我們對 2026 財年第二季的展望。我們預計第二季以固定匯率計算的營收成長將達到我們全年13%至15%的預期目標。第二季我們將面臨來自外匯和關稅的巨大不利因素。外匯市場方面，第二季我們將面臨特別強勁的逆風。需要提醒的是，2025年第二季是美國經濟表現最強勁的季度。

dollar with an average euro to dollar exchange rate of $1.05 prior to liberation day.

解放日之前，歐元兌美元的平均匯率為 1.05 美元。

At today's euro-US dollar exchange rate, we expect approximately 700 basis points of headwind to revenue growth in the second quarter. The margin impact to gross profit and adjusted EBITDA from FX will be 200 to 250 basis points in the second quarter. As a reminder, nearly all of our COGS are in euro and the majority of SG&A as well.

以今天的歐元兌美元匯率計算，我們預計第二季營收成長將面臨約 700 個基點的阻力。第二季度，匯率波動將對毛利和調整後 EBITDA 造成 200 至 250 個基點的影響。再次提醒，我們幾乎所有的銷售成本都以歐元計價，銷售、管理及行政費用的大部分也以歐元計價。

As such, the absolute euro impact of movements in FX to revenue flows through by about 90% to gross profit and about 2/3 to adjusted EBITDA. Regarding tariffs, we expect similar margin pressure as we saw in Q1 or roughly 100 to 150 basis points. At our Capital Markets Day, we iterated our guidance for 2026 for constant revenue growth of 13% to 15%. While we clearly came in ahead of that at 18% in the first quarter, I remind you that the first quarter is our smallest quarter in terms of revenue. So it just does not carry the way that the remaining three quarters have on the annual growth rate.

因此，外匯波動對收入的絕對歐元影響約 90% 會傳遞到毛利，約 2/3 會傳遞到調整後的 EBITDA。關於關稅，我們預期利潤率壓力將與第一季類似，約 100 至 150 個基點。在我們的資本市場日上，我們重申了對 2026 年的業績預期，即營收將持續成長 13% 至 15%。雖然我們第一季的成長率達到了 18%，明顯高於預期，但我還是要提醒大家，第一季是我們收入最低的季度。因此，它對年度成長率的影響方式與其餘三個季度截然不同。

The FX headwind should be about 350 basis points for the full year, resulting in revenue growth of 10% to 12% to EUR2.3 billion to EUR2.35 billion. This assumes an average euro to US dollar exchange rate of $1.70. We expect adjusted gross margin of 57% to 57.5% in fiscal 2026 inclusive of the 100 basis points pressure from FX and 100 basis points from incremental US tariffs.

全年匯率不利因素約為 350 個基點，導致營收成長 10% 至 12%，達到 23 億歐元至 23.5 億歐元。假設歐元兌美元的平均匯率為 1.70 美元。我們預計，考慮到匯率波動帶來的 100 個基點壓力和美國額外關稅帶來的 100 個基點壓力，2026 財年調整後的毛利率為 57% 至 57.5%。

We expect adjusted EBITDA of at least EUR700 million for the year, implying an adjusted EBITDA margin of 30% to 30.5%, and inclusive of the pressure from FX and tariffs totaling 200 basis points. Excluding the impact of these external factors, forecasted adjusted EBITDA margin would be 32% to 32.5%.

我們預計全年調整後 EBITDA 至少為 7 億歐元，這意味著調整後 EBITDA 利潤率為 30% 至 30.5%，其中包括匯率和關稅帶來的 200 個基點的壓力。排除這些外部因素的影響，預計調整後的 EBITDA 利潤率為 32% 至 32.5%。

Our expected tax rate should be in the range of 26% to 28%. Adjusted EPS is expected to be EUR1.90 to EUR2.05, including approximately $0.50 to $0.20 of pressure from FX. This is not including the impact of any additional share repurchases. We intend to repurchase shares for a total consideration of $200 million during fiscal 2026, subject to market conditions. CapEx be in the range of EUR110 million to EUR130 million.

我們預計稅率應該在 26% 到 28% 之間。調整後每股收益預計為 1.90 歐元至 2.05 歐元，其中包括約 0.50 美元至 0.20 美元的匯率壓力。這還不包括任何額外股票回購的影響。我們計劃在 2026 財年以 2 億美元的總對價回購股份，具體金額視市場情況而定。資本支出將在1.1億歐元至1.3億歐元之間。

Net leverage target for the end of fiscal 2026 of 1.3 to 1.4 times, excluding the impact of additional share repurchases.

2026 財年末淨槓桿率目標為 1.3 至 1.4 倍，不包括額外股票回購的影響。

With that, I'll turn it back to all over to Oliver to close.

這樣，我就把收尾工作交還給奧利佛了。

Thanks, Ivica. We are confident in our business model and its resilience. Demand for our beloved brand remains strong. The runway for growth is huge. At the midpoint of our growth target, we expect to add EUR1 billion to our top line by fiscal 2028.

謝謝你，伊維卡。我們對我們的商業模式及其韌性充滿信心。消費者對我們摯愛品牌的需求依然強勁。成長空間巨大。按照我們成長目標的中點，我們預計到 2028 財年，我們的營收將增加 10 億歐元。

We will do this while maintaining 30%-plus adjusted EBITDA given our ability to steer the business between channels and geographies. And now I ask the operator to open the call for questions. Thank you.

我們將在保持 30% 以上的調整後 EBITDA 的同時實現這一目標，因為我們有能力在不同管道和地理之間靈活調整業務。現在我請接線生開始接受提問。謝謝。

(Operator Instructions)

（操作說明）

Matthew Boss, JPMorgan

馬修‧博斯，摩根大通

Great, thanks. So Oliver, could you break down the drivers supporting your confidence in durable demand momentum for the brand globally, maybe if you could touch on current sell-through rates, full-price demand indications from wholesale partners and new customer acquisition? And then near term, have you seen any change in brand momentum so far in the second quarter?

太好了，謝謝。奧利佛，你能否詳細分析你對該品牌在全球範圍內持續的需求勢頭充滿信心的驅動因素？例如，能否談談目前的銷售率、批發合作夥伴提供的全價需求指標以及新客戶的取得？那麼就短期來看，您在第二季是否觀察到品牌發展動能有任何變化？

Hi, Matthew, thanks for your question. As we shared in New York, we see a very long runway for growth for the brand. As you know, the total addressable market of this brand includes every human being on the planet. So even in our most established markets, like the Americas, as an example, the market penetration is below 5%. So we continue to grow there and in other territories, double digits.

嗨，馬修，謝謝你的提問。正如我們在紐約分享的那樣，我們認為該品牌還有很長的成長空間。如您所知，該品牌的潛在市場涵蓋地球上的每個人。因此，即使在我們最成熟的市場，例如美洲，市場滲透率也低於 5%。因此，我們在那裡和其他地區繼續保持兩位數的成長。

And all this with a 90%-plus full price realization across all channels. I think that's really something to mention because that's really outstanding.

而且所有通路的最終售價都超過了90%。我覺得這確實值得一提，因為這非常出色。

And -- our order book for '26 in the next years remains very strong. We strictly allocate our partners to maintain scarcity and fulfilling roughly 70% to 80% of the wholesale demand. So 20% to 30% are unfulfilled out there. And we have seen no pushback from partners on any price increases or any kind of adjustments we did so far.

而且，我們2026年及未來幾年的訂單量依然非常強勁。我們嚴格分配合作夥伴，以保持稀缺性，並滿足約 70% 到 80% 的批發需求。所以，有 20% 到 30% 的人的職涯發展沒有得到充分的滿足。到目前為止，我們還沒有收到任何合作夥伴對我們任何提價或任何調整措施的反對意見。

You asked about the customer acquisition. I would say the new customer acquisition comes primarily from our B2B channels where our partners benefit most from the strength of our brand and use us to drive traffic to their stores. You know the attraction, especially to Gen Z in this channel is very, very strong.

你問到了客戶獲取方面的問題。我認為新客戶的獲取主要來自我們的 B2B 管道，我們的合作夥伴從我們強大的品牌中受益最多，並利用我們為他們的店鋪帶來流量。你知道，這個頻道對 Z 世代的吸引力非常非常強。

Within our own DTC, the strongest indicator of new customer growth is our membership program, which is up over 20% year-over-year. You all have seen the queuing in front of our own retail stores, but we only have 106 at the moment. So our own retail is definitely in the future, a very, very important pillar to talk about brand heat on top of that. But asking about second quarter, we can't deliver any outlook here. We see the momentum continue in line with our guidance of 13% to 15% revenue growth in a constant currency.

在我們自己的 DTC 業務中，新客戶成長的最強指標是我們的會員計劃，該計劃同比增長超過 20%。你們都看到了我們零售店門前的排隊景象，但我們目前只有 106 家門市。所以，我們自己的零售業務絕對是未來的發展方向，也是提升品牌熱度的一個非常非常重要的支柱。但對於第二季的情況，我們目前無法提供任何展望。我們看到這一成長動能將持續，符合我們先前預測的以固定匯率計算收入成長 13% 至 15% 的目標。

So I think we're good on track.

所以我覺得我們一切進展順利。

Great color. Best of luck.

顏色很棒。祝你好運。

Simeon Siegel, Guggenheim Securities.

西蒙·西格爾，古根漢證券。

Thanks. Hey, good morning, everyone, or good afternoon. Nice to see you recently. So just Oliver, recognizing you guys are in this enviable position where you do supply less than demand. How are you deciding where to allocate your inventory across channels and geographies, just to optimize the brand strength reaching new customers and then where your EBITDA dollars per payer come in? And then Ivica, just recognizing tariffs inflation, what were inventory up in units rather than in dollars. Thanks guys.

謝謝。大家早安，或是下午好。很高興最近見到你。所以，奧利佛，我想說的是，你們現在處於一個令人羨慕的位置，那就是你們的供應量小於需求量。您如何決定在各個管道和地區分配庫存，以最大限度地提升品牌影響力，觸達新客戶，以及最終實現每位付費用戶的 EBITDA 金額？然後，伊維卡意識到關稅通膨，庫存增加的是以單位而不是美元計算的。謝謝各位。

Hey, Simeon, it's Oliver. Thank you for your question. As you know, we will see our product in the most profitable channels and regions to make sure our brand is well balanced in terms of revenue, unit needs or unit consumption and the maximum resilience.

嘿，西蒙，我是奧利佛。謝謝你的提問。如您所知，我們將把我們的產品投放到最賺錢的管道和地區，以確保我們的品牌在收入、單位需求或單位消費方面保持平衡，並具有最大的韌性。

Just to be clear, channel drives the margin. Geography is less relevant. So it's not really a shift from geography to other geographies. It's really like very detailed, very precise shifting from this channel in this geography to another channel in another geography. So -- and that's what we're doing mindfully.

需要明確的是，通路決定利潤率。地理位置的重要性較低。所以這其實並不是從一個地理區域轉移到另一個地理區域。這就像是從這個地理位置的這個頻道非常細緻、非常精確地切換到另一個地理位置的另一個頻道。所以——這就是我們用心去做的事情。

And I think the second part of the question will be answered by Ivica.

我認為問題的第二部分將由伊維卡回答。

Can you repeat the question, Simeon, we didn't quite hear it.

西蒙，你能再說一次嗎？我們沒聽清楚。

All right. Just looking at your balance sheet inventory in dollars. Curious if you could tell us what is up in units year-over-year.

好的。僅查看您資產負債表上的美元庫存數據。想請問您能否告知一下與去年相比，銷量成長了多少？

Hey Simeon, it's [Alexander] speaking. So we're not disclosing that in detail as we haven't yet disclosed in the past, and we're not intending to do that in the future as well.

嘿，西蒙，我是亞歷山大。因此，我們不會像過去那樣詳細披露此事，將來也不打算這樣做。

Okay, sounds good guys. Best of luck for the year ahead.

好的，聽起來不錯。祝您來年一切順利。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great, thank you so much for taking our question and it's nice to see you guys, the other week. So yyour first quarter growth came in at 18% in constant currency. That's nicely ahead of the 13% to 15% guide for the year. Can you talk about where that slowdown for the rest of the year coming from and are you just being conservative? Just some more color on that would be great.

太好了，非常感謝你們回答我們的問題，很高興上週見到你們。以固定匯率計算，你們第一季的成長率為 18%。這遠高於今年13%至15%的預期目標。您能否談談今年剩餘時間經濟放緩的原因？您只是出於保守考慮嗎？如果能再多加一些細節描寫就更好了。

And just as a follow-up to Ivica, can you help us with the seasonal progression of how we should think about margins across the quarters for the rest of the year, just considering the outlook for FX, the tariff timing, capacity absorption and some other items. Thank you so much guys.

作為 Ivica 問題的補充，您能否幫助我們分析一下，考慮到外匯前景、關稅時間、產能吸收和其他一些因素，我們應該如何看待今年剩餘時間各季度的利潤率的季節性變化？非常感謝各位。

Hey Thank you for your question. It's Ivica. Yes, the 18% constant currency growth in Q1 '26 is indeed well above the 13% to 15% guidance for the year. In general, we are always conservative that this early in the year. There's a lot of ahead of us in fiscal 2026.

嘿，謝謝你的提問。是伊維卡。是的，2026 年第一季以固定匯率計算的成長率為 18%，確實遠高於全年 13% 至 15% 的預期。一般來說，我們在年初這個階段總是比較保守的。2026財年我們還有很多事情要做。

And the second half is naturally more difficult to predict, as you know, given the heavier mix of DTC which is why we remain conservative. So while we're off to a great start and demand remains strong, as Oliver already mentioned, we think it's just prudent to stick with the current guidance for the year. And as a reminder, Q1 is our smallest quarter for the year. Last year, it was only 17% of the annual revenue. So it just doesn't carry the same weight for the remainder of the year.

如你所知，下半年市場更難預測，因為 DTC 模式的佔比更高，所以我們仍保持保守態度。因此，儘管我們開局良好，需求依然強勁，但正如奧利佛已經提到的那樣，我們認為謹慎的做法是堅持今年的當前業績指引。再次提醒大家，第一季是我們全年業績最差的季度。去年，這僅佔全年收入的 17%。所以，在今年剩下的時間裡，它的重要性就大打折扣了。

And with regards to your second question on the seasonal progression and margin development. So as you know, we do not guide in detail on a quarterly basis. However, we've pointed out a couple of points and important factors. So on top line first, FX impact will be the heaviest in Q1 and Q2. Q1 headwinds was 670 basis points, Q2 at current FX, even around 700 basis points.

關於您提出的第二個問題，即季節性變化和利潤率發展。如您所知，我們不按季度提供詳細指導。但是，我們已經指出了一些要點和重要因素。首先，從營收方面來看，外匯波動的影響在第一季和第二季最為嚴重。第一季的不利因素為 670 個基點，以目前的匯率計算，第二季甚至可能達到 700 個基點左右。

So the margin impact to gross profit and adjusted EBITDA from FX will be 200 to 250 basis points in Q2. Incremental tariff impact will have more pronounced impacts in Q1 to Q3, but less so in Q4 '26 given that the tariffs began to hit us in Q4 '25 where we already showed a 100 basis points impact for that quarter. For Q2 '26, we expect a similar margin pressure as we saw it in Q1, so roughly 100 to 150 basis points.

因此，匯率波動對第二季毛利和調整後 EBITDA 的利潤率影響將達到 200 至 250 個基點。增量關稅的影響將在第一季至第三季更加明顯，但在 2026 年第四季則不那麼明顯，因為關稅從 2025 年第四季開始對我們產生影響，而我們當時已經看到該季度受到 100 個基點的影響。對於 2026 年第二季度，我們預計利潤率壓力將與第一季類似，約為 100 至 150 個基點。

And finally, with regards to absorption, we will be completing the absorption, especially with regards to our Password facility by Q3 '26. As you know, Q2 is an important quarter for our B2B business with significant shipments to our partners for the spring/summer season. The mix in Q2 is more heavily weighted to B2B, so expect the usual seasonal decline in gross margin and increased EBITDA margin compared to Q1, but all within the context of our full year margin guidance.

最後，關於收購，我們將在 2026 年第三季完成收購，特別是關於我們 Password 業務的收購。如您所知，第二季度是我們 B2B 業務的重要季度，我們需要向合作夥伴大量出貨，以滿足春夏季的需求。第二季的業務結構中 B2B 業務佔比更高，因此預計毛利率將出現季節性下降，而 EBITDA 利潤率將較第一季有所提高，但所有這些都將在我們全年利潤率預期範圍內。

Michael Binetti, Evercore ISI

Michael Binetti，Evercore ISI

Hey, thanks for all the, information here guys. I just want to ask a little bit on -- maybe on the OpEx or the SG&A. I think the guidance for the rest of the year flattens out from some nice leverage in the first quarter a little bit. Maybe you could just talk about whether -- I'm curious if we're going to be going through the rest of the year with double-digit growth. What -- is there a chance to find some more leverage on SG&A? Or how should we think about SG&A at a double-digit growth pace even if it flows from first quarter.

嘿，謝謝各位提供的所有資訊。我只是想問一下——也許是關於營運支出或銷售、一般及行政費用。我認為，受第一季強勁成長的影響，今年剩餘時間的業績預期會略有趨於平緩。或許你可以談談——我很好奇我們今年餘下的時間裡是否還能保持兩位數的成長。有什麼辦法可以增加對銷售、一般及行政費用的談判籌碼嗎？或者，即使銷售、管理及行政費用從第一季開始以兩位數的速度成長，我們該如何看待這種情況？

And then I also just wanted to ask, as we head into the spring and summer, Oliver, maybe just -- just a quick thought on some of the products that are the ones that are the retailers are the most excited about, maybe something that we can Google or watch your social media trends. What are the big products that we're going to see for the summer time here as we get into the main season? Thanks.

然後我還想問一下，隨著春夏的到來，奧利弗，或許可以簡單說說零售商最熱衷的一些產品，我們可以穀歌一下或關註一下你的社交媒體趨勢。隨著夏季旺季的到來，我們將會看到哪些熱門產品？謝謝。

Hey, Michael, thank you for your question. If speaking, I will take the first part with regards to your question on margin improvement and SG&A. So as you know, the tariff and FX drag is very real for us and impacting our margin by 200 basis points for fiscal 2026.

嗨，邁克爾，謝謝你的提問。如果我要發言，我會先回答您關於利潤率提高和銷售、管理及行政費用的問題。如您所知，關稅和匯率波動對我們來說是實實在在的，並將使我們 2026 財年的利潤率下降 200 個基點。

Without that pressure, EBITDA margin would have been up nicely year-over-year. And this is also what we pointed out at our Capital Markets Day that we are getting operationally better. Could that be up more? Yes, always. But we need to balance expanding margin with reinvesting that margin upside back into the business to support sustainable revenue growth.

如果沒有這種壓力，EBITDA 利潤率本來可以年增不少。這也是我們在資本市場日上指出的，我們的營運正在不斷改進。是否還有上漲空間？是的，一直都是。但我們需要在擴大利潤率的同時，將利潤成長帶來的收益再投資到業務中，以支持可持續的收入成長。

And this is particularly in our B2C business, which brings lower margin but higher absolute profitability per pair.

這一點在我們的 B2C 業務中尤其明顯，雖然利潤率較低，但每雙鞋的絕對利潤率較高。

But our DTC business is still 80% online, which has little operating leverage given the high variable cost structure. So we are accelerating our store growth to drive more retail as part of our DTC mix which should allow for some four-wall operating leverage over time. We are accelerating our investments in manufacturing, in retail, in e-com and logistics, and that will constrain EBITDA margin expansion in the near term.

但是，我們的 DTC 業務仍然有 80% 是在線的，考慮到其高可變成本結構，營運槓桿作用很小。因此，我們正在加快門市擴張，以推動更多零售業務，作為我們 DTC 業務組合的一部分，這應該會隨著時間的推移帶來一些實體店營運優勢。我們正在加快對製造業、零售業、電子商務和物流業的投資，這將在短期內限制 EBITDA 利潤率的擴張。

And referring to what Oliver has said earlier, in a capacity-constrained situation which we are in and which we are in by design, we are steering the business and allocating products in a way to optimize margin, mindfully and gradually, but this will pay off over time. And with regards to your question on product and spring/summer, handing back to Oliver.

正如奧利佛之前所說，在我們目前這種產能受限的情況下（這也是我們有意為之），我們正在謹慎而逐步地引導業務和分配產品，以優化利潤率，但隨著時間的推移，這將會帶來回報。至於您提出的關於產品和春夏的問題，這就要交給 Oliver 來回答了。

Hi, Michael. It's Oliver. What we see globally, especially in our own retail spaces and also with -- in the order book of our big wholesale doors, we're delivering, they're looking for much more elevated styles in both ways, in close toe and in open toe sandal. What we see is a very strong momentum in open toe in elevated styles in every price segment.

你好，麥可。是奧利佛。我們從全球範圍內，尤其是在我們自己的零售空間以及我們的大型批發訂單中看到的情況是，客戶對款式更加高端的涼鞋的需求越來越大，無論是包頭涼鞋還是露趾涼鞋。我們看到，各個價位段的高跟鞋款式都呈現出非常強勁的露趾流行趨勢。

So from big buck EVA up to Naples wrap, which is a close toe silhouette, open toe Florida in a very elevated execution. Digizeis coming back. So the tone sandal and -- so it's going, as always, in the same direction, go into more expensive price groups, more elevated executions that's super interesting for our partners, and it's super interesting for our own retail stores.

所以從高價 EVA 到 Naples wrap（一種包頭鞋型），再到採用非常高級設計的露趾 Florida。Digize即將回歸。所以，這款涼鞋——而且，和以往一樣，它的發展方向是朝著更昂貴的價格區間，更高端的設計方向發展，這對我們的合作夥伴來說非常有趣，對我們自己的零售店來說也非常有趣。

that's a big trend. We see also coming from APAC, where 774, you know our Paris office delivering open toe silhouettes north of USD250 in the APAC region. This is already 30%, 40% of our own retail. So this is a very strong momentum in this high price level and this more elevated styles.

這是一個很大的趨勢。我們也看到來自亞太地區的消息，例如我們位於巴黎的 774 號辦事處，該辦事處向亞太地區供應售價超過 250 美元的露趾鞋款。這已經占我們自有零售的 30% 到 40%。所以，這種高價位和更高端的風格呈現出非常強勁的勢頭。

Okay, thanks a lot. I appreciate it.

好的，非常感謝。謝謝。

Paul Lejuez, Citi

保羅‧勒胡茲，花旗銀行

Hi, it's Tracy Kogan filling in for Paul. I was hoping we could touch on the balance sheet and your uses of cash. With the stock trading where it is, I was wondering if you were thinking about being more aggressive in the open market with your $200 million buyback rather than waiting for private equity. And then also wondering if you could talk about your willingness or the insiders willingness to buy stock at current levels Thanks.

大家好，我是崔西‧科根，代保羅上崗。我希望我們能談談資產負債表以及你們的現金使用情況。鑑於目前的股票交易情況，我想知道您是否考慮在公開市場上更積極地進行 2 億美元的股票回購，而不是等待私募股權投資。另外，我還想問問您能否談談您或公司內部人士在當前價位買入股票的意願。謝謝。

Hey, Tracy, thank you for the question. It's Ivica. I 100% agree the stock is too cheap, reflect the fundamental value of the underlying business, not at all. As you know, we announced our intention to repurchase $200 million in shares in fiscal 2026. So we will be executing this subject to market conditions.

嗨，Tracy，謝謝你的提問。是伊維卡。我完全同意這支股票太便宜了，根本沒有反映出公司的基本價值。如您所知，我們宣布計劃在 2026 財年回購價值 2 億美元的股票。因此，我們將根據市場情況執行這項計劃。

If you remember last year, we executed a repurchase in May in conjunction with a secondary offering, given the limited free float already in the market.

如果你還記得去年，鑑於市場上的自由流通股數量有限，我們在 5 月進行了回購，同時也進行了二次發行。

A similar structure for this buyback is an option, but so are open market repurchases as well. Then covering the second part of your question with regards to insider buying. Well, we have been in a block out period for most of the year. Our standard workout period runs from two weeks before the end of our fiscal quarter to the day after we report that quarter. So in the case of Q1, the blackout started on December 15 and ends tomorrow.

此次回購可以採用類似的結構，也可以選擇在公開市場上回購。接下來回答您關於內部人士購買問題的第二部分。嗯，我們今年大部分時間都處於隔離狀態。我們的標準測試週期從財政季度結束前兩週開始，到我們發布該季度報告後的第二天結束。因此，第一季的停電從 12 月 15 日開始，明天結束。

Additionally, we have had transaction-related blackouts due to the Vidgen acquisition and the Australia distributor acquisition.

此外，由於收購 Vidgen 和收購澳洲分銷商，我們也經歷了與交易相關的停電。

Finally, we get blacked out around any secondary transaction, potentially by acetate, all altogether, that hasn't left any window in the year. I've been in at Birkenstock. And I assure you, it's not the lack of desire to buy shares at this price.

最後，任何二級交易，包括可能透過醋酸纖維進行的二級交易，都會被徹底抹去，一年中沒有任何窗口期。我去過 Birkenstock。我可以向你保證，這絕不是缺乏以這個價格購買股票的意願。

Thank you. Good luck.

謝謝。祝你好運。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Morning thank you very much for taking my question. Oliver, Visa, I wanted to ask about your own stores, which are becoming increasingly important to your DTC business. I think, Oliver, you mentioned that last year, e-commerce was 80% of mix, 20% stores. could do some rough math about -- with regards to revenue per store. Can you provide us with some store profitability metrics? What is your same-store sales growth?

早上好，非常感謝您回答我的問題。Oliver，Visa，我想問你們自己的門市的情況，它們對你們的 DTC 業務越來越重要。奧利佛，我想你去年提到過，電子商務佔總銷售額的 80%，實體店佔 20%。我可以粗略計算一下——關於每家門市的收入。能否提供一些門市獲利指標？您的同店銷售成長率是多少？

And how are the new doors perform and how long are they taking to ramp up to full profitability? Thank you very much.

新門的性能如何？需要多長時間才能完全獲利？非常感謝。

Hello, thank you for your question. It's Ivica, and you are 100% correct. Our own retail is becoming increasingly more important by design. We want to create more high-quality touch points with the brands capture more of the in-person demand within our own retail channel and balance DTC better between online and in-store.

您好，感謝您的提問。是伊維卡，你百分之百正確。我們自己的零售業務正變得越來越重要，這是有意為之。我們希望與品牌創造更多高品質的接觸點，在我們自己的零售通路中抓住更多線下需求，並更好地平衡線上和線下直銷模式。

Generally, the channel also allows us to showcase the full range of our offering, including exclusive styles that you won't see in the B2B channels. As you know, our store fleet is still small and young, only 106 stores by the end of Q1 globally, and around 60 of those have opened in the past 2.5 years. As a result, we see a significant variation within the base, so the average are skewed and not a particular useful predictive tool.

一般來說，該通路還允許我們展示我們的全部產品系列，包括您在 B2B 頻道中看不到的獨家款式。如您所知，我們的門市數量仍然很少，而且成立時間較短，截至第一季末，全球只有 106 家門市，其中約 60 家是在過去 2.5 年內開設的。因此，我們看到基數內部有顯著差異，所以平均值是有偏差的，不是特別有用的預測工具。

And also be reminded there is no store that looks like the other, so the conception of the stores is very diverse all over the globe. But a few metrics we can share to help you think about the potential of this channel, the fiscal 2025, retail share of DTC revenue was up about 400 basis points year-over-year, and this is something we saw similar in Q1 '26.

另外，也要記住，沒有兩家商店看起來是完全一樣的，因此全球各地的商店概念都非常多樣化。但我們可以分享一些指標來幫助您思考這個管道的潛力：2025 財年，零售通路在 DTC 收入中所佔的份額同比增長了約 400 個基點，我們在 2026 年第一季也看到了類似的情況。

Retail is our fastest-growing segment. In the quarter, it was up over 50% year-over-year in constant currency. Same-store sales growth was high single digits in Q1 '26 and this is also very similar to what we saw in fiscal 2025. So we see consistent and very stable demand patterns in our own retail.

零售是我們成長最快的業務部門。本季度，以固定匯率計算，年增超過 50%。2026 年第一季同店銷售成長達到接近兩位數，這與我們 2025 財年的情況非常相似。因此，我們在自己的零售業務中看到了持續且非常穩定的需求模式。

And finally, CapEx per store is typically in the range of EUR[400, 000] to EUR800,000, and we expect the store to return that cash within 12 to 18 months. So we are applying our very disciplined approach while expanding DTC further and accelerating it. Again, as the fleet growth in matures, the averages will become more meaningful and useful and forecasting. But for now, there is too much variation to make it a very useful tool for you.

最後，每家門市的資本支出通常在 40 萬歐元到 80 萬歐元之間，我們預計該門市將在 12 到 18 個月內收回這筆現金。因此，我們正在運用我們非常嚴謹的方法，進一步拓展並加速 DTC 業務。再次強調，隨著船隊發展的成熟，平均值將變得更有意義、更有用，也更有利於預測。但就目前而言，它的變異性太大，對你來說還不是一個非常有用的工具。

Thank you very much for the detailed response. Much appreciated.

非常感謝您的詳細回覆。非常感謝。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Yeah, thanks for taking my question. Full-price brand representation is really standing out here across the footwear environment. So as we look through fiscal '26, can you share some embedded demand elasticity metrics in the revenue outlook and then talk about the factors supporting your confidence that higher prices will continue to resonate as they have in the past?

謝謝你回答我的問題。在鞋類市場，全價品牌產品在這裡非常突出。展望 2026 財年，您能否分享一些營收展望中蘊含的需求彈性指標，然後談談您認為高價將繼續像過去一樣產生影響的因素？

Thank you for your question, Peter. It's Oliver. As you know, we're in the middle of '26. So first quarter is over in the second quarter. the pricings are already set and transmitted.

謝謝你的提問，彼得。是奧利佛。如你所知，我們現在正處於 2026 年中期。所以第一季就結束了，第二季開始了。價格已經確定下達。

So there's no surprise. As I said, we have a very strong order book I think the ultimate or the strongest proof point is the 90% plus full price selling across all our channels.

所以這並不令人意外。正如我所說，我們的訂單量非常強勁，我認為最終或最有力的證明是，我們所有通路的全價銷售率都超過了 90%。

And again, we take a very mindful approach to pricing, covering the full range of products and a wide range of our assortment and the newness that we create even within certain silhouettes allows us to make precise adjustments on an item-by-item basis. And this is like -- it is not just a single thing on a very well-performing product. It's a broad and very hard to say democratic based, but it is a way moving forward in terms of pricing.

我們再次強調，我們在定價方面採取非常謹慎的態度，涵蓋了所有產品系列和廣泛的商品種類，而且我們即使在某些款式中也創造出新穎的設計，這使我們能夠逐件進行精確的調整。而且這不僅僅是一個性能優異的產品上的單一問題。它是一種廣泛且很難說是基於民主的定價方式，但它是定價方面向前發展的一種方式。

And over the years, I mean, we nearly constantly increase our pricing year-over-year season by season, but always mindful and always in a very close connection with the outside realities. So prices are targeted by product group, price levels in general and by region. So in some areas, in a global pricing architecture, you have adjustments that are regional driven or channel-driven in other parts of the world, they might be a bit different. But in global, it is in a pricing architecture embedded, and that's the most important thing to prevent gray market and all this ugliness.

多年來，我的意思是，我們幾乎每年每個季度都在不斷提高價格，但始終保持謹慎，並始終與外部現實保持密切聯繫。因此，定價是按產品組、整體價格水準和地區劃分的。因此，在全球定價架構中，某些地區的定價調整是由區域或通路驅動的，而在世界其他地區，定價調整可能會有所不同。但在全球範圍內，它被嵌入到定價架構中，而這才是防止灰色市場和所有這些醜陋現象的最重要因素。

So in total, as I said before, we are seeing customers moving up in terms of price points to more elevated styles and not downwards. So this goes fully aligned with our procedure to move on. And as you know, roughly, it's always like a mid-single-digit price increase we're taking and that's a very good measurement to move on at least for us.

所以總的來說，正如我之前所說，我們看到顧客的價格水平正在上升，購買更高端的款式，而不是下降。所以這完全符合我們接下來的流程。如您所知，我們通常都會進行個位數的中等價格漲幅，這至少對我們來說是一個很好的衡量標準。

Thank you very much.

非常感謝。

Ed Aubin with Morgan Stanley.

摩根士丹利的艾德‧奧賓。

Yes, thank you for taking my question. So Oliver, at the CMD, you indicated, right, that you expect to grow volume about 10% per annum over the next three years, which obviously is close to doubling on an acceleration versus pre-IPO. Sorry to come back on the wholesale and so on, and I know you've provided over the qualitative comments, but can you share with us, we don't need the exact figure, but a rough indication of the number of doors and the number of accounts in the US and Europe kind of since IPO, how it has trended?

是的，謝謝您回答我的問題。所以 Oliver，你在 CMD 會議上表示，你預計未來三年銷量將以每年約 10% 的速度增長，這顯然比 IPO 前加速增長了近一倍。很抱歉再次提及批發等問題，我知道您已經提供了大量的定性評論，但您能否與我們分享一下，我們不需要確切的數字，只需要大致了解一下自 IPO 以來，美國和歐洲的門店數量和帳戶數量的變化趨勢？

And then related to that, if you could give us a rough breakdown or at least some indication of your distribution, maybe just in the US by channel between, let's say, department store, mass merchant, family channels, whatever, that would be helpful to understand your wholesale strategy.

另外，如果您能大致介紹一下您的分銷渠道，或者至少提供一些信息，比如在美國按渠道劃分，例如百貨公司、大型零售商、家庭渠道等等，那將有助於我們了解您的批發策略。

Thank you so much.

太感謝了。

Hi, Eduard, it's, Ivica speaking. The first part, me covering the first -- the second part of your question first. With regards to US and channel specifically. So what we see, and this is a trend that we have observed now for more than a year. And also that has accelerated with back-to-school that the demand is going to in physical in-person shopping, and this naturally favors our B2B channel.

你好，愛德華，我是伊維卡。第一部分，我先回答你問題的第二部分。就美國和頻道而言。所以我們看到，而且這種趨勢我們已經觀察了一年多了。隨著開學季的到來，實體店購物的需求也隨之成長，這自然有利於我們的 B2B 通路。

We have 15 stores in US, so very small footprint to cover that in personal demand. And we see strong sell-throughs in US with our top 10 strategic partners.

我們在美國有 15 家門市，所以規模很小，不足以滿足個人需求。我們看到，在美國，我們與前十大策略合作夥伴的銷售表現強勁。

So the sell-throughs are above 30%, and this growth is broad-based. So it includes department stores. It includes sports specialty, and this is the largest driver of the growth that we see here in the US and specifically the B2B channel.

因此，售出率超過 30%，而且這種成長是普遍的。所以它也包括百貨公司。它包括體育用品專賣店，這是我們在美國，特別是B2B頻道中看到的最大成長驅動力。

And just a follow-up real quick on the question. So during the Capital Markets Day, we did talk about the number of B2B doors in both EMEA and Americas. Americas is about 10,000 currently. And EMEA is about 9,000, that's total. So I think we also cited within the US

關於這個問題，我再補充一點。所以在資本市場日期間，我們確實討論了歐洲、中東和非洲地區以及美洲的 B2B 門市數量。美洲目前約有 1 萬人。歐洲、中東和非洲地區總共約有 9,000 人。所以我覺得我們也引用了美國國內的例子。

about 600 doors of potential and in EMEA, around 1,400 that we've identified as being potential new doors. Again, those are going to be highly targeted to some of our expansionary categories like youth and sports specialty.

大約有 600 扇潛在的大門，而在歐洲、中東和非洲地區，我們已經確定了大約 1400 扇潛在的新大門。同樣，這些產品將高度針對我們的一些擴張類別，例如青少年和體育專賣店。

Got it. But how this number of doors today compare to the numbers of doors at the time of the IPO, sorry?

知道了。但是，如今的門市數量與IPO時的門市數量相比如何呢？

We said that it's been about 90% to 95% of the growth has come from existing doors. So it's been low single-digit door growth overall since the IPO.

我們說，大約 90% 到 95% 的成長都來自現有的門市。因此，自 IPO 以來，整體門市數量成長率一直保持在個位數低點。

Okay thank you.

好的，謝謝。

Lorraine Hutchinson with Bank of America.

Lorraine Hutchinson，美國銀行。

Thank you. Good morning. I'm just following up on that point. As your customer base shifts more toward the newly acquired Gen Z customers. Is there any deeper pruning you need to do, adding and subtracting to make sure your B2B partner portfolio can successfully target this cohort?

謝謝。早安.我只是就這一點進行補充說明。隨著您的客戶群逐漸轉向新近獲得的 Z 世代客戶群。是否需要進行更深層的篩選，例如增加或減少合作夥伴，以確保您的 B2B 合作夥伴組合能夠成功鎖定這一群體？

This is Oliver. Thank you for your question, Lorraine. I don't know if I really understood your question right. the thing at the moment at sentient is that they are burning for the Boston silhouette, which is a silhouette that is 50 years old this year. So we don't really have a specific product units for this target group.

這是奧利佛。謝謝你的提問，洛琳。我不太確定我是否完全理解了你的問題。目前 Sentient 正在全力以赴地製作波士頓剪影，這個剪影今年正好有 50 年的歷史了。因此，我們並沒有針對這個目標群體推出特定的產品系列。

I think they are attracted by the heritage, the purpose of the brand and this unique easy on and easy off, that's the biggest argument for them. And for some of these Gen Z customers, this is the first pair of Fosen, they ever tried and as we know, we will build a long-term relationship with these customers, and they come back in average, they end up having 4, 7, 11 pairs.

我認為他們被品牌的歷史傳承、品牌宗旨以及這種獨特的易穿易脫的特性所吸引，這對他們來說是最大的吸引力。對於一些 Z 世代顧客來說，這是他們第一次嘗試 Fosen 鞋，而且我們知道，我們會與這些顧客建立長期的關係，他們平均會回頭購買 4 雙、7 雙、11 雙 Fosen 鞋。

So this is just the beginning of the journey and the touch point with the brand for these people, and we try to continue to be in contact with them and make them other varying occasions or usage occasions for the food bet.

所以這只是這段旅程的開始，也是這些人與品牌接觸的起點，我們會努力繼續與他們保持聯繫，並為他們創造其他不同的場合或使用場合來體驗我們的食品產品。

And just quickly follow up on that. David, unfortunately, we did not have all the regional leaders here today to take Q&A, but I can answer real quickly on behalf of David. Our view is from a Gen Z standpoint and the use standpoint, we are in a lot of the right doors. We are in some of the used specialties, sporting goods stores, where a lot of these shop.

然後迅速跟進。大衛，很遺憾，今天我們沒有邀請所有地區領導人來回答問題，但我可以代表大衛快速回答。從 Z 世代的角度來看，從使用角度來看，我們已經打開了許多正確的大門。我們在一些二手專賣店和運動用品店裡，很多這類顧客都會去那裡購物。

Our goal is obviously to harvest more of them online. We think we're in the right doors from a B2B standpoint. And we're seeing the breadth and depth of our offering within those stores, expanding as the demand from Gen Z grows.

我們的目標很顯然是在網路上收集更多這類資訊。從B2B的角度來看，我們認為我們找對了方向。我們看到，隨著 Z 世代需求的成長，我們在這些門市中提供的產品種類和深度也不斷擴大。

We're going to wrap it up there. I know we only allocated 45 minutes to today's call. We'll be back to the full length next quarter, but we are on a tight schedule today. So thank you all for joining us.

我們就到此為止吧。我知道我們今天只安排了45分鐘的通話時間。下個季度我們將恢復正常時長，但今天我們的時間安排很緊湊。感謝各位的參與。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。