Columbia Sportswear Co (COLM) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Columbia Sportswear First Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Andrew Burns. You may begin.

問候。歡迎參加 Columbia Sportswear 2023 年第一季度財務業績電話會議。 （操作員說明）請注意，正在錄製此會議。我現在將會議轉交給主持人安德魯·伯恩斯 (Andrew Burns)。你可以開始了。

Good afternoon, and thanks for joining us to discuss Columbia Sportswear Company's first quarter results. In addition to the earnings release, we furnished an 8-K containing a detailed CFO commentary and financial review presentation explaining our results. This document is also available on our Investor Relations website, investor.columbia.com.

下午好，感謝您加入我們討論 Columbia Sportswear Company 第一季度的業績。除了收益發布外，我們還提供了一份 8-K，其中包含詳細的 CFO 評論和解釋我們結果的財務審查報告。本文件也可在我們的投資者關係網站 investor.columbia.com 上找到。

With me today on the call are Chairman, President and Chief Executive Officer, Tim Boyle; Executive Vice President and Chief Financial Officer, Jim Swanson; and Executive Vice President, Chief Administrative Officer and General Counsel, Peter Bragdon.

今天與我通話的有董事長、總裁兼首席執行官蒂姆·博伊爾 (Tim Boyle)；執行副總裁兼首席財務官 Jim Swanson；執行副總裁、首席行政官兼總法律顧問 Peter Bragdon。

This conference call will contain forward-looking statements regarding Columbia's expectations, anticipations or beliefs about the future. These statements are expressed in good faith and are believed to have a reasonable basis. However, each forward-looking statement is subject to many risks and uncertainties, and actual results may differ materially from what is projected. Many of these risks and uncertainties are described in Columbia's SEC filings. We caution the forward-looking statements are inherently less reliable than historical information. We don't undertake any duty to update any of the forward-looking statements after the date of this conference call to conform the forward-looking statements to actual results or changes in our expectations.

本次電話會議將包含有關哥倫比亞大學對未來的期望、預期或信念的前瞻性陳述。這些陳述是真誠表達的，並被認為具有合理的基礎。然而，每份前瞻性陳述都受到許多風險和不確定性的影響，實際結果可能與預測結果存在重大差異。哥倫比亞向美國證券交易委員會提交的文件中描述了其中許多風險和不確定性。我們警告說，前瞻性陳述本質上不如歷史信息可靠。我們不承擔在本次電話會議日期後更新任何前瞻性陳述以使前瞻性陳述與實際結果或我們預期的變化相符的義務。

I'd also like to point out that during the call, we may reference certain non-GAAP financial measures, including constant currency net sales. For further information about non-GAAP financial measures and results, including a reconciliation of GAAP to non-GAAP measures and an explanation of management's rationale for referencing these non-GAAP measures, please refer to the supplemental financial information section and the financial tables included in our earnings release and the appendix of our CFO commentary and financial review.

我還想指出，在電話會議期間，我們可能會參考某些非 GAAP 財務指標，包括不變貨幣淨銷售額。有關非 GAAP 財務措施和結果的更多信息，包括 GAAP 與非 GAAP 措施的調節以及管理層參考這些非 GAAP 措施的理由的解釋，請參閱補充財務信息部分和包含在我們的收益發布以及我們的首席財務官評論和財務審查的附錄。

Following our prepared remarks, we will host a Q&A period during which we will limit each caller to 2 questions, so we can get to everyone by the end of the hour. Now I'll turn the call over to Tim.

在我們準備好的評論之後，我們將舉辦問答環節，在此期間我們將限制每個來電者最多 2 個問題，以便我們可以在一小時結束前與所有人聯繫。現在我會把電話轉給蒂姆。

Thanks, Andrew, and good afternoon, everyone. First quarter results highlight the importance and value of our diversified global business model and strong balance sheet. Overall, we were able to generate healthy net sales growth, up 8% year-over-year and up 10% in constant currency. I'm pleased to report that earlier receipt of spring '23 inventories drove improved wholesale on-time delivery rates and a return to pre-pandemic service levels. For the last 3 years, supply chain constraints have impacted our ability to drive sales growth. As we look to maximize sales in this uncertain economic environment, it's great to have those product lead time delays behind us.

謝謝，安德魯，大家下午好。第一季度業績凸顯了我們多元化的全球業務模式和強大的資產負債表的重要性和價值。總體而言，我們能夠實現健康的淨銷售額增長，同比增長 8%，按固定匯率計算增長 10%。我很高興地報告，較早收到 23 年春季庫存推動了批發準時交貨率的提高，並恢復到大流行前的服務水平。在過去 3 年中，供應鏈限制影響了我們推動銷售增長的能力。當我們希望在這種不確定的經濟環境中實現銷售最大化時，很高興將這些產品交貨時間延遲拋在腦後。

Looking at first quarter results. Consumer demand in many areas of our business remained strong. International markets were resilient, growing 17% on a reported basis and 25% on constant currency basis. In the U.S., outlet stores generated healthy growth as consumers seek out value and promotions in the marketplace. Apparel category performance was also a bright spot as sales trends benefited from better availability of Spring '23 product.

看看第一季度的結果。我們業務的許多領域的消費者需求依然強勁。國際市場具有彈性，按報告基礎增長 17%，按固定匯率計算增長 25%。在美國，隨著消費者在市場上尋找價值和促銷活動，直銷店實現了健康增長。服裝類別的表現也是一個亮點，因為銷售趨勢受益於 Spring '23 產品的更好可用性。

In other areas of the business, consumer demand signals were more challenging. Columbia.com had a softer start to the quarter, but performance improved in February and March as we increased promotional levels to spur demand. In the U.S., footwear market headwinds impacted both Columbia and SOREL performance, pockets of elevated footwear channel inventory, unfavorable weather for spring product and overall retail cautiousness presented headwinds.

在業務的其他領域，消費者需求信號更具挑戰性。 Columbia.com 本季度開局較為疲軟，但隨著我們提高促銷水平以刺激需求，2 月和 3 月的業績有所改善。在美國，鞋類市場的不利因素影響了 Columbia 和 SOREL 的業績，鞋類渠道庫存增加、春季產品不利的天氣以及整體零售業的謹慎態度都帶來了不利因素。

Additionally, key categories such as hike and trail have softened following growth over the last several years. We remain confident in our footwear strategy and our ability to unlock our long-term growth potential in this category. As I mentioned on the last call, reducing our inventory and aligning it with demand is a top priority. Inventory exiting the quarter was up 34% year-over-year, driven by elevated carryover inventory, earlier receipt of current season inventory and, to a lesser extent, increased older season inventory. We anticipate incurring higher SG&A expenses tied to our elevated inventory levels. These expenses will persist until inventories normalize towards the end of the year.

此外，隨著過去幾年的增長，遠足和步道等關鍵類別已經走軟。我們對我們的鞋類戰略以及釋放我們在該類別的長期增長潛力的能力充滿信心。正如我在上次電話會議中提到的，減少我們的庫存並使其與需求保持一致是重中之重。本季度結束的庫存同比增長 34%，這是由於結轉庫存增加、較早收到當季庫存以及較早季節庫存增加的推動。我們預計會產生與庫存水平升高相關的更高的 SG&A 費用。這些費用將持續到年底庫存恢復正常為止。

We're executing our plan to manage down inventory levels while focusing on profitability. We have a clear path to reducing year-end inventory by over $200 million compared to last year.

我們正在執行我們的計劃，在關注盈利能力的同時降低庫存水平。與去年相比，我們有一條明確的途徑可以將年終庫存減少超過 2 億美元。

For the full year, we are reiterating the net sales and gross margin outlook we provided in February. While there are puts and takes across our diverse business, our forecast for overall demand and promotional activity have not meaningfully changed. We are lowering the high end of our EPS range to account for higher SG&A expenses, which I'll discuss in more detail later in the call.

對於全年，我們重申了我們在 2 月份提供的淨銷售額和毛利率展望。雖然我們多元化的業務中存在看跌期權，但我們對總體需求和促銷活動的預測並沒有顯著改變。我們正在降低 EPS 範圍的高端，以解決更高的 SG&A 費用，我將在電話會議的稍後部分對此進行更詳細的討論。

In times when there are high levels of economic uncertainty, our strong financial position is a strategic advantage. We exited the first quarter with over $460 million in cash and short-term investments as well as no bank borrowings. I believe our diversified business model, financial strength and operating discipline will enable us to navigate near-term challenges and emerge in a stronger position.

在經濟高度不確定的時期，我們強大的財務狀況是一種戰略優勢。我們在第一季度結束時擁有超過 4.6 億美元的現金和短期投資，並且沒有銀行借款。我相信我們多元化的商業模式、財務實力和經營紀律將使我們能夠應對近期挑戰並處於更有利的地位。

I'll now review our first quarter 2023 financial performance. Net sales of $821 million were up 8% year-over-year and up 10% on constant currency basis. Gross margin contracted 100 basis points and was roughly in line with our outlook. As expected, the biggest driver of contraction was higher promotional activity in the marketplace as we lapped an exceptionally low promotional environment in the prior year. This was partially offset by lower inbound freight costs. SG&A expenses increased 16% and were 42.3% of net sales compared to 39.3% in the prior year. SG&A expense growth primarily reflected elevated supply chain costs, higher DTC expenses to support growth and investments to support our strategies. During the quarter, we incurred higher-than-expected warehousing and fulfillment expenses, largely resulted from elevated inventory levels. Diluted earnings per share decreased 28% to $0.74.

我現在將回顧我們 2023 年第一季度的財務業績。淨銷售額為 8.21 億美元，同比增長 8%，按固定匯率計算增長 10%。毛利率收縮 100 個基點，大致符合我們的預期。正如預期的那樣，收縮的最大驅動力是市場上更高的促銷活動，因為我們在前一年度過了異常低迷的促銷環境。這部分被較低的入境貨運成本所抵消。 SG&A 費用增長了 16%，占淨銷售額的 42.3%，而上一年為 39.3%。 SG&A 費用增長主要反映了供應鏈成本上升、支持增長的更高 DTC 費用以及支持我們戰略的投資。本季度，我們發生了高於預期的倉儲和履行費用，這主要是由於庫存水平上升所致。每股攤薄收益下降 28% 至 0.74 美元。

I'll now review first quarter year-over-year net sales growth by region and brand. For this review, I'll reference constant currency net sales growth to illustrate underlying growth in each market. All regions outside of the U.S. were unfavorably impacted by foreign exchange rates. U.S. net sales increased 3%. U.S. wholesale increased mid-single-digit percent and benefited from earlier shipment of spring '23 orders relative to last year. The Columbia brand's spring selling season performance has been encouraging with apparel sell-through trending above last year.

我現在將按地區和品牌回顧第一季度的同比淨銷售額增長。在這篇評論中，我將參考不變的貨幣淨銷售額增長來說明每個市場的潛在增長。美國以外的所有地區都受到匯率的不利影響。美國淨銷售額增長 3%。美國批發量增長了中等個位數百分比，並受益於與去年相比提前發貨的 23 年春季訂單。 Columbia 品牌的春季銷售季表現令人鼓舞，服裝銷售量高於去年。

U.S. DTC net sales increased low single-digit percent. Brick-and-mortar was up high single digits percent with healthy outlet store performance, driven by strong traffic trends as well as contributions from new stores opened last year. U.S. e-commerce net sales were down high single-digit percent, primarily due to a slow start of the quarter for columbia.com.

美國 DTC 淨銷售額增長了低個位數百分比。在強勁的客流量趨勢以及去年新開店的貢獻的推動下，實體店實現了高個位數百分比增長，直銷店業績良好。美國電子商務淨銷售額下降了個位數百分比，這主要是由於 columbia.com 本季度開局緩慢。

Turning to our international business. Latin America, Asia Pacific region, or LAAP, net sales increased 22%. China net sales increased mid-20%. Over the last several years, we laid the groundwork to enhance store productivity and reaccelerate growth in China. We invested in talent, localized product and go-to-market activities to strengthen our capabilities in this important market. I believe we are starting to see the benefits of our efforts. The easing of COVID-19 restrictions resulted in a surge of consumer demand, which was sustained throughout the quarter. For spring '23, we successfully launched a new China-specific product collection designed for Chinese consumers.

轉向我們的國際業務。拉丁美洲、亞太地區或 LAAP 的淨銷售額增長了 22%。中國淨銷售額增長了 20% 左右。在過去的幾年裡，我們為提高門店生產力和重新加速在中國的增長奠定了基礎。我們投資於人才、本地化產品和上市活動，以加強我們在這個重要市場的能力。我相信我們開始看到我們努力的好處。 COVID-19 限制的放寬導致消費者需求激增，並在整個季度持續。在 23 年春季，我們成功推出了專為中國消費者設計的全新中國特色產品系列。

The new collection named Transit is attracting new, younger consumers to the brand. Initial sell-through performance has been exceptional. We're encouraged by the first quarter performance and anticipate China to be one of our fastest-growing markets in 2023.

名為 Transit 的新系列正在吸引新的、更年輕的消費者加入該品牌。最初的銷售表現非常出色。我們對第一季度的業績感到鼓舞，並預計中國將成為 2023 年增長最快的市場之一。

Japan net sales increased high-teens percent. Net sales growth was driven by improved demand as we lapped prior year COVID-19 impacts. Net sales growth was also aided by earlier shipment of spring '23 orders. Following 2 years of pandemic restrictions, we are encouraged to see DTC traffic recovering and international tourism starting to return to Japan.

日本的淨銷售額增長了十幾%。淨銷售額增長是由需求改善推動的，因為我們超越了去年 COVID-19 的影響。較早發貨的 23 年春季訂單也推動了淨銷售額的增長。經過 2 年的大流行限制，我們很高興看到 DTC 交通恢復，國際旅遊業開始返回日本。

Korea net sales declined high-teens percent. Our new leadership team in Korea is in a multiyear process of rebuilding the business to further elevate the brand and drive productivity across all channels. We're in the early phases of this effort. We know that there's a significant market share opportunity for Columbia in the future, and despite a slow start of the year, we still see a path to full year growth in Korea.

韓國淨銷售額下降了百分之十幾。我們在韓國的新領導團隊正在進行多年的業務重建，以進一步提升品牌並提高所有渠道的生產力。我們正處於這項工作的早期階段。我們知道 Columbia 未來有很大的市場份額機會，儘管今年開局緩慢，但我們仍然看到了在韓國實現全年增長的道路。

Across our Asian direct markets, Columbia is connecting with consumers in an authentic way through the buildup of hike communities, including a hike society in China and Korea and a hiking school in Japan. These grassroots clubs celebrate the outdoors through hiking events and experiences. As we share our passions for the outdoors, we're building deeper connections with consumers and inspiring the next generation of outdoor enthusiasts.

在我們的亞洲直接市場中，Columbia 通過建立遠足社區（包括在中國和韓國的遠足協會以及在日本的遠足學校）以真實的方式與消費者建立聯繫。這些草根俱樂部通過遠足活動和體驗來慶祝戶外活動。當我們分享對戶外活動的熱情時，我們正在與消費者建立更深層次的聯繫，並激勵下一代戶外運動愛好者。

LAAP distributor markets were up over 100%. This growth reflects the strength of the Columbia brand and our distributor partnerships in these markets as well as favorable timing of shipments. Europe, Middle East, Africa region, or EMEA, net sales increased 20%. Europe direct net sales grew high 20%, benefiting from strong demand across all channels and earlier shipment of spring '23 product. Despite relatively warm and dry weather in the quarter, Columbia brand strength and better product availability fueled healthy sell-through.

LAAP 分銷商市場增長超過 100%。這種增長反映了 Columbia 品牌的實力和我們在這些市場的分銷商合作夥伴關係以及有利的發貨時間。歐洲、中東、非洲地區或 EMEA 的淨銷售額增長了 20%。歐洲直接淨銷售額增長了 20%，這得益於所有渠道的強勁需求以及 23 年春季產品的提前發貨。儘管本季度天氣相對溫暖乾燥，但 Columbia 的品牌實力和更好的產品可用性推動了健康的銷售。

Columbia was recently announced as the first exclusive partner of Megamarsch, a series of hiking events that take place across Europe. The series had over 35,000 participants in 2022 and is scheduled to host '23 events this year. We expect this partnership with one of the largest hiking communities in Europe to help drive continued momentum in the important hike category.

哥倫比亞最近宣布成為 Megamarsch 的第一個獨家合作夥伴，Megamarsch 是在歐洲舉行的一系列遠足活動。該系列賽在 2022 年有超過 35,000 名參與者，併計劃在今年舉辦 '23 場比賽。我們希望與歐洲最大的遠足社區之一的這種合作關係有助於推動重要遠足類別的持續發展。

Our EMEA distributor business was down low teens percent. The decline in sales reflects the lack of sales to Russia partially offset by growth in other EMEA distributor markets. Canada net sales were up 43%, driven by strong demand across all channels and earlier shipment of spring '23 product. In Canada, we're continuing to grow our dedicated in-store footprint with strategic retail accounts. This includes a number of enhanced in-store displays and shop-in-shops set to open in 2023. These efforts strengthen our retail partnerships and further highlight our unique product offering across both footwear and apparel.

我們的 EMEA 分銷商業務下降了十幾%。銷售額下降反映出對俄羅斯的銷售額不足，部分被其他 EMEA 分銷商市場的增長所抵消。加拿大的淨銷售額增長了 43%，這得益於所有渠道的強勁需求以及 23 年春季產品的提前發貨。在加拿大，我們將繼續通過戰略零售客戶擴大我們專門的店內足跡。這包括一些將於 2023 年開業的增強店內展示和店中店。這些努力加強了我們的零售合作夥伴關係，並進一步突出了我們在鞋類和服裝方面的獨特產品供應。

Looking at performance by brand. Columbia brand net sales increased 12% during the quarter. Growth was led by apparel, partially offset by softness in footwear. We remain focused on unlocking the long-term growth in the footwear category and continue to make strategic investments in the business. In the first quarter, we launched our Be the Goat footwear campaign featuring the new Facet 75 Hiking Shoe. This is our latest addition to the Facet collection and is designed to provide hikers exceptional traction on difficult terrain. The integrated global campaign spans social media, e-commerce, print and in-store displays. The Facet 75 was featured in several outdoor publications, including articles from Gear Patrol and Gear Junkie on the best new gear for '23.

按品牌查看性能。 Columbia 品牌本季度的淨銷售額增長了 12%。服裝引領增長，部分被鞋類的疲軟所抵消。我們仍然專注於釋放鞋類的長期增長，並繼續對該業務進行戰略投資。在第一季度，我們推出了以新款 Facet 75 登山鞋為特色的 Be the Goat 鞋類活動。這是我們 Facet 系列的最新成員，旨在為徒步旅行者在困難地形上提供卓越的牽引力。整合的全球活動涵蓋社交媒體、電子商務、印刷品和店內展示。 Facet 75 出現在多個戶外出版物中，包括 Gear Patrol 和 Gear Junkie 關於 23 年最佳新裝備的文章。

Charles Melton from the television series Riverdale, led a group of influencers who will be seen wearing it on social media in the next few months. With the Peak free campaign last fall and now the Facet 75 this spring, we're establishing a cadence of high-impact footwear launches.

來自電視連續劇 Riverdale 的 Charles Melton 領導了一群有影響力的人，他們將在未來幾個月內在社交媒體上看到他們穿著它。通過去年秋天的 Peak 免費活動和今年春天的 Facet 75，我們正在建立高影響力鞋類發布的節奏。

Shifting to PFG. We launched our Protect What You Love campaign. This marketing investment in our iconic PFG product line is designed to deepen its authentic position in fishing. Protect What You Love is about conservation as well as protecting your skin with our sun protection technologies. PFG also partnered with Captains for Clean Water to raise awareness about the challenges that the Florida Everglades and fisheries are confronting. The campaign features our distinctive product innovation and highlights Columbia's passion for the pursuit of fishing. The cast of characters in our campaign ranges from Wesley Lock, one of our fishing athletes, to the Dude Perfect Team who partners with Bubba Wallace to have a fishing competition in Miami. Bubba Wallace also nearly won in a PFG wrap car at the Taladega Speedway last weekend.

轉移到 PFG。我們發起了保護您所愛的活動。對我們標誌性的 PFG 產品線的這種營銷投資旨在加深其在漁業中的真實地位。 Protect What You Love 是關於保護以及使用我們的防曬技術保護您的皮膚。 PFG 還與 Captains for Clean Water 合作，以提高人們對佛羅里達大沼澤地和漁業所面臨挑戰的認識。該活動以我們獨特的產品創新為特色，突出了 Columbia 對捕魚事業的熱情。我們活動中的角色陣容包括我們的一名釣魚運動員 Wesley Lock，以及與 Bubba Wallace 合作在邁阿密舉辦釣魚比賽的 Dude Perfect Team。上週末，巴巴華萊士在塔拉迪加賽道駕駛 PFG 賽車也險些獲勝。

In another feature story, New York Mets first baseman Pete Alonzo, speaks about growing up fishing and the importance of great gear in baseball and fishing and what the sport means to him. PFG products have recently been featured in several fishing and boating enthusiast publications, including Marlin Magazine, Boating magazine and Fish Alaska. These articles highlight styles such as the Skiff guide jacket and the Super terminal vintage hoodie.

在另一篇專題報導中，紐約大都會隊一壘手皮特·阿隆佐談到了釣魚的成長經歷、出色裝備在棒球和釣魚中的重要性，以及這項運動對他的意義。 PFG 產品最近出現在幾家釣魚和划船愛好者的出版物中，包括 Marlin 雜誌、划船雜誌和 Fish Alaska。這些文章重點介紹了 Skiff 嚮導夾克和 Super terminal 復古連帽衫等款式。

We also invested heavily in digital media, highlighting both our apparel and footwear. Through our marketing, PR and grassroots community engagements, we're creating deep consumer connections and building affinity for the Columbia PFG brand. In our latest collaboration with New York-based boutique Kith, we harness the power of PFG with an assortment of fishing apparel, footwear and accessories that blend functionality with style. Several top styles sold out almost immediately attesting to our ability to build brand and product heat with the younger audience.

我們還大力投資數字媒體，重點宣傳我們的服裝和鞋類。通過我們的營銷、公關和基層社區參與，我們正在建立深厚的消費者聯繫並為 Columbia PFG 品牌建立親和力。在我們與總部位於紐約的精品店 Kith 的最新合作中，我們利用 PFG 的力量打造了一系列將功能與風格融為一體的釣魚服裝、鞋類和配飾。幾款頂級款式幾乎立即售罄，證明我們有能力在年輕觀眾中建立品牌和產品熱度。

On the innovation front, we launched Omni-Shade Broad Spectrum. This product utilizes engineered combinations of fiber, yarn and fabric structures to block a wider range of harmful UVA and UVB rays. Columbia is the first brand to label clothing as having broad-spectrum protection.

在創新方面，我們推出了 Omni-Shade Broad Spectrum。該產品利用纖維、紗線和織物結構的工程組合來阻擋更廣泛的有害 UVA 和 UVB 射線。 Columbia 是第一個將服裝標記為具有廣譜保護的品牌。

Overall, the Columbia brand has had an encouraging start to the year. The Columbia brand's exceptional value proposition and innovative product offering are well positioned to meet the needs of consumers in this economic environment.

總體而言，Columbia 品牌今年的開局令人鼓舞。 Columbia 品牌卓越的價值主張和創新的產品供應能夠很好地滿足當前經濟環境下消費者的需求。

Finally, I would like to welcome David Theiss as Columbia Brands new Senior Vice President of North America DTC. David has an accomplished background in retail and merchandising, and we look forward to utilizing his expertise to help the Columbia brand expand and evolve our DTC operations.

最後，我要歡迎 David Theiss 擔任 Columbia Brands 新任北美 DTC 高級副總裁。 David 在零售和銷售方面擁有豐富的背景，我們期待利用他的專業知識幫助 Columbia 品牌擴展和發展我們的 DTC 業務。

Shifting to our emerging brands. SOREL brand net sales decreased 3%. Net sales were down primarily due to the tough footwear environment. The first quarter is a small transitional quarter for SOREL, consisting of late winter and early spring product sales. The late receipt of fall '22 product resulted in some fall product missing the peak selling window. To clear through this late-arriving fall inventory, the brand increased promotional activity on sorel.com during the quarter. Additionally, unfavorable cool and wet weather contributed to a late start in the spring selling season. I'd note that spring season sell-through has improved in recent weeks with the arrival of warmer spring weather. The sandal category has led this resurgence fueled by new sports styles like the Connecticut Impact election.

轉向我們的新興品牌。 SOREL 品牌淨銷售額下降 3%。淨銷售額下降主要是由於艱難的鞋業環境。第一季度是 SOREL 的一個小的過渡季度，包括晚冬和早春的產品銷售。 22 年秋季產品的延遲收貨導致一些秋季產品錯過了銷售高峰期。為了清理這些遲到的秋季庫存，該品牌在本季度增加了 sorel.com 上的促銷活動。此外，不利的涼爽和潮濕天氣導致春季銷售旺季開始較晚。我注意到隨著春季天氣轉暖，最近幾周春季銷量有所改善。在康涅狄格影響力選舉等新運動風格的推動下，涼鞋類別引領了這種複興。

Near-term sales trends are below our long-term growth ambitions for SOREL. We remain confident in the brand and it's potential to become the next global footwear force.

近期銷售趨勢低於我們對 SOREL 的長期增長目標。我們對這個品牌充滿信心，相信它有潛力成為下一個全球鞋類力量。

Mountain Hardwear net sales increased 18%, driven in large part by earlier shipment of spring '23 orders. Following Mountain Hardwear's product-driven resurgence, the team is now working to bring the brand's identity to life. This includes enhancing Mountain Hardwear's digital presence and launching a more robust organic social media strategy.

Mountain Hardwear 的淨銷售額增長了 18%，這在很大程度上是受 23 年春季訂單提前發貨的推動。繼 Mountain Hardwear 以產品為導向的複興之後，該團隊現在正在努力使品牌形象栩栩如生。這包括增強 Mountain Hardwear 的數字影響力和推出更強大的有機社交媒體戰略。

prAna net sales decreased 1% in the quarter. The sales decline was driven by the wholesale business, partially offset by DTC growth. To celebrate prAna's 30th anniversary, the design team pulled some of the brand's original styles from the archive and refreshed them to create a new prAna Originals collection. The product has performed well, and yielded strong social engagement.

prAna 本季度的淨銷售額下降了 1%。銷售額下降是由批發業務推動的，部分被 DTC 增長所抵消。為慶祝 prAna 成立 30 週年，設計團隊從檔案庫中提取了品牌的部分原創款式，並對其進行了更新，打造出全新的 prAna Originals 系列。該產品表現良好，並產生了強大的社會參與度。

The climb, the HBO Max reality series sponsored by prAna, concluded in late January. This marketing investment peaked awareness with current and new customers. We will continue to partner with legendary climbers, Chris Sharma and Megan Martin to reinforce prAna's connection to climb. Senior Vice President of Emerging Brands, Craig Zanin, has taken over as Interim President of the prAna brand. We're conducting a search for a new leader. The prAna team is focused on repositioning the brand to energize growth.

這次攀登是由 prAna 贊助的 HBO Max 真人秀系列節目，於 1 月下旬結束。這種營銷投資使現有客戶和新客戶的意識達到頂峰。我們將繼續與傳奇登山者 Chris Sharma 和 Megan Martin 合作，加強 prAna 與登山的聯繫。新興品牌高級副總裁 Craig Zanin 已接任 prAna 品牌的臨時總裁。我們正在尋找新的領導者。 prAna 團隊專注於重新定位品牌以促進增長。

I'll now discuss our 2023 financial outlook. This outlook and commentary include forward-looking statements. Please see our CFO commentary and financial review presentations for additional details and disclosures related to those statements.

我現在將討論我們的 2023 年財務展望。本展望和評論包括前瞻性陳述。請參閱我們的首席財務官評論和財務審查演示文稿，了解與這些報表相關的更多詳細信息和披露。

We are reiterating our 3% to 6% net sales growth outlook. While there are various trends across our regions, channels and categories, our forecast for overall demand has not meaningfully changed. We are reiterating our gross margin outlook for expansion of 60 basis points to approximately 50%. Marketplace promotional activity continues to normalize in line with our expectations compared to exceptionally low promotions in the prior year. We expect SG&A expenses to grow faster than net sales growth. Our outlook for SG&A expense growth has increased since our last call, reflecting incremental warehousing and fulfillment costs associated with elevated inventory levels as well as transitional costs associated with third-party logistics.

我們重申 3% 至 6% 的淨銷售額增長前景。儘管我們的地區、渠道和品類存在各種趨勢，但我們對總體需求的預測並未發生重大變化。我們重申我們的毛利率前景擴大 60 個基點至約 50%。與去年極低的促銷活動相比，市場促銷活動繼續正常化，符合我們的預期。我們預計 SG&A 費用的增長速度將快於淨銷售額增長。自我們上次電話會議以來，我們對 SG&A 費用增長的預期有所增加，反映出與庫存水平升高相關的增量倉儲和履行成本，以及與第三方物流相關的過渡成本。

We have and continue to implement cost containment actions, but realizing savings from these actions will take time. We expect operating margin to be in the range of 11.6% to 11.8%. Operating margin performance will not be linear year-to-year, and we remain fully committed to improving operating margins over time. This operating performance leads to a diluted earnings per share range of $5.15 to $5.40. We anticipate strong operating cash flow of at least $600 million in 2023 as our inventory levels normalize.

我們已經並將繼續實施成本控制措施，但從這些措施中實現節省需要時間。我們預計營業利潤率將在 11.6% 至 11.8% 之間。營業利潤率的表現不會逐年呈線性變化，我們仍然完全致力於隨著時間的推移提高營業利潤率。這一經營業績導致每股攤薄收益為 5.15 美元至 5.40 美元。隨著我們的庫存水平恢復正常，我們預計到 2023 年將有至少 6 億美元的強勁運營現金流。

In summary, I'm confident we have the right strategies in place to unlock the significant growth opportunities we see across the business. We are investing in our strategic priorities to accelerate profitable growth, create iconic products that are differentiated, functional and innovative, drive brand engagement with increased focused demand creation investments, enhanced consumer experiences by investing in capabilities to delight and retain consumers, amplify marketplace excellence that is digitally led omnichannel and global, and empower talent that is driven by our core values.

總之，我相信我們有正確的戰略來釋放我們在整個業務中看到的重大增長機會。我們正在投資於我們的戰略重點，以加速盈利增長，創造具有差異化、功能性和創新性的標誌性產品，通過增加有針對性的需求創造投資來推動品牌參與，通過投資取悅和留住消費者的能力來增強消費者體驗，擴大市場卓越性，從而以數字化為主導的全渠道和全球化，並為受我們核心價值觀驅動的人才賦能。

That concludes my prepared remarks. We welcome your questions for the remainder of the hour. Operator, could you help us with that?

我準備好的發言到此結束。我們歡迎您在接下來的一小時內提出問題。接線員，你能幫我們嗎？

Absolutely. (Operator Instructions) The first question is from Bob Drbul with Guggenheim Securities.

絕對地。 （操作員說明）第一個問題來自古根海姆證券公司的 Bob Drbul。

Tim, I had 2 questions really. The first one is when you look at the outlook for the remainder of the year, have you seen any changes in your order book. I know you kept your top line the same, but when you look at the performance in North America or in Europe, have there been any material changes from what you had seen a quarter ago?

蒂姆，我真的有兩個問題。第一個是當你查看今年剩餘時間的前景時，你是否看到你的訂單有任何變化。我知道您的收入保持不變，但是當您查看北美或歐洲的表現時，與一個季度前相比是否有任何實質性變化？

And then the second question is can you elaborate a bit more in terms of what's happening in the footwear category. I think you talked about how you can trail and just how big -- what's the percentage of that in your business? and just what do you think it will take to get that business to either slow down in terms of some of the declines or actually improve maybe in the back half of the year?

然後第二個問題是你能詳細說明一下鞋類的情況嗎？我想你談到了你可以如何跟踪以及有多大——它在你的業務中所佔的百分比是多少？您認為如何才能使該業務在某些下降方面放緩或在今年下半年實際改善？

Yes, Bob. So no significant change. In fact, no changes really of any consequence on the order book. As you know, we take orders every day and cancels every day, so -- but our order book is as we expected it several quarters ago, and we're excited about the ability to perform on the order book in a much better and more timely manner than we had certainly last year.

是的，鮑勃。所以沒有顯著變化。事實上，沒有任何變化對訂單有任何影響。如您所知，我們每天都接受訂單並每天取消，所以 - 但我們的訂單簿正如我們幾個季度前所預期的那樣，我們很高興能夠以更好的方式在訂單簿上執行比我們去年肯定及時。

Last year,was such an unusual period where we had an enormous order book and then the logistics issues really didn't allow us to fulfill it. The final result, frankly, was the inventory levels that we're seeing today. So we're confident in our ability to perform there.

去年是一個非常不尋常的時期，我們有大量的訂單，然後物流問題真的不允許我們完成它。坦率地說，最終結果就是我們今天看到的庫存水平。所以我們對我們在那裡的表現充滿信心。

As it relates to footwear, hike and trail over the total is the company's largest category of footwear. But in the back half, it will certainly be challenged from a size perspective by our winter footwear business, which is actually the biggest part of the last part of the year. So we're very focused on creating great products, which are highly differentiated and democratic in terms of their pricing and promotion. I still am confident that the company can provide innovative differentiated products to have our business grow at the proper levels.

就鞋類而言，遠足和越野是該公司最大的鞋類類別。但在後半段，我們的冬鞋業務肯定會從規模上受到挑戰，這實際上是今年下半年最大的部分。所以我們非常專注於創造偉大的產品，這些產品在定價和促銷方面具有高度差異化和民主化。我仍然相信公司可以提供創新的差異化產品，使我們的業務在適當的水平上增長。

The next question comes from Laurent Vasilescu with BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to ask about SOREL, the guide. Originally, I think last quarter or 90 days ago, it was to low double-digit growth and now I think it's guided for high single-digit growth in the CFO commentary. Just curious to know what you're seeing there. Was there a pickup in cancellations? And piggybacking off of Bob's question, I think fall order book was originally anticipated to be up mid-single digits overall for the company. Is that still the case? .

我想問一下導遊SOREL。最初，我認為上個季度或 90 天前，它是兩位數的低增長，現在我認為這是 CFO 評論中的高個位數增長的指導。只是想知道你在那裡看到了什麼。取消有增加嗎？順便提一下 Bob 的問題，我認為秋季訂單最初預計公司的總體增長率將達到中等個位數。現在還是這樣嗎？ .

Yes. the SOREL brand was impacted much like the Columbia brand in terms of large order book last year and poor fulfillment on our part last year due to logistic issues. So when we talk about the spring quarter and the quarter just completed. It's impacted with promotional activity with on the [weather] merchandise that we carried over as well as weather impact on spring product. So as the quarter has concluded and we've become -- we've seen activity in a -- in the latter part of the quarter and the early part of Q1 -- Q2, and we're seeing that the sandal category is now getting traction and improving.

是的。 SOREL 品牌受到的影響與 Columbia 品牌非常相似，去年訂單量很大，而我們去年由於物流問題而履行不佳。因此，當我們談論春季季度和剛剛完成的季度時。它受到我們結轉的 [天氣] 商品的促銷活動以及天氣對春季產品的影響。因此，隨著本季度的結束，我們已經成為 - 我們已經看到 - 在本季度後期和第一季度初期 - 第二季度的活動，我們看到涼鞋類別現在是獲得牽引力和改進。

So we're very bullish on the brand, and we expect that, that will get us up to clearly to where we guided at our Investor Day and that this will be a fast-growing brand for the company.

因此，我們非常看好該品牌，我們希望這將使我們清楚地了解我們在投資者日的指導，這將成為公司快速發展的品牌。

And Laurent, there's been no meaningful changes in the fall '23 order book. We're still planning that part of the business up for SOREL on a mid-single-digit percentage for the season.

Laurent，23 年秋季的訂單沒有任何有意義的變化。我們仍在為 SOREL 計劃在本季度以中等個位數的百分比增加這部分業務。

Okay. Very, very helpful. And then, Jim, maybe a question for you on your CFO deck. Last quarter, I think from the first half commentary, you were expecting 1H gross margin to expand in the late modestly below the full year. I didn't see that commentary in this CFO commentary. So just curious maybe for the audience, if you can kind of give us some guardrails on how we should think about 2Q gross margins. And if they are below, maybe can you walk us through like the moving pieces to get to the full year guide?

好的。非常非常有幫助。然後，吉姆，也許在你的首席財務官平台上有一個問題要問你。上個季度，我認為從上半年的評論來看，您預計 1H 毛利率將在下半年略低於全年。我沒有在這篇 CFO 評論中看到該評論。所以也許對觀眾來說只是好奇，如果你能給我們一些關於我們應該如何考慮第二季度毛利率的護欄。如果它們在下面，也許你能像移動部件一樣引導我們完成全年指南嗎？

Yes. From an overarching standpoint, we're still planning our gross margins to be up in the second quarter. They'll be up north of 100 basis points, Laurent, With the revision we've made in our outlook, we've indicated that we'll come in at the lower end of our first half outlook. And if you do the math on that, that will imply our Q2 operating income essentially being breakeven. And so if you look at gross margin being up just over 100 basis points, you can do the rest and solve on that.

是的。從總體角度來看，我們仍計劃在第二季度提高毛利率。他們將超過 100 個基點，勞倫特，隨著我們對展望的修改，我們已經表示我們將進入上半年展望的低端。如果你對此進行數學計算，那將意味著我們第二季度的營業收入基本上是盈虧平衡的。因此，如果您看到毛利率上升超過 100 個基點，您就可以完成剩下的工作並解決這個問題。

But we're still anticipating the inbound freight cost benefits that we previously indicated. And as Tim touched on, as it relates to what we're seeing from a promotional standpoint, the market has really been aligned to what our plan has been to date.

但我們仍然期待我們之前指出的入境貨運成本效益。正如蒂姆談到的那樣，從促銷的角度來看，這與我們所看到的有關，市場確實與我們迄今為止的計劃保持一致。

Okay. Very, very helpful. And then just one last question on the on the Russia business. Can you just again maybe remind the audience the magnitude of the impact of just the timing as we think about modeling EMEA for the year by quarter?

好的。非常非常有幫助。然後是關於俄羅斯業務的最後一個問題。當我們考慮按季度對 EMEA 進行年度建模時，您能否再次提醒觀眾時間的影響程度？

Yes. So on the full year in terms of what we fulfilled to Russia, it was around 50 million, and that was fulfilling orders that had been taken prior to the invasion. And then specific to the first quarter, it's a mid-single-digit millions of dollars that we shipped to Russia, I think it was in the $5 million range.

是的。因此，就我們對俄羅斯的履行情況而言，全年約為 5000 萬，這是在履行入侵前的訂單。然後具體到第一季度，我們向俄羅斯出口了數百萬美元，我認為它在 500 萬美元的範圍內。

Okay. And then so most of it came in into -- remind me, I think it was in 3Q '22, right, when you fulfilled it?

好的。然後大部分都進入了——提醒我，我想是在 22 年第三季度，對吧，當你完成它的時候？

Exactly right. There was essentially nothing in the second quarter, and then it would have been predominantly third quarter that you would have seen those shipments.

非常正確。第二季度基本上什麼都沒有，然後主要是第三季度你會看到這些出貨量。

Okay. Okay. Very helpful, so we can model it correctly.

好的。好的。非常有幫助，所以我們可以正確地建模。

Next question comes from Mitch Kummetz with Seaport Research.

下一個問題來自 Seaport Research 的 Mitch Kummetz。

First question on supply or on the SG&A. So the SG&A rate has gone up. It sounds like that's primarily supply chain. I guess I'm wondering, what's changed? Why are those incremental costs now higher than 3 months ago? Is that because it's taking longer to work through the inventory than you expected?

關於供應或 SG&A 的第一個問題。所以 SG&A 率上升了。聽起來這主要是供應鏈。我想我想知道，發生了什麼變化？為什麼這些增量成本現在高於 3 個月前？那是因為清點所需的時間比您預期的要長嗎？

And then maybe kind of a follow-up to that. Like when I eyeball the slide deck, it looks like maybe supply chain is up around $20 million. Like what are you thinking for the year now on those year-over-year incremental supply chain expenses?

然後可能是一種後續行動。就像當我注視幻燈片時，看起來供應鏈可能增加了大約 2000 萬美元。就像你現在對那些同比增加的供應鏈費用有什麼看法？

Yes. I'm going to ask Jim to talk to you about the balance of the year. But what we saw in the first quarter was an impact of inventories on the efficiency of our logistics operations, just the sheer magnitude of the inventory that has impacted the ability for our distribution centers to act efficiently during that period. So we expect that as we have reduced our inventories, and as we mentioned, we expect about a $600 million cash flow positive from this year in order to get us -- as the inventory levels are reduced, that our efficiencies will also increase along the way.

是的。我要請吉姆和你談談今年的餘額。但我們在第一季度看到的是庫存對我們物流運營效率的影響，只是庫存的龐大規模影響了我們的配送中心在此期間有效運作的能力。因此，我們預計，隨著我們減少庫存，正如我們所提到的，我們預計今年將有約 6 億美元的現金流為正，以便讓我們——隨著庫存水平的降低，我們的效率也將隨著方式。

Yes, Mitch, and just to reiterate the point there, the increase in our SG&A in the quarter, that's not a function of inventory, haven't been greater than what we had planned. Inventory is really where we thought it would be. It's just the degree of productivity. I think, frankly, we probably planned the business too aggressively with regard to how well we'd be able to manage down the labor within our distribution centers. So that came as a bit of a surprise, and we've incurred some transition costs related to our third-party logistics.

是的，米奇，只是重申一點，本季度我們的 SG&A 增加，這不是庫存的函數，並沒有超過我們的計劃。庫存確實在我們認為的位置。這只是生產力的程度。我認為，坦率地說，我們可能在管理配送中心勞動力方面做得過於激進。所以這有點出乎意料，我們已經產生了一些與第三方物流相關的過渡成本。

When you look at the change in our full year outlook, which is in the mid-teens millions of dollars to the operating income line, essentially the entirety of that is associated with what we've seen in the first quarter as it relates to the incremental warehousing and fulfillment costs.

當您查看我們全年展望的變化時，營業收入線在數千萬美元左右，基本上所有這些都與我們在第一季度看到的情況有關，因為它與增量倉儲和履行成本。

Okay. And are these costs that essentially go away next year when you have -- you're expecting inventory to be down a couple of hundred million?

好的。這些成本是否會在明年基本消失——您預計庫存將減少幾億美元？

That would certainly be our expectation. As we get the DCs back down into normal capacity levels and a better mix of what's running through our own distribution centers and what's in third-party logistics. Plus, there are certain transition costs that would be onetime in nature that will accumulate during the year. So I would expect that provides us a bit more of a tailwind as we get out to 2024.

這當然是我們的期望。隨著我們將 DC 恢復到正常容量水平，並更好地混合通過我們自己的配送中心運行的內容和第三方物流中的內容。此外，某些過渡成本本質上是一次性的，會在一年中累積。因此，我希望在我們到 2024 年時能為我們提供更多的順風。

Okay. And then just a follow-up, Tim, on the footwear piece that the hike and Trail, the challenges there. Is this kind of a post-COVID hangover, where the pendulum is kind of overcorrecting away from these categories? And like if so, when might that normalize, do you think?

好的。然後只是跟進，蒂姆，關於遠足和步道的鞋類，那裡的挑戰。這是一種後 COVID 宿醉，鐘擺有點偏離這些類別嗎？如果是這樣，你認為什麼時候可以正常化？

I think it's going to be a -- yes. And I would say, yes, it's a combination of high demand during the COVID period for hiking footwear and then really an ability for us to provide new fresh merchandise this year. So I would think that, over time, when we have larger component of our footwear being along the lines of our Facet collection, which is a [fast] hike, sneaker-ish type product that you're going to be seeing a reacceleration of the footwear, especially in hike. So that's the expectation, and we're working hard towards that.

我認為這將是——是的。我會說，是的，這是 COVID 期間對登山鞋的高需求與我們今年提供新商品的真正能力的結合。所以我認為，隨著時間的推移，當我們的鞋類產品中有更多的部分與我們的 Facet 系列相似時，這是一種 [快速] 遠足運動鞋類型的產品，你將看到重新加速鞋類，尤其是遠足。這就是期望，我們正在努力實現這一目標。

Up next, we have John Kernan with TD Cowen.

接下來，我們有 John Kernan 和 TD Cowen。

So just on SOREL, obviously, the targets you laid out at the Investor Day, 20% plus growth. It did have tough multiyear comparisons this quarter. I'm just curious how you're planning the business for the rest of the year. And how do we think about the return to growth?

所以就 SOREL 而言，很明顯，你在投資者日制定的目標是 20% 以上的增長。本季度它確實進行了艱難的多年比較。我只是想知道您如何計劃今年餘下時間的業務。我們如何看待恢復增長？

Well, the brand is an incredibly strong performer inside our emerging brand portfolio, and we would expect that as we continue to gain traction in that business with timely deliveries of product and the high-quality standards that we have in styling and design we'll again produce great sales results. That's our focus, and that's the plan.

好吧，該品牌在我們的新興品牌組合中表現非常出色，我們希望隨著我們通過及時交付產品以及我們在造型和設計方面的高質量標準繼續在該業務中獲得吸引力，我們將再次產生巨大的銷售業績。這是我們的重點，也是我們的計劃。

And John, as it relates to how we're envisioning growth for the balance of the year, in the CFO commentary, we indicated that SOREL's planned up a high single-digit percent from what had been a low double-digit percent and I bet it's pretty consistent across the quarters, with the exception of the third quarter, it will be a bit higher given the earlier delivery of -- the expectation of earlier delivery and shipment of fall product. So I think we look at Q1 as being a little bit of an aberration, as Tim touched on, in terms of it being a transition seasonal quarter for us and looking forward to the balance of the year.

約翰，因為這與我們如何設想今年餘下時間的增長有關，在首席財務官的評論中，我們表示 SOREL 計劃從低兩位數的百分比增長，我敢打賭它在各個季度都非常一致，除了第三季度，考慮到較早的交付和秋季產品的交付預期，它會更高一些。因此，我認為我們將第一季度視為有點反常，正如蒂姆談到的那樣，因為它對我們來說是一個過渡性的季節性季度，並期待著今年的平衡。

Got it. How should we think about inventory dollars as we start to cycle some of the bigger increases from last year? And then within that, how do we think about the recovery of freight cost within gross margin?

知道了。當我們開始循環去年的一些較大增長時，我們應該如何考慮庫存美元？然後在這裡面，我們如何考慮毛利率內的運費回收？

Yes. As it relates to inventory for the balance of the year, there are some comments in the CFO commentary that we've provided in our first half outlook. We contemplate inventory continuing to grow at the end of Q2, albeit it will begin to normalize from a growth standpoint. So we were plus 30% -- just over 30% here in Q1. We'll see that come down into the low 20s in Q2. And our expectation is as we begin to move into the fall/winter season, leveraging that carryover inventory, utilizing that excess inventory through our outlets that we would see a sequential drop in our inventory in the back half of the year. And we're still targeting and feel like we've got a clear path to our inventory being down north of $200 million, and we're stretching to be far better than that as we exit the year.

是的。由於它與今年剩餘時間的庫存有關，我們在上半年展望中提供的首席財務官評論中有一些評論。我們預計庫存將在第二季度末繼續增長，儘管從增長的角度來看它將開始正常化。所以我們在第一季度增長了 30%——剛剛超過 30%。我們將看到它在第二季度下降到 20 多歲。我們的預期是，隨著我們開始進入秋冬季節，利用結轉庫存，利用我們門店的過剩庫存，我們將在今年下半年看到我們的庫存連續下降。而且我們仍在瞄準並感覺我們有一條清晰的道路可以使我們的庫存下降到 2 億美元以上，並且我們正在努力在今年結束時做得比這好得多。

And then as it relates to the degree we get -- as we move through that excess inventory, we've got that plan into our margin in terms of -- still really thinking about this from a normalized discounting perspective and any changes that might have in our obsolescence or inventory reserves is also factored into the outlook that we're providing here today.

然後，這與我們獲得的程度有關——當我們處理過剩庫存時，我們已經將該計劃納入我們的利潤率——仍然從標準化貼現的角度和任何可能發生的變化真正考慮這個問題我們過時或庫存儲備也被納入我們今天在這裡提供的前景中。

Got it. Then maybe one follow-up. Obviously, nice to see the revenue guidance reiteration. Just how do you think your wholesale partners are positioned for the back half of the year? I think March and April were tough on a lot of people, weather obviously not agreeable. How do you think people are prepared for the macro as we go into the back half?

知道了。然後也許是一個後續行動。顯然，很高興看到收入指導的重申。您如何看待您的批發合作夥伴在今年下半年的定位？我認為三月和四月對很多人來說是艱難的，天氣顯然不宜人。當我們進入後半部分時，您認為人們如何為宏觀做好準備？

Yes. I think in general, our order book is built on a conservative outlook from our retailers. So no one is expecting great things from the back half of 2023. So I think that's how we've build the book and our expectations are that we'll -- based obviously on our inventory levels, we'll have something to fill our shelves with in addition to (inaudible).

是的。我認為總的來說，我們的訂單是建立在我們零售商的保守觀點之上的。所以沒有人期待 2023 年下半年會發生什麼大事。所以我認為這就是我們編寫這本書的方式，我們的期望是——顯然基於我們的庫存水平，我們將有一些東西來填補我們的貨架上還有（聽不清）。

The next question is from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Just a couple of questions for me. I wanted to start on the D2C trends. I'm curious is the positive comp you're seeing there supported by better in-stocks. Or are you seeing good traffic in transactions as well?

只問我幾個問題。我想從 D2C 趨勢開始。我很好奇你看到的積極的補償是由更好的庫存支持的。或者您是否也看到了良好的交易流量？

Yes, Jim. Well, as you know, we're -- we consider ourselves to be a wholesale company, so we don't typically talk about the metrics in our own DTC stores. That having been said, the traffic was quite strong in the stores this quarter. And we think that's reflective of a number of issues, including consumers at this time looking for greater value, and we have a strong outlet fleet.

是的，吉姆。好吧，正如你所知，我們 - 我們認為自己是一家批發公司，所以我們通常不會談論我們自己的 DTC 商店中的指標。話雖如此，本季度商店的客流量相當強勁。我們認為這反映了一些問題，包括消費者此時正在尋找更大的價值，而且我們擁有強大的直銷店隊伍。

But pricing has remained strong. And I think we're positioned correctly. And as we said, we were going to be liquidating our carryover inventory primarily to our own outlet stores for the fall. So...

但定價仍然堅挺。我認為我們的定位是正確的。正如我們所說，我們將在秋季主要清算我們自己的直銷店的結轉庫存。所以...

Yes, I'd say a modest benefit as it relates to the better stock levels. I think this is much more a function of traffic that Tim's describing and increase in tourism in certain of our international markets.

是的，我會說適度的好處，因為它與更好的庫存水平有關。我認為這更多地是蒂姆所描述的交通的一個功能，以及我們某些國際市場旅遊業的增長。

I'm also hoping you guys can speak to U.S. channel inventory dynamics. Is the footwear situation that you referenced unique to footwear in those categories? Or are you seeing channel apparel inventories elevated as well? And what do you see as kind of the time line for path to resolution of that?

我也希望你們能談談美國渠道庫存動態。您提到的鞋類情況是否是這些類別中鞋類所獨有的？或者您是否看到渠道服裝庫存也有所增加？您如何看待解決該問題的時間表？

Yes. I think in general, our category of merchandise has been more challenged than others in the footwear area.

是的。我認為總的來說，我們的商品類別比鞋類領域的其他商品類別更具挑戰性。

Got it. But how about apparel, Tim? Is the apparel channel inventory situation in a fairly healthy state? Or are there imbalances there as well that you're contending with that are influencing the marketplace?

知道了。但是服裝怎麼樣，蒂姆？服裝渠道庫存情況是否處於比較健康的狀態？或者是否存在影響市場的失衡？

Yes. Again, our retailers took a quite conservative approach to spring orders, but frankly, we've seen improved sell-throughs versus last year. And it would indicate that the merchandise categories that were strong in PFG, sportswear, rainwear are all performing well. And I think in that area, we've got good tailwinds.

是的。同樣，我們的零售商對春季訂單採取了相當保守的態度，但坦率地說，與去年相比，我們看到銷售量有所提高。這將表明 PFG、運動服、雨衣等表現強勁的商品類別都表現良好。我認為在那個領域，我們有很好的順風。

Okay. Great. And then last one, Jim, I wanted to ask on the cash flow from operation guidance. Maybe I missed this earlier, but it looks like a bump of $100 million. What's behind the lift?

好的。偉大的。最後一個，吉姆，我想問一下運營指導的現金流。也許我早些時候錯過了這個，但它看起來像是 1 億美元的暴漲。電梯後面是什麼？

I think more so than anything, we're a bit conservative when we put that together previously, Jim. And As We've taken a harder look at -- and we've got more definitive view into the inventory purchases that we've made for the fall season and looking at our overall working capital, it just gives us increased confidence that we're going to end up in that north of $600 million range from an operating cash flow perspective.

我認為最重要的是，吉姆，我們之前將其放在一起時有點保守。隨著我們更加認真地審視——我們對秋季的庫存採購有了更明確的看法，並審視了我們的整體營運資金，這讓我們更有信心，我們從運營現金流的角度來看，我們最終將達到 6 億美元以上的範圍。

The next question comes from Abbie Zvejnieks with Piper Sandler.

下一個問題來自 Abbie Zvejnieks 和 Piper Sandler。

Just on the earlier delivery of shipments in 1Q, are there any geographies or brands where we should expect that to create difficult 2Q growth rates? And then on the SOREL brand, just with the U.S. wholesale order books being conservative like you just talked about, I guess, what's driving the better SOREL results in the second half?

就第一季度較早的出貨量而言，是否有任何地區或品牌我們應該預計會創造困難的第二季度增長率？然後在 SOREL 品牌上，就像你剛才談到的那樣，美國批發訂單是保守的，我想，是什麼推動了 SOREL 在下半年取得更好的成績？

Yes. Again, as it relates to the earlier deliveries, I think our business will be quite strong at our retail partners during -- especially the balance of the year. Our biggest seasonal sales period for the Columbia brand certainly is Father's Day, and that's where our PFG performance really shines. And I think our retailers are well stocked there and certainly in better shape than they were last year. So our expectations are for a good second quarter sell-through with our retailers.

是的。同樣，由於它與較早的交付有關，我認為我們的業務在我們的零售合作夥伴中會非常強勁——尤其是在今年餘下時間。我們 Columbia 品牌最大的季節性銷售期當然是父親節，而這正是我們 PFG 表現真正閃耀的地方。而且我認為我們的零售商在那裡存貨充足，而且肯定比去年更好。因此，我們期望我們的零售商能夠在第二季度實現良好的銷售。

As it relates to SOREL, as focused as we've been on changing it from a winter brand to a more year-round brand, it's still heavily impacted by winter -- the sales of winter footwear. So our expectations are that the back half of the year for SOREL will be a tailwind as it relates to winter footwear requests.

由於它與 SOREL 相關，正如我們一直專注於將其從冬季品牌轉變為更全年的品牌一樣，它仍然受到冬季的嚴重影響——冬季鞋類的銷售。因此，我們的預期是 SOREL 的下半年將是順風，因為它與冬季鞋類需求有關。

And then maybe just to add to Tim's comments, from an overall perspective, when you look at second quarter, we do anticipate second quarter being a slower growth quarter on the whole relative to the first quarter. So it will be at a low single to mid-single digit, kind of in that zone. And the difference between the 2 quarters is effectively going to be the timing shifts on the wholesale business. And by geography, where you'd expect to see the most of that would be in the U.S., Canada and our European direct businesses where we received inventory and we're able to get it out to our customers sooner. So you'd see the adverse effect of that coming out of the second quarter. And you'll see, well, that same trend phenomena occur in the latter part of the year as well, where there will be heavy Q3 growth and lighter Q4 growth.

然後也許只是為了補充蒂姆的評論，從整體的角度來看，當你看第二季度時，我們確實預計第二季度相對於第一季度整體增長較慢。所以它將處於低個位數到中個位數，有點在那個區域。兩個季度之間的區別實際上是批發業務的時間變化。從地理位置來看，您希望看到最多的地方是美國、加拿大和我們的歐洲直接業務，我們在那裡收到庫存，我們能夠更快地將其交付給我們的客戶。所以你會看到第二季度出現的不利影響。你會看到，今年下半年也會出現同樣的趨勢現象，第三季度增長強勁，第四季度增長放緩。

The next question is from Jonathan Komp with Baird.

下一個問題來自 Jonathan Komp 和 Baird。

Can I just ask a broader question thinking about the shape of the earnings outlook for the year? First half, it looks like it will be down quite a bit year-over-year in your seasonally low period. And then second half looks like embedding fairly healthy double-digit earnings growth for the second half combined. So could you just maybe walk through the pieces to sort of get comfortable with that outlook?

我可以問一個更廣泛的問題，考慮今年的盈利前景嗎？上半年，在你的季節性低谷時期，它看起來會比去年同期下降很多。然後下半年似乎嵌入了相當健康的兩位數收益增長。那麼，您是否可以瀏覽一下各個部分，以便對這種前景感到滿意？

Yes. There's 2 to 3 drivers on that, John, that I would call out. First, keep in mind that we're lapping the prAna impairment charge that we took in the fourth quarter last year of $35.6 million. So if you set that piece aside, the other 2 major factors that are going to be in here is, one, we anticipate gross margin being healthier in the latter part of the year, that being as we see the full benefit of the lower inbound freight costs being a larger benefit to the gross margin, coupled with the fact that, from a retail promotional standpoint, the comps year-over-year will be a little bit easier in the latter part of the year.

是的。約翰，我會召集 2 到 3 個驅動程序。首先，請記住，我們正在計算去年第四季度 3560 萬美元的 prAna 減值費用。因此，如果你把這塊放在一邊，這裡將要考慮的其他兩個主要因素是，第一，我們預計今年下半年的毛利率會更健康，正如我們所看到的較低入境的全部好處運費對毛利率有更大的好處，再加上從零售促銷的角度來看，今年下半年的同比比較會更容易一些。

And then the second point I would make here is that, as you think about SG&A, we come into the year with a heavier rate of growth from an SG&A perspective. You're seeing that in Q1 as we work ourselves into the back half of the year. Again, we'll be lapping some of the investments we made last year, plus some of the cost containment actions that we've taken. So when you look at the combination of those 3 things, that's why you'd see a bit more of an inflection with second half earnings growing faster than first half, and we're perfectly confident in the plan we've put together around that with all the visibility that we have here today.

然後我要在這裡說的第二點是，當你考慮 SG&A 時，從 SG&A 的角度來看，我們以更高的增長率進入了這一年。當我們努力進入今年下半年時，您會在第一季度看到這一點。同樣，我們將利用去年進行的一些投資，以及我們已採取的一些成本控制措施。因此，當您查看這三件事的組合時，這就是為什麼您會看到下半年收益增長快於上半年的拐點，我們對圍繞此制定的計劃充滿信心以我們今天在這裡的所有能見度。

Yes, that's really helpful. And then just maybe a follow-up, Jim, just the thought on bringing down the high end of the earnings guidance for the year, but not changing the low end. Was there some maybe conservatism at the low end coming in? Or are you including some optionality, places you could pull back if needed? Just any thoughts there?

是的，這真的很有幫助。然後可能只是後續行動，吉姆，只是想降低今年收益指導的高端，但不改變低端。低端是否有一些保守主義？或者你是否包括一些可選性，如果需要你可以撤回的地方？有什麼想法嗎？

It's really just more a function of the discrete nature of the change in the outlook. And so when you look at first quarter and where the SG&A came in higher than we had expected, because it's kind of a discrete event, we felt that the high end it required an adjustment. We didn't foresee as strong as a need on the low end of things.

這實際上只是前景變化的離散性質的函數。因此，當您查看第一季度時，SG&A 的收入高於我們的預期，因為這是一個離散事件，我們認為高端需要進行調整。我們沒有預見到對低端產品的需求如此強烈。

Up next, we have Paul Lejuez with Citigroup.

接下來，我們有花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. My first question is on Columbia footwear specifically. And I'm wondering what you're expecting for sales growth this year now compared to your prior expectations. And then what are you looking at for margins in that footwear business? And then secondly, I was hoping you could talk a little bit more about that China-specific product that you mentioned. I'm wondering how much of the assortment that represents and right now, what you think it might eventually be. And then what's the price point like there compared to the rest of the assortment?

Tracy Kogan 代替了 Paul。我的第一個問題是關於 Columbia 鞋類的。我想知道與您之前的預期相比，您現在對今年的銷售增長有何期待。那麼你在鞋類業務中尋找什麼利潤？其次，我希望你能多談談你提到的針對中國的產品。我想知道現在代表的分類有多少，你認為它最終可能是什麼。那麼與其他產品相比，那裡的價格是多少？

So as it relates to the Columbia footwear side of things, we -- from an overarching standpoint, we still see the Columbia brand growing at a high single-digit rate of growth. Do i have that right Andrew or is it mid-single, I think it's more mid-single, sorry. And the footwear is slightly going to outpace still where we are from an apparel standpoint and as we look at the order book that we've taken for the fall/winter season, that would contemplate that higher rate of growth in terms of the orders that we've taken for our customers. And then I might pass it over to Tim as it relates to China and the transit collection.

因此，就哥倫比亞鞋類方面而言，我們 - 從總體角度來看，我們仍然看到哥倫比亞品牌以高個位數的增長率增長。我說得對嗎安德魯還是中單，我認為它更像中單，抱歉。從服裝的角度來看，鞋類的增長速度略微超過我們的水平，當我們查看秋冬季節的訂單簿時，可以考慮到訂單的增長率更高我們已經為我們的客戶採取了。然後我可能會將其轉交給蒂姆，因為它與中國和中轉收集有關。

Yes. I just want to make one more comment on footwear for Columbia. Most important and impactful part of our business is winter footwear. And due to the logistics issues we had last year, this will be really an improvement -- vast improvement, frankly, on delivery timeliness on the winter footwear. So our expectations are quite high there for a very successful season.

是的。我只想對 Columbia 的鞋類再發表一點評論。我們業務中最重要和最具影響力的部分是冬季鞋類。由於我們去年遇到的物流問題，這將是一個真正的改進——坦率地說，冬季鞋類的交貨及時性有了很大的改進。因此，我們對一個非常成功的賽季抱有很高的期望。

The transit collection was born in China and designed by our China merchandising team based in Shanghai. The product itself was commercialized and manufactured by the global team, which is based here in Portland. So we had great costs on it, very, very good gross margins and proves to us that we need to be synchronizing our investments in product to include local influenced merchandise.

transit 系列誕生於中國，由我們位於上海的中國營銷團隊設計。該產品本身由位於波特蘭的全球團隊商業化和製造。所以我們為此付出了巨大的成本，非常非常好的毛利率，並向我們證明我們需要同步我們對產品的投資以包括受當地影響的商品。

So I think what we've learned is that the more we link our global teams together and use design and creative folks that are based in market, the better we're going to be doing.

所以我認為我們學到的是，我們越是將我們的全球團隊聯繫在一起並使用基於市場的設計和創意人員，我們就會做得越好。

Okay. The next question is from Mauricio Serna with UBS.

好的。下一個問題來自瑞銀的 Mauricio Serna。

I wanted to ask about the gross margin cadence. I was just thinking about second quarter, you provided an outlook. But if I think about third versus fourth, where should we expect higher gross margin expansion? And I guess from the SG&A perspective, I understand fourth quarter SG&A dollars will probably be down or probably the quarter with the least growth. But if I think about the other 2 quarters, how should we think about that, the growth in 2Q and 3Q?

我想問一下毛利率節奏。我只是在考慮第二季度，你提供了一個前景。但如果我考慮第三與第四，我們應該在哪裡預期更高的毛利率擴張？我想從 SG&A 的角度來看，我知道第四季度的 SG&A 美元可能會下降，或者可能是增長最少的季度。但如果我考慮其他兩個季度，我們應該如何考慮第二季度和第三季度的增長？

So gross margin, as I commented earlier, we do plan that to be up greater than 100 basis points in Q2. And sequentially, as you look at the third and fourth quarter, they're both going to be relatively equivalent in terms of gross margin expansion and slightly above where we plan to be for the second quarter, so it should be relatively consistent and with the understanding that the ocean freight, the inbound freight cost benefits will be flowing through. Each of those 3 quarters is ratably similar. That makes sense.

因此，正如我之前評論的那樣，我們確實計劃在第二季度將毛利率提高 100 個基點以上。然後，當你看第三季度和第四季度時，它們在毛利率擴張方面將相對相等，略高於我們計劃的第二季度，因此它應該相對一致並與了解海運，入境貨運成本效益將流經。這三個季度中的每一個都非常相似。這就說得通了。

And then as it pertains to SG&A growth, I think we still have SG&A growth planned through each of the 3 quarters, albeit that rate of increase or rate of growth in SG&A will come down particularly towards the end of the year and more in line with where we've got the full year plan from a top line perspective.

然後，由於與 SG&A 增長有關，我認為我們仍然計劃在三個季度的每個季度實現 SG&A 增長，儘管 SG&A 的增長率或增長率將特別是在年底前下降，並且更符合我們從頂線的角度製定了全年計劃。

Just to confirm, so that implies that fourth quarter SG&A dollars will be up despite including the prAna impairment from last year?

只是確認一下，這是否意味著第四季度的 SG&A 美元將上漲，儘管包括去年的 prAna 減值？

No, because the prAna impairment charge, we did not include that as SG&A expense.

不，因為 prAna 減值費用，我們沒有將其計入 SG&A 費用。

Got it. And then just one follow-up maybe. If you could speak about the -- in the U.S. DTC business, a little bit more color on the sales growth trends intra quarter. Just trying to understand like how the sales evolved like across each quarter. You see a deceleration or acceleration? Any additional commentary would be very helpful.

知道了。然後可能只有一個後續行動。如果你能談談——在美國 DTC 業務中，對季度內的銷售增長趨勢有更多的了解。只是想了解每個季度的銷售額是如何演變的。你看到減速還是加速？任何額外的評論都會非常有幫助。

Well, we certainly don't want to get into the monthly cadence of it aside from the prepared remarks that we've made. On the whole, what I would describe is that the DTC brick-and-mortar business was healthy really throughout the quarter. We saw nice traffic in that part of the business in the U.S. and internationally. And then as Tim noted, I think, in the prepared remarks, the e-commerce business was a bit slower in the early part of the quarter. And then with some incremental promotions that we've made, we began to see demand surge a bit there.

好吧，除了我們已經準備好的評論之外，我們當然不想進入它的每月節奏。總的來說，我要描述的是 DTC 實體業務在整個季度都非常健康。我們在美國和國際上看到了這部分業務的良好流量。然後正如蒂姆指出的那樣，我認為，在準備好的評論中，電子商務業務在本季度初期有點慢。然後通過我們所做的一些增量促銷，我們開始看到那裡的需求激增。

And I would keep in mind, we're lapping first quarter of last year in which consumer demand was still quite robust coming off of some of the stimulus from the year prior and a quite cold favorable weather as well. So lapping against that we'll still be able to put up the growth rates. We were -- we still remain pleased with the overall performance of the business and the brick-and-mortars more than offsetting some of the shortfall that we saw in the e-commerce side of the house.

我要記住，我們正在度過去年第一季度，在去年的一些刺激措施和相當寒冷的有利天氣下，消費者需求仍然相當強勁。因此，我們仍然能夠提高增長率。我們 - 我們仍然對業務和實體店的整體表現感到滿意，而不是抵消我們在電子商務方面看到的一些不足。

The next question is from Alex Perry with Bank of America.

下一個問題來自美國銀行的 Alex Perry。

Just first, what's embedded in the guidance in terms of promotional environment from here? Is the assumption that it sort of moderates in terms of year-over-year pressure? And how do you sort of square that away with your comments on sort of the consumer seeking out value with the really strong traffic you've seen in the outlet business?

首先，從這裡的促銷環境方面的指導中嵌入了什麼？假設它在同比壓力方面有所緩和嗎？您如何通過您在奧特萊斯業務中看到的真正強大的流量來尋找消費者價值的評論來解決這個問題？

And then just on the DTC versus wholesale outlook, I guess when you look at your D2C business, what are you sort of expecting in terms of DTC.com versus D2C brick-and-mortar? Is the thought that for the remainder of the year, given what you're seeing in your outlet business, that D2C brick-and-mortar continues to sort of outpace DTC.com?

然後就 DTC 與批發前景而言，我想當您查看 D2C 業務時，您對 DTC.com 與 D2C 實體店有何期望？考慮到您在奧特萊斯業務中看到的情況，是否認為在今年餘下的時間裡，D2C 實體店繼續在某種程度上超過 DTC.com？

Yes. I would say that the promotional activity, we expect to be on par to previous, call it, pre-pandemic levels. So we expect the impact there offset partially by what we would see in terms of savings of freight. So I think that we've guided appropriately on our gross profit margin for the balance of the year.

是的。我想說的是，我們希望促銷活動能夠與之前的水平相提並論，稱之為大流行前水平。因此，我們預計那裡的影響會被我們在運費節省方面看到的部分抵消。所以我認為我們對今年餘下時間的毛利率進行了適當的指導。

As it relates to DTC.com versus brick and mortar, it seems like consumers at least in the first portion of the year, wanted to get out and shop. So they did that in a greater way certainly in our operations and sitting at home and ordering online. And it's our expectation that, that will likely continue that we have a stronger performance from DTC, but we also expect our -- excuse me, our dot-com business to rebound and be strong as well in the balance of the year. So we really haven't given great granularity on the 2. But it certainly appears that consumers like getting out shopping.

由於它涉及到 DTC.com 與實體店的對比，似乎消費者至少在今年上半年想要出去購物。所以他們在我們的運營中以更好的方式做到了這一點，坐在家裡在線訂購。我們預計，DTC 的表現可能會繼續保持強勁，但我們也預計我們的 - 對不起，我們的互聯網業務將在今年餘下時間反彈並保持強勁。所以我們真的沒有對 2 給出很大的粒度。但顯然消費者喜歡出去購物。

Yes, that's right. And Alex, there is a subtle change in our revenue outlook, where basically previously, we'd indicated that our dot-com business would grow faster than our brick-and-mortar business. And that's reversed in the outlook we've provided here today, where we do see the consumer shifting a bit more to physical in-store shopping versus dot-com, but they more or less offset each other.

恩，那就對了。亞歷克斯，我們的收入前景發生了微妙的變化，基本上以前，我們表示我們的網絡業務將比我們的實體業務增長得更快。這與我們今天在這裡提供的前景相反，我們確實看到消費者更多地轉向實體店內購物而不是互聯網，但它們或多或少相互抵消。

Perfect. That's really helpful. And then I guess just my second question. On the cost containment actions, when do those start to flow through the P&L? Is that towards the end of this year or more next year? And what exactly is sort of in there?

完美的。這真的很有幫助。然後我想這只是我的第二個問題。關於成本控制措施，這些措施何時開始流經損益表？是在今年年底還是明年更久？裡面到底是什麼東西？

It would be more second half. It's much more a function of slowing rate of investment, slowing the rate of headcount additions, those types of costs. I wouldn't necessarily describe it as a full-blown cost reduction plan, but really just seeking to moderate our level of SG&A to bring it back down more in line with where we are from a sales perspective. And then, of course, to the point made earlier, to the extent there's some incremental costs we're incurring as it relates to the supply chain and distribution, we would expect that as we lap those, that should provide us a bit of a favorable comp to be more efficient in the out year.

下半場會更多。它更多地是投資速度放緩、員工增加速度放緩以及這些類型的成本的作用。我不一定將其描述為一個全面的成本削減計劃，但實際上只是在尋求降低我們的 SG&A 水平，使其回落到更符合我們從銷售角度來看的水平。然後，當然，就之前提出的觀點而言，就我們在供應鍊和分銷方面產生的一些增量成本而言，我們希望當我們搭上這些成本時，這應該會為我們提供一些有利的補償在過去的一年中更有效率。

We have no further questions in queue. We have reached the end of the question-and-answer session. And I will now turn the call over to management for closing remarks.

隊列中沒有其他問題。我們已經結束了問答環節。我現在將把電話轉給管理層作結束語。

Well, thank you for listening in. We're excited about the potential for the future, and we have great opportunities ahead of the company. We look forward to talking to you in about 90 days' time .

好吧，謝謝你的收聽。我們對未來的潛力感到興奮，我們在公司面前有很多機會。我們期待在大約 90 天后與您交談。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。