Columbia Sportswear Co (COLM) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Columbia Sportswear Second Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 Columbia Sportswear 2023 年第二季度財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Andrew Burns, Vice President of Investor Relations. You may begin.

現在我將會議交給東道主投資者關係副總裁安德魯·伯恩斯 (Andrew Burns)。你可以開始了。

Good afternoon, and thanks for joining us to discuss Columbia Sportswear Company's second 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哥倫比亞運動服裝公司的第二個結果。除了收益發布之外，我們還提供了一份 8-K，其中包含詳細的首席財務官評論和解釋我們結果的財務審查演示。該文件也可在我們的投資者關係網站 Investor.columbia.com 上獲取。

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.

今天與我一起參加電話會議的有董事長、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吉姆·斯旺森；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 that forward-looking statements are inherently less reliable than historical information. We do not 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 to changes in our expectations.

本次電話會議將包含有關哥倫比亞對未來的期望、預期或信念的前瞻性聲明。這些陳述是善意表達的，並被認為有合理的基礎。然而，每項前瞻性陳述都面臨許多風險和不確定性，實際結果可能與預測存在重大差異。哥倫比亞向美國證券交易委員會提交的文件中描述了許多這些風險和不確定性。我們提醒您，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符合實際結果或我們期望的變化的責任。

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 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公認會計準則財務指標，包括固定匯率淨銷售額。有關非 GAAP 財務指標和結果的更多信息，包括 GAAP 與非 GAAP 指標的調節表以及管理層參考這些非 GAAP 指標的理由的解釋，請參閱我們的補充財務信息部分和財務表格。收益發布以及我們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's question by the end of the hour.

在我們準備好的發言之後，我們將舉辦問答環節，在此期間我們將每個來電者最多提出 2 個問題，以便我們能夠在一小時結束前回答每個人的問題。

Now I'll turn the call over to Tim.

現在我將把電話轉給蒂姆。

Thanks, Andrew, and good afternoon. Second quarter financial results reflect a dynamic environment, with varying trends across our global omnichannel business. Overall, we were able to generate 7% net sales growth in the quarter. This was ahead of our prior outlook due to earlier-than-planned fall '23 shipments, which more than offset slower growth in our U.S. DTC business. International net sales increased 34%, fueled by earlier international distributor shipments and continued recovery in China.

謝謝安德魯，下午好。第二季度的財務業績反映了一個動態的環境，我們的全球全渠道業務呈現出不同的趨勢。總體而言，我們本季度實現了 7% 的淨銷售額增長。由於 23 年秋季發貨早於計劃，這超出了我們之前的預期，這足以抵消我們美國 DTC 業務增長放緩的影響。在國際分銷商較早發貨和中國持續復甦的推動下，國際淨銷售額增長了 34%。

In the U.S., sell-through trends softened, reflecting cautious consumer behavior. Additionally, elevated inventory levels, particularly in footwear, have contributed to heavier clearance and promotional activity.

在美國，銷量趨勢疲軟，反映出消費者行為謹慎。此外，庫存水平上升（尤其是鞋類庫存水平）導致清倉和促銷活動增多。

As I mentioned on the last call, reducing inventory is our top priority. Inventory exiting the quarter was up 21% year-over-year. As we progress through the second half of the year, the combination of lower inventory buys, shipment of fall '23 orders and increased excess inventory sales in our outlet stores will reduce our inventory position. We expect inventory to be down year-over-year exiting the third quarter, and we remain on track to reduce year-end inventory by over $200 million compared to last year. Returning inventory to a healthy position is a vital step to improving our financial performance.

正如我在上次電話會議中提到的，減少庫存是我們的首要任務。本季度庫存同比增長 21%。隨著下半年的進展，庫存採購減少、'23 年秋季訂單發貨以及直銷店超額庫存銷售增加的綜合作用將減少我們的庫存狀況。我們預計第三季度庫存將同比下降，並且我們仍有望將年末庫存比去年減少超過 2 億美元。將庫存恢復到健康狀態是改善我們財務業績的重要一步。

Given our year-to-date performance and current trends we see across the business, we're taking a more conservative approach to planning the balance of the year. I'll provide more details on key drivers and assumptions influencing our updated financial outlook later in the call. I remain confident in our strategies and our ability to achieve the significant long-term growth opportunities we see across the business.

鑑於我們今年迄今為止的業績和我們在整個業務中看到的當前趨勢，我們正在採取更加保守的方法來規劃今年的剩餘時間。我將在稍後的電話會議中提供有關影響我們最新財務前景的關鍵驅動因素和假設的更多詳細信息。我對我們的戰略和實現整個業務重大長期增長機會的能力仍然充滿信心。

With that being said, our brands are not immune to macroeconomic pressures and headwinds. In this environment, we're focused on what we can control, including expense discipline and executing our inventory reduction plan. We're also continuing to invest in the business to drive long-term profitable growth. In challenging times, our strong financial position is a strategic advantage.

話雖如此，我們的品牌也不能免受宏觀經濟壓力和逆風的影響。在這種環境下，我們專注於我們可以控制的事情，包括費用紀律和執行我們的庫存減少計劃。我們還將繼續投資該業務，以推動長期盈利增長。在充滿挑戰的時期，我們強大的財務狀況是一種戰略優勢。

We exited the second quarter with over $300 million in cash and short-term investments and no bank borrowings. This position will strengthen further as we are on track to generate $550 million to $600 million of operating cash flow this year. 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.

第二季度結束時，我們擁有超過 3 億美元的現金和短期投資，沒有銀行借款。隨著我們今年有望產生 5.5 億至 6 億美元的運營現金流，這一地位將進一步加強。我相信，我們多元化的業務模式、財務實力和運營紀律將使我們能夠應對近期挑戰並佔據更強大的地位。

I'll now review our second quarter financial performance. I'd like to remind everyone that the second quarter is our lowest sales volume quarter. Year-over-year changes in the timing of wholesale shipments can have a material impact on reported results. When reviewing second quarter results, it's important to note that on-time spring 2023 shipments resulted in sales shifting into the first quarter compared to last year when we delivered products late. This presented a headwind to second quarter growth. Conversely, we are shipping fall '23 orders earlier this year, which created a tailwind to second quarter growth. These timing movements create a pronounced impact in regional and brand net sales results.

我現在將回顧我們第二季度的財務業績。我想提醒大家的是，第二季度是我們銷量最低的季度。批發發貨時間的逐年變化可能會對報告的結果產生重大影響。在回顧第二季度業績時，值得注意的是，與去年我們延遲交付產品時相比，2023 年春季的準時發貨導致銷售轉移到第一季度。這給第二季度的增長帶來了阻力。相反，我們今年早些時候發貨了 23 年秋季訂單，這為第二季度的增長創造了動力。這些時機變化對區域和品牌淨銷售業績產生了顯著影響。

Net sales of $621 million were up 7% year-over-year and up 9% on a constant currency basis. Gross margin expanded 140 basis points and was roughly in line with our outlook. As expected, the largest driver of expansion was lower inbound freight costs. This was partially offset by higher clearance and promotional activity as well as higher distributor shipments which generally carry lower gross margins. Overall, promotional activity is elevated compared to 2022 when promotions were exceptionally low. Within our DTC business, we have increased planned clearance activity as we focused our efforts on reducing inventories.

淨銷售額為 6.21 億美元，同比增長 7%，按固定匯率計算增長 9%。毛利率擴大 140 個基點，大致符合我們的預期。正如預期的那樣，擴張的最大推動力是入境貨運成本降低。這被較高的清倉和促銷活動以及較高的分銷商出貨量所部分抵消，而分銷商的出貨量通常較低。總體而言，與 2022 年促銷活動異常少的 2022 年相比，促銷活動有所增加。在我們的 DTC 業務中，我們增加了計劃清倉活動，集中精力減少庫存。

SG&A expenses increased 11% primarily driven by increased expenses across our DTC business, supply chain and enterprise technology. Diluted earnings per share increased 27% to $0.14.

SG&A 費用增長 11%，主要是由於我們的 DTC 業務、供應鍊和企業技術費用增加。稀釋後每股收益增長 27%，達到 0.14 美元。

I will now review second quarter year-over-year net sales growth by region and brand. For this regional view, I will reference constant currency net sales growth rates.

我現在將回顧第二季度按地區和品牌劃分的淨銷售額同比增長情況。對於這個區域視圖，我將參考固定貨幣淨銷售額增長率。

U.S. net sales decreased 3%. U.S. wholesale decreased high single-digit percent, driven in large part by on-time spring '23 shipments, which shifted sales into the first quarter. In the U.S., the Columbia brand's spring selling season performance is down slightly compared to last year. After a stronger start to the season, driven in part by better inventory availability, sell-through trends slowed in the second quarter.

美國淨銷售額下降 3%。美國批發量下降了高個位數百分比，這在很大程度上是由於 23 年春季準時發貨，這將銷售轉移到了第一季度。在美國，哥倫比亞品牌的春季銷售季表現與去年相比略有下降。在庫存狀況改善的推動下，本季開局強勁，但第二季度的銷售趨勢放緩。

U.S. DTC net sales increased low single-digit percent. Brick-and-mortar was up mid-single-digit percent driven by the contribution from new stores opened last year as well as incremental sales from temporary outlet stores.

美國 DTC 淨銷售額增幅較低，個位數百分比。受去年開設的新店以及臨時直銷店銷售額增量的推動，實體店增長了中個位數。

U.S. e-commerce net sales were down mid-single digit percent. The online environment has become more competitive and promotional as consumers seek out value in the marketplace.

美國電子商務淨銷售額下降了中個位數百分比。隨著消費者在市場中尋求價值，在線環境變得更具競爭性和促銷性。

In the first half of this year, our U.S. DTC business grew low single-digit percent, reflecting a challenging environment. While wholesale shipments remain the priority for the company, I believe there are long-term opportunities to accelerate our DTC growth and improve efficiency and profitability.

今年上半年，我們的美國 DTC 業務僅實現低個位數增長，反映出充滿挑戰的環境。雖然批發運輸仍然是公司的首要任務，但我相信有長期機會來加速我們的 DTC 增長並提高效率和盈利能力。

Under the leadership of our new SVP of North America DTC, David Lawner, we are actively identifying growth opportunities and operational improvements that can further elevate the Columbia brand. David has experienced building a balanced store fleet that's profitable and elevates brand performance across all channels.

在新任北美 DTC 高級副總裁 David Lawner 的領導下，我們正在積極尋找增長機會和運營改進，以進一步提升哥倫比亞品牌。 David 擁有建立平衡的商店隊伍的經驗，該隊伍可以實現盈利並提高所有渠道的品牌績效。

Turning back to the second quarter financial performance. I'll now review our international business. Latin America Asia Pacific region, or LAAP, net sales increased 35%. China net sales increased over 140%, reflecting strong consumer demand compared to last year, which included the impact of pandemic restrictions. Improved store productivity and enhanced marketing are among the key drivers enabling us to capitalize on growing consumer interest in outdoor activities in this important market.

回到第二季度的財務表現。現在我將回顧一下我們的國際業務。拉丁美洲亞太地區（LAAP）淨銷售額增長 35%。中國的淨銷售額增長超過 140%，反映出與去年相比強勁的消費者需求，其中包括大流行限制的影響。提高商店生產力和加強營銷是關鍵驅動因素，使我們能夠利用這個重要市場中消費者對戶外活動日益增長的興趣。

Our new premium China-specific collection named Transit is attracting new, younger consumers to the Columbia brand. Sell-through has been exceptional. We're building on the success of our initial spring launch with new styles for fall.

我們針對中國推出的全新優質系列“Transit”正在吸引新的年輕消費者購買哥倫比亞品牌。銷售情況非常好。我們在春季推出的成功基礎上，又推出了秋季新款式。

Another bright spot is e-commerce where we drove strong results during the 6/18 event, across all our key platforms, including Tmall, JD and TikTok. E-commerce has continued to perform very well as physical traffic returns and is indicative of the team's ongoing efforts to better serve consumers through digital channels. We continue to anticipate that China will be one of our fastest-growing markets in 2023.

另一個亮點是電子商務，我們在 6/18 活動期間在所有主要平台上取得了強勁的業績，包括天貓、京東和 TikTok。隨著實體流量的回歸，電子商務繼續表現出色，這表明該團隊正在不斷努力通過數字渠道更好地服務消費者。我們仍然預計，到 2023 年，中國將成為我們增長最快的市場之一。

Japan net sales increased mid-single digit percent led by healthy growth in our DTC brick-and-mortar stores. We continue to see encouraging traffic trends in our branded stores as the tourism industry recovers.

在我們的 DTC 實體店健康增長的帶動下，日本的淨銷售額增長了中個位數。隨著旅遊業的複蘇，我們的品牌商店繼續看到令人鼓舞的客流量趨勢。

In April, we opened a store in Kamikochi National Park. This top hiking destination in the Japanese Alps attracts over 1 million visitors per year. The store features unique Columbia products with designs from local artists.

4月，我們在上高地國立公園開設了一家商店。這個日本阿爾卑斯山的頂級徒步旅行目的地每年吸引超過 100 萬遊客。該商店出售由當地藝術家設計的獨特的哥倫比亞產品。

Korea net sales declined double-digit percent. As we mentioned last quarter, we are in the early phases of resetting our business in Korea. Management is focused on several initiatives across talent, distribution, marketing and product. We've closed unprofitable doors in the first half of the year and are focused on improving the productivity of the remaining fleet. We believe these efforts to reposition the brand and elevate distribution will drive a deeper connection with the next generation of consumers and fuel long-term sustainable growth.

韓國淨銷售額下降了兩位數百分比。正如我們上季度提到的，我們正處於重置韓國業務的早期階段。管理層專注於人才、分銷、營銷和產品方面的多項舉措。我們在今年上半年關閉了無利可圖的大門，並專注於提高剩餘機隊的生產力。我們相信，這些重新定位品牌和提升分銷的努力將推動與下一代消費者更深層次的聯繫，並推動長期可持續增長。

LAAP distributor markets were up low 80%. This growth primarily reflects earlier shipments of fall '23 orders. Europe, Middle East and Africa region, or EMEA, net sales increased 75%. Europe direct net sales declined mid-single digit percent as spring '23 shipments shifted to the first quarter. This was partially offset by healthy DTC growth which was strong across both e-commerce and brick-and-mortar.

LAAP 分銷商市場上漲了 80%。這一增長主要反映了 23 年秋季訂單的早期發貨。歐洲、中東和非洲地區（即 EMEA）的淨銷售額增長了 75%。隨著 23 年春季發貨轉移到第一季度，歐洲直接淨銷售額下降了中個位數百分比。這被電商和實體店 DTC 的健康增長所部分抵消。

This quarter, Columbia Hike Society U.K. hosted several successful events, including special hikes led by Columbia brand ambassadors. These grassroots clubs help promote spending more time outside and attracting a younger generation of hikers. We believe these unique brand experiences as well as our exclusive partnerships with Megamarsch hiking events that take place across Europe will help drive momentum in the important hike category.

本季度，英國哥倫比亞徒步協會成功舉辦了幾場活動，包括由哥倫比亞品牌大使領導的特別徒步活動。這些草根俱樂部有助於促進人們花更多的時間在戶外，並吸引年輕一代的徒步旅行者。我們相信，這些獨特的品牌體驗以及我們與歐洲各地舉辦的 Megamarsch 徒步活動的獨家合作夥伴關係將有助於推動重要徒步類別的發展勢頭。

Our EMEA distributor business increased approximately 310% reflecting earlier fall '23 shipments. Canada net sales were down 16% as spring '23 shipments shifted into the first quarter. This was partially offset by healthy DTC growth, which was strong across both e-commerce and brick-and-mortar. Columbia was recently voted the #1 trusted sportswear brand and #3 most trusted brand overall in Canada for the eighth consecutive year in the University of Victoria Brand Index. The survey included over 400 brands in 33 categories. Our high brand awareness and consumer trust provide a healthy foundation for growth in this market.

我們的 EMEA 分銷商業務增長了約 310%，反映了 23 年秋季早些時候的發貨量。隨著 23 年春季發貨進入第一季度，加拿大淨銷售額下降了 16%。這被 DTC 的健康增長所部分抵消，DTC 在電子商務和實體店中均表現強勁。最近，哥倫比亞大學在維多利亞大學品牌指數中連續第八年被評為加拿大第一大值得信賴的運動服裝品牌和第三大最值得信賴的品牌。該調查涵蓋 33 個類別的 400 多個品牌。我們的高品牌知名度和消費者信任度為該市場的增長奠定了健康的基礎。

Looking at performance by brand. Columbia brand net sales increased 11% during the quarter, including the benefit of earlier fall '23 shipments. The Columbia brand's differentiated cooling technologies and sun protection products have never been more important. We have a broad range of innovation in our product line, built from a platform of sun protection and cooling technologies, including Omni-Freeze ZERO, Omni-Shade Sun Deflector, and our most recent addition, Omni-Shade Broad Spectrum. These innovations differentiate the Columbia brand in the marketplace and position us as a leader in sun protection.

按品牌查看業績。 Columbia 品牌本季度淨銷售額增長了 11%，其中包括 23 年秋季早些時候發貨的收益。哥倫比亞品牌的差異化冷卻技術和防曬產品從未如此重要。我們的產品線擁有廣泛的創新，這些創新基於防曬和冷卻技術平台，包括 Omni-Freeze ZERO、Omni-Shade Sun Deflector 以及我們最新推出的 Omni-Shade Broad Spectrum。這些創新使 Columbia 品牌在市場上脫穎而出，並使我們成為防曬領域的領導者。

As we look forward to fall, we're building on the success of Omni-Heat Infinity with an expanded assortment of styles. This differentiated visible technology remains one of the fastest-growing parts of our product line and will be our top marketing story this fall.

展望秋季，我們在 Omni-Heat Infinity 的成功基礎上，推出了更多款式。這種差異化的可見技術仍然是我們產品線中增長最快的部分之一，並將成為我們今年秋季的首要營銷故事。

Another innovation story for fall is Omni-Heat Helix, our disruptive poly fleece visible technology. We're excited to build on this unique technology in fall '23 and beyond.

秋季的另一個創新故事是 Omni-Heat Helix，這是我們顛覆性的聚羊毛可見技術。我們很高興能夠在 23 年秋季及以後繼續利用這項獨特的技術。

We will also continue to invest in footwear, including the launch of the Facet 75 Alpha. Despite near-term category headwinds, footwear remains a key growth accelerator for the Columbia brand.

我們還將繼續投資鞋類，包括推出 Facet 75 Alpha。儘管近期面臨品類逆風，鞋類仍然是哥倫比亞品牌的關鍵增長加速器。

Shifting to our emerging brands. SOREL brand net sales increased 32%, primarily driven by earlier fall '23 shipments and increased wholesale closeout sales. Overall, SOREL spring sell-through is up versus last year, largely reflecting higher clearance and promotional activity in a challenging footwear environment. Sandals has been a top-performing category this spring, led by popular styles like the Kinetic Impact Sandal.

轉向我們的新興品牌。 SOREL 品牌淨銷售額增長了 32%，這主要是由於 23 年秋季早些時候的發貨量和批發清倉銷售的增加所推動。總體而言，SOREL 春季銷量較去年有所上升，很大程度上反映了在充滿挑戰的鞋類環境中清倉率和促銷活動的增加。涼鞋是今年春季表現最好的品類，其中以 Kinetic Impact 涼鞋等流行款式為首。

During the quarter, we announced Mark Nenow stepped down from his role as Brand President to focus on his health. Mark oversaw SOREL during a period of tremendous growth and he helped transform the brand into a women's function-first fashion footwear brand. We thank Mark for his outstanding contribution to the Columbia and SOREL brands during his long tenure. Senior Vice President of Emerging Brands, Craig Zanon, will lead the brand until a new President is appointed.

在本季度，我們宣布 Mark Nenow 辭去品牌總裁職務，專注於自己的健康。在 Mark 的帶領下，SOREL 經歷了巨大的發展，並幫助該品牌轉型為女性功能至上的時尚鞋履品牌。我們感謝馬克在其長期任職期間對哥倫比亞和 SOREL 品牌做出的傑出貢獻。新興品牌高級副總裁 Craig Zanon 將領導該品牌，直至任命新總裁。

Mountain Hardwear net sales decreased 19% driven in large part by on-time spring '23 shipments, which resulted in sales shifting into the first quarter.

Mountain Hardwear 淨銷售額下降 19%，這在很大程度上是由於 23 年春季按時發貨導致銷售轉移到第一季度。

prAna net sales decreased 32% in the quarter with a decline in wholesale driven in part due to on-time spring '23 shipments, which resulted in sales shifting to the first quarter as well as a decline in DTC. We are excited to announce the appointment of Tricia Shumavon as the President of the prAna brand starting in September. Tricia brings vast experience in the apparel industry, having served in leadership roles for several global brands, including most recently as the Global VP of Sportswear for adidas. Tricia will be able to leverage her deep roots in design, product management and merchandising to position the prAna brand for growth in future seasons.

prAna 本季度淨銷售額下降 32%，部分原因是 23 年春季準時發貨導致批發量下降，導致銷售轉移到第一季度以及 DTC 下降。我們很高興地宣布任命 Tricia Shumavon 從 9 月份開始擔任 prAna 品牌總裁。 Tricia 在服裝行業擁有豐富的經驗，曾在多個全球品牌擔任領導職務，包括最近擔任阿迪達斯運動服裝全球副總裁。 Tricia 將能夠利用她在設計、產品管理和營銷方面的深厚根基，為 prAna 品牌在未來幾季的增長奠定基礎。

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 these statements.

我現在將討論我們 2023 年的財務前景。本展望和評論包含前瞻性陳述。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信息。

The current environment is making it difficult to achieve the long-term growth algorithm that I believe we're capable of. Given current trends we're seeing in the business, we are taking a more conservative approach to how we plan the second half of the year. We now expect full year net sales to grow 2% to 3.5% year-over-year. Gross margin is expected to expand by 40 basis points to approximately 49.8%.

當前的環境使得實現我相信我們有能力實現的長期增長算法變得困難。鑑於我們在業務中看到的當前趨勢，我們對下半年的計劃採取更加保守的方法。我們目前預計全年淨銷售額將同比增長 2% 至 3.5%。毛利率預計將擴大40個基點至約49.8%。

Marketplace promotional activity continues to normalize, and we are anticipating a higher level of clearance activity as we opportunistically work down inventory levels. We expect operating margin to be in the range of 9.8% to 10.3%. Operating margin performance will not be linear year-to-year, and we remain firmly committed to improving operating margin over time. This operating performance leads to a diluted earnings per share range of $4.40 to $4.65. We anticipate strong operating cash flows of $550 million to $600 million in 2023 as our inventory levels normalize.

市場促銷活動繼續正常化，隨著我們伺機降低庫存水平，我們預計清倉活動將會更高水平。我們預計營業利潤率將在 9.8% 至 10.3% 之間。營業利潤率表現不會逐年呈線性變化，我們仍然堅定地致力於隨著時間的推移提高營業利潤率。這一經營業績導致稀釋後每股收益在 4.40 美元至 4.65 美元之間。隨著我們的庫存水平正常化，我們預計 2023 年的運營現金流將達到 5.5 億至 6 億美元。

Before my closing remarks, I'd like to note that later this month, we will be releasing our 2022 impact report, highlighting our efforts across environmental, social and governance matters. I'd encourage you to review the report, which will be available on our website, to learn more about the progress and accomplishments we've made empowering people, sustaining places and promoting responsible practices.

在我致閉幕詞之前，我想指出，本月晚些時候，我們將發布 2022 年影響報告，強調我們在環境、社會和治理事務方面的努力。我鼓勵您閱讀該報告（該報告將在我們的網站上發布），以更多地了解我們在賦予人民權力、維持地方和促進負責任的做法方面所取得的進展和成就。

As we've previously said, we've been working to eliminate PFAS chemicals across our global product line. Our intent is to stop manufacturing any apparel or footwear with PFAS prior to our fall '24 season. New products manufacturers with fall '24 are designed to be PFAS-free.

正如我們之前所說，我們一直致力於在全球產品線中消除 PFAS 化學品。我們的目的是在 24 年秋季之前停止生產任何含有 PFAS 的服裝或鞋類。製造商推出的 24 年秋季新產品均不含 PFAS。

We have been working on our alternate chemistries for some time and are making these changes in advance of regulatory restrictions in a small number of jurisdictions. We're very pleased with the technical performance of the new chemistry that recognize that the transition has the potential to impact the floor of our wholesale business in 2024 and how we and others manage through existing inventory.

一段時間以來，我們一直在研究替代化學物質，並在少數司法管轄區的監管限制之前做出這些改變。我們對新化學物質的技術性能非常滿意，我們認識到這一轉變有可能影響我們 2024 年批發業務的底線以及我們和其他人管理現有庫存的方式。

In summary, I'm confident we have the right strategies in place to unlock the significant growth opportunities we see across the business. We're 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; enhance 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，我相信我們已經制定了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。我們正在對戰略重點進行投資，以加速盈利增長；創造差異化、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提高品牌參與度；通過投資取悅和留住消費者的能力來增強消費者體驗；擴大數字化主導的全渠道和全球市場的卓越性；並賦予由我們的核心價值觀驅動的人才。

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

我準備好的發言就到此結束。我們歡迎您在剩下的時間裡提出問題。接線員，您能幫助我們嗎？

(Operator Instructions) And the first question today is coming from Bob Drbul from Guggenheim.

（操作員說明）今天的第一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

A couple of questions for me. I guess just on the outlook, can you just talk through, I guess, your updated visibility. I think, on the lowered sales, if you could just talk through a little bit more how you're planning the wholesale business for the back half of the year, like are your orders all firmed up now? And I think you made some adjustments to your buys as well. If you could talk through that, I think that would be pretty helpful to us.

有幾個問題問我。我想只是關於前景，你能談談你更新的可見性嗎？我想，對於銷量下降的情況，您能否再詳細談談下半年的批發業務是如何規劃的，比如你們的訂單現在都確定了嗎？我認為您也對購買進行了一些調整。如果你能談談這個問題，我想這對我們很有幫助。

And then, I guess, just with some of the early shipments, is that just a function of you had the inventory and your partners wanted the product? So maybe you could just talk a little bit about sort of where you think things sit with the wholesale guys as you think about your business.

然後，我想，就一些早期發貨而言，這是否只是您擁有庫存並且您的合作夥伴想要該產品的函數？因此，也許您可以在考慮自己的業務時與批發人員談談您的看法。

Yes. No problem, Bob. Well, yes, as you know, we have a firm order book and it's strong with fall product. Our partners are selling off the balance of their spring merchandise and looking forward to receiving spring, which some of them have already done so. We're planning for a normal winter. So the variability of winter is impactful on our business, especially when we're selling outerwear and winter boots.

是的。沒問題，鮑勃。嗯，是的，如您所知，我們有穩定的訂單，而且秋季產品的訂單量很大。我們的合作夥伴正在出售剩餘的春季商品，並期待著收到春季商品，其中一些合作夥伴已經這樣做了。我們正在計劃一個正常的冬天。因此，冬季的變化對我們的業務產生影響，尤其是當我們銷售外套和冬靴時。

And as it relates to the early shipments, I mean, frankly, as we've noted, we have too much inventory. A large portion of our SG&A spend this year was a result of having too much inventory, having merchandise stored in off-site locations, et cetera. So it was great that we could both move the merchandise out to retailers and wholesale partners and distributors earlier than last year in order to free up some space and give us some relief on our extra spend for locations. But our retailers and partners were happy to receive the merchandise, especially knowing that in prior years, we've been late on this merchandise.

由於這與早期發貨有關，坦率地說，正如我們所指出的，我們的庫存太多了。今年我們的銷售、管理及行政費用的很大一部分是由於庫存過多、商品存放在異地等原因造成的。因此，我們可以比去年更早地將商品轉移給零售商、批發合作夥伴和分銷商，這樣可以騰出一些空間，並減輕我們在地點上的額外支出，這真是太好了。但我們的零售商和合作夥伴很高興收到這些商品，特別是知道在前幾年，我們在這些商品上已經遲到了。

And Bob, and just to add a little bit more color in terms of the change in the outlook. The lion's share of the change is due to the softness we've seen in the U.S. business. And that's been essentially across our U.S. wholesale business, which is roughly half of the overall change in our outlook and then, to a slightly lesser degree, U.S. e-commerce and then, to an even lesser extent, Korea. So those are the major moves.

鮑勃，只是為了在前景的變化方面添加更多的色彩。變化的最大部分是由於我們在美國業務中看到的疲軟。這基本上涉及我們的美國批發業務，大約占我們前景總體變化的一半，然後是美國電子商務，程度稍小一些，然後是韓國，程度更小。這些是主要舉措。

As Tim touched on, as it relates to the wholesale business, we haven't so much seen any significant changes, so to speak, as it relates to the fall order book, but what's led us to the change in the outlook is what we're seeing in terms of replenishment and reorder as there's been some softness in the market. So that's contributed to that overall change in our outlook.

正如蒂姆談到的那樣，就批發業務而言，我們沒有看到任何重大變化，可以這麼說，因為它與秋季訂單有關，但導致我們前景發生變化的是我們由於市場有些疲軟，我們正在考慮補貨和重新訂購。因此，這促成了我們前景的整體變化。

The next question is coming from Laurent Vasilescu from BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Jim, I want to follow up on your CFO slides. They're always super helpful. I think one of the pages notes that wholesale (inaudible) to grow low single digits for the year, which implies that wholesale in the second half should be down low single digits to mid-single digits. Just curious to know how do we think about that. I know you don't guide explicitly by quarter, but just any dynamics as we think about 3Q, 4Q and especially how you're lapping the Russian distributor sales in the third quarter.

吉姆，我想跟進您的首席財務官幻燈片。他們總是非常樂於助人。我認為其中一頁指出，今年批發（聽不清）將增長低個位數，這意味著下半年的批發量應從低個位數下降到中個位數。只是想知道我們如何看待這個問題。我知道您沒有明確地按季度提供指導，但只是我們考慮第三季度、第四季度時的任何動態，特別是您第三季度俄羅斯經銷商銷售額的情況。

Yes, that's a good point. I would keep in mind, looking at the flow of our business even from a first half, second half perspective, the impact of the shifts in the timing of deliveries, because we're much earlier this year for both the spring and fall season, does create challenges in terms of the comparative differences year-over-year. As you pointed out, we do plan on the business being at a lower rate of growth on the wholesale side in the back half of the year.

是的，這是一個很好的觀點。我會記住，即使從上半年、下半年的角度來看我們的業務流程，交貨時間變化的影響，因為我們今年春季和秋季都早得多，確實在同比差異方面帶來了挑戰。正如您所指出的，我們確實計劃下半年批發業務的增長率較低。

Keep in mind, there is a very material component of shipments from the fall '23 season, particularly for our distributor business, that shipped in the second quarter. That's to the tune of, across our global wholesale and distributor business, roughly $70 million. So if you adjust for that timing difference, coupled with, Laurent, you also mentioned the shipments that we made in the latter part of last year for Russia, which were orders we took pre-invasion, those equated about $45 million. So if you adjust for each of those 2 items, the rate of growth that we'd be seeing in our wholesale business would be in the mid-single-digit percent range. But from an overall standpoint, when you look at the full year, which I think is much more indicative of the trends we're seeing across the business, at least for the wholesale side, we're up a low single-digit percent on the year.

請記住，23 年秋季的出貨量中有一個非常重要的組成部分，特別是對於我們的分銷商業務而言，該業務在第二季度出貨。這相當於我們全球批發和分銷業務的大約 7000 萬美元。因此，如果你調整時間差異，再加上勞倫特，你還提到了我們去年下半年向俄羅斯發貨的訂單，這些訂單是我們在入侵前收到的，相當於約 4500 萬美元。因此，如果您對這兩項進行調整，我們在批發業務中看到的增長率將在中等個位數百分比範圍內。但從整體角度來看，當你審視全年時，我認為這更能說明我們在整個業務中看到的趨勢，至少在批發方面，我們的增長率為低個位數百分比那一年。

Very, very helpful. And then I wanted to follow up on margins. I think in your 10-K, it notes that inbound freight was 180 basis point impact to FY '22 gross margins. Just curious to know how much -- it looks, from your CFO slide deck today, that you recaptured about 200 basis points in this quarter. Just curious to know how much freight is going to be a benefit for your full year gross margin. And then clicking down to the SG&A, last 10-Q, you had about $18.8 million of logistics cost in your SG&A. Just curious to know how much that was impact for 2Q in dollar terms and how much do you think it could impact for the full year.

非常非常有幫助。然後我想跟進利潤。我認為在您的 10-K 中，它指出入境運費對 22 財年毛利率有 180 個基點的影響。只是想知道，從今天的 CFO 幻燈片來看，您在本季度重新獲得了大約 200 個基點。只是想知道運費將為您的全年毛利率帶來多少收益。然後點擊 SG&A，在過去 10 個季度中，您的 SG&A 中有大約 1880 萬美元的物流成本。只是想知道這對第二季度的美元影響有多大，以及您認為這對全年會產生多大影響。

Yes. As it relates first to the gross margin and the inbound freight headwind that we had last year of 180 basis points, we continue to anticipate greater than 200 basis points of favorable gross margin impact this year as those imbalance freight costs have come down materially for us.

是的。由於它首先與毛利率和去年 180 個基點的入境貨運逆風有關，我們繼續預計今年毛利率將受到超過 200 個基點的有利影響，因為這些不平衡的貨運成本已大幅下降。

And then as it pertains to SG&A, we've continued to see -- you'll see in the same CFO commentary document, among the higher rates of growth, that SG&A continues to be operations. And that encompasses our warehousing, distribution, fulfillment cost. That's still a meaningful part of what's driving our SG&A up in the quarter. We'd anticipate those costs continuing through the balance of this year. And then, of course, we do believe those to be transitory. As we get our inventories back down to more normalized levels going into next year, that should become more of a headwind. In terms of quantifying that, Laurent, it's going to be -- in or around the $30 million range would be a ballpark estimate of the impact in that area of our business.

然後，就 SG&A 而言，我們繼續看到——你會在同一份 CFO 評論文件中看到，在較高的增長率中，SG&A 仍然是運營。這包括我們的倉儲、配送、履行成本。這仍然是推動我們本季度 SG&A 增長的一個重要部分。我們預計這些成本將持續到今年剩餘時間。當然，我們確實相信這些都是暫時的。隨著明年我們的庫存恢復到更加正常的水平，這應該會成為更大的阻力。勞倫特，就量化而言，大約在 3000 萬美元範圍內將是對我們業務領域影響的粗略估計。

Very helpful as we think about the next fiscal year.

當我們考慮下一個財政年度時非常有幫助。

And the next question is coming from Mitch Kummetz from Seaport Research.

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

Jim, if I heard you correctly, it sounds like the biggest part of the change in the sales guide is replenishment, your thoughts around replenishment in the back half. I mean how do you guys come up with that? Are you just looking at kind of trends over the last month or two and extrapolating that? I'm just trying to get a sense as to how conservative you might be without an assumption.

Jim，如果我沒聽錯的話，聽起來銷售指南中變化最大的部分是補貨，你對後半部分補貨的想法。我的意思是你們是怎麼想出這個的？您是否只是關注過去一兩個月的趨勢並進行推斷？我只是想了解一下在沒有假設的情況下你可能有多保守。

Yes. The replenishment business for us is very helpful, and we are in the process of automating that process today. I just left a meeting where we talked about the increased accuracy around the replenishment business. So it's going to be important for us in the future, and it's something that we're getting much better at. But it is impactful this year, especially when you consider the potential impact of the PFAS product change. So it's going to be the Board part of our business, and we're getting much better at it all the time.

是的。補貨業務對我們來說非常有幫助，我們今天正在實現該流程的自動化。我剛剛結束了一次會議，我們在會上討論了補貨業務準確性的提高。因此，這對我們未來來說很重要，而且我們正在變得越來越擅長。但今年它的影響力很大，特別是當你考慮到 PFAS 產品變化的潛在影響時。因此，董事會將成為我們業務的一部分，而且我們在這方面一直在進步。

Yes. I think just further to that, Mitch, it's based on statistical forecast and looking back at what we've seen in trends over the last several weeks. And I would say that's the case in terms of our wholesale replenishment business. That's also the case in terms of how we're thinking about D2C growth in the back half of the year. And so our outlook would contemplate D2C growth rates being similar to what our experience has been when you look at the first half of the year.

是的。我認為更進一步，米奇，它是基於統計預測並回顧過去幾週我們所看到的趨勢。我想說的是我們的批發補貨業務就是這種情況。我們對今年下半年 D2C 增長的看法也是如此。因此，我們的展望是 D2C 增長率與我們上半年的經歷相似。

Okay. And then I also had a question on the margins. I haven't fully penciled out your revised guidance yet. But if I'm not mistaken, it looks like your sales are coming down, your gross margins coming down. I think from an SG&A dollar standpoint, that really hasn't changed or maybe it's up a tick from where it was before. I may have done my math wrong. But if that's the case, I would have thought that you guys would have been -- with the revised sales guidance, you would be sort of turning over every rock, looking for cost savings. I assume you're doing that. But are there other expenses that are going up in the process? How should I think about that SG&A dollar number, which is leading to a fair amount of deleverage on the year?

好的。然後我還有一個關於邊緣的問題。我還沒有完全寫出你修改後的指導。但如果我沒記錯的話，看起來你們的銷售額正在下降，毛利率也在下降。我認為從SG&A美元的角度來看，這確實沒有改變，或者可能比之前有所上升。我可能算錯了。但如果是這樣的話，我本以為你們會——通過修訂後的銷售指導，你們會翻遍每一塊石頭，尋找節省成本的方法。我假設你正在這樣做。但在此過程中還會增加其他費用嗎？我應該如何看待SG&A 美元數字，它導致了今年相當多的去槓桿化？

Yes. I mean we're certainly, to your point, turning over every rock that we can in terms of executing on cost containment; in certain cases, even cost reduction actions internally as well so that's top of mind. I would agree, ordinarily you would expect a little bit more pass-through of variable-based expenses given the reduction in the top line. There are investments we're making along the way here to ensure, though, that as we look at the distribution and the third-party logistics side of our business, there are some professional fees and other costs that we're incurring that are incremental investments to ensure that we set those operations up going forward to be more streamlined and productive.

是的。我的意思是，就您的觀點而言，我們肯定會盡一切努力執行成本控制；在某些情況下，甚至內部也採取降低成本的行動，所以這是首要考慮的。我同意，鑑於收入的減少，通常您會期望基於可變的費用有更多的轉嫁。不過，我們在此過程中正在進行一些投資，以確保當我們考慮業務的分銷和第三方物流方面時，我們會產生一些專業費用和其他成本，這些費用是增量的投資，以確保我們未來的這些業務更加精簡、更加高效。

So there are certain onetime costs in there, Mitch. I won't get down into specifics in terms of each one individually. But they're offsetting some of what you otherwise believe to be a greater degree of variable-based expense savings.

所以其中存在一定的一次性成本，米奇。我不會逐一詳細討論每一項的細節。但它們抵消了一些您原本認為更大程度的基於可變費用的節省。

The next question is coming from John Kernan from TD Cowen.

下一個問題來自 TD Cowen 的 John Kernan。

Just given some of the macro headwinds out there in your clearance, I'm just curious if you've seen any major reactions in the actual competitive environment? I know the Columbia brand has always really held a bit more of an entry-level price point in the wholesale channel and versus some of your peers. Is there any change in the competitive environment? Or is it really just the difficult period being driven by a broader macro environment? Curious about some of your high-level thoughts there.

考慮到您的許可中存在一些宏觀阻力，我只是好奇您是否在實際競爭環境中看到了任何重大反應？我知道哥倫比亞品牌在批發渠道中與一些同行相比一直保持著更高的入門級價格點。競爭環境有變化嗎？或者這真的只是由更廣泛的宏觀環境推動的困難時期嗎？對您的一些高層想法感到好奇。

Yes, I want to -- we ran in a little bit of trouble with the audio here, so I want to make sure I got your question, but I think you're asking about whether our position as a value brand is impacted. And we believe that over time, this is going to be a real strength for the company. We talked about the impact on the SG&A, of the carrying cost of inventories. We were able to keep a high gross margin based on the company's strength and sourcing, but we do have too much inventory. So that's going to be impactful for the balance of the year on the SG&A line.

是的，我想——我們在音頻方面遇到了一些麻煩，所以我想確保我明白了你的問題，但我認為你是在問我們作為價值品牌的地位是否受到影響。我們相信，隨著時間的推移，這將成為公司的真正優勢。我們討論了庫存持有成本對 SG&A 的影響。基於公司的實力和採購，我們能夠保持較高的毛利率，但我們的庫存確實太多了。因此，這將對今年剩餘時間的銷售管理、一般行政費用產生影響。

We're finding great strength and comfort in the fact that we have the balance sheet that can help us to hang on to this inventory and sell it profitably during a period like this.

事實上，我們的資產負債表可以幫助我們保留這些庫存並在這樣的時期出售它並獲利，這一事實讓我們感到了巨大的力量和安慰。

Yes, I know I have some background noise, if you can hear me, any thoughts on SOREL. Obviously, there's going to be new management that's coming in. Any thoughts about [how to position] SOREL specifically in the U.S.

是的，我知道我有一些背景噪音，如果你能聽到我對 SOREL 的任何想法。顯然，將會有新的管理層加入。關於[如何定位] SOREL 在美國的任何想法

I'm sorry, I'm having a real difficult time understanding the question. We'll be happy to capture that, if we can, at a later time if you're able to call in.

抱歉，我很難理解這個問題。如果可以的話，如果您稍後可以致電的話，我們將很樂意捕捉到這一點。

And the next question is coming from Jonathan Komp from Baird.

下一個問題來自貝爾德 (Baird) 的喬納森·康普 (Jonathan Komp)。

Jim, I just want to follow up a question on the updated guidance. It sounded like at least through June, the message was you really weren't assuming any improvement in the sales environment or the promotional cadence for the year. So I'm just wondering, should we assume that the environment has shifted pretty meaningfully over the last couple of months? Or any other color just going back to the change in the full year guidance and the drivers.

吉姆，我只想跟進有關更新指南的問題。聽起來至少到了六月份，你確實沒有假設今年的銷售環境或促銷節奏有任何改善。所以我只是想知道，我們是否應該假設環境在過去幾個月中發生了相當有意義的變化？或者任何其他顏色都可以追溯到全年指導和驅動程序的變化。

I think that's fair, Jon. When we had our earnings call in April, up to about that time, we were continuing to see the same trends that we saw in Q1, in which we reiterated the top line guidance we provided earlier in the year. The month of May was, I would describe it, exceptionally challenging. And things improved a little bit in June, and they've been a bit better here in July. But in light of what we saw during the quarter, and particularly as we got into the mid- to latter part of the quarter, things were a bit more challenging, and that's led to the revision we made both on the wholesale side in terms of how we're thinking about reorder replenishment and then also in terms of e-commerce. And you'll recall, e-commerce was a channel of our business that we thought would be the highest rate of growth business coming into the year. And as we sit here through the first half, it's been the slowest growing part of our business at a low single digit. So we thought it was appropriate, prudent, to realign our outlook and derisk some of the trends that we're seeing in the business through the quarter.

我認為這是公平的，喬恩。當我們在四月份召開財報電話會議時，直到大約那個時候，我們繼續看到與第一季度相同的趨勢，其中我們重申了今年早些時候提供的營收指引。我認為，五月是異常具有挑戰性的。六月份情況有所改善，七月份情況也有所好轉。但鑑於我們在本季度看到的情況，特別是當我們進入本季度中後期時，事情變得更具挑戰性，這導致我們在批發方面做出了修改我們如何考慮重新訂購補貨以及電子商務方面的問題。您還記得，電子商務是我們業務的一個渠道，我們認為這將是今年增長率最高的業務。當我們在上半年坐在這裡時，它是我們業務中增長最慢的部分，只有低個位數。因此，我們認為重新調整我們的前景並消除本季度我們在業務中看到的一些趨勢的風險是適當且謹慎的。

And do you have any ability to tell if those risks or the adjustments to the business will be concentrated in the second half of '23? Or any perspective on when you might get some color on how wholesale trends and any destocking might carry into 2024?

您是否有能力判斷這些風險或業務調整是否會集中在23年下半年？或者您對什麼時候可以了解 2024 年批發趨勢和去庫存的情況有什麼看法？

Yes. The biggest variable for the back half of the year is going to be the weather globally. So our retailers will be -- they have relatively low inventory levels of which are merchandise carried over from the prior period. So they'll be starting the year with brand-new merchandise and full stocks. And really the balance of the year in terms of weather will be much more a factor, frankly, than the economy.

是的。今年下半年最大的變數將是全球天氣。因此，我們的零售商將 - 他們的庫存水平相對較低，其中是上一時期結轉的商品。因此，他們將以全新的商品和充足的庫存開始新的一年。坦率地說，實際上，今年的天氣狀況將比經濟更重要。

I think, Jon, retailers are generally being more cautious. As we sit here today with where spring sell-through, and Tim touched on it, spring sell-through has been a bit slower. I described inventory levels in the marketplace as being moderately elevated. So when you look at some slowdown in higher inventories, naturally, they're going to be a bit more cautious. So that's what we're reflecting in terms of the change in how we're seeing the revenue forecast for the balance of the year. .

喬恩，我認為零售商普遍更加謹慎。當我們今天坐在這裡討論春季銷售情況時，蒂姆談到了這一點，春季銷售情況有點慢。我將市場上的庫存水平描述為適度升高。因此，當你看到庫存增加有所放緩時，他們自然會更加謹慎。這就是我們對今年剩餘時間收入預測的變化所反映的。 。

And then I think in terms of getting a better read on that, the third quarter is typically the point in time where we're shipping an initial floor set, so it doesn't become until we get into the early fall where we start to see that sell-through through back-to-school and some of the early fall sales to get a better read on how things are progressing.

然後我認為，為了更好地了解這一點，第三季度通常是我們運送初始地板組的時間點，所以直到我們進入初秋時我們才開始查看返校期間的銷售情況和一些初秋銷售情況，以便更好地了解事情的進展情況。

Okay. Great. And just last one for me, Jim. It looks like the guidance is assuming operating profit below 2019 levels through the third quarter followed by a pretty significant shift to positive in the teens in the fourth quarter comparing against the 2019 base. I don't know if that's the right comparison to think about, but just any more color on factors that would drive that profitability flip by the fourth quarter.

好的。偉大的。吉姆，這只是我的最後一個。該指引似乎假設第三季度營業利潤低於 2019 年水平，隨後與 2019 年基數相比，第四季度營業利潤大幅轉向正值。我不知道這是否是值得思考的正確比較，但只是對推動第四季度盈利能力翻轉的因素有更多的了解。

Yes. Trying to go back to fourth quarter and comparing it to a prior period like that, I would have difficulty doing it. What I would say, Jon, though, is certainly being at a 10%-ish operating margin this year, that's a disappointment from our perspective. We've got much higher expectations in terms of driving the right profitability and expanding operating margins over time. I think bear in mind, as Tim touched on, certainly, the most significant item that's impacting, and having a deleveraging effect on our operating profits, is the elevated inventories that we're carrying. We're not ready to provide an outlook as we think out to 2024 here today.

是的。試圖回到第四季度並將其與之前的時期進行比較，我會很難做到。不過，我想說的是，Jon 今年的營業利潤率肯定在 10% 左右，從我們的角度來看，這令人失望。隨著時間的推移，我們對推動適當的盈利能力和擴大營業利潤率抱有更高的期望。我認為請記住，正如蒂姆所提到的，對我們的營業利潤產生影響和去槓桿化影響的最重要因素當然是我們持有的庫存增加。今天我們還沒有準備好提供對 2024 年的展望。

Having said that, if you look at the pressure that that's putting on the P&L in '23 across SG&A that we've touched on as well as the clearance type activity and lower margins as we move through certain of this inventory through our outlets, it's north of 200 basis points. So as we get that inventory back down into a more tolerable level and think about the potential to expand operating margin, all subject to how the top line plays out next year, that should be a tailwind for us.

話雖如此，如果你看看我們已經提到的 23 年 SG&A 的損益表所承受的壓力，以及當我們通過我們的網點處理某些庫存時的清倉類型活動和較低的利潤率，那就是高於200個基點。因此，當我們將庫存恢復到更可接受的水平，並考慮擴大營業利潤率的潛力時，所有這些都取決於明年的營收表現，這對我們來說應該是一個順風車。

The next question is coming from Jim Duffy from Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

I want to ask pricing in general, just given the pressures to consumer spending, what do you feel about your MSRP in the marketplace? Are you revisiting pricing at all, looking at making adjustments there? I recognize you have promotion as a tool. But how do you feel about your go in pricing and the price value equation?

我想問一下總體定價，考慮到消費者支出的壓力，您對市場上的建議零售價有何看法？您是否正在重新審視定價，考慮進行調整？我知道你有晉升的工具。但您對定價和價格價值方程有何看法？

Yes, Jim, I think we're in good shape actually. I don't believe that the reduction in our guidance is a function of our products being overpriced. I think we're in the right spot. And frankly, as the business normalizes from an inventory perspective, we intend to increase our marketing spend over time to give us a larger voice to the consumers.

是的，吉姆，我認為我們實際上狀況良好。我不認為我們指導意見的減少是因為我們的產品定價過高。我認為我們來對地方了。坦率地說，隨著業務從庫存角度來看正常化，我們打算隨著時間的推移增加營銷支出，以便為消費者提供更大的話語權。

So no, I think we're in great shape. We've had a very efficient sourcing operation, and we expect to be able to continue to use that as a lever together with our balance sheet to make a better organized approach to the marketplace.

所以不，我認為我們的狀態很好。我們擁有非常高效的採購業務，我們希望能夠繼續將其與我們的資產負債表一起用作槓桿，以更好地組織市場方法。

Okay. And I also thought I'd ask just about inventory composition. And in the past, you've spoken about footwear versus apparel. How does that split? Are you heavier in footwear than you are in apparel? Or is it relatively balanced?

好的。我還想問一下庫存構成。過去，您談到過鞋類與服裝。那怎麼分呢？您穿鞋的重量是否比穿衣服的重量重？還是說比較平衡？

Yes. We're slightly heavier in footwear than we are in apparel. But we're pretty good at estimating the values we're going to be garnering a lot of this inventory. So we're generally pretty accurate on the inventory -- on gross margin guidance. So I think we've built in the right approach to how we plan to liquidate this ourselves.

是的。我們的鞋類比服裝稍重一些。但我們非常擅長估計我們將從大量庫存中獲得的價值。因此，我們對庫存和毛利率的指導通常相當準確。因此，我認為我們已經制定了正確的方法來計劃如何自行清算。

Yes. And then just looking at the composition of the inventory, Jim, at a high level, call it, around 50% of the inventories current season, 20% of it's aged and then the balance would be the carryover of the evergreen-type styles. That 20% that's aged, that's not too far off. It's more elevated than what we would like. But in light of the outlet stores that we have the leverage, we've opened up some temporary stores, we feel perfectly comfortable working that inventory down in the latter part of this year.

是的。然後只要看看庫存的構成，吉姆在高水平上稱之為，本季庫存的 50% 左右，其中 20% 是老化的，然後餘額將是常青型款式的結轉。這 20% 的人已經上了年紀，這個數字並不算太遠。它比我們想要的更高。但鑑於我們擁有影響力的直銷店，我們開設了一些臨時商店，我們對在今年下半年減少庫存感到非常放心。

The next question is coming from Abbie Zvejnieks from Piper Sandler.

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

I know it's a smaller piece of the business, but can you just talk about kind of how you're thinking about the go-forward growth trajectory of both prAna and Mountain Hardwear?

我知道這是業務的一小部分，但您能否談談您如何看待 prAna 和 Mountain Hardwear 的未來增長軌跡？

Yes. Mountain Hardwear, as you know, is a high-end Alpinist brand, and we believe that we've got the right team managing that business today. It's been challenged in the past. Frankly, I think we're in the right spot with that brand, and there's a large opportunity for us, especially in the U.S., as we approach some specialized -- for us an area where we're sort of a smaller niche consumer. And I believe that's going to be -- we'll be successful with that brand, and we have the right people in place to manage it.

是的。如您所知，Mountain Hardwear 是一個高端 Alpinist 品牌，我們相信我們今天擁有合適的團隊來管理該業務。過去它曾受到過挑戰。坦率地說，我認為我們在這個品牌上處於正確的位置，而且我們有很大的機會，特別是在美國，因為我們接近一些專門的領域——對於我們來說，我們是一個較小的利基消費者領域。我相信我們會憑藉這個品牌取得成功，並且我們有合適的人來管理它。

The question is coming from Mauricio Serna from UBS.

這個問題是由瑞銀 (UBS) 的毛里西奧·塞爾納 (Mauricio Serna) 提出的。

I wanted to ask about the sales guidance. Just if I look at the 3Q outlook you provided, I think it implies sales will be down 2% to 8% in 4Q. Just want to understand if that's all related to shift in wholesale shipments, like, between the quarters? And from a regional perspective, how should we think about that? Just wanted to confirm. Like, I would think that a lot of that maybe is coming from U.S. And then maybe you can talk about -- you commented about some challenges in the footwear category. I just want to make sure like if those challenges that you're talking about, is that like related specifically to outdoor? Or would you say it's more like throughout overall sportswear?

我想問一下銷售指導。只要我看一下您提供的第三季度展望，我認為這意味著第四季度的銷售額將下降 2% 至 8%。只是想了解這是否與批發出貨量的變化有關，例如季度之間的變化？從區域角度來看，我們應該如何思考？只是想確認一下。就像，我認為其中很多可能來自美國，然後也許你可以談談——你評論了鞋類領域的一些挑戰。我只是想確定一下您所談論的這些挑戰是否與戶外活動有關？或者你會說它更像是整個運動服？

Tim, do you want to touch on the footwear one, then I'll come back around the sales?

蒂姆，你想談談鞋類的問題嗎？然後我再回來討論銷售事宜？

Yes. I can talk about the footwear. The outdoor category has been softening a bit. And that's where the primary business for the Columbia brand is. The SOREL brand, on the other hand, is primarily a women's fashion brand. We've seen great successes in the sandal category with that brand. And the expectation for the balance of the year is solid growth in women's protective footwear as well as fashionable products. So we're excited about that. But there is some softness in the outdoor category as it relates to the Columbia brand.

是的。我可以談談鞋子。戶外類別有所疲軟。這就是哥倫比亞品牌的主要業務所在。另一方面，SOREL 品牌主要是女性時尚品牌。我們已經看到該品牌在涼鞋類別中取得了巨大成功。今年剩餘時間的預期是女士防護鞋和時尚產品的穩健增長。所以我們對此感到興奮。但與哥倫比亞品牌相關的戶外類別存在一些軟性。

And, then Mauricio, as it relates to the sales guidance, so we've provided third quarter revenue growth of 4% to 6%. And then if you engineer that back to what would be contemplated in the fourth quarter, it'd be down a mid-single-digit percent. And to your question, there are still a lot of timing shifts each quarter. Last year, for the fall '22 season, we were awfully late getting inventory to the market. And so there was a higher proportion of our fall '22 wholesale orders that shipped in the fourth quarter.

然後，毛里西奧，因為這與銷售指導有關，所以我們提供了第三季度收入增長 4% 到 6% 的數據。然後，如果你將其設計回第四季度的預期，那麼它會下降中個位數。對於你的問題，每個季度仍然有很多時間變化。去年，22 年秋季，我們將庫存推向市場的時間非常晚。因此，我們 22 年秋季批發訂單中第四季度發貨的比例較高。

So we're contemplating being much earlier, and we would expect our wholesale direct business being up quite substantially in the third quarter. However, there's going to be an offset as we ship the international distributor fall '23 orders in the second quarter. So there is an awful lot of noise when you get into the overall timing impacts of our wholesale and distributor business. So keep that in mind when you look at quarterly flows. And then as it relates to the direct-to-consumer side of the business, I think we've planned it relatively stable in Q3, Q4, a mid-single-digit percent of growth.

因此，我們正在考慮更早地採取行動，我們預計我們的批發直接業務將在第三季度大幅增長。然而，當我們在第二季度向國際分銷商運送 23 年秋季訂單時，將會產生抵消。因此，當您了解我們的批發和分銷業務的整體時間影響時，會出現很多噪音。因此，當您查看季度流量時，請記住這一點。然後，由於它涉及到直接面向消費者的業務方面，我認為我們計劃在第三季度、第四季度保持相對穩定，實現中等個位數的增長。

Can you repeat that number, mid-single digit for DTC? Is that right?

您能否重複一下該數字（DTC 的中間個位數）？是對的嗎？

Yes. That's right.

是的。這是正確的。

And the next question is coming from Alex Perry from Bank of America.

下一個問題來自美國銀行的 Alex Perry。

I just have one here. I just wanted to ask, can you talk about how you're thinking about gross margins in the third quarter? Should they be up year-over-year? And do you still expect a fairly promotional environment as we enter the back half? Like, I guess within the full year gross margin guide, what is sort of the expectations for promos in the back half? And any color on sort of 3Q versus 4Q gross margin would be super helpful.

我這裡只有一張。我只是想問，你能談談你對第三季度毛利率的看法嗎？他們應該同比上漲嗎？當我們進入後半段時，您是否仍然期望有一個相當好的促銷環境？就像，我想在全年毛利率指南中，下半年促銷的預期是什麼？任何關於第三季度與第四季度毛利率的顏色都會非常有幫助。

Yes. As it relates to Q3 gross margin, we've not gotten down into specifics from our guidance standpoint, aside from providing revenue and operating income outlook. Having said that, we would expect gross margin to be up in the third quarter. We'll continue to benefit from the lower inbound freight costs. That should be a 300 basis point benefit in the third quarter. There's going to be some favorability as it relates to the region and channel mix as well with lower sales from our distributor business, which carries a lower gross margin.

是的。由於它與第三季度的毛利率有關，除了提供收入和營業收入前景外，我們沒有從我們的指導角度深入探討具體細節。話雖如此，我們預計第三季度的毛利率將會上升。我們將繼續受益於較低的入境貨運成本。第三季度的收益應該是 300 個基點。將會有一些優惠，因為這與地區和渠道組合以及我們的分銷商業務的銷售額較低（毛利率較低）有關。

And so there is an offset, however, and that's, to your point, in terms of what we're expecting from a promotional and clearance standpoint. So that's, by and large, offsetting a lot of that in the third quarter. And that's effectively as we move through this inventory through our outlets, we're more or less holding the promotions that you would see marketed. But as it relates to in-store and the aged or the excess inventory moving through there from a clearance standpoint, those are marked down a bit more. And so that's essentially the offset that you see in the margin. And then the fourth quarter, we anticipate being up as well. It's really those same drivers that are going to be at play.

然而，就你的觀點而言，就我們從促銷和清倉的角度所期望的情況而言，存在一個抵消。因此，總的來說，這抵消了第三季度的大部分影響。實際上，當我們通過我們的商店處理這些庫存時，我們或多或少都會進行您會看到的促銷活動。但由於它與店內和老化或從清倉角度來看的多餘庫存有關，因此這些產品的降價幅度會更大一些。這本質上就是您在邊距中看到的偏移量。然後，我們預計第四季度也會有所增長。實際上，這些驅動因素將發揮作用。

Perfect. That's really helpful. Best of luck going forward.

完美的。這真的很有幫助。祝你好運。

There were no other questions at this time. I would now like to hand the call back to Tim Boyle for closing remarks.

此時沒有其他問題了。現在我想將電話轉回給蒂姆·博伊爾，讓其致閉幕詞。

Thank you very much. Thanks for listening in. Look forward to talking to you at the end of Q3.

非常感謝。感謝您的收聽。期待在第三季度末與您交談。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。