Columbia Sportswear Co (COLM) 2024 Q1 法說會逐字稿

Greetings. Welcome to the Columbia Sportswear First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Columbia Sportswear 2024 年第一季財務業績電話會議。 （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. You may begin.

現在我將會議交給主持人安德魯伯恩斯。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哥倫比亞運動服裝公司第一季的業績。除了收益發布之外，我們還提供了一份 8-K，其中包含詳細的財務長評論和解釋我們結果的財務審查演示。文件也可在我們的投資者關係網站 Investor.columbia.com 上取得。

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 and 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、總裁兼執行長 Tim Boyle；執行副總裁兼財務長吉姆‧斯旺森；執行副總裁兼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.

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有重大差異。

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.

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資訊可靠。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更的責任。

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 at 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 指標的調整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資訊部分和財務表格。財務長評論和財務回顧的附錄。

Following their 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.

在他們準備好的發言之後，我們將舉辦問答環節。在此期間，我們將限制每個來電者提出 2 個問題，以便我們能夠在一小時結束前聯繫每個人。

Now I'll turn the call over to Tim.

現在我將把電話轉給提姆。

Thanks, Andrew, and good afternoon. I'm pleased to report that 2024 has started out broadly in line with our expectations. We are reiterating our full year net sales outlook while modestly raising our diluted earnings per share range. In this challenging environment, we continue to take a disciplined approach to expense management. And our commercial teams are working to maximize sales across all channels. Our fortress balance sheet enables us to take a thoughtful approach to unlocking the long-term growth and profit improvement opportunities we see across the business.

謝謝安德魯，下午好。我很高興地報告，2024 年的開局基本上符合我們的預期。我們重申全年淨銷售前景，同時適度提高稀釋後每股盈餘範圍。在這個充滿挑戰的環境中，我們繼續採取嚴格的費用管理方法。我們的商業團隊正在努力最大限度地提高所有管道的銷售額。我們堡壘般的資產負債表使我們能夠採取深思熟慮的方法來釋放我們在整個業務中看到的長期成長和利潤改善機會。

During the quarter, we made meaningful progress on our top priorities. Our inventory reduction plan has yielded substantial benefits. Inventory was down 37% year-over-year exiting the quarter. I'm proud of our team's efforts to navigate the supply chain challenges over the last several years, while generating healthy gross margins. We are now shifting our focus towards longer-term supply chain goals, including improving inventory turns and enhancing the speed and efficiency of our operations.

本季度，我們在首要任務上取得了有意義的進展。我們的庫存削減計劃已經產生了顯著的效益。本季庫存年減 37%。我為我們的團隊在過去幾年中努力應對供應鏈挑戰，同時創造健康的毛利率而感到自豪。我們現在將重點轉向長期供應鏈目標，包括改善庫存週轉率以及提高營運速度和效率。

Growth is vital for our success. We are implementing strategies across the portfolio to accelerate the business. For Columbia, we're focused on bringing younger active consumers into the brand through a reinvigorated product line that further emphasizes innovation, performance and style.

成長對於我們的成功至關重要。我們正在整個投資組合中實施策略以加速業務發展。對於 Columbia 來說，我們致力於透過重振產品線，進一步強調創新、性能和風格，將年輕活躍的消費者帶入該品牌。

On the marketing front, we're targeting a more balanced full-funnel approach to drive consideration from new customers. We are also focused on elevating our product assortment and enhancing our in-store retail presentations across all channels. We have several proof points across the globe that this strategy is successful. We've driven meaningful growth in recent years in China and several markets across our Europe-direct and distributor businesses. We know that when we target the right consumers with our innovative products, we win in the marketplace.

在行銷方面，我們的目標是採用更平衡的全通路方法來吸引新客戶的考量。我們也致力於提升我們的產品種類並增強所有通路的店內零售展示。我們在全球有多個證據證明這項策略是成功的。近年來，我們在中國和歐洲多個市場的直接和分銷業務上取得了顯著的成長。我們知道，當我們以創新產品瞄準正確的消費者時，我們就能贏得市場。

In our emerging brands, we have new leaders at SOREL and prAna formulating the brand and product strategies that fuel their next phase of growth. Mountain Hardwear has strong momentum from its recent brand refresh, and the team is thinking bigger as they map out paths to meaningfully scale the business.

在我們的新興品牌中，SOREL 和 prAna 有了新的領導者，他們正在製定品牌和產品策略，推動他們下一階段的成長。 Mountain Hardwear 最近的品牌更新帶來了強勁的動力，團隊在規劃有效擴展業務的路徑時正在考慮更大的問題。

Turning to our profit improvement program. We're on track to deliver between $125 million and $150 million in savings by 2026, including $75 million to $90 million in cost savings this year. We are eliminating expenses associated with carrying excess inventory and driving cost efficiencies throughout our supply chain. We've also begun realizing indirect spend savings.

轉向我們的利潤改善計劃。到 2026 年，我們預計將節省 1.25 億至 1.5 億美元，其中今年節省 7,500 萬至 9,000 萬美元的成本。我們正在消除與庫存過剩相關的費用，並提高整個供應鏈的成本效率。我們也開始實現間接支出節省。

During the quarter, we completed a reduction in force. It's never easy to lose valued members of our team, who have contributed to our company during their tenure. Our teams handled this process with respect and thoughtfulness, consistent with our core values. We remain confident that our fortress balance sheet, differentiated brand portfolio and strategies position us to reaccelerate growth and capture market share over time.

本季度，我們完成了裁員。失去我們團隊中的重要成員絕非易事，他們在任職期間為我們公司做出了貢獻。我們的團隊以尊重和深思熟慮的態度處理這項流程，這符合我們的核心價值。我們仍然相信，我們堡壘般的資產負債表、差異化的品牌組合和策略使我們能夠隨著時間的推移重新加速成長並佔領市場份額。

I will now review first quarter financial results. Net sales decreased 6% year-over-year to $770 million. This exceeded the high end of our guidance range, primarily driven by earlier timing of spring wholesale shipments. Direct-to-consumer net sales increased 3%, led by brick-and-mortar growth. E-commerce sales declined as we anniversary-ed last year's promotional activity.

我現在將回顧第一季的財務表現。淨銷售額年減 6%，至 7.7 億美元。這超出了我們指導範圍的上限，這主要是由於春季批發發貨時間提前所致。在實體店成長的帶動下，直接面向消費者的淨銷售額成長了 3%。由於我們去年的促銷活動週年紀念，電子商務銷售額有所下降。

Our wholesale business declined 14% year-over-year, primarily reflecting lower spring '24 orders. Gross margin expanded 190 basis points as lower inbound freight costs and favorable channel mix more than offset promotional activity. SG&A expenses were essentially flat as higher DTC expenses were offset by lower supply chain and variable demand creation spending. Diluted earnings per share decreased 4% to $0.71.

我們的批發業務年減 14%，主要反映了 24 年春季訂單減少。由於入境貨運成本下降和有利的通路組合抵消了促銷活動的影響，毛利率擴大了 190 個基點。 SG&A 支出基本上持平，因為較高的 DTC 支出被較低的供應鏈和可變需求創造支出所抵消。稀釋後每股收益下降 4%，至 0.71 美元。

And I'll now review first quarter year-over-year net sales growth by region. With this review, I'll reference constant currency growth rates. Overall, North America remains our most challenging market. We are facing several headwinds in this market, including consumers continue to grapple with inflationary pressures, which is impacting soft goods demand. Traditional outdoor category trends are weak, particularly in footwear, and retailers are taking a cautious approach in placing future season orders.

現在我將回顧一下按地區劃分的第一季淨銷售額年增率。在這篇評論中，我將參考恆定的貨幣成長率。總體而言，北美仍然是我們最具挑戰性的市場。我們在這個市場上面臨一些阻力，包括消費者繼續應對通膨壓力，這正在影響對軟商品的需求。傳統戶外品類趨勢疲軟，尤其是鞋類，零售商在下一季訂單時採取謹慎態度。

Outside of North America, we have stronger trends in several markets, including China, Japan and our Europe-direct businesses. In the U.S., net sales decreased 8%, driven by mid-teens percent decrease in wholesale sales resulting from lower spring '24 orders. U.S. DTC net sales were down slightly.

在北美以外，我們在多個市場都有更強勁的趨勢，包括中國、日本和我們的歐洲直接業務。在美國，24 年春季訂單減少導致批發銷售額下降百分之十左右，導致淨銷售額下降 8%。美國 DTC 淨銷售額略有下降。

Across all channels, we experienced strength in January, fueled by favorable winter weather followed by softer trends in February and March. U.S. DTC e-commerce net sales were down mid-teens percent. SOREL.com was particularly hard hit in the first quarter, and the overall e-commerce environment remains challenging.

在有利的冬季天氣以及隨後的二月和三月的疲軟趨勢的推動下，我們在所有渠道中都經歷了一月份的強勢。美國 DTC 電子商務淨銷售額下降了百分之十左右。 SOREL.com 在第一季受到的打擊尤其嚴重，整體電子商務環境仍充滿挑戰。

Since late last year, we have been proactively managing promotional activity on columbia.com to help establish the site as the best expression of the brand. We know that our site is already an important destination for our younger active consumers. We want to ensure that when they visit columbia.com, they see our latest products and innovations with enriched brand story telling.

自去年年底以來，我們一直在 columbia.com 上積極管理促銷活動，以幫助網站成為品牌的最佳表達方式。我們知道我們的網站已經成為年輕活躍消費者的重要目的地。我們希望確保他們在訪問 columbia.com 時看到我們的最新產品和創新以及豐富的品牌故事。

U.S. DTC brick-and-mortar sales increased high single-digit percent driven by the contribution from temporary clearance locations, new stores opened over the last year and, to a lesser extent, improved store productivity.

美國 DTC 實體店銷售額實現了高個位數成長，這主要得益於去年臨時清倉地點和新店開業的貢獻，以及在較小程度上提高了商店生產力。

In 2023, we used our fleet of outlet stores and temporary clearance locations to profitably liquidate excess inventory. This year, we will continue to leverage these stores to manage inventory levels, including PFAS inventory, and to drive sales as consumers seek out value in the marketplace.

2023 年，我們利用我們的直銷店群和臨時清倉地點來清理過剩庫存，從而實現盈利。今年，我們將繼續利用這些商店來管理庫存水平，包括 PFAS 庫存，並隨著消費者在市場上尋求價值而推動銷售。

Latin America and Asia Pacific region, or LAAP, net sales increased 7%. China net sales increased high 20%, led by exceptionally -- led by exceptional e-commerce performance across our platform partners. In fact, the team was proud to receive special recognition from TikTok this quarter as one of the fastest-growing outdoor brands on the platform. The spring '24 Transit line, our premium China-specific collection, is outpacing last year's sell-through and clearly resonating with younger Chinese consumers. We expect China to continue being one of the fastest-growing parts of our business in 2024.

拉丁美洲和亞太地區（LAAP）的淨銷售額成長了 7%。在我們平台合作夥伴出色的電子商務業績的帶動下，中國的淨銷售額增長了 20%。事實上，該團隊很自豪本季獲得 TikTok 的特別認可，成為該平台上成長最快的戶外品牌之一。春季 '24 Transit 系列是我們專為中國打造的優質系列，其銷量超過了去年，並明顯引起了年輕中國消費者的共鳴。我們預計，到 2024 年，中國將繼續成為我們業務成長最快的地區之一。

Japan net sales increased low double-digit percent sales benefit from increasing foreign tourist activity, which is helping to offset softer domestic consumer spending. Korea net sales declined mid-single digit percent. LAAP distributor markets decreased high 20s percent, reflecting a greater portion of spring '24 orders driven in the fourth quarter of last year compared to the first quarter. Excluding the impact of shipment timing, LAAP distributor sales were relatively flat.

日本淨銷售額成長兩位數，得益於外國遊客活動的增加，有助於抵消國內消費支出的疲軟。韓國淨銷售額下降了中個位數百分比。 LAAP 經銷商市場下降了 20% 以上，反映出與第一季相比，去年第四季推動的 24 年春季訂單的比例更大。排除出貨時間的影響，LAAP經銷商的銷售額相對持平。

Europe, Middle East and Africa region, or EMEA, net sales decreased 6%. Europe-direct net sales were essentially flat as healthy DTC growth offset the impact of lower spring '24 wholesale orders. The Columbia brand continues to perform well in the marketplace measured by healthy DTC and wholesale sell-through despite economic and geopolitical pressures.

歐洲、中東和非洲地區（即 EMEA）淨銷售額下降 6%。歐洲直接淨銷售額基本上持平，因為 DTC 的健康成長抵消了 24 年春季批發訂單減少的影響。儘管面臨經濟和地緣政治壓力，但以健康的 DTC 和批發銷售量來衡量，哥倫比亞品牌在市場上繼續表現良好。

This quarter, we expanded our popular Hike Society program into France, following its successful launch in the U.K. last year. As a reminder, we have Columbia Hike Society programs across several European and Asia-direct markets. This series of events allows young hikers to meet like-minded people to explore the outdoors and learn about the Columbia brand's technologies.

繼去年在英國成功推出受歡迎的遠足協會計劃後，本季我們將其擴展至法國。提醒一下，我們在多個歐洲和亞洲直接市場都有哥倫比亞徒步協會計劃。這一系列活動讓年輕的健行者能夠結識志同道合的人，探索戶外，並了解哥倫比亞品牌的技術。

To further strengthen Columbia's presence in the important hike category, we're continuing our exclusive partnership with Megamarsch. This year, it includes a series of 23 hiking events that take place across Germany, Austria and Switzerland with each of them typically fielding over 1,000 participants.

為了進一步加強 Columbia 在重要健行類別中的影響力，我們將繼續與 Megamarsch 建立獨家合作夥伴關係。今年，該活動包括在德國、奧地利和瑞士舉辦的 23 場健行系列活動，每場活動通常會有超過 1,000 名參與者。

Our EMEA distributor business declined low 40%, reflecting a greater portion of spring '24 orders shipping in the fourth quarter of last year compared to the first quarter. Excluding the impact of shipment timing, EMEA distributor sales were down only slightly despite several markets being impacted by geopolitical conflicts.

我們的 EMEA 經銷商業務下降了 40%，反映出去年第四季的 24 年春季訂單出貨量比第一季增加。排除出貨時間的影響，儘管多個市場受到地緣政治衝突的影響，歐洲、中東和非洲經銷商的銷售額僅略有下降。

Canada net sales declined 11% as lower spring '24 wholesale orders were partially offset by modest DTC growth. Similar to the U.S., Canadian consumers are seeking out value in the marketplace, which is driving healthy performance at our outlet store.

加拿大淨銷售額下降 11%，原因是 24 年春季批發訂單的減少被 DTC 的溫和成長部分抵消。與美國類似，加拿大消費者也在市場中尋找價值，這推動了我們直銷店的健康發展。

Looking at performance by brand. Columbia brand net sales decreased 6%, reflecting lower spring orders, partially offset by DTC brick-and-mortar growth. The delivery of our spring shipments is well underway, and we're excited for consumers to gain access to our newest product innovations.

按品牌查看業績。 Columbia 品牌淨銷售額下降 6%，反映出春季訂單減少，但部分被 DTC 實體店成長所抵銷。我們的春季出貨正在順利進行，我們很高興消費者能夠獲得我們最新的產品創新。

Our industry-leading cooling and sun protection innovations like Omni-Freeze and Omni-Shade Sun Deflector differentiate Columbia from the competition. This spring, we launched Omni-Shade Broad Spectrum Air Flow, offering exceptionally breathable sun protection with Omni-Wick evaporation for fast-drying next-to-skin comfort.

我們領先業界的冷卻和防曬創新技術（例如 Omni-Freeze 和 Omni-Shade Sun Deflector）使 Columbia 在競爭中脫穎而出。今年春天，我們推出了 Omni-Shade Broad Spectrum Air Flow，提供卓越透氣的防曬保護和 Omni-Wick 蒸發功能，可快速乾燥、貼身舒適。

We're also focused on reenergizing PFG with new products like the PFG Uncharted collection. This new assortment features a younger, more active fit, tech pack performance and new fabrications. In footwear, we launched the Omni-MAX system which combines versatile cushioning, enhanced stability and increased traction. Omni-MAX is available in a variety of hiking, trail running and fishing styles. In our DTC stores, we supported the launch with in-store and window displays, helping to drive encouraging sell-throughs of higher price point Omni-MAX styles like the Konos. I'm encouraged by the consumer response to several of the new footwear apparel offerings that I referenced.

我們也致力於透過 PFG Uncharted 系列等新產品為 PFG 注入新的活力。這個新系列具有更年輕、更積極的合身性、技術包性能和新的製造流程。在鞋類方面，我們推出了 Omni-MAX 系統，該系統結合了多功能緩衝、增強的穩定性和增加的牽引力。 Omni-MAX 提供多種健行、越野跑和釣魚風格。在我們的 DTC 商店中，我們透過店內和櫥窗展示來支持產品的發布，幫助推動 Konos 等高價位 Omni-MAX 款式的銷售。消費者對我提到的幾款新鞋類服飾產品的反應令我深受鼓舞。

These are early indications that the Columbia brand strategies to attract new consumers and drive long-term growth are on the right path. We look to build on these successes in the coming seasons and years as we expand our consumer base.

這些早期跡象表明，哥倫比亞吸引新消費者和推動長期成長的品牌策略走在正確的道路上。隨著我們擴大消費者基礎，我們希望在未來的季節和幾年中繼續取得這些成功。

In February, Columbia's innovative spirit was on full display as our Omni-Heat Infinity technology helped protect Intuitive Machines' lunar lander on its historic mission for the Moon. Columbia Sportswear is a proud scientific partner of Intuitive Machines. Our thermal reflective technology helped protect the Nova-C lunar lander from the extreme temperatures of outer space. This partnership brings Columbia's technology full circle. We're sending a product to the Moon that was inspired by NASA's space blankets. The mission was featured in hundreds of media outlets creating billions of impressions worldwide. We are proud to share that we've signed on to Intuitive Machines' next mission scheduled for later this year.

二月，哥倫比亞的創新精神得到了充分展示，我們的 Omni-Heat Infinity 技術幫助保護 Intuitive Machines 的月球著陸器執行其歷史性的月球任務。 Columbia Sportswear 是 Intuitive Machines 引以為傲的科學合作夥伴。我們的熱反射技術有助於保護 Nova-C 月球登陸器免受外太空極端溫度的影響。此次合作使哥倫比亞的技術得到了圓滿發展。我們正在向月球發送一款產品，靈感來自美國太空總署的太空毯。該任務在數百家媒體上進行了專題報道，在全球範圍內產生了數十億的印象。我們很自豪地告訴大家，我們已經簽署了 Intuitive Machines 計劃於今年稍後執行的下一個任務。

In April, we partnered with Academy Sports and Outdoors to host a special Bubba Wallace meet-and-greet in Dallas ahead of the NASCAR race at Texas Motor Speedway. Both Columbia PFG and Academy have a long history with NASCAR, and this event created a unique opportunity to further connect Bubba's energetic fan base with our brand. The week was capped off with Bubba driving an Academy and PFG-wrapped car on his way to a seventh place finish.

4 月，我們與 Academy Sports and Outdoors 合作，在德克薩斯州賽車場舉行 NASCAR 比賽之前，在達拉斯舉辦了一場特別的布巴華萊士見面會。哥倫比亞 PFG 和學院與 NASCAR 有著悠久的歷史，這項活動創造了一個獨特的機會，進一步將 Bubba 充滿活力的粉絲群與我們的品牌聯繫起來。本週結束時，布巴駕駛著一輛 Academy 和 PFG 包裹的賽車，最終獲得第七名。

As we have mentioned before, the wholesale channel remains a top priority for the Columbia brand. And we're excited to leverage our ambassadors to create brand heat with our key strategic partners. This spring, we launched our latest collaboration with New York-based boutique [Kit], featuring apparel, accessories and footwear designed for outdoor camping. The collection blends functionality with style while appealing to a younger audience.

正如我們之前提到的，批發管道仍然是哥倫比亞品牌的重中之重。我們很高興能夠利用我們的大使與我們的主要策略合作夥伴一起創造品牌熱度。今年春天，我們推出了與紐約精品店 [Kit] 的最新合作款，主打專為戶外露營設計的服裝、配件和鞋履。該系列將功能性與風格融為一體，同時吸引了年輕受眾。

Shifting to our emerging brands. As a reminder, our emerging brand portfolio sales mix is predominantly in North America, which is our most challenged market. The headwinds we outlined earlier on the call are evident in our emerging brands performance. SOREL brand net sales decreased 24% with challenging trends across DTC and wholesale. With new leadership now in place, the SOREL team is focused on revitalizing the brand, building a compelling product range and driving long-term sustainable growth. I remain confident in the future of the SOREL brand.

轉向我們的新興品牌。提醒一下，我們的新興品牌組合銷售組合主要集中在北美，這是我們最具挑戰性的市場。我們先前在電話會議中概述的不利因素在我們新興品牌的表現中很明顯。 SOREL 品牌淨銷售額下降 24%，DTC 和批發領域的趨勢充滿挑戰。隨著新領導層的就位，SOREL 團隊將專注於振興品牌、打造引人注目的產品系列並推動長期永續成長。我對 SOREL 品牌的未來仍然充滿信心。

Mountain Hardwear is building on the momentum from its recent brand refresh. In the quarter, net sales increased 17%, reflecting earlier timing of spring shipments and DTC growth. The product line and brand positioning are on track. The team is focused on accelerating growth. prAna net sales decreased 4% with a decline in wholesale, partially offset by modest DTC growth. The prAna team remains focused on building brand awareness, refining the product assortment and unlocking the brand's growth potential. We're encouraged by fall '24 orders and the potential to return to growth in the second half of the year.

Mountain Hardwear 憑藉著最近的品牌更新所帶來的勢頭。本季淨銷售額成長 17%，反映出春季出貨時間提前和 DTC 成長。產品線和品牌定位已步入正軌。該團隊專注於加速成長。由於批發量下降，prAna 淨銷售額下降 4%，但 DTC 的小幅成長部分抵消了這一影響。 prAna 團隊仍專注於建立品牌知名度、完善產品種類並釋放品牌的成長潛力。我們對 24 年秋季訂單以及下半年恢復成長的潛力感到鼓舞。

I'll now review our 2024 financial outlook. This outlook and commentary include forward-looking statements. Please see our CFO commentary and financial review presentation for additional details and disclosures related to these statements.

我現在將回顧我們 2024 年的財務展望。本展望與評論包含前瞻性陳述。請參閱我們的財務長評論和財務審查簡報，以了解與這些報表相關的更多詳細資訊和揭露資訊。

Looking to fall '24, our teams are continuously working to minimize any shipment delay resulting from disruptions we may see. At this time, delays appear manageable. The vast majority of our product line is expected to be delivered on time and in full. We are reiterating our net sales outlook of a 2% to 4% decline. While there are modest changes across our portfolio, our overall net sales expectations has not meaningfully changed. Gross margin is now expected to expand approximately 80 to 120 basis points to 50.4% to 50.8%. We were expecting modestly higher clearance and liquidation activity as consumers seek value, and we will continue to opportunistically work down inventory levels and maximize sales.

展望 24 年秋季，我們的團隊將持續努力，盡量減少因我們可能遇到的中斷而導致的出貨延誤。目前，延誤似乎是可以控制的。我們的絕大多數產品線預計將按時、全額交付。我們重申淨銷售額預期將下降 2% 至 4%。儘管我們的產品組合發生了適度的變化，但我們的整體淨銷售額預期並未發生重大變化。目前預計毛利率將擴大約80至120個基點，達到50.4%至50.8%。我們預計，隨著消費者尋求價值，清倉和清算活動將適度增加，我們將繼續機會主義地降低庫存水準並最大限度地提高銷售額。

The SG&A is expected to be 43% to 43.4% of net sales, leading to an operating margin of 7.7% to 8.5%. Our diluted earnings per share outlook has increased modestly to $3.65 to $4.05 driven by higher interest income, licensing income and a lower share [count]. We expect strong operating cash flows of at least $350 million in the year.

SG&A 預計將佔淨銷售額的 43% 至 43.4%，營運利潤率為 7.7% 至 8.5%。由於利息收入、授權收入增加和份額減少[計數]，我們的稀釋後每股收益預期小幅上調至 3.65 美元至 4.05 美元。我們預計今年的營運現金流將至少達到 3.5 億美元。

Overall, I'm confident in our team, our strategies and our ability to achieve the significant long-term 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, enhance consumer experiences by investing in capabilities to delight and retain consumers, amplify marketplace excellence that is digitally led, omni-channel and global, and empower talent that's driven by our core values.

總的來說，我對我們的團隊、我們的策略以及我們實現整個業務中重大長期成長機會的能力充滿信心。我們正在投資我們的策略重點，以加速獲利成長，創造差異化、功能性和創新性的標誌性產品，透過增加有針對性的需求創造投資來推動品牌參與，透過投資取悅和留住消費者的能力來增強消費者體驗，擴大市場卓越性以數位化為主導、全通路和全球化，並為受我們核心價值驅動的人才提供支持。

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) The first question comes from Bob Drbul with Guggenheim.

（操作員說明）第一個問題來自古根漢的鮑伯‧德布爾（Bob Drbul）。

I guess, Tim, on my 2 questions, the first one is inventory is down. Was it 37%? Is this the leanest that you've run inventories and heading into a fall season? Can you just talk about sort of your comfort level with the composition and sort of how you're positioned for the rest of the year? And I guess the second piece is can you talk a little bit more around the European business, the order book, the trends, just the health of the business in Europe and what you're seeing and expect in that region specifically?

提姆，我想，關於我的兩個問題，第一個問題是庫存下降。是37%嗎？這是您庫存並進入秋季以來最精簡的一次嗎？你能談談你對這個構圖的舒適程度以及你在今年剩下的時間裡的定位嗎？我想第二個問題是你能多談談歐洲業務、訂單、趨勢、歐洲業務的健康狀況以及你在該地區的具體情況和期望嗎？

Certainly. Yes. I think this -- the 37% reduction, we're very proud of that, especially in relation to the gross margin we were able to achieve. That was a function of really utilizing our outlet store fleet to help us to get the inventories down in the right area. We think, frankly, there's still more room for us to improve our inventory utilizations. We updated our inventory turns up to about 3, and we see great opportunities with, frankly, the automation we have in place now around estimating our demand and actualize the demand according to the plan. So more to come. And again, we think there's way more opportunity for us to be better in inventory management. But this is close to the best we've done, but there's still more room to improve.

當然。是的。我認為，減少 37%，我們對此感到非常自豪，特別是考慮到我們能夠實現的毛利率。這是真正利用我們的直銷店隊伍來幫助我們將庫存減少到正確區域的一個功能。坦白說，我們認為我們還有更大的空間來提高庫存利用率。我們將庫存週轉率更新為 3 左右，坦白說，我們看到了巨大的機會，我們現在圍繞估計需求並根據計劃實現需求的自動化已經到位。未來還會有更多。再說一遍，我們認為我們有更多機會改善庫存管理。但這已經接近我們所做的最好的了，但還有更多改進的空間。

The European business has been good. I'm headed over there this -- at the end of June to celebrate the company's 30th anniversary of doing business in Europe. We occasionally hear from our partners and from our team members in Europe that the brand is not well known in Europe. But frankly, I'm just thrilled with the exposure we're getting as it relates to some of these global marketing efforts, including the Hike Society, the lunar lander. And I think there's great opportunity for us in Europe, and we'll continue to grow there, I think, rapidly.

歐洲的生意一直都很好。我將於 6 月底前往那裡，慶祝該公司在歐洲開展業務 30 週年。我們偶爾會從歐洲的合作夥伴和團隊成員那裡聽到，品牌在歐洲並不知名。但坦白說，我對我們獲得的曝光感到興奮，因為它與一些全球行銷活動有關，包括遠足協會、月球著陸器。我認為我們在歐洲有很好的機會，我們將繼續在那裡快速發展。

The next question comes from Laurent Vasilescu with BNP.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to ask about the 1Q, the top line beat. January, I think on the last call, you commented, right, January had good favorable weather. But I think then the weather kind of got very challenging for the outdoor category in February and March. So I'm just curious to know, was there maybe a -- what was the upside surprise versus your guide when you guided February? Was there something like on the international side that we should consider? Was there a pull forward from 2Q into 1Q? Anything that you can share on that front, that would be very helpful.

我想問1Q，頂線節拍。一月，我想在上次電話中，您評論說，對，一月天氣很好。但我認為二月和三月的天氣對於戶外類別來說非常具有挑戰性。所以我只是想知道，當您指導二月時，與您的指導相比，是否有可能有什麼上行驚喜？我們應該考慮國際方面的一些事情嗎？從第二季到第一季有拉動嗎？您可以在這方面分享的任何內容都會非常有幫助。

Yes. The improvement and frankly a bit of a surprise was the January winter weather in North America. We would -- we'd just come off of very warm winter in the third and fourth quarter of last year. And the fact that the weather was nicely appropriate in the fourth quarter -- excuse me, in the first quarter of January was -- I don't want to say a surprise, but we were very glad to see it. Our business is much more weather-dependent than it is economically dependent. So when the weather is appropriate, our business is exceptional. And it's -- [if anything], it's vastly impacting. So that's where the numbers really were a bit of a surprise in Jan.

是的。北美一月冬季天氣的改善，坦白說有點令人驚訝。去年第三和第四季我們剛剛度過了非常溫暖的冬天。事實上，第四季度的天氣非常適宜——對不起，在一月的第一季——我不想說驚喜，但我們很高興看到這一點。我們的業務對天氣的依賴比對經濟的依賴大得多。因此，當天氣合適時，我們的生意會很出色。 [如果有的話]，它的影響是巨大的。所以這就是一月份的數字確實有點令人驚訝的地方。

Laurent, I might add when we had our earnings call in February, we indicated that the upside that we were seeing from a weather standpoint through the month of January, that was reflected in our Q1 outlook. So when you look at the quarter, the -- we're about $17 million better, I think, on the top line relative to the high end of our outlook. And you can attribute most of that to slightly earlier shipments in the U.S. business. We don't [expect a] upside. Most of the quarter, I think, was right in line with where we thought it would be in either shift. So just days, not anything of any meaningful nature at least at this stage.

勞倫特，我可能會補充一點，當我們在2 月召開財報電話會議時，我們表示，從整個1 月份的天氣角度來看，我們看到了積極的一面，這反映在我們的第一季前景中。因此，當您查看本季度時，我認為，相對於我們的預期上限，我們的收入高出約 1700 萬美元。您可以將其中大部分歸因於美國業務的發貨時間稍早。我們不期望有任何好處。我認為，本季的大部分時間都與我們對任一班次的預期一致。所以只有幾天，至少在現階段沒有任何有意義的事。

Okay. Tim and Jim, that's super helpful. And then because as you mentioned, Tim, that it is weather-dependent because there was better weather, it came late, but it did arrive. How do we think about that in the context of the U.S. business guided down mid-single digits? I don't know if you have any comment about what your order book on the U.S. wholesale side and how it's shaping up in terms of maybe reorders, cancellations? I mean it looks like you're calling for the U.S. business to be kind of flattish on the back half. Any comment there would be super helpful.

好的。提姆和吉姆，這非常有幫助。然後因為正如你提到的，蒂姆，這取決於天氣，因為天氣更好，所以它來得很晚，但它確實到達了。在美國業務下滑中個位數的背景下，我們如何看待這一點？我不知道您對美國批發方面的訂單以及重新訂購、取消方面的情況有何評論？我的意思是，你似乎在呼籲美國企業的後半部分保持平穩。任何評論都會非常有幫助。

Yes. Well, remember, we take our order book primarily in November, December and to a certain extent in January. So it reflects the mood of our retail partners in that period. It will have some additional inventory in the event that the weather is much colder than a normal early winter. But for all intents and purposes, we're -- we've based this on an average winter weather year.

是的。好吧，請記住，我們主要在 11 月、12 月以及一定程度上在 1 月接受訂單。所以它反映了我們零售合作夥伴在那個時期的情緒。如果天氣比正常的初冬寒冷得多，它將有一些額外的庫存。但出於所有意圖和目的，我們是根據每年冬季的平均天氣情況得出的。

Laurent, maybe just to add in a couple of extra points. Our U.S. business, we'd contemplate that being down mid-single digit percent year-over-year for the full year. That's not different than where we thought we would be 90 days ago. And when you look at the wholesale business, the wholesale business will still be down in the second half of the year. That's more than, by and large, or partially offset, I should say, by the direct-to-consumer business through a combination really led by our brick-and-mortar business. So we continue to annualize new stores that have opened coupled with these temporary clearance stores that have been operating.

勞倫特，也許只是補充幾點。我們的美國業務，我們預計全年將同比下降中個位數百分比。這與我們 90 天前的預期沒有什麼不同。而從批發業務來看，下半年批發業務仍會下降。總的來說，我應該說，這比直接面向消費者的業務透過我們的實體業務真正主導的合併所抵消的還要多。因此，我們繼續對已開業的新店以及已運營的臨時清倉店進行年度統計。

Excellent. That's very clear. And then maybe my last question is kind of a 2-part question, sorry. But Jim, can you comment about -- I know you kind of tweaked down the gross margins for the year. But can you kind of give us a kind of a range of where the 2Q gross margin should shake out? And then on the $75 million to $90 million of savings, how do we think about that over the course of the quarters? I don't know if you recognize anything in the first quarter, but kind of -- could it be equal tranches across the next 3 quarters on that savings?

出色的。這非常清楚。抱歉，我的最後一個問題可能是由兩個部分組成的問題。但吉姆，你能評論一下嗎——我知道你有點調整了今年的毛利率。但您能給我們一個第二季毛利率應該波動的範圍嗎？然後，對於 7,500 萬至 9,000 萬美元的節省，我們如何看待這些季度的節省？我不知道您是否認識到第一季的任何情況，但在接下來的三個季度中，這些節省是否會是等額的？

Yes, Laurent, in our -- in the CFO commentary that we published, we did provide some detail on our Q2 outlook. So we do contemplate our Q2 gross margin being down 190 to 230 basis points. That's, by and large, a reflection of a year-over-year comparative difference with some sales and inventory-related provisions that were onetime in nature and favorable last year that we're anniversary-ing against. If you set those aside, our gross margins in the second quarter really -- are going to be essentially even to where we were last year.

是的，勞倫特，在我們發布的財務長評論中，我們確實提供了有關第二季度前景的一些細節。因此，我們確實預計第二季毛利率將下降 190 至 230 個基點。總的來說，這反映了一些銷售和庫存相關條款的同比差異，這些條款本質上是一次性的，去年是有利的，但我們週年紀念日反對這些條款。如果你把這些放在一邊，我們第二季的毛利率實際上基本上將與去年持平。

And then as it pertains to our profit improvement program, from an overarching standpoint, we're making great progress on that. And first and foremost, I'd say, with the great work that our operations and supply chain team and just collectively across the business that we've had in terms of getting our inventories back down into a more normalized level, that's certainly going to benefit the elevated carrying costs we incurred a year ago.

然後，就我們的利潤改善計劃而言，從總體角度來看，我們正在這方面取得巨大進展。首先，我想說的是，透過我們的營運和供應鏈團隊以及整個業務部門的共同努力，我們在將庫存恢復到更正常化的水平方面所做的出色工作，這肯定會受益於我們一年前增加的持有成本。

In fact, our U.S. distribution third-party logistics costs next quarter, Q1, were down $10 million. We took some actions that Tim had referred to in the prepared remarks with regard to a reduction in force. That was executed late in the quarter, late March. So we would anticipate beginning to see the benefits of that until Q2. But we're very much on track in terms of being able to achieve that $75 million to $90 million that's built into our outlook.

事實上，下個季度（即第一季）我們的美國分銷第三方物流成本下降了 1000 萬美元。我們採取了蒂姆在準備好的演講中提到的有關裁減兵力的一些行動。該計劃是在本季末（三月底）執行的。因此，我們預計要到第二季才能看到這樣做的好處。但就能夠實現我們的展望中的 7500 萬至 9000 萬美元目標而言，我們已經步入正軌。

The next question comes from Jim Duffy with Stifel.

下一個問題來自吉姆·達菲和斯蒂菲爾。

I wanted to start on the U.S. market. Your comments on the U.S. remain quite silver. Can you speak to what you're seeing from the U.S. consumer activity early in the spring season, as you see spring begin in earnest in certain U.S. regions? Are there any signs of life to be hopeful? And then I'm curious how all this kind of relates to the outdoor category as a whole in the U.S. Are we getting any indications that the COVID hangover is lessening?

我想從美國市場開始。您對美國的評論仍然很白痴。您能談談您從美國春季初期的消費者活動中看到的情況嗎？有沒有任何生命跡象讓我們充滿希望？然後我很好奇所有這些與美國整個戶外類別有何關係。

Yes. I think there's a number of brands in the marketplace today, and we're competing with many of those. I think they may have been too exuberant in expansion of the business. And frankly, with our balance sheet as strong as it is, we're obviously going to be here when the dust settles. I think that the consumers today are anxious to get back out there outdoors. And again, as I said, the weather is impactful on how our business is functional. We do a significant amount of our business in Mother's Day and Father's Day gifts, and so there's all the expectation of what would that -- those kinds of activities will continue and be more robust as well.

是的。我認為當今市場上有很多品牌，我們正在與其中許多品牌競爭。我認為他們在業務擴張方面可能過於積極了。坦白說，鑑於我們的資產負債表如此強勁，當塵埃落定時，我們顯然會站在這裡。我認為現今的消費者渴望回到戶外活動。正如我所說，天氣會影響我們業務的運作。我們在母親節和父親節禮物方面開展了大量業務，因此人們都期望這些活動將繼續下去，並且會更加活躍。

And then, Tim, I'm interested in your efforts to bring new and younger consumers to the brand, the Hike Society initiative in Europe. Seems like you're -- something you're really pleased with and getting good traction with. Can you comment on evidence of progress with bringing the younger consumer to the brand in the United States?

然後，提姆，我對您為吸引新的年輕消費者加入品牌（歐洲健行協會倡議）所做的努力感興趣。看起來你確實對某件事感到非常滿意並且受到了良好的關注。您能否評論一下該品牌在美國吸引年輕消費者方面的進展？

Certainly. Well, it's interesting. Our PFG styles, which are one of the youngest part of our business, has traditionally been quite generous in their sizing. And as we add some of these new components to our PFG line, which are much more active fits, the uptake there has been quite frankly surprising. And so it looks like we've got the other people certainly approaching the PFG styles in a better way and in a more robust way.

當然。嗯，這很有趣。我們的 PFG 款式是我們業務中最年輕的部分之一，傳統上尺寸相當大。當我們將一些新組件添加到我們的 PFG 系列中時，這些組件更加活躍，坦白說，那裡的採用率非常令人驚訝。所以看起來我們已經讓其他人以更好、更穩健的方式接近 PFG 風格。

And then our footwear, as we begin to have styles, which are trail running and really designed for a more active person, we're getting a very good lift on that stuff. So I think the opportunity is there and the expectations are that we'll continue to define and design styles in those -- in that area.

然後我們的鞋子，當我們開始有越野跑的款式，並且真正為更活躍的人設計時，我們在這些東西上得到了很好的提升。因此，我認為機會就在那裡，並期望我們將繼續在該領域定義和設計風格。

And should we expect Hike Society to come to the U.S.?

我們是否應該期待遠足協會來到美國？

It is definitely likely. I mean, it's been a really sort of a PAM -- a global uptick. We have Hike Society across Asia and the European uptake was super, and it's certainly a candidate for inclusion in our marketing efforts.

這絕對是有可能的。我的意思是，這確實是一種 PAM——全球性的上升。我們在亞洲各地都有遠足協會，歐洲的採用率非常高，它當然是我們行銷活動中的候選者。

The next question comes from Jonathan Komp with Baird.

下一個問題來自 Jonathan Komp 和 Baird。

Can I just follow up on the gross margin? I want to ask about the competitive environment. And I may have missed the reasons to take down the gross margin guide slightly for the year, just given the progress you've made on inventory. Could you share a little more perspective there? And just related to that, can you comment on the temporary stores? I think you're up to 44 in the U.S. Any way to size up how much volume that's driving this year or last year, just to give more perspective there?

我可以只跟進毛利率嗎？我想問一下競爭環境。鑑於您在庫存方面取得的進展，我可能錯過了略微降低今年毛利率指引的原因。能分享更多的觀點嗎？與此相關，您能對臨時商店發表評論嗎？我想您在美國已經 44 歲了。

Yes. I can start and then let Tim jump in and add some color. As it relates to our full year outlook and the revision we've made to the gross margin, there's some puts and takes in terms of our revenue, and it withheld the revenue constant with our prior outlook. But when you get into the underlying composition of it, there's been some shifts in parts of the business. We took down our SOREL outlook slightly. We took down our e-commerce business down slightly.

是的。我可以開始，然後讓蒂姆加入並添加一些顏色。由於它與我們的全年展望和我們對毛利率的修訂有關，因此我們的收入存在一些看跌期權和虧損，並且它保留了我們之前展望的收入不變。但當你深入了解其基本組成時，你會發現部分業務發生了一些變化。我們略微下調了 SOREL 展望。我們的電子商務業務略有下降。

The area of our business that we took up was in the case of our brick-and-mortar with our outlet and clearance stores, and we continue to operate those through the balance of the year. And so as a result of that change in the mix of our business and with an increased dependence on the outlet and clearance locations, that's effectively what's driving a portion of the margin coming down.

我們的業務領域是我們的實體店，包括直銷店和清倉店，我們在今年剩餘時間繼續經營這些商店。因此，由於我們業務組合的變化以及對經銷店和清關地點的依賴程度的增加，這實際上是導致部分利潤下降的原因。

And then as it relates to the temp stores, you saw in the quarter, we're operating about 44 stores. We're operating at just under 2% of sales, I think, in the quarter. And then for the year, it will be a light amount. It will be slightly above that 2% of sales. And from an overall profitability standpoint, these stores are contributing very little to the overall operating margins. But they're obviously a great vehicle for us to liquidate inventory at a much more profitable vehicle and less disruptive than going through the wholesale closeout or value channel.

然後，就臨時商店而言，您在本季度看到，我們經營著大約 44 家商店。我認為本季我們的營業額僅佔銷售額的 2%。然後對於今年來說，這將是一個小數額。它將略高於銷售額的 2%。從整體獲利能力的角度來看，這些商店對整體營業利潤的貢獻很小。但對我們來說，它們顯然是一個很好的工具，可以透過比批發清倉或價值管道更有利可圖的方式來清算庫存，並且破壞性更小。

Our typical method of selling off-price merchandise would be to sell to T.J. Maxx or Marshalls, and those channels were frankly flooded with inventory. So the best approach for us was to take the -- take it and sell it ourselves in these temporary stores. So as that inventory has come down at decent margins certainly by comparison to what the other liquidation methods were, we will begin to close those temporary stores up and go back to our standard method of operating stores. So I think it really gives an opportunity to flush the inventory, and it didn't have the kind of broad impact on the marketplace that something with a big discount in our e-comm business would have done.

我們銷售低價商品的典型方法是將其出售給 T.J. Maxx 或 Marshalls，坦白說，這些通路庫存充斥著。因此，對我們來說最好的方法是在這些臨時商店中自己銷售。因此，與其他清算方法相比，庫存肯定以可觀的利潤下降，我們將開始關閉這些臨時商店並恢復我們經營商店的標準方法。因此，我認為這確實提供了一個清理庫存的機會，而且它並沒有像我們的電子商務業務中的大幅折扣那樣對市場產生廣泛的影響。

Makes sense. Looks like a good brand move there. Just one follow-up on your Columbia brand for the year, the revenue of about flat globally. Could you just comment, it looks like you're assuming something positive, maybe mid-single digits in the back half? So I'm hoping you could maybe share the visibility that you see and maybe the key drivers as we think about Columbia and whether you're baking in benefits from some of the newer growth initiatives or if those have a longer tail?

說得通。看起來這是一個很好的品牌舉措。今年僅對哥倫比亞品牌進行一次跟進，全球收入基本上持平。你能評論一下嗎，看起來你在假設一些正面的東西，也許是後半部的中個位數？因此，我希望您能分享您所看到的可見度，也許是我們對哥倫比亞大學的關鍵驅動因素，以及您是否從一些較新的增長計劃中獲益，或者這些計劃是否有更長的尾巴？

Yes. As it relates to the outlook itself on a full year basis, Jon, that's right. We're about flat. And looking at the second half, in particular, we do contemplate growth in the brand. I would say that, that leans more towards the apparel category, footwear. I think as Tim touched on, the outdoor footwear trends remain challenged. So I'd expect to continue to see some challenges there, at least in the near term. But longer term, we've got a lot of confidence in the direction we're taking from a footwear standpoint.

是的。因為它與全年的前景本身有關，喬恩，這是對的。我們差不多持平了尤其是下半年，我們確實考慮了品牌的成長。我想說的是，這比較傾向服裝類別、鞋類。我認為正如蒂姆所說，戶外鞋趨勢仍然面臨挑戰。因此，我預計至少在短期內會繼續看到一些挑戰。但從長遠來看，我們對鞋類的發展方向充滿信心。

And then that growth that we're planning for in the back half of the year, some of that is based on our wholesale order book. And for Columbia apparel, the wholesale order book for the fall '24 season, we're anticipating modest growth out of the wholesale business. So that's encouraging. And I think there is the benefit of this -- the brand continues to perform well from an international standpoint. And certainly, that will be the brand when we look at the brick-and-mortar side of the business with our store fleet and additional stores. That will see the most benefit from that part of business.

然後我們計劃在今年下半年實現成長，其中一些是基於我們的批發訂單。對於 Columbia 服裝（24 年秋季的批發訂單），我們預計批發業務將出現適度成長。所以這是令人鼓舞的。我認為這樣做有一個好處——從國際角度來看，該品牌繼續表現良好。當然，當我們考慮我們的實體店和其他商店的實體業務時，這將是我們的品牌。這將從這部分業務中獲得最大的利益。

The next question comes from Mitch Kummetz with Seaport Research.

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

I guess my first question, just on the order book. I think when you guys reported 4Q, you mentioned that fall orders were down low to mid-single digits. I'm wondering if there's any change in that now that we're a little bit further into that process. And then also on the SOREL guide change, I'm just wondering if that's order book related. Or are you changing other assumptions around SOREL? And I have a follow-up.

我想我的第一個問題就在訂單簿上。我想當你們報告第四季時，你們提到秋季訂單下降到低至中個位數。我想知道現在我們已經更深入地了解了這個過程是否有任何變化。然後，關於 SOREL 指南的更改，我只是想知道這是否與訂單相關。或者您正在改變有關 SOREL 的其他假設？我有一個後續行動。

Yes. The biggest change in the case of SOREL, more a reflection of what we saw in the e-commerce business in the first quarter in which the business had been down a bit more sharply than we had anticipated. And so with that in mind, it's been a tough environment. We revised the outlook down to the -- reflecting down mid-20s. Obviously, we've got order book in hand for fall '24 that would be also be indicative of those declines. And we've got new leadership in place and looking forward to the updates that they make to the brand, the product line, and really looking forward to reinvigorating growth. But it's going to take some time and obviously challenging in the near term.

是的。 SOREL 的情況最大的變化，更多地反映了我們在第一季電子商務業務中看到的情況，其中業務下降幅度比我們預期的要大一些。考慮到這一點，這是一個艱難的環境。我們將前景下調至 20 多歲。顯然，我們手頭上有 24 年秋季的訂單，這也表明了這些下降。我們已經有了新的領導層，期待他們對品牌、產品線進行更新，並真正期待重振成長。但這需要一些時間，並且在短期內顯然具有挑戰性。

And then is the order book -- the consolidated order book still in that down low to mid-single digit range? Has that changed at all?

那麼訂單簿－綜合訂單簿是否仍處於低至中個位數的範圍內？這有什麼改變嗎？

I think -- so on a global basis, our order book for the fall '24 season is contemplated to be down a low single-digit percent. So call it the 1% to 2% range.

我認為 - 因此，在全球範圍內，我們 24 年秋季的訂單量預計將下降個位數百分比。所以稱為 1% 到 2% 的範圍。

And then just a second question on the gross margin. So you guys showed nice gross margin in the first quarter, but you expect to be down pretty substantially in 2Q. From a kind of puts and takes standpoint, what's the main reason for that big swing?

然後是關於毛利率的第二個問題。因此，你們在第一季表現出了不錯的毛利率，但預計第二季將大幅下降。從看漲期權的角度來看，大幅波動的主要原因是什麼？

The biggest one is what I was referring to. I can't remember who asked the question a little bit earlier. But Q2 of last year, we had some exceptional provisions related to sales and inventory that benefited gross margin. So there were onetime adjustments last year were favorable. We don't have those same things this year. If you take those aside, we're basically neutral on margin in Q2.

最大的一個就是我所指的。我不記得早些時候是誰問過這個問題了。但去年第二季度，我們制定了一些與銷售和庫存相關的特殊撥備，這有利於毛利率。所以去年的一次性調整是有利的。今年我們沒有一樣的東西。如果你把這些放在一邊，我們在第二季的利潤率基本上是中性的。

And then, Mitch, as you think about the back half of the year, we planned our gross margin up and by far, in a way, the thing that's going to drive gross margin in the latter part of the year is the healthier inventory position that we have. And even though we continue to operate the additional outlet clearance locations, the assortment of merchandise that we'll have available within those stores to sell is a better assortment that will -- that we expect to drive a better margin that's planned in that outlook.

然後，米奇，當你想到今年下半年時，我們計劃提高毛利率，到目前為止，在某種程度上，推動今年下半年毛利率的因素是更健康的庫存狀況我們有。儘管我們繼續經營額外的折扣店清倉地點，但我們在這些商店內出售的商品種類是更好的，我們預計將在這一前景中實現更好的利潤率。

The next question comes from John Kernan with TD Cowen.

下一個問題來自 TD Cowen 的 John Kernan。

This is Alex Douglas on for John. So my first one was on some of the fiscal '24 -- one of the fiscal '24 gross margin puts and takes, specifically the lower inbound freight costs. I know you said something you guys have commented on, on the last couple of earnings calls. So I was just wondering, what's the timing for when you guys will start lapping those lower freight costs? And would it maybe be fair to assume that by the end of the year, that impacts either for a flat or a [flexible] headwind?

我是亞歷克斯·道格拉斯（Alex Douglas）替約翰發言。所以我的第一個是關於 24 財年的一些——24 財年毛利率的看跌期權和毛利率之一，特別是較低的入境貨運成本。我知道你們在最近幾次財報電話會議上發表了評論。所以我只是想知道，你們什麼時候開始降低運費？假設到今年年底，這會影響平坦或[靈活的]逆風，這可能是公平的嗎？

Yes. The more meaningful impact that we've experienced each of the last several quarters as it relates to inbound freights coming off the highs in terms of what we're seeing in inbound ocean freight charges from over a year ago. And as you look back on our last 4 quarters, our gross margin has benefited in the tune of, on average, 300 basis points per quarter. Q1 was plus 200 basis points. So as we move forward from here, beginning in the second quarter, we would expect that to be far less of a benefit.

是的。過去幾季我們經歷了更有意義的影響，因為它與一年多前的入境海運費用從高點回落有關。回顧過去 4 個季度，我們的毛利率平均每季提高 300 個基點。第一季上漲 200 個基點。因此，當我們從第二季開始繼續前進時，我們預計這帶來的好處會少得多。

Having said that, just given lower overall demand and supply being built overall, the freight negotiations that we're in currently would indicate to us that there's continued opportunity, where we see those freight rates come down a bit more but certainly not on the order of magnitude of what we've seen over the course of the last year.

話雖如此，鑑於總體需求和供應量總體下降，我們目前正在進行的貨運談判將向我們表明，還有持續的機會，我們看到運費會進一步下降，但肯定不會按順序下降。所看到的情況的嚴重程度。

That's very helpful. And then my next question was on one of your comments on inventory turns. Just more of a clarifying question. You mentioned the goal of 3x. Is that more of a long-term goal or end of fiscal '24 goal? Just if you can help clarify that for modeling purposes, it would be very helpful.

這非常有幫助。然後我的下一個問題是關於您對庫存週轉率的評論之一。只是更多澄清問題。您提到了 3 倍的目標。這更像是長期目標還是 24 財年結束時的目標？如果您能出於建模目的幫助澄清這一點，那將會非常有幫助。

Yes. That will improve our inventory turns over prior periods. But to get to 3, which is a good goal for the company, and other companies achieve this, we believe is attainable, but it would be more of a long-term goal.

是的。這將改善我們前期的庫存週轉率。但要達到3，這對公司來說是一個很好的目標，其他公司也實現了這一目標，我們相信是可以實現的，但這將是一個更長期的目標。

Yes, certainly not '24. Our expectation though would be that -- and while we don't want to give a specific inventory forecast at the end of the year, there's a lot of complexities to that. Our expectation would be that we'll be able to manage inventory down year-over-year relative to where we exited out of '23. So we'll see that inventory efficiency and that improvement in the turns.

是的，當然不是'24。不過，我們的期望是——雖然我們不想在年底給出具體的庫存預測，但這有很多複雜性。我們的期望是，我們將能夠管理庫存，相對於 23 年退出時逐年下降。因此，我們將看到庫存效率和周轉率的改善。

The next question comes from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

Curious within the U.S. DTC bricks-and-mortar business. Can you maybe talk about how much of that business is being driven by traffic versus ticket? I don't know if you could share what comps were, excluding the additional temporary clearance locations. And just one point of clarification on those. Did you say 2% of total sales in the second quarter? That's what those represented? And then how many do you plan to have in the back half?

對美國 DTC 實體業務感到好奇。您能否談談該業務有多少是由流量驅動的，而不是由門票驅動的？我不知道你是否可以分享一下補償是什麼，不包括額外的臨時清關地點。僅對此進行一點澄清。你是說第二季總銷售額的2%嗎？這就是那些人所代表的？那麼後半區你打算有多少個呢？

Yes. We consider ourselves really to be a wholesale company, so we really don't release a lot of information on the KPIs around our retail business. But I can tell you, generally, the traffic numbers have been good in those markets where we're operating outlet stores. And the conversion rates have been exceptional, so the brand is in high demand. And really, the focus for us is to -- on these temporary stores to get our inventories down with high gross margins for the company overall and then to operate the suite of stores really in line with what we believe our long-term inventory liquidation plans should be as we begin and continue to operate at an efficient turn level for our inventories.

是的。我們認為自己確實是一家批發公司，因此我們確實不會發布有關零售業務 KPI 的大量資訊。但我可以告訴你，總的來說，我們經營直銷店的那些市場的客流量一直都很好。而且轉換率非常高，因此該品牌的需求量很大。事實上，我們的重點是——在這些臨時商店上降低我們的庫存，為公司整體帶來高毛利率，然後按照我們認為的長期庫存清算計劃來運營這一系列商店。高效率的庫存週轉水準運作時，就應該這樣做。

Yes. And then just a follow-up point on there. You asked about the comps. And as Tim touched on, we don't provide specific retail KPIs of our business. Having said that, in Tim's prepared remarks, we did indicate that the growth from a direct-to-consumer brick-and-mortar perspective was a combination of the temporary new stores but also included productivity gains. So you can take away from that, that it's a positive comp, and some of Tim's comments with regard to traffic and conversion help contribute towards that. And then, yes, my prior comment was with regard to our temporary clearance stores, but those represented just slightly less than 2% of consolidated net sales for the first quarter. And on a full year basis, we plan for that to be slightly greater than 2%. But again, back to my point, these are modestly profitable. And as we think out to 2025, we begin to ramp down and exit out of the lion's share of these.

是的。然後是一個後續點。你問了關於比較的問題。正如提姆所說，我們不提供我們業務的具體零售 KPI。話雖如此，在蒂姆準備好的演講中，我們確實指出，從直接面向消費者的實體角度來看，成長是臨時新店的結合，但也包括生產力的提高。因此，您可以從中得出，這是一個積極的補償，而蒂姆關於流量和轉換率的一些評論有助於對此做出貢獻。然後，是的，我之前的評論是關於我們的臨時清倉店，但這些店鋪僅佔第一季綜合淨銷售額的略低於 2%。就全年而言，我們計劃略高於 2%。但再次回到我的觀點，這些都是適度獲利的。當我們展望 2025 年時，我們開始減少並退出其中的大部分。

Got it. And then just one follow-up. Can you just give us an update on clearing through the PFAS product, where you are in that process?

知道了。然後只有一個後續行動。您能否向我們介紹一下 PFAS 產品清算的最新情況以及您目前的進展？

Yes. We believe that by the end of this year, we will be virtually out of PFAS products, and they -- it will hopefully be a topic that's in our rearview mirror.

是的。我們相信，到今年年底，我們實際上將不再使用 PFAS 產品，而這將有望成為我們後視鏡中的一個話題。

Yes, we've made great progress. We feel good about being able to work through the balance of what inventory we do have. Most of which is already sold and allocated to a customer that we intend to sell through our own direct-to-consumer business. And to the degree there's excess that remains there, certainly, when you look at the clearance capability we have from an outlet standpoint, this is perfectly salable, high-quality inventory. We don't envision that being a challenge and being able to move through that profitably.

是的，我們已經取得了很大的進步。我們對能夠平衡現有的庫存感到很高興。其中大部分已經出售並分配給我們打算透過我們自己的直接面向消費者業務銷售的客戶。當然，在某種程度上仍然存在過剩，當你從出口的角度來看我們擁有的清倉能力時，這是完全可銷售的高品質庫存。我們不認為這是一個挑戰並且能夠透過這項挑戰實現盈利。

(Operator Instructions)

（操作員說明）

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

下一個問題來自美國銀行的 Alex Perry。

I wanted to ask about China actually. Can you talk about what's driving the outperformance there versus a lot of your peers? Is it strong new product reception? Are you doing any distribution expansion there? And then maybe just remind us on how the margins of the China business compare to the other regions?

其實我想問一下中國的情況。您能談談是什麼推動了該公司的表現優於許多同行嗎？新產品反應強烈嗎？你們在那裡進行分銷擴張嗎？然後也許只是提醒我們中國業務的利潤率與其他地區相比如何？

Sure. Well, just as a reminder, we've been doing business in China for about 20 years, operating the business directly ourselves for near 5, 6 years. And we underperformed there for many years. Even though we were first in the marketplace, we were underperforming. So when you look at our business by comparison to others, we're smaller. And the fact that we've turned the business around, it maybe has some outsized results when you compare it with the rest of the business.

當然。提醒一下，我們在中國開展業務已有大約 20 年，其中我們自己直接經營業務已有近 5、6 年了。多年來我們在那裡表現不佳。儘管我們是市場上的第一名，但我們的表現卻不佳。因此，如果你將我們的業務與其他公司進行比較，你會發現我們規模較小。事實上，我們已經扭轉了業務，當你與其他業務進行比較時，它可能會產生一些巨大的結果。

I would say that the bulk of the improvement is a function of just cleaning up our operations and making them much more relevant for the local market. We haven't really expanded our distribution. It's a great way, but we've been focusing on improving our monthly performance and store productivity by utilizing a number of different ways, including key retail operations as well as directly designing merchandise, which is a -- has been improved for the local market, more focused on the local market's requirements. And lastly, the management team that we have is exceptional. It's been really instrumental in making the business much better.

我想說，大部分改進只是清理我們的業務並使它們與當地市場更相關。我們還沒有真正擴大我們的分銷範圍。這是一個很好的方法，但我們一直致力於透過利用多種不同的方法來提高我們的每月業績和商店生產力，包括關鍵的零售業務以及直接設計商品，這是針對本地市場進行了改進的，更加重視當地市場的要求。最後，我們擁有非常出色的管理團隊。這對於使業務變得更好確實發揮了重要作用。

Yes. I'll just double down on Tim's talking points there. From a distribution standpoint, we're operating no less. In fact, we may be operating a door or 2 less than we were a year ago. So this is all coming through productivity gains within our existing store fleet and online dealers that we work with.

是的。我會加倍強調提姆的談話要點。從分銷的角度來看，我們的營運也是如此。事實上，我們營運的門可能比一年前少了一、兩扇。因此，這一切都是透過我們現有的商店隊伍和與我們合作的線上經銷商的生產力提高來實現的。

And then one other follow-up point to your question, Alex, with regard to the margins in China. We'll provide specifics on it, but I can share that it's among the most profitable parts of our business from an overall contribution perspective. Certainly far above the overall corporate operating margin.

亞歷克斯，另一個後續行動針對你的問題，涉及中國的利潤率。我們將提供具體細節，但我可以分享的是，從整體貢獻的角度來看，它是我們業務中最賺錢的部分之一。當然遠高於企業整體營業利益率。

Perfect. That's really helpful. And then I just wanted to parse out the DTC guide a bit more. I think sort of the implied guide for DTC brick-and-mortar is for it to be up quite a bit. I guess, what's the driver there? Is that just year-over-year door count? And then I think it implies some acceleration in DTC dot-com as you move through the year. Can you maybe talk about what would be driving that?

完美的。這真的很有幫助。然後我只是想進一步解析 DTC 指南。我認為 DTC 實體店的隱含指南是大幅上漲。我想，那裡的司機是誰？這只是同比門數嗎？然後我認為這意味著隨著這一年的發展，DTC 網路會出現一些加速發展。您能談談是什麼推動了這一點嗎？

Yes. Good question. So as it relates to the brick-and-mortar side of the business, the combination of the new stores we opened last year, our plans for this year, combined with those temporary clearance stores, we ramped up those temporary clearance stores throughout last year. So you're going to see the annualized benefit of them being open throughout this year. Case in point, we had 44 that we operated in Q1 of this year versus 8 last year, and so we'll continue to see the annualization of that -- associated with that.

是的。好問題。因此，由於它涉及實體業務，結合我們去年開設的新店、今年的計劃，再加上那些臨時清倉店，我們去年全年都增加了這些臨時清倉店。因此，您將看到它們在今年全年開放的年化收益。舉個例子，今年第一季我們經營了 44 家，而去年有 8 家，因此我們將繼續看到與此相關的年化。

To a lesser degree, we are contemplating some improvement from a productivity standpoint. Keep in mind, given the excess inventory that we're flushing through the outlets for most of last year, the assortment size around color that we had available for the consumer in those stores is pretty weak for different points in time throughout last year. As we've got better assortment in the stores this year, we believe there's opportunity where we left revenue on the table last year and we can recapture that this year.

在較小程度上，我們正​​在考慮從生產力的角度進行一些改進。請記住，考慮到去年大部分時間我們在各門市沖銷的庫存過多，在去年的不同時間點，我們為這些商店中的消費者提供的顏色分類尺寸相當薄弱。由於今年我們的商店有更好的品種，我們相信去年我們留下的收入有機會，今年我們可以重新抓住這個機會。

So that's, by and large, the brick-and-mortar side of things. Not to mention the brick-and-mortar business, we had international and particularly in Asia and our China business that, that will drive growth as well. And then with respect to the e-commerce business, we do contemplate some degree of improvement of that in the back half of the year.

總的來說，這就是實體方面的事情。更不用說實體業務了，我們擁有國際業務，尤其是亞洲業務和中國業務，這也將推動成長。然後就電子商務業務而言，我們確實考慮在今年下半年取得一定程度的改善。

And as Tim touched on, late last year, mid last year, we began making changes, particularly on columbia.com in the U.S. with regard to the degree of promotions. And so in the earlier part of the year, we were highly promotional and discounted. As you get into the latter part of the year, we essentially backed off of that toward a better representation of the brand online. So as we get in the latter part of this year, Alex, we'll be comping against that so it's more -- it's in [a year comp], if you will, and some of that's also reflected in our outlook.

正如提姆所說，去年年底、去年年中，我們開始做出改變，特別是在美國的 columbia.com 上的促銷程度。因此，在今年早些時候，我們進行了大幅促銷和折扣。當你進入今年下半年時，我們基本上放棄了這一點，以更好地在網路上展示該品牌。因此，當我們進入今年下半年時，亞歷克斯，我們將對此進行比較，所以它更多的是——如果你願意的話，它是在[一年的比較]中，其中一些也反映在我們的前景中。

I think the other thing I would mention as well. We have been, over the course of the past few years, been making strategic digital-based investments. And so we've made enhancements to our membership program, and our digital teams are working on efforts to better personalize their site for the consumer and how we market to the consumer. So I think increasingly, as we get in the back half of this year, we're able to begin leveraging the same type of returns on some of those investments.

我想我還要提到另一件事。在過去的幾年裡，我們一直在進行基於數位的策略投資。因此，我們增強了我們的會員計劃，我們的數位團隊正在努力為消費者更好地個性化他們的網站以及我們向消費者行銷的方式。因此，我越來越認為，隨著今年下半年的到來，我們能夠開始利用其中一些投資的相同類型的回報。

The next question is from Mauricio Serna with UBS.

下一個問題是瑞銀 (UBS) 的 Mauricio Serna 提出的。

I guess the first question, maybe could you talk about the sell-through that you've seen in the U.S. and European businesses? That will be super interesting to hear. And then on the sales guidance, just wanted to reconcile. I think you beat like the midpoint of the guidance for Q1 by about $30 million. But then, you're keeping it pretty much stable, so I wanted to just make sure to understand like what drove that outperformance? And what like -- where is that being offset in the upcoming quarters? And then just lastly, I think like if you do the math on the SG&A -- inside SG&A, relative to the previous guide, like it's a decline of about $10 million or something like that. I just wanted to understand like what is like the changes in the SG&A versus the previous guide, as you're already -- like you're keeping the savings plan.

我想第一個問題，也許您能談談您在美國和歐洲企業中看到的銷售情況嗎？聽到這會非常有趣。然後就銷售指導，只是想調和一下。我認為你比第一季指導的中點高出約 3000 萬美元。但是，你保持了相當穩定，所以我想確保了解是什麼推動了這種出色的表現？未來幾季的抵銷額將在哪裡？最後，我想如果你對 SG&A 進行數學計算——在 SG&A 內，相對於之前的指南，會發現下降了約 1000 萬美元或類似的金額。我只是想了解 SG&A 與之前的指南相比有何變化，就像您已經保留的儲蓄計劃一樣。

Yes. Mauricio, I can tell you that the -- in the North America market, our sell-through is about an average year, where it is on an average year. So we're pleased with that. It looks like the liquidations through our stores and our retail partner stores are about on average. In Europe, they're slightly ahead of where they would typically be. So we're pleased with how that's performing, which looks like it's going to be a positive for us. You can carry on.

是的。毛里西奧，我可以告訴你，在北美市場，我們的銷售量大約是平均水平，那裡是平均水平。所以我們對此感到滿意。看來我們的商店和零售合作夥伴商店的清算大約是平均水平。在歐洲，他們稍微領先於通常的水平。所以我們對它的表現感到滿意，這看起來對我們來說是正面的。你可以繼續。

Yes, I can jump in on the other couple of questions. So first, as it relates to the Q1 revenue beat, that, Mauricio, is by and large earlier wholesale shipments. That can be days or within a couple of weeks different, so that's just a timing difference between first quarter and second quarter. And hence, you're not seeing any changes to our full year outlook. So that came out of Q2.

是的，我可以回答其他幾個問題。首先，毛里西奧，因為它與第一季的收入成長有關，所以總體上是較早的批發出貨量。這可能會有幾天或幾週的差異，所以這只是第一季和第二季之間的時間差異。因此，我們的全年展望沒有任何變化。這就是第二季的結果。

And then with regard to SG&A, there's slight adjustments that we're making in fine-tuning the SG&A forecast where we brought that down slightly. I think it's going to be a reflection of the efficiency of what we're capturing from a cost reduction standpoint and just being able to manage the business with discipline. So nothing of specific note outside of that.

然後，關於 SG&A，我們正在微調 SG&A 預測，將其略微下調。我認為這將反映我們從降低成本的角度所獲得的效率，以及能夠嚴格管理業務的能力。除此之外，沒有什麼特別值得注意的。

Got it. And just a very quick follow-up on the temporary outlet stores. Like essentially, you're using it this year to clear down a lot of -- there are a lot of merchandise. But how is it going to be like the approach next year as you wind them down? Is it going to be like gradual or just like, I don't know, like all out in Q1? I just wanted to understand because, I guess, like from a consumer standpoint, I don't know if that would affect like how the consumers perceive the pricing of the company's stores.

知道了。以及對臨時直銷店的快速跟進。就像本質上一樣，今年你用它來清理很多——有很多商品。但是，當你明年結束這些計劃時，情況會如何？會是漸進的還是就像，我不知道，就像第一季全力以赴？我只是想了解，因為我想，從消費者的角度來看，我不知道這是否會影響消費者對公司商店定價的看法。

Yes. The temporary locations are really going to be timed as a function of how effective we are at liquidating the inventory. So they're month-to-month, so I would expect that we'll be gradually closing these stores over the next really year, to the point where they'll virtually all be gone. Or there may, in fact, be one or 2 or some small number that are converted to permanent stores if we like their performance. But basically, these are established to help us liquidate that cloud of inventory that we had around 18 months ago.

是的。臨時地點的時間安排實際上取決於我們清理庫存的效率。所以它們是按月進行的，所以我預計我們將在接下來的一年逐漸關閉這些商店，直到它們幾乎全部消失。或者，事實上，如果我們喜歡他們的表現，可能會有一兩個或一些小數量的商店被轉換為永久商店。但基本上，這些措施的建立是為了幫助我們清算 18 個月前的大量庫存。

Okay. We have no further questions in queue. I'd like to turn the floor back to management for any closing remarks.

好的。我們沒有其他問題了。我想請管理階層發表結束語。

Well, thank you all for listening in. We're excited about the potential for the business, and the future looks very bright. We will talk to you next quarter.

好的，謝謝大家的收聽。我們將在下個季度與您交談。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。