Columbia Sportswear Co (COLM) 2024 Q3 法說會逐字稿

Greetings. Welcome to Columbia Sportswear third-quarter 2024 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Columbia Sportswear 2024 年第三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, VP of Investor Relations and Strategic Planning at Columbia Sportswear. You may begin.

現在我將把會議交給東道主、哥倫比亞運動服裝公司 (Columbia Sportswear) 投資者關係和策略規劃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 third 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三季業績。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 don't undertake any duty to update any of the forward-looking statements after the date of the 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 in 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 our prepared remarks, we will host a Q&A period during, which we will limit each caller to two questions, so we can get to everyone by the end of the hour.

在我們準備好的發言之後，我們將舉行問答時間，我們將限制每個來電者提出兩個問題，以便我們可以在一小時結束前聯繫到每個人。

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. Overall, third quarter financial results reflect a continuation of the trends we've experienced all year. The North American outdoor marketplace remains challenged and we are working to maximize sales in a soft consumer demand environment. Outside of North America, we continue to experience positive momentum in most direct and distributor businesses led by our China and Europe direct business.

謝謝安德魯，下午好。總體而言，第三季的財務表現反映了我們全年所經歷的趨勢的延續。北美戶外市場仍然面臨挑戰，我們正在努力在疲軟的消費者需求環境中最大限度地提高銷售。在北美以外，以中國和歐洲直接業務為主導的大多數直接和分銷業務繼續呈現積極勢頭。

Third quarter net sales declined 5% year-over-year and came in at the low end of our guidance range. Despite this, we were able to exceed our diluted earnings per share guidance range through a better than planned gross margin and disciplined expense management.

第三季淨銷售額年減 5%，位於我們指引範圍的低端。儘管如此，我們還是能夠透過高於計畫的毛利率和嚴格的費用管理來超出稀釋後的每股盈餘指引範圍。

Our financial position remains strong. We exited the quarter with cash and short-term investments of over $370 million and no debt. We are on track to generate over $300 million in operating cash flow this year. In addition to investing in our business to drive long-term profitable growth, we are returning free cash flow to shareholders via dividends and share repurchases.

我們的財務狀況依然強勁。本季結束時，我們擁有超過 3.7 億美元的現金和短期投資，並且沒有任何債務。今年我們可望產生超過 3 億美元的營運現金流。除了投資我們的業務以推動長期獲利成長外，我們還透過股息和股票回購向股東返還自由現金流。

Through the first three quarters of the year, our share repurchases totaled $231 million. Highlighting our continued commitment to our capital allocation strategy, the Board of Directors has approved a new $600 million buyback authorization.

今年前三季度，我們的股票回購總額達 2.31 億美元。董事會批准了一項新的 6 億美元回購授權，突顯了我們對資本配置策略的持續承諾。

As we enter our peak sales season, there's no shortage of uncertainty. We await the arrival of colder weather in many regions of the world. With this in mind, we are taking a more cautious net sales outlook for the remainder of the year. Despite the top line pressure, we are slightly raising the bottom end of our diluted earnings per share guidance.

當我們進入銷售旺季時，不乏不確定性。我們等待世界許多地區寒冷天氣的到來。考慮到這一點，我們對今年剩餘時間的淨銷售前景持更加謹慎的態度。儘管面臨營收壓力，我們仍小幅提高了稀釋後每股盈餘指引的下限。

Before reviewing our results and outlook in more detail, I'd like to discuss Colombia's new growth strategy named ACCELERATE. In recent months, the Columbia brand initiated ACCELERATE, a growth strategy intended to elevate the brand and attract younger and more active consumers. Over the past 86 years, we've built an extraordinary company and one of the largest outdoor brands in the world. Our top strategic priority is to accelerate profitable growth, and I know our company is capable of growing rapidly.

在更詳細地回顧我們的業績和前景之前，我想討論一下哥倫比亞名為「加速」的新成長策略。近幾個月來，哥倫比亞品牌啟動了 ACCELERATE，這是一項旨在提升品牌並吸引更年輕、更活躍的消費者的成長策略。在過去的 86 年裡，我們建立了一家非凡的公司，也是世界上最大的戶外品牌之一。我們的首要策略重點是加速獲利成長，我知道我們公司有能力快速成長。

The ACCELERATE growth strategy is centered around several consumer-centric shifts and enhanced ways of working. First, we have strengthened our consumer segmentation framework to clearly define the growth opportunities ahead of us. We will continue to serve our existing consumers with accessible outdoor essentials while also focusing on bringing new, younger active consumers into the brand.

加速成長策略的核心是多項以消費者為中心的轉變和改進的工作方式。首先，我們加強了消費者細分框架，以明確我們面前的成長機會。我們將繼續為現有消費者提供方便的戶外必需品，同時也致力於將新的、年輕的活躍消費者帶入該品牌。

We know that this consumer segment is the largest and fastest-growing part of the outdoor market. We already successfully serve this consumer outside the US where we are seeing strong growth in markets like China and Europe. In the coming seasons, our brand, product and marketplace strategies in the US will focus on reaching younger, more active consumers. We know that when we deliver the right product to the right consumers at the right time, we win in the marketplace.

我們知道，這個消費族群是戶外市場中規模最大、成長最快的部分。我們已經成功地為美國以外的消費者提供服務，我們看到中國和歐洲等市場的強勁成長。在接下來的幾個季度中，我們在美國的品牌、產品和市場策略將專注於吸引更年輕、更活躍的消費者。我們知道，當我們在正確的時間向正確的消費者提供正確的產品時，我們就贏得了市場。

The second shift is elevating consumers' perception of the brand. We're doing this with a refreshed creative strategy that brings Columbia's unique brand personality to life. We're embracing the spirit of the brand that our one tough mother, Gert Boyle, made famous. We engineer exceptional products for whatever life throws at you, helping to keep consumers warm, dry, cool and protected. And at the same time, we don't take ourselves too seriously. The Columbia brand is fun, irreverent and authentic, and this will become increasingly evident in our marketing.

第二個轉變是提升消費者對品牌的認知。我們採用全新的創意策略來實現這一目標，將哥倫比亞獨特的品牌個性帶入生活。我們正在擁抱我們堅強的母親 Gert Boyle 所倡導的品牌精神。我們為您的生活設計出卓越的產品，幫助消費者保持溫暖、乾燥、涼爽和受到保護。同時，我們也不太認真對待自己。哥倫比亞品牌有趣、不羈且真實，這一點將在我們的行銷中變得越來越明顯。

To lead this new marketing direction, we recently hired Matt Sutton as the Columbia Brand Head of Marketing. Matt has extensive experience in brand and digital marketing and will be leading the strategic integration of the Columbia global marketing efforts. We've also announced a new global ad agency of record, Adam & Eve, to help us bring our vision to life.

為了引領這一新的行銷方向，我們最近聘請 Matt Sutton 擔任哥倫比亞品牌行銷主管。馬特在品牌和數位行銷方面擁有豐富的經驗，將領導哥倫比亞全球行銷工作的策略整合。我們也宣布成立一家新的全球廣告代理商 Adam & Eve，幫助我們將願景變成現實。

The third shift is around product. The foundation of our success is creating iconic products that are differentiated, functional and innovative. Under the leadership of Woody Blackford, our product teams have a new product construct to drive growth with targeted consumer segments.

第三個轉變是圍繞產品。我們成功的基礎是創造差異化、功能性和創新性的標誌性產品。在伍迪·布萊克福德 (Woody Blackford) 的領導下，我們的產品團隊擁有新的產品結構，可推動目標消費群體的成長。

Consumers already trust the Columbia brand for its quality, value and reliability. In the coming seasons, we will be emphasizing innovation and style with new products as well as updates to our most iconic styles. We're reducing our assortment to focus our efforts on fewer, more powerful collections with clear purpose.

消費者已經信任哥倫比亞品牌的品質、價值和可靠性。在接下來的幾季中，我們將透過新產品以及對我們最具標誌性的款式的更新來強調創新和風格。我們正在減少產品種類，以便將精力集中在目標明確、數量更少、功能更強大的產品系列上。

The fourth shift in ACCELERATE is elevating the position of the Columbia brand in the US marketplace. To activate our brand and product strategies, we will invest alongside our best-in-class strategic retail partners to elevate in-store presentations and bring our unique brand and products to life.

ACCELERATE 的第四個轉變是提升哥倫比亞品牌在美國市場的地位。為了啟動我們的品牌和產品策略，我們將與一流的策略性零售合作夥伴一起投資，以提升店內展示並將我們獨特的品牌和產品帶入生活。

In our direct-to-consumer e-commerce business, we've already begun to evolve columbia.com to be the best expression of the brand. We want visitors to come to the site to see our latest products and innovations with enriched brand storytelling.

在我們的直接面向消費者的電子商務業務中，我們已經開始將 columbia.com 發展成為品牌的最佳表達。我們希望訪客來到網站了解我們的最新產品和創新以及豐富的品牌故事。

In our brick-and-mortar stores, we're focusing on enhancing our assortments and in-store presentations to tell better brand stories and drive sales.

在我們的實體店中，我們專注於增強我們的產品組合和店內展示，以講述更好的品牌故事並推動銷售。

The next Shift and Accelerate is our integrated full funnel marketing strategy. We'll have a greater emphasis on the consistent year round share of voice in the market. Not only are we planning to invest more into marketing but we're also going to be more efficient with how and where we activate these demand creation investments. We will be more differentiated with creative marketing activations and immersive ways to experience the brand.

下一個轉變和加速是我們的全面全漏斗行銷策略。我們將更加重視全年穩定的市場佔有率。我們不僅計劃在行銷方面投入更多資金，而且還將更有效地啟動這些需求創造投資的方式和地點。我們將透過創意行銷活動和沈浸式體驗品牌的方式更加與眾不同。

Combined, our Accelerate product, marketing, and marketplace strategies are engineered to get the right product to the right consumers at the right place in time. This will enable us not only to meet our consumers where they are but inspire them to go further with us.

我們的 Accelerate 產品、行銷和市場策略相結合，旨在在正確的時間、正確的地點向正確的消費者提供正確的產品。這將使我們不僅能夠滿足消費者的需求，還能激勵他們與我們一起走得更遠。

We're excited to bring Accelerate to life. This will be a multi-year strategy that steadily builds momentum in the seasons ahead. As 2025 progresses, the changes we're making will be increasingly evident to consumers.

我們很高興能夠將 Accelerate 變為現實。這將是一項多年戰略，將在未來幾季穩步增強勢頭。隨著 2025 年的進展，我們正在做出的改變對消費者來說將越來越明顯。

While we are not prepared to provide financial metrics for the Accelerate growth strategy at this point, I firmly believe these actions will drive brand-right profitable growth. We will seek to balance brand investments with disciplined expense management to achieve our goal of profitable growth with operating margin expansion over time.

雖然我們目前不準備提供加速成長策略的財務指標，但我堅信這些行動將推動品牌權的獲利成長。我們將尋求平衡品牌投資與嚴格的費用管理，以實現利潤成長和營業利潤率隨著時間的推移而擴大的目標。

I will now review our third quarter financial performance. Net sales of $932 million declined 5% year-over-year, driven by a 9% decline in global wholesale net sales, partially offset by 2% direct-to-consumer growth. Gross margin expanded 150 basis points to 50.2%. This was ahead of plan driven by favorable international gross margin performance, lower than expected promotional activity in the US, and lower freight expenses.

我現在將回顧我們第三季的財務表現。淨銷售額為 9.32 億美元，年減 5%，原因是全球批發淨銷售額下降 9%，但部分被直接面向消費者的成長 2% 所抵銷。毛利率擴大 150 個基點至 50.2%。由於良好的國際毛利率表現、低於預期的美國促銷活動以及較低的運費，這超出了計劃。

SG&A expenses increased 3%, primarily reflecting higher DTC expenses, partially offset by lower supply chain expenses. Favorable gross margin and SG&A underspend resulted in operating income and diluted earnings per share coming in above our guidance range. Looking at our net sales by geography, US net sales decreased 10%, primarily driven by mid-teens percent decrease in us wholesale. As a reminder, our fall 2024 order book in the US was down a mid-single-digit percent.

SG&A 費用增加了 3%，主要反映了 DTC 費用的增加，但部分被供應鏈費用的減少所抵消。有利的毛利率和銷售管理及行政費用支出不足導致營業收入和稀釋每股收益高於我們的指導範圍。從我們按地區劃分的淨銷售額來看，美國淨銷售額下降了 10%，主要是由於美國批發下降了百分之十左右。提醒一下，我們 2024 年秋季在美國的訂單量下降了中個位數百分比。

While still very early in the season, wholesale sell through has gotten off to a slow start. We expect sell through to pick up with the arrival of cold weather. US DTC net sales were relatively flat. Brick-and-mortar was up mid-single-digits percent, driven by a contribution from the temporary clearance locations increased store productivity and new stores opened over the last year.

雖然仍處於產季初期，但批發銷售開局緩慢。我們預計隨著寒冷天氣的到來，銷售量將會回升。美國 DTC 淨銷售額相對持平。由於臨時清倉地點提高了商店生產力以及去年新開的商店的貢獻，實體店成長了中個位數。

US e-commerce net sales were down high-teens percent reflecting challenging outdoor market conditions as well as a shift in Columbia.com digital marketing strategies. For my review of third quarter year over year net sales growth in international geographies. I will reference constant currency growth rates to illustrate underlying growth in each market.

美國電子商務淨銷售額下降了百分之十以上，反映出充滿挑戰的戶外市場條件以及 Columbia.com 數位行銷策略的轉變。這是我對國際地區第三季年比淨銷售額成長的回顧。我將參考恆定的貨幣成長率來說明每個市場的潛在成長。

Latin America Asia Pacific region or LAAP net sales increased 18%. China net sales increased low 20% with healthy growth across wholesale and DTC. Despite broader economic headwinds in China, the outdoor category continues to grow. Colombia is capitalizing on this trend with localized product lines like transit and unique brand activations that highlight Colombia's heritage and innovation.

拉丁美洲亞太地區或 LAAP 淨銷售額成長 18%。中國的淨銷售額成長了 20%，批發和 DTC 業務健康成長。儘管中國面臨更廣泛的經濟阻力，戶外用品類別仍持續成長。哥倫比亞正在利用這一趨勢，推出在地化產品線，例如交通和獨特的品牌激活，突顯哥倫比亞的傳統和創新。

During the quarter, Columbia hosted a hiking event in Shangri La National Park. The well-attended event featured music and hiking in the first-of-its-kind event at this premier hiking destination. The event was amplified by celebrity brand ambassadors whose online content generated millions of impressions. China's e-commerce business continues to build momentum with several highlights in the quarter.

本季度，哥倫比亞在香格里拉國家公園舉辦了健行活動。這場以音樂和健行為主題的活動吸引了許多觀眾，這在這個首屈一指的健行目的地尚屬首次。名人品牌大使的線上內容產生了數百萬次的印象，從而放大了這項活動。中國電子商務業務持續保持強勁勢頭，本季呈現幾個亮點。

Columbia had an incredibly successful Super Brand Day on Tmall ranking third in sales volume across all outdoor brands. On TikTok, Columbia's first footwear store launched and is off to a strong start. It's exciting to see the Columbia brand realize its full growth potential in this important region, and it remains on track to be one of our fastest-growing markets this year.

Columbia 在天貓的超級品牌日取得了巨大成功，在所有戶外品牌中銷量排名第三。 Columbia 的第一家鞋類商店在 TikTok 上開業，並取得了良好的開端。很高興看到哥倫比亞品牌在這個重要地區充分發揮其成長潛力，並且有望成為我們今年成長最快的市場之一。

Japan net sales increased double-digit percent aided by continued strength in international tourism. Korea net sales increased mid-single-digit percent. During the quarter, we appointed Jeff McPike as the new General Manager of Columbia Sportswear Korea. Jeff is a 25-year industry veteran with a passion for building innovative omnichannel consumer experiences. His marketplace expertise will be instrumental in building the right strategy to drive our business forward in Korea.

由於國際旅遊業的持續強勁，日本的淨銷售額成長了兩位數。韓國淨銷售額成長了中個位數百分比。本季度，我們任命 Jeff McPike 為 Columbia Sportswear 韓國公司的新總經理。 Jeff 是一位擁有 25 年業界經驗的資深人士，熱衷於打造創新的全通路消費者體驗。他的市場專業知識將有助於制定正確的策略，推動我們在韓國的業務向前發展。

LAAP distributor markets were up mid-20s percent, primarily reflecting robust fall 2024 orders. Europe, Middle East and Africa region, or EMEA, net sales increased 10%. Europe direct net sales increased low single-digit percent, led by a robust DTC growth. The European team is doing an exceptional job of creating brand visibility and relevance with unique marketing activations like the Hike Society. This season, we hosted 90 hike Society events, creating grassroots connections with young hikers and introducing them to Columbia Technologies.

LAAP 經銷商市場成長了 20% 左右，主要反映了 2024 年秋季訂單的強勁。歐洲、中東和非洲地區（即 EMEA）的淨銷售額成長了 10%。在 DTC 強勁成長的帶動下，歐洲直接淨銷售額成長了低個位數百分比。歐洲團隊在透過遠足協會等獨特的行銷活動創造品牌知名度和相關性方面做得非常出色。本季，我們舉辦了 90 場健行協會活動，與年輕健行者建立了草根聯繫，並向他們介紹了哥倫比亞科技公司。

Our Europe direct business remains on track to be one of our fastest-growing markets this year. Our EMEA distributor business increased by approximately 130%, driven by a shift in timing of shipments as well as higher fall 2024 orders on the strength of the Columbia brand in many distributor markets. Canada net sales decreased 19%, driven by lower wholesale sales. The Columbia brand remains well positioned in Canada with high brand awareness and consumer trust.

我們的歐洲直接業務仍有望成為今年成長最快的市場之一。我們的 EMEA 經銷商業務成長了約 130%，這得益於出貨時間的變化以及哥倫比亞品牌在許多經銷商市場上的優勢，以及 2024 年秋季訂單的增加。由於批發銷售下降，加拿大淨銷售額下降 19%。哥倫比亞品牌在加拿大保持良好的地位，具有較高的品牌知名度和消費者信任度。

Looking at performance by brand. Columbia brand net sales decreased 1%, primarily reflecting a challenging marketplace in the US and Canada, partially offset by a continuation of healthy trends in most international markets. This fall, we have several innovations that are integral to our product and marketing strategies. Omni-Heat Infinity remains our largest innovation platform and one of the fastest-growing parts of our business.

按品牌查看業績。 Columbia 品牌淨銷售額下降 1%，主要反映美國和加拿大市場充滿挑戰，但大多數國際市場持續健康的趨勢部分抵消了這一影響。今年秋天，我們有幾項創新，這些創新是我們的產品和行銷策略不可或缺的一部分。 Omni-Heat Infinity 仍然是我們最大的創新平台，也是我們業務成長最快的部分之一。

Our newest cold weather innovation, Omni-Heat Arctic will be prominently featured in our DTC channels. As a reminder, Omni-Heat Arctic starts with the translucent outer layer that lets solar energy in. Heat is then transmitted to an insulation layer close to the body for maximum warmth, mimicking the Polar Bears warmth protection system.

我們最新的寒冷天氣創新產品 Omni-Heat Arctic 將在我們的 DTC 頻道中佔據顯著位置。提醒一下，Omni-Heat Arctic 從讓太陽能進入的半透明外層開始。

I'd like to congratulate our Chief Product Officer, Woody Blackford, and our Vice President of Innovation, Haskell Beckham, who were honored by the American Association of Textile Chemists and Colorists for their significant contributions in developing new fabrications and technologies in the apparel industry. Thank you for everything you do to make Columbia a leader in the outdoor space. Great work team.

我要祝賀我們的首席產品長 Woody Blackford 和我們的創新副總裁 Haskell Beckham，他們因在開發服裝行業新面料和技術方面做出的重大貢獻而獲得美國紡織化學家和調色師協會的表彰。感謝您為使哥倫比亞成為戶外空間領導者所做的一切。很棒的工作團隊。

On the collaboration front, this fall we partnered with Disney on Mickey's outdoor Club collection inspired by the iconic artwork from the Mickey Mouse comic strip. This collection featured beloved Disney characters on a camping trip top styles quickly sold out and the line was featured in numerous Disney focused and outdoor media outlets.

在合作方面，今年秋天，我們與迪士尼合作推出了米奇戶外俱樂部系列，靈感來自米老鼠漫畫中的標誌性藝術作品。該系列以露營旅行中受人喜愛的迪士尼角色為特色，上衣款式很快就售罄，該系列產品在眾多迪士尼主題媒體和戶外媒體上進行了專題報道。

This holiday season Columbia will launch our ninth annual Star Wars collection. The first content promoting the collaboration will go live tomorrow and will feature a surprise appearance from a Star Wars special guest. Fans of Star War and NASCAR are going to want to see this.

這個假期，哥倫比亞將推出第九屆年度星際大戰系列。第一場宣傳合作的內容將於明天上線，並將有一位《星際大戰》特邀嘉賓驚喜亮相。星際大戰和納斯卡的粉絲們一定會想看這個。

Shifting to our emerging brands. Mountain Hardwear net sales increased 2% driven by DTC growth. The brand has several exciting brand and product activations for the balance of the year including an expanded Ghost Whisperer collection, new snow sports offerings and a soon to be announced Product Collab Mountain Hardwear's product line and brand positioning are on track and the team is focused on accelerating growth.

轉向我們的新興品牌。在 DTC 成長的推動下，Mountain Hardwear 淨銷售額成長了 2%。該品牌在今年剩餘的時間裡有幾項令人興奮的品牌和產品活動，包括擴大的Ghost Whisperer 系列、新的雪上運動產品以及即將宣布的產品合作Mountain Hardwear 的產品線和品牌定位已步入正軌，團隊專注於加速成長。

prAna net sales decreased 7% in the quarter. I'm encouraged by the progress the prAna leadership team has made in recent months activating wholesale distribution, refreshing marketing and recruiting new talent to the team. I am confident these actions position the brand for growth starting with a positive order book for Spring 2025.

prAna 本季淨銷售額下降 7%。我對 prAna 領導團隊近幾個月在啟動批發分銷、更新行銷和為團隊招募新人才方面取得的進展感到鼓舞。我相信這些行動將為該品牌帶來成長，並在 2025 年春季獲得積極的訂單。

SOREL brand net sales decreased 39% driven by lower fall 2024 orders and elevated clearance and promotional sales activity in the prior year. The SOREL team is focused on building brand, product and marketplace strategies to drive the long-term growth potential that I know the brand is capable of. This process will take time and I expect sales trends will remain under pressure in the spring 2025 season.

由於 2024 年秋季訂單減少以及上一年清倉和促銷活動增加，SOREL 品牌淨銷售額下降了 39%。 SOREL 團隊專注於打造品牌、產品和市場策略，以推動我所知道的品牌的長期成長潛力。這個過程需要時間，我預計 2025 年春季銷售趨勢仍將面臨壓力。

I will now discuss 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. Looking across the global marketplace.

我現在將討論我們 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。放眼全球市場。

There are many external risks and uncertainties outdoor Industry and US consumer headwinds, weather, geopolitical conflicts, supply chain disruptions, and the upcoming US elections. These factors among others have the potential to impact consumer demand and our operations. With this uncertainty in mind, we are reducing our net sales outlook to reflect a 3% to 5% decline this year. Gross margin is now expected to expand 40 basis points to 90 basis points.

戶外產業和美國消費者逆風、天氣、地緣政治衝突、供應鏈中斷以及即將到來的美國大選等外部風險和不確定因素很多。這些因素有可能影響消費者需求和我們的營運。考慮到這種不確定性，我們下調了今年的淨銷售額預期，預計將下降 3% 至 5%。目前預計毛利率將擴大 40 個基點至 90 個基點。

SG&A is expected to be 42.8% to 43% of sales leading to an operating margin of 7.7% to 8.4%. The profit improvement program is on track to deliver approximately $90 million in cost savings. This year we are slightly raising the low end of our diluted EPS guidance range which is now $3.70 to $4.05. As we noted on the last call our Spring 2025 order book reflects a return to growth in our wholesale business in the first half of the year. This order book reflects growth across Columbia, prAna and Mountain Hardwear and growth in the US and international markets.

SG&A 預計將佔銷售額的 42.8% 至 43%，營運利潤率為 7.7% 至 8.4%。利潤改善計畫預計將節省約 9,000 萬美元的成本。今年，我們略微提高了稀釋後每股盈餘指引範圍的下限，目前為 3.70 美元至 4.05 美元。正如我們在上次電話會議中指出的那樣，我們的 2025 年春季訂單反映了我們上半年批發業務的成長。該訂單反映了 Columbia、prAna 和 Mountain Hardwear 的成長以及美國和國際市場的成長。

Based on Spring 2025 orders, we anticipate first half wholesale net sales to increase mid single digit percent. While we are not providing any full year 2025 guidance at this time, our objective is to deliver net sales growth and operating margin expansion. We will provide our next update on 2025, when we report in February.

根據 2025 年春季訂單，我們預計上半年批發淨銷售額將成長中個位數百分比。雖然我們目前沒有提供任何 2025 年全年指引，但我們的目標是實現淨銷售額成長和營業利潤率擴張。我們將在 2025 年 2 月發布報告時提供下一次更新。

In summary, I'm confident we have the right strategies in place to unlock the significant growth opportunities, we see across the business. The accelerate growth strategy provides clear strategic shifts that will unlock brand right profitable growth for years to come.

總之，我相信我們已經制定了正確的策略來釋放我們在整個業務中看到的重大成長機會。加速成長策略提供了明確的策略轉變，將在未來幾年釋放品牌權的獲利成長。

We are investing in our strategic priorities with renewed emphasis, 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 is driven by our core values.

我們正在重新專注於投資於我們的策略重點，以加速獲利成長，創造具有差異化功能和創新的標誌性產品，透過增加有針對性的需求創造投資來推動品牌參與度，透過投資取悅和留住消費者的能力來增強消費者體驗，擴大以數位化為主導、全通路和全球性的卓越市場，並為由我們的核心價值驅動的人才提供支援。

That concludes my prepared remarks. We'll 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。我們將在剩下的時間歡迎您提出問題。接線員，您能幫助我們嗎？

(Operator Instructions)

（操作員說明）

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Hi, good afternoon. Tim. I guess, I have two questions for you. The first one is just on the accelerate growth strategy. You talk about bringing newer, younger active consumers into the brand. Do you believe those consumers are already in the channels that you're competing in, I just trying to understand sort of how do you get after that segment of the consumer base?

嗨，下午好。提姆.我想，我有兩個問題想問你。第一個是關於加速成長策略。您談到將更新、更年輕的活躍消費者帶入該品牌。您是否相信這些消費者已經在您競爭的管道中，我只是想了解您如何吸引這部分消費者群？

And the second question I have for you Tim is, you said it's obviously weather 75 or 80 today in New York, but like warmer weather, slow start to the season. How do you feel like the channel is out there with many of your wholesale partners?

我要問你的第二個問題是，提姆，你說今天紐約的天氣顯然是 75 或 80 度，但就像天氣變暖一樣，季節開始緩慢。您對許多批發合作夥伴的管道感覺如何？

Great. Yeah, I can help you with both of those. Bob. As it relates to the younger consumers we believe that they're already in the brand. We know they're in the brand internationally. We just need them to be more involved in the brand domestically.

偉大的。是的，這兩件事我都可以幫助你。鮑伯.由於它涉及年輕消費者，我們相信他們已經加入了該品牌。我們知道它們是國際品牌。我們只需要他們更多地參與國內品牌的建立。

And our expectation is that with the new marketing leadership and help from a creative agency that we've announced in the script today that we're going to be again returning to a more differentiated approach to a humorous, irreverent brand personality where we can be really quite different and be more important to these consumers that we're trying to attract.

我們的期望是，在我們今天在劇本中宣布的新的營銷領導力和創意機構的幫助下，我們將再次回歸到一種更加差異化的方法，以幽默、不敬的品牌個性，我們可以確實非常不同，並且對於我們試圖吸引的這些消費者來說更加重要。

We believe that they're already in the brand and they know the brand well. It's just a question is that we're don't have enough of them. So that's the plan is to spend more to get those folks to spend it more efficiently and to get the messaging properly. So we get consideration improved.

我們相信他們已經加入了該品牌並且非常了解該品牌。問題只是我們的數量還不夠。因此，我們的計劃是花更多的錢來讓這些人更有效地花錢並正確地傳達訊息。所以我們的考慮得到了改善。

And then as it relates to the channel, I believe the channels in the proper position now. Our customers have spent a lot of time cleaning up inventories with the chemistry that was a problem for a few different geographies.

然後，就頻道而言，我相信頻道現在處於正確的位置。我們的客戶花費了大量時間清理化學品庫存，這對一些不同地區來說是一個問題。

But right now the channel appears to be in good shape and we're just waiting for great weather to supercharge things.

但目前該頻道似乎狀況良好，我們只是在等待好天氣來加強一切。

Great. Can I just follow up Tim? So just in terms of the marketing, is the plan to create like a one tough father strategy with you and Joe. Are you guys going to get back into the acting business or what are we looking for here?

偉大的。我可以跟進蒂姆嗎？因此，就行銷而言，我們計劃與你和喬一起制定一個像嚴厲的父親一樣的策略。你們打算重返演藝圈嗎？

No I said card is expiring and. I think I'm done with that. No. This is going to be an approach that is going to be frankly quite interesting and different and we previewed it with a few customers. We're going to be showing it to a few more here in the next several days and the reaction frankly is quite interesting and good and we'll have to get in front of our investor group here soon but suffice it to say that we're pretty excited about the opportunity. It's going to give us.

不，我說卡即將過期。我想我已經完成了。不。我們將在接下來的幾天內向這裡的更多人展示它，坦率地說，反應非常有趣且良好，我們必須很快到達我們的投資者團體面前，但足以說我們'我對這個機會感到非常興奮。它會給我們。

Alright. We'll be watching. Thanks, Tim. Good luck.

好吧。我們會關注的。謝謝，蒂姆。祝你好運。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good afternoon. Thank you very much for taking my question. Tim, I wanted to follow up on the comment around 1H 2025 wholesale growth of mid single-digits. Maybe can you unpack that a little bit more for the audience like what's driving that growth? Is it just easier year-over-year compares? Is it driven by pricing restocking? And I noticed you mentioned that growth will be coming from all regions but are all regions equal in that nature or should we think about just more growth coming from international as at least for spring 2025?

午安.非常感謝您回答我的問題。提姆，我想跟進 2025 年上半年批發增長中個位數的評論。也許您可以向觀眾進一步解釋一下是什麼推動了這種成長？與去年相比是否更容易？是定價補貨推動的嗎？我注意到您提到增長將來自所有地區，但所有地區在本質上都是平等的，還是我們應該考慮至少在 2025 年春季來自國際的更多增長？

Yes, that's right. The business is going to be more balanced in the first half of 2025 and we'll have strong improvement in our in our US business as well as retailers who are cautious about placing orders in the prior periods for again chemistry that was going to be fragile from a selling perspective.

是的，沒錯。 2025 年上半年，業務將更加平衡，我們的美國業務以及對先前脆弱的化學品下訂單持謹慎態度的零售商將得到強勁改善從銷售的角度來看。

So there will be improvements really in almost every market, not all to the same extent but I just might point out that our international business has performed much better than our domestic business and our expectations are that those markets will continue to improve maybe more rapidly than the US.

因此，幾乎每個市場都會出現改善，但程度不盡相同，但我可能會指出，我們的國際業務的表現比國內業務好得多，我們的預期是，這些市場將繼續改善，可能比國內業務更快。

And then Laurent, maybe just a couple added comments to that. In terms of pricing versus stocking is as it relates to the spring 2025 season, by and large, we've held price for the season aside from whatever mixed shifts there might be with what's sold in. And I think that Tim's point, as you think about regional growth opportunities and we're calling for a single-digit rate of growth, a reasonable chunk of that. Just given the sheer reliance on the US business and the Colombia brand, you can assume that the US Colombia is generally following suit with that overarching first half expectation.

然後洛朗，也許只有幾個人對此發表了評論。就定價與庫存而言，因為它與2025 年春季季節相關，總的來說，除了銷售量可能存在的混合變化之外，我們維持了本季的價格。所言考慮到區域成長機會，我們呼籲實現個位數的成長率，這是一個合理的部分。鑑於對美國業務和哥倫比亞品牌的絕對依賴，您可以假設美國哥倫比亞通常會效仿上半年的整體預期。

Okay. Very helpful, Tim and Jim. And then just to follow-up on more maybe more on margins. With regards to the ACCELERATE plan, I think Tim you mentioned the higher and more efficient demand creation. I know demand creation last year with 6%. Where do you wanted to go through this ACCELERATE program? And then Jim for you on the cost savings program that the $90 million for 2024.

好的。非常有幫助，蒂姆和吉姆。然後只是為了跟進更多也許更多的利潤。關於加速計劃，我想蒂姆你提到了更高、更有效率的需求創造。據我所知，去年的需求創造率為 6%。您想在哪裡完成此 ACCELERATE 計劃？然後 Jim 為您介紹 2024 年 9000 萬美元的成本節約計劃。

I was just curious how much you've realized so far. The first few quarters and how should we think about for the fourth quarter? And then for 2026, I know you're not commenting about 2025 financial targets but like should we think about that [125 to 150] kind of balance between the two years that remain for this profit improvement plan?

我只是好奇到目前為止你已經意識到了多少。前幾個季度以及第四季我們該如何思考？然後對於 2026 年，我知道您並不是在評論 2025 年的財務目標，而是我們是否應該考慮該利潤改善計劃剩餘兩年之間的 [125 到 150] 種平衡？

Yes, let me make sure I get my questions out of the way and then I'll turn it over to Jim here. The margins are planned to be quite strong and certainly in comparison to last year. The marketing rates will be established as we go into the end of the year but suffice it to say they're going to be increasing amount of spend in marketing as well as a more efficient use of the market. We haven't settled on a firm number yet but we know we need to spend more and we're building those additional costs into other parts of the business so that we can offer growth and expanding operating margin as well.

是的，讓我確保我的問題得到解決，然後我會將其交給吉姆。與去年相比，預計利潤率將相當強勁。行銷費率將在年底時確定，但足以說明他們將增加行銷支出以及更有效地利用市場。我們尚未確定確切的數字，但我們知道我們需要花費更多，我們正在將這些額外成本計入業務的其他部分，以便我們能夠實現成長並擴大營業利潤率。

And then, Laurent as it relates to the Profit Improvement Program, we're well along this year in achieving the targets that we've set. In fact earlier in the year, we said that would be $75 million to $90 million. With the revisions and updates we're making today, we believe that we're tracking to the high-end of that.

然後，勞倫特，因為它涉及利潤改進計劃，我們今年在實現我們設定的目標方面進展順利。事實上，今年早些時候，我們曾說過這將是 7,500 萬至 9,000 萬美元。透過我們今天所做的修改和更新，我們相信我們正在達到這一目標的高端。

We're really pleased with it forms across the business in that regard. Certainly a component of that is attributable to getting our inventories clean and less supply chain and inventory carrying costs. But broader than that a lot of optimization efforts going on across our supply chain and just a focus on disciplined cost management. So, happy to see that we're progressing in that regard.

我們對整個企業在這方面的表現感到非常滿意。當然，其中一個因素是我們的庫存清潔以及供應鏈和庫存持有成本的減少。但更廣泛的是，我們在整個供應鏈中進行了大量優化工作，並且專注於嚴格的成本管理。因此，很高興看到我們在這方面取得了進展。

And then as it relates to the out years and that could be premature in terms of kind of breaking down in detail. I think when we come around to our call in February. I'll provide a bit more detail on what our expectations are for 2025.

然後，因為它涉及過去的幾年，就細節而言，這可能還為時過早。我想當我們在二月召開電話會議時。我將更詳細地介紹我們對 2025 年的期望。

Okay. Very helpful and best of luck with the holiday season.

好的。非常有幫助，祝你假期好運。

Thanks Laurent.

謝謝勞倫特。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Hey. Good afternoon, guys. Thanks for taking the questions. Tim, what do you think the catalyst is for improved spending on outdoor categories? The competition seems fairly high, the macro seems somewhat depressed. But what do you think gets us out of the slump? You are calling for mid-single-digit wholesale growth next year, which is a nice uplift. What do you think sustainable growth looks like? And what's the catalyst for it in the outdoor industry?

嘿。下午好，夥計們。感謝您提出問題。提姆，您認為戶外類別支出增加的催化劑是什麼？競爭似乎相當激烈，宏觀似乎有些蕭條。但你認為什麼能讓我們擺脫低迷呢？您呼籲明年批發量實現中個位數成長，這是一個不錯的提升。您認為永續成長是什麼樣的？戶外產業的催化劑是什麼？

Well, frankly, I'm always disappointed when we aren't growing in high-teams, because I think the company with its balance sheet and the infrastructure that we have built around the company, we should be building and growing in rates much stronger than that. Frankly, our rates of growth outside the US are much -- we would point to a much bigger opportunity.

好吧，坦白說，當我們沒有在高團隊中成長時，我總是感到失望，因為我認為公司以其資產負債表和我們圍繞公司建立的基礎設施，我們應該以更強勁的速度建立和發展比那個。坦白說，我們在美國以外的成長率要高得多——我們會指出一個更大的機會。

I think much of our malaise in the US is a function of how we've been marketing our products. Our products are clearly superior in our opinion to many of our competitors. We're just not talking about it. We're not giving it enough emphasis and we're not talking about it in a differentiating enough way.

我認為我們在美國的萎靡很大程度上是由於我們的產品行銷方式所造成的。我們認為我們的產品明顯優於許多競爭對手。我們只是不談論它。我們沒有給予它足夠的重視，也沒有以足夠區分的方式來談論它。

And then, for me will be the key in terms of making us a bigger business in the US just overall. Secondarily, we've talked for a long time about the opportunities and categories where we're underperforming, specifically footwear and those areas are going to get much greater emphasis from a product standpoint and a marketing standpoint.

然後，對我來說，這將是使我們在美國整體業務規模更大的關鍵。其次，我們已經討論了很長時間我們表現不佳的機會和類別，特別是鞋類，從產品的角度和行銷的角度來看，這些領域將得到更大的重視。

Understood. That's helpful. Maybe just a follow-up question on the margin structure of the business and the SG&A rate is going to sit somewhere in the low-40s, gross margins now above 50%. You look back at the business versus its own history, the SG&A rate is really the reason for the margin to leverage over the last five years. Like how do we think about SG&A rate going into fiscal 2025 and fiscal 2026? There's obviously been some cost savings programs announced but how do you I guess stop the deleverage of sale sales and SG&A?

明白了。這很有幫助。也許只是關於業務利潤率結構的後續問題，SG&A 率將位於 40 左右，毛利率現在高於 50%。你回顧一下該業務及其自身的歷史，SG&A 率實際上是過去五年槓桿保證金的原因。例如我們如何看待 2025 財年和 2026 財年的 SG&A 利率？顯然已經宣布了一些成本節約計劃，但我猜你如何阻止銷售和銷售及一般行政管理費用的去槓桿化？

Well, the first order of business is going to be growing the top line which is a. Focus of the company. But there are other levers we have available to us and maybe I'll ask Jim to just talk about a few of them. Because many of them are under way.

嗯，首要任務是增加收入，這是。公司的重點。但我們還有其他可用的手段，也許我會請吉姆談談其中的一些。因為其中許多正在進行中。

Yeah. We do have this profit improvement program that we've initiated and -- some of the efforts that we have on going into 2025 and 2026 is how do we reduce our total cost of our supply chain that had gone up by several points over this five year time frame that we're talking about.

是的。我們確實已經啟動了這個利潤改善計劃，並且 - 我們在 2025 年和 2026 年所做的一些努力是如何降低供應鏈的總成本，該成本在這五年中上升了幾個百分點我們正在談論的年時間框架。

And certainly, we believe there's efficiency and how we streamline our operations our processes, our product flow and there ought to be savings attributable to that. And so we're you know, I think as a management team, we're focused on the discipline that we need to have to get that SG&A back down to more appropriate level.

當然，我們相信效率以及我們如何簡化營運、流程、產品流程，並且應該因此而節省成本。所以你知道，我認為作為一個管理團隊，我們專注於我們需要的紀律，讓 SG&A 回到更合適的水平。

While the same time there needs to be some balance in it because this Tim's touched on. We want to make sure that we're also fueling growth and making the right investments along the way from a demand creation perspective and putting the energy behind our brands.

同時也需要保持一定的平衡，因為蒂姆已經談到了這一點。我們希望確保從創造需求的角度推動成長並做出正確的投資，並為我們的品牌注入活力。

Yeah. So I think at the end. Of the day this is about growing the business. We think we can. We can control costs as well as anybody. But we have to have growth and we will. We intend to have growth.

是的。所以我想最後。今天，這是關於發展業務。我們認為我們可以。我們可以像任何人一樣控製成本。但我們必須實現成長，而且我們會的。我們打算實現成長。

Understood. Maybe just one final question on the wholesale channel commentary. How would you describe the US Wholesale channel? So you know international trends are above domestic. Just curious you know as you look into fiscal 2025 the order books and maybe even some of the near term sell through dynamics that are going on. How would you characterize the North American wholesale channel?

明白了。也許只是關於批發頻道評論的最後一個問題。您如何描述美國批發管道？所以你知道國際趨勢高於國內趨勢。只是好奇，當您查看 2025 財年時，訂單簿甚至可能是一些近期的銷售訂單都透過正在發生的動態進行銷售。您如何評價北美批發通路？

Well, clearly in North America there's been significant consolidation at the retail market for many, many years. And you know, I mean, that puts more leverage in the in the hands of the retailer. So we have to be better we have to be a good supplier and we have to have greater sell through which is going to be driven. By great product and supercharged by great marketing.

嗯，很明顯，在北美，零售市場多年來一直在進行重大整合。你知道，我的意思是，這讓零售商掌握了更多的槓桿作用。因此，我們必須做得更好，我們必須成為一個好的供應商，我們必須透過這來推動更大的銷售。憑藉出色的產品和出色的行銷。

Got it. Best of luck into the fourth quarter guys. Thank you.

知道了。祝大家第四節好運。謝謝。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Thanks. It's Tracy Kogan filling in for Paul. I had a question about your gross margin. It came in better than plan in third quarter. And I think you mentioned that there were lower promotions in the US market. So I was just wondering if you could characterize the current promotional environment. And then and secondly I was wondering what was built into your guidance for 4Q in terms of promotions. Thank you.

謝謝。崔西·科根 (Tracy Kogan) 接替保羅。我對你們的毛利率有疑問。第三季的業績優於計畫。我想你提到美國市場的促銷活動較少。所以我想知道您是否能描述一下當前的促銷環境。其次，我想知道您對第四季的促銷指導有何內容。謝謝。

Yeah. We would expect promotions to be stronger frankly as we approach the holiday season. And then the gross margin improvement was due to a number of certain areas including you know free charges et cetera and then the first cost on the. Of the goods coming into the country. So our expectations are for further promotions but we built. Those expectations into our guidance today.

是的。坦白說，隨著假期的臨近，我們預計促銷活動將會更加強勁。然後毛利率的提高是由於許多特定領域，包括你知道的免費費用等等，然後是第一筆成本。進入該國的貨物。因此，我們的期望是進一步促銷，但我們已經實現了。這些期望成為我們今天的指導。

Yeah, maybe just a couple of added comments, I would make you'll recall. In July, we lowered our full year gross margin forecast in light of some of the promotions that we were seeing during the second quarter. Just an anticipation of a more promotional environment that didn't play out quite to the degree that we had anticipated in the third quarter.

是的，也許只是添加一些評論，我會讓你記住。 7 月份，鑑於第二季的一些促銷活動，我們下調了全年毛利率預測。只是對更多促銷環境的預期，但並未達到我們在第三季預期的程度。

So, things were a bit better, with that said, and as Tim touched on you know still it's still a very promotional environment. And so as we've provided an update to our outlook we've not increased the bottom end of our range you know with the expectation that there are going to be promotions out in the marketplace and we're going to need to react in order to spur the demand.

所以，話雖如此，情況有所好轉，正如蒂姆所說，你知道這仍然是一個非常促銷的環境。因此，當我們更新我們的展望時，我們並沒有提高我們範圍的下限，你知道，因為市場上將會有促銷活動，我們需要做出反應，以便以刺激需求。

And so that's essentially what's baked into our fourth quarter guidance as you think about the year-on-year change. And of course you know we're going up against much easier comps just given how warm it was through the entirety of the fourth quarter last year.

因此，當您考慮同比變化時，這基本上就是我們第四季度指導的內容。當然，你知道，考慮到去年整個第四季的溫暖程度，我們將面對更容易的比賽。

The world where we see the benefit and the gross margin expansion in Q4 is going to come through cleaner inventory with less wholesale close out sales in the fourth quarter of this year. And we think about our own direct to consumer business and margins. They're really on par with where they were a year ago from a promotion and from an overall margin standpoint.

我們在第四季度看到的效益和毛利率擴張將透過今年第四季的庫存清理和批發成交銷售的減少來實現。我們會考慮我們自己的直接面向消費者的業務和利潤。從促銷和整體利潤率的角度來看，他們確實與一年前持平。

That's very helpful.

這非常有幫助。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Hi. Thanks for taking my questions here. I wanted to ask about your exposure to potential China tariffs. Can you just remind us you know what percent of us goods are sourced in China? Do you have any initiatives in place to mitigate any potential impact? And you know would you consider price as a lever as well? Thanks.

你好。感謝您在這裡提出我的問題。我想問你們面臨的潛在中國關稅風險。您能否提醒我們您知道我們的商品中有百分之多少是在中國採購的？您是否採取了任何措施來減輕任何潛在影響？您知道您也會將價格視為槓桿嗎？謝謝。

Thanks. Yeah we strategically began our move out of China several years ago, even prior to the Trump administration four years ago. And we have a very small percentage of merchandise that's brought into the US from China. So exposure there is not great. You know we're obviously very concerned about the imposition of tariffs.

謝謝。是的，我們幾年前就戰略性地開始撤出中國，甚至早於四年前川普政府。我們從中國進口到美國的商品比例很小。所以那裡的曝光度並不高。你知道我們顯然非常擔心徵收關稅。

The products that we make, the commodities that we engage in footwear and apparel are among the most highly tariffs in the United States. Some of the product carrying as much as nearly 40% duties and that has not translated into increased investment in domestic production.

我們生產的產品、我們從事鞋類和服裝的商品是美國關稅最高的商品之一。其中一些產品的關稅高達近40%，但這並沒有轉化為國內生產投資的增加。

So we believe that the argument about -- tariffs improving the domestic production of items such as footwear and apparels are fallacious. Additionally, the expectations around our international business and the impacts of a trade war we're getting are concerning.

因此，我們認為關於關稅提高鞋類和服裝等產品國內生產的論點是錯誤的。此外，人們對我們國際業務的期望以及貿易戰的影響令人擔憂。

But you know we consider ourselves to be very adept at managing tariffs and duty rates globally showing that we're very successful at that international business. But the trade wars are not good and not easy to win.

但您知道，我們認為自己非常擅長管理全球關稅和稅率，這表明我們在國際業務方面非常成功。但貿易戰不好，也不容易打贏。

And Alex just to elaborate on our sourcing exposure that China our footwear category is about 20% and apparel is a low single digit percent. So it's in the grand scheme of things. It's quite small as Tim described.

亞歷克斯只是詳細說明我們的採購風險，我們的鞋類類別在中國約佔 20%，而服裝類別的比例較低。所以這是在宏偉的計劃中。正如蒂姆所描述的那樣，它很小。

Really helpful. And then I just wanted to follow up to the prior question actually on the gross margin. So I think at the high end implies you know roughly 150 basis points of expansion in the fourth quarter. Can you just it sounds like lower close out sales you know is part of that.

真的很有幫助。然後我只想跟進之前關於毛利率的問題。因此，我認為高端意味著您知道第四季度的擴張大約是 150 個基點。你能說這聽起來像是成交量下降，你知道這是其中的一部分嗎？

Can you maybe just talk about other pieces in there that would be driving the expansion and then you know do you expect those tailwinds that you're seeing in the fourth quarter and the third quarter here to continue you know as we move in through the first half of next year? Thanks.

您能否談談其中將推動擴張的其他部分，然後您知道您是否期望在第四季度和第三季度看到的那些順風車會在我們進入第一季時繼續您知道的明年一半？謝謝。

Yeah. I just reiterate by far and away the single most meaningful impact to why we would anticipate fourth quarter gross margin expansion is going to be a function of having much cleaner inventory than we did a year ago. And where we where we see the biggest benefit of that is in our wholesale business where we anticipate a much lower percentage of our total business is being done through close out sales.

是的。我只是重申一個最有意義的影響，為什麼我們預計第四季度毛利率擴張將是庫存比一年前清潔得多的結果。我們看到最大的好處是在我們的批發業務中，我們預計透過清倉銷售完成的業務佔總業務的比例要低得多。

And then as I touched on as it relates to our outlet business we do have a much better assortment of inventory in the outlets in terms of the composition between what's special makeup and what is true excess inventory going through there.

然後，正如我談到的，因為它與我們的直銷店業務有關，就特殊化妝品和真正的過剩庫存之間的構成而言，我們的直銷店確實有更好的庫存分類。

But we do to the point made earlier, we do anticipate that promotions are going to remain and markdowns remains a bit higher. And so we've taken a, I think the best approach or most reasonable approach we get to the margin outlook that we're providing here today.

但正如我們之前所說的那樣，我們確實預計促銷活動將繼續存在，降價幅度仍會更高。因此，我認為我們對今天在這裡提供的利潤前景採取了最好的方法或最合理的方法。

Perfect, very helpful. Best of luck going forward.

完美，非常有幫助。祝你好運。

Mitch Kummetz, Seaport Research Partners

Mitch Kummetz，海港研究合作夥伴

Yeah. Thanks for taking my questions. Tim, we we've talked about the weather on this call and how it's been a warm start to the season. I'm just curious, the assumptions that are embedded in your outlook. Are you are you essentially assuming normal weather for November, December, or are you expecting it to continue to be warm? What's sort of the underlying assumption that gets you to your guide?

是的。感謝您回答我的問題。提姆，我們在這次電話會議上討論了天氣以及本賽季的溫暖開局。我只是好奇你的觀點所包含的假設。您基本上假設 11 月、12 月天氣正常，還是預計天氣會繼續溫暖？引導您找到指南的基本假設是什麼？

Well, certainly through the month of October as we've seen it's been quite warm and that that's had a dampening effect on sell-through across both our wholesale and our D2C business. And that that's certainly been picked up in the updated outlook that we're providing here today as we get into the latter part of the year going up against the warm weather we had last year, we are anticipating some improvement such that things moderate a bit Mitch, but we're certainly not expecting a polar freeze that amplifies demand in any meaningful way.

嗯，當然，正如我們所見，十月份天氣相當溫暖，這對我們的批發和 D2C 業務的銷售量產生了抑製作用。這當然在我們今天在這裡提供的最新展望中得到了體現，因為我們進入了今年下半年，與去年溫暖的天氣相比，我們預計會出現一些改善，使情況有所緩和米奇，但我們當然不希望極地冰凍會以任何有意義的方式放大需求。

So we've taken as close to a middle of the road approach as we can. Now we all know that there is a weather and a seasonal component to our business that we're dependent upon.

因此，我們採取了盡可能接近道路中間的方法。現在我們都知道，我們的業務依賴天氣和季節性因素。

And Tim you've been doing this for a long time. When do you really need the weather to turn to get the impression that it's better for the cold weather to come before maybe Black Friday and things get too promotional, the best bet for full price sell-through is before the market turns promotional going into the holiday. So is there like a line in the sand where you think that that's where you need the weather to come before retailers hit the panic button and start putting everything on sale that's somewhat seasonal in nature?

提姆，你已經這樣做很久了。你什麼時候真正需要天氣轉變，以獲得這樣的印象：最好是在黑色星期五之前出現寒冷的天氣，而且事情變得過於促銷，全價銷售的最佳選擇是在市場轉向促銷進入之前假期。那麼，是否存在一條沙線，您認為在零售商按下恐慌按鈕並開始銷售所有季節性商品之前，您需要天氣到來？

Yeah, I mean these are difficult to read frankly. But it's in my opinion, it's never too early to start snowing, Labor Day would be okay. But what the expectations are that the severity of the weather and where the weather occurs as an example, we've had really pretty good weather in Europe. Our business in Europe is quite good based on the fact that we had more normalized weather there as well as in China.

是的，我的意思是坦白說這些很難閱讀。但在我看來，下雪永遠不會太早，勞動節就可以了。但我們對天氣的嚴重程度以及天氣發生的地點的期望是什麼，例如，我們在歐洲的天氣確實非常好。我們在歐洲的業務非常好，因為那裡和中國的天氣都比較正常化。

But yeah so the weather is going to have to get here eventually. And our expectations are that we built the proper focus on the quantity of inventory that we need to move and. And at the promotional cadences that we think are better than our goals. And so yeah it's hard to give you a date.

但是，是的，天氣最終還是會到來。我們的期望是，我們適當地關注需要移動的庫存數量。我們認為促銷節奏比我們的目標更好。所以是的，很難給你一個約會。

That's part of the reason why we've widened the guidance range to -- or kept that wide not narrowed that in as we've got into the latter part of the year just given the degree of uncertainty around that aspect of our business.

這就是為什麼我們將指導範圍擴大到——或者保持這個範圍而不是縮小範圍，因為我們進入了今年下半年，只是考慮到我們業務這方面的不確定性程度。

And then maybe the last one on SOREL, Tim, you you've kind of talked about that having $1 billion sales potential, and it's trending more towards probably $250 million this year. Are you seeing, I know that and it sounds like the spring order book is down. So at least through the first half of next year it looks like that that business is continue to kind of get go lower.

然後，也許是 SOREL 的最後一篇文章，提姆，您談到了該產品具有 10 億美元的銷售潛力，而今年的銷售潛力可能更接近 2.5 億美元。你看到了嗎，我知道這一點，聽起來春季訂單已經減少了。因此，至少到明年上半年，這項業務看起來會繼續走低。

Are you seeing any you know green shoots yet? I know there's been a management change there and you kind of altered the strategy, but any green shoots that gives you confidence that there's still a billion-dollar potential with that brand.

您看到任何您認識的綠芽了嗎？我知道那裡發生了管理層變動，您也改變了策略，但是任何新芽都會讓您相信品牌仍然具有十億美元的潛力。

Yeah I mean I think it's a very. Unusual product and brand with a very unusual background and personality. We just. have to harvest that. So I mean I'm looking for green shoots. It's really the men's product was virtually abandoned the prior periods.

是的，我的意思是我認為這是一個非常。不尋常的產品和品牌，具有非常不尋常的背景和個性。我們只是。必須收穫那個。所以我的意思是我正在尋找新芽。確實，男士產品在前期幾乎被拋棄了。

And so I think there's real opportunity there just to take advantage of the popularity of brand itself with men and then we just have to get our products correct here for the female shopper. And it's going to be important that we have the right approach to marketing that product as well.

因此，我認為確實有機會利用品牌本身在男性中的受歡迎程度，然後我們只需為女性購物者提供正確的產品。我們擁有正確的方法來行銷該產品也很重要。

Okay, thanks. Good luck.

好的，謝謝。祝你好運。

(Operator Instructions)

（操作員說明）

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah. Hi good afternoon. I just want to follow up on the commentary around the wholesale outlook into the first half of 2025. I know the first half of 2024 was quite weak. So it looks like you'll still be down on a two year basis. So I guess I'm trying to understand your assessment of the marketplace and how the maybe the multi year performance compares to you know other reads across the industry.

是的。嗨下午好。我只想跟進 2025 年上半年批發前景的評論。所以看起來你在兩年的基礎上仍然會下降。因此，我想我正在嘗試了解您對市場的評估，以及與您了解的整個行業的其他讀物相比，多年的表現如何。

Yeah again as I said that there's been a significant amount of consolidation in the retail trade in North America generally fewer large customers because they are solidated. So the expectation is that we continue to improve our marketing efforts, improve our spend. Improve our performance and appearance in the store which are all parts of accelerate.

是的，正如我所說，北美零售業進行了大量的整合，通常大客戶較少，因為它們是整合的。因此，我們期望我們繼續改進我們的行銷工作，並提高我們的支出。改善我們在商店中的表現和外觀，這些都是加速的一部分。

That we're going to have a much stronger business and a better a better performance. We've got you know unique positioning in our PFG. Fishing product which is one of the few brands that has a really honest and goodness spring business and you know those are. going to be areas where we need to emphasize our points of differentiation against our competitors and that will give us a better business in the wholesale trade in North America.

我們將擁有更強大的業務和更好的業績。我們已經讓您了解了 PFG 的獨特定位。釣魚產品是少數幾個擁有真正誠實和善良的春季業務的品牌之一，你知道這些。這將是我們需要強調我們與競爭對手的差異化點的領域，這將使我們在北美的批發貿易中獲得更好的業務。

Okay, great. And then just one follow up related to the accelerate strategy. I'm just curious, you've obviously been in the mode of reducing costs and driving margin expansion through cost cuts. And how are you thinking about that balance? Is there any risk that you went too far in some of the cost actions? And I guess why does it make sense to target margin expansion while you're also now putting more effort behind accelerating the growth? Just want to hear the thoughts there. Thank you.

好的，太好了。然後是與加速策略相關的一項後續行動。我只是很好奇，您顯然一直處於降低成本並透過削減成本來推動利潤成長的模式。您如何看待這種平衡？您在某些成本行動中是否有走得太遠的風險？我想為什麼以利潤率擴張為目標有意義，而您現在也在加速成長方面付出更多努力？只是想聽聽那裡的想法。謝謝。

Yeah I guess as it relates to accelerate, it's a function of reducing spend across all categories as opposed to picking certain initiatives that the company had undertaken. And we we're going to postpone those or make it an adjustment in the company's spend level in certain areas in order to emphasize the marketing and promotional activities that we believe are going to be important to regain the strength of our brands.

是的，我想，由於它與加速有關，它是減少所有類別支出的功能，而不是選擇公司已採取的某些措施。我們將推遲這些活動或調整公司在某些領域的支出水平，以強調行銷和促銷活動，我們認為這些活動對於恢復我們品牌的實力非常重要。

Okay, much appreciated. Thank you.

好的，非常感謝。謝謝。

Mauricio Serna, UBS

模里西奧·塞爾納，瑞銀

Great. Thanks for taking my questions. I wanted to just ask about the Q3 sales figure. Just want to make sure with the puts and takes that you mentioned on the wholesale shipments, was there like a net impact on wholesale shipments? I think there was like a pull forward from EMEA, but then some delays in the other like Europe direct. I just wanted to make sure there wasn't any impact from that front.

偉大的。感謝您回答我的問題。我想問一下第三季的銷售數字。只是想確定您提到的批發貨量的看漲期權對批發出貨量是否有淨影響？我認為歐洲、中東和非洲地區有所提前，但其他地區（例如歐洲直航）出現了一些延誤。我只是想確保這方面不會產生任何影響。

And then maybe could you elaborate a little bit more on how you're thinking about the overall outdoor industry demand in the US going into 2025, just given that we're lapping a couple of years of tough dynamics? Thank you.

然後，考慮到我們正在經歷幾年的艱難動態，您能否詳細說明您如何看待進入 2025 年美國戶外產業的整體需求？謝謝。

I can hit the first part of that, Mauricio, with regard to the timing shifts that we saw in the quarter. So this is the fall 2024 season, and we had intentionally when you look at the overall season or if you look at the quarter rather, the wholesale business was down 9%.

毛里西奧，我可以談談第一部分，關於我們在本季看到的時間變化。這是 2024 年秋季的季節，當你看整個季節或如果你看季度時，我們故意發現批發業務下降了 9%。

Our projection for the full season is to be down for so you can see that some of that shifting into the fourth quarter, some of which was planned, some of which was not in the unplanned components a result of some of the supply chain disruptions that we had during the quarter.

我們對整個季節的預測是下降的，所以你可以看到其中一些轉移到第四季度，其中一些是計劃中的，其中一些由於供應鏈中斷而沒有在計劃外部分中。 。

Relative to the plan we had, the guidance we provided in July, that timing shift is in the order of magnitude of about $15 million to $20 million, and that would have impacted our North America business and to a degree, our European business. Those are the two that were most impacted.

相對於我們的計劃，我們在 7 月份提供的指導，時間變化的數量級約為 1500 萬至 2000 萬美元，這將影響我們的北美業務，並在一定程度上影響我們的歐洲業務。這是受影響最大的兩個。

Yeah. As it relates to the outdoor business in total, we believe that the market is very strong for outdoor apparel products. We see no movement towards more formal apparel, either in the office or casually. It's really a function of people being comfortable in the outdoors and comfortable outdoor apparel. So our expectations are that the business is going to continue to grow. We need to be getting a bigger piece of the existing pie.

是的。由於它與戶外業務有關，我們認為戶外服裝產品的市場非常強勁。我們沒有看到更正式服裝的趨勢，無論是在辦公室還是休閒場合。這實際上是人們在戶外感到舒適和舒適的戶外服裝的功能。因此，我們的期望是業務將繼續成長。我們需要從現有的蛋糕中分得更大的一塊。

And just to be clear, that $15 million, $20 million, that's like shifted out of Q3 into Q4 or the other way around? Just wanted to make sure I understood that. And just also following up on the Q4, just given how the weather has been trending, just curious to hear if you've had any sort of cancellations? Or is this like still too early and retailers would probably wait in case the shift.

需要明確的是，1500 萬美元、2000 萬美元，就像從第三季度轉移到第四季度，還是反之亦然？只是想確保我理解這一點。也是在跟進第四季度，考慮到天氣趨勢，只是想知道是否有任何取消？或者這是否還為時過早，零售商可能會等待，以防這種轉變。

Yes. The first component of that shift of $15 million to $20 million. So if you look at the outlook that we provided in July, on the high end of our revenue outlook, we missed by about $27 million. That is $15 million to $20 million of that shifting from Q3 into Q4, where we've got later shipments as a result of some of the disruptions we've seen supply chain-wise. So Bangladesh, the East Coast, port strike and so forth.

是的。該轉變的第一部分為 1500 萬美元至 2000 萬美元。因此，如果你看一下我們 7 月提供的前景，在我們收入前景的高端，我們錯失了約 2700 萬美元。其中 1500 萬至 2000 萬美元從第三季度轉移到第四季度，由於我們看到供應鏈方面的一些中斷，我們的發貨較晚。孟加拉、東海岸、港口罷工等等。

And then as it relates to the fourth quarter, we haven't necessarily seen meaningful cancellations as of yet. Certainly, we're a little bit later in our deliveries relative to where we ordinarily would like to be given some of the supply chain impacts that we've seen, but nothing that's been outsized relative to historic levels at this point.

然後，由於與第四季度相關，我們到目前為止不一定看到有意義的取消。當然，相對於我們通常希望受到的供應鏈影響，我們的交付時間要晚一些，但目前相對於歷史水平來說，還沒有什麼太大的影響。

Understood. Thank you so much.

明白了。太感謝了。

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

謝謝。而且此時也沒有其他問題了。我現在想將電話轉回給蒂姆·博伊爾，讓其致閉幕詞。

Thank you, Anthony. I want to thank everyone for listening in. We are very excited about the ACCELERATE growth strategy and what it means for our company. We know we're capable of growing rapidly. Now we're just waiting for cold weather and be thrilled once that happens. So thanks for listening in. We look forward to talking to you next quarter.

謝謝你，安東尼。我要感謝大家的聆聽。我們知道我們有能力快速成長。現在我們只是等待寒冷的天氣，一旦發生就會感到興奮。感謝您的收聽。

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。