Columbia Sportswear Co (COLM) 2024 Q4 法說會逐字稿

Greetings.

問候。

Welcome to the Columbia Sportswear fourth-quarter 2024 financial results conference call.

歡迎參加 Columbia Sportswear 2024 年第四季財務業績電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Andrew Burns.

現在我將會議交給主持人安德魯伯恩斯 (Andrew Burns)。

You may begin.

你可以開始了。

Good afternoon, and thanks for joining us to discuss Columbia Sportswear Company's fourth-quarter results.

下午好，感謝您加入我們討論哥倫比亞運動服公司第四季的業績。

In addition to the earnings release, we furnished an 8K containing a detailed CFO Commentary and Financial Review presentation explaining our results.

除了收益報告之外，我們還提供了一份 8K，其中包含詳細的財務長評論和財務審查報告，解釋了我們的業績。

This document is also available on Investor Relations website, investor.columbia.com.

文件也可在投資者關係網站 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, Chief Administrative Officer, and General Counsel, Peter Bragdon.

今天與我一起參加電話會議的還有董事長、總裁兼執行長 Tim Boyle；執行副總裁兼財務長 Jim Swanson；以及執行副總裁、首席行政官兼總法律顧問 Peter Bragdon。

This conference call will contain forward-looking statements regarding Columbia's expectations, anticipations, or beliefs about the future.

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陳述。

These statements are expressed in good faith and are believed to have a reasonable basis.

這些聲明是善意表達的，並且被認為具有合理依據。

However, each forward-looking statement is subject to many risks and uncertainties, and actual results may differ materially from what is projected.

然而，每個前瞻性陳述都受許多風險和不確定性的影響，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.

哥倫比亞提交給美國證券交易委員會的文件中描述了許多此類風險和不確定性。

We caution that forward-looking statements are inherently less reliable than historical information.

我們警告，前瞻性陳述本質上不如歷史資訊可靠。

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.

在本次電話會議召開之後，我們不承擔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預期的變更的責任。

I'd also like to point out that during the call we may reference certain non-GAAP financial measures including constant currency net sales.

我還想指出，在電話會議中我們可能會參考某些非 GAAP 財務指標，包括固定匯率淨銷售額。

For further information about non-gap financial measures and results, including a reconciliation of GAAP to non-GAAP measures and an explanation of management's rationale for referencing these non-GAAP measures, please refer to the supplemental financial information section and financial tables included in our earnings release and the appendix of our CFO Commentary and Financial Review.

有關非差距財務指標和結果的更多信息，包括 GAAP 與非 GAAP 指標的對帳以及管理層引用這些非 GAAP 指標的理由解釋，請參閱我們的收益報告中的補充財務信息部分和財務表以及我們的首席財務官評論和財務評論附錄。

Following our prepared remarks, we'll host a Q&A period during which we'll limit each caller to two questions so we can get to everyone by the end of the hour.

在我們準備好發言之後，我們將安排一個問答環節，在此期間，我們將限制每個來電者只能提出兩個問題，以便我們可以在一個小時之內回答所有人的問題。

Now, I'll turn the call over to Tim.

現在，我將電話轉給提姆。

Thanks, Andrew, and good afternoon.

謝謝，安德魯，下午好。

As we begin 2025, I'm encouraged by the continued momentum we see in our international business and the fact that we are returning to growth in North America.

當我們進入 2025 年時，我們的國際業務持續保持強勁勢頭，北美地區也恢復成長，這讓我備受鼓舞。

I'd like to thank our global workforce, whose hard work and dedication allowed us to overcome challenges throughout the year.

我要感謝我們全球的員工，他們的辛勤工作和奉獻精神使我們克服了全年的挑戰。

I'm proud of the many accomplishments our teams were able to achieve, including exiting the year, our inventories were down 7%, and we are rapidly closing our temporary clearance locations.

我為我們的團隊所取得的許多成就感到自豪，包括今年年底，我們的庫存下降了 7%，而且我們正在迅速關閉臨時清倉店。

Inventories are healthy, supporting our outlook for gross margin expansion.

庫存健康，支持我們對毛利率擴大的展望。

Our profit improvement program delivered $90 million in cost savings, and we're actively pursuing additional ways to lower our cost structure.

我們的利潤改善計劃節省了 9000 萬美元的成本，我們正在積極尋求其他方法來降低我們的成本結構。

We also return meaningful cash to shareholders with $318 million in share repurchases and around $70 million in dividends paid.

我們也透過 3.18 億美元的股票回購和約 7,000 萬美元的股息支付，向股東返還了大量現金。

We also maintained our fortress balance sheet, exiting the year with $815 million in cash and equivalents, and no debt.

我們也維持了穩健的資產負債表，年底時我們的現金及等價物為 8.15 億美元，且無債務。

While we made progress in many areas, our 2024 financial performance was short of my personal growth and profitability goals.

雖然我們在許多領域取得了進展，但我們的 2024 年財務表現仍未達到我的個人成長和獲利目標。

Overall, 2024 net sales decreased 3%, $3.4 billion, reflecting challenging marketplace conditions in North America.

整體而言，2024 年淨銷售額下降 3%，即 34 億美元，反映出北美市場環境嚴峻。

The net sales decline, and ongoing cost pressures resulted in operating margin contraction and a decline in earnings.

淨銷售額下降和持續的成本壓力導致營業利潤率收縮和收益下降。

On the last call, we introduced the Columbia brand's ACCELERATE Growth Strategy.

在上次電話會議中，我們介紹了哥倫比亞品牌的加速成長策略。

This strategy is intended to elevate the brand and attract younger and more active consumers while continuing to serve existing customers with accessible outdoor essentials.

這項策略旨在提升品牌形象，吸引更年輕、更活躍的消費者，同時持續為現有客戶提供方便的戶外必需品。

During 2024, we laid the foundation for the ACCELERATE Growth Strategy, including a refreshed marketing direction, enhanced consumer segmentation, and a new product construct.

2024年，我們為加速成長策略奠定了基礎，包括更新的行銷方向、加強的消費者細分和新的產品建構。

I'd like to provide some updates on the progress we're making.

我想提供一些我們目前取得的進展的最新消息。

Our product teams are focused on creating products and driving growth with our targeted consumers who value innovation and style.

我們的產品團隊專注於創造產品並推動重視創新和風格的目標消費者共同成長。

For fall '25, we're expanding our innovation-led offerings like our premium Titanium product line.

2025年秋季，我們將擴大創新主導的產品線，例如優質鈦產品線。

We're also bringing new collections to market with elevated style like the Amaze PUF insulated jacket and ROC Pant.

我們也將向市場推出風格更高端的新品，例如 Amaze PUF 保暖外套和 ROC 長褲。

We are expanding our Omni-MAX footwork collection, which delivers consumers lightweight, ultra-comfortable performance.

我們正在擴大我們的 Omni-MAX 鞋類系列，為消費者提供輕盈、超舒適的性能。

The Columbia brand is fun, irreverent, and authentic, and our refreshed marketing strategy will bring this to life.

哥倫比亞品牌充滿樂趣、不羈而又真實，我們全新的行銷策略將使這品牌煥發生機。

You will begin to see the new brand voice in our fall marketing campaigns.

您將在我們的秋季行銷活動中開始看到新的品牌聲音。

To amplify our refreshed marketing, we are increasing our targeted demand creation spend to 6.5% of sales compared to 5.9% of sales in 2024.

為了擴大我們更新的行銷，我們將目標需求創造支出從 2024 年的銷售額的 5.9% 提高到銷售額的 6.5%。

To activate the brand and product strategies, we will be elevating the brand storytelling and consumer experience across the marketplace.

為了激活品牌和產品策略，我們將提升整個市場的品牌故事和消費者體驗。

We're investing alongside our strategic retail partners to enhance in-store presentations.

我們正在與策略性零售合作夥伴一起進行投資，以增強店內展示。

In our direct-to-consumer business, we've already begun to evolve columbia.com to be the best expression of the brand.

在我們的直接面向消費者的業務中，我們已經開始將 columbia.com 發展為品牌的最佳表達方式。

In brick and mortar, we're opening a small number of branded stores in high traffic centers in North America.

在實體店方面，我們正在北美人流量大的中心地區開設少量品牌商店。

These new branded stores feature elevated product assortments that showcase Columbia's apparel and footwear innovations.

這些新品牌商店擁有高端的產品種類，展現了哥倫比亞的服裝和鞋類創新。

These North American stores will join the hundreds of Columbia branded stores that raise the image of the brand in important international markets.

這些北美商店將加入數百家哥倫比亞品牌商店的行列，提升品牌在重要國際市場的形象。

Taken together, we're thoughtfully evolving how the Columbia brand is perceived by consumers and how we show up in the marketplace.

總的來說，我們正在深思熟慮地改進哥倫比亞品牌在消費者心目中的地位以及我們在市場上的展示方式。

We're being thoughtful about how, when, and where we utilize promotions across all channels and consumer segments.

我們正在認真考慮如何、何時以及在何處在所有管道和消費者群體中利用促銷。

Overall, it's great to see the energy and alignment around the ACCELERATE Growth Strategy across the organization.

總體而言，很高興看到整個組織圍繞著加速成長策略的活力和協調。

I'm excited to bring it to life in the seasons ahead.

我很高興能在未來的季節裡將它變為現實。

Our initial 2025 net sales outlook contemplates modest growth.

我們最初的預期是 2025 年淨銷售額將溫和成長。

In addition to Columbia brand growth, our outlook contemplates a return to growth for prAna and continued momentum at Mountain Hard Wear.

除了 Columbia 品牌的成長之外，我們還預期 prAna 將恢復成長，Mountain Hard Wear 將保持持續成長勢頭。

While we expect the SOREL business to remain down in the spring, efforts to reinvigorate the brand will be more evident in the fall.

雖然我們預計 SOREL 業務在春季仍將保持低迷，但重振品牌的努力將在秋季更加明顯。

Our initial 2025 operating margin outlook contemplates similar performance compared to 2024, with healthy inventories entering the year.

我們初步預期 2025 年營業利潤率將與 2024 年表現類似，且今年的庫存狀況良好。

We anticipate less clearance activity that will contribute to gross margin expansion.

我們預計清倉活動的減少將有助於毛利率的擴大。

This is expected to be offset by SG&A deleverage resulting from demand creation investments and ongoing cost pressures.

預計這一增長將被需求創造投資和持續成本壓力導致的銷售、一般及行政費用去槓桿所抵消。

When we announced the profit improvement program last year, we targeted $125 million to $150 million in annual cost savings by 2026.

當我們去年宣布利潤改善計畫時，我們的目標是到 2026 年每年節省 1.25 億至 1.5 億美元的成本。

This program has meaningfully slowed SG&A spending growth, but it has not been enough to align our cost structure with current sales levels.

該計劃確實顯著減緩了銷售、一般及行政開支的成長，但不足以使我們的成本結構與目前的銷售水準保持一致。

With this in mind, we're expanding the review of our cost structure as we pursue additional savings and enhanced profitability.

考慮到這一點，我們正在擴大對成本結構的審查，以追求額外的節省和提高獲利能力。

It is too early to quantify the financial impact of this review, and our outlook does not include additional cost savings or potential charges that may occur.

現在量化這次審查的財務影響還為時過早，我們的展望不包括可能發生的額外成本節約或潛在費用。

We will update you on our efforts as our plans are formalized.

當我們的計劃正式確定後，我們將向大家通報我們的努力。

Turning to fourth-quarter financial performance, we were able to overcome a slow start to the winter season with strong December performance resulting in fourth-quarter results within our guidance range.

談到第四季度的財務業績，我們克服了冬季開局緩慢的影響，12 月份業績強勁，使得第四季度業績處於我們的預期範圍內。

Net sales increased 3% year over year to $1.1 billion, driven by a 7% increase in wholesale net sales and 1% direct-to-consumer growth.

淨銷售額年增 3% 至 11 億美元，這得益於批發淨銷售額成長 7% 以及直接面向消費者的銷售額成長 1%。

Gross margin expanded 50 basis points to 51.1%, driven primarily by lower closeout sales and improved margins compared to elevated clearance activity in the prior year.

毛利率擴大 50 個基點至 51.1%，主要由於與去年同期清倉活動增加相比，清倉銷售額下降且利潤率提高。

SG&A expenses increased 6%, primarily reflecting higher incentive compensation and DTC expenses.

銷售、一般及行政開支增加了 6%，主要反映了更高的激勵薪酬和 DTC 開支。

This performance resulted in an operating income and diluted earnings per share within our guidance range.

這項業績使得營業收入和每股攤薄收益達到我們的預期範圍。

Looking at net sales by geography, US net sales decreased 1%.

從地區淨銷售額來看，美國淨銷售額下降了 1%。

The US wholesale business declined low single-digit percent, reflecting our lower fall '24 order book and challenging outdoor category trends.

美國批發業務下降了個位數的低百分比，反映了我們24年秋季訂單量的減少和戶外類別趨勢的挑戰。

Even though sell-through was down year over year, our retail partners are exiting the season with clean inventory levels.

儘管銷售量同比下降，但我們的零售合作夥伴在本季結束時庫存水準已經清空。

This is helping to fuel our positive order book for both spring and fall.

這有助於推動我們春季和秋季的積極訂單。

US DTC net sales declined low single-digit percent with lower e-commerce sales partially offset by modest brick and mortar.

美國 DTC 淨銷售額下降了低個位數百分比，其中電子商務銷售額的下降被實體店銷售額的溫和成長部分抵消。

US e-commerce net sales were down mid-single-digit percent, reflecting challenging market conditions, as well as lower plan promotional activity and a shift in digital marketing strategies on columbia.com.

美國電子商務淨銷售額下降了中位數個位數百分比，反映出市場條件嚴峻，計劃促銷活動減少，以及 columbia.com 上數位行銷策略的轉變。

December trends significantly improved as colder weather arrived, and we invested in marketing to spur demand.

隨著寒冷天氣的到來，12 月的趨勢明顯改善，我們投資了行銷來刺激需求。

Brick and mortar net sales were up low single-digit percent driven by the contribution from new stores and temporary clearance locations.

受新店和臨時清倉店的推動，實體店淨銷售額上漲了低個位數百分比。

With improved inventory health, we will be closing most of our clearance locations in the first half of the year.

隨著庫存狀況的改善，我們將在今年上半年關閉大部分清倉店。

A small number will remain open as we assess their potential as permanent stores.

我們將評估其中一小部分商店作為永久商店的潛力，並將繼續營業。

For my review of fourth-quarter year-over-year net sales growth in international geographies, I will reference constant currency growth rates to illustrate underlying performance in each market.

在回顧國際地區第四季淨銷售額年增率時，我將參考固定貨幣成長率來說明每個市場的基本表現。

Latin America-Asia Pacific region or LAAP net sales increased 7%.

拉丁美洲-亞太地區或 LAAP 淨銷售額成長 7%。

China net sales increased mid-teens percent with healthy growth across wholesale and DTC.

中國淨銷售額成長百分之十幾，批發和DTC業務均實現了健康成長。

For the year, China grew over 20% in constant currency.

今年，中國經濟以固定匯率計算成長了20%以上。

The outdoor industry is experiencing a powerful growth trend in China, fueled by growing consumer interest in outdoor activities and outdoor brands.

隨著消費者對戶外活動和戶外品牌的興趣日益濃厚，戶外產業在中國正經歷強勁的成長趨勢。

We are capitalizing on this trend by connecting with consumers through meaningful brand activations, localized product collections, and a robust digital strategy.

我們利用這一趨勢，透過有意義的品牌活化、在地化的產品系列和強大的數位策略與消費者建立聯繫。

E-commerce was China's fastest growing channel in 2024.

2024年，電子商務將成為中國成長最快的管道。

During the year, we expanded Columbia's TikTok platform adding new stores for women and footwear.

今年，我們擴展了 Columbia 的 TikTok 平台，增加了新的女裝和鞋類商店。

We had amazing brand activations during peak sales periods like 11/11 and participated in successful super brand day events with both Tmall and TikTok.

我們在「雙十一」等銷售高峰期進行了出色的品牌激活活動，並成功參與了天貓和抖音的超級品牌日活動。

Columbia's premium transit product line, designed specifically for Chinese consumers, continues to perform incredibly well.

哥倫比亞專為中國消費者設計的高端運輸產品系列繼續表現出色。

To build on this momentum, we will further expand our localized product assortments in China this year.

為了保持這一勢頭，我們今年將進一步擴大在中國的在地化產品種類。

Across our product offerings, marketing activations, and marketplace strategies, we are working to create a more premium Columbia brand experience for Chinese consumers.

透過我們的產品供應、行銷活動和市場策略，我們正在努力為中國消費者創造更優質的哥倫比亞品牌體驗。

We expect China to once again be our fastest-growing market in 2025.

我們預計中國將在 2025 年再次成為我們成長最快的市場。

Japan net sales increased mid-single digit percent with continued strength in international tourism.

隨著國際旅遊業持續強勁發展，日本淨銷售額實現中個位數百分比成長。

Despite high inflation and sluggish domestic spending, our team in Japan continues to deliver growth through compelling localized product offers, unique marketing activations and strong digital and in-store execution.

儘管通膨率高企且國內消費疲軟，我們日本的團隊仍透過引人注目的在地化產品、獨特的行銷活動以及強大的數位和店內執行力實現成長。

Korea net sales decreased mid-single digit percent in the quarter. 2024 was a challenging year in Korea, including macroeconomic headwinds and political unrest.

本季韓國淨銷售額下降了中個位數百分比。 2024 年對韓國來說是充滿挑戰的一年，包括宏觀經濟逆風和政治動盪。

Despite these challenges, the team made meaningful progress resetting the marketplace and laying the foundation for future growth.

儘管面臨這些挑戰，團隊仍在重塑市場和為未來發展奠定基礎方面取得了重大進展。

In 2025, our team in Korea is focused on accelerating digital sales, revitalizing the DTC store fleet, and optimizing marketing investments.

2025年，我們韓國團隊將專注於加速數位銷售、振興DTC門市團隊以及優化行銷投資。

LAAP distributor markets were up low double-digit percent, primarily reflecting spring '25 quarter growth.

LAAP 經銷商市場上漲了低兩位數百分比，主要反映了 25 年春季季度的成長。

Europe, Middle East, and Africa region, or EMEA, net sales increased 21%.

歐洲、中東和非洲地區（EMEA）的淨銷售額成長了 21%。

Europe direct net sales increased high-teens percent led by robust DTC growth.

在 DTC 強勁成長的帶動下，歐洲直接淨銷售額實現了百分之十幾的高成長。

Europe direct was the top performing market in 2024.

歐洲直銷是 2024 年表現最佳的市場。

The European team is doing an exceptional job expanding our DTC businesses and growing wholesale sales with key strategic retail partners.

歐洲團隊在拓展我們的 DTC 業務和增加與關鍵策略零售合作夥伴的批發銷售額方面做得非常出色。

Our EMEA distributor business increased over 30%, primarily reflecting spring '25 order growth.

我們的 EMEA 經銷商業務成長了 30% 以上，主要反映了 25 年春季訂單的成長。

Canada net sales were up modestly in the quarter.

本季加拿大淨銷售額小幅上漲。

The Columbia brand remains well positioned in Canada, and we forecast constant currency growth for this geography in 2025.

哥倫比亞品牌在加拿大仍然佔據著良好的地位，我們預測到 2025 年該地區的貨幣將持續成長。

Looking at fourth-quarter performance by brand, Columbia net sales increased 6%.

從各品牌第四季表現來看，哥倫比亞淨銷售額成長了 6%。

This fall, our top innovation stories were Omni-Heat Infinity, our newest -- and our newest cold weather innovation, Omni-Heat Arctic.

今年秋天，我們最重要的創新故事是 Omni-Heat Infinity、我們的最新產品——以及我們最新的寒冷天氣創新產品 Omni-Heat Arctic。

These differentiated innovations and technologies were prominently featured by numerous media outlets.

這些差異化的創新和技術被許多媒體重點報導。

Columbia products were named in over 20 best of lists from top media outlets, including Esquire, Men's Journal, Travel & Leisure, and SKI Magazine.

哥倫比亞產品被列入超過 20 個頂級媒體的最佳榜單，其中包括《時尚先生》、《男士雜誌》、《旅遊休閒》和《滑雪雜誌》。

Product awards and reviews from trusted editors validate and bring awareness to the innovation and value we deliver to consumers.

來自可信編輯的產品獎項和評論證實了我們為消費者提供的創新和價值，並提高了人們對我們的認識。

Omni-Heat Infinity remained one of the fastest growing parts of our business and our top marketing story globally.

Omni-Heat Infinity 仍然是我們業務中成長最快的部分之一，也是我們全球最重要的行銷案例。

Omni-Heat Infinity will once again be featured on Intuitive Machines' next lunar lander named Athena.

Omni-Heat Infinity 將再次出現在 Intuitive Machines 的下一個月球登陸器雅典娜 (Athena) 上。

In addition to Infinity, the lander will utilize a second Columbia technology, Omni Shade Sun Deflector.

除了無限號技術以外，登陸器還將採用哥倫比亞號的第二項技術，即全遮陽太陽偏轉器。

This patented material, which is part of our sun protection apparel line, uses titanium dioxide reflective dots to deflect sunlight and mitigate heat generation.

這種專利材料是我們防曬服裝系列的一部分，它使用二氧化鈦反射點來偏轉陽光並減輕熱量的產生。

The launch window for Athena begins later this month, so stay tuned for more details.

Athena 的發射窗口將於本月晚些時候開始，敬請關注更多詳細資訊。

On the collaboration front, we turned to the dark side with our largest Star Wars collab to date, the Vader collection.

在合作方面，我們透過迄今為止最大的《星際大戰》合作系列——維達系列走向了黑暗面。

This was the first Star Wars launch where Columbia Greater Reward member got early access to the product.

這是《星際大戰》系列的首次發布，哥倫比亞大獎勵計劃的會員可以提前體驗該產品。

The consumer response was incredible, resulting in the highest demand hour we have ever had on columbia.com. Early access is just one of the unique benefits of our new enhanced membership program.

消費者的反應令人難以置信，導致 columbia.com 的需求達到了有史以來的最高水準。提前訪問只是我們新增強的會員計劃的獨特優勢之一。

Since the relaunch of Columbia Greater Rewards this past June, our active membership continues to grow.

自今年六月哥倫比亞更大獎勵計劃重新推出以來，我們的活躍會員人數持續增長。

I'm especially encouraged by the engagement of our Titanium members who spend more than $300 annually.

我們的鈦金會員每年消費超過 300 美元，他們的參與令我特別受鼓舞。

We will continue to expand our membership benefits and deepen our connections to this key customer base in 2025.

2025年，我們將持續擴大會員福利，並加深與此關鍵客戶群的連結。

I'd like to congratulate two of Columbia's athlete ambassadors on their recent halfpipe skiing wins.

我要祝賀兩位哥倫比亞的運動員大使最近在半管滑雪比賽中獲勝。

This past Sunday, Alex Ferreira won gold in the Freeski World Cup in Aspen, continuing the success of his unprecedented perfect season last year.

上週日，亞歷克斯費雷拉 (Alex Ferreira) 在阿斯本自由式滑雪世界盃上奪得金牌，延續了他去年前所未有的完美賽季的成功。

Cassie Sharpe won the X-Games gold medal in the SuperPipe event in a triumphant return from a two-year break from competing following the birth of her daughter.

卡西夏普 (Cassie Sharpe) 在女兒出生後中斷比賽兩年後重返賽場，贏得了 X-Games 超級管道賽金牌。

Congratulations to Alex and Cassie.

恭喜 Alex 和 Cassie。

Shifting to our emerging brands, Mountain Hard Wear net sales increased 5% in the fourth quarter, led by e-commerce growth.

轉向我們的新興品牌，在電子商務成長的推動下，Mountain Hard Wear 淨銷售額在第四季度增長了 5%。

Consumers responded well to Mountain Hard Wear's fall assortment, including new snow sports offerings and an expanded Ghost Whisperer collection.

消費者對 Mountain Hard Wear 的秋季產品系列反應良好，包括新的雪上運動產品和擴充的 Ghost Whisperer 系列。

In November, Mountain Hard Wear released another highly sought after collab with iconic streetwear brand Stüssy.

11 月，Mountain Hard Wear 與標誌性街頭服飾品牌 Stüssy 發布了另一款備受追捧的聯名產品。

The collection featured expedition quality gear including jackets, beanies, bibs and shell.

該系列以探險品質裝備為特色，包括夾克、無簷便帽、圍兜和外套。

I'm confident in Mountain Hard Wear's product line and refreshed brand positioning.

我對 Mountain Hard Wear 的產品線和全新的品牌定位充滿信心。

To further elevate Mountain Hard Wear in the marketplace and attract new consumers, we're investing in the brand.

為了進一步提升 Mountain Hard Wear 在市場上的聲譽並吸引新消費者，我們正在對該品牌進行投資。

This includes demand creation investments to supercharge its e-commerce business, as well as partnering with outdoor retailers to elevate in-store presentations.

這包括需求創造投資以增強其電子商務業務，以及與戶外零售商合作以提升店內展示。

I believe these investments will lay the foundation for growth acceleration in the years ahead.

我相信這些投資將為未來幾年的加速成長奠定基礎。

We expect Mountain Hard Wear to continue to grow in 2025, including strong fall '25 wholesale orders.

我們預計 Mountain Hard Wear 將在 2025 年繼續成長，包括強勁的 25 年秋季批發訂單。

prAna net sales decreased 2% in the quarter.

prAna 淨銷售額本季下降 2%。

In 2024, the prAna leadership team made amazing progress reinvigorating the brand.

2024年，prAna領導團隊在重振品牌方面取得了驚人的進展。

This will come to life in 2025 with exciting new product collections and creative brand activations.

這一目標將在 2025 年透過令人興奮的新產品系列和富有創意的品牌活化變成現實。

prAna is also expanding its wholesale account base with new brand right specialty retail partners.

prAna 也透過新的品牌專業零售合作夥伴擴大其批發客戶群。

We're very excited to get prAna's new product and marketing direction in front of consumers in the seasons ahead. prAna is expected to return to growth in '25, including robust fall '25 wholesale order growth.

我們非常高興能夠在未來幾季將 prAna 的新產品和行銷方向呈現在消費者面前。 prAna 預計將在 25 年內恢復成長，包括 25 年秋季批發訂單的強勁成長。

SOREL net sales decreased 16%, driven by lower wholesale and DTC sales.

由於批發和 DTC 銷售額下降，SOREL 淨銷售額下降 16%。

During the quarter, SOREL created brand Heat with his first collab with streetwear brand, Supreme.

本季度，SOREL 首次與街頭服飾品牌 Supreme 合作創立了品牌 Heat。

The limited-edition Caribou boot came in two color ways, introducing SOREL's iconic style to Supreme's fashion conscious consumer base.

限量版 Caribou 靴有兩種顏色可選，將 SOREL 的標誌性風格介紹給 Supreme 注重時尚的消費者群體。

2024 was a challenging year for SOREL, but the team made meaningful progress refining future season product assortments and building strategies to re-energize brand markets. 2025 is expected to be a year of stabilization with modest growth in the second half of the year.

2024 年對 SOREL 來說是充滿挑戰的一年，但團隊在完善未來季節產品組合和製定重振品牌市場的策略方面取得了重大進展。預計2025年將是穩定的一年，下半年將出現溫和成長。

I remain confident SOREL has meaningful long-term growth potential.

我依然相信 SOREL 具有重要的長期成長潛力。

I will now discuss our 2025 financial outlook.

現在我將討論我們2025年的財務展望。

This outlook and commentary include forward-looking statements.

本展望和評論包括前瞻性陳述。

Please see our CFO Commentary and Financial Review presentations for additional details and disclosures related to the state.

有關該州的更多詳細資訊和揭露，請參閱我們的財務長評論和財務評論簡報。

This outlook and commentary does not include any potential impact on the company as a result of the recent US administration change, other than the direct cost of tariff actions announced on February 1, 2025.

除 2025 年 2 月 1 日宣布的關稅行動的直接成本外，本展望和評論不包括最近美國政府變動對公司造成的任何潛在影響。

It also does not include any potential impact from actions we may undertake as we review our cost structure and look to expand the profit improvement plan.

它也不包括我們在審查成本結構和尋求擴大利潤改善計劃時可能採取的行動所產生的任何潛在影響。

For the full year, we expect net sales growth in the range of 1% to 3%.

我們預計全年淨銷售額成長率將在 1% 至 3% 之間。

Based on current exchange rates, foreign currency is expected to be an approximate 140-basis-point headwind.

根據目前匯率，預計外幣匯率將出現約 140 個基點的逆風。

This outlook also assumes most of our temporary clearance locations are closed in the first half of the year.

這項展望也假設我們大多數的臨時清關地點將在今年上半年關閉。

Combined, the FX headwinds and temp store closures result in nearly a 3-point headwind to reported sales.

外匯不利因素和商店臨時關閉等因素綜合起來，導致報告銷售額下降近 3 個百分點。

Gross margin is expected to expand 80 basis points to approximately 51%.

預計毛利率將擴大80個基點至約51%。

The improvement in gross margin is primarily driven by a healthier underlying inventory position and favorable input costs.

毛利率的提高主要得益於更健康的基礎庫存狀況和有利的投入成本。

SG&A is expected to grow in 2025, driven by investments in demand creation, higher incentive compensation, and DTC store growth.

受需求創造、更高的激勵薪酬和 DTC 商店成長方面的投資推動，銷售、一般及行政開支預計將在 2025 年增長。

Based on these assumptions, we expect an operating margin of 7.7% to 8.3%.

基於這些假設，我們預期營業利益率為 7.7% 至 8.3%。

Leading to diluted earnings per share in the range of $3.80 to $4.15. I note that this range includes a $0.30 negative impact of the earnings per share due to changes in foreign currency exchange rates.

導致每股攤薄收益在 3.80 美元至 4.15 美元之間。我注意到，由於外匯匯率變化，該範圍包括每股收益 0.30 美元的負面影響。

In summary, I'm confident we have the right strategies in place to unlock the significant growth opportunities we see across the business.

總而言之，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巨大成長機會。

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 focus demand creation investments; enhance consumer experiences by investing in capabilities to delight and retain consumers; amplify marketplace excellence that is digitally led, omnichannel, and global; and empower talent that is driven by our core values.

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；透過增加重點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；擴大數位化、全通路和全球化的市場卓越性；並賦予以我們的核心價值為驅動力的人才權力。

That concludes my prepared remarks.

我的準備好的發言到此結束。

We welcome your questions for the remainder of the hour.

歡迎您在這一小時的剩餘時間內繼續提問。

Operator, can you help us with that?

接線員，您能幫助我們嗎？

(Operator Instructions) Bob Drbul, Guggenheim.

（操作員指示）鮑勃·德布爾（Bob Drbul），古根漢。

Thank you.

謝謝。

Good afternoon, Tim.

下午好，提姆。

I was just wondering if you could expand some more.

我只是想知道您是否可以再擴展一些。

I think you said in your comments that your order book for spring and fall was both positive.

我記得您在評論中說過，春季和秋季的訂單都是正面的。

I was just wondering if there's any difference between the two seasons.

我只是想知道這兩個季節是否有什麼區別。

I wonder if there's any geographic commentary you can add.

我想知道您是否可以添加任何地理評論。

And then just, if you could spend more time on China, what you're seeing in China.

如果你能花更多時間了解中國，了解你在中國看到的情況。

Those numbers are pretty impressive, that would be helpful.

這些數字非常令人印象深刻，將會很有幫助。

Thank you.

謝謝。

Well, as we said earlier, our order book for spring and for fall will be up, very excited about that to return to growth.

嗯，正如我們之前所說的，我們春季和秋季的訂單將會增加，我們非常高興能夠恢復成長。

I think, the geographic component is going to be led by China and Europe.

我認為，地理因素將由中國和歐洲主導。

Those two markets will be our fastest growing markets, and we're very excited about that.

這兩個市場將成為我們成長最快的市場，我們對此感到非常興奮。

We're also excited about the growth in the US.

我們也對美國的成長感​​到興奮。

But specifically China, it really this applies to Europe as well.

但具體到中國，這其實​​也適用於歐洲。

We've been quite clear that in those markets, historically, we've underperformed.

我們非常清楚，從歷史上看，我們在這些市場的表現不佳。

And again, this is a people business.

再次強調，這是一個與人有關的事。

We have great leadership running both businesses there.

我們擁有出色的領導團隊來管理那裡的兩家公司。

And so we've seen terrific results.

因此我們看到了顯著的成果。

China specifically, once we encouraged our teams in China to be more focused from a product standpoint on items that can be important in their markets, we've seen much better results.

特別是在中國，一旦我們鼓勵我們在中國的團隊從產品的角度更加關注對其市場重要的項目，我們就會看到更好的結果。

Additionally, from a business standpoint, we have a leader there that's very focused on highly productive stores.

此外，從業務角度來看，我們有一位非常注重高生產力商店的領導者。

In the past, we had relied more on a sort of dual season approach.

過去，我們更依賴雙季節方法。

And the leadership there really is focused on monthly performance per store.

那裡的領導層確實關注的是每個商店的每月業績。

And that's been a real improvement and allowed us to have real great success there.

這是一個真正的進步，並使我們在那裡取得了巨大的成功。

Hey Bob, this is Jim.

嘿，鮑勃，我是吉姆。

I'd just add a couple of comments.

我只想補充幾點評論。

One is it relates to spring '25 we shared in October that our order book for the spring '25 season for our wholesale business globally supported mid-single-digit rate of growth doesn't meaningfully change in that order book since that time.

一是與25年春季有關，我們在10月份分享過，25年春季我們全球批發業務的訂單量支持中等個位數的增長率，自那時以來，訂單量並沒有顯著變化。

And then for fall '25, it is a bit lower of a rate of growth that we're anticipating.

對於25年秋季來說，成長率將比我們預期的略低。

It's in the low single-digit percent terms.

該數字處於低個位數百分比水準。

And we're well into our order taking for the season with about 90% of those orders in.

本季的訂單處理工作已經順利完成，約佔訂單總數的 90%。

So good visibility to the order book at this stage.

因此現階段訂單的可見度很好。

Great.

偉大的。

And then just one other question just on the demand creation commitment for '25.

還有一個問題是關於25年的需求創造承諾。

I think you said a lot of the newness is going to kick in the fall.

我想您說過很多新鮮事物將會在秋天出現。

Will the spend be down in the first half and then magnified in the second half of the year?

支出是否會在上半年下降，然後在下半年增加？

Just wondering if you can just talk about the plans there a little bit more.

只是想知道您是否可以再多談談那裡的計劃。

Thanks.

謝謝。

I guess I would describe the first half spread to be more moderated.

我想我會認為上半年的傳播更加溫和。

There's still a function of the push on sales, but it will be more moderate than fall.

對銷售仍有推動作用，但比下降幅度要溫和。

Fall tend to be quite aggressive, and that's where the bulk of the new material we see and the budgets would be bigger.

秋季往往相當激進，我們看到的新材料大多是秋季，而且預算也會更大。

Yeah, I think that's fair, Bob.

是的，我認為這很公平，鮑伯。

We wouldn't expect it to be down in the first half, but certainly more amplified.

我們預計上半年這一數字不會下降，但肯定會進一步上升。

When we get to the back half of the year, we're able to get certain of those accelerate marketing investments in front of the consumer.

當我們進入下半年時，我們能夠在消費者面前加速行銷投資。

Great, thank you very much.

太好了，非常感謝。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

Well, thank you.

好吧，謝謝你。

A couple of questions.

幾個問題。

First on the US DTC business.

首先是美國DTC業務。

I wanted to ask, is there a change in tactic on a year-to-year basis despite the increased number of stores, the US DTC business in the fourth quarter, up just a modest amount.

我想問的是，儘管門市數量有所增加，但與去年同期相比，策略是否有所變化？

And then you're also expecting growth next year despite closing some of the temporary stores.

儘管關閉了一些臨時商店，但您仍預計明年仍會實現成長。

If you could reconcile that, that would be great.

如果你能調解這一點，那就太好了。

Sure.

當然。

Well, there's a bunch of things going on in DTC.

嗯，DTC 中發生了很多事情。

I would say the primary delta would be the closure of these temporary locations that we established in order to help literate inventory more profitably than we otherwise would have been able to reduce in the value channel and et cetera.

我想說，主要的差異在於關閉我們建立的這些臨時地點，以幫助更有利可圖地提高庫存，否則我們將無法在價值管道等方面減少庫存。

So we'll be closing a bunch of stores during this year.

因此我們今年將關閉一些商店。

Additionally, we've really focused on columbia.com as being the -- really showcase the brand and less promotionally driven than we had been in the past to give ourselves a more premium positioning in the marketplace.

此外，我們非常注重 columbia.com 的建設，將其作為真正展示品牌的網站，與過去相比，較少地進行促銷，以便在市場上獲得更優質的定位。

And then lastly, we are experimenting in opening a number of stores in gold price, high traffic malls, which will allow us to showcase the brand, fully blown out accelerate strategies and especially footwear where we can have a real opportunity to show consumers the products that we're putting together.

最後，我們正在嘗試在黃金價格、人流量大的商場開設一些商店，這將使我們能夠展示品牌，全面實施加速策略，特別是鞋類，讓我們有真正的機會向消費者展示我們正在生產的產品。

Thanks, Tim.

謝謝，蒂姆。

And then, Tim, I wanted to ask on the marketing.

然後，提姆，我想問一下有關行銷的問題。

Are you seeing evidence of traction with the new marketing direction, bringing younger and active consumers to the brand?

您是否看到新的行銷方向帶來吸引力的證據，從而為品牌帶來更年輕、更活躍的消費者？

I would say we're right on the cusp at the beginning of it.

我想說我們正處於這個時代的開端。

We've got digital presentations, which will begin appearing this spring, which I think will set different tone, and we'll be excited to see how that works.

我們準備了數位演示，將於今年春季開始亮相，我認為這將定下不同的基調，我們很高興看到它的效果。

But everything we've tested so far as it relates to fall is right on.

但迄今為止我們測試的與秋季相關的一切都是正確的。

And so we're excited that we're in the right position.

因此我們很高興我們處於正確的位置。

Thank you, Tim.

謝謝你，提姆。

Laurent Vasilescu, BNP Paribas.

法國巴黎銀行的洛朗‧瓦西里萊斯庫 (Laurent Vasilescu)。

Good afternoon.

午安.

Thank you very much for taking my question.

非常感謝您回答我的問題。

Jim and Tim, I was wondering -- I wanted to ask about revenues with regards to the first quarter, why revenues would be down to 1% to 3%.

吉姆和提姆，我想知道——我想問第一季的收入狀況，為什麼收入會下降到 1% 到 3%。

Is there a dynamic a place like with regards to shift?

是否存在與轉變有關的動態？

Is there something that we should consider on by channel?

我們在通路方面是否應該考慮一些事情？

And then when it comes to, I think, to Jim's question about DTC, I think you mentioned in the prepared remarks that the closures will be about 300-basis-point headwind for this year.

然後，當談到 Jim 關於 DTC 的問題時，我想您在準備好的發言中提到，今年的關閉將帶來約 300 個基點的逆風。

And I think you're guiding for DTC to grow up low single digits.

我認為你正在引導 DTC 實現低個位數的成長。

So I think underlying, it means like DTC should grow about mid-single digits.

所以我認為從根本上來說，這意味著 DTC 應該會以大約中等個位數的速度成長。

Can you maybe parse that out a little bit?

能稍微分析一下嗎？

Like what's the anticipation?

比如說，期待什麼？

Is it e-commerce?

是電子商業嗎？

Is it new stores?

是新店嗎？

I'd love to get your take on the revenue front.

我很想聽聽你對收入的看法。

Thank you very much.

非常感謝。

Yeah, Laurent.

是的，洛朗。

Thanks for the question.

謝謝你的提問。

And to start off with the first quarter, why you're seeing the projection in terms of the revenue being down in Q1, a few contributing factors to that.

首先從第一季開始說，為什麼您看到第一季收入預測下降，有幾個因素造成了這種情況。

One, keep in mind, we're lapping very cold winter in the January, February timeframe of last year, in which we had amplified demand.

首先，請記住，去年 1 月和 2 月期間我們經歷了非常寒冷的冬季，在此期間我們的需求增加。

And we're not anticipating a repeat of that here in Q1 and we've updated our outlook for what we've seen through the month of January.

我們預計第一季不會重複這種情況，並且我們已經更新了 1 月情況的預測。

That's an element of it.

這是其中的一個要素。

There's also a component of which we had earlier shipments of spring '24 wholesale orders a year ago in anticipation of our transition to PFAS pre-chemistry as we're seeking to get those orders up to our wholesale customers sooner than they would ordinarily shift.

其中還有一個部分是，我們在一年前就已提前發貨了 24 年春季批發訂單，以期過渡到 PFAS 預化學工藝，因為我們希望比通常情況下更快地將這些訂單交付給我們的批發客戶。

So you're seeing some of that come into Q1 last year and this year being a more normalized trend.

因此，您會看到其中一些情況在去年第一季出現，而今年則呈現更正常化的趨勢。

And then finally, and Tim has touched on with columbia.com being the best representation of the brand and reducing some of the promotions, there's some continued pressure that we're anticipating at least through the beginning part of this year from that vantage point.

最後，提姆提到，columbia.com 是該品牌的最佳代表，該網站減少了一些促銷活動，從這個角度來看，我們預計至少在今年年初將繼續面臨壓力。

And then with regard to your second part of your question, I didn't get it all, but as it relates to the 3% headwind, if you will, that comment was specific to a combination of the temp store closures.

然後關於你問題的第二部分，我沒有完全明白，但就 3% 的逆風而言，如果你願意的話，那條評論具體針對的是臨時商店關閉的組合。

About half of that is related to the ramp down of those temp stores.

其中約有一半與臨時商店的減少有關。

And then the other half relates to the continued strength of the dollar and the impact on the rate of growth from a local currency standpoint.

另一半與美元的持續走強以及從當地貨幣的角度對成長率的影響有關。

So we are anticipating, as Tim touched on, continued strength internationally, particularly in China and Europe, as bit dampened just given the strength of the dollar relative to foreign currency.

因此，正如提姆所提到的，我們預期國際經濟將繼續走強，特別是在中國和歐洲，但考慮到美元相對於外幣的走強，這種趨勢將會減弱。

Super helpful.

超有幫助。

I wanted to ask on the second question here.

我想在這裡問第二個問題。

Good to see that gross margins are expected to be up 80 bps for the year.

很高興看到今年的毛利率預計將上漲 80 個基點。

Can you give us some color on how you're thinking gross margins should shake out between 1Q and 1H?

您能否告訴我們，您認為第一季和上半年的毛利率將如何變化？

And then on the SG&A front, I saw that you're stepping up demand creation to 6.5% of sales with the new marketing director, the new agency Adam&eve, but can you maybe unpack that pressure point on SG&A.

然後在銷售、一般及行政費用方面，我看到您正在與新的營銷總監、新代理機構 Adam&eve 一起將需求創造提高到銷售額的 6.5％，但您能否解開銷售、一般及行政費用方面的壓力點？

Are there any other factors that we should consider on the SG&A front, whether it's incentive comp or any other factors to consider for FY25?

在銷售、一般及行政開支方面我們還需要考慮其他因素嗎，無論是激勵性補償還是 FY25 需要考慮的其他因素？

Thank you.

謝謝。

Yeah, sure.

是的，當然。

As it relates to the gross margin in the front half of the year, I think as it relates to -- the second quarter is going to be a stronger quarter in terms of gross margin from an expansion standpoint.

就上半年的毛利率而言，我認為從擴張的角度來看，第二季的毛利率將是一個更強勁的季度。

Otherwise, when you look at the full year, we've provided full-year gross margin expansion of 80 basis points.

否則，當您放眼全年時，我們提供了 80 個基點的全年毛利率成長。

The second quarter is going to be naturally a bit higher because the proportion of full price revenue going into that quarter with the shifts in the wholesale business are naturally going to have a bit of an impact on that.

第二季的銷售額自然會高一些，因為第二季全價收入的比例以及批發業務的變化自然會對此產生一定影響。

And then conversely, Q1, won't be quite as strong as that full-year guide.

相反，第一季的表現不會像全年預期那麼強勁。

As it relates to the SG&A, so aside from the marketing in terms of what's contributing to the deleverage when you look at SG&A year on year, you pointed out incentive comp that continues to be among the pressure points that are in there.

因為它與銷售、一般及行政費用有關，所以除了行銷之外，當你逐年查看銷售、一般及行政費用時，從導致去槓桿化的因素來看，你指出激勵性補償仍然是其中的壓力點之一。

There are other strategic investments that we're making in the DTC business.

我們也對 DTC 業務進行了其他策略投資。

Tim touched on part of it as it relates to the branded stores.

蒂姆談到了與品牌商店相關的部分內容。

I think what I would convey and what Tim touched on is, we're not satisfied with seeing our SG&A continue to deleverage and be in the upper 43%, low 44% range.

我想我要傳達的以及蒂姆提到的是，我們並不滿足於看到我們的銷售、一般和行政費用繼續去槓桿化並處於 43% 的上、44% 的下範圍內。

And that's why we're in the process of initiating a continued review and assessment of our SG&A and seeking ways in which we can streamline the business to drive greater cost efficiency.

這就是為什麼我們正在啟動對銷售、一般及行政費用的持續審查和評估，並尋求精簡業務以提高成本效率的方法。

So that's not in our outlook currently but something that we'll be looking at over the coming weeks here and provide an update as we get deeper into the year.

所以這目前不在我們的展望中，但我們將在未來幾週內關注它，並在進入今年晚些時候時提供最新消息。

Yes, sorry, Tim.

是的，對不起，提姆。

The new marketing efforts, we're being very focused on measuring and testing these messages to make sure we've got the right approach to these consumers that we want to track.

在新的行銷工作中，我們非常注重衡量和測試這些訊息，以確保我們能夠以正確的方式對待我們想要追蹤的消費者。

So looking forward to launching that stuff in fall.

因此期待在秋季推出這些產品。

Okay, very helpful.

好的，很有幫助。

Thank you very much, and best of luck.

非常感謝，祝你好運。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good afternoon.

是的，嗨，下午好。

Thank you.

謝謝。

If I could just follow up on that last point.

如果我可以繼續討論最後一點的話。

As you think about the ramp in the incremental marketing that you're planning, could you just maybe go a little bit further on what you're hoping to accomplish in some of the key metrics that you'll be looking to show from those efforts?

當您考慮所規劃的增量行銷的提升時，您是否可以進一步說明您希望透過這些努力實現的一些關鍵指標？

Certainly.

當然。

Well, as a company, we've been highly democratic in terms of how we've approached our customer base, product orientation, et cetera.

嗯，作為一家公司，我們在對待客戶群、產品定位等方面非常民主。

Even though we have among the most sophisticated products group keeping people warm, cool, dry, and protected, we're often thought of this as a higher value line.

儘管我們擁有最先進的產品系列，可以讓人們保持溫暖、涼爽、乾燥和受到保護，但我們通常認為這是一條更高價值的產品線。

And that value allows us to be producing large quantities of merchants, which we can use them, that leverage to build more expensive, more targeted products for younger and more -- again, consumers that are more professionally oriented.

這種價值使我們能夠培養大量的商家，我們可以利用這些商家，為更年輕、更專業的消費者打造更昂貴、更有針對性的產品。

So the approach will be to combine those new products and a marketing message, which is going to be compelling to that consumer to give us an additional boost of sales and consideration.

因此，我們的方法是將這些新產品與行銷訊息結合起來，這將對消費者俱有吸引力，從而為我們提供額外的銷售和考慮。

So where we believe we have the strongest opportunity to do that is in the fall, and that's where we're going to be focusing our time and effort.

因此，我們認為秋天是我們實現這一目標的最佳時機，我們將在秋季集中我們的時間和精力。

And John, as it relates to KPIs, we don't get down into a lot of specifics around our DTC business.

約翰，就 KPI 而言，我們不會深入探討 DTC 業務的許多細節。

But where we certainly look for improvement is thinking about the conversion rate that we're achieving with our own online business.

但我們確實需要改進的地方是考慮我們自己的線上業務所實現的轉換率。

With the full funnel marketing approach that we've taken in shifting more of that marketing out of performance marketing in the mid-funnel and upper funnel, we are seeing improvement in the traffic.

我們採取了全漏斗行銷方法，將更多的行銷從效果行銷轉移到中部漏斗和上部漏斗，我們看到了流量的改善。

But over time, we need to see that improvement in the conversion.

但隨著時間的推移，我們需要看到轉換率的提高。

And then the other piece, we launched a new membership loyalty program last year, which has had success, Tim touched on the Titanium level member, but it's really about member acquisition and retention as well.

然後另一部分，我們去年推出了一項新的會員忠誠度計劃，該計劃取得了成功，蒂姆談到了鈦金級會員，但這實際上也與會員獲取和保留有關。

Yeah.

是的。

That's really helpful.

這真的很有幫助。

And then just one separate follow-up on the profit recovery that you're projecting as we sort of step back and think you're well underway for your first profit improvement plan.

然後，我們再單獨跟進您預計的利潤恢復，我們回顧一下，認為您已經順利實施了第一個利潤改善計劃。

You're talking about a normalized inventory environment, and yet the margin profile of the business is well below historical.

您正在談論正常化的庫存環境，但業務的利潤率遠低於歷史水準。

So just how are you thinking about the long-term view of the opportunity to get back to much higher profitability levels?

那麼，您如何從長期角度看待重返更高獲利水準的機會？

Thank you.

謝謝。

Well, it's certainly why we're undertaking the work that we've described because our expectation is to get our operating margins back to more appropriate levels.

嗯，這當然就是我們進行上述工作的原因，因為我們的期望是讓我們的營業利潤率回到更合適的水平。

And certainly, the first milestone will be getting back to double digit.

毫無疑問，第一個里程碑就是回到兩位數。

But then longer term, our expectation is to be in the upper quartile relative to our peer group, which would put you into the teens' percent.

但從長遠來看，我們的期望是，相對於我們的同齡人來說，處於上四分位數，這將使你們進入十幾歲的百分比。

Now we've not defined the time frame that, that would take place.

現在我們還沒有確定實現這一目標的時間框架。

But certainly, there's some work that we collectively need to do in managing the cost base.

但可以肯定的是，在管理成本基礎方面我們需要共同做一些工作。

I think to Tim's point, we need to grow.

我認為正如蒂姆所說，我們需要成長。

Part of the reason why you see some of that deleverage is we've had a few years here running now where that top line hasn't kept pace with inflationary pressure on other costs.

之所以會出現去槓桿現象，部分原因是我們已經連續幾年看到營業收入跟不上其他成本的通膨壓力。

And collectively, we need to shore that up.

我們需要共同努力來鞏固這一點。

So that's what this year is about is building that plant to ensure that we've got a scalable business that can drive margin leverage going forward.

所以今年我們的目標就是建造該工廠，以確保我們擁有可擴展的業務，從而推動未來的利潤槓桿。

Yeah, this is the reason we really are making this very measured investment in marketing to get our products in front of consumers.

是的，這就是我們在行銷方面進行如此謹慎的投資以便將我們的產品呈現在消費者面前的原因。

We believe we have the right stuff, and we just need to be very conscious and specific about how we market.

我們相信我們擁有正確的產品，我們只需要非常清楚並具體地了解我們的行銷方式。

And then we have to be very disciplined about our SG&A spend, which is something we know how to do, and we undertake.

然後，我們必須對銷售、一般及行政開支非常嚴格，這是我們知道如何做，並且會做的。

Okay, great, thanks again.

好的，太好了，再次感謝。

Mitch Kummetz, Seaport Research.

海港研究公司的米奇‧庫梅茲 (Mitch Kummetz)

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

I want to start with the fourth quarter.

我想從第四季開始。

Your sales were near the high end of your range, but the op margin, I think, fell a little bit below the midpoint.

你們的銷售額接近範圍的高端，但我認為營業利潤率略低於中間點。

I'm just trying to understand that disconnect.

我只是想理解這種脫節。

Did you guys -- given the slow start to the quarter, Tim, did you guys end up maybe being a little bit more promotional than you were expecting?

你們——考慮到本季開局緩慢，提姆，你們最終的促銷力度是否比預期的要大一些？

Or did you ramp up the demand creation a little bit more than you're expecting once the weather turned and the sell-through is improved?

或者，一旦天氣轉變並且銷售量提高，您是否會比預期更多地增加需求創造？

Is there a reason for why the margins weren't better strong sales quarter.

為什麼利潤率沒有比強勁的銷售季度更好？

Yeah, Mitch, a couple of things related to that.

是的，米奇，有幾件事與此相關。

From a gross margin standpoint and the way we would characterize promotions, we weren't any more promotional than we would have been a year ago.

從毛利率的角度以及我們促銷的方式來看，我們的促銷力道並不比一年前更大。

Having said that and as we touched on October and November, they were softer months from an overall demand standpoint.

話雖如此，當我們談到十月和十一月時，從整體需求的角度來看，這兩個月是較為疲軟的月份。

Those are typically months in which you're doing more full-price sales in advance of the promotional marketplace coming into the holiday season.

通常在這些月份裡，您會在節日促銷市場到來之前進行更多的全價銷售。

And so business was soft during that timeframe and really picked up, and we had healthy demand from Black Friday, Cyber Monday through the holiday sales period.

因此，在那段時間內業務很疲軟，後來才真正回暖，從黑色星期五、網路星期一到假日銷售期間，我們的需求都很旺盛。

You see a higher concentration of revenue done during that period where we'll be a bit more promotional.

你會看到，在那個時期，我們的收入集中度更高，因此我們會進行更多的促銷。

So that did have some effects as you think about gross margin.

因此，當您考慮毛利率時，這確實會產生一些影響。

And then on the SG&A side of things, we haven't touched specifically but you'll see some notes, I think, in the CFO commentary that we've provided with regard to some SG&A severance costs that we incurred in the quarter.

然後，在銷售、一般和行政費用方面，我們還沒有具體涉及，但我認為，您會在我們提供的財務長評論中看到一些有關本季度發生的銷售、一般和行政費用遣散費的說明。

I think it was mid-single-digit millions of dollars.

我認為這個數字是數百萬美元。

So if you take those two things, those are going to be the meaningful drivers impacting the operating margin.And from a holistic standpoint, we're more or less in the range of the guidance that we provided.

因此，如果考慮這兩件事，它們將成為影響營業利潤率的重要驅動因素。

And of course, there's income tax valuation impact in there that also impacted earnings per share.

當然，其中的所得稅估值影響也會影響每股盈餘。

Thank you.

謝謝。

And then on the guide, I know Laurent asked about 1Q sales being a little bit light?

然後在指南中，我知道 Laurent 詢問第一季的銷售情況是否有點不佳？

And Jim, you kind of went through the factors there.

吉姆，你已經詳細討論了這些因素。

I guess my follow-up to that is on 2Q, the implied sales growth rate, I think if my math is correct, like sales up 6% to 8%.

我想我對第二季的後續預測是，隱含的銷售成長率，我想如果我的計算正確的話，銷售額將成長 6% 到 8%。

And I know you talked about a more normal delivery schedule on the order book this year versus last year.

我知道您談到了今年訂單的交貨時間表比去年更加正常。

And I'm wondering how much that's contributing to the strong 2Q sales growth?

我想知道這對第二季強勁的銷售成長有多大貢獻？

Or if there are other factors to consider there.

或者是否還有其他因素需要考慮。

Yeah, I think if you look at the shift between Q1 and Q2, I think it's in the $20 million to $30 million range on the wholesale business that's going to make up that difference when you get to that slightly higher rate of growth relative to the slight decline that we're anticipating in Q1.

是的，我認為，如果您看看第一季和第二季之間的變化，我認為批發業務的銷售額在 2000 萬美元到 3000 萬美元之間，當您獲得略高的增長率時，這將彌補這一差額。

Setting out a piece of side, Mitch, I don't think there's anything meaningfully different in how we're playing the business.

米奇，從另一方面來說，我認為我們的經營方式並沒有什麼重大不同。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Thanks, it's Tracy Kogan filling in for Paul.

謝謝，我是 Tracy Kogan，代替 Paul。

I was wondering if you were seeing any difference in your order trends from your partners in the US depending on whether it's a department store, specialty store, et cetera.

我想知道您是否發現您來自美國合作夥伴的訂單趨勢有任何差異，這取決於它是百貨公司、專賣店還是其他。

And then secondly, I was hoping you could break your CapEx down into stores, IT, DCs, whatever else might be in there?

其次，我希望您可以將資本支出分解為商店、IT、DC 以及其他任何可能涉及的部分？

And then is $60 million to $80 million a good run rate to you beyond 2025?

那麼，2025 年後，6,000 萬到 8,000 萬美元的營運率對您來說是否是一個良好的水平？

Thanks.

謝謝。

So I can talk a little bit about the customer base for fall business, which we're still in a strong position with virtually all of our customers.

因此，我可以稍微談一下秋季業務的客戶群，我們在幾乎所有客戶中仍然處於強勢地位。

Again, just as a reminder, we have a very established mature business in North America.

再次提醒一下，我們在北美擁有非常成熟的業務。

We have -- basically, we're selling to every customer we want to sell to.

基本上，我們正​​在向每個我們想要銷售的客戶進行銷售。

We have great relationships with all of them.

我們與他們所有人都保持著良好的關係。

But we are finding that we're selling -- we have a much stronger order book with those customers that reflect this new customer type that we're approaching with our product line and with our marketing.

但我們發現，我們在銷售方面擁有更強大的訂單簿，這些客戶反映了我們正在透過我們的產品線和行銷來接觸的這種新客戶類型。

So the growth in those customers has been quite dramatic and quite exciting.

因此這些客戶的成長非常顯著且令人興奮。

And then Tracy, as it relates to your question on capital expenditures and the range that we provided, if you look back over the last few years, we've been at around the $60 million CapEx range.

然後 Tracy，關於您關於資本支出和我們提供的範圍的問題，如果回顧過去幾年，我們的資本支出一直在 6000 萬美元左右。

And so look at it this year at $60 million to $80 million.

因此今年的金額預計將達到 6,000 萬至 8,000 萬美元。

I think that's a pretty fair estimate barring us providing any other updates as we look forward.

我認為這是一個相當公平的估計，除非我們在未來提供任何其他更新。

Breaking that down into a lot more detail, I'd be hesitant to do that.

將其分解成更詳細的內容，我會猶豫是否要這樣做。

Having said that, I'd say that roughly a quarter of our CapEx is your traditional maintenance-based capital.

話雖如此，我想說我們的資本支出中大約四分之一是傳統的基於維護的資本。

Some of the reason why our CapEx has come down over the years because if you look back over a longer horizon, you'd see at the $80 million to $100 million range.

我們的資本支出多年來下降的部分原因是，如果回顧較長的未來，你會看到它在 8000 萬美元到 1 億美元的範圍內。

We don't have any major ERP -- enterprise-level ERP projects going on at the moment.

目前，我們還沒有正在進行任何大型 ERP——企業級 ERP 專案。

And as we've shifted more and more of the cloud, there's less absolute hard capital expenditures that we've made.

隨著我們越來越多地轉向雲，我們所做的絕對硬資本支出就越來越少。

So the most significant element that's in there relates to stores and expansion of stores.

因此，其中最重要的因素與商店和商店擴張有關。

And we've got a modest plan this year.

我們今年有一個溫和的計劃。

I think we've got about a dozen stores that are planned in North America that are a combination of the branded stores Tim touched on as well as a few outlets.

我認為我們計劃在北美開設大約十幾家商店，這些商店是蒂姆提到的品牌商店和一些直銷店的組合。

Great, thanks very much.

太好了，非常感謝。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi, this is Lucas [Hutton] for Alex Perry.

大家好，我是盧卡斯 [赫頓]，代表亞歷克斯佩里報道。

The guidance assumes a stabilization in the SOREL business.

該指引假設 SOREL 業務趨於穩定。

Could you guys just give a little bit more color on what's driving that?

你們能否稍微詳細解釋一下導致這現象的原因？

I know you guys mentioned the Supreme collaboration, but any more color would be helpful.

我知道你們提到與 Supreme 的合作，但更多的顏色會更有幫助。

Yeah, we have -- I just actually fresh off a review of the upcoming seasons for SOREL.

是的，我剛剛對 SOREL 即將到來的季節進行了回顧。

So I'm excited about what the opportunities are there.

所以我對於那裡存在的機會感到非常興奮。

We've got a number of collaborations planned, some of which I can't really talk about, but those should drive meaningful progress.

我們計劃了多項合作，其中一些我不能透露，但這些合作應該會推動有意義的進展。

And we have an opportunity to go beyond winter footwear, specifically in the SOREL business with that improved women's offering and a relatively brand-new men's offering, which is going to give us a lot of opportunity to show what we can do to typical customers who have been buying SOREL over the years.

我們有機會超越冬季鞋類，特別是在 SOREL 業務中，我們改進了女鞋產品並推出了相對較新的男鞋產品，這將為我們提供很多機會向多年來一直購買 SOREL 的典型客戶展示我們可以做些什麼。

So I'm excited about the opportunities, frankly.

所以坦白說，我對這些機會感到非常興奮。

Yeah.

是的。

Lucas, when you look at the two season business that we operate.

盧卡斯，當你看看我們經營的兩個季節業務。

For the spring season SOREL, we've got an order book that contemplated a decline.

對於春季 SOREL，我們的訂單量預計會下降。

As we brought the new leadership team on and then they've worked on some updates to the strategy and to the product line, we do anticipate based on the order book that we have today that we should return to growth in the latter part of the year through that wholesale business as well as our plans in the direct-to-consumer area.

隨著我們組建新的領導團隊，並對策略和產品線進行一些更新，根據我們今天的訂單，我們確實預計，我們將在今年下半年透過批發業務以及我們在直接面向消費者領域的計劃恢復成長。

(Operator Instructions) Mauricio Serna, UBS.

(操作員指示) 瑞銀 (UBS) 的 Mauricio Serna。

Great.

偉大的。

Good afternoon, and thanks for taking my questions.

下午好，感謝您回答我的問題。

First, I would like to hear more about the rationality of why the full order book is lighter than the spring for 2025.

首先，我想多聽聽為什麼2025年春季訂單量比春季少的合理性。

And then I just wanted to clarify, was there any pull forward of demand in your Q4 results?

然後我想澄清一下，你們第四季的業績中需求是否提前？

And lastly, on free cash flow, I see the guidance is -- operating cash flow of at least $250 million, and that seems, well below, fiscal year '24 a little bit of around $490 million.

最後，關於自由現金流，我看到的指引是——營運現金流至少 2.5 億美元，而且這似乎遠低於 24 財年的 4.9 億美元左右。

I just wanted to understand what's the rationality behind that like EBIT will likely be up this year.

我只是想了解背後的合理性，例如今年息稅前利潤可能會上升。

Thank you.

謝謝。

Yeah.

是的。

So let me touch on those, and Tim, if you want to jump in with color.

所以讓我來談談這些，提姆，如果你想加入顏色的話。

So as it relates to the fall '25 order book being lower than the spring season, these are two very distinctive different seasons, right?

因此，由於 25 年秋季的訂單量低於春季，所以這是兩個截然不同的季節，對嗎？

And we just came through fall '24.

我們剛剛度過24年秋天。

And from a US standpoint, sell-through was lighter.

從美國的角度來看，銷售量較低。

Tim touched on that.

提姆談到了這一點。

We're encouraged despite that lower level of sell-through, the work that we've done from an accelerated perspective that retailers are responding favorably to that.

儘管銷售量較低，但從加速的角度來看，我們所做的工作得到了零售商的積極回應，這讓我們感到鼓舞。

And we still anticipate modest growth in the fall season.

我們仍然預計秋季將出現適度增長。

So we look that as a positive despite the fact that it is a lower rate of growth in comparison to what you're seeing for the spring '25 season.

因此，儘管與 2025 年春季相比，這一增長率較低，但我們仍將其視為積極因素。

From a Q4 perspective, you were asking a question about pull forward.

從 Q4 的角度來看，您問的是一個有關提前的問題。

There's no pull forward of revenue out of the first half of '25 into Q4 at all.

25 年上半年的收入根本沒有提前到第四季。

It's all just the natural flow of our orders for the fall '24 season.

這只是我們 24 年秋季訂單的自然流動。

There was, however, I should mention as a result of supply chain disruptions impacting the Red Sea and Bangladesh, there were some sales that shifted out of Q3 and into Q4, and that was for the tune of $60 million.

然而，我應該提到，由於紅海和孟加拉的供應鏈中斷，部分銷售額從第三季轉移到第四季度，金額達到 6,000 萬美元。

I think I touched on an earlier question.

我想我之前已經提到過一個問題。

And then finally, as it relates to operating cash flow and the lower projection that's there, essentially, looking at operating income, which is more or less flat, slightly up year over year.

最後，由於它與經營現金流和較低的預測有關，本質上看經營收入，它或多或少是持平的，同比略有增長。

And then when you think about the working capital equation, over the course of the last two years, of course, we've been encouraged and pleased with the work we've done in reducing our inventory levels that have had amplified effect on how you think about the operating cash flow.

然後，當您考慮營運資本方程式時，在過去兩年中，當然，我們對降低庫存水準所做的工作感到鼓舞和高興，這對您對營運現金流的看法產生了放大的影響。

As we get into this year, while we believe there's still continued opportunity to continue to drive inventory efficiency and working capital, it's certainly not at the level of magnitude that we would have achieved in each of the last couple of years.

進入今年，雖然我們相信仍有機會繼續提高庫存效率和營運資本，但肯定不會達到過去幾年所達到的水平。

So that's the underlying rationale for what we see in that cash flow projection.

這就是我們在現金流量預測中看到的根本原因。

Yes, as it relates to

是的，因為它涉及

--

--

Yeah, yeah, sorry.

是啊，是啊，抱歉。

Go ahead.

前進。

Thank you.

謝謝。

I was just going to talk a little bit about our fall order book.

我只是想談談我們的秋季訂單。

And it's reflecting, as I said, adoption by our customers of the new category of consumers that we're approaching.

正如我所說，它反映了我們的客戶對我們正在接觸的新消費者類別的接受。

And I guess I would emphasize that we've got products, including the Amaze PUF, which is a very popular -- at least based on our customers' adoption down jacket for women as well as a product called the ROC Pant, which is a men's and women's bottoms collection, just been incredibly well received.

我想強調的是，我們的產品包括 Amaze PUF，這是一款非常受歡迎的產品 — — 至少根據我們客戶對女士羽絨服的接受程度來看，還有一款名為 ROC Pant 的產品，這是一款男女款下裝系列，非常受歡迎。

So those are the areas that where retailers are going to be trying our products and making sure that we've got the right connection to consumers.

因此，這些是零售商將嘗試我們的產品並確保我們與消費者建立正確聯繫的地方。

And then as it relates to inventory, I think we all agree here as a company that we can operate the business with less inventory.

至於庫存，我認為我們作為一家公司都同意我們可以用更少的庫存來經營業務。

So we really see a keen focus on to run the business with less inventory.

因此，我們確實看到人們熱衷於以更少的庫存來經營業務。

So you should expect that over time, our cash flows will significantly improve.

因此你應該預料到，隨著時間的推移，我們的現金流將會顯著改善。

Understood.

明白了。

And then just very lastly as a follow-up, in the guidance for gross margin, you talked about lower product costs.

最後，作為後續問題，在毛利率指引中，您談到了降低產品成本。

I just wanted to understand what was behind that?

我只是想了解背後的原因是什麼？

And you kind of mentioned also like looking at the year, you're going to see the highest gross margin expansion in Q2.

您也提到，縱觀今年，您會看到第二季的毛利率擴張最高。

So should we think about like the other three quarters being relatively expanding at a similar rate, excluding Q2?

那麼，我們是否應該認為除第二季外，其他三個季度也以類似的速度擴張？

Or how should we think about that?

或者說我們該如何思考這個問題？

Thank you.

謝謝。

On the lower product cost side of things, so we've gone out to our factories and worked with them and in placing allocation, and that's nothing more than what we're seeing in terms of just input costs generally being a little bit lighter or lower this year relative to last month, particularly in the case of the spring season.

在產品成本較低方面，我們去了工廠，與他們合作並進行分配，我們看到今年的投入成本與上個月相比總體上要低一些，特別是在春季。

And that's more, I think, in the effect of material, raw material, that sort of thing, Mauricio, as opposed to any form of labor or duty aside from what we've touched on as it relates to China specifically.

我認為這更多的是材料、原材料之類的影響，毛里西奧，而不是任何形式的勞動力或關稅，除了我們已經談到的與中國具體相關的內容。

And then as it relates to the gross margin, so that was touching on Q2, the margin is a little bit healthier just in light of the full price sales proportion relative to total.

然後就毛利率而言，這涉及到第二季度，僅從全價銷售佔總銷售額的比例來看，利潤率會更健康一些。

If you look at the balance of the quarters during the year, I think they're at or around the 80 basis points of expansion is included in our outlook.

如果你看今年各季度的餘額，我認為它們的擴張幅度在 80 個基點左右，這在我們的展望中。

Keep in mind, Q2 is an exceptionally -- is our smallest quarter from a revenue standpoint.

請記住，從收入角度來看，第二季是我們最小的季度。

So even though the gross margin might be greater than, it just doesn't have the same effect on the full year.

因此，即使毛利率可能更高，但對全年的影響卻不一樣。

Understood.

明白了。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Okay.

好的。

We have no further questions in the queue.

我們沒有其他問題了。

I would like to turn the floor back to management for any closing remarks.

我想將發言權交還給管理階層，請他們做最後發言。

Thank you, operator.

謝謝您，接線生。

I just want to thank you for listening in.

我只是想感謝您的聆聽。

We're very excited to be returning to growth in 2025, and we're looking forward to the ACCELERATE Growth Strategy coming to life in the seasons ahead.

我們非常高興能夠在 2025 年恢復成長，並期待 ACCELERATE 成長策略在未來幾年內得以實現。

Look forward to talking you next quarter.

期待下個季度與您交流。

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

今天的會議到此結束，各位現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。