Columbia Sportswear Co (COLM) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Columbia Sportswear first-quarter 2025 financial results conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Andrew Burns. You may begin.

問候。歡迎參加 Columbia Sportswear 2025 年第一季財務業績電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人安德魯伯恩斯 (Andrew Burns)。你可以開始了。

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

下午好，感謝您加入我們討論哥倫比亞運動服裝公司第一季的業績。除了收益報告之外，我們還提供了一份 8-K 報告，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。文件也可在我們的投資者關係網站 investor.columbia.com 上查閱。

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陳述。這些聲明是善意表達的，並且被認為具有合理依據。然而，每個前瞻性陳述都面臨許多風險和不確定性，實際結果可能與預測有重大差異。

Many of these risks and uncertainties are described in Columbia's SEC filings. We caution that forward-looking statements are inherently less reliable than historical information. We do not undertake any duty to update any of the forward-looking statements after the date of this conference call to conform the forward-looking statements to actual results or to changes in our expectations.

哥倫比亞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。我們提醒，前瞻性陳述本質上不如歷史資訊可靠。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的義務，以使前瞻性陳述符合實際結果或我們預期的變更。

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

我還想指出，在電話會議中，我們可能會參考某些非公認會計準則財務指標，包括恆定貨幣淨銷售額。有關非公認會計準則 (non-GAAP) 財務指標和業績的更多信息，包括公認會計準則 (GAAP) 與非公認會計準則 (non-GAAP) 指標的對賬以及管理層引用這些非公認會計準則 (non-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審查附錄。

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回答兩個問題，以便我們能夠在一個小時之內回答每個人的問題。

Now I'll turn the call over to Tim.

現在我將把電話轉給提姆。

Thanks, Andrew, and good afternoon, everyone. First-quarter net sales and earnings exceeded our guidance range. Globally, our wholesale business was better than planned, driven by late season demand for winter products and early spring product shipments.

謝謝，安德魯，大家下午好。第一季的淨銷售額和收益超出了我們的預期範圍。在全球範圍內，我們的批發業務好於計劃，這得益於冬季產品的季末需求和早春產品的出貨量。

Our business outside of North America, which represents approximately 40% of annual sales remain strong. During the quarter, we generated healthy growth in nearly all of our international markets with double-digit percent growth in the LAAP region and high single-digit percent constant currency growth in the EMEA region.

我們在北美以外的業務約佔年銷售額的 40%，依然保持強勁。本季度，我們幾乎在所有國際市場都實現了健康成長，其中 LAAP 地區實現了兩位數的百分比成長，而 EMEA 地區則實現了較高的個位數固定匯率成長。

Before the April 2 tariff increases were announced, our solid first-quarter performance put us on track to achieving our full-year targets. I'd like to begin this call by outlining our view on global trade and our plans to mitigate the impacts associated with the recent US tariff increases.

在 4 月 2 日宣布提高關稅之前，我們第一季的穩健表現使我們有望實現全年目標。在這次電話會議開始之前，我想概述我們對全球貿易的看法以及我們減輕近期美國提高關稅影響的計劃。

Let me start by stressing the unprecedented level of public policy of uncertainty that our industry is facing in the United States. We have been in business since 1938, and have navigated successfully through many incredibly challenging environments.

首先，我要強調一下，我們的產業在美國面臨前所未有的公共政策不確定性。我們自 1938 年開始營業，並成功應對了許多極具挑戰性的環境。

But our industry has never faced a period with the rules and regulations around trade with the United States are simply unknown and unknowable. I have never been more excited than I am today about our brands, our strategies, and the overall strength of our company.

但我們的行業從未面臨過與美國貿易規則和法規完全不明和不可知的時期。我從未像今天這樣對我們的品牌、我們的策略以及我們公司的整體實力感到興奮。

We have a diversified supply chain and a team of experts with deep international trade experience. We began this year with a fortress balance sheet, healthy inventories, and building momentum in the Columbia brands accelerate growth strategy. These strengths give me confidence in our ability to emerge from this period as a stronger company with an improved position in the marketplace.

我們擁有多元化的供應鏈和一支具有深厚國際貿易經驗的專家團隊。今年我們擁有穩健的資產負債表、健康的庫存，並且哥倫比亞品牌加速成長策略動能強勁。這些優勢讓我相信，我們有能力走出這段時期，成為一家實力更強、市場地位更高的公司。

When the rules around trade are unknown, it's impossible for any company to predict with confidence what the cost of US products will be, what the returns on certain investments in the US will be, and ultimately, how the US marketplace will be impacted overall.

當貿易規則不明時，任何公司都不可能自信地預測美國產品的成本是多少、在美國某些投資的回報是多少，以及最終美國市場將如何受到整體影響。

Quite simply, companies are unable to confidently plan and invest in their US businesses until there is clarity with respect to US trade policy. History has shown that tariffs are designed to raise the price of imported goods. In the US, well over 90% of all apparel and footwear is imported and is already heavily taxed under legacy trade laws. The additional 10% universal tariff is on top of already existing high duties.

很簡單，在美國貿易政策明朗之前，企業無法自信地規劃和投資其美國業務。歷史表明，關稅的目的是提高進口商品的價格。在美國，超過 90% 的服裝和鞋類都依賴進口，根據傳統貿易法，這些產品已經繳納了高額關稅。額外的10%的普遍關稅是在現有的高關稅基礎上加徵的。

The magnitude of the additional proposed country-specific tariffs has the potential to profoundly impact our industry and significantly raise prices to US consumers. For many consumers, the affordability of apparel and footwear will increasingly become a household issue. This will be further exacerbated if higher tariff rates go into effect.

擬議的針對特定國家的額外關稅的規模可能會對我們的行業產生深遠影響，並大幅提高美國消費者的價格。對許多消費者來說，服裝和鞋類的可負擔性將日益成為一個家庭問題。如果更高的關稅生效，這種情況將進一步加劇。

To date, we have taken several actions. Prior to the April 2 tariff declarations, we domesticated all on-hand US inventory through our own long trade zone distribution centers, saving us millions in potential tariff costs. For products that are impacted by the reciprocal tariffs, we are accelerating shipments to the extent possible in order to receive products during the 90-day tariff pause.

迄今為止，我們已採取多項行動。在 4 月 2 日宣布徵收關稅之前，我們透過自己的長貿易區配送中心對所有美國現有庫存進行了國內化，從而節省了數百萬美元的潛在關稅成本。對於受到互惠關稅影響的產品，我們正在盡可能加快出貨速度，以便在 90 天的關稅暫停期間收到產品。

Because it's not practical at scale nor affordable, we do not intend to utilize airfreight as a solution to accelerate inventory seats. China remains a strategically important country for us, and we intend to continue leading its opportunities for increased product creation and manufacturing in China, not only for our China direct business but for other markets around the globe.

由於規模不切實際且價格昂貴，我們不打算利用空運作為加速庫存席位的解決方案。中國對我們來說仍然是一個具有戰略重要性的國家，我們打算繼續引領其在中國增加產品創造和製造的機會，這不僅是為了我們的中國直銷業務，也是為了全球其他市場。

We have very little direct exposure to tariffs on products from China. A low single-digit percent of our finished good products imported into the US are manufactured in China. Given the exorbitant tariffs on these goods, we will be diverting the vast majority of this product to other markets where it can be sold profitably. While much of our Fall '25 product has been ordered and sold, we are rationalizing inventory buys where possible to reduce the risk with excess inventory in a challenging environment.

我們很少直接受到中國產品關稅的影響。我們進口到美國的成品中，只有不到個位數的百分比是在中國製造的。鑑於這些商品的關稅過高，我們將把絕大部分產品轉移到其他可以獲利的市場銷售。雖然我們的 25 年秋季產品大部分已訂購併售出，但我們正在盡可能合理化庫存採購，以降低在充滿挑戰的環境中庫存過剩的風險。

We're also taking actions to restrain discretionary spending and where appropriate, positive capital investments in the US until we have clarity. For Fall '25, we're focused on maximizing our marketplace opportunity. We're working with our retail partners to deliver value to consumers and keep inventory and dealer margins healthy. As a result, we expect to absorb much of the incremental tariff costs in 2025 at the current incremental 10% universal rate.

我們也將採取行動限制可自由支配的支出，並在適當的情況下限制在美國的積極資本投資，直到我們得到明確的答案。對於 2025 年秋季，我們專注於最大限度地擴大我們的市場機會。我們正在與零售合作夥伴合作，為消費者提供價值，並保持庫存和經銷商利潤率的健康。因此，我們預計，以目前 10% 的普遍增量稅率，2025 年的大部分增量關稅成本將被吸收。

For 2026, we're contemplating strategies to offset the impact of higher US tariffs on our business. We have a team of experts exploring possibilities to mitigate the impact of increased tariffs, including redesign, redevelop, resource, and reprice products among other mitigation factors.

對於 2026 年，我們正在考慮制定策略來抵消美國提高關稅對我們業務的影響。我們有一個專家團隊正在探索減輕關稅上調影響的各種可能性，包括重新設計、重新開發、資源和重新定價產品以及其他緩解因素。

Overall, we're taking a multipronged approach to managing the business during this period of uncertainty. On the one hand, we're taking decisive actions to preserve capital and to mitigate the impact of higher US tariffs.

總體而言，在當前不確定的時期，我們採取多管齊下的方法來管理業務。一方面，我們正在採取果斷行動，保住資本，減輕美國提高關稅的影響。

On the other, we believe that our brands and strong financial position can enable us to gain market share. The Columbia brand's exceptional value will be a competitive advantage in this period of rising prices for US consumers.

另一方面，我們相信我們的品牌和強大的財務狀況可以使我們獲得市場份額。在美國消費價格上漲的時期，哥倫比亞品牌的卓越價值將成為競爭優勢。

As part of the Columbia brand's ACCELERATE growth strategy, we remain committed to increasing our investment in demand creation to bring our new, highly differentiated marketing campaign and enhanced product assortment to life.

作為哥倫比亞品牌加速成長策略的一部分，我們將繼續致力於增加對需求創造的投資，以將我們新的、高度差異化的行銷活動和增強的產品分類變為現實。

We have a long history of irreverent, daring, and downright hilarious brand advertising, often featuring Gert herself. Columbia's marketing has always been distinctive from the rest of the outdoor category. In recent years, that has been less present in our markets.

我們長期以來一直致力於製作不敬的、大膽的、徹頭徹尾搞笑的品牌廣告，並且經常以 Gert 本人為主角。哥倫比亞的營銷始終與其他戶外產品截然不同。近年來，這種情況在我們的市場上已經不多見了。

With the Columbia ACCELERATE growth strategy clearly defined, this is the moment to embrace our roots and write a new chapter for our iconic brand. Starting this August, we will begin to roll out our new global marketing platform that will be the Columbia brand character and voice for years to come.

隨著 Columbia ACCELERATE 成長策略的明確制定，現在是我們擁抱根源並為我們的標誌性品牌譜寫新篇章的時刻。從今年 8 月開始，我們將開始推出新的全球行銷平台，這將成為未來幾年哥倫比亞品牌的特色和代言人。

We will scale our new distinctive voice through our full funnel strategy with greater emphasis on a consistent year-round share of voice in the market. Not only are we planning to invest more in marketing, we're also leveraging modern digital and social-first strategies to be more efficient and effective with our demand creation investments. In this period of tariff turmoil, we have the opportunity to set ourselves apart.

我們將透過全通路策略擴大我們新的獨特聲音，更加重視在市場上保持全年一致的聲音份額。我們不僅計劃在行銷方面投入更多資金，還將利用現代數位和社交優先策略，使我們的需求創造投資更有效率和有效。在這次關稅動盪時期，我們有機會脫穎而出。

Turning to our financial outlook. Given the heightened uncertainty regarding tariff rates and the impact this will have on product costs and consumer demand, we are withdrawing our full-year 2025 outlook.

談談我們的財務前景。鑑於關稅稅率的不確定性增加及其對產品成本和消費者需求的影響，我們撤回了 2025 年全年展望。

With that said, I'd like to provide some details on how we're approaching the balance of the year. Prior to the tariff increases, we were on track to deliver our full-year financial targets. For the second quarter, we anticipate net sales to grow 1% to 5% year over year. This is in line with the first half net sales outlook we provided in February.

話雖如此，我想提供一些有關我們如何實現今年平衡的細節。在關稅上調之前，我們預計將實現全年財務目標。對於第二季度，我們預計淨銷售額將年增 1% 至 5%。這與我們二月提供的上半年淨銷售額預期一致。

As of the date of this release, the incremental 10% universal tariff and the higher tariffs for China are in effect. Applying these tariff rates to the product that we have yet to receive in the US with a Fall '25 season would add between $40 million to $45 million to the cost of sales as the underlying inventory is sold. Given our focus on delivering exceptional value to consumers and maximizing the marketplace opportunity, we do not expect to offset these higher tariff costs in 2025.

截至本新聞稿發布之日，對中國徵收的10%的增量普遍關稅和更高關稅均已生效。將這些關稅稅率應用於我們尚未在美國秋季收到的產品，將導致銷售成本在基礎庫存銷售時增加 4,000 萬至 4,500 萬美元。鑑於我們專注於為消費者提供卓越的價值並最大限度地利用市場機會，我們預計 2025 年將無法抵消這些更高的關稅成本。

Our tariff mitigation strategy will evolve in response to trade policy changes. We continue to make progress on our profit improvement plan and have identified cost savings and profit-enhancing opportunities beyond the $150 million three-year target we established in 2024.

我們的關稅減免策略將隨著貿易政策的變化而發展。我們的利潤改善計畫持續取得進展，並已確定超越我們在 2024 年設定的 1.5 億美元三年目標的成本節約和利潤提升機會。

We expect the US market to be challenging in the back half of the year. Consumers will be paying higher prices for many of the bids they buy, and we expect this to negatively impact consumer demand. Our fall order book has not meaningfully changed since our call in February, but we anticipate retailers will be cautious with their inventory intake in this uncertain environment.

我們預計今年下半年美國市場將面臨挑戰。消費者將為他們購買的許多商品支付更高的價格，我們預計這將對消費者需求產生負面影響。自二月份電話會議以來，我們的秋季訂單並沒有發生重大變化，但我們預計，在這種不確定的環境下，零售商將對庫存攝取持謹慎態度。

As a result, we're planning our US business conservatively and minimize inventory risk and preserve profitability. We haven't seen a meaningful change in trends in most of our international businesses which were quite healthy in the first quarter. It's not possible to predict the extent to which US tariff actions will impact international economic growth and consumer demand for our products globally.

因此，我們正在保守地規劃我們的美國業務，盡量減少庫存風險並保持獲利能力。我們的大部分國際業務在第一季都表現得相當健康，趨勢上沒有顯著變化。無法預測美國關稅行動將在多大程度上影響國際經濟成長和全球消費者對我們產品的需求。

I'll now quickly review first-quarter financial performance. Net sales increased 1% year over year to $778 million. Wholesale net sales increased 2%, while direct-to-consumer was flat. Gross margin expanded 30 basis points to 50.9% and SG&A expenses increased 1%. This performance resulted in diluted earnings per share of $0.75, up 6% year over year.

我現在將快速回顧第一季的財務表現。淨銷售額年增 1% 至 7.78 億美元。批發淨銷售額成長 2%，而直接面向消費者的銷售額持平。毛利率擴大 30 個基點至 50.9%，銷售、一般及行政費用增加 1%。這一業績導致每股攤薄收益達到 0.75 美元，年增 6%。

Looking at net sales by geography. US net sales decreased 1%. US wholesale business was relatively flat. Spring '25 shipments were up modestly.

按地區查看淨銷售額。美國淨銷售額下降1%。美國批發業務相對穩定。25年春季出貨量小幅上漲。

During the quarter, winter weather boosted late season fall product sales but hindered early spring season sell-through. In addition to weather, challenging outdoor category trends and consumer uncertainty had weighed on spring season demand. US DTC net sales declined low single-digit percent. US e-commerce net sales were down high single-digit percent.

本季度，冬季天氣促進了秋季末產品的銷售，但阻礙了春季初的銷售。除了天氣因素外，戶外類別趨勢的挑戰和消費者的不確定性也對春季需求產生了影響。美國 DTC 淨銷售額下降了低個位數百分比。美國電子商務淨銷售額下降了高個位數百分比。

We had an excellent winter clearance sale in February, but it was not enough to offset challenging market conditions. US brick-and-mortar net sales were up low single-digit percent driven by contribution from new stores. We exited the quarter with eight temporary clearance locations down from 28 exit in the fourth quarter.

我們在二月舉行了一次出色的冬季清倉大甩賣，但這不足以抵消嚴峻的市場狀況。受新店推動，美國實體店淨銷售額成長了低個位數百分比。本季結束時，臨時清關地點數量為 8 個，低於第四季的 28 個。

For a review of first quarter year-over-year net sales growth in international geographies, I will reference constant currency growth rates to illustrate underlying performance in each market. LAAP net sales increased 14%. China net sales increased low-teens percent led by strong e-commerce growth.

為了回顧第一季國際地區淨銷售額年成長情況，我將參考固定貨幣成長率來說明每個市場的基本表現。LAAP 淨銷售額成長 14%。在電子商務強勁成長的帶動下，中國淨銷售額成長了百分之十幾。

Through our product offerings, marketing activations, and marketplace strategies, we're working to create a more premium Columbia brand experience for Chinese consumers. Building off the prior season success of our trends in line, we continue to expand our localized product offering designed to meet the unique needs of the younger Chinese consumers and the growing outdoor market.

透過我們的產品供應、行銷活動和市場策略，我們致力於為中國消費者創造更優質的哥倫比亞品牌體驗。基於上一季我們順應潮流的成功，我們繼續擴大在地化產品供應，旨在滿足中國年輕消費者和不斷增長的戶外市場的獨特需求。

This quarter, we opened our first high street store in China on Huaihai Road in Shanghai. This celebrates Columbia's deep heritage and drove consumer engagement through both online impressions and in-store events. We remain committed to investing in our business in China (inaudible).

本季度，我們在上海淮海路開設了中國第一家高街店。此舉彰顯了哥倫比亞的深厚傳統，並透過線上印象和店內活動推動了消費者的參與。我們將繼續致力於投資中國業務（聽不清楚）。

Japan net sales increased mid-teens percent, benefiting from strong demand for late season and winter product with growth across all channels. Our localized product in Japan blends style, functionality, and performance to create wear anywhere product.

日本淨銷售額成長百分之十五左右，受益於季末和冬季產品的強勁需求以及所有通路的成長。我們在日本的在地化產品融合了風格、功能和性能，打造出可隨處穿著的產品。

Our team in Japan has done a great job building successful franchises that resonate with consumers. Some local product highlights for this quarter include our [Safland] winter boots, [Ofor] waterfront footwear, and backpack offerings to support the back-to-school season. In May, we'll be opening a Columbia High Street location in the center of Harajuku, a premier retail area in Tokyo. I'm excited to see this premium expression of the brand come to life.

我們在日本的團隊在打造引起消費者共鳴的成功特許經營權方面做得非常出色。本季的一些本地產品亮點包括我們的 [Safland] 冬靴、[Ofor] 海濱鞋類和背包產品，以支持返校季節。五月，我們將在東京首屈一指的零售區原宿中心開設哥倫比亞高街店。我很高興看到這個品牌的高端表達得以實現。

Korea net sales increased low single-digit percent, aided by late winter weather. LAAP distributor markets were up low 20%s primarily reflecting robust Spring '25 order growth. In both our LAAP and EMEA distributor markets, Omni-MAX footwear has continued to be an incredible success story, demonstrating the power of great product, marketing activations, and retail presentation. The Columbia brand is strong and our partners are investing in retail door expansion.

受冬末天氣影響，韓國淨銷售額實現了低個位數百分比成長。LAAP 經銷商市場上漲 20% 以下，主要反映了 25 年春季訂單的強勁成長。在我們的 LAAP 和 EMEA 經銷商市場中，Omni-MAX 鞋類繼續取得令人難以置信的成功，展現了優質產品、行銷活動和零售展示的力量。哥倫比亞品牌實力雄厚，我們的合作夥伴正在投資零售門市擴張。

The EMEA net sales increased 7%. Europe direct net sales increased high single-digit percent with growth across all channels led by DTC stores.

歐洲、中東和非洲地區的淨銷售額成長了 7%。歐洲直接淨銷售額實現了高個位數百分比成長，其中以 DTC 商店為主導的所有管道均實現了成長。

For Spring '25, Europe's key marketing campaign positions Columbia as the leader in hike. The team is focused on bringing young, active consumers into the brand through local activations like the Columbia High Society as well as social content with hike influencers. Across the European marketplace, our team is doing a great job evaluating the consumer experience with in-store marketing and brand managed spaces in concept with strategic partner.

2025 年春季，歐洲的主要行銷活動將哥倫比亞定位為健行的領導者。該團隊致力於透過哥倫比亞高級協會等當地活動以及與徒步旅行影響者的社交內容，吸引年輕、活躍的消費者了解該品牌。在整個歐洲市場，我們的團隊正在與策略夥伴一起，透過店內行銷和品牌管理空間的概念來評估消費者體驗，做得非常出色。

Our EMEA distributor business was down slightly despite strong Spring '25 orders as the timing of shipments is more heavily weighted to the second quarter. Canada net sales were down 2% in the quarter, with sales down modestly across wholesale and DTC.

儘管 25 年春季訂單強勁，但我們的 EMEA 分銷商業務仍略有下滑，因為發貨時間更多地集中在第二季度。本季加拿大淨銷售額下降 2%，批發和 DTC 銷售額均小幅下降。

Looking at first quarter performance by brands. Columbia net sales increased 3%. On the product front, we introduced our lightest shoe ever, the Omni-MAX Konos Featherweight designed to perform on the trail and in the city with adaptive cushioning, flexible support, and grippy outsole.

回顧各品牌第一季的業績。哥倫比亞淨銷售額成長3%。在產品方面，我們推出了迄今為止最輕的鞋子——Omni-MAX Konos Featherweight，它具有自適應緩衝、靈活支撐和抓地力強的外底，適合在小路上和城市中使用。

The incredible versatility of this product is being highlighted to consumers with a new footwear marketing campaign, Every Surface is a Trail. Marketing efforts to promote Columbia's new running shoes include title sponsorship of the VUE Trail Series in Sedona, Arizona.

新的鞋類行銷活動「Every Surface is a Trail」向消費者重點展示了該產品令人難以置信的多功能性。哥倫比亞為推廣其新跑鞋而採取的行銷措施包括冠名贊助亞利桑那州塞多納的 VUE Trail 系列賽。

The event draws many runners from across the Southwest and provides our teams with the opportunity to engage with this important bodies at the grass roots level. Our new Reign No Shine jacket was awarded Condé Nast Travelers best overall pick for lightweight rain shells.

這項活動吸引了來自西南地區的眾多跑步者，並為我們的團隊提供了與基層重要機構接觸的機會。我們的新款 Reign No Shine 外套榮獲《康泰納仕旅行者》雜誌輕量雨衣最佳整體選擇獎。

This jacket is designed to keep you dry in the wettest conditions and features our OutDry Extreme waterproof, breathable membrane in a new matte finish. In March, Columbia partnered with Kith, a Japanese clothing brand, South2 West8 to create a custom outdoor inspired collection. Each piece blends Kith and South2 West8 silhouettes with Columbia's utility and outdoor functionality.

這款外套旨在讓您在最潮濕的環境中保持乾爽，並採用我們全新的霧面 OutDry Extreme 防水透氣膜。今年 3 月，哥倫比亞與日本服飾品牌 Kith、South2 West8 合作，打造客製化戶外系列。每件作品都將 Kith 和 South2 West8 的輪廓與 Columbia 的實用性和戶外功能融為一體。

Our popular PFG fishing line had several collabs and collections to spring. Our PFG Earth series featured popular South Florida artist, Bentley. This limited edition collection highlights original work inspired by Miami's graphic artists and its local fish species. We acted into this collection with a Bubba Wallace in-store event at Dick's Sporting House of Sport in Miami. For the Homestead-Miami Nasdaq car race, we ramped Bubba's car and PFG graphics inspired by the collection.

我們的熱門 PFG 釣魚線在春季有許多合作和系列推出。我們的 PFG Earth 系列以南佛羅裡達州著名藝術家 Bentley 為特色。這個限量版系列突出了受邁阿密平面藝術家及其當地魚類啟發的原創作品。我們在邁阿密迪克體育館舉辦的 Bubba Wallace 店內活動中展示了這個系列。對於 Homestead-Miami Nasdaq 賽車比賽，我們提升了 Bubba 的賽車和受該系列啟發的 PFG 圖形。

During the quarter, we also partnered with Columbia brand ambassadors, Luke and Nicole Combs to create their own collections. We collaborated with Nicole to create a PFG specialized addition of apparel and accessories designed to take her from the boat to the beach and beyond. We work with Luke to create a PHG special edition turkey hunting collection, featuring a premium yield -- premium field-ready features, advance tech and his favorite Mossy Oak Greenleaf camouflage.

本季度，我們也與哥倫比亞品牌大使 Luke 和 Nicole Combs 合作，打造他們自己的系列產品。我們與妮可合作，為 PFG 專門打造了服裝和配飾，旨在讓她能夠從船上到海灘甚至更遠的地方盡情玩耍。我們與 Luke 合作打造了 PHG 特別版火雞狩獵系列，具有優質的產量 - 優質的野外功能、先進的技術和他最喜歡的 Mossy Oak Greenleaf 迷彩。

These incredibly successful collections and collaborations validate Columbia brand's authenticity and allow the brand to reach consumers. I'd also like to congratulate the Columbia team for earning the top apparel and footwear brand score in Newsweek's America's Best Loyalty Program survey.

這些極為成功的系列和合作證明了哥倫比亞品牌的真實性，並使該品牌能夠接觸到消費者。我還要祝賀哥倫比亞團隊在《新聞周刊》美國最佳忠誠度計劃調查中獲得了最高的服裝和鞋類品牌評分。

Newsweek takes input from thousands of loyal program members to uncover which offerings consistently deliver the most rewarding experience. It measures customer satisfaction, perceived value, customer support, trust, and overall benefits.

《新聞週刊》收集了數千名忠實會員的意見，以發現哪些產品能持續提供最有價值的體驗。它衡量客戶滿意度、感知價值、客戶支援、信任和整體利益。

Columbia's greater reward program delivers a meaningful portion of our DTC sales and is an important component of our overall consumer retention strategy. Well done, team.

哥倫比亞的更大獎勵計劃為我們的 DTC 銷售帶來了很大一部分收益，也是我們整體消費者保留策略的重要組成部分。幹得好，團隊。

Shifting to our emerging brands. Mountain Hardware net sales decreased 14% in the first quarter. While full price selling was healthy across channels, we had lower closeout sales compared to elevated the PFAS clearance activity last year. We remain committed to investing in the Mountain Hardware brand, including elevating our presentation at wholesale.

轉向我們的新興品牌。Mountain Hardware 第一季淨銷售額下降了 14%。雖然各個通路的全價銷售情況良好，但與去年 PFAS 清倉活動相比，我們的清倉銷售額有所下降。我們將持續致力於投資 Mountain Hardware 品牌，包括提升我們在批發領域的展示。

For Spring '25, we opened a handful of branded retail environments in the specialty outdoor channel. Initial sell-through trends have been promising at these locations, and we plan to open more for the fall. prAna net sales decreased 10% in the quarter, reflecting challenging e-commerce performance, in part due to lower finance activity compared to elevated levels in the prior year. I remain excited about prAna's product and marketing direction.

2025 年春季，我們在專業戶外通路開設了一些品牌零售環境。這些地點的初步銷售趨勢良好，我們計劃在秋季開設更多門市。 prAna 淨銷售額本季下降了 10%，反映出電子商務表現不佳，部分原因是與去年同期相比金融活動減少。我仍然對 prAna 的產品和行銷方向感到興奮。

As we head into the fall season, new product collections and refreshed brand imaging will be increasingly evident to consumers. During the quarter, prAna refreshed its Boulder, Colorado retail location to better highlight key product franchises and elevate brand storytelling.

隨著秋季的到來，新的產品系列和更新的品牌形象將越來越受到消費者的關注。本季度，prAna 更新了其位於科羅拉多州博爾德的零售店，以更好地突出主要產品特許經營權並提升品牌故事。

The immediate link to store performance indicates that prAna's improved product assortment and presentation at retail is resonating to consumers.

與商店業績的直接聯繫表明，prAna 改進的零售產品分類和展示引起了消費者的共鳴。

SOREL net sales decreased 8%. The team is making great progress refreshing the product line with new styles like the ONA AVE sneaker and the Roam'n Clog, which have the potential to become important product franchises in the seasons to come.

SOREL淨銷售額下降8%。團隊正在大力更新產品線，推出 ONA AVE 運動鞋和 Roam'n Clog 等新款式，這些產品有可能成為未來幾季的重要產品專營權。

SOREL's evolution will continue into the fall season with new women's styles and expanded men's selection, high-energy collabs, and refreshed brand imagery.

SOREL 的演變將持續到秋季，推出新的女裝款式、擴大男裝選擇、高能量的合作以及煥然一新的品牌形象。

In closing, Columbia Sports is a strong company that has weathered many challenges. We have an amazing portfolio of brands, decades of international trade experience, and a fortress balance sheet. I'm confident we have the strength to navigate near-term uncertainty and unlock significant long-term growth opportunities. We remain committed to investing in our strategic priorities.

最後，哥倫比亞體育是一家經受住諸多挑戰的強大公司。我們擁有令人驚嘆的品牌組合、數十年的國際貿易經驗和穩健的資產負債表。我相信，我們有能力克服近期的不確定性，並釋放重大的長期成長機會。我們將繼續致力於投資我們的戰略重點。

Two, accelerate profitable growth; create iconic products that are differentiated, functional, and innovative; drive brand engagement with increased focused demand creation investments; enhance consumer experiences by investing in capabilities to delight and retain consumers; amplify marketplace excellence that is digitally led omnichannel and global and empower talent that is driven by our core values.

二是加速獲利成長；創造具有差異化、功能性和創新性的標誌性產品；透過增加有針對性的需求創造投資來推動品牌參與度；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的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. We welcome your questions for the remainder of the hour. Operator, can you help us with that?

我的準備好的發言到此結束。歡迎您在剩餘時間內提出問題。接線員，您能幫我們嗎？

(Operator Instructions) Laurent Vasilescu, Exane BNP Paribas.

（操作員說明）Laurent Vasilescu，Exane BNP Paribas。

Good afternoon. Thank you very much for taking my question. And thank you, Tim, for all your thoughts on the tariff situation. It sounded from the prepared remarks that your fall order book did not meaningfully change if I heard correctly. I note -- Tim and Jim, I know you're not guiding for today, but should we assume that wholesale for 2H should be similar to what you expected in early February, which I think was somewhere up low single digits? And longer term -- yes, sorry.

午安.非常感謝您回答我的問題。提姆，謝謝你對關稅情況的所有看法。如果我沒聽錯的話，從準備好的演講稿來看，你們的秋季訂單簿並沒有發生重大變化。我注意到——蒂姆和吉姆，我知道你們沒有給出今天的指導，但我們是否應該假設下半年的批發額應該與你們在 2 月初的預期相似，我認為這個數字應該在個位數左右？從長遠來看——是的，抱歉。

And then second part of that question is just longer term, I believe there's a lot of private label offering in the US that comes from China. Are there any opportunities to take market share near term and longer term just because of the situation? Thank you.

這個問題的第二部分是長期的，我相信美國有很多來自中國的自有品牌產品。僅僅因為這種情況，是否還存在短期和長期佔領市場份額的機會？謝謝。

Certainly. Well, again, the category headwinds, we really don't know what the consumer is going to be doing in the back half of the year. On the tailwinds, there's so much product that comes from China, both from private label and from smaller brands where we believe there's an opportunity for the company to gain market share and we'll be focusing on making sure that as it's available to us, we are going to take advantage of it. And we think that there will be an opportunity for us to grow the business from a market share perspective, just based on the what you pointed out as it relates to China's shortcoming shortfall in deliveries to the US.

當然。好吧，再次強調，對於類別逆風，我們真的不知道消費者在下半年會做什麼。順風方面，來自中國的產品非常多，既有自有品牌，也有小品牌，我們相信公司有機會獲得市場份額，我們將專注於確保我們能夠獲得這些產品，並充分利用它們。我們認為，從市場份額的角度來看，我們將有機會發展業務，這僅基於您所指出的與中國向美國交付不足有關的情況。

And Laurent, as it relates to the fall order book, as we took that through February and March. There were no surprises in the wrap up of that order book relative to what we reported in February. And as Tim noted, we've not seen any meaningful cancellations to date.

勞倫特，這與秋季訂單有關，我們在二月和三月就已完成了訂單。與我們 2 月報告的情況相比，該訂單簿的總結並沒有什麼意外。正如蒂姆所指出的，到目前為止我們還沒有看到任何有意義的取消。

Okay. And then I appreciate that. I know it's hard in this volatile environment, but I appreciate that you called out $40 million to, I think, $45 million of incremental COGS based on the tariff rates as of today. Should we assume that, that split between 3Q and 4Q? And clearly, I think you called out that you're not offsetting that with pricing for fall order books, but could you raise pricing starting for Spring 2026?

好的。我很感激這一點。我知道在這種動盪的環境下這很困難，但我很感激你根據今天的關稅稅率提出了 4000 萬美元到 4500 萬美元的增量 COGS。我們是否應該假設第三季和第四季之間存在這種分裂？顯然，我認為您說過您不會透過秋季訂單定價來抵消這一影響，但您能從 2026 年春季開始提高價格嗎？

And if that's the case, like how much would you raise pricing globally or just in the US?

如果是這樣的話，您會將全球或僅美國的定價提高多少？

Certainly. Well, I think our plans for Spring '26, which are in flux right now, because we really don't know what we're likely to pay for things in Fall '25, let alone Spring '26. But again, we will be surgically viewing the business and when the opportunity arises for us to either take market share by keeping existing pricing or offering some incentives. We'll be doing that on an almost ad hoc basis as it begins -- as we begin to take orders for the season.

當然。嗯，我認為我們對 26 年春季的計劃現在還在不斷變化中，因為我們真的不知道 25 年秋季我們可能會花多少錢，更不用說 26 年春季了。但同樣，我們將仔細審視業務，並在機會出現時透過保持現有定價或提供一些激勵措施來佔領市場份額。當我們開始接受本季訂單時，我們將幾乎臨時地這樣做。

And then, Laurent, as it relates to the $40 million to $45 million in tariffs. By and large, we would expect that to be in the second half of the year. We don't ship a lot of the very little of the fall merchandise here in the second quarter. There may be a little bit that goes out. And then that $40 million to $45 million, that's incurred or realized P&L that underlying inventory sold.

然後，勞倫特，這涉及 4000 萬至 4500 萬美元的關稅。總的來說，我們預計這將在今年下半年發生。我們第二季度運送的秋季商品數量很少。可能會有一點點出去。然後，這 4,000 萬到 4,500 萬美元就是所產生或實現的損益，也就是基礎庫存的銷售。

So there's the potential that you could see some of that cost actually out in the '26 to the grid. We haven't shipped it or sold through our own D2C channels at the end of the year.

因此，您有可能看到部分成本實際上已在 26 年內進入電網。到年底我們還沒有出貨，也沒有透過自己的D2C通路銷售。

Very, very helpful. Last housekeeping question here. Just the midpoint of guidance for 2Q revs. I appreciate that you're giving that to us tonight, but the 3%. Any color around how we should think about that by the key markets that you report?

非常非常有幫助。這是最後一個常規問題。這只是第二季營收預測的中點。我很感激你今晚給我們這個機會，但 3%。根據您所報告的主要市場，我們應該如何看待這個問題？

And if you're seeing anything in terms of near-term sentiment in China because you've done very well over the last several quarters in China. So I'd just love to get some color there.

如果您看到中國近期的情緒有任何變化，那是因為過去幾季您在中國的表現非常好。所以我很想在那裡得到一些顏色。

Yeah. I mean, from an overall standpoint, the guidance range that we provided of 1% to 5%. The 5% was essentially in line with the prior outlook that we provided back in February. And keep in mind that from a wholesale standpoint, we had an order book for the spring season that we last reported on that contemplated, a mid-single-digit rate of growth. So this is generally consistent with that barring anything significantly changing from a wholesale customer standpoint, which we've not seen to date.

是的。我的意思是，從整體角度來看，我們提供的指導範圍是 1% 到 5%。5% 與我們 2 月提供的預測基本一致。請記住，從批發的角度來看，我們上次報告的春季訂單預計成長率為中等個位數。因此，這通常與批發客戶角度的預期一致，除非發生重大變化，但迄今為止我們還沒有看到這種情況。

Aside from that, Laurent, we're assuming that the trends that we've more recently seen in the business, which includes our international businesses continue to be healthy. So our outlook would contemplate that continue to be the case across Europe and China, and then continued some slowness that we've seen in our US direct-to-consumer business.

除此之外，勞倫特，我們假設我們最近在業務中看到的趨勢（包括我們的國際業務）將繼續保持健康。因此，我們的前景將考慮到歐洲和中國的情況將繼續如此，然後繼續出現我們在美國直接面向消費者的業務中看到的一些放緩。

Okay. Thank you very much and best of luck.

好的。非常感謝，祝你好運。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hi. Thanks for taking our question. You pointed to opportunity to take market share in the current environment. And I was hoping you could elaborate on those comments if that's a global consideration and given the level of consumer uncertainty, could you share your internal expectations for market performance in the various regions you participate?

你好。感謝您回答我們的問題。您指出了在當前環境下佔領市場份額的機會。如果這是一個全球性的考慮，並且考慮到消費者的不確定性程度，我希望您能詳細說明這些評論，您能否分享您對所參與的各個地區的市場表現的內部預期？

Certainly, let me answer the first one. As it relates to market share, many of the companies that we compete with and as Laurent mentioned, many of our customers that have private label businesses that are centered in China will have a difficult time importing products at all, maybe paying very high prices for it.

當然，我來回答第一個問題。就市場佔有率而言，我們與之競爭的許多公司，以及正如 Laurent 所提到的，我們許多以中國為中心的擁有自有品牌業務的客戶，在進口產品時都會遇到困難，可能要為此付出高昂的代價。

And we see opportunities to take share from these smaller brands and also take share potentially from our customers' private business. That's the primary -- why we feel confident that there's going to be an opportunity for us just based on our balance sheet. And the fact that, frankly, we have a very structured, well-established expertise in navigating tariffs globally.

我們看到了從這些小品牌手中奪取市場份額的機會，同時也有可能從客戶的私人業務中奪取市場份額。這是最主要的——為什麼我們有信心僅根據我們的資產負債表就有機會。坦白說，我們在全球範圍內處理關稅方面擁有非常結構化、完善的專業知識。

The US, well, it's a crazy time right now for tariffs, we navigate tariffs around the world and are quite good at so the opportunities for us to be successful when others are not should be quite good.

嗯，美國現在正處於關稅瘋狂時期，我們在全球範圍內應對關稅，並且非常擅長，因此當其他國家無法成功時，我們成功的機會應該相當大。

And then I was hoping you could talk about your plans to support demand creation. Previous guidance had considered a step up to 6.5% of sales. I recognize that you're no longer -- you've withdrawn guidance, but I was hoping you could talk about your level of commitment to growing demand creation and relative to the prior outlook.

然後我希望您能談談支持需求創造的計劃。先前的指導意見曾考慮將銷售額提高至 6.5%。我知道您不再——您已經撤回了指導，但我希望您能談談您對不斷增長的需求創造的承諾程度以及相對於之前的展望。

Yeah. We intend to continue to spend at a higher level than we have in the past on projects and campaigns starting really in August of this year. And we think it's going to be quite good for the company for a couple of reasons. First of all, we're going to spend more. Second of all, we're going to be more efficient with our spend, we're changing strategically how we spend the money.

是的。我們打算從今年 8 月開始繼續在專案和活動上投入比過去更高的資金。我們認為這對公司來說將是一件好事，原因如下。首先，我們將投入更多資金。其次，我們將更有效地利用資金，我們正在從策略上改變我們的花錢方式。

And lastly, the campaigns created is very different. We'll have an opportunity to show you that in August when you'll see much more of the company's marketing assets being distributed. But I think that those three things will give us a very big leg up especially in a time when competitors will not be able to be investing as heavily as we will.

最後，所創建的活動非常不同。八月我們將有機會向您展示這一點，屆時您將看到該公司更多的行銷資產被分發。但我認為這三件事將為我們帶來很大的優勢，特別是在競爭對手無法像我們一樣投入大量資金的時候。

And Peter, while we're not providing a full year outlook. He'll note in the CFO commentary that we've published, if you look at the SG&A analysis that's in there. Our marketing spend as a percentage of sales for the first quarter was 6.4%. So that's somewhat indicative of that intent that we've got in terms of putting more dollars behind marketing and the ACCELERATE strategy.

彼得，我們沒有提供全年展望。如果你看一下我們發表的財務長評論中的銷售、一般和行政費用分析，你會注意到這一點。我們第一季的行銷支出佔銷售額的百分比為 6.4%。所以這在某種程度上顯示了我們在行銷和加速策略方面投入更多資金的意圖。

I appreciate the perspective and I look forward to the advertising campaign.

我很欣賞這個觀點，並期待這場廣告活動。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Good afternoon. This is Krista Zuber on for John. Thank you for taking our questions. Just first on the SG&A cost saves. On the last call, you really spoke to achieving the $90 million in cost saves for 2024. And you're now tracking, I believe, the 8-K suggested roughly $150 million annualized for fiscal '25. What have you since identified in your cost structure review of potential areas that's driving this spend reduction?

午安.我是 Krista Zuber，代表約翰。感謝您回答我們的問題。首先是銷售、一般及行政費用的節省。在上次電話會議上，您確實談到了實現 2024 年 9,000 萬美元的成本節約。我相信，您現在正在追蹤 8-K 建議的 25 財年年度化收入約 1.5 億美元。您在成本結構審查中發現了哪些可能推動支出削減的領域？

And ultimately, what do you view with the optimum SG&A rate longer term for the company, excluding this, I don't even know if you can exclude the current period, but in a rosier picture, I guess? Thank you.

最後，您認為公司長期的最佳銷售、一般和行政費用率是多少（不包括這個因素），我什至不知道您是否可以排除當前時期，但我想，情況會更加樂觀？謝謝。

Yeah, Krista, this is Jim. Yeah. So what we described, the $150 million, keep this in mind, those are annualized cost reduction plans that we've got to encompass both what we set out and we achieved in FY24 so the $90 million and then the incremental amount that we intend to execute on this year that would bring the cumulative amount up to the $150 million by the time that we exit this year, by and large, is reflective of the components that we've described at to this point in terms of operational cost savings.

是的，克里斯塔，這是吉姆。是的。因此，請記住，我們所描述的 1.5 億美元是年度成本削減計劃，我們必須涵蓋我們在 24 財年制定的計劃和實現的目標，因此 9000 萬美元以及我們打算在今年執行的增量金額將使累計金額在今年結束時達到 1.5 億美元，總的來說，這反映了我們目前在運營成本節約方面所描述的組成部分。

We've described some work that's going on within our supply chain, that's encompassed distribution costs and whether that be third-party logistics and distribution savings that we achieved in the last year, including labor optimization. There's automation efforts that are ongoing.

我們描述了我們供應鏈中正在進行的一些工作，其中包括分銷成本以及我們去年實現的第三方物流和分銷節省，包括勞動力優化。自動化工作正在進行中。

We did execute a reduction in force last year. Certainly, that's on the table in terms of factors that we need to be considering for the balance of this year as well. So -- and then in addition to that, all forms of other spend and whether that's capital spend, we're porting back on that a bit in the US given the uncertainty of the trade environment that we're operating in and all other forms of discretionary spend. So we feel like we've got a good beat on achieving that $150 million as we exit this year.

我們去年確實實施了裁員。當然，這也是我們今年需要考慮的平衡因素之一。因此，除此之外，考慮到我們所處的貿易環境的不確定性以及所有其他形式的可自由支配支出，我們也會將所有形式的其他支出（無論是否為資本支出）稍微轉移回美國。因此，我們覺得，在今年退出時，我們很有可能實現 1.5 億美元的目標。

To your question regarding the longer-term goal here, without getting down to the specifics on this, certainly, our expectation would be that we make progress towards driving leverage in our SG&A and getting -- pushing that back in the direction where it has historically been as well as in the case of our operating margin and seeing our operating margins return into the double digit and beyond zone. But it's going to take time given the uncertainty of the environment that we're operating in here today.

對於您關於長期目標的問題，無需詳細說明，當然，我們的期望是，我們在推動銷售、一般和行政費用 (SG&A) 槓桿方面取得進展，並將其推回到歷史水平，以及我們的營業利潤率，並看到我們的營業利潤率回到兩位數甚至更高的水平。但考慮到我們目前所處環境的不確定性，這需要時間。

Got it. Thank you for that. And just one -- my second question, just on China. The turnaround in your business there has been very encouraging. And what you're seeing, just like to get some insight into what you're seeing there. You're up low teens, I believe, constant currency in Q1.

知道了。謝謝你。我的第二個問題是關於中國的。你們那裡的業務好轉非常令人鼓舞。而您所看到的，只是想對您在那裡看到的東西有一些了解。我相信，第一季的貨幣匯率將維持在低點。

Can you talk more to the recent trends, the positive outdoor category trends, the elevation that you've really been able to achieve in that market and how that's shaping your view more or less for the balance of this year and the longer-term opportunity in the market? Thank you.

您能否多談談最近的趨勢、積極的戶外類別趨勢、您在該市場真正取得的提升，以及這如何影響您對今年平衡和市場長期機會的看法？謝謝。

Yeah. So I mean, it's good to remember that we are quite small in China but compared to many of our competitors. So the opportunity for us to grow rapidly is quite -- is there. The expansion opportunities are good as well because there's an established retail operation there with not only our own stores, but stores that our customers would operate, for all intents and purposes, under our franchise agreement. So outdoor is strong there.

是的。所以我的意思是，要記住，與許多競爭對手相比，我們在中國規模相當小。因此，我們快速發展的機會是相當存在的。擴張的機會也很好，因為那裡有一個成熟的零售業務，不僅有我們自己的商店，而且還有我們的客戶根據我們的特許經營協議在各個方面經營的商店。所以那裡的戶外運動很強大。

The brand is strong, and we're seeing lots of opportunity for expansion. We're also going to be continuing to invest there in localized design and production, which we believe can give us a leg up against many of our competitors.

該品牌實力雄厚，我們看到了許多擴張的機會。我們也將繼續在本地化設計和生產方面進行投資，我們相信這將使我們在與眾多競爭對手的競爭中佔據優勢。

Thank you.

謝謝。

Mitch Kummetz, Seaport Global.

米奇·庫梅茨 (Mitch Kummetz)，Seaport Global。

Thank you for taking my questions. Tim, as you think about the consumer or maybe some of your wholesale partners, have you seen any preemptive buying any pullback in the spending? And then also maybe just from a top -- well, as far as sales and margins, what is your FX outlook? How has that changed given what we've seen with the dollar over the last -- since you guys last reported?

感謝您回答我的問題。提姆，當你想到消費者或你的一些批發合作夥伴時，你是否看到任何先發制人的購買行為導致支出回落？然後也許只是從頂部來看 - 那麼，就銷售和利潤而言，您的外匯前景如何？從你們上次報道以來美元的走勢來看，情況發生了怎樣的變化？

Yeah, I can take the FX portion of that, Mitch. We're not providing a full-year outlook here today. In terms of what's embedded in our in our Q2 outlook that we provided, I think it's on the conservative end of the range knowing that the dollar's weakened a fair amount. So that should be a bit more of a benefit relative to what we anticipated coming into the year. But speaking to it any further than that on the full year, but I will back my comments at this stage.

是的，我可以負責 FX 部分，米奇。我們今天不提供全年展望。就我們提供的第二季展望而言，我認為它處於保守範圍，因為美元已經大幅貶值。因此，相對於我們預期的今年的情況而言，這應該會帶來更多好處。但是，對於全年而言，我不會再進一步談論這個問題，但我會在這個階段支持我的意見。

Yeah. I think for us, even though we -- once or so into this tariff, even have to describe the tariff world. Our customers as it relates to the retail customers looking to us for guidance on much of the stuff. And unfortunately, we're not going to be able to do much other than tell them the company is strong, you can rely on the from a balance sheet perspective, that we will be stronger than many of your vendors and we provide as much information as we can frequently. I was in touch with virtually every one of our major customers at a high level to tell them, here's our approach.

是的。我認為對我們來說，即使我們曾經或曾經進入過這個關稅領域，甚至必須描述關稅世界。我們的客戶與零售客戶有關，他們在很多事情上都向我們尋求指導。不幸的是，我們除了告訴他們公司實力雄厚之外，什麼也做不了，從資產負債表的角度來看，你可以相信，我們比你們的許多供應商都強大，而且我們會盡可能頻繁地提供盡可能多的信息。我幾乎與每位主要客戶都進行了高層聯繫，告訴他們我們的做法如下。

We don't know much. But as we know, we will be filling you guys in. And we think there's an opportunity to take market share from weaker competitors. The consumer, I think, clearly, is screen what's going on, and we've seen that across all different kinds of commodities. So again, it's just too difficult to be speculative right now.

我們知道的不多。但正如我們所知，我們將會向你們通報。我們認為這是一個從實力較弱的競爭對手手中奪取市場份額的機會。我認為，消費者顯然在關注正在發生的事情，我們在各種商品中都看到了這一點。所以，現在要進行推測實在太困難了。

And then as a follow-up, you guys mentioned that there hasn't been any change to the order book. But Tim, I think you said that you expect retailers to be cautious. Are you going to be building the order book? Are you going to be pairing that back, assuming that there are some cancellations might hit? And how are you thinking about your willingness to hold inventory?

然後作為後續，你們提到訂單簿沒有任何變化。但是提姆，我想你說過你希望零售商保持謹慎。您要建立訂單簿嗎？假設可能會有一些取消，你會將其配對嗎？您如何考慮持有庫存的意願？

Are you more likely to pack and hold knowing that stuff that you have in inventory now you've bought it maybe at a lower cost than might down the road? Is there more willingness to hold on to things, especially if it's like basic carryover product?

您是否更有可能打包並保留您庫存中的物品，因為您知道現在購買它們的成本可能比以後更低？人們是否更願意保留一些東西，尤其是基本的結轉產品？

Yeah. So we sold the bulk of this inventory November of last year, we bought it and we have not received at all. So depending on when the merchandise actually shows up, I think we think we've got something like half of our products. We've seen some of the new tariffs, but basically half of our inventories in the US is here in house.

是的。所以我們去年 11 月賣掉了大部分庫存，我們買了這些庫存，但我們根本沒有收到。因此，根據商品實際到達的時間，我認為我們已經獲得了大約一半的產品。我們已經看到了一些新的關稅，但基本上我們在美國一半的庫存都在我們公司內部。

And we're going to continue to receive inventory. Hopefully, it will be at some reasonable tariff charge. But between a short -- a potential shortage from other vendors and our strong balance sheet, we believe we can be a provider of product as it's required to our retail partners and consumers to our own DTC business beyond where others will be able to provide that.

我們將繼續接收庫存。希望其收費是合理的。但是，在其他供應商可能出現短缺和我們強勁的資產負債表之間，我們相信我們可以成為產品提供商，因為我們的零售合作夥伴和消費者需要它，而我們自己的 DTC 業務則無法提供這種產品。

Yeah, maybe just a couple of added remarks related to that. So over the Fall '25 season, we've purchased the lion's share of our inventory is in the 85%, 90%-plus range of Fall '25 that is in bot. So certainly, these final buys that we're making as we finish up the seats we're rationalizing those inventory purchases relative to any given number of scenarios from a demand standpoint.

是的，也許只是與此相關的幾點補充說明。因此，在 25 年秋季，我們購買的大部分庫存都在 85% 到 90% 以上的範圍內。因此，當然，當我們完成座位時，我們會從需求的角度合理化這些庫存購買，使其相對於任何給定數量的場景更加合理。

And then with regard to holding inventory, we've had a strong preference in the past to ensure that we do that in the lease disruptive way and profitable way of leveraging the fleet of outlet stores that we have. So that will be top of mind as we get to that point and we need to make those decisions in the latter part of the year.

關於庫存持有，我們過去一直傾向於確保以顛覆租賃的方式和有利可圖的方式利用我們擁有的直銷店資源來做到這一點。因此，當我們到達那個點時，這將是最重要的考慮因素，我們需要在今年下半年做出這些決定。

Yeah, I might add -- a global business. And so to the extent we can move product around the world to take advantage of markets that don't have the crazy tariff implications, we'll do that.

是的，我想補充一點——全球業務。因此，只要我們能夠將產品運往世界各地，以利用沒有瘋狂關稅影響的市場，我們就會這樣做。

Great. Thanks, again.

偉大的。再次感謝。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

Hey. Thanks, guys. On that $40 million to $45 million of tariff pressure that you talked about in the second half, I'm curious if that already considers the sharing of some of the burden by your vendors or if that's an opportunity to work that $40 million to $45 million lower? And then second, can you just remind us your top three customers? And what percent of sales they represent within the host business?

嘿。謝謝大家。關於您在下半年談到的 4000 萬至 4500 萬美元的關稅壓力，我很好奇這是否已經考慮到您的供應商分擔部分負擔，或者這是否是一個降低 4000 萬至 4500 萬美元的機會？第二，您能否提醒我們您的三大客戶？他們在主營業務中的銷售額佔多少百分比？

Yeah. So as it relates to our vendors, we have a well-established grouping large vendors to the company, we consider them to be partners, and we will work together to the extent possible to mitigate as much of this additional tariff costs that we can. It may not be through discounts and maybe through some other help that they may give us on where we're shipping merchandise or shipping merchandise over a longer degree of time, et cetera.

是的。因此，就我們的供應商而言，我們有一個完善的大型供應商集團，我們將他們視為合作夥伴，我們將盡可能地共同努力，盡可能減輕這些額外的關稅成本。他們可能不會透過折扣，而是透過其他方式幫助我們運送商品或在較長時間內運送商品等等。

So we consider the fact that we had the strong relationships with the vendors to be another example of a high-quality company with a great balance sheet that can weather storms like this. And as it relates to our customers, we don't really provide top customers.

因此，我們認為，我們與供應商建立了牢固的關係，這是高品質公司的另一個例子，該公司擁有良好的資產負債表，可以抵禦這樣的風暴。就我們的客戶而言，我們實際上並沒有提供頂級服務。

We do not have a 10% customer. We have customers all over the globe. And so we think we're quite well set to weather the storm.

我們沒有 10% 的客戶。我們的客戶遍佈世界各地。因此我們認為我們已經做好了充分的準備來渡過這場風暴。

And just typically, the $40 million to $45 million that already includes some vendor sharing that in tariff burden or no?

通常來說，4000 萬到 4500 萬美元中已經包括一些供應商分擔關稅負擔了，不是嗎？

No. That's the direct tariff cost us on the universal 10% incremental tariffs for the Fall '25 season.

不。這就是我們在 2025 年秋季普遍 10% 增量關稅中所花費的直接關稅成本。

In the USA. Then we don't really know if it goes to 175% on every country in the world, it may be a different number.

在美國。那我們真的不知道世界上每個國家的稅率是否都達到 175%，這可能是一個不同的數字。

And do you think that you have the success with getting the vendors to share in some of that burden?

您認為您能成功讓供應商分擔部分負擔嗎？

Well, again, these are partners of ours, we will work together to do what we can in that. Moving in order to a different time, moving order to a different -- ship to location in the country. It's not the USA, (inaudible) there's all these myriad ways we can work together to help together move through this stormy period.

好吧，再說一次，這些都是我們的合作夥伴，我們將共同努力，盡我們所能。為了適應不同的時間，為了將貨物運送到不同的國家/地區，需要不同的運輸。這不是美國，（聽不清楚）我們可以透過無數種方式共同努力，渡過這段艱難時期。

Got it. Thank you. Good luck.

知道了。謝謝。祝你好運。

Jonathan Komp, R.W. Baird.

喬納森康普、R.W.貝爾德。

Yeah. Hi. Good afternoon. If I could just follow up to ask further on the China and the US sourcing. It sounds like you're shifting a lot of that product. So essentially, you don't have exposure on that piece. China, the US this year. Could I just ask, will that also be the case going forward? Or is that just unique to the fall period? And then any risk from that, that you see in terms of suboptimal assortments or any potential shortages here in the US based on some of those shifts?

是的。你好。午安.我是否可以進一步詢問有關中國和美國採購的情況？聽起來你正在轉移很多該產品。因此從本質上來說，你對這件作品沒有曝光度。今年是中國、美國。可以問一下，以後也會這樣嗎？還是這只是秋季特有的現象？那麼，您認為由此產生的任何風險是什麼？基於這些轉變，美國是否有次優分類或潛在短缺？

No. We -- the company for years has been moving from China for a number of different reasons, not the least of which China has for a while been the least competitive sourcing operation for products that we sell. So we were able to reduce the company's intake into the US from China to a very low single digit. We were able to further reduce that this year because we moved product around the globe so that we would keep the orders in our factories there and still providing profitable sales around the world.

不。我們公司多年來一直出於各種原因而從中國遷出，其中一個重要原因是，中國一度成為我們所銷售產品的競爭力最弱的採購地。因此，我們能夠將該公司從中國進口到美國的量減少到非常低的個位數。今年我們能夠進一步減少這一成本，因為我們將產品轉移到了世界各地，這樣我們就可以把訂單保留在那裡的工廠裡，同時仍然在世界各地提供有利可圖的銷售。

I don't see any impact on the company's ability to provide high-quality products across our offerings, areas outside of China. But we will continue to produce products in each one for local China production and for consumption around the world where the China's products are considered to be not have tariffs.

我認為，這不會對公司在中國以外地區提供高品質產品的能力產生任何影響。但我們將繼續在中國本土生產產品，並銷往世界各地，因為中國的產品被認為沒有關稅。

Okay. Great. That's really helpful. And then one more follow-up just on the unmitigated exposure of the $40 million to $45 million this year. It looks like effectively that's more than a 300 basis point hit in the second half to your US gross margin structure.

好的。偉大的。這真的很有幫助。然後再進行一次有關今年 4,000 萬至 4,500 萬美元的無節制風險敞口的後續行動。看起來這實際上會對您下半年的美國毛利率結構造成超過 300 個基點的打擊。

Are there any other potential offsets you're contemplating for this year? And is that a onetime step down? Or are you thinking about looking to recapture some of that next year depending on all the scenarios? Just trying to get to how you're thinking about that margin impact this year.

今年您是否正在考慮其他潛在的抵銷措施？這是一次性的降級嗎？或者您正在考慮根據所有情況在明年重新獲得其中的一些？只是想了解您對今年的利潤影響有何看法。

Right. Well, that's based on an assumption that the President does not increase the size of the current 10% additional tariff. So that's our assumption. That's how we're modeling the business. Who knows, the guy made -- we got tomorrow and the world has changed, but we're providing the information that we got.

正確的。嗯，這是基於總統不會增加當前 10% 附加關稅的假設。這就是我們的假設。這就是我們的業務建模方式。誰知道呢，這個人創造了——我們擁有明天，世界也發生了變化，但我們正在提供我們所獲得的資訊。

Jon, we believe that a onetime -- we're absorbing the lion's share of that $40 million to $45 million this year. Our belief and expectations we plan for next year. It's premature in terms of all the steps, but Tim touched on all the different levers that we have available to us. And as we begin that planning for next year, certainly, we would look to make various decisions to absorb and recover any incremental tariffs that were net occurring.

喬恩，我們相信，今年我們將一次性吸收這 4,000 萬至 4,500 萬美元中的大部分。我們對明年的信念和期望。就所有步驟而言，現在還為時過早，但蒂姆談到了我們可以使用的所有不同手段。當我們開始為明年做計劃時，我們當然會考慮做出各種決定來吸收和收回任何淨發生的增量關稅。

Okay. Great. Best of luck. Thanks, again.

好的。偉大的。祝你好運。再次感謝。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Hey. Good afternoon. Thanks for taking my question. You mentioned that you're pulling in inventory during the pause period and rationalizing buys for the back half. Can you clarify if that is on a dollar basis? And can you talk about your expectations on the cadence of ending inventory for Q2 through Q4? And any detail on region would be helpful.

嘿。午安.感謝您回答我的問題。您提到，您正在暫停期間增加庫存，並合理化後半部的採購。您能否澄清一下這是否是以美元為基礎的？您能談談對第二季至第四季期末庫存節奏的預期嗎？任何有關地區的詳細資訊都會有幫助。

Well, it relates to rationalizing inventory. That is looking at that both in dollars and units. And of course, we're not providing specifics on that. And as it relates to pulling in inventory, certainly, what we're seeking to achieve there is knowing that July 9 and the risk of these incremental tariffs then be coming in place. We want to pull forward as much as we can from a production standpoint, being able to receive that inventory and pay the duties at the current known universal 10% incremental rate.

嗯，這與合理化庫存有關。這是從美元和單位兩個角度來看的。當然，我們不會提供具體細節。至於拉庫存，我們當然希望了解 7 月 9 日以及這些增量關稅即將實施的風險。我們希望從生產的角度盡可能提前，以便能夠接收庫存並按照目前已知的 10% 的普遍增量稅率繳納關稅。

So to the degree we can work closely with our factory partners, with their logistic partners. We're doing everything we can to pull that inventory in from that vantage point.

因此，我們可以與我們的工廠合作夥伴及其物流合作夥伴密切合作。我們正在盡一切努力從這個有利位置拉進庫存。

Great. Thank you. And then with regards to pricing, obviously, you're making the decision to not take pricing up for the fall. Are you seeing other nonprivate label competitors take up prices? Or do you anticipate that they will in the fall? And is that potentially an opportunity to take further share?

偉大的。謝謝。然後關於定價，顯然，您決定在秋季不提高價格。您是否看到其他非自有品牌競爭對手採取了價格措施？或者您預計他們會在秋季這麼做？這是否是一個進一步擴大市場佔有率的潛在機會？

Yeah. I mean, again, I think we're more in the first reporting companies. But we know that many small competitors that we deal with and also many of our customers' private label products emanated from China. So those products, we believe, will be -- if they're successfully imported the United States switches a question, we believe we can easily compete with them and our expectation is that we'll be taking share on that.

是的。我的意思是，我認為我們更像是第一批報告的公司。但我們知道，我們打交道的許多小競爭對手以及我們許多客戶的自有品牌產品都來自中國。因此，我們相信，如果這些產品能夠成功進口到美國，我們相信我們可以輕鬆地與他們競爭，並且我們期望能夠佔據一定的市場份額。

Yeah, they're started a little known today in terms of what either our competitors or customers, private label, what everybody is doing with their own pricing. So, TBD.

是的，就我們的競爭對手或客戶、自有品牌以及每個人如何定價而言，它們如今鮮為人知。所以，有待確定。

All right. Thank you very much. Best of luck.

好的。非常感謝。祝你好運。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

All right. Thanks for taking my questions here. I guess just to ask in a different way, the decision to pull guidance was that more of a factor of the uncertainty in the demand environment or cost environment? Like are you seeing volatile trends in DTC in particular? That make it hard to predict. It sounds like the wholesale business is relatively stable and with a similar view as the last time you got it. But what's going on in the demand environment that makes it hard to predict? Thanks.

好的。感謝您在這裡回答我的問題。我想換個方式問一下，撤回指導的決定是否更取決於需求環境或成本環境的不確定性？您是否特別看到了 DTC 中的波動趨勢？這使得預測變得困難。聽起來批發業務相對穩定，並且與您上次接手時的情況類似。但是在需求環境中到底發生了什麼，使得預測變得困難呢？謝謝。

I'll just say this, Alex, what we're indicating to you and we've provided a Q2 outlook that, by and large, is maintaining the prior first half outlook that we would add -- have. Pulling the full year guidance, nobody knows.

我只想說，亞歷克斯，我們向您表明的情況以及我們提供的第二季度展望大體上與之前上半年的展望一致。沒有人知道全年的預測是否準確。

There are so many uncertainties with regard to how the consumer and the retailer behaves and acts in the second half of the year for that reason. We are -- we've made the decision to withdraw the guidance. Not to mention the numerous variables when you think about it from an overarching earnings standpoint.

因此，下半年消費者和零售商的行為方式存在著許多不確定性。我們——我們已經決定撤回該指導。更不用說從整體收益角度考慮時存在的眾多變數。

But we're not seeing anything today in the trend of our US business, either from a wholesale or D2C business perspective that would suggest a down trend, if you will.

但無論從批發或 D2C 業務角度來看，我們今天在美國業務的趨勢中都沒有看到任何下降趨勢。

Yeah. That's really helpful. And then can you just remind us of sourcing penetration by country and where you have the most exposure as it stands today just as we're thinking about reciprocal tariffs. Obviously, there is the ability to shift. But as it stands today, where do you have the most exposure?

是的。這真的很有幫助。然後，您能否提醒我們按國家/地區劃分的採購滲透情況，以及目前您在哪些國家/地區擁有最多的曝光率，就像我們正在考慮互惠關稅一樣。顯然，存在轉變的能力。但就目前情況而言，您在哪裡的曝光率最高？

Yeah. I just recommend, Alex, you look to our 10-K. It's pretty -- we just filed that a month or two ago, and it's got all of the relevant data points that are in there. Obviously, we've provided quite a bit of clarity here on the call as it relates to our China exposure specifically.

是的。我只是建議，亞歷克斯，你看看我們的 10-K。它很漂亮——我們一兩個月前才提交的，裡面有所有相關的數據點。顯然，我們在電話會議上提供了相當清晰的說明，因為它具體涉及我們在中國的業務。

Yeah. And Alex, I would just point out that we believe we're among the most distributed (technical difficulty) companies. So we have -- we're sourcing from many, many countries, and we're quite adept at losing production around the world to take advantage of tariffs and specialties in certain markets.

是的。亞歷克斯，我只想指出，我們相信我們是分佈最廣（技術難度最大）的公司之一。因此，我們從許多國家採購，我們非常擅長在世界各地損失生產，以利用某些市場的關稅和特產。

Perfect, really helpful. Best of luck going forward.

非常完美，非常有幫助。祝你未來好運。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Good afternoon. Thanks for taking my question. I joined a little bit late, so pardon me if I ask something that you may have already answered, but first on the guidance for Q2, I know it implies like the first half is you're keeping the guidance stable.

偉大的。午安.感謝您回答我的問題。我加入得有點晚，所以如果我問一些你可能已經回答過的問題，請原諒我，但首先關於第二季度的指導，我知道這意味著上半年你會保持指導穩定。

I just want to understand like for Q1, does that mean there was like some type of pull forward that happened there? And then on gross margin, on Q1, I see it was up 30 basis points. Was that like in line with your expectations? Or was there anything that would reprice you to the upside or downside? Thank you.

我只是想了解 Q1，這是否意味著那裡發生了某種類型的拉動？然後就第一季的毛利率而言，我發現它上漲了 30 個基點。這符合你的預期嗎？或是有什麼因素會讓你的價格上漲或下跌？謝謝。

Yeah. As it relates to the guidance for the second quarter. So first half, we've more or less held. We've widened the range out, just given the risk associated with what's going on from a trade standpoint. There was our Q1 beat was a combination of things.

是的。因為它與第二季的指導有關。所以上半場我們基本上保持了領先。我們擴大了範圍，只是考慮到從貿易角度來看正在發生的事情所帶來的風險。我們第一季的業績超出預期是多種因素共同作用的結果。

There is some pull where we delivered slightly earlier on our Spring '25 wholesale orders relative to what was in our outlook at the time. And then to an extent, we also had some favorable cold weather in many geographies that helped aid in the top line.

相對於我們當時的預期，我們 25 年春季批發訂單的交貨時間略早一些，這有一定的吸引力。在某種程度上，許多地區也迎來了有利的寒冷天氣，這有助於提高營業收入。

So that gives you a bit of overview on that. And as it relates to Q1 gross margin, it was only up 30 basis points for the quarter. That's more or less in line with where we thought it would come in, maybe slightly under.

這樣您就可以對此有一個大致的了解。就第一季毛利率而言，本季僅上漲了 30 個基點。這與我們預想的差不多，可能略低。

There's no significant driver one way or the other and there are several items that are -- have contributed to the improvement there. So nothing significant to call out.

無論如何，都不存在任何重大的驅動因素，但有幾個因素促成了那裡的改善。因此沒有什麼重大的事情需要指出。

Got it. And then just a quick follow-up. Just thinking about the guidance that you provided for the first half, you only talked about like the sales outlook. Just wondering, like, given that like the tariffs looks like a second half impact, why not keep like a full EPS guide for the first half? And with that in mind, I mean, should it still be fair that to see like a better gross margin expansion in Q2 relative to Q1 just given the much easier compares that you have?

知道了。然後只是快速的跟進。想想您為上半年提供的指導，您只談到了銷售前景。只是想知道，鑑於關稅看起來像是對下半年的影響，為什麼不保留上半年的完整每股盈餘指南？考慮到這一點，我的意思是，考慮到您擁有的更容易的比較結果，那麼看到第二季度相對於第一季的毛利率擴張更好是否仍然公平？

Yeah, I don't want to get into a ton of details on that. But suffice to say that the reason we haven't given first half or Q2 earnings, there's far too many variables once you start getting down into the P&L. And whether that's tariff costs that you incur, there's a lot of unknowns with regard to the health of the retailer, the deeper we get into this and whether there's downstream bad debt risk that we need to book provisions on. There's just countless variables and outlook for any period of time right now that I would caution. That's the reason we haven't done it.

是的，我不想談論太多細節。但我們之所以沒有公佈上半年或第二季的收益，是因為一旦開始了解損益表，就會發現變數太多了。無論這是您產生的關稅成本，還是零售商的健康狀況都存在許多未知數，我們越深入研究這個問題，就越會發現是否存在需要提列撥備的下游壞帳風險。我現在要謹慎的是，任何時期都存在著無數的變數和前景。這就是我們沒有這麼做的原因。

And we'll provide updates along the way to the group again, but there's just too much risk out there right now, too many uncertainties.

我們將再次向小組提供最新進展，但目前存在太多風險和不確定性。

Makes sense. Understood. And then very lastly, you said like $40 million, $45 million impact cost on second half. So is it fair to assume that first half of next year, that number should just be lower because by that when you're implementing some mitigation strategies, right? I just want to talked to it.

有道理。明白了。最後，您說下半年的影響成本為 4000 萬美元到 4500 萬美元。那麼是否可以公平地假設，到明年上半年，這個數字應該會更低，因為那時您正在實施一些緩解策略，對嗎？我只是想和它談談。

Well, we've been very focused on July 9, I think it is on the pause access, but we have no idea what July 10 is going to be or July 11 for that matter. So very difficult to be projecting a large global business results.

嗯，我們一直非常關注 7 月 9 日，我認為是暫停訪問，但我們不知道 7 月 10 日或 7 月 11 日會是什麼。因此，預測全球業務的業績非常困難。

Understood. Thank you so much and best of luck.

明白了。非常感謝，祝你好運。

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

我們沒有其他問題。我想將發言權交還給管理階層，請他們做最後發言。

Thank you. Well, listen, thank you for joining us today. We faced many challenges during the company's 87-year history and every time we persevered and become stronger. I'm confident we can weather the storm and emerge with an improved position in the marketplace. So we look forward to talking to you next quarter.

謝謝。好吧，聽著，感謝您今天加入我們。在公司 87 年的發展歷程中，我們面臨過許多挑戰，但每次我們都堅持不懈，變得更強大。我相信我們能夠渡過難關，並在市場上取得更好的地位。因此，我們期待下個季度與您交談。

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

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。