Columbia Sportswear Co (COLM) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Columbia Sportswear Company second-quarter 2025 financial results. (Operator Instructions)

大家好，歡迎閱讀哥倫比亞運動服飾公司 2025 年第二季財務業績。（操作員指示）

It is now my pleasure to turn the floor over to your host, Andrew Burns. Sir, the floor is yours.

現在我很高興將發言權交給主持人安德魯伯恩斯 (Andrew Burns)。先生，請您發言。

Good afternoon, and thanks for joining us to discuss Columbia Sportswear Company's second 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飾公司第二季的業績。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、總裁兼首席執行官蒂姆·博伊爾 (Tim Boyle)、執行副總裁兼首席財務官吉姆·斯旺森 (Jim Swanson) 以及執行副總裁兼首席行政官兼總法律顧問彼得·布拉格登 (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.

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。

However, each forward-looking statement is subject to many risks and uncertainties, and actual results may differ materially from what is projected. Many of these risks and uncertainties are described in Columbia's SEC filings.

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。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. 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.

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 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.

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，包括固定匯率淨銷售額。有關非 GAAP 財務指標和結果的更多信息，包括 GAAP 與非 GAAP 指標的對帳以及管理層引用這些非 GAAP 指標的理由解釋。

Please refer to the supplemental financial information section and financial tables included in our earnings release in the appendix of our CFO commentary and financial review. Following the prepared remarks, we will use 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.

請參閱我們財務長評論和財務審查附錄中的收益報告中包含的補充財務資訊部分和財務表。在準備好的發言之後，我們將進入問答環節，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內回答每個人的問題。

Now I'll call the call over to Tim.

現在我將把電話轉給提姆。

Thanks, Andrew, and good afternoon. Overall, second quarter and first half financial results reflect strong demand for our products in international markets. Our EMEA and LAAP regions both grew double-digit percent in the first half led by China, Japan, Europe direct and international distributor markets. In these markets, our teams are driving omnichannel growth through compelling product assortments and marketing activations that appeal to younger consumers.

謝謝，安德魯，下午好。整體而言，第二季和上半年的財務表現反映出國際市場對我們的產品需求強勁。在以中國、日本、歐洲直銷和國際經銷商市場為主導的帶動下，我們的 EMEA 和 LAAP 地區上半年均實現了兩位數的成長。在這些市場中，我們的團隊透過引人注目的產品組合和吸引年輕消費者的行銷活動來推動全通路成長。

Our results also reflect ongoing challenges in the US. We are focused on reenergizing the Columbia brand through the Accelerate growth strategy. In the coming days, we will begin to roll out a new global marketing platform that will be the Columbia brand character and voice for years to come.

我們的結果也反映了美國正在面臨的挑戰。我們致力於透過加速成長策略重振哥倫比亞品牌。未來幾天，我們將開始推出一個新的全球行銷平台，它將成為未來幾年哥倫比亞品牌的特色和聲音。

This new campaign will bring Colombia back to the roots of what made us an iconic global overhead by leveraging our signature air reference and humor in notable advertising. At a time when much of the outdoor industry looks the same, I'm confident that our campaigns will be highly differentiated and drive deeper affinity for the brand.

這項新活動將利用我們在著名廣告中標誌性的空中參考和幽默，讓哥倫比亞重拾我們成為全球標誌性形象的根源。在戶外產業大體雷同的時代，我相信我們的活動將高度差異化，並為品牌帶來更深層的親和力。

Consumers will see and hear much more about Colombia in the coming weeks and months. Not only are we investing more in demand creation, but we're also investing more efficiently leveraging modern digital and social first strategies.

未來幾週和幾個月內，消費者將會看到和聽到更多關於哥倫比亞的資訊。我們不僅在需求創造方面投入更多資金，而且還在利用現代數位和社交優先策略進行更有效率的投資。

We're launching a new site redesign on columbia.com with enhanced mobile capabilities and uploaded photography that highlights the beauty and craftsmanship of our iconic products. I believe this brand refresh is going to be one of the most impactful components of our accelerated growth strategy and I'm anxiously awaiting everybody is seeing.

我們正在對 columbia.com 進行新的網站重新設計，增強行動功能並上傳攝影作品，以突出我們標誌性產品的美感和工藝。我相信這次品牌更新將成為我們加速成長策略中最具影響力的組成部分之一，我熱切地等待著大家的見證。

We are also enhancing our product assortment to emphasize innovation and style. This fall, we're launching collections like the new base pump insulated jacket and redesigned rock bound. We are supporting these launches with elevated in-store investments in many wholesale and DTC locations.

我們也正在增強我們的產品種類，以強調創新和風格。今年秋天，我們將推出新款基本幫浦式保暖外套和重新設計的搖滾系列等產品。我們透過在許多批發和 DTC 門市加大店內投資來支持這些產品的推出。

Taken together, I believe the combination of product enhancements elevated in-store experiences and differentiated marketing will energize Columbia's brand perception in the US and bring new customers in this brand.

總的來說，我相信產品的改進、店內體驗的提升和差異化行銷的結合將增強哥倫比亞在美國的品牌認知度，並為該品牌帶來新的客戶。

On our last conference call three months ago, I referenced the unprecedented level of public policy uncertainty that our industry is facing in the United States. Imported apparel and footwear is already heavily taxed under legacy trade laws. The 10% universal tariff and most of the additional tariffs being contemplated are on top of already high existing duties.

在三個月前的上次電話會議上，我提到了我們產業在美國面臨的前所未有的公共政策不確定性。根據傳統貿易法，進口服裝和鞋類已經徵收重稅。10%的普遍關稅和正在考慮的大部分附加關稅都是在已經很高的現有關稅基礎上徵收的。

Unfortunately, clarity with respect to US trading policy has not materialized. This uncertainty overhangs consumer sentiment and every decision that we make for our US business. We continue to take action to mitigate the risks and financial impact of higher tariffs, which represents the largest tax increase the company has faced in its history.

不幸的是，美國貿易政策尚未明朗。這種不確定性影響著消費者情緒以及我們為美國業務所做的每一個決定。我們將繼續採取行動，減輕提高關稅帶來的風險和財務影響，這是該公司歷史上面臨的最大增稅。

Our fortress balance sheet differentiated brand portfolio and disciplined approach to managing the business give me confidence in our ability to emerge from this period as a stronger company. As we begin the second half of the year, we're planning our US business cautiously. We expect higher prices for many consumer goods will negatively impact consumer demand.

我們穩固的資產負債表、差異化的品牌組合以及嚴謹的業務管理方法讓我相信，我們有能力走出這段時期，成為一家更強大的公司。隨著下半年的到來，我們正在謹慎地規劃美國業務。我們預期許多消費品價格上漲將對消費者需求產生負面影響。

We also expect retailers will be cautious with their inventory intakes in this search environment. In fall '25, we're working with our retail partners to deliver value to consumers and keep inventory and dealer margin healthy.

我們也預計，在這種搜尋環境下，零售商將謹慎對待庫存攝取。25 年秋季，我們將與零售合作夥伴攜手為消費者提供價值，並維持庫存和經銷商利潤率的健康。

As a result, we're not making any significant price changes to our fall '25 product line and expect to absorb much of the incremental tariff costs this year. We estimate the financial impact of the current 10% universal tariff rate, combined with tariff-related supply chain expenses and inclusive of our mitigation efforts will be approximately $35 million to $40 million in 2025.

因此，我們不會對 25 年秋季產品線進行任何重大價格調整，並預計今年將吸收大部分增量關稅成本。我們估計，目前 10% 的普遍關稅稅率加上與關稅相關的供應鏈費用以及我們的緩解措施，其財務影響到 2025 年將達到約 3,500 萬至 4,000 萬美元。

By August 1, we will have received approximately 70% of our US fall '25 product. The remaining yet to come fall '25 product would be exposed to higher tariff rates beyond the 10% universal rate. We don't know what the final tariff structure will be or how long it will last. Lacking tariff uncertainty, we will continue to work all options for offsetting the impact of higher US tariffs on our business.

到 8 月 1 日，我們將收到美國 25 年秋季產品的約 70%。剩餘的尚未到來的25年秋季產品將面臨高於10%統一稅率的更高關稅稅率。我們不知道最終的關稅結構是什麼樣的，也不知道它將持續多久。由於缺乏關稅不確定性，我們將繼續盡一切努力抵消美國提高關稅對我們業務的影響。

Our goal is to offset higher tariffs over time through a combination of actions, including price increases, vendor negotiations, SG&A expense efficiencies and other mitigation tactics. We will balance these actions with our overall growth strategy, seeking to minimize the impact to consumer demand and maximize our market share potential.

我們的目標是透過一系列措施來抵消隨著時間的推移而增加的關稅，包括提高價格、與供應商談判、提高銷售、一般和行政費用效率和其他緩解策略。我們將平衡這些行動與我們的整體成長策略，力求最大限度地減少對消費者需求的影響，並最大限度地提高我們的市場份額潛力。

I'll provide more details on how we're planning the balance of the year as well as our Spring '26 wholesale business later in the call. We continue to identify and execute cost savings actions as part of the profit improvement plan. During the quarter, actions included a reduction in force that primarily impacted our US corporate headcount. Year-to-date, we have actioned over $70 million in annual cost savings on top of the $90 million we actioned in 2024.

我將在稍後的電話會議中提供有關我們如何規劃今年的餘額以及我們的 26 年春季批發業務的更多詳細資訊。作為利潤提升計畫的一部分，我們將繼續確定並執行成本節約措施。本季採取的措施包括裁員，這主要影響了我們美國公司的員工人數。年初至今，我們每年已節省超過 7,000 萬美元的成本，而 2024 年我們已節省了 9,000 萬美元。

Given the timing of these actions, severance and other onetime expenses, the full impact of cost savings will be ratably realized over the next 12 months. This effort is ongoing as we continue to seek additional profit improvement opportunities.

考慮到這些行動的時間、遣散費和其他一次性費用，成本節約的全部影響將在未來 12 個月內按比例實現。我們將繼續努力尋找額外的利潤提升機會。

I will now quickly review second quarter financial performance. I'd like to remind everyone that the second quarter is our lowest volume sales quarter. Small year-over-year changes in sales and expense timing can have a material impact on reported results. Net sales increased 6% year over year to $605 million. This was slightly ahead of our outlook primarily driven by earlier fall wholesale shipments.

我現在將快速回顧第二季的財務表現。我想提醒大家，第二季是我們銷售量最低的季度。銷售額和費用時間的同比小幅變化可能會對報告結果產生重大影響。淨銷售額年增 6% 至 6.05 億美元。這略高於我們的預期，主要原因是秋季早些時候的批發出貨量。

Where possible, we accelerated receipt and shipment of fall '25 US inventory to mitigate the impact of potential additional tariff increases. Wholesale net sales increased 14%, while direct-to-consumer was down 1%.

在可能的情況下，我們加快了 25 年秋季美國庫存的接收和裝運，以減輕潛在的額外關稅增加的影響。批發淨銷售額成長了 14%，而直接面向消費者的銷售額下降了 1%。

Wholesale growth reflects spring and fall shipment timing, which benefited sales in the quarter as well as higher spring '25 orders. Gross margin expanded 120 basis points to 49.1% and SG&A expenses increased 8%. This performance resulted in a loss per share of $0.19 compared to a loss per share of $0.20 in the prior year.

批發增長反映了春季和秋季的出貨時間，這有利於本季度的銷售以及 25 年春季訂單的增加。毛利率擴大 120 個基點至 49.1%，銷售、一般及行政費用增加 8%。這一業績導致每股虧損 0.19 美元，而去年每股虧損 0.20 美元。

Looking at net sales by geography. US net sales decreased 2%. Overall US Columbia brand Spring '25 sell-through has been soft. These outdoor categories and consumer headwinds reinforce our focus on reenergizing the Columbia brand through the Accelerate growth strategy.

按地區查看淨銷售額。美國淨銷售額下降2%。美國哥倫比亞品牌 2025 年春季整體銷售疲軟。這些戶外類別和消費者逆風強化了我們透過加速成長策略來重振哥倫比亞品牌的重點。

The US wholesale business increased low single-digit percent, reflecting timing of spring and fall also shipments, which benefited sales in the quarter. US DTC net sales declined mid-single digit percent in the quarter.

美國批發業務實現了低個位數百分比成長，反映了春季和秋季的出貨時間，這有利於本季的銷售。本季度，美國 DTC 淨銷售額下降了中等個位數百分比。

Brick-and-mortar was down low single-digit percent, reflecting the closure of temporary clearance locations, partially offset by contributions from new stores. We exited the quarter with 7 temporary clearance locations compared to 46 exiting second quarter last year. E-commerce was down low double-digit percent, reflecting soft spring season sell-through, which was partially impacted by ongoing efforts to refine and evolve our online promotions and marketing investments.

實體店銷售額下降了個位數百分比，反映了臨時清倉店的關閉，但新店的貢獻部分抵消了這一影響。本季末，我們有 7 個臨時清理地點，而去年第二季則有 46 個。電子商務銷售額下降了兩位數百分比，反映出春季銷售疲軟，這部分受到我們持續改善和發展線上促銷和行銷投資的努力的影響。

From our review of second 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 12%.

根據我們對第二季國際地區淨銷售額年增率的回顧，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 12%。

China net sales increased high teens percent with broad-based growth across wholesale and DTC. Our team in China continues to do an amazing job bringing young active consumers into the brand with premium localized product offerings and unique marketplace activations.

中國淨銷售額成長百分之十幾個百分點，批發和 DTC 業務均廣泛成長。我們在中國的團隊繼續透過優質的在地化產品和獨特的市場激活，出色地吸引年輕活躍的消費者關注該品牌。

Our e-commerce business across Tmall, JD and TikTok remains a vital component of our growth strategy in China. In the second quarter, we had record e-commerce sales during the 6/18 event. On TikTok, we are driving exceptional results through our live stream programming.

我們在天貓、京東和TikTok上的電子商務業務仍然是我們在中國成長策略的重要組成部分。第二季度，我們在「6·18」活動期間實現了創紀錄的電子商務銷售額。在 TikTok 上，我們透過直播節目取得了卓越的成果。

Our PFG influencer campaign drove millions of impressions, raising awareness of our highly differentiated PFG product line including the iconic PFG biometer. Japan net sales increased mid-single digit percent led by strong e-commerce growth.

我們的 PFG 影響者活動獲得了數百萬次的曝光，提高了人們對我們高度差異化的 PFG 產品線（包括標誌性的 PFG 生物計）的認識。在電子商務強勁成長的帶動下，日本淨銷售額實現了中等個位數百分比的成長。

For the spring season, the team did a great job of promoting our proprietary technologies like Omni-MAX footwear and Omni-Free Zero apparel with relevant localized marketing activities. The grand opening of our new Columbia Tokyo flagship store in the center of Harajuku was a success. The People store represents one of the most premium expressions of the Columbia brand in the global marketplace.

在春季，團隊透過相關的在地化行銷活動，出色地推廣了我們的專有技術，如 Omni-MAX 鞋類和 Omni-Free Zero 服裝。我們在原宿中心的全新 Columbia 東京旗艦店盛大開幕並取得圓滿成功。People 商店是哥倫比亞品牌在全球市場上最優質的體現之一。

Korea net sales increased low single-digit percent. During the quarter, we partnered with a new Columbia brand ambassador in Korea after Choo Young Woo. He was the face of our spring cooling campaign helping to increase brand visibility as well as drive sell-through.

韓國淨銷售額成長了低個位數百分比。本季度，繼秋英宇之後，我們與韓國新的哥倫比亞品牌大使合作。他是我們春季降溫活動的代言人，幫助提高品牌知名度並推動銷售。

Our team in Korea continues to make progress, laying the foundation for future growth with a focus on accelerating digital revitalizing our DTC store fleet and optimizing marketing investments. LAAP distributor markets were up mid-teens percent, driven by a healthy order book growth.

我們在韓國的團隊不斷取得進步，為未來的成長奠定基礎，重點是加速數位化振興我們的 DTC 門市團隊並優化行銷投資。受訂單健康成長的推動，LAAP 經銷商市場上漲了百分之十五左右。

Yearly net sales increased 24%. Europe direct net sales increased high teens percent with growth across all channels, led by DTC stores. Europe is sustaining its brand momentum through Grassroots brand activations in the important height category as well as elevating online and in-store marketing across wholesale and DTC.

年度淨銷售額成長24%。歐洲直接淨銷售額成長百分之十幾個百分點，所有通路均實現成長，其中 DTC 商店的增幅最大。歐洲正在透過在重要高度類別中開展草根品牌活動以及提升批發和 DTC 的線上和店內行銷來維持其品牌勢頭。

We have immense market share opportunities in Europe, and our team has been unlocking this potential each and every season. Our EMEA distributor business increased by 20% driven by a healthy order book and early ship on a full '25 orders.

我們在歐洲擁有巨大的市場份額機會，我們的團隊每季都在挖掘這一潛力。由於良好的訂單量和 25 年訂單的提前發貨，我們的 EMEA 分銷商業務增長了 20%。

Across our EMEA and LAAP distributor markets, the Columbia brand is performing exceptionally well. I believe this reflects the distributor confidence in the Columbia brand and the success of several product initiatives, including Omni-MAX footwear, our premium titanium collections and PFG.

在我們的 EMEA 和 LAAP 經銷商市場中，Columbia 品牌表現非常出色。我相信這反映了經銷商對哥倫比亞品牌的信心以及多項產品計劃的成功，包括 Omni-MAX 鞋類、我們的優質鈦系列和 PFG。

Our merchandising team has partnered with distributors to enhance assortments and retail displays to create hundreds of elevated brand store environments around the world. Success with footwear in these markets validates the tremendous long-term growth potential we have for Columbia program.

我們的行銷團隊與經銷商合作，增強商品分類和零售展示，在世界各地打造數百個高檔品牌店環境。鞋類在這些市場的成功證明了哥倫比亞計畫具有巨大的長期成長潛力。

Canada net sales increased 5% in the quarter, with wholesale growth more than offsetting a decline in DTC. Looking at second quarter performance by brand. Columbia net sales increased 8%. The -- this spring, Columbia's product collection emphasized differentiated sun protection and cooling technologies and reenergized PFG styles.

本季加拿大淨銷售額成長了 5%，批發銷售額的成長足以抵銷 DTC 銷售額的下降。按品牌查看第二季的表現。哥倫比亞淨銷售額成長8%。今年春季，哥倫比亞的產品系列強調了差異化的防曬和冷卻技術，並重新註入了 PFG 風格。

Our product teams continue to focus on creating products and driving growth with our targeted consumers value, innovation and style. To activate our product strategy, we also invested in the elevated in-store presentations and brand storytelling across the marketplace. For Columbia's iconic PFG product line, this meant new active fit styles and bold prints and colorways.

我們的產品團隊持續專注於創造產品，並透過目標消費者的價值、創新和風格推動成長。為了激活我們的產品策略，我們還投資於整個市場的高級店內展示和品牌故事。對於 Columbia 標誌性的 PFG 產品線來說，這意味著新的運動版型以及大膽的印花和配色。

We celebrated PFG's classics by -- with marketing activations and connected with PFG fans through creative newer social content. This spring, we introduced a new product collection with insect Shield technology, but this invisible apparel protection utilizes an active ingredient bonded to the fabric for effective, long-lasting insect repellant. We successfully launched Insect Shield with premium retail partners in the US and in select international markets.

我們透過行銷活動來慶祝 PFG 的經典作品，並透過富有創意的較新的社交內容與 PFG 粉絲建立聯繫。今年春天，我們推出了採用防蟲技術的新產品系列，但這種隱形服裝保護利用粘合在織物上的活性成分，實現有效、持久的驅蟲效果。我們與美國和部分國際市場的優質零售合作夥伴成功推出了 Insect Shield。

In footwear, our new Omni-MAX Kono Featherway is performing well in the marketplace and receiving positive accolades. Women's helped selected the new ConosFeatherWay as the best new lightweight shoe in their 2025 sneaker awards.

在鞋類方面，我們的新 Omni-MAX Kono Featherway 在市場上表現良好，並獲得了積極的讚譽。婦女協助將新款 ConosFeatherWay 評選為 2025 年運動鞋獎中的最佳新款輕便鞋。

This past weekend, it was exciting to see Colombia brand ambassador Bubba Wallace win the Brickyard 400 NASCAR race at the Indianapolis Motor Speedway. Congratulations, Bubba.

上週末，我們很高興看到哥倫比亞品牌大使巴巴華萊士 (Bubba Wallace) 贏得了印第安納波利斯賽車場的 Brickyard 400 NASCAR 比賽。恭喜你，巴巴。

Before reviewing Emerging Brands performance, I'd like to discuss an organizational change. During the second quarter, we realigned our Columbia North America regional organization to bring together a wholesale and direct-to-consumer businesses. This new structure will sharpen our focus and improve our ability to seize growth opportunities in our largest region.

在回顧新興品牌的表現之前，我想先討論組織變革。在第二季度，我們重新調整了哥倫比亞北美地區組織，將批發業務和直接面向消費者的業務整合在一起。這個新結構將增強我們的關注點，並提高我們抓住最大地區成長機會的能力。

Peter Rauch will step into the role of General Manager for the Columbia brand in North America. Peter most recently oversaw our Asian direct business and has held several international finance leadership roles over the years. He was a key leader in our transformational Project Connect initiative and in his new role, Peter will lead an integrated growth strategy and operating model tailored to the unique needs of our North American consumers and partners.

Peter Rauch 將擔任哥倫比亞品牌北美總經理。Peter 最近負責監督我們的亞洲直接業務，多年來曾擔任過多個國際金融領導職務。他是我們轉型專案 Connect 計劃的關鍵領導者，在新的職位上，Peter 將領導一項綜合成長策略和營運模式，以滿足我們北美消費者和合作夥伴的獨特需求。

Now turning to our emerging brands. SOREL net sales decreased 10%, primarily driven by lower Spring '25 orders and lower DTC clearance activity compared to elevated PFAS product clearance in the prior year. Sell-through for SOREL spring product line, including sneakers and sandals, has been healthy and suggests the brand is stabilizing.

現在轉向我們的新興品牌。SOREL 淨銷售額下降 10%，主因是 25 年春季訂單減少，以及 DTC 清倉活動減少，而去年 PFAS 產品清倉活動則增加。SOREL 春季產品系列（包括運動鞋和涼鞋）的銷售情況良好，顯示該品牌正在趨於穩定。

I believe momentum will continue to build for SOREL in the seasons ahead. This fall, new products and brand imagery will further energize SOREL and retailers are responding positively to the Spring '26 collection. I'm confident SOREL is living in the right direction.

我相信在未來的幾個賽季裡，SOREL 的勢頭將繼續增強。今年秋天，新產品和品牌形象將進一步激發 SOREL 的活力，零售商對 26 年春季系列的反應也十分正面。我確信 SOREL 正朝著正確的方向前進。

Sonenet sales decreased 6% in the quarter, primarily reflecting soft e-commerce performance, in part due to lower clearance activity compared to prior year levels. Product brand refresh will build momentum this fall with new product collections and refreshed brand imagery.

Sonenet 銷售額在本季下降了 6%，主要反映了電子商務表現疲軟，部分原因是清倉活動與去年同期相比有所下降。今年秋季，產品品牌更新將透過新的產品系列和更新的品牌形象形成勢頭。

The Prana team is developing a clear voice and omnichannel growth strategy. I'm excited to see it come to life in the seasons ahead. Hardware net sales decreased 7% with full price growth more than offset by lower clearance activity compared to PFAS product clearance in the prior year, resulting in a much higher margin.

Prana 團隊正在製定清晰的聲音和全通路成長策略。我很高興看到它在未來的季節裡煥發生機。硬體淨銷售額下降了 7%，但全價成長被與上年同期 PFAS 產品清倉量相比較低的清倉活動所抵消，導致利潤率大幅提高。

As we move into fall, non-hardware will be activating new snow sports and cold weather trail marketing campaigns that embody their distinctive voice and imagery. During this period of tariff disruptions, I believe Mountain Hardware is the opportunity to further strengthen its position in the outdoor specialty channel. Spring '26 orders indicate healthy wholesale growth in the first half of next year.

隨著秋季的到來，非硬體產品也將啟動新的雪上運動和寒冷天氣步道行銷活動，體現其獨特的聲音和形象。在關稅中斷的這段時間裡，我相信 Mountain Hardware 有機會進一步加強其在戶外專業管道中的地位。26 年春季訂單顯示明年上半年批發業務將健康成長。

I'll now discuss our 2025 financial outlook. This outlook and commentary include forward-looking statements. Please see our CFO commentary and financial review presentation for additional details and disclosures related to these statements.

我現在將討論我們 2025 年的財務展望。本展望與評論包含前瞻性陳述。有關這些聲明的更多詳細資訊和揭露，請參閱我們的財務長評論和財務審查報告。

Looking across the global marketplace, there are many external risks and uncertainties that have the potential to impact consumer demand, power operations and profitability. At the top of this list has limited visibility as to what products will cost us in our largest market, the US.

縱觀全球市場，許多外部風險和不確定性可能會影響消費者需求、電力運作和獲利能力。這份名單的頂部對於我們最大的市場——美國——的產品價格的可見度有限。

Given these uncertainties, we're giving limited second half guidance. Our full-year 2025 net sales outlook calls for sales of $3.3 billion to $3.4 billion or down 1% to up 1% year over year. This is below our initial guidance provided in February, reflecting lower assumptions for our US wholesale and DTC businesses, partially offset by higher forecasts in most international markets.

鑑於這些不確定性，我們對下半年的預測有限。我們對 2025 年全年淨銷售額的預測是銷售額為 33 億美元至 34 億美元，或年減 1% 至成長 1%。這低於我們 2 月提供的初步指引，反映了我們對美國批發和 DTC 業務的較低假設，但被大多數國際市場的較高預測部分抵消。

For the third quarter, we expect net sales to decline 1% to 3% year over year and diluted earnings per share to be in the range of $1 to $1.20. This financial outlook assumes tariffs on US imports remain at the additional 10% universal rate for all countries, except for China, which remains at 30% for the remainder of the year. Any additional tariffs beyond these rates would further increase cost of sales and reduce operating profit.

我們預計第三季淨銷售額將年減1%至3%，稀釋每股收益將介於1美元至1.20美元之間。本財務展望假設所有國家（除中國外）對美國進口產品的關稅仍維持在10%的附加稅率，而中國在今年剩餘時間內的關稅稅率仍維持在30%。超出這些稅率的任何額外關稅都會進一步增加銷售成本並減少營業利潤。

As a reminder, we are importing minimal production from China into the US this year and do not plan to import any finished products from China into the US in 2026. While it's too early to discuss the 2026 financial forecast, I'd like to provide some color on our Spring '26 wholesale order book. To date, we've received almost 90% of our projected Spring '26 orders.

提醒一下，今年我們從中國進口的產品很少，而且我們計劃在 2026 年不從中國進口任何成品。雖然現在討論 2026 年的財務預測還為時過早，但我還是想為我們的 2026 年春季批發訂單提供一些資訊。到目前為止，我們已經收到了預計的26年春季訂單的近90%。

Globally, our initial spring order book, taken together with our in-season forecast, supports flat to low single-digit percent wholesale growth in the first half of '26. This forecast contemplates growth for all of our emerging brands, led by Mount Portware and SOREL. For Colombia, international orders reflect sustained growth momentum across our direct and distributor markets.

在全球範圍內，我們的初始春季訂單以及當季預測支援 26 年上半年批發量保持持平至低個位數百分比成長。該預測考慮了我們所有新興品牌的成長，其中以 Mount Portware 和 SOREL 為首。對哥倫比亞來說，國際訂單反映了我們的直銷和經銷商市場持續的成長動能。

In the US, tariff uncertainty and soft business trends are weighing on initial orders. While retailers are excited to see Columbia's new marketing campaign come to life this fall, they're taking a conservative approach to placing orders for future seasons. As a result, we expect Columbia's US wholesale business to remain down in the first half of '26.

在美國，關稅的不確定性和疲軟的商業趨勢對初始訂單產生了壓力。雖然零售商很高興看到哥倫比亞的新行銷活動在今年秋天開始實施，但他們對未來幾季的訂單採取了保守的態度。因此，我們預計哥倫比亞的美國批發業務在 26 年上半年仍將保持低迷。

I believe we are making the necessary adjustments and investments to reenergize the US marketplace. Elevating consumers' perception of the Columbia brand and ultimately, restoring healthy US growth will take time. Our new product collections, new brand voice and marketplace investments are just starting to take hold this fall, and we'll build momentum into 2026.

我相信我們正在做出必要的調整和投資，以重振美國市場。提升消費者對哥倫比亞品牌的認知度並最終恢復美國的健康成長需要時間。我們的新產品系列、新品牌聲音和市場投資今年秋季才剛開始發揮作用，我們將在 2026 年累積動力。

Before my closing remarks, I'd like to note that we recently released our 2024 impact report, highlighting our efforts across environment, social and governance matters. I'd encourage you to review the report, which is available on our website to learn more about the progress and accomplishments we've made empowering people, sustaining places and promoting responsible presses.

在結束演講之前，我想指出，我們最近發布了 2024 年影響報告，重點介紹了我們在環境、社會和治理問題方面所做的努力。我鼓勵您閱讀我們網站上的報告，以了解更多有關我們在增強人民權能、維護地方和促進負責任的新聞界方面所取得的進展和成就的信息。

In closing, I'm confident we can navigate near-term uncertainty and unlock significant long-term growth opportunities ahead. We remain committed to investing in our strategic priorities to accelerate profitable growth; create iconic products that are differentiated, functional, and innovative; drive brand engagement with increased focused demand creation investments; enhance consumer experiences by investing in capabilities to delight and retain consumers, amplifying marketplace excellence that is digitally led omnichannel, and global and empowered talent that is driven by our core values.

最後，我相信我們能夠克服近期的不確定性，並在未來釋放重大的長期成長機會。我們將繼續致力於投資於我們的策略重點，以加速獲利成長；創造具有差異化、功能性和創新性的標誌性產品；透過增加有針對性的需求創造投資來推動品牌參與；透過投資取悅和留住消費者的能力、擴大以數位為主導的全通路市場卓越性以及以我們的核心價值為驅動力的全球授權人才來增強消費者體驗。

That concludes my prepared remarks. We welcome your questions for the remainder of the hour.

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。

Operator, can you help us with that?

接線員，您能幫我們嗎？

(Operator Instructions) Laurent Velliscu, BNP Paribas.

（操作員指令）Laurent Velliscu，法國巴黎銀行。

Good afternoon. Thank you very much for taking my question. I wanted to ask about 1H results relative to what you provided in terms of guidance for -- in February for 1H. It looks like you beat by about $20 million Jim, Tim, was that driven by that shift in wholesale from 3Q to 2Q? And then relative to February side, I think you're cutting the full year top line by about $60 million at the midpoint. Is that cut relative to the February guide driven by wholesale -- US wholesale weakness in the US DTC weakness?

午安.非常感謝您回答我的問題。我想詢問上半年業績與您在二月給出的上半年業績指引相比的情況。看起來你的銷售額超出了約 2000 萬美元，吉姆，蒂姆，這是由於批發業務從第三季度到第二季度的轉變所致嗎？然後相對於二月而言，我認為你將全年營業額在中點削減了約 6000 萬美元。與 2 月的指導相比，此次下調是否是由批發（美國批發疲軟、美國 DTC 疲軟）所致？

Yeah, Laurent, if you look at the first half results, by and large, as you're pointing out, our first half results are largely in line with the outlook that we provided in February. Now certainly, once you get down into the underlying composition of that, we've seen stronger business internationally.

是的，勞倫特，如果你看一下上半年的業績，總的來說，正如你所指出的，我們的上半年業績與我們在二月份提供的展望基本一致。毫無疑問，一旦深入了解其基本組成，我們就會看到國際業務更加強勁。

We've seen some softness in the domestic business -- and then for sure, there are some wholesale timing shifts in our deliveries that are benefiting the first half maybe just to characterize that a little bit, the benefit that we saw in the second quarter was about a $30 million timing shift half of which was later spring shipments that shifted out of Q1 and into Q2 and the other half was earlier fall production as we accelerated production in advance of and to mitigate any potential further tariff increases -- and then as it relates to the full year guidance, yes, we're down about $70 million.

我們看到國內業務有些疲軟——當然，我們的批發交貨時間有一些變化，這對上半年有利，也許只是為了稍微描述一下，我們在第二季度看到的好處是時間變化約為 3000 萬美元，其中一半是春季晚些時候的出貨量從第一季轉移到第二季度，另一半是秋季的生產，因為我們提前加快了生產速度，以降低了指引萬美元。

I think you put it relative to the guidance we provided in February. And by and large, that's reflective of the same factors. -- softness in the US business, partially offset by the strength of what we're seeing internationally.

我認為您所說的是與我們在二月提供的指導有關。總的來說，這反映了同樣的因素——美國業務的疲軟，被我們在國際上看到的強勁表現部分抵消。

Very helpful, Jim. And when I look at the PowerPoint presentation with relative to talking about the performance by region, everything is pretty much up even US wholesale is up partly due to that shift -- those shifts. But the 1 point of pressure obviously is the US DTC brick-and-mortar, obviously, you're lapping some of the temporary stores.

非常有幫助，吉姆。當我查看 PowerPoint 簡報並討論各地區的表現時，我發現所有方面都大幅上漲，甚至美國批發量也出現上漲，部分原因就在於這種轉變——這些轉變。但顯然，最大的壓力點是美國 DTC 實體店，顯然，你正在覆蓋一些臨時商店。

But dot com is under real pressure. It seems to be like a theme happening across a lot of vendors. Just curious to know what your take is there. What's happening with the consumer in terms of their online purchases. And on that point, question rather, how should we think about DTC versus wholesale for the third quarter? Thank you.

但網路公司確實面臨壓力。這似乎是許多供應商都面臨的一個主題。只是好奇想知道你的看法。消費者在網上購物的情況如何？關於這一點，我們應該問，我們應該如何看待第三季的 DTC 與批發？謝謝。

Yeah. I think clearly, there's some pressure on dot-com. The way we're approaching is we're going to have a complete refresh on our site will become current to consumers within the next 10 to 20 days, where we've got new photography and that, coupled with marketing efforts, which were breaking, I think, on August 4. Our expectation is that we'll see some nice lift -- we had strong -- strong digital performance through some of our wholesale customers. So it's not totally a problem across the entire marketplace.

是的。我認為，網路顯然面臨一些壓力。我們即將對我們的網站進行徹底更新，並在未來 10 到 20 天內向消費者提供最新內容，屆時我們將提供新的攝影作品，並結合行銷力度，我想這些將在 8 月 4 日開始。我們的預期是，我們將看到一些不錯的提升——透過我們的一些批發客戶，我們實現了強勁的數位業績。所以這並不是整個市場都存在的問題。

But certainly, outlook products can look better and perform better with an improved performance with our own dot com business.

但可以肯定的是，透過我們自己的網路業務的改進，Outlook 產品的外觀和效能會變得更好。

And then, Laurent, as it relates to the third quarter and what we anticipate in the US from a wholesale and DSC standpoint. From a DTC perspective, we really looked at the trend that we've seen over the course of the first half of the year, particularly in the second quarter and have extrapolated there were more or less sit we stay on trend with what we've seen more recently in the business.

然後，Laurent，這與第三季度有關，以及我們從批發和 DSC 的角度對美國的預測。從 DTC 的角度來看，我們確實研究了今年上半年，特別是第二季所看到的趨勢，並推斷出我們或多或少地保持了最近在業務中看到的趨勢。

And for the wholesale business, given the earlier deliveries of fall shipments, we will see that business be down a bit as we get into the third quarter.

對於批發業務，考慮到秋季貨物交付較早，我們將看到進入第三季時業務會略有下降。

Okay. Very helpful. And last question here. Gross margins, it looks like for 3Q gross margins down maybe is it fair to assume 150 bps? And then within that, how much is the tariff impact embedded in that?

好的。非常有幫助。這是最後一個問題。毛利率，看起來第三季的毛利率會下降，假設下降 150 個基點是否合理？那麼其中關稅的影響有多大？

Yeah. I think more or less the way I would think about gross margin. In the third quarter, we haven't provided detailed guidance on it. Laurent, but we did indicate in the CFO commentary that we anticipate tariffs being approximately $15 million to $20 million. So your 150 basis points of gross margin contraction in the quarter largely aligns with that tariff impact.

是的。我的想法與我對毛利率的看法大致相同。在第三季度，我們還沒有對此提供詳細的指導。洛朗，但我們確實在財務長評論中指出，我們預計關稅約為 1500 萬至 2000 萬美元。因此，本季毛利率下降 150 個基點與關稅影響基本一致。

Having said that, we're in a much better place in terms of the -- how healthy our inventories are. So there will be a partial offset to that, just given the lower level of closeouts and liquidation activity that we do in the marketplace.

話雖如此，就我們的庫存健康狀況而言，我們的狀況要好得多。因此，考慮到我們在市場上進行的清倉和清算活動水準較低，這種情況將會得到部分抵銷。

Okay. Very helpful.

好的。非常有幫助。

Thank you very much for all the color. Best of luck.

非常感謝你們帶來的所有色彩。祝你好運。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Good afternoon, Tim and Jim. Just back to the tariff point. Jim, you gave us pretty specific guidance about the second half COGS impact on the Q1 call, $40 million to $45 million incremental hit. Just curious how you see that developing mitigation potential. And now with the new rate circuiting announced how you think these costs are going to trend into fiscal '26? Thank you.

下午好，提姆和吉姆。回到關稅點。吉姆，您為我們提供了關於下半年 COGS 對第一季業績影響的非常具體的指導，增量影響為 4000 萬美元至 4500 萬美元。我只是好奇您如何看待發展緩解潛力。現在，隨著新的利率循環的公佈，您認為這些成本在 26 財年將如何變化？謝謝。

Well, I wish we knew specifically what the tariffs are going to be. We still don't know, and I'm not convinced that after the first and longest that we will know because it's a very material approach to complicated negotiations.

好吧，我希望我們能夠具體知道關稅是多少。我們仍然不知道，而且我也不相信在第一次也是最長的談判之後我們會知道，因為這是對複雜談判的一種非常實質的方法。

So we've mitigated the mitigating activities include, obviously, we could increase prices. We have been diligently discussing the topic with our vendors in Asia. We've been adjusting some prices as -- and we're looking throughout the supply chain for areas where we can save and increase it.

因此，我們採取了緩解措施，顯然包括提高價格。我們一直在與亞洲的供應商認真討論這個問題。我們一直在調整一些價格——並且我們正在尋找整個供應鏈中可以節省和增加價格的領域。

Got it. But it's safe to assume the biggest impact will be coming probably in fiscal '26. Is that correct?

知道了。但可以肯定地說，最大的影響可能在26財年出現。對嗎？

Yeah. I think by and large, the $35 million to $40 million of tariff impact that we anticipate this year. we really don't aside from, obviously, continuing to be disciplined in our spend management in the form of price increases and other actions, we're absorbing the lion's share, all of the tariff impact in FY25.

是的。我認為，總的來說，我們預計今年的關稅影響為 3500 萬至 4000 萬美元。除了繼續以漲價和其他行動的形式嚴格管理支出外，我們確實沒有吸收大部分份額，即 25 財年的所有關稅影響。

Tim, you've been in the industry a long time, you've seen a lot of cycles. A lot of companies out there are talking about mitigation, some of them talking about fully mitigating. Do you think this is an industry that's ready to accept full blown price increases as we go into fiscal '26?

提姆，你在這個行業已經很久了，見過很多週期。許多公司都在談論緩解措施，其中一些公司正在談論全面緩解措施。您是否認為，隨著我們進入 26 財年，這個行業已經準備好接受全面漲價？

Well, just as a reminder, the apparel and footwear industries have been incredibly heavily tariffed from a historical perspective since the days of smooth hauling. So in 2024, Colombia was the 81st largest duty payer in the United States, which is crazy based on the size of the company. So consumers have been paying heavy tariffs since the 30s.

好吧，提醒一下，從歷史角度來看，自順利運輸時代以來，服裝和鞋類產業的關稅一直非常高。因此，到 2024 年，哥倫比亞是美國第 81 大納稅國，以該公司的規模來看，這是很瘋狂的。因此，自 20 世紀 30 年代以來，消費者一直在支付高關稅。

If they want to continue to receive product, they're going to be paying duties of a much larger number. That's why we're being quite cautious in terms of how we're approaching inventory investments in the US. And our expectations are that there will be some elasticity issues as it relates to products being sold with heavy -- with additional heavy tariffs.

如果他們想繼續收到產品，他們將支付更高額的關稅。這就是為什麼我們在處理美國庫存投資方面非常謹慎。我們預計，在涉及高關稅的產品銷售時，會出現一些彈性問題。

That makes sense. And just on that inventory theme, it looks like dollars up about 13% this quarter. Jim, how do you feel about the composition of the inventory where you are from a markdown perspective as we get into back half '25?

這很有道理。僅就庫存主題而言，本季美元似乎上漲了約 13%。吉姆，當我們進入 2025 年下半年時，從降價的角度來看，您對庫存的組成有何看法？

We're excellent shape. Very comfortable with our overall inventory. I think if you were to adjust our inventories for the earlier production of our fall '25 inventory, combined with the tariffs on that inventory and also some FX translation.

我們狀態極佳。對我們的整體庫存非常滿意。我認為，如果您要調整我們 25 年秋季早期生產的庫存，並結合該庫存的關稅以及一些外匯轉換。

We built an inventory coming off of the PFAS transitions last year. Our inventories are flat to slightly down year over year. So it's exceptionally clean and the aging of the inventory is in great shape as well.

我們根據去年的 PFAS 轉型建立了庫存。我們的庫存與去年同期相比持平或略有下降。因此它非常乾淨，庫存的老化也很好。

So we feel good going into the latter part of the year and things end up better than what we're projecting now. Certainly, I think there's still some opportunity for us to chase some business as well.

因此，我們對今年下半年的前景感到樂觀，而且最終情況比我們現在預測的要好。當然，我認為我們仍然有機會開展一些業務。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Pete McGoldrick, Stifel.

皮特·麥戈德里克（Pete McGoldrick），斯蒂費爾（Stifel）。

Hi. Thanks for taking my question. I was curious on cost savings. So you've already exceeded the high end of the original $125 million to $150 million range. as you assess other areas of cost savings, I'm curious if any of those savings are embedded in your outlook? Or would that be incremental to what you laid out today?

你好。感謝您回答我的問題。我對成本節省感到好奇。因此，您已經超出了最初 1.25 億美元至 1.5 億美元範圍的高端。當您評估其他領域的成本節約時，我很好奇這些節約是否已包含在您的展望中？或者這會對您今天所列出的內容有所補充？

To the degree that the outlook for the balance of our year is only inclusive of what we've achieved in cost takeout thus far. And we are continuing to evaluate any and all options with the pressure that we're seeing in the business and the impact of the tariffs and provide further updates on that over time. But I think we've provided the best estimate we can in the outlook that we provided.

在某種程度上，我們今年的平衡前景僅包括我們迄今為止在成本削減方面所取得的成就。我們將繼續評估所有選項，考慮我們在業務中看到的壓力和關稅的影響，並隨著時間的推移提供進一步的更新。但我認為我們在所提供的展望中已經給出了最好的估計。

Okay. Thank you for that. And then on tariffs, the $35 million to $40 million for fiscal '25 is after mitigation efforts and you mentioned you'd be absorbing the lion's share. I was curious if you could share sort of an annualized run rate of how you expect the gross impact of total tariffs to impact the business and offsets?

好的。謝謝你。然後關於關稅，25財年的3500萬至4000萬美元是在緩解措施之後，你提到你將吸收最大份額。我很好奇，您是否可以分享一下您預計總關稅的整體影響將如何影響業務和抵消的年化運行率？

Well, I think maybe the best way to explain that, we don't get into speculating what might happen with future tariffs with announcements that are forthcoming. But if you look at just where tariffs are currently at the universal 10% plus the 30% from a China standpoint. We do not anticipate having imports from China in FY25, or FY26 rather. Our FOB imports into the US are about in round numbers, $800 million on an annual basis.

嗯，我想也許最好的解釋方式是，我們不要去猜測即將發布的公告對未來關稅可能產生的影響。但如果你從中國的角度來看，目前的關稅是普遍的 10% 加上 30%。我們預計 25 財年或 26 財年不會從中國進口。我們每年從美國進口的離岸價 (FOB) 金額約為 8 億美元。

And so, if you think about a 10% universal term you're looking on a fully annualized basis, $80 million. And then you can run different scenarios off about. That's the way to think about it

因此，如果您考慮 10% 的通用期限，則以完全年化計算，金額為 8000 萬美元。然後你就可以運行不同的場景。這就是思考的方式

That's really helpful. And last one would be on the Columbia brand structure in North America. Can you talk about the opportunities for improvement under the new organizational structure, how that might manifest in performance and any time line for -- to recognize improvements?

這真的很有幫助。最後一個是關於北美哥倫比亞品牌的結構。您能否談談新組織架構下的改進機會、這些改進將如何體現在績效中以及認可改進的時間表？

Certainly. Well, we've been running the business here, which is partially a direct-to-consumer business and partially a wholesale business. Those have been distinctly managed, and we expect that as the team coalesces that we'll begin to see almost immediate results in terms of improving the way we come to market to consumers. So we're excited about the opportunities that include it's going to provide for us.

當然。嗯，我們一直在這裡經營業務，一部分是直接面向消費者的業務，一部分是批發業務。這些都得到了明確的管理，我們期望隨著團隊的凝聚，我們將開始看到在改善我們向消費者推銷產品的方式方面幾乎立即取得的成果。因此，我們對它將為我們帶來的機會感到非常興奮。

All right. Thank you very much.

好的。非常感謝。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey, everybody. Thank for taking my question. I want to ask about one of the bright spots in the quarter. And specifically, the last couple of quarters, I think your Europe business has been quite strong. I just wanted to dig in a little bit deeper there and like how are you able to resonate so strongly with the European consumer. And obviously, there's a lot of macro noise everywhere, but it seems like you're really fighting through it pretty strongly overseas. So we'd just love to get a little more color on there?

嘿，大家好。感謝您回答我的問題。我想問一下本季的一個亮點。具體來說，最近幾個季度，我認為你們的歐洲業務相當強勁。我只是想深入挖掘一下，看看你是如何引起歐洲消費者如此強烈的共鳴的。顯然，各處都存在著許多宏觀噪音，但看起來你們在海外確實在奮力克服這些噪音。那麼我們只是想在那裡添加一些色彩嗎？

So thanks. . It's been a continued focused effort by our team in Europe. And remember, it's we're for all intents and purposes a small player in Europe. So significant improvements are maybe outsized. But the team in Europe has done a great job of focusing on certain markets, including Germany, the UK, and France to be the center point of our European expansion and growth.

所以謝謝。。這是我們歐洲團隊持續專注的努力。請記住，無論從哪一方面來說，我們在歐洲都只是一個小角色。因此，顯著的改進可能過於巨大。但歐洲團隊在專注於某些市場方面做得非常出色，包括德國、英國和法國，這些市場是我們歐洲擴張和成長的中心點。

There's also been a key move in adding DTC locations as well as a focus on opening partner stores to help us improve the total business overall in Europe. It's just been a very disciplined approach and kudos to those team members for making it happen.

我們還採取了一項重要舉措，即增加 DTC 門市，並專注於開設合作商店，以幫助我們改善整個歐洲的業務。這只是一種非常嚴謹的方法，值得稱讚的是，團隊成員成功地實現了這一目標。

All right. Great. And if I could ask one more about -- so the inventory growth was plus 13% in the quarter, which, obviously, is higher than the projected sales growth the next couple of quarters. I would assume that there was some pull forward ahead of tariffs that impacts that number. And is there any way that we should think about what the inventory growth will look like at year-end?

好的。偉大的。如果我可以再問一個問題——那麼本季庫存成長率為 13%，顯然高於未來幾季預期的銷售成長率。我認為關稅上調之前會有一些影響該數字的因素。我們是否可以考慮一下年底庫存成長如何？

Well, we still see a path and have provided a projection here. But we do see a path where we can keep our inventories exiting the year flat to maybe even down. So there's obviously a ton of assumptions as it relates to how the top line plays out, timing and receipts above spring '26 inventory in that.

好吧，我們仍然看到一條路徑，並在這裡提供了一個投影。但我們確實看到了一條途徑，可以讓我們的庫存在年底保持平穩，甚至下降。因此，顯然存在大量與營業收入如何表現、時間和 26 年春季庫存收入相關的假設。

As I touched on in an earlier question, the inventory being up $100 million at the end of the second quarter, that's -- 70% of that is earlier production and tariff costs in the balance of a combination of currency and just replay rebuilding up our replenishment entries coming off a low level last year. So we're in exceptionally good shape in terms of the composition of the inventory.

正如我在之前的問題中提到的那樣，第二季末的庫存增加了 1 億美元，其中 70% 是早期的生產和關稅成本，加上貨幣組合以及重新建構去年低水準的補貨條目。因此，就庫存組成而言，我們的狀況非常好。

All right. Sounds good. Thanks very much and best of luck in the second half for you.

好的。聽起來不錯。非常感謝，祝你下半場好運。

Thank you.

謝謝。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Good afternoon and thanks for taking my questions. First, maybe could you talk a little bit more about how you're thinking about the underlying growth in the order books in the second half of 25%, just given the shift in shipments out of Q3 into Q2.

偉大的。下午好，感謝您回答我的問題。首先，考慮到出貨量從第三季度轉移到第二季度，您能否再多談談您如何看待下半年訂單量 25% 的潛在增長？

And then maybe in the DTC business in the US, seeing some deceleration. Any way that do you have a sense of how much -- how -- that has been driven by your strategy to pull back in promotions versus maybe just like consumers being more under pressure and then reducing their discretionary spending? Thank you.

那麼美國的 DTC 業務可能會出現一些減速。您是否知道，這在多大程度上是受到您減少促銷的策略的影響，還是僅僅是因為消費者承受的壓力更大，從而減少了可自由支配的支出？謝謝。

Yeah. I think if you look at the company historically, it's been much -- the impact of weather has been much greater than the impact of the economy. And so our expectation is for an average winter year, but if we have a great winter year, we'll have a very strong second half.

是的。我認為，如果你從歷史角度看這家公司，你會發現天氣的影響遠大於經濟的影響。因此，我們預期今年冬季的業績會比較平庸，但如果今年冬季業績出色，那麼下半年的業績也會非常強勁。

Additionally, there are some competitors who have had difficulty importing product based on the tariffs that are being imposed. So there's an opportunity for us to pick up market share smaller vendors in the community they're not going to be able to import.

此外，一些競爭對手因徵收關稅而難以進口產品。因此，我們有機會搶佔社區中那些小型供應商無法進口的市場份額。

As it relates to DTC, it's important to know we were heavily liquidating PFAS inventories, both through our own stores and the temporary clearance stores that we had -- so my expectation is that the vast improvement, which you will see soon in our dot com presentations as well as the impact of the new marketing efforts and other efforts around product accelerating that we'll see strong improvement in the DTC business as well.

就 DTC 而言，重要的是要知道我們正在大量清算 PFAS 庫存，包括透過我們自己的商店和我們擁有的臨時清倉商店——因此，我期望看到巨大的改善，您很快就會在我們的網絡演示中看到，以及新的營銷工作和其他圍繞產品加速的努力的影響，我們也將看到 DTC 業務的強勁改善。

Got it. And then just a quick follow-up on the guidance for the year. I think if you do the math on the midpoint, it seems like revenues in Q3 are down 2% and then like down slightly even faster. And in Q4, like any -- like is that just to caution on the consumer sentiment as like more tariffs get passed through? Like do they feel that the potential tariffs, or what is driving that like sequential deceleration in the outlook?

知道了。然後只是對今年的指導進行快速跟進。我認為，如果你計算中間值，似乎第三季的收入下降了 2%，然後下降速度甚至更快。在第四季度，就像任何情況一樣——這是否只是為了在更多關稅通過後對消費者情緒發出警告？他們是否認為潛在的關稅或是什麼導致了前景的連續減速？

Yeah. I mean, our expectations is that the impact of the tariff costs will begin to manifest themselves late in Q3 and in Q4. So it's obviously difficult to predict with any certainty what will happen, but consumers are very likely to be cautious and will be constraining their pay -- their purchases during that period.

是的。我的意思是，我們預計關稅成本的影響將在第三季末和第四季開始顯現。因此，顯然很難準確預測會發生什麼，但消費者很可能會保持謹慎，並會限制他們的支出——也就是在那段時期的購買量。

Understood. Thank you very much.

明白了。非常感謝。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time.

謝謝。我們的問答環節到此結束。各位，今天的活動就到這裡了。您現在可以斷開連線。