Columbia Sportswear Co (COLM) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Columbia Sportswear Third 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。歡迎參加哥倫比亞運動服飾公司2025年第三季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人安德魯伯恩斯。你可以開始了。

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

下午好，感謝各位參加本次關於哥倫比亞運動服飾公司第三季業績的討論會。除了獲利報告外，我們還提供了一份 8-K 表格，其中包含財務長的詳細評論和財務回顧演示文稿，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有：董事長、總裁兼首席執行官蒂姆·博伊爾；執行副總裁兼首席財務官吉姆·斯旺森；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。

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. 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.

本次電話會議將包含有關哥倫比亞大學對未來的預期、預測或信念的前瞻性陳述。這些聲明均出於善意，並被認為具有合理依據。然而，每一項前瞻性聲明都存在許多風險和不確定性，實際結果可能與預測結果有重大差異。哥倫比亞公司向美國證券交易委員會提交的文件中描述了許多此類風險和不確定性。我們提醒各位，前瞻性陳述的可靠性本質上低於歷史資訊。我們不承擔在本次電話會議日期之後更新任何前瞻性聲明的義務，以使前瞻性聲明與實際結果或我們預期的變更相符。

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

我還想指出，在電話會議期間，我們可能會提及某些非GAAP財務指標，包括以固定匯率計算的淨銷售額。有關非公認會計準則財務指標和結果的更多信息，包括公認會計準則與非公認會計準則指標的調節以及管理層引用這些非公認會計準則指標的理由的解釋，請參閱我們盈利報告中的補充財務信息部分和財務表格，以及我們首席財務官評論和財務回顧的附錄。在我們發表完準備好的演講後，我們將進行問答環節，每個來電者限提兩個問題，以便我們能在一個小時內回答到所有人的問題。

Now I'll turn the call over to Tim.

現在我把電話交給提姆。

Thanks, Andrew, and good afternoon. Overall, third quarter results reflect sustained momentum in international markets, led by double-digit percent sales growth in our Europe direct business. Our strong financial performance in these markets demonstrates our ability to effectively reach younger and more active consumers and highlights the growth potential of the Columbia brand. In the US, we're working to restore growth and revitalize the Columbia brand through our ACCELERATE Growth Strategy. The third quarter was an important milestone in this journey.

謝謝你，安德魯，下午好。總體而言，第三季業績反映了國際市場的持續成長勢頭，其中歐洲直銷業務的銷售額實現了兩位數百分比的成長。我們在這些市場中強勁的財務表現表明我們有能力有效地接觸更年輕、更活躍的消費者，並突顯了哥倫比亞品牌的成長潛力。在美國，我們正透過「加速成長策略」努力恢復成長並重振哥倫比亞品牌。第三季是這段旅程中的一個重要里程碑。

In August, we launched our new global brand platform, Engineered for Whatever, which celebrates the extremes of outdoor adventures and harkens back to the brand's irreverent spirit of the '80s and '90s. It revives the humor and gritty gear testing that made Columbia a beloved brand around the world. The early response to this campaign has been overwhelmingly positive with millions of consumers already engaged since the launch. We intend to build upon this momentum with an always-on marketing strategy, including a robust pipeline of differentiated activities planned for the months ahead. Revitalizing the brand in the US will take time, but I'm encouraged by the brand energy that we're just beginning to create.

8 月，我們推出了全新的全球品牌平台“Engineered for Whatever”，旨在頌揚戶外探險的極限，並回歸品牌在 80 年代和 90 年代不拘一格的精神。它重現了哥倫比亞品牌賴以成名的幽默風格和嚴謹的裝備測試方式，使其成為全球備受喜愛的品牌。這次行銷活動初期反應非常積極，自推出以來已有數百萬消費者參與其中。我們計劃利用這一勢頭，採取持續不斷的營銷策略，包括為未來幾個月規劃一系列差異化活動。重振美國品牌需要時間，但我對我們正在開始創造的品牌活力感到鼓舞。

Turning to the topic of tariffs. We estimate the 2025 direct impact of the incremental tariff rates will be approximately $35 million to $40 million prior to any mitigation actions. Please note that we did not make meaningful price changes to our fall '25 product line and still expect to absorb much of the incremental tariff cost this year. Applying the new tariff rates on an annualized basis, we estimate the unmitigated impact would be approximately $160 million. For 2026, we continue to take actions to mitigate the financial impact through a combination of price increases, vendor negotiations, resourcing production and other mitigation tactics. We will balance these actions with our growth strategy, seeking to minimize the impact to consumer demand.

接下來談談關稅問題。我們估計，在採取任何緩解措施之前，2025 年新增關稅稅率的直接影響約為 3,500 萬美元至 4,000 萬美元。請注意，我們並未對 2025 年秋季產品線進行實質的價格調整，並且預計今年仍將承擔大部分新增關稅成本。如果按年計算採用新的關稅稅率，我們估計未加緩解措施的影響將約為 1.6 億美元。2026 年，我們將繼續採取措施，透過提價、與供應商談判、調整生產資源和其他緩解策略來減輕財務影響。我們將平衡這些措施與我們的成長策略，力求最大限度地減少對消費者需求的影響。

For spring '26, we increased US pricing by a high single-digit percent, and we are maintaining similar price increases for the fall. When combined with our other mitigation tactics, our goal in 2026 is to offset the dollar impact of higher tariffs. Longer term, our goal is to restore our product margin percentages to historic levels.

2026 年春季，我們提高了美國市場的價格，漲幅接近兩位數，秋季也將維持類似的漲幅。結合我們其他的緩解措施，我們2026年的目標是抵銷關稅提高對美元的影響。從長遠來看，我們的目標是將產品利潤率恢復到歷史水準。

I will now quickly review third quarter financial performance. Net sales increased 1% year-over-year to $943 million. This was ahead of our outlook, driven by earlier-than-planned shipments of fall '25 wholesale orders. Overall, wholesale net sales increased 5%, while direct-to-consumer was down 5%. Gross margin declined 20 basis points to 50% as higher tariff expenses and foreign exchange headwinds were partially offset by lower clearance and promotional activity. SG&A expense increased 5%, including investments in demand creation to launch Columbia's new brand platform Engineered for Whatever.

接下來我將快速回顧第三季的財務表現。淨銷售額年增 1%，達到 9.43 億美元。這超出了我們的預期，主要原因是 2025 年秋季批發訂單的發貨時間比計劃提前。總體而言，批發淨銷售額成長了 5%，而直接面向消費者的銷售額下降了 5%。毛利率下降 20 個基點至 50%，原因是關稅支出增加和外匯逆風部分被清關和促銷活動減少所抵銷。銷售、一般及行政費用成長 5%，其中包括為推出哥倫比亞新品牌平台「為一切而生」而進行的需求創造投資。

During the third quarter, we incurred $29 million in noncash impairment charges related to prAna and Mountain Hardwear. The impairment was largely attributable to the impact of tariffs, and I remain confident in both brands' growth strategies. We are committed to unlocking their full potential. Including the impairments, which impacted earnings by $0.46, third quarter diluted earnings per share were $0.95.

第三季度，我們因 prAna 和 Mountain Hardwear 而產生了 2,900 萬美元的非現金減損費用。這次業績下滑主要歸因於關稅的影響，但我對這兩個品牌的成長策略仍然充滿信心。我們致力於充分挖掘他們的潛力。在計入減損損失（對收益造成 0.46 美元的影響）後，第三季稀釋後每股收益為 0.95 美元。

Looking at net sales by geography. US net sales decreased 4%. The US wholesale business was flat as earlier timing of fall wholesale shipments offset the impact of lower fall wholesale orders. US DTC net sales declined high single-digit percent in the quarter. Brick-and-mortar was down high single-digit percent, reflecting the closure of temporary clearance locations and lower sales productivity, partially offset by contributions from new stores. We exited the quarter with eight temporary clearance locations compared to 42 exiting third quarter of last year.

按地區查看淨銷售額。美國淨銷售額下降4%。美國批發業務表現平穩，因為秋季批發發貨時間較早抵消了秋季批發訂單減少的影響。本季美國 DTC 淨銷售額下降了接近兩位數百分比。實體店銷售額下降了近10%，反映出臨時清倉店的關閉和銷售效率的降低，但新店的貢獻部分抵銷了這一影響。本季末，我們共有 8 個臨時清關點，而去年第三季末則有 42 個。

E-commerce was down low double-digit percent, primarily reflecting soft traffic and demand trends. Results were partially impacted by ongoing efforts to refine and evolve our online promotions and marketing investments.

電子商務下降了兩位數百分比，主要反映了流量和需求趨勢疲軟。業績部分受到我們不斷改進和完善線上推廣和行銷投資的影響。

Overall, US Columbia brand Fall '25 sell-through has started slowly as we await the arrival of cold weather. The sell-through challenges we are facing reinforce our focus on reenergizing the Columbia brand through the ACCELERATE Growth Strategy. While overall trends are tough, we are encouraged by initial sell-through of new product lines such as the Amaze Puff jacket and ROC pants.

總體而言，由於寒冷天氣尚未到來，美國哥倫比亞品牌 2025 年秋季的銷售情況開局緩慢。我們面臨的銷售挑戰更加堅定了我們透過「加速成長策略」重振哥倫比亞品牌的決心。雖然整體趨勢不景氣，但像 Amaze Puff 夾克和 ROC 褲子這樣的新產品系列的初步銷售情況令人鼓舞。

For my review of third quarter year-over-year net sales growth in international geographies, I will reference constant currency growth rates to illustrate underlying performance in each market. LAAP net sales increased 6%. China net sales increased mid-single-digit percent. Sales in the quarter were impacted by a warm September, which reduced demand for fall season products. Our team in China continues to do an exceptional job bringing young active consumers into the brand by celebrating iconic styles like the Interchange Jacket and premium localized product offerings like the Transit and Hike 365 collections.

為了回顧第三季國際地區年比淨銷售額成長情況，我將參考固定匯率成長率來說明每個市場的潛在表現。LAAP淨銷售額成長6%。中國淨銷售額實現了中等個位數百分比的成長。本季銷售額受到9月份溫暖天氣的影響，導致秋季產品需求下降。我們中國的團隊繼續出色地將年輕的活躍消費者吸引到品牌中來，他們推出了 Interchange Jacket 等標誌性款式以及 Transit 和 Hike 365 系列等高端本地化產品。

During the quarter, Columbia hosted Hike Party 2.0, a well-attended hiking and music event. In addition to thousands of participants, over 100 Columbia brand influencers were in attendance. Their online content generated millions of impressions. I'm pleased to announce that Columbia China received an award from the prestigious ROI Festival as one of the most creative and influential businesses in the Asia region. The ROI Festival is known as the Oscars of the marketing and creativity Industries in China. Great job China team.

本季度，哥倫比亞大學舉辦了 Hike Party 2.0，這是一項廣受歡迎的健行和音樂活動。除了數千名參與者外，還有 100 多位哥倫比亞品牌的影響者出席了活動。他們的網路內容獲得了數百萬次的瀏覽量。我很高興地宣布，哥倫比亞中國榮獲享有盛譽的ROI Festival頒發的獎項，被評為亞洲地區最具創意和影響力的企業之一。ROI 創意節被譽為中國行銷和創意產業的奧斯卡。中國隊幹得漂亮！

Japan net sales decreased low single-digit percent as DTC growth was offset by later shipments of fall '25 wholesale orders, which shifted into the fourth quarter. Our team in Japan continues to deliver a compelling mix of localized product offerings and global franchises like Omni-MAX, which was the top-selling footwear style in the quarter.

由於 2025 年秋季批發訂單的後續發貨推遲到第四季度，抵消了 DTC 業務的成長，日本淨銷售額下降了個位數百分比。我們在日本的團隊繼續提供極具吸引力的在地化產品和全球特許經營產品組合，例如 Omni-MAX，它是本季最暢銷的鞋款。

Korea net sales were flat year-over-year. Our team in Korea is making progress, stabilizing the business and revitalizing the marketplace. The team's focus on accelerating digital sales, elevating the brand presentation in DTC and reenergizing marketing is building a healthy foundation for growth. During the quarter, the Korea team launched the Engineered for Whatever campaign with localized creative content that resonated with the Korean consumer.

韓國淨銷售額與去年同期持平。我們在韓國的團隊正在取得進展，穩定業務並重振市場。團隊專注於加速數位銷售、提升 DTC 品牌形像以及重振行銷，為成長奠定了健康的基礎。本季度，韓國團隊推出了「為各種需求而生」活動，其在地化的創意內容引起了韓國消費者的共鳴。

LAAP distributor markets delivered mid-teens percent growth. Healthy growth across both our distributor regions underscores the enduring strength of the Columbia brand in these markets. Our distributor teams are successfully engaging young active consumers through localized marketing activities and elevated brand retail experiences that showcase our best products and innovations.

LAAP分銷商市場實現了15%左右的成長。我們在兩個分銷區域的健康成長凸顯了哥倫比亞品牌在這些市場的持久實力。我們的經銷商團隊透過在地化的行銷活動和提升品牌零售體驗，成功地吸引了年輕活躍的消費者，展現了我們最好的產品和創新成果。

EMEA net sales increased 10%. Europe-direct net sales increased low double-digit percent with strength across both DTC and wholesale. We're thrilled that our European team continues to deliver above-market performance, driven by the expansion of our DTC business and growing wholesale through strategic retail partners and brand authenticators. We have immense market share opportunities in Europe, and our team has been unlocking this potential each and every season. Our EMEA distributor business was down slightly as healthy order book growth was offset by earlier shipments of fall '25 orders, which shifted into the second quarter.

歐洲、中東和非洲地區淨銷售額成長10%。歐洲直接淨銷售額實現了兩位數百分比的低成長，DTC 和批發業務均表現強勁。我們很高興看到，在 DTC 業務擴張以及透過策略性零售合作夥伴和品牌認證機構實現批發業務成長的推動下，我們的歐洲團隊繼續取得高於市場平均水平的業績。我們在歐洲擁有巨大的市場份額機會，我們的團隊每個賽季都在不斷挖掘這一潛力。由於訂單量的健康成長被提前發貨的 2025 年秋季訂單所抵消，這些訂單已轉移到第二季度，導致我們的 EMEA 分銷商業務略有下降。

Canada net sales increased 7% in the quarter, driven by earlier shipment of fall '25 wholesale orders, partially offset by a decline in DTC sales, reflecting a soft consumer environment.

受 2025 年秋季批發訂單提前發貨的推動，加拿大本季淨銷售額增長了 7%，但部分被 DTC 銷售額的下降所抵消，這反映出消費環境疲軟。

Looking at third quarter performance by brand. Columbia net sales increased 1% as international growth offset ongoing challenges in the US. As we've discussed in prior calls, elevating the style of Columbia's product is an important aspect of the ACCELERATE Growth Strategy. This fall, we took a major step forward with the introduction of the new Amaze Puff women's insulated jacket and men's and women's ROC pant. We supported these launches with elevated in-store presentations, enhanced photo and video assets and breakthrough influencer campaigns. I'm encouraged by early sell-through, and I believe we are well positioned to continue growing these franchises in the seasons ahead.

從品牌角度分析第三季業績。哥倫比亞淨銷售額成長 1%，國際市場的成長抵銷了美國市場持續面臨的挑戰。正如我們在之前的電話會議中所討論的那樣，提升哥倫比亞產品的風格是加速成長策略的重要方面。今年秋季，我們推出了新款 Amaze Puff 女用保暖外套和男女 ROC 褲，邁出了重要一步。我們透過提升店內展示效果、增強照片和影片素材以及開展突破性網紅行銷活動來支援這些新品發布。早期的銷售情況令我感到鼓舞，我相信我們已經做好充分準備，在未來的賽季中繼續發展這些特許經營權。

Columbia is also celebrating iconic styles with the rerelease of its first-ever footwear product the Bugaboot 1. The original Bugaboot was the result of landmark collaboration between Columbia Founder, Gert Boyle, myself and legendary footwear designer, Peter Moore, who created the original Nike Dunk and Jordan One silhouettes. The rereleased Bugaboot 1 honors the original 1993 design with its iconic retro style and pairs it with our latest innovations such as Omni-Grip traction and TechLite cushioning. This limited edition boot was only available to select specialty retailers and online at columbia.com, selling out in hours on the website.

Columbia 也透過重新發行其首款鞋履產品 Bugaboot 1 來慶祝其標誌性款式。最初的 Bugaboot 是哥倫比亞創始人 Gert Boyle、我和傳奇鞋類設計師 Peter Moore 之間具有里程碑意義的合作成果，Peter Moore 也設計了最初的 Nike Dunk 和 Jordan One 鞋款。重新發布的 Bugaboot 1 以其標誌性的復古風格致敬了 1993 年的原始設計，並結合了我們最新的創新技術，例如 Omni-Grip 牽引力和 TechLite 緩衝技術。這款限量版靴子僅在部分專賣店和 columbia.com 網站上有售，網站上線後數小時內便售罄。

During the quarter, we launched our newly redesigned columbia.com website. This freshly enhanced site mirrors our evolving brand, allowing us to tell compelling stories about our products while offering unique and personalized experiences for our consumers. We've significantly enhanced product discovery with search and merchandising features, upgraded product photography and our reverent voice. The feedback from our consumers has been very positive, and we are already witnessing early signs of increased engagement.

本季度，我們推出了全新改版的 columbia.com 網站。這個全新升級的網站反映了我們不斷發展的品牌，使我們能夠講述引人入勝的產品故事，同時為消費者提供獨特和個性化的體驗。我們透過搜尋和商品展示功能、升級產品攝影以及我們一貫的敬意語氣，顯著提升了產品發現體驗。我們收到的消費者回饋非常積極，我們已經看到參與度提高的早期跡象。

On the ambassador front, Columbia announced a new partnership with rising global icon, Robert Irwin, son of legendary wildlife conservationist Steve Irwin. Robert continues the legacy of his dad as a passionate wildlife warrior. He also has a deep connection with the Columbia brand. Robert's mother is from Oregon, and he still remembers meeting Gert Boyle when he visited our headquarters as a young child. Through his work as a TV presenter, producer, author and photographer, Robert aims to act as a global advocate for the natural world. We are also cheering him as he takes the stage in the current season of dancing with the stars. We are absolutely thrilled to be officially joining forces with Robert and look forward to sharing his adventures in the outdoors with Columbia Gear.

在品牌大使方面，哥倫比亞宣布與冉冉升起的全球偶像羅伯特歐文建立新的合作夥伴關係，羅伯特歐文是傳奇野生動物保護主義者史蒂夫歐文的兒子。羅伯特繼承了父親的遺志，成為了一名充滿熱情的野生動物保護者。他對哥倫比亞品牌也有著深厚的感情。羅伯特的母親來自俄勒岡州，他仍然記得小時候參觀我們總部時見到格特博伊爾的情景。羅伯特身兼電視節目主持人、製片人、作家和攝影師等多重身份，致力於成為全球自然世界的倡導者。我們也為他在本季《與星共舞》節目中的精彩表現而歡呼。我們非常興奮能夠正式與羅伯特攜手合作，並期待與哥倫比亞裝備一起分享他在戶外探險的經歷。

As part of our Engineered for Whatever launch, we have executed several unique brand activations this fall that are getting people talking about Columbia again in the US Advertising takeovers across digital, social and Thursday Night Football on Amazon remind consumers of Columbia's irreverent roots and superior product quality. This new advertising spotlights outlandish outdoor product tests and celebrity cameos in situations featuring crocodiles, human snowballs and even the grim reaper. These stories are being shared online, in-store and out of home, and we're seeing increases in organic brand search since the launch.

作為我們「為一切而生」品牌推廣活動的一部分，我們在今年秋季開展了多項獨特的品牌推廣活動，再次引發美國消費者對哥倫比亞品牌的討論。我們在數位媒體、社群媒體以及亞馬遜週四晚間橄欖球賽期間的廣告投放，提醒消費者哥倫比亞品牌不拘一格的起源和卓越的產品品質。這則新廣告以古怪的戶外產品測試和名人客串為特色，場景包括鱷魚、人體雪球，甚至死神。這些故事正在線上、線下和線下管道傳播，自推出以來，我們看到品牌自然搜尋量增加。

We recently activated a breakthrough guerilla marketing stunt in New York City. We launched a scavenger hunt inviting New Yorkers to find our extreme mannequins hidden in hundreds of locations across the city, picture a mannequin wrestling a bear in Bryant Park or an angler catching a shark in the Hudson River. Each mannequin had a QR code that consumers could scan to enter to win an outdoor adventure for two. Over 3,000 New Yorkers participated in our scavenger hunt, and we created buzz in the city, reaching over 3 million New Yorkers across earned media and social.

我們最近在紐約市發起了一場突破性的遊擊行銷活動。我們發起了一場尋寶遊戲，邀請紐約市民在全市數百個地點尋找我們精心設計的極限人體模型，想像一下布萊恩特公園裡一個人體模型與熊搏鬥，或者哈德遜河裡一個釣魚者捕獲鯊魚的場景。每位模特兒身上都有一個二維碼，消費者可以掃描該二維碼參加抽獎，贏取雙人戶外探險之旅。超過 3000 名紐約市民參加了我們的尋寶遊戲，我們在紐約市引起了轟動，透過媒體宣傳和社交媒體觸及了超過 300 萬紐約市民。

In this crowded and competitive environment, Engineered for Whatever stands out. We're showing people that our products are made to handle the extreme and unpredictable with a healthy dose of humor and joy.

在這個擁擠且競爭激烈的環境中，Engineered for Whatever 脫穎而出。我們向人們展示，我們的產品能夠應對極端和不可預測的情況，同時又不失幽默和快樂。

Turning to our emerging brands. SOREL net sales increased 10%, aided by earlier timing of fall '25 wholesale shipments. This fall, the SOREL team is building product and brand momentum through new collections and refreshed marketing. The new Callsign Horizon and Daystrom Horizon collections infused the iconic CARIBOU boot design language into new categories and silhouettes. The team is also creating brand heat through highly successful collabs with London-based streetwear brand, Aries and Japanese streetwear brand, NEIGHBORHOOD. prAna net sales increased 6% in the quarter, reflecting growth across DTC and wholesale. The prAna team's brand refresh is well underway, and we're seeing positive momentum. New customer acquisition trends are improving and consumers are responding to the new marketing and product collections.

接下來，讓我們來關註一下我們的新興品牌。由於 2025 年秋季批發發貨時間提前，SOREL 淨銷售額成長了 10%。今年秋季，SOREL 團隊正透過推出新系列和更新行銷策略來提升產品和品牌的勢頭。全新的 Callsign Horizo​​n 和 Daystrom Horizo​​n 系列將標誌性的 CARIBOU 靴子設計語言融入到新的類別和輪廓中。團隊也透過與倫敦街頭服飾品牌 Aries 和日本街頭服飾品牌 NEIGHBORHOOD 的成功合作，提升了品牌熱度。 prAna 本季淨銷售額成長 6%，反映了 DTC 和批發業務的成長。prAna 團隊的品牌重塑工作進展順利，我們看到了積極的勢頭。新的客戶獲取趨勢正在改善，消費者對新的行銷和產品系列做出了積極回應。

Mountain Hardwear net sales decreased 5%, driven by lower clearance activity compared to elevated levels in the prior year. Healthy full price sales growth during the quarter reflects underlying business momentum. The brand is seeing a notable sell-through lift with specialty retailers where we've invested in brand in-store environments.

由於清倉活動較上年同期減少，Mountain Hardwear 的淨銷售額下降了 5%。本季全價商品銷售額的健康成長反映了公司業務的潛在發展動能。該品牌在專業零售商處的銷售額顯著提升，因為我們已投資打造了品牌店內環境。

On the product front, Mountain Hardwear introduced its most capable snow sport kit to date. The new Mythogen kit pinnacle of the brand snow sport line built for max durability, mobility and style in demanding Alpine environments.

在產品方面，Mountain Hardwear 推出了迄今為止功能最強大的雪上運動裝備。全新 Mythogen 套裝是品牌雪上運動系列的巔峰之作，專為在嚴苛的高山環境中實現最大的耐用性、靈活性和時尚感而設計。

I'll now discuss our fourth quarter and full year financial outlook. This outlook and commentary include forward-looking statements. Please see our CFO commentary and financial review presentations for additional details and disclosures related to these statements. For the fourth quarter, we expect net sales to decline 5% to 8% year-over-year and diluted earnings per share to be in the range of $1.04 to $1.34. This brings our full year net sales outlook to $3.3 billion to $3.4 billion or flat to down 1% year-over-year. Full year diluted earnings per share is expected to be $2.55 to $2.85, including the $0.46 impact from impairments in this quarter.

接下來我將討論我們第四季和全年的財務展望。本展望與評論包含前瞻性陳述。有關這些聲明的更多詳情和披露信息，請參閱我們的首席財務官評論和財務審查演示文稿。我們預計第四季淨銷售額將年減5%至8%，稀釋後每股收益將介於1.04美元至1.34美元之間。由此，我們對全年淨銷售額的預期為33億美元至34億美元，與上年持平或年減1%。預計全年稀釋後每股收益為 2.55 美元至 2.85 美元，其中包括本季減損損失帶來的 0.46 美元影響。

Looking to 2026, we have concluded our spring season order taking. Our forecast is for flat to low single-digit wholesale growth in the first half of '26, and it's unchanged from our last call. This forecast contemplates sustained international growth across our direct and distributor markets, partially offset by a decline in the US. We are planning to share more on our 2026 outlook when we report our fourth quarter results in February.

展望2026年，我們已完成春季訂單接收工作。我們預測 2026 年上半年批發業務將保持平穩或低個位數成長，這與我們上次的預測一致。該預測認為，我們的直接市場和經銷商市場將持續實現國際成長，但美國市場的下滑將部分抵銷這一成長。我們計劃在2月公佈第四季業績時，分享更多關於2026年展望的資訊。

Overall, I'm excited to see our ACCELERATE Growth Strategy come to life. Consumers are responding to new product collections with more on the way. Engineered for Whatever has reenergized our unique brand voice, helping to set us apart in a competitive environment. I know that elevating consumers' perception of the Columbia brand will take time, but I'm confident we have the right strategy in place to unlock the significant long-term growth opportunities ahead.

總而言之，我很高興看到我們的「加速成長策略」得以實現。消費者對新產品系列反應熱烈，未來也將推出更多產品。「適用於各種場合」重新激發了我們獨特的品牌聲音，幫助我們在競爭激烈的環境中脫穎而出。我知道提升消費者對哥倫比亞品牌的認知需要時間，但我相信我們已經制定了正確的策略，可以釋放未來巨大的長期成長潛力。

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

我們將繼續致力於投資我們的策略重點，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度；透過投資提升取悅和留住以消費者的能力來增強消費者體驗；提升以數位化為主導的全通路和全球市場卓越性；並賦能以我們核心價值驅動的人才為驅動的人才。

That concludes my prepared remarks. We welcome your questions for the remainder of the hour. Operator, can you help us with that?

我的發言稿到此結束。在接下來的一個小時裡，歡迎大家提問。接線員，您能幫我們解決這個問題嗎？

(Operator Instructions)

（操作說明）

Bob Brbul, BTIG. Please proceed.

Bob Brbul，BTIG。請繼續。

Hi Tim. Hi everybody, good afternoon. Just have a couple of questions, I guess. First, on the product side, you talk about the sell-through or the sell-out of the Bugaboot, the Bugaboot re-release.

嗨，提姆。大家好，下午好。我還有幾個問題想問。首先，從產品方面來說，你們要談談 Bugaboot 的銷售情況，也就是 Bugaboot 重新發售時的銷售情況。

Did you or your mother have more of an impact on that boot when you worked on it with Peter Moore, who gets the credit for that one?

在與彼得·摩爾（Peter Moore）一起製作那隻靴子時，你和你母親誰對那隻靴子的影響更大？ （那隻靴子的功勞歸於彼得·摩爾。）

Well, I can tell you, I did the work on the product, my mom did the work on the name.

我可以告訴你，產品是我做的，名字是我媽媽取的。

That's a good collaboration. I guess a couple other questions around product, Tim, just on the Amaze Puff and with this Bugaboot 1, do you have more products lined up for, sort of, in the next year? When you think about the success that you're seeing with both of these products, can you just talk about the pipeline on the product side a little bit more?

這是一次很好的合作。Tim，關於產品方面我還有幾個問題，像是 Amaze Puff 和這款 Bugaboot 1，你明年還有什麼其他產品計畫嗎？考慮到這兩款產品都取得了成功，您能否再詳細談談產品方面的研發進度？

Certainly. Yes, the thing about the Amaze Puff first of all, is that it's one of the most expensive items we've ever offered for sale. And the velocity is just incredible. So we've got more products in that Amaze family, including we're going to be offering men's version. This was a women's-only launch for fall '25, and that will be just an incredible opportunity. And based on the velocity that we're selling these things today, we're expecting really great things.

當然。是的，首先，Amaze Puff 是我們迄今為止出售過的最昂貴的商品之一。而且速度簡直驚人。所以我們在 Amaze 系列中還有更多產品，包括我們將推出的男士版本。這是 2025 年秋季專為女性舉辦的新品發布會，這將是一個絕佳的機會。根據我們目前的銷售速度，我們預期未來會有非常好的業績。

And then as it relates to footwear, we've got more of the original Peter Moore designs that we're going to be launching over time, which will be really good as well as some other early '90s product that was so successful for the company that we're going to be offering in a way that sort of out of the archives opportunity. And this is going to really be, I think, part of how we differentiate ourselves from others when we're talking about the Engineered for Whatever launch and the way our products are uniquely differentiated from others.

至於鞋類方面，我們將陸續推出更多彼得摩爾的原創設計，這些設計將會非常出色。此外，我們還會推出一些 90 年代早期公司非常成功的產品，這相當於一次「重溫經典」的機會。我認為，這確實將成為我們在談到「為各種需求而生」的發布以及我們的產品與其他產品獨特區別時，如何將自己與其他公司區分開來的一部分。

Sounds good. And I guess the other question I have, I know it's early, and I know it's going to take time, but the Engineered for Whatever campaign, when you think about any of the early feedback that you've got that the company has received. Can you just talk about what you've learned so far, any takeaways and sort of what your thoughts are as you sort of continue this?

聽起來不錯。我還有個問題，我知道現在還早，也知道這需要時間，但是「為各種需求而生」活動，想想公司收到的任何早期回饋。可以談談你目前為止學到了什麼，有什麼心得體會，以及你接下來會怎麼想嗎？

Yes, certainly. Well, it's -- when we first began discussing the Engineered for Whatever launch, it was really a function of two parts. One was to get us back to the historical irreverent way that we approached ourselves not taking ourselves too seriously. Our products are made to have a good time outside and our advertising should reflect how much fun it is to be outdoors.

當然可以。嗯，其實——當我們最初開始討論「為各種需求而生」的發佈時，它實際上是由兩個部分組成的。其中一個目的是讓我們回到過去那種不拘一格、不把自己看得太重的態度。我們的產品旨在讓人們享受戶外樂趣，我們的廣告也應該反映出戶外活動的樂趣。

Secondarily, there's really no other brand that can pull this off. There are many brands that are so serious and perhaps rightly so. But when we're talking about being different and separating ourselves from others, it's all about how we approach what we're doing and how we want to be heard. So it's been really gratifying that both our consumers and wholesale customers are talking about how different it is and how refreshing it is to see us sort of back in the -- having a good time.

其次，真的沒有其他品牌能做到這一點。有很多品牌都非常嚴肅認真，也許他們這樣做是對的。但當我們談論與眾不同、與他人區分開來時，關鍵在於我們如何看待自己所做的事情，以及我們希望如何被傾聽。令人欣慰的是，我們的消費者和批發客戶都在談論現在的情況有多麼不同，看到我們重新回到——享受美好時光——是多麼令人耳目一新。

Great, thank you very much. Good luck.

太好了，非常感謝。祝你好運。

John Kernan, [TD].

約翰·克南[TD].

Good afternoon guys.

各位下午好。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Tim, $160 million unmitigated tariff impact next year is a big multiple of the unmitigated impact this year. Obviously, some of the higher cost inventory is going to start flowing through the model more next year, but just your confidence in the ability to offset that and with your confidence in the high single-digit price increases as we look into spring.

提姆，明年未緩解的關稅影響將達到 1.6 億美元，是今年未緩解影響的數倍。顯然，明年一些成本較高的庫存將會更多地流入市場，但只要你有信心抵消這些成本，並且對春季高個位數的價格上漲充滿信心，一切就好。

Yes. I guess I would suggest that the company -- if the company has one strength, it's ability to navigate tariff environments. So just as some background, in 2024, the company was the 81st largest duty payer in the United States of all companies. And that's because our commodities are so heavily tariffed, not only in the US but globally.

是的。我想說的是，如果說這家公司有什麼優勢的話，那就是它能夠應付複雜的關稅環境。簡單介紹一下背景，2024 年，該公司是美國所有公司中第 81 大關稅繳納者。這是因為我們的商品被徵收了非常高的關稅，不僅在美國，而且在全球範圍內都是如此。

So we have a large team that does nothing but help us make products in locations that can be advantaged from a duty standpoint, that can have the characteristics, that can allow for a reduced tariff to be built with particular characteristics that can help us navigate this stuff. We are quite good at it. I mean this is a daunting task, But we think we're up for it, and we think we'll be able to navigate it. We have some significant strengths in our balance sheet that will allow us to navigate this stuff in really a proper way. So I'm convinced we can grow the business and grow our profitability as well.

因此，我們有一個龐大的團隊，他們所做的就是幫助我們在關稅方面具有優勢的地區生產產品，這些地區具備特定的特性，可以降低關稅，從而幫助我們應對這些問題。我們很擅長這個。我的意思是，這是一項艱鉅的任務，但我們認為我們能夠勝任，也相信我們能夠克服它。我們的資產負債表擁有一些顯著的優勢，這將使我們能夠以適當的方式應對這些問題。所以我相信我們既能發展業務，又能提高獲利能力。

John, not only are there the price increases that are being implemented in the marketplace, but there are other mitigation factors as well, not the least of which is discussions that we've had with our strategic factory partners. And we believe that, that will help deliver and mitigate part of the cost here. And then in addition to that, there are certain instances where we'll be successful in resourcing part of our production. So the combination of those things is really what gives us the confidence that we'll at least be able to mitigate the absolute dollar impact of the incremental tariffs.

約翰，市場上不僅存在價格上漲的問題，還有其他緩解因素，其中最重要的是我們與戰略工廠合作夥伴的討論。我們相信，這將有助於降低部分成本。此外，在某些情況下，我們還能成功地為部分生產提供資源。因此，正是這些因素的綜合作用，讓我們有信心至少減輕新增關稅對美元的絕對影響。

That's helpful, Jim. Just one quick follow-up. Obviously, the SG&A rate has been a source of deleverage for a few years now. And it looks like most of the deleverage in Q3 was the increase in the marketing rate year-over-year. How long do you -- can you just describe the timing and the magnitude of the SG&A rate recovery and the top line type growth you need to lower that rate? It's obviously been the biggest source of the operating margin pressure the last few years.

那很有幫助，吉姆。還有一個後續問題。顯然，銷售、一般及行政費用率已成為近幾年去槓桿化的來源之一。看起來第三季的大部分去槓桿化是由於行銷費率較去年同期上升所致。您能否簡要描述一下銷售、一般及行政費用率恢復所需的時間、幅度以及降低該費用率所需的營收成長情況？顯然，這已成為過去幾年營業利潤率承壓的最大來源。

Yes. Well, certainly, one of the most significant factors that we've had consistently throughout this year is the strategic investment that we've made behind the Columbia ACCELERATE strategy. So I would just emphasize that point. That was a step function increase in our overall SG&A to fund that. And our intent at this early stage would be that we're sustaining that investment over time. But to put that in order of magnitude, I think our marketing spend last year was just under 6% and will probably be at or just above 6.5% this year.

是的。當然，今年以來我們持續取得的最重要成就之一，就是我們對哥倫比亞大學加速發展策略的策略性投資。所以我只想強調這一點。為了籌集資金，我們的銷售、管理及行政費用出現了階躍式成長。而我們現階段的目標是，要讓這項投資長期持續下去。但要說具體金額，我認為我們去年的行銷支出略低於 6%，今年可能會達到或略高於 6.5%。

So it's a pretty meaningful portion of that SG&A deleverage that we're seeing this year. I think as we approach next year, and certainly, we're not providing earnings guidance here today. But our goal going into next year would be to get the business growing and achieve leverage and SG&A leverage, in particular, if not operating margin leverage knowing that we've got to overcome the impact of the tariffs. So we're hard at that. We've been working over the course of the last several months and quarters on our profit improvement plan. We've implemented a series of cost reductions that will yield benefit over time here.

所以，這是我們今年看到的銷售、一般及行政費用去槓桿化中相當重要的一部分。我認為，隨著我們接近明年，當然，我們今天不會在這裡提供獲利預測。但我們明年的目標是實現業務成長，並實現槓桿率和銷售、一般及行政費用槓桿率，尤其是在無法實現營業利潤率槓桿率的情況下，因為我們知道必須克服關稅的影響。所以我們正在努力。在過去的幾個月和幾個季度裡，我們一直在努力製定利潤提升計劃。我們已經實施了一系列成本削減措施，這些措施將在未來帶來利益。

That's helpful, guys. Thank you.

這很有幫助，夥計們。謝謝。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Hey, thanks guys. I'm curious if you could talk about the lower promotions that you saw during the quarter. Curious if you saw that across both DTC and your wholesale partners. Maybe talk also about promotional levels across regions and what you build in in terms of year-over-year promos in the fourth quarter guidance?

嘿，謝謝大家。我想請您談談本季看到的促銷力度減弱的情況。想知道您是否在DTC管道和批發合作夥伴管道都觀察到了這種情況。或許還可以談談各地區的促銷力度，以及你們在第四季業績預期中對同比促銷活動的安排？

Yeah, as it relates to promotions, keep in mind on this call, we're lapping last year in which we were heavily liquidating inventory coming off of the excess inventory levels that we'd had, combined with you'll recall that with PFAS chemistry that we were also transitioning out of our product line from a year ago. So the combination of those two things led to a fair amount of liquidation effort within our own DTC business, including outlet stores and clearance stores, which we believe to be a more profitable mechanism.

是的，關於促銷活動，請記住，在這次電話會議上，我們正​​在回顧去年的情況，當時我們正在大規模清倉，以應對之前過剩的庫存水平。此外，您可能還記得，一年前我們也在將 PFAS 化學物質從我們的產品線中移除。因此，這兩件事結合起來，導致我們在自己的 DTC 業務中進行了相當多的清算工作，包括奧特萊斯店和清倉店，我們認為這是一種更有利可圖的機制。

And then likewise, wholesale customers needed to move through that same inventory. So a lot of this is effectively lapping that, and essentially what we're seeing here in the third quarter, and then going into the fourth quarter we're most of the way through October is the overall margins out in the marketplace are pretty healthy. When we look at overall dealer margins in the US, they're up on a year-on-year basis.

同樣，批發客戶也需要消化這些庫存。所以很多時候，這實際上已經重疊了，而我們目前在第三季度看到的，以及進入第四季度（現在已經是10月份的大部分時間了），市場上的整體利潤率都相當健康。從美國整體經銷商利潤率來看，年比有所成長。

And as it pertains to how we're thinking about that in the fourth quarter, it'll still be a tailwind for us just given the magnitude of that continued liquidation effort in the fourth quarter last year. So not that meaningful to call out, and I think by and large from what we see thus far early in the holiday season, retailers there's not an overexcitement or an overload on being promotional and discounting at this point in the season.

至於我們如何看待第四季的情況，考慮到去年第四季持續清算工作的規模，這仍然會為我們帶來順風。所以沒必要特別指出這一點，而且我認為，從目前假日季初期的情況來看，零售商們並沒有過度熱衷於促銷和打折。

Got it. And then within the comments about your order books being flat up for spring, with that, I just want to confirm that that is in dollars, and then curious if if those order books already include the high single-digit price increases that that you mentioned.

知道了。在關於春季訂單量持平的評論中，我想確認一下這是以美元計算的，並且想知道這些訂單是否已經包含了您提到的高個位數價格上漲。

Yeah, the price increases are included in the order books, specifically in the US. We didn’t raise prices very significantly in the markets outside the US, but yes, they do include those price increases.

是的，價格上漲已經計入訂單中，尤其是在美國。我們在美國以外的市場並沒有大幅漲價，但確實，這些價格上漲包含了這些漲幅。

Yeah, and of course that'll be that, units are down with the flat up as in revenue dollars. And so with those price increases in the US that is going to result in a decrease in the overall units.

是的，當然會是這樣，銷量下降了，但收入卻持平。因此，隨著美國物價上漲，整體銷售量將會下降。

Got it thank you. Good luck.

明白了，謝謝。祝你好運。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Hey, thanks for taking my question. I wanted to ask on the quarter-to-date performance for US Columbia. You pointed to a slow start due to cold weather, which has taken a while to develop, holding back sell-through. I remember that Fall/Winter 2024 also had a slow start due to weather, and I was curious if you can make any like-for-like comparisons for the quarter-to-date period and help us think about what's contemplated in guidance as we progress sequentially through the quarter.

嘿，謝謝你回答我的問題。我想詢問一下美國哥倫比亞唱片公司本季至今的業績。您指出，由於天氣寒冷，銷售開始緩慢，而且這種寒冷天氣需要一段時間才能形成，阻礙了銷售。我記得 2024 年秋冬季也因為天氣原因開局緩慢，我很想知道您是否可以對本季度至今的情況進行一些類似的比較，並幫助我們思考隨著本季度的推進，我們在業績指引中會考慮哪些因素。

Well, we build our plans assuming a normal weather year, and normal is an average of January's weather and December's weather and November, et cetera. So we're confident that we've got our plans built in the right area, and we've seen some uptick when weather hits a certain geography. So I think we're in the right spot here.

當我們制定計畫時，會假設這是正常年份的天氣，而正常年份的天氣是指一月、十二月份、十一月等年份的平均天氣。因此，我們有信心我們的計劃制定在了正確的區域，並且我們已經看到，當某些地區的天氣出現時，我們的業務量會有所增長。所以我覺得我們現在的位置很適合。

And so it's not abnormal for there to be slight warming in some periods, some years, but generally winter arrives, and we're just assuming we've got a normal winter ahead of us.

因此，在某些時期、某些年份出現輕微的氣溫升高並不異常，但通常冬天還是會到來，而我們只是假設我們將迎來一個正常的冬天。

Yeah, Peter, I just. Of demand out in the marketplace has been a bit lumpy, we saw a pretty nice July, August, September softened a little bit. That extended itself a little ways into the month of October. Frankly, what we've seen over the better part of the last week or two here has been pretty encouraging as we've seen a pick up in the in the demand that's offsetting some of the early season softness that we saw.

是的，彼得，我只是。市場需求一直不太穩定，7月和8月表現相當不錯，9月則略有疲軟。這種情況一直持續到十月。坦白說，在過去一兩週的大部分時間裡，我們看到的情況相當令人鼓舞，需求有所回升，抵消了之前出現的一些早季疲軟的局面。

Okay. And then on Sorel, I guess this is a smaller part of the business, but we did see an inflection to growth after several years of decline. So I was curious if you could help us think about the new collections and refreshed marketing. And as we think back to Investor Day a few years ago, is Sorel again going to become an outsized growth driver as you plan the business on a multi-year basis? I'm just curious on that brand.

好的。至於 Sorel，我想這部分業務規模較小，但在經歷了幾年的下滑之後，我們確實看到了成長的轉變。所以我很好奇您是否能幫我們思考新的產品系列和全新的行銷策略。回想幾年前的投資者日，隨著你們制定多年業務計劃，Sorel 是否會再次成為巨大的成長動力？我只是對那個品牌有點好奇。

Yeah, so if you remember, going back to the origins of the Sorel brand, it was almost exclusively, in fact, it was an exclusively winter brand and over time we've been able to move that from just winter, and frankly just men's, to have a very large portion of women's and a growing portion of non-winter product.

是的，如果你還記得的話，追溯 Sorel 品牌的起源，它幾乎完全是一個冬季品牌，事實上，它最初只是一個冬季品牌。隨著時間的推移，我們已經能夠將它從僅僅冬季，坦白說也僅僅是男裝，轉變為擁有很大比例的女裝和不斷增長的非冬季產品比例。

We've had great successes over time with things like wedges, which had fallen out of favor during the pandemic and when people were not back in office as much. But what we've seen over the last few weeks excuse me, the last season or so is a growth in the sneaker business, which is going to give us the opportunity to be year-round, which is frankly what our international partners want in that brand. They're ready to make investments in that brand in stores and in other institutions as long as we can get it to year-round. So the plan is to spend focused time and effort on non-winter products while still harvesting the winter business.

隨著時間的推移，我們在楔形圖案等方面取得了巨大的成功，而楔形圖案在疫情期間以及人們不再像以前那樣經常回到辦公室時就不再流行了。但在過去幾週，抱歉，或者在過去一個季度左右的時間裡，我們看到運動鞋業務有所增長，這將使我們有機會實現全年運營，坦白說，這正是我們的國際合作夥伴希望該品牌實現的。只要我們能實現全年運營，他們就願意在商店和其他機構投資該品牌。因此，計劃是集中時間和精力開發非冬季產品，同時繼續收穫冬季產品。

All right. Thank you and good luck.

好的。謝謝，祝你好運。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good afternoon. Thank you very much for taking my question. Jim, I was hoping to understand just the small tick down on the guide is about 1%. You mentioned to Peter and the audience that weather has been a slow start in the US, but also China has been impacted by China -- by weather, excuse me. Is that the reason why you're taking down the top end of the range for the guide for top line?

午安.非常感謝您回答我的問題。吉姆，我原本以為指南上那個小小的向下刻度大約是 1%。你向彼得和觀眾提到，美國的天氣開局緩慢，但中國也受到了天氣的影響——抱歉，是受到了天氣的影響。這就是你降低頂級產品指南範圍上限的原因嗎？

Yes. Let me touch on that, Laurent. So if you look at the third quarter, we had a revenue beat that was in the mid-$20 million range. That was really driven by our wholesale business and earlier shipment of wholesale orders to the tune of nearly $40 million. So you're seeing a little bit of softness in the third quarter in our direct-to-consumer business. That was predominantly in the US.

是的。讓我來談談這個問題，洛朗。所以，如果你看一下第三季度，我們的收入超出了預期，達到了 2000 萬美元左右。這主要得益於我們的批發業務以及先前價值近 4000 萬美元的批發訂單出貨量。所以，您可以看到，我們面向消費者的直接業務在第三季出現了一些疲軟。這種情況主要發生在美國。

And we essentially looked at that trend in Q3 and applied many of those same assumptions to our fourth quarter, and that's the predominant reason for the 1% adjustment in our revenue guide. Far less of a factor in terms of thinking about China. In fact, we've got our China business plan up quite meaningfully in the fourth quarter. We're in the early stages of the Double 11 presales activity and anticipate nice growth in that market. So I think China was a little bit of a blip with some warmer weather. We still have a lot of confidence in the direction of that business.

我們在第三季度基本上觀察了這一趨勢，並將許多相同的假設應用到第四季度，這就是我們對營收預期進行 1% 調整的主要原因。在思考中國問題時，這方面的因素少很多。事實上，我們的中國業務計劃在第四季度已經取得了相當顯著的進展。我們目前正處於雙十一預售活動的早期階段，預計該市場將取得良好的成長。所以我覺得中國氣溫升高只是個小插曲。我們仍對該業務的發展方向充滿信心。

Very helpful. And then I was hoping to unpack a little bit more of the commentary about 1H '26 wholesale revenues being slightly up. As you mentioned on the prepared remarks and in your CFO commentary, North America or at least the US will be down and international will be a driver. Can you potentially unpack that a little bit more about just the magnitude of what we should consider for the US? Can it be down mid-single digits? Just to understand a little bit more about elasticity of demand as you're taking pricing up high single digits for 1H '26. Thank you.

很有幫助。然後，我希望能更深入地探討一下關於 2026 年上半年批發收入略有增長的評論。正如您在準備好的演講稿和財務長評論中提到的那樣，北美或至少美國市場將會下滑，而國際市場將成為推動成長的動力。您能否再詳細解釋一下，對於美國而言，我們應該考慮的因素究竟有多大？能降到個位數嗎？為了更深入了解需求彈性，因為你們預計 2026 年上半年的價格將達到個位數高點。謝謝。

Yes. We've had, as you mentioned, great success outside the US where we have a much more predictable business. We've got multiple topics in play here in the US, the least of which is the price increases that we've all seen and are passing along to consumers and the uncertainty about how that's going to be accepted. So we have much more confidence in our business outside the US. That having been said, our USA business is a very large component. And our expectation is that we've set the business up in the right way for spring. And our retailers are cautious, but we believe there's great opportunities for us as we get into the business -- into the season.

是的。正如您所提到的，我們在美國以外的地區取得了巨大的成功，因為我們的業務更加可預測。在美國，我們面臨多個問題，其中最不重要的是物價上漲，我們都看到了物價上漲並將這些成本轉嫁給了消費者，以及消費者將如何接受物價上漲的不確定性。因此，我們對在美國以外的業務更有信心。也就是說，我們的美國業務佔非常大。我們預計，我們已經為春季做好了充分的業務準備。我們的零售商都很謹慎，但我們相信，隨著我們進入這個行業——進入銷售旺季——我們將迎來巨大的機會。

Yes. We'll provide more detail on that certainly in February, Laurent. A lot of this is just due to the sell-through season for spring '25 was a bit soft in the US and the order book is more or less reflective of that.

是的。洛朗，我們肯定會在二月提供更多細節。這主要是因為 2025 年春季在美國的銷售旺季略顯疲軟，訂單情況也或多或少反映了這一點。

Very helpful. And best of luck as the weather turns cold.

很有幫助。祝您在天氣轉冷後一切順利。

Thanks.

謝謝。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey guys, thanks for taking my question. I want to ask about gross margin. I'm not sure if you said like how we should think about gross margin versus SG&A in Q4. And when we kind of think the next couple of quarters, obviously, there's tariffs and there's pricing, but are there any other meaningful good guys or bad guys on the gross margin line? Thanks.

各位好，感謝你們回答我的問題。我想諮詢一下毛利率。我不確定你是不是說過我們應該如何看待第四季的毛利率與銷售、管理及行政費用之間的關係。當我們展望未來幾個季度時，顯然會有關稅和定價等因素，但除了關稅和定價之外，毛利率方面還有其他重要的好人或壞人嗎？謝謝。

Yes. As it pertains to the fourth quarter from a gross margin standpoint, no, we've not provided a lot in my CFO commentary. However, you will note that we did provide the estimated tariff impact. So it's a bit north of what we saw in Q3. Q3 was $15 million. We're estimating that at $20 million to $25 million in the fourth quarter. So a bit heavier of an impact. And then the same offsets would come into play, most notably would be the lower closeout and liquidation sales.

是的。就第四季的毛利率而言，不，我的財務長評論中並沒有提供太多相關資訊。但是，您會注意到我們確實提供了預期的關稅影響。所以比第三季的水平略高一些。第三季營收為1500萬美元。我們預計第四季營收將達到 2,000 萬至 2,500 萬美元。所以影響稍微大一點。然後同樣的抵銷因素也會發揮作用，最顯著的是較低的清倉甩賣和清算銷售。

So I think the gross margin in Q3 was down 20 basis points. I think we'll see it be down a bit more than that in the fourth quarter, but nothing overly meaningful in that regard. And then thinking out to next year, the big offsets certainly are going to be with the incremental tariffs will be what we're doing from a pricing standpoint. That's certainly the most meaningful variable that I would call out at this stage other than that, I can't think of anything offhand.

所以我認為第三季的毛利率下降了20個基點。我認為第四季這個數字還會再下降一些，但不會下降太多。展望明年，從定價的角度來看，主要的抵銷措施肯定是透過逐步提高關稅來實現的。這無疑是我目前階段要指出的最有意義的變量，除此之外，我暫時想不到其他變量了。

All right. Thanks very much and best of luck this holiday season.

好的。非常感謝，祝您假期一切順利。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good afternoon. I want to ask if you could share a little more insight when you look in the channel and inventory levels. And I know it's a challenging fall here, and you highlighted units ordered down for spring. So could you share any more perspective on what units look like in the channel? And could there be a situation come fall of next year where you see normalization from a positive perspective to get back to more normalized levels?

是啊，你好，下午好。我想請教一下，您在查看渠道和庫存水準時，能否分享一些更深入的見解？我知道今年秋季市場形勢嚴峻，您也提到了春季訂購的商品數量有所下降。那麼，您能否再分享一下您對頻道中單元外觀的​​看法？那麼，明年秋季是否有可能出現一種積極的情況，即一切恢復正常，回到較為正常的水平？

No, I think the channel inventories are actually pretty good right now. If they were building up, we would probably have seen some sort of adjustment in our fall order book, which we have not seen. Retailers are anxious to get merchandise, which is part of why the inventory was shipped a little bit earlier this year than prior periods.

不，我認為目前的通路庫存狀況其實相當不錯。如果訂單量確實在增加，我們秋季的訂單量應該會有一些調整，但我們並沒有看到這種情況。零售商急於收到商品，這也是今年庫存出貨時間比往年稍早的原因之一。

But we're -- yes, I think the inventories are in the right spot. And certainly, we've got a couple of items, including the Amaze Puff jacket that's selling very well as well as newly designed and distributed pant program called the ROC pant. So those two areas are doing well, and we've had no pushback at all from retailers, right? I think the channels are quite good.

但是——是的，我認為庫存處於合適的水平。當然，我們也有幾款產品，包括銷售非常好的 Amaze Puff 夾克，以及新設計和分銷的名為 ROC 褲的褲子項目。所以這兩個領域發展良好，零售商方面也完全沒有反對意見，對吧？我覺得這些頻道都蠻不錯的。

Okay. That's helpful. And maybe a broader question on the margin recovery. If I look over the last three years or so, it looks like your global revenue is down low single digits over that period and your total SG&A spend is still up roughly mid-teens percentage. So I'm wondering if there's any further opportunity to look for efficiencies. And as we think about exiting 2025 with a 5% operating margin, what's a reasonable time line to get back to more normal or reasonable levels for a healthy brand?

好的。那很有幫助。或許還可以提出一個更廣泛的問題，就是利潤率的恢復。如果我回顧過去三年左右的時間，可以看出貴公司的全球收入在此期間下降了個位數百分比，而銷售、管理及行政費用總額仍然增長了大約十幾個百分點。所以我想知道是否有其他提高效率的機會。當我們考慮到 2025 年底時營業利潤率為 5% 時，一個健康的品牌需要多長時間才能恢復到更正常或合理的水平？

Well, certainly, our -- like I said to an earlier response, we would target an improvement in our SG&A cost structure looking out to next year. There's a lot of actions that we've taken to date, but you're not necessarily seeing them manifest themselves in the P&L because of other strategic investments, the marketing investments we're making from an ACCELERATE standpoint. There are some onetime costs that we're incurring in the P&L this year as it relates to severance, professional fees related to our profit improvement program and so forth.

當然，就像我之前在回覆中提到的那樣，我們將著眼於明年改善銷售、一般及行政費用結構。到目前為止，我們已經採取了很多行動，但由於其他策略投資，以及我們從加速發展的角度進行的行銷投資，你不一定能在損益表中看到這些行動的體現。今年損益表中將產生一些一次性成本，例如遣散費、與利潤提升計畫相關的專業費用等等。

So as we begin to lap those cost savings combined with certain of these costs, I would certainly expect that we put ourselves in a position to leverage on that line, Jon. It's not lost on us. I do think there's some additional opportunities as we look out to next year, certainly getting our US business back to growth and how do we run that business more efficiently across our wholesale and DTC businesses. So that's an area of focus for us. And then there's other organizational costs that are in consideration for the company.

因此，隨著我們開始將這些成本節約與某些成本結合起來，我當然希望我們能夠利用這一點，喬恩。我們當然明白這一點。我認為展望明年，我們還有一些額外的機會，當然，例如讓我們的美國業務恢復成長，以及我們如何在批發和 DTC 業務方面更有效地經營這些業務。所以這是我們關注的重點領域。此外，公司還需要考慮其他組織成本。

Okay, great. Thanks again.

好的，太好了。再次感謝。

Thank you.

謝謝。

Mitch Kummetz, Seaport Research.

米奇‧庫梅茨，海港研究公司。

Yeah, thanks for taking my questions. Tim, I think it was in your prepared remarks, you mentioned that US DTC was down high single digits on the quarter. I'm curious, is there any way to parse out the negative impact from fewer temporary stores year-over-year versus maybe any early benefits that you're seeing from the new global platform? I would think that, that would hit DTC before it hits wholesale. So any help there?

謝謝你回答我的問題。提姆，我想你在事先準備好的發言稿中提到過，美國直接消費稅（DTC）本季下降了接近兩位數。我很好奇，有沒有辦法將臨時門市數量逐年減少帶來的負面影響，與新全球平台可能帶來的早期收益區分開來？我認為，這種情況會先影響到直接面向消費者的管道，然後再影響批發管道。有什麼幫助嗎？

Yes, I was going to just suggest that by far, the largest component is the lack of the temporary clearance stores. And then as it relates to our digital DTC business, we've taken the approach that the number 1 method for consumers to get the best visibility for our brands is digitally, and we believe that we were slightly over promotionally active in prior periods. So we've taken an approach that we're going to rein back in the promotional activity and invest heavily in how the products look digitally. So I would think those two things would be the largest impacts.

是的，我正想說，到目前為止，最大的問題在於缺少臨時清倉商店。至於我們的數位 DTC 業務，我們認為消費者獲得我們品牌最佳曝光度的第一個方法是透過數位管道，我們認為我們在之前的時期促銷活動可能有點過於活躍了。因此，我們採取的策略是縮減促銷活動，並大力投資於產品在數位領域的呈現方式。所以我認為這兩件事的影響最大。

Yes. I think, Mitch, just a clarifying remark on that stat shape more of detail. That high single-digit decrease in our US D2C brick-and-mortar business, 90-plus percent of that relates to these temporary clearance stores. And then we're not getting a lot of benefit from new stores because if you can look at what we've added in new stores, just three new stores year-over-year. And so the productivity side of the existing stores, that's down, but it's down just slightly.

是的。米奇，我想就那個統計數據補充一些細節。我們美國 D2C 實體店業務的個位數高降幅，其中 90% 以上與這些臨時清倉店有關。而且，我們從新店並沒有獲得太多好處，因為如果你看看我們新增的門市，你會發現我們每年只新增了三家門市。因此，現有門市的生產力有所下降，但下降幅度不大。

Okay, that's helpful. Thanks. And then Tim, on the ACCELERATE strategy, sounds like from a marketing standpoint, like you guys have the campaign that can really help drive this. But I'm curious, like where do you think you are from a product standpoint? When you look at like fall '25, what inning are you? And how much are you advancing that for spring '26?

好的，這很有幫助。謝謝。然後，提姆，關於加速策略，聽起來像是從行銷角度來看，你們有一個可以真正幫助推動這項策略的宣傳活動。但我很好奇，從產品角度來看，你認為自己處於什麼位置？當你展望 2025 年秋季時，你處於第幾局？那麼，你們對 2026 年春季的進度推進了多少呢？

Yes. I would say the ACCELERATE program as it relates to the marketing, I think, is dramatically different and dramatically larger investment for the company. The fact that we're selling products like the Amaze Puff at prices which we've never been able to sell before is an indication that I think we've got the right equation to really get growing. The company offers a democratic level of product across multiple channels and categories of merchandise. We often don't get -- we don't get no respect for our expensive products, and I think this is going to help us in that area. And I think when you look at what we've done with the ROC pant and with the Amaze Puff in terms of their performance, I think it shows that we can definitely get there. So I'm excited about it.

是的。我認為，就行銷而言，ACCELERATE 專案與以往截然不同，對公司來說也是一筆更大的投資。我們現在能夠以以前從未有過的價格銷售像 Amaze Puff 這樣的產品，這表明我們找到了真正實現成長的正確方法。該公司在多個管道和商品類別中提供民主化的產品。我們經常得不到——我們昂貴的產品得不到尊重，我認為這將有助於我們在這方面有所改善。我認為，看看我們在 ROC 褲子和 Amaze Puff 的性能方面所取得的成就，就能看出我們絕對可以實現目標。所以我對此感到很興奮。

All right, thank you. Good luck.

好的，謝謝。祝你好運。

Mauricio Serna, UBS.

Mauricio Serna，瑞銀集團。

Hey, good afternoon. Thanks for taking my questions. Just wanted to ask if you could clarify maybe on the comment on price increases. You mentioned high single digit for price increases for spring '26, and then you mentioned something about fall. So for fall '26, is there an increment like another round of price increase that you're looking at? Just wanted to understand that.

嘿，下午好。謝謝您回答我的問題。我想問一下，您能否就價格上漲的評論做些澄清？您提到 2026 年春季的價格漲幅將達到個位數高位，然後您又提到了秋季的情況。那麼，對於 2026 年秋季，您是否正在考慮再次漲價？我只是想弄明白這一點。

Yes. So for spring, we increased our prices perhaps, as we said, in the high single-digit range, about the same for fall. Frankly, inside the US, it's -- we don't really know what we're going to be paying for this merchandise based on the capricious nature of how the tariffs have been enforced. So we're taking our best shot at the business. Our prices outside the US are more stable and more predictable. But inside the US, we're taking our best shot at what we believe the pricing will be.

是的。所以，春季的價格可能像我們之前說的那樣，上漲了接近兩位數，秋季的價格也差不多是這樣。坦白說，在美國國內，由於關稅執行方式的反覆無常，我們真的不知道我們將為這些商品支付多少錢。所以我們正在全力以赴地經營這項業務。美國以外地區的價格更加穩定，也更容易預測。但在美國國內，我們會盡最大努力預測我們認為的定價。

And Mauricio, the pricing is not stacking. Keep in mind, we've got a seasonal business, right? So it's high single digit for each season, but not stacking cumulatively.

毛里西奧，價格並沒有疊加。請記住，我們的生意是有季節性的，對吧？所以每個賽季的降幅都是個位數，但累計降幅並不大。

Okay. Yes. Okay. That's what I wanted to understand. Okay. And then on the shift from wholesale that benefited Q3, is that mostly US? Or how should we think about that shift?

好的。是的。好的。這正是我想要了解的。好的。那麼，第三季受惠於批發業務的轉變，主要發生在美國嗎？或者我們應該如何看待這種轉變？

I think 80% of it, give or take, is US-based. So it's predominantly there. I think there was also some over in our European direct business as well.

我認為其中大約 80% 都位於美國。所以它主要在那裡。我認為我們在歐洲的直接業務也出現了一些問題。

Okay. Very helpful. And then just lastly, on SG&A dollar growth in Q3 was like 5%. Like -- is that like an underlying number that we should think into like for the Q4? Or is there also like an impact from the shift in the wholesale that maybe means that could be 3% to 4% or somewhat lower?

好的。很有幫助。最後，第三季銷售、一般及行政費用增加了約 5%。例如——這是否是我們應該考慮的第四季潛在數字？或者批發市場的變化也會產生影響，導致漲幅可能在 3% 到 4% 之間，甚至更低？

Well, I indicated earlier, our gross margin is going to be down a shade more than what we saw in Q3. And then I think if you back into the SG&A, it's up a low single-digit percent -- low to mid-single-digit percent in the fourth quarter. I would keep in mind, when you think about the rate of SG&A growth in the third quarter at plus 5%, half of that was an investment in demand creation that we believe is absolutely the right thing to do to support the ACCELERATE Growth Strategy is making a difference in elevating and increasing the perception of the brand. So I think it's just incredibly important to keep that in mind as we're looking at the SG&A.

正如我之前提到的，我們的毛利率將比第三季略有下降。然後我認為，如果把銷售、一般及行政費用（SG&A）也算進去，那麼第四季度它的增幅只有個位數百分比——在個位數百分比的低到中等水平。我想提醒大家，第三季度銷售、一般及行政費用增長率達到 5%，其中一半用於創造需求，我們認為這絕對是正確的做法，以支持“加速增長戰略”，該戰略正在提升和增強品牌認知度。所以我覺得在考慮銷售、一般及行政費用時，牢記這一點非常重要。

Very helpful. Thank you so much.

很有幫助。太感謝了。

We have reached the end of the question-and-answer session, and I will now turn the call over to Tim Boyle for closing remarks.

問答環節到此結束，現在我將把電話交給提姆·博伊爾，請他作總結發言。

Well, thanks, everyone, for listening in. It's really, frankly, great to see the ACCELERATE Growth Strategy transition from just planning to activation. The brand platform engineered for whatever is bringing brand-new energy to the marketplace. And frankly, we're just getting started. We'll build on the momentum with new products and marketing activations in the seasons ahead. So I look forward to sharing our progress when we report in February.

謝謝大家的收聽。坦白說，看到「加速成長策略」從規劃階段過渡到實施階段，真的令人振奮。品牌平台旨在為市場帶來全新活力。坦白說，我們才剛起步。我們將乘勢而上，在接下來的幾季推出新產品和行銷活動。因此，我期待在二月的報告會上與大家分享我們的進展。

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

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。