Columbia Sportswear Company (COLM) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Columbia Sportswear first-quarter 2026 financial results conference call. (Operator Instructions)

各位好。歡迎參加 Columbia Sportswear 2026 會計年度第一季財務結果電話會議。(接線員指示)

Please note, this conference is being recorded.

請注意，本次會議將被錄音。

I will now turn the conference over to your host, Matt Tucker. You may begin.

現在我將把會議交給主持人 Matt Tucker。您可以開始了。

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

各位下午好，感謝各位加入我們，一同討論 Columbia Sportswear Company 第一季業績。除新聞稿外，我們亦提交了一份 8-K，其中包含詳細的 CFO 評論與財務回顧簡報，用以說明我們的業績表現。該文件亦可於我們的投資人關係網站 investor.columbia.com 取得。

With me today on the call are Chairman and Chief Executive Officer, Tim Boyle; Co-Presidents, Joe Boyle and Peter Bragdon; Executive Vice President and Chief Financial Officer, Jim Swanson; and Executive Vice President, Chief Administrative Officer and General Counsel, Richelle Luther.

今天與我一同參與電話會議的有：董事長兼執行長 Tim Boyle；共同總裁 Joe Boyle 與 Peter Bragdon；執行副總裁兼財務長 Jim Swanson；以及執行副總裁、行政長兼總法律顧問 Richelle Luther。

This conference call will contain forward-looking statements regarding Columbia's expectations, anticipations or beliefs about the future. These statements are expressed in good faith and are believed to have a reasonable basis. However, each forward-looking statement is subject to many risks and uncertainties, and actual results may differ materially from what is projected.

本次電話會議將包含前瞻性陳述，涉及 Columbia 對未來的預期、展望或信念。這些陳述係基於善意提出，且我們相信具有合理依據。然而，每一項前瞻性陳述均受多項風險與不確定性影響，實際結果可能與預測有重大差異。

Many of these risks and uncertainties are described in Columbia's SEC filings. 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.

其中許多風險與不確定性已於 Columbia 向 SEC 提交的文件中說明。我們提醒各位，前瞻性陳述本質上較歷史資訊不可靠。在本次電話會議日期之後，我們不承擔更新任何前瞻性陳述之義務，以使其與實際結果或我們預期之變化相一致。

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.

我也想指出，在通話過程中，我們可能會提及某些非 GAAP 財務衡量指標，包括固定匯率淨銷售額。如需更多關於非 GAAP 財務衡量指標與結果的資訊（包括 GAAP 與非 GAAP 指標之調節表，以及管理層引用這些非 GAAP 指標之理由說明），請參閱我們財報新聞稿中的補充財務資訊章節與財務表格，以及 CFO 評論與財務回顧附錄。

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

在我們的事先準備發言結束後，將進行問答環節；為了在一小時內讓每位都能提問，我們將限制每位來電者最多兩個問題。

Now I'll turn the call over to Tim.

現在我把電話交給 Tim。

Thanks, Matt, and good afternoon. In the first quarter, we're pleased to have again delivered net sales and profitability exceeding our quarterly guidance, driven by early spring 2026 wholesale shipments and better-than-expected demand in Europe and the US as well as disciplined expense management.

謝謝你，Matt，各位下午好。第一季我們很高興再次交出淨銷售額與獲利能力均優於季度財測指引的成績，主要受惠於 2026 年早春批發出貨、歐洲與美國需求優於預期，以及嚴謹的費用管理。

Our international business, which represents over 40% of our sales, continued to lead our growth, up 16% year-over-year. While our US business remained challenged this quarter and declined 10%, the decrease was largely anticipated based on the decline in our advanced spring '26 wholesale orders. This also reflected our decision last year to reduce the supply of certain winter products as a precautionary measure in response to US tariff announcements.

我們的國際業務占總銷售額超過 40%，持續引領成長，年增 16%。雖然本季美國業務仍面臨挑戰並下滑 10%，但這一下降在很大程度上是可預期的，因為我們 2026 年春季預先批發訂單下滑。這也反映了我們去年因應美國關稅公告，出於預防性考量而決定降低部分冬季產品供應。

Cleaner inventories also drove less clearance sales. That said, I'm encouraged by signs of growing momentum in the US, including an increased fall '26 order book, which we expect to enable the wholesale business to return to growth in the second half. It's increasingly clear to me that the Columbia ACCELERATE Growth Strategy is resonating with consumers.

更乾淨的庫存也帶來較少的清倉銷售。儘管如此，我對美國市場動能增強的跡象感到鼓舞，包括 2026 年秋季訂單簿增加；我們預期這將使批發業務在下半年恢復成長。我愈來愈清楚地看到，Columbia 的 ACCELERATE 成長策略正在與消費者產生共鳴。

A major highlight for the Columbia brand in Q1 was the Winter Olympics, where the US Curling team thrilled fans at home and around the world, capturing a historic silver medal in mixed doubles, all while competing in distinctive and iconic Columbia kits. This generated billions of views around the world for one of the most watched Olympic events, along with more than 25 million views of Columbia's US Curling jerseys on social media.

第一季 Columbia 品牌的一大亮點是冬季奧運會；美國冰壺隊在主場與全球觀眾面前帶來精彩表現，在混合雙人項目奪下歷史性的銀牌，且全程穿著辨識度高、具代表性的 Columbia 服裝參賽。這讓最受矚目的奧運賽事之一在全球產生數十億次觀看，同時 Columbia 的美國冰壺球衣在社群媒體上的觀看次數也超過 2,500 萬次。

Additionally, longtime Columbia and Team USA Freestyle skiing athlete, Alex Ferreira, reached the pinnacle of his sport claiming the gold medal in the men's halfpipe. Alex's performance and victory further demonstrate that Columbia's products meet the highest standards of elite winter athletes. And he has continued to inspire fans and drive energy for the Columbia brand since returning home. He's been celebrating at events such as the recent US ski and snowboard nationals in Aspen, Colorado.

此外，長期與 Columbia 合作、同時也是美國隊自由式滑雪選手的 Alex Ferreira，在男子 U 型場地（halfpipe）奪得金牌，登上其運動生涯巔峰。Alex 的表現與勝利進一步證明，Columbia 的產品符合頂尖冬季運動員的最高標準。自返國以來，他也持續激勵粉絲並為 Columbia 品牌帶來能量。他近期也在科羅拉多州阿斯本舉行的美國滑雪與單板滑雪全國賽等活動中一同慶祝。

The Columbia brand also garnered outsized attention at another sporting event of major importance in Q1 crashing the tailgate party at the big game in Santa Clara with Nature Calls, the only beer that uses bear scat in the brewing process. Columbia sent two bear ambassadors to the game, and they made their presence known, appearing 4 times on the stadium's Jumbotron and even making it on the live TV broadcast.

第一季另一項重要體育盛事中，Columbia 品牌也獲得超乎預期的關注：我們帶著 Nature Calls——唯一使用熊糞作為釀造流程一部分的啤酒——現身聖塔克拉拉的大賽尾牙派對（tailgate party）。Columbia 派出兩位「熊」大使到現場，他們的存在感十足，在球場大螢幕（Jumbotron）上出現了 4 次，甚至登上電視直播畫面。

This impact was enhanced by influencer partnerships with sports personalities around the event. Social media content from the game itself, generating over 9 million views on social media alongside hundreds of news articles. We're excited that the return to our irreverent roots also continues to see recognition from the media and outdoor community.

我們也透過賽事期間與運動領域意見領袖的合作，進一步放大了這項影響力。來自賽事現場的社群內容在社群媒體上累計超過 900 萬次觀看，並帶動數百篇新聞報導。我們很高興看到，回歸我們不拘一格的品牌根源，也持續獲得媒體與戶外社群的肯定。

The Engineered for Whatever campaign was recently awarded a Gold Clio Award, one of the most respected international awards in advertising, marketing and communication for the launch of our Expedition Impossible Challenge that we spoke to you about last quarter, which has generated over 10 million organic views on social media.

我們的「Engineered for Whatever」行銷活動近期榮獲 Clio 金獎（Gold Clio Award）——這是廣告、行銷與傳播領域最受尊崇的國際獎項之一——以表彰我們在上季與各位分享的「Expedition Impossible Challenge」活動之推出；該活動在社群媒體上已累積超過 1,000 萬次自然觸及觀看。

Congrats to the team and stay tuned for more exciting things ahead. Our engineering excellence was also reinforced in Q1 with several product awards from multiple media outlets. Among many examples, a highlight included our women's Arcadia II jacket and our men's Watertight II jacket, both being featured in the New York Times Wirecutter Guide for Best Everyday rain jackets, a testament to the durability, performance and value we build into every design.

恭喜團隊，也請期待接下來更多令人振奮的消息。第一季我們的工程研發實力也透過多家媒體頒發的多項產品獎項再次獲得肯定。舉例而言，我們的女款 Arcadia II 外套與男款 Watertight II 外套，雙雙入選《紐約時報》Wirecutter「最佳日常雨衣」指南，這證明了我們在每一項設計中所打造的耐用性、性能與價值。

Our newer product collections and marketing activations launched under the ACCELERATE Growth Strategy and Engineered for Whatever campaign are increasingly resonating with consumers. This is evidenced by improvements in organic search interest, direct site traffic and customer acquisition rate for the first quarter.

在 ACCELERATE 成長策略與「Engineered for Whatever」行銷活動之下推出的較新產品系列與行銷推廣，正愈來愈能引起消費者共鳴。第一季自然搜尋熱度、官網直接流量與客戶獲取率的改善，即為明證。

Another first-quarter highlight for the Columbia brand is the momentum we see building in PFG, performance fishing gear. As a reminder, we have a long and deep heritage with PFG as pioneers of the fishing apparel and footwear category.

Columbia 品牌第一季的另一項亮點，是我們看到 PFG（高性能釣魚裝備）正在累積的成長動能。提醒各位，我們在 PFG 方面擁有悠久且深厚的傳承，是釣魚服飾與鞋類品類的先驅。

As a brand known for high performance, authenticity and fun, PFG is inspiring the next generation of anglers, supported by investments in sales and marketing, including an always-on social media strategy, a refreshing ground game and the addition of new fishing athletes and ambassadors to the PFG roster.

作為以高性能、真實性與樂趣著稱的品牌，PFG 正在啟發新一代釣客；我們也透過銷售與行銷投資提供支持，包括全年無休的社群媒體策略、更具新意的線下推廣，以及為 PFG 陣容新增釣魚運動員與品牌大使。

A key product highlight in the quarter was the Bahama shirt, long known for keeping anglers cool and comfortable and also widely known as the unofficial uniform of country music superstar, Luke Combs. This year, we're celebrating the Bahama's 30th anniversary and expect sales of the Bahama to grow by double-digit percent for the spring '26 season.

本季一項關鍵產品亮點是 Bahama 襯衫；它長期以來以讓釣客保持涼爽舒適而聞名，也廣為人知是鄉村音樂巨星 Luke Combs 的「非官方制服」。今年我們將慶祝 Bahama 問世 30 週年，並預期 2026 年春季 Bahama 的銷售將以兩位數百分比成長。

The celebration will continue beyond Q1 with additional marketing investments and collaborations with authentic artists and influencers to drive energy for this iconic style. Another PFG highlight on the footwear side is the Dry Tortuga Boot, which saw sales more than triple in Q1. We believe it's the most rugged, durable and comfortable fishing boot on the market and delivers attractive styling that's a standout in the fishing category.

慶祝活動將延續至第一季之後，並透過額外的行銷投資以及與具真實影響力的藝術家與網紅合作，為這款經典風格持續注入熱度。在鞋類方面，PFG 的另一項亮點是 Dry Tortuga Boot，其第一季銷售額較去年同期成長逾三倍。我們相信它是市面上最堅固、耐用且舒適的釣魚靴，並提供吸睛的造型設計，在釣魚品類中格外出眾。

Looking ahead, we're excited about the potential for PFG to build on this recent momentum and take share in this growing market, particularly with younger consumers who are increasingly adopting the sport and lifestyle of fishing. Now I'll provide an update on our fall '26 order book, which is another indicator of the traction we're gaining with our ACCELERATE Strategy.

展望未來，我們對 PFG 有望延續近期動能、並在這個成長中的市場提升市占感到振奮，尤其是越來越多採納釣魚運動與生活方式的年輕消費者。接下來我將更新我們 2026 年秋季（fall '26）的訂單簿，這也是我們在 ACCELERATE 策略下所獲得牽引力的另一項指標。

Since our last update, the order book continued to trend positively, reinforcing our expectations for mid-single-digit percent wholesale growth globally in the second half. While the overall growth is encouraging, the dimensions of that growth provide further signals of progress under the ACCELERATE Strategy.

自上次更新以來，訂單簿持續呈現正向趨勢，強化我們對下半年全球批發業務中個位數百分比成長的預期。雖然整體成長令人鼓舞，但成長的構成面向也進一步釋出在 ACCELERATE 策略下取得進展的訊號。

As a reminder, we launched ACCELERATE roughly two years ago. And given product development timelines, we're now increasingly seeing the new products created under this strategy hit the market, driving growth in the order book and representing an increasing share of Columbia brand sales. In addition to US growth in the fall '26 order book, we're excited to see double-digit percent sales growth in Columbia's women's business and in footwear.

提醒一下，我們約在兩年前推出 ACCELERATE。考量產品開發時程，我們現在愈來愈多看到在此策略下打造的新產品進入市場，帶動訂單簿成長，並在 Columbia 品牌銷售中占比持續提高。除了 2026 年秋季訂單簿中的美國成長外，我們也很高興看到 Columbia 女裝業務與鞋類出現兩位數百分比的銷售成長。

At a product level on a global basis, we're seeing outsized growth in our most premium and innovative products and platforms, including double-digit percent growth or better in our titanium product and our Omni-Heat Arctic technology as well as meaningfully scaling of our new MTR fleece. Our two major product launches from fall '25, the Amaze and ROC lines will continue to scale with orders up more than double versus the prior year.

以全球產品層級來看，我們在最頂級且最具創新性的產品與平台上看到更為突出的成長，包括 titanium 產品與 Omni-Heat Arctic 技術皆達到或優於兩位數百分比成長，同時我們的新 MTR 刷毛產品也在顯著放量。我們在 2025 年秋季（fall '25）推出的兩大產品線 Amaze 與 ROC 將持續放量，訂單較前一年增加逾一倍。

We're also thrilled to have Amaze featured in triple the number of DICK'S Sporting Goods location this fall as compared to last year. Turning to the current operating environment. While we remain focused on execution and what we can control, the operating environment remains highly dynamic with major external events affecting our business since we last spoke three months ago, particularly involving tariffs in the US and the conflict in the Middle East.

我們也很興奮，今年秋季 Amaze 進駐 DICK'S Sporting Goods 的門市數量將是去年的三倍。接著談談目前的營運環境。雖然我們仍專注於執行與可控事項，但營運環境依然高度動態；自三個月前我們上次溝通以來，重大外部事件持續影響我們的業務，尤其是美國關稅以及中東衝突。

First, let me address the tariff situation. Following the US Supreme Court's tariff ruling in late February, the US administration implemented a 10% universal tariff under Section 122, which is set to expire in July. Our prior full-year outlook, which was issued prior to the court's ruling, included unmitigated incremental tariff impacts of approximately 300 basis points on our gross margin.

首先，我先說明關稅情況。在 2 月下旬美國最高法院就關稅作出裁決後，美國政府依據第 122 條（Section 122）實施 10% 的普遍性關稅，預計於 7 月到期。我們先前發布的全年展望是在該裁決之前提出，其中包含未採取緩解措施的新增關稅影響，約使毛利率承壓 300 個基點。

We are now expecting a slight improvement based on the 10% universal tariffs extending through July and the assumption that the US administration will implement new tariffs at or near IEEPA tariff rates following the expiration of the Section 122 rates. We now expect an approximate 200 basis point unmitigated headwind from tariffs to our full year gross margin outlook.

目前我們預期情況將略有改善，係基於 10% 普遍性關稅延續至 7 月，以及假設在第 122 條稅率到期後，美國政府將以接近 IEEPA 關稅稅率的水準實施新關稅。我們現在預期，關稅對全年毛利率展望的未緩解不利影響約為 200 個基點。

As a reminder, we made the decision last year to absorb nearly all of the fall '25 impact of incremental tariffs and not raise prices. The court's ruling also required the refund of IEEPA tariffs already paid. As of the date they were terminated, we have paid a total of approximately $80 million in IEEPA tariffs.

提醒一下，我們去年決定吸收 2025 年秋季（fall '25）幾乎所有新增關稅影響，並未調漲價格。法院裁決亦要求退還已繳納的 IEEPA 關稅。截至 IEEPA 關稅終止之日，我們累計已支付約 8,000 萬美元的 IEEPA 關稅。

Approximately $55 million of which has been recognized through cost of sales with the remainder residing in inventory on our balance sheet as of the end of the first quarter. We have already taken action by submitting our refund claims, and we fully intend to pursue every avenue available to secure the refunds that we are owed. We have not yet recognized any benefit of refunds in our financial statements, nor have we updated our financial outlook for such refunds.

其中約 5,500 萬美元已透過銷貨成本認列，其餘則於第一季末以存貨形式列示於資產負債表。我們已採取行動提交退稅申請，並將全力透過一切可行途徑，爭取我們應得的退稅。我們尚未在財務報表中認列任何退稅利益，也尚未就此退稅更新我們的財務展望。

Turning now to the ongoing conflict in the Middle East, which broke out in late February. First, my thoughts go out to any of our customers, employees, business partners and their loved ones who may be directly impacted by this conflict. Their safety and security is always our first and primary concern. As far as our business is concerned, this conflict has already triggered order cancellations and forecasted order reductions for certain Middle East distributor markets.

接著談到 2 月下旬爆發並持續至今的中東衝突。首先，我的心與任何可能直接受到此衝突影響的客戶、員工、商業夥伴及其親友同在。他們的安全與保障始終是我們首要且最重要的關切。就我們業務而言，這場衝突已導致部分中東經銷市場出現訂單取消與預估訂單下修。

While these impacts have not meaningfully changed our full-year financial outlook to date, the prolonged nature of the conflict poses further risks. Macroeconomic and supply chain risks are among the areas that could have a more profound effect. These risks, including the potential softening of consumer demand, driven by the ongoing surge in energy prices and the resulting inflationary pressures on consumers' wallets.

雖然截至目前這些影響尚未對我們的全年財務展望造成重大改變，但衝突若長期化將帶來進一步風險。總體經濟與供應鏈風險是可能產生更深遠影響的領域之一。這些風險包括消費需求可能轉弱，原因在於能源價格持續飆升，以及由此對消費者荷包造成的通膨壓力。

Increased oil prices are expected to put pressure on our product input costs with the exposure we're getting in our spring '27 season.

預期油價上升將對我們的產品投入成本造成壓力，尤其是在我們 2027 年春季（spring '27）檔期的曝險之下。

Further, the conflict's impact on global supply chains could result in late-arriving inventory, increased freight and logistics costs, and potential order cancellations.

此外，衝突對全球供應鏈的影響可能導致存貨到貨延遲、運輸與物流成本上升，以及潛在的訂單取消。

Due to the high degree of uncertainty associated with the ongoing conflict and resulting impact on the global economy and supply chains, we are not able to incorporate these risks into our updated 2026 financial outlook.

由於持續衝突及其對全球經濟與供應鏈影響所伴隨的不確定性程度很高，我們無法將這些風險納入我們更新後的 2026 年財務展望。

Despite these external factors, I am confident in our ability to navigate these risks given our highly experienced leadership team, flexible and resilient global supply chain, fortress balance sheet and high-quality products that provide a strong value proposition to the consumer.

儘管存在這些外部因素，憑藉我們經驗豐富的領導團隊、靈活且具韌性的全球供應鏈、堅實的資產負債表，以及能為消費者提供強勁價值主張的高品質產品，我對我們有能力因應並穿越這些風險充滿信心。

Turning back to our first-quarter financial performance. Net sales were roughly flat year over year at $779 million, reflecting a balanced performance across channels with both DTC and wholesale coming in flat to the prior year.

回到第一季的財務表現。淨銷售額約為 7.79 億美元，與去年同期大致持平，反映各通路表現均衡，DTC 與批發皆與去年同期持平。

Gross margin contracted 20 basis points to 50.7%, driven by 310 basis points in incremental unmitigated tariff costs, partly offset by mitigation actions, including targeted price increases.

毛利率下滑 20 個基點至 50.7%，主因為新增且未緩解的關稅成本增加 310 個基點；部分由緩解措施抵銷，包括針對性的價格調漲。

SG&A expenses increased nearly 1%, reflecting higher DTC expenses, partially offset by lower enterprise technology and supply chain personnel expenses, reflecting cost reductions actions which were taken last year. This overall performance resulted in diluted earnings per share above our guidance range.

SG&A 費用增加近 1%，反映 DTC 費用較高，部分被企業科技與供應鏈人員費用下降所抵銷，該下降反映我們去年採取的成本削減措施。整體表現使稀釋後每股盈餘高於我們的指引區間。

Inventories remain healthy and are relatively flat versus the prior year in dollar terms, with units down approximately 11% year over year.

存貨維持健康水位，以金額計與去年同期大致持平，但以件數計較去年同期約下降 11%。

We remain steadfast in our commitment to driving shareholder value, returning meaningful cash to shareholders, including $150 million in share repurchases during the first quarter, which resulted in the retirement of 2.5 million shares and opportunistic acceleration of activity-related -- relative to recent periods.

我們仍堅定致力於提升股東價值，並向股東回饋具意義的現金，包括第一季回購 1.5 億美元股票，註銷 250 萬股，且相較近期期間更具機會性地加速相關活動。

We continue to maintain our fortress balance sheet, exiting the quarter with $535 million in cash and short-term investments and no debt.

我們持續維持堅實的資產負債表，季末持有 5.35 億美元現金及短期投資，且無負債。

Looking at net sales by geography, US net sales decreased 10%, but performed better than planned. The decline in sales resulted from a lower spring '26 order book, constrained supply of winter season product, which limited our ability to fulfill consumer demand, and lower clearance sales on lean inventory.

按地區觀察淨銷售額，美國淨銷售額下降10%，但表現優於計畫。銷售下滑源於2026年春季訂單簿較低、冬季產品供應受限而限制我們滿足消費者需求的能力，以及在精簡庫存下清倉銷售較少。

The US wholesale business was down low teens percent, high single-digit percent in the quarter. Brick-and-mortar was down mid-single-digit percent, partially reflective of clean inventories and inclusive of the impact of less temporary clearance stores compared to last year.

美國批發業務在本季下降約十幾個百分點，約為高個位數百分比。實體通路下降約中個位數百分比，部分反映庫存乾淨，且包含相較去年臨時清倉店數量較少的影響。

E-commerce was down low teens percent, driven by the shortage of winter product and lower conversion of consumer traffic.

電商下降約十幾個百分點，主要受冬季產品短缺以及消費者流量轉換率較低所致。

We're encouraged with the early spring 2026 selling, led by key categories, including footwear, outerwear, women's sportswear and PFG. We continue to see momentum building through our elevated homepage, personalized and digital marketing efforts, including improvements in engagement and customer acquisition.

我們對2026年早春銷售開局感到鼓舞，成長由關鍵品類帶動，包括鞋類、外套、女性運動休閒服以及PFG。我們持續看到動能在提升的首頁呈現、個人化與數位行銷投入下逐步累積，包括互動提升與客戶獲取的改善。

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

在我回顧第一季國際地區淨銷售額年增表現時，將以固定匯率成長率來說明各市場的基本面表現。

LAAP net sales increased 3%. China net sales increased mid-single-digit percent, driven by growth in wholesale from increased spring '26 orders, which benefited from earlier wholesale shipment timing.

LAAP淨銷售額成長3%。中國淨銷售額成長約中個位數百分比，主要由批發成長帶動，受益於2026年春季訂單增加，且批發出貨時點較早。

Highlights from the quarter included a successful airport campaign featuring our titanium dry technology and Tellurix performance hiking shoe in China's top three airports during the Chinese New Year season product lines.

本季亮點包括在中國農曆新年季節產品線期間，於中國前三大機場推出成功的機場行銷活動，主打我們的鈦金乾爽科技與Tellurix高性能健行鞋。

We also launched the Columbia Fishing Club to deepen connections with anglers across China, following the success we've had with similar club events and activations based on hiking. We can see the impact that activities like these are having for our brand in China in new member acquisition and active purchasers, as well as market share gains with younger consumers and women.

我們也推出Columbia Fishing Club，以深化與中國各地釣魚愛好者的連結，延續我們在以健行為主題的類似社群活動與行銷啟動中所取得的成功。我們看到此類活動對品牌在中國的影響，體現在新會員招募與活躍購買者增加，以及在年輕消費者與女性族群中的市占提升。

Japan net sales declined mid-single-digit percent, reflecting headwinds from software international tourism, as well as later shipment of spring '26 wholesale orders. While it was a challenging start to the year, we are encouraged by recent trends with a notable improvement in business momentum following the recent launch of Spring '26 product.

日本淨銷售額下降約中個位數百分比，反映國際觀光疲弱帶來的逆風，以及2026年春季批發訂單出貨較晚。雖然年初開局具挑戰，但隨著近期推出2026年春季產品後，業務動能明顯改善，我們對近期趨勢感到鼓舞。

Korea net sales increased high single-digit percent with growth across all channels, driven by the execution of marketplace initiatives. The Korea team continued to do a great job of leveraging the Engineered for Whatever campaign in Q1, and amplifying consistent, high-impact brand visibility across consumer channels, driving strong sell-through for key products such as the Tellurix.

韓國淨銷售額成長約高個位數百分比，各通路皆成長，主要由市場策略（marketplace initiatives）的執行所帶動。韓國團隊在第一季持續善用「Engineered for Whatever」行銷活動，並在各消費者通路放大一致且高影響力的品牌能見度，帶動Tellurix等關鍵產品的強勁銷售。

I'm also pleased with how the team continues to elevate the marketplace and consumer experience, driving improved productivity in targeted doors.

我也很高興看到團隊持續提升市場與消費者體驗，推動目標門店（doors）的生產力改善。

I want to take a moment to thank Jeff McPike for his strong leadership of the Korean business. This summer, Jeff will be returning to the US to assume the critical role of Vice President, North America Retail. In this role, Jeff will be responsible for leading all aspects of our North America brick-and-mortar business. I'm confident in the ability of the Korea team to continue building on the momentum established under Jeff's leadership.

我想藉此感謝Jeff McPike對韓國業務的卓越領導。今年夏天，Jeff將返回美國，接任北美零售副總裁這一關鍵職務。在此職務中，Jeff將負責領導我們北美實體零售業務的各個面向。我相信韓國團隊有能力在Jeff領導下所建立的動能基礎上持續成長。

Our LAAP distributor markets delivered low-double-digit percent growth in Q1, reflecting a healthy order book for spring '26. Growth was driven by the Columbia brand in both footwear and apparel, particularly sportswear, as our distributor teams continue to do a spectacular job strengthening our brand with active consumers in these diverse global markets.

我們在LAAP的經銷商市場於第一季實現約低雙位數百分比成長，反映2026年春季訂單簿健康。成長由Columbia品牌在鞋類與服飾（尤其是運動休閒服）帶動；我們的經銷商團隊持續出色地在這些多元的全球市場中，強化品牌與活躍消費者的連結。

EMEA net sales increased low 20% overall. Europe direct net sales increased high teens percent, fueled by strong DTC performance and healthy wholesale sales of spring '26 orders. Results across channels reflected robust demand for winter season product, aided by favorable weather early in the quarter and ample inventory availability. We're thrilled with a strong start to the year and anticipate seeing that momentum continue with a strong start to our spring season.

EMEA淨銷售額整體成長約20%出頭。歐洲直營淨銷售額成長約十幾個百分點後段，主要受強勁DTC表現與2026年春季訂單的健康批發銷售所帶動。各通路結果反映冬季產品需求強勁，受益於本季初有利天候以及充足的庫存供應。我們對今年強勁開局感到振奮，並預期這股動能將延續至春季旺季的良好開端。

Our EMEA distributor business increased low 30%, reflecting earlier shipments of orders and a healthy order book for spring '26.

我們的EMEA經銷商業務成長約30%出頭，反映訂單出貨較早以及2026年春季訂單簿健康。

Canada net sales increased low single-digits in the quarter, driven by growth in DTC brick and mortar, reflecting increased productivity from existing stores and strong winter sell-through.

加拿大淨銷售額本季成長約低個位數百分比，主要由DTC實體通路成長帶動，反映既有門店生產力提升以及冬季產品強勁銷售。

Looking at the first quarter performance by brand, Columbia net sales increased 1% as international growth more than offset expected declines in the US.

按品牌觀察第一季表現，Columbia淨銷售額成長1%，國際市場成長超過預期並抵銷美國市場的預期下滑。

Turning now to our emerging brands, all of which are expected to grow in '26. As a reminder, each of these brands derive a significant majority of their revenue from the US marketplace.

接著談我們的新興品牌，這些品牌預期在2026年皆將成長。提醒一下，這些品牌的絕大部分營收來自美國市場。

SOREL net sales decreased 12% due largely to reduced supply of winter season products in the US, as previously discussed, and lower closeout sales, leading to declines across all channels and more than offsetting strong momentum in the international markets.

SOREL淨銷售額下降12%，主要因如前所述美國冬季產品供應減少，以及清倉（closeout）銷售較低，導致各通路皆下滑，且國際市場的強勁動能不足以抵銷。

Encouragingly, we have seen sales trends improve with the launch of spring '26 styles, including healthy growth in sneakers, a priority category that demonstrates SOREL is becoming viewed as more than just a winter brand.

令人鼓舞的是，隨著2026年春季款式上市，我們看到銷售趨勢改善，包括運動鞋（sneakers）這一優先品類的健康成長，顯示SOREL正逐漸被視為不僅僅是冬季品牌。

prAna net sales decreased 5% driven by declines in wholesale, partly offset by solid growth in inline DTC channels. This included low teens percent growth in e-comm, driven partly by a shift in social media strategy, customer retention, revenue per customer, and robust growth with younger consumers.

prAna淨銷售額下降5%，主要由批發下滑所致，部分被核心DTC通路的穩健成長所抵銷。其中電商成長約十幾個百分點，部分受益於社群媒體策略調整、客戶留存、每位客戶營收提升，以及在年輕消費者族群的強勁成長。

Mountain Hardwear net sales were flat year over year. Weakness with winter season product amid unfavorable weather in the Western US early in the quarter was eventually offset by strong momentum of spring '26 product, particularly in e-commerce, driven by a surge in organic search demand.

Mountain Hardwear淨銷售額與去年同期持平。本季初美國西部天候不利，導致冬季產品疲弱；但最終被2026年春季產品的強勁動能所抵銷，尤其在電商通路，主要由自然搜尋需求激增所帶動。

US wholesale grew low single-digit percent in the quarter, led by high-quality specialty retail and digital partners with key product categories of equipment and outerwear driving the growth in Q1.

美國批發本季成長約低個位數百分比，主要由高品質專業零售與數位合作夥伴帶動；其中裝備與外套等關鍵品類推動第一季成長。

Looking ahead, we're excited about the recent launch of the dry spell technology innovation, which sets a new standard for waterproof breathability.

展望未來，我們對近期推出的dry spell技術創新感到振奮，該技術為防水透氣性樹立了新標準。

Additionally, Mountain Hardwear's new Lightness of Being brand campaign will emphasize innovative equipment and technical apparel for the trail, elemental protection from the sun and rain, as well as seasonal sportswear styles inspired by consumer insights.

此外，Mountain Hardwear全新的「Lightness of Being」品牌行銷活動將強調適用於步道的創新裝備與機能服飾、提供防曬與防雨的環境防護，以及受消費者洞察啟發的季節性運動休閒風格。

We'll now discuss our financial outlook for the second quarter of '26 and for the full year. This outlook and commentary include forward-looking statements. Please see our CFO commentary and financial review presentation for additional details and disclosures related to those statements.

接下來我們將討論2026年第二季及全年財務展望。本展望與評論包含前瞻性陳述。有關這些陳述的更多細節與揭露事項，請參閱我們的CFO評論與財務回顧簡報。

While Q1 results exceeded our expectations, we've noted that part of the outperformance was timely related, with some wholesale shipments occurring earlier than planned. The partial and likely temporary reprieve of Section 122 US tariffs also presents some favorability to our initial assumptions as discussed.

雖然第一季結果超出我們預期，但我們注意到部分超預期屬於時點因素，部分批發出貨早於原先規劃。如前所述，第122條美國關稅的部分且可能為暫時性的緩解，也使我們相較初始假設出現一些有利因素。

On the other hand, the impacts associated with supply chain disruptions and inflationary pressure from the ongoing conflict in the Middle East represent key risks that were not contemplated in our initial guidance and that we currently cannot forecast.

另一方面，與供應鏈中斷以及中東持續衝突所帶來的通膨壓力相關的影響，代表了我們在最初指引中未曾納入、且目前也無法預測的關鍵風險。

Based on the information we have today, we are maintaining our full-year outlook for net sales growth in the range of 1% to 3%. We now expect gross margins of 50.3% to 50.5% or down 20 basis points. The improved outlook reflects the termination of IEEPA rates by the Supreme Court and our assumption that rates will remain at current levels through July before reverting back to tariff rate levels approximate to the IEEPA rates, subject to the uncertainty of future actions by the US Administration.

根據我們目前掌握的資訊，我們維持全年淨銷售成長1%至3%的展望不變。我們目前預期毛利率為50.3%至50.5%，或下降20個基點。展望改善反映最高法院終止IEEPA稅率，以及我們假設稅率將維持在目前水準至7月，之後再回到約略接近IEEPA稅率的關稅稅率水準；惟仍取決於美國政府未來行動的不確定性。

We continue to expect that SG&A will represent 43.6% to 44.2% of net sales, increasing slightly year over year, but at a slower rate than net sales growth. Based on these assumptions, we are raising our operating margin guidance to 6.7% to 7.5% for the year, leading to diluted earnings per share in the range of $3.55 to $4.

我們仍預期SG&A將占淨銷售的43.6%至44.2%，年增幅度略高，但增速將低於淨銷售成長。基於這些假設，我們將全年營業利益率指引上調至6.7%至7.5%，對應稀釋後每股盈餘介於3.55美元至4美元。

In addition to stronger gross margins, this range also reflects the benefit of our accelerated first-quarter share repurchase activity for the second quarter, which is our seasonally lowest revenue quarter of the year. We anticipate sales in the range of down 1% to up 1% versus the prior year. This will result in slight SG&A deleverage and when combined with our anticipated decline in gross margin, result in a loss per share of $0.46 to $0.37.

除了更強勁的毛利率外，該區間亦反映我們第一季加速庫藏股回購活動對第二季的助益；第二季是我們全年季節性營收最低的季度。我們預期銷售額相較去年介於下降1%至成長1%。這將導致SG&A略為去槓桿化，而與我們預期毛利率下滑合併影響後，將造成每股虧損0.46美元至0.37美元。

In closing, while I'm not satisfied with our overall financial performance in Q1, I'm pleased with the continued strength of our international business and our team's ability to execute and start the year off on a positive note by driving upside to our initial plans.

最後，雖然我對我們第一季整體財務表現並不滿意，但我對國際業務持續展現的強勁動能，以及團隊的執行力感到欣慰；我們透過推動優於原先計畫的成果，讓今年有一個正向的開局。

Further, I'm encouraged by the additional signs of underlying momentum in our business under the ACCELERATE strategy, our largest market. Although the operating environment remains highly dynamic and uncertain, our fall 2026 order book and positive early indicators of our ACCELERATE strategy provide us with confidence that we're on the right track.

此外，我也受到鼓舞，因為在我們最大市場、以ACCELERATE策略推動下，業務基本面動能出現更多跡象。儘管營運環境仍高度動態且充滿不確定性，我們2026年秋季訂單簿以及ACCELERATE策略的正向早期指標，讓我們有信心我們正走在正確的軌道上。

Thanks again to our global workforce who are instrumental in the execution of our strategies and business success.

再次感謝我們全球員工，他們在策略執行與業務成功上扮演關鍵角色。

That concludes my prepared remarks. Operator, could you help us facilitate the questions?

以上是我事先準備的發言。接線生，能否請你協助我們進行提問？

(Operator Instructions) Bob Drbul, BTIG.

(接線生指示) Bob Drbul，BTIG。

Tim, a couple of questions, if I could. I guess on the first part, from the last time you spoke where the order book was to where you are today around the remaining, I think, 20% that you were booking. And then I guess just geographically around the order book, can you talk about the trends in Europe, and I guess just any disruption whatsoever? I know Middle East is a risk that you call out. Can you just talk through those three things for us?

Tim，我有幾個問題，如果可以的話。我想先問第一部分，從你上次談到的訂單簿狀況到今天、關於剩餘我記得大約20%你們正在接單的部分。另外就訂單簿的地理分布而言，你能談談歐洲的趨勢，以及是否有任何干擾嗎？我知道你們提到中東是一項風險。能否就這三點為我們說明一下？

Certainly. Well, as it relates to the order book for fall, we were pleased -- we expected it to come in at a number, and we were pleased that it came in north of that number. So we're excited about the strength there. And again, we're cautioning because there's so many unknowns today about the Middle East conflict and the potential for increased tariffs beyond where we've estimated.

當然可以。就秋季訂單簿而言，我們原本預期會落在某個數字，而實際結果高於該數字，讓我們很高興。因此我們對那裡的強勁表現感到振奮。不過我們仍保持審慎，因為目前關於中東衝突以及關稅可能在我們估計水準之上進一步上升，仍有太多未知數。

Geographically, I think we're in good place. We had strong reports from many of the markets, including Europe was good, despite the fact that they had sort of a tough winter, early winter in Europe, as did we here in North America. So it was really quite broad.

就地理面來看，我認為我們處於良好位置。我們從許多市場收到強勁回報，包括歐洲表現不錯，儘管歐洲在冬季初期經歷了相對艱難的冬天，我們北美這邊也是如此。因此整體來說表現相當廣泛。

I might just point to the continued improvement and strength in our international distributor markets, which despite those that are in the middle of the conflict with the Middle East, are doing well.

我也想指出，我們國際經銷商市場持續改善並展現強勁力道；即便其中一些市場正處於中東衝突之中，表現仍然良好。

Bob, I would just add, as we look at that order book and we take our advanced orders combined with our anticipation of in-season business, for the second half of this year, we do contemplate growth across all geographies led by international and growth across each of our brands. So we're quite encouraged by the order book as that's come in.

Bob，我再補充一下，當我們看這份訂單簿，並將預先訂單與我們對當季（in-season）業務的預期合併來看，今年下半年我們確實預期所有地區都會成長，其中國際市場領先，同時我們各品牌也都將成長。因此，訂單簿的表現讓我們相當受到鼓舞。

Great. And then if I could just sneak in one more. On the tariffs, in terms of the application for the refunds. I guess if you if you are successful in getting those refunds, Tim, what would be the plan with that money that you would do for the business?

很好。那我再偷問一個。關於關稅，就退稅申請而言。Tim，我想如果你們成功拿到退稅，你們會打算如何運用這筆資金來支持業務？

Well, yeah, thanks Bob. As we know, the administration may or may not allow us to get the returns timely. We have filed all of the documents required to get the tariffs back, but we clearly haven't contemplated those in our plans for '26. We certainly hope we'll get them back promptly.

好的，謝謝Bob。如我們所知，政府可能會、也可能不會讓我們及時拿到退還款。我們已提交所有取得關稅退還所需的文件，但我們顯然並未將這些退還款納入我們對2026年的計畫之中。我們當然希望能夠迅速拿回來。

As it relates to what we will do with those funds, we have our standard allocation of capital rules that we use, which we'll follow. Some of our vendors were contributors along the line to helping us sort of in a spirit of partnership, and we want to make sure that those folks are well taken care of.

至於這些資金將如何運用，我們有一套一貫的資本配置規則，會依此執行。我們的一些供應商在過程中也有貢獻，基於合作夥伴精神協助我們，我們希望確保這些夥伴能獲得妥善照顧。

But we're in discussions. We want to make sure that we utilize it correctly, but we're going to be leaning on our historical capital allocation plans.

不過我們仍在討論中。我們希望確保運用得當，但我們會依循過往的資本配置計畫。

Okay, great. Thank you very much. Good luck.

好的，很棒。非常感謝。祝你好運。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Hey, thanks for taking my question. I wanted to ask about your engagement efforts to recruit younger consumers. Can you share any KPIs supporting your progress here and how that's -- how growth is trending with that cohort and how that's embedded in your outlook today?

嗨，謝謝讓我提問。我想問你們為招募更年輕消費者所做的互動（engagement）努力。你能分享任何支持你們在這方面進展的KPI嗎？以及該族群的成長趨勢如何、又如何被納入你們目前的展望之中？

Well, at the end of the day, it's really -- the [asset] test is a larger order book and a bigger revenue. So that's -- we're pleased to see that coming along nicely.

歸根結底，真正的——這個[asset]測試就是更大的訂單簿與更高的營收。因此我們很高興看到這方面進展良好。

But I guess I would say, these activations that we've engaged in with our ad agency, adam&eve, which would include the Expedition Impossible: Flat Earth Challenge, and the hacking of the big game in Santa Clara in January. Those are primarily focused on a younger consumer, and it's great to see the reaction from those people in terms of visits to our website and important connections in that way.

不過我想我會說，我們與廣告代理商adam&eve合作所進行的這些行銷啟動活動（activations），包括「Expedition Impossible: Flat Earth Challenge」，以及1月在Santa Clara對大型賽事的行銷「駭入」，主要都是聚焦於較年輕的消費者；很高興看到這些人對我們網站造訪量以及以此方式建立的重要連結所呈現的反應。

So we're going to be leaning on the asset test to make sure that we've got growth growing across the business.

因此，我們將持續依靠這個asset測試，確保整體業務都能實現成長。

Very good. And then I was hoping you could help me think about today's revenue guidance in terms of price and volume. There's an 11 percentage points spread between inventory dollars and units. I'm curious of how to think that spread flowing through the P&L. Is there anything you could share on like-for-like price increases and mix embedded in the outlook?

很好。接著我希望您能幫我從價格與銷量的角度，思考今天的營收指引。庫存金額與庫存件數之間有 11 個百分點的差距。我想了解該差距如何反映到損益表（P&L）上。您是否能分享一下，在展望中所隱含的同店（like-for-like）價格上調與產品組合（mix）變化？

Well, the biggest place where we've taken price increases, we've previously communicated, there's been some targeted price increases for both our spring '26 and fall '26 product lines in the US, and those have been a high single-digit percent of increase.

好的，我們調漲價格幅度最大的地方，我們先前也已經溝通過：在美國，我們針對 26 年春季與 26 年秋季產品線做了一些有針對性的漲價，漲幅為高個位數百分比。

And as you look at the comments we've made with regard to our wholesale order book for the fall '26 season, we anticipate the wholesale business being up a low single to mid-single-digit percentage. So certainly implied in that would be that there's less unit volume on that growth. So hopefully, that answers your question, Peter.

另外，回頭看我們對 26 年秋季批發訂單簿所做的評論，我們預期批發業務將成長低個位數到中個位數百分比。因此，這當然意味著在該成長之下，件數（unit volume）的增幅會比較少。希望這能回答您的問題，Peter。

Very good. Thank you.

很好。謝謝。

Jonathan Komp, Baird.

Jonathan Komp，Baird。

(technical difficulty) Momentum you're seeing for the Colombia brand in the US, specifically, can you share any more direct feedback you've had from your wholesale partners? And the positive developments you mentioned for the Amaze product, especially at Dick's Sporting Goods, is there a potential to replicate that across some of your other partners?

（技術問題）你們在美國看到 Columbia 品牌的動能，特別是，能否分享你們從批發合作夥伴那裡收到更直接的回饋？另外，你們提到 Amaze 產品的正向進展，尤其是在 Dick's Sporting Goods，那是否有機會把這樣的成果複製到其他合作夥伴？

Yes, so the Amaze product for fall of '25 was quite broadly distributed across our better customers and better areas of distribution. We're thrilled to see the results there. I mean, it's primarily a women's product, so that area has been very good and sold through at very high margins.

是的，Amaze 產品在 25 年秋季於我們較優質的客戶與較佳的通路區域中，分銷相當廣泛。我們很高興看到那裡的成果。我的意思是，它主要是女性產品，所以那個品類表現非常好，並且以非常高的毛利率售罄（sell-through）。

We've also taken the learnings from Amaze and extended it into our spring '26 product line, where we have a number of products which are following in the Amaze learnings, including, soft and colors that are very attractive and are complementary to younger females.

我們也把從 Amaze 得到的學習延伸到 26 年春季產品線；我們有多款產品沿用 Amaze 的經驗，包括更柔軟的材質與非常吸睛的配色，並且能與較年輕女性族群相互搭配、相得益彰。

We intend to, for fall '26, to extend it beyond those categories of merchandise into some rain and some fleece products where we think we can make the entire Amaze family a much bigger part of our business and frankly a full franchise where we can be very successful and especially with younger consumers.

我們打算在 26 年秋季把它延伸到這些商品類別之外，加入一些雨衣與刷毛（fleece）產品；我們認為可以讓整個 Amaze 家族在我們業務中占比更大，坦白說，成為一個完整的系列（franchise），我們能非常成功，尤其是在年輕消費者之中。

Great. That's very helpful. And then, Jim, if I could follow up. Apologies if I missed this, but I think for the full year, you brought down the tariff headwind assumption by 100 basis points. You raised the gross margin by 50 basis points. Could you be a little more specific about the difference between those two, what you're embedding today?

很好。這非常有幫助。接著，Jim，如果我可以追問一下。如果我漏聽了先說抱歉，但我想在全年方面，你們把關稅逆風假設下調了 100 個基點。你們把毛利率上調了 50 個基點。你能否更具體說明這兩者之間的差異，以及你們今天在指引中納入了什麼？

And then as you think about the broader uncertainties not captured in your current guidance, which ones are sort of the biggest swing factors or the biggest incremental risk factors that as you sit here today?

另外，當你思考那些未被目前指引涵蓋的更廣泛不確定性時，就你今天此刻的觀點，哪些是最大的擺動因素（swing factors）或最大的新增風險因素？

Yes, John, the delta between the 100 basis points benefit that we're picking up from the reprieve of tariffs and the gross margin outlook improvement of 50 basis points, there is no one discrete item that I would necessarily point to that's driving that we're seeing in the business. From an overarching standpoint, as you look at the revenue margin that we achieved in Q1, it was in line or slightly better than where we had anticipated.

是的，John，我們因關稅暫緩而取得的 100 個基點效益，與毛利率展望僅改善 50 個基點之間的差額，並沒有某一個我會特別指出、單一且明確的項目在驅動；這是我們在業務中所看到的整體情況。從更宏觀的角度來看，第一季我們達成的營收毛利率（revenue margin）與我們原先預期一致或略好一些。

So it's really just an acknowledgement of the overall macro environment that we're operating in and the potential risks around that. And I think that parlays into the latter part of your question as well, just in terms of as we think about ultimately delivering on the guidance that we've put before you today, and certainly we've called out the Middle East risk.

所以這其實只是對我們所處的整體總體環境，以及圍繞其上的潛在風險的一種認知。我想這也呼應你問題的後半段：就我們如何最終達成今天提供給各位的指引而言，我們當然也點出了中東風險。

The main pressure valve there is just going to be how this weighs on the end consumer worldwide as it relates to gas prices and just overall inflationary pressure.

那裡的主要壓力釋放閥（pressure valve）將會是：這件事如何影響全球終端消費者，特別是與油價以及整體通膨壓力相關的部分。

Great. Thanks again.

很好。再次感謝。

Tom Nikic, Needham.

Tom Nikic，Needham。

Hey, guys. Thanks for taking my question. I want to ask about the US direct-to-consumer channel. You've had, I guess, a bunch of negative quarters in a row, and it seems like there's been a lot of excitement around the new product and great marketing, et cetera.

嗨，各位。謝謝讓我提問。我想問美國直營面向消費者（direct-to-consumer, DTC）通路的情況。你們似乎已經連續好幾季是負成長，而市場對新產品與很棒的行銷等也看起來相當興奮。

I guess kind of why do we think it's sort of taking so long to get that business back to growth? And I guess, if we kind of think about, I guess, by channel, like should we think that like digital should turn first or brick-and-mortar should turn first, like how do we kind of think about the progression about getting US direct-to-consumer growing again?

我想問的是，為什麼我們認為要花這麼久才能讓該業務回到成長？另外，如果我們按通路來看，像是數位會先轉正，還是實體店會先轉正？我們該如何理解讓美國 DTC 再度成長的進程？

Yeah, I would think when we talk about our brick-and-mortar channel, you have to remember that we were comparing it against a much smaller number of stores since the bulk. We had many stores that were temporary in the effort to liquidate inventories from the logistics log jam that we had.

是的，我認為當我們談到實體店通路時，你必須記得，我們是在與一家店數更少的基期做比較，因為先前大部分情況下，我們有許多臨時門市，是為了清理因物流壅塞（logistics log jam）而累積的庫存。

Additionally, we had a high percentage of liquidation inventory in those stores, which typically have an impact and a lower rate on our gross margins in those stores. And so that's what I think is the primary way you're seeing the decline in sales in those numbers.

此外，這些門市中有很高比例是清倉庫存（liquidation inventory），這通常會影響並拉低那些門市的毛利率。因此，我認為這就是你在那些數字中看到銷售下滑的主要原因。

We've always considered ourselves to be a wholesale primary business and retail is used as a steam valve, escape valve for the company to liquidate inventories in the right way. And so that's the primary use on the outlet channels.

我們一直把自己視為以批發為主的企業，而零售被用作公司的壓力閥、逃生閥，用正確的方式去清理庫存。因此，這就是 outlet 通路的主要用途。

On the full price channel, it's a newer category of retail that we use, and we're still learning our way around that. And we expect that digital is going to be the primary way that we expose our brands to consumers in the best possible light. So that will come, we believe, as the accelerating program becomes more fully established.

至於全價通路（full price channel），這是我們使用的一個較新的零售類型，我們仍在摸索學習。我們預期數位將會是我們以最佳方式向消費者呈現品牌的主要途徑。因此，我們相信，隨著加速計畫（accelerating program）更完整地建立起來，這會逐步到位。

All right. Thank you very much, and best of luck to the rest of the year.

好的。非常感謝，也祝你們今年剩下的時間一切順利。

Laurent Vasilescu, BNP Parebas.

Laurent Vasilescu，BNP Parebas。

Good afternoon. Thank you very much for taking my question. I wanted to ask -- I think you guys called out that there was a shift from 2Q to 1Q. Is it fair, Jim, to assume that it's $20 million shift and it shouldn't be just in EMEA?

午安。非常感謝讓我提問。我想問——我想你們提到有從第二季轉到第一季的移轉。Jim，我這樣理解是否合理：這是 2,000 萬美元的移轉，而且不應該只發生在 EMEA？

And then the second part of the question is really around the call-out that there were some cancellations with Middle East distributors. Is it fair to assume that Middle East -- and therefore, maybe like $70 million and maybe it was half of it was cut?

另外，問題的第二部分是關於你們點出中東經銷商有一些取消訂單。是否可以合理假設中東——因此，可能大約是 7,000 萬美元，而且可能其中一半被砍掉？

Just trying to understand that, then I have a follow-up on the oil input cost. Thank you very much.

只是想先理解一下這點，接著我還有一個關於油品投入成本的追問。非常感謝。

So looking at the first quarter, from a revenue standpoint, we beat by around $20 million. Roughly half of that was the timing shift that you're referring to, and the majority of that was European-based or a little bit from a US perspective.

所以看第一季，從營收角度來看，我們大約超出預期 2,000 萬美元。其中大約一半是你所提到的時點移轉，而大多數是以歐洲為主，或從美國角度來看也有一點。

And then with regard to the Middle East distributors, you're a bit high in terms of what that represents in revenue, particularly from the Gold Coast countries. It's going to be in the low-single-digit percent range of our total business and the cancellation and forecast reductions that we've taken today.

接著談到中東經銷商，你對其在營收中所占比重的估計略高，特別是來自黃金海岸國家。它將落在我們總業務的低個位數百分比區間，以及我們目前已採取的取消與預測下修。

As we've commented, it's relatively insignificant in the grand scheme of our overall outlook, which you can see the work that we're holding it. So it's not impacting that.

如同我們先前評論的，放在我們整體展望的大局來看，這相對不重要；你也可以看到我們仍在維持相關工作。所以它不會造成影響。

Very helpful. And then the second part, second question is really. About input costs, most of the products are oil-based derivatives. I think we heard from Adidas yesterday calling out that that could be a potential headwind. We're hearing tonight that it could be an impact for 2027 for spring product.

非常有幫助。那第二部分、第二個問題其實是——關於投入成本，多數產品都是以石油為基礎的衍生物。我想我們昨天聽到 Adidas 提到，這可能會成為潛在逆風。而我們今晚聽到，這可能會對 2027 年春季產品造成影響。

Can you help us frame how do we think about this? If oil hypothetically stayed at $100 throughout the balance of the year for structural reasons. How do we think about that as an increase to your cost of goods sold for at least 1H27? Thank you very much.

你能幫我們建立一下思考框架嗎？如果假設油價因結構性因素在今年剩餘期間都維持在每桶 100 美元。那我們該如何看待這對你們至少 2027 年上半年銷貨成本的增加？非常感謝。

I think it would be a little bit premature for us to provide the exact framing on that. We're in the process of finalizing costing and beginning to buy for the spring season. There's no doubt that certain of those, I should step back for a minute, certain of the raw materials had been already processed and ready in advance of the Middle East.

我認為我們現在就提供非常精確的框架可能還稍嫌過早。我們正在完成成本定案，並開始為春季檔期進行採購。毫無疑問，其中某些——我先退一步說——某些原物料其實在中東事件之前就已經處理完成並提前備妥。

So this is going to bleed in over some period of time, but there's no doubt that come the spring season, we'll begin to see that pressure and as these things don't calm over the coming months here. I think it increasingly bleed into the fall season as well.

因此這會在一段時間內逐步反映出來，但毫無疑問，到了春季檔期我們會開始看到壓力；若未來幾個月情勢未能緩和，我認為也會愈來愈多地延伸到秋季檔期。

And we also have, other mitigation efforts, including engineering our products in a different way and, changing the componentry. So we're not we're not trapped with a single source on that.

我們也有其他緩解措施，包括以不同方式進行產品工程設計，以及更換零組件配置。所以我們不會被單一來源綁住。

Okay, very helpful. Thank you very much and best of luck.

好的，非常有幫助。非常感謝，祝你們一切順利。

Mauricio Serna, UBS.

UBS 的 Mauricio Serna。

Great. Good morning. Good afternoon. Thanks for taking my question. Just a quick question on the direct-to-consumer business. Could you talk about, in the US, how that business trended throughout the quarter? Curious to see if you can provide some context of how consumers have reacted to the high-single-digit price increases.

很好。早安。午安。謝謝讓我提問。我有個關於直面消費者（DTC）業務的簡短問題。能否談談在美國，這項業務在整個季度的走勢如何？也想了解你們能否提供一些背景，消費者對高個位數的漲價反應如何。

And on China, I think you mentioned the growth has been you noted wholesale as the primary driver of growth in Q1, could you talk about the direct-to-consumer business there as well?

另外在中國，我想你提到第一季成長主要由批發帶動；也能談談那邊的直面消費者業務嗎？

In terms of taking your first question with regard to the DDC business, and I presume you're focused on the US side of that trending in the quarter, as you might imagine, certainly the January, February was cold, but we didn't comment on the shortage of inventory that we had, so that certainly held things back increasingly as we got into the spring season and we're well supplied from inventory.

先回答你第一個關於 DTC 業務的問題，我猜你關注的是美國端在本季的走勢。如你所想像，一月、二月確實很冷；但我們也提到過我們有庫存短缺的情況，所以這確實在一定程度上拖累了表現。隨著進入春季，我們的庫存供應充足。

And we were pleased overall with what we're seeing from a demand standpoint in that part of our business both for direct-to-consumer business and frankly through our wholesale business where the sell-through is outpacing the intake from retailers and where overall the stock levels are.

整體而言，從需求面來看，我們對這部分業務的表現感到滿意——不論是直面消費者業務，坦白說也包括我們的批發業務；因為終端銷售（sell-through）正超過零售商的進貨（intake），以及整體庫存水位的狀況。

As it relates to the high single-digit price increase and from a price elasticity. Standpoint, because I think that's essentially where your question is at. It came in more or less where we would have anticipated it being.

至於高個位數的漲價以及價格彈性，我想這基本上就是你問題的核心。結果大致落在我們原先預期的範圍內。

I think I touched on earlier, from an overall revenue and margin perspective, on the quarter, we were at or around where we would expect it to be. Certainly, there's elasticity in our product. I don't think that's any mystery. There are categories of our business where we've got more pricing power and we can pass along more of those price increases and others that less so and certainly we're adapting to that on the fly.

我先前也提到，從整體營收與毛利角度來看，本季我們大致落在我們預期的位置。我們的產品當然存在價格彈性。我想這並不神祕。我們業務中有些品類定價能力較強，可以轉嫁更多漲價；也有些品類較難，當然我們也在即時調整因應。

And then as it relates to the China business, I guess what I would describe there is we grew 5% in the quarter. We still constemplate healthy growth out of the China business for the full year. We've got double-digit percent growth.

至於中國業務，我會這樣描述：本季我們成長 5%。我們仍預期中國業務全年會有健康成長。我們的計畫是雙位數百分比成長。

The plan there. Our DDC business was down a little bit in the first quarter, not down rather, but certainly not growing the way it had. I wouldn't call up if there's anything specific there. We still think that's a healthy business.

在那邊的計畫如此。我們的 DTC 業務在第一季略有下滑——也不能說下滑，而是確實沒有像過去那樣成長。我不會說有什麼特定原因。我們仍認為那是一個健康的業務。

Okay. Thank you so much. And then just quickly on the commentary, the follow-up on the shipments. It was some -- it sounds like a lot of the impact on the earlier shipments was in Europe. Maybe just wondering, can you provide a bit more context of how would that impact the second quarter, third quarter of that region as we think about how we modeled the next couple of quarters for Europe?

好的。非常感謝。另外很快追問一下關於出貨的評論。聽起來較早出貨的影響有很大一部分在歐洲。想請問你能否提供更多背景：當我們為歐洲接下來幾季建模時，這會如何影響第二季、第三季？

Well, certainly, the rate of growth that we achieved in Europe in the high 10s rate in Q1, given that shift, you're not going to see that rate of growth come Q2. But that said, we were very pleased with the spring '26 order book that we took for Europe. It's in the double-digit percent level of growth. I have the fall '26 in front of you, but we anticipate our European business being healthy from an overall growth standpoint throughout the full year.

當然，第一季歐洲達到高十位數的成長率，考量到那個時點移轉，第二季你不會再看到同樣的成長率。但話說回來，我們對歐洲春季 '26 的訂單簿非常滿意。成長在雙位數百分比水準。我手上也有秋季 '26 的資料，但我們預期歐洲業務從整體成長角度來看，全年都會維持健康。

Thank you so much.

非常感謝。

Paul Lejuez, Citigroup.

Citigroup 的 Paul Lejuez。

Hey, thanks, guys. I'm curious how much you think sales were hurt in the first quarter in the US due to the inability to fulfill first quarter demand and also if that more sales in wholesale, DTC, both.

嗨，謝謝各位。我想了解你們認為第一季在美國，因無法滿足第一季需求而對銷售造成了多大影響？以及那是否更多發生在批發、DTC，或兩者皆有。

Any call you could provide there? I'm curious just what you saw at POS across markets and maybe if you could provide more specific color on the fall order book that you're seeing in the US?

你們能否提供任何量化說明？我也想了解你們在各市場的 POS（銷售點）看到什麼情況；另外，能否更具體談談你們在美國看到的秋季訂單簿狀況？

Well, specifically as it relates to the shortage, and again, I wouldn't want to speculate on what revenue would have been had we not had the shortage. What we can share is it was roughly about a $30 million reduction in our planned fall '26 or fall '25 inventory purchases.

嗯，具體來說就短缺而言，而且再次強調，我不想去推測如果沒有短缺，我們的營收本來會是多少。我們可以分享的是，這大約使我們原先規劃的 2026 年秋季或 2025 年秋季庫存採購減少了約 3,000 萬美元。

And from an overarching standpoint, I would describe that that was probably more impactful to the wholesale business in Q4 25 as we were continuing to ship in the season. And then the DTC business would have been a bit more impacted in the first quarter.

從更宏觀的角度來看，我會形容這在 2025 年第四季對批發業務的影響可能更大，因為我們在當季仍持續出貨。而 DTC 直營業務則會在第一季受到較多影響。

And then the order book, you asked for the call --

然後關於訂單簿，你在電話中問到的--

Yeah, the order book for USA was -- as we said, we're very pleased when they came in slightly north of where we thought it was going to end up. So we're thrilled. Of course, we have these two great -- in addition to a solid growth across the business, we have these two great categories of merchandise Amaze puff and it's new entrance and then the rock pan, which is another great product that's doing very well for us.

是的，美國的訂單簿——如我們所說，我們非常滿意，因為結果略高於我們原先預期的落點。所以我們很振奮。當然，除了整體業務穩健成長之外，我們還有兩個很棒的商品品類：Amaze puff 及其新進場，還有 rock pan，這也是另一個表現非常好的優秀產品。

I think the only thing I would add to the fall '26 quarter book is we've previously communicated that we had anticipated the order being booked being up in the low single to mid-single-digit percent range. And as Tim touched on, the order book came in a bit healthier than we even anticipated. So it's moving more into that mid-single-digit percent range. We're quite happy with how the order book landed.

我想我唯一要補充關於 2026 年秋季季度訂單簿的是，我們先前已溝通過，我們原本預期訂單預訂量會在低個位數到中個位數百分比的區間成長。而如 Tim 提到的，訂單簿的表現比我們預期的還要更健康一些。因此它更往中個位數百分比的區間移動。我們對訂單簿的落點相當滿意。

That was overall though, right?

那是整體而言，對吧？

That's the US, specifically. From an overall -- from a global standpoint, we're solidly in the mid-single-digit percent range based on the order book we have and what we anticipate the wholesale growth will look like in the second half.

那是特指美國。從整體——從全球角度來看，依據我們目前的訂單簿以及我們對下半年批發成長的預期，我們穩穩落在中個位數百分比的區間。

And then my comment with regards to the US is initially our projections were dated back in February. That'd be upload single to mid-single as we closed out the order book. And I think given the uptake of the ACCELERATE product in particular that we ended up on the north end of that range.

然後我對美國的評論是，我們最初的預測是在 2 月做的。在我們結束訂單簿時，原本會是低個位數到中個位數的成長。而我認為，特別是 ACCELERATE 產品的採用度提升，使得我們最後落在該區間的高端。

Mitch Kummetz, Seaport Research.

Mitch Kummetz，Seaport Research。

Yes, thank you. Just a follow-up on the $10 million timing shift. I'm just wondering if for the second quarter, does that contemplate that as just being like a true shift?

是的，謝謝。我想追問一下那 1,000 萬美元的時點移轉。我只是想確認，對第二季而言，這是否只是單純的時點移轉？

I would think that with the orders delivering earlier, that that would kind of lengthen the window for reorder potential. And I'm wondering if you factored any maybe stronger reorders into the guidance, if that is an opportunity?

我會認為訂單更早交付，會拉長可追加訂貨的時間窗口。我想問你們在指引中是否有納入任何可能更強的追加訂貨，這是否是一個機會？

Potentially, Mitch. I mean, anytime you ship into the -- and you're able to set the forwards a little bit earlier and if sell-throughs that holds up and the consumer is healthy, then certainly that would bode. Some opportunity.

有可能，Mitch。我的意思是，只要你能更早把貨出到市場——也能更早把前置鋪貨（forwards）設定好——如果銷售穿透率維持、消費者狀況健康，那當然會帶來一些機會。

That timing shift, just to be clear though, that's a timing shift relative to what we forecasted and planned for Q1, not necessarily a year-on-year change. I think by and large, the year-on-year changes in timing shifts are not all that substantial. I mean, there's a couple of pockets of it that you're seeing in the European business and so forth, but on the whole, for the company, it's not a meaningful driver.

不過為了釐清，那個時點移轉是相對於我們對第一季所做的預測與規劃的時點移轉，不一定是年對年的變動。我認為整體而言，年對年的時點移轉變化並不算太顯著。我的意思是，你會在歐洲業務等地方看到幾個小區塊的變化，但就整體公司而言，它不是一個重要的驅動因素。

Okay. And then, Tim, I think on the last earnings call, you talked about how depleted channel inventory was coming out of the winter season on seasonal merchandise. I'm curious to get your thoughts if you feel like your fall order book is in line with kind of where channel inventory stands, or do you think that maybe retailers are sort of generally under order just because they're being conservative, and does that provide more of an at-once opportunity going into the back half of the year.

了解。然後 Tim，我記得在上一通財報電話會議上，你提到冬季結束後，通路在季節性商品的庫存非常吃緊。我想聽聽你的看法：你覺得你們的秋季訂單簿是否與目前通路庫存水位相符？還是你認為零售商只是因為保守而普遍下單偏少？這是否會在今年下半年帶來更多現貨（at-once）機會？

Yeah, I think our retailers ended up quite clean, frankly. And so I expect it would be going into a season where we have lots of opportunity. The question is whether or not the consumer shows up in the kind of robust way. So that's why even though we've got indications across the business that we've got a better year looking at us than what we guided, we just want to make sure that we've got the appropriate conservatism.

是的，我認為我們的零售商最後的庫存其實相當乾淨。所以我預期進入新一季時，我們會有很多機會。問題在於消費者是否會以那種強勁的方式出現。因此，即便我們從整體業務看到一些跡象顯示今年可能比我們所給的指引更好，我們仍希望確保保守程度是適當的。

And frankly, we don't have a lot of extra inventory, even if things go get wildly better. We just don't have a lot of inventory for on a speculative basis.

坦白說，即使情況變得大幅更好，我們也沒有太多額外庫存。我們就是沒有太多可用於投機性備貨的庫存。

Got it. Thanks for that color.

了解。謝謝你補充這些細節。

Okay, we currently have no further questions in the queue. I would now like to turn the floor back to Tim Boyle for closing remarks.

好的，目前提問佇列中沒有其他問題。現在我想把時間交回給 Tim Boyle 做結語。

Well, thanks, operator, and thanks, everybody who's listening in today. I hope that you'll come away from this discussion today with a better appreciation on the progress that we're seeing, and it gives us the confidence that we're on the right path. There is still much work ahead of us to fully realize our strategic vision and unlock the full potential of our programs.

好的，謝謝主持人，也謝謝今天所有收聽的各位。我希望大家在今天的討論後，能更理解我們所看到的進展，而這也讓我們更有信心我們走在正確的道路上。要完全實現我們的策略願景並釋放各項計畫的全部潛力，前方仍有許多工作要做。

Our financial foundation is solid, our international business remains robust, and we can now see our US business starting to turn the corner with the traction we're gaining under our accelerate growth strategy.

我們的財務基礎穩健，國際業務依然強勁，而我們也開始看到在 accelerate 成長策略帶來的動能之下，美國業務正在開始轉好。

In dynamic times like these, strong companies emerge stronger, and I'm confident that our strengths and competitive advantage will position us to compete and win. Looking forward to seeing you all in our next quarterly review in the next few months.

在這樣的動盪時期，強者會變得更強，我有信心我們的優勢與競爭力將使我們具備競爭並勝出的定位。期待在接下來幾個月的下一次季度回顧中與各位再見。

Thank you.

謝謝。

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

謝謝。今天的電話會議到此結束，您現在可以掛線。感謝您的參與。