卡洛馳 (CROX) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Crocs second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加 Crocs 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Erinn Murphy, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead.

現在，我想將會議交給投資者關係和企業策略高級副總裁 Erinn Murphy。請繼續。

Good morning, and thank you for joining us to discuss Crocs Inc second-quarter results. With me today are Andrew Rees, Chief Executive Officer; and Susan Healy, Chief Financial Officer. Following their prepared remarks, we will open the call for your questions, which we ask you to limit to one per caller.

早安，感謝您加入我們討論 Crocs Inc 第二季業績。今天與我一起的還有執行長安德魯·里斯 (Andrew Rees) 和財務長蘇珊·希利 (Susan Healy)。在他們準備好發言之後，我們將開始回答您的問題，但請每位來電者只提出一個問題。

Before we begin, I would like to remind you that some of the information provided on this call is forward-looking and accordingly, is subject to the Safe Harbor provisions of the Federal Securities Laws. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially.

在我們開始之前，我想提醒您，本次電話會議中提供的一些資訊是前瞻性的，因此受聯邦證券法安全港條款的約束。這些聲明涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果、績效或成就有重大差異。

Please refer to our most recent annual report on Form 10-K, quarterly report on Form 10-Q and other reports filed with the SEC for more information on these risks and uncertainties. Certain financial metrics that we refer to as adjusted or non-GAAP are non-GAAP measures. A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning. All revenue growth rates will be cited on a constant currency basis, unless otherwise stated.

有關這些風險和不確定性的更多信息，請參閱我們最近的 10-K 表年度報告、10-Q 表季度報告以及向美國證券交易委員會提交的其他報告。我們稱之為調整後或非 GAAP 的某些財務指標是非 GAAP 指標。我們今天早上發布的新聞稿中包含了這些金額與 GAAP 金額的對帳。除非另有說明，所有收入成長率均以固定貨幣為基礎。

At this time, I'll turn the call over to Andrew Rees, Crocs Inc. Chief Executive Officer.

現在，我將把電話轉給 Crocs Inc. 執行長 Andrew Rees。

Thank you, Erinn, and good morning, everyone. Thank you for joining us today. Our teams delivered a solid second quarter, fueled by top line growth and our highest ever quarterly gross profit, which drove strong free cash flow in the midst of what continues to be a volatile marketplace. I will start by highlighting the key metrics of the quarter and then discuss the strategic rationale behind the decisions we have made to drive profitability and support long-term brand health. And finally, we'll touch on deeper insights on our individual brands.

謝謝你，艾琳，大家早安。感謝您今天加入我們。我們的團隊在第二季度取得了穩健的業績，這得益於營收成長和有史以來最高的季度毛利，在持續動盪的市場中帶來了強勁的自由現金流。我將首先強調本季的關鍵指標，然後討論我們為提高獲利能力和支持長期品牌健康所做的決策背後的策略理由。最後，我們將深入了解我們各自的品牌。

At an enterprise level, second quarter revenues of $1.1 billion grew 3% to prior year. Crocs brand revenues of $960 million grew 4% to prior year, led by 16% international growth. HEYDUDE revenues of $190 million down 4% to prior year and an improvement from the first quarter. Enterprise adjusted gross margins of 61.7% gained 30 basis points to our prior year.

從企業層級來看，第二季營收為 11 億美元，較上年同期成長 3%。Crocs 品牌營收為 9.6 億美元，較上年成長 4%，其中國際業務成長 16%。HEYDUDE 的營收為 1.9 億美元，比上年下降 4%，但比第一季有所改善。企業調整後毛利率為 61.7%，較上年同期成長 30 個基點。

Adjusted operating margin of approximately 27% supported adjusted diluted earnings per share of $4.23 a gain of 5% to prior year. Our strong margin profile fueled free cash flow of $269 million, enabling us to repurchase 1.3 million shares and repay $105 million of debt. Our net leverage ended the quarter at the lower end of our target range of 1 times to 1.5 times.

調整後的營業利潤率約為 27%，支持調整後的每股攤薄收益達到 4.23 美元，比上年增長 5%。我們強勁的利潤率推動了 2.69 億美元的自由現金流，使我們能夠回購 130 萬股股票並償還 1.05 億美元的債務。本季末，我們的淨槓桿比率處於 1 倍至 1.5 倍目標範圍的低端。

To remind everyone, over the last decade, we have deployed $2.4 billion to buy back approximately 30% of our total shares outstanding. This along with continued deleverage of our balance sheet has been a consistent driver of EPS growth and shareholder returns.

提醒大家，在過去十年中，我們已投入 24 億美元回購了約 30% 的總流通股。這與我們資產負債表的持續去槓桿一起一直是每股收益成長和股東回報的持續驅動力。

Turning now to the current operating environment. We see the US consumer behaving cautiously around discretionary spending. They are faced with current and implied future price increases, which we think has the potential to be a further drag on an all ready choice for consumer. Against this backdrop, our retail partners are acting more carefully and reducing their open-to-buy dollars in future seasons.

現在轉向目前的操作環境。我們發現美國消費者在可自由支配的支出方面表現得很謹慎。他們面臨當前和未來隱含的價格上漲，我們認為這可能會進一步阻礙消費者做出選擇。在此背景下，我們的零售合作夥伴將更加謹慎地採取行動，並減少未來季節的採購預算。

As we have consistently said, we are not trying to manage our business quarter-to-quarter. We had a solid first half of the year with our brands fueling strong gross profit and cash flow. The current environment in the second half is concerning, and we see that clearly reflected in retail order books. We strongly believe this is a time to make bold decisions for the future to sustain and advance our durable cash flow model.

正如我們一直所說的那樣，我們並不想按季度來管理我們的業務。我們上半年業績表現穩健，旗下品牌實現了強勁的毛利和現金流。下半年的當前環境令人擔憂，我們在零售訂單中清楚地看到了這一點。我們堅信，現在是時候為未來做出大膽決策，以維持和推進我們持久的現金流模式。

As a result, we have chosen to amplify certain measures in the second half of the year to protect brand health and profitability. For the Crocs brand, in addition to adjusting our forward receipts, we pull back on promotional activity across the direct channels starting in May. While this has and will continue to impact our top line, we see this as an opportunity to drive margin dollars over time, support continued cash flow generation and tightened brand control.

因此，我們選擇在下半年加大某些措施的力度，以保護品牌健康和獲利能力。對於 Crocs 品牌，除了調整我們的預付款外，我們還從 5 月開始減少直接管道的促銷活動。雖然這已經並將繼續影響我們的營業收入，但我們認為這是一個隨著時間推移提高利潤率、支持持續現金流產生和加強品牌控制的機會。

For the HEYDUDE brand, we've accelerated our actions in the channel to support a clean and refreshed marketplace. This has resulted in us choosing to take back additional aged inventory and ensure more of our partners are reset with our current product lines. This will create further headwinds to sales volume over the next several quarters.

對於HEYDUDE品牌，我們加快了在通路上的行動，以支持清潔、清新的市場。這導致我們選擇收回額外的陳舊庫存，並確保更多的合作夥伴能夠使用我們現有的產品線。這將對未來幾季的銷售量造成進一步的阻力。

From an expense perspective, we've already actioned $50 million of cost savings and are identifying further cost savings opportunities. As it relates to inventory, we've opted to plan our business conservatively. Proactively pulling back on receipts across both brands for the second half, primarily in the US.

從費用角度來看，我們已經節省了 5000 萬美元的成本，並且正在尋找進一步節省成本的機會。由於涉及庫存，我們選擇保守地規劃我們的業務。主動減少下半年兩個品牌的銷售收入，主要是在美國。

Without losing sight of the bigger picture, I want to remind everyone that over the last three years, we have made significant progress in diversifying our business, which will serve as a strong foundation to enable long-term sustainable growth.

在不忽視大局的情況下，我想提醒大家，在過去三年中，我們在業務多元化方面取得了重大進展，這將為實現長期可持續增長奠定堅實的基礎。

One, we've moved from one brand to a two-brand enterprise, fortifying our leadership within the casual footwear segment. Two, we've diversified our clog offering and have six major franchises that make up the majority of our clogs business. In addition, we've developed strong sandals and personalization pillars that offer unique wearing occasions and enable self-expression. Three, we've accelerated our international growth business, which has grown from 38% of Crocs brand sales in 2022 to 52% in the second quarter. Collectively, this diversification should fuel durable long-term growth for years to come.

首先，我們已經從一個品牌轉變為雙品牌企業，鞏固了我們在休閒鞋領域的領導地位。第二，我們實現了木屐產品的多樣化，擁有六家主要特許經營店，佔據了我們木屐業務的大部分。此外，我們還開發了強大的涼鞋和個性化支柱，提供獨特的穿著場合並實現自我表達。第三，我們加速了國際成長業務，佔 Crocs 品牌銷售額的比重從 2022 年的 38% 成長到第二季的 52%。總的來說，這種多樣化將推動未來幾年的長期持久成長。

Now turning to performance by brand. For the Crocs brand, all of our key product pillars: clogs, sandals and Jibbitz Charms grew in the second quarter. Club iterations and emerging franchises drove growth within the clog category, including Echo, Bae and InMotion. These results exemplify that when we deliver new innovation with clear storytelling through our marketing channels, the consumer responds with strong engagement.

現在轉向按品牌劃分的表現。對於 Crocs 品牌，我們所有的主要產品支柱：木屐、涼鞋和 Jibbitz Charms 在第二季度均實現了成長。俱樂部的迭代和新興特許經營推動了木屐類別的成長，其中包括 Echo、Bae 和 InMotion。這些結果表明，當我們透過行銷管道提供具有清晰故事敘述的新創新時，消費者會做出強烈的反應。

In Asia, clog personalization and hype continues to resonate well. Outside of clogs, sandals continue to yield strong results, providing new versatile occasions for our consumer. During the quarter, we saw notable strength across our style franchises, which included the Brooklyn, Getaway and Miami. As we moved into the summer season, the Miami went viral on TikTok, and we were chasing demand. Our consumer is responding well to neutrals and new materialization, including glitter and patent finishes.

在亞洲，木屐的個人化和炒作繼續引起強烈反響。除了木屐之外，涼鞋也持續保持強勁的銷售量，為消費者提供新的多樣化場合。在本季度，我們的風格特許經營系列表現出色，包括布魯克林、逍遙遊和邁阿密。隨著夏季的到來，邁阿密在 TikTok 上走紅，我們也在追逐需求。我們的消費者對中性色和新材料（包括閃光和漆皮飾面）反應良好。

As we look forward, the success of these three franchises is translating into shelf space gains and we're adding new collections such as a Soho sandal next spring. Within personalization, our Jibbitz Charms growth continues to be driven by distribution expansion in our international markets, improved in-store presentation, and success around elevated charms. We remain laser-focused on our digital-led social-first marketing playbook as this is a key ingredient in sustaining brand heat.

展望未來，這三個系列的成功將轉化為貨架空間的成長，明年春天我們將增加新的系列，例如 Soho 涼鞋。在個人化方面，我們的 Jibbitz Charms 成長持續受到國際市場分銷擴張、店內展示改進以及高級飾品成功的推動。我們仍然專注於以數位為主導的社交優先行銷策略，因為這是維持品牌熱度的關鍵因素。

In addition to bringing back franchise favorites like clogs, Pokemon and Minecraft partnerships were also standouts in the quarter. We furthered our connection to sport. Growing our NIL athlete roster with first-round NFL Draft fix, Jackson Dark and Ashton Jeanty, who notably wore our Swarovski crystal-studded Crocs clogs on the red carpet. We continue to lean into social commerce as consumers more frequently start and end their shopping journeys on social platforms.

除了帶回木屐等系列熱門遊戲外，Pokemon 和 Minecraft 的合作也是本季的亮點。我們進一步加強了與體育的連結。我們的 NIL 運動員名單新增了首輪 NFL 選秀球員 Jackson Dark 和 Ashton Jeanty，他們在紅地毯上穿著我們鑲嵌著施華洛世奇水晶的 Crocs 木屐。隨著消費者越來越頻繁地在社交平台上開始和結束他們的購物之旅，我們繼續傾向於社交商務。

During the quarter, Crocs remained the number one footwear brand on TikTok shop in the US and we recently launched on this platform in the UK, where results have been strong out of the gate. Our plan is to continue to expand social commerce and live streaming platforms globally, and we expect this to drive new growth opportunities.

在本季度，Crocs 仍然是美國 TikTok 商店中排名第一的鞋類品牌，我們最近在英國推出了該平台，並且取得了強勁的業績。我們的計劃是繼續在全球擴展社交商務和直播平台，我們預計這將帶來新的成長機會。

Turning to performance by region. Our growth in the quarter was led by our international business, which registered revenue growth of 16%, led by the direct-to-consumer channel. Our international business represented more than half of our Crocs brand revenue mix this quarter. In China, we reported another quarter of strong revenue growth in excess of 30%.

轉向按地區劃分的表現。本季我們的成長主要由國際業務推動，該業務的收入成長了 16%，其中直接面向消費者的通路收入成長最為顯著。本季度，我們的國際業務佔 Crocs 品牌收入組合的一半以上。在中國，我們報告本季營收再次強勁成長，成長幅度超過 30%。

During the quarter, Crocs brand outperformed during mid-season festival, placing Crocs among the leading women's footwear brands on both TMall and Douyin. We're deepening our connections with consumers through our roster of locally relevant celebrities and KOLs, including brand ambassador and actress, Bai Lau and actor TJC.

本季度，Crocs品牌在季中節日期間表現出色，使Crocs成為天貓和抖音上領先的女鞋品牌之一。我們正在透過本地相關名人和 KOL 加深與消費者的聯繫，其中包括品牌大使和女演員 Bai Lau 和演員 TJC。

India saw a double-digit revenue growth in the quarter, with outsized consumer demand across our classic clog and sandal franchises. We welcomed Rashmika Mandanna as our first brand ambassador in India, and her inaugural Instagram post guarded over 400 million views. Japan grew nicely during the quarter, and Western Europe continued to perform strongly, led by France and Germany. Our North American business was down 6% to prior year as we pull back on discounting on our DTC channels, most notably on clogs. We continue to see sandals as a growth vehicle increasing double digits in the quarter as we further diversify our business.

印度本季的營收實現了兩位數成長，消費者對我們經典木屐和涼鞋特許經營權的需求龐大。我們歡迎 Rashmika Mandanna 成為我們在印度的首位品牌大使，她的首篇 Instagram 貼文的瀏覽量已超過 4 億次。本季日本經濟表現良好，西歐則持續表現強勁，以法國和德國為首。由於我們減少了 DTC 通路的折扣（尤其是木屐的折扣），我們的北美業務比上年下降了 6%。隨著我們進一步實現業務多元化，我們繼續將涼鞋視為成長動力，本季實現兩位數成長。

Last week, we held the grand opening of our newest retail concept in Soho, New York. This store houses our largest personalization experience to date with expanded and upgraded Jibbitz Charms opportunities. In addition to our mainline product, consumers can find New York exclusive products as well, as a dedicated assortment of elevated EXP product line with dynamic digital story time.

上週，我們在紐約蘇荷區舉行了最新零售概念店的盛大開幕儀式。這家商店擁有我們迄今為止最大的個人化體驗，並擴展和升級了 Jibbitz Charms 機會。除了我們的主線產品外，消費者還可以找到紐約獨家產品，以及具有動態數位故事時間的高級 EXP 產品線的專用產品。

Turning to the HEYDUDE brand. We've been focused on three core pillars of our strategy: one, igniting the HEYDUDE community; two, driving the core and adding more; and three, prioritizing brand health as we stabilize the North America market.

轉向HEYDUDE品牌。我們一直專注於策略的三大核心支柱：一、點燃 HEYDUDE 社群；二、推動核心並增加更多內容；三、在穩定北美市場的同時優先考慮品牌健康。

First, we've continued to ignite the HEYDUDE community. Over the past 12 months, we've been focused on speaking to a new female consumer while not losing sight of our core consumer. The cumulative impact of our marketing efforts over this period have resulted in an increase in aided awareness to 35% in North America.

首先，我們繼續激發 HEYDUDE 社群的活力。在過去的 12 個月裡，我們一直專注於吸引新的女性消費者，同時也沒有忽略我們的核心消費者。我們在此期間的行銷努力的累積效應已使北美的輔助認知度提高到 35%。

In addition to an uptick in awareness, we've also seen improvement in consideration and purchase intent. With these advancements, HEYDUDE is now poised to further engage our core consumer. In June, we launched our latest campaign HEYDUDE Country. This campaign is rooted in authenticity and plays into several of our brand affinities, including music, pre and post sport and travel. We're excited about the future of this campaign and its broad appeal to our existing core consumer as well as new HEYDUDE fans, both him and her.

除了認知度的上升之外，我們還看到考慮和購買意願的改善。憑藉這些進步，HEYDUDE 現已準備好進一步吸引我們的核心消費者。6 月，我們推出了最新的活動 HEYDUDE Country。這項活動以真實性為根基，並融入了我們多個品牌的親和力，包括音樂、運動前後和旅行。我們對活動的未來以及它對我們現有的核心消費者以及新的 HEYDUDE 粉絲（包括男性和女性）的廣泛吸引力感到非常興奮。

Second, we're building the core and adding more. During the quarter, we iterated our icons, the Wally & Wendy for color, materialization and partnerships. In June, we leveraged our icon to release the HEYDUDE's Pabst Blue Ribbon collection which sold out on our own.com. We also partnered with Margaritaville to release a collaboration beating our HEY2O collection, which speaks to the core HEYDUDE consumer. Lastly, we launched the Paul Pro, an elevated iteration of our best-selling Paul silhouette at an $80 price point.

其次，我們正在建立核心並添加更多內容。在本季度，我們對圖標 Wally 和 Wendy 進行了色彩、物化和合作夥伴關係的迭代。6月，我們利用我們的品牌標誌推出了HEYDUDE的Pabst Blue Ribbon系列，該系列在ourown.com上銷售一空。我們也與Margaritaville合作推出了一款超越HEY2O系列的聯名產品，該系列面向HEYDUDE的核心消費者。最後，我們推出了 Paul Pro，這是我們最暢銷的 Paul 系列的升級版，售價為 80 美元。

Against our third strategic pillar, we continue to prioritize brand health as we stabilize the North American market while laying the groundwork for future international growth. We were pleased by continued growth of our direct-to-consumer channel, up 7% in the quarter. This was supported by our new store openings and strong performance on TikTok. While we are pleased with the strategic progress we have made against our three pillars, we have identified further opportunities to more rapidly reset our North America business.

在我們的第三個策略支柱中，我們繼續優先考慮品牌健康，穩定北美市場，同時為未來的國際成長奠定基礎。我們很高興看到直接面向消費者的管道持續成長，本季成長了 7%。這得益於我們新店的開業以及在 TikTok 上的強勁表現。我們對三大支柱所取得的策略進展感到滿意，同時我們也發現了更多機會來更快地重置我們的北美業務。

We have focused our efforts against two primary actions: One, we pull back on bottom of the funnel performance marketing investment to enable a more profitable digital business; and two, we've initiated incremental returns and marked our allowances to our retailers to improve the health of our inventory in the marketplace. This will simultaneously elevate our brand presentation at wholesale. While these measures will have a meaningful impact to the second half performance across both channels, we feel that they will stabilize the business more quickly.

我們主要專注於採取兩項行動：第一，減少漏斗底部的績效行銷投資，以實現更有利可圖的數位業務；第二，我們啟動了增量回報，並向零售商標記了我們的補貼，以改善我們在市場上的庫存健康狀況。這將同時提升我們的品牌在批發市場的展現效果。雖然這些措施將對兩個管道下半年的業績產生重大影響，但我們認為它們將更快地穩定業務。

In closing, we believe the HEYDUDE potential and its community are much greater than the size of the business today, and we're confident that the critical steps we are taking will fuel the potential in the future.

最後，我們相信 HEYDUDE 的潛力及其社群遠大於目前的業務規模，我們相信我們正在採取的關鍵步驟將激發未來的潛力。

I will now turn the call over to Susan to provide more detail around our second quarter financial performance and third quarter outlook.

現在我將把電話轉給蘇珊，讓她提供有關我們第二季度財務業績和第三季度展望的更多細節。

Thank you, Andrew, and good morning, everyone. Our second quarter enterprise revenues of $1.1 billion were up 3% prior year. Crocs brand revenue of $960 million was up 4% to prior year. Growth was led by wholesale up 6%, while DTC was up 3%. North America revenues were down 6% to last year as we pulled back on discounting during the quarter. These actions, in part drove DTC down 8% while wholesale was down 4%. International revenue was up 16%, aided in part by timing shifts out of Q3 and into Q2 in select markets. China and India led the growth, while Japan and Western Europe also contributed strongly to these results.

謝謝你，安德魯，大家早安。我們第二季的企業營收為 11 億美元，比去年同期成長 3%。Crocs 品牌營收為 9.6 億美元，較上年成長 4%。批發業務成長 6%，而 DTC 業務成長 3%，引領了成長。由於我們在本季減少了折扣，北美地區的收入較去年同期下降了 6%。這些舉措在一定程度上導致 DTC 銷售額下降 8%，而批發銷售額下降 4%。國際營收成長了 16%，部分原因是部分市場從第三季轉入第二季。中國和印度引領了成長，而日本和西歐也為這一結果做出了巨大貢獻。

HEYDUDE brand revenue of $190 million was down 4% to prior year, an improvement from the prior quarter. DTC was up 7% and driven by the contribution of new retail stores and our strong performance on TikTok shop. Wholesale was down 13% in the quarter. Enterprise adjusted gross margins of 61.7% were up 30 basis points to prior year.

HEYDUDE 品牌營收為 1.9 億美元，較上年下降 4%，但較上一季有所改善。DTC 成長了 7%，這得益於新零售店的貢獻以及我們在 TikTok 商店的強勁表現。本季批發額下降了 13%。企業調整後毛利率為 61.7%，較前一年上升 30 個基點。

Crocs brand adjusted gross margin of 64.1% and was approximately flat to prior year. HEYDUDE brand adjusted gross margin of 50.2% was up 110 basis points to prior year, primarily due to distribution and logistics efficiencies. Adjusted SG&A dollars for the quarter increased 12% versus prior year. Adjusted SG&A rate was 34.7% up 270 basis points compared to prior year, driven by incremental investments in talent, PTC and marketing. This excludes the noncash impairment charge of $737 million on HEYDUDE's intangible assets.

Crocs品牌調整後的毛利率為64.1%，與去年基本持平。HEYDUDE 品牌調整後毛利率為 50.2%，較前一年上升 110 個基點，主要得益於分銷和物流效率的提升。本季調整後的銷售、一般及行政費用較上年同期成長 12%。調整後的銷售、一般及行政費用率為 34.7%，較上年上升 270 個基點，這得益於人才、PTC 和行銷方面投資的增加。這還不包括 HEYDUDE 無形資產 7.37 億美元的非現金減損費用。

This impairment comes as a result of a longer-than-expected timeline to stabilize the HEYDUDE brand and return it to growth, due in part to a weaker US consumer and the disproportionate impact of tariffs on HEYDUDE product. Adjusted operating margin of 26.9% was down 240 basis points compared to prior year. Adjusted diluted earnings per share of $4.23 was up 5% to last year. Our non-GAAP effective tax rate was 17.7% which reflects the tax impact of intra-entity transactions and excludes the impact of the HEYDUDE impairment.

造成這一損害的原因是，穩定 HEYDUDE 品牌並使其恢復增長的時間比預期要長，部分原因是美國消費者的疲軟以及關稅對 HEYDUDE 產品造成的不成比例的影響。調整後的營業利益率為 26.9%，較前一年下降 240 個基點。調整後每股攤薄收益為 4.23 美元，較去年同期成長 5%。我們的非公認會計準則有效稅率為 17.7%，反映了實體內部交易的稅務影響，但不包括 HEYDUDE 減損的影響。

Our inventory balance as of June 30 was $405 million up 7% to prior year, in part due to the elevated cost of inventory from tariffs. Enterprise inventory turns remained above our goal of 4 times on an annualized basis. Our liquidity position remains strong, comprised of $201 million of cash and cash equivalents and $784 million of borrowing capacity on our revolver.

截至 6 月 30 日，我們的庫存餘額為 4.05 億美元，比上年增長 7%，部分原因是關稅導致庫存成本上升。企業庫存週轉率仍高於我們設定的 4 倍的年化目標。我們的流動性狀況依然強勁，包括 2.01 億美元的現金和現金等價物以及 7.84 億美元的循環信貸借貸能力。

During the quarter, we repurchased approximately 1.3 million shares of our common stock for a total of $133 million at an average cost of approximately $102 per share. In the first half of the year, we repurchased 1.9 million shares or 3% of our outstanding shares. We had $1.1 billion remaining on our buyback authorization as of the end of Q2. We ended the quarter with total borrowings of $1.4 billion and net leverage at the lower end of our target range of 1 times to 1.5 times.

本季度，我們回購了約 130 萬股普通股，總價值 1.33 億美元，平均成本約為每股 102 美元。今年上半年，我們回購了190萬股，佔流通股的3%。截至第二季末，我們的回購授權金額還剩餘 11 億美元。截至本季末，我們的總借款額為 14 億美元，淨槓桿率處於我們目標範圍的 1 倍至 1.5 倍的低端。

Before I discuss our outlook, I want to briefly touch on tariffs. Last week, the US extended the pause period on a series of incremental tariffs on countries in which we source our products. While we can't predict future tariff changes, we are planning our business at the current rates. The impact from these incremental rates equates to approximately $40 million in the second half of 2025 and approximately $90 million on an annual basis based on our current sourcing mix.

在討論我們的前景之前，我想先簡單談談關稅問題。上週，美國延長了對我們產品來源國徵收一系列增量關稅的暫停期。雖然我們無法預測未來的關稅變化，但我們正在按照當前的關稅規劃我們的業務。根據我們目前的採購組合，這些增量費率的影響相當於 2025 年下半年約 4,000 萬美元，每年約 9,000 萬美元。

Now moving to our outlook. It continues to be difficult to fully project the financial implications of changing global trade policies as well as to predict how consumer sentiment and purchasing patterns will evolve. Therefore, we are not reinstating full year guidance at this time. However, we would like to provide some visibility for the third quarter.

現在轉向我們的展望。目前仍很難完全預測全球貿易政策變化的財務影響以及預測消費者情緒和購買模式將如何演變。因此，我們目前不會恢復全年指引。不過，我們希望為第三季提供一些透明度。

For Q3 we expect consolidated revenues to be in the range of down 9% to 11% at currency rates as of August 4. This revenue range is based on the visibility we have to orders from our wholesale partners. A reduction of discounts in our Crocs DTC channels, the pullback of performance marketing for HEYDUDE, the incremental cleanup actions we have elected to take for HEYDUDE, as well as the potential range of outcomes against a weakening US consumer backdrop.

對於第三季度，我們預計綜合收入將按 8 月 4 日的匯率下降 9% 至 11%。此收入範圍取決於我們對批發合作夥伴訂單的了解程度。減少 Crocs DTC 通路的折扣、撤回 HEYDUDE 的績效行銷、我們選擇為 HEYDUDE 採取的漸進式清理行動，以及在美國消費疲軟背景下可能出現的一系列結果。

Within this range, we expect the Crocs brand to be down mid-single digits, led by declines in North America, offset in part by growth in international. This includes our expectation that the second half wholesale environment will be challenging for both brands based on the visibility we have in our current order books.

在此範圍內，我們預期 Crocs 品牌的銷售額將下降中等個位數，主要原因是北美市場的下滑，但國際市場的成長將部分抵消這一影響。根據我們目前訂單的可見性，我們預計下半年批發環境對兩個品牌來說都將充滿挑戰。

Adjusted operating margin is expected to be in a range of 18% to 19%, including an anticipated approximate 170 basis points impact from tariffs and deleverage on expenses tied to our reduced revenue outlook. We plan to continue to buy back stock and pay down debt while remaining within our target net leverage range of 1 times to 1.5 times. Based on the current environment, we are rapidly actioning additional cost-saving measures across the enterprise in Q3.

調整後的營業利潤率預計在 18% 至 19% 之間，其中包括與我們降低的收入前景相關的關稅和去槓桿對費用造成的預計約 170 個基點的影響。我們計劃繼續回購股票並償還債務，同時保持在 1 倍至 1.5 倍的目標淨槓桿範圍內。基於當前環境，我們將在第三季在整個企業範圍內迅速採取額外的成本節約措施。

I will now turn the call back over to Andrew for his final thoughts.

現在我將把電話轉回給安德魯，聽聽他的最後想法。

Thank you, Susan. While the current environment has created uncertainty for the industry and for our consumers, I'm confident that the increasingly diversified sources of growth we are developing and the strategic actions we are taking will position our brands for consistent and profitable long-term growth.

謝謝你，蘇珊。儘管當前的環境為產業和消費者帶來了不確定性，但我相信，我們正在開發的日益多樣化的成長來源和我們正在採取的策略行動將使我們的品牌實現持續、有利可圖的長期成長。

At this time, we'll open the call for questions.

現在，我們將開始提問。

And we will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good morning. I want to start just by asking about Crocs North America and the outlook for Q3. I'm hoping you might be able to better isolate some of the unique factors impacting Q3 versus what might be lasting.

是的，你好，早安。首先我想問一下關於 Crocs 北美市場以及第三季的前景。我希望您能夠更好地區分影響第三季的一些獨特因素以及可能持續的因素。

And then as you look forward, especially into 2026, I know you've made some changes at the organization at the Chief Brand Officer level, Chief Strategy position. So just as you look forward beyond the next couple of quarters, could you give us more sense of the pipeline and the strategy in terms of reinvigorating the excitement for the brand?

然後，當你展望未來，特別是展望 2026 年時，我知道你們在首席品牌長級別、首席策略職位上對組織做出了一些改變。那麼，正如您對未來幾季的展望一樣，您能否向我們詳細介紹有關重振品牌熱情的管道和策略？

Great. Thank you, John. I think as you look to the back half of the year for the Crocs Brand in North America, there's a number of things affecting the business. Some choices that we have made, which we think will be productive in the long term and also some market-related factors. Our consumer is an incredibly broad-based consumer. If you look at our demographics and who we sell to from the Crocs Brand, it's essentially the general population.

偉大的。謝謝你，約翰。我認為，當你展望北美 Crocs 品牌下半年的表現時，會發現有很多因素影響著其業務。我們所做的一些選擇，我們認為從長遠來看將是富有成效的，同時也有一些與市場相關的因素。我們的消費者群體極其廣泛。如果你看一下我們的人口統計數據以及 Crocs 品牌的銷售對象，你會發現，我們的目標客戶基本上是一般人群。

So as you look at the general population, there is a portion of that consumer base which we think is ample evidence that they are super cautious. They're they are not purchasing, they're not even going to the stores, and we see traffic down. So we're certainly affected by that, and we see that flowing through into our back half in terms of really our wholesale business and a little bit of our outlet business where we see that lower end consumer.

因此，當你觀察整體人群時，你會發現其中一部分消費者群體非常謹慎，我們認為這有充分的證據。他們不買東西，甚至不去商店，我們看到客流量下降。因此，我們肯定會受到影響，而且我們看到這種影響確實會流向我們的後半部分，即批發業務和一小部分針對低端消費者的直銷業務。

So we see our order books down and we see a trajectory for our wholesale business. That is unintended and not necessarily out of our control, but that is what it is.

因此，我們看到訂單量下降，也看到了批發業務的發展軌跡。這是無意的，也不一定超出我們的控制範圍，但事實就是如此。

I think the second piece is our decision to pull back on discounting on the Crocs Brand in North America, in particular, and that is a fact that is an intentional decision we make. That's a revenue headwind, but a gross margin and ultimately an EBIT potential. We think that's important to do that because as we looked at the trajectory and the discounting over time, we saw it increasing, and we think that is detrimental to the long-term health of the brand. So that's really, I think when you kind of look at the North American market.

我認為第二點是我們決定取消 Crocs 品牌在北美的折扣，事實上這是我們有意做出的決定。這對收入來說是一個阻力，但對毛利率和最終的息稅前利潤卻有潛力。我們認為這樣做很重要，因為當我們觀察一段時間內的軌跡和折扣時，我們發現折扣不斷增加，我們認為這對品牌的長期健康是有害的。所以，我認為當你觀察北美市場時確實如此。

What I would say is, we've got consumer innovation coming into the market. We've seen a strong trajectory in the past in the summer season from our sandal business. We think that grows next year. We see new product innovation on clogs and sandal coming -- on clogs coming in the fourth quarter. We have, I think, significant product innovation on sandal in the first half of next year. And we're continuing to accentuate and grow our personalization business, both in Jibbitz and expanding that beyond Jibbitz into a broader personalization offer.

我想說的是，我們已經將消費創新引進市場。過去夏季，我們的涼鞋業務表現強勁。我們認為明年這一數字還會成長。我們看到木屐和涼鞋的新產品創新即將到來—木屐的新產品創新將於第四季到來。我認為，明年上半年我們將在涼鞋產品方面實現重大創新。我們將繼續加強和發展我們的個人化業務，不僅在 Jibbitz 內部，而且將其擴展到 Jibbitz 之外，提供更廣泛的個人化服務。

I would also add that in Q2, we saw a strong international growth for the Crocs Brand and obviously, growth overall. And I think we've talked about repeatedly that we see international as a continued important growth driver for the brand.

我還要補充一點，在第二季度，我們看到 Crocs 品牌在國際上實現了強勁增長，而且顯然整體上也實現了增長。我想我們已經反覆討論過，我們認為國際市場是品牌持續重要的成長動力。

I think the other thing you referenced was some personnel changes to strengthen our management team. I think we feel really good about those. Terrence is getting settled as the Chief Brand Officer of both brands, I think, and driving the level of energy and creativity, which we're excited to see come to market. And we've strengthened our sort of growth and transformation with the addition of a Strategy and Growth Officer. So we feel great about the team. I think it's going to be a difficult period to navigate in the next half year for the Crocs Brand in North America, but we think we're doing the right things for the long-term potential of the brand.

我認為您提到的另一件事是一些人事變動，以加強我們的管理團隊。我認為我們對此感覺非常好。我認為，特倫斯將擔任這兩個品牌的首席品牌官，並推動其活力和創造力水平，我們很高興看到這些產品進入市場。我們也透過增加策略和成長官來加強我們的成長和轉型。所以我們對這個團隊感覺很好。我認為未來半年對於 Crocs 品牌在北美市場來說將會是一個艱難的時期，但我們認為，為了品牌的長期潛力，我們正在做正確的事情。

Okay. Great. I appreciate all that color. Just two follow-ups, if I could. Do you think in some of your core family channels, are you losing share in the order book at all as larger competitors come back with emphasis on the channel?

好的。偉大的。我很欣賞所有這些顏色。如果可以的話，我只想問兩個問題。您是否認為，隨著更大的競爭對手捲土重來並專注於某些核心家庭管道，您的訂單份額是否會下降？

And then just any more detail on protecting the profitability. I don't know if you were surprised by the magnitude of the revenue slowdown just given the size of the deleverage that you're implying for Q3, looks hard to see where you're seeing progress on protecting profitability just based on the Q3 outlook alone. Thank you.

然後是關於保護盈利能力的更多細節。我不知道您是否對收入放緩的幅度感到驚訝，因為考慮到您暗示的第三季度去槓桿規模，僅根據第三季度的前景似乎很難看出您在保護盈利能力方面取得了哪些進展。謝謝。

Got it. Yes, that makes sense. So yes, I think if you look at the -- I think what you're referencing, we do see an athletic trend in the marketplace. I think everybody is well aware of that, talked about that. There is, I think, a clear athletic trend the consumers migrating back towards athletic.

知道了。是的，這很有道理。所以是的，我認為如果你看一下——我認為你所提到的，我們確實看到了市場上的運動趨勢。我想每個人都很清楚這一點，也討論過這一點。我認為，現在存在著明顯的運動趨勢，消費者正在重新轉向運動。

We know that is a cyclical trend. And as we look at some key athletic events coming up, we do think that will persist for a while. You've got the World Cup next year. You have the L.A. Olympics in a couple of years. And I think the athletic brands are building innovation into that, which they typically do. So that's a little bit of a headwind. I think we can fight that headwind in the long term.

我們知道這是一個週期性趨勢。當我們展望即將舉行的一些重要體育賽事時，我們確實認為這種情況會持續一段時間。明年你們將舉辦世界盃。幾年後洛杉磯將舉辦奧運。我認為運動品牌正在將創新融入其中，這也是他們通常的做法。所以這有點不利。我認為從長遠來看我們可以克服這個不利因素。

And we also know that our brand is well positioned against pre- and post-sport. So I think athletic headwind is providing some pressure on open-to-buy, combined with the consumer uncertainty of that very broad consumer base.

我們也知道，我們的品牌在運動前和運動後領域具有良好的定位。因此，我認為運動方面的逆風給購買意願帶來了一些壓力，再加上廣大消費者的不確定性。

In terms of protecting profitability, yes, I think there's a couple of things. If you look at Q3, 170 basis points of the deleverage are tariffs, and obviously, that will continue into '26 and beyond. I think in our prepared remarks, Susan gave you some good color on what that looks like.

在保護盈利能力方面，是的，我認為有幾件事。如果你看一下第三季度，你會發現去槓桿的 170 個基點是關稅，而且顯然，這種情況將持續到 26 年及以後。我認為，在我們準備好的發言中，蘇珊已經很好地解釋了這一點。

And in terms of -- I think I'm anticipating that Q3 is a bit of a low spot in our EBIT potential. We've taken out $50 million of cost savings already. Some of those are spread between gross margin and SG&A. And we will look -- and we are currently engaged in an extensive process to drive incremental cost savings or incremental SG&A reductions throughout the remainder of the year.

就這一點而言——我認為我預計第三季我們的息稅前利潤潛力會比較低。我們已經節省了 5000 萬美元的成本。其中一些分佈在毛利率和銷售、一般及行政費用之間。我們將會觀察—我們目前正在進行一項廣泛的流程，以推動在今年剩餘時間內逐步節省成本或逐步減少銷售、一般及行政費用 (SG&A)。

Okay, thanks again.

好的，再次感謝。

Thank you.

謝謝。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Thanks guys. Good morning. So first, are you seeing anything in your Crocs international business that is implying a material step change for your back half outlook relative to the mid-teens growth in the most recent quarter?

謝謝大家。早安.那麼首先，您是否看到 Crocs 國際業務的任何變化，暗示著相對於最近一個季度的中等增長，下半年的前景將發生重大變化？

And then on your global Crocs direct business, is the slowdown that you're embedding in your 3Q guidance, is that matching what you're seeing? Or are you baking in a scenario where sales continue to sequentially get worse throughout the rest of the quarter?

那麼，關於您的全球 Crocs 直銷業務，您在第三季指引中嵌入的成長放緩是否與您看到的情況相符？或者您預計本季剩餘時間內銷售額將持續下降？

Okay. Let me answer the international piece. I'm going to come back to you on the DTC piece. I didn't quite understand what you're asking there. So from an international perspective, there are always a kind of few puts and takes between quarters, particularly around your distributor business, and you're probably well aware our distributor business is substantial. And so -- but in the long run, a mid-teens growth trajectory for our international business, we feel very good about that.

好的。讓我來回答一下國際部分。我將會就 DTC 部分問題再次與您聯繫。我不太明白你在問什麼。因此，從國際角度來看，季度之間總是存在一些利弊，特別是在經銷商業務方面，您可能很清楚我們的經銷商業務規模很大。所以 — — 但從長遠來看，我們的國際業務將呈現十五六倍的成長軌跡，我們對此感到非常滿意。

I think we highlighted in the prepared remarks, strong growth in China, really successful mid-season festival; strong growth in India, another large -- a very large potential market; good performance in Western Europe; and actually return to growth in Japan, which we're also excited about.

我想我們在準備好的發言中強調了，中國市場的強勁增長，季中節日的真正成功；印度市場的強勁增長，另一個非常大的潛在市場；西歐市場的良好表現；以及日本市場的回歸增長，我們也對此感到興奮。

So I think our international business remains really important to us. It could be a driver of growth. I would also highlight in Q2, it was the majority of our Crocs business, right? We passed the 50% mark in terms of the international business being bigger than our domestic business. I think puts and takes between quarters will be kind of around that longer-term trajectory. The second piece, I'm not 100% clear what you were asking there.

所以我認為我們的國際業務對我們來說仍然非常重要。它可能成為成長的動力。我還要強調的是，在第二季度，它是我們 Crocs 業務的大部分，對嗎？我們的國際業務比國內業務大的比例超過了50%。我認為季度之間的看跌和看漲將會遵循長期軌跡。第二部分，我不是 100% 清楚你在問什麼。

Yeah. So I'm just trying to get a sense of -- I know you're not guiding 3Q by channel, by region per se, but we're a little over a month into the quarter. It sounds like the outlook is getting a little bit worse. Are you baking in things sequentially getting worse as we move through the quarter? Or are you kind of calling the 3Q guidance based on the trends you're seeing as of today, the first couple of weeks of the quarter?

是的。所以我只是想了解一下——我知道您並沒有按渠道或地區來預測第三季度，但我們已經進入該季度一個多月了。聽起來前景有點糟。隨著本季的推進，情況是否會逐漸惡化？或者您是根據截至今天（本季前幾週）所看到的趨勢來製定第三季的指引嗎？

Yes. We're not baking in it getting sequentially worse as it goes through the quarter. From now, we do think the back half is worse than the first half, right, based on the things I talked about earlier. So -- but do I -- do we see it sequentially declining from sort of our July trajectory as we go through the year? We were not anticipating that.

是的。我們並沒有預料到情況會隨著整個季度而逐漸惡化。從現在來看，根據我之前談到的情況，我們確實認為後半部比前半部更糟糕，對的。那麼 — — 但我 — — 我們是否看到它在今年全年中從 7 月份的軌跡開始連續下降？我們沒有預料到這一點。

I think there is an element of cautiousness and we recognize the consumer is pretty unpredictable, particularly here in the North America. We do see sort of fairly significant fluctuations week-to-week. So I think we've got some cautiousness embedded in it, but we haven't embedded a downward trajectory month over month from now.

我認為需要謹慎，我們也意識到消費者是相當難以預測的，特別是在北美。我們確實看到每週都存在相當大的波動。因此，我認為我們已經採取了一些謹慎態度，但從現在開始我們並沒有逐月下降的趨勢。

Got it. That's very clear. And then just to sneak one more in just on margins. I just wanted to get a sense of how you're thinking about taking price for both plans -- for both brands and what's included in your margin guidance in terms of mitigation strategies around tariffs. It sounds like you're pulling back on promos and DTC, which is leading to lower volumes. So I'm just wondering if that's making you rethink whether you think you can take price across both brands.

知道了。這非常清楚。然後就在邊緣再偷偷加一個。我只是想了解一下，您是如何考慮為這兩個品牌制定這兩個計劃的定價的，以及在關稅緩解策略方面，您的利潤指導中包含了哪些內容。聽起來您正在減少促銷和 DTC，這導致銷量下降。所以我只是想知道這是否會讓您重新考慮是否可以對兩個品牌進行定價。

Yes. I mean this is -- so I think we can, over the medium term, mitigate the impact of tariffs. That will come from cost savings in our supply chain, both negotiations with factories, which I don't think is a huge amount, but there's some there, but also just efficiency drive within our supply chain. It will come from some price, and it will come also from some reduction in SG&A through, again, looking much harder and driving to efficiency.

是的。我的意思是——所以我認為我們可以在中期內減輕關稅的影響。這將來自於我們供應鏈中的成本節約，包括與工廠的談判，我認為這不是一個很大的數額，但也有一些，但也只是我們供應鏈中的效率驅動。它將來自一些價格，也將來自銷售、一般及行政開支的減少，同樣，透過更加努力地尋找並提高效率。

In terms of your specific question around price, we have selective actions planned, some in the back end of this year for HEYDUDE. We are getting some net price, as you pointed out, through reduction in discounting. And we have -- we will be announcing some price increases on Crocs, both in select styles and also in some of our international markets where we think we have opportunities.

關於您關於價格的具體問題，我們已經計劃採取一些有選擇的行動，其中一些將在今年年底針對 HEYDUDE 採取。正如您所指出的，我們透過減少折扣獲得了一些淨價。我們將宣布對 Crocs 的部分款式和我們認為有機會的部分國際市場進行漲價。

So we're going to, I think, be very strategic about where we get price. We don't think this is a market that we can be taking all of our prices up by a certain amount to simply mitigate the tariffs. I don't think that's realistic given where our brands sell and the very broad base of our consumer base.

因此，我認為，我們將非常有策略地選擇價格來源。我們認為，在這個市場中，我們不能簡單地將所有產品的價格提高一定幅度來降低關稅。考慮到我們的品牌銷售地點和非常廣泛的消費者群體，我認為這並不現實。

Very clear. Good luck. Thank you.

非常清楚。祝你好運。謝謝。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Good morning, and thank you very much for taking my question. Andrew, I guess my question is, given the down 9% to 11%, how much of that is due to kind of the wholesale pullback? Is that a reaction to the front order book? Or is that more of a proactive management, given kind of everything that you know about what's happening and potentially with the consumer kind of demand environment? And how do you think about philosophically balancing that with the risk of losing shelf space in the marketplace?

偉大的。早上好，非常感謝您回答我的問題。安德魯，我想我的問題是，考慮到下降 9% 到 11%，其中有多少是由於批發回調造成的？這是對前期訂單的反應嗎？或者，考慮到您所了解的一切以及潛在的消費者需求環境，這是否是一種更積極的管理？您如何從哲學角度考慮平衡此風險與失去市場貨架空間的風險？

Right. So I would say the guide embeds the order book for both brands, right? So we've been -- it's not -- we're not anticipating an erosion of order book. It embeds the order book where it sits today. And I would say it also embeds conservative assumptions around returns or cancellations, right? So we're definitely, I think, being very cautious about how we're anticipating the market flowing out over the next 6 months and how the consumer is going to react.

正確的。所以我想說指南嵌入了兩個品牌的訂單簿，對嗎？所以我們一直——不是——我們預計訂單不會減少。它將訂單簿嵌入到現在的位置。我想說它還嵌入了有關退貨或取消的保守假設，對嗎？因此，我認為，我們肯定會非常謹慎地預測未來 6 個月的市場走勢以及消費者的反應。

In terms of shelf space, I think in response to Jon's question, I think in some channels of wholesale distribution, we are losing shelf space relative to other brands, relative to the athletic brands. And I think we are working to make sure that we drive incremental shelf space with sandals. We certainly picked up shelf space in the summer with sandals.

關於貨架空間，我想回答喬恩的問題，我認為在某些批發分銷管道中，相對於其他品牌、相對於運動品牌，我們正在失去貨架空間。我認為我們正在努力確保涼鞋能夠增加貨架空間。夏天，我們的涼鞋確實佔據了貨架空間。

We think we will pick up more shelf space in sandals next year. But a significant part of our clogs business is done through our DTC channels, right? It's done through our retail stores and our digital channels. And obviously, I think we're maintaining market share through those channels.

我們認為明年我們的涼鞋產品將佔據更多的貨架空間。但是我們的木屐業務很大一部分是透過 DTC 管道完成的，對嗎？這是透過我們的零售店和數位管道實現的。顯然，我認為我們正在透過這些管道保持市場份額。

Okay. Great. And then my just clarifying question. You said that within that guidance of down 9% to 11% at Crocs, if I heard correctly, it would be down mid-single digits. So HEYDUDE will then kind of go -- kind of the trajectory of HEYDUDE will worsen pretty significantly. Is that -- are you seeing more of this wholesale kind of pullback and more of the actions, the reset actions at the wholesale brand?

好的。偉大的。然後我只是想澄清一下問題。您說 Crocs 的銷售額預計將下降 9% 至 11%，如果我沒聽錯的話，銷售額下降幅度應該是個位數的中段。因此 HEYDUDE 的發展軌跡將會變得相當糟糕。那是——您是否看到更多這種批發回調和更多行動，批發品牌的重置行動？

Yes. I think the principal driver of that leg down for HEYDUDE is the actions that we decided to take, right? The first is the reset of some inventory in the wholesale, and that's pretty significant, and that will be done essentially in Q3. So that's a meaningful amount.

是的。我認為 HEYDUDE 失敗的主要原因是我們決定採取的行動，對嗎？首先是重新設定批發中的一些庫存，這是非常重要的，基本上將在第三季完成。所以這是一個有意義的金額。

And the second is the reduction of marketing, so performance marketing on our digital channels where we've seen that creep up over a number of quarters, and we've got to a point where the marginal profitability was really not there. So we took an opportunity to -- we took a tough decision to reset that. So it's principally due to those two things. I wouldn't say the wholesale trajectory and order book trajectory is dramatically worse than Crocs, is a little bit below, but those are the two biggest things.

第二是減少行銷，因此，我們看到數位管道上的績效行銷在多個季度內逐漸增加，我們已經到了邊際獲利能力不存在的地步。因此，我們抓住機會——我們做出了一個艱難的決定來重新設定這一點。所以這主要是由於這兩件事。我不會說批發軌跡和訂單軌跡比 Crocs 差很多，只是稍微差一點，但那是兩個最重要的事情。

Okay, thank you. And then two clarifying questions for Susan. When you say the current tariff environment, you mean the August 1, right? They put all that whole litany of kind of new numbers for all the different separate countries. Is that kind of the new $90 million annual growth unmitigated? And then secondarily, the inventory up 7%. How much of that is now due to the cost of tariffs? Thank you very much.

好的，謝謝。然後向蘇珊提出兩個澄清問題。您說的當前關稅環境是指8月1日，對嗎？他們為各個不同的國家列出了一系列新數字。每年新增 9,000 萬美元的成長是毫無限制的嗎？其次，庫存增加了7%。其中有多少是關稅成本造成的？非常感謝。

Yes. So on the first part of your question, yes, that is an up-to-date number. I think, as of hot off the presses. So that includes everything that we heard as of August, plus I think there was a -- there's a 50% tariff on India that we have incorporated in that number. India is a meaningful but not the largest country from which we source exports to the US.

是的。所以關於你問題的第一部分，是的，這是一個最新的數字。我認為，就像剛剛出版的那樣。因此，這包括了我們截至 8 月聽到的所有消息，另外我認為還有一個消息——我們已經將印度徵收的 50% 的關稅納入了該數字中。印度是我們向美國出口的重要國家，但不是最大的國家。

And then your second part of your question was about inventory. Yes, up 7%. We don't break that out, but a meaningful portion of that is the cost of the tariffs, and we capitalize that in our inventory and recognize that as we sell the product.

你問題的第二部分是關於庫存的。是的，上漲了7%。我們沒有將其單獨列出，但其中很大一部分是關稅成本，我們將其資本化在我們的庫存中，並在銷售產品時確認這一點。

Okay, thank you very much and best of luck. Thanks for all the information.

好的，非常感謝，祝你好運。感謝您提供的所有資訊。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Great, thank you so much. Good morning, guys. Just a follow-up on the pullback in promotional activity of Crocs in North America. Did you quantify that impact in the second quarter or how we should think about that for 3Q? And we still see Crocs around promotions around big events, whether it was Memorial Day or July 4 weekend. So just trying to understand how we should think about the magnitude of that pullback manifesting.

太好了，非常感謝。大家早安。這只是 Crocs 在北美撤回促銷活動的後續行動。您是否量化了第二季的影響，或者我們應該如何看待第三季的影響？我們仍然會看到 Crocs 在大型活動期間進行促銷，無論是陣亡將士紀念日還是 7 月 4 日的周末。所以只是想了解我們應該如何看待這種回調的幅度。

And then secondly to Andrew, on the shelf space losses to athletics, just trying to understand athletic space has been strong for some time now. Why do you think your losses are accelerating now?

其次，對於安德魯來說，關於體育用品貨架空間的損失，只是想了解體育用品貨架空間現在已經強勁了一段時間。您認為為什麼您的損失現在正在加速？

Got it. So we haven't quantified in dollars, the amount of the pullback relative to the reduction in discounts. But what I could say is if you look at Q2, which is down essentially almost 6%, right, for North America for Crocs. If we had, I think, not made that decision, it would have been down slightly. So it was a pretty meaningful impact.

知道了。因此，我們還沒有用美元來量化相對於折扣減少的回檔金額。但我可以說的是，如果你看第二季的數據，你會發現北美地區的 Crocs 銷量下降了近 6%。我認為，如果我們沒有做出那個決定，產量就會稍微下降。所以這是一個非常有意義的影響。

And yes, I think to your question, will we still run, I would say, competitive discounts and promotional events around key events? Absolutely, we will. But we are being careful about the depth and the breadth of those events and also making sure that we are not running significant events between those time periods. So it is a very meaningful change in terms of dollars that we are foregoing in North America for future health of the brand.

是的，我想回答您的問題，我們會不會在關鍵事件發生時推出有競爭力的折扣和促銷活動？當然，我們會的。但我們對這些事件的深度和廣度非常謹慎，並確保我們不會在這些時段之間舉辦重大事件。因此，從美元角度來看，為了品牌未來的健康，我們放棄在北美的業務，這是一個非常有意義的改變。

And the second point, I -- I'm not sure I agree with you, right, in terms of the athletic trend. I think there are some high-end athletic brands that have been performing very strongly in North America for some time, but they are selling at high prices and are principally selling to an elevated consumer. I think the broader athletic trend that hits the broad consumer base that we service, has accelerated. And that is, I think, principally due to some of the big players re-embracing a broader distribution strategy.

第二點，就運動趨勢而言，我不確定我是否同意你的觀點。我認為一些高端運動品牌在北美已經表現非常強勁一段時間了，但它們的售價很高，而且主要面向高端消費者。我認為，影響我們所服務的廣大消費者群體的更廣泛的運動趨勢已經加速。我認為這主要是因為一些大公司重新採用了更廣泛的分銷策略。

Okay. Okay. No, that's fair enough. And just as a quick follow-up to Susan. Could you guys quantify the timing shift in international? You said it benefits 2Q and current 3Q, I believe.

好的。好的。不，這很公平。這只是對蘇珊的快速跟進。你們能量化國際上的時間變化嗎？您說這對第二季和目前的第三季有利，我相信。

Yeah. We didn't actually quantify the shift. It's a part of the difference in the growth rate between international and international between Q2 and Q3, but we still would have been -- it still would have been positive. As Andrew said, we have these shifts based on our distributor business from quarter-to-quarter on a regular basis, both this year and last year.

是的。我們其實並沒有量化這種轉變。這是第二季和第三季之間國際成長率差異的一部分，但我們仍然會 - 它仍然會是正數。正如安德魯所說，無論是今年還是去年，我們都會根據經銷商業務定期進行季度調整。

All right, understood. Thank you so much and best of luck.

好的，明白了。非常感謝，祝你好運。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much. Andrew, can you just elaborate a little bit on what you're seeing in China? I think you talked about China was up over 30% versus last year. Talk about what's driving the strength and maybe the outlook that you have for China in the third quarter and beyond. Thank you.

太好了，非常感謝。安德魯，您能否詳細說明一下您在中國看到的情況？我認為您談到了中國經濟較去年同期成長了 30% 以上。請談談推動中國經濟強勁發展的因素以及您對中國在第三季及以後的前景有何看法。謝謝。

Yeah. So I think what's driving our business in China is, I think, strong consumer engagement, right? So the overall China business and you look at it across many different brands is not strong from a consumer perspective.

是的。所以我認為推動我們在中國業務發展的是強大的消費者參與度，對嗎？因此，從消費者的角度來看，中國市場的整體業務以及許多不同品牌的業務表現並不強勁。

Consumer purchasing is certainly not -- it is not strong in the Chinese market. We are bucking that trend because we're driving, I think, brand heat for the Crocs Brand in China. That brand heat has been driven by a set of socially -- social-first digital marketing tactics using key Chinese celebrities.

中國市場的消費者購買力肯定不強。我們正在逆轉這一趨勢，因為我認為我們正在推動 Crocs 品牌在中國的品牌熱度。這一品牌熱度是由一系列利用中國名人的社交優先數位行銷策略所推動的。

And we have a very large digital business in China, which has performed particularly well during mid-season festival, and we're very familiar with how to operate during these festival time periods and maximize the business. We have also extended significantly our mono-brand stores through our distribution partners in China with significant store openings both last year and this year.

我們在中國擁有非常龐大的數位業務，在旺季節日期間表現尤為出色，我們非常熟悉如何在這些節日期間運作並實現業務最大化。我們也透過在中國的分銷合作夥伴大幅擴展了我們的單一品牌店，去年和今年都開設了大量門市。

And I think our personalization aspect to our brand, the use of Jibbitz and the ability to personalize the shoes have also been particularly effective in engaging that consumer. And I think that's also effective in engaging sort of the broader Asian consumer. We see our personalization business strong in Southeast Asia, in Korea and in Japan as well.

我認為我們品牌的個人化方面、Jibbitz 的使用以及個性化鞋子的能力在吸引消費者方面也特別有效。我認為這也能有效吸引更廣泛的亞洲消費者。我們發現我們的個人化業務在東南亞、韓國和日本也表現強勁。

Got it. Thank you so much.

知道了。太感謝了。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you. Good morning. Can you unpack the disparity in performance between HEYDUDE in direct-to-consumer versus wholesale? Direct-to-consumer has performed well now for three quarters in a row. So I guess what would you attribute the softer performance to at wholesale? And as we think about the wholesale channel, in particular, how long do you envision it will take to rightsize inventories so that sell-in and sell-through are in better alignment?

謝謝。早安.您能否解釋一下 HEYDUDE 在直接面向消費者和批發方面的表現差異？直接面向消費者的銷售模式已連續三個季度表現良好。那麼我想您認為批發業務表現疲軟的原因是什麼？當我們考慮批發通路時，您認為需要多長時間才能調整庫存規模，使銷售和銷售率更好地協調？

Yes. Great question, Rick. So look, direct-to-consumer has performed well, but there are new points of distribution there, right? So that's for -- I would say, for two principal reasons. We continue to open outlet stores for the HEYDUDE brand which we're very pleased with both the performance of those stores and also the role they play in terms of extending the HEYDUDE brand to new consumers, right? So the HEYDUDE brand, while the awareness has improved, it has improved to 35%.

是的。問得好，瑞克。所以看起來，直接面向消費者的表現很好，但是那裡有新的分銷點，對嗎？所以我想說，有兩個主要原因。我們繼續為 HEYDUDE 品牌開設直銷店，我們對這些商店的表現以及它們在將 HEYDUDE 品牌推廣給新消費者方面所發揮的作用感到非常滿意，對嗎？所以HEYDUDE品牌，知名度在提升的同時，已經提升到了35%。

That is a relatively low number compared to the 60% plus awareness, HEYDUDE awareness for the Crocs Brand. So we've made progress on awareness, but it's still low. And so there's new points of distribution from an outlet store perspective embedded within that DTC growth.

與 Crocs 品牌 60% 以上的知名度（HEYDUDE 知名度）相比，這個數字相對較低。因此，我們在意識方面取得了進步，但水平仍然較低。因此，從直銷店的角度來看，DTC 的成長中蘊含著新的分銷點。

There is also a TikTok Shop. So you are aware that with both of our brands, we've been at the forefront of selling on TikTok Shop. Crocs is the number one footwear brand on TikTok Shop. And I think HEYDUDE is at number three. So that is -- number two, sorry, I've been told. I know it's two or three. And that is an outsized performance relative to the size of the HEYDUDE brand in the US marketplace. So it's -- I would say it's new points of distribution is a big driver there.

還有一個 TikTok 商店。因此，您知道，憑藉我們的兩個品牌，我們一直處於 TikTok Shop 銷售的前沿。Crocs 是 TikTok Shop 上排名第一的鞋類品牌。我認為 HEYDUDE 排在第三位。所以這是——第二點，抱歉，我已經被告知了。我知道是兩三點。相對於 HEYDUDE 品牌在美國市場的規模而言，這是一個超乎尋常的表現。所以——我想說，新的分銷點是一個巨大的推動力。

Thanks very much.

非常感謝。

Aubrey Tianello, BNP Paribas.

法國巴黎銀行的奧布里‧蒂埃洛 (Aubrey Tianello)。

Hey, good morning. Thanks for taking the questions. I wanted to ask on HEYDUDE. I think it's been a few quarters now since you changed the approach to marketing going more top of funnel. How are you feeling about the benefits you're seeing from that? And then how are you thinking about investment in the brand going forward? And then any update on new leadership for HEYDUDE?

嘿，早安。感謝您回答這些問題。我想在 HEYDUDE 上詢問。我認為自從您改變行銷方式、轉向漏斗頂端以來已經過去了幾個季度了。您對由此看到的好處有何感受？那麼您如何考慮未來對該品牌的投資？那麼 HEYDUDE 的新領導階層有什麼最新消息嗎？

Yeah. So I'll do your last question first. So the current leadership for HEYDUDE is myself. So I'm really enjoying being able to dig into the brand and work with the team. While we have not yet appointed a brand President for HEYDUDE, I would say that we have appointed some key team members, and I'm really excited about the strength of our leadership team for the HEYDUDE Brand. I think they are doing a really great job and really grappling with some difficult situations, but doing it in a extremely proactive and productive way for the future.

是的。所以我先回答你的最後一個問題。所以 HEYDUDE 的現任領導就是我自己。所以我非常享受能夠深入研究這個品牌並與團隊合作。雖然我們還沒有為 HEYDUDE 任命品牌總裁，但我想說我們已經任命了一些關鍵的團隊成員，我對 HEYDUDE 品牌領導團隊的實力感到非常興奮。我認為他們做得非常出色，確實在努力應對一些困難的情況，但他們以極其積極主動和富有成效的方式為未來做好了準備。

In terms of shifting the marketing, we have seen, I think, positive signs from that. We have been -- we continue to invest in marketing. We have been experimenting with some different messages and different approaches. We have seen an increase of HEYDUDE Brand awareness, as I mentioned in the prior question, to 35%, which we think is a very productive trend.

在轉變行銷方面，我認為我們已經看到了積極的跡象。我們一直——我們將繼續在行銷方面進行投資。我們一直在嘗試一些不同的資訊和不同的方法。正如我在上一個問題中提到的，我們看到 HEYDUDE 品牌知名度上升到了 35%，我們認為這是一個非常有成效的趨勢。

I would say our latest campaign around HEYDUDE Country has been really well received by the industry as we talk to our wholesale partners. And I think we are seeing some clear evidence it's resonating with consumers. We have also spent a good amount of time as we've talked about in the past, speaking to her and bringing a younger female consumer to the brand. I think that has been productive.

我想說，我們圍繞 HEYDUDE Country 的最新活動在與批發合作夥伴的交流中得到了業界的熱烈歡迎。我認為我們已經看到了一些明確的證據，表明它引起了消費者的共鳴。正如我們過去談到的，我們也花了大量時間與她交談，並為該品牌帶來更年輕的女性消費者。我認為這是有成效的。

I would say that as we look forward, we are shifting more of our dollars and focus back to our core consumer and ensuring that we really resonate and capture and get the most productive purchasing from our core consumer. So I think we're doing all of the right things. We plan to continue to invest in the HEYDUDE Brand, and we see a trajectory that we think we will be pleased with and ultimately, shareholders will be pleased with over time.

我想說，展望未來，我們會將更多的資金和注意力重新轉向我們的核心消費者，並確保我們真正引起核心消費者的共鳴，吸引他們並讓他們做出最有成效的購買行為。所以我認為我們所做的一切都是正確的。我們計劃繼續投資 HEYDUDE 品牌，我們看到了一條我們認為會讓我們滿意的發展軌跡，最終，股東也會隨著時間的推移而感到滿意。

Thanks. And if I could just sneak in a follow-up on capital allocation. In the first half, you're ahead of where you were last year in terms of share repurchases. Does that continue into the back half? Or is that different now with the new revenue trajectory?

謝謝。我是否可以偷偷跟進一下資本配置的情況？今年上半年，你們的股票回購量比去年同期增加。這種情況會持續到後半段嗎？或者現在有了新的收入軌跡，情況會有所不同嗎？

Yeah. So let me try to address that. Consistent with our past practice, we really don't commit ahead of time to our capital allocation, how we're going to allocate our free cash flow. But as you can see from what we did in the first half of the year, we really believe our stock is an excellent value and consistent with our 1 times to 1.5 times target range, we're going to continue to allocate free cash flow to buy back stock and pay down debt as we see the opportunities.

是的。因此，讓我嘗試解決這個問題。與我們過去的做法一致，我們實際上不會提前承諾我們的資本配置，也不會承諾如何分配我們的自由現金流。但正如您從我們上半年的表現中所看到的，我們確實相信我們的股票具有極好的價值，並且與我們 1 倍到 1.5 倍的目標範圍一致，我們將繼續分配自由現金流來回購股票並償還債務，因為我們看到了機會。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. Susan, I was hoping you could elaborate on the cost savings actions that you've taken, that you're planning on taking. What additional areas of opportunity have you identified outside of the SG&A savings in the $50 million that was previously discussed? And can you provide any color on the magnitude or timing of these savings for the second half and into '26? Thank you.

早安，感謝您回答我們的問題。蘇珊，我希望你能詳細說明你已經採取的和計劃採取的成本節約措施。除了先前討論的 5000 萬美元銷售、一般及行政費用節省之外，您還發現了哪些其他機會領域？您能否提供有關下半年以及 26 年節省的規模和時間的任何資訊？謝謝。

Sure, Brooke. So when we talk about the $50 million of cost savings, these are things that we've already identified and taken action on for the year. We realized $15 million of that in Q2, and that was really balanced across SG&A and gross margin. And you can think about the remaining $35 million as being kind of evenly spread across Q3 and Q4 with a similar weighting on SG&A and gross margin.

當然，布魯克。因此，當我們談到節省 5000 萬美元的成本時，這些都是我們今年已經確定並採取行動的事情。我們在第二季度實現了 1500 萬美元的收益，這在銷售、一般及行政費用和毛利率方面實現了平衡。你可以認為剩餘的 3500 萬美元將平均分佈在第三季度和第四季度，並在銷售、一般及行政費用和毛利率上佔有相似的權重。

As we look to the further opportunities that Andrew mentioned, we're particularly focused on SG&A and steps that we can take to further simplify the business. We spoke a little bit about the marketing spend for HEYDUDE and being able to pull back on performance marketing, where we don't feel there's an adequate return. We're looking at our entire expense base with that lens to make sure that where we're investing the dollars are the ones where we're seeing the return for the long term.

當我們尋找安德魯提到的進一步機會時，我們特別關注銷售、一般和行政費用以及我們可以採取的進一步簡化業務的措施。我們稍微談了一下 HEYDUDE 的行銷支出，並且能夠減少績效行銷，因為我們認為績效行銷的回報不夠。我們正在以這種眼光審視我們的整個支出基礎，以確保我們所投資的資金能帶來長期回報。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

And our next question will come from Ashley Owens with KeyBank Capital Markets. Please go ahead.

我們的下一個問題來自 KeyBank Capital Markets 的 Ashley Owens。請繼續。

Hi, good morning. Maybe just to start on HEYDUDE, the further pressure on the wholesale channel, is the assumption that this will come as incremental margin headwinds on the brand through the balance of the year? And additionally, I know you mentioned pulling back on some of the inventory received domestically for the back half. So can you help us understand how this shapes the product cadence?

嗨，早安。也許只是從 HEYDUDE 開始，批發管道面臨的進一步壓力是否意味著，在全年餘額中，這將成為該品牌利潤率的增量阻力？此外，我知道您提到了下半年撤回國內收到的部分庫存。那麼您能幫助我們理解這是如何影響產品節奏的嗎？

You've been strong in newness in collaboration for several years now. But should we expect a pullback in some of these efforts in SKU count until conditions normalize? Or how are you thinking about balancing tighter buys with the need to maintain freshness? Thank you.

幾年來，你們在合作中一直保持著強勁的創新精神。但在情況恢復正常之前，我們是否應該預期 SKU 數量方面的一些努力會有所回落？或者您如何考慮在嚴格購買和保持新鮮度之間取得平衡？謝謝。

Yes, yes. Good. Thank you, Ashley. Those things are clearly connected. So yes, from a HEYDUDE perspective, there will be incremental pressure on margins in the back half based on the actions we're taking, right?

是的，是的。好的。謝謝你，阿什利。這些事情顯然是有連結的。所以，是的，從 HEYDUDE 的角度來看，根據我們採取的行動，下半年的利潤率將面臨越來越大的壓力，對嗎？

So the cleanup -- the continued cleanup of wholesale inventory is costly, right? And that is a significant investment that we are making.

因此清理－持續清理批發庫存的成本很高，對嗎？這是我們正在進行的一項重大投資。

In terms of inventory receipts, we're planning our receipts cautiously in terms of where we've -- we're purchasing and or bringing in units that we think satisfies what we anticipate will be the future demand. We're not planning -- I think one of the comments we've heard from wholesale partners is, look, we're going to plan our inventories down. And if things perform, we will chase. We're not planning significant receipts for chase because that would be inventory risk that we think is not merited at this point.

在庫存收貨方面，我們正在謹慎地規劃我們的收貨——我們正在購買或引進我們認為可以滿足我們預期未來需求的單位。我們沒有計劃——我認為我們從批發合作夥伴那裡聽到的評論之一是，看，我們將減少庫存計劃。如果事情進展順利，我們就會追趕。我們沒有計劃為追逐進行大量收款，因為那將是一種庫存風險，我們認為目前這是不值得的。

In terms of SKU count and new product introductions, we think the wholesale returns and cleanup that we'll do will significantly refresh and reset the floors to current new inventory. And where we've done that, we've seen some nice improvements.

就 SKU 數量和新產品推出而言，我們認為我們進行的批發退貨和清理工作將顯著刷新和重置樓層以適應當前的新庫存。我們已經看到了一些不錯的改進。

So it's about making sure that we do have newness and we do have new inventory and new styles within -- at the point of sale for our consumers. And I would say we're seeing some really nice trajectory in HEYDUDE against Stretch Sox, which has been completely refreshed. So we started that refresh at the beginning of this year. As we look at wholesale and DTC inventory, that's been a significant effort, and we're very pleased with the performance of Stretch Sox going forward.

因此，我們要確保在銷售點為消費者提供新品、新庫存和新款式。我想說的是，我們看到了 HEYDUDE 在對陣 Stretch Sox 時的一些非常好的軌跡，這已經完全刷新了。因此我們從今年年初就開始了更新。當我們查看批發和 DTC 庫存時，這是一項重大努力，我們對 Stretch Sox 未來的表現感到非常滿意。

The Paul franchise has been a franchise that's performed well. We recently added the Paul Pro, which is an elevated version of the Paul with additional cushioning and a better footbed. That's performing well. HEY2O performed well through the summer, which is our drain shoe for fishing or for those who are in and around the water.

保羅球隊一直以來表現都很好。我們最近添加了 Paul Pro，它是 Paul 的升級版，具有額外的緩衝和更好的鞋墊。表現很好。HEY2O 在整個夏天都表現良好，這是我們用於釣魚或在水中和水邊的人使用的排水鞋。

And I would say also our work business for HEYDUDE, particularly the Comp Toe, is also performing well. So the newness is performing and the reason we're prepared to make what is a significant investment to refresh is we want more newness in front of more people.

我想說的是，我們為 HEYDUDE 開展的工作業務，特別是 Comp Toe，也表現良好。因此，新鮮事物正在發揮作用，我們準備進行大量投資進行更新的原因是，我們希望在更多人面前呈現更多新事物。

Okay, got it. That's super helpful. Thank you.

好的，明白了。這非常有幫助。謝謝。

Sam Poser, Williams Training.

威廉斯訓練公司的薩姆波瑟 (Sam Poser)。

Thank you for taking my question. So Andrew, in the prepared remarks, you talked about -- I just want to clarify, you talked about the weakness -- the uncertainty and the potential weakness of your broad-based consumer, which I assume you're speaking both to Crocs and to HEYDUDE?

感謝您回答我的問題。那麼安德魯，在準備好的發言中，你談到了——我只是想澄清一下，你談到了弱點——廣大消費者的不確定性和潛在弱點，我猜你是在向 Crocs 和 HEYDUDE 講話？

Yes. Yes, I think -- what is different about us is the -- we sell at very democratic price points on both brands, right? And the democratic price point means that we appeal to a particularly broad consumer base. There are other brands that are absolutely performing much better in this marketplace because they are focused on exclusively on a high-end consumer. The low-end consumer is a consumer that we believe is most sensitive to increases, is most nervous and in some cases, is not leaving the house.

是的。是的，我認為——我們的不同之處在於——我們以非常實惠的價格銷售兩個品牌，對嗎？而親民的價格意味著我們能夠吸引特別廣泛的消費者群體。其他品牌在這個市場上的表現絕對要好得多，因為它們專注於高端消費者。我們認為，低端消費者對物價上漲最為敏感，也最為緊張，在某些情況下甚至足不出戶。

Well, let me ask you this, though. You did also talk about how well you've been doing with sandals. Is this -- and you're sort of implying it and what you're working on with HEYDUDE, is this an issue basically of you, for the sake of argument, don't have the right product for the broad base of consumer. It isn't innovative enough. They just aren't going to it.

好吧，不過，讓我問你這個問題。您也確實談到了您在涼鞋方面做得有多好。這是不是 — — 您在某種程度上暗示了這一點，以及您正在與 HEYDUDE 合作的事情，這基本上是您為了爭論而提出的一個問題，您沒有為廣大消費者提供合適的產品。它不夠創新。他們只是不打算這麼做。

And you talked about athletic getting better, so there may be more innovation there, and that may take some from you. So how much of this is sort of macro consumer versus we need to make better stuff for our customers, for our customers seeking on this.

您談到了運動水平的提高，因此可能會有更多的創新，這可能會對您有所影響。那麼，這在多大程度上是宏觀消費者的問題，而我們需要為我們的客戶、為尋求此問題的客戶提供更好的產品。

Yes. I think we believe we are making very good stuff for our consumers, right? So as we look at where our brands are positioned, particularly on HEYDUDE, I just talked about it, the refreshing the product line and refreshing the product that we're putting in front of consumers is proving to be very positive, right?

是的。我想我們相信我們正在為消費者生產非常好的產品，對嗎？因此，當我們審視我們的品牌定位時，特別是 HEYDUDE，我剛才談到了，更新產品線和更新我們擺在消費者面前的產品被證明是非常積極的，對吧？

So I think the incremental improvements that we're making are strong. In terms of the -- sorry, in terms of the Crocs business, we also see a strong trajectory on new product introductions, right? A lot of the growth we saw in sandals in the very successful sandal season and the increase in market share in sandals was based on new styles that we think are meeting consumers' needs. And we're very confident that sandal business will grow nicely into next year as we kind of think about next season.

所以我認為我們正在進行的漸進式改進是強而有力的。就 Crocs 業務而言，抱歉，我們也看到新產品推出的強勁軌跡，對嗎？在非常成功的涼鞋季節中，我們看到涼鞋的銷售量大幅成長，市場佔有率也隨之增加，這很大程度上得益於我們認為能夠滿足消費者需求的新款式。當我們考慮下個季節時，我們非常有信心，涼鞋業務將在明年順利成長。

So I think the macro is a very important factor for our business. We're definitely seeing that for our brands. And then I think we're making some tough decisions in the back half of this year, which I know given your kind of long-term understanding, I think you recognize are impactful to the business but also costly.

所以我認為宏觀對我們的業務來說是一個非常重要的因素。我們的品牌確實看到了這一點。然後我認為我們將在今年下半年做出一些艱難的決定，我知道，鑑於你的長期理解，我認為你會認識到這些決定不僅會對業務產生影響，而且代價高昂。

And then I guess the question is what -- last thing, what percent of your business -- of your Crocs business was sandals this year? What was the penetration versus last year?

然後我想問題是——最後一個問題，今年您的 Crocs 業務中有多少比例是涼鞋？與去年相比，滲透率如何？

Yeah. We typically break that out at the end of the year. I would say it grew in penetration, I can tell you that. I think kind of once a year, we're trying to give you visibility to that. But it was -- we said it was 13% last year in terms of penetration. It was up double digits in the first half of the year. So it will be -- it will grow.

是的。我們通常會在年底公佈這一數字。我想說它的滲透率正在成長，我可以告訴你。我認為每年一次，我們都試圖讓您了解這一點。但事實是——我們說去年的滲透率是 13%。今年上半年成長了兩位數。所以它會成長——它會成長。

And ladies and gentlemen, this will conclude our question-and-answer session. I'd like to turn the conference back over to Andrew Rees for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議交還給安德魯·里斯 (Andrew Rees) 做最後發言。

Thank you, everybody, for joining us today and your continued interest and support of our company. Thank you.

感謝大家今天的參與以及對我們公司的持續關注與支持。謝謝。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演示，現在您可以斷開您的線路了。