卡洛馳 (CROX) 2025 Q3 法說會逐字稿

Good morning and welcome to the Crocs, Inc. third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Erinn Murphy, Senior Vice President of Investor Relations and Strategy. Please go ahead.

早安，歡迎參加 Crocs 公司 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係和策略高級副總裁艾琳墨菲。請繼續。

Good morning, and thank you for joining us to discuss Crocs, Inc. third quarter results. With me today are Andrew Rees, Chief Executive Officer; and Patraic Reagan, Executive Vice President and Chief Financial Officer.

早安，感謝各位參加本次關於Crocs公司第三季業績的討論。今天陪同我出席的有執行長安德魯·里斯，以及執行副總裁兼財務長帕特里克·雷根。

Following their prepared remarks, we will open the call for your questions, which we ask that you limit to one per caller. 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.

在他們發言結束後，我們將開放提問環節，請每位提問者限提一個問題。在開始之前，我想提醒各位，本次電話會議中提供的一些資訊屬於前瞻性信息，因此，這些資訊受聯邦證券法安全港條款的約束。

These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially. Please refer to our most recent annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed with the SEC for more information on these risks and uncertainties.

這些聲明涉及已知和未知的風險、不確定性及其他因素，可能導致我們的實際結果、績效或成就與預期有重大差異。有關這些風險和不確定性的更多信息，請參閱我們最新的 10-K 表格年度報告、10-Q 表格季度報告以及向美國證券交易委員會提交的其他報告。

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.

某些我們稱為調整後或非GAAP的財務指標是非GAAP指標。這些金額與其 GAAP 對應金額的核對錶已包含在我們今天早上早些時候發布的新聞稿中。除非另有說明，否則所有收入成長率均以固定匯率為基礎計算。

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

現在，我將把電話交給 Crocs 公司執行長 Andrew Rees。

Thank you, Erinn, and good morning, everyone. Thank you for joining us today. Before we discuss the quarter, I would like to start by welcoming our Chief Financial Officer, Patraic Reagan, to his first Crocs, Inc. earnings call. Our third quarter performance was driven by managing both of our brands in a disciplined fashion, streamlining our cost structure and controlling our inventory in the marketplace.

謝謝你，艾琳，大家早安。感謝您今天蒞臨。在討論本季業績之前，我首先要歡迎我們的財務長 Patraic Reagan 參加他首次在 Crocs, Inc. 的財報電話會議上發表演說。第三季業績的提升得益於我們對旗下兩大品牌的嚴格管理、成本結構的精簡以及對市場庫存的控制。

We delivered very strong profitability and cash flow, which enabled us to repurchase 2.4 million of our outstanding shares and paid down $63 million of debt. These are fundamental levers of our value creation model.

我們實現了非常強勁的獲利能力和現金流，這使我們能夠回購 240 萬股流通股，並償還 6,300 萬美元的債務。這些是我們價值創造模式的基本槓桿。

While our results came in ahead of our expectations, I acknowledge that this performance is not up to the standards that we expect for ourselves. We are working to regain momentum in the marketplace, and our teams have already begun executing against our strategies.

雖然我們的成績超出了預期，但我承認，這樣的表現還沒有達到我們自己所期望的標準。我們正在努力重振市場勢頭，我們的團隊已經開始執行我們的策略。

With this in mind, I would like to begin the call today by elaborating on the progress we have made on our strategic pillars for both Crocs and HEYDUDE and the speed at which we are driving further simplicity and cost reductions across our enterprise. Patraic will then provide a more detailed overview of our financial results and outlook.

有鑑於此，我想在今天的電話會議上，首先詳細介紹我們在 Crocs 和 HEYDUDE 的戰略支柱方面取得的進展，以及我們在整個企業範圍內進一步簡化流程和降低成本的速度。隨後，Patraic 將提供更詳細的財務表現和展望概述。

Starting with the Crocs brand. As we communicated last quarter, we elected to take two strategic actions to protect the long-term brand health. First, we pulled back on the breadth and depth of promotional activity across our digital channels in North America. This promotional pullback has had the greatest impact on our Classic Clog business as we work harder to protect our icon.

先從Crocs品牌說起。正如我們上個季度所溝通的那樣，我們決定採取兩項策略措施來保護品牌的長期健康發展。首先，我們縮減了在北美地區各數位管道的推廣活動範圍和深度。此次促銷活動撤回對我們的經典木屐業務影響最大，因為我們需要更加努力地保護我們的標誌性產品。

Second, we continue to reduce receipts into the wholesale channel to better match supply to demand and ultimately drive a demand-led model. While these actions are impacting near-term sales, we expect them to enable a foundation for future growth.

其次，我們持續減少批發通路的進貨量，以更好地匹配供需，並最終推動需求驅動模式。雖然這些措施會對近期銷售產生影響，但我們預計它們將為未來的成長奠定基礎。

Further, we have seen a net positive benefit to our gross profit dollars in North America as a result of our pullback on promotions. Our return to growth in North America will be based on greater product innovation, diversification within clogs, growth within sandals and new categories.

此外，由於我們減少了促銷活動，我們在北美的毛利也獲得了淨正收益。我們在北美恢復成長將基於更大的產品創新、木屐產品的多元化、涼鞋產品的成長以及新品類的開發。

We have carefully managed our Classic Clog franchise with the desired outcome of creating clearer segmentation, while leaning into innovation within new clog and sandal introductions. While improving the trajectory of North America is a top priority, we are making good progress against our five strategic pillars for the Crocs brand.

我們精心管理了我們的經典木屐特許經營權，以期實現更清晰的細分市場，同時在新木屐和涼鞋的推出方面注重創新。雖然改善北美市場的發展軌跡是首要任務，但我們在 Crocs 品牌的五大策略支柱方面取得了良好進展。

First, we will continue to drive brand relevance through clog iterations and innovation. During the quarter, we introduced the Crafted Clog starting at $60. This new franchise incorporates a non-molded comfortable upper with a Jibbitable backstrap as we put personalization at the forefront of our design. We featured Lola Tung, the actress of hit show “The Summer I Turned Pretty” to bring this to market.

首先，我們將持續透過產品迭代和創新來提升品牌相關性。本季度，我們推出了售價 60 美元起的 Crafted Clog。這款全新系列採用非模壓舒適鞋面和可調節後跟帶，因為我們將個性化放在設計的首位。我們邀請了熱門影集《我變漂亮的那年夏天》的女星董香玲來宣傳，希望能將這個產品推向市場。

Following our initial sell-out on TikTok Shop, we have seen strong consumer response in all channels. We're also focused on scaling existing cloud franchises, including Crocbrand and Echo. Within the Echo franchise, we launched the Echo RO during the quarter and saw immediate success.

繼我們在TikTok Shop首發售罄後，我們在所有管道都看到了強勁的消費者反響。我們也專注於擴大現有雲端業務的規模，包括 Crocbrand 和 Echo。在 Echo 系列產品中，我們在本季度推出了 Echo RO，並立即取得了成功。

Looking to 2026, we will expand our Crafted franchise with new materializations, launch a new and improved Crocbrand, which is already an established fan favorite in our portfolio and introduce Echo 2.0 Clog. We expect product diversification within our clog pillar to enable greater channel segmentation and drive long-term growth in our clog franchise.

展望 2026 年，我們將透過新的材質拓展 Crafted 系列，推出全新升級的 Crocbrand（該品牌已是我們產品組合中備受喜愛的品牌），並推出 Echo 2.0 Clog。我們期望透過木屐產品線的多元化，實現更精細的通路細分，並推動木屐業務的長期成長。

Second, we're focused on diversifying outside of clogs through new category expansion. Our sandals pillar outperformed the broader portfolio and took market share in the quarter with strong full price performance across our style franchise, including Brooklyn, Getaway and Miami.

其次，我們專注於透過拓展新品類，實現木屐以外的多元化發展。我們的涼鞋產品線表現優於整體產品組合，並在本季憑藉布魯克林、度假和邁阿密等款式系列的強勁全價銷售表現，佔據了市場份額。

Retailers have continued to chase these key styles beyond the back-to-school season. As we look into 2026, these franchises paired with the reintroduction of an updated personalizable 2-strap sandal underscores our opportunity to gain further market share in this category.

零售商在返校季過後仍然繼續追逐這些關鍵款式。展望 2026 年，這些特許經營權加上重新推出的可個性化定制的雙帶涼鞋，凸顯了我們有機會在該類別中獲得更大的市場份額。

We are also excited with the response we have received around our new Cozy franchise, the unforgettable, which we launched in partnership with Actress, Millie Bobby Brown. This style has already seen a very positive response on TikTok, resonating particularly well with the Gen Z female consumer.

我們也對與女演員米莉·博比·布朗合作推出的全新溫馨系列「難忘」所獲得的回饋感到興奮。這種風格在TikTok上已經獲得了非常正面的反響，尤其受到Z世代女性消費者的喜愛。

The Unfurgettable, along with broader newness in our Cozy assortment, has catalyzed our line business so far this season. Third, we will fuel consumer engagement with disruptive digital and social marketing. During the quarter, we launched a multiyear agreement with the NFL, which featured our Classic and Classic Lined Clogs as well as Jibbitz. This release exceeded our expectations with particularly strong sell-through across the board, leading to multiple restocks.

本季迄今為止，Unfurgettable 系列以及 Cozy 系列的更多新品，都大大促進了我們的產品線業務成長。第三，我們將透過顛覆性的數位和社群行銷來激發消費者的參與度。本季度，我們與 NFL 達成了多年協議，該協議涵蓋了我們的經典款和經典加襯裡木屐以及鞋扣。此次發售的產品銷售量超出預期，各款產品銷售都非常火爆，導致多次補貨。

Other highlights in the quarter included a disruptive launch with Krispy Kreme and our newest release on Roblox. In the quarter, we launched a Pan Asian monsoon campaign, Your Crocs, Your Splash. This campaign positions a Classic Clog as the footwear of choice for the rainy season and stars two prominent actors from South Korea and India.

本季度其他亮點包括與 Krispy Kreme 的顛覆性合作以及我們在 Roblox 上的最新發布。本季度，我們推出了一項泛亞洲季風活動——「你的 Crocs，你的潑水」。該廣告宣傳活動將經典木屐定位為雨季首選鞋履，並邀請了韓國和印度的兩位著名演員。

The campaign video generated approximately 575 million views across Instagram and YouTube. These partnerships are prime examples of how our brand excites, inspires and connects with a wide range of consumers across the globe.

該宣傳影片在 Instagram 和 YouTube 上獲得了約 5.75 億次觀看。這些合作關係充分體現了我們的品牌如何激發、啟發並與全球各地的廣大消費者建立聯繫。

Fourth, we'll continue to create compelling consumer experiences across distribution. Year-to-date, we've accelerated our first mover advantage in social commerce. We remain the number one footwear brand on TikTok Shop in the US and the growing adoption of this platform is gaining momentum with the younger consumers.

第四，我們將持續在各個通路創造引人入勝的消費者體驗。今年以來，我們已加速鞏固了在社群電商領域的先發優勢。我們仍然是美國 TikTok Shop 上排名第一的鞋類品牌，而且該平台在年輕消費者中的普及速度正在加快。

This month, we created further disruption in the market by live streaming both of our brands on TikToK Shop and our own.com throughout the month of October. Through this initiative, we have seen an uptick in our followers and influx of new consumers. In fact, Crocs was the first fashion brand to livestream 24/7 for an entire month across TikTok and our own .com. We're continuing to expand this partnership and have launched TikTok Shop in the UK, Germany and Brazil.

本月，我們透過在 TikToK Shop 和我們自己的網站 own.com 上直播我們的兩個品牌，在整個 10 月進一步顛覆了市場。透過這項舉措，我們看到了粉絲數量的成長和新客戶的湧入。事實上，Crocs 是第一個在 TikTok 和我們自己的網站上連續一個月 24 小時進行直播的時尚品牌。我們正在不斷擴大這種合作關係，並已在英國、德國和巴西推出了 TikTok 商店。

Fifth, we see significant opportunity to capture greater share across our international markets, many of which are still in their infancy of growth. In the third quarter, we saw broad-based strength across our tier 1 international markets.

第五，我們看到了在國際市場上獲得更大份額的巨大機會，其中許多市場仍處於成長初期。第三季度，我們的一線國際市場整體表現強勁。

China delivered revenue growth across all channels and was up mid-20% to prior year, outperforming the overall market handily. During the quarter, we launched a unique Pop Mart times SKULLPANDA collaboration, which included a (inaudible) live stream on Pop Mart's page and was a smash head in China.

中國市場在所有通路均實現了營收成長，較上年同期成長20%以上，輕鬆跑贏整體市場。本季度，我們推出了與 Pop Mart 合作的獨家 SKULLPANDA 聯名活動，其中包括在 Pop Mart 頁面上進行的（聽不清楚的）直播，並在中國取得了巨大成功。

In addition to China, we saw a strong growth in Japan and across all of our key markets in Western Europe. In summary, our priorities are clear: driving product innovation in clogs and sandals, staying agile and consumer-focused while sharpening segmentation and accelerating international growth, but penetration opportunities remain.

除了中國，我們在日本以及西歐所有主要市場也實現了強勁成長。總而言之，我們的優先事項很明確：推動木屐和涼鞋產品創新，保持敏捷性和以消費者為中心，同時加強市場細分，加速國際成長，但仍有滲透機會。

Turning now to HEYDUDE. We delivered third quarter results that came in ahead of expectations. We are encouraged by the progress we're making in stabilizing the brand in North America to return to profitable growth.

現在轉向 HEYDUDE。我們第三季的業績超出了預期。我們對在北美穩定品牌並恢復獲利成長方面取得的進展感到鼓舞。

Let me share more about the actions we have taken and what gives me confidence in our ability to reestablish brand growth. First, we're focused on building a community. Our recently refreshed consumer insights work underscores that we have a passionate group of brand fans, ones that identify as laid back and no fuss, but clearly seek the comfortable and lightweight products we have to offer.

讓我進一步分享我們已經採取的行動，以及是什麼讓我對我們重振品牌成長的能力充滿信心。首先，我們專注於建立社區。我們最近更新的消費者洞察工作強調，我們擁有一群充滿熱情的品牌粉絲，他們自認為是隨和、不愛張揚的人，但顯然在尋找我們提供的舒適輕便的產品。

We launched our HEYDUDE country campaign in June, which plays to our brand's affinities, including music, travel and pre-and-post sport and is centered around this laid back no fuss consumer. Relatedly, we are encouraged to see the brand's return to the top 10 preferred footwear brands among males in the Piper Sandler taking stock with Team survey this fall.

我們在 6 月推出了 HEYDUDE 鄉村主題活動，該活動迎合了我們品牌的喜好，包括音樂、旅行以及運動前後的活動，並以這種輕鬆自在、不拘小節的消費者為中心。令人欣慰的是，我們在今年秋天 Piper Sandler 與團隊進行的調查中，看到該品牌重返男性最愛的十大鞋類品牌之列。

Second, our product direction is clear. We're building the core and thoughtfully adding more. Within our Wally and Wendy franchise, we launched the stretch socks and its performance has already surpassed legacy socks on a like-for-like basis.

其次，我們的產品方向很明確。我們正在建立核心功能，並謹慎地添加更多功能。在我們的 Wally and Wendy 系列產品中，我們推出了彈性襪，其性能在同類產品中已經超越了傳統襪子。

In 2026, we will launch Stretch Jersey, a sweatshirt for your feet and retailer response to this product has been very strong as it appeals to both her and him. Outside of a core, we are seeing continued traction of our Paul franchise, which plays into address casual sneaker space, and we're solidly building on our slipper success again this holiday.

2026 年，我們將推出 Stretch Jersey，這是一款適合雙腳的運動衫，零售商對這款產品的反應非常強烈，因為它男女皆宜。除了核心產品之外，我們的 Paul 系列產品也持續受到關注，這滿足了休閒運動鞋市場的需求，而且我們今年假期季節的拖鞋銷售也再次取得了穩步增長。

Earlier this month, we launched our third collaboration with Jelly Roll, featuring the fan favorite Bradley Boot in two colorways. The initial launch on TikTop Shop drove the largest single day for HEYDUDE on the platform to date. We see this call up as serving to halo, our broader boot offering as we move into holiday.

本月初，我們推出了與 Jelly Roll 的第三次合作，推出了深受粉絲喜愛的 Bradley 靴子，共有兩種配色。HEYDUDE 在 TikTop Shop 的首次上線，為該平台帶來了迄今為止單日銷量最高的成績。我們認為這次徵召有助於提升我們更廣泛的靴子產品線的檔次，尤其是在我們進入假期季節之際。

Third, we'll focus on continuing to clean up channel inventory in the North America marketplace. During the third quarter, we accelerated returns and markdown allowances to our retailers to improve inventory health, while elevating our brand presentation at wholesale.

第三，我們將繼續專注於清理北美市場的通路庫存。第三季度，我們加快了向零售商的退貨和降價幅度，以改善庫存狀況，同時提升了我們在批發管道的品牌形象。

The nature of these cleanup actions has had an impact on revenue in the third quarter through vendor returns, and we're planning for continued markdown support in the fourth quarter. These actions have been effective in cleaning up the channel and establishing a foundation for future growth. On an enterprise basis, we're working to quickly right size our cost base.

這些清理措施的性質對第三季的收入產生了影響，因為供應商退貨導致收入下降，我們計劃在第四季度繼續提供降價支援。這些措施有效地清理了河道，並為未來的發展奠定了基礎。從企業層面來說，我們正在努力盡快調整成本結構，使其達到合理水準。

As we shared on our last call, we've already taken action on $50 million of gross cost savings this year and have since identified another $100 million of gross cost savings across the business to simplify the organization.

正如我們在上次電話會議中分享的那樣，我們今年已經採取了措施，節省了 5000 萬美元的總成本，並且此後在整個業務範圍內確定了另外 1 億美元的總成本節約點，以簡化組織結構。

While Patraic will go into more detail shortly, we expect these cost savings to generate greater flexibility across the P&L, enabling future investment to drive growth for our brands. At this time, I will turn the call over to Patraic to provide more detail around our third quarter financial performance and our fourth quarter outlook.

Patraic 稍後會詳細介紹，但我們預計這些成本節約將帶來更大的損益表彈性，從而能夠進行未來的投資，推動我們品牌的成長。此時，我將把電話轉交給派崔克，讓他詳細介紹我們第三季的財務表現和第四季的展望。

Thank you, Andrew, and good morning, everyone. Before I review the quarter, I'd like to say how grateful and excited I am to have the opportunity to serve as Chief Financial Officer of Crocs, Inc. This is a company I have long admired professionally and as a consumer, one whose profitable growth has been built on an enduring cultural icon.

謝謝你，安德魯，大家早安。在回顧本季業績之前，我想表達我對有機會擔任 Crocs 公司財務長的感激和興奮之情。長期以來，無論從職業角度還是作為消費者，我都非常欣賞這家公司，其盈利增長是建立在一個經久不衰的文化標誌之上的。

For Crocs and HEYDUDE, I see strong potential, both domestically and globally and I look forward to working with our talented teams across the world to further drive the company's strategic and financial goals.

我認為 Crocs 和 HEYDUDE 在國內和國際市場都擁有巨大的潛力，我期待與我們遍布全球的優秀團隊合作，進一步推動公司實現策略和財務目標。

Now let's get into our results. Our third quarter revenue of approximately $1 billion were down 7% to prior year. Crocs brand revenue of $836 million was down 3% the prior year, with wholesale down 8% and D2C up 1%.

現在讓我們來看看結果。我們第三季的營收約為10億美元，比去年同期下降了7%。Crocs品牌營收為8.36億美元，較上年下降3%，其中批發收入下降8%，D2C營收成長1%。

North American revenues were down 9% to last year as we continue to intentionally pull back on discounting within our digital channels during the quarter. This was partially offset by strong digital marketplace performance. These actions, in part resulted in D2C down on 8%, while wholesale was down 11%.

由於本季我們繼續有意減少數位管道的折扣，北美地區的收入比去年下降了 9%。強勁的數位市場表現部分抵消了這一影響。這些措施導致 D2C 下降了 8%，批發下降了 11%。

International revenue was up 4% to prior year, driven by direct-to-consumer, which was up 23%. D2C performance continues to reflect broad-based strength across both digital and retail. International wholesale was down 7% based on timing shifts we communicated last quarter.

國際收入較上年增長 4%，主要得益於直接面向消費者的業務增長，該業務增長了 23%。D2C業務的業績持續反映出其在數位和零售領域的全面強勁表現。根據我們上季公佈的時間調整，國際批發業務下降了7%。

Within our tier 1 international markets, we saw a broad-based strength led by China and Japan, while Western Europe also drove strong results across the UK, Germany and France.

在我們的第一梯隊國際市場中，我們看到了以中國和日本為首的全面強勁表現，而西歐，包括英國、德國和法國，也取得了強勁的業績。

Now turning to HEYDUDE brand. Revenue of $160 million was down 22% to prior year, but ahead of our expectations. D2C was better than planned, down 1% the prior year. This was driven by the addition of new retail stores and strong digital marketplace performance, most notably on TikTok Shop, offset by the planned reduction in performance marketing spend as we work to enhance profitability, albeit with negative revenue impacts.

現在來談談HEYDUDE品牌。營收為 1.6 億美元，比上年下降 22%，但高於我們的預期。D2C 業務表現優於預期，比前一年下降了 1%。這主要得益於新增零售門市和強勁的數位市場表現，尤其是在 TikTok Shop 上的表現；但為了提高獲利能力，我們計劃減少效果行銷支出，但這會對收入產生負面影響。

Wholesale was down 39%, reflecting the previously communicated wholesale cleanup actions we took in the quarter. As a result of these actions, we started to see an improvement in wholesale sellouts, which are now in line with our inventory levels. This is an important data point as we position HEYDUDE for a return to growth.

批發業務下降了 39%，反映了我們先前公佈的本季批發業務清理措施。由於採取了這些措施，我們開始看到批發銷售情況有所改善，現在與我們的庫存水準相符。這是 HEYDUDE 重回成長軌道的重要數據點。

Moving back to Crocs, Inc. Enterprise adjusted gross margin of 58.5% was down 110 basis points to prior year, including a 230 basis point headwind from tariffs. The tariff impact in the quarter was 60 basis points higher than we previously anticipated based on higher receipts and country mix.

回到 Crocs 公司，其企業調整後的毛利率為 58.5%，比去年同期下降了 110 個基點，其中包括關稅帶來的 230 個基點的不利影響。由於收入增加和國家組合變化，本季關稅影響比我們之前預期的要高出 60 個基點。

Excluding tariffs, our adjusted gross margin would have been up reflecting lower negotiated product costs, higher ASPs for both brands and brand mix. Crocs brand adjusted gross margin of 61.8% and was down 70 basis points to prior year, driven by tariff headwinds.

剔除關稅後，我們的調整後毛利率將會上升，這反映了協商後的產品成本降低、兩個品牌的平均售價以及品牌組合的上漲。受關稅不利因素影響，Crocs 品牌調整後毛利率為 61.8%，較前一年下降 70 個基點。

HEYDUDE brand adjusted gross margin of 42.3%, was down 560 basis points to prior year driven by tariff headwinds and fixed cost leverage, which was partially offset by higher ASPs. Importantly, the third quarter represents the ninth consecutive quarter of ASP increases for HEYDUDE.

HEYDUDE 品牌調整後的毛利率為 42.3%，較前一年下降 560 個基點，主要受關稅不利因素和固定成本槓桿的影響，但平均售價上漲部分抵消了這一影響。值得注意的是，第三季是 HEYDUDE 連續第九個季度實現平均售價成長。

Adjusted SG&A rate was 37.7%, up 350 basis points compared to prior year. Adjusted SG&A dollars increased 3% to prior year, a notable improvement from the 15% SG&A increase in the first half of the year. This was driven by investments in talent, D2C and marketing, significantly offset by cost savings under the $50 million initiative that we announced earlier this year.

調整後的銷售、一般及行政費用率為 37.7%，較上年同期上漲 350 個基點。經調整後的銷售、一般及行政費用較上年同期成長 3%，較上半年 15% 的增幅有了顯著改善。這主要得益於對人才、D2C 和行銷方面的投資，但這些投資被我們今年稍早宣布的 5,000 萬美元計畫下的成本節約大幅抵銷。

Taken together, adjusted operating margin of 20.8% came in ahead of our guidance of 18% to 19%, but was down 460 basis points compared to prior year. Adjusted diluted earnings per share of $2.92 was down 19% to last year. Our non-GAAP effective tax rate was 16.9%.

綜合來看，調整後的營業利潤率為 20.8%，高於我們先前 18% 至 19% 的預期，但比去年同期下降了 460 個基點。經過調整後的稀釋每股收益為 2.92 美元，比去年下降 19%。我們的非GAAP實際稅率為16.9%。

Moving on to inventory. At the end of Q3, our inventory balance was $397 million, up 8% to prior year, including the impact of higher tariffs and product mix. Importantly, inventory units were down low single digits to prior year.

接下來盤點庫存。第三季末，我們的庫存餘額為 3.97 億美元，比上年同期成長 8%，其中包括關稅上漲和產品組合變化的影響。值得注意的是，庫存單位較上年同期下降了個位數百分比。

Our enterprise inventory turns were above our goal of 4 times on an annualized basis as we proactively managed our inventory receipts. Our liquidity position remains strong, comprised of $154 million of cash and cash equivalents and nearly $850 million of borrowing capacity on our revolver. Our strong profitability and free cash flow enables us to return value to shareholders through buybacks and debt paydown.

由於我們積極主動管理庫存收貨，我們的企業庫存週轉率超過了我們設定的年度 4 次的目標。我們的流動性狀況依然強勁，擁有 1.54 億美元的現金及現金等價物，以及近 8.5 億美元的循環信貸額度。我們強勁的獲利能力和自由現金流使我們能夠透過股票回購和償還債務為股東創造價值。

During the quarter, we repurchased 2.4 million shares of our common stock for a total of $203 million at an average cost of approximately $83 per share. This represented approximately 4% of our float. Year-to-date, we have repurchased 4.3 million shares of our common stock for a total of approximately $400 million.

本季度，我們以每股約 83 美元的平均成本，回購了 240 萬股普通股，總計 2.03 億美元。這約占我們流動資金的4%。今年迄今為止，我們已回購了 430 萬股普通股，總金額約 4 億美元。

We ended the quarter with $927 million remaining on our buyback authorization. Total borrowings at quarter end of $1.3 billion, included the paydown of $63 million of debt during the third quarter. Our net leverage ended the quarter at the lower end of our targeted range of 1 to 1.5 times.

本季末，我們的回購授權還剩9.27億美元。第三季末總借款額為 13 億美元，其中包括第三季償還的 6,300 萬美元債務。本季末，我們的淨槓桿比率處於目標範圍 1 至 1.5 倍的下限。

Now turning to our fourth quarter outlook. For Q4, we expect revenues to be down approximately 8% and currency rates as of October 27. Within this, we expect the Crocs brand to be down approximately 3%, with acceleration in our international business from a mid-single digit in Q3 to a low double-digit rate in Q4.

現在來看我們第四季的展望。預計第四季營收將下降約 8%，匯率截至 10 月 27 日。其中，我們預計 Crocs 品牌將下降約 3%，而我們的國際業務將從第三季的個位數中段增速加快至第四季的兩位數低段增速。

North America revenue is expected to be down low double digits to prior year, reflecting a wider range of outcomes, including our view of a choiceful consumer, a highly competitive holiday season and lower inventory receipts in the wholesale channel.

預計北美地區的收入將比上年下降兩位數，這反映了多種因素的影響，包括消費者選擇更加謹慎、假日季競爭異常激烈以及批發管道的庫存收入減少。

For HEYDUDE, we expect revenue to be down in the mid-20%s range, including the impact of reducing performance marketing spend in the D2C channel and the investments we are making in wholesale marketplace cleanup.

對於 HEYDUDE，我們預計收入將下降 20% 左右，其中包括減少 D2C 通路效果行銷支出以及我們在批發市場清理方面進行的投資的影響。

We expect adjusted operating margin to be approximately 15.5%. This excludes approximately $10 million related to cost reduction initiatives we referenced earlier. Our adjusted operating margin embeds gross margins down approximately 300 basis points, driven almost entirely by tariff headwinds.

我們預計調整後的營業利潤率約為 15.5%。這還不包括我們前面提到的與成本削減計劃相關的約 1000 萬美元。經調整後的營業利潤率比毛利率下降了約 300 個基點，這幾乎完全是由於關稅不利因素造成的。

In addition, our adjusted SG&A dollars are expected to be below that of prior year as we continue to see the positive impact of our cost savings. Adjusted diluted earnings per share is expected to be in the range of $1.82 to $1.92.

此外，由於成本節約措施持續產生正面影響，我們調整後的銷售、一般及行政費用預計將低於去年同期水準。經調整後的稀釋每股收益預計在 1.82 美元至 1.92 美元之間。

For the year, our capital expenditures are expected to be in the range of $70 million to $75 million. While it is too early to provide 2026 guidance, I do want to provide more context on how we are thinking about further cost savings.

今年，我們的資本支出預計在 7,000 萬美元至 7,500 萬美元之間。雖然現在提供 2026 年的指導意見還為時過早，但我確實想就我們如何考慮進一步節省成本提供更多背景資訊。

As Andrew mentioned, we are already benefiting from the previously actioned $50 million of gross cost savings in 2025. In addition, we have identified $100 million of incremental gross cost savings that we expect to benefit 2026.

正如安德魯所提到的，我們已經從先前製定的 2025 年節省 5000 萬美元總成本的計劃中受益。此外，我們已確定可節省 1 億美元的額外毛成本，預計到 2026 年將受益。

These savings include simplifying our organizational structure, deliberately reducing spend in non-critical areas and further optimizing our supply chain. It is too premature to share how much of these savings we will choose to flow to the bottom line.

這些節省措施包括簡化組織結構、刻意減少非關鍵領域的支出以及進一步優化供應鏈。現在透露我們將把多少節省下來的資金用於提高公司利潤還為時過早。

However, we are committed to managing our adjusted SG&A base to ensure we drive operating leverage in 2026, while creating greater flexibility across the P&L. To conclude, we have already taken several strategic and tactical actions to improve the momentum of our brands.

然而，我們致力於管理調整後的銷售、一般及行政費用基數，以確保我們在 2026 年實現營運槓桿，同時在損益表方面創造更大的靈活性。總之，我們已經採取了一些策略和戰術措施來提升我們品牌的勢頭。

We have also taken steps to provide flexibility in our cost structure, and we are intently focused on driving consistent profitable growth in the future. At this time, we will now turn the call back over to the operator to begin the question-and-answer portion of our call.

我們也採取了措施，使成本結構更具靈活性，並將全力以赴，在未來實現持續獲利成長。現在，我們將把通話轉回給接線生，開始問答環節。

(Operator Instructions) Jonathan Komp, Baird.

（操作說明）喬納森·康普，貝爾德。

Yeah, hi, good morning. Thank you. I want to ask first about the incremental cost savings initiatives. It looks like you're obviously preserving margin here, but are there structural deficiencies in the organization you're also trying to address, when you look at the structure of the organization?

是啊，你好，早安。謝謝。我想先問一下關於逐步降低成本的措施。看起來你們顯然是在努力維持利潤率，但是，當你們檢視組織結構時，是否也存在一些組織結構上的缺陷需要解決呢？

And as you think about 2026 and the comment around driving operating leverage, could you achieve leverage in a scenario where revenue still is down in the first half and maybe not significantly growing for the year?

展望 2026 年以及關於提高經營槓桿的評論，在上半年收入仍然下降，並且全年可能也不會大幅增長的情況下，您能否實現槓桿作用？

Hey, thank you, Jonathan. I'll address it to start with and Patraic will pick up anything that I miss. So what I would say in terms of the cost savings, there's several buckets we're looking at. I think number one is we've got a significant benefit from some efficiencies we've now to drive in supply chain.

嘿，謝謝你，喬納森。我先來談談，派崔克會補充我遺漏的地方。所以，就成本節約而言，我想說的是，我們正在考慮幾個方面。我認為第一點是，我們現在必須在供應鏈中提高效率，這將為我們帶來顯著的好處。

We've invested quite a bit in our supply chain in the last several years, and we're now reaping some of the rewards of those efficiencies. And we've also integrated both our HEYDUDE and our Crocs supply chains more fully. So that's given us some really nice benefits.

過去幾年，我們對供應鏈進行了大量投資，現在我們正在收穫這些效率提升所帶來的一些回報。我們也進一步整合了 HEYDUDE 和 Crocs 的供應鏈。所以這給我們帶來了一些非常好的好處。

Number two, we have looked at some structural key components. We've been quite thoughtful about this. where we've been able to reorganize kind of how we go to market and how we run some key parts of our business. We think that is going to give us more speed and more efficacy as well as generating a lower cost.

第二，我們已經研究了一些關鍵的結構組成部分。我們對此進行了深思熟慮，並重新調整了我們的市場進入方式以及我們業務一些關鍵部分的運作方式。我們認為這將提高速度和效率，同時降低成本。

And then we've also just been, I would say, rigorous around looking at where we're spending on vendors, outside services, et cetera, and consolidating that. And I think there's probably a small component in there is trying to use AI and some of the technological advances that we're seeing across the globe to make us more efficient and effective.

此外，我們也一直在嚴格審查我們在供應商、外部服務等方面的支出，並進行整合。我認為其中可能有一小部分原因是試圖利用人工智慧以及我們在全球範圍內看到的一些技術進步，來提高我們的效率和效力。

In terms of the last part of your question, we will reinvest some of those savings in key areas around product innovation, around some things that we think will drive the top line. And we do believe that on an annual basis, we can absolutely provide -- we can achieve operating leverage in 2026. If revenues are down a little bit in a quarter, that may be harder. But for the year, we're quite confident we can get operating leverage.

關於您問題的最後一部分，我們將把節省下來的部分資金再投資到產品創新等關鍵領域，以及我們認為能夠推動營收成長的一些方面。我們確實相信，從年度角度來看，我們絕對能夠實現——我們能夠在 2026 年實現營運槓桿效應。如果某個季度的收入略有下降，那可能會更難。但就今年而言，我們相當有信心能夠獲得經營槓桿效應。

Yeah, Jon, just a couple of things to add from a perspective -- from my perspective, what I would say is that our language in the prepared remarks were really intentional. So what we're trying to do is drive flexibility as we turn into 2026.

是的，喬恩，我還有幾點要補充——從我的角度來看，我想說的是，我們在準備好的發言稿中使用的措辭是經過深思熟慮的。因此，我們正在努力提高邁向 2026 年的靈活性。

And I think what's been great to see in terms of the response of the organization is that we've really been able to turn very quickly, efficiently into identifying some of the areas that we're going to provide that flexibility in.

我認為，就組織的反應而言，最令人欣慰的是，我們已經能夠非常迅速、有效率地確定一些我們將要提供這種靈活性的領域。

And just to reiterate what Andrew said towards the end is we're clear that we need to protect product innovation and brand marketing, right? It does us no good to just cut cost through the P&L at the expense of what is the core of our business.

最後，我想重申安德魯在最後所說的，我們很清楚我們需要保護產品創新和品牌行銷，對吧？僅僅透過削減損益表來降低成本，而犧牲我們業務的核心，對我們沒有任何好處。

So what we'll do as we go through this is continuing to look at all areas of the organization, but product and innovation and communication to our consumers through brand is an area that we're going to bring fence.

因此，我們將繼續審視組織的各個方面，但產品、創新以及透過品牌與消費者溝通是我們將重點關注的領域。

That's really helpful. If I could sneak in one more. Can I just ask Andrew, is portfolio management consideration in your capital allocation strategy? And I ask in the context of coming up on the four year anniversary of owning HEYDUDE and still seeing significant challenges here. Thanks again.

這真的很有幫助。如果我能再偷偷加一個就好了。安德魯，請問您的資本配置策略是否考慮了投資組合管理？我提出這個問題，是因為即將迎來擁有 HEYDUDE 四週年紀念日，但我們仍然面臨著巨大的挑戰。再次感謝。

Yeah. Thank you, Jon. No, I would say at this point, look, we believe, HEYDUDE is a strong brand. It's a strong scale brand within -- particularly within the US casual footwear space. We absolutely acknowledge the challenges that we have had in running and operating this brand over the last several years.

是的。謝謝你，喬恩。不，我想說的是，就目前而言，我們相信 HEYDUDE 是一個強大的品牌。這是一個規模強大的品牌——尤其是在美國休閒鞋領域。我們完全承認，在過去幾年裡，我們在經營和經營這個品牌的過程中遇到了許多挑戰。

But I think I feel like we're doing the right work. We've made the right decisions, and we are confident in its future trajectory. We've definitely been focused on returning it to profitability, cleaning up the marketplace, making the right strategic decisions relative to promotion discount and also the amount we're investing in digital marketing.

但我認為我們正在做正確的事。我們做出了正確的決定，並且對它的未來發展軌跡充滿信心。我們一直專注於恢復獲利能力、清理市場、在促銷折扣以及我們在數位行銷方面的投資金額方面做出正確的策略決策。

We have retooled the management team, and I'm very confident in the strength of our management team and its ability to drive the future. And -- so I think we're not contemplating any portfolio changes at this time. And I would say we're confident in returning HEYDUDE to the right level of profitability and also growth in the future.

我們已經重組了管理團隊，我對我們管理團隊的實力及其引領未來的能力非常有信心。所以——我認為我們目前沒有考慮任何投資組合調整。而且我認為我們有信心讓 HEYDUDE 恢復到合適的盈利水平，並在未來實現成長。

Okay, thanks again.

好的，再次感謝。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Great guys, thank you. Good morning. So just on Crocs North America, can you help identify some of the actions you're taking to help drive some improved results in this portion of the business? And in particular, it would be really great if you can elaborate on both your pipeline of new product and also how you think about the ramifications of potentially losing some of your core customers, given your pullback on promotions?

太棒了，謝謝你們。早安.那麼，就 Crocs 北美業務而言，您能否具體說明一下，為了改善這部分業務的業績，您正在採取哪些措施？特別是，如果您能詳細說明您的新產品研發計劃，以及考慮到您縮減促銷活動可能會失去一些核心客戶，您是如何看待這些後果的，那就太好了？

Yes, thank you, Chris. So look, I would say returning the North American -- Crocs North American business to growth is a top priority for our overall company. As a reminder, some of the lack of growth or the decline in sales are based on some strategic decisions we've made.

是的，謝謝你，克里斯。所以，我認為讓 Crocs 北美業務重回成長軌道是我們公司的首要任務。需要提醒的是，部分成長不足或銷售額下降是由於我們所做的一些策略決策造成的。

One is reducing digital discounting. I think we elaborated on this in prepared remarks, but also reducing wholesale sell-in. So we -- and in that, we're making sure that we're appropriately positioned to grow in the future and not eroding our brand and particularly not eroding our core iconic franchise.

一是減少數字折扣。我認為我們在事先準備好的發言稿中詳細闡述了這一點，但也包括減少批發進貨。因此，我們正在確保我們能夠為未來的發展做好充分準備，同時不會損害我們的品牌，尤其是不會損害我們核心的標誌性特許經營權。

We do think, and that is embedded in our guidance. We do think the North American consumer is bifurcated. There is a portion of our North American consumers that are highly affluent. They're buying Crocs. They're buying other high-end brands, and they are in great financial save.

我們確實會思考，這一點已融入我們的指導原則中。我們認為北美消費者群體存在兩極化。我們的北美消費者中有一部分人非常富有。他們在買Crocs鞋。他們正在購買其他高端品牌，而且他們的財務狀況非常穩健。

But there is a large portion of consumers who are nervous. They are in less good financial shape, and they're being super cautious about their spending and certainly spending closer to need. Given all of that and that -- the impact of that, I think we believe we're seeing in our business, I think others have talked about that, and that is embedded in our future expectations.

但很大一部分消費者感到擔憂。他們的財務狀況不太好，所以他們在消費方面非常謹慎，而且肯定會按需消費。考慮到所有這些因素及其影響，我認為我們正在業務中看到這些影響，我認為其他人也談到了這一點，而這已經融入我們對未來的預期中。

But what are we doing, which I think is the core of your question? Number one, we're focusing on clog innovation and brand relevance. We're introduced -- we have introduced and are introducing a number of key product categories or key product franchises, Crafted, Echo and reintroducing Crocs brand, to diversify our clog platform and allow greater segmentation across our wholesale partners, and we're quite excited about the impact that this will have.

但我們究竟在做什麼？我認為這才是你問題的核心。第一，我們專注於木屐創新和品牌相關性。我們已經推出並正在推出一些關鍵產品類別或關鍵產品系列，例如 Crafted、Echo 以及重新推出 Crocs 品牌，以使我們的洞洞鞋平台多樣化，並允許我們的批發合作夥伴進行更細緻的細分，我們對這將產生的影響感到非常興奮。

We're also continuing our diversification into new silhouettes and new categories. We had a strong sandal season in 2025, and we have a very strong pipeline of products going at '26 and a comfort about continued sandal growth, continued growth in personalization.

我們也不斷拓展產品線，推出新的款式和新的產品類別。我們在 2025 年迎來了涼鞋銷售旺季，並且我們有非常強大的產品線將在 2026 年推出，我們對涼鞋的持續增長以及個性化需求的持續增長充滿信心。

And we're in the heart of slipper season right now. And as you can see, we have a tremendous lineup of slippers and line product actually on both of our brands. And then continuing our, I would say, disruptive social and digital engagement, we're a leading brand on TikTok for Crocs, the leading brand on TikTok for Crocs, but also a close second for HEYDUDE.

現在正是穿拖鞋的季節。正如你所看到的，我們兩個品牌都擁有種類繁多的拖鞋和系列產品。然後，我們繼續推進我們顛覆性的社交和數位互動，我們是 TikTok 上 Crocs 的領先品牌，也是 TikTok 上 Crocs 的領先品牌，同時也是 HEYDUDE 的領先品牌。

And you probably have seen during October, we launched a live streaming initiative where we live stream both of our brands, 24, 7 with the prior month and gained -- and achieved all of our objectives from that perspective and learned a tremendous amount about how the consumer is migrating from traditional shopping to social shopping. So I think we have a well-rounded and robust strategy to return Crocs to growth in North America and are very confident in our ability to do that in short order.

您可能已經看到，在 10 月份，我們推出了一項直播活動，對我們旗下的兩個品牌進行 24 小時直播，與上個月相比，我們取得了成功——並且從這個角度實現了我們所有的目標，也對消費者如何從傳統購物轉向社交購物有了非常深入的了解。所以我認為我們已經制定了全面而穩健的策略，使 Crocs 在北美市場重回成長軌道，並且我們非常有信心在短時間內實現這一目標。

Thank you.

謝謝。

Thank you.

謝謝。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey, good morning. Thanks for taking my question. I wanted to ask about the marketplace cleanup for HEYDUDE. I know there was quite a bit of action that happened in Q3, should we assume that there's kind of more marketplace cleanup that has to happen in Q4? And would you think that by year-end this year, you'd be relatively clean and that we wouldn't see as much in 2026? Thanks.

嘿，早安。謝謝您回答我的問題。我想問一下 HEYDUDE 市場清理的情況。我知道第三季發生了很多事情，我們是否可以假設第四季還需要進行更多的市場清理工作？你認為到今年年底，你們那裡的情況會相對好轉，到 2026 年我們不會再看到那麼多問題嗎？謝謝。

Yeah, good, Tom. I'm glad you asked about this, Tom. So this is important. In Q3, we invested actually a considerable amount of money in terms of the marketplace cleanup. That was primarily return. So we took back edge and slow selling product from some of our large wholesale partners, and it was a substantial amount.

是的，很好，湯姆。湯姆，很高興你問了這個問題。所以這一點很重要。第三季度，我們確實在市場清理方面投入了相當多的資金。那主要是退貨。因此，我們從一些大型批發合作夥伴那裡收回了滯銷和滯銷產品，而且數量相當可觀。

We felt this was important to reset how the brand looks at wholesale. There is more in Q4, which is already embedded in the guidance that we provided. And that is primarily discount -- that is discount support where we're looking to complete some of the cleanup activity.

我們認為這對於重塑品牌在批發領域的形象至關重要。第四季還有更多內容，這些內容已經包含在我們提供的業績指引中。這主要是折扣——這是折扣支持，我們希望藉此完成一些清理工作。

And the majority of it will be done during 2025. I think there's some ongoing inventory health management that will happen in '26, but it will be far less impactful than we have seen in the last two quarters. And in fact, we've been doing this for some period of time.

其中大部分將在 2025 年完成。我認為 2026 年還會進行一些庫存健康管理工作，但其影響將遠小於過去兩個季度所受到的影響。事實上，我們已經這樣做了有一段時間了。

What I would say is as we look at the impacts of these investments we've made, I think we're quietly encouraged that sell-through is improving based on a reduction of aged inventory in the marketplace, a stronger presentation of HEYDUDE and a stronger presentation of new and current products.

我想說的是，當我們審視這些投資的影響時，我們感到欣慰的是，銷售情況正在改善，這得益於市場上滯銷庫存的減少、HEYDUDE品牌形象的提升以及新產品和現有產品的展示效果的增強。

We particularly called out stretch socks. This was a franchise that we introduced earlier this year. And as the year has gone on, as our partners are more fully set on stretch stocks and the socks product that was the precursor has sold down and is eliminated, we're really happy with the sell-throughs of that franchise, and it's a really core and backbone franchise for the brand.

我們特別推薦了彈性襪。這是我們今年稍早推出的一個特許經營品牌。隨著時間的推移，我們的合作夥伴更加專注於彈性襪類產品，而作為前身的襪子產品銷售下降並被淘汰，我們對該系列產品的銷售情況非常滿意，它也是該品牌的核心支柱產品。

Yeah, and Tom, just two quick things that I would add is that as you can see from prepared remarks, we highlighted that the sell-in and inventory levels are much in much better line for HEYDUDE. So that's a very encouraging sign.

是的，湯姆，我還要補充兩點：正如你從準備好的演講稿中看到的，我們強調了 HEYDUDE 的銷售和庫存水平要好得多。這是一個非常令人鼓舞的跡象。

And then secondly, we called out that for the ninth consecutive quarter, ASPs have increased with the HEYDUDE brand, which is also a key metric to watch as we continue to pivot the brand to return to growth.

其次，我們指出，HEYDUDE 品牌的平均售價已連續第九個季度上漲，這也是我們繼續調整品牌方向以恢復成長時需要關注的關鍵指標。

Very helpful. Thanks very much, and Patraic, welcome on board and I'm looking forward to working with you.

很有幫助。非常感謝，派崔克，歡迎加入，期待與你共事。

Thank you, Tom.

謝謝你，湯姆。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Thank you very much. Andrew, I wanted to ask about sort of some of the choicefulness that you might be seeing in the fourth quarter. We've heard from other discretionary companies generally that this -- there's been a little bit of a weakness in the 25- to 35-year-old cohort. Back-to-school generally has been very strong and then a little bit of an exit kind of weakness coming out of the quarter. So if you can talk to that.

非常感謝。安德魯，我想問你在第四季可能看到的一些選擇方面的情況。我們從其他非必需消費品公司普遍了解到，25 至 35 歲年齡層的消費族群略顯疲軟。開學季整體表現非常強勁，但到了季度末，由於接近學期結束，銷售略有疲軟。所以如果你能和那個人談談的話。

And then Patraic welcome to Board. Quick question on the end-of-quarter inventory. The spread looks like it's about 10% between dollars and units. So that seems like it's reflective of maybe the April tariffs. How should we think about on end-of-quarter inventory entering the new year?

然後，歡迎派崔克加入董事會。關於季度末庫存，請問一個簡單的問題。美元和單位之間的價差似乎在 10% 左右。所以這似乎反映了四月的關稅政策。進入新的一年，我們該如何看待季度末庫存？

Does that then express kind of the August tariffs? And how should we think about early spring the pass-through on the gross margin? Thank you very much.

那是否意味著八月的關稅政策？那麼，我們該如何看待早春時節毛利率的傳導效應呢？非常感謝。

Okay, there's a lot there, Adrienne. So let me -- let's take it in the order you asked that I'll do the consumer and then Patraic can give you some color on inventory. I think -- look, I think you're hearing -- you're going to hear from us essentially what you've been hearing from a lot of other people that the consumer is clearly being more cautious about spending, and it's particularly -- I wouldn't categorize it by age group so much. I probably identify it more by socioeconomic strata.

好的，艾德琳，那裡面的資訊量很大。那麼，就按你要求的順序來吧，我先講消費者方面，然後帕特里克可以給你講講庫存方面的情況。我認為——你看，我認為你聽到的——你基本上會從我們這裡聽到你從許多其他人那裡聽到的，那就是消費者顯然在支出方面更加謹慎，而且——我不會過多地按年齡組來劃分。我可能更多地根據社會經濟階層來區分它。

We definitely see it in our mid- to lower channels. There is less traffic to stores, right? So they're not even going to the store, right? They don't have the same level of disposable income or flexible income. So they're being more choiceful about what they're buying. They're making fewer trips to the store, and they're also shopping closer to need, right?

我們在中低階通路確實看到了這種情況。商店的客流量減少了，對吧？所以他們根本不去商店，對吧？他們的可支配收入或彈性收入水準不如其他人。所以他們在購買商品時更加挑剔了。他們去商店的次數減少了，而且他們也更傾向於在需要的時候才去商店購物，對嗎？

So we expect -- we're anticipating to see that in the fourth quarter, where typically, even a constrained consumer does release the perk strings a little bit as they celebrate the holidays, whichever holidays, they do celebrate, but they will shop a little closer to need. So those are the things that we're seeing. So I think it's the lower end consumer.

因此我們預計——我們預計在第四季度會看到這種情況，通常情況下，即使是預算有限的消費者也會在慶祝節日時稍微放鬆一下消費限制，無論他們慶祝的是哪個節日，但他們的購物會更貼近實際需求。這就是我們目前看到的情況。所以我認為它的目標客戶就是低端消費者。

It's being more choiceful. They'll be more cautious about what they spend, and they're shopping closer to need. That's how I would categorize it and think about it.

這是擁有更多選擇權。他們會更謹慎地花錢，並且更傾向於按需購物。我會這樣歸類和思考它。

Yeah, and Adrienne, thank you. And thank you for asking the question about inventory. First of all, I'd start off by saying that how we manage inventory here, matching demand to supply is really a strength of the organization.

是的，還有艾德琳，謝謝你。感謝您提出有關庫存的問題。首先，我想說的是，我們這裡的庫存管理方式，即如何使供需匹配，確實是本組織的一大優勢。

And frankly, it's a competitive advantage in terms of the speed in which we can evaluate and react to consumer demand, in both good times and bad. You're right, as you call out the spread, that's directionally correct.

坦白說，無論經濟狀況好壞，我們都能快速評估並應對消費者需求，這本身就是一種競爭優勢。你說得對，正如你所指出的，價格走勢方向正確。

And what you can think about is that optically with inventory up roughly about 8% as we close the Q3, that was almost entirely on a dollar basis driven by the impact of tariffs. What you really see is in terms of our diligence of managing inventory is on the unit side where we're actually down low single digits.

您可以考慮的是，截至第三季末，庫存光學方面增長了約 8%，這幾乎完全是以美元計價的，是由關稅的影響所驅動的。真正體現在我們庫存管理工作中的是單位數量方面，我們目前的庫存量實際上已經降至個位數以下。

So we feel really good about where we are from an inventory position as ended Q3, we'll continue to exercise that muscle. Honestly, as we are in Q4, we're aggressively managing inventory. Like I said, it is a core competency of what we do.

因此，我們對第三季末的庫存狀況感到非常滿意，我們將繼續發揮這一優勢。說實話，現在是第四季度，我們正在積極管理庫存。正如我所說，這是我們業務的核心競爭力之一。

So we feel like as we turn into Q4, we'll continue to manage inventory from a unit standpoint similar to what we saw in Q3. And then in 2026, too early to comment really on '26, but I think you can take our history as an indicator in terms of how tightly we will continue to manage inventory and at the same time, making sure that we're serving our consumers across the globe.

因此，我們感覺進入第四季後，我們將繼續從單位角度管理庫存，類似於第三季的情況。至於 2026 年，現在評論 2026 年還為時過早，但我認為你可以從我們的歷史中看出，我們將繼續如何嚴格管理庫存，同時確保我們為全球消費者提供服務。

Great. Thank you very much. Best of luck.

偉大的。非常感謝。祝你好運。

Thank you.

謝謝。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Hi, thank you, and welcome, Patraic. I'm interested in the market share in the under $100 assortment. I was curious if you could talk more about the current positioning of both of your brands, and then any competitive dynamics that maybe playing out as the consumer feels prices going directionally higher across the marketplace.

您好，謝謝，歡迎您，派崔克。我對100美元以下價位段的市佔率很感興趣。我想請您詳細談談您兩個品牌目前的市場定位，以及隨著消費者感受到市場價格普遍上漲，可能會出現哪些競爭動態。

Yeah, I mean, I think I can talk about that directionally. We don't -- we can't -- it's -- we'll kind of give you precise numbers around kind of market share. I think the strength of both of our brands is that they are extremely democratic in nature, right? They service a very broad range of consumers.

是的，我的意思是，我覺得我可以就此方向談談我的看法。我們不能——我們無法——我們會給你提供關於市場份額的精確數字。我認為我們兩個品牌的優勢在於它們本質上都非常民主，對吧？他們的服務對象涵蓋範圍非常廣泛。

Both brands attract consumers for whom this is a very -- a great value. Our brands are of a great value. They also attract consumers that are -- that see these brands as aspirational. So we service a very broad consumer base. The -- I would say the vast majority of our products are under $100, right?

這兩個品牌都吸引著那些認為產品物超所值的消費者。我們的品牌物超所值。它們也吸引了那些將這些品牌視為理想品牌的消費者。因此，我們的服務對象涵蓋了非常廣泛的消費群體。我想說，我們絕大多數產品的價格都在 100 美元以下，對吧？

So obviously, you're well aware that the Classic Clog, essentially MSRP $50 and the majority of our HEYDUDE product is between $60 and $70. So from a price point perspective, we give the consumer excellent value.

顯然，您很清楚經典款木屐的建議零售價為 50 美元，而我們 HEYDUDE 的大多數產品的價格都在 60 美元到 70 美元之間。因此，從價格角度來看，我們為消費者提供了極佳的性價比。

I think what you're kind of alluding to a little bit, we have seen competitive brands that sell at higher price points, being pretty quick to elevate price points further and capture greater price or elevate pricing pretty quickly to compensate for tariff impact that they're seeing. We see less of that, I would say, a lot less of that at the price points that we compete at. So I think the less than $100 arena remains relatively competitive.

我認為你剛才提到的一點是，我們看到一些以較高價格銷售的競爭品牌，會很快進一步提高價格，以獲得更高的利潤，或者迅速提高價格以彌補他們所看到的關稅影響。我認為，在我們所競爭的價格區間內，這種情況已經很少見了。所以我認為100美元以下的比賽場地仍然相對具有競爭力。

And I think the other thing that you might be alluding to is in terms of competition at these price points, we do see the athletic brands, particularly the big ones, leaning back into these price points and increasing distribution at the, say, the sort of good to better tiers of the market.

我認為你可能還想暗示另一點，那就是在這些價位上的競爭方面，我們確實看到運動品牌，特別是那些大品牌，正在重新重視這些價位，並增加在市場中較好到較好檔次的通路分銷。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Good morning, and congrats on the new role, Patraic. We have questions on the North America wholesale channel. First, any color on the spring wholesale order book and how that's shaping up? And second, can you point to any product or innovation wins that would give you particular confidence in being able to reinvigorate the wholesale channel as you look out to 2026.

早安，派崔克，恭喜你履新。我們對北美批發通路有一些疑問。首先，春季批發訂單簿上有什麼顏色可選？進展如何？其次，您能否指出一些產品或創新的成功案例，讓您對在 2026 年重振批發管道充滿信心？

Are you looking for both brands, Rick? Or are you primarily focused on Crocs?

瑞克，你是在找這兩個品牌嗎？還是你主要關注的是Crocs鞋？

Primarily on the Crocs brand.

主要是Crocs品牌。

Yes. So we don't provide details on order book, as you know. But a little color we can help you with. As we look at the North American Crocs wholesale order book, there's two things going on. One is, number one, our retailers are planning cautiously, right? They're not expecting -- they're not seeing traffic growth, and they're not expecting significant growth in the short term.

是的。所以，正如您所知，我們不提供訂單簿的詳細資訊。但我們可以幫助您增添一些色彩。當我們查看北美 Crocs 批發訂單簿時，會發現兩件事。第一，我們的零售商都在謹慎地進行規劃，對吧？他們沒有看到——也沒有預期到流量成長，而且他們也不預期短期內會有顯著成長。

And I actually don't believe they're going to plan significant growth into the early part of 2026. So they're planning cautiously. As we talked about last time, and as I just articulated a little bit to Peter's question, we do see athletic gaining some share in the good to better portions of the market, so there's some open-to-buy go into athletic. So there's pressure.

我其實不認為他們會在 2026 年初之前製定大幅成長計畫。所以他們正在謹慎地制定計劃。正如我們上次討論的那樣，也正如我剛才在回答彼得的問題時稍微闡述的那樣，我們確實看到運動型品牌在優質到更優質市場的份額有所增加，因此對運動型品牌有一些買入機會。所以是有壓力的。

We're also managing that carefully. So we would expect, I would say, continued declines in our wholesale sell-in for Crocs in North America. That is embedded in our guidance that we provided in Q4. So that's kind of the framework. And then the last part of your question was what are we doing and what product innovation that we think is going to counteract that?

我們也在謹慎處理此事。因此，我認為我們可以預期，Crocs 在北美的批發銷售額將繼續下降。這已體現在我們第四季度提供的指導意見中。這就是大致框架。然後，您問題的最後一部分是：我們正在做什麼？我們認為有哪些產品創新可以抵銷這種情況？

I would say, number one, we have a really strong lineup from our clog perspective in 2026. We just introduced Crafted, which is a clog with a materialized upper. It's a soft materialize upper. The current iteration that you can see in the marketplace have canvas uppers. There are some -- and there is also some leather uppers coming in fact, it's a vegan leather sway coming to the market right about now.

我想說，首先，從我們的木屐產品來看，我們在 2026 年擁有非常強大的產品陣容。我們剛剛推出了 Crafted 系列，這是一款鞋面採用實心材料製成的木屐。鞋面採用柔軟材質。目前市面上銷售的版本都採用了帆布鞋面。有一些——事實上，也有一些皮革鞋面即將面世，一種純素皮革鞋面即將上市。

We think that franchise has a lot of legs because it makes the clog, the Classic Clog, which has a molded footbed, more approachable and more accessible to a broad group of people. Right now, unforgettable, which is our fuss, our highly exaggerated fuss product.

我們認為這個特許經營模式很有發展潛力，因為它讓經典木屐（帶有模壓鞋墊）更平易近人，更容易被廣大消費者接受。現在，令人難忘，這就是我們所大驚小怪的，我們極盡誇張的宣傳產品。

And the other lined products that we have in the marketplace, we believe are performing well, are performing well, and we're excited about that. Next year, we're going to be introducing or reintroducing to the market Crocs brand. This is a fan favorite.

我們相信，我們在市場上銷售的其他有襯裡產品表現良好，我們對此感到非常興奮。明年，我們將把 Crocs 品牌引入市場或重新引入市場。這是粉絲最喜歡的。

I think if you look on Amazon, there's something like 200,000 4-star and 5-star reviews for the Crocs brand. So we've been -- we've downplayed Crocs brand for some time deliberately to focus on classic where we're introducing Crocs brands. So we think that has a multiyear trajectory.

我認為如果你去亞馬遜上看看，Crocs 這個品牌大概有 20 萬條 4 星和 5 星好評。所以，我們已經——我們已經刻意淡化 Crocs 品牌一段時間了，以便專注於經典款，也就是我們推出 Crocs 品牌的那些款式。所以我們認為這是一個需要多年才能完成的過程。

And then lastly, we're bringing new Echo 2.0 to the market later next year. And I think the other piece that is important, and I mentioned already, is building on sandals. Sandals were a really strong driver of growth in '25, and we have additional product and enhancements to key franchises as we think about sandals later into '26.

最後，我們將在明年稍後推出新款 Echo 2.0。我認為另一點也很重要，我之前已經提到過，那就是以涼鞋為基礎進行創作。涼鞋是 2025 年成長的強勁動力，隨著我們考慮在 2026 年稍後繼續發展涼鞋業務，我們還將推出更多產品並對關鍵特許經營權進行改進。

Yeah. And hey Rick, just one final comment from me as we close this one out is we talked quite a bit about the wholesale channel. Andrew alluded to that and went into some great detail. I would say that we were seeing D2C accelerate as we go from Q3 to Q4.

是的。嘿，里克，在我們結束這次談話之前，我還有最後要補充一點，那就是我們談了很多關於批發管道的內容。安德魯也提到了這一點，並進行了詳細的闡述。我認為，從第三季到第四季度，我們看到了D2C模式的加速發展。

So we take that as a great sign in terms of how our products and our innovation pipeline are resonating with our consumers. So I don't want to drive past what's happening in the D2C channels.

因此，我們認為這是一個很好的跡象，表明我們的產品和創新產品線受到了消費者的歡迎。所以我不想對D2C頻道正在發生的事情視而不見。

And to clarify, you're seeing North America D2C accelerate?

為了澄清一下，您認為北美D2C模式正在加速發展嗎？

That's right, yes.

沒錯，是的。

That's great. Thank you very much.

那太棒了。非常感謝。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Great, thank you so much. Andrew, I want to ask about some of the actions you took on Crocs brand in Q3, specifically with pulling back on promotions. Could you do that across the entire quarter? Or was there a moment during the quarter where you went back to promotions, whether it's be Back to School season just to compete?

太好了，非常感謝。Andrew，我想問你在第三季對 Crocs 品牌採取的一些措施，特別是減少促銷活動方面。你能在整個季度都做到這一點嗎？或者，在本季中，有沒有某個時期你重新開始促銷活動，例如在返校季期間，只是為了參與競爭？

And then maybe, Patraic, just on the Q3 gross margin, was there a tariff impact on the gross margin in Q3? If so, what was it? And then I think to the 300 basis points you talked about for Q4, is there any mitigation that's a part of that? Or you basically how much of the gross tariff costs are you absorbing? Thank you so much.

那麼，Patraic，就第三季毛利率而言，第三季的毛利率是否受到了關稅的影響？如果真是這樣，那是什麼？然後，我想問您提到的第四季度 300 個基點，其中是否包含任何緩解措施？或者說，你基本上承擔了多少關稅總成本？太感謝了。

Yeah, I'll be quick and then Patraic can get into your tariff question. So from a North American digital promotional pullback, that was across the entire quarter, right? It didn't go to zero, obviously. But we did both have many more days that were non-promotional and also the depth of the promotions that we run were typically substantially less than we had run previously. So it was across the entire quarter.

好的，我這就快速解決，然後派崔克就可以回答你的關稅問題了。所以，北美地區的數位推廣活動在整個季度都出現了下滑，對嗎？顯然，它並沒有降到零。但我們雙方都多了很多非促銷日，而且我們所進行的促銷活動的深度通常也比以前少得多。整個季度都是如此。

Yeah, and then to answer the question on tariffs. So first of all, I think it's been really impressive to see all the actions that are taking place across Crocs as it relates to mitigating tariffs. And so the organization has been on the front foot in terms of identifying where we're able to mitigate, where we can, the impact of tariffs.

是的，然後還要回答關於關稅的問題。首先，我認為 Crocs 在減輕關稅方面所採取的所有行動都令人印象深刻。因此，該組織一直積極主動地確定我們可以在哪些方面減輕關稅的影響。

And specific to Q3, roughly, we had about 230 basis points of tariff headwinds in the quarter. Obviously, we had several mitigating actions, whether it relates to negotiate with our vendors, with our input costs, et cetera, in our supply chain. So we're able to mitigate a good portion of that.

具體到第三季度，我們大致遇到了約 230 個基點的關稅阻力。顯然，我們在供應鏈中採取了一些緩解措施，包括與供應商進行談判、降低投入成本等等。因此，我們能夠緩解其中很大一部分問題。

And as we go into Q3 -- or I'm sorry, as we go into Q4, the headwinds that you see there are almost entirely due to tariffs. And the mitigating actions will still be present, but in a slightly muted way, especially as we look at Q4 and the nature of kind of promotional nature of the quarter, and we alluded to that. In the prepared remarks is we're talking about anticipating a highly competitive selling season in Q4.

進入第三季度——或者抱歉，進入第四季度，你所看到的逆風幾乎完全是由於關稅造成的。緩解措施仍將持續，但力度會略有減弱，尤其是在我們展望第四季以及該季度促銷性質的背景下，我們之前也提到過這一點。在準備好的演講稿中，我們談到預計第四季將迎來競爭非常激烈的銷售季。

Got it. Okay, thank you so much.

知道了。好的，非常感謝。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good morning, and thank you for taking our question. I was hoping to follow up on Jay's question about tariff mitigation. And just get your latest thoughts on pricing as you look to offset some of these tariffs, particularly given the stronger AUR results you've recently materialized. What are your plans for pricing as you move into next year?

早安，感謝您回答我們的問題。我原本想就傑伊提出的關於關稅減免的問題進行後續探討。鑑於您最近取得的強勁 AUR 業績，您還需要了解定價方面的最新想法，以便抵銷部分關稅。明年你們的定價策略是什麼？

And then as a follow-up, Patraic, can you provide a little bit of color on how you see that tariff headwind directionally shaping into the first half of next year versus the 300 bps of gross margin pressure that you're forecasting for the fourth quarter? Thank you.

派崔克，作為後續問題，您能否詳細說明一下，您認為關稅帶來的不利影響將在明年上半年如何發展，以及您預測的第四季度毛利率將面臨 300 個基點的壓力？謝謝。

Yeah, thanks, Brooke. So pricing, so from a conceptual perspective, we don't price the cost, we price to market, right? So I think we've talked about this a lot over the years, right? What we think about from a pricing perspective, we look at both the strength of our brand, the trajectory of the brand and the competitive dynamics for products in the marketplaces in which we compete.

謝謝你，布魯克。所以，從概念上講，定價不是按成本定價，而是按市場定價，對吧？所以我覺得這些年來我們已經討論過很多次這個問題了，對吧？從定價的角度來看，我們會考慮我們品牌的實力、品牌的發展軌跡以及我們所處市場中產品的競爭動態。

And we do this around the world based on the local market. So what we have seen most recently, so in the back half of '25, we have actually taken select price increases on key products in some markets around the world.

我們根據當地市場在全球各地開展這項業務。因此，我們最近看到的是，在 2025 年下半年，我們實際上在世界某些市場對一些關鍵產品進行了選擇性漲價。

And we do have a number of those incrementally planned in the early part of 2026. At this point, though, we are not planning to initiate price increases, for example, in our core Classic Clog here in North America. We think that is well priced and that portion of the market is still -- is more price sensitive and more competitive. So I think we've got a great pricing framework. We're very precise and dynamic around this and -- but that's kind of where we sit at this point.

我們確實有一些這樣的專案計劃在 2026 年初逐步實施。不過，目前我們還沒有計劃提高價格，例如，在北美地區，我們的核心產品經典木屐的價格還沒有上漲。我們認為這個價格很合理，而且這部分市場仍然對價格比較敏感，競爭也更加激烈。所以我認為我們已經建立了一個很棒的定價框架。我們在這方面非常嚴謹且靈活，但目前我們的情況就是這樣。

Yeah, and Brooke, just building on Andrew's comments nature of pricing here at Cross is very dynamic and quite a bit of muscle built in that space. So we feel really good about how we're kind of pricing from a value standpoint to our consumers' price to value standpoint. As we turn into 2026, obviously, we're not providing any sort of guidance at this point in time. That will come in the next call.

是的，Brooke，我補充Andrew的評論，Cross的定價機制非常靈活，並且在這個領域積累了相當大的實力。因此，我們對目前的定價方式感到非常滿意，從價值角度來看，我們的定價符合消費者的性價比預期。顯然，展望2026年，我們目前不會提供任何形式的指導。下次通話時會談到這一點。

But directionally, what I can say is impact in tariffs for us and really any other consumer brand or footwear brand that's operating in the countries that we operate in is most felt in the second half of this year. And so what you can directionally think about is that we'll continue to feel some of that pressure as we get into the first half of 2026.

但就方向而言，我可以肯定地說，關稅對我們以及在我們營運所在國家運營的任何其他消費品牌或鞋類品牌的影響，將在今年下半年最為明顯。因此，我們可以預見的是，到了 2026 年上半年，我們仍將繼續感受到這種壓力。

Great, thanks so much.

太好了，非常感謝。

Thanks, Brooke.

謝謝你，布魯克。

Aubrey Tianello, BNP Paribas.

奧布里·蒂亞內洛，法國巴黎銀行。

Good Morning, thanks for taking the questions. Wanted to ask on stores. And if you can give us an update on the store growth strategy for both brands, but especially Crocs, where there's been a pickup in store openings over the course of this year? How should we be thinking about store growth going forward? Thanks.

早安，謝謝回答問題。想問商店的情況。您能否向我們介紹這兩個品牌的門市成長策略，特別是 Crocs，因為今年以來 Crocs 的門市開設數量有所增加？未來我們該如何看待門市成長？謝謝。

Yeah, that's a great question, Aubrey. Glad you asked it. So starting with Crocs, there has been a bit of a pickup in store openings. A lot of that is driven out of our European store base, right? So we've very successfully opened a number of stores in Europe. Those are almost all outlet stores in the UK and France principally. And I would have to say they are performing incredibly. So we're super happy about that.

是的，奧布里，你問得好。很高興你問了這個問題。從 Crocs 開始，門市開業數量有所增加。很多銷售量都來自我們歐洲的門市，對吧？因此，我們在歐洲成功開設了多家門市。這些幾乎都是英國和法國的奧特萊斯店。我必須說，他們的表現非常出色。我們對此感到非常高興。

Also some store openings in Asia and a small number here in North America. So as you probably know, our store base is incredibly profitable, very high sales per square foot, high margins and a very good strong flow-through.

此外，亞洲也開設了一些門市，北美也有少量門市。正如您可能知道的那樣，我們的門市盈利能力非常強，每平方英尺的銷售額非常高，利潤率很高，而且週轉率非常高。

The other thing I would also highlight for those of you in New York is we did open our Soho store earlier this year. It's performing very, very well indeed, super happy with it. And it's also I would say, the pinnacle presentation of the brand.

另外，我還想特別提醒一下身在紐約的朋友們，我們今年早些時候在 Soho 區開設了一家門市。它的表現真的非常好，我非常滿意。而且我認為，這也是該品牌迄今為止最巔峰的展示。

And you may have seen on social media that we were live streaming from that store during October. Terence Reilly, our Chief Brand Officer, did an amazing job live streaming from the store and also featuring some celebrities, including Jaxson Dart. So it's been a great investment for us.

您可能已經在社群媒體上看到，我們在十月期間在那家店進行了直播。我們的首席品牌長 Terence Reilly 在店內進行了精彩的直播，也邀請了一些名人參與，包括 Jaxson Dart。所以這對我們來說是一項非常值得的投資。

From a HEYDUDE perspective, we have also continued to open stores here in North America. Again, outlet stores, which is the one thing that we have done this year is shifted where we've opened the stores suddenly, and they're a little bit more in what we call HEYDUDE country, the HEYDUDE Heartland. And again, those stores continue to meet our expectations.

從 HEYDUDE 的角度來看，我們也一直在北美開店。再次強調，奧特萊斯門市是我們今年所做的一件事，我們突然改變了門市的開幕地點，它們更多地位於我們所謂的 HEYDUDE 地區，也就是 HEYDUDE 的中心地帶。再次證明，這些門市一如既往地符合我們的預期。

Yeah, and Aubrey, the only thing I would add and just kind of emphasize in terms of Andrew's comments are the profitability of the Crocs stores, both domestically and internationally, super impressive. And you can kind of see that in the cascade of the financials.

是的，奧布里，關於安德魯的評論，我唯一想補充和強調的是，Crocs 門市在國內和國際上的盈利能力都非常驚人。從一系列財務數據也可以看出這一點。

And something we haven't talked about as much on the Q&A portion of the call is generating the free cash flow that is just inherent into the -- in what is the strength of our financial model. And so our stores are an important part of that, and they draw off and they generate a lot of cash, which allows us then to both invest back into the business and return capital back to our shareholders.

在電話會議的問答環節中，我們還沒有太多談到產生自由現金流，而這正是我們財務模型優勢的體現。因此，我們的門市是其中的重要組成部分，它們能夠吸引和創造大量現金，使我們能夠將資金再投資於業務，並將資本返還給股東。

Very helpful. Thank you.

很有幫助。謝謝。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great. Thank you so much. Good morning and welcome to Patraic. We had a question on $100 million in savings. Just any color on how we should think about the cadence of those as we go through '26. Is the expectation that these are scaling as we go through the year or more equally divided?

偉大的。太感謝了。早上好，歡迎來到Patraic。我們有一個關於節省1億美元的問題。任何顏色都可以用來形容我們在經歷 2026 年時應該如何思考這些節奏。預計這些支出會隨著時間的推移而增加，還是會更平均分配？

And what's the amount of savings we should expect for the fourth quarter? And then just as a follow-up, Patraic, you mentioned North America D2C accelerated quarter-to-date at Crocs. It is pretty impressive considering fewer promos.

那麼，我們預計第四季可以節省多少成本呢？然後，Patraic，作為後續問題，你提到 Crocs 在北美的 D2C 業務在本季度迄今為止加速成長。考慮到促銷活動較少，這確實令人印象深刻。

And I know Crocs is a big deal for the business. Anything you did differently this year? Is this driven more by TikTok, just any color you could provide on that? And what's implied in the guide for North America D2C at Crocs for 4Q? Thanks so much.

我知道Crocs對公司來說是一件大事。今年你做了哪些和往年不一樣的事？這比較是受TikTok的影響嗎？你能不能就此提供一些看法？Crocs第四季北美D2C銷售指南中暗示了什麼？非常感謝。

Yeah. So Anna, let me hit the cost savings first, and then we'll get into the second part of the questions. So first of all, the $100 million number, that's a gross number, right? And so what we mean by gross is we have identified $100 million of savings across the entirety of our cost base, whether that's in cost of goods, SG&A, et cetera. And we are -- we've done that, number one, to make sure that we're operating as efficiently as we can, of course.

是的。安娜，我們先來談談節省成本的問題，然後再討論問題的第二部分。首先，1億美元的這個數字，就是毛收入，對吧？因此，我們所說的總額是指，我們已經確定了在整個成本基礎中節省 1 億美元，無論是商品成本、銷售、一般及行政費用等等。我們已經這樣做了——首先，當然是為了確保我們盡可能有效地運作。

But then secondly, to provide us with the flexibility to make choices as we get into 2026. And those choices could be flowing those savings to the bottom line. Those choices could be investing in areas that we see in terms of outsized growth that we're able to chase into.

其次，是為了讓我們在進入 2026 年時能夠靈活地做出選擇。而這些選擇最終可能為公司節省開支。這些選擇可能包括投資於我們認為具有巨大成長潛力的領域，以便我們能夠追逐這些成長機會。

And so I'm not going to get into a cadence of kind of quarterly at this point. It's too early in that. We'll provide a little bit more detail on that when we get into 2026 during the Q4 call. And I think the second part of the question, Andrew, is going to hit on.

所以，目前我不會採取每季一次的固定頻率。現在談這個還為時過早。我們將在第四季財報電話會議上談到 2026 年時提供更多細節。安德魯，我認為問題的第二部分將會觸及這一點。

Yeah. So just a point of clarification, we did not say that D2C accelerated during Q3, right? So we actually don't comment on trajectory within the quarter. But what we did say is we believe that D2C in North America will be stronger in Q4 than it was in Q3.

是的。所以，澄清一下，我們並沒有說D2C在第三季加速發展，對吧？因此，我們實際上不會對季度內的走勢發表評論。但我們確實說過，我們相信北美地區的 D2C 業務在第四季度會比第三季更加強勁。

Okay. Thank you for that clarification.

好的。謝謝你的解釋。

Okay, thank you, Anna.

好的，謝謝你，安娜。

This concludes our question-and-answer session. I would like to turn the conference back over to Andrew Rees, Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給執行長安德魯·里斯先生，請他作總結發言。

I just want to say thank you, everybody, for joining us today and your continued interest in Crocs, Inc., and we look forward to continuing to speak to you in the future. Thank you.

我只想對各位表示感謝，感謝大家今天蒞臨現場，感謝大家一直以來對 Crocs 公司的關注，我們期待未來能繼續與大家交流。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。