Deckers Outdoor Corp (DECK) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands First Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

下午好，感謝您的支持。歡迎參加 Deckers Brands 2023 財年第一季度收益電話會議。 （操作員說明）我想提醒大家，這次電話會議正在錄音中。

I'll now turn the call over to Erinn Kohler, VP, Investor Relations and Corporate Planning. Please go ahead.

我現在將電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。請繼續。

Hello, and thank you, everyone, for joining us today. On the call is Dave Powers, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer.

大家好，感謝大家今天加入我們。電話會議是總裁兼首席執行官戴夫·鮑爾斯（Dave Powers）；和首席財務官 Steve Fasching。

Before we begin, I would like to remind everyone of the company's safe harbor policy. Please note that certain statements made on this call are forward-looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒大家公司的安全港政策。請注意，本次電話會議上的某些陳述是聯邦證券法意義上的前瞻性陳述，存在相當大的風險和不確定性。這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法案》規定的免責安全港的條件。

All statements made on this call today, other than statements of historical fact, are forward-looking statements and include statements regarding changes in consumer behavior; strength of our brands and demand for our products; changes to our product allocation, segmentation and distribution strategies; changes to our marketing plans and strategies; changes to our capital allocation strategies; the impact of the COVID-19 pandemic on our business and supply chain; our anticipated revenues, brand performance, product mix, gross margins, expenses, inventory and liquidity position, our potential repurchase of shares and the impact of the macroeconomic environment on our operations and financial conditions.

今天在本次電話會議上所做的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括有關消費者行為變化的陳述；我們的品牌實力和對我們產品的需求；我們的產品分配、細分和分銷策略的變化；我們的營銷計劃和策略的變化；改變我們的資本配置策略； COVID-19 大流行對我們的業務和供應鏈的影響；我們的預期收入、品牌表現、產品組合、毛利率、費用、庫存和流動性狀況、我們潛在的股票回購以及宏觀經濟環境對我們的運營和財務狀況的影響。

Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any results predicted, assumed or implied by the forward-looking statements.

在本次電話會議上做出的前瞻性陳述代表了管理層當前的預期，並基於做出此類陳述時可獲得的信息。前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的任何結果存在重大差異。

The company has explained some of these risks and uncertainties in its SEC filings, including in the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q. Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements.

該公司已在其提交給美國證券交易委員會的文件中解釋了其中一些風險和不確定性，包括其 10-K 表格年度報告的風險因素部分和 10-Q 表格季度報告。除法律或紐約證券交易所上市規則要求外，公司明確表示不承擔更新任何前瞻性陳述的任何意圖或義務。

With that, I'll now turn it over to Dave.

有了這個，我現在把它交給戴夫。

Thanks, Erinn. Good afternoon, everyone, and thank you for joining us today. I'm excited to dive into another quarter of exceptional results, which represent a strong start to fiscal year 2023 and further progress towards our long-term strategies.

謝謝，艾琳。大家下午好，感謝您今天加入我們。我很高興能夠深入了解另一個季度的非凡業績，這代表著 2023 財年的強勁開端，並在我們的長期戰略方面取得了進一步進展。

First quarter revenue increased 22% versus last year to $614 million, and we delivered earnings per share of $1.66. Revenue growth was primarily driven by HOKA as the brand achieved its first ever $300 million quarter. With strong HOKA growth, we were able to deliver another profitable first quarter as we continue to reduce the historical seasonality of our portfolio through the expansion of year-round HOKA demand and further diversifying the UGG category mix.

第一季度收入與去年相比增長 22% 至 6.14 億美元，每股收益為 1.66 美元。收入增長主要由 HOKA 推動，因為該品牌實現了有史以來第一個 3 億美元的季度。隨著 HOKA 的強勁增長，我們能夠通過擴大全年 HOKA 需求和進一步多樣化 UGG 類別組合來繼續減少我們投資組合的歷史季節性，從而實現了另一個盈利的第一季度。

Importantly, our first quarter results demonstrated momentum behind our long-term vision: to build HOKA into a multibillion-dollar major player in the performance athletic space, further diversify the UGG brand's product, geographic and seasonal mix, grow our DTC business through consumer acquisition and retention, and drive international markets through strategic investments. We are making clear progress in each of these initiatives as during the first quarter, HOKA delivered global revenue of $330 million, an increase of 55% versus last year.

重要的是，我們的第一季度業績顯示了我們長期願景背後的動力：將 HOKA 打造成性能運動領域價值數十億美元的主要參與者，進一步多元化 UGG 品牌的產品、地理和季節性組合，通過獲取消費者來發展我們的 DTC 業務和保留，並通過戰略投資推動國際市場。我們在這些舉措中的每一項都取得了明顯進展，因為在第一季度，HOKA 實現了 3.3 億美元的全球收入，比去年增長了 55%。

UGG products mix shifted into sandals away from seasonal fall styles. UGG regional mix shifted towards international regions as these markets drove year-over-year revenue growth. Global DTC across all brands grew 15% as a result of increasing consumer acquisition and retention by 13% and 28%, respectively. And revenue from international markets increased 36% versus last year, which includes earlier distributor shipments.

UGG 產品組合從季節性秋季款式轉向涼鞋。隨著這些市場推動收入同比增長，UGG 區域組合轉向國際區域。由於消費者獲取和保留率分別增加了 13% 和 28%，所有品牌的全球 DTC 增長了 15%。來自國際市場的收入與去年相比增長了 36%，其中包括較早的分銷商出貨量。

These highlights reflect the strength of Decker's marketplace management and omnichannel capabilities across our portfolio of exciting brands. Our disciplined approach to managing brands, markets and distribution channels continues to serve us well as we create the future of Deckers. While the macroeconomic environment is evolving quickly, I'm confident in the consumer demand of our brands and our team's ability to remain nimble and deliver on our goals in this dynamic environment.

這些亮點反映了 Decker 在我們令人興奮的品牌組合中的市場管理和全渠道能力的實力。在我們創造 Deckers 的未來時，我們管理品牌、市場和分銷渠道的嚴謹方法繼續為我們服務。儘管宏觀經濟環境正在迅速發展，但我對我們品牌的消費者需求以及我們團隊在這種動態環境中保持靈活並實現我們目標的能力充滿信心。

Steve will provide further details around our forward-looking expectations later in the call. In the meantime, let's dive into the brand and channel performance for the first quarter of fiscal year 2023.

史蒂夫將在電話會議稍後提供有關我們前瞻性預期的更多細節。同時，讓我們深入了解 2023 財年第一季度的品牌和渠道表現。

Starting with the brand highlights. Global HOKA revenue for the first quarter increased 55% versus last year to $330 million. This is a significant achievement that resulted in HOKA Global revenue in the trailing 12 months ended June 30, breaking the $1 billion barrier, which -- with much more growth ahead.

從品牌亮點開始。全球 HOKA 第一季度的收入與去年相比增長了 55%，達到 3.3 億美元。這是一項重大成就，導致 HOKA Global 在截至 6 月 30 日的過去 12 個月中的收入突破了 10 億美元的大關，未來還有更多的增長。

The HOKA brand's exceptional growth also delivered a new milestone for Deckers as a whole, with HOKA revenue representing more than 50% of total portfolio quarterly revenue for the first time. With its year on demand that utilizes infrastructure during off-peak UGG periods and full price selling at premium price points, the HOKA brand's growing scale is improving Decker's overall quarterly financial and operational performance.

HOKA 品牌的非凡增長也為 Deckers 整體帶來了一個新的里程碑，HOKA 收入首次佔投資組合季度總收入的 50% 以上。 HOKA 品牌不斷擴大的規模正在改善 Decker 的整體季度財務和運營業績，其在非高峰期 UGG 期間利用基礎設施和全價銷售。

The HOKA brand's strong quarter featured outstanding revenue growth across the brand's far-reaching global ecosystem of access points, highlighted by international markets increasing 66% versus last year, led by the strength of the EMEA region, which was partially influenced by the timing of sell-in for our distributors as we strategically build new markets.

HOKA 品牌的強勁季度表現在該品牌影響深遠的全球接入點生態系統的收入增長顯著，其中國際市場與去年相比增長了 66%，這主要得益於歐洲、中東和非洲地區的實力，這在一定程度上受到了銷售時機的影響-在我們戰略性地建立新市場時為我們的分銷商提供服務。

U.S. increasing 49% versus last year with DTC growth leading wholesale. Global DTC increasing 58% versus last year, driven by continued momentum with retained consumers as well as the continued acquisition of new consumers. And global wholesale increasing 53% versus last year as the brand increased market share at existing accounts and benefited from select doors added to strategic accounts.

美國與去年相比增長了 49%，其中 DTC 增長領先批發。全球 DTC 與去年相比增長了 58%，這得益於留存消費者的持續勢頭以及新消費者的持續收購。由於該品牌增加了現有客戶的市場份額並受益於戰略客戶添加的精選門，全球批發業務與去年相比增長了 53%。

We are excited by the positive brand indicators and continued share gains that HOKA is building upon across its entire global distribution network. A few highlights include: increasing market share within U.S. run specialty while commanding higher retail prices; focus styles accounting for at least half of the top 10 styles according to aggregated U.S.-run specialty store data; doubling revenue in France led by gains in Paris, which was our third fastest-growing European city during the quarter; and APAC driving the highest regional DTC growth rate, led by strength in both China and Japan as these countries benefited from stores aiding awareness with consumers.

我們對 HOKA 在其整個全球分銷網絡中建立的積極品牌指標和持續的份額增長感到興奮。一些亮點包括：在提高零售價格的同時增加美國經營專業的市場份額；根據美國經營的專賣店綜合數據，焦點款式至少占前 10 大款式的一半；法國的收入翻了一番，巴黎是我們本季度增長第三快的歐洲城市；亞太地區推動了最高的區域 DTC 增長率，這得益於中國和日本的實力，因為這些國家受益於商店提高了消費者的認知度。

Across the globe, HOKA stores have continued to build excitement with the new audience and drive compelling levels of traffic and purchase activity. This is especially exciting in China, which has been a slow build as HOKA took some time to find its voice with the consumers local to the region. With the refined visual merchandising strategy enhancing the consumer experience, our China stores are now driving higher conversion rates, and we're better equipped as we open additional locations in the region.

在全球範圍內，HOKA 商店繼續為新觀眾創造興奮感，並推動令人信服的客流量和購買活動。這在中國尤其令人興奮，因為 HOKA 花了一些時間在該地區的當地消費者中找到自己的聲音，因此發展緩慢。隨著精緻的視覺營銷策略提升了消費者體驗，我們的中國門店現在正在推動更高的轉化率，並且隨著我們在該地區開設更多門店，我們的裝備更加完善。

In the U.S., the retail team continues to work towards opening the HOKA brand's first permanent location in New York City during the spring of calendar year 2023. This is an exciting endeavor as the HOKA store will feature an elevated design that is fit for our premier performance brand. In the meantime, HOKA is opening a second New York City pop-up location near Lincoln Center within the next month.

在美國，零售團隊繼續致力於在 2023 年春季開設 HOKA 品牌在紐約市的第一個永久門店。這是一項令人興奮的努力，因為 HOKA 商店將採用適合我們首屈一指的高端設計性能品牌。與此同時，HOKA 將在下個月內在林肯中心附近開設第二家紐約市快閃店。

Our Chicago location, which was opened in the last 3 months, is seeing excellent traffic and driving strong conversion giving us even greater confidence in the consumer appetite for HOKA retail stores.

我們的芝加哥分店在過去 3 個月內開業，客流量強勁，轉化率強勁，讓我們對消費者對 HOKA 零售店的需求更有信心。

We will take a disciplined approach to opening a limited number of doors, but we're excited about the opportunity to engage with the consumers in key cities around the world. Further on direct-to-consumer across global markets, HOKA continues to increase the number of acquired and retained consumers at remarkable levels compared to the prior year.

我們將採取嚴格的方法來打開數量有限的大門，但我們很高興有機會與全球主要城市的消費者互動。在全球市場直接面向消費者方面，HOKA 繼續以驚人的水平增加獲得和保留的消費者數量。

During the quarter, DTC acquisition increased 48% and retention increased 58% versus last year, with gains among 18- to 34-year-old consumers far outpacing these increases. This led to a 4 percentage point increase in the mix of 18- to 34-year olds among individuals purchasing from HOKA.com.

在本季度，與去年相比，DTC 獲取增加了 48%，保留增加了 58%，18 至 34 歲消費者的增長遠遠超過了這些增長。這導致從 HOKA.com 購買的個人中 18 至 34 歲的人群增加了 4 個百分點。

We are seeing incredible momentum behind HOKA as the brand continues to inspire humans to fly over the earth. The HOKA brand ethos is echoed through its new globally-integrated marketing campaign dubbed FLY HUMAN FLY. This campaign was thoughtfully designed as an invitation for humans around the world to experience the HOKA ride. As part of the campaign, HOKA launched the fifth edition of the Mach, which has quickly become a top 5 style for the brand, as well as a completely redesigned consumer website. The upgraded website features a brand-new aesthetic that elevates product presentation with greater technical detail and enhances the visibility of brand values and storytelling throughout the site.

隨著 HOKA 品牌繼續激勵人類飛越地球，我們看到了令人難以置信的發展勢頭。 HOKA 品牌精神通過其名為 FLY HUMAN FLY 的全新全球整合營銷活動得到呼應。該活動經過精心設計，旨在邀請世界各地的人們體驗 HOKA 騎行。作為活動的一部分，HOKA 推出了第五版 Mach，它已迅速成為該品牌的前 5 款款式，以及一個完全重新設計的消費者網站。升級後的網站具有全新的美感，以更豐富的技術細節提升產品展示，並提高整個網站的品牌價值和故事講述的知名度。

FLY HUMAN FLY has been live for just over a month now, and we have been very pleased with the consumer response and feedback from our wholesale partners. For the FLY HUMAN FLY landing page on HOKA.com, 83% of visitors were new, which aligns with the campaign's intent to reach a new audience. We believe this campaign will have a significant impact on building awareness of HOKA as we expand the brand into a multibillion dollar major player in the performance space over the long term.

FLY HUMAN FLY 已經上線一個多月了，我們對消費者的反應和批發合作夥伴的反饋感到非常滿意。對於 HOKA.com 上的 FLY HUMAN FLY 登陸頁面，83% 的訪問者是新訪問者，這與該活動吸引新受眾的意圖一致。我們相信，隨著我們將 HOKA 品牌擴展為長期在表演領域價值數十億美元的主要參與者，該活動將對建立 HOKA 的知名度產生重大影響。

Speaking of performance, I'd like to congratulate HOKA-sponsored athlete, Adam Peterman, for winning the 100-mile 2022 Western States race. This was an incredible feat for Adam, having this been his first time ever competing in a 100-mile race. He won while wearing the recently launched HOKA Speedgoat 5, which is a completely redesigned version of the brand's most popular trail shoe with less weight and enhanced traction with VIBRAM Megagrip to inspire confidence in any terrain.

說到表現，我要祝賀 HOKA 贊助的運動員亞當·彼得曼贏得 2022 年西部州 100 英里賽跑。這對亞當來說是一項了不起的壯舉，這是他第一次參加 100 英里的比賽。他穿著最近推出的 HOKA Speedgoat 5 獲勝，這是該品牌最受歡迎的越野鞋的完全重新設計版本，重量更輕，並通過 VIBRAM Megagrip 增強了牽引力，以激發在任何地形上的信心。

Results like these emphasize that HOKA brand's leadership is a premier performance brand, enabling athletes to achieve peak levels of performance. Another congratulations to Adam and all the other athletes who competed in this year's HOKA-sponsored Western States 100.

此類結果強調 HOKA 品牌的領導地位是一流的性能品牌，使運動員能夠達到最高水平的表現。再次祝賀亞當和所有其他參加今年 HOKA 贊助的西方國家 100 的運動員。

Moving to UGG. Global revenue in the quarter decreased 2% versus last year to $208 million. UGG performance was driven by higher international wholesale and distributor sell-in that was offset by category shift dynamics impacting the brand's global direct-to-consumer business. The UGG brand's international regions continue to experience benefits from the marketplace allocation and segmentation strategies implemented to build brand heat and increased demand overseas.

搬到UGG。本季度全球收入較去年下降 2%，至 2.08 億美元。 UGG 的業績受到國際批發和分銷商銷售量增加的推動，但被影響品牌全球直接面向消費者業務的品類轉變動態所抵消。 UGG 品牌的國際地區繼續受益於為建立品牌熱度和增加海外需求而實施的市場分配和細分策略。

With core fall product limited in the marketplace, UGG was able to drive full price sell-through during the past holiday season and generate open-to-buy opportunities in the spring season, driving the quarter's results. UGG captured incremental market share with transition styles such as the Ultra MINI and Coquette, as well as the newly launched Sport Yeah sandal, all of which are driving sell-through.

由於市場上的核心秋季產品有限，UGG 能夠在過去的假期期間推動全價銷售，並在春季創造開放購買機會，從而推動了該季度的業績。 UGG 憑藉 Ultra MINI 和 Coquette 等過渡款式以及新推出的 Sport Yeah 涼鞋獲得了增量市場份額，所有這些都推動了銷售。

Briefly touching on the category dynamics impacting UGG global DTC. Over the last couple of years, the Fluff franchise experienced increased relevance as consumers turn to UGG for comfortable and stylish hybrid slippers to wear in the home. Expecting shifts in consumer behavior towards outdoor wearing, the UGG product team continued to evolve the franchise with the introduction of more spring, summer and outdoor-ready styles, which included the Sport Yeah sandal.

簡要介紹影響 UGG 全球 DTC 的類別動態。在過去的幾年中，隨著消費者轉向 UGG 尋找舒適時尚的混合拖鞋以在家中穿著，Fluff 特許經營權的相關性越來越高。預計消費者行為會轉向戶外穿著，UGG 產品團隊繼續發展該系列，推出更多春季、夏季和戶外風格，其中包括 Sport Yeah 涼鞋。

Sandals were a standout category for UGG during the quarter, showing the strong demand for the brand outside of the fall and winter time frame. While successful in shifting consumer adoption from heritage fluff franchise styles into beach-ready styles, the lower average selling price in the sandal category created a revenue headwind relative to the exceptional volumes of Fluff that were sold during Q1 in the last 2 years.

涼鞋是本季度 UGG 的一個突出類別，表明該品牌在秋冬時間框架之外的強勁需求。雖然成功地將消費者採用的傳統絨毛特許款式轉變為適合沙灘的款式，但涼鞋類別較低的平均售價相對於過去 2 年第一季度售出的大量絨毛而言，創造了收入逆風。

That said, the Fluff Yeah continues to be its top style among acquired and retained consumers including with 18- and 34-year-olds. Across our UGG global direct-to-consumer, even though revenue dollars are below last year due to these product mix shifts, demand for UGG remained robust as the brand experienced increases of 8% and 13% in acquired and retained consumers, respectively, versus the prior year.

儘管如此，Fluff Yeah 仍然是其在收購和保留消費者中的首選款式，包括 18 歲和 34 歲的消費者。在我們的 UGG 全球直接面向消費者的過程中，儘管由於這些產品組合的轉變，收入美元低於去年，但對 UGG 的需求仍然強勁，因為該品牌的獲客和留存消費者分別增長了 8% 和 13%，而前一年。

Importantly, international DTC acquisition and retention gains are trending well ahead of these global figures as we continue to build brand heat overseas. Key styles driving new consumer acquisition globally include the aforementioned Fluff Yeah and Sport Yeah, as well as the Clem and Goldenstar fashion sandals and the Tasman franchise, which continues to be on fire. We are encouraged by the continued consumer interest and broader adoption of the UGG brand's diverse product assortment.

重要的是，隨著我們繼續在海外建立品牌熱度，國際 DTC 收購和保留收益的趨勢遠遠領先於這些全球數據。推動全球新消費者收購的主要款式包括前面提到的 Fluff Yeah 和 Sport Yeah，以及 Clem 和 Goldenstar 時尚涼鞋和 Tasman 特許經營，它們繼續火熱。消費者對 UGG 品牌多樣化產品組合的持續興趣和更廣泛的採用令我們感到鼓舞。

Overall, the first quarter represented a solid start to the year for UGG. We believe UGG is well positioned to drive a successful fiscal year 2023. And I'm even more excited for the brand's future after our recent announcement of Anne Spangenberg as the President of Fashion Lifestyle. Anne is a proven leader with meaningful experience building brands across our industry, most recently serving as Nike's Chief Merchant, and has already hit the ground running in the last few weeks as she begins to immerse herself with all things UGG and engage with our talented brand team and cross-functional business partners.

總體而言，第一季度對 UGG 來說是一個良好的開端。我們相信 UGG 有能力推動 2023 財年取得成功。在我們最近宣布 Anne Spangenberg 擔任時尚生活方式總裁之後，我對該品牌的未來更加興奮。 Anne 是一位久經考驗的領導者，在整個行業建立品牌方面擁有豐富的經驗，最近擔任 Nike 的首席商人，在過去幾週她開始投入到 UGG 的所有事物中並與我們有才華的品牌互動時已經開始工作團隊和跨職能業務合作夥伴。

In her new role, Anne will be building upon the strategic priorities for UGG focusing on product diversification, consumer adoption and franchise evolution across our omnichannel marketplace. I'd like to welcome Anne and thank the UGG team for the cross-functional collaboration and teamwork that enabled the brand to maintain a strong positioning in the market as we work to fill this role.

在她的新職位上，Anne 將建立在 UGG 的戰略重點之上，專注於我們全渠道市場的產品多樣化、消費者採用和特許經營發展。我要歡迎 Anne，並感謝 UGG 團隊的跨職能協作和團隊合作，使我們能夠在我們努力填補這一角色的過程中保持品牌在市場上的強大定位。

From a channel performance perspective, in the first quarter, Global Wholesale segment revenue, including distributors, was the primary driver of growth, increasing 25% versus last year. Strength in these channels resulted primarily from continued global market share gains for HOKA as well as the benefits from added doors with strategic accounts.

從渠道表現來看，第一季度，包括分銷商在內的全球批發業務收入是增長的主要動力，同比增長 25%。這些渠道的優勢主要來自 HOKA 持續的全球市場份額增長以及戰略客戶增加門的好處。

UGG also contributed to wholesale revenue gains based on the continued adoption of the brand's diverse product assortment among international regions, which continue to benefit from marketplace reset activities.

UGG 還為批發收入增長做出了貢獻，這得益於該品牌在國際地區的多樣化產品組合的持續採用，這些地區繼續受益於市場重置活動。

On direct-to-consumer, global revenue for the first quarter increased 15% versus the prior year. DTC growth was driven by significant increases in consumer acquisition and retention for the HOKA brand, which was partially offset by the category and seasonal dynamics unique to the UGG brand that I covered earlier in the call.

在直接面向消費者方面，第一季度的全球收入比去年同期增長了 15%。 DTC 的增長是由 HOKA 品牌的消費者獲取和保留率的顯著增長推動的，這部分被我在電話會議中提到的 UGG 品牌獨有的類別和季節性動態所抵消。

Overall, our direct-to-consumer business continues to benefit from the HOKA brand's growing influence especially in quarters outside of historical peak selling periods for UGG. In the quarter just completed, HOKA represented 53% of DTC revenue, which is up from 39% last year and 27% 2 years ago. With nearly all of the HOKA brand's DTC business occurring through e-commerce, our most profitable channel, this brand shift dynamic is accretive to our bottom line.

總體而言，我們的直接面向消費者的業務繼續受益於 HOKA 品牌日益增長的影響力，尤其是在 UGG 歷史銷售高峰期以外的季度。在剛剛完成的季度，HOKA 佔 DTC 收入的 53%，高於去年的 39% 和 2 年前的 27%。由於幾乎所有 HOKA 品牌的 DTC 業務都通過我們最賺錢的渠道電子商務進行，這種品牌轉變動態增加了我們的底線。

With that, I'll hand the call over to Steve to provide further details on our first quarter financial results as well as our reaffirmed outlook on fiscal year 2023.

有了這個，我將把電話轉給史蒂夫，以提供有關我們第一季度財務業績的更多細節以及我們重申的 2023 財年展望。

Thanks, Dave, and good afternoon, everyone. As Dave just shared, our first quarter results demonstrated great progress toward the fiscal year guidance that we outlined in May. While we advanced a number of key initiatives for our business this quarter, HOKA was the primary driver of performance as the brand continues to build global market share.

謝謝，戴夫，大家下午好。正如戴夫剛剛分享的那樣，我們的第一季度業績表明，我們在 5 月份概述的財政年度指導方針方面取得了巨大進展。雖然我們在本季度為我們的業務推進了多項關鍵舉措，但隨著該品牌繼續建立全球市場份額，HOKA 是業績的主要推動力。

UGG revenue came in slightly lower than last year, primarily due to category shifts occurring during the quarter as well as lapping earlier sell-in during the prior year. But we feel the brand is well positioned to deliver another strong year and are excited for what lies ahead under Anne's leadership.

UGG 收入略低於去年，主要是由於本季度發生的類別轉變以及上一年的早期銷售。但我們認為該品牌已做好準備迎接又一個強勁的一年，並對安妮領導下的未來感到興奮。

With ongoing uncertainty and the macroecononic environment, we're continuing our disciplined and responsible approach to managing our business, and will remain Nimble to react to this dynamic environment. Our demand signals lead us to believe that our portfolio of brands will continue to resonate well with consumers. And though not immune to the macroeconomic headwinds, Deckers has historically demonstrated an ability to course correct when necessary.

在持續的不確定性和宏觀經濟環境下，我們將繼續我們的紀律和負責任的方法來管理我們的業務，並將保持靈活應對這種動態環境。我們的需求信號使我們相信我們的品牌組合將繼續與消費者產生良好的共鳴。儘管無法免受宏觀經濟逆風的影響，但德克斯歷來展示了在必要時糾正方向的能力。

We remain committed to our long-term strategies that have continued to serve us well and will build upon the strong operating model we have built over the last 5 years.

我們將繼續致力於我們的長期戰略，這些戰略將繼續為我們提供良好的服務，並將建立在我們過去 5 年建立的強大運營模式的基礎上。

Now let's get into the details of our first quarter fiscal year 2023 results. First quarter fiscal 2023 revenue was $614 million, up 22% versus prior year. HOKA revenue increased 55% versus last year, accounting for nearly all of this quarter's revenue growth due to the exceptional demand experienced across the brand's global ecosystem of access points and improved inventory availability.

現在讓我們詳細了解我們 2023 財年第一季度的業績。 2023財年第一季度收入為6.14億美元，比上年增長22%。 HOKA 收入與去年相比增長了 55%，幾乎佔本季度收入增長的全部，這是由於該品牌全球接入點生態系統經歷的異常需求和庫存可用性的提高。

For the first time ever, HOKA represented more than 50% of total portfolio quarterly revenue. And over the last 12 months ended June 30, the brand has delivered over $1 billion of revenue.

HOKA 有史以來第一次佔投資組合季度總收入的 50% 以上。在截至 6 月 30 日的過去 12 個月中，該品牌已實現超過 10 億美元的收入。

Gross margins for the quarter was 48%, which is down 360 basis points from last year's 51.6%. This aligned with our first half direction that anticipated headwinds from higher freight costs from ocean and air as well as impacts from unfavorable foreign currency exchange rates that we anticipate will pressure margins for the remainder of this year.

本季度毛利率為 48%，比去年的 51.6% 下降了 360 個基點。這與我們上半年的方向一致，即預計海運和空運運費上漲帶來的不利因素以及不利的外匯匯率的影響，我們預計這將給今年剩餘時間的利潤率帶來壓力。

Additionally, first quarter gross margin was impacted by product mix and normalized promotional activity for UGG as the brand sold more sandals and discounted select styles in line with pre-pandemic activity, and channel mix shifting toward the wholesale and distributor segment, in particular, our international distributor business that shipped product earlier than in years past.

此外，第一季度毛利率受到 UGG 的產品組合和正常化促銷活動的影響，因為該品牌根據大流行前的活動銷售了更多涼鞋和折扣精選款式，以及渠道組合轉向批發和分銷商領域，特別是我們的比過去幾年更早發貨的國際分銷商業務。

These headwinds were partially offset from benefits from increased revenue mix of HOKA as the brand commanded the highest gross margin in the portfolio during Q1 and benefits from HOKA price increases. SG&A dollar spend in the first quarter was $238 million, which is up 20% from last year's $199 million. As a percentage of revenue, we delivered 60 basis points of leverage to help offset freight and FX impact to gross margin.

這些不利因素部分抵消了 HOKA 收入組合增加帶來的好處，因為該品牌在第一季度的投資組合中獲得了最高的毛利率，並受益於 HOKA 價格上漲。第一季度的 SG&A 美元支出為 2.38 億美元，比去年的 1.99 億美元增長了 20%。作為收入的百分比，我們提供了 60 個基點的槓桿，以幫助抵消運費和外匯對毛利率的影響。

Our tax rate was 21.3%, which compares to 21.9% in the prior year. These results drove diluted earnings per share of $1.66 for the quarter, which was $0.05 below last year's $1.71 per share.

我們的稅率為 21.3%，而去年為 21.9%。這些結果推動本季度每股攤薄收益為 1.66 美元，比去年的每股 1.71 美元低 0.05 美元。

Turning to our balance sheet. At June 30, 2022, we ended June with $695 million of cash and equivalents. Inventory was $840 million, up 83% versus the same point in time last year, and important to note that last year's inventory levels were below normal operating levels as a result of supply chain disruption. And during the period, we had no outstanding borrowings.

轉向我們的資產負債表。截至 2022 年 6 月 30 日，我們在 6 月結束時擁有 6.95 億美元的現金和等價物。庫存為 8.4 億美元，與去年同期相比增長 83%，值得注意的是，由於供應鏈中斷，去年的庫存水平低於正常運營水平。在此期間，我們沒有未償還的借款。

During the first quarter, we repurchased approximately $100 million worth of shares at an average share price of $260.12. As of June 30, 2022, the company had approximately $354 million remaining under its stock repurchase authorization. Subsequent to quarter end, the Board of Directors approved an increase of $1.2 billion on top of the company's existing share repurchase authorization, which now, in total, represents more than 15% of our market capitalization, highlighting the Board's confidence in our long-term strategic plan.

第一季度，我們以 260.12 美元的平均股價回購了價值約 1 億美元的股票。截至 2022 年 6 月 30 日，公司在股票回購授權下剩餘約 3.54 億美元。季度末後，董事會批准在公司現有股票回購授權的基礎上增加 12 億美元，目前總計占我們市值的 15% 以上，突顯董事會對我們長期的信心戰略計劃。

Now for supply chain update. Over the last several quarters, we've shared an update on the status of our logistics network and our continued mitigation efforts as we navigate macro supply chain disruption. We are pleased that there have been relative improvement in this area in Q1, but I will share some brief thoughts before I touch on our fiscal year 2023 outlook.

現在進行供應鏈更新。在過去幾個季度中，我們分享了物流網絡狀態的最新信息，以及我們在應對宏觀供應鏈中斷時的持續緩解努力。我們很高興第一季度該領域取得了相對改善，但在談到我們的 2023 財年展望之前，我將分享一些簡短的想法。

Transit times have improved relative to last year, but we are still experiencing latency and lower visibility into the timing of inventory with nearly 40% in transit and thus are continuing to prioritize holding inventory in the country of sale. For example, during the first quarter, inventory generally arrived earlier than anticipated. As a result, we shipped more product out.

與去年相比，運輸時間有所改善，但我們仍然遇到延遲和對庫存時間的可見性較低，將近 40% 的在運輸中，因此我們繼續優先考慮在銷售國家/地區持有庫存。例如，在第一季度，庫存通常比預期提前到達。結果，我們運送了更多的產品。

However, with low visibility into when certain shipments will arrive, we are comfortable holding higher levels of inventory to enable our brands to meet the significant marketplace demand we are seeing. Though difficult to predict the timing of when inventory will land, we expect that heightened inventory levels will continue throughout this fiscal year.

然而，由於對某些貨物何時到達的可見性較低，我們可以放心地持有更高水平的庫存，以使我們的品牌能夠滿足我們所看到的巨大市場需求。儘管難以預測庫存何時降落，但我們預計本財年庫存水平將繼續升高。

On the cost front, we are confident that the price increases implemented in the HOKA and UGG brands will offset freight headwinds and help bolster second half margins to deliver our full fiscal year 2023 guidance. Given the earlier arrival of inventory, we now expect to use less airfreight than originally anticipated for the HOKA brand. However, as the dollar has continued to strengthen, we are anticipating greater currency headwinds and this reduction in planned airfreight should help offset these currency pressures.

在成本方面，我們相信 HOKA 和 UGG 品牌實施的價格上漲將抵消貨運逆風，並有助於提高下半年的利潤率，以實現我們 2023 財年的完整指導。鑑於庫存較早到達，我們現在預計 HOKA 品牌使用的空運量將低於最初預期。然而，隨著美元繼續走強，我們預計會出現更大的貨幣逆風，而計劃中的空運減少應該有助於抵消這些貨幣壓力。

Now turning to our guidance. And with these dynamics in mind, we are reaffirming our full fiscal year 2023 guidance, which, as a reminder, includes: revenue growth of 10% to 11% versus last year; gross margin, 50 basis points higher than last year, anticipating approximately 51.5%; SG&A at approximately 34% of revenue; and operating margin in the range of 17.5% to 18%; a tax rate in the range of 22% to 23%; and with the share repurchase executed during the first quarter just completed, diluted earnings per share will now be expected to be in the range of $17.50 to $18.35 reflecting a $0.10 increase.

現在轉向我們的指導。考慮到這些動態，我們重申了我們對 2023 財年的完整指導，提醒一下，其中包括：與去年相比，收入增長 10% 至 11%；毛利率，比去年高50個基點，預計約為51.5%； SG&A 約佔收入的 34%；營業利潤率在 17.5% 至 18% 之間；稅率在 22% 至 23% 之間；隨著第一季度剛剛完成的股票回購，稀釋後的每股收益現在預計將在 17.50 美元至 18.35 美元之間，增加 0.10 美元。

While we have maintained our overall guidance, I'd like to highlight a few additional items contemplated within the guidance, which include stronger HOKA revenue growth now expected to increase in the 40% range versus last year, reflecting upside from greater inventory availability, which aligns to our expectation of using less air freight than originally anticipated and incremental foreign currency headwinds primarily affecting UGG growth due to the brand's wholesale business model and concentration of planned growth from the international regions.

雖然我們維持了我們的總體指導，但我想強調指導中考慮的一些其他項目，其中包括現在預計將比去年更強勁的 HOKA 收入增長在 40% 的範圍內，這反映了更高的庫存可用性帶來的好處，其中符合我們的預期，即使用比最初預期更少的空運，以及由於品牌的批發業務模式和國際地區計劃增長的集中而主要影響 UGG 增長的外匯逆風。

This reaffirmation of guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact from additional share repurchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include, but are not limited to: further impacts of the ongoing COVID-19 pandemic on our operations and economic conditions, including supply chain disruptions, constraints and related expenses; labor shortages; inflationary pressures; changes in consumer confidence and recessionary pressures; further strengthening of the U.S. dollar and geopolitical tensions.

這份對指引的重申不包括任何可能被視為一次性性質的費用，並且不考慮額外股票回購的任何影響。此外，我們的指導假設當前風險和不確定性沒有顯著惡化，包括但不限於：持續的 COVID-19 大流行對我們的運營和經濟狀況的進一步影響，包括供應鏈中斷、限制和相關費用；勞動力短缺；通脹壓力；消費者信心的變化和經濟衰退的壓力；美元進一步走強和地緣政治緊張局勢。

While macroeconomic uncertainty persists, we believe in the power of our brands and continue to see positive signs of consumer demand. Deckers has a history of remaining nimble, displaying a unique ability to react as marketplace dynamics evolve and we are well positioned to deliver compelling revenue growth and top-tier operating margins.

儘管宏觀經濟的不確定性依然存在，但我們相信我們品牌的力量，並繼續看到消費者需求的積極跡象。 Deckers 歷來保持敏捷，展現出隨著市場動態變化做出反應的獨特能力，我們有能力提供引人注目的收入增長和頂級運營利潤率。

Thanks, everyone. I'll now hand the call back to Dave for his final remarks.

感謝大家。我現在將電話轉回給戴夫，讓他發表最後的講話。

Thanks, Steve. We are quite pleased with the start to fiscal year 2023 as our portfolio drove revenue growth above 20% in the first quarter, and our organization continued to make progress against key strategic initiatives.

謝謝，史蒂夫。我們對 2023 財年的開始感到非常滿意，因為我們的投資組合在第一季度推動收入增長超過 20%，並且我們的組織繼續在關鍵戰略計劃方面取得進展。

I want to congratulate the entire HOKA team and all of the shared service individuals that support the brand on reaching the $1 billion revenue milestone. This is a huge feat for HOKA, but also for Deckers as a whole, to have a second brand in our portfolio to reach this significant point of scale.

我要祝賀整個 HOKA 團隊和所有支持該品牌的共享服務人員達到 10 億美元的收入里程碑。這對 HOKA 來說是一項巨大的壯舉，對整個 Deckers 來說也是如此，在我們的產品組合中擁有第二個品牌以達到這一重要的規模點。

The exciting part for our company is that we believe HOKA has much more growth ahead as the brand stays laser-focused on its strategic expansion plan. The brand's FLY HUMAN FLY campaign is just the beginning of our journey to build awareness and broaden the consumer aperture for HOKA.

對我們公司來說，令人興奮的部分是我們相信 HOKA 未來會有更多的增長，因為該品牌始終專注於其戰略擴張計劃。該品牌的 FLY HUMAN FLY 活動只是我們為 HOKA 建立知名度和拓寬消費者視野的旅程的開始。

From a talent perspective, we are fortunate to have bolstered our executive leadership team with the recent promotion of Angela Ogbechie to Chief Supply Chain Officer, and the hiring of Anne Spangenberg as President of Fashion Lifestyle. I'm excited to be working closely with both of these experienced leaders and look forward to their contributions that are sure to further enhance Decker's workplace culture and drive success against our long-term strategic initiatives. I'd also like to thank our executive leadership team and all of our employees for remaining flexible and staying focused on our goals while managing through transition.

從人才的角度來看，我們很幸運能夠通過最近將 Angela Ogbechie 提升為首席供應鏈官以及聘請 Anne Spangenberg 擔任時尚生活方式總裁來加強我們的執行領導團隊。我很高興能與這兩位經驗豐富的領導者密切合作，並期待他們的貢獻，這些貢獻必將進一步提升 Decker 的工作場所文化，並推動我們的長期戰略計劃取得成功。我還要感謝我們的執行領導團隊和所有員工在過渡期間保持靈活性並專注於我們的目標。

With our strong portfolio of brands, dedicated employees and disciplined management of the business, I don't think I've ever been this excited for the opportunities ahead for Deckers. And I view the Board of Directors recently approved increase to our share repurchase authorization, which in total now represents more than 15% of Decker's current market capitalization as an impressive vote of confidence in our company, brands, people and strategic plan for the future of our organization. A big thank you to all of our stakeholders for your continued support.

憑藉我們強大的品牌組合、敬業的員工和紀律嚴明的業務管理，我認為我從未對 Deckers 未來的機會如此興奮。我認為董事會最近批准增加我們的股票回購授權，現在總計佔 Decker 當前市值的 15% 以上，這是對我們公司、品牌、人員和未來戰略計劃的令人印象深刻的信任投票。我們的組織。非常感謝我們所有的利益相關者一直以來的支持。

And with that, I'll turn the call over to the operator for Q&A. Operator?

有了這個，我會把電話轉給接線員進行問答。操作員？

(Operator Instructions) The first question comes from Jonathan Komp with Robert W. Baird.

（操作員說明）第一個問題來自 Jonathan Komp 和 Robert W. Baird。

I want to ask just first on the UGG brand. Curious to maybe get your thoughts on just the overall health of the UGG brand in the marketplace. Maybe this is more of a domestic question, but just levels of inventory, comfort with orders that you may have with your wholesale partners, and just overall thoughts on how you expect UGG to fare in the current environment?

我想先問一下UGG品牌。很想知道您對 UGG 品牌在市場上的整體健康狀況有何看法。也許這更多的是一個國內問題，而只是庫存水平、您對批發合作夥伴可能擁有的訂單的滿意程度，以及您對 UGG 在當前環境中的表現的總體看法？

Yes, this is Dave. I can answer the beginning of that. We're pleased with how UGG is performing. It's down a little bit for the quarter as expected, and that's largely due to us trying to lap the Fluff Yeah business from last year. So you can attribute pretty much all of the miss or the decline versus last year, I should say, to the Fluff franchise. And we've made up some ground on that with Sport Yeah and some of the other classic slippers, which are doing well, but Sport Yeah at a lower price point. So as an example, on our e-commerce website in the U.S., sales were down for UGG brand, but units were up.

是的，這是戴夫。我可以回答開頭。我們對 UGG 的表現感到滿意。正如預期的那樣，本季度略有下降，這主要是由於我們試圖從去年開始覆蓋 Fluff Yeah 業務。因此，我應該說，與去年相比，你幾乎可以將所有的失誤或下降歸因於 Fluff 特許經營權。我們已經在 Sport Yeah 和其他一些經典拖鞋上取得了一些進展，它們表現不錯，但 Sport Yeah 的價格更低。例如，在我們在美國的電子商務網站上，UGG 品牌的銷售額下降了，但銷量卻上升了。

So it's a quarterly dynamic. We're working through the tail end of the Fluff business, but the core business across the globe is still strong and healthy. Our order book is strong and healthy. And we feel that our chances are good in the rest of the year. We certainly have inventory in place to do that. And Steve can talk a little bit more about the inventory. But the good news is we have inventory here. It's here earlier, and we're able to get it to our accounts earlier.

所以這是一個季度動態。我們正在努力完成 Fluff 業務的尾聲，但全球的核心業務仍然強勁且健康。我們的訂單很強大而且很健康。我們覺得我們在今年剩下的時間裡很有機會。我們當然有庫存來做到這一點。史蒂夫可以多談談庫存。但好消息是我們這裡有庫存。它更早出現在這裡，我們能夠更早地將其存入我們的帳戶。

So the setup, from a brand perspective going into the back half of the year, is still looking good. But we're being a little bit cautious here because it's still early in the year, and there's a lot of concerns about over inventory in the channel and the consumer. But as far as the brand health goes globally, we're still seeing very positive signs. Order books are still looking healthy, and we have inventory should the business be there to be after.

因此，從進入下半年的品牌角度來看，設置仍然看起來不錯。但我們在這裡有點謹慎，因為現在還處於年初，而且有很多關於渠道和消費者庫存過剩的擔憂。但就品牌健康走向全球而言，我們仍然看到非常積極的跡象。訂單簿看起來仍然很健康，如果業務在那裡，我們有庫存。

Yes. I think, Jon, just to add on to that, as Dave said. Order book is holding up. We're seeing strong demand for the brand. So we feel good about that. As we said on inventory, we were going to bring inventory in earlier this year. So kind of on message, we're delivering on that. That is contributing to an increase in our inventory levels, which, again, just remind to everybody at last year's levels were unusually low and below normal operating levels. So I feel okay with the inventory where it stands. That will continue to build, but we're well positioned from that standpoint to fulfill the orders that we have, and we're continuing to see consumer response to it. So still very positive on how UGG is performing and the outlook.

是的。正如戴夫所說，我認為，喬恩只是為了補充這一點。訂單簿正在等待。我們看到對該品牌的強勁需求。所以我們對此感覺很好。正如我們在庫存中所說，我們將在今年早些時候引入庫存。這樣的消息，我們正在交付。這導致我們的庫存水平增加，這再次提醒大家，去年的水平異常低，低於正常運營水平。所以我對現有的庫存感覺很好。這將繼續建立，但從這個角度來看，我們已經做好了完成我們擁有的訂單的準備，而且我們將繼續看到消費者對此的反應。因此，對於 UGG 的表現和前景仍然非常樂觀。

And then just to remind everybody, we're coming off 2 strong years of UGG growth. And as we said, well documented through last year, it was replenishing depleted levels of inventory in the channel. So we're comping strong growth as well as replenishing inventory and feel comfortable about that.

然後只是提醒大家，我們即將結束 2 年強勁的 UGG 增長。正如我們所說，去年有據可查，它正在補充渠道中耗盡的庫存水平。因此，我們正在實現強勁的增長並補充庫存，對此我們感到很自在。

Yes. Great. And then maybe just one separate question on HOKA. Dave, I think you mentioned broadening the aperture of the brand. And I wanted to just follow up and get your thoughts maybe both near term, any specific initiatives. And then longer term, what are your views of that comment and the opportunity for HOKA that you see today?

是的。偉大的。然後可能只是關於 HOKA 的一個單獨問題。戴夫，我想你提到了擴大品牌的視野。我想跟進並了解您的想法，可能是近期的任何具體舉措。然後從長遠來看，您對該評論以及您今天看到的 HOKA 機會有何看法？

Yes. It's really related to 2 things. One is just expanding the reach of the product to reach new consumers and then also expanding our reach internationally, particularly in China. But this is, at its core, a running brand, and we have incredible authenticity and are a very important brand in that space, and we'll maintain that authenticity as we go forward. Hence, the Western states and the UTMB and the Iron Man championships. That is the core of this brand and always will be.

是的。這真的與兩件事有關。一是擴大產品的覆蓋面以接觸新消費者，然後擴大我們在國際上的影響力，特別是在中國。但這本質上是一個正在運行的品牌，我們擁有令人難以置信的真實性，並且是該領域非常重要的品牌，我們將在前進的過程中保持這種真實性。因此，西部各州以及 UTMB 和鋼鐵俠錦標賽。這是這個品牌的核心，並且永遠都是。

But we obviously see expanded opportunity in trail, in hike, and then in walking and also lifestyle. So we are well aware of the fact that there's a broad base of consumers that are purchasing the HOKA brand across age groups, demographics and end use. And so with the new FLY HUMAN FLY campaign that we launched, reestablishing our authenticity in Ultra Sports with the events that I mentioned.

但我們顯然在小徑、遠足、步行和生活方式方面看到了更多的機會。因此，我們很清楚這樣一個事實，即購買 HOKA 品牌的消費者群體跨越年齡組、人口統計和最終用途。因此，我們推出了新的 FLY HUMAN FLY 活動，通過我提到的活動重建了我們在 Ultra Sports 中的真實性。

And at the same time, speaking to a broader-based consumer that is into the brand for a lifestyle perspective or walking perspective or just overall comfort. So we welcome all those consumers. We consider them athletes. They're on their feet all the day and they need performance footwear. And we're working on ways to establish more communication and engagement with those folks while staying true to the authenticity of the brand.

同時，與更廣泛的品牌消費者交談，以了解生活方式或步行觀點或整體舒適度。因此，我們歡迎所有這些消費者。我們認為他們是運動員。他們整天都站著，他們需要性能鞋。我們正在努力與這些人建立更多的溝通和參與，同時保持品牌的真實性。

And that's more on a product standpoint. We're not necessarily opening up new distribution to go after those consumers. We're pleased with the business in DICK's, but we're in less than 20% of their stores, just starting to go into Foot Locker and opening more stores globally, particularly in China, where we're seeing a broad base of consumers coming into our stores and on our websites really loving the brand.

這更多的是從產品的角度來看。我們不一定要開闢新的分銷渠道來追逐這些消費者。我們對 DICK's 的業務感到滿意，但我們在他們的門店中不到 20%，剛剛開始進入 Foot Locker 並在全球開設更多門店，特別是在中國，我們看到了廣泛的消費者群走進我們的商店和我們的網站，真的很喜歡這個品牌。

But what's also incredibly exciting on the lower age spectrum is 18- to 34-year olds, they're increasingly purchasing the HOKA brand. We're starting to hear comments about people are trading their all white Nikes for all white HOKAs. And so that's very encouraging for us as well. And we have a lot of optimism going into the account -- of Foot Locker account to see what we can do with the younger consumer there, too.

但在較低年齡段也令人難以置信的是 18 至 34 歲的年輕人，他們越來越多地購買 HOKA 品牌。我們開始聽到有關人們正在用他們的全白色耐克換全白色 HOKA 的評論。所以這對我們來說也是非常鼓舞人心的。我們對Foot Locker 賬戶的賬戶非常樂觀，看看我們可以為那裡的年輕消費者做些什麼。

The next question comes from Sam Poser with Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

Well, I'm just going to do my normal question. Can you give us -- you sort of talked a little bit about it on earlier, but can you give us wholesale revenue by category or brand, please?

好吧，我只是要做我的正常問題。你能不能給我們——你之前談過一點，但是你能給我們按類別或品牌的批發收入嗎？

Sam, sure, this is Erinn. So wholesale distributor net sales, I'll give you just that component by brand. So for UGG, that was $138 million. HOKA, $232 million. Teva, $47 million. Sanuk, $11 million. And then all other, which includes Koolaburra, $2 million. So that gets you to your total wholesale distributor of $429 million.

山姆，當然，這是艾琳。所以批發分銷商的淨銷售額，我會按品牌給你那個組件。所以對於 UGG 來說，這是 1.38 億美元。 HOKA，2.32億美元。梯瓦，4700萬美元。薩努克，1100 萬美元。然後是所有其他，包括 Koolaburra，200 萬美元。這樣一來，您的批發分銷商總額就達到了 4.29 億美元。

Then you -- a couple -- 2 more. You lost a bunch of sales in UGG, even though you had a good quarter in the third quarter of last year. How are you seeing the third quarter of this year now that your inventory is flowing better?

然後你——一對——還有兩個。儘管去年第三季度的業績不錯，但您在 UGG 上的銷售額下降了很多。既然您的庫存流動得更好，您對今年第三季度的看法如何？

And then with HOKA, you're doing $330 million, can you give us some idea of the cadence to get to the 40% increase that you're thinking about? Because $330 million is well above any quarter you've ever had. And is that a new normal? Or what -- how should we think about the flow of revenue there to get to the 40%?

然後有了 HOKA，你正在做 3.3 億美元，你能給我們一些關於你正在考慮的 40% 增長的節奏的想法嗎？因為 3.3 億美元遠高於您曾經擁有的任何季度。這是一種新常態嗎？或者什麼——我們應該如何考慮那裡的收入流以達到 40%？

Yes. So I'll start with UGG, and then I'll let Steve tackle the HOKA question. So we're optimistic about UGG in Q3. As you said, we were light on inventory last year. We potentially missed some sales last year. And the good news is that we have inventory, obviously, in the channel earlier and we have more inventory coming.

是的。所以我將從UGG 開始，然後讓Steve 解決HOKA 問題。所以我們對第三季度的 UGG 持樂觀態度。正如你所說，我們去年的庫存很少。去年我們可能錯過了一些銷售。好消息是，很明顯，我們在渠道中早有庫存，而且我們有更多的庫存即將到來。

So from an inventory standpoint, I think we're going to be in very good shape for Q3. There's just a lot of questions out there still on the consumer, level of promotions, et cetera. We're not -- we've been the last couple of years for UGG in Q3, we've been very, very clean, minimal promotions, tight on inventory. We see a little bit of return to a normalized season, but we're not expecting or modeling in heavy promotional activity at this point. We want to protect the health of the brand and not chase top line because we think we can make up a lot of revenue if we need to on the year with HOKA.

因此，從庫存的角度來看，我認為我們將在第三季度處於非常好的狀態。在消費者、促銷水平等方面仍有很多問題。我們不是——我們在第三季度是 UGG 的最後幾年，我們非常非常乾淨，促銷活動最少，庫存緊張。我們看到了一點點回歸到正常化的季節，但我們目前並不期待或模擬大量的促銷活動。我們希望保護品牌的健康，而不是追逐收入，因為我們認為如果我們需要與 HOKA 合作，我們可以彌補很多收入。

But as far as how the setup looks, we're in inventory position. We have exciting new product launches in the UGG brand that we think are going to resonate very well. And we have a new campaign, a holiday campaign that we're working on right now. So as far as tackling the opportunity, we're in good shape. I think the question is the macroeconomic environment globally and what that's going to do to not necessarily just the brand but the wholesale partners who are tight on inventory as well or heavy on inventory in general.

但就設置的外觀而言，我們處於庫存狀態。我們在 UGG 品牌中推出了令人興奮的新產品，我們認為這些產品會引起很好的共鳴。我們有一個新的活動，一個我們現在正在努力的假日活動。因此，就抓住機會而言，我們處於良好狀態。我認為問題在於全球宏觀經濟環境，這不僅會影響品牌，還會影響庫存緊張或總體上大量庫存的批發合作夥伴。

Yes. Then, Sam, on the HOKA question, what we said and kind of indicated in a strong Quarter 1 performance, where we ship more product was increased availability of inventory in June, and that was largely driven by HOKA. And so that gave us an opportunity to ship product more than what we kind of anticipated could happen with the availability of inventory. That was largely Hoka driven, right?

是的。然後，山姆，關於 HOKA 的問題，我們所說的以及在第一季度強勁的表現中所表明的，我們出貨更多的產品是 6 月份庫存可用性的增加，這主要是由 HOKA 推動的。因此，這使我們有機會運送比我們預期的更多庫存的產品。這主要是 Hoka 驅動的，對吧？

And so I think what you're seeing in the quarter is our ability to get that product into the market a little bit sooner than what we expected, which is always encouraging, and we'll closely watch the sell-through. But that's what's driving some of this timing issue. And it's, again, going back to why we're not giving quarterly guidance, we're just seeing timing shifting between quarters. And so it's very difficult with what we're dealing with to kind of precisely show when things are going to go. But when we have an opportunity to move product out a little bit earlier than what we anticipated, we're going to take full advantage of it. And that's really what you've seen with HOKA in this quarter.

所以我認為你在本季度看到的是我們能夠比我們預期的更早地將產品推向市場，這總是令人鼓舞的，我們將密切關註銷售情況。但這就是驅動一些時間問題的原因。這又回到了為什麼我們不提供季度指導，我們只是看到季度之間的時間轉移。所以我們正在處理的事情很難準確地顯示事情何時會發生。但是，當我們有機會比我們預期的更早地推出產品時，我們將充分利用它。這就是您在本季度對 HOKA 看到的情況。

One last thing. Do you expect the DTC business to outgrow wholesale this year given sort of the some of the maneuvers at the end of last year in the wholesale shipments?

最後一件事。考慮到去年年底批發出貨量的一些策略，您是否預計今年 DTC 業務的增長將超過批發業務？

Yes. I think right now, the way we're kind of looking at things is equivalent between those channels. So still early, and we'll see. But right now, the way we're looking at it is kind of equivalent.

是的。我認為現在，我們看待事物的方式在這些渠道之間是等效的。所以還早，我們拭目以待。但現在，我們看待它的方式是等價的。

The next question comes from Laurent Vasilescu with Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Laurent Vasilescu。

I wanted to follow up on HOKA on the global marketing campaign. Dave, were there any key learnings you could share with us from that campaign? And can you remind us, I think in the 10-K for fiscal year '22, marketing was about 8% of sales, meaningfully up over from like a few years, at 5%, which is great to see. Where -- Steve, where do you think marketing goes for this fiscal year? And can you maybe talk a little bit about the nuances to spread maybe in terms of marketing spend as a percentage of sales between the 2 big brands?

我想跟進 HOKA 的全球營銷活動。戴夫，您從那次活動中是否有任何重要的經驗可以與我們分享？你能提醒我們嗎，我認為在 22 財年的 10-K 中，營銷約佔銷售額的 8%，比幾年前有意義地增加了 5%，這很高興。哪裡——史蒂夫，你認為這個財政年度的營銷去向是什麼？您能否談談在營銷支出佔兩個大品牌之間銷售額的百分比方面的細微差別？

Yes, I'll talk a little bit about HOKA. This is the first global campaign that the brand has ever done. So we felt it's important to refresh the messaging and the communication from the brand. And we've obviously evolved our thinking as to what this brand can be for folks globally. And we've been on a track of inspiring athletes all around the world of all types to get active and be there for them.

是的，我會稍微談談 HOKA。這是該品牌開展的第一次全球活動。所以我們覺得更新品牌的信息和溝通很重要。我們顯然已經改變了我們對這個品牌對全球人們的影響的想法。我們一直在鼓勵世界各地各種類型的運動員積極參與並為他們服務。

And so this is a way for us to bring all the different product launches that we go through, whether it's a Clifton or a Bondi, Speedgoat to have a little bit more consistency and the look and feel of the campaign to have a consistent tone of voice and to be more consistent with global consumers around the globe.

因此，這是我們推出所有不同產品的一種方式，無論是 Clifton 還是 Bondi，Speedgoat 都具有更多的一致性，並且活動的外觀和感覺具有一致的基調聲音並與全球消費者更加一致。

So we're very pleased with how it's been received. We're getting very positive feedback from our wholesale partners. We're getting very positive KPIs on our website. The amount of new visitors for the quarter was up tremendously and very healthy for us as you see in some of the retention and acquisition figures are all heading in the right direction. And we think this is a foundation and a story that we can continue to build on head to toe and build real power and an aspirational positioning for the brand.

因此，我們對收到它的方式感到非常滿意。我們從批發合作夥伴那裡得到了非常積極的反饋。我們在我們的網站上獲得了非常積極的 KPI。正如您在一些保留和獲取數據中看到的那樣，本季度的新訪問者數量大幅增加，對我們來說非常健康，這些數據都朝著正確的方向發展。我們認為這是一個基礎和一個故事，我們可以繼續從頭到腳建立並為品牌建立真正的力量和理想的定位。

So so far, so good. I think we need to add in a little bit more grittiness, if that's the right word into the campaign and pull off some of the great performances and athletes in the UTMB and Western states and Iron Man and leverage those influencers a little bit more in the campaign. But we feel the platform is right. The redesign of the website has proven to be very successful so far, our landing page spend time and dwell time and conversion rates are up. And so we're very pleased. But it's very -- it's the beginning of a long journey with this campaign. And -- but so far, we're seeing great adoption globally and positive reaction from consumers and wholesale accounts.

到目前為止，一切都很好。我認為我們需要在競選中加入更多的堅韌不拔，如果這是正確的詞，並在 UTMB 和西部各州以及鋼鐵俠中取得一些出色的表演和運動員，並在活動。但我們覺得這個平台是對的。到目前為止，網站的重新設計已被證明非常成功，我們的登陸頁面花費了時間和停留時間，並且轉化率上升了。所以我們很高興。但這非常 - 這是這次競選漫長旅程的開始。而且 - 但到目前為止，我們看到全球範圍內的廣泛採用以及消費者和批發客戶的積極反應。

Yes. And Laurent, this is Steve. Just on the marketing spend, we -- over the past few years, we have been increasing marketing spend. As it relates to brands, we spend more in marketing on a proportional basis to sales on HOKA than we do other brands. And that is part of what's driving our overall marketing increase and marketing as a percent of revenue increase. What we're seeing, as Dave just articulated, is great productivity with our marketing spend and what's contributing to building brand awareness.

是的。勞倫特，這是史蒂夫。就營銷支出而言，我們 - 在過去幾年中，我們一直在增加營銷支出。由於與品牌有關，我們在營銷方面的投入與 HOKA 的銷售額相比比其他品牌要多。這是推動我們整體營銷增長和營銷佔收入增長百分比的部分原因。正如戴夫剛才所說，我們所看到的是我們的營銷支出帶來的巨大生產力，以及有助於建立品牌知名度的因素。

As we talked about quite a bit, HOKA brand awareness is still relatively low in comparison to other brands. And so with the marketing spend, with the campaigns that we're launching, we're seeing great productivity in how that's driving consumer awareness of the brand and building brand awareness.

我們談了很多，HOKA的品牌知名度與其他品牌相比仍然相對較低。因此，通過營銷支出，通過我們推出的活動，我們看到瞭如何提高消費者對品牌的認識和建立品牌知名度的巨大生產力。

So it's a lever that we're using very efficiently and productively, and we'll continue to do that. And as you've seen with the global campaign. And as Dave said, we'll continue to refine and continue to build awareness through those campaigns.

所以這是一個我們正在非常有效和高效地使用的槓桿，我們將繼續這樣做。正如您在全球活動中看到的那樣。正如戴夫所說，我們將繼續完善並繼續通過這些活動建立意識。

That's great. Great to hear. And then as a follow-up question, I think you mentioned in a few remarks, Dave, on Foot Locker, maybe you can give a little more granularity on what type of consumer you're seeing there? What's the response?

那太棒了。很高興聽到。然後作為一個後續問題，我想你在一些評論中提到，戴夫，在Foot Locker，也許你可以更詳細地說明你在那裡看到的是什麼類型的消費者？有什麼反應？

And then, Steve, I think in your 10-K, you signed another lease for a pretty significant distribution center that should be up and running over the next year or 2 followed by the Indiana distribution center last year. Can you just maybe kind of frame up the need for that? Is that to really focus on the multibillion dollar target for HOKA? Is there a channel effort there between wholesale and DTC? Any color on that would be very helpful.

然後，史蒂夫，我認為在你的 10-K 中，你簽署了另一個非常重要的配送中心的租約，該中心應該在明年或 2 年內啟動並運行，然後是去年的印第安納配送中心。你能不能稍微說明一下這個需求？這是真正專注於 HOKA 數十億美元的目標嗎？批發和 DTC 之間是否存在渠道合作？上面的任何顏色都會很有幫助。

Sure. I'll tackle Foot Locker first. So we're -- it's early days. We just put the product in Foot Locker. It's in a handful of positioned stores that we feel are right for the consumer going after, which is younger more athletic minded, but still fashion-minded consumer in stores that we think the Foot Locker Group can represent the brand positively. And then we're online with some styles as well.

當然。我會先解決Foot Locker。所以我們 - 現在還為時過早。我們只是將產品放入Foot Locker。在我們認為適合消費者追求的少數定位商店中，我們認為Foot Locker Group可以積極代表該品牌的商店中更年輕、更具運動意識但仍具有時尚意識的消費者。然後我們也上線了一些款式。

So too early to share any results, but I will say that we're pleased with how the launch has gone. We're pleased with the feedback we're getting from Foot Locker. As I mentioned, we're seeing younger consumers more increasingly adopt the brand. So we feel good about it long term. So far, so good at the launch. We're going to take our time and maintain the discipline that we always have with expanding distribution, much as like we've done with DICK'S.

分享任何結果還為時過早，但我會說我們對發布的進展感到滿意。我們對來自 Foot Locker 的反饋感到滿意。正如我所提到的，我們看到年輕消費者越來越多地採用該品牌。所以我們對它長期感覺良好。到目前為止，在發布方面做得很好。我們將花時間並保持我們一直以來擴大分銷的紀律，就像我們對 DICK'S 所做的那樣。

But both of those are strategic in reaching consumers where they want to shop, in environments that can showcase the brand in a positive way, and they're both doing that. And we're going to continue to monitor and see how things go. But there's no major plans to drastically increase door count. We're still in less than 20% of DICK'S stores. And you can see the results we're getting through our own DTC channels. So very healthy right now, and we'll continue to monitor these and trickle out distribution.

但這兩者都具有戰略意義，可以在能夠以積極方式展示品牌的環境中吸引消費者想要購物的地方，而且他們都在這樣做。我們將繼續監控並了解情況如何。但是沒有大幅增加門數的重大計劃。我們仍然在不到 20% 的 DICK'S 商店中。您可以看到我們通過自己的 DTC 渠道獲得的結果。現在非常健康，我們將繼續監控這些並逐步分發。

Yes. And just on the distribution centers, Laurent, we are, as you mentioned, expanding our presence and space available. That is in part to handle the growth that we anticipate with the business and specifically kind of help handle the additional growth in the HOKA business. We do have levers as well. So there -- we have other arrangements and 3PLs that we can change distribution patterns.

是的。就在配送中心，Laurent，正如你所提到的，我們正在擴大我們的存在和可用空間。這部分是為了處理我們預期的業務增長，特別是幫助處理 HOKA 業務的額外增長。我們也有槓桿。所以——我們有其他安排和 3PL，我們可以改變分佈模式。

But -- so we have our main facility in Moreno Valley. We're increasing space in the Midwest as you mentioned. We also have some distribution through 3PLs on the East Coast that we can also look at. So it's helping us plan for the future. We know these things take time.

但是 - 所以我們在莫雷諾谷有我們的主要設施。正如你所說，我們正在增加中西部的空間。我們還可以通過東海岸的 3PL 進行一些分銷，我們也可以查看。所以它幫助我們規劃未來。我們知道這些事情需要時間。

What I would also say is we're introducing more automation. And so a big part of what we're developing in the Midwest is an increased automated fulfillment center. So being able to be efficient as we get those up and running efficiently. So more to come on that, but that's how we're looking at that.

我還要說的是我們正在引入更多的自動化。因此，我們在中西部開發的很大一部分是增加自動化履行中心。因此，當我們啟動並有效運行這些設備時，我們能夠提高效率。所以還有更多內容，但這就是我們的看法。

The next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

I wanted to ask about the state of wholesale channel inventories in the specialty running channel. HOKA has clearly been a share gainer, but the category has been very strong. Do you feel HOKA's caught up on having inventory and equilibrium in that channel now? And then I'm curious if you're seeing any indications of moderating growth in the category and if that's catching some of the other brands wrong-footed on inventory?

想問一下專營渠道批發渠道庫存狀況。 HOKA 顯然是一個份額增長者，但該類別一直非常強勁。您是否覺得 HOKA 現在已經趕上了該渠道的庫存和平衡？然後我很好奇您是否看到該類別增長放緩的任何跡象，以及這是否會導致其他一些品牌在庫存上步履蹣跚？

Yes. Jim, this is Steve. Good question. We're watching that carefully. And as you mentioned, we are growing our presence and inventory has increased. We are not at some inventory levels as some of the others, but our productivity is much higher than other brands. So run specialty is highly productive. I think we're probably the most productive brand in many of those outlets. That's leaning to significant turnover of that inventory. So our ability to fulfill it.

是的。吉姆，這是史蒂夫。好問題。我們正在仔細觀察。正如你所提到的，我們正在擴大我們的業務，並且庫存也在增加。我們不像其他一些品牌那樣處於某些庫存水平，但我們的生產力遠高於其他品牌。所以運行專業是高產的。我認為我們可能是許多這些網點中生產力最高的品牌。這傾向於該庫存的大量周轉。所以我們有能力實現它。

So I think, again, as inventory increases as we have more inventory available, we're going to continue to feed that channel. There's more opportunity, I think, and our teams believe that as well. So we're going to continue to take advantage of that. And now especially with a better inventory position, we're better positioned to continue to go after that business.

因此，我再次認為，隨著我們有更多可用庫存而增加庫存，我們將繼續為該渠道提供服務。我認為還有更多的機會，我們的團隊也相信這一點。所以我們將繼續利用這一點。現在，尤其是在庫存狀況更好的情況下，我們更有能力繼續追求該業務。

Yes. And I think also we're hearing a little bit that some of the run specialty accounts are full in general with not just HOKA inventory, but all their inventory. So there's a limited capacity to be able to bring in additional inventory, but as Steve said, the productivity of HOKA versus others is exceptional, high-retail, high-margin, full-price sales. But we have the inventory now and on the way to be able to manage that channel much better than we have in the last 2 years, and we're really in chase mode.

是的。而且我認為我們也聽說一些運行的專業帳戶通常都滿了，不僅有 HOKA 庫存，還有他們所有的庫存。因此，能夠引入額外庫存的能力有限，但正如史蒂夫所說，HOKA 與其他公司相比，其生產力是卓越的、高零售、高利潤、全價銷售。但是我們現在有庫存並且正在路上，能夠比過去兩年更好地管理該渠道，而且我們真的處於追逐模式。

Yes, the brand indicators super encouraging, 5 of the top 10 styles, that's really impressive.

是的，品牌指標非常令人鼓舞，前 10 款中的 5 款，確實令人印象深刻。

And the other thing on that is we are working on more innovative launches. So we're going to bring innovation and new ideas to market faster. We're going to utilize that channel to do some test and learn along the way as well and get some new innovative products out faster utilizing DTC in the run specialty channel at the beginning of calendar year '23.

另一件事是我們正在努力推出更具創新性的產品。因此，我們將更快地將創新和新想法推向市場。我們將利用該渠道進行一些測試和學習，並在 23 日曆年初利用運行專業渠道中的 DTC 更快地推出一些新的創新產品。

Great. And Dave, I also wanted to ask about the addition of Anne Spangenberg. What's the particular skill set that Anne brings to you that makes her well suited to lead the fashion lifestyle division? And what are the areas you're most excited about her opportunities to have an impact?

偉大的。還有戴夫，我還想問一下安妮·斯潘根伯格的加入。安妮帶給您的哪些特殊技能讓她非常適合領導時尚生活方式部門？你對她的影響力最感興趣的領域是什麼？

Yes. We are -- collectively, as ELT as a Board and as an organization, very excited to have Anne join the company. She's been here now almost 3 weeks. She's hit the ground running. She's been a fantastic addition to the ELT.

是的。作為 ELT 作為一個董事會和一個組織，我們集體對 Anne 加入公司感到非常興奮。她來這裡已經快 3 週了。她跑到了地面上。她是 ELT 的一個極好的補充。

I would say, first and foremost, she is the right kind of leader for Deckers. She's an inspirational leader. She's an epithetic leader. She's got incredible experience over her years in Nike, all within merchandising and storytelling and brand building. She spent 3 years on the ground in China, redeveloping, repositioning that market, and oversaw just a massive business for Nike.

我想說，首先，她是德克斯的正確領導者。她是一個鼓舞人心的領導者。她是名副其實的領袖。多年來，她在 Nike 擁有令人難以置信的經驗，包括商品銷售、講故事和品牌建設。她在中國工作了 3 年，重新開發、重新定位該市場，並監督了耐克的一項龐大業務。

And so the core talent that we love about Anne is she is an exceptional merchant, first and foremost. She understands and appreciates the product. She understands how to bring product to market in a compelling way with head-to-toe storytelling. She knows footwear and apparel. And she's not from the fashion space, but we have a full team of people who are experts in that space. And what we're really looking for here is an inspirational leader who can get the best out of that team.

所以我們喜歡安妮的核心天賦是她是一位傑出的商人，首先也是最重要的。她理解並欣賞產品。她了解如何通過從頭到腳的故事講述以引人入勝的方式將產品推向市場。她知道鞋類和服裝。而且她不是來自時尚領域，但我們擁有一支完整的團隊，他們都是該領域的專家。我們在這裡真正尋找的是一位能夠從團隊中發揮最大作用的鼓舞人心的領導者。

And at the same time, really editing and amplifying our storytelling, which is something a lot of people learned from Nike over the years. So we think just a combination of her leadership, her merchandising experience, the global execution that she was overseeing at Nike gives us great leadership for this brand and can unlock the true potential of this brand going beyond the $2 billion that it's at now.

同時，真正編輯和放大我們的故事講述，這是多年來很多人從耐克那裡學到的東西。因此，我們認為，她的領導能力、營銷經驗以及她在耐克負責的全球執行力的結合，為我們提供了對這個品牌的巨大領導力，並可以釋放這個品牌的真正潛力，超越目前的 20 億美元。

Our next question comes from John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen。

Excellent. Congrats on another great quarter. Could you talk to price increases you realized in Q1 and what you're planning for the back half of the year and the impact to gross margin as you're planning?

出色的。祝賀另一個偉大的季度。您能否談談您在第一季度實現的價格上漲以及您對下半年的計劃以及您計劃對毛利率的影響？

Yes, John, this is Steve. We haven't changed anything from what we've said previously. So we have introduced at the beginning of this calendar year, price increases related to HOKA. We're seeing that drive some of the gross margin improvement. Clearly, that's being and has been offset with the higher freight. It's helping mitigate some of the pressures and we'll continue to face that really into the next quarter.

是的，約翰，這是史蒂夫。與之前所說的相比，我們沒有改變任何東西。因此，我們在今年年初推出了與 HOKA 相關的價格上漲。我們看到這推動了一些毛利率的提高。顯然，這正在並且已經被更高的運費所抵消。它有助於減輕一些壓力，我們將在下個季度繼續真正面對。

What we've also said and haven't changed our stance on is price increases on related select product for UGG. That will really kick in, in our Q3. Again, that was part of what we indicated on our initial guidance. So we haven't changed anything there.

我們也說過並且沒有改變我們的立場是UGG相關精選產品的價格上漲。在我們的第三季度，這將真正發揮作用。同樣，這是我們在最初指導中指出的一部分。所以我們在那裡沒有改變任何東西。

So no change in terms of how we're thinking about price increases. We're going to continue to monitor that, but our prices are pretty well set for the seasons and would be more a future opportunity, not anything we would expect in this year.

因此，我們對價格上漲的看法沒有改變。我們將繼續對此進行監控，但我們的價格已經為各個季節設定了相當好的價格，而且更多的是未來的機會，而不是我們今年所期望的任何東西。

Yes. I think for UGG specifically, we raised prices in about 30% of the line for Q3. So -- but in places where we think we can get it, and we've heard that from our wholesale partners that we can get that as well.

是的。我認為特別是對於 UGG，我們將第三季度的價格提高了大約 30%。所以 - 但在我們認為我們可以得到它的地方，我們從我們的批發合作夥伴那裡聽說我們也可以得到它。

Got it. Maybe just 1 quick follow-up. You mentioned specialty running being a little bit full on the wholesale side of things for HOKA. Anything else you -- any other detail you can give as it relates to the wholesale channel for both UGG and HOKA. We have heard some updates from some of your peers in the sector, and it does sound like there's some caution building in that wholesale channel.

知道了。也許只是 1 次快速跟進。您提到 HOKA 在批發方面的專業跑步有點滿。您可以提供的任何其他信息 - 您可以提供與 UGG 和 HOKA 的批發渠道相關的任何其他詳細信息。我們從該行業的一些同行那裡聽到了一些更新，聽起來確實在該批發渠道中建立了一些謹慎。

Yes. I mean, from what I'm hearing, I wouldn't necessarily say it's caution, but I think wholesalers are filling up on inventory. They've been light for many of their key brands over the last couple of years, and they're filling up and logistics is still a challenge for brands and wholesalers. Space is becoming a challenge. And so we're hearing a little bit about that out there in the marketplace, which is why we think it's good that we got inventory in early, and we were able to get inventory into the channel to capture that space. So I think it's going to be a dynamic this year that wholesale is going to have to work through as they try to fill up their inventories and get back in the right position heading into the rest of the year.

是的。我的意思是，據我所知，我不一定會說這是謹慎，但我認為批發商正在填補庫存。在過去的幾年裡，他們的許多主要品牌都很輕，而且他們正在填滿，物流對品牌和批發商來說仍然是一個挑戰。空間正在成為一項挑戰。因此，我們在市場上聽到了一些關於這一點的消息，這就是為什麼我們認為儘早獲得庫存是件好事，我們能夠將庫存納入渠道以佔領該空間。因此，我認為今年將是一個動態，批發將不得不通過，因為他們試圖填補庫存並在今年剩下的時間裡回到正確的位置。

So we don't see it really affecting our business yet. Demand is still strong. Brand health is still strong. We're not hearing about crazy cancellations or anything. It's pretty normalized. So we still feel good about our chances, but that is a dynamic that we're hearing about.

所以我們還沒有看到它真正影響我們的業務。需求依然強勁。品牌健康度依然強勁。我們沒有聽說瘋狂取消或任何事情。這很正常。所以我們仍然對我們的機會感覺良好，但這是我們聽到的動態。

The next question comes from Paul Lejuez with Citi Research.

下一個問題來自 Citi Research 的 Paul Lejuez。

Curious if maybe you could talk a little bit more about the trends that you saw in the DTC side of the business for each of the brands as you kind of progressed throughout the quarter. If things kind of held steady throughout, or if you saw sort of ups and downs in the business on the DTC side or maybe a deterioration as you moved along, again, both for UGG and HOKA.

很好奇，隨著您在整個季度的進展，您是否可以多談談您在每個品牌的 DTC 業務方面看到的趨勢。如果事情自始至終保持穩定，或者如果您看到 DTC 方面的業務起起落落，或者可能隨著您的發展而惡化，同樣，對於 UGG 和 HOKA。

And curious if you can just talk about the inventory a little bit more. I think you mentioned your -- you had a high percentage of goods in transit. Just curious what the comparison was versus a year ago? And what inventory looks like in terms of units on hand versus last year?

並且好奇您是否可以多談談庫存。我想你提到了你的 - 你在運輸途中的貨物比例很高。只是好奇與一年前的比較是什麼？與去年相比，現有單位的庫存情況如何？

Yes. So I'll talk about e-commerce a little bit. As you saw from the HOKA results, a very healthy quarter for UGG. We did see a lift with the new campaign and the launch when that kicked in. And so that helped in the back half of the quarter, created a little more excitement, a little more awareness. The first-time visitors, it was in the 70% range.

是的。所以我會稍微談談電子商務。正如您從 HOKA 的結果中看到的，對於 UGG 來說，這是一個非常健康的季度。我們確實看到了新活動和啟動時的提升。所以這在本季度的後半段有所幫助，創造了更多的興奮，更多的意識。首次訪問者，它在 70% 的範圍內。

And so a very healthy business that continues to be repeat purchasers, new consumers, younger consumers coming to the site, better KPIs, as I mentioned, on the landing pages and conversion on those pages. So that's really good. And it's broad-based. It's across all categories. It's not really a standout amongst the group. It's just the whole brand is seeing that level of interest and adoption.

因此，一個非常健康的業務繼續是重複購買者、新消費者、來到網站的年輕消費者、更好的 KPI，正如我所提到的，登陸頁面和這些頁面上的轉換。所以這真的很好。而且基礎廣泛。它涵蓋所有類別。這在小組中並不是真正的佼佼者。只是整個品牌都看到了這種程度的興趣和採用。

Within UGG, the real challenge for DTC, as I mentioned, is within the slipper category. And it's a combination of the Fluff business slowing down dramatically from where it was a year ago, still aided by the pandemic. So that's slowed down, but we've made up some ground with the Sport Yeahs but it's at a lower price point. So as I mentioned, revenue in DTC was down or e-commerce was down for UGG, but units were up.

正如我所提到的，在 UGG 中，DTC 的真正挑戰在於拖鞋類別。這是 Fluff 業務與一年前相比急劇放緩的結合，但仍受到大流行的幫助。所以這放慢了速度，但我們已經在 Sport Yeahs 上取得了一些進展，但它的價格更低。因此，正如我所提到的，DTC 的收入下降了，或者 UGG 的電子商務下降了，但單位數量卻上升了。

So I think, as I said, it's a point in time dynamic. I still think the core business -- I know this core business is still strong, heritage slippers is still strong and men's still strong. A little softness in kids, but that was also Fluff related.

所以我認為，正如我所說，這是一個動態的時間點。我仍然認為核心業務——我知道這個核心業務仍然很強大，傳統拖鞋仍然很強大，男裝仍然很強大。孩子們有點柔軟，但這也與絨毛有關。

Aside from that, the brand is still performing on expectation in the categories that we need it to. And as I said, as we get into Q2 and Q3, the Fluff dynamic will be behind us and it will be a more normalized business.

除此之外，該品牌仍在我們需要的類別中表現出預期。正如我所說，隨著我們進入第二季度和第三季度，Fluff 動態將在我們身後，它將成為一個更加正常化的業務。

And then, Paul, just a little bit on the inventory. In terms of the in-transit, percentage-wise, we're a little bit better but on a higher dollar amount. So we have higher dollar amount still in transit. I think that's important to note. And then embedded in that inventory this year versus last year is about $70 million more of additional freight as rates increased throughout last year. So we're dealing with a significant amount more of freight embedded in those higher inventory values as well.

然後，保羅，只是在庫存上的一點點。就在途百分比而言，我們稍微好一點，但金額更高。所以我們有更高的美元金額仍在運輸中。我認為這很重要。與去年相比，今年的庫存中嵌入了大約 7000 萬美元的額外運費，因為去年整個運費都在上漲。因此，我們也在處理這些較高庫存價值中嵌入的大量運費。

And then the other, with large percentage increase related to HOKA as we're ramping the HOKA inventory to support the growth in that business, that's contributing to the higher inventory balance. And just to remind everyone, the average price on HOKA is greater than the average. So that's contributing to a lift as well.

然後另一個，與 HOKA 相關的大幅增長，因為我們正在增加 HOKA 庫存以支持該業務的增長，這有助於提高庫存餘額。並且提醒大家，HOKA 的平均價格高於平均價格。所以這也有助於提升。

Did you say -- did you give a breakdown of HOKA versus UGG inventory?

你有沒有說 - 你有沒有給出 HOKA 和 UGG 庫存的細分？

No, we don't.

不，我們沒有。

The next question comes from Jay Sole, and this will be the last question. He's with UBS.

下一個問題來自 Jay Sole，這將是最後一個問題。他在瑞銀。

Great. You gave a bunch of the key factors that impacted the gross margin in the quarter. Is it possible to give us a little bit more detail around how much the supply chain costs affected the gross margin in basis points? And then on the supply chain, you mentioned you're starting to see some improvement. Can you give us a sense of how much it's improved and what kind of visibility you have into the trajectory of those challenges maybe getting easier as we go through the fiscal year?

偉大的。您給出了一系列影響本季度毛利率的關鍵因素。是否可以更詳細地說明供應鏈成本對毛利率的影響（以基點為單位）？然後在供應鏈上，你提到你開始看到一些改進。您能否告訴我們它的改進程度以及您對這些挑戰的軌蹟的了解程度，隨著我們整個財年的進行，這些挑戰的軌跡可能會變得更容易嗎？

Yes. Sure, Jay. So this is Steve. So of the 360 basis point decline versus last year in the quarter, roughly 260 of it is increased freight. So that's related to both ocean and air because we did use some air in Q1, which a year ago, we didn't. We didn't start using air freight last year until later in the year. So that will be where we're going to have some headwinds in the first half of the year versus tailwinds when you get into the latter part of the year.

是的。當然，傑。這就是史蒂夫。因此，本季度與去年同期相比下降了 360 個基點，其中大約 260 個是運費增加。這與海洋和空氣有關，因為我們在第一季度確實使用了一些空氣，而一年前我們沒有。我們直到今年晚些時候才開始使用空運。因此，這將是我們在今年上半年遇到一些逆風的地方，而當你進入下半年時，我們會遇到順風。

So roughly 260 on freight. There's about 50 basis points related to FX. And then everything else were kind of all the other things that we stated.

所以大約260的運費。大約有 50 個基點與外匯有關。然後其他所有內容都類似於我們所說的所有其他內容。

Yes. And just to remind you, the freight, again, as we talk about, is inclusive of air and ocean. And then the second part of your question was?

是的。再次提醒您，正如我們所說，運費包括空運和海運。然後你問題的第二部分是？

Just on the supply chain, you said some improvements like -- yes, how do you think it trends from here?

就供應鏈而言，您提到了一些改進，例如——是的，您認為它從這裡開始的趨勢如何？

Yes. So what we're seeing, and this is what's contributed to the strong first quarter, we have seen an improvement, as we mentioned in the prepared remarks. So product is flowing in a little bit sooner than what we anticipated. So we're seeing things flow.

是的。因此，正如我們在準備好的評論中提到的那樣，我們所看到的，這就是促成第一季度強勁的原因，我們已經看到了進步。所以產品的流入速度比我們預期的要快一點。所以我們看到事情在流動。

The visibility is still limited, as I mentioned in the prepared remarks, too. So we're still trying to get better gauges on arrival of inventory. Good news is on the West Coast, port labor negotiations that's still ongoing. So we haven't seen disruption related to that. But again, still ongoing. So we'll keep a close eye on that.

正如我在準備好的評論中提到的那樣，能見度仍然有限。因此，我們仍在努力獲得更好的庫存到達指標。好消息是在西海岸，港口勞工談判仍在進行中。所以我們還沒有看到與此相關的中斷。但同樣，仍在進行中。所以我們會密切關注這一點。

So again, seeing inventory come in better, which is good. It gives us an ability, like we demonstrated in the quarter with June and with HOKA, an ability to move it out and be in a better position than we were a year ago in order to kind of meet some of the demand. So we'll see how things go. We're continuing to work on that, continuing to look at ways to improve, but encouraged by some of the improvements that we have seen, but continuing to look for further improvement.

再說一次，看到庫存更好，這很好。它為我們提供了一種能力，就像我們在 6 月和 HOKA 的季度所展示的那樣，一種將其移出並處於比一年前更好的位置的能力，以便滿足一些需求。所以我們會看看事情進展如何。我們正在繼續努力，繼續尋找改進的方法，但對我們看到的一些改進感到鼓舞，但繼續尋求進一步的改進。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。