Deckers Outdoor Corp (DECK) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands Second 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 財年第二季度收益電話會議。 （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, Vice President of Investor Relations and Corporate Planning.

我現在將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

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. All statements made on this call today, other than statements of historical fact, are forward-looking statements and include statements regarding current fiscal year and long-term strategic objectives, changes in consumer behavior, strength of our brands and demand for our products, product distribution strategies, marketing plans and 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 levels and promotional activity, our potential repurchase of shares and the impact of the macroeconomic environment on our operations and performance, including fluctuation of foreign currency exchange rates.

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》規定的安全港免責義務。今天在本次電話會議上發表的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括關於當前財政年度和長期戰略目標、消費者行為的變化、我們品牌的實力和對我們產品的需求、產品分銷戰略、營銷計劃和戰略、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、庫存水平和促銷活動、我們潛在的股票回購以及宏觀經濟環境對我們的運營和業績的影響，包括外匯匯率的波動。

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。

On this call, management may refer to financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, specifically including constant currency. The company believes that these non-GAAP financial measures are important indicators of its operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results.

在此電話會議上，管理層可能會參考未按照美國公認會計原則編制的財務措施，特別是包括不變貨幣。該公司認為，這些非公認會計準則財務指標是其經營業績的重要指標，因為它們排除了與核心經營業績無關且可能不代表其核心經營業績的項目。

Further, the company reports comparable direct-to-consumer sales on a constant currency basis for operations that were open throughout the current and prior reporting periods.

此外，該公司以不變貨幣為基礎報告了在當前和之前報告期間開放的業務的可比直接面向消費者的銷售額。

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 today's call. I'm pleased to be here with you today to discuss the strong results delivered by our portfolio of compelling brands as we make continued strides towards our long-term strategic vision even amidst a challenging macroeconomic environment.

謝謝，艾琳。大家下午好，感謝您加入今天的電話會議。我很高興今天能在這裡與您討論我們引人注目的品牌組合所帶來的強勁成果，因為即使在充滿挑戰的宏觀經濟環境中，我們仍在朝著我們的長期戰略願景邁進。

For the second quarter, revenue increased 21% versus prior year to $876 million. In the quarter, our 2 largest brands, UGG and HOKA drove compelling revenue growth of 6% and 58%, respectively. Steve will provide further details on the strength of our second quarter later in the call. But for now, I'd like to focus on how our first half results demonstrate Decker's progress towards longer-term goals.

第二季度，收入同比增長 21%，達到 8.76 億美元。本季度，我們最大的兩個品牌 UGG 和 HOKA 分別推動了 6% 和 58% 的令人矚目的收入增長。史蒂夫將在電話會議晚些時候提供有關我們第二季度實力的更多細節。但就目前而言，我想專注於我們上半年的業績如何證明德克爾在實現長期目標方面取得的進展。

As a reminder, our long-term vision is 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 while maintaining top-tier levels of profitability for the company overall.

提醒一下，我們的長期願景是將 HOKA 打造成在運動表現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，通過消費者獲取和保留來發展我們的 DTC 業務，並推動國際化通過戰略投資進入市場，同時保持公司整體盈利水平的最高水平。

With the continued focus on moving our in-demand products into the marketplace early ahead of the UGG brand's peak selling season, and while at the same time, fueling year-round demand for the HOKA brand, we are pleased with the progress we have made thus far against our annual outlook of the current fiscal year. As we continue to track our progress, I reflect on the first half results of fiscal 2023, which thus far have delivered consolidated revenue growth of 21% versus last year and 64% versus 2 years ago, HOKA revenue growth of 57% versus last year, with the brand now representing 44% of consolidated revenue, up from 35% last year and 28% 2 years ago.

在 UGG 品牌的銷售旺季之前，我們繼續專注於將我們的需求產品儘早推向市場，同時推動對 HOKA 品牌的全年需求，我們對我們取得的進展感到高興到目前為止，與我們對本財年的年度展望相反。隨著我們繼續跟踪我們的進展，我回顧了 2023 財年上半年的業績，到目前為止，綜合收入與去年相比增長了 21%，與兩年前相比增長了 64%，HOKA 收入與去年相比增長了 57% ，該品牌現在佔綜合收入的 44%，高於去年的 35% 和 2 年前的 28%。

UGG revenue growth of 3% versus last year, with international driving growth aligned with our strategy despite currency headwinds and a 63% increase in DTC acquisition versus last year for HOKA and a 54% increase for UGG reflecting the strength of the demand of our brands, which propelled revenue growth of 26% for the first half.

與去年相比，UGG 收入增長 3%，儘管存在貨幣逆風，但國際驅動增長與我們的戰略保持一致，HOKA 的 DTC 收購與去年相比增長了 63%，UGG 增長了 54%，這反映了我們品牌的需求強勁，推動上半年收入增長 26%。

Results like this demonstrate the success of Decker's multipronged approach to creating growth and proactively managing our brands to progress towards our long-term vision while delivering quality profitability. Deckers is able to deliver on our objectives while managing through external factors because of our flexible operating model, omnichannel capabilities and our nimble organization.

像這樣的結果證明了 Decker 多管齊下的方法在創造增長和積極管理我們的品牌以朝著我們的長期願景前進的同時提供高質量的盈利能力方面取得了成功。由於我們靈活的運營模式、全渠道能力和靈活的組織，Deckers 能夠實現我們的目標，同時通過外部因素進行管理。

Our compelling brands are well positioned for the second half of the fiscal year, and I'm confident in the team's ability to continue executing. Steve will provide further details on our updated thoughts on guidance and the macroeconomic environment later in the call.

我們引人注目的品牌在本財年下半年處於有利地位，我對團隊繼續執行的能力充滿信心。史蒂夫將在電話會議稍後提供有關我們對指導和宏觀經濟環境的最新想法的更多詳細信息。

But for now, let's dive into the brand and channel performance highlights for the second quarter and first half. Starting with UGG. As a reminder, Anne Spangenberg joined our company earlier this year to lead the Fashion Lifestyle group, which includes the UGG and Koolaburra brands. With her wealth of experience, Anne is already having an impressive impact on UGG, as a leader with passion and a clear vision that puts the consumer at the center of everything the brand is doing, it aligned with the UGG brand strategy implemented over the last few years and is focused on refining a few key elements of the brand's approach to product and demand creation, which include expanding the base of UGG consumers through a clear strategic vision of brand purpose and experience, prioritizing the design DNA of UGG in the product proposition, editing and focusing UGG products and experiences to maximize consumer impact and elevating the pinnacle expression of UGG. I'm looking forward to seeing more of Anne's vision integrated into the UGG brand's bright future ahead.

但現在，讓我們深入了解第二季度和上半年的品牌和渠道表現亮點。從UGG開始。提醒一下，Anne Spangenberg 今年早些時候加入我們公司，領導時尚生活方式集團，其中包括 UGG 和 Koolaburra 品牌。憑藉豐富的經驗，Anne 已經對 UGG 產生了令人印象深刻的影響，作為一個充滿激情和清晰願景的領導者，將消費者置於品牌所做一切的中心，這與去年實施的 UGG 品牌戰略保持一致幾年，並專注於完善品牌產品和需求創造方法的一些關鍵要素，包括通過明確的品牌宗旨和體驗戰略願景來擴大 UGG 消費者基礎，在產品主張中優先考慮 UGG 的設計 DNA 、編輯和聚焦 UGG 產品和體驗，以最大限度地影響消費者並提升 UGG 的巔峰表現。我期待看到更多 Anne 的願景融入 UGG 品牌的光明未來。

Moving to UGG brands first half results. Global revenue in the second quarter increased 6% versus last year to $477 million. For the first half, UGG revenue increased 3% over the prior year. We've been talking for some time about the diversification of UGG product and the brand's focus on developing franchises to complement core Classics. The UGG product team has done a fantastic job broadening the consumer appeal beyond Classics, while also ensuring Classics remain the pinnacle expression of UGG. Keeping Classics special essential to our UGG marketplace allocation and segmentation strategy that spans multiple countries and critical to UGG maintaining high levels of brand interest around the world.

轉向UGG品牌上半年業績。第二季度的全球收入與去年相比增長了 6%，達到 4.77 億美元。上半年，UGG收入同比增長3%。一段時間以來，我們一直在談論 UGG 產品的多樣化以及該品牌專注於開發特許經營權以補充核心經典。 UGG 產品團隊在將消費者吸引力擴大到 Classics 之外，同時確保 Classics 仍然是 UGG 的巔峰表現方面做得非常出色。保持經典對我們跨越多個國家的 UGG 市場分配和細分戰略至關重要，對於 UGG 在全球保持高水平的品牌興趣至關重要。

From a product standpoint, UGG has quite literally elevated core Classics through the introduction of fashion-forward platform versions of the brand's most iconic styles, generating tremendous press coverage from being spotted on top models and going viral on TikTok. Platform Classics are already trending in the top 10 amongst new consumers in 18- to 34-year olds, and the fall season is just getting started.

從產品的角度來看，UGG 通過引入該品牌最具標誌性風格的時尚前衛平台版本，從字面上提升了核心經典，通過在頂級模特上被發現和在 TikTok 上病毒式傳播產生了巨大的新聞報導。在 18 至 34 歲的新消費者中，Platform Classics 已經躋身前 10 名，而秋季才剛剛開始。

Additionally, with excitement building around the platforms, we've also seen a significant demand uptick in the original core Classics that inspired them, as DTC revenue from the Classics Ultra Mini and the Classic Mini in the first half increased more than 200% and more than 60% versus last year, respectively.

此外，隨著圍繞平台的興奮，我們還看到激發他們靈感的原始核心 Classics 的需求顯著上升，因為上半年 Classics Ultra Mini 和 Classic Mini 的 DTC 收入增長超過 200% 甚至更多與去年相比分別超過 60%。

Beyond Classics, UGG has continued to find success with hybrid styles, of which the latest and greatest example has been the Tasman. For the first half of this year, the Tasman has been a top 5 style for UGG overall and the #1 style purchase at DDC. We've been encouraged to see the Tasman being adopted as a genderless style, a movement being led by the UGG brand's 18- to 34-year-old cohort as the second most popular and most popular style among female and male consumers in the age group, respectively.

除了經典，UGG 繼續在混合風格上取得成功，其中最新和最偉大的例子是 Tasman。今年上半年，Tasman 一直是 UGG 整體排名前 5 的款式，也是 DDC 購買的 #1 款式。我們很高興看到 Tasman 被採用為一種無性別風格，這一運動由 UGG 品牌 18 至 34 歲的群體領導，成為該年齡段女性和男性消費者中第二受歡迎和最受歡迎的風格組，分別。

Further to the Tasman's popularity and the prevalence of platforms, UGG introduced a platform Tazz last year, and the style is already in the top 10 amongst 18- to 34-year olds. We're excited about the continued opportunity with this franchise as it speaks to the UGG brand's growing year on appeal and increased category diversification.

繼 Tasman 的受歡迎程度和平台的流行之後，UGG 去年推出了平台 Tazz，其風格已經在 18 至 34 歲的人群中排名前 10。我們對這個特許經營權的持續機會感到興奮，因為它說明了 UGG 品牌在吸引力和增加類別多樣化方面不斷增長的一年。

Driving the success of an early attention to UGG this fall, with the brand team's enhanced global marketing campaign strategy that leans into the consumer feedback derived from a recent brand survey. With concrete consumer feedback across the 8 global markets provided by the surveys, UGG designed this year's campaign dubbed Feels Like UGG, to deliver a unified brand message via local influencers that were cast specifically for each of these individual key markets, which leans into the feeling and comfort that are core to the brand's DNA.

借助品牌團隊加強的全球營銷活動策略，該策略將在今年秋天推動對 UGG 的早期關注，該策略傾向於從最近的品牌調查中獲得的消費者反饋。根據調查提供的全球 8 個市場的具體消費者反饋，UGG 設計了今年的名為“Feels Like UGG”的活動，通過專門針對每個關鍵市場的當地影響者傳遞統一的品牌信息，這傾向於感覺和舒適是品牌 DNA 的核心。

Beginning with an influencer event in Paris that coincided with the UGG collaboration with opening ceremony and continuing on to a collaboration with 6PM that was featured during Fashion Week Milan, the Feels Like UGG campaign was launched on the runway and broadcast globally through social engagement by a community of ambassadors and consumers who love the brand.

從與 UGG 合作開幕式在巴黎舉行的影響者活動開始，到與米蘭時裝週期間的 6PM 合作，Feels Like UGG 活動在 T 台上啟動，並通過社交活動在全球範圍內播出。熱愛品牌的大使和消費者社區。

We are seeing tremendous response from consumers thus far, as in the second quarter, search interest for the U.S. increased 11% versus last year, with 2/3 of the UGG.com visitors new to the site, 18- to 34-year-old site visitors in EMEA more than doubled versus last year, Asia Pacific DTC business grew 11% versus last year and global DTC retention increased 50% versus the prior year.

迄今為止，我們看到消費者的巨大反應，如第二季度，美國的搜索興趣與去年相比增加了 11%，2/3 的 UGG.com 訪問者是該網站的新訪問者，年齡在 18 至 34 歲之間歐洲、中東和非洲的老網站訪問者比去年增加了一倍多，亞太地區 DTC 業務比去年增長 11%，全球 DTC 保留率比去年增長 50%。

The consumer response has been positive globally for the UGG brand. First half revenue was driven by international regions as the U.S. lap significant wholesale refill activity from the prior year. Additionally, some of this year-to-date growth overseas is due to lapping supply chain latency in the first half of last year, but we feel the UGG brand's international regions returning to growth is proof of the successful marketplace reset initiatives implemented over the last few years.

全球消費者對UGG品牌的反應是積極的。上半年收入由國際地區推動，因為美國與上一年相比有大量批發補充活動。此外，今年迄今為止的海外增長部分是由於去年上半年供應鏈延遲，但我們認為 UGG 品牌的國際地區恢復增長證明了去年實施的成功的市場重置計劃幾年。

All in all, the UGG brand is positioned well for holiday with inventory availability having improved relative to last year in key markets across the globe. We're encouraged by the results we've seen early in the season, but as always, remain cautious with our busiest period still to come.

總而言之，UGG 品牌在假期中的定位很好，與去年相比，全球主要市場的庫存可用性有所改善。我們對賽季初看到的結果感到鼓舞，但與往常一樣，對我們最繁忙的時期仍要保持謹慎。

Shifting to HOKA, global revenue for the second quarter increased 58% versus last year for $333 million, a quarterly revenue record for HOKA, leading to a first half revenue increase of 57% versus last year. HOKA growth continues to be driven by the brand's exceptional global ecosystem of access points, which is building market share through increased awareness and benefiting from strategic door count increases. While greater market share with existing accounts is responsible for the majority of HOKA growth this year, the brand has made some notable addition to access points, which include expanded distribution with strategic growth accounts, 12 owned and operated stores to build awareness and serve the monobrand China market, 2 stores in Japan and 5 pop-up stores in the U.S. Each of these access points are designed to build HOKA brand awareness and increase consumer access to new geographic locations.

轉向 HOKA，第二季度全球收入同比增長 58%，達到 3.33 億美元，創下 HOKA 季度收入紀錄，導致上半年收入同比增長 57%。 HOKA 的增長繼續受到該品牌卓越的全球接入點生態系統的推動，該生態系統通過提高知名度和受益於戰略門數的增加來建立市場份額。雖然現有客戶的更大市場份額是今年 HOKA 增長的主要原因，但該品牌在接入點上做了一些顯著的補充，包括通過戰略增長客戶擴大分銷、12 家自有和經營的商店以建立知名度並為單一品牌服務中國市場、日本的 2 家門店和美國的 5 家快閃店。這些接入點中的每一個都旨在建立 HOKA 品牌知名度並增加消費者對新地理位置的訪問。

In addition, the HOKA brand has rolled out exciting out-of-home FLY HUMAN FLY campaign content in highly visible cities around the world, helping to drive a 145% increase in search terms in New York and Los Angeles. With these efforts, we've seen the HOKA brand's DTC growth rate accelerate from the first quarter into the second.

此外，HOKA 品牌還在全球知名度高的城市推出了令人興奮的戶外 FLY HUMAN FLY 活動內容，幫助推動紐約和洛杉磯的搜索詞增長了 145%。通過這些努力，我們看到 HOKA 品牌的 DTC 增長率從第一季度到第二季度有所加快。

Overall, for the first half, HOKA has driven exceptional increases in DTC retention and acquisition, increasing 70% and 63%, respectively, across global markets. All of these actions are driving incredible increases in brand awareness. Over the last 2 years, HOKA awareness across all consumers has improved 9 percentage points and even crossed the 20% threshold, with awareness among runners even higher.

總體而言，上半年，HOKA 推動了 DTC 保留和獲取的顯著增長，在全球市場上分別增長了 70% 和 63%。所有這些行動都在推動品牌知名度的驚人提升。過去 2 年，HOKA 在所有消費者中的認知度提高了 9 個百分點，甚至超過了 20% 的門檻，跑步者的認知度更高。

According to Decker's proprietary brands tracker study, outside of the U.S., awareness is much lower, with most regions sitting in the low teens percentage, but seeing similarly explosive growth and awareness, which highlights the significant opportunity for continued HOKA brand expansion. Augmenting the global marketing campaign, HOKA global event sponsorships have continued to help the brand maintain and build performance credibility with extreme athletes around the world.

根據 Decker 的專有品牌追踪研究，在美國以外的地區，知名度要低得多，大多數地區的青少年比例較低，但也出現了類似的爆炸性增長和知名度，這凸顯了 HOKA 品牌持續擴張的重要機會。為了加強全球營銷活動，HOKA 全球賽事贊助繼續幫助該品牌在世界各地的極限運動員中保持和建立表現可信度。

One recent example of this is the HOKA brand sponsorship of the Ultra-Trail du Mont-Blanc, the UTMB World Series. In the brand's first year sponsoring the UTMB Series, we saw positive results, as HOKA achieved a 34% share of shoes tracked on race participants, which is well above last year's total.

最近的一個例子是 HOKA 品牌贊助了 UTMB 世界系列賽 Ultra-Trail du Mont-Blanc。在品牌贊助 UTMB 系列的第一年，我們看到了積極的成果，因為 HOKA 獲得了 34% 的參賽鞋履追踪份額，遠高於去年的總數。

Additionally, HOKA athlete, Ludovic Pommeret placed first in 145-kilometer TDS race that Chamonix in this year's UTMB series wearing the HOKA Speedgoat trail shoe to conquer the course's diverse terrain. The HOKA brands alignment with the ultra competitive UTMB series highlights the brand's focus on becoming a leader in the growing outdoor trail and hiking segment.

此外，HOKA 運動員 Ludovic Pommeret 在今年 UTMB 系列的 145 公里 TDS 比賽中獲得第一名，他穿著 HOKA Speedgoat 越野鞋征服了賽道的多樣化地形。 HOKA 品牌與極具競爭力的 UTMB 系列保持一致，凸顯了該品牌致力於成為日益增長的戶外步道和徒步旅行領域的領導者。

The aforementioned Speedgoat is the HOKA brand's top trail shoe. Coinciding with the UTMB event, in order to complement the Speedgoat, HOKA launched the Mafate Speed 4, which is an innovative update to a heritage style designed to broaden the brand's footprint in trail. Early reads from consumers purchasing the Mafate have been exceptionally strong across global markets, which is exciting for HOKA as the brand focuses on building market share in the trail category.

前面提到的 Speedgoat 是 HOKA 品牌的頂級越野鞋。恰逢 UTMB 活動，為了補充 Speedgoat，HOKA 推出了 Mafate Speed 4，這是對傳統風格的創新更新，旨在擴大品牌在賽道上的足跡。購買 Mafate 的消費者的早期閱讀在全球市場上異常強勁，這對 HOKA 來說是令人興奮的，因為該品牌專注於在小徑類別中建立市場份額。

For hiking, HOKA now has 2 franchises in the Kaha and the Anacapa that are experiencing immense growth and building market share. Thus far, in fiscal year 2023, both of these hiking franchises have made their way into the top 10 most purchased styles for HOKA. We believe this is because of the unique HOKA DNA that sets these franchises apart with their lightweight platform and maximum cushion that compares favorably to bulkier products from the competition.

對於遠足，HOKA 現在在 Kaha 和 Anacapa 擁有 2 個特許經營權，它們正在經歷巨大的增長並建立市場份額。到目前為止，在 2023 財年，這兩個徒步旅行特許經營都進入了 HOKA 購買最多的 10 種款式。我們相信這是因為獨特的 HOKA DNA 使這些特許經營權以其輕巧的平台和最大的緩衝力與競爭對手的笨重產品相媲美。

Importantly, while we're seeing really strong growth in new categories of focus such as trail and hiking, HOKA is also delivering exceptional growth and results with core running styles like the Bondi. With the support of the increased global brand awareness I mentioned earlier, the brand's launch of the eighth evolution of the flagship Bondi franchise was even more impactful as the Bondi 8 was the top-selling style globally in the second quarter, more than doubled last year's Bondi 7 volume among 18- to 34-year-old consumers. It was a top 5 DTC style across Decker's entire portfolio of brands for the first half despite just launching in August.

重要的是，雖然我們看到新的重點類別（例如越野跑和遠足）的增長非常強勁，但 HOKA 也通過 Bondi 等核心跑步風格實現了非凡的增長和成果。在我之前提到的全球品牌知名度提高的支持下，該品牌推出的旗艦邦迪系列第八次進化的影響力更大，因為邦迪 8 是第二季度全球最暢銷的款式，是去年的兩倍多。 Bondi 7 在 18 至 34 歲消費者中的銷量。儘管剛剛在 8 月推出，但它是上半年 Decker 整個品牌組合中排名前 5 位的 DTC 風格。

With this latest addition, Bondi, the brand's most plush ride got softer and more comfortable. With the lightest HOKA foam to date in an all-new extended shell geometry, featuring rear crash pads that provide a soft and balanced transition built for long distance. In just a few months of selling, the Bondi 8 has already been named the Best Road Running Shoe by both the SALT Certified Sneaker Awards as well as the GQ Fitness Awards. Congratulations to the HOKA team for the continued success and balanced growth across global regions and product categories. We look forward to delivering more exciting and innovative products throughout the rest of this fiscal year and beyond.

有了這個最新的產品，邦迪，該品牌最豪華的騎行變得更柔軟、更舒適。採用迄今為止最輕的 HOKA 泡沫，採用全新的擴展外殼幾何形狀，具有后防撞墊，可提供柔軟而平衡的過渡，適合長距離行駛。在短短幾個月的銷售中，Bondi 8 已經被 SALT 認證運動鞋獎和 GQ 健身獎評為最佳公路跑鞋。祝賀 HOKA 團隊在全球地區和產品類別中持續取得成功和平衡增長。我們期待在本財年剩餘時間內及以後提供更多令人興奮和創新的產品。

From a channel performance perspective, the first half was strong in both wholesale and DTC, fueled by a 39% increase in consumer acquisition and 44% increase in retention. First half global direct-to-consumer revenue grew 26% versus last year. HOKA continues to be a significant driver of consolidated DTC growth, and the brand's growth rate even accelerated from the first quarter into the second, overall increasing 66% versus the prior year for the first half.

從渠道表現的角度來看，上半年批發和 DTC 都表現強勁，這得益於消費者獲取量增長 39% 和留存率增長 44%。上半年全球直接面向消費者的收入與去年相比增長了 26%。 HOKA 繼續成為 DTC 綜合增長的重要推動力，該品牌的增長率從第一季度到第二季度甚至有所加快，上半年整體同比增長 66%。

UGG also contributed to the first half DTC growth, as the brand returned to growth in Q2, leading to a 4% increase for the brand in the first half. On wholesale, global revenue in the first half increased 20% versus last year. Strength in the wholesale channel was primarily driven by HOKA gaining global market share and the brand benefiting from select additional doors with strategic accounts. UGG also contributed to first half wholesale growth in the brand's international regions.

UGG 也為上半年 DTC 增長做出了貢獻，因為該品牌在第二季度恢復增長，導致該品牌上半年增長 4%。在批發方面，上半年的全球收入比去年增長了 20%。批發渠道的實力主要是由 HOKA 獲得全球市場份額和品牌受益於戰略客戶的選擇額外門。 UGG 也為該品牌國際地區上半年的批發增長做出了貢獻。

Our first half performance highlights the strength of our omnichannel marketplace management strategies that have allowed our brands to build market share with strategic retailers, while capturing DTC demand at the same time. And while we continue to see great demand in the marketplace for our brands, as we move into the back half, the environment is evolving quickly, which may present challenges outside of our control. However, our teams are focused on the variables that are within our control as we work towards this year's objectives.

我們上半年的業績突顯了我們全渠道市場管理戰略的優勢，該戰略使我們的品牌能夠與戰略零售商建立市場份額，同時捕捉 DTC 需求。雖然我們繼續看到市場對我們品牌的巨大需求，但隨著我們進入後半部分，環境正在迅速變化，這可能會帶來我們無法控制的挑戰。然而，在我們努力實現今年的目標時，我們的團隊專注於我們控制範圍內的變量。

With that, I'll now turn the call over to Steve, who will walk you through further details on second quarter performance, as well as the context of our reaffirmed full year top and bottom line guidance.

有了這個，我現在將電話轉給史蒂夫，他將向您介紹有關第二季度業績的更多細節，以及我們重申的全年頂線和底線指導的背景。

Thanks, Dave, and good afternoon, everyone. As Dave just covered, Deckers delivered strong results in the second quarter to finish the first half of fiscal year 2023 in a position of strength. HOKA drove another quarter of exceptional growth, and UGG continues to elevate its presence globally. While there is plenty of heavy lifting ahead and we are now operating in our historically largest and most complex fiscal quarter, I'm confident in our team's demonstrated ability to execute on our plans even as macroeconomic challenges persist, most notably the continued strengthening of the U.S. dollar. We will lean on our omnichannel capabilities, flexible operating model and strong balance sheet to remain nimble in navigating any dynamic marketplace shifts that may occur as we provide our brands the opportunity to continue building long-term sustainable market share.

謝謝，戴夫，大家下午好。正如戴夫剛剛報導的那樣，德克斯在第二季度取得了強勁的業績，以強勢的姿態結束了 2023 財年上半年。 HOKA 推動了另一個季度的超常增長，UGG 繼續提升其在全球的影響力。儘管前方有很多繁重的工作，而且我們現在正處於歷史上最大和最複雜的財政季度，但我對我們的團隊表現出的執行我們計劃的能力充滿信心，即使宏觀經濟挑戰持續存在，最明顯的是持續加強美元。我們將依靠我們的全渠道能力、靈活的運營模式和強大的資產負債表，在我們為品牌提供繼續建立長期可持續市場份額的機會時，靈活應對可能發生的任何動態市場變化。

Now let's get into the details of the second quarter results. Second quarter fiscal 2023 revenue was $876 million, representing an increase of 21% versus prior year. On a constant currency basis, revenue grew 25% versus last year. Growth in the quarter was primarily driven by the expansion of HOKA, which increased 58% versus last year, delivering record quarterly revenue of $333 million, and a 20% reported increase in UGG international regions as the brand benefited from marketplace reset initiatives implemented over the past couple of years, as well as lapping disrupted wholesale shipments in the prior year.

現在讓我們來看看第二季度業績的細節。 2023 財年第二季度收入為 8.76 億美元，比上年增長 21%。按固定匯率計算，收入比去年增長 25%。本季度的增長主要是由 HOKA 的擴張推動的，與去年相比增長了 58%，實現了創紀錄的季度收入 3.33 億美元，並且由於該品牌受益於在過去幾年，以及研磨打亂了前一年的批發出貨量。

Gross margin for the second quarter was 48.2%, which is down 270 basis points from last year's 50.9%. Roughly half of the decline in gross margin was driven by unfavorable foreign currency exchange rates, with additional impacts from higher promotional activity for UGG as compared to last year's exceptionally low levels with the brand primarily utilizing higher-margin DTC closet events to move through excess spring season inventory. Higher ocean freight rates, which was partially offset by benefits from a reduction in airfreight usage, HOKA price increases and favorable brand mix with HOKA driving the majority of growth.

第二季度毛利率為 48.2%，比去年的 50.9% 下降 270 個基點。毛利率下降的大約一半是由於不利的外匯匯率造成的，與去年的異常低水平相比，UGG 的促銷活動增加了額外的影響，該品牌主要利用利潤率更高的 DTC 壁櫥活動來度過過剩的春天季節庫存。較高的海運費率部分被空運使用量減少、HOKA 價格上漲以及與 HOKA 的有利品牌組合推動了大部分增長所帶來的好處所抵消。

SG&A dollar spend in the second quarter was $294 million, up 23% versus last year's $239 million. As a percent of revenue, SG&A was 50 basis points higher than last year, primarily due to higher advertising spend as a percentage of revenue. Our tax rate was 21.2%, which compares to 20.1% for the prior year. These results culminated in a diluted earnings per share of $3.80 for the quarter, which is $0.14 above last year's $3.66 diluted earnings per share.

第二季度的 SG&A 美元支出為 2.94 億美元，比去年的 2.39 億美元增長 23%。 SG&A 佔收入的百分比比去年高 50 個基點，這主要是由於廣告支出佔收入的百分比較高。我們的稅率為 21.2%，而去年為 20.1%。這些結果最終導致本季度每股攤薄收益為 3.80 美元，比去年每股攤薄收益 3.66 美元高 0.14 美元。

Turning to our balance sheet. At September 30, 2022, we ended September with $419 million of cash and equivalents. Inventory was $925 million, up 45% versus the same point in time last year, primarily from HOKA brand as we bring product in to continue momentum with the brand. And during the period, we had no outstanding borrowings.

轉向我們的資產負債表。截至 2022 年 9 月 30 日，我們在 9 月結束時擁有 4.19 億美元的現金和等價物。庫存為 9.25 億美元，與去年同期相比增長 45%，主要來自 HOKA 品牌，因為我們將產品引入該品牌以繼續保持該品牌的勢頭。在此期間，我們沒有未償還的借款。

During the second quarter, we repurchased approximately $50 million worth of shares at an average price of $290. As of September 30, 2022, the company had approximately $1.5 billion remaining authorized for share repurchases.

在第二季度，我們以平均 290 美元的價格回購了價值約 5000 萬美元的股票。截至 2022 年 9 月 30 日，該公司仍有約 15 億美元的股票回購授權。

Now moving into our updated guidance for fiscal year 2023. We are reaffirming prior consolidated revenue, operating margin and diluted earnings per share guidance. Our full fiscal year 2023 guidance now includes reaffirmed reported revenue growth of 10% to 11%, anticipating between $3.45 billion and $3.5 billion. With HOKA now expected to increase up to 50% versus last year, helping to offset larger currency headwinds as a result of a continued strengthening of the U.S. dollar. And UGG is expected to be down mid-single digits on a reported basis, primarily due to negative currency impacts.

現在進入我們更新的 2023 財年指導。我們重申之前的合併收入、營業利潤率和稀釋每股收益指導。我們的完整 2023 財年指導現在包括重申報告的收入增長 10% 至 11%，預計在 34.5 億美元至 35 億美元之間。與去年相比，HOKA 現在預計將增長 50%，有助於抵消由於美元持續走強而導致的更大的貨幣逆風。據報導，UGG 預計將下降中個位數，主要是由於負面的貨幣影響。

Gross margin now expected to be approximately 50.5%, which is a reduction from our prior guidance, primarily due to increased currency impacts, as well as some additional promotional activity. SG&A as a percentage of sales now expected to be approximately 33%, reflecting variable savings to help offset further gross margin pressure that we have now incorporated.

現在預計毛利率約為 50.5%，低於我們之前的指導，主要是由於貨幣影響增加以及一些額外的促銷活動。現在預計 SG&A 佔銷售額的百分比約為 33%，這反映了可變的節省，以幫助抵消我們現在已經納入的進一步毛利率壓力。

Operating margin range is still expected to be in the range of 17.5% to 18%. Tax rate is now expected to be approximately 22% and diluted earnings per share is reaffirmed in the range of $17.50 to $18.35.

營業利潤率範圍仍預計在 17.5% 至 18% 之間。現在預計稅率約為 22%，每股攤薄收益再次確認在 17.50 美元至 18.35 美元之間。

Please note, this 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 from the ongoing COVID-19 pandemic on our operations and economic conditions, including supply chain disruption, constraints and related expenses, labor shortages, inflationary pressures, changing consumer confidence and recessionary pressures, further strengthening of the U.S. dollar and geopolitical tensions.

請注意，本指南不包括任何可能被視為一次性費用的費用，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，其中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、消費者信心變化和衰退壓力、美元進一步走強和地緣政治緊張局勢。

Now for some additional context on the state of our business as we approach the busiest part of our year. From a logistics standpoint, we are still experiencing delays and the timing of container arrivals remains difficult to predict. But we feel good about the improvement in transit times, which has led to a reduction of inventory in transit on both a dollar and percentage basis as compared to last year.

現在，在我們接近一年中最繁忙的部分時，了解有關我們業務狀況的更多背景信息。從物流的角度來看，我們仍然遇到延誤，集裝箱到達的時間仍然難以預測。但我們對運輸時間的改善感到滿意，與去年相比，這導致運輸中的庫存在美元和百分比基礎上都有所減少。

Additionally, I am pleased to report that container costs have come down, but would caution that we won't start to see that improvement in our gross margin for a few quarters. With that said, the headwinds we have experienced from ocean freight in the first half are expected to turn neutral for the remainder of this fiscal year.

此外，我很高興地報告集裝箱成本已經下降，但要警告說，我們不會開始看到幾個季度的毛利率有所改善。話雖如此，我們在上半年遇到的海運不利因素預計將在本財年剩餘時間內轉為中性。

With the improvement we've seen on transit times and our strategic prioritization to bring inventory in earlier and hold higher levels in the country of sale, we no longer expect to use a material level of air freight in this fiscal year. Additionally, with the strength of our brands and ability to move through some promotional inventory during the quarter, we have seen our year-over-year inventory growth rate moderate as compared to recent quarters, with inventory levels 45% higher as of September 30 compared to the same date last year, at which point, inventory levels were below normal operating levels.

隨著我們在運輸時間方面看到的改善以及我們的戰略優先級，即更早地引入庫存並在銷售國保持更高水平，我們不再期望在本財年使用實質性水平的空運。此外，憑藉我們品牌的實力和在本季度處理一些促銷庫存的能力，我們看到與最近幾個季度相比，我們的同比庫存增長率溫和，截至 9 月 30 日，庫存水平比去年高 45%到去年同一天，庫存水平低於正常運營水平。

While we are still chasing the exceptional demand for our brands, particularly with the opportunity we've outlined for HOKA, we are likely to see inventory growth outpace sales in part to hedge against future disruption. On the promotional environment, given how clean we have been over the last few years, with very little promotion across our portfolio of brands, we have experienced increased levels of promotion so far this year related to clearing some excess inventory, largely UGG spring season product and shifts in the macroeconomic environment. Embedded in our updated guidance for the full year, we expect more promotional activity relative to the exceptionally low level of promotion in prior years.

雖然我們仍在追逐對我們品牌的特殊需求，特別是我們為 HOKA 概述的機會，但我們可能會看到庫存增長超過銷售，部分原因是為了對沖未來的中斷。在促銷環境方面，考慮到我們過去幾年的清潔度，在我們的品牌組合中進行的促銷很少，今年到目前為止，我們的促銷水平有所提高，與清理一些多餘的庫存有關，主要是 UGG 春季產品以及宏觀經濟環境的變化。在我們更新的全年指南中，我們預計與往年極低的促銷水平相比，會有更多的促銷活動。

Further on gross margin, I'd like to touch on currency as this has increasingly been a topic of interest. For the first half, we have seen a currency revenue impact to the tune of approximately $30 million and a 110 basis point impact to gross margin. With our business being second half weighted and no signs of a weakening dollar, we are anticipating a second half revenue impact of approximately $70 million, primarily impacting the UGG brand. In total, we now expect currency to negatively impact our gross margin rate by approximately 140 basis points for the full fiscal year 2023. This increased currency headwind is the primary driver of our change in our updated gross margin outlook.

進一步談到毛利率，我想談談貨幣，因為這越來越成為人們感興趣的話題。上半年，我們看到貨幣收入影響約 3000 萬美元，毛利率影響 110 個基點。由於我們的業務在下半年得到加權，而且美元沒有疲軟的跡象，我們預計下半年的收入影響約為 7000 萬美元，主要影響 UGG 品牌。總的來說，我們現在預計貨幣將對我們的 2023 財年毛利率產生負面影響約 140 個基點。這種增加的貨幣逆風是我們更新毛利率前景變化的主要驅動力。

As our top and bottom line guidance has been maintained, despite the continued strengthening of the U.S. dollar being incorporated, we are reflecting an underlying operational raise from our variable levers to remain on track with our original full year outlook. Excluding the negative impact of currency now projected in fiscal 2023, our guidance would indicate gross and operating margin expansion in comparison to the prior fiscal year. This currency-neutral margin expansion would be driven by reduced airfreight usage, competitive marketplace price increases and brand mix benefits with the growth of HOKA being partially offset by first half ocean freight pressures, as well as increased promotional activity.

由於我們的頂線和底線指導一直保持不變，儘管美元繼續走強，但我們正在反映我們可變槓桿的潛在運營提升，以保持我們最初的全年展望。排除現在預計 2023 財年貨幣的負面影響，我們的指導將表明與上一財年相比，毛利率和營業利潤率有所增長。這種與貨幣無關的利潤率增長將受到航空貨運使用量減少、競爭性市場價格上漲和品牌組合優勢的推動，而 HOKA 的增長部分被上半年海運壓力以及促銷活動的增加所抵消。

Though clearly, there is much to overcome for the balance of our fiscal year, I am confident in the strength of our brands and ability to leverage our flexible operating model to deliver the compelling guidance we set out at the outset of this fiscal year.

儘管很明顯，我們在本財年的剩餘時間裡還有很多事情需要克服，但我對我們的品牌實力以及利用我們靈活的運營模式提供我們在本財年開始時制定的令人信服的指導的能力充滿信心。

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

感謝大家。現在我將把電話轉回給戴夫，讓他發表最後的講話。

Thanks, Steve. We are excited about the strong results delivered in the first half of fiscal year 2023. But again, it's important to acknowledge that we are still operating within an uncertain environment where things can change quickly, and the bulk of our fiscal year is still ahead. With that said, Deckers is fortunate to have 2 of the strongest brands in the footwear space that continue to engage and attract new consumers every day.

謝謝，史蒂夫。我們對 2023 財年上半年取得的強勁業績感到興奮。但同樣重要的是要承認，我們仍在一個不確定的環境中運營，情況可能會迅速變化，而且我們財年的大部分時間仍在前方。話雖如此，Deckers 很幸運擁有兩個鞋類領域最強大的品牌，它們每天都在繼續吸引和吸引新的消費者。

The UGG brand's diverse product assortment is positioned well for holiday, led by elevated platform Classics, which are driving heat and excitement around the core, as well as the continued interest in more transitional hybrid styles like the Tasman and Ultra Mini. Paired with a compelling marketing campaign that is resonating across global markets, we expect UGG to perform well this holiday season.

UGG 品牌多樣化的產品組合非常適合度假，以高架平台 Classics 為首，這些產品在核心周圍推動了熱度和興奮，以及對 Tasman 和 Ultra Mini 等更具過渡性的混合款式的持續興趣。再加上在全球市場引起共鳴的引人注目的營銷活動，我們預計 UGG 在這個假期會表現良好。

Our powerful brands, paired with strategic marketplace management, omnichannel capabilities and disciplined financial management, gives me the confidence that our organization can achieve a compelling guidance set forth for fiscal year 2023, even in the face of macro pressures that will impact the broader retail space. Of course, none of this will be possible without the dedication and the hard work of our employees, who I'd like to thank in advance of our busiest period of the year. I'd also encourage everyone listening to take a look at our FY '22 Corporate Responsibility Report that we'll be launching next week and will be posted on deckers.com, further highlighting our company's efforts to do good and do great in the communities where we operate and beyond.

我們強大的品牌，加上戰略性市場管理、全渠道能力和嚴格的財務管理，讓我相信我們的組織能夠實現為 2023 財年制定的令人信服的指導方針，即使面對將影響更廣泛零售空間的宏觀壓力.當然，如果沒有我們員工的奉獻精神和辛勤工作，這一切都不可能實現，在我們一年中最繁忙的時期之前，我要感謝他們。我還鼓勵每一位聆聽的人看看我們將於下週發布的 22 財年企業責任報告，該報告將發佈在 deckers.com 上，進一步突出我們公司在社區中做好事和做大事的努力我們經營的地方及其他地方。

Thanks, everybody, for joining us here today, and thank you to all of our stakeholders for your continued support. We look forward to continue sharing the exciting future ahead at Deckers.

感謝大家今天加入我們，並感謝我們所有利益相關者的持續支持。我們期待繼續在 Deckers 分享激動人心的未來。

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

有了這個，我將把電話轉給接線員進行問答。操作員？

(Operator Instructions) Our first question comes from Laurent Vasilescu from Exane BNP.

（操作員說明）我們的第一個問題來自 Exane BNP 的 Laurent Vasilescu。

Congrats on such solid results in this environment. Dave, Steve, I wanted to ask about the implied 2H rev guide. On a reported basis, it looks like 3%. Maybe on a CC basis, it's about 6%, 7%. Tell me if I'm wrong there. But can you maybe unpack that a bit? How much you're expecting wholesale to grow or not grow versus strength in DTC? And I know, Steve, you don't typically guide by quarter, but any nuances we should consider between 3Q and 4Q? I know you've had shifts in revenues over the years due to shipments but anything that we should consider as we model the rest of the year?

恭喜在這種環境下取得如此出色的成績。戴夫，史蒂夫，我想問一下隱含的 2H 轉速指南。根據報告，它看起來像 3%。也許在 CC 的基礎上，大約是 6%、7%。告訴我我是否錯了。但是你能把它拆開一點嗎？與 DTC 的實力相比，您期望批發增長或不增長多少？而且我知道，史蒂夫，您通常不會按季度進行指導，但是我們應該在 3Q 和 4Q 之間考慮任何細微差別嗎？我知道這些年來，由於出貨量的原因，您的收入發生了變化，但是在我們對今年剩餘時間進行建模時，我們應該考慮什麼？

Yes. Sure, Laurent. So just to give a little bit of perspective on the back half. And you're right, we don't give quarterly guidance. So I think how we're seeing the year play out, and I know everybody's models are a little bit different, but it is, I think, laying out to the way we expected, which is much more growth in the first half. So I think, remember the context of last year, our first half was very disruptive in terms of inventory and product availability. And so when you see the big percentage increases in the first half of this year, we are, as we intended to do shipping out more product earlier in the year. That's benefiting clearly HOKA. You can see from the growth numbers, as well as UGG.

是的。當然，勞倫特。所以只是為了給後半部分一些觀點。你是對的，我們不提供季度指導。所以我認為我們是如何看待這一年的，我知道每個人的模式都有點不同，但我認為這是按照我們預期的方式佈局，上半年增長更快。所以我認為，請記住去年的情況，我們上半年在庫存和產品可用性方面非常具有破壞性。因此，當您看到今年上半年的百分比大幅增長時，我們就是，因為我們打算在今年早些時候運送更多產品。這顯然使 HOKA 受益。從增長數字可以看出，還有UGG。

Last year, as we started to see more inventory coming in, in the second half of the year, it was setting up a bigger half last year. So we are now comping against that bigger half that you saw last year. So that's why you see, from a percentage basis, the second half with lower percentage growth because we're comparing to get that bigger second half quarter.

去年，隨著我們開始看到更多的庫存進入，在下半年，它在去年建立了更大的一半。因此，我們現在正在與您去年看到的更大的一半進行競爭。所以這就是為什麼你從百分比的基礎上看到下半年的百分比增長較低，因為我們正在比較獲得更大的下半年季度。

We're still seeing significant growth with HOKA clearly in our guidance. Again, not quite to the same level of percentage increase. But remember, we had a very big fourth quarter last year. And that was not only applicable to HOKA, but UGG as well. So again, we're not breaking out quarters, but as I said, the year is playing out much to our expectation.

在我們的指導中，我們仍然清楚地看到 HOKA 的顯著增長。同樣，不完全達到相同的百分比增長水平。但請記住，去年第四季度我們的業績非常好。這不僅適用於HOKA，也適用於UGG。再說一次，我們沒有打破季度，但正如我所說，這一年的表現超出了我們的預期。

Embedded in our updated guidance is an operational improvement, and that's largely coming from increases related to HOKA. So we're continuing to see strength. I mentioned it in my updated guidance in terms of now seeing growth for the full year of HOKA up to 50%. So before it was kind of 40%, 45%. So you're seeing that. I think the other thing, remember, is last year was more growth with wholesale as we were replenishing the channel last year. So we're comping against a replenished year last year in the wholesale business. So you're going to see a slightly lower percentage growth on the wholesale business.

在我們更新的指南中嵌入了一項運營改進，這主要來自與 HOKA 相關的增長。所以我們繼續看到實力。我在更新的指導中提到了這一點，即現在 HOKA 全年的增長率高達 50%。所以之前是40%、45%。所以你看到了。記住，我認為另一件事是去年我們在補充渠道時批發增長更多。因此，我們正在與去年批發業務的補充進行競爭。所以你會看到批發業務的百分比增長略低。

But overall, trending very strong, demand signals very strong. The year is playing out well, seeing a strong start to Q3. So again, as we've said before, and again, this is part of the reason we don't give or did not give quarterly guidance this year is because of the disruptive nature of last year. And we knew that there would be movements between quarters and we knew that first half was going to be much bigger growth this year with percentage increases, lower but still strong dollar growth in the second half.

但總體而言，趨勢非常強勁，需求信號非常強勁。今年表現良好，第三季度開局強勁。因此，正如我們之前所說，這也是我們今年不提供或不提供季度指導的部分原因是因為去年的破壞性。而且我們知道季度之間會有波動，我們知道今年上半年的增長將大大增加，百分比增加，下半年美元增長較低但仍然強勁。

And I would just add on to that. We've been spending a lot of time planning the back half of the year. And we're really proud of the fact that we're able to maintain guidance despite some really significant headwinds on the margin front potentially from a proportional standpoint, but significant FX headwinds as well. And we've aligned as a leadership team across the organization, and we feel confident that we can still deliver despite some of these significant headwinds, and that's our objective. And we're going to optimize the strength of our brands right now to deliver its healthy margin and promotional-free season that we can.

我想補充一下。我們花了很多時間來計劃下半年。我們真的為我們能夠保持指導這一事實感到自豪，儘管從比例的角度來看，邊際前沿可能存在一些非常重大的逆風，但也有重大的外匯逆風。我們已經作為整個組織的領導團隊保持一致，我們有信心儘管存在一些重大阻力，但我們仍然可以交付，這就是我們的目標。我們現在將優化我們品牌的實力，以盡可能提供健康的利潤和無促銷季。

Very helpful. And then as a second question, a follow-up on UGG. I think, Dave, you mentioned that UGG International grew 20% reported. I'm just going to kind of ballpark it that on a CC basis, it's probably up over 30%. Maybe can you unpack that? What's driving that? Is it Japan? Is it Europe? And then I guess maybe the U.S. UGG number was probably down low single digits for this quarter. Was there something with regards to cancellations or just a late start on the DTC side? Anything on that would be very helpful.

非常有幫助。然後作為第二個問題，關於 UGG 的後續行動。我想，戴夫，你提到 UGG 國際報告增長了 20%。我只是大致說一下，在 CC 的基礎上，它可能上漲了 30% 以上。也許你能打開它？是什麼驅動了它？是日本嗎？是歐洲嗎？然後我想也許美國的 UGG 數量可能在本季度下降了個位數。是否有關於取消或只是在 DTC 方面起步較晚的問題？任何關於這將是非常有幫助的。

Yes, sure. We're really pleased with how things are playing out internationally. We've been working at transitioning those markets much like we did in the U.S. a few years ago, and we're starting to see fruits of that work in a positive way, particularly around diversified Classics in the UGG brand and younger consumers. And so the marketing campaign, the key styles, the platform styles are really resonating well in those regions. But I think a key factor is that we are showing up more local than we are a global brand. So we're working closely with key influencers in the regions. That's not something we've generally done this aggressively in the past before. We've got some great partnerships with local influencers and celebrities, and also fashion institute in China that is giving us access to local designers to collaborate with. And we're showing up more -- with more of a local understanding of the consumer versus purely just kind of peanut butter spread a global campaign.

是的，當然。我們對國際上的情況感到非常滿意。我們一直在努力轉變這些市場，就像幾年前在美國所做的那樣，我們開始以積極的方式看到這種工作的成果，特別是圍繞 UGG 品牌和年輕消費者的多元化經典。因此，營銷活動、關鍵風格、平颱風格在這些地區確實引起了很好的共鳴。但我認為一個關鍵因素是，我們的本土品牌比全球品牌更多。因此，我們正在與這些地區的主要影響者密切合作。這不是我們過去通常積極做的事情。我們與當地的影響者和名人建立了良好的合作夥伴關係，還有中國的時裝學院，這使我們能夠接觸到當地設計師進行合作。而且我們出現的更多——更多地了解當地消費者，而不是純粹的花生醬傳播全球運動。

So we're getting surgical on the regions, both in assortment and distribution, but also the consumers that we're going after and leveraging those local relationships as best we can, and that's driving a very healthy business right now. So it's good. Despite some of the challenges, obviously, at a macro level in both Europe and in China right now, our brands are still covered and are performing well. And like I said, it's great to see that turnaround, and we see it continuing.

因此，我們正在對這些地區進行手術，包括分類和分銷，以及我們所追求的消費者，並儘我們所能利用這些當地關係，這正在推動一個非常健康的業務。所以很好。儘管目前在歐洲和中國都面臨著一些挑戰，但在宏觀層面上，我們的品牌仍然被覆蓋並且表現良好。就像我說的那樣，很高興看到這種轉變，我們看到它還在繼續。

A little more challenging in UGG in the U.S., just some of the wholesale nuances with shipping and things that we've had last year versus this year. But overall, it's off to a really good start. And like I said, in this environment, it's tremendous to see the international region is doing so well.

在美國的 UGG 中更具挑戰性，只是我們去年與今年相比在運輸和事情方面的一些批發細微差別。但總的來說，這是一個非常好的開始。就像我說的，在這種環境下，很高興看到國際地區表現如此出色。

The next question comes from Tom Nikic from Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Tom Nikic。

I guess on the FX side, I mean, it sounds like you -- were it not for FX changes over the last 3 months, you would have been kind of raising guidance today. Is there anything -- like do you make -- trying to make any pricing adjustments or anything like that given how dramatically the exchange rates have shifted and kind of the relative values in the different markets has kind of changed dramatically? Or do you just kind of sort of take the changes in FX rates and what they've kind of done to the prices and the margin rates of those businesses and just kind of run with it from there?

我想在外匯方面，我的意思是，這聽起來像你 - 如果不是過去 3 個月的外匯變化，你今天會提高指導。鑑於匯率發生瞭如此巨大的變化以及不同市場的相對價值發生了巨大的變化，是否有任何事情——就像你所做的那樣——試圖進行任何定價調整或類似的事情？或者你只是有點接受外匯匯率的變化以及他們對這些企業的價格和保證金率所做的事情，然後從那裡開始運行？

Yes, Tom, this is Steve. Good question. I think you're correct. And we did say this is, yes, on a constant currency operational basis, we are increasing our outlook. That increase has been offset by a stronger U.S. dollar. So that's why we're holding guidance. It is kind of an offset to the increase that we're seeing in the business.

是的，湯姆，這是史蒂夫。好問題。我認為你是對的。我們確實說過，是的，在不變的貨幣運營基礎上，我們正在增加我們的前景。這一增長被美元走強所抵消。所以這就是我們持有指導的原因。這在某種程度上抵消了我們在業務中看到的增長。

In terms of price increases, as you know, we have introduced pricing increases on HOKA this year. We have some other price increases on selected styles in UGG that are starting in Q2. It's difficult in season to change pricing. And therefore, there really isn't an opportunity once you're in season to adjust pricing. It is something that we can look at going forward, but it's not anything that will impact this year.

在漲價方面，如您所知，今年我們已經對 HOKA 進行了漲價。從第二季度開始，我們對 UGG 中的選定款式還有其他一些價格上漲。在季節很難改變定價。因此，一旦您進入旺季，就真的沒有機會調整定價了。這是我們可以展望未來的事情，但這不會影響今年。

And I've got a quick follow-up. I -- just kind of a quick follow-up on -- so UGG last year in Q4, I recall you said that you had a bunch of stuff that you had shipped for the wholesale channel, and the wholesale partners are planning to sort of pack it away and release it for holiday 2022. Does that have a kind of a meaningful impact on the back half or the shape of the back half? I mean, it causes a pretty difficult compare in the fiscal Q4. So I just want to touch on that.

我有一個快速跟進。我——只是快速跟進——所以去年第四季度的 UGG，我記得你說過你有一堆東西是你為批發渠道發貨的，批發合作夥伴正計劃把它收拾起來，在 2022 年假期發布。這對後半部分或後半部分的形狀是否有一種有意義的影響？我的意思是，它在第四財季造成了相當困難的比較。所以我只想談一談。

Yes, it's a good question, Tom. So in terms of -- and especially related to Q4, again, we're not giving out kind of a quarterly Q3, Q4 breakout. But to your point, in Q4, I think the thing to recall last year was as we were experiencing significant supply chain disruption, ship build up at the ports, congestion at the ports, we were not able to ship products as much as we would have liked in Q3. That -- a lot of that started to clear up in Q4. So we were shipping more product in Q4 last year than what we would normally do in a regular year. You would have seen some more of that in Q3.

是的，這是個好問題，湯姆。因此，就 - 尤其是與第四季度相關的方面而言，我們並沒有給出第三季度、第四季度的突破。但就你的觀點而言，在第四季度，我認為去年要回想起的事情是，當我們經歷了嚴重的供應鏈中斷、港口的船舶集結、港口的擁堵時，我們無法像我們希望的那樣運送產品在第三季度喜歡。那 - 很多在第四季度開始清理。因此，我們在去年第四季度出貨的產品比我們通常在正常年份的出貨量要多。你會在第三季度看到更多這樣的情況。

The other is we saw a good demand on the DTC side in Q4, too. So that was another buildup in the quarter. So we're still building on that business. Again, it's overshadowed by the strength of the U.S. dollars and the significant impact of foreign currency. So you don't necessarily see that level of growth because on the international front, we do get hit with the currency. So we are comping a very strong back half last year, especially in Q4. And so again, it's not changing necessarily the shape of the business for the back half. There is some quarterly cadence between the 2 quarters, but we're building on an exceptionally strong back half last year. This year, it just gets a little bit overshadowed by the strength of the U.S. dollar and currency impact.

另一個是我們在第四季度也看到了 DTC 方面的良好需求。所以這是本季度的另一個積累。所以我們仍在發展這項業務。再次，它被美元的強勢和外彙的重大影響所掩蓋。所以你不一定會看到這種增長水平，因為在國際方面，我們確實受到了貨幣的打擊。因此，我們去年的下半年表現非常強勁，尤其是在第四季度。同樣，它不一定會改變後半部分的業務形態。兩個季度之間有一些季度節奏，但我們正在建立去年異常強勁的後半部分。今年，它只是被美元的強勢和貨幣影響所掩蓋。

Next question comes from Jonathan Komp from Baird.

下一個問題來自 Baird 的 Jonathan Komp。

Steve, maybe just a follow-up on the gross margin assumptions for the second half. Can you maybe just talk about how your promotional assumptions changed for the second half, if at all, versus what you maybe previously thought embedded in the gross margin? And then bigger picture, any change in your confidence that you should be a low 50s gross margin business over time?

史蒂夫，也許只是對下半年毛利率假設的跟進。您能否談談您的促銷假設在下半年發生了怎樣的變化（如果有的話），與您之前認為的毛利率中的變化相比？然後從更大的角度來看，隨著時間的推移，您對自己應該成為 50 多歲的低毛利率企業的信心是否有任何變化？

Yes. I think answering the last question first, it depends, right? It depends on everything that's going on. So the gross margin decline, again, on a full year guide because that's what we provided, the 51.5% to 50.5%. The large majority of that is currency driven. So when you do your model and you calculate what we just delivered in the first half and you calculate your second half, the large bulk of that decline is driven by the further strengthening of the U.S. dollar.

是的。我想先回答最後一個問題，這取決於，對吧？這取決於正在發生的一切。因此，毛利率在全年指導下再次下降，因為這是我們提供的，從 51.5% 下降到 50.5%。其中大部分是貨幣驅動的。所以當你做你的模型，你計算我們剛剛在上半年交付的東西，你計算你的下半年，大部分下降是由美元進一步走強驅動的。

And just one other item to recall is Q3 and Q4 are big quarters for us, with Q3 being the biggest. So we are going to feel more of that currency impact in Q3 because we have more business, wholesale direct business on the international front. So that is -- there is a slight component of an increased promotion factored into that. But again, a large majority of the change or reduction is driven by foreign currency.

另一個需要回憶的項目是 Q3 和 Q4 對我們來說是重要的季度，Q3 是最大的季度。因此，我們將在第三季度感受到更多的貨幣影響，因為我們在國際方面有更多的業務、批發直接業務。就是這樣 - 增加促銷的一個小組成部分被考慮在內。但同樣，大部分的變化或減少是由外匯驅動的。

Got it. Understood. And then maybe Dave, switching to HOKA. Could you share a little bit more on your reaction to what you've seen following the launch of the marketing campaign this summer? I know you mentioned a pretty impressive improvement in awareness. Just curious how marketing has contributed to that. And as you think for HOKA, the balance of this year and into next year, what are you looking at in terms of what could be the most incremental for growth going forward here for HOKA?

知道了。明白了。然後也許是戴夫，切換到 HOKA。在今年夏天的營銷活動啟動後，您能否分享更多關於您對所見所聞的反應？我知道你提到了一個令人印象深刻的意識提高。只是好奇營銷對此有何貢獻。正如您對 HOKA 的看法，今年和明年的餘額，您認為 HOKA 未來增長的最大增量是什麼？

Yes. I would say on the marketing, we're very happy with how the FLY HUMAN FLY campaign has been received globally. It's been very early received from all of our partners around the globe. It's resonating very well with the consumer. We shared some of the metrics in the prepared remarks. And those results are incredible, in L.A. and New York to have that kind of uplift on additional marketing spend. And we are shifting more money to top of funnel and experiencing with different mediums. And we're learning a lot, and it's paying off. So we're going to continue to do that. As you know, we've said for many years now, we're going to continue to invest in our brands through marketing and talent. And this is just a great indication of when we get a powerful unified global campaign for this brand and move some more money to the top of the funnel, that has a very positive impact. And so that's a new learning for us. We're going to continue to lean into that and explore different ways of connecting with our consumer.

是的。我想說的是營銷方面，我們對 FLY HUMAN FLY 活動在全球範圍內的受歡迎程度感到非常滿意。我們很早就從全球所有的合作夥伴那裡收到了它。它與消費者產生了很好的共鳴。我們在準備好的評論中分享了一些指標。這些結果令人難以置信，在洛杉磯和紐約，額外的營銷支出有了這種提升。我們正在將更多的資金轉移到漏斗頂部並使用不同的媒體進行體驗。我們學到了很多東西，而且正在取得成效。所以我們將繼續這樣做。如您所知，我們多年來一直在說，我們將繼續通過營銷和人才投資我們的品牌。這只是一個很好的跡象，表明我們何時為這個品牌開展了一場強大的全球統一活動，並將更多的資金轉移到漏斗的頂端，這會產生非常積極的影響。所以這對我們來說是一個新的學習。我們將繼續關注這一點，並探索與消費者建立聯繫的不同方式。

I think for HOKA going forward, we have some exciting launches. We just lost -- we're launching the Clifton 9 coming up in Q4. That's going to be a major launch for us. And we're continuing to have a very healthy and exciting pipeline of product. But as we've talked about before, we're dominant in run and trail. We need to bolster our opportunities in hike. And we're getting tremendous response from some of our lifestyle distributions such as Free People in the U.S. And so it's extending the reach of our brand. It's bringing in a younger, more fashionable consumer. And really, it's hitting on all cylinders. So it's just a matter of where we want to focus our launches, where we want to focus our marketing spend and drive the upside surgically over the next 6 months.

我認為對於 HOKA 的未來，我們有一些令人興奮的發布。我們剛剛輸了——我們將在第四季度推出 Clifton 9。這對我們來說將是一個重大的發布。我們將繼續擁有非常健康和令人興奮的產品線。但正如我們之前談到的，我們在跑步和越野賽中佔據主導地位。我們需要增加徒步旅行的機會。我們從我們的一些生活方式分銷中獲得了巨大的反響，例如美國的 Free People，因此它正在擴大我們品牌的影響力。它帶來了更年輕、更時尚的消費者。真的，它擊中了所有氣缸。因此，這只是我們希望將我們的發布集中在哪裡，我們希望將營銷支出集中在哪裡，並在未來 6 個月內手術式地推動上行的問題。

But there's a lot of opportunity here. We're just really optimized -- focused on optimizing margin and sell-through and creating awareness at a top level.

但這裡有很多機會。我們只是真的優化了——專注於優化利潤率和銷售量，並在最高水平上創造意識。

The next question comes from Jay Sole from UBS.

下一個問題來自瑞銀的 Jay Sole。

Dave, I want to follow up on the HOKA question. I think in the opening remarks, you mentioned that your long-term vision is to build HOKA into a multibillion dollar brand. Maybe can you just elaborate on how your vision has evolved over the last 3 months? What you see is the potential for HOKA? And if you could put any numbers around that multibillion, do you mean $2 billion, $3 billion? Anything around that would be helpful.

戴夫，我想跟進 HOKA 問題。我想在開場白中，您提到您的長期願景是將 HOKA 打造成一個價值數十億美元的品牌。也許您能詳細說明您的願景在過去 3 個月中是如何演變的嗎？您看到的是 HOKA 的潛力嗎？如果你可以把這個數十億美元放在任何數字上，你的意思是 20 億美元還是 30 億美元？周圍的任何事情都會有所幫助。

And then, Steve, just on the guidance for the year. I think you said down mid-single digits, but could you give us a constant currency guide for UGG for the full year?

然後，史蒂夫，只是關於今年的指導。我想你說的是中個位數，但你能給我們一個 UGG 全年不變的貨幣指南嗎？

Yes. Good question, Jay. I think obviously, for HOKA, the growth-on-growth that we're experiencing now, the scale of that business, the multiple categories that we're doing very well in and the expansion into more lifestyle product and distribution, all with still performance product, we're just finding more opportunities. The awareness we said in the script of the brand for non-runner is only around 20%. It's single digits in the international regions. And so when you start doing the math on awareness increases, the category opportunities head to toe, the global markets both in our omnichannel distribution, there's clearly a path to a multibillion-dollar opportunity.

是的。好問題，傑。我認為很明顯，對於 HOKA，我們現在正在經歷的增長，業務規模，我們在多個類別中做得很好以及擴展到更多生活方式產品和分銷，所有這些仍然性能產品，我們只是在尋找更多機會。我們在品牌腳本中所說的非跑步者的認知度只有 20% 左右。在國際地區是個位數。因此，當您開始對意識的提高進行數學計算時，從頭到腳的品類機會，以及我們全渠道分銷中的全球市場，顯然有一條通往數十億美元機會的道路。

And as I've said before, we don't see this as just a running brand. This is a running, trail, hike brand that is more like a North Face or a Salomon eventually than it is more like a [brook]. So we are relooking at our category approach, we are bolstering up some design and product management talent in our teams, we're elevating our marketing functions and we're going to stay aggressive because we feel we have a tremendous opportunity to create the next multibillion-dollar performance brand.

正如我之前所說，我們不認為這只是一個正在運行的品牌。這是一個跑步、越野、徒步旅行的品牌，最終更像是 North Face 或 Salomon，而不是更像 [brook]。所以我們正在重新審視我們的品類方法，我們正在加強我們團隊中的一些設計和產品管理人才，我們正在提升我們的營銷職能，我們將保持積極進取，因為我們覺得我們有巨大的機會來創造下一個價值數十億美元的表演品牌。

And then, Jay, this is Steve. On an UGG constant currency guidance, it's more like very low single-digit decline.

然後，傑，這是史蒂夫。在 UGG 固定貨幣指導下，它更像是非常低的個位數下降。

Got it. Okay. And then can you just talk about October and sort of the weather compares versus last year? How has October started? And last year was negatively impacted by weather in November, is that fair to say specifically in the U.S.? And what's your sort of your expectation this year?

知道了。好的。然後你能談談 10 月的天氣和去年的比較嗎？十月如何開始？去年受到 11 月天氣的負面影響，具體說在美國是否公平？你對今年的期望是什麼？

Yes. Go ahead, Dave.

是的。去吧，戴夫。

I mean, so far, so good. I mean we spoke about some of the early launches of the Ultra Mini platform products, both in the Ultra and all those Tasman. I mean we're seeing just incredible response to those products. And we've gotten great press from a lot of the runways in Europe and also in New York. Influencers, they're wearing our product in a compelling way. I think the advertising, the marketing campaign is resonating very well with our consumer. We're getting really good feedback on that, and the sell-through of these extended Classics is exceptional. So we're pleased. And again, we're heading in with a lot of confidence, but we're heading into an environment that is seemingly going to be very promotional. But we're going to try to optimize full price sell-through as best we can and come out clean and healthy.

我的意思是，到目前為止，一切都很好。我的意思是我們談到了 Ultra Mini 平台產品的一些早期發布，包括 Ultra 和所有那些 Tasman。我的意思是，我們看到對這些產品的反應令人難以置信。我們在歐洲和紐約的許多跑道上都得到了很好的媒體報導。有影響力的人，他們以一種引人注目的方式穿著我們的產品。我認為廣告和營銷活動與我們的消費者產生了很好的共鳴。我們在這方面得到了非常好的反饋，這些擴展經典的銷售情況非常出色。所以我們很高興。再一次，我們充滿信心地前進，但我們正在進入一個看似非常具有促銷性的環境。但我們將盡最大努力優化全價銷售，並且乾淨健康。

The next question comes from Sam Poser from Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

So before I get to questions, Erinn, can you give us the -- my normal question, please, on what the wholesale revenue is by brand?

所以在我回答問題之前，Erinn，你能不能給我們一個正常的問題，關於品牌的批發收入是多少？

Sure. Sam, that counts as 1 question.

當然。山姆，這算作 1 個問題。

No, it doesn't because you should just put it on there. You should just tell everybody upfront.

不，不是因為你應該把它放在那裡。你應該提前告訴大家。

Read the same section.

閱讀同一部分。

Okay. So UGG wholesale, $361 million for the quarter; HOKA wholesale, $223 million; Teva, $20 million; Sanuk, $5 million; other brands, call it, $28 million; and DTC is $239 million of the $875 million in total.

好的。所以UGG批發，本季度3.61億美元； HOKA批發，2.23億美元；梯瓦，2000萬美元；薩努克，500萬美元；其他品牌，稱之為，2800萬美元； DTC 是總計 8.75 億美元中的 2.39 億美元。

And then -- okay. Okay, so now for questions. The FX -- you're looking for what? What are the FX headwinds in total that you're looking for in the back half? I'll just ask all my questions together. What are your replenishment expectations for UGG built into your guidance for the third and fourth quarters? And I'll just do those 2 and I got 1 more.

然後——好的。好的，現在開始提問。 FX——你在找什麼？您在後半區尋找的外匯逆風總共是什麼？我會一起問我所有的問題。您對第三季度和第四季度指導中的 UGG 的補充預期是什麼？我只會做那兩個，然後我又得到了 1 個。

Yes. So on the second half, as we said in the call script, there's $70 million of currency headwinds for the company in the back half of the year.

是的。所以在下半年，正如我們在電話腳本中所說，公司在下半年有 7000 萬美元的貨幣逆風。

Just back half.

只是後半部分。

Yes. And then in terms of replenishment...

是的。然後在補貨方面...

On the gross margin, though, on the gross margin, what's the headwind on the gross like just for the back half? That's for the full year?

但是，就毛利率而言，就毛利率而言，僅對後半部分的毛利率有何不利影響？那是全年的嗎？

Correct. $140 million on back half.

正確的。後半部分1.4億美元。

Yes. Just let us double check that real quick. Did you get the right info?

是的。讓我們快速檢查一下。你得到正確的信息了嗎？

Yes. So $110 million on the first half impact and then $140 million on the full year impact, and then you can back into the second half impact.

是的。因此，上半年影響為 1.1 億美元，全年影響為 1.4 億美元，然後您可以回到下半年的影響。

My math isn't good. But -- and then with UGG, what percent of the UGG business in the third and fourth quarter is international versus U.S.? And how does that break down from a wholesale to DTC scenario? Because it looks like the DTC business, I would assume that's very U.S.-centric, and the demand just looks like it's exceptionally strong. So I mean, how are you thinking about wholesale and DTC from a -- you can do a currency neutral or whatever, just in -- for UGG for the balance of the year, especially DTC?

我的數學不好。但是——然後是 UGG，第三和第四季度的 UGG 業務中，國際業務與美國業務的百分比是多少？又是如何從批發到 DTC 的場景分解的？因為它看起來像 DTC 業務，所以我認為這是非常以美國為中心的，而且需求看起來異常強勁。所以我的意思是，你如何看待批發和 DTC - 你可以做一個貨幣中性或其他什麼，就在 - 對於 UGG 的年度餘額，尤其是 DTC？

Yes. So second half wholesale, we're looking down a little bit. So again, all brands, global, and then DTC, we're looking up. So roughly speaking, kind of low single digits down on the wholesale second half and high single-digit-ish up on the DTC back half.

是的。所以下半年批發，我們稍微往下看。所以再一次，所有品牌，全球，然後是 DTC，我們正在尋找。所以粗略地說，批發後半部分的低個位數和 DTC 後半部分的高個位數。

But I would assume that would mean that UGG wholesale is down a lot just given how strong it was last year and the FX that's offset by high increases balance different with HOKA. Is that a fair way to think about it?

但我認為這意味著UGG批發量下降了很多，因為它去年有多強勁，並且被高增長抵消的外匯與HOKA不同。這是一個公平的思考方式嗎？

Yes. And again, part of that wholesale dynamic to the earlier question is because last year, we had a lot that went out in the second half. We had a lot that went out in Q4, specifically, especially as we were replenishing depleted wholesale inventories with incoming inventory that arrived in Q4.

是的。再一次，對前面問題的批發動態的一部分是因為去年下半年我們有很多事情發生了。我們在第四季度有很多東西出去了，特別是當我們用第四季度到達的庫存來補充耗盡的批發庫存時。

The next question comes from Dana Telsey from Telsey Advisory Group.

下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

As you think about the progress in the channels of wholesale and DTC, you had mentioned on one of the last calls about expanded distribution. What are you seeing for UGG and for HOKA in terms of distribution and where you're looking to position? And then on the DTC side, when you talk about eliminating goods through your own channel given it's more productive, where are you seeing more of the strength coming from and how you're planning DTC, both in whether it's outlets or full price going forward?

當您考慮批發和 DTC 渠道的進展時，您在最近一次關於擴大分銷的電話中提到過。您對 UGG 和 HOKA 的分銷和定位有何看法？然後在 DTC 方面，當您談論通過自己的渠道消除商品時，因為它更有效率，您從哪裡看到更多的力量以及您如何規劃 DTC，無論是直銷還是全價?

Yes. Good question, Dana. So in UGG, there really isn't extended distribution happening. So we're sticking to our tight distribution framework that we have globally. We've been working hard at establishing that, closing more accounts than opening. So we're not really in an expansion mode for distribution in UGG. We're trying to consolidate, work with the strategic players that we have tremendous relationships with an optimized DTC.

是的。好問題，達娜。所以在 UGG 中，實際上並沒有發生擴展分佈。因此，我們堅持我們在全球範圍內擁有的緊密分佈框架。我們一直在努力建立這一點，關閉的賬戶多於開設的賬戶。因此，我們並沒有真正處於 UGG 分發的擴展模式。我們正在努力鞏固，與我們與優化的 DTC 有著密切關係的戰略參與者合作。

For HOKA, it's a little bit different. We obviously want to optimize DTC, and we're doing a great job with that. But we are strategically expanding 2 doors, not in a massive scale, but I'll give you an example in the U.S. Coming up in Q3 this fall, we're going to expand up to 100 doors in DSG with DICK'S Sporting Goods. So we're slowly opening up more doors with that account and expanding a little bit. We're testing Foot Locker. And then so -- but beyond that, there really isn't much distribution expansion for either of our brands. What we're seeing is higher rates of productivity and full price sell-through in the accounts we have. Those accounts are like DICK's Sporting Goods and Foot Locker or new-ish and we're still learning a lot. But the growth that we're seeing in existing accounts and the productivity in those doors is very exciting, similar to what we're seeing in DTC.

對於 HOKA 來說，情況有些不同。我們顯然想要優化 DTC，我們在這方面做得很好。但我們正在戰略性地擴大 2 家門店，但規模不大，但我將在美國舉一個例子。今年秋天第三季度，我們將在 DSG 與 DICK'S Sporting Goods 一起擴大多達 100 家門店。所以我們正在慢慢地用這個賬戶打開更多的門，並擴大一點。我們正在測試Foot Locker。然後是這樣——但除此之外，我們的任何一個品牌都沒有太多的分銷擴張。我們看到的是我們擁有的賬戶中更高的生產率和全價銷售。這些帳戶就像 DICK 的 Sporting Goods and Foot Locker 或新的一樣，我們仍在學習很多東西。但是我們在現有賬戶中看到的增長和這些門的生產力非常令人興奮，類似於我們在 DTC 中看到的。

And then we're going to continue to strategically, thoughtfully expand distribution because we don't really need a lot more distribution right now with the demand we're seeing in the channels we have, and we want to enter into any new distribution in a quality brand building way.

然後我們將繼續戰略性地、深思熟慮地擴大分銷，因為我們現在真的不需要更多的分銷，因為我們在現有渠道中看到了需求，我們希望在一種優質的品牌建設方式。

From a DTC perspective, we use that strategically. One of the beauty of our omni model is that we can shift pretty easily between wholesale and e-commerce and retail. And we use the DTC channel strategically to exit some goods at a high healthy margin, but also use that as an acquisition for new customer retention. And so you'll see a little bit more -- now that we have some inventory, we were so tight last year in inventory that we didn't have probably any excess. You'll see a little bit more on our UGG and HOKA websites perhaps than you've seen in the past, but that's strategic because we make more money in those sales on our own accounts and we get the consumer data versus discounting heavily in the marketplace. So we want to control this as much as we can, and strategically use DTC as an engine to drive growth and profit and also acquisition.

從 DTC 的角度來看，我們戰略性地使用它。我們全能模型的優點之一是我們可以很容易地在批發、電子商務和零售之間轉換。我們戰略性地使用 DTC 渠道以較高的健康利潤率退出一些商品，但也將其用作新客戶保留的收購。所以你會看到更多 - 現在我們有一些庫存，去年我們的庫存非常緊張，我們可能沒有任何過剩。您可能會在我們的 UGG 和 HOKA 網站上看到比過去更多的信息，但這是具有戰略意義的，因為我們通過自己的賬戶在這些銷售中賺到更多的錢，而且我們獲得了消費者數據，而不是在市場。因此，我們希望盡可能地控制這一點，並戰略性地使用 DTC 作為引擎來推動增長和利潤以及收購。

Our last question is from Jim Duffy from Stifel.

我們的最後一個問題來自 Stifel 的 Jim Duffy。

Really nice work from an operational standpoint. I'm sure that hasn't been easy. So kudos to the team. My question -- I wanted to focus on UGG product diversification. You highlighted some great progress. Can you speak specifically to UGG diversification traction in international markets? Is it lagging North America? Has the uptake of styles like the Tasman and the Mini been a U.S.-centric phenomenon? Or is that also showing in international markets? Any perspective you could provide there would be great.

從操作的角度來看，這真的很棒。我敢肯定這並不容易。所以給團隊點贊。我的問題——我想專注於 UGG 產品的多樣化。你強調了一些重大進展。您能具體談談UGG在國際市場上的多元化牽引力嗎？是否落後於北美？ Tasman 和 Mini 等款式的採用是否以美國為中心？或者這也出現在國際市場上？您可以提供的任何觀點都會很棒。

Yes. No, it's a great question. And it's interesting because we've had such success with more fashionable styles. The Fluff was a big acquisition opportunity for us with the younger consumers, and there's a lot more fashion and fun. But what you're seeing right now is the excitement around our Classics extension. So the team has done a tremendous job of taking our core Classics, which we, as you know, we've managed incredibly well over the last 3 years, pulling back on distribution, allocating inventory. And now we're going back to these accounts with a more expanded Classic offering, which is right on trend.

是的。不，這是一個很好的問題。這很有趣，因為我們在更時尚的款式上取得瞭如此大的成功。 Fluff 對年輕消費者來說是一個巨大的收購機會，而且還有更多的時尚和樂趣。但是您現在看到的是圍繞我們的 Classics 擴展的興奮。因此，團隊在獲取我們的核心 Classics 方面做了大量工作，如您所知，我們在過去 3 年中管理得非常好，減少了分銷，分配庫存。現在，我們將通過更擴展的 Classic 產品回到這些帳戶，這正是趨勢。

The platform trend is out there in a big way. That product is selling well globally, as well as the Tasman. Tasman is a little bit more behind on an international level. But generally speaking, the diversification into heritage Classics and kind of more fashionable product is serving this brand incredibly well.

平台趨勢在很大程度上已經存在。該產品在全球以及塔斯曼都暢銷。塔斯曼在國際水平上稍微落後一點。但總的來說，傳統經典和更時尚的產品的多樣化正在為這個品牌服務得非常好。

We're bringing in more diverse consumers. We're bringing in younger consumers, people are purchasing more often. International is a little bit behind on, for example, China is having a moment now with Fluff, where U.S. and Europe, that was last year. So it's just a little bit of a different cadence in some of the international markets versus the U.S., but all the product is resonating.

我們正在吸引更多多樣化的消費者。我們正在吸引更年輕的消費者，人們購買的頻率更高。國際有點落後，例如，中國現在正在與去年的美國和歐洲的 Fluff 合作。因此，在某些國際市場與美國市場的節奏略有不同，但所有產品都引起了共鳴。

The one difference in, I would say, the Asia Pacific region is that they have a higher penetration of Classics overall, but they also have a much higher penetration of sneakers in those markets, which have been resonating very well also, which gives us more opportunity to lean into that category going forward, which is a big one for the UGG brand to capture.

我想說的是，亞太地區的一個不同之處在於，他們對 Classics 的整體滲透率更高，但他們在這些市場中運動鞋的滲透率也更高，這也引起了很好的共鳴，這給了我們更多未來有機會進入該類別，這對 UGG 品牌來說是一個很大的機會。

So strategy is working great. You're going to see an expanded focus on Classics and more functional product coming into next year, which we believe will be accretive to margin and ASP and still some market share from others in that space as well. So lots of opportunity. We've got some work to do on bolstering men's at the moment and putting more marketing oomph behind that category. But overall, the new product is resonating well and we're very optimistic.

所以戰略運作良好。您將看到明年將擴大對經典產品和更多功能產品的關注，我們相信這將增加利潤率和平均售價，並且仍然會在該領域從其他人那裡獲得一些市場份額。這麼多機會。目前，我們有一些工作要做，以支持男裝，並在該類別背後投入更多的營銷魅力。但總的來說，新產品引起了很好的共鳴，我們非常樂觀。

Very helpful. Then just one more. Steve, you made some comments on difficult comparisons in the fourth quarter. That seems more UGG-specific point of clarification. Is there a HOKA element to that as well that we should think about modeling those brands?

非常有幫助。然後就多了一個。史蒂夫，你對第四季度的困難比較發表了一些評論。這似乎是更具體的 UGG 澄清點。我們是否應該考慮為這些品牌建模？

Yes. There is a HOKA element. So I think the important thing to remember there was in both Q2 and Q3 last year, we were really starved for HOKA inventory. And that really arrived in Q4. So we had a kind of pent-up demand that was being fulfilled in Q4. And so you saw a big spike in HOKA Q4 of last year, and we're comping that this year. So yes, that -- HOKA does play a part in Q4 as well as UGG.

是的。有一個HOKA元素。所以我認為重要的是要記住去年第二季度和第三季度，我們真的很渴望 HOKA 庫存。這真的到了第四季度。所以我們有一種被壓抑的需求，在第四季度得到了滿足。因此，您看到去年第四季度 HOKA 的大幅飆升，我們今年將對此進行補充。所以是的，那——HOKA 確實在 Q4 和 UGG 中發揮了作用。

This concludes our question-and-answer session, and the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。