Deckers Outdoor Corp (DECK) 2023 Q3 法說會逐字稿

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

謝謝你的支持。歡迎參加 Deckers Brands 2023 財年第三季度收益電話會議。 （操作員說明）我想提醒大家，這個電話會議正在錄製中。

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

我現在將把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，謝謝大家今天加入我們。接聽電話的是總裁兼首席執行官 Dave Powers；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 our current and long-term strategic objectives, changes in consumer behavior, strength of our brands, demand for our products, product distribution strategies, marketing plans and strategies, disruptions to our supply chain and logistics, our anticipated revenues, brand performance, product mix, margins, expenses, inventory levels and promotional activity, and the impact of the macroeconomic environment on our operations and performance, including fluctuations in foreign currency exchange rates.

在我們開始之前，我想提醒大家公司的安全港政策。請注意，本次電話會議的某些陳述屬於聯邦證券法含義內的前瞻性陳述，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》規定的免責聲明。除歷史事實陳述外，今天在本次電話會議上發表的所有陳述均為前瞻性陳述，包括關於我們當前和長期的戰略目標、消費者行為的變化、我們品牌的實力、對我們產品的需求、產品分銷策略、營銷計劃和策略、我們供應鍊和物流的中斷、我們的預期收入、品牌績效、產品組合、利潤率、費用、庫存水平和促銷活動，以及宏觀經濟環境對我們的運營和業績的影響，包括外幣匯率的波動。

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. 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.

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用的信息。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，這些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。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，包括在其 10-K 表格年度報告的風險因素部分和 10-Q 表格季度報告中。除法律或紐約證券交易所上市規則要求外，公司明確否認有任何更新任何前瞻性陳述的意圖或義務。

On this call, management may refer to financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including constant currency. In addition, 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. 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.

在這次電話會議上，管理層可能會參考未根據美國公認的會計原則編制的財務指標，包括不變貨幣。此外，公司報告了在當前和之前報告期間開放的業務以固定貨幣為基礎的可比直接面向消費者的銷售額。公司認為，這些非 GAAP 財務指標是其經營業績的重要指標，因為它們排除了與其核心經營業績無關且可能不具有指示性的項目。

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 today highlighting another record quarter for Deckers Brands as our teams were once again able to successfully execute against our long-term strategic objectives to deliver standout results in a dynamic consumer environment.

謝謝，艾琳。大家下午好，感謝您參加今天的電話會議。我很高興今天能來到這裡，重點介紹 Deckers Brands 又一個創紀錄的季度，因為我們的團隊再次能夠成功執行我們的長期戰略目標，在充滿活力的消費者環境中取得出色的成果。

Our fiscal third quarter record-setting results include $1.35 billion in consolidated revenue, reflecting a reported 13% increase versus the prior year and diluted earnings per share of $10.48. Key areas of progress during the third quarter included HOKA delivering record revenue of $352 million as the brand more than doubled its DTC business while demonstrating momentum across the product line and significantly increased wholesale through both market share gains and select new strategic access points. UGG increasing its mix of business in DTC to 60% up from 54% last year as the brand drove an 8% increase in the channel. Total portfolio DTC increasing 19% versus last year, to represent 52% of volume with both HOKA and UGG contributing to this mix shift, an all-time high for the third quarter and our international revenue increasing 12% on a reported basis and growing 25% on a constant currency basis when adjusting for the significant FX headwinds.

我們創紀錄的第三財季業績包括 13.5 億美元的綜合收入，據報導較上年增長 13%，攤薄後每股收益為 10.48 美元。第三季度的主要進展領域包括 HOKA 實現了創紀錄的 3.52 億美元收入，因為該品牌的 DTC 業務翻了一番以上，同時展示了整個產品線的勢頭，並通過市場份額增長和選擇新的戰略接入點顯著增加了批發量。 UGG 將其在 DTC 中的業務組合從去年的 54% 增加到 60%，因為該品牌推動渠道增長了 8%。總投資組合 DTC 比去年增長 19%，佔銷量的 52%，其中 HOKA 和 UGG 都為這種組合轉變做出了貢獻，這是第三季度的歷史新高，我們的國際收入在報告的基礎上增長了 12% 並增長了 25 % 在針對重大外匯逆風進行調整時以固定貨幣為基礎。

Deckers delivered exceptional performance in the quarter and continued progress with respect to our long-term objectives. Notably, our brands commanded strong full price selling despite a highly promotional marketplace during the holiday season. While our brands did experience more normalized promotions relative to extremely low levels in the past few years, we were able to avoid significant discounting due to the strength of consumer demand for our products as well as disciplined marketplace management through our omnichannel approach.

Deckers 在本季度表現出色，並在我們的長期目標方面繼續取得進展。值得注意的是，儘管節日期間市場促銷力度很大，但我們的品牌仍獲得了強勁的全價銷售。雖然我們的品牌在過去幾年中確實經歷了相對於極低水平的更多常態化促銷，但由於消費者對我們產品的強勁需求以及通過我們的全渠道方法進行嚴格的市場管理，我們能夠避免大幅折扣。

I'm thankful for the leaders throughout our organization, who continue to prioritize long-term brand health and remain committed to our strategic pillars allowing Deckers to maintain top-tier profitability. Our brands are well positioned for calendar 2023 as we end our fiscal year 2024 in April. Steve will provide further details on our updated guidance for this fiscal year as well as how we're thinking about the arduous macroeconomic environment.

我感謝整個組織的領導者，他們繼續優先考慮長期品牌健康並繼續致力於我們的戰略支柱，使 Deckers 能夠保持頂級盈利能力。隨著我們在 4 月結束 2024 財年，我們的品牌已為 2023 年做好準備。史蒂夫將提供有關我們本財年更新指南的更多詳細信息，以及我們如何看待艱難的宏觀經濟環境。

For now, let's get into the brand highlights for the third quarter, starting with UGG. Global UGG revenue in the third quarter was $930 million, down 2% versus last year on a reported basis, but up low single digits on a constant currency basis. Overall, consumer demand for UGG was strong in the quarter as the brand delivered global gains in DTC across genders and categories, driven by a 21% increase in acquired consumers and a 17% increase in retained consumers.

現在，讓我們從 UGG 開始了解第三季度的品牌亮點。第三季度全球 UGG 收入為 9.3 億美元，與去年同期相比下降 2%，但按固定匯率計算則增長了低個位數。總體而言，本季度消費者對 UGG 的需求強勁，因為該品牌在全球範圍內實現了跨性別和品類的 DTC 增長，這主要得益於收購消費者增長 21% 和留存消費者增長 17%。

The UGG brand's healthy DTC performance was offset by unfavorable foreign currency exchange rate impacts across all channels as well as lower wholesale revenue. This wholesale decline resulted from the unique shipment timing dynamics discussed at the outset of this fiscal year, which included an expectation that the third quarter would be impacted. Specifically, these earlier shipments drove temporarily elevated levels of inventory in the channel. As a result, and in line with our marketplace management strategies, the UGG brand's attention shifted to selling through product already in the channel to strategically reduce marketplace inventory, allowing DTC to capture demand upside and limiting the need for excess promotional activity.

UGG 品牌健康的 DTC 業績被所有渠道不利的外幣匯率影響以及較低的批發收入所抵消。這種批發下降是由於本財年開始時討論的獨特發貨時間動態造成的，其中包括對第三季度將受到影響的預期。具體來說，這些較早的發貨導致渠道中的庫存水平暫時升高。因此，根據我們的市場管理策略，UGG 品牌的注意力轉移到通過渠道中已有的產品進行銷售，以戰略性地減少市場庫存，從而使 DTC 能夠抓住需求上升空間並限製過度促銷活動的需要。

From a style and franchise perspective, UGG continues to find success with fresh updates of iconic styles. Throughout the year, consumers have continued to migrate to fashions that are uniquely UGG, such as the Classic Mini and Tasman as well as more versatile derivatives of these products. The consumer demand for these products was quite strong and certain style color combinations even led to out of stocks. Our measured approach to buying aimed at driving improved inventory levels, combined with the high level of demand for these products led to some scarcity in the marketplace. We see this approach as an effective tool to fuel demand, and we'll continue to optimize our pull model to balance future supply.

從風格和特許經營的角度來看，UGG 通過更新標誌性風格繼續取得成功。全年，消費者不斷轉向 UGG 獨有的時尚款式，例如 Classic Mini 和 Tasman 以及這些產品的更多功能衍生品。這些產品的消費者需求相當旺盛，某些款式的配色甚至導致斷貨。我們慎重的購買方式旨在推動庫存水平的提高，加上對這些產品的高需求導致市場出現一些稀缺。我們將這種方法視為刺激需求的有效工具，我們將繼續優化我們的拉動模型以平衡未來的供應。

With respect to how these styles have performed, we are encouraged to see the continued strength of adoption from the brand's target segment of 18 to 34-year-olds. Among this segment in the U.S., the classic short remained the top seller, but the strongest growth came from the Classic Mini and Ultra Mini styles, which dragged second and third, respectively. Platform Classics are also extremely popular with this age group, likely resulting from the brand heat generated through unpaid product gifting to A-list celebrities, which helped drive the hashtag platform UGGs as the brand's #1 social trending topic in the quarter.

關於這些款式的表現，我們很高興看到該品牌的目標人群（18 至 34 歲）的接受度持續增強。在美國的這一細分市場中，經典短褲仍然是最暢銷的，但增長最強勁的是經典迷你和超迷你款式，分別位列第二和第三。 Platform Classics 在這個年齡段也非常受歡迎，這可能是由於向一線名人贈送無償產品所產生的品牌熱度，這有助於推動標籤平台 UGGs 成為該品牌在本季度排名第一的社交趨勢話題。

Among 18 to 34-year-old males in the U.S., UGG brand consideration reached an all-time high in the third quarter. UGG is increasingly seeing this segment of consumers adopt versatile slipper hybrids like the Tasman and Classic slip-on as consumers continue broadening the wearing occasions of iconic styles. Beyond these hybrids, male consumers gravitated towards heritage winter boots such as the Butte as well as weatherized versions of iconic styles like the Neumel.

在美國 18 至 34 歲的男性中，UGG 品牌的關注度在第三季度創下歷史新高。隨著消費者不斷拓寬標誌性款式的穿著場合，UGG 越來越多地看到這部分消費者採用 Tasman 和 Classic 套穿式便鞋等多功能拖鞋混合體。除了這些混合款式之外，男性消費者還被 Butte 等傳統冬靴以及 Neumel 等標誌性款式的耐候版本所吸引。

Brand heat remains at an all-time high based on the exciting new products designed for the brand's target audience. Supplementing these fantastic in-line products, our teams develop each season, UGG continues to build fashion credibility through collaborations. The most recent of which was with Designer Shayne Oliver, the founder of Hood by Air. Shayne's futuristic take on UGG Classics was covered by several high-profile outlets, including Vogue, Complex and Hypebeast. These aspirational styles continue to drive excitement in the line and bring awareness to a new audience of consumers.

基於為品牌目標受眾設計的令人興奮的新產品，品牌熱度保持在歷史最高水平。我們的團隊每一季都會開發這些出色的在線產品，UGG 繼續通過合作建立時尚信譽。最近一次是與 Hood by Air 的創始人設計師 Shayne Oliver 合作。 Shayne 對 UGG Classics 的未來主義演繹被多家知名媒體報導，包括 Vogue、Complex 和 Hypebeast。這些令人嚮往的風格繼續推動產品線的興奮，並為新的消費者群體帶來意識。

From an international standpoint, UGG showed growth on a constant currency basis despite revenue being down versus last year on a reported basis. This was led by DTC, as acquired and retained consumers in the channel each grew 38% versus the prior year. International wholesale was down versus last year as UGG lapped the supply chain disruption, which pushed additional shipments into the prior year's third quarter. Strength in the UGG brand's international regions is largely attributed to the successful ongoing marketplace reset activities completed over the last few years, which included a revamped approach to product and marketing helping drive greater synergies and product adoption across the globe.

從國際角度來看，UGG 在固定貨幣基礎上顯示出增長，儘管收入與去年相比有所下降。這是由 DTC 引領的，因為渠道中獲得和保留的消費者與上一年相比分別增長了 38%。國際批發量與去年相比有所下降，因為 UGG 應對供應鏈中斷，將額外的出貨量推至去年第三季度。 UGG 品牌在國際地區的實力主要歸功於過去幾年成功完成的持續市場重置活動，其中包括改進產品和營銷方法，有助於在全球範圍內推動更大的協同效應和產品採用。

Overall, we are very pleased with the performance of UGG this fall. The brand continues to attract new consumers and drive more business through direct-to-consumer with the loyalty program that now has amassed over 7 million members worldwide. We feel great about the brand's ability to offset more normalized promotional activity through a strategic shift in channel mix, which also helped to reduce marketplace inventories heading into the spring 2023 season. We expect UGG to finish the fiscal year in a position of strength as demand for the brand's compelling products that are resonating with consumers globally has never been stronger.

總體而言，我們對 UGG 今年秋季的表現非常滿意。該品牌通過直接面向消費者的忠誠度計劃繼續吸引新消費者並推動更多業務，該計劃現已在全球積累了超過 700 萬會員。我們對該品牌通過渠道組合的戰略轉變來抵消更常態化的促銷活動的能力感到非常滿意，這也有助於減少進入 2023 年春季的市場庫存。我們預計 UGG 將在本財年結束時處於強勢地位，因為對該品牌引人注目的產品的需求從未如此強勁，這些產品在全球範圍內引起了消費者的共鳴。

Shifting to HOKA. Global revenue for the third quarter was $352 million, representing an increase of 91% versus last year on a reported basis. Another quarterly revenue record for HOKA. Just 2 quarters ago, we celebrated HOKA achieving $1 billion of revenue on a trailing 12-month basis. And with the quarter just delivered, the brand has now eclipsed $1 billion of revenue over the last 9 months ended December 2022.

轉移到 HOKA。第三季度全球收入為 3.52 億美元，與去年同期相比增長 91%。 HOKA 的另一個季度收入記錄。就在兩個季度前，我們慶祝 HOKA 在連續 12 個月的基礎上實現了 10 億美元的收入。隨著剛剛交付的季度，該品牌在截至 2022 年 12 月的過去 9 個月中的收入現已超過 10 億美元。

HOKA growth in the third quarter was driven by share gains with run specialty accounts in the wholesale channel as product flow improved this year relative to last, allowing HOKA to increase sell-through. Added points of distribution with select strategic accounts as the brand has been slowly expanding throughout the year. Global DTC revenue more than doubling versus last year as consumer acquisition and retention increased 95% and 109%, respectively, and a favorable comparable period as wholesale shipments were disrupted in the prior year due primarily to port congestion.

HOKA 第三季度的增長受到批發渠道專業賬戶份額增長的推動，因為今年的產品流相對於去年有所改善，從而使 HOKA 能夠增加銷售量。隨著品牌全年緩慢擴張，增加了精選戰略客戶的分銷點。全球 DTC 收入比去年翻了一番多，因為消費者獲取和保留率分別增長了 95% 和 109%，並且由於上一年主要由於港口擁堵而導致批發出貨中斷，這是一個有利的可比時期。

We believe the FLY HUMAN FLY marketing campaign has been a key catalyst for the HOKA brand's DTC strength throughout the year, which has driven a higher growth rate than wholesale in each quarter thus far this fiscal year. During the third quarter, targeted marketing activations in Chicago and New York City helped drive a 22% increase in brand awareness, a 27% increase in consideration and a 33% increase on purchase intent in these markets over the next 6 months. We also believe these markets have seen a halo effect from the additional brand visibility created by pop-up stores, which have continued to perform well for HOKA.

我們相信 FLY HUMAN FLY 營銷活動一直是 HOKA 品牌全年 DTC 實力的關鍵催化劑，本財年迄今為止每個季度的增長率均高於批發。在第三季度，在芝加哥和紐約市開展的有針對性的營銷活動幫助在接下來的 6 個月內將這些市場的品牌知名度提高了 22%，考慮度提高了 27%，購買意向提高了 33%。我們還認為，這些市場已經看到了快閃店帶來的額外品牌知名度的光環效應，這些快閃店繼續為 HOKA 表現良好。

In particular, we saw significant gains among 18 to 34-year-old consumers, who in the U.S. and EMEA drove the largest year-over-year increase of any age group during the third quarter. We have been increasingly encouraged by the broad product adoption from females in this coveted demographic, who appear to be actively searching hoka.com for what is new and exciting on a regular basis. Giving us confidence in the investments we are making to build brand awareness globally.

特別是，我們看到 18 至 34 歲消費者的顯著增長，他們在美國和歐洲、中東和非洲在第三季度推動了所有年齡組的最大同比增長。我們越來越受到這個令人垂涎的人群中女性廣泛採用產品的鼓舞，她們似乎定期積極搜索 hoka.com 以尋找新的和令人興奮的東西。讓我們對我們為在全球建立品牌知名度而進行的投資充滿信心。

The all-new Solimar cross trainer is a perfect example of this trend. The Solimar launched earlier this fall without significant marketing dedicated to the shoe, but still landed in the top 5 styles purchased by females aged 18 to 34 years old in this quarter. HOKA is also resonating well with males in this demographic, but we see a great deal of more opportunity to further expose the brand's product depth by testing access points that specialize in serving this target consumer.

全新的 Solimar 全功能訓練器是這一趨勢的完美典範。 Solimar 於今年秋季早些時候推出，並沒有針對該鞋進行大量營銷，但仍位居本季度 18 至 34 歲女性購買的前 5 款款式之列。 HOKA 也很受這一人群中男性的共鳴，但我們看到有更多機會通過測試專門為該目標消費者服務的接入點來進一步展示該品牌的產品深度。

Importantly, even with the expansion beyond run specialty distribution, the brand is hyper-focused on delivering in that core channel as well. According to aggregated U.S. run specialty store data, during December, HOKA increased market share by 5 percentage points versus last year, delivered the highest average product turns and maintain a gross margin well above the channel average.

重要的是，即使在經營專業分銷之外進行擴張，該品牌也非常專注於在該核心渠道中提供服務。根據美國專賣店匯總數據，12 月期間，HOKA 的市場份額比去年增加了 5 個百分點，平均產品周轉率最高，毛利率遠高於渠道平均水平。

In terms of our wholesale partner access points in the third quarter, we are extremely proud of the HOKA brand's performance as they continue to build market share in a highly competitive marketplace. With the strength of consumer demand for the brand, HOKA was able to maintain its high percentage of full-price business even with the incremental access points with strategic accounts. Though early days in some of the brand's new doors, the feedback on HOKA performance has been exceptional.

就我們第三季度的批發合作夥伴接入點而言，我們對 HOKA 品牌的表現感到非常自豪，因為他們繼續在競爭激烈的市場中建立市場份額。憑藉消費者對品牌的強勁需求，HOKA 得以在戰略客戶增量接入點的情況下保持其高比例的全價業務。儘管該品牌的一些新門還處於早期階段，但對 HOKA 性能的反饋卻非常出色。

On the product side, HOKA has continued to introduce award-winning footwear. In October, HOKA was featured in the 2022 Men's Health Sneaker Awards with the Bondi 8 being chosen for the most comfortable cushion and the Kaha 2 GORE-TEX noted as the best hiking sneaker boot. In addition, Outside Magazine published its winter gear guide for 2023, selecting the Mafate Speed 4 as the best shoe for fast and rugged trail runs. l of us at Deckers are excited for what is to come for the HOKA brand, starting with a couple of innovative product launches planned for the fourth quarter and more to come in fiscal year 2024 and beyond.

在產品方面，HOKA 不斷推出屢獲殊榮的鞋履。 10 月，HOKA 榮獲 2022 年男士健康運動鞋大獎，其中 Bondi 8 被選為最舒適的緩衝墊，Kaha 2 GORE-TEX 被譽為最佳徒步運動鞋靴。此外，Outside Magazine 還發布了 2023 年冬季裝備指南，將 Mafate Speed 4 選為適合快速崎嶇越野跑的最佳跑鞋。我們 Deckers 的所有人都對 HOKA 品牌的未來感到興奮，首先是計劃在第四季度推出的幾款創新產品，然後是 2024 財年及以後的更多產品。

In terms of consolidated channel performance in the third quarter, we saw strong growth in both global DTC and wholesale, but the majority of revenue growth was driven by global DTC, which increased 19% versus last year on a reported basis and 22% on a DTC comparable basis. DTC strength was driven by impressive global consumer acquisition and retention across the entire portfolio, which increased 44% and 38%, respectively.

就第三季度的綜合渠道業績而言，我們看到全球 DTC 和批發業務均有強勁增長，但大部分收入增長是由全球 DTC 推動的，與去年同期相比增長 19%，同比增長 22% DTC 可比基礎。 DTC 的實力受到整個產品組合中令人印象深刻的全球消費者獲取和保留的推動，分別增長了 44% 和 38%。

From a dollar growth perspective, global HOKA DTC volume more than doubled and UGG DTC increased 8% on a reported basis versus the prior year, driving over $100 million of combined incremental revenue.

從美元增長的角度來看，全球 HOKA DTC 銷量翻了一番以上，UGG DTC 與上一年相比增長了 8%，推動了超過 1 億美元的合併增量收入。

On the wholesale side, consolidated global revenue increased 8% on a reported basis versus last year. Growth was driven by HOKA brand market share gains in existing points of distribution as well as incremental business from added doors with select strategic accounts. For the total portfolio, the increased HOKA volume was partially offset by lower wholesale shipments for UGG, where the brand focused on selling through existing inventory to reduce the need for promotional activity.

在批發方面，全球綜合收入與去年相比增長了 8%。增長的動力來自 HOKA 品牌在現有分銷點的市場份額增長，以及通過選擇戰略客戶增加門的增量業務。對於整個產品組合，HOKA 銷量的增加部分被 UGG 批發出貨量的減少所抵消，該品牌專注於通過現有庫存進行銷售，以減少對促銷活動的需求。

Evidencing this success and illustrating the underlying brand heat during the season, UGG wholesale unit sell-through in the U.S. increased mid-single digits in fall '22 as compared to fall 2021. With the exceptional demand our brands were able to capture through DTC, combined with the strategic actions taken on the UGG wholesale front, our third quarter DTC mix increased from 50% last year to 52% this year.

與 2021 年秋季相比，UGG 在美國的批發單位銷量在 22 年秋季實現了中等個位數的增長，證明了這一成功並說明了本季潛在的品牌熱度。由於我們的品牌能夠通過 DTC 獲得特殊需求，結合在 UGG 批發方面採取的戰略行動，我們第三季度的 DTC 組合從去年的 50% 增加到今年的 52%。

In the third quarter, our brands achieved the highest DTC mix ever for our historically largest quarter, which represents great progress towards our long-term objective of a 50% mix of DTC business for the entire fiscal year across the portfolio. Alongside our disciplined omnichannel approach, I would like to shout out our amazing design teams that continually bring compelling new products to market. The combination of these talented teams creates the exceptional experience with our products that consumers have come to love and expect from our brands.

在第三季度，我們的品牌在我們歷史上最大的季度實現了有史以來最高的 DTC 組合，這代表著我們在整個財政年度整個產品組合中 DTC 業務組合達到 50% 的長期目標取得了巨大進展。除了我們紀律嚴明的全渠道方法外，我還想讚揚我們出色的設計團隊，他們不斷將引人注目的新產品推向市場。這些才華橫溢的團隊的結合為我們的產品創造了非凡的體驗，消費者已經開始喜愛並期待我們的品牌。

With that, I'll turn the call over to Steve to provide further details on the third quarter performance and an update on our fiscal year 2023 guidance.

有了這個，我將把電話轉給史蒂夫，提供有關第三季度業績的更多細節和我們 2023 財年指導的更新。

Thanks, Dave, and good afternoon, everyone. Adding to Dave's remarks, I would like to express how encouraged we are with the performance of our brands as we continue to operate in a very dynamic consumer environment. We are fortunate that our 2 largest brands are very healthy, in proving resilient in a highly competitive marketplace due primarily to their differentiated and compelling product offering. While HOKA continues to drive incredible growth, as again shown this quarter, UGG was able to deliver relatively flat reported revenue as compared to last year's record revenue in a much more difficult consumer and macroeconomic environment that included a significant foreign exchange rate impact. In constant currency, the UGG brand delivered growth of low single digits in the quarter.

謝謝，戴夫，大家下午好。在 Dave 的評論中，我想表達的是，隨著我們繼續在充滿活力的消費環境中運營，我們對品牌的表現感到非常鼓舞。我們很幸運，我們的兩個最大品牌非常健康，主要由於其差異化和引人注目的產品供應，在競爭激烈的市場中證明了彈性。雖然 HOKA 繼續推動令人難以置信的增長，正如本季度再次顯示的那樣，但與去年創紀錄的收入相比，UGG 在更加困難的消費者和宏觀經濟環境（包括顯著的匯率影響）下實現了相對平穩的報告收入。按固定匯率計算，UGG 品牌在本季度實現了低個位數的增長。

Our organization's continued commitment to long-term strategic decision-making and disciplined approach to spending in an unchartered environment, propelled Deckers to yet another record quarter.

我們的組織對長期戰略決策的持續承諾和在未知環境中嚴格的支出方法，推動 Deckers 取得了又一個創紀錄的季度。

Now let's get to the specifics of the third quarter financial performance. Third quarter fiscal 2023 revenue was $1.346 billion, representing an increase of 13% versus prior year. On a constant currency basis, revenue grew 17.5% versus last year. Growth in the quarter was driven by continued expansion of HOKA, which more than doubled its global DTC business through impressive increases in consumer acquisition and online retention and increased wholesale revenue by 83% versus last year due to market share gains and select increased points of distribution with strategic partners. HOKA also benefited from an easier comparison to last year's third quarter when wholesale shipments were disrupted by inventory delays that resulted from port congestion.

現在讓我們來看看第三季度財務業績的具體情況。 2023 財年第三季度收入為 13.46 億美元，比上年增長 13%。按固定匯率計算，收入較去年增長 17.5%。本季度的增長是由 HOKA 的持續擴張推動的，HOKA 通過消費者獲取和在線保留率的顯著增長使其全球 DTC 業務增長了一倍以上，並且由於市場份額的增加和選擇增加的分銷點，批發收入比去年增加了 83%與戰略合作夥伴。 HOKA 還受益於與去年第三季度相比更容易的比較，當時批發出貨量因港口擁堵導致的庫存延遲而中斷。

Gross margin for the third quarter was 53%, which is up 70 basis points from last year's 52.3%. The most material drivers of gross margin in the quarter were a significant benefit from reduced freight costs, which was partially offset by unfavorable foreign currency exchange rates as compared to the prior year period. Additional gross margin impacts in the quarter included benefits from favorable channel mix with DTC growing faster than wholesale, favorable brand mix as the sales of our HOKA brand increased and price increases implemented at the end of last year. These were partially offset from more normalized promotions and closeout activity for UGG relative to minimal discounting last year.

第三季度的毛利率為 53%，比去年的 52.3% 上升了 70 個基點。本季度毛利率的最重要驅動因素是貨運成本下降帶來的顯著收益，這部分被與去年同期相比不利的外幣匯率所抵消。本季度的其他毛利率影響包括受益於有利的渠道組合，DTC 增長速度快於批發，有利的品牌組合，因為我們的 HOKA 品牌的銷售額增加以及去年年底實施的價格上漲。相對於去年最低限度的折扣，UGG 更加規範化的促銷和清倉活動部分抵消了這些影響。

SG&A dollar spend in the third quarter was $350 million, up 7% versus last year's $328 million. As a percent of revenue, SG&A was 160 basis points lower than last year, primarily due to benefits in the quarter from foreign currency remeasurement, but it still remains a headwind in the fiscal year to date through December and a lower ratio of marketing to sales as we shifted the timing of HOKA campaign spend into the fourth quarter to align with the launch of spring 2023.

第三季度的 SG&A 美元支出為 3.5 億美元，比去年的 3.28 億美元增長 7%。作為收入的百分比，SG&A 比去年低 160 個基點，這主要是由於本季度外匯重新計量帶來的好處，但在截至 12 月的財政年度中仍然是一個不利因素，營銷與銷售的比率較低因為我們將 HOKA 活動支出的時間轉移到第四季度，以配合 2023 年春季的發布。

Our tax rate was 23.7%, which is higher than last year's 20.5%, primarily due to jurisdictional mix of business. These results, combined with favorable interest income relative to last year and a lower share count drove earnings per share to $10.48 which is more than $2 and 24% higher than last year's $8.42 per share.

我們的稅率為 23.7%，高於去年的 20.5%，這主要是由於業務的管轄組合。這些結果，加上相對於去年有利的利息收入和較低的股票數量，推動每股收益達到 10.48 美元，比去年的每股 8.42 美元高出 2 美元以上，高出 24%。

Turning to our balance sheet. At December 31, 2022, we ended this fiscal third quarter with $1.058 billion of cash and equivalents. Inventory was $723 million, up 31% versus the same point in time last year, primarily to support the continued growth of the HOKA brand, which was light on inventory in the prior year due to factory delays with some offset from UGG inventory being down year-over-year. And during the period, we had no outstanding borrowings.

轉向我們的資產負債表。截至 2022 年 12 月 31 日，我們在本財年第三季度末擁有 10.58 億美元的現金和等價物。庫存為 7.23 億美元，與去年同期相比增長 31%，這主要是為了支持 HOKA 品牌的持續增長，該品牌在上一年由於工廠延誤而庫存較少，部分抵消了 UGG 庫存下降的影響-超過一年。在此期間，我們沒有未償還的借款。

During the third quarter, we repurchased approximately $45 million worth of shares at an average price of $350.25. As of December 31, 2022, the company had approximately $1.46 billion of remaining authorized for share repurchases.

第三季度，我們以平均 350.25 美元的價格回購了價值約 4500 萬美元的股票。截至 2022 年 12 月 31 日，公司擁有約 14.6 億美元的剩餘股份回購授權。

Now moving to our updated outlook for full fiscal year 2023. We are increasing our full year revenue guidance to be up 11% to 12% from our previous range of up 10% to 11%. This increase now equates to a full year revenue range of $3.5 to $3.53 billion. This is being driven by HOKA upside as the brand continues to exceed expectations in DTC and build market share across global wholesale access points.

現在轉向我們對 2023 年整個財政年度的最新展望。我們將全年收入預期從之前的 10% 至 11% 增長 11% 至 12%。現在這一增長相當於全年收入在 3.5 至 35.3 億美元之間。這是由 HOKA 的上行推動的，因為該品牌繼續超出 DTC 的預期，並在全球批發接入點建立市場份額。

Reflecting this update HOKA growth is now expected to increase in the low 50% range for the fiscal year 2023 as compared to fiscal year 2022. Implying more than $450 million of incremental revenue versus last year.

反映這一更新，與 2022 財年相比，HOKA 的增長現在預計將在 2023 財年的低 50% 範圍內增長。這意味著與去年相比增加了超過 4.5 億美元的收入。

The HOKA brands increased fiscal year revenue guide now implies a second half growth rate in the high 40% to low 50% range, with total dollar volume that is slightly greater than the first half. Reflecting the brand's balanced revenue across the year. Due to last year's supply chain disruption that impacted quarterly wholesale revenue timing, the HOKA brand's growth rate in the fourth quarter will be lower than the brand's typical run rate. With that said, we expect to see continued robust DTC demand from consumers, driving strong growth in that channel.

HOKA 品牌增加的財政年度收入指南現在意味著下半年增長率在 40% 到 50% 之間，總金額略高於上半年。反映了品牌全年的均衡收入。由於去年供應鏈中斷影響了季度批發收入時間，HOKA 品牌在第四季度的增長率將低於該品牌的典型運行率。話雖如此，我們預計消費者對 DTC 的需求將持續強勁，從而推動該渠道的強勁增長。

UGG revenue is still expected to be down mid-single digits on a reported basis. Implying a year-over-year decline in the fourth quarter as the brand laps abnormal events in the prior year. As a reminder, in the fourth quarter of last year, UGG had late arriving fall inventory, which wholesale customers would historically cancel, but instead kept their orders, preferring to procure inventory on the earlier side for the future seasons. This resulted in additional growth in the prior year fourth quarter that is not expected to be repeated. Additionally, UGG DTC benefited from backorder product that shipped in January last year.

根據報告，UGG 收入預計仍將下降中個位數。這意味著第四季度同比下降，因為該品牌在去年發生了異常事件。值得提醒的是，去年第四季度，UGG 的秋季庫存延遲到貨，批發客戶通常會取消這些庫存，但他們會保留訂單，寧願提前採購庫存以備下一季使用。這導致去年第四季度出現額外增長，預計不會重演。此外，UGG DTC 還受益於去年 1 月發貨的延期交貨產品。

Further, of all our brands, UGG is the most globally exposed brand, and as a result, continues to face the most significant headwinds from an unfavorable foreign currency exchange rates as compared to last year. Beyond our increased revenue outlook for full fiscal year 2023, gross margin is still expected to be approximately 50.5% and SG&A as a percentage of sales is still expected to be approximately 33%. Operating margin is still expected to be in the range of 17.5% to 18%. Our effective tax rate is still expected to be approximately 22%, and our increased diluted earnings per share is now expected to be in the range of $18 to $18.50.

此外，在我們所有的品牌中，UGG 是全球知名度最高的品牌，因此，與去年相比，不利的外幣匯率繼續面臨最大的不利因素。除了我們對 2023 年整個財政年度的收入預期有所增加外，毛利率預計仍約為 50.5%，SG&A 佔銷售額的百分比仍預計約為 33%。預計營業利潤率仍將在 17.5% 至 18% 的範圍內。我們的有效稅率預計仍約為 22%，我們增加的稀釋後每股收益現在預計在 18 美元至 18.50 美元之間。

As a reminder, due to the disruptive nature of how the second half of last year played out, the company pushed hard to improve the availability of our products earlier this year, and that strategy has served us well. And due to this push, more products shipped earlier this year and that, combined with currency headwinds have placed pressure on the reported percentage growth in the fourth quarter. With that said, we believe viewing our increased expectation for the full fiscal year more holistically is a better measure of the progress our brands are making.

提醒一下，由於去年下半年的破壞性，該公司在今年早些時候努力提高我們產品的可用性，這一戰略對我們很有幫助。由於這一推動，今年早些時候出貨了更多產品，再加上貨幣逆風，給第四季度報告的百分比增長帶來了壓力。話雖如此，我們相信更全面地看待我們對整個財年的更高期望可以更好地衡量我們品牌取得的進展。

In this context, we are delivering on what we said and have continued to increase our full fiscal year outlook despite a harsher impact from foreign currency fluctuations as compared to initial expectations at the outset of this year. 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 supply chain disruptions, constraints and related expenses, labor shortages inflationary pressure, changes in consumer confidence and recessionary pressures, further strengthening of the U.S. dollar and geopolitical tensions.

在這種情況下，儘管與今年年初的初步預期相比，外匯波動的影響更為嚴重，但我們正在兌現我們所說的並繼續提高我們的整個財政年度展望。請注意，本指南不包括任何可能被認為是一次性的費用，並且不考慮額外股份回購的任何影響。此外，我們的指引假設當前風險和不確定性沒有顯著惡化，包括但不限於供應鏈進一步中斷、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、進一步加強美元和地緣政治緊張局勢。

As we approach the end of our fiscal year, I wanted to provide further context around the state of our business. On logistics, the level of disruption, delays and corresponding freight costs relative to the same point in time last year has continued to improve, though they remain elevated versus pre-pandemic levels. While the ongoing outbreak in China is not currently impacting footwear production or transit times in a material way, we are experiencing some minimal operational hurdles, and we'll continue to watch this situation closely.

在我們接近財政年度結束時，我想提供有關我們業務狀況的更多背景信息。在物流方面，與去年同期相比，中斷、延誤的程度和相應的貨運成本繼續改善，但與大流行前的水平相比仍處於較高水平。雖然中國持續爆發的疫情目前並未對鞋類生產或運輸時間產生實質性影響，但我們遇到了一些最小的運營障礙，我們將繼續密切關注這一情況。

In terms of inventory, we have continued to see improvement in the ratio of inventory growth to sales growth over the last few quarters, as was signaled in our expectation throughout this year. While still working to optimize levels, we feel good about our current inventory position, which is up over last year to satisfy increased HOKA demand. We still anticipate unique year-over-year comparisons based on disruption in the supply chain as well as the dynamics of the HOKA brand's increasing mix of both revenue and inventory, especially as it's more even quarterly revenue cadence compared to UGG.

在庫存方面，我們在過去幾個季度繼續看到庫存增長與銷售增長的比率有所改善，正如我們今年全年的預期所表明的那樣。在仍在努力優化水平的同時，我們對目前的庫存狀況感到滿意，該庫存狀況比去年有所上升，以滿足不斷增長的 HOKA 需求。我們仍然期待基於供應鏈中斷以及 HOKA 品牌收入和庫存組合不斷增加的動態進行獨特的同比比較，尤其是與 UGG 相比，它的季度收入節奏更為均勻。

Regarding promotional activity. As we have discussed over the last few quarters, the marketplace has become increasingly influenced by higher levels of markdown activity. While our brands have maintained a high percentage of full-price business there has been a return to more normalized levels of promotion experienced prior to the pandemic, particularly with the UGG brand. HOKA has largely avoided additional discounting beyond the historical model update flow.

關於促銷活動。正如我們在過去幾個季度所討論的那樣，市場越來越受到更高水平的降價活動的影響。雖然我們的品牌在全價業務中保持了很高的比例，但已經恢復到大流行之前更正常的促銷水平，尤其是 UGG 品牌。 HOKA 在很大程度上避免了超出歷史模型更新流程的額外折扣。

Given the dynamics of the marketplace, which is dealing with higher channel inventory, we are well positioned having managed inventory into the wholesale channel while leveraging our DTC capabilities, selling earlier and at higher margins, gaining share and, exceeding our original expectations on the year.

鑑於市場的動態，它正在處理更高的渠道庫存，我們在管理批發渠道的庫存方面處於有利地位，同時利用我們的 DTC 能力，更早地以更高的利潤率銷售，獲得市場份額並超過我們今年的最初預期.

On currency, we have continued to experience impacts on our results from unfavorable foreign currency exchange rates. In the fourth quarter, we are expecting an approximate impact of $20 million to revenue and our expected headwind for the full fiscal year 2023 remains at approximately $100 million.

在貨幣方面，不利的外幣匯率繼續對我們的業績產生影響。在第四季度，我們預計收入將受到約 2000 萬美元的影響，我們預計 2023 年整個財年的逆風仍將保持在約 1 億美元。

Finally, as we finish out our fiscal year 2023 and look to deliver another exceptional year, we are also reflecting on the actions we took to manage our expense base and the trade-offs made to deliver these results. While we are not yet providing guidance for fiscal year 2024 and as our business expands, we will continue to review and invest in those areas that will drive the organization forward, especially as we start to see gross margin expansion. In this highly competitive environment, those further investments will support talent, innovation, technology and enterprise infrastructure, which are all critical to our continued success.

最後，在我們結束 2023 財年並期待再創佳績之際，我們也在反思我們為管理費用基礎所採取的行動以及為實現這些結果所做的權衡。雖然我們尚未提供 2024 財年的指導，但隨著我們業務的擴展，我們將繼續審查和投資那些將推動組織向前發展的領域，尤其是在我們開始看到毛利率擴張的情況下。在這個競爭激烈的環境中，這些進一步的投資將支持人才、創新、技術和企業基礎設施，這些都是我們持續成功的關鍵。

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，聽取他的最後評論。

Thanks, Steve. We are proud of our strong results and ability to navigate a challenged consumer landscape through our marketplace management strategies tailored to each of our unique brands. Exiting the holiday season, we are encouraged by and have great confidence in the strength of our brands and the exciting future ahead. With the brand heat we're seeing on HOKA and UGG in particular, we feel Deckers is well positioned. Both brands operate on a pull model, and we believe the strong relationships our brands have built with key wholesale partners will serve us well.

謝謝，史蒂夫。我們為我們的強勁業績和通過為我們每個獨特品牌量身定制的市場管理策略來駕馭充滿挑戰的消費者環境的能力感到自豪。假期結束後，我們對我們品牌的實力和未來令人興奮的未來感到鼓舞並充滿信心。鑑於我們在 HOKA 和 UGG 上看到的品牌熱度，我們認為 Deckers 處於有利地位。這兩個品牌都採用拉動模式運營，我們相信我們的品牌與主要批發合作夥伴建立的牢固關係將為我們提供良好的服務。

Decker's strategic brand marketplace management, omnichannel capabilities and flexible operating model continue to be the driving forces behind our company's sustained success. But Decker's success is ultimately made possible by the hard-working employees who go above and beyond to deliver consistent results aligned with our long-term strategic goals.

Decker 的戰略品牌市場管理、全渠道能力和靈活的運營模式繼續成為我們公司持續成功的驅動力。但 Decker 的成功最終要歸功於辛勤工作的員工，他們超越自我，交付符合我們長期戰略目標的一致結果。

Thank you, everyone, for joining us on the call today, and thanks to all of our stakeholders for your continued support. We look forward to sharing more as we continue to build towards Decker's exciting future.

感謝大家今天加入我們的電話會議，並感謝我們所有利益相關者的持續支持。我們期待著在我們繼續為 Decker 激動人心的未來而努力的過程中分享更多信息。

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) And our first question today will come from Laurent Vasilescu with Exane BNP Paribas. Please go ahead.

（操作員說明）我們今天的第一個問題將來自 Exane BNP Paribas 的 Laurent Vasilescu。請繼續。

This is (inaudible) on for Laurent. You guys hear me okay?

這是（聽不清）勞倫特的。你們聽我說好嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

We're in to start on the wholesale side, up 8% in the quarter. I think last quarter, you talked about the channel being down slightly in 2H. Maybe just talk about what you're seeing in that channel, how it's progressed versus 90 days ago?

我們將從批發方面開始，本季度增長 8%。我想上個季度，你談到了 2H 的渠道略有下降。也許只是談談您在該頻道中看到的內容，與 90 天前相比進展如何？

Yes, you're talking about second half or Q3, Q4, what specifically are you talking about the quarter?

是的，你說的是下半年或 Q3、Q4，你具體說的是什麼季度？

Wholesale up 8% in the quarter, but I think you spoke to wholesale being down slightly in 2H on the last call. Just any color you can give on whether that's still the view or if something has changed?

本季度批發增長 8%，但我認為你在上次電話會議上談到批發在 2H 略有下降。你可以給出任何顏色來判斷它是否仍然是視圖或者是否發生了變化？

Yes. I'll let Steve get into specifics. But I think a lot of this, and we will explain this in more detail as the call goes on, but it's just the timing of deliveries versus last year. So that's a big part of the dynamic and then shifts between Q3 and Q4. But Steve, I don't know if you have more color on that?

是的。我會讓史蒂夫詳細說明。但我想了很多，隨著電話的進行，我們將對此進行更詳細的解釋，但這只是與去年相比的交付時間。所以這是動態的很大一部分，然後在第三季度和第四季度之間轉移。但是史蒂夫，我不知道你是否有更多的顏色？

Yes. I think when we get into the quarterly discussion, it's a little bit about what we alluded to at the beginning of the year. We knew that given coming out of again, Q4, just to remind everyone, where we ship product last year in Q4, that was going to impact Q3 and Q4 of this year in terms of wholesale growth. So we took the opportunity to sell product in. We have wholesale customers participating and wanting to hold some of that product that they didn't sell in Q4, which we knew would impact Q3 and Q4 of this year.

是的。我認為當我們進入季度討論時，它有點關於我們在年初提到的內容。我們知道，鑑於第四季度再次出現，只是為了提醒大家，我們去年第四季度的產品發貨地點，這將影響今年第三季度和第四季度的批發增長。所以我們抓住機會銷售產品。我們有批發客戶參與並希望持有他們在第四季度沒有銷售的一些產品，我們知道這會影響今年第三季度和第四季度。

So I think as we see Q3 and Q4 play out, it's much to our expectation and a little bit better, which is why we are increasing our full year outlook. We knew kind of between quarters, there would be some disruption in the current year, again, why we didn't guide quarterly. But I think continuing to see strong demand with our wholesalers. This is a bit of an impact from pandemic and supply chain disruption experienced last year, still playing through this year. It is importing how we see wholesale growth in the current year, but we knew that, right?

所以我認為，當我們看到第三季度和第四季度的結果時，這比我們的預期要好一點，這就是我們提高全年展望的原因。我們知道在兩個季度之間，今年會出現一些中斷，同樣，為什麼我們沒有每季度進行一次指導。但我認為繼續看到我們的批發商的強勁需求。這是去年經歷的流行病和供應鏈中斷的一些影響，今年仍在發揮作用。它正在導入我們如何看待本年度的批發增長，但我們知道這一點，對嗎？

And it goes a little bit back to the point I made in the prepared remarks, which was we were going to take every opportunity to get product in early in the year to make sure that we have an opportunity for strong sell-through during the season, which is exactly what we've seen. And our brands continue to perform well and resonate with customers. So both on the UGG side and especially, as you can see in the numbers on the HOKA side.

這有點回到我在準備好的評論中提出的觀點，即我們將抓住一切機會在今年年初獲得產品，以確保我們有機會在這個季節實現強勁的銷售，這正是我們所看到的。我們的品牌繼續表現良好並引起客戶共鳴。因此，無論是在 UGG 方面，還是在 HOKA 方面，您都可以從數字中看到。

So again, really pleased with our performance. Again, I don't want to get hung up on quarterly percentage changes because really, we're measuring the health of the business on the year, and that's our outlook on the raise for the year.

再次，對我們的表現非常滿意。同樣，我不想掛斷季度百分比變化，因為實際上，我們正在衡量今年業務的健康狀況，這就是我們對今年加薪的展望。

Yes. And I think just as a reminder, Q3 last year, we were, in some cases, starved for inventory, and we brought inventory that we could have sold in Q3, brought it in Q4 for both UGG and HOKA and wholesalers were happy to take it at that time. And particularly for UGG, they were happy to fill up on kind of core styles knowing that they would carry it into Q3 this year, and that dynamic has played out, but now we're comping those increased shipments in Q4 last year.

是的。我想提醒一下，去年第三季度，在某些情況下，我們急需庫存，我們帶來了本可以在第三季度出售的庫存，並在第四季度為 UGG 和 HOKA 帶來了庫存，批發商很樂意接受那個時候。特別是對於 UGG，他們很高興在知道他們將把它帶入今年第三季度的情況下填補某種核心款式，並且這種動力已經發揮作用，但現在我們正在計算去年第四季度增加的出貨量。

But Overall, as Steve said, the brands are very healthy. Full price sales throughout our wholesale partners is strong and the demand from them is still there. But keep in mind, they're also working through an inventory situation, a lot of promotional activity in the marketplace and then working through their own inventories. So they're careful about who they bring in for brands. And fortunately, our brands are very, very strong. So they're prioritizing us, but they still have a lot of inventory from other brands to work through in this environment.

但總的來說，正如史蒂夫所說，這些品牌非常健康。我們批發合作夥伴的全價銷售強勁，他們的需求仍然存在。但請記住，他們也在處理庫存情況、市場上的大量促銷活動，然後處理自己的庫存。因此，他們對為品牌引進的人非常謹慎。幸運的是，我們的品牌非常非常強大。所以他們優先考慮我們，但在這種環境下，他們仍有大量其他品牌的庫存需要處理。

Okay. Got it. Very clear. And then on HOKA, if I could just ask a follow-up. You mentioned expanding through strategic access points on wholesale. Could you maybe just give a little more detail on that, what the opportunity looks like there to expand HOKA in the wholesale channel outside of specialty running and kind of what the strategy is there?

好的。知道了。非常清楚。然後在 HOKA 上，如果我可以問一個後續問題。你提到通過批發的戰略接入點進行擴展。您能否提供更多細節，在專業跑步之外的批發渠道中擴展 HOKA 的機會是什麼，以及那裡的戰略是什麼？

Yes, I'm happy to talk about that. And this is, I would say, on a global scale, we are very selective of who we sell HOKA 2 in wholesale. We're always prioritizing the run specialty channel. That's our bread and butter and the authenticity of the brand. But we're strong in places like REI. We've expanded doors -- in DICK'S in the third quarter. And as we mentioned on the call, that's growing very well. We're in a handful of foot Locker doors.

是的，我很高興談論這個。我想說的是，在全球範圍內，我們對批發銷售 HOKA 2 的人非常挑剔。我們始終優先考慮運行專業頻道。這是我們的生計和品牌的真實性。但我們在像 REI 這樣的地方很強大。我們擴大了大門——第三季度在 DICK'S。正如我們在電話中提到的那樣，它的增長非常好。我們在幾英尺的儲物櫃門裡。

But right now, we're not really looking to expand too many more doors in wholesale. We're focused on healthy sell-through and expanding categories. And then as we saw in Q3, DTC is exceptionally strong, and we want to continue to drive growth strategically in wholesale, create awareness, get in front of the right consumers, but ultimately drive as much business as we can through DTC because for all the right reasons, margin, consumer data, lifetime value. So it's a healthy balance, and this is a good reflection of our strategy towards ultimately being a 50% DTC company, you can see how this is working in this quarter.

但現在，我們並不是真的想擴大更多的批發門。我們專注於健康的銷售和擴大類別。然後正如我們在第三季度看到的那樣，DTC 非常強大，我們希望繼續在批發方面戰略性地推動增長，提高知名度，吸引合適的消費者，但最終通過 DTC 推動盡可能多的業務，因為對於所有人正確的理由、保證金、消費者數據、終生價值。所以這是一個健康的平衡，這很好地反映了我們最終成為一家 50% DTC 公司的戰略，你可以看到這在本季度是如何運作的。

And the next question will be from Jonathan Komp with Baird.

下一個問題將來自 Jonathan Komp 和 Baird。

I want to ask first just about the UGG brand. It looks like you've had some incredible heat for a few of the styles that were hard to get from the consumer side. So I'm curious just how you view availability in your plans for things like the Platforms and the Ultra? And then what type of response are you seeing from wholesalers, who maybe didn't have much of that product, but presumably would want them at some point looking forward?

我想先問一下UGG品牌。看起來你對一些很難從消費者那裡獲得的款式產生了一些令人難以置信的熱度。所以我很好奇你如何看待你的計劃中的可用性，比如平台和 Ultra？然後你從批發商那裡看到了什麼樣的反應，他們可能沒有太多這種產品，但大概會希望他們在某個時候期待？

Yes. I could share with you my inbox of e-mails of people looking for those styles. So I think to take it up to a higher level, as we're managing through our inventory in the UGG brand, we pulled back a little bit on how much we invested in some of these new styles, not anticipating how strong the consumer demand for them would be. So the platform styles, the Tas, the Ultra Mini, those styles, in many cases, sold out to the piece. And so we missed some opportunity there. The good news is that wholesalers want more, the consumer wants more, and we've realized that these extended classics -- more iterations of core classics that keep our brand DNA intact are resonating very, very well with particularly younger consumers, but I would say all consumers and then on a global scale.

是的。我可以與您分享我尋找這些款式的人的電子郵件收件箱。所以我想把它提升到一個更高的水平，因為我們正在管理我們的 UGG 品牌庫存，我們在一些新款式上的投資有所減少，沒有預料到消費者需求的強勁程度對他們來說是。所以平台款式，Tas，Ultra Mini，這些款式，在很多情況下，都賣光了。所以我們在那裡錯過了一些機會。好消息是批發商想要更多，消費者想要更多，我們已經意識到這些擴展的經典——保持我們品牌 DNA 完整的核心經典的更多迭代正在與特別年輕的消費者產生非常非常好的共鳴，但我會說所有的消費者，然後在全球範圍內。

So you can feel confident that we are going to continue on that path in developing these styles, take advantage of the platform trends, et cetera, as we continue through the year and beyond. So good news is that core classics remain strong and healthy. But some of these new iterations were better than we expected, which is great news, and there's demand on the table and the consumer is hungry for them.

因此，您可以放心，我們將繼續沿著這條道路開發這些風格，利用平台趨勢，等等，因為我們將繼續這一年及以後。好消息是核心經典仍然強大而健康。但是其中一些新的迭代比我們預期的要好，這是個好消息，桌面上有需求，消費者渴望它們。

That's great. And maybe a follow-up, set of questions on HOKA. A little bit of a similar question. Could you just maybe elaborate on the strength of the 18 to 34-year-old demographic? What's changed there and maybe accelerated adoption? And then just, Steve, when I look at the HOKA revenue. Typically, the fourth quarter is a little higher than the third quarter in dollars. So I understand that a year ago comparison looks different, but any reason why the fourth quarter dollars would be down from the third quarter?

那太棒了。也許還有一系列關於 HOKA 的後續問題。有點類似的問題。您能否詳細說明 18 至 34 歲人口的優勢？那裡發生了什麼變化，也許加速了採用？然後，史蒂夫，當我查看 HOKA 收入時。通常，按美元計算，第四季度略高於第三季度。所以我知道一年前的比較看起來不同，但第四季度的美元會比第三季度下降的原因是什麼？

Yes. Thanks, Jon. So yes, on the HOKA side, we're very happy with these results. I think -- in the early days of HOKA, we were selling obviously to core runners and beyond, and then some people were using it for comfort and longevity reasons. And the younger consumers weren't really adopting it as part of their own yet, but we've seen that shift change dramatically in the last year or so. In the 18 to 34-year-old category was our fastest-growing consumer segment.

是的。謝謝，喬恩。所以是的，在 HOKA 方面，我們對這些結果非常滿意。我認為 - 在 HOKA 的早期，我們顯然是在向核心跑步者及其他人群銷售，然後一些人出於舒適和長壽的原因使用它。年輕的消費者還沒有真正將其作為自己的一部分採用，但我們已經看到這種轉變在過去一年左右發生了巨大變化。在 18 至 34 歲這一類別中，我們增長最快的消費群體。

So it's working as we planned, probably a little better than we planned, happening a little faster than we planned, but some of the activities we're doing, the collab with folks like free people, et cetera, marketing, but you're seeing teenage girls and boys trading from traditional athletic brands into HOKA and raving about it. So it's very exciting and it just expands the breadth of our brand from age 18 to 80. And I think the marketing and the product teams are doing an exceptional job of creating right product for that consumer, putting it in the right place and showcasing it the right way.

所以它按照我們的計劃進行，可能比我們計劃的要好一點，發生的速度比我們計劃的要快一點，但是我們正在做的一些活動，與自由人等人的合作，市場營銷，但你看到十幾歲的女孩和男孩從傳統運動品牌交易到 HOKA 並對其贊不絕口。所以這非常令人興奮，它只是將我們品牌的廣度從 18 歲擴大到 80 歲。我認為營銷和產品團隊在為消費者創造合適的產品、將其放在正確的位置並展示它方面做得非常出色正確的方式。

And some of the extended work we're doing on the lifestyle side, taking core styles, but different treatments, different materials, different colors that are more kind of lifestyle focused, that's working extremely well, too. So we think that this is a big unlock for the brand long term. We want to be healthy and meaningful and important to the younger consumer and we're seeing that play out, which is really great.

我們在生活方式方面做的一些擴展工作，採用核心風格，但不同的處理方式、不同的材料、不同的顏色更注重生活方式，這也非常有效。所以我們認為這對品牌的長期來說是一個很大的解鎖。我們希望對年輕的消費者來說健康、有意義和重要，我們看到了這一點，這真的很棒。

Yes. And Jonathan, this is Steve. On Q4 HOKA dynamic, again, it goes back to a little bit, we're dealing with disruptive supply chain last year, right, so there's a dynamic on the year-over-year comparison in Q3 and Q4. Then to your point on kind of Q4 versus Q3 this year, as we've had more inventory availability, we've been putting that into the marketplace. At the same time, we know, as Dave said, there is more product in the marketplace. So we want to control the marketplace.

是的。喬納森，這是史蒂夫。關於第四季度 HOKA 動態，再次回到一點點，我們去年正在處理破壞性供應鏈，對，所以第三季度和第四季度的同比比較有一個動態。然後是關於今年第四季度與第三季度的觀點，因為我們有更多的可用庫存，我們一直在將其投放市場。與此同時，我們知道，正如戴夫所說，市場上有更多的產品。所以我們想控制市場。

We'll look and see how the brands continues to grow. It's going to continue to grow. It's a little bit disproportionate in percentage terms again because of how we're making those comparisons to last year. But this is a little bit to our marketplace management. We also have new models that are being introduced in Q4. So there is some change in some of the wholesale deliveries in the quarter.

我們將看看品牌如何繼續發展。它會繼續增長。由於我們與去年進行比較的方式，百分比再次有點不成比例。但這對我們的市場管理來說有點困難。我們還有第四季度推出的新型號。因此，本季度的一些批發交付量出現了一些變化。

But again, this is a brand that's continuing to grow overall solid growth plan for the year, a little bit choppy between quarters and strong demand that we continue to see that wholesalers are demanding products. So managing the DTC business, managing the wholesale business, managing the marketplace, recognizing what's going on there. I wouldn't get too concerned over the Q3, Q4 dynamic. We've just got choppy quarters going on in this year.

但同樣，這是一個繼續增長的品牌，今年整體穩健增長計劃，季度之間有點波動，我們繼續看到批發商對產品的需求強勁。因此，管理 DTC 業務，管理批發業務，管理市場，了解那裡發生的事情。我不會太擔心第三季度、第四季度的動態。今年我們剛剛經歷了波濤洶湧的季度。

Yes. And I think from a consumer perspective, they don't know the quarterly ins and outs, but they're seeing the product that's selling through very well at full price and the demand is certainly there. And I think you have to pull back and look at the full year results of this brand, and especially the way both of our brands in Q3 performed in a very challenging environment, FX pressures, promotional environment; and two, come out with this rate of high level -- high price full price sell-through, healthy margins and still momentum and demand in the marketplace. That's what we're focused on.

是的。而且我認為從消費者的角度來看，他們不知道季度的來龍去脈，但他們看到產品以全價銷售非常好，而且需求肯定存在。而且我認為你必須回顧一下這個品牌的全年業績，尤其是我們兩個品牌在第三季度在極具挑戰性的環境、外匯壓力、促銷環境下的表現；第二，以這種高水平的速度出現——高價全價銷售，健康的利潤率以及市場的動力和需求。這就是我們所關注的。

And so we see this continuing and the brands, as I said before, have never been in a better place. The brand heat that we see in UGG and HOKA are exceptional, and we're going to continue to build on that and invest in these brands for the long term.

因此，我們看到這種情況仍在繼續，正如我之前所說，品牌從未處於更好的位置。我們在 UGG 和 HOKA 中看到的品牌熱度非常高，我們將繼續以此為基礎，並長期投資於這些品牌。

And then I think just the last thing and we'll move on. But I think the demand that we're seeing for HOKA is highlighted in, again, our raise for our full year outlook. So that raise is being driven by the increased demand that we're seeing for HOKA. Again, just speaking to the strength we continue to see with HOKA and how it's resonating in the marketplace and particularly international?

然後我認為只是最後一件事，我們將繼續前進。但我認為我們對 HOKA 的需求在我們對全年展望的加薪中再次得到強調。因此，我們看到對 HOKA 的需求增加，推動了這一增長。再一次，只是談到我們繼續看到 HOKA 的力量，以及它如何在市場上，特別是國際上引起共鳴？

Yes.

是的。

The next question will be from Paul Lejuez from Citi.

下一個問題將來自花旗銀行的 Paul Lejuez。

Guys, maybe on HOKA, if you can talk about a little bit more detail in terms of how much of the growth is being driven by existing accounts versus your new distribution partners. Any more color you can give around that?

伙計們，也許在 HOKA 上，如果你能更詳細地談談現有客戶與新分銷合作夥伴推動的增長有多少。你可以給它更多的顏色嗎？

And then second, just curious how much has pricing been a driver in the sales change at each brand? And maybe whether that looks different within DTC versus wholesale?

其次，好奇定價在多大程度上推動了每個品牌的銷售變化？也許這在 DTC 和批發中看起來是否不同？

Yes. Good questions. I would say for HOKA, the majority of the growth is coming from existing accounts outside of some expansion in Q3, in DICK'S stores, there really wasn't a lot of expansion in new doors globally. So we're continuing to gain market share. You saw that in the prerecorded comments, and that's happening across the board. It's not just to run specialty. So strong full price sell-through, healthy margins for the retailers, great presentations in wholesale, but we're getting better at it as we go. And the wholesale accounts are realizing the power of this brand. And so the majority of that is coming from existing accounts at this point, which again goes back to the brand marketplace management and just speaking to the right consumer.

是的。好問題。我想說的是，對於 HOKA，除了第三季度的一些擴張之外，大部分增長來自現有客戶，在 DICK'S 商店中，全球新門的擴張確實不多。因此，我們正在繼續獲得市場份額。您在預先錄製的評論中看到了這一點，而且這種情況正在全面發生。不只是跑專業。如此強勁的全價銷售，零售商的可觀利潤率，批發方面的出色展示，但我們在這方面做得越來越好。批發賬戶正在意識到這個品牌的力量。因此，此時大部分來自現有賬戶，這又回到了品牌市場管理，只與合適的消費者對話。

What was the other question, sorry?

另一個問題是什麼，抱歉？

The pricing.

定價。

Pricing, yes, sorry. We have raised prices in both brands this past Q3 and coming into the fall period, and we didn't see any -- really any resistance to that, obviously evidenced by the sellout of some of these UGG styles and some of the price increases in HOKA. We haven't really seen a slowdown in sell-through. And so I think the product is worth it. The brand is meaningful and important to these consumers. And they were willing to pay full price even though some of the prices were higher.

定價，是的，對不起。我們在過去的第三季度和進入秋季期間都提高了這兩個品牌的價格，我們沒有看到任何 - 真的有任何阻力，一些 UGG 款式的銷售一空和一些價格上漲就證明了這一點霍卡。我們還沒有真正看到銷售放緩。所以我認為這個產品是值得的。品牌對這些消費者來說是有意義和重要的。他們願意支付全價，即使有些價格更高。

What was the magnitude of the increase year-over-year, if you can share that?

如果你能分享一下，同比增長的幅度是多少？

Yes. I think it was like overall it's about 8% across both brands.

是的。我認為這兩個品牌總體上約為 8%。

Got it.

知道了。

On selected tyles. We didn't do -- we didn't raise price on every thing. We raised price on certain selected styles. And to Dave's point, that was called around 8% on the styles. And it wasn't all at the beginning of the year it was some styles on HOKA at the beginning of the year, and then it was some product in UGG on the fall season.

在選定的樣式上。我們沒有——我們沒有提高每樣東西的價格。我們提高了某些選定款式的價格。對於 Dave 的觀點，這在樣式上被稱為大約 8%。而且不全是年初的時候，是年初 HOKA 的一些款式，然後是秋季的 UGG 的一些產品。

And is that an even higher number when you adjusted for mix? Are you introducing higher price files into the assortment generally?

當你針對混合進行調整時，這個數字會更高嗎？您通常會在產品系列中引入價格更高的文件嗎？

The pricing is up a little bit, but not -- I wouldn't say significantly different.

價格上漲了一點，但沒有——我不會說有很大的不同。

No. In UGG when we're also doing more slippers and Tasmans at a little bit lower price in the classics and some of the minis, it may affect the total average price across the board, but I think we're providing excellent value and quality for the price. And I think the consumer sees that, and it's resonating strongly with them and they're willing to pay it.

不。在 UGG 中，當我們在經典款和一些迷你款中以略低的價格生產更多的拖鞋和 Tasmans 時，這可能會影響整體的平均價格，但我認為我們提供了卓越的價值和價格的質量。而且我認為消費者看到了這一點，並且引起了他們的強烈共鳴，並且他們願意為此付費。

And the next question will be from Tom Nikic from Wedbush.

下一個問題將來自 Wedbush 的 Tom Nikic。

I just wanted to ask about UGG. So obviously, the last couple of years have been fairly wonky between COVID stuff and supply chain and the dynamics around wholesale. But I mean, when we -- when you kind of think about UGG on a more normal basis or a long-term basis, like how should we think about the growth of that brand? I mean, what is, just think a mid-single-digit grower? Is it a high single-digit grower under normal times? Like -- I think given how long you think have been the last year, I think it's hard to sort of wrap your head around what the sort of normal algorithm is for this brand?

我只是想問一下UGG。很明顯，過去幾年 COVID 的東西和供應鏈以及批發的動態之間相當不穩定。但我的意思是，當我們——當你在更正常或長期的基礎上考慮 UGG 時，比如我們應該如何考慮該品牌的增長？我的意思是，想想一個中等個位數的種植者？平時是高個位數的增長嗎？就像——我想考慮到你認為去年已經過去了多長時間，我認為很難理解這個品牌的正常算法是什麼？

Yes. I mean, certainly, we're still dealing with the normalization of the business from COVID and some of that is related to refilling the marketplace of inventory coming off the peak and balancing that out. And so right now, where we sit right now, we're probably looking at low single digits, just to be prudent and as we reset the marketplace. I am very excited about the product pipeline and the new leadership under Anne and the way the design teams and the marketing teams are collaborating globally for this brand. We're getting better at this every day. And so I think the opportunity is there, but we're still trying to navigate and make sure we set the marketplace correctly.

是的。我的意思是，當然，我們仍在處理 COVID 帶來的業務正常化，其中一些與從高峰期重新填充市場庫存並平衡它有關。所以現在，我們現在坐的地方，我們可能正在尋找低個位數，只是為了謹慎起見，因為我們正在重新設置市場。我對 Anne 領導下的產品線和新領導以及設計團隊和營銷團隊在全球範圍內為這個品牌進行合作的方式感到非常興奮。我們每天都在做得更好。所以我認為機會就在那裡，但我們仍在努力導航並確保我們正確地設置市場。

Right now, it's extremely well managed globally. The inventories are clean and healthy. We have some inventory a little bit to work through here and there. But the long-term outlook for this brand, I think, is exciting. But I would say where we sit now in the shorter term, we're looking at low single digits, knowing that the environment and the global macroeconomic situation is still a little bit challenged.

現在，它在全球範圍內管理得非常好。庫存乾淨健康。我們有一些庫存需要處理。但我認為這個品牌的長期前景令人興奮。但我要說的是，從短期來看，我們現在所處的位置是低個位數，因為我們知道環境和全球宏觀經濟形勢仍然面臨一些挑戰。

Different than HOKA because that's more of a hyper growth. And a lot of people haven't heard of the brand yet across the globe. Where UGG is obviously a household name, and it's about fine-tuning the product assortment, being meaningful to each of the consumer segments and managing the marketplace globally while driving a healthy DTC business to improve margins.

與 HOKA 不同，因為它更像是一種高速增長。在全球範圍內，很多人還沒有聽說過這個品牌。 UGG 顯然是一個家喻戶曉的名字，它是關於微調產品分類，對每個消費者群體都有意義，並在全球範圍內管理市場，同時推動健康的 DTC 業務以提高利潤率。

Understood. And if I could just follow up on margins real quick. So I think you did talk a bit about normalizing promos or normalizing discounts or whatever. But -- on the gross margins, it would seem like there would be some kind of good guys over the next 12 months as well, kind of freight rolling off and FX, I guess, turns from a bad guy to a good guy and channel mix and brand mix, et cetera. So definitely seems like there's a fairly bright gross margin outlook. Like how should we think about the drop through to EBIT margins? And I know you want to invest in the growth of the brands, but can we see EBIT margins creep higher over time?

明白了。如果我能真正快速地跟進利潤率。所以我認為你確實談到了一些關於標準化促銷或標準化折扣之類的事情。但是——就毛利率而言，在接下來的 12 個月裡似乎也會有一些好人，運費和外匯，我猜，從壞人變成好人和渠道混合和品牌組合，等等。因此，絕對看起來毛利率前景相當光明。比如我們應該如何考慮 EBIT 利潤率的下降？我知道你想投資於品牌的發展，但我們能否看到息稅前利潤率隨著時間的推移而攀升？

Yes, Tom, this is Steve. I'll take that one. And we're not giving guidance yet. And it going a little bit to what I said in the prepared remarks. And so we are experiencing improvements in gross margin. You've seen it in Q3, as you model it in, you'll see it in Q4, that's largely coming from the freight. So you are right. We're seeing freight rates come down. In the current quarter, Q4, we're going to benefit from that. We're seeing that increase.

是的，湯姆，這是史蒂夫。我會拿那個。我們還沒有給出指導。這與我在準備好的發言中所說的有點相似。因此，我們正在經歷毛利率的改善。你在第三季度看到了它，當你建模時，你會在第四季度看到它，這主要來自貨運。所以你是對的。我們看到運費下降。在本季度，第四季度，我們將從中受益。我們看到了這種增長。

Overall, there still is an FX headwind. So for the year, as you can see in our guidance, we are lower on a gross margin basis. We'll continue to see some improvement with ocean freight, but it's going to be at lower levels than what you're seeing come through in the current quarter. So there will be, to your point, a little bit of tailwinds. We'll see what happens with currency, right? Currencies turned more beneficial to us in kind of mid- to late Q3. We're seeing some of that, but it's still down from a year ago.

總體而言，外匯市場仍然存在逆風。因此，今年，正如您在我們的指導中看到的那樣，我們的毛利率較低。我們將繼續看到海運有所改善，但它的水平將低於您在本季度看到的水平。因此，就您而言，會有一些順風。我們會看看貨幣會發生什麼，對嗎？在第三季度中後期，貨幣對我們變得更加有利。我們看到了其中的一些，但與一年前相比仍有所下降。

So to your point, we'll see what happens. There is a potential there for some improvements that could contribute to the gross margin. But as I also said, we've tightened our belt this year to deliver on what we guided. We held off on some investments within the business to continue to deliver within that range of guidance. And so we're evaluating. And while we haven't given guidance on next year, we do expect there will be some gross margin expansion, and we're going to use that to invest in the business, especially in the competitive nature of where this business is and what we're doing with our brands. And so that investment is critical to keeping us relevant and leading in this space. So that is clearly something we are going to do with some of that gross margin expansion.

因此，就您的觀點而言，我們將看看會發生什麼。那裡有可能進行一些改進，從而有助於提高毛利率。但正如我也說過的，我們今年勒緊褲腰帶以實現我們的指導。我們推遲了業務內的一些投資，以繼續在該指導範圍內交付。所以我們正在評估。雖然我們還沒有給出明年的指導，但我們確實預計毛利率會有所增長，我們將利用它來投資業務，尤其是在這項業務的競爭性質和我們的業務方面與我們的品牌合作。因此，投資對於保持我們在這一領域的相關性和領先地位至關重要。所以這顯然是我們要做的一些毛利率擴張。

Now as I've said before, right, when there's an opportunity, we see business is there opportunity to reflect some of that upside? Yes. And we did do that a couple of years ago. But first, we're going to make sure that we're looking at some of this gross margin expansion, investing in the business because it's proving well. We're delivering exceptional results. We're well above many of our peers in terms of our operating profit. So we've got to keep continuing to invest in this business. So yes, there is, but there's also investments that we have to make in this business.

正如我之前所說，對，當有機會時，我們看到企業是否有機會反映出其中的一些優勢？是的。幾年前我們確實這樣做了。但首先，我們要確保我們正在關注這種毛利率的增長，投資於該業務，因為它被證明是好的。我們正在提供卓越的成果。就營業利潤而言，我們遠高於許多同行。所以我們必須繼續投資這項業務。所以是的，有，但我們也必須在這項業務中進行投資。

And the next question will be from John Kernan from Cowen.

下一個問題將來自 Cowen 的 John Kernan。

This is (inaudible) on for John. Just wanted to circle back on the inventory question in terms of kind of where you see or how -- what your level of comfort is on the inventory levels by channel, DTC and wholesale?

這是約翰的（聽不清）。只是想從你看到的地方或方式的角度回到庫存問題——你對渠道、DTC 和批發的庫存水平的舒適程度如何？

Yes. I think the -- so speaking to our inventory, we something we indicated at the beginning of the year that it was something that we would be working through this year, and I think we've demonstrated that. Inventory levels have improved. As we've said in the prepared remarks, again, inventory level on UGG actually decreased, again, signaling some of the work that we've been doing and the improvement efforts that we've been making. What we're also doing is increasing our HOKA inventory. So when you got a quarter that's growing 90%, you got to have inventory to service those sales. So we have been increasing inventory.

是的。我認為 - 所以說到我們的清單，我們在年初表示這是我們今年將要解決的問題，我認為我們已經證明了這一點。庫存水平有所改善。正如我們在準備好的評論中所說的那樣，UGG 的庫存水平實際上再次下降，表明我們一直在做的一些工作和我們一直在做出的改進努力。我們還在做的是增加我們的 HOKA 庫存。所以當你有一個季度增長 90% 時，你必須有庫存來滿足這些銷售。所以我們一直在增加庫存。

I think in terms of -- as we look out further, there's still opportunity to optimize inventory levels. But when we look at the relationship of inventory to sales growth, is coming much more in line. We feel comfortable about our inventory. There's always room for a little bit of improvement. We'll continue to work on that improvement as things begin to normalize, especially with the supply chain. But where we sit today with everything that's going on with the growth of our brands, we feel comfortable about our inventory positions, and we'll continue to work to optimize those levels.

我認為，隨著我們進一步展望，仍有機會優化庫存水平。但當我們審視庫存與銷售增長的關係時，就會變得更加一致。我們對我們的庫存感到滿意。總有一點改進的餘地。隨著事情開始正常化，我們將繼續致力於改進，尤其是在供應鏈方面。但是，隨著我們品牌的發展，我們今天所處的位置，我們對我們的庫存狀況感到滿意，我們將繼續努力優化這些水平。

Yes. And I would say from a channel perspective, I think the channel is in good place with inventory. We were able to fill the bucket, so to speak, in UGG last year, and we're getting back in inventory in key styles and HOKA. So I think it's in a very healthy place, and that's reflected in how DTC exceeded wholesale growth in the quarter, still healthy sell-throughs globally. So again, credit to the teams managing the marketplace in this environment. But I would say from a brand health in a marketplace and a market channel perspective, things are in good shape and in addition to what Steve said about how we're managing it on our own levels.

是的。我會說，從渠道的角度來看，我認為渠道在庫存方面處於有利地位。可以這麼說，去年我們在 UGG 中填滿了桶，我們正在恢復主要款式和 HOKA 的庫存。所以我認為它處於一個非常健康的位置，這反映在本季度 DTC 如何超過批發增長，全球銷售仍然健康。再次感謝在這種環境下管理市場的團隊。但我想說，從市場和市場渠道的品牌健康角度來看，事情進展順利，除了史蒂夫所說的我們如何在我們自己的層面上進行管理之外。

And the next question is from Sam Poser with Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

Erinn, I know and thank you guys for giving part of what I always ask, but Erinn, can you give us the whole thing, please, for wholesaler DTC?

Erinn，我知道並感謝你們提供了我一直要求的部分內容，但是 Erinn，你能把批發商 DTC 的全部內容都給我們嗎？

Sam, sure thing. So for the quarter, global wholesale, including distributor by brand is what I'll give you. So for UGG, that would be [$374 million]. For HOKA, [$224 million]. For Teva [$25 million]. For Sanuk, [$3 million], and then that gives you other -- which is predominantly Koolaburra [$20 million].

山姆，沒問題。因此，對於本季度，我將提供全球批發，包括按品牌劃分的分銷商。所以對於 UGG，那將是 [3.74 億美元]。對於 HOKA，[2.24 億美元]。對於 Teva [2500 萬美元]。對於 Sanuk，[300 萬美元]，然後給你其他 - 主要是 Koolaburra [2000 萬美元]。

And Steve, I just -- I want to commend you. I think you should run for President, given your answer to John Komps question. I'm going to ask it again. Could you give the -- if you look at the DTC business and if you look at the wholesale business historically, Q4 for HOKA has accelerated from Q3. So the question is, do you anticipate that Q4 HOKA revenue will be higher than Q3?

史蒂夫，我只是——我想表揚你。鑑於你對 John Komps 問題的回答，我認為你應該競選總統。我要再問一遍。你能否給出 - 如果你看看 DTC 業務，如果你從歷史上看批發業務，HOKA 的第四季度從第三季度開始加速。那麼問題來了，你預計Q4 HOKA收入會比Q3高嗎？

Well, and I think John answered that question, right? So when you take the numbers in, given what we've sold in as well as what we sold through our DTC, we're not expecting that on growth on Q3. Again, you've got dynamics that are underlying between quarters, right? And that's why I want to be careful that people aren't so focused on Q3, Q4. As I've said, we're managing this business for the year. It's why we have not this year, given quarterly guidance. We know we've got dynamics within quarters this year, where we're trying to get more products in early and that, as I said before, has worked well for us, right? So we want to make sure we have the right perspective of how the business is trending.

好吧，我想約翰回答了那個問題，對吧？因此，當你考慮這些數字時，考慮到我們銷售的產品以及我們通過 DTC 銷售的產品，我們預計第三季度不會出現增長。再一次，你有兩個季度之間潛在的動態，對吧？這就是為什麼我要小心，不要讓人們如此關注第三季度、第四季度。正如我所說，我們今年正在管理這項業務。這就是為什麼我們今年沒有給出季度指導。我們知道我們在今年的幾個季度內有了動力，我們正在努力儘早獲得更多產品，正如我之前所說，這對我們來說效果很好，對吧？因此，我們要確保我們對業務趨勢有正確的看法。

Now when you then look at mix, right, that's going to play an impact on revenue reported. So when we're looking at volumes, right? Volumes are a little bit different due to the channels that we're selling in. Our guide equates to similar volume levels. But again, I want to be careful that people aren't so focused on a Q3, Q4 dynamic. It's the full year, right? And we're coming out of a quarter where we grew the brand 90%. There is demand out there. So again, we're going to get product in. We're going to get it in there. We want to make sure it has an opportunity to sell through and then we'll see what happens.

現在，當您查看組合時，對，這將對報告的收入產生影響。那麼當我們查看數量時，對嗎？由於我們銷售的渠道不同，銷量略有不同。我們的指南等同於相似的銷量水平。但同樣，我要小心，不要讓人們如此關注第三季度、第四季度的動態。是一整年吧？我們即將結束一個季度，我們的品牌增長了 90%。那裡有需求。因此，我們將再次投入產品。我們將把它投入那裡。我們想確保它有機會賣出去，然後我們再看看會發生什麼。

And then again, we have tremendous confidence in HOKA. And -- but at the same time, we're managing the marketplace. We know that there are a lot of competitors that have a lot of inventory within the wholesale channel. We don't need to contribute to that confusion. We've got a brand that's red hot that continues to perform well. This goes to our marketplace management. So brand is in great shape. I don't want people to get worked up about a Q3, Q4 dynamic. That's not what we're talking about.

再者，我們對 HOKA 充滿信心。而且 - 但與此同時，我們正在管理市場。我們知道有很多競爭對手在批發渠道中有大量庫存。我們不需要助長這種混亂。我們有一個炙手可熱的品牌，並且繼續表現良好。這涉及到我們的市場管理。因此，品牌狀況良好。我不希望人們對第三季度、第四季度的動態感到興奮。那不是我們要說的。

And I'm not trying to get worked up as we're trying to model this properly. The -- the question though is, as you talked about, I think, Dave, you spoke -- I have one more after this, which is related to UGG. But with HOKA, you spoke about some new -- some shoes you had sounded pretty excited about that are launching in Q4. And now is this a situation because of the scenario that Steve just mentioned that you would launch it in direct-to-consumer first maybe in Q4 and then launch at the wholesale in Q1? I mean is that -- so is that what you're thinking about? I mean, as far as manage how you bring things to market? Where -- I mean I'm just trying to understand it because if you're bringing in brand-new products and the demands is real high, then those retailers want your product and it really will probably take away from some other brand, not necessarily from you and theoretically not make things worse.

當我們試圖正確建模時，我並沒有試圖得到解決。但問題是，正如你所談到的，戴夫，我想你說過了——在此之後我還有一個與 UGG 有關的問題。但是對於 HOKA，你談到了一些新的——一些你聽起來非常興奮的鞋子將在第四季度推出。現在出現這種情況是因為史蒂夫剛才提到你可能會在第四季度首先直接面向消費者推出它，然後在第一季度批發推出嗎？我的意思是 - 那是你在想什麼嗎？我的意思是，就管理如何將產品推向市場而言？在哪裡 - 我的意思是我只是想了解它，因為如果你引進全新的產品並且需求真的很高，那麼那些零售商想要你的產品並且它真的可能會從其他品牌那裡搶走，而不是一定來自你，理論上不會讓事情變得更糟。

Yes. I think what you're looking at a little bit is some of those launches in Q4 had to ship in Q3 to be in the marketplace that in time. And then also I talked about the Solimar and also the new transit that just launched today. Those are small buys and small volume drivers in the first introduction. So heavily weighted on DTC, wholesalers want to see performance in your own channels before they invest heavily.

是的。我想你正在看的是第四季度的一些發布必須在第三季度發布才能及時進入市場。然後我還談到了 Solimar 以及今天剛剛推出的新運輸。在第一次介紹中，這些是小額購買和小批量驅動程序。批發商對 DTC 的重視程度如此之高，因此他們希望在大量投資之前先了解您自己渠道的表現。

So yes, they're exciting. Yes, they're new, Yes, there's still some market share from competitors, but the scale of those on the business at this point are still small. And then some of that inventory has also shipped in Q3, which is why you see the 90% increase.

所以是的，它們很令人興奮。是的，它們是新的，是的，競爭對手仍然有一些市場份額，但目前這些企業的規模仍然很小。然後一些庫存也在第三季度發貨，這就是為什麼你看到 90% 的增長。

Got you. And then on UGG, given the guidance, I would assume that you're going to have a big swing on wholesale in the fourth quarter, which is really about the big increase that happened in Q1 -- sorry, in Q4 last year. But can you just -- and since it is not on a relative basis, it's your second smallest quarter, can you give us some direction on how to think about the wholesale for UGG in the fourth quarter? I mean, does it have a negative -- is it a negative 20 handle, negative 30 handle, negative -- give us something there that can -- because it sounds like the wholesale is going to be down much more than the DTC, that the DTC is probably going to be down a bit?

明白了然後在 UGG 上，根據指導，我假設你將在第四季度的批發量上有很大的波動，這實際上是關於第一季度發生的大幅增長——抱歉，去年第四季度。但是你能不能——因為它不是相對的，這是你第二小的季度，你能給我們一些關於如何考慮第四季度 UGG 批發的指導嗎？我的意思是，它是否有負數——是負數 20 句柄，負數 30 句柄，負數——給我們一些可以的東西——因為聽起來批發價將比 DTC 下降得多，那DTC 可能會下降一點？

Yes. I mean I think DTC, there was exceptional results in DTC in Q3. As we said, some of those really hot styles have sold out and we're selling fumes. The Golden Star has been a new introduction in Q4 that is already selling out. So there's hot demand for some of these styles, but as we've been managing our inventory levels, we didn't buy as heavily into some of these new styles yet, not anticipating that kind of sell-through.

是的。我的意思是我認為 DTC，第三季度的 DTC 取得了非凡的成果。正如我們所說，其中一些非常熱門的款式已經售罄，我們正在銷售菸霧。 Golden Star 是第四季度新推出的產品，現已售罄。因此，對其中一些款式的需求很旺盛，但由於我們一直在管理庫存水平，因此我們還沒有大量購買其中的一些新款式，預計會出現這種銷售情況。

On the wholesale side, yes, they still have inventory left over from what they purchased throughout the year, more in kind of the core classics. They're still struggling with the hot new styles, just like we are DTC. But you're going to see it down in the 20% to 30% range for the quarter. But again, if you look at the market sell-through and the health of the brand in the marketplace, that's what we're focused on. And it's tough. I understand you're trying to model quarters. But it's a funky dynamic, wonky as one person already said. And -- but I think we got to go back to like what is the health of this brand and how are things going through and...

在批發方面，是的，他們仍然有他們全年採購的庫存，更多的是核心經典。他們還在為熱門的新款式而苦苦掙扎，就像我們是 DTC 一樣。但是你會看到它在本季度下降了 20% 到 30% 的範圍。但同樣，如果你看看市場銷售率和品牌在市場上的健康狀況，這就是我們關注的重點。這很難。我知道您正在嘗試對宿舍進行建模。但這是一種時髦的動態，就像一個人已經說過的那樣。而且 - 但我認為我們必須回到這個品牌的健康狀況以及事情進展如何......

Well, again, I mean the UGG wholesale being down in Q4, you had so much that shifted from Q3 to Q4 last year, and you brought more of it in Q3 this year and so on. So that's not really -- that's a different scenario than health. That's not expected. It's just more a matter of trying to triangulate where it is.

好吧，我的意思是 UGG 批發在第四季度下降，去年從第三季度轉移到第四季度，今年第三季度帶來了更多，依此類推。所以這不是真的——這是與健康不同的情況。這不是預期的。這只是嘗試對其位置進行三角測量的問題。

Yes, absolutely.

是的，一點沒錯。

And our final question today will come from Chris Nardone with Bank of America Merrill Lynch.

我們今天的最後一個問題將來自美銀美林的 Chris Nardone。

Can you talk a little bit about what you're seeing on the ground in China for both your UGG and HOKA businesses? And if you can elaborate maybe on your specific expansion strategy for HOKA? And then if there's any way to quantify the potential build back you can see in the UGG business given the lockdowns over the last 2 to 3 years?

您能談談您在中國看到的 UGG 和 HOKA 業務嗎？您是否可以詳細說明您對 HOKA 的具體擴張戰略？然後，鑑於過去 2 到 3 年的封鎖，是否有任何方法可以量化 UGG 業務的潛在重建？

Yes, sure. It's hard to comment on things right now in this quarter, but I think coming out of the year-to-date so far in China. Listen, I give our teams over there, the leadership, the management team, the way they have managed the last 3 years in that marketplace with all the challenges from COVID and lockdowns and consumers not being able to spend, I think we're in exceptional shape in our brands as a -- considering the marketplace.

是的，當然。目前很難對本季度的事情發表評論，但我認為今年迄今為止在中國出現了。聽著，我給我們那邊的團隊、領導層、管理團隊，以及他們過去 3 年在該市場的管理方式，應對 COVID 和封鎖以及消費者無法消費帶來的所有挑戰，我認為我們在考慮到市場，我們品牌的特殊形狀。

So the brands are strong. They're healthy. They're in demand. The marketing tactics that we're employing for both brands over there being more locally relevant, the collabs that we're doing in UGG, the fashion partnerships reaching a younger consumer, those are all checking boxes and performing extremely well. I think what you'll start to see, and I was talking to the China team the other night, you're going to start to see consumers come back out. And we feel really good about our chances for the finish of this year and heading into next year.

所以品牌很強。他們很健康。他們很受歡迎。我們為這兩個品牌採用的營銷策略與當地更相關，我們在 UGG 中進行的合作，時尚合作夥伴關係更年輕的消費者，這些都是複選框並且表現非常好。我想你會開始看到，那天晚上我和中國團隊談過，你會開始看到消費者回來。我們對今年結束並進入明年的機會感到非常高興。

Keep in mind that China isn't a massive business for us yet. We do have long-term aspirations. But I think we're going to see that consumer come back not only domestically, but globally, and that will be an interesting dynamic for us and other brands. But we like the way we're set up. We like the way we're managing the marketplace, the way we're resourcing it.

請記住，中國對我們來說還不是一個龐大的業務。我們確實有長遠的願望。但我認為我們將看到消費者不僅在國內而且在全球範圍內回歸，這對我們和其他品牌來說將是一個有趣的動力。但我們喜歡我們的設置方式。我們喜歡我們管理市場的方式，我們為其提供資源的方式。

And then specifically to HOKA, so far so good. We've invested in our own stores. We're working with partners on door expansion, creating awareness in the marketplace in an authentic way. And we're going to continue on that path because we see just tremendous opportunity for HOKA in the long term. And so far, we're seeing good signs from our partners and our retail stores and it gives us a lot of confidence that this can be a big success over time.

然後專門去 HOKA，到目前為止一切順利。我們投資了自己的商店。我們正在與合作夥伴合作進行門擴張，以真實的方式在市場上提高知名度。我們將繼續沿著這條道路前進，因為從長遠來看，我們看到了 HOKA 的巨大機遇。到目前為止，我們從我們的合作夥伴和我們的零售店看到了良好的跡象，這讓我們充滿信心，隨著時間的推移，這會取得巨大的成功。

Ladies and gentlemen, this concludes our question-and-answer session, and thus concludes today's call. We thank you so much for joining Deckers Brands Third Quarter Fiscal 2023 Earnings Conference Call, and you may now disconnect. Take care.

女士們，先生們，我們的問答環節到此結束，今天的電話會議也到此結束。我們非常感謝您參加 Deckers Brands 2023 財年第三季度收益電話會議，您現在可以斷開連接。小心。