Deckers Outdoor Corp (DECK) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands Fourth Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) I'd like to remind everyone that the conference call is being recorded. And at this time, I'd like to turn the floor over to Erinn Kohler, VP, Investor Relations and Corporate Planning.

下午好，謝謝你的支持。歡迎參加 Deckers Brands 2023 財年第四季度收益電話會議。 （操作員說明）我想提醒大家，電話會議正在錄製中。現在，我想請投資者關係和企業規劃副總裁 Erinn Kohler 發言。

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. 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.

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。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》規定的安全港免責條款。

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.

除歷史事實陳述外，今天在此次電話會議上發表的所有陳述均為前瞻性陳述。並包括關於我們當前和長期戰略目標的聲明；消費者行為的改變；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；我們的供應鍊和物流中斷；我們的預期收入、品牌表現、產品組合、利潤、費用、庫存水平和促銷活動；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.

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。

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.

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，該公司還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。

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

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代表其核心經營業績的項目。有了這個，我現在把它交給戴夫。

Thanks, Erinn. Good afternoon, everyone, and thank you, as always, for joining us today. I am delighted to be here today to discuss another exceptional year for Deckers as we delivered record results on both the top and bottom line and continue to progress against our long-term strategic initiatives.

謝謝，艾琳。大家下午好，一如既往地感謝您今天加入我們。我很高興今天能在這裡討論 Deckers 又一個非凡的一年，因為我們在頂線和底線都取得了創紀錄的成果，並繼續推進我們的長期戰略計劃。

For fiscal year 2023, our brands achieved revenue growth of 15% on a reported basis versus the prior year to more than $3.6 billion, which is 42% and $1.1 billion above revenue of 2 years ago. Operating margin aligned with the high end of our guidance range at 18%, which is top-tier in our industry, and a more than $3 increase in earnings per share, representing a 19% increase versus last year.

在 2023 財年，我們品牌的收入與上一年相比增長了 15%，達到 36 億美元以上，比 2 年前的收入增長了 42% 和 11 億美元。營業利潤率與我們指導範圍的高端一致，為 18%，在我們的行業中處於領先地位，每股收益增長超過 3 美元，比去年增長 19%。

Specifically, our progress in fiscal year 2023 includes HOKA driving global revenue growth of 58% versus last year to eclipse $1.4 billion; UGG revenue holding steady in constant currency, with the brand increasing its mix of both direct-to-consumer and international business; global portfolio DTC adding more than $0.25 billion of incremental revenue, growing at nearly twice the rate of wholesale; and our international markets increasing 20% versus the prior year on a reported basis, which when accounting for an approximate $100 million headwind from currency fluctuations increased to 30% in constant currency.

具體來說，我們在 2023 財年取得的進展包括 HOKA 推動全球收入與去年相比增長 58%，超過 14 億美元； UGG 收入保持穩定，該品牌增加了直接面向消費者和國際業務的組合；全球投資組合 DTC 增加了超過 2.5 億美元的增量收入，增長率幾乎是批發的兩倍；我們的國際市場在報告的基礎上比上一年增長了 20%，當貨幣波動造成大約 1 億美元的逆風時，按固定匯率計算增加到 30%。

Reflecting on the past few years, our company's performance is remarkable, particularly given the consumer climate and speed with which we have had to build our infrastructure to support this incredible growth. We still have much more work ahead to build upon the foundation for long-term sustainable growth, but I'm truly proud of how far we have come.

回顧過去幾年，我們公司的業績非常出色，特別是考慮到消費環境以及我們必須以何種速度建設基礎設施以支持這一令人難以置信的增長。在長期可持續增長的基礎上，我們還有很多工作要做，但我為我們取得的成就感到由衷的自豪。

We believe that the strength of our operations, omnichannel management and brand teams have enabled our organization to improve resilient and capable of achieving the goals we have set forth, including driving significant top line growth while maintaining an 18% operating margin and reducing inventories to more appropriate levels.

我們相信，我們的運營、全渠道管理和品牌團隊的實力使我們的組織能夠提高彈性並能夠實現我們設定的目標，包括推動顯著的收入增長，同時保持 18% 的營業利潤率並將庫存減少到更多適當的水平。

I want to thank our employees and our tremendous leaders across the organization for their hard work and collaboration that contributed to Decker's outstanding execution. Steve will provide further details on fiscal year 2023 results and what's ahead for fiscal year 2024, but first, I will share more about our 2023 brand and channel performance.

我要感謝我們的員工和整個組織的卓越領導者，感謝他們的辛勤工作和協作，為 Decker 的出色執行做出了貢獻。史蒂夫將提供有關 2023 財年業績以及 2024 財年前景的更多詳細信息，但首先，我將分享更多有關我們 2023 年品牌和渠道業績的信息。

Starting with the brand highlights. Global HOKA revenue for fiscal year 2023 increased 58% versus the prior year to $1.4 billion. This is the fourth consecutive year HOKA has delivered revenue growth above 50%. For the year, HOKA growth was driven by a more than 30% increase in global brand awareness in fall 2022; an acceleration of DTC, which grew 85% versus the prior year; broader category adoption; market share growth with existing points of wholesale distribution; and additional access points with our strategic partners, which was complemented by increased availability of product inventory and an improved supply chain environment.

從品牌亮點開始。 2023 財年全球 HOKA 收入比上年增長 58% 至 14 億美元。這是 HOKA 連續第四年實現超過 50% 的收入增長。在這一年中，HOKA 的增長得益於 2022 年秋季全球品牌知名度超過 30% 的增長； DTC 加速增長，與上一年相比增長了 85%；更廣泛的類別採用；現有批發分銷點的市場份額增長；以及與我們的戰略合作夥伴的更多接入點，產品庫存的可用性增加和供應鏈環境的改善得到了補充。

In June of 2022, HOKA launched FLY HUMAN FLY, its first-ever globally integrated marketing campaign. The campaign was designed to build awareness and elevate the HOKA brand in the minds of global consumers through rich storytelling and targeted activations in key cities. The HOKA team utilized connected TV and digital and out-of-home channels to reach a broader audience with creative that combined emotionally connected brand and product messaging.

2022 年 6 月，HOKA 推出了 FLY HUMAN FLY，這是其首個全球整合營銷活動。該活動旨在通過豐富的故事講述和在主要城市的有針對性的活動，在全球消費者心目中建立知名度並提升 HOKA 品牌。 HOKA 團隊利用聯網電視、數字和戶外頻道，通過將情感相關的品牌和產品信息相結合的創意來吸引更廣泛的受眾。

As a result of the investments behind this campaign, HOKA awareness increased across a broad spectrum of key markets, such as the U.S., France, the U.K., China and Germany, with 3 of those countries increasing awareness more than 40% compared to fall 2021. Given the success the brand has experienced, we continue to see a significant opportunity for growth in each of our markets over the long term.

由於這項活動背後的投資，HOKA 在美國、法國、英國、中國和德國等廣泛主要市場的知名度有所提高，與 2021 年秋季相比，其中 3 個國家的知名度提高了 40% 以上. 鑑於該品牌所取得的成功，我們繼續看到我們每個市場長期增長的重要機會。

Specifically, we are working to close the awareness gap between the U.S. and international regions to build a more global brand. The HOKA marketing team has done a fantastic job developing insights from the initial campaign to evolve the next iteration of FLY HUMAN FLY, which will focus on the brand's roots and performance through inclusive storytelling that emphasizes the joy of movement for everybody. Stay tuned for more details on the campaign when it launches next month.

具體來說，我們正在努力縮小美國和國際地區之間的認知差距，以打造一個更加全球化的品牌。 HOKA 營銷團隊出色地從最初的營銷活動中汲取了深刻見解，以發展 FLY HUMAN FLY 的下一個版本，該版本將通過強調每個人運動樂趣的包容性故事講述來關注品牌的根源和表現。請繼續關注下個月啟動的活動的更多詳細信息。

On the direct-to-consumer business, the HOKA brands' exceptional growth helped drive a 5 percentage point increase in DTC mix up to 34% of total brand revenue as compared to 29% in the prior year. Importantly, HOKA continues to bring new consumers into the brand, while also retaining existing consumers, evidenced by a 78% increase in acquisition and an 81% increase in retention as compared to last year. Momentum with younger consumers in the U.S. helped drive these increases as HOKA more than doubled the number of purchasers aged 18 to 34 years old.

在直接面向消費者的業務方面，HOKA 品牌的非凡增長推動 DTC 組合增長 5 個百分點，佔品牌總收入的 34%，而上一年為 29%。重要的是，HOKA 繼續為品牌帶來新的消費者，同時也留住現有消費者，與去年相比，收購量增加了 78%，保留率增加了 81%。美國年輕消費者的勢頭幫助推動了這些增長，因為 HOKA 將 18 至 34 歲的購買者數量增加了一倍多。

As HOKA continues to expand, we are encouraged by the broader product adoption from consumers beyond the brand's heritage running styles. We've seen this trend among DTC consumers and continue to gain category shelf space with wholesalers. Among DTC purchasers in the U.S. and EMEA, multi-category purchases increased 79% and 127% versus last year, respectively. Across all channels, HOKA more than doubled revenue on trail and hike products aided by the Speedgoat and Challenger updates as well as market share gains with the Kaha and Anacapa franchises, and fitness and recovery products benefiting from greater [ore] recovery, sandal adoption and the introduction of both the Solimar and Transport styles.

隨著 HOKA 的不斷擴張，我們對消費者更廣泛地採用該品牌的傳統跑步風格以外的產品感到鼓舞。我們在 DTC 消費者中看到了這種趨勢，並繼續與批發商一起獲得品類貨架空間。在美國和 EMEA 的 DTC 購買者中，多類別購買分別比去年增長了 79% 和 127%。在所有渠道中，由於 Speedgoat 和 Challenger 更新以及 Kaha 和 Anacapa 特許經營權的市場份額增加，HOKA 的越野和遠足產品收入增加了一倍以上，健身和恢復產品受益於更大的 [礦石] 恢復、涼鞋採用和引入了 Solimar 和 Transport 風格。

With the success HOKA is experiencing across a variety of innovative products, we're very excited to now offer a selection of our most popular items to the next generation of HOKA athletes with the brand's recently launched first ever Youth collection through our DTC channel and with very select wholesale partners. We view the opportunity with kids as an avenue to further expose the brand to parents and younger athletes over the long term.

隨著 HOKA 在各種創新產品上取得的成功，我們現在非常高興能夠通過我們的 DTC 渠道以及該品牌最近推出的首個青年系列，為下一代 HOKA 運動員提供一系列我們最受歡迎的產品非常精選的批發合作夥伴。從長遠來看，我們將與孩子們的機會視為進一步向父母和年輕運動員展示品牌的途徑。

In terms of HOKA wholesale for fiscal year 2023, revenue increased 47% versus the prior year, driven by market share gains with existing points of distribution, which accounted for approximately 2/3 of global dollar growth and additional access points with strategic partners. HOKA continues to prioritize delivering a pinnacle experience with performance products with the brand's exceptional run and outdoor specialty partners while expanding the addressable market through strategic relationships that broaden brand awareness beyond the traditional specialty consumer.

就 2023 財年的 HOKA 批發而言，收入較上年增長 47%，這主要得益於現有分銷點的市場份額增加，約佔全球美元增長的 2/3 以及與戰略合作夥伴的額外接入點。 HOKA 繼續優先考慮與品牌卓越的跑步和戶外專業合作夥伴一起提供高性能產品的巔峰體驗，同時通過戰略關係擴大潛在市場，將品牌知名度擴大到傳統專業消費者之外。

With expanded distribution, HOKA is placing greater emphasis on the segmentation to align product and marketing with the respective distribution partners' target consumer. HOKA is leveraging the run and outdoor specialty channel to maintain authenticity and brand credibility by offering exclusive high-performance products that are only available at DTC and select specialty doors.

隨著分銷的擴大，HOKA 更加重視細分，以使產品和營銷與各個分銷合作夥伴的目標消費者保持一致。 HOKA 正在利用跑步和戶外專業渠道，通過提供僅在 DTC 和精選專業門上提供的獨家高性能產品來保持真實性和品牌信譽。

Marketplace management continues to be a top priority for HOKA as the brand enters fiscal year 2024. At the current scale north of $1.4 billion, our focus is to protect the HOKA brand's premium positioning and maintain a pull model. HOKA plans to emphasize growth in the DTC channel, driving high full price sell-through and building market share with existing points of wholesale distribution, especially in light of a dynamic consumer environment.

隨著品牌進入 2024 財年，市場管理仍然是 HOKA 的首要任務。在目前超過 14 億美元的規模下，我們的重點是保護 HOKA 品牌的高端定位並保持拉動模式。 HOKA 計劃強調 DTC 渠道的增長，推動高全價銷售並通過現有的批發分銷點建立市場份額，特別是考慮到動態的消費環境。

This focus on marketplace management will be particularly evident in our EMEA region as HOKA expects to prioritize low levels of promotion in the coming year. Steve will get into more specifics on our HOKA outlook later in the call, but I'd like to congratulate the HOKA team for delivering another special year and look forward to the brand's continued success in the upcoming year and well beyond.

這種對市場管理的關注在我們的 EMEA 地區尤為明顯，因為 HOKA 預計在來年優先考慮低水平的促銷活動。史蒂夫將在稍後的電話會議中詳細介紹我們的 HOKA 前景，但我要祝賀 HOKA 團隊度過了又一個特殊的一年，並期待該品牌在來年及以後繼續取得成功。

Moving to UGG. Global revenue for fiscal year 2023 was $1.9 billion, which is down 3% versus last year on a reported basis but up slightly in constant currency. UGG performed in line with expectations as the brand focused on driving growth through DTC and international markets while facing tough comparisons from the prior year related to refilling domestic wholesale inventories as well as currency exchange rate pressures overseas.

轉向 UGG。 2023 財年的全球收入為 19 億美元，與去年相比下降 3%，但按固定匯率計算略有上升。 UGG 的表現符合預期，因為該品牌專注於通過 DTC 和國際市場推動增長，同時與上一年相比面臨國內批發庫存補充以及海外貨幣匯率壓力的艱難比較。

Despite these unique dynamics, UGG maintained high levels of brand heat and demand as evidenced by the strength of global DTC acquisition and retention, which increased 16% and 15% versus last year, respectively. While this is a tremendous growth figure in terms of worldwide consumers, we have been even more encouraged by the trends in our international markets, where acquisition was up 29% and retention increased 37% over the prior year.

儘管存在這些獨特的動態，UGG 仍然保持著高水平的品牌熱度和需求，全球 DTC 收購和保留的實力證明了這一點，分別比去年增長了 16% 和 15%。雖然就全球消費者而言，這是一個巨大的增長數字，但我們更受國際市場趨勢的鼓舞，國際市場的收購量比上一年增長了 29%，保留率增長了 37%。

EMEA was the fastest-growing DTC region across the globe, aided by an 80% increase in new visitors to UGG.com in Europe. Helping drive the buzz around UGG, the brand was featured in a number of highly respected fashion publications, including Vogue and Harper's Bazaar, each touting the brand's fashion relevance. The UGG team has done an excellent job executing a brand-appropriate collaboration strategy over the past few years, which continues to benefit awareness and increase visibility with target consumers.

EMEA 是全球增長最快的 DTC 地區，這得益於歐洲 UGG.com 的新訪客增加了 80%。幫助推動圍繞 UGG 的嗡嗡聲，該品牌出現在許多備受推崇的時尚出版物中，包括 Vogue 和 Harper's Bazaar，每個都宣傳該品牌的時尚相關性。在過去的幾年中，UGG 團隊在執行適合品牌的合作戰略方面做得非常出色，這繼續提高了知名度並提高了目標消費者的知名度。

Most recently, UGG partnered with London-based skate brand Palace; LA-based lifestyle brand, Madhappy; and just a few weeks ago, UGG launched an exciting new collaboration centered around the Tasman with New York-based fashion brand Opening Ceremony. We believe the UGG brand's focus on winning with younger consumers through strategic collaborations, presence on Fashion Week runways around the world and product designs rooted in brand DNA have been key drivers of building this excitement internationally and maintaining record levels of brand heat in the U.S.

最近，UGG 與總部位於倫敦的滑板品牌 Palace 合作；洛杉磯生活方式品牌 Madhappy；就在幾週前，UGG 與總部位於紐約的時尚品牌 Opening Ceremony 圍繞塔斯曼展開了令人興奮的全新合作。我們相信，UGG 品牌專注於通過戰略合作贏得年輕消費者，出現在世界各地的時裝週跑道上，以及植根於品牌 DNA 的產品設計是在國際上建立這種興奮並在美國保持創紀錄的品牌熱度的關鍵驅動力。

Reflecting this exceptional demand for UGG, search interest in the U.S. increased 26% versus last year according to Google Trends. Additionally, from a purchasing perspective, UGG continued to over-index with 18- to 34-year-olds, which increased 21% versus last year, outpacing all other age groups and remaining the largest cohort of UGG consumers in the U.S.

根據谷歌趨勢，美國對 UGG 的搜索興趣比去年增長了 26%，反映了對 UGG 的這種特殊需求。此外，從購買的角度來看，UGG 繼續在 18 至 34 歲的人群中表現出色，與去年相比增長了 21%，超過了所有其他年齡段，並且仍然是美國最大的 UGG 消費者群體。

UGG products that drove demand in this fiscal year included heritage classics like the Short and Mini, fashion updates to core styles such as the Platform Classics, Neumel and Tas, and hybrid styles like the Ultra Mini and Tasman. The popularity of these items reflects the brand's consumer appeal across an exciting range of products, helped by the successful category diversification strategy the UGG brand has been working towards over the last 5 years.

本財年推動需求的 UGG 產品包括 Short 和 Mini 等傳統經典款，Platform Classics、Neumel 和 Tas 等核心款式的時尚更新，以及 Ultra Mini 和 Tasman 等混合款式。這些產品的受歡迎程度反映了該品牌在一系列令人興奮的產品中對消費者的吸引力，這得益於 UGG 品牌在過去 5 年中一直致力於實現的成功的品類多元化戰略。

Now more than ever, the UGG brand is leaning into its consumer-first approach, sharpening the product lines to create a cohesive consumer experience that feeds product strategy through direct engagement and insights. The brand plans to concentrate on product families featuring recognizable brand codes consumers love and expect from UGG while reducing inefficient SKUs.

現在，UGG 品牌比以往任何時候都更傾向於其消費者至上的方法，銳化產品線以創造有凝聚力的消費者體驗，通過直接參與和洞察力為產品戰略提供支持。該品牌計劃專注於具有可識別品牌代碼的產品系列，消費者喜愛並期待 UGG，同時減少低效的 SKU。

Over time, we believe this strategy will drive better margins and greater efficiencies, allowing for more selectful and impactful storytelling across a globally aligned and focused UGG product offering. UGG is now transitioning to the next phase of growth. Over the past several years, the brand has successfully established heightened consumer attention and increased global brand heat through product propositions that are both complementary and counter seasonal to its core lineup.

隨著時間的推移，我們相信這一戰略將帶來更高的利潤率和更高的效率，從而在全球統一且專注的 UGG 產品系列中提供更具選擇性和影響力的故事講述。 UGG 現在正在過渡到下一增長階段。在過去的幾年裡，該品牌通過與其核心產品線互補和反季節的產品主張，成功地提高了消費者的關注度並增加了全球品牌熱度。

This work increased the UGG brand's connection with consumers, established a permission to play in new categories and reenergized the love for the brand's most iconic UGG silhouettes. In fiscal year 2024, the brand is placing greater emphasis on these icons, ensuring inventory is strategically weighted to meet demand for the most popular products, and building on its foundation for healthy full-price growth across a variety of category and gender offerings in the future.

這項工作增加了 UGG 品牌與消費者的聯繫，建立了在新類別中發揮作用的許可，並重新激發了對該品牌最具標誌性的 UGG 輪廓的熱愛。在 2024 財年，該品牌將更加重視這些標誌性產品，確保戰略性地調整庫存以滿足對最受歡迎產品的需求，並在其基礎上在該地區的各種類別和性別產品中實現健康的全價增長。未來。

Overall, UGG delivered a fantastic result given the challenges it faced both in terms of comparing to abnormal shipping timing and volumes and impacts from currency headwinds. The UGG team is developing compelling products through the integration of consumer data and insights within each layer of the product creation process. We are excited for the year ahead as the brand continues to build on the international opportunity and maintaining the exciting momentum over the last few years.

總體而言，UGG 取得了出色的成績，因為它在比較異常的運輸時間和數量以及貨幣逆風的影響方面都面臨著挑戰。 UGG 團隊正在通過在產品創建過程的每一層中整合消費者數據和見解來開發引人注目的產品。我們對未來的一年感到興奮，因為該品牌將繼續利用國際機會並在過去幾年保持令人興奮的勢頭。

Turning to Teva. Global revenue for fiscal year 2023 increased 12% versus last year to a record $183 million. This is the second consecutive year of double-digit growth for Teva as the brand continues to be a leader in the sports sandal category with aspirations to become a destination brand for the modern outdoor consumer. We are confident about the opportunity ahead for Teva as the brand works toward future growth through additional investments this fiscal year aimed at driving increased closet share over the next 5 years.

轉向梯瓦。 2023 財年的全球收入比去年增長 12%，達到創紀錄的 1.83 億美元。這是 Teva 連續第二年實現兩位數增長，因為該品牌繼續成為運動涼鞋類別的領導者，並渴望成為現代戶外消費者的目的地品牌。我們對 Teva 未來的機會充滿信心，因為該品牌通過本財年的額外投資致力於未來的增長，旨在在未來 5 年內推動壁櫥份額的增加。

From a channel performance perspective, fiscal year 2023 results were driven by strength across our direct-to-consumer and wholesale businesses, both of which drove more than $200 million of incremental revenue. For the year, DTC revenue on a reported basis increased 21% to nearly $1.5 billion, representing 40% of consolidated revenue. On a DTC comparable basis, revenue increased 23% versus last year, with healthy growth in both the physical and digital segments.

從渠道績效的角度來看，2023 財年的業績是由我們直接面向消費者和批發業務的實力推動的，這兩項業務都推動了超過 2 億美元的增量收入。今年，DTC 收入在報告基礎上增長了 21%，達到近 15 億美元，佔綜合收入的 40%。在 DTC 可比基礎上，收入比去年增長了 23%，實體和數字領域都實現了健康增長。

Gains in our direct-to-consumer business were driven by the continued momentum of global consumer acquisition and retention, which increased 28% and 29%, respectively, versus last year. We are encouraged that all major regions drove double-digit DTC growth in reported dollars, especially considering the significance of currency headwinds in our international markets.

我們的直接面向消費者業務的收益是由全球消費者獲取和保留的持續勢頭推動的，與去年相比分別增長了 28% 和 29%。我們感到鼓舞的是，所有主要地區都以報告的美元推動了兩位數的 DTC 增長，特別是考慮到我們國際市場上貨幣逆風的重要性。

On wholesale for the year, revenue increased 12% on a reported basis versus last year, which primarily reflects global market share gains for the HOKA brand, which was partially offset by a reduction of UGG domestic wholesale revenue as we did not repeat the fill-in activity that occurred in fiscal year 2022. The success we are seeing with both DTC and wholesale is a testament to our omnichannel brand and marketplace management.

今年的批發收入與去年相比增長了 12%，這主要反映了 HOKA 品牌的全球市場份額增長，這部分被 UGG 國內批發收入的減少所抵消，因為我們沒有重複填充-在 2022 財年發生的活動中。我們在 DTC 和批發方面看到的成功證明了我們的全渠道品牌和市場管理。

Maintaining the authentic and premium positioning of our brands in their respective markets continues to be our top priority, especially as we navigate an ongoing dynamic consumer environment. With that, I'll hand over to Steve to provide further details on our fourth quarter and full fiscal year 2023 results as well as our initial outlook on fiscal year 2024. Steve?

保持我們品牌在各自市場中的真實和優質定位仍然是我們的首要任務，尤其是在我們駕馭不斷變化的消費環境時。有了這個，我將交給史蒂夫提供有關我們第四季度和整個 2023 財年業績的更多細節，以及我們對 2024 財年的初步展望。史蒂夫？

Thanks, Dave, and good afternoon, everyone. As Dave just covered, Deckers delivered another outstanding result for fiscal year 2023 with double-digit top line growth, even with substantial foreign currency headwind, and once again delivered a high-teen operating margin. Decker's flexible operating model and financial discipline continue to serve us well as we react to a fluid macroeconomic environment.

謝謝，戴夫，大家下午好。正如 Dave 剛剛提到的那樣，Deckers 在 2023 財年取得了另一項出色的業績，即使在外匯逆風的情況下仍實現了兩位數的收入增長，並再次實現了較高的營業利潤率。在我們應對多變的宏觀經濟環境時，Decker 靈活的運營模式和財務紀律繼續為我們提供良好的服務。

Our omnichannel, brand management and marketing teams have collaborated to create and capitalize on high levels of brand heat and demand for our brands while maintaining the high percentage of full-price selling, leading to record earning levels in fiscal year 2023. Decker's commitment to long-term strategic priorities coupled with our execution and financial discipline are the foundation for success as our portfolio of strong brands continue to drive long-term profitable growth in the years ahead.

我們的全渠道、品牌管理和營銷團隊合作創造並利用高水平的品牌熱度和對我們品牌的需求，同時保持高比例的全價銷售，從而在 2023 財年創下創紀錄的收入水平。Decker 長期承諾- 長期戰略重點加上我們的執行和財務紀律是成功的基礎，因為我們的強大品牌組合將在未來幾年繼續推動長期盈利增長。

With that, let's get into a recap of our fourth quarter and fiscal year 2023 results. For the fourth quarter, revenue came in at $792 million, representing an increase of 8% versus the prior year. Performance in the quarter was driven by continued momentum with HOKA, including the brand nearly doubling last year's DTC revenue as well as strength in Teva as the brand recaptured revenue lost in the previous year due to supply chain disruption. This was partially offset by a reduction in UGG revenue as the brand lapped abnormal wholesale shipping patterns in the prior year from pandemic-related supply chain issues and experienced more normalized DTC demand.

有了這個，讓我們回顧一下我們第四季度和 2023 財年的業績。第四季度，收入為 7.92 億美元，比上年增長 8%。本季度的業績得益於 HOKA 的持續發展勢頭，包括該品牌去年的 DTC 收入幾乎翻了一番，以及 Teva 的實力，該品牌收復了上一年因供應鏈中斷而損失的收入。這部分被 UGG 收入的減少所抵消，因為該品牌在上一年因與大流行相關的供應鏈問題而出現異常的批發運輸模式，並且經歷了更加正常的 DTC 需求。

Gross margin in the fourth quarter was 50%, a 130 basis point increase from the prior year period. The improved gross margin primarily relates to reduced air freight usage, favorable brand and channel mix from the strength of the HOKA DTC business and lower ocean freight rates. which were partially offset by increased promotional activity for UGG as the brand sought to reduce inventory levels of non-core seasonal product and continued headwinds from unfavorable foreign currency exchange rates.

第四季度的毛利率為 50%，比去年同期增長 130 個基點。毛利率的提高主要與空運使用量減少、HOKA DTC 業務優勢帶來的有利品牌和渠道組合以及較低的海運費率有關。由於該品牌尋求降低非核心季節性產品的庫存水平以及不利的外幣匯率帶來的持續不利因素，UGG 促銷活動的增加部分抵消了這一增長。

SG&A for the quarter was $290 million, representing 36.7% of revenue, which compares to last year's $277 million and 37.7% of revenue. SG&A as a percentage of revenue was down year-over-year as we gained leverage on marketing, where we avoided spend in areas of overperformance. These results, coupled with higher interest income and a lower share count as a result of our share repurchase program, drove a diluted earnings increase of $0.95 to $3.46, which compares to $2.51 in the prior year period, representing a 38% increase.

本季度的 SG&A 為 2.9 億美元，佔收入的 36.7%，而去年為 2.77 億美元，佔收入的 37.7%。 SG&A 佔收入的百分比同比下降，因為我們在營銷方面獲得了影響力，避免了在業績超常領域的支出。這些結果，加上我們的股票回購計劃導致利息收入增加和股票數量減少，使攤薄收益增加 0.95 美元至 3.46 美元，而去年同期為 2.51 美元，增幅為 38%。

With the strength of our fourth quarter, Deckers delivered exceptional full year fiscal 2023 results, which includes revenue increasing 15% on a reported basis versus last year to a record $3.63 billion. As compared to last year, revenue growth was driven by HOKA as the brand added more than $0.5 billion through global expansion across its well-managed ecosystem of access points and benefited from an improved supply chain and logistics environment.

憑藉第四季度的強勁表現，Deckers 實現了出色的 2023 財年全年業績，其中收入與去年同期相比增長 15%，達到創紀錄的 36.3 億美元。與去年相比，HOKA 推動了收入增長，因為該品牌通過其管理良好的接入點生態系統的全球擴張增加了超過 5 億美元，並受益於改善的供應鍊和物流環境。

Gross margins for the year was 50.3%, down 70 basis points versus last year. The decrease in gross margin was primarily related to unfavorable foreign currency exchange rates, higher levels of promotion and lower-margin closeouts, entire ocean freight rates in the first half with positive offsets from reduced levels of air freight, a greater mix of HOKA brand revenue including benefits from price increases and an increased mix of DTC business.

全年毛利率為 50.3%，較去年下降 70 個基點。毛利率的下降主要與不利的外幣匯率、較高的促銷水平和較低的利潤率清倉、上半年的整個海運費率與空運費率下降的積極抵消、HOKA 品牌收入組合的增加有關包括價格上漲和 DTC 業務組合增加帶來的好處。

SG&A dollar spend for the year was $1.17 billion, up 12% versus the prior year's $1.04 billion. SG&A represented 32.3% of revenue, which is 80 basis points below last year. SG&A leverage as compared to last year was driven primarily by lower marketing spend as a percentage of revenue as we reduced spending in areas where inventory was short to help offset currency headwinds and delayed some spend targeted to build awareness. This all resulted in a full fiscal year 2023 operating margin of 18%, which is 10 basis points above last year despite significant currency headwinds.

全年 SG&A 美元支出為 11.7 億美元，比上年的 10.4 億美元增長 12%。 SG&A 佔收入的 32.3%，比去年低 80 個基點。與去年相比，SG&A 的槓桿作用主要是由於營銷支出佔收入的百分比較低，因為我們減少了庫存短缺領域的支出，以幫助抵消貨幣逆風，並推遲了一些旨在提高知名度的支出。這一切導致 2023 財年的營業利潤率為 18%，儘管存在重大的貨幣逆風，但仍比去年高出 10 個基點。

For the year, our effective tax rate was 22.4%, which is above last year's 20%. Taxes were higher this year, primarily as a result of changes in jurisdictional mix of business. Our strong performance, along with higher interest income and a lower share count that resulted from share repurchase culminated in a record diluted earnings per share of $19.37, which represents a 19% increase over last year's $16.26.

全年，我們的有效稅率為 22.4%，高於去年的 20%。今年的稅收較高，主要是由於管轄範圍內的業務組合發生了變化。我們的強勁表現，加上更高的利息收入和股份回購導致的股份數量減少，最終達到創紀錄的每股攤薄收益 19.37 美元，比去年的 16.26 美元增長 19%。

Turning to our balance sheet. At March 31, 2023, we ended the year with $982 million of cash and equivalents. Inventory was $533 million, up 5% versus the same point in time last year. And during the period, we had no outstanding borrowings. For the year, these results returned invested capital at approximately 35%. During the fourth quarter, we repurchased approximately $103 million worth of shares at an average price per share of $421.53. For the entire fiscal year 2023, we repurchased over 900,000 shares for approximately $297 million at an average price per share of $320.35. At March 31, 2023, the company still had approximately $1.4 billion remaining under its stock repurchase authorization.

轉向我們的資產負債表。截至 2023 年 3 月 31 日，我們以 9.82 億美元的現金和等價物結束了這一年。庫存為 5.33 億美元，比去年同期增長 5%。在此期間，我們沒有未償還的借款。這一年，這些結果的投資資本回報率約為 35%。第四季度，我們以每股 421.53 美元的平均價格回購了價值約 1.03 億美元的股票。在整個 2023 財年，我們以每股 320.35 美元的平均價格以約 2.97 億美元的價格回購了超過 900,000 股股票。截至 2023 年 3 月 31 日，該公司在其股票回購授權下仍有約 14 億美元剩餘。

Now moving to our outlook. For the full fiscal year 2024, we expect top line revenue of approximately $3.95 billion, representing growth of approximately 9% versus the prior year with HOKA as our main growth engine increasing in the range of 20% versus the prior year as we prioritize marketplace management expecting the majority of the growth in the brand's DTC channel and with wholesale growth assuming no net new doors added globally.

現在轉向我們的展望。對於整個 2024 財年，我們預計收入約為 39.5 億美元，與上一年相比增長約 9%，HOKA 作為我們的主要增長引擎，由於我們優先考慮市場管理，與上一年相比增長 20%預計該品牌的 DTC 渠道和批發增長的大部分增長假設全球沒有淨新門。

UGG increasing low single digits driven by international expansion and a relatively flat U.S. marketplace as we focus on driving the full price business by maintaining the brand's pull model, and DTC growth once again outpacing wholesale as we drive consumer acquisition and retention, margin improvement and prioritize marketplace management.

UGG 在國際擴張和相對平穩的美國市場的推動下實現低個位數增長，因為我們專注於通過維持品牌的拉動模式來推動全價業務，而 DTC 增長再次超過批發，因為我們推動消費者獲取和保留、利潤率提高和優先考慮市場管理。

Gross margin is expected to be approximately 52%, which is more than 150 basis points above last year as we are anticipating favorability from increasing DTC mix, increasing HOKA mix, with slight offsets from promotions, which we expect to be higher than last year as we anticipate a consumer environment that may have greater uncertainty.

毛利率預計約為 52%，比去年高出 150 個基點以上，因為我們預計 DTC 組合的增加、HOKA 組合的增加以及促銷活動的輕微抵消，我們預計這將高於去年，因為我們預計消費者環境可能具有更大的不確定性。

Currency and freight are expected to be slight net tailwinds to our gross margin for the full fiscal year, but we expect to see headwind and tailwind fluctuations between quarters when compared to last year. SG&A is expected to be approximately 34% of revenue as we reinvest gross margin improvements in key areas of the business, which include talent across the organization, including areas we've delayed in the enterprise, supply chain footprint to match the growing scale of our organization, e-commerce capabilities and strategic marketing, which includes HOKA spend to grow awareness in leading international markets.

貨幣和運費預計將對我們整個財政年度的毛利率產生輕微的淨順風，但與去年相比，我們預計各季度之間將出現逆風和順風波動。 SG&A 預計將佔收入的 34% 左右，因為我們將毛利率提高重新投資於業務的關鍵領域，包括整個組織的人才，包括我們在企業中延遲的領域、供應鏈足跡以匹配我們不斷增長的規模組織、電子商務能力和戰略營銷，其中包括 HOKA 用於提高領先國際市場知名度的支出。

Through the reinvestment of gross margin improvements into critical operating expense areas, we expect to maintain an approximate 18% operating margin in line with what we've delivered in fiscal year 2023. We are projecting an effective tax rate of 22% to 23%. This all results in an expected diluted earnings per share in the range of $21.10 to $21.60.

通過將毛利率改善再投資到關鍵運營支出領域，我們預計將保持約 18% 的運營利潤率，與我們在 2023 財年實現的目標一致。我們預計有效稅率為 22% 至 23%。這一切導致預期的每股攤薄收益在 21.10 美元至 21.60 美元之間。

Capital expenditures are expected to be in the range of $110 million to $120 million, which is above last year as we invest in capital IT projects; retail refreshment, including opening select new strategic locations; and bolster our supply chain and warehouse capabilities. Please note, this guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact from additional share repurchases.

資本支出預計在 1.1 億美元至 1.2 億美元之間，高於去年，因為我們投資於資本 IT 項目；零售茶點，包括開設精選的新戰略地點；並加強我們的供應鍊和倉庫能力。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。

Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include but are not limited to supply chain disruptions, constraints and related expenses, labor shortages, inflationary pressures, changes in consumer confidence and recessionary pressures, foreign exchange rate fluctuations and geopolitical tensions.

此外，我們的指引假設當前風險和不確定性沒有明顯惡化，包括但不限於供應鏈中斷、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、匯率波動和地緣政治緊張局勢。

With a focus on delivering the full fiscal year, we will not be providing formal quarterly guidance per normal course. However, given we are halfway through the first quarter, we wanted to provide some context around our expectations for the quarter ending June 30. These include revenue growth slightly below the 9% full fiscal year guide as UGG is not expected to repeat the early U.S. wholesale shipments that the brand had experienced over the last couple of years during the first quarter, and HOKA international wholesale growth anticipated to be slower due to not repeating the earlier distributor shipments that occurred in last year's first quarter.

以交付整個財政年度為重點，我們不會為每個正常課程提供正式的季度指導。然而，鑑於我們第一季度已過半，我們想提供一些關於我們對截至 6 月 30 日的季度的預期的背景信息。其中包括收入增長略低於 9% 的整個財政年度指南，因為 UGG 預計不會重蹈美國早期的覆轍。該品牌在第一季度經歷了過去幾年的批發出貨量，HOKA 國際批發增長預計將放緩，因為沒有重複去年第一季度發生的早期經銷商出貨量。

Gross margin is expected to be similar to the full fiscal year guided rate, and SG&A dollar growth is planned to be up double digits as we anticipate significant deleverage in the first quarter due to the phasing of certain investments. Thanks, everyone. And now I'll hand the call back to Dave for his closing remarks.

毛利率預計將與整個財年的指導利率相似，SG&A 美元的增長計劃將達到兩位數，因為我們預計由於某些投資的分階段實施，第一季度將出現顯著的去槓桿化。感謝大家。現在我將把電話轉回給戴夫，聽取他的結束語。

Thanks, Steve. We continue to remain focused on executing against our strategic priorities and driving progress towards our long-term vision while actively managing the marketplace for our brands to build HOKA into a multibillion-dollar major player in the performance athletic space, continue to grow the UGG brand by connecting with consumers through elevated experiences and a segmented product offering, expand our DTC business through consumer acquisition and retention and drive growth in international markets through strategic investments.

謝謝，史蒂夫。我們繼續專注於執行我們的戰略重點並推動實現我們的長期願景，同時積極管理我們品牌的市場，將 HOKA 打造成性能運動領域價值數十億美元的主要參與者，繼續發展 UGG 品牌通過提升體驗和細分產品與消費者建立聯繫，通過獲取和保留消費者來擴展我們的 DTC 業務，並通過戰略投資推動國際市場的增長。

These strategies, coupled with our disciplined operating model, position us well to drive the development of our portfolio of powerful brands while maintaining top-tier levels of profitability as a global organization. Again, I'd like to emphasize some of the points Steve outlined in our guidance for fiscal year 2024.

這些戰略與我們嚴謹的運營模式相結合，使我們能夠很好地推動強大品牌組合的發展，同時保持作為全球組織的頂級盈利水平。再次，我想強調史蒂夫在我們 2024 財年指南中概述的一些要點。

To summarize, we plan to grow DTC faster than wholesale, as we prioritize marketplace management and direct-to-consumer acquisition, focus on UGG products with recognizable brand codes to feed the global momentum with young consumers, continue to manage inventory to align with our consumer demand and invest behind key strategies and infrastructure to further bolster our organization to support our scaling business.

總而言之，我們計劃以比批發更快的速度增長 DTC，因為我們優先考慮市場管理和直接面向消費者的收購，專注於具有可識別品牌代碼的 UGG 產品，以迎合年輕消費者的全球發展勢頭，繼續管理庫存以符合我們的需求消費者需求並投資於關鍵戰略和基礎設施，以進一步加強我們的組織以支持我們的擴展業務。

On behalf of our entire team, I'd like to thank all of our employees for their dedication and support in helping us drive record levels of earnings in fiscal year 2023. Our results demonstrate the strength of our brands, people and our commitment to delivering value to all of our stakeholders. We are incredibly proud of our accomplishments across the whole Deckers organization and look forward to building on this success in the years ahead. With that, I'll turn the call over to the operator for Q&A. Operator?

我謹代表我們的整個團隊，感謝我們所有員工的奉獻和支持，幫助我們在 2023 財年實現創紀錄的收入水平。我們的業績證明了我們品牌、員工的實力以及我們對交付的承諾對我們所有利益相關者的價值。我們為整個 Deckers 組織所取得的成就感到無比自豪，並期待在未來幾年繼續取得這一成功。有了這個，我會把電話轉給接線員進行問答。操作員？

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

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

Congrats on really just another great year. Dave, I would love to ask about your HOKA business, the global potential. I know you gave really good details around channel mix dynamics by quarter, but just maybe for the audience, can you maybe just kind of size up where HOKA is in its international journey?

祝賀又是一個偉大的一年。戴夫，我很想問問你的 HOKA 業務，全球潛力。我知道您按季度提供了有關渠道組合動態的非常詳細的信息，但也許只是為了聽眾，您能否估計一下 HOKA 在其國際旅程中所處的位置？

How big is it overseas from a payer's perspective and a dollar perspective? I think you mentioned that the growth for 20% assumption for this year assumes no net new doors, but where are you on your journey potentially for China? Would you be open up to working with some local partners there to open up stores? Any color there as we think about focus potential would be great.

從付款人的角度和美元的角度來看，它在海外有多大？我想你提到過今年 20% 的增長假設假設沒有淨新門，但你在中國的潛在旅程中處於什麼位置？您願意與當地的一些合作夥伴合作開店嗎？當我們考慮聚焦潛力時，那裡的任何顏色都會很棒。

Yes. Thanks, Laurent. Happy to talk about HOKA. So thanks for the question. The first thing I would say is we're in this sort of long game, and we feel like we have a very special, very, very strong brand with a lot of runway ahead of it. So in some ways, we're in no rush, right? But we don't want to flood the market ahead of demand. We want to control our product experiences. We want to segment across doors and consumers appropriately, and so we're managing doing this the right way with exceptional growth at the same time.

是的。謝謝，洛朗。很高興談論 HOKA。所以謝謝你的問題。我要說的第一件事是，我們正在進行一場漫長的比賽，我們覺得我們有一個非常特別、非常、非常強大的品牌，前面還有很多跑道。所以在某些方面，我們並不著急，對吧？但我們不想在需求出現之前就湧入市場。我們想控制我們的產品體驗。我們希望適當地跨部門和消費者進行細分，因此我們正在設法以正確的方式做到這一點，同時實現非凡的增長。

And so I think where the teams have done just an exceptional job, as you know, managing this in the marketplace across all of our channels, balancing the inventories, launching segmenting by consumer, and we're going to continue to do that. So if you look at the international growth, certainly, yes, there is more opportunity. I would say we're still -- I mean, the whole brand in many ways, is in the early innings, but international is in the early innings, meaning that there's still a lot of things we need to do to make sure that we are managing the marketplace correctly. We have segmentation across the right doors.

因此，我認為團隊所做的工作非常出色，正如你所知，在我們所有渠道的市場中管理這一點，平衡庫存，啟動消費者細分，我們將繼續這樣做。所以如果你看看國際增長，當然，是的，有更多的機會。我會說我們仍然 - 我的意思是，整個品牌在很多方面都處於早期階段，但國際處於早期階段，這意味著我們仍然需要做很多事情來確保我們正確管理市場。我們在正確的門上進行了細分。

In some cases, we -- in certain markets, such as Italy, we're going to close some doors to have distribution that better represents the brand and working with our distributors to make sure that they have the right presentation of the brand in the marketplace. So if you look at Europe, yes, you'll probably see some door closures this year, which is strategically done so that we can improve the presentation of the brand and the long-term health of the brand. If you look at a market like China, really early days, right? The COVID pandemic there, it set everybody back. It sets our brands back a little bit.

在某些情況下，我們 - 在某些市場，例如意大利，我們將關閉一些大門以擁有更好地代表品牌的分銷渠道，並與我們的分銷商合作以確保他們在市場上正確展示品牌市場。所以如果你看看歐洲，是的，今年你可能會看到一些關門事件，這是戰略性的，這樣我們就可以改善品牌的展示和品牌的長期健康。如果你看看像中國這樣的市場，真的很早，對吧？那裡的 COVID 大流行讓每個人都退縮了。它使我們的品牌退縮了一點。

I will say they both performed, HOKA and UGG, better than expected through COVID, and some of the investments we've made are working well. And particularly to HOKA, we're seeing solid success and the doors are opening. And we do have a number of partner doors. We have some key partners, some of the best at this in China that work with some of the bigger brands. And I agree with you. I think we can accelerate faster given that we don't get ahead of demand in the marketplace and that we are improving awareness across these international markets at a better rate.

我要說的是，HOKA 和 UGG 在 COVID 期間的表現都比預期的要好，而且我們所做的一些投資運作良好。特別是對於 HOKA，我們看到了堅實的成功並且大門正在打開。我們確實有許多合作夥伴門。我們有一些重要的合作夥伴，其中一些是中國最擅長與一些大品牌合作的合作夥伴。我同意你的看法。我認為我們可以更快地加速，因為我們沒有領先於市場需求，而且我們正在以更快的速度提高這些國際市場的知名度。

And so that's really our focus right now is, globally, I think awareness for the HOKA brand is around 24%, certainly lower in EMEA and China as you can imagine, and so we need to build that demand. We need to build up representation of the brand in front of the consumer and the experience. And we're really excited about those opportunities, and we see these, all these markets, including some distributor markets in the Asia Pacific region, as very exceptional growth opportunities for this brand. But as I said at the beginning, we're going to manage it the right way for the health of the brand, health of the profitability, full price sell-through and consumer experience so we're at this for a long time.

因此，我們現在真正關注的是，在全球範圍內，我認為 HOKA 品牌的知名度約為 24%，在 EMEA 和中國肯定更低，你可以想像，所以我們需要建立這種需求。我們需要在消費者和體驗面前建立品牌形象。我們對這些機會感到非常興奮，我們認為所有這些市場，包括亞太地區的一些分銷商市場，都是這個品牌非常特殊的增長機會。但正如我一開始所說，我們將以正確的方式管理品牌健康、盈利能力健康、全價銷售和消費者體驗，所以我們已經做了很長時間。

That's great to hear. And then as a follow-up, Dave, I think you mentioned DTC will grow faster than wholesale. Maybe can you unpack that a little bit more for the audience? Are you expecting that for across your 2 big brands? And if you have any color just what you're seeing in the U.S. wholesale marketplace, particularly in the run channel. That would be great.

聽到這個消息我很高興。然後作為後續行動，戴夫，我認為你提到 DTC 的增長速度將快於批發。也許你能為觀眾再多解釋一下嗎？您希望您的 2 個大品牌都能做到這一點嗎？如果您有任何顏色，那就是您在美國批發市場上看到的顏色，尤其是在跑步渠道中。那太好了。

Yes. So we are very focused and we have been, as you know, in our long-term strategy on building up our DTC business. And we're getting better and better at it. We have exceptional teams doing this in our industry. We're optimizing our marketing spend across all of our brands. It's our most profitable channel. We gain all the consumer data information that we can leverage for lifetime value, expand categories for all of our brands.

是的。所以我們非常專注，正如你所知，我們一直在建立我們的 DTC 業務的長期戰略。而且我們在這方面做得越來越好。在我們的行業中，我們有出色的團隊在做這件事。我們正在優化我們所有品牌的營銷支出。這是我們最賺錢的渠道。我們獲得了所有可以用於終身價值的消費者數據信息，擴展了我們所有品牌的類別。

So when our DTC business grows, we all win, right? And so we're going to continue to invest in that channel purposely as we look across the marketplace. We want to funnel more of our business through DTC because of the things I just mentioned. And with our flexibility in our model and our ability to spend on marketing and our return on marketing spend, it just makes natural sense that we would drive more business to DTC.

所以當我們的 DTC 業務增長時，我們都贏了，對嗎？因此，當我們放眼整個市場時，我們將繼續有目的地投資於該渠道。由於我剛才提到的事情，我們希望通過 DTC 匯集更多業務。憑藉我們模型的靈活性、營銷支出的能力以及營銷支出的回報，我們將推動更多業務轉向 DTC 是很自然的。

Now that doesn't mean we don't like wholesale and we're going to pull back from wholesale. We want to be in wholesale in a positive way with the best partners, and that's what we're doing, as you know as well. So I think the long term for this is ultimately get the company to probably around a 50% DTC wholesale mix.

現在這並不意味著我們不喜歡批發，我們將退出批發。我們希望以積極的方式與最好的合作夥伴進行批發，這就是我們正在做的事情，你也知道。所以我認為從長遠來看，這最終會讓公司達到大約 50% 的 DTC 批發組合。

We think that's optimal for our pull model and also for our flywheel of introducing new products to people in wholesale and then having them come into our ecosystem in DTC. That works well for all of our brands. And so you're going to see both HOKA and UGG growing this year ahead at a faster rate in DTC than wholesale.

我們認為這對於我們的拉式模型以及我們的飛輪來說是最佳的，這種飛輪以批發方式向人們介紹新產品，然後讓它們進入我們的 DTC 生態系統。這適用於我們所有的品牌。因此，今年你將看到 HOKA 和 UGG 在 DTC 領域的增長速度快於批發領域。

Our next question comes from Jonathan Komp from Baird.

我們的下一個問題來自 Baird 的 Jonathan Komp。

Just wanted to follow up on the HOKA plans for the year. Any more color to get to the 20% growth rate? What DTC growth you need within that? And then could you just remind us, given the comments about wholesale not growing doors, how did the door growth look looking backwards for fiscal 2023? Just trying to understand how next year or this year, I should say, looks different than last year.

只是想跟進今年的 HOKA 計劃。要達到 20% 的增長率還有更多顏色嗎？您在其中需要什麼樣的 DTC 增長？然後你能不能提醒我們，鑑於關於批發而不是增長門的評論，門的增長如何回顧 2023 財年？只是想了解明年或今年，我應該說，看起來與去年有何不同。

Yes. I don't think we give specifics on the DTC specific growth by brand, but obviously, if we're growing 20%, I can tell you that the DTC number is higher than that.

是的。我不認為我們按品牌給出 DTC 具體增長的具體情況，但顯然，如果我們增長 20%，我可以告訴你 DTC 數字高於此數字。

DTC is going to be higher than that and wholesale will be lower than that.

DTC 會比那個高，批發會比那個低。

Yes, yes. So -- and again, that's by design. I think what you're seeing in net new doors across the chain, part of that is, like I mentioned, in Europe. So if you think of that's as a global number, and as we set the marketplace for the long term, you will have some door closures. But net-net, we're not planning in our guidance any net new doors.

是的是的。所以——再一次，這是設計使然。我認為你在整個鏈條的淨新門中看到的是，正如我提到的，其中一部分是在歐洲。因此，如果您認為這是一個全球數字，並且隨著我們為長期市場設定目標，您將會關閉一些大門。但是淨淨，我們沒有在我們的指南中計劃任何淨新門。

Now one of the things we work really hard to do is evaluate our doors. And so we pay very close attention to the customer experience, the in-store presentation and the sell-through and the productivity of our doors that we carry HOKA in. And so as we look at adding new doors, we want to make sure that the doors we are in are performing at a high level. They're taking share. They're profitable for their account, and then we can expand to doors after that.

現在，我們真正努力工作的其中一件事就是評估我們的門。因此，我們非常關注客戶體驗、店內展示、銷售率以及我們攜帶 HOKA 的門的生產率。因此，當我們考慮添加新門時，我們希望確保我們所在的大門表現出色。他們正在分享。他們為他們的帳戶盈利，然後我們可以擴展到門。

So we're constantly evaluating that. There may be, through the year, opportunity to open more doors in strategic locations based on consumer demand and how the economy works, but we don't want to flood the market, as I said. We don't want to end up having a lot of promotions. We don't know want to damage the brand from that perspective. We don't want to take back inventory and sell it off price.

所以我們一直在評估這一點。全年可能有機會根據消費者需求和經濟運作方式在戰略位置打開更多大門，但正如我所說，我們不想淹沒市場。我們不想最終有很多促銷活動。我們不知道要從那個角度損害品牌。我們不想收回庫存並以低價出售。

We want this to be a premium brand for the long term, and so I think it's prudent, especially in this environment where we have some key accounts who are closing doors, that we manage this effectively and plan for a year that is net neutral, but an opportunity for more as things progress.

我們希望這是一個長期的優質品牌，所以我認為這是謹慎的，特別是在我們有一些關鍵客戶正在關門的環境中，我們有效地管理它併計劃一年是網絡中立的，但隨著事情的進展，會有更多的機會。

Yes, that makes sense. And just as a follow-up, -- sorry if I missed it. Did you say roughly how many doors you're in and how that changed in fiscal '23?

是的，這是有道理的。作為後續行動，很抱歉，如果我錯過了。您是否大致說過您進入了多少扇門，以及在 23 財年發生了怎樣的變化？

I don't think we've shared that.

我不認為我們已經分享了這一點。

We didn't give specific numbers, Jon, but we did increase number of doors throughout FY '23. So we'll be anniversarying some of that in FY '24, so we'll be getting the full year benefit in the wholesale channel related to those stores. So -- but we haven't given specific numbers. But yes, there was some door growth in '23 that will be anniversaried and is shown through wholesale growth in '24.

喬恩，我們沒有給出具體數字，但我們確實在整個 23 財年增加了門的數量。因此，我們將在 24 財年慶祝其中的一些週年紀念，因此我們將在與這些商店相關的批發渠道中獲得全年收益。所以 - 但我們沒有給出具體數字。但是，是的，23 年會有一些門的增長，這將是周年紀念，並通過 24 年的批發增長顯示出來。

Yes. And I would also say our productivity in the doors we're in is very healthy, right, especially compared to some of our peer group. And then just one thing to note about run specialty and outdoor specialty, that is still a pinnacle marketplace for us. And so you won't see door closures in that segment. Those are super healthy for us, really important for our category expansion and our customer and healthy margins, and we're continuing to take share. And so that strategy has not changed.

是的。而且我還要說，我們所在領域的生產力非常健康，對，尤其是與我們的一些同行相比。然後關於跑步專業和戶外專業需要注意一件事，這對我們來說仍然是一個頂峰市場。因此，您不會在該部分看到關門。這些對我們來說非常健康，對我們的品類擴張、我們的客戶和健康的利潤率非常重要，我們將繼續分享。所以這個策略沒有改變。

Okay. Great. And then just a follow-up, if I could, Steve, on the gross margin comments. Just so it's crystal clear, did you say about 52% for the first quarter? And I guess if that's the case, usually, it looks like the first quarter is below the full year, typically, looking back. So I don't know if there's something different this year. And maybe more broadly, is there anything that's holding you back to getting back to that 53% level?

好的。偉大的。然後只是跟進，如果可以的話，史蒂夫，關於毛利率的評論。很清楚，你說第一季度大約是 52% 嗎？我想如果是這樣的話，通常情況下，第一季度看起來低於全年，通常情況下，回顧過去。所以我不知道今年是否有什麼不同。也許更廣泛地說，是否有什麼阻礙你回到 53% 的水平？

Yes. So you're right, Jon. What we've said on Q1 is similar to the full year. Some of that improvement that you're talking about in the quarter so Q1, is going to be driven by, as we've talked about, kind of a channel mix and a brand mix, with HOKA being the contributor of growth there. So we're going to get really some benefit there. And then as opposed to last year, we'll get some ocean freight benefit in the quarter as well.

是的。所以你是對的，喬恩。我們在第一季度所說的與全年相似。正如我們所討論的，您在第一季度談到的一些改進將由某種渠道組合和品牌組合推動，其中 HOKA 是那裡增長的貢獻者。所以我們真的會在那裡得到一些好處。然後與去年相反，我們也將在本季度獲得一些海運收益。

And then just in terms of further opportunity, I think there -- it will be kind of how things play out from an economic standpoint, what we have factored in are the improvements from a freight standpoint and the benefit of ocean freight. I think the levers that we'll be closely monitoring throughout the year will be levels of promotion, so if promotions are not at a level that we expect there could be some potential there.

然後就進一步的機會而言，我認為 - 從經濟的角度來看，事情將如何發展，我們已經考慮到的是貨運角度的改進和海運的好處。我認為我們全年將密切關注的槓桿將是促銷水平，因此如果促銷沒有達到我們預期的水平，那麼那裡可能會有一些潛力。

Marketplace promotions.

市場促銷。

Yes, marketplace promotions. And then foreign currency, right? So we're assuming kind of foreign currency levels at current rates. So those will be the 2 that we're kind of watching in the marketplace.

是的，市場促銷。然後是外幣，對吧？因此，我們假設以當前匯率計算的某種外幣水平。所以這些將是我們在市場上關注的兩個。

Our next question comes from Sam Poser from Williams Trading.

我們的下一個問題來自 Williams Trading 的 Sam Poser。

Erinn, I have my normal question that I'm not even going to count as a question, and then we can move on from there. I would love the breakdown of wholesale or direct-to-consumer by brand in dollars for the fourth quarter, please?

Erinn，我有我的正常問題，我什至不打算算作一個問題，然後我們可以從那裡繼續。我想知道第四季度按品牌劃分的批發或直接面向消費者的細分（以美元計），好嗎？

Sure. Sam, I've got the full year here in front of me. I'll give you the full year. You can back into Q4. So for global wholesale and distributor for UGG was $1.004 billion, HOKA $925.9 million, Teva, $149.1 million; Sanuk, $27.7 million, and that leaves you with other, $53.7 million.

當然。山姆，我面前有一整年。我會給你一整年。你可以回到第四季度。因此，UGG 的全球批發和分銷商為 10.04 億美元，HOKA 為 9.259 億美元，Teva 為 1.491 億美元； Sanuk，2770 萬美元，剩下的還有 5370 萬美元。

Thank you very much. All right. So now let's get to it. The -- so number one, the inventory was in better shape than what I anticipated it would be. And could you give -- you gave color on the last call about the inventory when it was high, that the UGG inventory was down and HOKA was up significantly to support the sales. Can you, one, give us some color as to sort of what this looks like right now?

非常感謝。好的。所以現在讓我們開始吧。第一，庫存狀況比我預期的要好。你能不能給出 - 你在最後一次關於庫存高的電話中給出了顏色，UGG 庫存下降而 HOKA 顯著增加以支持銷售。您能否給我們一些顏色，讓我們了解一下現在的情況？

Yes. I'll give you, and we won't give kind of numbers by brands, but I'll give you kind of direction. So significant improvement in the UGG inventory as we did close out some seasonal non-carryover styles within the UGG brand in Q4. That helped drive some revenue. A little bit of pressure on the margin as we close that out, but really positioned us much better.

是的。我會給你，我們不會按品牌給出某種數字，但我會給你某種方向。我們確實在第四季度關閉了 UGG 品牌內的一些季節性非結轉款式，因此 UGG 庫存有了顯著改善。這有助於增加一些收入。當我們關閉它時，利潤率有點壓力，但確實讓我們處於更好的位置。

HOKA, some growth, as you would expect, with the growing brand that we do have with HOKA. So overall, I think the composition of inventory, we're very pleased with. So given our sales rate growth, supporting a high-growth brand in HOKA, I think our inventory levels look really good for where we stand.

HOKA，正如您所期望的那樣，隨著我們與 HOKA 的品牌不斷增長，一些增長。所以總的來說，我認為我們對庫存的構成非常滿意。因此，鑑於我們的銷售率增長，支持 HOKA 的高增長品牌，我認為我們的庫存水平看起來非常適合我們的立場。

And then lastly, the -- your guidance for HOKA, you talked about your marketing spend and how you're strategically increasing your marketing spend against the HOKA brand. What was the HOKA initial plan marketing or FP&A? How do you want to talk about it in last year? And how much better does the brand do?

最後，你對 HOKA 的指導，你談到了你的營銷支出以及你如何戰略性地增加對 HOKA 品牌的營銷支出。什麼是 HOKA 初始計劃營銷或 FP&A？去年你想怎麼說？該品牌做得好多少？

I mean you mentioned good ROIC. So how much of this ROIC is built into the guidance for the 20% increase? I believe last year you started out HOKA at 30% to 35% increase and ended up with 58%. Now that's pretty darn good. So is this -- are you guiding in the same kind of manner you did last year, and we could easily end up seeing 40% here?

我的意思是你提到了良好的 ROIC。那麼這個 ROIC 中有多少被納入了 20% 增長的指導中？我相信去年你開始使用 HOKA 時增加了 30% 到 35%，最後增加了 58%。現在這真是太好了。那麼這是——你是否以與去年相同的方式進行指導，我們很容易在這裡看到 40%？

Yes. I'll start. This is Steve. So Sam, I think the way we're looking at it is the growth that we saw with HOKA, clearly, the marketing we did drove demand. And so clearly, we benefited from that. Also, we were coming out of FY '22, where we had a large unmet demand with HOKA brand. So that was driving a lot of the early in the year increases. I think what we saw throughout the year is continued productivity of our marketing spend. That's where we were able to tailor some of our marketing spend to still achieve that 18% operating margin.

是的。我會開始。這是史蒂夫。所以 Sam，我認為我們看待它的方式是我們看到 HOKA 的增長，很明顯，我們所做的營銷推動了需求。很明顯，我們從中受益。此外，我們即將結束 22 財年，在那裡我們對 HOKA 品牌有大量未滿足的需求。因此，這推動了年初的大量增長。我認為我們全年看到的是我們營銷支出的持續生產力。這就是我們能夠調整我們的一些營銷支出以仍然實現 18% 的營業利潤率的地方。

So even in the face of the currency headwinds, looking at the productivity of our marketing, we were able to drive some leverage in that respect. That's not necessarily how we're looking at it in the same way for FY '24. We're looking to continue, as Dave mentioned earlier, to drive international global awareness around the HOKA brand. So we are looking at increasing. We'll see how productive that marketing spend is.

因此，即使面對貨幣逆風，看看我們營銷的生產力，我們也能夠在這方面發揮一些影響力。這不一定是我們在 24 財年以相同方式看待它的方式。正如 Dave 之前提到的，我們希望繼續提高 HOKA 品牌的國際知名度。所以我們正在考慮增加。我們將看到營銷支出的效率如何。

Last year was also really the first year we benefited from a global campaign, so probably experienced improved productivity over that. So I just want to be careful on assumptions going into next year. But we'll continue to invest in marketing. We continue to see high productivity of those dollars spend. We're increasing brand awareness, but we still, as Dave said, early innings and a long way to go here.

去年也是我們真正從全球活動中受益的第一年，因此生產力可能比那年有所提高。所以我只想對明年的假設保持謹慎。但我們會繼續投資於營銷。我們繼續看到這些美元支出的高生產率。我們正在提高品牌知名度，但正如戴夫所說，我們仍然處於早期階段，還有很長的路要走。

Yes. And the marketing focus, as you've heard from us over the last few quarters right now is really on high-level awareness of the brand. So that's on an international level. It's not as quicker turnaround of the return on investment as you see on digital marketing going right to our website. This is out of home. This is higher level connected TV. These things take a little bit more time and need to be consistent and in front of the consumer to get them to then go to purchase.

是的。正如你在過去幾個季度從我們這裡聽到的那樣，營銷重點實際上是品牌的高水平知名度。所以這是在國際層面上。它不像您在直接訪問我們網站的數字營銷中看到的那樣更快地獲得投資回報。這是出門在外。這是更高級別的聯網電視。這些東西需要更多的時間，需要保持一致，並在消費者面前讓他們去購買。

But yes, suffice to say, we're pleased with the direction. We're improving on the initial launch of FLY HUMAN FLY this year. Some very exciting updates and focused on a little bit more of the performance athletes in the marketing. And I think it's going to have a positive impact, and there could be more upside, for sure.

但是，是的，可以說，我們對這個方向感到滿意。我們正在改進今年首次推出的 FLY HUMAN FLY。一些非常令人興奮的更新，並更多地關注營銷中的表現運動員。而且我認為它會產生積極的影響，而且肯定會有更多的好處。

And one last thing. I mean, you stated last year, you talked about building awareness for the brand, and I assume that is sort of long-term marketing dollars -- [dollars] for long-term health, but you've got short-term benefits from that. So in fact, you're guiding the same way that you did last year, and you're not planning for that short-term benefits on the brand marketing.

最後一件事。我的意思是，你去年說過，你談到了建立品牌知名度，我認為這是一種長期營銷資金 - [美元] 用於長期健康，但你從中獲得了短期利益那。所以事實上，你的指導方式與去年相同，你並沒有為品牌營銷的短期利益做計劃。

And then I'm already getting hit by a bunch of people based on one of your competitors. Can you just compare sort of your strategy to this unknown competitor from Europe that -- because I think there's a difference here, especially on the wholesale side.

然後我已經因為你的一個競爭對手而受到一群人的打擊。您能否將您的策略與來自歐洲的這個不知名的競爭對手進行比較——因為我認為這裡存在差異，尤其是在批發方面。

Yes. I understand the philosophy or the thinking of why people would compare the 2 brands. They're both new. They're both incredibly high growth, exceptional product but very different in, I think, in the makeup of where our brand plays, in a very authentic performance space, both in trail and outdoor and road running, and we're committed to that long-term performance. I think certainly, people are wearing our shoes on casual occasions and for comfort and walking, but at the end of the day, we are a hardcore performance brand.

是的。我理解為什麼人們會比較這兩個品牌的理念或想法。他們都是新來的。它們都是令人難以置信的高增長、卓越的產品，但我認為，在我們品牌發揮作用的構成方面、在非常真實的性能空間中，無論是在越野跑、戶外跑還是公路跑中，它們都有很大的不同，我們致力於這一點長期表現。我認為當然，人們在休閒場合穿著我們的鞋子是為了舒適和行走，但歸根結底，我們是一個核心性能品牌。

When it comes down to distribution, we're operating in a pull model. And I think that has served us incredibly successfully. I think my background, you look at folks like Stefano and our new President, Anne, coming from Nike and other companies that have done this for many years. We know how to do this. And we know it works, and we are all committed to the long-term success of this brand and Deckers.

說到分銷，我們採用的是拉式模式。我認為這對我們來說非常成功。我想我的背景，你看看像斯特凡諾和我們的新總裁安妮這樣的人，他們來自耐克和其他已經這樣做多年的公司。我們知道如何做到這一點。我們知道它有效，我們都致力於這個品牌和 Deckers 的長期成功。

And so it's worked well for UGG. It's working well for HOKA. We love having demand ahead of supply. I think that's just a healthy way to run a business. And I think that's good for a company like ours that we have premium brands and premium distribution. I think if you compare it to other brands, you could look at Under Armour over the years or other brands that have grown really, really fast.

所以它對 UGG 很有效。它對 HOKA 運作良好。我們喜歡先於供應的需求。我認為這是一種健康的經營方式。而且我認為這對像我們這樣的公司有好處，因為我們擁有優質品牌和優質分銷。我認為，如果你將它與其他品牌進行比較，你可以看看多年來 Under Armour 或其他發展非常非常快的品牌。

And a push model is -- it's a model because sometimes it works, sometimes it doesn't, but it's an approach, and it's really around maxing out distribution, putting product in front of consumers. The big hope there, you're hoping it sells through and you get reorders in the next year and you don't have inventory left over.

推送模型是——它是一種模型，因為它有時有效，有時無效，但它是一種方法，它實際上是圍繞最大化分配，將產品放在消費者面前。那裡的希望很大，你希望它能賣完，明年你會得到重新訂購，而且你沒有剩餘庫存。

But we prefer, as a company who is really focused on building emotional connection with our brand and growing premium brands, we prefer the pull model, and we're going to continue with that. Now it doesn't mean we're going to hold back too much and not be opportunistic and grow as fast as we can. But Sam, we're going to do it in a quality way.

但我們更喜歡，作為一家真正專注於與我們的品牌建立情感聯繫和發展高端品牌的公司，我們更喜歡拉動模式，我們將繼續這樣做。現在，這並不意味著我們要退縮太多，不要投機取巧，而是要盡可能快地發展。但是山姆，我們將以高質量的方式來做。

Our next question comes from Tom Nikic from Wedbush Securities.

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

Following up on Laurent's question earlier about U.S. wholesale. I want to ask about UGG. Obviously, UGG has a big department store presence and kind of sounds like department stores are feeling a little skittish about the macro environment and some -- you also -- we got bad result last week from mall-based sneaker store that has been investing in your brand in the last couple of years.

跟進洛朗早些時候關於美國批發的問題。我想問一下UGG。顯然，UGG 在百貨商店有很大的影響力，聽起來好像百貨商店對宏觀環境有些不安，而且一些——你也是——我們上週從一直在投資於你的品牌在過去幾年中。

So just how are your wholesale partners thinking about UGG for the peak fall/winter season this year? And do you have innovation in the pipeline to kind of keep them engaged following some of the strong holiday results you've had the last couple of years?

那麼，您的批發合作夥伴如何看待今年秋冬旺季的 UGG 呢？在過去幾年你取得了一些強勁的假期結果之後，你是否有創新來讓他們參與進來？

Yes. Thanks, Tom. It's a good question. I think we all realized that last year, we left a little bit of money on the table with UGG. And so all of our accounts, even the mall-based athletic store, could have done more business on UGG last fall. We had a really, really strong success with our Ultra Mini, our Platform Classics, our Tasman, their Tas platform. We left money on the table. The demand is higher than we were able to supply. People still want those products even though it's 6 months later, and it's a big opportunity for us going into the fall.

是的。謝謝，湯姆。這是個好問題。我想我們都意識到，去年，我們在 UGG 的桌子上留下了一點錢。因此，我們所有的客戶，甚至是基於商場的運動用品商店，都可以在去年秋天在 UGG 上做更多的生意。我們的 Ultra Mini、我們的 Platform Classics、我們的 Tasman 以及他們的 Tas 平台取得了非常非常大的成功。我們把錢留在了桌子上。需求高於我們的供應能力。人們仍然想要這些產品，即使是 6 個月後，這對我們進入秋季來說是一個很好的機會。

At the same time, the one thing I would say and maybe I'm a little bit biased, of course, but key accounts, including some of the lifestyle athletic accounts for us, want UGG. They need UGG. It's high price point, it's high margin. It sells through incredibly well. And so while their overall business may be a little bit more conservative or pulling back a little bit, there's a handful of brands right now that are winning, and UGG is one of them.

與此同時，我要說的一件事當然可能有點偏頗，但主要客戶，包括我們的一些生活方式運動客戶，都想要 UGG。他們需要 UGG。這是高價位，高利潤率。它的銷量非常好。因此，雖然他們的整體業務可能會更保守一點或稍微回落一點，但現在有少數品牌正在獲勝，UGG 就是其中之一。

And you can see it from our metrics around our consumers, our rates of adoption, an acquisition in the 18- to 34-old consumers, the brand heat is stronger than ever. UGG is a very, very healthy brand right now. And because of the work we've done on inventory, it's a very clean brand in the marketplace. And it's set up perfectly for fall, where we're going to have inventory in key styles. And that's one of the things that our new President, Anne, and her team have been working on is tailoring the line, making sure that we have a really strong portfolio of heritage classics with modern updates.

你可以從我們圍繞消費者的指標、我們的採用率、對 18 至 34 歲消費者的收購中看到，品牌熱度比以往任何時候都強。 UGG 現在是一個非常非常健康的品牌。由於我們在庫存方面所做的工作，它在市場上是一個非常乾淨的品牌。它非常適合秋季，我們將在秋季擁有主要款式的庫存。這就是我們的新總裁 Anne 和她的團隊一直致力於調整生產線的工作之一，確保我們擁有真正強大的傳統經典產品組合和現代更新。

And the innovation pipeline is really exciting. And so I wouldn't read into the numbers as there's a challenge out there with distribution. We're worried about the brand. We're going to focus growth into DTC and key accounts, put forward an exceptional product assortment with inventory behind it, and we should have a good season.

創新管道真的很令人興奮。所以我不會去讀這些數字，因為分發存在挑戰。我們擔心品牌。我們將把增長重點放在 DTC 和關鍵客戶上，提出一個有庫存的特殊產品組合，我們應該有一個好季節。

Our next question comes from Chris Nardone from Bank of America.

我們的下一個問題來自美國銀行的 Chris Nardone。

I'd like to go back to the HOKA distribution strategy. First, can you clarify what percentage of your HOKA wholesale business comes from the specialty channel today? And do you still think there's opportunity to take share in that specific market segment? And then I have a follow-up.

我想回到 HOKA 分銷策略。首先，您能否說明目前您的 HOKA 批發業務有多少百分比來自專業渠道？您是否仍然認為有機會在該特定細分市場中佔有一席之地？然後我有一個後續行動。

Yes. We haven't shared how much the run specialty channel is. It's roughly 1,100 doors in North America, but we haven't given the mix of business. But it's meaningful, and strategically, it's very, very important. And I can tell you that we are continuing to take share. We're not #1 yet. And so as long as we're not #1, there's opportunity to take share, and we're doing that.

是的。我們還沒有分享 run 專業頻道有多少。北美大約有 1,100 家門，但我們還沒有給出業務組合。但它是有意義的，從戰略上講，它非常非常重要。我可以告訴你，我們將繼續分享。我們還不是第一。因此，只要我們不是第一名，就有機會分享，我們正在這樣做。

And I was at the UGG sales meeting last week that we had. It was the first one in person in 3 years, and talking to a lot of our distributors and some of the accounts that were there. And they're all saying the same thing. They're seeing declines in other brands and increases in HOKA, a little bit less, in this case, in North America. But that's how we take share, and we're going to continue to do that and serve that channel with innovation and support.

我參加了上週舉行的 UGG 銷售會議。這是 3 年來第一次面對面，並與我們的許多經銷商和那裡的一些客戶進行了交談。他們都在說同樣的話。他們看到其他品牌在下降，而 HOKA 在上升，在這種情況下，在北美略有下降。但這就是我們分享的方式，我們將繼續這樣做，並通過創新和支持為該渠道提供服務。

Got it. That's very clear. And then just in terms of the guidance of 20% range for HOKA this year total, and that includes no new doors. I just want to confirm the strategy with Foot Locker and DICK'S Sporting Goods. Have you talked about how many doors you are in today? And are you still growing in those 2 accounts, and that's just not included in the guidance?

知道了。這很清楚。然後就 HOKA 今年總計 20% 範圍的指導而言，其中不包括新門。我只是想通過 Foot Locker 和 DICK'S Sporting Goods 確認策略。你有沒有談過你今天在幾扇門裡？你還在這兩個賬戶中成長嗎，這只是不包括在指南中？

Yes. So Chris, this is Steve. I'll take that one. The -- what we've said, right, we have not named kind of specific partners in the space in terms of number of doors. And so when we say on a global basis, as Dave was talking about before, we're looking across the globe in terms of there will be some accounts that have door expansions, there will have some accounts that may have door contraction.

是的。克里斯，這是史蒂夫。我會拿那個。 - 我們所說的，對，我們沒有根據門的數量來命名空間中的特定合作夥伴。因此，當我們在全球範圍內說時，正如 Dave 之前所說的那樣，我們正在全球範圍內尋找一些有門擴張的賬戶，會有一些賬戶可能有門收縮。

And as Dave mentioned, we're going to look at productivity of doors. So that doesn't mean that we aren't going to open new doors. What it means is we may open some doors with some accounts, and we're going to close doors with other accounts. But we haven't talked specifically about which accounts or which partners, and we haven't given door accounts by those accounts.

正如戴夫提到的，我們將研究門的生產率。所以這並不意味著我們不會打開新的大門。這意味著我們可能會打開一些賬戶的大門，而我們將關閉其他賬戶的大門。但是具體是哪些賬號，哪些合作夥伴，我們沒有具體談過，也沒有給那些賬號上門賬號。

Yes. But I would say we're very pleased with the productivity we're seeing in both DICK'S and Foot Locker.

是的。但我要說的是，我們對 DICK'S 和 Foot Locker 的生產力感到非常滿意。

Our next question comes from Jay Sole from UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Dave, you talked about DTC in HOKA and DTC growing faster than wholesale. Can you just talk about the HOKA stores that you've opened up? I know you've experimented with some pop-up stores and things like that. Just give us a sense of what your learnings have been and what your outlook is for the kind of own store footprint you think HOKA can have over time?

戴夫，你談到了 HOKA 中的 DTC，而 DTC 的增長速度快於批發。能不能簡單說說你們開過的HOKA店？我知道你已經嘗試過一些快閃店之類的東西。請告訴我們您的經驗教訓，以及您認為 HOKA 隨著時間的推移可以擁有的那種自有門店足蹟的前景如何？

Yes. Happy to talk about that. We're very pleased with how the HOKA stores are performing. We're in early days of HOKA retail, and we want to make sure that we get the experience right, that our customers are served in a premium way, we have the right assortments. And so when you're new, it takes a little bit of time to work those kinks out and create a premium experience, and I think the teams have done a great job on that.

是的。很高興談論那個。我們對 HOKA 商店的表現非常滿意。我們處於 HOKA 零售的早期階段，我們希望確保我們獲得正確的體驗，以優質的方式為我們的客戶提供服務，我們擁有正確的分類。所以當你是新手時，需要花一點時間來解決這些問題並創造優質體驗，我認為團隊在這方面做得很好。

We're going to be evolving our store design, which is another important component of store. We want to get that right when we open. And -- so we're doing a lot of pop-ups in the U.S. to test markets, test appetite, test the experience. We'll have our first full-time store soon in New York City. I think some of you guys are going to see that in a few weeks. And look forward to your feedback. And then we're looking to do that in certain markets internationally as well.

我們將改進商店設計，這是商店的另一個重要組成部分。我們希望在開業時做到這一點。而且——所以我們在美國做了很多彈出窗口來測試市場、測試胃口、測試體驗。我們很快將在紐約市開設第一家全職門店。我想你們中的一些人會在幾週後看到這一點。並期待您的反饋。然後我們也希望在國際某些市場上這樣做。

Long term, we see DTC and stores obviously as an important part of our mix. Retail stores will continue to grow at -- not at a rate above the company, but in line with the company's growth and in line with HOKA's expansion over time. But we do think retail for HOKA in North America, Europe and particularly China as a place to experience the brand head to toe and get to know the brand better is important in key markets.

從長遠來看，我們顯然將 DTC 和商店視為我們組合的重要組成部分。零售店將繼續增長——不是以高於公司的速度增長，而是與公司的增長以及 HOKA 隨著時間的推移保持一致。但我們確實認為 HOKA 在北美、歐洲，尤其是中國的零售店作為從頭到腳體驗品牌並更好地了解品牌的地方在關鍵市場非常重要。

And it will be a component, but not a major component over time. That may change as we build out apparel and accessories for the long term, but at this point, we see it as modifier to our DTC business versus the leader of growth.

隨著時間的推移，它將成為一個組成部分，但不是主要組成部分。隨著我們長期打造服裝和配飾，這種情況可能會改變，但在這一點上，我們將其視為我們的 DTC 業務相對於增長領導者的修正。

Okay. That's helpful. If I can ask, just because you also mentioned that HOKA is still early innings, especially internationally. And at the same time, you're guiding to 20% growth for HOKA this year. I think there's a question out there. Obviously, fiscal '23 has huge growth, talking about a little bit of a slower growth rate this year. The question is like, what should investors understand? Like what's the long-term opportunity for HOKA?

好的。這很有幫助。如果我可以問，只是因為你也提到 HOKA 仍然是早期局，尤其是在國際上。同時，您指導 HOKA 今年實現 20% 的增長。我認為那裡有一個問題。顯然，'23 財年增長巨大，今年的增長率略有放緩。問題是，投資者應該了解什麼？ HOKA 的長期機會是什麼？

I mean, $1.4 billion in sales at the end of this year. I mean do you see this as a $2 billion brand? Is it a $3 billion brand over time? I think people are trying to figure out if -- how much of that early innings will translate into bigger sales growth versus a sales growth rate that is lower this year than last year, and what exactly we should really be thinking about for HOKA big picture.

我的意思是，今年年底的銷售額為 14 億美元。我的意思是你認為這是一個價值 20 億美元的品牌嗎？隨著時間的推移，它會成為價值 30 億美元的品牌嗎？我認為人們正在試圖弄清楚 - 早期的局數中有多少會轉化為更大的銷售增長，而今年的銷售增長率低於去年，以及我們究竟應該為 HOKA 的大局考慮什麼.

Yes. So I would -- the thing I would say is pretty soon, we'll be a $2 billion brand. We have line of sight for that over the next couple of years, and I think you can do the math and figure that out. And then when you manage that against the level of awareness we have on a global level, it just shows you how much more opportunity we have with a brand like UGG, who is $2 billion already, but their global awareness is much, much higher than HOKA.

是的。所以我會——我想說的是很快，我們將成為一個價值 20 億美元的品牌。在接下來的幾年裡，我們已經看到了這一點，我認為你可以計算一下並弄清楚。然後，當你根據我們在全球範圍內的知名度來管理這一點時，它只是向你展示了我們與像 UGG 這樣的品牌有多少機會，這個品牌已經 20 億美元，但他們的全球知名度遠遠高於霍卡。

So there is just a tremendous white space for this brand to grow if you look at it from that perspective. When we look at how many people still haven't heard of the brand and what we know about people who do hear about the brand and try it, what that means from a lifetime value perspective is it's a numbers game. But we do believe that through our innovation engine, through the repeat purchase of our consumer, word of mouth on this brand, desire from accounts who want the brand at a global level.

因此，如果你從這個角度來看，這個品牌的發展空間巨大。當我們看看有多少人還沒有聽說過這個品牌，以及我們對聽說過這個品牌並嘗試過的人的了解時，從終生價值的角度來看，這意味著這是一場數字遊戲。但我們確實相信，通過我們的創新引擎，通過我們消費者的重複購買，這個品牌的口口相傳，以及來自全球範圍內想要該品牌的客戶的渴望。

And then you think about category expansion beyond road running into trail running, into hike, outdoor, lifestyle athletics, kids, apparel, et cetera, this is certainly a multibillion-dollar opportunity. We have a lot of confidence in the product teams and the marketing teams and the global leadership teams that we've established through our omnichannel marketplace management under Stefano and team over the years, our partnerships with key accounts. We know how to do this. We just want to make sure we do it right. And -- but we certainly see this as a multibillion-dollar opportunity for this brand.

然後你會想到從公路跑到越野跑、遠足、戶外、生活方式運動、兒童、服裝等類別的擴展，這無疑是一個價值數十億美元的機會。我們對產品團隊、營銷團隊和全球領導團隊充滿信心，這些團隊是我們多年來在 Stefano 和團隊的領導下通過全渠道市場管理建立的，我們與主要客戶的合作夥伴關係。我們知道如何做到這一點。我們只是想確保我們做對了。而且——但我們當然認為這對這個品牌來說是一個價值數十億美元的機會。

And our final question today comes from Abbie Zvejnieks from Piper Sandler.

我們今天的最後一個問題來自 Piper Sandler 的 Abbie Zvejnieks。

I just have two quick ones. Just on the wholesale, growth at HOKA obviously slowed a little bit. I know you talked about not wanting to flood the market, but can you talk about if there's any impact from more cautious orders from your wholesale partners just given the pressures going consumer discretionary spending? And then can you give a little bit of an update on the apparel businesses at both HOKA and UGG?

我只有兩個快速的。就批發而言，HOKA 的增長明顯放緩了一點。我知道你說過不想湧入市場，但你能談談鑑於消費者可自由支配支出的壓力，你的批發合作夥伴更謹慎的訂單是否有任何影響？然後你能介紹一下 HOKA 和 UGG 服裝業務的最新情況嗎？

Sure. I would say no cautiousness we're seeing. So it's really -- if there's any cautiousness, it's in managing their total open to buy and being smart with -- in regards to the economic climate right now. But as far as cautiousness on the HOKA brand, we're not seeing any. And as I mentioned, for our productivity in these doors, our turns are some of the best-in-class, if not the best-in-class in certain run specialty accounts. And so if anything, as we said, there's more opportunity there as we look to expand over the years. But right now, the order book this year, I wouldn't say there's any cautiousness at all.

當然。我會說我們沒有看到謹慎。因此，就目前的經濟環境而言，這真的是——如果有任何謹慎的話，那就是管理他們的購買總量和明智的做法。但就 HOKA 品牌的謹慎性而言，我們沒有看到任何。正如我所提到的，對於我們在這些門上的生產力，我們的輪流是一些一流的，如果不是某些運行專業賬戶中的一流的話。因此，正如我們所說，如果有的話，隨著我們多年來尋求擴張，那裡有更多機會。但現在，今年的訂單，我不會說有任何謹慎。

On apparel, it's a good question. We've talked about apparel here and there for both UGG and HOKA. I think for UGG, we got off to a good start. And then with new leadership and taking a more critical eye, we want to make sure that we have the right line and the right assortment of product in the marketplace. And so we're taking a little bit of a pause on growing that business to get the assortment right, get the design right, make sure that the lounge collection has the same DNA as the ready-to-wear collection.

在服裝方面，這是一個很好的問題。我們在這里和那裡討論過 UGG 和 HOKA 的服裝。我認為對於 UGG，我們有了一個良好的開端。然後在新的領導層和更挑剔的眼光下，我們希望確保我們在市場上擁有正確的產品線和正確的產品分類。因此，我們在發展該業務方面稍作停頓，以確保品種正確，設計正確，並確保休閒系列與成衣系列具有相同的 DNA。

If you go into one of our department store partners and look at the lounge product and then you go into our own store, there's a disconnect between lounge and ready-to-wear. So we want to clean that up. We also are excited about the winter collection that we're launching this year, with more cold weather outerwear and product and boots. I think that's going to be a big part of it. So what you're seeing now in UGG is really just a reset of the apparel strategy for the long term.

如果您進入我們的一家百貨商店合作夥伴並查看休閒產品，然後進入我們自己的商店，就會發現休閒和成衣之間存在脫節。所以我們想清理它。我們也對今年推出的冬季系列感到興奮，其中包括更多防寒外套、產品和靴子。我認為這將是其中很重要的一部分。所以你現在在 UGG 看到的實際上只是對長期服裝戰略的重新設定。

On the HOKA side, as I mentioned, I was at the HOKA sales meeting last week. Our new designer that we hired a little over 1.5 years ago, I think, in HOKA, this is the first major collection that she's put forward. The response was very, very exciting by the audience there, and it looks really good and there's some innovative pieces in there.

在 HOKA 方面，正如我提到的，我上週參加了 HOKA 銷售會議。我們在 1.5 多年前聘請的新設計師，我認為，在 HOKA，這是她提出的第一個主要係列。那裡的觀眾的反應非常非常令人興奮，它看起來非常好，裡面有一些創新的作品。

So again, this is a long plan for us to [think] the product that you're going to see starting in fall '23 and spring '24, and apparel for HOKA is getting better and better, but we're going to start with DTC in a few select accounts and grow and build the demand and then supply the demand as it comes. So long-term strategy, certainly opportunities in the hundreds of millions for both brands over time. But with new leadership in place and resetting the marketplace, we want to get the product right.

所以，這又是一個長期計劃，讓我們 [思考] 你將在 23 年秋季和 24 年春季開始看到的產品，HOKA 的服裝越來越好，但我們要開始在一些選定的帳戶中使用 DTC 並增長和建立需求，然後在需求出現時提供。如此長期的戰略，隨著時間的推移，這兩個品牌肯定會有數億的機會。但是隨著新的領導層的到位和市場的重新調整，我們希望把產品做對。

And with that, we'll be ending today's question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

至此，我們將結束今天的問答環節。我想將發言權交還給管理層，聽取任何結束語。

No additional comments for us. Thanks for joining, everybody, and we look forward to speaking to you next quarter.

我們沒有其他評論。感謝大家的加入，我們期待下個季度與您交談。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們，先生們，我們將結束今天的電話會議和演講。我們感謝您的加入。您現在可以斷開線路。