Deckers Outdoor Corp (DECK) 2024 Q1 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded. I'll now turn the call over to Erinn Kohler, Vice President, Investor Relations and Corporate Planning. Please go ahead.

下午好，感謝您的耐心等待。歡迎參加 Deckers Brands 2024 財年第一季度收益電話會議。 （操作員說明）我想提醒大家，本次電話會議正在錄音。現在我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 Steven Fasching, Chief Financial Officer.

大家好，謝謝大家今天加入我們。總裁兼首席執行官戴夫·鮑爾斯 (Dave Powers) 接聽電話；和首席財務官史蒂文·法辛（Steven 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，本次電話會議中所做的某些陳述是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》規定的免責責任安全港的資格。今天本次電話會議上所做的所有陳述（除歷史事實陳述外）均為前瞻性陳述，包括有關我們的當前和長期戰略目標、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、品牌表現、產品組合、利潤、費用、庫存水平和促銷活動，以及宏觀經濟環境對我們運營和業績的影響，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 factor section of its annual report on Form 10-K and quarterly reports on Form 10-Q.

本次電話會議中做出的前瞻性陳述代表了管理層當前的預期，並基於做出此類陳述時可獲得的信息。前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，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。該公司在其向 SEC 提交的文件中解釋了其中一些風險和不確定性，包括其 10-K 表年度報告和 10-Q 表季度報告的風險因素部分。

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.

除法律或紐約證券交易所上市規則要求外，該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. With that, I'll now turn it over to Dave.

在這次電話會議上，管理層可能會參考未按照美國公認會計原則制定的財務指標，包括固定匯率。此外，該公司還報告了在當前和之前報告期間開放的業務中按固定貨幣計算的可比直接面向消費者的銷售額。該公司認為，這些非公認會計準則財務指標是其經營業績的重要指標，因為它們排除了與其核心經營業績無關且可能無法表明其核心經營業績的項目。有了這個，我現在將把它交給戴夫。

Thanks, Erinn. Good afternoon, everyone, and thank you for joining us. I'm pleased to be here today to discuss another strong quarter for Deckers, starting off fiscal year 2024 on the right path as we build towards delivering another year of great results.

謝謝，艾琳。大家下午好，感謝您加入我們。我很高興今天能在這裡討論 Deckers 的另一個強勁季度，以正確的道路開啟 2024 財年，我們將在新的一年裡取得出色的業績。

Our results give us increased confidence to achieve our updated outlook for full fiscal year 2024, which includes a raise to our prior expectations. For the first quarter, our performance slightly outpaced our expectations with revenue increasing 10% versus last year to $676 million, gross margin improving more than 300 basis points including beneficial brand and channel mix dynamics and diluted earnings per share growing 45% to $2.41.

我們的業績使我們更有信心實現 2024 年整個財年的最新展望，其中包括提高我們之前的預期。第一季度，我們的業績略微超出了我們的預期，收入較去年增長 10%，達到 6.76 億美元，毛利率提高了 300 個基點以上，其中包括有益的品牌和渠道組合動態，稀釋後每股收益增長 45%，達到 2.41 美元。

Revenue growth versus last year was driven by our key areas of focus with global HOKA expanding 27% to deliver $420 million, global DTC increasing 35% to represent 37% of portfolio revenue, up from 30% last year and international UGG delivering strong growth. As anticipated, we had some offsets to the growth in the quarter due to timing dynamics in UGG U.S. wholesale with accounts choosing to receive product spread later into the year, as opposed to a front-loaded preference we saw in the last couple of years.

收入與去年相比的增長是由我們重點關注的領域推動的，全球 HOKA 增長 27%，實現 4.2 億美元，全球 DTC 增長 35%，佔投資組合收入的 37%，高於去年的 30%，國際 UGG 實現強勁增長。正如預期的那樣，由於 UGG 美國批發市場的時間動態，我們對本季度的增長產生了一些抵消，客戶選擇在今年晚些時候接收產品差價，而不是我們在過去幾年看到的預先加載的偏好。

As we look to best manage our wholesale account product flow, we also continue to monitor marketplace inventory levels to maintain a healthy omnichannel presence that services our end consumer in the best way possible and preserves the premium nature of our brands. Our ability to propel the targeted opportunities of global HOKA, global DTC and international UGG further demonstrates the success of our Omni-Channel marketplace management and strategic investments. We will continue to remain nimble in our execution as we always have, to deliver strong results on both the top and bottom line.

在我們尋求最好地管理我們的批發賬戶產品流的同時，我們還繼續監控市場庫存水平，以保持健康的全渠道存在，以盡可能最好的方式為我們的最終消費者提供服務，並保持我們品牌的優質特性。我們推動全球 HOKA、全球 DTC 和國際 UGG 目標機會的能力進一步證明了我們全渠道市場管理和戰略投資的成功。我們將一如既往地保持靈活的執行力，在營收和利潤上取得強勁成果。

With the continued execution of our long-term vision, we believe Deckers is emerging as a leading creator of compelling consumer connections through highly desirable products that infuse disruptive innovation across both fashion and performance. As a reminder, our long-term strategic vision remains focused on building HOKA into a multibillion-dollar major player in the performance athletic space, growing the UGG brand by connecting with consumers through elevated experiences and a segmented product offering, expanding our DTC business through consumer acquisition and retention and driving international growth through strategic investments.

隨著我們長期願景的持續執行，我們相信 Deckers 正在通過在時尚和性能領域注入顛覆性創新的高度理想的產品，成為引人注目的消費者聯繫的領先創造者。謹此提醒，我們的長期戰略願景仍然專注於將 HOKA 打造成價值數十億美元的高性能運動領域的主要參與者，通過提升體驗和細分產品供應與消費者建立聯繫來發展 UGG 品牌，通過以下方式擴展我們的 DTC 業務：消費者獲取和保留，並通過戰略投資推動國際增長。

Steve will provide further details around our increased forward-looking expectations later in the call. In the meantime, let's dive into the brand and channel performance for the first quarter of fiscal year 2024. Starting with the brand highlights. As mentioned, global HOKA revenue increased 27% versus last year to $420 million, a quarterly record and the first time the brand eclipsed $400 million in a single quarter. The HOKA brand's well-managed ecosystem of access points continues to flourish.

史蒂夫將在稍後的電話會議中提供有關我們增加的前瞻性期望的更多詳細信息。與此同時，讓我們深入了解 2024 財年第一季度的品牌和渠道表現。從品牌亮點開始。如前所述，HOKA 全球收入較去年增長 27%，達到 4.2 億美元，創下季度記錄，也是該品牌首次在單季度超過 4 億美元。 HOKA 品牌管理良好的接入點生態系統繼續蓬勃發展。

DTC was the primary growth driver in the quarter, increasing 63% versus last year and accounting for approximately 2/3 of total brand growth. DTC growth was broad-based as each region grew the business more than 50% versus the prior year. Global consumer acquisition increased 58%, Global consumer retention increased 57% and 18- to 34-year-old consumers in the U.S. increased 68%. This exceptional DTC demand resulted in an improvement in gross margin as HOKA maintained high levels of full price selling and continues to benefit from shifting a greater proportion of revenue mix to DTC.

DTC 是本季度的主要增長動力，較去年增長 63%，約佔品牌總增長的 2/3。 DTC 的增長基礎廣泛，每個地區的業務增長均較上一年超過 50%。全球消費者獲取量增加了 58%，全球消費者保留量增加了 57%，美國 18 至 34 歲的消費者增加了 68%。這種特殊的 DTC 需求導致了毛利率的提高，因為 HOKA 保持了高水平的全價銷售，並繼續受益於將更大比例的收入組合轉向 DTC。

While the HOKA brand's DTC business is still predominantly e-commerce, our select retail stores are augmenting the brand's presence by increasing awareness and brand engagement with the physical presence in key strategic markets, creating personal consumer connections through community-oriented experiences and broadening category adoption by showcasing the depth of the HOKA product offering.

雖然 HOKA 品牌的 DTC 業務仍然以電子商務為主，但我們精選的零售店正在通過提高認知度和品牌參與度以及關鍵戰略市場的實體存在來增強品牌的影響力，通過面向社區的體驗建立個人消費者聯繫並擴大品類採用範圍展示 HOKA 產品的深度。

For these reasons, we expect to continue testing potential permanent locations through pop-up doors. We are excited about a couple of new doors that are in the pipeline and look forward to sharing more soon.

出於這些原因，我們希望繼續通過彈出門測試潛在的永久位置。我們對即將推出的幾扇新門感到興奮，並期待盡快分享更多。

From a wholesale perspective, HOKA continues to drive growth and manage the marketplace to build market share in existing points of distribution, maintain high levels of full price sell-through, increased category shelf space through differentiated products and expand brand awareness with a broader consumer demographic.

從批發角度來看，HOKA 繼續推動增長並管理市場，以在現有分銷點建立市場份額，保持高水平的全價銷售，通過差異化產品增加類別貨架空間，並在更廣泛的消費者群體中擴大品牌知名度。

HOKA has preserved high levels of full price sell-through and remains one of the fastest turning brands within the majority of its wholesale accounts. We continue to tightly manage marketplace inventory and closely monitor HOKA key performance indicators in the channel to ensure the brand maintains its premium positioning across its ecosystem of access points.

HOKA 保持了高水平的全價銷售率，並且仍然是其大多數批發客戶中增長最快的品牌之一。我們繼續嚴格管理市場庫存，並密切監控渠道中的 HOKA 關鍵績效指標，以確保該品牌在其接入點生態系統中保持其優質定位。

As excess consumer demand materializes, we prefer that HOKA satisfies upside through the brand's DTC business, which is what we saw happen this quarter. We are encouraged by the momentum that HOKA has sustained across this distribution landscape and continue to make investments to build awareness and affinity for the brand across key markets.

隨著消費者需求過剩的實現，我們希望 HOKA 通過該品牌的 DTC 業務來滿足上行需求，這就是我們本季度看到的情況。我們對 HOKA 在這一分銷領域保持的勢頭感到鼓舞，並繼續進行投資，以在關鍵市場建立品牌知名度和親和力。

In June, HOKA launched the second edition of its FLY HUMAN FLY global marketing campaign and is already seeing the benefits of this upgraded rollout. This addition of the campaign was designed to reinforce that HOKA stands for joyful and inclusive performance at its highest level. As campaign content and activations continue to roll out across the globe, HOKA has seen a powerful response from consumers in the first few weeks, including robust growth in online engagement across social channels and digital platforms, especially with the release of the campaign's focal film titled Murmuration which embodies the brand ethos of moving together.

六月，HOKA 推出了第二版 FLY HUMAN FLY 全球營銷活動，並且已經看到了此次升級推出的好處。此次新增活動旨在強化 HOKA 代表最高水平的快樂和包容性表現。隨著活動內容和活動繼續在全球範圍內推出，HOKA 在最初幾週內就看到了消費者的強烈反響，包括跨社交渠道和數字平台的在線參與度的強勁增長，特別是隨著該活動的焦點電影《喃喃細語，體現了攜手同行的品牌精神。

Heightened attention brought directly to hoka.com with the vast majority of digital campaign asset clicks yielding first-time visitors to our brand's e-commerce platform globally, more than doubling the conversion rate of hoka.com landing page visitors and significant impressions from out-of-home activations. We are optimistic about the reach and broad appeal of this campaign as HOKA continues to introduce itself to new consumers around the world. And the brand is as visible as it's ever been with connected TV advertising, billboards, special running events and several compelling activations in the pipeline.

絕大多數數字營銷活動資產點擊都直接吸引了 hoka.com 的高度關注，從而在全球範圍內吸引了我們品牌電子商務平台的首次訪問者，使 hoka.com 登陸頁面訪問者的轉化率提高了一倍多，並且通過外部展示獲得了顯著的印象離家激活。隨著 HOKA 繼續向世界各地的新消費者介紹自己，我們對該活動的影響力和廣泛吸引力感到樂觀。通過聯網電視廣告、廣告牌、特別跑步活動以及正在進行中的幾項引人注目的活動，該品牌一如既往地引人注目。

On the heels of the FLY HUMAN FLY campaign rollout, HOKA launched the all-new Mach X which was designed for propulsive everyday running and features high rebound cushioning and a Pebax plate. Mach X media content was seamlessly weaved into the FLY HUMAN FLY launch and HOKA further celebrated this innovative product creation with several regional activations to aid Mach X awareness including a demo run in Germany, where participants were challenged to run as far as they could for 30 minutes, a sprint relay in France across a 2-kilometer loop in (inaudible), a college event in Eugene, Oregon, hosting demo community runs to celebrate the U.S. track and field championships and a 2-day HOKA experience clinic at our retail store in Japan and at our pop-up location in Thailand.

繼 FLY HUMAN FLY 活動推出後，HOKA 推出了全新的 Mach X，專為日常跑步而設計，具有高回彈緩沖和 Pebax 板。 Mach X 媒體內容無縫融入 FLY HUMAN FLY 發布中，HOKA 通過多項區域活動進一步慶祝了這一創新產品的創造，以提高 Mach X 的知名度，其中包括在德國進行的演示跑，參與者面臨的挑戰是盡可能跑 30 米分鐘，在法國進​​行 2 公里環路短距離接力賽（聽不清），在俄勒岡州尤金舉行的一場大學活動，舉辦演示社區跑步以慶祝美國田徑錦標賽，以及在我們的零售店舉辦為期 2 天的 HOKA 體驗診所在日本和我們在泰國的快閃店。

These global events, combined with the connected TV, social media and digital out-of-home content have created significant energy behind the HOKA brand's latest shoe innovation. The Mach X was treated as an exclusive launch in our own DTC channel and with our run specialty partners as we continue to work towards greater segmentation of the HOKA brand's compelling product line.

這些全球性活動，與聯網電視、社交媒體和數字戶外內容相結合，為 HOKA 品牌最新的鞋類創新註入了巨大的能量。隨著我們繼續努力進一步細分 HOKA 品牌引人注目的產品線，Mach X 被視為我們自己的 DTC 渠道以及我們運營的專業合作夥伴的獨家發布。

Just a few weeks into the second quarter, the Mach X is close to cracking the top 10 sellers globally on hoka.com, and we are getting great feedback so far from our run specialty partners.

第二季度剛剛過去幾週，Mach X 就已經接近躋身 hoka.com 全球銷量前 10 名，並且到目前為止，我們從我們的專業合作夥伴那裡得到了很好的反饋。

HOKA continues to build a bigger business through the expansion and increased adoption of this lineup of innovative products. We see the Mach X as an incremental addition to the already stellar portfolio of footwear, led by the brand's most popular styles, Clifton and Bondi. The Mach X is a great example of franchise development where the team has innovated upon the original Mach, which continues to perform exceptionally well by introducing the snappier and more competitive version, the Mach X.

HOKA 通過擴展和增加該創新產品系列的採用，繼續打造更大的業務。我們認為 Mach X 是對已經很出色的鞋類產品組合的補充，該產品組合以該品牌最受歡迎的款式 Clifton 和 Bondi 為主導。 Mach X 是特許經營開發的一個很好的例子，團隊在原始 Mach 的基礎上進行了創新，通過推出更快速、更具競爭力的版本 Mach X，繼續表現出色。

It is with this approach to product line management that HOKA is able to broaden the aperture of HOKA consumers while maintaining pinnacle positioning in the performance athletic space. HOKA has an amazing roster of athletes around the world who are competing at the highest level and achieving incredible results were in commercially available versions of our shoes. During this past quarter, HOKA athlete Cole Watson finished first in the Canyons Endurance 100k, wearing the HOKA Tecton X carbon plated trail running shoe. Congratulations to Cole, who with this victory punches ticket to the UTMB Mont Blanc, a HOKA sponsored event to be held in Chamonix, France at the end of August.

正是通過這種產品線管理方法，HOKA 能夠擴大 HOKA 消費者的視野，同時保持在高性能運動領域的巔峰定位。 HOKA 在世界各地擁有令人驚嘆的運動員名單，他們在最高水平的比賽中並穿著我們的商用鞋款取得了令人難以置信的成績。在上個季度，HOKA 運動員 Cole Watson 穿著 HOKA Tecton X 鍍碳越野跑鞋在 Canyons Endurance 100k 比賽中獲得第一名。恭喜 Cole，他憑藉這場胜利獲得了 UTMB Mont Blanc 的入場券，這是一項由 HOKA 贊助的賽事，將於 8 月底在法國夏蒙尼舉行。

Moving to UGG. Global revenue in the first quarter decreased 6% versus last year to $196 million. As expected, this decline resulted from lapping earlier wholesale shipping patterns over the last couple of years in the U.S. UGG was able to offset this challenging compare in the U.S. with the strength of the brand's international regions. International strength was broad-based across multiple regions and in both wholesale and DTC channels.

轉向UGG。第一季度全球收入較去年下降 6%，至 1.96 億美元。正如預期的那樣，這種下降是由於過去幾年在美國採用了早期的批發運輸模式所致。UGG 能夠憑藉該品牌國際地區的實力抵消美國市場的這一挑戰。國際實力在多個地區以及批發和 DTC 渠道中具有廣泛的基礎。

In particular, our EMEA region as well as China, which benefited from lapping lower demand from lockdowns in the prior year drove above-average growth. These regions found success attracting consumers with more transitional styles like the Ultra Mini, Tasman and Classic Mini as well as seasonal franchises like the Golden Star and LA Cloud. We are encouraged by the continued progress of international regions to increase the adoption of key global franchises year-round.

特別是我們的歐洲、中東和非洲地區以及中國，受益於上一年封鎖帶來的需求下降，推動了高於平均水平的增長。這些地區通過 Ultra Mini、Tasman 和 Classic Mini 等過渡風格以及 Golden Star 和 LA Cloud 等季節性特許經營產品成功吸引了消費者。我們對國際地區在全年增加主要全球特許經營權的採用方面不斷取得的進展感到鼓舞。

Part of the excitement behind these franchises is being driven by the brand's more focused approach to product marketing creating greater global alignment of key stories. With this more focused approach, UGG is maintaining high levels of brand heat with more consumers actively searching for the brand. During the first quarter, online search interest across Europe increased 60% versus last year with outsized strength in the U.K. and France. The same is true in the U.S., where search interest increased 21% versus last year, according to Google Trends.

這些特許經營權背後令人興奮的部分原因是該品牌更加專注的產品營銷方法，創造了關鍵故事在全球範圍內的更大一致性。通過這種更有針對性的方法，UGG 保持了較高的品牌熱度，越來越多的消費者積極尋找該品牌。第一季度，整個歐洲的在線搜索興趣比去年增長了 60%，其中英國和法國的增長勢頭尤為強勁。根據谷歌趨勢，美國的情況也是如此，搜索興趣比去年增加了 21%。

UGG brand momentum also benefited from this spring's field house activation at Coachella. The field house, first launched in the fall of 2022 and is a multisensory community experience dedicated to making self-expression comfortable for all. UGG invited individuals from around the world to experience this latest iteration of the field house, which was designed as an oasis for creatives in Palm Springs, California.

UGG 品牌勢頭也受益於今年春天科切拉 (Coachella) 現場活動。該球場於 2022 年秋季首次推出，是一種多感官的社區體驗，致力於讓所有人都能舒適地表達自我。 UGG 邀請來自世界各地的人士體驗最新版的田野小屋，該田野小屋被設計為加利福尼亞州棕櫚泉的創意綠洲。

The field house was decorated with signature artwork from New York City-based artist Kid Super, who partnered with UGG to design a quick strike collaboration of the Tasman X. This global activation drove significant press coverage with the likes of influential publications such as Esquire, Teen Vogue, Daily Mail and Hype Beast. As a result of the UGG team's continued brand activations and compelling products, UGG global DTC increased 6% versus last year. UGG experienced consumer demand, both in stores and online. We have been particularly excited by the interest of consumers who are shopping in person, especially during the spring and summer seasons. We believe this dynamic is partly attributable to the development and greater adoption of transitional franchises that embrace the brand's heritage DNA and have greater year-round wearing occasions.

球場上裝飾著紐約藝術家 Kid Super 的標誌性藝術作品，他與 UGG 合作設計了 Tasman X 的 Quick Strike 聯名款。這一全球活動吸引了《Esquire》、《Esquire》等有影響力出版物的廣泛媒體報導。 《青少年時尚》、《每日郵報》和《Hype Beast》。由於UGG團隊持續的品牌激活和引人注目的產品，UGG全球DTC比去年增加了6%。 UGG 在商店和網上都經歷了消費者的需求。我們對親自購物的消費者的興趣感到特別興奮，尤其是在春季和夏季。我們認為，這種動態的部分原因在於過渡特許經營權的發展和更多采用，這些特許經營權擁抱了該品牌的傳統 DNA，並有更多的全年穿著場合。

By maintaining this momentum, the entire UGG product portfolio benefits, especially in our stores where consumers can feel and directly engage with the broader product offering. For this reason, and in line with our focus to elevate the UGG brand in an influential international market, subsequent to quarter end, we opened our newest flagship store in the high tourist traffic Harajuku shopping district of Tokyo.

通過保持這種勢頭，整個 UGG 產品組合都會受益，尤其是在我們的商店中，消費者可以感受到並直接參與更廣泛的產品供應。出於這個原因，為了在一個有影響力的國際市場上提升 UGG 品牌的重點，我們在季度末後在東京遊客流量大的原宿購物區開設了最新的旗艦店。

With the first quarter behind us, we remain confident in executing the UGG plan we outlined for fiscal year 2024, evidenced by the continued momentum of global markets as consumers actively search for UGG, growth of global direct-to-consumer with improved margins from full-price business and strength of iconic silhouettes like the Ultra Mini and Tasman driving year-round excitement.

隨著第一季度的過去，我們對執行我們為 2024 財年制定的 UGG 計劃仍然充滿信心，隨著消費者積極尋找 UGG，全球市場的持續增長勢頭、全球直接面向消費者的增長以及全面利潤率的提高就證明了這一點。 -Ultra Mini 和 Tasman 等標誌性款式的價格優勢和優勢全年令人興奮。

Entering the second quarter, the UGG team is working hard to stage its global omnichannel marketplace to connect with consumers through engaging experiences in the autumn/winter season. To execute this vision, UGG will be expanding on and embracing the celebration of culture and community by creating meaningful experiences such as the field house that serve as an invitation to develop an emotional connection with the brand.

進入第二季度，UGG團隊正在努力佈局全球全渠道市場，通過秋冬季節的互動體驗與消費者建立聯繫。為了實現這一願景，UGG 將通過創造有意義的體驗（例如邀請人們與品牌建立情感聯繫的戶外活動室）來擴展和擁抱文化和社區的慶祝活動。

This fall, UGG will celebrate its brand heritage to consumer-centric moments around the world with new winter lifestyle themed field house executions, an exciting new winter product aimed at capturing more of the winter fashion and resort-focused consumer.

今年秋天，UGG 將通過新的冬季生活方式主題田間屋執行活動來慶祝其以消費者為中心的品牌傳統，這是一款令人興奮的冬季新產品，旨在吸引更多以冬季時尚和度假為重點的消費者。

Shifting to our discussion of consolidated channel performance. Global direct-to-consumer drove first quarter revenue growth increasing 35% versus the prior year on a reported basis and 33% on a comparable basis. Strength in the channel was driven by continued increases in HOKA consumer acquisition and retention globally. HOKA consumer growth was robust across regions and various age demographics, with outsized growth among international markets and the 18- to 34-year-old cohort, which remain key targets for us.

轉向我們對整合渠道績效的討論。全球直接面向消費者推動第一季度收入增長，按報告數據計算，較上年同期增長 35%，按可比數據計算，較上年增長 33%。該渠道的實力是由全球 HOKA 消費者獲取和保留的持續增長推動的。 HOKA 各地區和不同年齡段的消費者增長強勁，其中國際市場和 18 至 34 歲人群的增長尤為強勁，他們仍然是我們的關鍵目標。

The UGG DTC business also experienced growth, driven by a more than 20% increase internationally that benefited from China catching up from lockdowns in the prior year. The strength in China resulted from increased adoption of both sneaker and sandal styles. From a wholesale perspective, global revenue was down 1% as gains in HOKA were offset by UGG U.S. shipment timing realignment to pre-pandemic cadence as well as a continued focus to manage the marketplace inventory of our brands to maintain high levels of full price selling in this more promotional consumer landscape.

UGG DTC 業務也經歷了增長，得益於中國擺脫了上一年的封鎖，國際業務增長了 20% 以上。在中國的強勢源於運動鞋和涼鞋款式的增加。從批發角度來看，全球收入下降了 1%，因為 HOKA 的收益被 UGG 美國發貨時間調整到大流行前的節奏以及持續關注管理我們品牌的市場庫存以維持高水平的全價銷售所抵消在這個更加促銷的消費環境中。

Overall, we are pleased with these channel results, which reflect the power of our marketplace management strategies that continue to benefit in our wholesale partners, DTC business and ultimately, Decker's bottom line. With that, I'll hand the call over to Steve to provide further details on our first quarter financial results as well as our increased outlook for fiscal year 2024. Steve?

總體而言，我們對這些渠道結果感到滿意，這反映了我們市場管理策略的力量，這些策略繼續使我們的批發合作夥伴、DTC 業務以及最終 Decker 的利潤受益。接下來，我將把電話轉給 Steve，以提供有關我們第一季度財務業績的更多詳細信息以及我們對 2024 財年的展望。Steve？

Thanks, Dave, and good afternoon, everyone. As Dave just covered, Deckers delivered strong results in the first quarter and demonstrated great progress toward our full fiscal year and raised outlook. HOKA was the driver of growth in the quarter, led by strong performance in the DTC channel, and UGG continues to elevate its presence globally as represented by international growth.

謝謝戴夫，大家下午好。正如戴夫剛剛介紹的那樣，德克斯在第一季度取得了強勁的業績，並在整個財年方面取得了巨大進展，並提高了前景。在 DTC 渠道的強勁表現的帶動下，HOKA 成為本季度增長的推動力，而 UGG 則以國際增長為代表，繼續提升其全球影響力。

As anticipated, UGG global revenue was lower than last year, primarily due to lapping earlier sell-in during the prior year but the brand maintains high levels of consumer interest, capturing increased demand through our DTC in the quarter.

正如預期的那樣，UGG 全球收入低於去年，主要是由於上一年的銷售較早，但該品牌保持了較高的消費者興趣，通過本季度的 DTC 捕獲了需求的增長。

As we continue to operate in a very dynamic consumer environment, we remain committed to executing against our strategic priorities and maintaining our disciplined approach to managing our business. We are encouraged by the demand signals we are seeing and believe our portfolio of leading brands continues to resonate with consumers globally. With that, let's get into the details of our first quarter fiscal year 2024 results.

隨著我們繼續在充滿活力的消費者環境中運營，我們仍然致力於執行我們的戰略重點，並保持我們管理業務的嚴格方法。我們對所看到的需求信號感到鼓舞，並相信我們的領先品牌組合將繼續與全球消費者產生共鳴。接下來，讓我們詳細了解 2024 財年第一季度的業績。

Revenue was $676 million, up 10% versus prior year. HOKA revenue increased 27% versus last year due to the exceptional demand experienced across the brand's DTC channel and global ecosystem of access points. Gross margins for the quarter was 51.3%, which is up 330 basis points from last year's 48%. First quarter gross margin benefited from lower freight costs, a greater mix of HOKA brand revenue and an increased mix of DTC business with slight offsets from unfavorable foreign currency exchange rates compared to the same period last year and select closeouts of seasonal inventory.

收入為 6.76 億美元，比上年增長 10%。由於該品牌 DTC 渠道和全球接入點生態系統的巨大需求，HOKA 收入比去年增長了 27%。該季度毛利率為 51.3%，比去年的 48% 增長了 330 個基點。第一季度毛利率受益於貨運成本下降、HOKA 品牌收入組合增加以及 DTC 業務組合增加，與去年同期相比不利的外幣匯率以及部分季節性庫存清倉略有抵消。

SG&A dollar spend in the first quarter was $276 million, which is up 16% from last year's $238 million. SG&A growth was driven by reinvestment in key areas of the business in support of our growth targets, which includes strategic marketing, including the spend intended to amplify HOKA awareness in leading international markets. Supply chain footprint to match the growing scale of our organization, enhanced e-commerce capabilities and talent across the organization, including areas we've delayed in the enterprise support functions.

第一季度的銷售、管理及行政費用支出為 2.76 億美元，比去年的 2.38 億美元增長 16%。 SG&A 增長是由對關鍵業務領域的再投資推動的，以支持我們的增長目標，其中包括戰略營銷，包括旨在提高 HOKA 在領先國際市場的知名度的支出。供應鏈足跡與我們不斷增長的組織規模、增強的電子商務能力和整個組織的人才相匹配，包括我們在企業支持職能中推遲的領域。

Our tax rate was 21.9%, which compares to 21.3% in the prior year. These results, coupled with higher interest income and a lower share count as a result of our share repurchase program drove diluted earnings per share of $2.41 for the quarter which was $0.75 above last year's $1.66 per share, representing growth of 45%.

我們的稅率為 21.9%，上一年為 21.3%。這些業績，加上利息收入的增加和股票回購計劃導致的股票數量減少，推動本季度攤薄每股收益達到 2.41 美元，比去年的每股 1.66 美元高出 0.75 美元，增長了 45%。

Turning to our balance sheet. At June 30, 2023, we ended June with $1.05 billion of cash and equivalents. Inventory was $741 million, down 12% versus the same point in time last year and we had no outstanding borrowings. During the first quarter, we repurchased approximately $25 million worth of shares at an average price of $485.95. As of June 30, 2023, the company had approximately $1.3 billion remaining under its stock repurchase authorization.

轉向我們的資產負債表。截至 2023 年 6 月 30 日，我們截至 6 月份的現金及等價物為 10.5 億美元。庫存為 7.41 億美元，比去年同期下降 12%，而且我們沒有未償還的借款。第一季度，我們以平均價格 485.95 美元回購了價值約 2500 萬美元的股票。截至 2023 年 6 月 30 日，該公司的股票回購授權剩餘約 13 億美元。

Now moving on to our updated outlook for fiscal year 2024. With the HOKA brand's DTC business exceeding our expectation in the first quarter, we are increasing our full year top line revenue guidance to be approximately $3.98 billion from our previous range of approximately $3.95 billion. This increase represents full year growth expectations of approximately 10% versus the prior year. As a result of this update, we now expect HOKA growth to exceed 20% for the fiscal year 2024 compared to fiscal year 2023 with the majority of growth anticipated to come from the brand's direct-to-consumer business.

現在轉向我們對 2024 財年的最新展望。隨著 HOKA 品牌的 DTC 業務在第一季度超出了我們的預期，我們將全年營收指導從之前的約 39.5 億美元提高到約 39.8 億美元。這一增長意味著全年增長預期較上年增長約 10%。經過本次更新，我們現在預計 HOKA 2024 財年的增長將比 2023 財年超過 20%，其中大部分增長預計將來自該品牌的直接面向消費者的業務。

UGG revenue is still expected to increase low single digits driven by international expansion and a focus on driving more business to DTC. Beyond our updated revenue outlook for full fiscal year 2024, gross margin is still expected to be approximately 52%, representing a more than 150 basis point improvement relative to last year. SG&A is still expected to be approximately 34% of revenue as we reinvest gross margin improvements in key areas of the business.

在國際擴張和專注於向 DTC 推動更多業務的推動下，UGG 收入預計仍將增長低個位數。除了我們最新的 2024 財年收入展望外，毛利率預計仍約為 52%，較去年提高 150 個基點以上。由於我們對關鍵業務領域的毛利率改善進行了再投資，SG&A 預計仍將佔收入的 34% 左右。

Operating margin is still expected to be approximately 18%. Our effective tax rate is still projected to be 22% to 23% and we are increasing our diluted earnings per share expectation now to be in the range of $21.75 to $22.25. The $0.65 increase is related to the increased expectation for HOKA DTC and an increased expectation for interest income as we benefit from working capital improvements, including inventory management, driving higher cash balances that are earning at a higher interest rate.

營業利潤率預計仍約為 18%。我們的有效稅率仍預計為 22% 至 23%，並且我們正在將稀釋後每股收益預期提高至 21.75 美元至 22.25 美元之間。 0.65 美元的增長與對 HOKA DTC 的預期增加以及利息收入預期的增加有關，因為我們受益於營運資本的改善，包括庫存管理，推動以更高的利率賺取更高的現金餘額。

Please note, this guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact from future share repurchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which includes, but 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.

請注意，本指南不包括任何可能被視為一次性的費用，並且不考慮未來股票回購的任何影響。此外，我們的指引假設當前風險和不確定性不會顯著惡化，其中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、外匯波動和地緣政治緊張局勢。

We remain confident in our disciplined operating model, well-positioned brands, robust financial profile and ability to remain nimble as we adapt to evolving marketplace dynamics. Thanks, everyone, and I'll now hand the call back to Dave for his final remarks.

我們對嚴格的運營模式、定位良好的品牌、穩健的財務狀況以及在適應不斷變化的市場動態時保持靈活性的能力充滿信心。謝謝大家，我現在將把電話轉給戴夫，讓他做最後的發言。

Thanks, Steve. Fiscal year 2024 is off to a nice start with HOKA continuing its strong momentum and the balance of our brand portfolio on track to our full year expectations. While keeping our long-term strategies top of mind, we are operating fiscal year 2024 with a sharp focus to prioritize DTC growth across all of our brands while managing wholesale marketplace inventory to drive online acquisition and a high level of full price selling, expand HOKA brand awareness globally, lead with UGG products that have proven to resonate with global consumers, thoughtfully manage inventory to align with consumer demand and invest in enterprise infrastructure in key strategic growth areas.

謝謝，史蒂夫。 2024 財年有了一個良好的開端，HOKA 繼續保持強勁的勢頭，我們的品牌組合的平衡也有望達到我們的全年預期。在將我們的長期戰略放在首位的同時，我們在 2024 財年的運營重點是優先考慮所有品牌的 DTC 增長，同時管理批發市場庫存以推動在線收購和高水平的全價銷售，擴大 HOKA品牌知名度在全球範圍內，以已被證明能引起全球消費者共鳴的 UGG 產品為主導，周全地管理庫存以滿足消費者需求，並投資於關鍵戰略增長領域的企業基礎設施。

We believe Decker's unique ability to infuse exciting innovation into both fashion and performance products is why our differentiated brands are able to create lasting consumer connections. This, along with our financial discipline, agile operating platform, exceptional marketplace management and purpose-led culture allow us to continue to deliver best-in-class results and exceptional shareholder value.

我們相信，Decker 具有將令人興奮的創新融入時尚和功能產品的獨特能力，這就是我們的差異化品牌能夠與消費者建立持久聯繫的原因。再加上我們的財務紀律、敏捷的運營平台、卓越的市場管理和目標導向的文化，使我們能夠繼續提供一流的業績和卓越的股東價值。

On behalf of our management team, I would like to thank our employees for their continued dedication to delivering results and making Deckers a great place to work. And I would also like to thank all of our stakeholders for their continued support. With that, I'll turn the call over to the operator for Q&A. Operator?

我謹代表我們的管理團隊感謝我們的員工持續致力於交付成果並使 Deckers 成為一個理想的工作場所。我還要感謝所有利益相關者的持續支持。這樣，我會將電話轉給接線員進行問答。操作員？

(Operator Instructions) Today's first question comes from Jay Sole with UBS.

（操作員說明）今天的第一個問題來自UBS 的Jay Sole。

Great. My question is on HOKA. You talked about obviously really strong DTC performance for HOKA in the quarter. Can you just talk about a little bit what you saw at wholesale and then talk about what you're seeing for the rest of the year. And really just going back to the quarter for a second. Just talk about some of the drivers of the HOKA growth just across channel in terms of product, that would be great.

偉大的。我的問題是關於 HOKA 的。您談到了 HOKA 在本季度明顯非常強勁的 DTC 表現。你能簡單談談你在批發市場看到的情況，然後談談你在今年剩餘時間裡看到的情況嗎？回到本季度。只要談談 HOKA 在產品方面跨渠道增長的一些驅動因素，那就太好了。

Yes. Thanks, Jay. So yes, obviously, we are super excited about the continued momentum of HOKA. Broad-based, it's just continuing to beat or exceed expectations for us, and we're really optimistic about the rest of the year. DTC growth, as you saw for both brands was exceptional. Wholesale for HOKA. Is about where we expected it to be for this quarter, a couple of puts and takes here and there by channel and region. But generally speaking, right in line with our marketplace management expectations. We love how this flywheel is working for us. We're creating awareness out in the marketplace at a top level of the funnel. The awareness is increasing dramatically for the brand, up 20% over last year and that's driving all channels, but particularly as designed into DTC.

是的。謝謝，傑伊。所以，是的，顯然，我們對 HOKA 的持續發展勢頭感到非常興奮。從廣泛的角度來看，它只是繼續超出或超出我們的預期，我們對今年剩餘時間感到非常樂觀。正如您所看到的，這兩個品牌的 DTC 增長非常出色。 HOKA 批發。關於我們對本季度的預期，按渠道和地區進行了一些調整和調整。但總體來說，符合我們市場管理的預期。我們喜歡這個飛輪為我們工作的方式。我們正在渠道頂層的市場中提高知名度。該品牌的知名度正在急劇提高，比去年增長了 20%，這推動了所有渠道的發展，尤其是 DTC 的設計。

So there's some noise out in the wholesale channel with markdowns and promotions from other brands, a lot of inventory in the channel. So we're managing that tightly by purpose. But again, as I say, raising awareness at a high level and seeing the brand interest coming directly to our DTC business is super exciting for us. Obviously, it's our most profitable sale. We gain all the data from that and it creates even a stronger flywheel going forward in the marketplace as we expand globally.

因此，批發渠道中存在一些來自其他品牌的降價和促銷的噪音，渠道中有大量庫存。因此，我們正在根據目的進行嚴格管理。但正如我所說，提高高層意識並看到品牌興趣直接影響我們的 DTC 業務對我們來說非常令人興奮。顯然，這是我們最賺錢的銷售。我們從中獲得所有數據，隨著我們在全球範圍內的擴張，它會在市場上創造出更強大的飛輪。

Some of the things that are driving HOKA for the quarter, this was a HOKA driven quarter as expected, right? So this is a big quarter for UGG. A lot of the top-selling styles for the company overall for the quarter were driven by HOKA. Again, the Clifton and the Bondi continue to be the front runners here. The Clifton 9 has been received extremely well globally. We're looking to get more inventory into that franchise and continuing the upside of that franchise going forward.

本季度推動 HOKA 發展的一些因素，正如預期的那樣，這是一個由 HOKA 推動的季度，對吧？因此，對於 UGG 來說，這是一個重要的季度。該季度公司整體最暢銷的許多款式都是由 HOKA 推動的。克利夫頓和邦迪再次成為這裡的領跑者。 Clifton 9 在全球範圍內廣受好評。我們希望為該特許經營權注入更多庫存，並繼續保持該特許經營權的優勢。

And then also on the hike side of things, that business is still very strong in places like REI, where we're the #1 running brand and also in hike. And then in the international regions, particularly in China, we have a very strong hike business. So we're going to continue to go after that. We've got some new innovations launching. We just launched the Mach X, which has been received very well with the PEBA plate. It is a little more attainable price point and then continuing to update franchises throughout the year with some very, very exciting launches of existing upgrades but also some new product coming into Q4.

然後，在徒步旅行方面，在像 REI 這樣的地方，我們的業務仍然非常強勁，我們是那裡排名第一的跑步品牌，而且也是徒步旅行品牌。然後在國際地區，特別是在中國，我們有非常強大的徒步業務。所以我們將繼續努力。我們推出了一些新的創新。我們剛剛推出了 Mach X，它的 PEBA 板反響非常好。這是一個更容易實現的價格點，然後全年繼續更新特許經營權，推出一些非常非常令人興奮的現有升級，但也有一些新產品將在第四季度推出。

And our next question today comes from Laurent Vasilescu with BNP Paribas.

今天我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Congrats on such good results. Steve, I'd love to ask about your HOKA DTC strategy. I think in the 10-K, it's noted that you have 18 HOKA stores. I believe those are permanent stores predominantly located in Asia. Correct me if I'm wrong, but can you provide a little bit of color on how these stores are performing? And what lessons are you learning from the store that you just opened up in -- permanent store you opened up in New York? And how many stores do you envision for the brand over the next couple of years?

恭喜取得這麼好的成績。 Steve，我很想問一下你們的 HOKA DTC 策略。我認為在 10-K 中，有 18 家 HOKA 商店。我相信這些是主要位於亞洲的永久性商店。如果我錯了，請糾正我，但是您能否提供一些有關這些商店表現的信息？您從剛剛在紐約開設的永久商店中學到了什麼教訓？您預計該品牌在未來幾年將開設多少家商店？

I can speak to that. And Steve, do you want to get into specifics. But yes, this is -- like we're doing with everything else, everything else in the marketplace, we like to test and learn and when we see positive signs, we like to go fast and capture opportunities. And so far, very good on retail. Fortunately, for us, we know how to run retail stores based on our legacy of UGG retail [steroid] stores over the last 20 years. We have the operations globally to do it, and we're leveraging that platform exceptionally well.

我可以談談。史蒂夫，你想了解具體細節嗎？但是，是的，就像我們對市場上的其他一切所做的那樣，我們喜歡測試和學習，當我們看到積極的跡象時，我們喜歡快速行動並抓住機會。到目前為止，零售業表現非常好。幸運的是，對我們來說，我們知道如何根據過去 20 年的 UGG 零售店傳統來經營零售店。我們在全球範圍內都有業務來做到這一點，並且我們正在很好地利用該平台。

The stores that we have opened, both pop-ups and permanent are exceeding or on plan. No concerns as of this point. But we do want to take it slow. We want to make sure that we're not overextending ourselves. We're going into markets that are accretive to the overall marketplace strategy, but are also creating awareness to important consumers in key locations around the globe. We need retail to work in China. We can't have a distributor business with partners if we don't know how to do retail there well. So we're fine-tuning that. But so far, the partners are pleased. We're very positive and optimistic about our own retail stores there as well.

我們開設的商店，無論是快閃店還是常設店，都超出或在計劃之中。目前還沒有任何顧慮。但我們確實想慢慢來。我們要確保我們不會過度擴張。我們正在進入能夠促進整體市場戰略的市場，同時也在全球關鍵地區提高重要消費者的認知度。我們需要零售業才能在中國開展業務。如果我們不知道如何做好零售，我們就無法與合作夥伴開展分銷業務。所以我們正在對此進行微調。但到目前為止，合作夥伴都很滿意。我們對我們在那裡的零售店也非常積極和樂觀。

I'm excited to open our first permanent store in New York City. Feedback from that has been exceptional. And I think for us now, it's really about fine-tuning the experience for the consumer in the store. So the operations and behind the scenes, we have dialed but we want to make sure that it is an exceptional experience for the consumer beyond just the product. We're looking at holding events and run clubs and making sure that there is engagement with the community in these stores as well to drive renewed interest or renewed -- sorry, I should say, repeat visits from existing customers, but also creating awareness and showing the full breadth of the line for new customers to the brand.

我很高興能在紐約市開設我們的第一家永久性商店。反饋非常好。我認為現在對我們來說，這實際上是為了微調消費者在商店中的體驗。因此，我們已經撥打了運營和幕後的電話，但我們希望確保這對於消費者來說是一種超越產品的特殊體驗。我們正在考慮舉辦活動和經營俱樂部，並確保這些商店中的社區參與進來，以激發新的興趣或更新——抱歉，我應該說，現有顧客的重複訪問，但也提高了意識和為該品牌的新客戶展示了該系列的全部產品線。

So off to a good start, small in the scheme of things at this point, but we see upside here. And as far as size of stores and how many, we don't have a number put on that yet. It all depends on how the marketplace evolves. But DTC is our primary objectives here and using our stores to grow online and vice versa. But you'll see a handful of key stores being opened in key cities and locations as we go and continuing to leverage our pop-up and test model before we make long-term commitments.

這是一個良好的開端，雖然目前的計劃很小，但我們看到了積極的一面。至於商店的規模和數量，我們還沒有具體數字。這一切都取決於市場如何發展。但 DTC 是我們的主要目標，並利用我們的商店實現在線增長，反之亦然。但隨著我們的發展，您會看到在主要城市和地點開設了一些主要商店，並在做出長期承諾之前繼續利用我們的快閃店和測試模式。

Yes, Laurent, this is Steve. Just on the number, you're right. 16 are the company-owned stores. So that does not include retail partners that we have in Asia or with some of our distributors. So those are not included in the store count. So 16 -- sorry, 18 are included -- our store -- our company-owned, not inclusive of some of our retail partners as well.

是的，勞倫特，這是史蒂夫。就數字而言，你是對的。 16家是公司直營店。因此，這不包括我們在亞洲的零售合作夥伴或我們的一些分銷商。所以這些不包括在商店數量中。所以 16 家——抱歉，包括 18 家——我們的商店——我們公司擁有的，也不包括我們的一些零售合作夥伴。

And then just as Dave said, I think the performance of those has exceeded our expectations both from a revenue and a profit standpoint. And we use the pop-ups to inform us on locations. So as we see pop-ups perform very well, it gives us a good indication of store location and opportunity for a permanent location. So -- and we'll continue to operate in that manner, and we continue to look at areas where we can continue to expand kind of the HOKA retail store presence.

正如戴夫所說，我認為從收入和利潤的角度來看，這些產品的表現都超出了我們的預期。我們使用彈出窗口來通知我們位置。因此，當我們看到快閃店表現良好時，它為我們提供了商店位置和永久位置機會的良好指示。因此，我們將繼續以這種方式運營，我們將繼續尋找可以繼續擴大 HOKA 零售店業務的領域。

Very helpful. And then just as a follow-up. I think Stefano was elevated to Chief Commercial Officer in April. Just curious to know if you have any update with regarding a permanent find for brand president for HOKA. And then just another -- sneaking in one more question. You've got $1 billion of cash on the balance sheet. Can you just remind us, Steve, your capital allocation strategy for the audience?

很有幫助。然後作為後續行動。我認為 Stefano 在四月份被提升為首席商務官。只是想知道您是否有關於永久尋找 HOKA 品牌總裁的最新消息。然後又是一個問題——又偷偷問了一個問題。你的資產負債表上有 10 億美元的現金。史蒂夫，你能提醒我們一下你對觀眾的資本配置策略嗎？

Yes. So just starting here with Stefano, super excited to elevate into that role, well deserved. And as we spoke in the last call, I believe, the HOKA business is in excellent shape under Stefano's leadership. He knows the space incredibly well and we're excited about the fast tracking of innovation and marketplace management that's happening there.

是的。因此，從 Stefano 開始，我非常興奮能夠晉升到這個角色，這是當之無愧的。正如我們在上次電話會議中所說，我相信 HOKA 業務在 Stefano 的領導下狀況良好。他對這個領域非常了解，我們對那裡正在發生的創新和市場管理的快速跟踪感到興奮。

No news to report yet on the HOKA full-time president replacement. But I would say, trust that we're confident in the business until we do, and we'll be excited to announce that when the time comes.

目前還沒有關於 HOKA 全職總裁更換的消息。但我想說，相信我們對這項業務充滿信心，直到我們這樣做，到時候我們會很高興地宣布這一點。

And then just on the capital allocation question, no change in terms of how we're thinking about it. Clearly, like to operate from a position of strength to have an incredibly strong balance sheet, especially in current times, I think that serves us well. Constant conversation with our Board in terms of how we're looking at capital allocation. But as we've indicated over prior quarters, we have been in look at share repurchase as a great way to return value to our shareholder base. So we'll continue to look at that and evaluate that.

然後就資本配置問題而言，我們的思考方式沒有改變。顯然，喜歡從強勢地位進行運營，擁有令人難以置信的強大資產負債表，尤其是在當前時代，我認為這對我們很有好處。與我們的董事會就如何看待資本配置進行持續對話。但正如我們在前幾個季度所表明的那樣，我們一直將股票回購視為向股東基礎回報價值的好方法。因此，我們將繼續關注並評估這一點。

But yes, in terms of how we're thinking about it, no change, and we'll continue to have conversations with our Board.

但是，是的，就我們的想法而言，沒有改變，我們將繼續與董事會進行對話。

And our next question today comes from Sam Poser with Williams Trading.

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

Erinn, I think two of the five have been answered. So can you give me -- can you give me wholesale for every brand, please?

艾琳，我想五個問題中的兩個已經得到解答。那麼你能給我——你能給我每個品牌的批發嗎？

Sure. So wholesale for each of the brands, including distributor at a global scale. So for UGG, that's $121.5 million. For HOKA, $260.8 million; Teva $35.1 million; Sanuk $6.5 million. And then you have some other.

當然。因此，為每個品牌進行批發，包括全球範圍內的經銷商。對於 UGG 來說，這是 1.215 億美元。 HOKA 為 2.608 億美元；梯瓦製藥 3510 萬美元；薩努克 650 萬美元。然後你還有其他的。

Okay. So either Dave or Steve, on HOKA DTC, can you give us some idea of what you're looking at for the full year there? Given that's going to be the big driver of this? I mean are we going to have a going to be a four handle of it, a five handle on it? I mean...

好的。 HOKA DTC 的 Dave 或 Steve 能否告訴我們您全年的目標是什麼？鑑於這將成為這一趨勢的主要推動力？我的意思是，我們的產品是四手柄還是五手柄？我是說...

Good question, right? Clearly, we've seen DTC perform slightly above our expectation in Q1. And we've reflected that in the raised guidance for the year, and we're continuing to watch that. As part of -- and Dave articulated this a little bit, part of our strategy is to manage the wholesale marketplace tightly. And we'll let some of that excess demand come over into our DTC channel, and we'll fulfill there. But a little bit harder to gauge how that consumer shows up but we're confident in our ability to grow DTC and with HOKA specifically. And we'll see how the year plays out.

好問題，對吧？顯然，我們看到 DTC 在第一季度的表現略高於我們的預期。我們已經在今年提出的指引中反映了這一點，我們將繼續關注這一點。作為戴夫稍微闡述過的一部分，我們戰略的一部分是嚴格管理批發市場。我們將讓部分過剩需求進入我們的 DTC 渠道，並在那裡實現。但衡量消費者的表現有點困難，但我們對 DTC 的發展能力充滿信心，特別是與 HOKA 合作。我們將看看這一年的進展如何。

But what we're encouraged by is a strong start to the year. Continue to see growth in our DTC business and growth with our HOKA DTC business, and then we'll see how the year continues to play out.

但令我們鼓舞的是今年的強勁開局。繼續看到我們的 DTC 業務和 HOKA DTC 業務的增長，然後我們將看到這一年的表現如何。

Yes. I think -- sorry, Sam. We do have higher comps going forward in the next three quarters to something to be aware of. But I think we're learning what's possible with our DTC engineer. And so this is very encouraging signs for us. The thing to keep in mind also is wholesale is a bit of an uncertain entity right now with inventory in the channel. There's a lot of estimates that's going to be a promotional back half of the year. So the way we're looking at this is we're trying to focus on the total consumer opportunity regardless of channel and have inventory available for our DTC business if wholesale continues to be a little bit more challenging or promotional, we're confident that they'll come to us and with our marketing campaigns at the top of the funnel, we can drive more direct -- higher traffic directly to our channels and DTC channels.

是的。我想——對不起，薩姆。在接下來的三個季度中，我們確實會有更高的薪酬，值得關注。但我認為我們正在了解 DTC 工程師的潛力。因此，這對我們來說是非常令人鼓舞的跡象。還需要記住的是，批發現在有點不確定，渠道中有庫存。有很多估計將在今年下半年進行促銷。因此，我們看待這個問題的方式是，無論渠道如何，我們都會努力專注於總體消費者機會，並且如果批發繼續更具挑戰性或促銷，我們有信心為我們的 DTC 業務提供庫存，我們有信心他們會來找我們，通過我們在渠道頂部的營銷活動，我們可以為我們的渠道和 DTC 渠道帶來更直接、更高的流量。

But this is certainly very encouraging. It's right in line with our strategy to get the whole company at 50% DTC down the road, and we're going to continue to hammer our way out of.

但這無疑是非常令人鼓舞的。這完全符合我們讓整個公司保持 50% DTC 的戰略，我們將繼續努力擺脫困境。

And then lastly, you're investing a lot in the SG&A, but you tend to roll it forward. I mean, is this going to be another year like normal where we don't really see that leverage on all that SG&A until we come out of the -- you can't really roll it out of the fourth quarter again. I mean are we looking at it the same way?

最後，您在 SG&A 上投入了大量資金，但您傾向於將其向前推進。我的意思是，今年是否會像往常一樣，在我們走出困境之前，我們不會真正看到所有 SG&A 的槓桿作用——你無法真正在第四季度再次推出它。我的意思是我們以同樣的方式看待它嗎？

Yes. I think the way we're looking at it, Sam, is we're coming out of a year last year, our FY '23, where we held back on some of those SG&A investments. And that was to offset some of the headwinds that we were experiencing on the gross margin. So that was an intentional fold back to really deliver on our commitment to get to 18% operating margin. So this year, as we're seeing some of that gross margin expansion, it is affording us that opportunity to invest. So we are looking at it. That's embedded in our guidance for the year of the approximate 18% operating margin.

是的。 Sam，我認為我們看待這個問題的方式是，去年，即我們的 23 財年，我們取消了一些 SG&A 投資。這是為了抵消我們在毛利率方面遇到的一些不利因素。因此，這是一次有意的折返，以真正兌現我們實現 18% 營業利潤率的承諾。因此，今年，當我們看到毛利率有所增長時，它為我們提供了投資機會。所以我們正在研究它。我們今年的營業利潤率約為 18%，這一點已納入我們的指導中。

So again, with that gross margin expansion, taking that opportunity to invest in some of the things that we held back on last year. And we'll see how we're doing. I think Q1 is a demonstration where we have invested a little bit more. So you're seeing a little bit of an increase on that SG&A as a percentage of revenue in the quarter. So we'll continue to see. But I think it's important that we continue to invest in these brands. Part of that, as I mentioned, strategic investment in HOKA marketing. We know that there's an incredible opportunity out there, and this is an opportunity for us to continue to build international brand awareness.

因此，隨著毛利率的擴張，我們再次利用這個機會投資於我們去年擱置的一些項目。我們會看看我們做得如何。我認為第一季度是一個示範，我們投入了更多。因此，您會看到 SG&A 佔本季度收入的百分比略有增加。所以我們將繼續觀察。但我認為繼續投資這些品牌很重要。正如我提到的，其中一部分是對 HOKA 營銷的戰略投資。我們知道那裡有一個難以置信的機會，這是我們繼續建立國際品牌知名度的機會。

And then just on kind of infrastructure and talent. We're in a competitive space. And with how well we're doing, it's important for us to remain competitive in that space as well. So those are all things that we're considering. But again, we're delivering, in my mind, exceptional operating profit level and so it affords us the opportunity with this gross margin expansion to make those investments.

然後就是基礎設施和人才。我們正處於一個競爭激烈的領域。鑑於我們做得很好，在該領域保持競爭力對我們來說也很重要。這些都是我們正在考慮的事情。但在我看來，我們正在提供卓越的營業利潤水平，因此毛利率的擴張為我們提供了進行這些投資的機會。

Yes. And I think just from my perspective, I want to make sure that we have the operations at Deckers to be -- to take this business to $5 billion, $6 billion over the coming years. And so we want to make sure -- and I've said to my leadership team that we need to focus on infrastructure investment, innovation, systems, data accessibility, global supply chain investments, DCs that -- so we are ready for the growth when it continues to come.

是的。我認為，從我的角度來看，我希望確保 Deckers 的業務能夠在未來幾年內達到 50 億美元、60 億美元。因此，我們希望確保——我已經對我的領導團隊說過，我們需要專注於基礎設施投資、創新、系統、數據可訪問性、全球供應鏈投資、數據中心——這樣我們就為增長做好了準備當它繼續到來時。

And in the past, some quarters, we pushed out marketing spend because we didn't need it to hit our numbers. But we're rethinking this. We're much more strategic now. We want to make sure we're doing more activity at the top of the funnel, connected TV, et cetera. We have some great creative from both HOKA and UGG that you'll see on connected TV this coming season and fall. And the ELT is completely aligned on where additional SG&A opportunities are going to go and how we prioritize them.

在過去的某些季度，我們推遲了營銷支出，因為我們不需要它來達到我們的目標。但我們正在重新考慮這一點。我們現在更具戰略性。我們希望確保我們在漏斗頂部進行更多活動，例如聯網電視等。 HOKA 和 UGG 都有一些出色的創意，您將在下一季和秋季的聯網電視上看到它們。 ELT 與額外的 SG&A 機會的去向以及我們如何優先考慮它們完全一致。

So if we see signs that there's opportunity to free up some more spend for some of these strategic initiatives, Steve and I are looking at it quick. We're allocating the money fast so the teams can get on with it and create more upside. But I am excited about the opportunities of marketing for HOKA specifically, but also UGG and UGG Men's and some new exciting product launches coming this fall for both of them on the marketing side too.

因此，如果我們看到有跡象表明有機會為其中一些戰略舉措騰出更多支出，史蒂夫和我會迅速考慮。我們正在快速分配資金，以便團隊能夠繼續前進並創造更多的優勢。但我對 HOKA 的營銷機會感到興奮，尤其是 UGG 和 UGG 男裝，以及今年秋天他們在營銷方面推出的一些令人興奮的新產品。

And our next question today comes from Janine Stichter with BTIG.

今天我們的下一個問題來自 BTIG 的 Janine Stichter。

Congrats on the great quarter. I wanted to ask about the wholesale environment in the U.S., really for the UGG brand, understanding a tough multiyear comparisons you have there. I'm just wondering what you're hearing from your wholesale partners, both on their broader ordering patterns and then specifically on sell-through for UGG. Certainly hearing is tough out there.

祝賀這個偉大的季度。我想詢問美國的批發環境，尤其是 UGG 品牌，了解那裡的多年比較。我只是想知道您從批發合作夥伴那裡聽到了什麼，包括他們更廣泛的訂購模式，以及特別是 UGG 的銷售情況。當然，聽力在外面是很困難的。

And then also I want to hear more about the UGG traditional franchises. It sounds like they're working really well on DTC, but wondering what the appetite is for that product at wholesale.

我還想了解更多有關 UGG 傳統特許經營權的信息。聽起來他們在 DTC 方面做得非常好，但想知道批發市場對該產品的興趣是什麼。

Yes, good questions. This is -- it's always a funny quarter for UGG because we're dealing with deliveries into wholesale, getting ready for fall. We have some left over from spring, and we're comping particularly this quarter for UGG, we're comping a lot of fluff business from last year. So it is a little bit noisy. But the good news that we're seeing in here is how the consumers are reacting, brand interest is up dramatically, especially in 18- to 34-year olds. The styles that we have invested in, in -- with heavy inventory this coming fall, the Tasman and the Ultra Mini and platform styles.

是的，好問題。對於 UGG 來說，這始終是一個有趣的季度，因為我們正在處理批發交貨，為秋季做好準備。我們還有一些春季遺留下來的產品，我們特別是在本季度對 UGG 進行了比較，我們對去年的大量絨毛業務進行了比較。所以有點吵。但我們在這裡看到的好消息是消費者的反應，品牌興趣急劇上升，尤其是在 18 至 34 歲的消費者中。我們投資的款式——今年秋季的庫存量很大，包括 Tasman 和 Ultra Mini 以及厚底款式。

We sold out of those styles last year. We're getting back in inventory now, they're already selling through very well despite the heat waves that are going around across the country. So the indicators that we are seeing for the UGG brand consumer interest, consumer buzz, excitement around these franchise styles and even a couple of new styles that we just launched early, a sneaker and then it's more like to get the name of it, but it's an UGG style that has a knit upper on it. Those are in the top 10 of ugg.com.

去年這些款式我們已經賣完了。我們現在正在恢復庫存，儘管熱浪席捲全國，但它們的銷售情況已經很好。因此，我們看到的 UGG 品牌消費者興趣指標、消費者熱度、對這些特許經營款式的興奮，甚至是我們剛剛早期推出的幾種新款式、運動鞋，然後更像是得到它的名字，但是這是一種 UGG 款式，上面有針織鞋面。這些都是 ugg.com 的前 10 名。

So a lot of reasons to be excited. Wholesale partners, they know they need UGG to be successful this season. They know that there's opportunity in these key styles that we're getting after. And those are the things that we have focused our eyes on for them.

所以有很多理由令人興奮。批發合作夥伴知道，他們需要 UGG 才能在本季取得成功。他們知道我們正在追求的這些關鍵風格中存在機會。這些就是我們為他們關注的事情。

The other key thing to keep in mind is we have reduced our SKU count dramatically at UGG. So last year at this time, we were over 600 SKUs heading into fall. This year, we're just over 400. And so we've cleaned up the assortment. We funneled our inventory into these key styles that we know there's high demand for. And we're getting the marketing behind those styles to really drive a high level of interest and sell-through.

另一件需要記住的關鍵事情是，我們已經大幅減少了 UGG 的 SKU 數量。去年這個時候，我們有超過 600 個 SKU 進入秋季。今年，我們的數量剛剛超過 400。所以我們清理了產品種類。我們將庫存集中到這些我們知道需求量很大的關鍵款式中。我們正在對這些款式進行營銷，以真正提高人們的興趣和銷量。

On the traditional styles, one of the top-selling styles globally is the [scuffed at]. And so we're still seeing a lot of interest and renewed interest with younger consumers than some of our core classics. What's really encouraging is the iterations of the platform styles, really leveraging the Tasman, the new mill, these Ultra Mini styles and then new iterations that we're going to be launching in the fall and holiday. Now we've just been through a great deal of work under that and the marketing team's leadership on resetting our brand positioning and defining our brand codes and design and applying those to our core classics and iterating off of those with new materials and new outsoles in different shapes is bringing some really exciting product to market. And I think you're going to see some of that start to happen this fall and continue through spring and next fall as well.

就傳統款式而言，全球最暢銷的款式之一是[磨損]。因此，與我們的一些核心經典產品相比，我們仍然看到年輕消費者對它有很大的興趣，並且重新產生了興趣。真正令人鼓舞的是平颱風格的迭代，真正利用了 Tasman、新磨坊、這些超迷你風格，以及我們將在秋季和假期推出的新迭代。現在，在營銷團隊的領導下，我們剛剛完成了大量工作，重新設定了我們的品牌定位，定義了我們的品牌代碼和設計，並將它們應用到我們的核心經典中，並在新材料和新外底中迭代了那些產品。不同的形狀正在將一些真正令人興奮的產品推向市場。我認為你會看到其中一些從今年秋天開始發生，並持續到春季和明年秋季。

Great. And on the SKU count reduction, are there any potential gross margin savings that might go along with that?

偉大的。至於 SKU 數量的減少，是否會隨之帶來任何潛在的毛利率節省？

Yes, short and long term, right? And so I just reviewed with the leadership team yesterday the fall '24 line. And the team's all said to us, listen, this is -- we're doing less work and the styles that we're spending more time on are getting better and better and more exciting. And so I think you're going to see it both in focused. You're going to see it in quality and aesthetic and design and you're ultimately going to see a margin opportunity a little bit as well.

是的，短期和長期，對嗎？因此，昨天我剛剛與領導團隊一起回顧了 24 年秋季路線。團隊都對我們說，聽著，這是——我們做的工作越來越少，我們花更多時間設計的風格變得越來越好、越來越令人興奮。所以我認為你會看到兩者都聚焦。你會在質量、美學和設計上看到它，並且最終你也會看到一點利潤機會。

We haven't flush that out yet, and we don't have it in any of the guidance or anything. But certainly, when brands go through this work, there is certainly opportunities for margin savings.

我們還沒有解決這個問題，我們也沒有在任何指南或任何內容中包含它。但可以肯定的是，當品牌完成這項工作時，肯定有機會節省利潤。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. I got a couple of questions for you. First, on the gross margin in the first quarter, looks like it came in a little bit light of expectations, and that's despite HOKA DTC driving a beat. So just curious what the driver of that was. I think you mentioned some select closeouts of seasonal inventory. Curious if that was not planned going into the quarter? Any color there would be great.

這是凱利替保羅發言。我有幾個問題要問你。首先，第一季度的毛利率看起來有點低於預期，儘管 HOKA DTC 表現出色。所以只是好奇它的驅動因素是什麼。我想你提到了一些季節性庫存的精選清倉。好奇這是否沒有計劃進入本季度？任何顏色都會很棒。

Yes. I think -- Kelly, this is Steve. I think on the quarter, we pretty much delivered kind of to our expectation. I know some of the models may have been a little bit higher than we were. My guess is where you may have been a little bit higher was around a promotion assumption and potentially a foreign currency assumption.

是的。我想——凱利，這是史蒂夫。我認為在本季度，我們幾乎達到了我們的預期。我知道有些模型可能比我們高一點。我的猜測是，您可能會因為促銷假設和潛在的外幣假設而上漲一點。

When we look at kind of the 330 [bps], that's a pretty substantial bps in line with what we were thinking. Just to give you some sense of how that broke down, the freight channel mix in brand was around 450 basis points of it, and that was offset by about 100 basis points, which was a mix of promo and foreign currency. So it just depending on how you factored that into your model. But generally speaking, in line. But yes, as we mentioned, we did do some closeouts of seasonal items in Q1, which is impacting that gross margin.

當我們查看 330 [bps] 時，這是一個相當大的 bps，與我們的想法一致。為了讓你了解一下這是如何分解的，品牌的貨運渠道組合約為 450 個基點，這被約 100 個基點所抵消，這是促銷和外幣的混合。因此，這僅取決於您如何將其納入模型中。但總體來說，還是排隊的。但是，正如我們提到的，我們確實在第一季度對季節性商品進行了一些清倉，這影響了毛利率。

Was that across both UGG and HOKA?

UGG 和 HOKA 都是這樣嗎？

Yes, it was some of both in the quarter.

是的，本季度兩者都有。

Got it. And then on the -- so HOKA wholesale grew low doubles in the first quarter. I think that the [Italian] distributor transition was impacting that. Is there any way to quantify so we could kind of understand the underlying wholesale growth and how that should trend for the rest of the year. Is the Italian distributor transition 1Q specific? Or does it carry forward? Any color domestically versus international on the wholesale growth side in HOKA. And then lastly on that, just from a door perspective, your sort of gross or new door openings for HOKA and then just sort of maybe on the net basis as well.

知道了。然後，HOKA 批發在第一季度實現低翻倍增長。我認為[意大利]經銷商的轉型正在影響這一點。有沒有什麼方法可以量化，以便我們能夠了解潛在的批發增長以及今年剩餘時間的趨勢。意大利經銷商第一季度的轉型是否具體？還是繼續發揚光大？ HOKA 批發增長方面國內與國際的任何顏色。最後，僅從門的角度來看，您為 HOKA 提供的總的或新的開門機會，然後也可能是在網絡基礎上。

Sure, Kelly. I think there's a lot in there. Let me part that out. So you're right. We did do an Italian distributor conversion. So that is impacting. A year ago, Q1 would have picked up the distributor order, which would have covered multiple quarters in a wholesale model. So you're seeing some kind of delay of those sales in the Italy model. We have not talked about how much that is. But not a huge number in a Q1 impact, but safe to say within the millions of dollars in terms of what the impact was that you'll see pickup in the wholesale business later.

當然，凱利。我認為裡面有很多東西。讓我把它分開。所以你是對的。我們確實進行了意大利經銷商的轉換。所以這是有影響的。一年前，第一季度將獲得分銷商訂單，這將在批發模式中覆蓋多個季度。所以你會看到意大利模式的銷售出現某種程度的延遲。我們還沒有討論過這個數字是多少。但第一季度的影響並不是很大，但可以肯定地說，就影響而言，您稍後會看到批發業務的回升，在數百萬美元之內。

So that was a impacting some of the wholesale distributor growth in Q1. Then the other parts of your question were...

因此，這對第一季度批發分銷商的增長產生了一些影響。那麼你問題的其他部分是......

HOKA wholesale in general and door count.

HOKA批發一般有門數。

Yes. So [door] versus domestic?

是的。那麼[門]與國內相比？

Yes. So what we're looking at just in terms of -- was it specific to HOKA door count? Wholesale? Is that what your question was?

是的。那麼我們所關注的只是——它是針對 HOKA 門數嗎？批發的？這就是你的問題嗎？

Yes.

是的。

Yes, I think the way we're looking at it is we -- on our prior call, we talked about kind of no global net new doors. We're going to continue to evaluate and see what that looks like is we're probably seeing some growth in North America and some declines on the international business as we're cleaning up some of that distribution. And then we'll continue to monitor it. So that was kind of point in time as we see demand and performance with these stores within accounts, we'll continue to evaluate that. But no real change in strategy.

是的，我認為我們看待這個問題的方式是——在之前的電話會議上，我們談到了沒有全球網絡新門的問題。我們將繼續評估並看看我們可能會看到北美業務有所增長，而國際業務則有所下降，因為我們正在清理部分分銷業務。然後我們將繼續對其進行監控。因此，當我們看到帳戶內這些商店的需求和績效時，我們將繼續評估這一點。但戰略上並沒有真正的改變。

And our next question today comes from Jonathan Komp with Baird.

今天我們的下一個問題來自 Jonathan Komp 和 Baird。

Dave, I want to follow up on a comment you made. I think you said you're building the infrastructure to be a $5 billion to $6 billion consolidated revenue company. Would that be on sort of a 3- to 5-year horizon. I don't know any thoughts on that? And I guess, thinking about the next couple of billion of revenue, how would you see that split across the brands. Just curious if you had any more color on those comments.

戴夫，我想跟進你的評論。我想您說過您正在建設基礎設施，以成為一家營收達 50 億至 60 億美元的公司。這是否需要 3 到 5 年的時間？不知道對此有什麼想法嗎？我想，考慮到接下來的幾十億收入，您會如何看待各個品牌之間的分配。只是好奇你對這些評論是否有更多的看法。

Let me grab my [LRP], I'll share it with you. No, that's just generally speaking. Like as my job as CEO, I need to be looking 3 to 5 years out and based off where we are today and on the cusp of hitting $4 billion mark, my head is like, okay, so how do we get to $5 billion and $6 billion? What's it going to take from the team perspective, an infrastructure perspective, category expansion, all those things. So when I put out, say, $5 billion or $6 billion, that's just generally thinking, hey, down the road, we're going to get to these numbers. I don't have anything to share with how that is.

讓我拿起我的[LRP]，我會與你分享。不，這只是一般而言。就像我作為首席執行官的工作一樣，我需要展望 3 到 5 年後的情況，根據我們今天的情況，在達到 40 億美元大關的邊緣，我的想法是，好吧，那麼我們如何才能達到 50 億美元， 60億美元？從團隊的角度、基礎設施的角度、品類擴展等所有方面來看，這會帶來什麼。因此，當我投入 50 億美元或 60 億美元時，人們通常會想，嘿，沿著這條路，我們將達到這些數字。我沒有什麼可以分享的。

But certainly, if you put the pieces together, you could see it happening as well with the current growth we're seeing in HOKA. I think you're going to see a resurgence of UGG over the coming years under Erinn's leadership. And hopefully, we get Teva to be a meaningful number in the coming years as well. So it's within line of sight for sure, but I would -- I would not want to put a time line or a brand mix and any of that yet. It's early days, but the opportunity we see is for this company to be a $5 billion to $6 billion business over time, for sure.

但當然，如果你把這些碎片放在一起，你可以看到它正在發生，就像我們在 HOKA 目前看到的增長一樣。我認為未來幾年 UGG 在 Erinn 的領導下將會復興。希望 Teva 在未來幾年也能成為一個有意義的數字。所以它肯定在視線範圍內，但我會——我不想給出時間線或品牌組合等等。現在還處於早期階段，但我們看到的機會是，隨著時間的推移，這家公司的業務規模將達到 50 億至 60 億美元，這是肯定的。

Yes. I appreciate that color. And maybe related -- a bigger picture question on HOKA category expansion. How are you thinking about lifestyle, fitness, other categories, especially, it looks like there's some very favorable reviews of the Transport X is a new category. It looks like a hard shoe to get a hold of. So just curious how you're thinking about broader category expansion potential for HOKA.

是的。我很欣賞那種顏色。也許相關——關於 HOKA 品類擴展的更大問題。您如何看待生活方式、健身和其他類別，尤其是，似乎有一些對 Transport X 是一個新類別的非常好評的評論。它看起來像一隻很難抓住的鞋子。所以只是好奇您如何考慮 HOKA 更廣泛的類別擴展潛力。

Yes, I am wearing a Transport myself right now and had trouble finding it, honestly. So that one surprised us. I was actually a little bit skeptical about how that was going to be received in the marketplace. It's not necessarily positioned as a performance shoe although I do run in it and work out in it, so it's very versatile. And I think it's showing us that there is more aperture and appetite for HOKA to be meaningful in the lifestyle space, whether that is color ups or fabric changes or design details on some of our franchise styles, we pull things out of the vault. I mean a 10-year old now. We have things actually in the vault that customers ask for.

是的，老實說，我自己現在就穿著運輸工具，但很難找到它。所以這一點讓我們感到驚訝。事實上，我對市場上會如何接受它有點懷疑。儘管我確實穿著它跑步和鍛煉，但它不一定被定位為高性能鞋，因此它非常通用。我認為這向我們表明，HOKA 在生活方式領域有更多的空間和興趣，無論是顏色升級、面料變化還是我們某些特許經營風格的設計細節，我們都會從金庫中拿出東西。我的意思是現在10歲了。我們的金庫裡實際上有客戶要求的東西。

But there's opportunity for new styles like the Transport and Transport X that we tested this year. And we think that there is there's an emerging opportunity in lifestyle. It's not just people wearing a running shoe anymore. They want shoes made for all day wear that feel like running shoes, but have a little bit of a different aesthetic. And we see a massive opportunity there not only within the HOKA brand, but we're working on launching a new brand actually in the spring time frame to go after some of that opportunity as well.

但新款式還有機會，比如我們今年測試的 Transport 和 Transport X。我們認為生活方式正在出現新的機遇。不再只是人們穿著跑鞋了。他們想要適合全天穿著的鞋子，感覺像跑鞋，但有一點不同的美感。我們不僅在 HOKA 品牌中看到了巨大的機會，而且我們正在努力在春季推出一個新品牌，以抓住其中的一些機會。

So as far as category growth, right now, if you ask Stefano and the team, we're focused on being -- maintaining our dominant position in run. We want to be number 1 in hike and trail over the coming years. We think that's a tremendous opportunity, and that's an important category that's growing within the category, but also has lifestyle implications as well and then really cultivating the lifestyle distribution and consumer with performance products that has a little bit of a different aesthetic.

因此，就類別增長而言，現在，如果你問 Stefano 和團隊，我們的重點是——保持我們在跑步中的主導地位。我們希望在未來幾年成為遠足和步道領域的第一。我們認為這是一個巨大的機會，這是一個在該類別中不斷增長的重要類別，但也對生活方式產生影響，然後通過具有一點不同審美的高性能產品真正培養生活方式分佈和消費者。

If you think about down the road, different categories, we're exploring other categories as well. And those things take time to develop. So we're having the teams on the sidelines, look at different opportunities in different categories, whether it's court shoes or whatever else that may be but we're thinking that way for the long term. But right now, we're really focused on run, hike and the lifestyle opportunity.

如果您考慮未來的不同類別，我們也在探索其他類別。這些事情需要時間來發展。因此，我們讓團隊在一旁觀望，尋找不同類別的不同機會，無論是宮廷鞋還是其他任何可能的東西，但我們從長遠來看是這樣考慮的。但現在，我們真正關注的是跑步、徒步旅行和生活方式機會。

That makes sense. Just last one, Steve, if I could. Your gross margin this year, you're still guiding a couple of hundred basis points below your peak. And if I compare to back then, your HOKA revenue contribution has doubled in mix. So just how should we think about that opportunity to get back to 53% to 54% gross margin over time?

這就說得通了。如果可以的話，就最後一張，史蒂夫。今年的毛利率仍比峰值低幾百個基點。如果與當時相比，您的 HOKA 收入貢獻翻了一番。那麼，隨著時間的推移，我們應該如何看待毛利率恢復到 53% 至 54% 的機會呢？

Yes. I think if you're looking back kind of 2 years ago, the big difference will be around just a promotion assumption. So that was pretty clean I would say, very clean selling in terms of hardly any promotion.

是的。我認為，如果你回顧兩年前，最大的差異將只是圍繞晉升假設。所以我想說，這是非常乾淨的銷售，幾乎沒有任何促銷。

You're right, as we're looking at the HOKA contribution increasing, we're going to continue to see an increase as we see a higher proportion of DTC increase, we'll also see gross margin expansion. So what you're seeing, I think, this year, from where we were a couple of years ago, more assumption around promotion, and we'll see how that plays out this year. And then going forward beyond that is higher proportion of HOKA should continue to give us some gross margin expansion opportunities as well as the higher proportion of DTC business.

你是對的，當我們看到 HOKA 貢獻增加時，我們將繼續看到增加，因為我們看到 DTC 增加的比例更高，我們還將看到毛利率擴張。所以，我認為，今年你所看到的，與幾年前相比，我們對晉升有了更多的假設，我們將看看今年的情況如何。除此之外，HOKA 的更高比例應該會繼續為我們帶來一些毛利率擴張的機會以及更高比例的 DTC 業務。

And our final question today comes from Dana Telsey with Telsey.

今天我們的最後一個問題來自達納·特爾西和特爾西。

Dave, you had mentioned Teva and Sanuk. What is happening with those two2 brands now? How do you see their progress this year? And then as you think about inventory levels, which certainly seem very clean, how are you looking for the progress of inventory going forward.

戴夫，你提到了梯瓦和薩努克。這兩個品牌現在怎麼樣了？您如何看待他們今年的進步？然後，當您考慮庫存水平（看起來確實非常乾淨）時，您如何看待庫存的未來進展。

Yes. Thanks, Dana. Good question. We don't talk very often about Teva and Sanuk. And from the quarter results, there's -- it makes sense, there's questions about them. we recently have reorganized our smaller brands, Teva and Sanuk and some incubation work that we're doing under an emerging brands group where we're leveraging resources and we're resetting those brands. So we have a new leader there, [Lee Cox], who spent a lot of time on the HOKA brand early days. He's pulling together a long-term strategy for both those brands and pulling -- right now, they're doing brand work.

是的。謝謝，達納。好問題。我們不經常談​​論 Teva 和 Sanuk。從季度業績來看，這是有道理的，對它們存在疑問。我們最近重組了較小的品牌 Teva 和 Sanuk，以及我們在新興品牌集團下進行的一些孵化工作，我們正在利用資源並重置這些品牌。所以我們有一位新的領導者，[Lee Cox]，他在早期花了很多時間在 HOKA 品牌上。他正在為這兩個品牌制定長期戰略，並推動——現在，他們正在做品牌工作。

So resetting their positioning, tightening their positioning, their proposition, understanding who their consumers are deeply and elevating their innovation pipeline. So I would say the biggest opportunity right now that we see down the road in the short and long term is Teva. We've looked at a number of brands externally that we could acquire. And quite honestly, none of them look as good as Teva does. It's a beloved brand. It's got a great 30-plus-year history and a lot of heritage product. And it's healthy in the marketplace. It's got great margins. And we think that, that is a brand that we can invest in for the long term.

因此，需要重新調整他們的定位，加強他們的定位和主張，深入了解他們的消費者是誰，並提升他們的創新渠道。所以我想說，目前我們看到的短期和長期最大的機會是梯瓦製藥。我們已經考慮了一些可以收購的外部品牌。老實說，它們看起來都沒有梯瓦那麼好。這是一個深受喜愛的品牌。它擁有 30 多年的悠久歷史和許多遺產產品。而且它在市場上很健康。它有很大的利潤空間。我們認為，這是一個我們可以長期投資的品牌。

So right now, it's just about resetting the marketplace. That's why you're seeing some degradation in the top line in both Teva and Sanuk because we're cleaning things up. And we're basically getting -- gearing those up to go back at it with a new and improved version of both brands. But the Teva opportunity is continued within sports sandal and we are working on a trail sandal for that brand that we're going to be launching early next year, which we think will be incredibly exciting trail running sandals and then also expanding into closed toe and year-round business through our innovation engine.

所以現在，我們要做的只是重置市場。這就是為什麼你會看到 Teva 和 Sanuk 的營收有所下降，因為我們正在清理這些東西。我們基本上正在準備讓這兩個品牌的新版本和改進版本回歸。但 Teva 在運動涼鞋領域的機會仍在繼續，我們正在為該品牌開發一款越野涼鞋，我們將於明年初推出，我們認為這將是令人難以置信的令人興奮的越野跑涼鞋，然後還將擴展到封閉式腳趾和通過我們的創新引擎全年開展業務。

So you want to see dramatic changes in this year in the P&L for any perspective, but you will start to see improvement going into FY '25, both on the top line and bottom line, particularly for the Teva brand, as the bigger opportunity. And then we have some ideas of what Sanuk could be, and we'll see if those play out over the next coming years as well.

因此，從任何角度來看，您都希望看到今年損益表的巨大變化，但您將開始看到進入 25 財年的收入和利潤的改善，特別是對於 Teva 品牌而言，這是更大的機會。然後我們對薩努克的未來有了一些想法，我們將看看這些想法是否會在未來幾年內發揮作用。

And then, Dana, just on the inventory, the way we're thinking about it. So to your point, we have made significant improvements from our year ago period, which we had more elevated inventory, a lot more in transit inventory. So as that has resolved and improved, we're in a much better position this year. You'll continue to see that improvement continue in the quarters of this year won't necessarily be to the same percentage extent. But we were making improvements kind of all of last year. And so you'll continue to see us make improvements, not necessarily to the same level that you saw in Q1.

然後，達納，關於庫存，我們思考的方式。因此，就您的觀點而言，我們與去年同期相比取得了重大改進，我們的庫存增加了，在途庫存也增加了很多。隨著這個問題的解決和改善，我們今年的處境要好得多。您將繼續看到，今年幾個季度的持續改善不一定達到相同的百分比程度。但我們去年全年都在進行改進。因此，您將繼續看到我們做出改進，但不一定達到您在第一季度看到的相同水平。

Thank you. Ladies and gentlemen, this concludes today's question-and-answer session and today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful evening.

謝謝。女士們、先生們，今天的問答環節和電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過一個美好的夜晚。