Deckers Outdoor Corporation (DECK) 2024 Q2 法說會逐字稿

Good afternoon and thank you for standing by. Welcome to the Deckers Brands Second 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.

下午好，感謝各位撥冗參與。歡迎收聽 Deckers Brands 2024 會計年度第二季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。現在我將把電話交給投資人關係與企業規劃副總裁 Erinn Kohler。

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

各位好，感謝大家今天加入我們。本次電話會議出席者包括總裁暨執行長 Dave Powers，以及財務長 Steve Fasching。

Before we begin, I would like to remind everyone of the company's safe harbor policy. Please note that certain statements made on this call are forward-looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties.

在開始之前，我想提醒各位公司之「安全港」政策。請注意，本次電話會議中的部分陳述屬於聯邦證券法所定義的前瞻性陳述，並可能面臨相當程度的風險與不確定性。

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.

這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法》所建立之責任安全港。除歷史事實陳述外，我們今天在本次電話會議中所作的所有陳述均為前瞻性陳述，並包括關於我們目前及長期策略目標、消費者行為變化、品牌實力、產品需求、產品通路策略、行銷計畫與策略、供應鏈與物流中斷、預期營收、品牌表現、產品組合、毛利率、費用、庫存水位與促銷活動，以及總體經濟環境（包括外匯匯率波動）對我們營運與績效之影響等陳述。

Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any results predicted, assumed or implied by the forward-looking statements. The company has explained some of these risks and uncertainties in its SEC filings, including in the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q.

本次電話會議中的前瞻性陳述代表管理階層目前的預期，並以作出該等陳述時可得之資訊為基礎。前瞻性陳述涉及多項已知與未知的風險、不確定性及其他因素，可能導致我們的實際結果與前瞻性陳述所預測、假設或暗示之任何結果存在重大差異。公司已在其向美國證券交易委員會（SEC）提交的文件中說明部分風險與不確定性，包括在 Form 10-K 年度報告及 Form 10-Q 季度報告的「風險因素」章節。

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. 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.

除法律或紐約證券交易所上市規則另有要求外，公司明確聲明不具任何更新任何前瞻性陳述之意圖或義務。在本次電話會議中，管理階層可能會提及未依照美國一般公認會計原則（GAAP）編製之財務衡量指標，包括固定匯率（constant currency）。此外，對於在本期及前期報導期間皆持續營運之業務，公司以固定匯率基礎揭露可比的直接面向消費者（DTC）銷售。

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 財務衡量指標是其營運績效的重要指標，因其排除與核心營運結果無關且可能無法反映核心營運表現之項目。接下來我把時間交給 Dave。

Thanks, Erinn. Good afternoon, everybody, and thank you for joining today's call. It's great to be here with you today to discuss our exceptional second quarter where our 2 market brands experienced high levels of full-price consumer demand, leading to revenue increasing 25% versus last year, eclipsing $1 billion for the first time in our September ending quarter, gross margin improving 520 basis points versus last year, and diluted earnings per share increasing nearly 80% versus last year to $6.82.

謝謝你，Erinn。各位下午好，感謝加入今天的電話會議。很高興今天能與各位一同討論我們表現卓越的第二季：我們兩大核心品牌在正價（full-price）消費需求方面維持高檔，帶動營收較去年成長 25%，並在截至 9 月的季度中首次突破 10 億美元；毛利率較去年提升 520 個基點；稀釋後每股盈餘較去年成長近 80%，達到 6.82 美元。

Our direct-to-consumer business was the fastest-growing component of revenue growth in the second quarter, increasing nearly 40% versus last year, with HOKA growing 46% and UGG increasing 38% as both brands experienced a greater than 30% global increase in consumer acquisition. Our global wholesale business also put up strong revenue growth in the second quarter, increasing 19% versus last year, again, driven by our 2 largest brands, UGG and HOKA.

第二季中，我們的直接面向消費者（DTC）業務是營收成長中增速最快的組成部分，較去年成長近 40%；其中 HOKA 成長 46%，UGG 成長 38%，兩大品牌的全球新客獲取（consumer acquisition）均較去年提升超過 30%。我們的全球批發（wholesale）業務在第二季同樣繳出強勁的營收成長，較去年增加 19%，同樣由我們兩大品牌 UGG 與 HOKA 所帶動。

Our wholesale accounts also continue to see incredible heat and momentum for our key styles across both brands. With this strong consumer demand, selling for wholesale in the quarter included some accelerated fall of seasonal shipments, benefiting our first half results and increasing our confidence to achieve our outlook for the fiscal year.

我們的批發客戶也持續看到兩大品牌關鍵款式的強勁熱度與動能。在此強勁消費需求下，本季批發出貨包含部分秋季季節性出貨的提前（accelerated）安排，帶動上半年表現，並提升我們達成本會計年度展望的信心。

As we continue to focus on our strategic marketplace management, we are pleased to have captured the strong momentum of demand early in the year, particularly with these products capturing high levels of full price selling across all channels.

在我們持續聚焦策略性的市場通路管理（strategic marketplace management）之際，我們很高興能在年初即掌握需求的強勁動能，尤其是這些產品在所有通路皆呈現高比例的正價銷售。

As we focus on delivering the full year, I think it's important to reflect on our year-to-date performance. We closed out a record first half for Deckers with total portfolio revenue across all channels, growing 19% versus last year, driven by HOKA revenue increasing 27% from global strength across its ecosystem of access points, UGG revenue increasing 18% primarily from gains across international regions and global DTC.

在我們專注於完成全年目標之際，我認為回顧年初至今的表現很重要。Deckers 上半年締造歷史新高：全產品組合在所有通路的總營收較去年成長 19%。其中，HOKA 營收成長 27%，來自其多元接觸點生態系的全球性強勁表現；UGG 營收成長 18%，主要來自國際市場與全球 DTC 的成長。

Total portfolio, global DTC acquisition and retention, increasing 29% and 27%, respectively, and international revenue across all brands increasing 23% versus last year.

整體產品組合方面，全球 DTC 的新客獲取與留存（retention）分別成長 29% 與 27%；此外，所有品牌的國際營收較去年成長 23%。

While Steve will provide further details on our financial performance and related increased outlook later in the call. I'd like to emphasize how proud we are of the continued alignment of our strong, near-term performance with Decker's long-term objectives to build HOKA into a multibillion-dollar performance brand, grow UGG through direct-to-consumer connections with elevated products and experiences, expand DTC through consumer acquisition and retention gains, and drive international growth through targeted investments.

Steve 將在稍後的電話會議中提供更多財務表現細節以及上調後的展望。我想先強調，我們對於短期強勁表現能持續與 Deckers 的長期目標一致感到非常自豪：將 HOKA 打造成數十億美元規模的性能品牌；透過更高端的產品與體驗，藉由 DTC 連結推動 UGG 成長；透過新客獲取與留存的提升擴大 DTC；並透過聚焦式投資推動國際成長。

With that, let's get into the highlights of our successful first half, starting with HOKA. Global revenue in the first half increased 27% versus last year. This impressive result reflects the HOKA brand's successful marketplace management execution, which is driving more business to DTC in conjunction with market share gains from high full price sell-through at our existing points of wholesale distribution.

接下來，我們來看上半年成功表現的重點，先從 HOKA 開始。上半年全球營收較去年成長 27%。這項亮眼成果反映 HOKA 品牌成功執行市場通路管理，透過將更多業務導向 DTC，同時在既有批發通路據點中，憑藉高比例正價售罄（full price sell-through）取得市占提升。

HOKA revenue growth in the first half was led by direct-to-consumer, which increased 54% versus last year and represented 38% of revenue, up from 31% in the prior year. This was aided by global increases in brand awareness according to Decker's proprietary brand tracker study, consumer acquisition, which is up 47% versus last year and consumer retention, which is up 52% versus the prior year.

HOKA 上半年營收成長主要由 DTC 帶動，較去年成長 54%，且 DTC 營收占比達 38%，高於前一年的 31%。這也受惠於 Deckers 自有品牌追蹤研究（proprietary brand tracker study）所顯示的全球品牌知名度提升、新客獲取較去年增加 47%，以及消費者留存較前一年提升 52%。

HOKA experienced significant growth and awareness across all major markets. With the U.S. growing to approximately 30% and international regions on average, rising to mid-teens with much more room to grow. Specific to our gains in DTC in the first half, consumer acquisition in EMEA DTC nearly doubled to help achieve a 75% year-over-year increase in channel revenue for the region.

HOKA 在所有主要市場的成長與知名度皆顯著提升。美國的品牌知名度提升至約 30%，國際地區平均提升至十幾個百分點的中段，且仍有更大的成長空間。就上半年 DTC 的成長而言，EMEA 地區 DTC 的新客獲取幾乎倍增，帶動該地區通路營收年增 75%。

This represents great progress for our EMEA region, and though DTC remains a relatively small percentage of its total revenue, we see this expansion as a positive indicator that HOKA is increasingly resonating with the European consumer. As we have demonstrated in the U.S., thoughtfully building brand awareness through marketing activations and strategic marketplace presence served as a catalyst to DTC acceleration as the brand begins to take hold with the local consumer.

這代表我們在 EMEA 地區取得了重大進展。雖然 DTC 目前仍僅占其總營收相對較小的比例，但我們將此擴張視為正向指標，顯示 HOKA 正日益引起歐洲消費者共鳴。正如我們在美國所展現的，透過行銷活動與策略性市場通路布局，有計畫地建立品牌知名度，能在品牌逐步被在地消費者接受之際，成為推動 DTC 加速成長的催化劑。

To that end, HOKA recently opened its first European flagship store in Covent Garden in London, giving the brand a powerful presence in one of the most influential footwear markets around the world. In the U.S., HOKA continues to deliver exceptional growth. DTC revenue increased nearly 50% versus last year for the first half, with strong growth among 18- to 34-year-old retained consumers, which increased 70%. We believe some of this demand was fueled by HOKA having increased resonance in the back-to-school timeframe with college age students.

為此，HOKA 近期在倫敦 Covent Garden 開設其首家歐洲旗艦店，使品牌在全球最具影響力的鞋類市場之一建立強而有力的據點。在美國，HOKA 仍持續交出卓越成長：上半年 DTC 營收較去年成長近 50%，其中 18 至 34 歲的既有留存消費者（retained consumers）成長 70%。我們認為，部分需求可能來自 HOKA 在返校季期間於大學年齡層學生之間的共鳴度提升。

Brand loyalty among this group is especially exciting given the increased potential lifetime value of repeat purchases. The HOKA marketing teams have done an exceptional job, building global brand awareness through compelling FLY HUMAN FLY campaign content, connecting with consumers at HOKA-sponsored events and highlighting the incredible performances of HOKA athletes. We continue to sponsor key running events around the globe as part of our commitment to support the sport and provide a platform to showcase our innovative performance products. This includes events from 5Ks to Elite ultramarathons for all types of athletes around the world, allowing us to elevate the brand with pinnacle performance minded consumers and also to broaden worldwide awareness of the achievements capable in HOKA products.

此族群的品牌忠誠度尤其令人振奮，因為重複購買所帶來的潛在終身價值更高。HOKA 行銷團隊表現出色，透過引人入勝的 FLY HUMAN FLY 活動內容建立全球品牌知名度，並在 HOKA 贊助的活動中與消費者互動，同時凸顯 HOKA 運動員的卓越表現。我們持續在全球贊助重要跑步賽事，以展現我們支持這項運動的承諾，並提供平台展示我們創新的性能產品。這些活動涵蓋從 5 公里賽到菁英超級馬拉松，面向全球各類型運動員，使我們能在追求巔峰表現的消費者中提升品牌形象，同時擴大全球對 HOKA 產品所能達成之成就的認知。

This year's HOKA sponsored UTMB, or Ultra-Trail Mont-Blanc World Series finals held in Chamonix, France is the perfect example of our team's 360-degree collaborative approach to building HOKA brand awareness and performance credibility. This trail running event allows us to celebrate the roots of HOKA, which was born in the French Alps, further connecting the brand with European consumers.

今年 HOKA 贊助的 UTMB（Ultra-Trail Mont-Blanc World Series）總決賽於法國霞慕尼（Chamonix）舉行，正是我們團隊以 360 度協作方式打造 HOKA 品牌知名度與性能可信度的最佳例證。這項越野跑賽事讓我們得以致敬 HOKA 的品牌根源——誕生於法國阿爾卑斯山——並進一步強化品牌與歐洲消費者的連結。

At the UTMB World Series Finals, the HOKA team set up a base camp that offered consumers the opportunity to engage with the brand in a unique way through athlete meet and greets, 24-hour product testing and shoe personalization. We received overwhelmingly positive feedback on the experience and are already looking forward to leveraging these learnings at future events. HOKA made its mark on the event, both from a product and athlete performance standpoint, with several impressive achievements, including HOKA athlete, Jim Walmsley making history becoming the first American man to win the Dacia UTMB, a 106-mile race that included more than 6 miles of elevation gain completing the course in a record time of less than 20-hours.

在 UTMB World Series Finals 上，HOKA 團隊設立了一個大本營，透過運動員見面會、24 小時產品測試與鞋款客製化，為消費者提供以獨特方式與品牌互動的機會。我們收到對此體驗壓倒性正面的回饋，並已期待在未來活動中運用這些學習成果。HOKA 在本次活動中無論在產品面或運動員表現面都留下深刻印記，並取得多項亮眼成就，其中包括 HOKA 運動員 Jim Walmsley 創下歷史，成為首位贏得 Dacia UTMB 的美國男子選手；該賽事全長 106 英里、累積爬升超過 6 英里，他以不到 20 小時的破紀錄成績完成賽程。

HOKA ranking tops among all brands with the most top 5 finishes across the series of 3 races and HOKA remaining the #1 brand won by UTMB participants. From a product standpoint, first half HOKA growth was driven by a variety of categories and styles, which includes, among others, the Clifton franchise, which benefited from the ninth edition launch as well as new successful lifestyle versions with Suede uppers, stability staples like the Arahi and Gaviota franchises, the latter of which launched its fifth edition during the second quarter as we are seeing increased adoption of this category from consumers.

HOKA 在 3 場賽事系列中，於所有品牌中獲得最多的前 5 名完賽名次，且 HOKA 仍為 UTMB 參賽者穿著奪冠的 #1 品牌。從產品面來看，上半年 HOKA 的成長由多元品類與款式帶動，其中包括 Clifton 系列，受惠於第九代上市以及採用麂皮鞋面的成功新生活風格版本；穩定支撐主力如 Arahi 與 Gaviota 系列，後者於第二季推出第五代，隨著消費者對此類別的採用度提升，我們正看到需求增加。

Trail and hike favorites, the Challenger and Anacapa franchise is benefiting from new innovations incorporated in recent updates, speed shoes highlighted by the Rocket X refresh and the all-new Mach X; and new lifestyle options, including the popular Solimar and Transport styles.

越野與健行熱門款 Challenger 與 Anacapa 系列，受惠於近期更新所導入的新創新；速度鞋方面，包含 Rocket X 改款與全新 Mach X；以及新的生活風格選擇，包括廣受歡迎的 Solimar 與 Transport 款式。

We remain encouraged by the breadth of category adoption across the innovative HOKA product assortment, which continues to evolve and attract new consumers to the brand. We are implementing greater segmentation across the ecosystem of HOKA access points. To ensure our accounts are best positioned to serve their respective consumers and emphasize DTC as the pinnacle destination to experience the full depth of the brand's product offering.

我們仍對創新 HOKA 產品組合在各品類的廣泛採用感到鼓舞；該產品組合持續演進並吸引新消費者加入品牌。我們正在 HOKA 各接觸點的生態系中導入更高程度的分眾。以確保我們的合作客戶能以最佳方式服務其各自的消費者，並強調 DTC 作為體驗品牌完整產品深度的最高目的地。

For the balance of the year, the HOKA team remains focused on executing its marketplace management strategy, which includes a focus on building global brand awareness and heat to increase demand which is helping to drive high full price sell-through at DTC and across wholesale, allowing the brand to deliver healthy growth with best-in-class margins and inventory turns. Complemented by several new innovative product launches coming up in our fourth quarter, we expect HOKA to continue delivering strong results for the remainder of this fiscal year and well beyond.

在今年剩餘期間，HOKA 團隊仍專注於執行其市場管理策略，包括聚焦建立全球品牌知名度與熱度以提升需求；這有助於推動 DTC 與批發通路的高比例正價售罄，使品牌得以在同級最佳的毛利率與庫存周轉下實現健康成長。再加上我們第四季即將推出的多項創新新品，我們預期 HOKA 將在本財年剩餘期間以及更長遠的未來持續交出強勁成果。

Now shifting to UGG. Global revenue in the first half increased 18% versus last year. The brand's strong first half performance was driven primarily by high levels of brand heat, disciplined marketplace management leading to product scarcity on key styles exiting last fall and intentional pull forward of the brand's fall marketing campaign relative to past years. We currently have the most cohesive, globally aligned product, marketing and consumer targeting strategy I've ever seen for UGG.

接著談 UGG。上半年全球營收較去年成長 18%。品牌上半年強勁表現主要由高度品牌熱度所驅動；同時，嚴謹的市場管理使得去年秋季結束時關鍵款式呈現稀缺，以及相較過往年度有意將秋季行銷活動提前。我目前看到的是 UGG 有史以來最一致、全球對齊的產品、行銷與消費者鎖定策略。

Marketplace management has been a core strength of the UGG brand for some time now. The allocation and segmentation of core and popular new styles continues to serve the brand well, helping drive high levels of full price sell-through. Last year, we shared that we did not fully capture demand on several key styles. As we began this fiscal year, we strategically developed targeted inventory that caters to the brand's most popular products and seeded the fall marketing campaign Feels Like UGG, in July as opposed to the typical September timeframe.

市場管理長期以來一直是 UGG 品牌的核心強項。核心款與受歡迎的新款之配貨與分眾策略持續為品牌帶來良好成效，推動高比例正價售罄。去年我們曾分享，對於數個關鍵款式我們未能完全承接需求。進入本財年之初，我們策略性地建立針對品牌最受歡迎產品的目標庫存，並在 7 月（而非通常的 9 月檔期）提前啟動並鋪陳秋季行銷活動「Feels Like UGG」。

From July 15 to August 15, we saw a groundswell of influencer public service announcements, reminding consumers to buy UGG now. Videos using #UGG received over 25 million views during that timeframe, and UGG saw twice the level of engagement on Instagram as compared to last year. We believe the UGG team's strategic marketing shift served as a catalyst for earlier fall consumer demand globally. In the U.S. specifically, this shift helped fuel greater back-to-school demand with search interest increasing 46% versus last year, according to Google Trends.

從 7 月 15 日到 8 月 15 日，我們看到網紅以「公益宣導」形式的內容聲量大幅湧現，提醒消費者現在就購買 UGG。在該期間，使用 #UGG 的影片觀看次數超過 2,500 萬次，且 UGG 在 Instagram 的互動量較去年增加一倍。我們相信，UGG 團隊的策略性行銷轉向成為全球秋季消費需求提前發酵的催化劑。就美國而言，根據 Google Trends，此轉向也助長了更強的返校季需求，搜尋熱度較去年提升 46%。

To keep this momentum going at the tail end of September, UGG celebrated the official kickoff of #UGG season with music superstar Cardi B, whose video announcement featuring the new classic dipper had nearly 20 million views. This resulted in significant press and media coverage of our launch with influential publications such as billboards, and Vogue featuring UGG.

為了在 9 月底延續這股動能，UGG 與音樂巨星 Cardi B 一同慶祝 #UGG 季節的正式開跑；她所發布、主打全新 classic dipper 的影片公告觀看次數接近 2,000 萬次。這也使我們的上市獲得大量新聞與媒體報導，包含 Billboard、Vogue 等具影響力的刊物皆報導並呈現 UGG。

Brand heat created by the UGG team directly translated to incredible first half results, particularly from the global DTC business and international regions, which both experienced a revenue increase of above 25% versus last year.

UGG 團隊所創造的品牌熱度，直接轉化為上半年極為亮眼的成果，尤其是全球 DTC 業務與國際市場，兩者營收較去年皆成長超過 25%。

Furthermore, UGG gross margins benefited from transitional and fall products selling at full price during the second quarter. This dynamic is in contrast with prior years with the brand's DTC business has historically been more weighted towards end of spring and summer products that generally carry a lower average selling price. The Tasman franchise, including the Tazz platform as well as the Classic Mini and Ultra Mini franchises have been the focal products of UGG search interest and revenue growth in the first half as expected.

此外，UGG 的毛利率也受惠於第二季過渡季與秋季產品以正價銷售。此動態與過往年度形成對比：品牌的 DTC 業務歷來較偏重於春末與夏季產品，而這些產品通常平均售價較低。正如預期，Tasman 系列（包含 Tazz 厚底款）以及 Classic Mini 與 Ultra Mini 系列，成為上半年 UGG 搜尋熱度與營收成長的核心產品。

We are also excited that some of the new fall franchises are beginning to resonate with consumers as well, including the aforementioned classic Dipper, a key globally marketed style, the all gender hybrid weather collection, which includes modernized weather-ready versions of the Tasman and Neumel and the Lowmel, a sneaker hybrid take on the original Neumel.

我們也很高興看到部分新的秋季系列也開始引起消費者共鳴，包括前述的 classic Dipper（全球重點行銷款式）、全性別混合式防風雨系列（包含 Tasman 與 Neumel 的現代化防風雨版本），以及 Lowmel（以原版 Neumel 為靈感的運動鞋混合款）。

UGG is well positioned to capture consumer demand during the holiday season with great products like these. Considering the demand we've seen thus far, we are already in chase mode for a select group of popular items and colors for which we are expediting production to ensure greater DTC inventory through the season.

憑藉這些優秀產品，UGG 已具備在假期旺季承接消費需求的良好條件。考量目前所見需求，我們已針對部分熱門品項與顏色進入追單模式，並加速生產，以確保整個旺季期間 DTC 端有更充足的庫存。

The UGG brand's first half growth sets us up well, especially when factoring the signals of a weakening global economy and lower consumer confidence.

UGG 品牌上半年的成長為我們奠定良好基礎，尤其是在考量全球經濟走弱與消費者信心下降等訊號之下。

Given this dynamic, we are glad to have captured some demand earlier to help reduce the pressure of competing with more promotional brands during this upcoming holiday season as we seek to continue selling premium UGG products at full price.

在此情況下，我們很高興能更早承接部分需求，這有助於降低即將到來的假期旺季中，與促銷力度更大的品牌競爭所帶來的壓力，並支持我們持續以正價銷售高端 UGG 產品。

Moving on to our discussion of consolidated channel performance. Global growth was across both direct-to-consumer and wholesale, with DTC being the primary driver of revenue gains in the first half, increasing 37% versus last year. Our portfolio experienced DTC strength relative to last year across consumers with acquired and retained increasing 29% and 27%, respectively, brands with HOKA and UGG revenue increasing 54% and 26%, respectively, regions with international and domestic revenue increasing 48% and 34%, respectively, and channels as consumer demand was robust in stores and online.

接著談我們合併後的通路表現。全球成長同時來自 DTC 與批發，其中 DTC 是上半年營收增長的主要驅動力，較去年成長 37%。相較去年，我們的產品組合在多個面向展現 DTC 強勁表現：消費者面，新客與留存客分別成長 29% 與 27%；品牌面，HOKA 與 UGG 營收分別成長 54% 與 26%；區域面，國際與本土營收分別成長 48% 與 34%；通路面，門市與線上需求皆強勁。

Additionally, we saw a double-digit increase in average selling price as a result of a greater mix of HOKA, higher full price selling for UGG combined with a focus on fewer proven SKUs and more favorable foreign currency exchange rates.

此外，由於 HOKA 組合占比提高、UGG 正價銷售比例提升、聚焦更少且已驗證的 SKU，以及更有利的外匯匯率，我們看到平均售價出現雙位數成長。

Regarding global wholesale, revenue in the first half increased 11% versus last year. Growth was driven by strength in UGG and HOKA as well as across both our domestic and international regions. Market share gains continue to be the primary avenue of wholesale growth for HOKA, which is now the top-selling brand in U.S. run specialty stores in aggregate, according to third-party market sources.

就全球批發而言，上半年營收較去年成長 11%。成長來自 UGG 與 HOKA 的強勁表現，以及我們本土與國際市場的共同帶動。對 HOKA 而言，市占率提升仍是批發成長的主要途徑；根據第三方市場資料來源，HOKA 現已成為美國跑步專業門市（整體合計）銷售第一的品牌。

HOKA has also quickly become the top running brand with key strategic partners in applicable doors.

HOKA 也迅速成為多家關鍵策略合作夥伴在相關門店中的第一跑步品牌。

Our teams are extremely proud of the HOKA brand's top market share achievement, which further validates the brand's performance rooted credibility. UGG wholesale performance in the first half is right in line with our strategy this year with international regions fueling the majority of growth, while the brand maintains its strong business in the U.S. With these first half results, it is clear that our marketplace management strategies are working well, positioning our brands to excel during the holiday quarter and capture increased consumer demand across their respective ecosystems of access points.

我們的團隊對 HOKA 品牌取得市占第一的成就感到無比自豪，這也進一步驗證了品牌以表現為根基的可信度。UGG 上半年批發表現也完全符合我們今年的策略：國際市場貢獻了大部分成長，同時品牌在美國仍維持強勁業務。從上半年結果可清楚看出，我們的市場管理策略運作良好，使各品牌在假期季度具備出色表現的條件，並能在其各自的接觸點生態系中承接增加的消費需求。

Before I hand it off to Steve to discuss our results in more detail, I'll note that we also announced our plan to divest Sanuk. At Deckers, we're focused on the most effective allocation of our resources that are in alignment with long-term objectives. Consumers have long valued Sanuk for its fun, innovative and comfort-first products.

在我把時間交給 Steve 更詳細說明我們的業績之前，我也要提到我們已宣布計畫出售 Sanuk。在 Deckers，我們專注於以最有效的方式配置資源，並與長期目標保持一致。長期以來，消費者一直重視 Sanuk 充滿樂趣、富有創新且以舒適為先的產品。

Over the coming months, we will work to find the right owner to support the brand's next chapter while we continue to execute our growth priorities. Thanks, everyone, and now I'll hand it over to Steve.

在接下來幾個月，我們將努力尋找合適的所有者，以支持品牌邁向下一個篇章，同時我們也將持續推進既定的成長優先事項。謝謝各位，接下來我把時間交給 Steve。

Thanks, Dave, and good afternoon, everyone. We are excited by the strong performance HOKA and UGG continue to exhibit through the first half of fiscal year 2024, stemming from our strategic marketplace management execution that continues to benefit our brands. As Dave covered, HOKA drove another quarter of strong growth, led by DTC, while UGG demonstrated broad-based growth across regions and channels by continuing to captivate consumers and elevate its presence around the world.

謝謝你，Dave，各位下午好。我們對 HOKA 與 UGG 在 2024 會計年度上半年持續展現的強勁表現感到振奮，這得益於我們在市場管理策略上的執行，持續為旗下品牌帶來助益。如同 Dave 所提到的，HOKA 在本季再度實現強勁成長，主要由 DTC 帶動；同時，UGG 透過持續吸引消費者並提升其在全球的能見度，在各地區與各通路皆展現廣泛的成長。

Our record second quarter revenue exemplifies the exceptional demand for our brands, and we look forward to continuing this momentum as we enter our largest and most complex fiscal quarter. While ongoing macroeconomic challenges persist, we believe we are well positioned to navigate this dynamic marketplace. With a strong financial framework and in-demand brands, we remain committed to building the foundation for success that drives long-term sustainable growth.

我們創紀錄的第二季營收，彰顯市場對我們品牌的卓越需求；隨著我們進入全年規模最大且最複雜的會計季度，我們期待延續這股動能。儘管宏觀經濟挑戰仍在，我們相信自身已具備良好條件，能在這個多變的市場中穩健前行。憑藉強健的財務架構與備受青睞的品牌，我們仍致力於打造成功基礎，以推動長期且可持續的成長。

Now let's get into the details of second quarter results. Second quarter fiscal 2024 revenue was $1.092 billion, representing an increase of 25% versus the prior year. On a constant currency basis, revenue grew 24% versus last year. Growth in the quarter was primarily driven by strong demand experienced across the HOKA DTC channel, which increased 46% versus last year and contributed to delivering total brand revenue of $424 million for the quarter and broad-based UGG growth across regions and channels, delivering $610 million of revenue with global DTC increasing 38% and wholesale increasing 25%.

接下來我們進入第二季業績細節。2024 會計年度第二季營收為 10.92 億美元，較去年同期成長 25%。以固定匯率計算，營收較去年成長 24%。本季成長主要由 HOKA DTC 通路的強勁需求所帶動，該通路較去年成長 46%，並推動品牌本季總營收達 4.24 億美元；同時，UGG 在各地區與各通路亦呈現廣泛成長，營收達 6.10 億美元，其中全球 DTC 成長 38%，批發成長 25%。

With the HOKA brand's performance consistent with our expectation, the outsized UGG growth in the second quarter benefited from first, a higher level of wholesale shipments in Q2 this year that in the past couple of years were captured in the first quarter as transit times have reduced, supply chain logistics have improved and availability of inventory is more consistent relative to during the pandemic.

HOKA 品牌表現符合我們的預期；而 UGG 在第二季的超預期成長，首先受惠於今年第二季批發出貨量較高——過去兩年，因運輸時間較長，這些出貨多在第一季入帳；隨著運輸時間縮短、供應鏈物流改善，以及相較疫情期間庫存供應更為穩定，出貨節奏也隨之調整。

Second, seeding the fall global UGG campaign earlier in the quarter reminding consumers of the scarcity that took place in the prior year, which created brand heat and demand for those same, popular styles that sold out quickly last year, driving earlier consumer purchasing this year; and third, an increased level of demand for the brand during the back-to-school period, which signaled some wholesalers to desire shipments on an accelerated timeframe relative to our original plan.

第二，在本季較早時點提前啟動秋季全球 UGG 行銷活動，提醒消費者前一年曾出現的稀缺情況，進而帶動品牌熱度與對同款熱門商品的需求——這些款式去年很快售罄，促使消費者今年更早購買；第三，品牌在返校季期間的需求提升，使部分批發客戶相較我們原先規劃，希望以更快的時程安排出貨。

Gross margin for the second quarter was 53.4%, up 520 basis points from last year's 48.2%. Second quarter gross margin benefited from lower ocean freight rates, favorable UGG product mix, partially driven by earlier fall demand, favorable UGG full price mix, favorable channel mix with DTC continuing to grow faster than wholesale and a slight benefit from foreign currency exchange rates. SG&A dollar spend in the second quarter was $358 million, up 22% versus last year's $294 million as we continue investing in key areas of the business.

第二季毛利率為 53.4%，較去年 48.2% 提升 520 個基點。第二季毛利率受惠於海運費率下降、有利的 UGG 產品組合（部分由較早的秋季需求所帶動）、有利的 UGG 正價銷售組合、有利的通路組合（DTC 持續快於批發成長），以及外匯匯率帶來的小幅助益。第二季 SG&A 費用為 3.58 億美元，較去年 2.94 億美元成長 22%，因我們持續在業務關鍵領域投入。

As a percentage of revenue, SG&A was 32.8% versus 33.6% in the prior year, 80 basis points lower than last year. This resulted primarily from the aforementioned timing considerations regarding earlier consumer demand and timing of certain spend.

以營收百分比計，第二季 SG&A 為 32.8%，相較去年 33.6% 下降 80 個基點。這主要源自前述與消費者需求提前以及部分支出時點相關的因素。

Our tax rate was 23.8%, which compares to 21.2% for the prior year. These results culminated in diluted earnings per share of $6.82 for the quarter, which is just over $3 above last year's $3.80 diluted earnings per share, representing EPS growth of 79%.

我們的稅率為 23.8%，相較去年同期為 21.2%。綜合上述，第二季稀釋每股盈餘（EPS）為 6.82 美元，較去年 3.80 美元增加逾 3 美元，EPS 成長 79%。

This increase in diluted earnings per share was approximately evenly split between gross margin benefits and higher revenue, with a small benefit from a reduced share count resulting from the share repurchases made over the past year.

稀釋每股盈餘的提升，約略平均來自毛利率改善與營收增加，另因過去一年進行庫藏股買回使流通股數下降，帶來小幅助益。

Turning to our balance sheet at September 30, 2023. We ended September with $823 million of cash and equivalents. Inventory was $726 million, down 21% versus the same point in time last year. And during the period, we had no outstanding borrowings.

接著看我們截至 2023 年 9 月 30 日的資產負債表。我們在 9 月底持有現金及約當現金 8.23 億美元。存貨為 7.26 億美元，較去年同期下降 21%。此外，在此期間我們沒有任何未償借款。

During the second quarter, we repurchased approximately $185 million worth of shares at an average price of $534.53. As of September 30, 2023, the company had approximately $1.1 billion remaining authorized for share repurchases.

第二季期間，我們以平均每股 534.53 美元的價格回購約 1.85 億美元的股票。截至 2023 年 9 月 30 日，公司仍有約 11 億美元的股票回購授權額度可用。

(technical difficulty) of low single digits. This upside comes from the continued strength of global brand heat driven by robust early demand. We still expect full year HOKA revenue growth of above 20%, with third quarter percentage growth anticipated to be slower due to this year's timing of product launches being weighted towards the fourth quarter. (technical difficulty) to be in the range of 52.5% to 53%, reflecting the strength of UGG full price selling in the second quarter as the brand was able to capture DTC demand early.

（技術問題）為低個位數。這項上修來自由強勁的早期需求所帶動、全球品牌熱度的持續強勁。我們仍預期全年 HOKA 營收成長超過 20%，第三季的成長百分比預計會較慢，原因是今年產品上市時點較偏向第四季。（技術問題）預計介於 52.5% 至 53%，反映 UGG 在第二季正價銷售的強勁表現，品牌得以提早承接 DTC 需求。

SG&A as a percentage of sales is now expected to be in the range of 34% to 34.5%, as we continue to invest in key areas of the business. Operating margin is now expected to be approximately 18.5%, reflecting the improvement in the gross margin. Our effective tax rate is still projected to be in the range of 22% to 23%, and we are increasing our diluted earnings per share expectation to now be in the range of $22.90 to $23.25.

SG&A 佔銷售額的比例目前預期介於 34% 至 34.5%，因我們持續在業務關鍵領域投資。營業利益率目前預期約為 18.5%，反映毛利率改善。我們的有效稅率仍預估介於 22% 至 23%，並將稀釋每股盈餘預期上調至 22.90 至 23.25 美元。

Please note, this guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact from additional share repurchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include, but are not limited to, changes in consumer confidence and recessionary pressures, inflationary pressures, geopolitical tensions, labor shortages and fluctuation in foreign currency exchange rates.

請注意，本指引不包含任何可能被視為一次性（onetime）性質的費用，亦未納入額外股票回購的任何影響。此外，我們的指引假設目前風險與不確定性不會出現重大惡化，其中包括但不限於：消費者信心變化與衰退壓力、通膨壓力、地緣政治緊張、勞動力短缺，以及外匯匯率波動。

We are proud of the first half performance by the HOKA and UGG brands, 2 of the strongest in our industry, which led us to increase revenue guidance heading into the back half of our fiscal year despite what appears to be a more challenging macroeconomic environment. The HOKA brand's global gains in awareness, combined with the early fall demand we are seeing from UGG give us the confidence to achieve this exceptional outlook. Thanks, everyone. I'll now hand the call back to Dave for his final remarks.

我們為 HOKA 與 UGG 兩大品牌在上半年的表現感到自豪；它們是本產業中最強勢的品牌之一。儘管宏觀環境看似更具挑戰，我們仍在進入下半年之際上調營收指引。HOKA 在全球知名度的提升，加上我們從 UGG 看到的秋季早期需求，讓我們有信心達成這份卓越展望。謝謝各位。我現在把電話交回 Dave，請他做最後結語。

Thanks, Steve. HOKA and UGG have delivered incredible results for the first half, and we believe our company is well positioned to deliver on the increased full fiscal year objectives we outlined today. Marketplace management remains paramount to the ongoing success of Deckers and our continued ability to buck industry trends as we build awareness and drive demand for our brands.

謝謝你，Steve。HOKA 與 UGG 在上半年交出令人驚豔的成果，我們相信公司已具備良好條件，能達成我們今天所提出、上調後的全年目標。市場管理仍是 Deckers 持續成功的關鍵，也讓我們在提升品牌知名度與推動需求的同時，得以逆勢超越產業趨勢。

Our proficiency in the implementation and delivery of strategic objectives is what truly differentiates Deckers as an organization, allowing our brands to create lasting consumer connections. We are focused on continuing to deliver meaningful consumer experiences with great products and dedicated to doing so with our long-term objectives at the forefront of everything we do.

我們在策略目標的落地與交付上的能力，真正使 Deckers 作為一個組織脫穎而出，讓旗下品牌得以與消費者建立長久連結。我們專注於持續以優秀產品提供有意義的消費者體驗，並致力於在所有工作中以前瞻性的長期目標為核心。

This approach, alongside our flexible operating model, financial discipline, innovation across fashion and performance brands, and our purpose-led culture of what empowers our highly engaged employees to deliver exceptional results and shareholder value.

這種做法，結合我們具彈性的營運模式、財務紀律、在時尚與性能品牌上的創新，以及以使命為導向的文化，賦能我們高度投入的員工，進而創造卓越成果與股東價值。

I'd like to thank our entire executive leadership team and all of our employees across the organization for their continued dedication to Deckers' values as our company seeks to do good and do great. For more information on these efforts, I'd encourage you to read our forthcoming FY '23 Creating Change report, which launches next week. Thanks, everyone, for joining us here today, and thank you to all of our stakeholders for your continued support. We look forward to continue sharing the exciting future ahead at Deckers.

我要感謝整個高階管理團隊，以及組織內所有員工，持續致力於 Deckers 的價值觀；公司也努力做到「行善」並「做得更好」。若想了解更多相關作為，我鼓勵各位閱讀我們即將發布的 2023 會計年度《Creating Change》報告，將於下週推出。謝謝各位今天與會，也感謝所有利害關係人持續支持。我們期待在 Deckers 持續與各位分享令人振奮的未來。

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

接下來，我把電話交給接線員進行問答。接線員？

(Operator Instructions) Our first question comes from John Kernan from TD Cowen.

（接線員指示）我們的第一個問題來自 TD Cowen 的 John Kernan。

Excellent. Congrats on a phenomenal quarter. And I just wanted to hone in on UGG. Obviously, tremendous momentum as you go into Q3, Q3 is almost 50% of the full year sometimes in terms of total revenue. So just curious. Given all the momentum you see, particularly in DTC in Q2, how should we think about UGG in the back half of the year and particularly Q3?

太棒了。恭喜你們交出非常出色的一季。我想聚焦在 UGG。顯然，在進入第三季時動能非常強；就總營收而言，第三季有時幾乎占全年 50%。因此我想請教：在你們看到的各項動能之下，尤其是第二季 DTC 的表現，我們應該如何看待 UGG 在下半年、特別是第三季的走勢？

Yes. This is Dave. It's a great question. First of all, I want to recognize the momentum that you called out, that the UGG brand experienced in Q2. The team did a phenomenal job of recognizing the opportunity earlier in the year, capturing demand that we left on the table last year, cleaning up the marketplace, putting some exciting activations in place with Cardi B and other influential partners for that brand.

是的，我是 Dave。這是個很好的問題。首先，我想肯定你提到的動能，也就是 UGG 品牌在第二季所展現的表現。團隊在年初就很出色地辨識到機會，承接了我們去年未能滿足的需求，並整頓市場，同時與 Cardi B 以及其他具影響力的合作夥伴，為該品牌推出一些令人興奮的行銷活動。

And the buzz is something that, in my experience at the company, I have never witnessed before. It's palpable. The full price sell-through, the health of the marketplace, the teams just collectively have done an amazing job across the globe to set this brand up for success. And we're really excited that we were able to capture some demand early in the season before holiday shopping before there's potential slowdowns in the marketplace.

而這股熱度是我在公司任職的經驗中前所未見的。它是可感受得到的。我們的正價售罄率、市場的健康度，以及各團隊在全球範圍內的通力合作，都做得非常出色，為這個品牌的成功奠定了基礎。我們也非常興奮，因為我們能在季初、在假日購物季之前、在市場可能出現放緩之前，提早捕捉到部分需求。

So we're set up incredibly well. We're optimistic that this is going to continue for us throughout the year. We're mindful of the fact that it could be a challenging marketplace. So we're not naive to that fact, but we are prepared for it. As we mentioned in the prepared remarks, some of the key styles that we put into the marketplace this year, have sold out -- or sold very well so far. We are in a bit of a chase mode in some of those styles. But I think across the board, we feel really confident that we have a breadth of products across many silhouettes, that are performing well.

所以我們的布局非常到位。我們樂觀地認為這種態勢將在全年持續。我們也清楚市場可能會很具挑戰性；我們並不天真，但我們已做好準備。如同我們在事先準備的發言中提到的，今年投放到市場的一些關鍵款式已經售罄——或至今銷售表現非常強勁。對於其中一些款式，我們目前處於一定程度的追單狀態。但我認為整體而言，我們非常有信心：我們在多種鞋型輪廓上擁有廣泛的產品組合，而且表現都很好。

We have inventory in the right places, a little bit lean in some, but we're going to react and chase those. We've eliminated a lot of noise in the assortment in the marketplace. We have incredibly powerful campaigns and activations across the franchises and the brand. We have an exciting new launch of UGGextreme, which is a winter lifestyle collection that we're going to start investing in, in a deeper way. We have great relationships with our wholesale partners. They need us, especially in this environment. And we want to stay above the promotional marketplace. So we don't want to get caught up in that.

我們把庫存放在正確的位置，有些品類略偏精簡，但我們會迅速反應並追單。我們已在市場端精簡了產品組合、去除許多雜訊。我們在各個系列與品牌層面都有非常有力的行銷活動與啟動計畫。我們也有令人振奮的 UGGextreme 新品上市，這是一個冬季生活風格系列，我們將開始更深入地投入資源。我們與批發合作夥伴的關係非常良好，尤其在這樣的環境下，他們需要我們。我們也希望維持在促銷市場之上，因此不想被捲入其中。

We want to maintain a healthy and clean marketplace and continue to drive real strength through our DTC channel. And that's our strategy, and it's working well so far. We're really excited how the fall season has kicked off, and we feel really good about how it's going to continue.

我們希望維持健康且乾淨的市場環境，並持續透過我們的 DTC 通路推動真正的成長動能。這就是我們的策略，而且到目前為止運作得很好。我們對秋季開局的表現感到非常振奮，也對接下來的延續性很有信心。

Got it. Maybe one quick follow-up just on the margin profile in the back half of the year. It looks like SG&A dollars are planned up on a growth basis pretty significantly. Can you just talk to some of the investments you're making behind UGG and HOKA?

了解。也許再快速追問一下關於下半年毛利結構。看起來 SG&A 費用金額在成長基礎上規劃了相當顯著的增加。你能談談你們在 UGG 和 HOKA 背後所做的一些投資嗎？

Yes. I'll let Steve get into the details. But the top 4 things that we're investing in, which is similar to what we talked about earlier in the year, which is important for us to maintain this level of growth going forward and to be able to continue to grow these brands is really around people, talent and culture. We're big believers that our culture is one of our secret sauce component, so to speak, and that we have incredibly motivated and collaborative teams that are fired up to win.

可以。我先讓 Steve 談細節。不過我們投資的前四大重點，與我們今年稍早談到的類似；這些對於我們維持未來的成長水準、並持續擴大這些品牌非常重要，主要圍繞在人員、人才與文化。我們非常相信我們的文化是某種「秘密配方」的組成之一；我們擁有高度投入、協作的團隊，大家都充滿鬥志、渴望勝利。

We're continuing to invest in innovation. We have a powerful innovation pipeline that we want to continue to bolster that supports all of our brands. Systems and data. I don't think there's a company out there right now that feels good about their systems and data where they're at. We're not alone there. We have some work to do there, but we want to be providing our teams with the right level of visibility so they can run their businesses effectively and leverage AI technologies coming down the pike and then continue to heavily invest in marketing.

我們也持續投資創新。我們有強大的創新管線，並希望持續強化，以支援我們所有品牌。再來是系統與數據。我想現在沒有哪家公司會對自己的系統與數據現況感到完全滿意；我們也不例外。我們在這方面還有一些工作要做，但我們希望為團隊提供適當程度的可視性，讓他們能有效經營業務、並運用即將到來的 AI 技術，然後也會持續大力投資行銷。

We feel that in a constrained environment and a lot of other peers that are struggling with inventory and promotions and lower margins with our profile right now, we have an opportunity to continue to take share in this environment, and we're going to stay aggressive with marketing dollars to do that.

我們認為在一個受限的環境中，當許多同業正因庫存、促銷與較低毛利而承壓時，以我們目前的體質，我們有機會在這個環境下持續提升市占。因此我們會在行銷預算上保持積極，以達成這點。

Yes, John, this is Steve. I think just to kind of further on Dave's comments, what we've said now for a number of years is that I think, one, we're very well financially disciplined as an organization, and we're very careful about where we're placing investments.

是的，John，我是 Steve。我想延伸 Dave 的評論。我們多年來一直在說：第一，我們作為一個組織在財務紀律上做得很好，對於投資投放的位置也非常謹慎。

And I think an indication of that is the increase in the operating margin that we're now guiding to. And so I think we're taking these times of performance and using that to invest in the business. And that's what we've been saying for the past few quarters is that trust us, we're going to make the investments in the right places. We know that sales have been outpacing what we originally thought.

而這點的體現之一，就是我們現在所給出的營業利益率指引上調。因此我認為我們正在利用這段表現良好的時期來投資業務。過去幾個季度我們一直在說：請相信我們，我們會在正確的地方進行投資。我們知道銷售表現一直超出我們原先的預期。

And so we are making the proper investments, as Dave said, in the business that continue to drive these levels of sales. I think we're demonstrating marketplace management, disciplined investment approach, and that's the way we're operating. And even with that increased investment, leveraging some of the increase in the gross margins to lift our profitability for the year. So we're doing it in a very strategic, thoughtful, disciplined way.

因此我們正如 Dave 所說，對業務做出適當的投資，以持續推動這樣的銷售水準。我認為我們展現了市場管理能力與有紀律的投資方式，這就是我們的運作方式。即便投資增加，我們也會運用毛利率提升的一部分來拉升全年獲利能力。因此我們是以非常策略性、審慎且有紀律的方式在進行。

Yes. And the last thing I would add on that, as you guys know, we've worked hard to ensure that more of our SG&A is variable versus fixed. And so we maintain a pretty agile, flexible model, should we need to cut back on some of those things in the second half of the year.

是的。最後我想補充的是，如各位所知，我們一直努力確保 SG&A 中可變成本的比重高於固定成本。因此我們維持相當敏捷、彈性的模式；若下半年需要在某些項目上縮減，我們也能做到。

Our next question comes from Jonathan Komp from Baird.

下一個問題來自 Baird 的 Jonathan Komp。

I want to ask about HOKA, just a follow-up. Could you maybe share a little more detail on the product shifts you mentioned and how that might impact the growth rates in Q3 and Q4? And then as we think about really the pipeline into next calendar year, just how are you thinking about staying ahead of the competition. Everyone seems to be chasing the maximalist cushioning trend? And any color on what you're hearing from your retail partners in terms of some of the order trends?

我想追問一下 HOKA。你能否分享更多你提到的產品結構轉移細節，以及這可能如何影響第三季與第四季的成長率？另外，當我們思考進入下一個曆年時，你們如何保持領先競爭對手？看起來大家都在追逐「厚底、強緩震」的趨勢。以及你們從零售合作夥伴那裡聽到的訂單趨勢，有沒有一些補充說明？

Yes. Great question. I'm glad you asked that. So to put a little bit of color on how we're thinking about the launches in the second half of the year. We're strategically pushing launches into the Q4 timeframe. That's when we really get into the beginning of the spring/summer season when running starts to kick in again. Traditionally, the holiday season is kind of less exciting, so to speak, still a lot of volume to do. But we want to make sure that we come out really powerfully at the beginning of spring next year in our Q4 time frame.

是的，問得很好。我很高興你問到。為了更具體說明我們如何看待下半年的新品上市節奏：我們正策略性地把上市時點往第四季推進。那時我們會真正進入春夏季的開端，跑步需求也會再次啟動。傳統上，假日季相對沒那麼「令人興奮」，但仍有很大的量要做。不過我們希望確保在明年春季開始時、也就是我們第四季的時間點，能以非常強勢的姿態推出新品。

It also allows us to stay out of the fray of a promotional marketplace in Q3. So we're anticipating that particularly in the athletic space where there's a lot of situations where it's over inventoried with a lot of inventory in the channel and the slowdown of the marketplace, we feel we're better to stay above the fray, so to speak. I don't want to launch 2 of our major, major innovation launches coming in Q4, in Q3, when there's a lot of markdowns and promotions going on.

這也讓我們能在第三季避開促銷市場的混戰。我們預期，尤其在運動品類，通路端庫存偏高、加上市場放緩，會出現許多情況。我們認為我們最好能保持在混戰之上。我不希望把兩個非常、非常重要的創新大作（原本在第四季推出）提前到第三季，因為那時會有大量降價與促銷在進行。

So the teams have strategically decided to push those launches to Q4. I can tell you the innovation that's coming out in 2 of our launches are incredibly exciting. And then we'll address how the oversized trends are evolving for us, and we're taking that very seriously. We don't want to lose that dominant position in the category that we created. There is a lot of activity, obviously, from competitive brands going in that direction. Some good, some bad, but the bottom line is we're not as differentiated as we were 3 or 4 years ago with that type of profile.

因此團隊策略性地決定把這些上市推到第四季。我可以告訴你，我們兩個上市計畫中的創新內容都非常令人興奮。接著我們也會回應「厚底」趨勢對我們的演變，我們非常認真看待這件事。我們不希望失去我們所建立的、在該品類中的主導地位。顯然競品品牌在這個方向上有很多動作；有些做得好、有些不然，但重點是：以這種產品輪廓而言，我們已不像三、四年前那樣具有高度差異化。

But our technology, our focus on materials and geometry, product testing, use of plates, different foams, different compounds, et cetera, continues to be at the forefront of everything we do. But we are addressing the fact that people may want a little bit of low profile. They want different uses for their product. We think there's a tremendous opportunity in trail and hike. We're going to go heavy after that. We have a dominant position in that already.

但我們的技術、對材料與幾何結構的專注、產品測試、板材的使用、不同泡棉、不同配方等，仍然走在我們所做一切的最前沿。不過我們也在因應：消費者可能想要更低輪廓一些，他們希望產品能對應不同使用情境。我們認為越野跑與健行領域有巨大的機會，我們會大力投入。我們在那裡已經有主導地位。

So it's top of mind for the team. I think Stefano as the Interim President of the HOKA brand, with the brand leadership team has done an exceptional job of fast tracking our innovation pipeline. And we're excited to unveil some of those new concepts coming up in Q4.

所以這是團隊最關注的重點。我認為 Stefano 作為 HOKA 品牌的臨時總裁，與品牌領導團隊一起，在加速推進我們的創新管線方面做得非常出色。我們也很期待在第四季揭曉其中一些新概念。

Yes. And I think, Jon, just to add on that is, this aligns with the strategy that we've laid out. So this is not a change. As we've said the importance of controlling the marketplace, product in the marketplace, maintaining full price selling, continuing to build brand awareness aligns with our full year outlook. And so we're continuing operate on that with no change on that front.

是的，而且 Jon，我再補充一下：這與我們已經闡述的策略是一致的，所以這不是改變。正如我們所說，控制市場、控制市場上的產品供給、維持正價銷售、持續提升品牌知名度，這些都與我們的全年展望一致。因此我們會持續依此運作，這方面沒有任何改變。

As you can see by Q2 performance, seeing still good growth with the HOKA brand and really impressed with what we continue to deliver. But we're going to be tight on marketplace management, and that's our strategy, and that's what's paying off.

從第二季的表現你可以看到，HOKA 品牌仍然維持良好的成長，我們對持續交出的成果也深感印象深刻。但我們會在市場通路管理上保持嚴謹，這就是我們的策略，而這也正在帶來回報。

I think the theme here is really maintaining a healthy marketplace for the HOKA brand. And listen, HOKA is having an exceptional year. You saw the results in the first half of the year. On a promotion event or level, we were dominant at the UTMB event this year in Chamonix, France. Our athlete won the race, first American male winner ever in that contest. Two weeks later, our athlete won the Ironman championship in Nice, France.

我認為這裡的主題就是維持 HOKA 品牌健康的市場環境。坦白說，HOKA 今年表現非常出色。你在上半年已經看到結果。在促銷活動或促銷強度層面，我們今年在法國霞慕尼的 UTMB 賽事中表現強勢。我們的選手贏得比賽，成為該賽事史上首位奪冠的美國男子選手。兩週後，我們的選手又在法國尼斯贏得 Ironman 錦標賽。

Actually, just today, it was announced by Footwear News that HOKA is the brand of the year. You're seeing the increases in awareness and acquisition from our consumers. Our full price selling is exceptional. We're still dominant in the run specialty channel. We've got tons of momentum here, and we want to make sure that it doesn't get ahead of us and that we manage the marketplace effectively to continue to drive strength in DTC.

其實就在今天，《Footwear News》宣布 HOKA 獲選為年度品牌。你可以看到消費者對我們的認知度與新客獲取都在提升。我們的正價銷售表現非常出色。我們在跑步專業通路仍然占據主導地位。我們這裡有很強的動能，而我們希望確保動能不會超出我們的掌控，並有效管理市場通路，以持續推動 DTC 的強勁表現。

And I think the strategy that the teams have laid out and the cadence of product introductions and innovation is spot on. So a lot of reasons to be excited, but at the same time, we're not naive to the fact that this sector is having some challenges right now in Q3 as people are talking about the fact that it may be really tough. We haven't quite seen that just yet. But again, it's a sector economic issue that we're going to pay close attention to, but we want to maintain scarcity in the marketplace, full price sell-through and keep this brand moving at a healthy pace.

我認為團隊所擬定的策略，以及產品導入與創新的節奏都非常到位。因此有很多令人振奮的理由，但同時我們也不天真地忽視這個產業目前在第三季面臨一些挑戰，外界也在談論可能會非常艱難。我們還沒有完全看到那種情況。但再次強調，這是產業與經濟面的議題，我們會密切關注；同時我們希望維持市場的稀缺性、正價售罄率，並讓品牌以健康的步調前進。

That's very, very helpful. And Steve, if I can just ask one follow-up on the financial guidance for the year. If I look at sort of the implied second half performance, it looks like you're implying operating margins down maybe close to a couple of hundred basis points year-over-year and EPS kind of flat to down slightly. Just could you help us make sense of that after the first half has obviously such strong year-over-year growth rates on both of those?

這非常、非常有幫助。Steve，如果我可以就全年財測再追問一點：如果我看一下隱含的下半年表現，似乎你們暗示營業利益率年對年可能下滑接近幾百個基點，而 EPS 大致持平到小幅下滑。能否協助我們理解，為什麼在上半年這兩項指標都有非常強的年對年成長之後，會出現這樣的情況？

Yes, I think it's a good question. And yes, as you're looking at second half, part of this is recognizing that part of Q2 was benefiting from earlier sales of planned sales that we had in the second half of the year, right? And so while we're raising our overall year, it's not the full beat of that what we've experienced in Q2 because some of those sales at this point in time appear to be timing.

是的，我覺得這是個好問題。沒錯，當你看下半年時，其中一部分是要認知到第二季有受惠於一些原本規劃在下半年發生的銷售提前實現，對吧？因此，雖然我們上調了全年展望，但不會完全反映第二季所經歷的那種全面超預期，因為其中一些銷售在目前看起來屬於時點因素。

We'll see how the marketplace plays out kind of in the back half. But combined that with some of the timing of back half sales moving into Q2, passing through what we think is a full year lift, it is taking some of the sales out of the back half a little bit. But with the overall improvement in the year, and as you know, Jon, I keep saying, we're focused on the year, not quarters. we are lifting our full year, we're lifting our full year gross margin. We're lifting our full year operating margin.

我們會看看下半年市場環境如何發展。但把市場表現與下半年部分銷售提前到第二季的時點因素合併來看，在我們認為全年整體上調的前提下，確實會讓下半年的部分銷售略為被挪走一些。不過，隨著全年整體改善，而且如你所知，Jon，我一直在說，我們關注的是全年，而不是單一季度。我們正在上調全年指引、上調全年毛利率、也上調全年營業利益率。

So like Dave said, we're managing the business for the long run. We're not managing the business on a quarter-to-quarter basis. We look at the full year, that's how we're guiding the full year. And some of that outperformance in Q2 is allowing us to make these additional investments.

所以就像 Dave 說的，我們是以長期來經營這門生意，而不是以季度對季度來管理。我們看的是全年，這也是我們提供全年指引的方式。而第二季的部分超預期表現，讓我們得以進行這些額外投資。

The next question comes from Paul Lejuez of Citi Research.

下一個問題來自 Citi Research 的 Paul Lejuez。

Curious if you could talk about the HOKA DTC business, how that trended during the quarter? And if there's any comments you can make about quarter to date? And then also on the UGG side, you had some unmet demand last year. You mentioned you're in chase mode again on UGG (inaudible). And I'm curious about your ability to chase and what are your assumptions for the second half on being able to fulfill that demand?

想請你談談 HOKA 的 DTC 業務，本季的趨勢如何？以及對於截至目前本季（quarter to date）是否有任何評論？另外在 UGG 方面，你們去年有一些未被滿足的需求。你提到你們又進入 UGG 的追單模式（聽不清）。我想了解你們追單的能力，以及你們對下半年能夠滿足該需求的假設是什麼？

Okay, Paul. Some of that was a little hard to hear, I'm going to -- I'll take my best shot. So this is Steve. So on the HOKA DTC business, strong, very strong Q2, up 46%. And we look at that factor as the real true demand signal. We know there are going to be fluctuations with wholesale orders of when they flow and so we closely watch the DTC performance. And having that up 46% in Q2 is just another strong demonstration of how well HOKA is resonating with consumers. So very encouraged by that.

好的，Paul。剛才有些地方有點聽不清楚，我會盡力回答。這裡是 Steve。關於 HOKA 的 DTC 業務，第二季表現強勁、非常強勁，成長 46%。我們把這視為真正的需求訊號。我們知道批發訂單在出貨時點上會有波動，因此我們會密切關注 DTC 的表現。而第二季 DTC 成長 46%，再次有力證明 HOKA 與消費者的共鳴程度非常高，所以我們對此非常受到鼓舞。

I think as we've said, and as Dave just articulated kind of how we're thinking about Q3 and back half, managing the marketplace, we don't want to get into a promotional environment. We know there is a lot of competition out there that's over inventory. We're seeing a lot of promotion. HOKA is not in that space. We're not having to promote like other brands are. And so how we continue to build this brand forward and then build towards a bigger fourth quarter type increase on percentages terms as we have those new style intros planned for Q4. And then your other second part question was chasing. Do you want to go, David?

我想如同我們之前所說、也如 Dave 剛才闡述我們對第三季與下半年的思考方式：我們要管理市場通路，我們不希望進入促銷環境。我們知道外面有很多競爭對手庫存過剩，我們看到大量促銷。HOKA 不在那個狀態。我們不需要像其他品牌那樣促銷。因此，我們會持續推進品牌建設，並在第四季如期推出新款式導入，帶動第四季在百分比上的更大增幅。至於你第二部分的問題是追單。David，你要接著回答嗎？

Yes, I'll talk about that one. So I think one thing I think is important to clarify is, if you go back 3 or 4 years and you look at the UGG brand and what drove the business, it was really 1 or 2 styles. It was all basically Classic, Short, Mini. And outside of Classic, we had varying degrees of success with other styles. If You go back 7, 8 years, it was the Bailey Bow and Bailey Button.

好的，我來談那一題。我認為有一點很重要需要釐清：如果你回頭看 3 到 4 年前的 UGG 品牌，以及當時業務的驅動因素，其實主要就是 1 到 2 個款式，基本上都是 Classic、Short、Mini。除了 Classic 之外，我們在其他款式上的成功程度不一。如果你回頭看 7、8 年前，則是 Bailey Bow 和 Bailey Button。

But we were more -- quite honestly, a one-trick pony in those days. The way the brand has evolved, the assortment is we have now 5 to 6 top-selling franchises. If you look at the Tasman, the Tazz platform, the ULTRA Mini, the Ultra Mini platform, some of the styles like the Classic Dipper, there's a lot more assortment and variation in styles and hypes and platforms, et cetera, to choose from.

但老實說，那些年我們更像是只靠一招的品牌。隨著品牌演進，如今的產品組合已經不同：我們現在有 5 到 6 個最暢銷的系列。如果你看 Tasman、Tazz 平台、ULTRA Mini、Ultra Mini 平台，以及像 Classic Dipper 這類款式，能選擇的款式、熱度與平台等都更多元、變化也更豐富。

And the good news is that they're all resonating very well. And we have good early reads on things like UGG weather styles, the Neumel Weather and the classic weather program. And at the same time, the team has edited the line by about 30% versus prior year. So you have inventory that we can put -- traditionally went into lower selling styles. We put that inventory into the top 5 to 10 styles this year. With Anne's help in getting the teams focused and putting more emphasis behind these key styles from a marketing perspective, we've also been able to put more depth in those styles and inventory.

好消息是，這些系列的市場反應都非常好。我們也對像是 UGG 的 weather 系列（Neumel Weather 與 classic weather 計畫）有很好的早期回饋。同時，團隊也把產品線相較去年精簡了約 30%。因此，原本傳統上會配置到較低銷售款式的庫存，我們今年把那些庫存轉而投入前 5 到前 10 大款式。在 Anne 的協助下，讓團隊更聚焦，並從行銷角度對這些關鍵款式加大力度，我們也得以在這些款式上配置更深的尺碼與庫存。

Now a couple of them, we are selling faster than expected due to the earlier demand, but the teams have reacted quickly. We have the ability to chase some inventory, not a ton, but I think going into the back end of December, we'll be in good shape on some of these key styles. So we feel like that we have the inventory to do what we need to do. It's not a bad thing to leave a little bit of demand on the table if that's the case. And at the same time, we have a very exciting launch with UGG Weather Extreme -- the UGGextreme collection coming in, which is a new category of focus for us going forward.

目前其中有幾個款式因為需求提前而賣得比預期更快，但團隊反應很迅速。我們有能力追一些庫存，不算很多，但我認為到 12 月下旬，我們在部分關鍵款式上會處於不錯的狀態。所以我們覺得庫存足以支撐我們需要做的事。如果真的需要，留下一點未被滿足的需求也不一定是壞事。同時，我們也將推出非常令人興奮的 UGG Weather Extreme——UGGextreme 系列，這會是我們未來持續聚焦的一個新類別。

So I think we're in pretty good shape. We have the inventory and the right styles, which we didn't last year, and I think the teams have done a great job of adjusting and cleaning up the assortment and putting more power across the 5 to 10 styles that are really driving the growth.

所以我認為我們的狀態相當不錯。我們擁有庫存與正確的款式，這是去年所欠缺的；我也認為團隊在調整與精簡產品組合方面做得很棒，並把更多資源集中在真正驅動成長的 5 到 10 個款式上。

Yes. And I think, Paul, just to add to that. One of the things with the strength that we've seen in Q2 on some of the styles that have been very popular, and we're selling down the inventory. We are looking to expedite some of that back in, but there's a limit, right? We won't necessarily be able to chase every sale nor would we want to chase every sale. So we'll see how things play out, but we're set up very well. It is the driver of our full year increase. So we're very encouraged going into the back half of the year.

是的。我想再補充一點，Paul。第二季我們在一些非常受歡迎的款式上看到很強的動能，庫存也在快速消化。我們正在評估加速補回部分庫存，但這是有上限的，對吧？我們不一定能追到每一筆銷售，我們也未必想追到每一筆銷售。所以我們會看後續發展，但我們的準備非常充分。這也是我們全年上調的驅動因素，因此我們對下半年非常受到鼓舞。

The next question comes from Sam Poser of Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

First of all, Erinn, you've got most of it, but Teva, Sanuk and other are my normal question. And then I have a whole bunch of questions.

首先，Erinn，你已經講到大部分了，但 Teva、Sanuk 和其他是我平常會問的問題。然後我還有一大堆問題。

Sam, sure, I'll start off with that. So for the second quarter, for global wholesale and distributor as you noted, some of this, I think you can pull out of what we said. But for UGG 452 million, Hoka 263 million, Teva, 12 million; Sanuk 3.3 million, and that leaves you with other at just about 30 million.

Sam，當然，我先從那個開始。第二季，就你提到的全球批發與經銷商部分，其中一些我想你可以從我們剛才說的內容推得出來。不過，UGG 為 4.52 億美元，Hoka 為 2.63 億美元，Teva 為 1,200 萬美元；Sanuk 為 330 萬美元，剩下的其他約為 3,000 萬美元。

All right. So just skip this out of the way. With Sanuk that you're going to -- are you going to take that as a discontinued operation going through the balance of the year? Or how should we think about that in revenue guidance and so on?

好。那先把這個略過。關於 Sanuk，你們接下來——你們會在今年剩餘期間把它列為停業部門嗎？或者我們在營收指引等方面應該怎麼看待？

Yes, Sam. So no, we're not looking to break that to discontinued operations. So we'll continue to report it as we seek to find a buyer. So that's the current plan. Yes.

是的，Sam。所以不會，我們不打算把它列為停業部門。因此在我們尋找買家的同時，會持續把它納入報告。這是目前的計畫。是的。

Okay. And then with the way this is flowing in the back half, was there a lot of pull forward in the UGG wholesale business? I mean should we expect UGG wholesale, especially in the third quarter to be down given how much came in Q2?

好的。那麼在下半年這樣的走勢下，UGG 的批發業務是否有大量提前拉貨？我是說，考量到第二季進來這麼多，第三季的 UGG 批發是否應該會下滑？

Yes. So again, depending on your model because we haven't guided the quarter. But yes, what we're basically saying is there is a portion of wholesale orders that occurred in Q2 that you may have planned for in Q3. And that is what's leading to the increase in UGG performance. So again, we haven't given quarterly guidance. I don't know exactly how you had it broken out. But yes, I think safe to say that some of the increase in UGG that we've seen in Q2 is wholesale orders that were moved forward into Q2.

是的。所以再次強調，這取決於你的模型，因為我們尚未提供單季指引。但沒錯，我們基本上是在說：第二季發生了一部分批發訂單，可能原本你會規劃在第三季，而這正是推動 UGG 表現上修的原因。因此，我們沒有給季度指引，我也不清楚你原本怎麼拆分。但我認為可以很安全地說，我們在第二季看到的 UGG 增量，有一部分是批發訂單提前到第二季出貨。

Yes. And I think what is still to be determined is how much of the upside that we captured in Q2 was just earlier demand or brand heat that will continue through Q3. And so either way, I think we're positioned well depending on how the market moves. But at this point, the demand seems strong and healthy, and we think it should continue.

是的。而目前仍有待確認的是：我們在第二季抓到的上行有多少只是需求提前、或是品牌熱度會延續到第三季。因此不論哪一種情況，我認為我們都已做好準備，取決於市場如何變化。但就目前而言，需求看起來強勁且健康，我們認為應該會持續。

But as we said, we're heading into an unknown macro environment that hard to say what it's going to look like. But we're optimistic that some of that demand was brand heat that will continue through Q3.

但如同我們所說，我們正進入一個未知的總體環境，很難說會是什麼樣子。不過我們樂觀地認為，其中一部分需求是品牌熱度，會延續到第三季。

So -- and then -- okay. And then on HOKA, the same kind of question. Given that you're moving a big launch -- you're moving a big launch away or moving launches out, does that mean that the wholesale business in Q3 would look more like Q2 and then from a -- maybe as a percentage, but then accelerate into Q4? And then -- but there's no real reason for DTC. It appears to slow down very much. I mean that's good momentum on new -- you've launched a lot of new products in the last few weeks, I've noticed.

那——然後——好。接著關於 HOKA，也是類似的問題。鑑於你們把一個大型上市——把一個大型上市往後移、或把上市時程往後推，這是否意味著第三季的批發業務看起來會更像第二季，然後以——也許以占比來看，接著在第四季加速？然後——但 DTC 似乎沒有什麼理由會明顯放緩。我的意思是，新品動能很好——我注意到你們在過去幾週推出了很多新產品。

Yes. So Sam, it's a good question. And there's kind of different ways to look at it. So I think as I said and Dave have said, we haven't changed the way we're looking at HOKA for the year. So I think kind of that's most important. Remember, the underlying fundamentals of that is a very controlled wholesale marketplace, right? And so as we think about Q3, as Dave talked about, we are controlling wholesale in that Q3 period because we want the market to be seen as we're launching some new products in Q4.

是的。Sam，這是個好問題，而且有幾種不同的看法。正如我和 Dave 所說，我們並沒有改變對 HOKA 全年的看法，我認為這點最重要。請記得，其背後的基本面是一個非常受控的批發市場，對吧？因此當我們看第三季時，如 Dave 所談到的，我們在第三季期間會控制批發，因為我們希望市場在第四季推出一些新產品時能被看見。

So I think that's an important underlying. The other then is, remember, we had very large DTC comps a year ago. So when you're looking at some of those, our DTC comps last year, Q3 was 107%, I think Q4 was like 97%. So we're coming off of very big growth quarters a year ago. So that's the other thing to consider, right, as we're talking about this. So there's growth. Then the other thing, I think, to take into account is what we've said about full year growth. As we've said full year growth, our first half has exceeded that average full year growth guide number, which means, by definition, the second half is going to be a little bit lower because we're controlling again that wholesale component of the marketplace. This is part of our strategy.

所以我認為這是重要的底層因素。另一點是，請記得去年我們的 DTC 比較基期非常高。所以當你看那些數字時，我們去年第三季的 DTC 同店成長是 107%，我想第四季大概是 97%。因此我們是從去年非常高成長的季度走過來。這也是需要考量的另一件事，對吧？所以有成長。再來我認為還要納入的是我們對全年成長所說的內容。正如我們所說的全年成長，上半年已經超過我們給的全年平均成長指引數字，這表示按定義，下半年會稍微低一些，因為我們再次控制市場中的批發組成。這是我們策略的一部分。

Now, as we talk and some of our partners have discussed, there will be some wholesale expansion at the end of our Q4, right? So that won't necessarily get captured in our back half but this is setup for next year. So again, everything is playing out like we've said. The brand continues to perform very well. And I think there are some dynamics that are in there that are important to understand. But most importantly is the brand continues to perform very well.

現在，正如我們所談到、也有一些合作夥伴討論過的，在第四季末會有一些批發擴張，對吧？因此那不一定會反映在我們下半年，但這是為明年做準備。所以再次強調，一切都如我們所說地在推進。品牌持續表現非常好。我認為其中有一些動態很重要、需要理解。但最重要的是，品牌持續表現非常好。

Yes. And the last thing I would add to that is, last year, we were opening new doors in Q3. So there was some door expansion. And so the setup quantities led to some of the growth in those doors. This year, we're still maintaining a net neutral through Q3 on door growth. So comping that door growth last year could have a little bit of an impact on the wholesale performance, too.

是的。我最後想補充的是，去年我們在第三季開了新的門店據點（doors）。所以有一些通路據點擴張。因此鋪貨（setup）數量帶動了那些據點的一部分成長。今年，我們在第三季仍維持門店據點成長淨持平。因此與去年那個據點成長相比，可能也會對批發表現造成一點影響。

Got you. And then lastly, Dave, you've been now how long at Deckers?

了解。最後，Dave，你在 Deckers 現在待了多久？

A little over 11 years. We've had a long relationship Sam.

11 年多一點。我們和你有很長的合作關係了，Sam。

Does that make you the elder statesman?

那你算是資深元老嗎？

No.

不是。

You were in charge of that collaboration?

那個聯名合作是你負責的？

No, I was excited to see it, but I don't want to take credit for that. That was Anne and the team.

不是，我很高興看到它，但我不想把功勞攬在自己身上。那是 Anne 和團隊做的。

The next question comes from Laurent Vasilescu of BNP Paribas.

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

Congrats on such solid results. I wanted to ask about HOKA. Dave, I think you mentioned that HOKA International grew 44% in the quarter. If that's the case, maybe can you just give a little bit of color just what you saw by region. What's driving that growth? I think you mentioned a little bit Europe. But, how did you think -- how do you see the growth between wholesale and DTC? Was there a spread between that internationally?

恭喜有這麼亮眼的成績。我想問關於 HOKA。Dave，我想你提到 HOKA 國際業務本季成長 44%。如果是這樣，也許你能多補充一些各區域的情況。是什麼在驅動這個成長？我想你稍微提到歐洲。但你怎麼看——你怎麼看國際上批發與 DTC 之間的成長？兩者在國際市場是否有差距？

And maybe, Steve, I don't know if you can maybe give us some guardrails to just how you're thinking about international HOKA growth for the year?

另外，Steve，我不知道你是否能給我們一些範圍（guardrails），說明你們今年對國際 HOKA 成長的思考方式？

Yes. So we can validate that number. I don't know that it was exactly 44%. But the bottom line is that we are very excited about the growth that we experienced internationally. That's been a focus of ours for across all of our brands. The international teams are doing a tremendous job of creating brand heat in that marketplace and then also managing the marketplace effectively across DTC and wholesale.

是的。所以我們可以確認那個數字。我不確定是否正好是 44%。但重點是，我們對國際市場的成長表現感到非常振奮。這一直是我們所有品牌的重點。國際團隊在當地市場創造品牌熱度方面做得非常出色，同時也在 DTC 與批發之間有效地管理市場。

The real strength of the growth that we saw in Q2 was really DTC led, particularly in Europe, exceptional results. Now a smaller percent of our total business, but -- we think that speaks to the health of the brand and the demand for that consumer as we're investing in more marketing in the region. The events that we mentioned UTMB and the Ironman were held in Europe. So there's a lot of buzz around the brand there.

我們在第二季看到的成長真正的強項其實是由 DTC 帶動，尤其是在歐洲，表現非常出色。雖然占我們總業務的比重較小，但——我們認為這反映了品牌的健康度，以及在我們加大該區域行銷投資時，消費者端的需求。我們提到的 UTMB 和 Ironman 這些活動都在歐洲舉行，所以那邊對品牌有很多話題與熱度。

And we're just getting better at managing that brand from a DTC perspective, investing in that team and the capabilities over there. So really, the growth is being driven primarily by the DTC channel. Wholesale is still strong. But as we said, in the U.S., we're managing that tightly to create the excitement and the awareness, but still really ultimately drive the business to DTC, and that's the formula we're going to continue to lean on going forward.

而且我們在以 DTC 角度管理品牌方面也越來越成熟，持續投資那邊的團隊與能力。因此成長主要是由 DTC 通路驅動。批發仍然強勁。但如同我們所說，在美國我們會嚴格控管批發，以創造興奮感與認知度，但最終仍是把業務導向 DTC，而這就是我們未來會持續倚重的公式。

What was the other question? It was the third question for steve there.

另一個問題是什麼？那是給 Steve 的第三個問題。

So Laurent, I think the number you quoted was total company international DTC growth. So, we didn't provide the HOKA component. So the total 44%, I think that you quoted was total company international DTC growth. I think then just to your question on HOKA, to me was a little bit about how do we see HOKA internationally expansion for the year.

Laurent，我想你引用的 44% 是公司整體國際 DTC 的成長。所以我們沒有提供 HOKA 的拆分。因此你提到的 44%，我認為是公司整體國際 DTC 成長。接著回到你對 HOKA 的問題，我理解比較是在問：我們如何看待 HOKA 今年在國際市場的擴張。

I think what we see -- the trends that we're seeing are similar to what we saw in North America probably a year or 2 ago, right? So how we're seeing HOKA show up in the running community and then beyond the running community is similar but further behind. And so this bigger expansion or faster growth in percentage terms is another indication that, that seems to be the case that we're seeing the HOKA brand resonate with consumers, kind of starts with runners, running community and begins to build out as awareness grows. Very similar trend to what we've seen in North America.

我認為我們所看到的——我們正在看到的趨勢，與我們在北美大概一到兩年前看到的情況相似，對吧？因此，我們看到 HOKA 在跑步社群中出現，然後再擴展到跑步社群之外，這種情況相似但進度更落後一些。所以，這種更大的擴張或以百分比計更快的成長，是另一個跡象，顯示我們看到的確如此：HOKA 品牌正在與消費者產生共鳴，通常從跑者、跑步社群開始，並隨著知名度提升而逐步擴展。這與我們在北美看到的趨勢非常相似。

So in that international arena, we're a little bit behind where we were, still very early innings for both domestic and international, but a little bit earlier on internationally, and that's why we're seeing those growth percentages high, total company, but you can extrapolate that to the HOKA brand as well.

所以在國際市場方面，我們相較於過去的進度稍微落後一些；無論是國內或國際都仍在非常早期的階段，但國際市場更早一些，這也是為什麼我們看到整體公司成長百分比如此之高；而你也可以把這一點外推到 HOKA 品牌上。

Yes. And the new store we opened in Covent Garden in London is off to a great start, and we're seeing that formula play out, which is the mix of performance and everyday runners and lifestyle driving the results there. A lot of tourists experienced the brand for the first time in our stores, our own stores and our partner stores in China continue to perform well also.

是的。我們在倫敦科芬園（Covent Garden）新開的門市開局非常好，我們也看到那套公式正在發揮作用，也就是以機能表現與日常跑者及生活風格（lifestyle）的組合來帶動那裡的成果。許多觀光客在我們的門市第一次體驗到這個品牌；此外，我們在中國的自營門市與合作夥伴門市也持續表現良好。

That's great to hear. And then, Dave, I think last quarter, during the Q&A, you alluded to the launch of a new brand that might be small, but maybe just can you give us an update on where that stands and with the potential divestiture of Sanuk. Does that give you capacity, just bandwidth, time resources to potentially pursue M&A at the same time as you're launching a new brand?

很高興聽到。接著，Dave，我記得上季在問答時，你提到可能會推出一個新品牌，規模也許不大；你能否更新一下目前進度？另外，隨著可能出售 Sanuk，這是否能讓你們騰出一些容量——也就是人力帶寬、時間與資源——在推出新品牌的同時，也有機會同步推進併購（M&A）？

Yes, there are really 2 separate events. It's not that the Sanuk was holding us back from building and launching a new brand. So we look at these separately as just fine-tuning our model. Just to speak to the Sanuk decision for a second. I'm really proud of how the teams have managed this brand over the last few years from a marketplace management standpoint. And the product right now is very, very strong. But what we realized is that the journey to scale that brand so that it's meaningful in our portfolio, it's just too long.

是的，這其實是兩件彼此獨立的事情。並不是 Sanuk 阻礙了我們打造與推出新品牌。因此我們把它們分開看，視為對我們模式的微調。先談一下 Sanuk 的決策：我非常以團隊過去幾年在通路與市場管理方面對這個品牌的經營為傲，而且目前產品非常、非常強。但我們意識到，要把這個品牌擴大到在我們的品牌組合中具有實質意義，所需的時間實在太長。

There's other things that we think we can invest in. And we think that this is a brand that consumers love. It deserves a good home and somebody who can -- is a priority for them versus fourth or fifth brand in our portfolio. So it's a tough decision emotionally and financially. But I think it's the best thing for the company and the brand to do this. With regards to the new brand we're working on, I don't want to give away too much to our competition, but we're excited. We're going to be taking the best of HOKA and UGG and all the learnings we have from those 2 brands.

我們認為還有其他事情更值得投資。而且我們認為這是一個消費者喜愛的品牌，它值得有一個好的歸宿，交給把它視為優先事項的人，而不是在我們組合中排第四或第五的品牌。所以，這在情感上與財務上都是艱難的決定，但我認為對公司與品牌而言，這是最好的做法。至於我們正在打造的新品牌，我不想對競爭對手透露太多，但我們很興奮。我們會把 HOKA 與 UGG 最好的部分，以及我們從這兩個品牌學到的一切，整合起來。

And creating, what we're calling, a super sneaker brand across various categories. We have the distribution channels. We have the DTC network. We have a lot of leverage in the marketplace and some really innovative, exciting products. It will be a long haul, but we think this is a space that is emerging and that we want to make sure that we have some skin in the sneaker game going forward beyond HOKA.

並打造我們所稱的「超級運動鞋（super sneaker）」品牌，橫跨多個品類。我們有既有的分銷通路，也有 DTC（直面消費者）網路；我們在市場上有很強的槓桿，並且有一些非常創新、令人興奮的產品。這會是一場長跑，但我們認為這是一個正在興起的領域，我們希望確保未來在 HOKA 之外，也能在運動鞋賽道上有一定的布局。

And then as far as M&A goes, listen, we have enough organic growth here in our portfolio for the next foreseeable future and years. We're always keeping our eyes on it. We've looked at a lot of opportunities and with regards to what it would do for our company financially and workload and disruption. Nothing has come across our desk that we're excited about yet. But it's always top of mind for us, and we're continuing to look.

至於併購（M&A），坦白說，我們的品牌組合在可預見的未來幾年內，光靠有機成長就已經足夠。我們一直在關注，也看過很多機會，並評估它們在財務面、工作量與對組織造成的干擾等影響。目前還沒有任何案子讓我們感到特別興奮。但這始終是我們的重點之一，我們也會持續尋找。

But we think listen, we have Teva that has opportunity down the road, and we think we can create a new brand and launch that and see if we can make some exciting inroads with both those brands while we focus our real efforts and attention on UGG and HOKA.

不過我們認為，Teva 未來仍有機會；同時我們也認為可以打造並推出一個新品牌，看看是否能在這兩個品牌上取得一些令人興奮的突破，同時把我們真正的努力與注意力聚焦在 UGG 與 HOKA。

Our last question today comes from Janine Stichter from BTIG.

我們今天最後一個問題來自 BTIG 的 Janine Stichter。

Congrats on the great quarter. Question on HOKA, I wanted to hear more about what you're seeing at some of the more recent doors that you've been in over the last few years, Foot Locker, DICK'S, I think you've recently tested JD. Just curious what the sell-throughs look like there?

恭喜本季表現亮眼。我想問 HOKA 的問題：我想多了解一下，過去幾年你們進入的一些較新的通路門店（doors）——Foot Locker、DICK'S，我想你們最近也測試了 JD——你們在那裡的銷售動銷（sell-through）表現如何？

And if you have any thoughts on the type of consumer you're getting, if it's helping you kind of broaden the aperture of the consumer you reach with HOKA. And then on UGG, I'd just love to hear a bit more about international. I think you talked quite a bit about international strength at HOKA, but would just love to hear more about what you're seeing there with UGG and if the momentum is similar versus what you're seeing in the U.S.?

以及你們對所吸引到的消費者類型有何看法？這是否有助於你們擴大 HOKA 觸及的消費者範圍？另外關於 UGG，我也很想多聽一些國際市場的情況。我知道你們談了不少 HOKA 在國際市場的強勁表現，但也想更了解你們在 UGG 的國際市場看到什麼，以及其動能是否與你們在美國看到的情況相近？

Yes. Good question. So, HOKA door performance, new doors that we have opened up are performing very, very well. I was talking to Stefano, who is overseeing that brand right now, the new doors that we've opened over the last year in new accounts, all performing very well, high level of full-price sales, strong turns, stealing market share, run specialty stores.

是的，好問題。就 HOKA 的通路門店表現而言，我們新開拓的門店表現非常、非常好。我剛和目前負責該品牌的 Stefano 談過，我們在過去一年於新客戶中開出的新門店，表現都非常好：全價銷售占比高、周轉強勁、正在搶占市占，尤其是在跑步專業店（run specialty stores）。

We have a #1 position there that we're fighting every day to maintain and we want to build out in that position. But new doors in Foot Locker and DICK'S and JD, et cetera. they want more. So that's a good sign. And the way that we're performing those doors is right in line with what we would have hoped it would happen. And we're managing it tightly as we have been doing so that we maintain full price selling and healthy turns and gross margins for our partners. It's a good question on the type of consumer.

我們在那裡處於第一名的位置，我們每天都在努力維持，並希望在這個位置上持續擴張。而在 Foot Locker、DICK'S、JD 等等的新門店，他們都希望拿到更多貨，這是個好跡象。而我們在這些門店的表現，與我們原本希望達成的情況完全一致。我們也像過去一樣嚴格管理，以維持全價銷售、健康的周轉，以及讓合作夥伴有良好的毛利率。至於消費者類型，這確實是個好問題。

Foot Locker as an example, was a strategic play, not just from a volume play, but also strategic to reach a younger lifestyle consumer, both male and female, and we're seeing that happen. I think -- some of the success in Q2 was probably back-to-school business that we hadn't really realized before. And with our focus on 18- to 34-year-old consumers and college athletes, we're seeing that pay off.

以 Foot Locker 為例，這是一個策略性布局，不只是為了量的成長，也是為了觸及更年輕的生活風格消費者，男女皆是，而我們確實看到這正在發生。我認為第二季的一些成功，可能來自我們過去沒有真正意識到的返校季（back-to-school）業務。隨著我們聚焦 18 到 34 歲消費者與大學運動員，我們看到這個策略正在帶來回報。

And so it's exciting to see high school athletes and college athletes and beyond gravitating to our brand, going to those doors, looking for the brand, making the choice of HOKA over traditional NIKE Dunk or Air Force 1. That's super exciting. We're going to keep a close eye on that because we don't want that to be a big spike and then go away. So we need to manage that tightly and the lifestyle teams are all over that and working with our accounts to make sure that it's a healthy business for the long term.

因此，看到高中運動員、大學運動員以及更廣泛的人群被我們的品牌吸引，走進那些門店、尋找這個品牌，並在選擇上以 HOKA 取代傳統的 NIKE Dunk 或 Air Force 1，這非常令人振奮。我們會密切關注，因為我們不希望這只是短期暴衝然後消退。所以我們需要嚴格管理；生活風格團隊也正全力投入，並與我們的客戶合作，確保這是一門長期健康的生意。

And then on UGG International, similar to what Steve was saying in HOKA, UGG is in international, particularly in Europe, is at the point where UGG was a couple of years ago, really healthy strong growth, they've been working hard on local marketing activations and leveraging PR in the region. And the new product is resonating extremely well across the board, but particularly with younger consumers there. And it's really exciting to see.

至於 UGG 的國際市場，和 Steve 談到 HOKA 的情況類似：UGG 在國際市場、特別是在歐洲，正處於 UGG 幾年前的那個階段——非常健康且強勁的成長。他們一直努力推動在地行銷活動（local marketing activations），並在該地區運用公關（PR）資源。新產品在各方面都引起非常強烈的共鳴，尤其是在那裡的年輕消費者之中。看到這樣的情況真的很令人興奮。

And we haven't been in this position in Europe in quite some time, but the momentum is real. The brand heat is improving. The level of acquisition and consideration for our consumers are all heading in the right direction. So we think this is an opportunity to build on this, particularly in the U.K. and Germany, our 2 biggest markets. And we're going to continue to play this playbook out and get more aggressive with marketing activations in the region.

而且我們在歐洲已經有一段時間沒有處於這樣的位置了，但這股動能是真實的。品牌熱度正在提升；消費者的獲取（acquisition）與考慮度（consideration）等指標都朝著正確方向前進。因此我們認為這是一個可以乘勢而上的機會，特別是在我們兩個最大的市場——英國與德國。我們會持續推進這套打法，並在該地區更積極地投入行銷活動。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。