Deckers Outdoor Corp (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，感謝您的支持。歡迎參加 Deckers Brands 2024 財年第二季財報電話會議。 （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。

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

大家好，謝謝大家今天加入我們。總裁兼執行長 Dave Powers 接聽電話；和首席財務官史蒂夫·法辛（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。

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案》規定的免責責任安全港的資格。今天在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，並包括有關以下方面的陳述：我們當前和長期的戰略目標、消費者行為的變化、我們品牌的實力、對我們產品的需求、產品分銷策略、營銷計劃和策略、我們供應鏈和物流的中斷、我們的預期收入、品牌表現、產品組合、利潤、費用、庫存水準和促銷活動，以及宏觀經濟環境對我們營運和績效的影響，包括外幣匯率的波動。

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

本次電話會議中所做的前瞻性陳述代表了管理階層目前的預期，並基於做出此類陳述時可獲得的資訊。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有重大差異。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. 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。在這次電話會議上，管理階層可能會參考未依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先前報告期間開放的業務中按固定貨幣計算的可比較直接面向消費者的銷售額。

The company believes that these non-GAAP financial measures are important indicators of its operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results. With that, I'll now turn it over to Dave.

該公司認為，這些非公認會計準則財務指標是其經營績效的重要指標，因為它們排除了與其核心經營績效無關且可能無法表明其核心經營績效的項目。有了這個，我現在將把它交給戴夫。

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，艾琳。大家下午好，感謝您參加今天的電話會議。很高興今天能與您一起討論我們出色的第二季度，我們的 2 個市場品牌經歷了高水平的全價消費者需求，導致收入比去年增長 25%，在 9 月末首次突破 10 億美元第二季度，毛利率比去年同期提高了520 個基點，攤薄後每股收益比去年同期增長了近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.

我們的直接面向消費者業務是第二季度營收成長最快的部分，與去年相比成長了近40%，其中HOKA 成長了46%，UGG 成長了38%，這兩個品牌的全球成長均超過30%在消費者獲取方面。在我們最大的兩個品牌 UGG 和 HOKA 的推動下，我們的全球批發業務第二季度的收入也實現了強勁增長，與去年相比增長了 19%。

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.

我們的批發客戶也繼續看到我們兩個品牌的主要款式令人難以置信的熱度和勢頭。由於消費者需求強勁，本季的批發銷售包括季節性出貨量的加速下降，這有利於我們上半年的業績，並增強了我們實現本財年前景的信心。

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.

隨著我們繼續專注於策略市場管理，我們很高興在今年年初抓住了強勁的需求勢頭，特別是這些產品在所有管道上獲得了高水準的全價銷售。

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.

當我們專注於全年業績時，我認為反思我們今年迄今為止的表現非常重要。我們為Deckers 帶來了創紀錄的上半年業績，所有通路的總投資組合收入比去年增長了19%，這主要得益於HOKA 收入增長了27%，得益於其接入點生態系統的全球實力，UGG 收入成長了18%，主要來自於以下方面的收益：國際區域和全球 DTC。

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

與去年相比，總產品組合、全球 DTC 獲取量和保留量分別成長 29% 和 27%，所有品牌的國際收入成長 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.

史蒂夫將在稍後的電話會議中提供有關我們財務業績和相關展望的進一步詳細資訊。我想強調的是，我們對我們強勁的近期業績與Decker 的長期目標持續保持一致感到非常自豪，目標是將HOKA 打造成價值數十億美元的高性能品牌，透過直接面向消費者的聯繫來發展UGG產品和體驗，透過消費者獲取和保留收益擴大 DTC，並透過有針對性的投資推動國際成長。

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，讓我們從 HOKA 開始，回顧一下我們上半場成功的亮點。上半年全球營收較去年成長27%。這一令人印象深刻的結果反映了 HOKA 品牌成功的市場管理執行力，這為 DTC 帶來了更多業務，同時我們現有的批發分銷點的高全價銷售帶來了市場份額的增長。

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直接面向消費者的業務帶動，與去年相比成長了 54%，佔營收的 38%，高於上年的 31%。根據 Decker 專有的品牌追蹤研究，全球品牌知名度的提高推動了這一增長，消費者獲取量比去年增長了 47%，消費者保留率比去年增長了 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 在所有主要市場都取得了顯著的成長和知名度。美國成長至約 30%，國際地區平均成長至十幾歲左右，成長空間更大。具體到我們上半年 DTC 的收益，歐洲、中東和非洲 DTC 的消費者獲取量幾乎翻了一番，幫助該地區的通路收入實現了 75% 的年增長。

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.

這代表了我們 EMEA 地區的巨大進步，儘管 DTC 在其總收入中所佔比例仍然相對較小，但我們認為這種擴張是一個積極的指標，表明 HOKA 越來越與歐洲消費者產生共鳴。正如我們在美國所證明的那樣，隨著品牌開始在當地消費者中佔有一席之地，透過行銷活動和策略性市場存在來深思熟慮地建立品牌知名度，可以成為 DTC 加速的催化劑。

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 最近在倫敦考文特花園開設了第一家歐洲旗艦店，使該品牌在全球最具影響力的鞋類市場之一中擁有強大的影響力。在美國，HOKA 繼續實現出色的成長。上半年 DTC 營收較去年成長近 50%，其中 18 至 34 歲的留存消費者成長強勁，成長了 70%。我們相信，這種需求在一定程度上是由於 HOKA 在返校期間與大學適齡學生的共鳴增加而推動的。

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.

考慮到重複購買的潛在終身價值的增加，這群人的品牌忠誠度尤其令人興奮。 HOKA 行銷團隊做得非常出色，透過引人注目的 FLY HUMAN FLY 活動內容建立了全球品牌知名度，在 HOKA 贊助的活動中與消費者建立了聯繫，並突出了 HOKA 運動員令人難以置信的表現。我們繼續贊助全球各地的重要跑步賽事，作為我們支持這項運動的承諾的一部分，並提供一個展示我們創新性能產品的平台。這包括為世界各地各類運動員舉辦的從 5 公里到精英超級馬拉鬆的賽事，使我們能夠透過追求巔峰表現的消費者提升品牌形象，並擴大全球範圍內對 HOKA 產品所取得成就的認識。

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 世界大賽）決賽在法國夏蒙尼舉行，是我們團隊透過 360 度協作方式建立 HOKA 品牌知名度和表現可信度的完美範例。這次越野跑活動讓我們能夠慶祝HOKA誕生於法國阿爾卑斯山的根源，進一步將品牌與歐洲消費者連結起來。

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世界大賽總決賽上，HOKA團隊設立了大本營，透過運動員見面會、24小時產品測試和鞋子個性化定制，為消費者提供以獨特方式與品牌互動的機會。我們收到了絕大多數關於此次體驗的正面回饋，並期待在未來的活動中利用這些經驗教訓。從產品和運動員表現的角度來看，HOKA 在此次賽事中留下了深刻的印記，取得了多項令人印象深刻的成就，其中包括HOKA 運動員吉姆·沃姆斯利(Jim Walmsley) 創造歷史，成為第一個贏得Dacia UTMB 比賽的美國男子，這是一項106 英里的比賽，包括超過在不到 20 小時的創紀錄時間內完成了 6 英里的海拔提升。

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 在所有品牌中名列前茅，在 3 場比賽中獲得最多前 5 名的成績，HOKA 仍然是 UTMB 參賽者贏得的第一品牌。從產品的角度來看，上半年HOKA 的成長是由多種類別和風格推動的，其中包括Clifton 特許經營權，該特許經營權受益於第九版的推出，以及採用麂皮鞋面、穩定性主打產品等的新成功生活方式版本Arahi 和 Gaviota 特許經營權，後者在第二季度推出了第五版，因為我們看到消費者越來越多地採用這一類別。

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.

Challenger 和 Anacapa 系列深受越野和健行愛好者的喜愛，它們受益於最近更新中融入的新創新、以 Rocket X 更新和全新 Mach X 為亮點的速度鞋；以及新的生活方式選擇，包括流行的 Solimar 和 Transport 風格。

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.

我們對創新 HOKA 產品類別的廣泛採用感到鼓舞，該產品類別不斷發展並吸引新消費者加入該品牌。我們正在 HOKA 接入點生態系統中實施更大的細分。確保我們的客戶能夠最好地為各自的消費者提供服務，並強調 DTC 作為體驗該品牌產品的全部深度的巔峰目的地。

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.

今年剩下的時間裡，HOKA 團隊仍然專注於執行其市場管理策略，其中包括專注於建立全球品牌知名度和熱度以增加需求，這有助於推動 DTC 和整個批發市場的高全價銷售，使該品牌能夠以一流的利潤率和庫存週轉率實現健康成長。加上第四季度即將推出的幾款新的創新產品，我們預計 HOKA 將在本財年剩餘時間及以後繼續交付強勁的業績。

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.

現在轉向UGG。上半年全球營收較去年成長18%。該品牌上半年表現強勁的主要原因是品牌熱度高、嚴格的市場管理導致去年秋季退出的主要款式產品稀缺，以及相對於過去幾年有意提前推進該品牌的秋季行銷活動。目前，我們擁有我所見過的 UGG 中最具凝聚力、全球一致的產品、行銷和消費者定位策略。

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.

一段時間以來，市場管理一直是 UGG 品牌的核心優勢。核心和流行新款的配置和細分繼續為品牌提供良好服務，有助於推動高水準的全價銷售。去年，我們表示我們沒有完全抓住幾種關鍵款式的需求。在本財年開始時，我們策略性地開發了有針對性的庫存，以滿足該品牌最受歡迎的產品，並在 7 月（而不是通常的 9 月）啟動了秋季行銷活動 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，我們看到大量網紅公益公告，提醒消費者立即購買UGG。在此期間，使用 #UGG 的影片獲得了超過 2500 萬次觀看，UGG 在 Instagram 上的參與度是去年的兩倍。我們相信 UGG 團隊的策略行銷轉變成為了全球早秋消費者需求的催化劑。特別是在美國，根據 Google Trends 的數據，這一轉變推動了返校需求的增加，搜尋興趣比去年增加了 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 月底保持這一勢頭，UGG 與音樂巨星 Cardi B 一起慶祝了 #UGG 季的正式拉開帷幕，Cardi B 推出的新經典北斗七星的視頻發布觀看次數接近 2000 萬次。這導致新聞界和媒體對我們的發布進行了廣泛的報道，包括以 UGG 為特色的《廣告牌》和《Vogue》等有影響力的出版物。

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 團隊創造的品牌熱度直接轉化為令人難以置信的上半年業績，尤其是全球 DTC 業務和國際地區的收入比去年增長了 25% 以上。

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 的毛利率得益於第二季過渡產品和秋季產品的全價銷售。這種動態與前幾年形成鮮明對比，該品牌的 DTC 業務歷來更注重春夏末產品，這些產品的平均售價通常較低。包括Tazz平台在內的Tasman系列以及Classic Mini和Ultra Mini系列一直是UGG上半年搜尋熱度和收入成長的焦點產品，正如預期的那樣。

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.

我們也很高興一些新的秋季系列也開始引起消費者的共鳴，包括前面提到的經典 Dipper（一種在全球銷售的關鍵款式）、全性別混合天氣系列（其中包括現代化的 Tasman 和全天候版本） Neumel 和Lowmel 是原版Neumel 的混合運動鞋。

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.

UGG 憑藉此類優質產品充分滿足了節日期間消費者的需求。考慮到迄今為止我們所看到的需求，我們已經處於追逐一組精選流行商品和顏色的模式，我們正在加快生產這些商品，以確保整個季節有更多的 DTC 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 品牌上半年的成長讓我們信心十足，特別是考慮到全球經濟疲軟和消費者信心下降的訊號。

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.

鑑於這種動態，我們很高興能夠更早地捕捉到一些需求，以幫助減輕在即將到來的假期期間與更多促銷品牌競爭的壓力，因為我們尋求繼續以全價銷售優質 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.

繼續我們對整合通路績效的討論。全球成長涉及直接面向消費者和批發領域，其中 DTC 是上半年收入成長的主要驅動力，與去年相比成長了 37%。與去年相比，我們的產品組合在消費者中經歷了DTC 優勢，收購和留存分別增長了29% 和27%，HOKA 和UGG 收入分別增長54% 和26% 的品牌，國際和國內收入分別增長48% 和34% 的地區%，因為商店和網路上的消費者需求強勁。

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 的更多組合、UGG 的全價銷售更高，加上對較少經過驗證的 SKU 的關注以及更有利的外幣匯率，我們看到平均售價出現了兩位數的增長。

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.

全球批發方​​面，上半年營收較去年成長11%。 UGG 和 HOKA 以及我們國內和國際地區的實力推動了成長。據第三方市場消息人士稱，市場份額的成長仍然是 HOKA 批發成長的主要途徑，該品牌目前是美國專賣店中最暢銷的品牌。

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

HOKA也迅速成為在適用領域擁有重要策略合作夥伴的頂級跑步品牌。

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 品牌所取得的最高市佔率成績感到非常自豪，這進一步驗證了該品牌以績效為基礎的可信度。上半年 UGG 批發業績與我們今年的策略相符，國際地區推動了大部分成長，同時該品牌在美國保持了強勁的業務。從上半年的業績來看，很明顯我們的市場管理策略是運作良好，使我們的品牌能夠在假期季節表現出色，並抓住各自接入點生態系統不斷增長的消費者需求。

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.

在我將其交給史蒂夫更詳細地討論我們的結果之前，我要指出的是，我們還宣布了剝離 Sanuk 的計劃。在 Deckers，我們專注於最有效地分配符合長期目標的資源。消費者長期以來一直重視 Sanuk 有趣、創新和舒適至上的產品。

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.

在接下來的幾個月裡，我們將努力尋找合適的所有者來支持品牌的下一篇章，同時繼續執行我們的成長重點。謝謝大家，現在我會把它交給史蒂夫。

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.

謝謝戴夫，大家下午好。我們對 HOKA 和 UGG 在 2024 財年上半年持續展現的強勁業績感到興奮，這源自於我們的策略市場管理執行，這繼續使我們的品牌受益。正如 Dave 所言，HOKA 在 DTC 的帶動下又實現了一個季度的強勁增長，而 UGG 透過持續吸引消費者並提升其在全球的影響力，展現了跨地區和通路的廣泛成長。

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體現了對我們品牌的特殊需求，我們期待在進入最大、最複雜的財政季度時繼續保持這一勢頭。儘管持續的宏觀經濟挑戰仍然存在，但我們相信我們已經做好了應對這個充滿活力的市場的準備。憑藉強大的財務框架和受歡迎的品牌，我們仍然致力於為推動長期永續成長的成功奠定基礎。

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%.

現在讓我們詳細了解第二季業績。 2024 財年第二季營收為 10.92 億美元，較上年成長 25%。以固定匯率計算，營收比去年成長 24%。本季的成長主要得益於 HOKA DTC 通路的強勁需求，該通路比去年成長了 46%，為本季品牌總收入達 4.24 億美元，UGG 跨地區和通路的廣泛成長實現了 610 美元的成長百萬收入，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.

由於HOKA 品牌的業績符合我們的預期，第二季UGG 的大幅成長首先得益於今年第二季批發出貨量的較高水平，而過去幾年由於運輸時間縮短，第一季度的批發出貨量達到了較高水準與大流行期間相比，供應鏈物流有所改善，庫存可用性更加一致。

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.

其次，在本季早些時候啟動秋季全球UGG 活動，提醒消費者前一年出現的稀缺情況，這創造了品牌熱度和對去年迅速售罄的相同流行款式的需求，推動了今年消費者的提前購買;第三，返校期間對該品牌的需求增加，這表明一些批發商希望相對於我們最初的計劃加快發貨時間。

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%，比去年同期的48.2%上升520個基點。第二季毛利率受益於較低的海運費、有利的UGG 產品組合（部分是由於早期秋季需求的推動）、有利的UGG 全價組合、有利的通路組合（DTC 成長速度繼續快於批發）以及略微受益於外幣匯率。隨著我們繼續在關鍵業務領域進行投資，第二季的 SG&A 美元支出為 3.58 億美元，比去年的 2.94 億美元成長了 22%。

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.

SG&A 佔營收的百分比為 32.8%，而前一年為 33.6%，比去年下降了 80 個基點。這主要是由於前面提到的有關早期消費者需求和某些支出的時間安排的考慮。

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%，前一年為 21.2%。這些結果最終導致本季攤薄後每股收益達到 6.82 美元，比去年的 3.80 美元攤薄後每股收益高出 3 美元多一點，每股收益成長了 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.

稀釋每股盈餘的成長大致由毛利率收益和收入成長平均分配，其中一小部分受益於去年股票回購導致的股票數量減少。

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.

轉向我們截至 2023 年 9 月 30 日的資產負債表。截至 9 月底，我們的現金及等價物為 8.23 億美元。庫存為 7.26 億美元，比去年同期下降 21%。在此期間，我們沒有未償還的借款。

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.

第二季度，我們以平均價格 534.53 美元回購了價值約 1.85 億美元的股票。截至 2023 年 9 月 30 日，該公司仍有約 11 億美元的股票回購授權。

(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.

（技術難度）低個位數。這一優勢來自於強勁的早期需求推動的全球品牌熱度的持續增強。我們仍然預計全年 HOKA 收入成長將超過 20%，第三季百分比成長預計會放緩，因為今年的產品發佈時間偏向第四季度。 （技術難度）在52.5%至53%之間，反映了UGG在第二季全價銷售的實力，因為該品牌能夠儘早捕捉到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.

隨著我們繼續投資於業務的關鍵領域，SG&A 佔銷售額的百分比目前預計將在 34% 至 34.5% 之間。目前預計營業利潤率約為18.5%，反映了毛利率的改善。我們的有效稅率預計仍將在 22% 至 23% 的範圍內，我們正在將稀釋後每股盈餘預期提高至 22.90 美元至 23.25 美元的範圍內。

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，本指南不包括任何可能被視為一次性的費用，並且不考慮額外股票回購的任何影響。此外，我們的指引假設當前風險和不確定性不會顯著惡化，其中包括但不限於消費者信心變化和衰退壓力、通膨壓力、地緣政治緊張局勢、勞動力短缺和外幣匯率波動。

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.

我們對HOKA 和UGG 品牌上半年的表現感到自豪，這兩個品牌是我們行業中最強大的兩個品牌，這使得我們在進入本財年下半年時提高了收入指引，儘管宏觀經濟環境似乎更具挑戰性。 HOKA 品牌在全球知名度的提高，加上我們看到的 UGG 早秋需求，讓我們有信心實現這一非凡的前景。感謝大家。現在我將把電話轉回給戴夫，讓他作最後的演講。

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，史蒂夫。 HOKA 和 UGG 在上半年取得了令人難以置信的業績，我們相信我們公司有能力實現我們今天概述的增加的整個財年目標。市場管理對於 Deckers 的持續成功以及我們在提高品牌知名度和推動品牌需求的過程中持續逆行行業趨勢的能力仍然至關重要。

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.

我們在實施和交付策略目標方面的熟練程度是 Deckers 作為一個組織真正與眾不同的原因，使我們的品牌能夠建立持久的消費者聯繫。我們專注於繼續透過優質產品提供有意義的消費者體驗，並致力於將我們的長期目標置於我們所做的一切的最前沿。

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.

這種方法，加上我們靈活的營運模式、財務紀律、時尚和性能品牌的創新，以及我們以目標為導向的文化，使我們高度敬業的員工能夠提供卓越的業績和股東價值。

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.

我要感謝我們整個執行領導團隊以及整個組織的所有員工，感謝他們在我們公司追求行善、成就偉大的過程中對 Deckers 價值觀的持續奉獻。有關這些努力的更多信息，我鼓勵您閱讀我們即將於下週發布的《23 財年創造變革》報告。感謝大家今天加入我們，並感謝所有利害關係人的持續支持。我們期待繼續分享 Deckers 令人興奮的未來。

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

這樣，我會將電話轉給接線生進行問答。操作員？

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

（操作員說明）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?

出色的。恭喜您度過了一個非凡的季度。我只是想專注於 UGG。顯然，進入第三季時勢頭強勁，有時就總收入而言，第三季幾乎佔全年的 50%。所以只是好奇。考慮到您所看到的所有勢頭，特別是第二季度的 DTC，我們應該如何看待下半年尤其是第三季的 UGG？

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。這是戴夫。這是一個很好的問題。首先，我想認識到您所說的 UGG 品牌在第二季度所經歷的勢頭。該團隊在今年早些時候認識到了這個機會，抓住了我們去年留下的需求，清理了市場，並與Cardi B 和該品牌的其他有影響力的合作夥伴一起開展了一些令人興奮的活動，這方面做得非常出色。

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.

根據我在公司的經歷，這種熱鬧是我以前從未見過的。這是顯而易見的。全價銷售，市場健康，團隊在全球範圍內共同完成了出色的工作，使這個品牌取得了成功。我們非常高興我們能夠在市場潛在放緩之前在假日購物季節的早期抓住一些需求。

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.

所以我們的設定非常好。我們樂觀地認為，這種情況將持續一整年。我們注意到這可能是個充滿挑戰的市場。所以我們對這個事實並不天真，但我們已經準備好了。正如我們在準備好的評論中提到的，我們今年投放市場的一些主要款式已經售空，或者到目前為止賣得很好。在其中一些風格中，我們處於一種追逐模式。但我認為，總的來說，我們非常有信心，我們擁有多種款式的產品，而且表現良好。

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.

我們在正確的地方有庫存，有些地方有點精簡，但我們會做出反應並追逐這些庫存。我們消除了市場品種中的許多噪音。我們在特許經營權和品牌範圍內開展了極其強大的活動和激活活動。我們推出了令人興奮的 UGGextreme 新產品，這是一個冬季生活方式系列，我們將開始以更深入的方式對其進行投資。我們與批發合作夥伴有著良好的關係。他們需要我們，尤其是在這種環境下。我們希望保持在促銷市場之上。所以我們不想陷入其中。

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.

我們希望維持一個健康、乾淨的市場，並繼續透過我們的 DTC 管道發揮真正的實力。這就是我們的策略，到目前為止效果很好。我們對秋季賽季的開始感到非常興奮，而且我們對秋季賽季的持續發展感到非常滿意。

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?

知道了。也許會在今年下半年對利潤狀況進行快速跟進。看來SG&A 美元是在相當顯著的成長基礎上規劃的。您能談談您在 UGG 和 HOKA 背後進行的一些投資嗎？

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.

是的。我會讓史蒂夫了解細節。但我們投資的前四件事，與我們今年早些時候討論的類似，這對於我們保持未來的成長水平並能夠繼續發展這些品牌來說非常重要圍繞人、人才和文化。我們堅信，我們的文化是我們的秘密武器之一，可以說，我們擁有令人難以置信的積極性和協作性團隊，他們為勝利而充滿熱情。

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.

我們將繼續投資於創新。我們擁有強大的創新管道，我們希望繼續加強該管道，以支持我們所有的品牌。系統和數據。我認為目前沒有一家公司對自己的系統和數據感覺良好。我們並不孤單。我們在這方面還有一些工作要做，但我們希望為我們的團隊提供適當的可見性，以便他們能夠有效地經營業務並利用不斷湧現的人工智慧技術，然後繼續大力投資行銷。

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，以及許多其他同行正在努力應對庫存和促銷以及我們目前的利潤率較低的問題，我們有機會繼續在這種環境中佔據份額，並且我們將保持積極進取的態度用行銷資金來做到這一點。

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，約翰，這是史蒂夫。我想進一步闡述戴夫的評論，多年來我們一直在說的是，我認為，第一，作為一個組織，我們在財務上有非常嚴格的紀律，而且我們對我們的工作非常謹慎。重新​​進行投資。

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.

我認為一個跡像是我們現在指導的營業利潤率的增加。因此，我認為我們正在利用這些時期的業績來投資業務。這就是我們過去幾個季度一直在說的，相信我們，我們將在正確的地方進行投資。我們知道銷量已經超出了我們最初的預期。

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，正如戴夫所說，我們正在對繼續推動銷售水平的業務進行適當的投資。我認為我們正在展示市場管理、嚴格的投資方法，這就是我們的運作方式。即使增加了投資，也可以利用毛利率的部分成長來提高我們今年的獲利能力。因此，我們正在以一種非常有策略、深思熟慮、有紀律的方式來做這件事。

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。我要補充的最後一點是，正如你們所知，我們一直在努力確保更多的銷售管理及管理費用是可變的，而不是固定的。因此，我們保持了一個相當敏捷、靈活的模型，如果我們需要在下半年削減其中一些事情的話。

Our next question comes from Jonathan Komp from Baird.

我們的下一個問題來自貝爾德 (Baird) 的喬納森康普 (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?

我想問HOKA，只是一個後續。您能否分享您提到的產品轉變的更多細節，以及這可能如何影響第三季和第四季的成長率？然後，當我們真正考慮進入下一個日曆年的管道時，您如何考慮在競爭中保持領先。大家似乎都在追逐極簡緩震潮流？您從零售合作夥伴那裡聽到的一些訂單趨勢有什麼不同的看法嗎？

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。很好的問題。我很高興你這麼問。因此，我們要對今年下半年的發布做一些說明。我們策略性地將發佈時間延後到第四季。那是我們真正進入春夏季節開始的時候，跑步又開始開始了。傳統上，假期季節不太令人興奮，可以說，仍然有很多工作要做。但我們希望確保我們在明年春初的第四季時間範圍內表現出真正強勁的表現。

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.

它還使我們能夠遠離第三季促銷市場的競爭。因此，我們預計，特別是在運動領域，在很多情況下，渠道中的庫存量很大，而且市場放緩，庫存過剩，我們認為最好保持在競爭之外，所以說話。我不想在第四季和第三季推出我們的兩項重大創新產品，因為當時正在進行大量降價和促銷活動。

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，團隊策略性地決定將這些發布推遲到第四季度。我可以告訴您，我們兩次發布的創新令人難以置信地令人興奮。然後我們將討論超大趨勢如何為我們演變，我們非常認真地對待這個問題。我們不想失去我們所創建的類別中的主導地位。顯然，競爭品牌在這個方向上進行了許多活動。有些是好的，有些是壞的，但最重要的是，我們在這種類型的個人資料上並不像三、四年前那樣與眾不同。

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、我們對材料和幾何形狀、產品測試、板材的使用、不同的泡沫、不同的化合物等的關注，仍然處於我們所做的一切的最前沿。但我們正在解決這樣一個事實：人們可能想要低調一點。他們希望他們的產品有不同的用途。我們認為徒步旅行和徒步旅行有巨大的機會。在那之後我們會變得很重。我們在這方面已經佔據主導地位。

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.

所以這是團隊的首要考慮。我認為 Stefano 作為 HOKA 品牌的臨時總裁，與品牌領導團隊在快速追蹤我們的創新管道方面做得非常出色。我們很高興在第四季度推出一些新概念。

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。喬恩，我想補充一點，這與我們制定的策略是一致的。所以這不是一個改變。正如我們所說，控制市場、市場上的產品、維持全價銷售、持續建立品牌知名度的重要性與我們的全年展望一致。因此，我們將繼續進行這方面的工作，不會做出任何改變。

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.

正如您從第二季度的業績中看到的那樣，HOKA 品牌仍然保持良好的成長，並且對我們繼續提供的服務印象深刻。但我們將加強市場管理，這是我們的策略，也是我們的回報。

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.

我認為這裡的主題實際上是維護 HOKA 品牌的健康市場。聽著，HOKA 度過了不平凡的一年。你在上半年就看到了結果。在促銷活動或層面上，我們在今年法國夏蒙尼舉行的 UTMB 活動中佔據主導地位。我們的運動員贏得了比賽，這是該比賽中第一位美國男性獲勝者。兩週後，我們的運動員在法國尼斯贏得了鐵人三項賽冠軍。

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.

事實上，就在今天，Footwear News 宣布 HOKA 成為年度品牌。您將看到我們的消費者的認知度和購買量不斷增加。我們的全價銷售非常出色。我們在跑步專業管道中仍然佔據主導地位。我們在這裡擁有巨大的動力，我們希望確保它不會超越我們，並確保我們有效地管理市場，以繼續推動 DTC 的實力。

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.

我認為團隊制定的策略以及產品推出和創新的節奏是正確的。有很多理由令人興奮，但同時，我們並不天真地意識到這個行業在第三季面臨一些挑戰，因為人們正在談論這個行業可能真的很艱難。我們還沒有完全看到這一點。但同樣，這是我們將密切關注的行業經濟問題，但我們希望保持市場稀缺性、全價銷售並保持該品牌以健康的速度發展。

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。史蒂夫，我能否詢問有關今年財務指引的後續情況。如果我看一下下半年的隱含表現，看起來你是在暗示營業利潤率可能同比下降近幾百個基點，而每股收益則持平或略有下降。在上半年這兩個面向的年成長率明顯如此強勁之後，您能否幫助我們理解這一點？

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，我認為這是一個很好的問題。是的，當你看到下半年時，部分原因是認識到第二季度的部分受益於我們下半年計劃銷售的提前銷售，對嗎？因此，雖然我們提高了全年的整體業績，但這並不是我們在第二季所經歷的全面成長，因為此時的一些銷售似乎恰逢其時。

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.

我們將看看市場在後半段的表現如何。但結合後半部分銷售進入第二季度的時間，經過我們認為的全年增長，這使得後半部分的部分銷售有所減少。但隨著這一年的整體改善，喬恩，你知道，我一直說，我們關注的是這一年，而不是季度。我們正在提高全年毛利率。我們正在提高全年營業利潤率。

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.

正如戴夫所說，我們正在長期管理業務。我們不是按季度管理業務。我們著眼於全年，這就是我們指導全年的方式。第二季度的出色表現使我們能夠進行額外的投資。

The next question comes from Paul Lejuez of Citi Research.

下一個問題來自花旗研究部的 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?

好奇您能否談談 HOKA DTC 業務，該業務在本季的趨勢如何？到目前為止，您有什麼意見可以提出嗎？另外，在 UGG 方面，去年也有一些未滿足的需求。您提到您在 UGG 上再次處於追逐模式（聽不清楚）。我很好奇你的追趕能力，以及你對下半年能滿足這項需求的假設是什麼？

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.

好吧，保羅。有些話有點難以聽清，我會——我會盡力而為。這就是史蒂夫。因此，就 HOKA DTC 業務而言，第二季非常強勁，成長了 46%。我們將該因素視為真正的需求訊號。我們知道批發訂單流動時會出現波動，因此我們密切關注 DTC 的表現。第二季這一數字成長了 46%，這再次有力地證明了 HOKA 與消費者的共鳴程度。對此感到非常鼓舞。

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?

我認為正如我們所說的，正如戴夫剛剛闡明的那樣，我們如何思考第三季和後半部分，管理市場，我們不想進入促銷環境。我們知道，庫存方面存在著許多競爭。我們看到很多促銷活動。 HOKA 不在那個空間。我們不必像其他品牌一樣進行促銷。因此，我們如何繼續向前發展這個品牌，然後朝著第四季度更大的百分比成長邁進，因為我們計劃在第四季度推出這些新款式。然後你的另一個第二部分問題是追逐。大衛，你想去嗎？

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.

是的，我會談談這個。因此，我認為需要澄清的一件事是，如果你回顧 3 或 4 年前，看看 UGG 品牌以及推動業務發展的因素，你會發現它實際上只有 1 或 2 種款式。基本上都是經典的、短的、迷你的。除了經典之外，我們在其他風格上也取得了不同程度的成功。如果你回到七、八年前，那就是貝利弓和貝利紐扣。

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，那時候我們更像是一匹只會一招的小馬。隨著品牌的發展，我們現在擁有 5 到 6 個最暢銷的特許經營品牌。如果你看看 Tasman、Tazz 平台、ULTRA Mini、Ultra Mini 平台、Classic Dipper 等一些款式，你會發現款式、宣傳和平台等方面有更多的品種和變化可供選擇。

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.

好消息是它們都引起了很好的共鳴。我們對 UGG 天氣款式、Neumel Weather 和經典天氣程序等內容有很好的早期閱讀。同時，該團隊對該行的編輯量比去年增加了約 30%。因此，我們可以將庫存存入——傳統上，存入銷售量較低的款式。我們將這些庫存納入今年排名前 5 至 10 名的款式。在 Anne 的幫助下，我們的團隊從行銷的角度集中註意力並更加重視這些關鍵款式，我們也能夠更深入地了解這些款式和庫存。

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.

現在，由於早期的需求，我們的銷售速度比預期的要快，但團隊反應很快。我們有能力追逐一些庫存，而不是大量庫存，但我認為進入 12 月底，我們在其中一些關鍵款式上將處於良好狀態。所以我們覺得我們有庫存來做我們需要做的事情。如果是這樣的話，留下一點要求也未嘗不是一件壞事。同時，我們推出了令人興奮的 UGG Weather Extreme 系列——UGGextreme 系列，這是我們未來關注的新類別。

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非常好。我們有庫存和合適的款式，這是我們去年沒有的，我認為團隊在調整和清理品種方面做得很好，並在真正推動增長的 5 到 10 種款式上投入了更多的力量。

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。保羅，我想補充一下。我們在第二季度看到的一些非常受歡迎的款式的實力之一，我們正在出售庫存。我們希望盡快恢復其中的部分內容，但這是有限制的，對嗎？我們不一定能夠追逐每筆銷售，也不想追逐每筆銷售。所以我們會看看事情會如何發展，但我們已經準備好了。這是我們全年成長的驅動力。因此，我們對進入今年下半年感到非常鼓舞。

The next question comes from Sam Poser of Williams Trading.

下一個問題來自威廉斯貿易公司的薩姆·波瑟。

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，你已經了解了大部分內容，但 Teva、Sanuk 和其他產品是我的正常問題。然後我有一大堆問題。

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.

山姆，當然，我會從這個開始。因此，對於第二季度，對於全球批發和分銷商，正如您所指出的，我認為您可以退出我們所說的一些內容。但UGG 4.52億，Hoka 2.63億，Teva 1200萬；薩努克 330 萬，剩下的其他人大約只有 3000 萬。

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?

好的。所以就跳過這個吧。對於薩努克，您打算將其視為今年剩餘時間的停產業務嗎？或者我們應該如何在收入指導等方面考慮這一點？

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，山姆。所以不，我們不打算打破這一點以停止營運。因此，我們在尋找買家時將繼續報告這一情況。這就是目前的計劃。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。那麼隨著下半年的發展，UGG 批發業務是否有很大的推動力？我的意思是，考慮到第二季的銷售額，我們是否應該預期 UGG 批發量（尤其是第三季）會下降？

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。再說一遍，這取決於您的模型，因為我們還沒有指導該季度。但是，是的，我們基本上是說，第二季發生的部分批發訂單可能是您計劃在第三季進行的。這就是提高 UGG 性能的原因。再說一次，我們沒有給出季度指導。我不知道你具體是怎麼破解的。但是，是的，我認為可以肯定地說，我們在第二季度看到的 UGG 成長部分是轉移到第二季的批發訂單。

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。我認為仍有待確定的是，我們在第二季度捕捉到的上升空間有多少只是早期的需求或品牌熱度將持續到第三季。因此，無論哪種方式，我認為我們的定位都很好，這取決於市場的趨勢。但目前來看，需求似乎強勁且健康，我們認為這種情況應該會持續下去。

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.

但正如我們所說，我們正在進入一個未知的宏觀環境，很難說它會是什麼樣子。但我們樂觀地認為，這種需求的一部分是品牌熱度，這種熱度將持續到第三季。

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.

那麼——然後——好吧。然後在 HOKA 上，同樣的問題。考慮到您正在轉移一項大型發布 - 您正在將一項大型發布移走或將發布移出，這是否意味著第三季度的批發業務看起來更像第二季度，然後從 - 可能是百分比，但是然後加速進入第四季？然後——但 DTC 沒有真正的理由。看起來速度慢了很多。我的意思是，這是新產品的良好勢頭——我注意到，過去幾週你們推出了許多新產品。

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。薩姆，這是一個很好的問題。有多種不同的方式來看待它。因此，我認為正如我和戴夫所說，我們並沒有改變今年對 HOKA 的看法。所以我認為這是最重要的。請記住，其基本原理是一個嚴格控制的批發市場，對吧？因此，當我們考慮第三季度時，正如戴夫所說，我們在第三季度控制批發，因為我們希望在第四季度推出一些新產品時看到市場。

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.

所以我認為這是一個重要的基礎。另一個是，記住，我們一年前有非常大的 DTC 比較。因此，當您查看其中的一些數據時，我們去年的 DTC 比較，第三季為 107%，我認為第四季約為 97%。所以我們在一年前經歷了非常大的成長季度。所以這是另一件事要考慮，對吧，當我們談論這個的時候。所以有成長。我認為，另一件事要考慮的是我們所說的全年成長。正如我們所說的全年成長，我們的上半年已經超過了全年平均成長指引數字，這意味著，根據定義，下半年將略低一些，因為我們再次控制了批發部分市場。這是我們戰略的一部分。

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，正如我們和一些合作夥伴所討論的那樣，第四季末將會出現一些批發擴張，對嗎？因此，這不一定會在我們的後半部分被捕獲，但這是為明年設定的。再說一次，一切都如我們所說的進行。該品牌繼續表現出色。我認為其中存在一些需要理解的動態。但最重要的是該品牌繼續表現出色。

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。我要補充的最後一件事是，去年，我們在第三季打開了新的大門。所以有一些門的擴展。因此，設置數量導致了這些門的一些增長。今年，我們在第三季仍保持門成長淨中性。因此，去年門業的成長也可能對批發業績產生一些影響。

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

明白你了。最後，戴夫，你在德克斯工作多久了？

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

11歲多一點。山姆，我們的關係已經很久了。

Does that make you the elder statesman?

這會讓你成為元老嗎？

No.

不。

You were in charge of that collaboration?

你負責那次合作嗎？

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

不，我很高興看到它，但我不想因此而獲得榮譽。這就是安妮和她的團隊。

The next question comes from Laurent Vasilescu of BNP Paribas.

下一個問題來自法國巴黎銀行的洛朗·瓦西萊斯庫。

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?

祝賀取得如此紮實的成果。我想問一下HOKA的事。 Dave，我想您提到 HOKA International 本季成長了 44%。如果是這樣的話，也許你可以根據你所看到的區域提供一點顏色。是什麼推動了這種成長？我想你提到了一點歐洲。但是，您如何看待批發和 DTC 之間的成長？國際上有傳播嗎？

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?

也許，史蒂夫，我不知道你是否可以給我們一些護欄，告訴我們你如何看待今年國際 HOKA 的成長？

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。所以我們可以驗證這個數字。我不知道到底是44%。但最重要的是，我們對我們在國際上經歷的成長感到非常興奮。這一直是我們所有品牌的焦點。國際團隊正在做大量工作，在該市場中創造品牌熱度，然後跨 DTC 和批發有效管理市場。

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.

我們在第二季度看到的成長的真正力量確實是 DTC 主導的，特別是在歐洲，取得了非凡的業績。現在占我們總業務的比例較小，但是 - 我們認為這說明了品牌的健康狀況以及消費者的需求，因為我們正在該地區投資更多行銷。我們提到的UTMB和鐵人三項賽事都是在歐洲舉行的。因此，該品牌引起了很多關注。

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.

我們只是從 DTC 的角度更好地管理該品牌，投資於該團隊和那裡的能力。事實上，成長主要是由 DTC 通路推動的。批發依然強勁。但正如我們所說，在美國，我們正在嚴格管理以創造興奮和意識，但最終仍然真正推動業務走向 DTC，這就是我們未來將繼續依靠的公式。

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

另一個問題是什麼？這是史蒂夫問的第三個問題。

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，我認為您引用的數字是公司國際 DTC 成長總額。所以，我們沒有提供HOKA組件。我認為您引用的總計 44% 是公司國際 DTC 成長總額。我想，對於你關於 HOKA 的問題，對我來說，是關於我們如何看待 HOKA 今年的國際擴張。

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趨勢與我們可能在一兩年前在北美看到的趨勢相似，對嗎？因此，我們看到 HOKA 在跑步社群中出現，然後在跑步社群之外出現的情況是相似的，但更落後。因此，這種更大的擴張或更快的百分比增長是另一個跡象，這似乎是我們看到HOKA 品牌與消費者產生共鳴的情況，從跑步者、跑步社區開始，並隨著意識的增長而開始發展。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.

因此，在國際舞台上，我們有點落後，國內和國際都還處於早期階段，但國際上早了一點，這就是為什麼我們看到公司整體增長率很高，但您也可以將這一點推論到HOKA品牌。

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。我們在倫敦考文特花園開設的新店有了一個良好的開端，我們看到了這個公式的發揮，這是性能、日常跑步者和生活方式的結合，推動了那裡的結果。許多遊客在我們的商店中第一次體驗了該品牌，我們在中國的自營商店和合作商店也繼續表現良好。

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?

聽到這個消息我很高興。然後，戴夫，我想上個季度，在問答期間，您提到了一個可能很小的新品牌的推出，但也許您能給我們介紹一下該品牌的最新情況以及可能剝離 Sanuk 的情況。這是否為您提供了在推出新品牌的同時進行併購的能力、頻寬和時間資源？

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，確實有兩個獨立的事件。這並不是說 Sanuk 阻礙了我們建立和推出新品牌。因此，我們將這些單獨視為只是微調我們的模型。只是談談薩努克的決定。我對過去幾年團隊從市場管理的角度管理這個品牌的方式感到非常自豪。現在的產品非常非常強大。但我們意識到，擴大該品牌規模以使其在我們的產品組合中有意義的旅程實在是太漫長了。

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.

我們認為我們可以投資其他東西。我們認為這是消費者喜愛的品牌。它值得一個好的家和一個有能力的人——這對他們來說是優先考慮的，而不是我們產品組合中的第四或第五個品牌。因此，這在情感和經濟上都是一個艱難的決定。但我認為這樣做對公司和品牌來說是最好的事情。關於我們正在開發的新品牌，我不想向我們的競爭對手透露太多訊息，但我們很興奮。我們將充分利用 HOKA 和 UGG 的精華以及我們從這兩個品牌學到的所有知識。

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.

並創建我們所謂的跨多個類別的超級運動鞋品牌。我們有分銷管道。我們有 DTC 網路。我們在市場上擁有很大的影響力，並且有一些真正創新、令人興奮的產品。這將是一個漫長的過程，但我們認為這是一個正在興起的領域，我們希望確保我們在 HOKA 之外的運動鞋遊戲中佔有一席之地。

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.

然後就併購而言，聽著，在未來可預見的未來和幾年裡，我們的投資組合中有足夠的有機成長。我們始終關注著它。我們研究了很多機會，以及它會為我們公司帶來的財務、工作量和乾擾方面的影響。我們的辦公桌上還沒有出現任何令我們興奮的事情。但這始終是我們的首要考慮，我們正在繼續尋找。

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.

但我們認為聽著，我們有梯瓦（Teva），未來有機會，我們認為我們可以創建一個新品牌並推出它，看看我們是否可以在這兩個品牌上取得一些令人興奮的進展，同時我們將真正的努力和注意力集中在UGG 和霍卡。

Our last question today comes from Janine Stichter from BTIG.

今天我們的最後一個問題來自 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?

恭喜這個偉大的季度。關於 HOKA 的問題，我想聽聽更多關於你在過去幾年裡去過的一些最近的門上看到的情況，Foot Locker、DICK'S，我想你最近測試過 JD。只是好奇那裡的銷售情況如何？

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.?

如果您對您所吸引的消費者類型有任何想法，是否可以幫助您透過 HOKA 擴大接觸消費者的範圍。關於 UGG，我很想聽聽更多有關國際的資訊。我想您對 HOKA 的國際實力談了很多，但很想聽聽更多關於 UGG 的情況，以及這種勢頭是否與您在美國看到的類似？

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。所以，HOKA門的性能，我們開闢的新門的性能非常非常好。我正在與 Stefano 交談，他現在正在監督該品牌，去年我們在新客戶中打開了新大門，所有這些都表現良好，全價銷售水平很高，銷量強勁，搶佔了市場份額，經營專賣店。

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.

我們在那裡擁有第一名的位置，我們每天都在努力維持這個位置，我們希望鞏固這個位置。但是Foot Locker、DICK'S 和JD 等等都開了新門。他們想要更多。所以這是一個好兆頭。我們執行這些門的方式與我們希望發生的情況完全一致。我們一如既往地對其進行嚴格管理，以便為我們的合作夥伴維持全額銷售以及健康的營業額和毛利率。這是一個關於消費者類型的好問題。

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，它是一項策略性舉措，不僅是為了銷量，也是為了吸引年輕的生活方式消費者（包括男性和女性），我們正在看到這種情況發生。我認為，第二季的一些成功可能是我們之前沒有真正意識到的返校業務。由於我們專注於 18 至 34 歲的消費者和大學運動員，我們看到了這種回報。

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，看到高中運動員和大學運動員被我們的品牌所吸引，走進那些門，尋找品牌，選擇HOKA 而不是傳統的NIKE Dunk 或Air Force 1，這真是令人興奮。這真是太令人興奮了。我們將密切關注這一情況，因為我們不希望它出現大幅上漲然後消失。因此，我們需要嚴格管理，生活方式團隊將全力以赴，並與我們的客戶合作，以確保這是一項長期健康的業務。

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.

然後關於UGG國際，類似於史蒂夫在HOKA中所說的，UGG在國際上，特別是在歐洲，正處於幾年前UGG的水平，真正健康強勁的增長，他們一直在本地努力營銷活動並利用該地區的公關。新產品在各方面都引起了極大的共鳴，尤其是在年輕消費者中。看到這真的很令人興奮。

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.

我們已經有一段時間沒有在歐洲達到這樣的地位了，但這種勢頭是真實的。品牌熱度正在提升。我們消費者的購買和考慮程度都在朝著正確的方向發展。因此，我們認為這是一個在此基礎上再接再厲的機會，特別是在我們兩個最大的市場英國和德國。我們將繼續實施這項策略，並在該地區更加積極地開展行銷活動。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。