Deckers Outdoor Corp (DECK) 2020 Q4 法說會逐字稿

Good afternoon, and thank you for standing by.

下午好，感謝您的支持。

Welcome to the Deckers Brand Fourth Quarter Fiscal 2020 Earnings Conference Call.

歡迎參加 Deckers 品牌 2020 財年第四季度收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to remind everyone that this conference call is being recorded.

我現在想提醒大家，這次電話會議正在錄音中。

I'll now turn the call over to Erinn Kohler, VP of Investor Relations & Corporate Planning.

我現在將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

Please go ahead.

請繼續。

Hello, and thank you, everyone, for joining us today.

大家好，感謝大家今天加入我們。

On the call is Dave Powers, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer.

電話會議是總裁兼首席執行官戴夫·鮑爾斯（Dave Powers）；和首席財務官 Steve Fasching。

Before we begin, I would like to remind everyone of the company's safe harbor policy.

在開始之前，我想提醒大家公司的安全港政策。

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.

請注意，本次電話會議上的某些陳述是聯邦證券法意義上的前瞻性陳述，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.

這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法案》規定的免責安全港的條件。

All statements made on this call today, other than statements of historical fact are forward-looking statements and include statements regarding the impact of COVID-19 on our business and industry, changes in consumer behavior in the retail environment, strength of our brands and demand for our products, changes to our distribution and inventory management strategies and our anticipated financial performance, cost savings and liquidity position.

除歷史事實陳述外，今天在本次電話會議上發表的所有陳述均為前瞻性陳述，包括有關 COVID-19 對我們的業務和行業的影響、零售環境中消費者行為的變化、我們品牌的實力和需求的陳述對於我們的產品，我們的分銷和庫存管理策略以及我們預期的財務業績、成本節約和流動性狀況的變化。

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.

在本次電話會議上做出的前瞻性陳述代表了管理層當前的預期，並基於做出此類陳述時可獲得的信息。

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.

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，可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的任何結果存在重大差異。

The company has explained some of these risks and uncertainties in its SEC filings including in the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q.

該公司已在其提交給美國證券交易委員會的文件中解釋了其中一些風險和不確定性，包括其 10-K 表格年度報告的風險因素部分和 10-Q 表格季度報告。

Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements.

除法律或紐約證券交易所上市規則要求外，公司明確表示不承擔更新任何前瞻性陳述的任何意圖或義務。

Please note that throughout this discussion, there may be references to certain non-GAAP financial measures for comparable prior year results.

請注意，在整個討論過程中，可能會引用某些非公認會計準則財務指標來衡量可比的上一年業績。

These non-GAAP financial measures refer to results before taking into account nonrecurring charges that are not believed to be core to our ongoing operating results.

這些非公認會計原則財務指標是指在考慮非經常性費用之前的結果，這些費用被認為不是我們持續經營業績的核心。

Our non-GAAP financial measures are not adjusted for constant currency.

我們的非公認會計原則財務指標未針對固定貨幣進行調整。

While we are not reporting any non-GAAP financial adjustments for the fourth quarter of fiscal 2020, a reconciliation between our reported GAAP and non-GAAP results for the prior year can be found in our earnings release that is posted on our website under the Investors tab.

雖然我們沒有報告 2020 財年第四季度的任何非 GAAP 財務調整，但我們報告的 GAAP 和上一年非 GAAP 業績之間的對賬可以在我們發佈在我們網站上的投資者下的收益發布中找到標籤。

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

有了這個，我現在把它交給戴夫。

Thanks, Erinn, and good afternoon, everyone.

謝謝，Erinn，大家下午好。

As our fiscal year 2020 came to an end, communities around the world were experiencing impacts from the spread of the COVID-19 pandemic.

隨著我們 2020 財年的結束，世界各地的社區都在經歷 COVID-19 大流行蔓延的影響。

On behalf of the Deckers organization, I'd like to extend our thoughts to everyone affected by the virus and share our deepest gratitude to all the individuals on the front lines of this crisis, especially the healthcare workers and first responders.

我謹代表 Deckers 組織，向所有受病毒影響的人表達我們的想法，並向在這場危機前線的所有個人，尤其是醫護人員和急救人員表達我們最深切的謝意。

I'd also like to thank all of our employees for their efforts during this unprecedented time.

我還要感謝我們所有員工在這個前所未有的時期所做的努力。

The entire Deckers organization understands that this is a very difficult time for many people.

整個 Deckers 組織都明白，這對許多人來說是一個非常困難的時期。

I'm proud of how our employees and brands have risen to the occasion to serve communities in need through programs such as our Better Together initiative that we launched to support COVID-19 pandemic relief efforts.

我為我們的員工和品牌如何通過我們發起的“更好的團結”計劃等計劃為有需要的社區服務而感到自豪，該計劃是我們為支持 COVID-19 大流行救濟工作而發起的。

Through monetary contributions, we're working to support small businesses in our community and the individuals they employ.

通過金錢捐款，我們正在努力支持我們社區中的小企業和他們僱用的個人。

In addition, our brands are contributing in-kind donations of product.

此外，我們的品牌正在捐贈實物產品。

To date, we've donated over 10,000 pairs of shoes to first responders and essential workers.

迄今為止，我們已向急救人員和基本工作人員捐贈了 10,000 多雙鞋。

At Deckers, we believe doing good is essential to the success of our employees, brands and organization as a whole.

在 Deckers，我們相信做好事對我們的員工、品牌和整個組織的成功至關重要。

We'll continue to do our part in supporting those in need through these trying times.

我們將繼續儘自己的一份力量，在這些艱難時期為有需要的人提供支持。

We are all in this together.

我們榮辱與共。

Given the extraordinary circumstances, today's dialogue is going to follow a different structure than our past earnings calls.

鑑於特殊情況，今天的對話將遵循與我們過去的財報電話會議不同的結構。

To outline, I'll begin with a discussion on how we're responding to and navigating through the crisis, then give an update on the status of our operations as well as walk through some of the trends we're seeing in the business through the first half of our first quarter, and finish with a condensed overview of our fourth quarter and fiscal year 2020 performance, which will include some details on the pandemic's effects in our business in the fourth quarter.

概括地說，我將首先討論我們如何應對和度過危機，然後提供我們運營狀況的最新信息，並介紹我們在業務中看到的一些趨勢我們第一季度的上半年，最後簡要概述了我們第四季度和 2020 財年的業績，其中將包括有關大流行對我們第四季度業務影響的一些細節。

Steve will then review the numbers in more detail and expand on some of our COVID-19-related action items.

然後，史蒂夫將更詳細地審查這些數字，並擴展我們與 COVID-19 相關的一些行動項目。

After that, we'll be happy to take questions.

在那之後，我們很樂意回答問題。

From a business perspective, the COVID-19 pandemic has had and will continue to have widespread effects across our entire industry.

從商業角度來看，COVID-19 大流行已經並將繼續對我們整個行業產生廣泛影響。

However, I believe Deckers is well positioned to weather these impacts with the foundation of the organization we have created over the past 3 years.

但是，我相信 Deckers 在過去 3 年創建的組織基礎上能夠很好地應對這些影響。

We have built a resilient portfolio of healthy brands, delivered levels of operating profit that are top-tier among our peer group and most importantly, we maintain a robust liquidity position of over $1 billion between our cash balance and available borrowings under our credit facilities.

我們建立了健康品牌的彈性組合，實現了在同行中處於領先水平的營業利潤，最重要的是，我們在現金餘額和信貸額度下的可用借款之間保持了超過 10 億美元的穩健流動性頭寸。

As we plan for fiscal year 2021 and beyond, our leadership team is focused on protecting the progress we've made in our brands as well as our position as a best-in-class organization.

在我們計劃 2021 財年及以後，我們的領導團隊專注於保護我們在品牌方面取得的進展以及我們作為一流組織的地位。

We have developed numerous scenarios in evaluating the pandemic's potential impact on our business with an eye on the timing of when the consumer reemerges into what we would call the new normal.

我們制定了許多方案來評估大流行對我們業務的潛在影響，同時著眼於消費者何時重新進入我們所說的新常態。

Our scenario planning has produced action plans intended to mitigate related headwinds, while at the same time preparing us for the future state of business.

我們的情景規劃制定了旨在緩解相關不利因素的行動計劃，同時為我們未來的業務狀況做好準備。

We're positioning our brands to deliver a compelling experience in what we anticipate will be a much different consumer landscape and selling environment.

我們正在定位我們的品牌，以在我們預期的消費環境和銷售環境中提供引人入勝的體驗。

With that in mind, we've taken the following actions to empower the Deckers organization to emerge stronger exiting the pandemic, including protecting our brands, maintaining the effectiveness of our organization and preserving our strong liquidity position, reallocating marketing spend to prioritize digital growth while supporting strategic areas of brand level investment, and adjusting inventory buys to reflect more conservative scenarios of consumer demand with a focus on SKU productivity and high velocity product turns; and learning from new ways of working, including working remotely and leveraging technology.

考慮到這一點，我們採取了以下行動，使 Deckers 組織能夠在大流行中變得更強大，包括保護我們的品牌、保持我們組織的有效性並保持我們強大的流動性狀況、重新分配營銷支出以優先考慮數字增長，同時支持品牌層面投資的戰略領域，並調整庫存購買以反映更保守的消費者需求情景，重點關注 SKU 生產力和高速產品周轉；學習新的工作方式，包括遠程工作和利用技術。

In addition to these actions, we are holding frequent discussions with our wholesale partners as we work in tandem to support the health of our brands.

除了這些行動之外，我們還經常與批發合作夥伴進行討論，共同支持我們品牌的健康發展。

We continue to monitor updates from health officials, expert agencies and local authorities to inform our decision-making process.

我們將繼續監測衛生官員、專家機構和地方當局的最新情況，為我們的決策過程提供信息。

Steve will provide more details later in the call on how these actions inform our fiscal 2021 planning.

史蒂夫將在稍後的電話會議中提供更多詳細信息，說明這些行動如何為我們的 2021 財年規劃提供信息。

From an operations perspective, our Moreno Valley distribution center has continued to operate since reopening.

從運營的角度來看，我們的莫雷諾谷配送中心自重新開放以來一直在繼續運營。

This DC is operating at a modified and slightly limited capacity due to increased social-distancing measures taken as a precaution to maintain employee safety.

由於為維護員工安全而採取的增加社交距離措施，該配送中心的運營能力有所調整且略有限制。

The safety of our employees is our top consideration as we make adjustments to our operations.

在我們調整運營時，員工的安全是我們的首要考慮因素。

As a result, we may experience some challenges as we approach peak months of shipping late in our second quarter and early in the third quarter.

因此，當我們在第二季度末和第三季度初接近出貨高峰月份時，我們可能會遇到一些挑戰。

These are all factors relevant to our scenario planning.

這些都是與我們的情景規劃相關的因素。

We are also making adjustments to the operations of our retail store fleet to appropriately accommodate updated health and safety measures in order to protect our retail store employees as well as our customers visiting our physical locations.

我們還在調整零售店車隊的運營，以適當適應最新的健康和安全措施，以保護我們的零售店員工以及訪問我們實體店的客戶。

We are intentionally reopening at a measured pace and using the early learnings to shape our broader go-forward strategy.

我們有意以有節制的速度重新開放，並利用早期的經驗來製定我們更廣泛的前進戰略。

Our direct-to-consumer leadership is empowering retail associates with educational tools and training related to the new working environment.

我們直接面向消費者的領導層正在為零售員工提供與新工作環境相關的教育工具和培訓。

With the small number of doors that we have reopened, we are encouraged to seeing consumers actively reengaging with the UGG brand stores.

由於我們重新開放的門店數量很少，我們很高興看到消費者積極重新與 UGG 品牌商店互動。

In terms of stores open versus closed as of this week by region, about 20% of North America stores are open and operating at a very limited capacity; roughly half of our EMEA stores are open; approximately 20% of our stores in Japan are open and all of our owned retail stores in China are open.

按地區劃分的本週開店與關店情況來看，北美約有 20% 的門店在營業且運營能力非常有限；我們大約有一半的歐洲、中東和非洲商店營業；我們在日本約 20% 的門店已開業，我們在中國的所有自有零售店均已開業。

Though a portion of our stores have opened across the globe, most of them were closed for the majority of the 45-day period I'll be outlining momentarily.

儘管我們的部分門店已在全球範圍內開業，但在我將簡要介紹的 45 天期間的大部分時間裡，大部分門店都處於關閉狀態。

We'll continue to adjust store openings as well as our warehouse operations based on the guidance provided by health officials, expert agencies as well as federal, state and local officials.

我們將根據衛生官員、專家機構以及聯邦、州和地方官員提供的指導，繼續調整門店開業和倉庫運營。

From a sourcing standpoint, we have a network of financially strong and well-managed strategic partners from material vendors to factories.

從採購的角度來看，我們擁有從材料供應商到工廠的財務實力雄厚且管理良好的戰略合作夥伴網絡。

With the help of our sourcing and materials teams, we will work closely with our strategic partners to ramp up quickly after the COVID-19-related closures.

在我們的採購和材料團隊的幫助下，我們將與我們的戰略合作夥伴密切合作，在與 COVID-19 相關的關閉後迅速增加。

At this point, we do not have any major concerns from a sourcing perspective.

在這一點上，從採購的角度來看，我們沒有任何重大問題。

From an employee standpoint, across North America, Europe and Japan, our corporate teams have temporarily transitioned to a work-from-home environment where possible by defined roles.

從員工的角度來看，在北美、歐洲和日本，我們的公司團隊已通過定義的角色暫時過渡到在家工作的環境。

I'm pleased with how our employees have stepped up and proven to be highly productive in this new and dynamic environment.

我很高興我們的員工如何在這個充滿活力的新環境中進步並證明他們的高效率。

We'll look to health officials, expert agencies and local authorities to identify both the timing of when to return to offices and what adjustments will be necessary to provide a safe space, including the appropriate social-distancing measures.

我們將期待衛生官員、專家機構和地方當局確定何時返回辦公室以及需要進行哪些調整以提供安全空間，包括適當的社會疏離措施。

I'll now walk through our first quarter fiscal 2021 performance to date as compared to last year, which includes April 1 through May 15.

現在，我將介紹我們 2021 財年第一季度迄今為止與去年相比的表現，其中包括 4 月 1 日至 5 月 15 日。

While these trends relate to what we are currently experiencing, due to the historical seasonality of our business, this time period only represents roughly 5% of our annual sales volume and thus is not necessarily indicative of the dynamics that we anticipate for future periods.

儘管這些趨勢與我們目前所經歷的情況有關，但由於我們業務的歷史季節性，這段時間僅占我們年銷售額的大約 5%，因此不一定表明我們對未來期間的預期動態。

On that note, as we move later into the first quarter our business becomes more wholesale-weighted and marketplace dynamics for the upcoming months remain fluid.

在這方面，隨著我們稍後進入第一季度，我們的業務變得更加批發加權，未來幾個月的市場動態仍然不穩定。

Overall, the business is trending down single digits quarter-to-date as compared to last year, with wholesale trending down in the mid-30% range and direct-to-consumer trending up in the high 40% range.

總體而言，與去年相比，本季度迄今為止，該業務呈個位數下降趨勢，批發趨勢下降在 30% 的中間範圍內，而直接面向消費者的趨勢則在 40% 的高位範圍內上升。

Wholesale trends are being driven by store closures as many wholesalers are not taking new shipments of product while stores remain closed.

商店關閉推動了批發趨勢，因為許多批發商在商店關閉期間沒有接收新的產品發貨。

We've remained in close contact with our wholesale partners as we work together to support our brands.

在我們共同努力支持我們的品牌時，我們一直與我們的批發合作夥伴保持密切聯繫。

Our brands are experiencing different impacts from the current wholesale environment, and this is the low period of volume for UGG and Koolaburra, while our HOKA ONE ONE brand is spread more evenly throughout the year.

我們的品牌正受到當前批發環境的不同影響，UGG和Koolaburra的銷量低迷期，而我們的HOKA ONE ONE品牌全年分佈更均勻。

For HOKA, we've made adjustments to our product launches and inventory purchasing to better allow our wholesale partners to capture consumer demand with existing inventory as they're able to reopen stores and work to best leverage their online presence.

對於 HOKA，我們已經對我們的產品發布和庫存採購進行了調整，以更好地讓我們的批發合作夥伴利用現有庫存捕捉消費者需求，因為他們能夠重新開店並努力充分利用他們的在線業務。

For our direct-to-consumer business, as I mentioned, the majority of our 125 stores remain closed, but we're seeing triple-digit e-commerce growth driven by full-price selling of both UGG and HOKA, helping to offset some of the volume loss from retail.

正如我所提到的，對於我們的直接面向消費者的業務，我們的 125 家門店中的大多數仍然關閉，但我們看到 UGG 和 HOKA 的全價銷售推動了三位數的電子商務增長，這有助於抵消一些零售量的損失。

I would note that the first quarter is traditionally our lowest period of direct-to-consumer volume, and the mix of HOKA e-commerce is disproportionately larger to the total DC volume than in other quarters.

我要指出，第一季度傳統上是我們直接面向消費者的最低銷量時期，HOKA 電子商務的組合與其他季度相比，與 DC 總銷量不成比例。

We have been very encouraged by the consistently strong interest in our UGG and HOKA brands as evidenced by Google trends over the last 2 months, with UGG search interest up 73% over last year and HOKA search interest growth being second-highest among peer brands.

我們對 UGG 和 HOKA 品牌的持續濃厚興趣感到非常鼓舞，過去 2 個月的 Google 趨勢證明了這一點，UGG 搜索興趣比去年增長了 73%，HOKA 搜索興趣增長在同行品牌中位居第二。

We think this speaks well to the power of our brands, that consumers are actively searching and buying our products during a historically low period of consumer demand.

我們認為這很好地說明了我們品牌的力量，即消費者在消費者需求處於歷史低位的時期積極搜索和購買我們的產品。

We are also experiencing a substantial gain in new customer acquisitions online, which has been great news as we know that customers entering our online database have a higher lifetime value and purchase frequency than those purchasing in stores.

我們在網上獲得的新客戶方面也取得了顯著增長，這是一個好消息，因為我們知道進入我們在線數據庫的客戶比在商店購買的客戶具有更高的生命週期價值和購買頻率。

We are especially excited about UGG customer acquisitions as this is typically a lower volume period for the brand, and our strategy aims to convert these new customers into repeat purchases down the road in the holiday period.

我們對 UGG 客戶的收購感到特別興奮，因為這通常是該品牌銷量較低的時期，我們的戰略旨在將這些新客戶轉化為假期期間的重複購買。

I would like to caution though, as we move into the second and third quarters, retail volume typically becomes more impactful to our overall results, and we do not expect e-commerce to fully capture lost retail sales volume in the event that stores remain closed or limited in operation.

不過我想提醒一下，隨著我們進入第二和第三季度，零售量通常會對我們的整體業績產生更大的影響，我們預計電子商務不會在商店保持關閉的情況下完全彌補零售量的損失或操作受限。

From a global brand perspective, our quarter-to-date performance by brand across all channels compared to last year through May 15 include: UGG down mid-single digits due to lower wholesale shipments resulting from doors remaining shut, as well as the impact of our owned retail store closures, however, we are very encouraged to see the pent-up demand being captured through our e-commerce channel; HOKA up in the low 30% range, and though 45 days is a small portion of the full year, we are going to continue fueling the brand with the goal of sustaining growth above fiscal 2020; and Teva and Sanuk down in the low 40% and mid-30% ranges, respectively, as these brands are experiencing a heavier impact due to the seasonality of their businesses, with Koolaburra representing an immaterial volume during this period of the year.

從全球品牌的角度來看，截至 5 月 15 日，與去年同期相比，我們所有渠道的季度至今表現包括：UGG 下降中個位數，原因是關門導致批發出貨量下降，以及我們自己的零售店關閉，但是，我們很高興看到被壓抑的需求通過我們的電子商務渠道被捕獲； HOKA 在 30% 的低位上漲，雖然 45 天只是全年的一小部分，但我們將繼續為品牌加油，目標是在 2020 財年以上保持增長； Teva 和 Sanuk 分別下降了 40% 和 30% 中的區間，因為這些品牌由於業務的季節性而受到更大的影響，而 Koolaburra 在一年中的這個時期的銷量並不重要。

While we feel positive about the trends we're seeing in the business, there is still plenty of hurdles to overcome in a challenged consumer environment with social-distancing practices in place and recessionary concerns that could pressure discretionary spending.

雖然我們對我們在業務中看到的趨勢感到樂觀，但在充滿挑戰的消費者環境中，仍然有許多障礙需要克服，因為社會疏離做法和經濟衰退的擔憂可能會給可自由支配的支出帶來壓力。

Moving into our discussion on fourth-quarter and fiscal year 2020 performance, revenue in the fourth quarter of fiscal 2020 was down 5% versus last year to $375 million with the shortfall driven by an approximate $25 million headwind from unforeseen COVID-19 impacts.

進入我們對第四季度和 2020 財年業績的討論，2020 財年第四季度的收入與去年相比下降了 5%，至 3.75 億美元，這一缺口是由於 COVID-19 不可預見的影響帶來了約 2500 萬美元的逆風。

As a reminder, we provided fourth-quarter guidance on January 30.

提醒一下，我們在 1 月 30 日提供了第四季度的指導。

And at that time, we had only anticipated preliminary estimates of COVID-19 impacts on our China business.

那時，我們只是預計 COVID-19 對我們中國業務的影響的初步估計。

To provide a little more color on how our performance was impacted by this event in the fourth quarter, our prior guidance anticipated China headwinds of approximately $5 million for the quarter compared to last year, mostly driven by store closures.

為了更清楚地說明第四季度這一事件對我們的業績有何影響，我們之前的指導預計，與去年相比，本季度中國的逆風約為 500 萬美元，主要是由於商店關閉所致。

And our performance aligned with this expectation.

我們的表現符合這一預期。

As the pandemic spread to Europe, we saw a significant deterioration of the quarter-to-date growth rate trend in the region, shifting from over 20% over last year at the end of February to just 6% over last year at the end of March.

隨著大流行蔓延到歐洲，我們看到該地區本季度迄今的增長率趨勢顯著惡化，從 2 月底的去年同期超過 20% 轉變為截至 2019 年底的僅比去年同期的 6%。行進。

As the United States shut down in mid-March, we had been trending around 3% over last year through March 15, but saw this decline to 8% below last year by the end of March, with combined impacts of retail store closures as well as reduced wholesale shipments.

隨著美國在 3 月中旬關閉，截至 3 月 15 日，我們的價格比去年下降了 3% 左右，但到 3 月底，這一數字下降到比去年低 8% 的水平，同時也受到零售店關閉的綜合影響由於批發出貨量減少。

Despite the fourth-quarter impacts, full-year fiscal 2020 performance remained strong as revenue grew by 6% versus the prior year to $2.133 billion, and earnings per share increased 9% versus the prior year to $9.62.

儘管受到第四季度的影響，但 2020 財年全年業績依然強勁，收入同比增長 6% 至 21.33 億美元，每股收益同比增長 9% 至 9.62 美元。

Deckers' fiscal year 2020 performance is a result of having great brands that have built lasting relationships with consumers and continue to build awareness and momentum through targeted, focused investments, complemented by a disciplined approach to managing expenses.

Deckers 的 2020 財年業績得益於優秀品牌與消費者建立了持久的關係，並通過有針對性的、有針對性的投資繼續建立知名度和發展勢頭，並輔以嚴格的費用管理方法。

Turning to the brand highlights during fiscal year 2020, starting with the Fashion & Lifestyle group, which is comprised of our UGG and Koolaburra brands.

談談 2020 財年的品牌亮點，首先是時尚與生活方式集團，該集團由我們的 UGG 和 Koolaburra 品牌組成。

For full year fiscal 2020, global UGG sales declined by 1% versus last year to $1.521 billion.

2020 財年全年，全球 UGG 銷售額較去年下降 1%，至 15.21 億美元。

Considering lost revenue in Q4 due to COVID-19, UGG would have been roughly flat to last year, which is inclusive of a large headwind related to the European marketplace reset in progress.

考慮到由於 COVID-19 導致第四季度的收入損失，UGG 與去年大致持平，其中包括與正在進行的歐洲市場重置相關的巨大逆風。

In contrast to the headwinds of the brands in international businesses, UGG grew by 5% in the United States for the second consecutive year.

與品牌在國際業務中的逆風形成鮮明對比的是，UGG 在美國連續第二年增長了 5%。

The UGG brand strength in the U.S. has been driven by high levels of brand heat through PR and targeted marketing investments, driving brand search interest up 8% as compared to last year; winning with younger consumers as DTC purchasers aged 18 to 34 increased by 29% versus last year; increased loyalty membership and purchasing as enrollment in UGG Rewards increased 60%, and revenue from members grew 19% as compared to last year, with members spending more on average; and a diversified product mix as the Fluff Yeah and Neumel franchises both drove significant growth.

通過公關和定向營銷投資，品牌熱度高，推動了 UGG 在美國的品牌實力，推動品牌搜索興趣與去年相比上升了 8%；由於 18 至 34 歲的 DTC 購買者比去年增加了 29%，因此贏得了年輕消費者的青睞；隨著 UGG Rewards 的註冊人數增加 60%，會員收入與去年相比增長 19%，會員的平均支出增加，增加了忠誠度會員和購買； Fluff Yeah 和 Neumel 特許經營權的多元化產品組合都推動了顯著增長。

We'll look to build on the strength of our domestic business as we weather the evolving economic and retail landscape in fiscal 2021 and look to capitalize on the brand strength as work from home becomes the new normal for many of our consumers.

隨著我們在 2021 財年經受住不斷變化的經濟和零售格局，我們將尋求鞏固國內業務的實力，並在在家工作成為我們許多消費者的新常態時利用品牌實力。

The UGG team has made compelling progress in the brand's domestic business over the past 3 years and is focused on protecting the brand sanctity that they worked so hard to build.

UGG 團隊在過去 3 年裡，在品牌的國內業務上取得了令人矚目的進步，並專注於保護他們辛辛苦苦打造的品牌神聖性。

Moving to Koolaburra, global revenue in fiscal year 2020 grew by 58% versus last year to $70 million.

搬到 Koolaburra，2020 財年的全球收入比去年增長了 58%，達到 7000 萬美元。

The Koolaburra brand's performance was fueled by another year of strong full-price sell-through and market share gains within the domestic family value channel.

Koolaburra 品牌的表現得益於又一年強勁的全價銷售和國內家庭價值渠道中的市場份額增長。

Koolaburra also experienced success with its licensed home business and has plans to expand to license loungewear this fall in an effort to further extend the brand's lifestyle appeal.

Koolaburra 的授權家居業務也取得了成功，併計劃在今年秋季擴大家居服的授權，以進一步擴大該品牌的生活方式吸引力。

Given the value proposition of the brand, we believe Koolaburra will be poised to capture demand from budget-conscious consumers in the coming year.

鑑於該品牌的價值主張，我們相信 Koolaburra 將準備在來年抓住精打細算的消費者的需求。

Moving to the Performance Lifestyle group, which is comprised of the HOKA, Teva and Sanuk brands -- starting with HOKA, global revenue for fiscal year 2020 increased by 58% versus last year to $353 million.

轉向由 HOKA、Teva 和 Sanuk 品牌組成的 Performance Lifestyle 集團——從 HOKA 開始，2020 財年的全球收入比去年增長了 58%，達到 3.53 億美元。

The HOKA brand far outperformed our expectations from the outset of this year.

從今年一開始，HOKA 品牌的表現就遠遠超出了我們的預期。

HOKA growth has been consistently balanced across the globe in the brand's domestic and international businesses, and across both wholesale and direct-to-consumer channels.

HOKA 品牌的國內和國際業務以及批發和直接面向消費者的渠道在全球範圍內的增長一直保持平衡。

This balance has been achieved due to the team's dedication to what we refer to as the HOKA ecosystem, which provides a universally elevated consumer experience across all regions and channels of distribution.

這種平衡是由於團隊致力於我們所說的 HOKA 生態系統，它在所有地區和分銷渠道提供普遍提升的消費者體驗。

Leveraging the organizational expertise that exists in a multi-brand portfolio, the HOKA brand has quickly evolved its digital presence to become a core strength and represent the ultimate access point of the brands.

利用多品牌組合中存在的組織專業知識，HOKA 品牌迅速發展其數字化形象，成為核心優勢並代表品牌的最終接入點。

HOKA digital has become a serious driver of both customer retention and new customer acquisition.

HOKA digital 已成為客戶保留和新客戶獲取的重要推動力。

Both retained and acquired customers nearly doubled year-over-year in the HOKA brand's global direct-to-consumer business.

在 HOKA 品牌的全球直接面向消費者的業務中，留存和獲得的客戶均同比增長近一倍。

The HOKA brand success in fiscal year 2020 is the result of great heritage products, new product innovation and continued refinements of the HOKA ecosystem attracting new consumers.

HOKA 品牌在 2020 財年的成功是傳統產品、新產品創新和 HOKA 生態系統不斷完善以吸引新消費者的結果。

HOKA has significant momentum, and while broader market trends may limit the brand's incredible growth rate in fiscal year 2021, we're going to continue investing in HOKA to fuel our brand-led and consumer-informed marketplace strategy.

HOKA 勢頭強勁，雖然更廣泛的市場趨勢可能會限制該品牌在 2021 財年令人難以置信的增長率，但我們將繼續投資 HOKA，以推動我們以品牌為主導和以消費者為導向的市場戰略。

Turning to our Teva and Sanuk brand, global revenue in fiscal year 2020 was $138 million and $51 million, respectively.

談到我們的 Teva 和 Sanuk 品牌，2020 財年的全球收入分別為 1.38 億美元和 5100 萬美元。

Both the Teva and Sanuk brands are attracting consumers with innovative product introductions that feature sustainability stories.

Teva 和 Sanuk 品牌都通過介紹可持續發展故事的創新產品來吸引消費者。

This includes Teva's Strap In To Freedom campaign, highlighting their use of recycled materials now on nearly all their original sandal straps.

這包括 Teva 的 Strap In To Freedom 活動，強調他們現在在幾乎所有原裝涼鞋帶上使用再生材料。

Similarly, Sanuk continues to offer eco-friendly options, including their vegan collection.

同樣，Sanuk 繼續提供環保選擇，包括他們的素食系列。

To amplify these efforts and embrace the ever-changing surf specialty space, the Sanuk brand has recently streamlined operations to work directly with our internal innovation department, known as Deckers Labs.

為了擴大這些努力並擁抱不斷變化的衝浪專業領域，Sanuk 品牌最近簡化了運營，直接與我們稱為 Deckers Labs 的內部創新部門合作。

By collaborating directly with Directors (sic - Deckers) Labs, we're creating cost efficiencies in the business while also reinvigorating the Sanuk brand's innovation engine.

通過直接與 Directors (sic - Deckers) Labs 合作，我們在提高業務成本效率的同時也重振了 Sanuk 品牌的創新引擎。

With respect to channel performance, global wholesale sales increased 7% for the full fiscal year.

在渠道表現方面，全球批發銷售額在整個財年增長了 7%。

Fiscal 2020 performance were driven primarily by domestic strength in the HOKA, UGG and Koolaburra brands.

2020 財年的業績主要受到 HOKA、UGG 和 Koolaburra 品牌的國內實力的推動。

Domestic wholesale has now grown over 9% for 2 consecutive years based on the strength of these brands.

基於這些品牌的實力，國內批發現已連續兩年增長9%以上。

For the year, international wholesale increased low single digits due to HOKA brand's expansion being partially offset by the ongoing European reset of the UGG brand, that is similar to the strategy we successfully implemented in the UGG brand's domestic wholesale marketplace.

由於HOKA 品牌的擴張部分被UGG 品牌在歐洲的持續重置所抵消，國際批發在本年度的低個位數增長，這與我們在UGG 品牌的國內批發市場成功實施的策略相似。

We also experienced negative pressure from foreign currency exchange rates.

我們也受到外匯匯率的負面壓力。

Global direct-to-consumer sales increased 3% for the full fiscal year.

整個財年，全球直接面向消費者的銷售額增長了 3%。

Comparable sales for full fiscal year increased 5% versus the prior year.

整個財年的可比銷售額與上一年相比增長了 5%。

Please note that our DTC comp for fiscal 2020 has been adjusted to exclude the final weeks of March retail volume as a result of COVID-19.

請注意，由於 COVID-19，我們對 2020 財年的 DTC 組合進行了調整，以排除 3 月最後幾週的零售量。

For the full year, DTC performance was driven by global growth of the HOKA brand as the brand nearly doubled its e-commerce volume year-over-year and domestic strength of the UGG brand online.

全年，DTC 的業績受到 HOKA 品牌全球增長的推動，該品牌的電子商務量同比幾乎翻了一番，而 UGG 品牌在國內的在線實力。

We've been intently focused on enhancing the adoption of our brands online over the past few years, and this will be a primary focus in fiscal 2021 with the disruption of the retail landscape.

在過去的幾年裡，我們一直專注於提高在線品牌的採用率，隨著零售格局的破壞，這將成為 2021 財年的主要重點。

With that, I'll hand the call over to Steve to provide more details on the fourth-quarter and fiscal-2020 results as well as some additional thoughts on fiscal 2021.

有了這個，我將把電話交給史蒂夫，以提供有關第四季度和 2020 財年業績的更多細節，以及對 2021 財年的一些額外想法。

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

Before we jump into our fourth quarter and fiscal year 2020 results as well as an overview of our approach to managing the business in this unprecedented environment, I'd like to take a moment to highlight the strategies we've implemented over the past few years.

在我們進入第四季度和 2020 財年的業績以及概述我們在這種前所未有的環境中管理業務的方法之前，我想花點時間來強調一下我們在過去幾年中實施的戰略.

The actions we have taken have built a more efficient business and created a strong framework and solid footing to navigate the current uncertainty.

我們採取的行動建立了更高效的業務，並建立了強大的框架和堅實的基礎來應對當前的不確定性。

More specifically, we have implemented the UGG domestic wholesale marketplace management strategy, reducing the risk of excess inventory in the wholesale marketplace and lowering the risk of default with a smaller and healthier account base; built a strong partnership for the HOKA brand in the run specialty channel, driving awareness and customer affinity, while also capturing accelerated demand through direct-to-consumer; invested in digital infrastructure and marketing for all our brands to deliver a compelling consumer experience; shifted cost structure by reducing fixed costs and investing in variable categories; consolidated our factory base to work with financially strong partners with diversified operations outside of China; and made a targeted improvement to Teva and Sanuk profitability.

更具體地說，我們實施了UGG國內批發市場管理策略，降低了批發市場庫存過剩的風險，並以更小、更健康的賬戶基礎來降低違約風險；在 run 專業渠道中為 HOKA 品牌建立了牢固的合作夥伴關係，提高了知名度和客戶親和力，同時還通過直接面向消費者來捕捉加速的需求；投資於我們所有品牌的數字基礎設施和營銷，以提供引人注目的消費者體驗；通過降低固定成本和投資可變類別來轉變成本結構；鞏固我們的工廠基地，與在中國境外開展多元化業務的財力雄厚的合作夥伴合作；並有針對性地提高 Teva 和 Sanuk 的盈利能力。

The flexibility of our operating model is serving us well during these challenging times, allowing us to effectively navigate the current environment.

在這些充滿挑戰的時期，我們運營模式的靈活性為我們提供了良好的服務，使我們能夠有效地駕馭當前環境。

We believe that our past and ongoing efforts provide the foundation to proactively manage through the COVID-19 disruption.

我們相信，我們過去和持續的努力為積極應對 COVID-19 中斷提供了基礎。

We're working from a relative position of strength as compared to our peers due to the significant operating enhancements we've made over the past few years.

由於我們在過去幾年中取得了顯著的運營改進，因此與同行相比，我們處於相對優勢地位。

Our actions drove improvements of over 600 basis points to our non-GAAP operating margin as compared to fiscal 2017 and more than doubled cash and equivalents to $649 million at the end of our year fiscal 2020.

與 2017 財年相比，我們的行動推動我們的非公認會計原則營業利潤率提高了 600 多個基點，到 2020 財年末，現金和等價物增加了一倍多，達到 6.49 億美元。

Now moving to our results, while we ended the year with revenue slightly below our January guidance, the main driver of the shortfall was the impact of the global pandemic in the final weeks of March.

現在轉向我們的業績，雖然我們在年底的收入略低於我們 1 月份的指導，但造成短缺的主要驅動因素是 3 月最後幾周全球大流行的影響。

Despite these headwinds, Deckers still delivered a third consecutive full year of mid-single-digit revenue growth and top-tier operating margins among peers.

儘管存在這些不利因素，Deckers 仍然連續第三年全年實現中個位數的收入增長和同行中頂級的營業利潤率。

Our full-year fiscal 2020 revenue came in at $2.133 billion, representing growth of 5.6% over prior year.

我們 2020 財年全年收入為 21.33 億美元，比上年增長 5.6%。

On a constant-currency basis, revenue grew by 6.5% as compared to last year.

按固定匯率計算，收入比去年增長 6.5%。

The HOKA brand contributed the majority of the year-over-year increase, up $129 million, with Koolaburra contributing an incremental $26 million over last year, with Sanuk and UGG revenue offsetting some of the gains.

HOKA 品牌貢獻了同比增長的大部分，增加了 1.29 億美元，其中 Koolaburra 貢獻了比去年增加的 2600 萬美元，而 Sanuk 和 UGG 的收入抵消了部分收益。

Absent fourth-quarter impacts of the COVID-19 pandemic, we believe UGG revenue would have been roughly flat to last year.

如果沒有 COVID-19 大流行對第四季度的影響，我們認為 UGG 的收入將與去年大致持平。

Additionally, with the results achieved, UGG brand revenue in the year was flat to the prior year on a constant-currency basis.

此外，在取得成果的情況下，UGG 品牌在本年度的收入按固定匯率計算與上一年持平。

Overall, these results were below the high end of our guidance range by $27 million, with fourth-quarter revenue coming in at $375 million, down 4.9% from last year.

總體而言，這些結果低於我們指導範圍的高端 2700 萬美元，第四季度收入為 3.75 億美元，比去年下降 4.9%。

The lower-than-expected revenue was predominantly driven by approximately $25 million headwind related to the COVID-19 pandemic.

低於預期的收入主要受到與 COVID-19 大流行相關的約 2500 萬美元不利因素的推動。

These headwinds were driven by approximately $20 million related to wholesale shipments as the final 2 weeks of March typically include high-volume shipping of spring/summer product, and we experienced disruption from both the temporary closure of our West Coast distribution center as well as wholesale partners closing stores; and $5 million in lost direct-to-consumer sales as we closed the majority of our retail locations in mid-March.

這些不利因素是由大約 2,000 萬美元與批發貨運相關的，因為 3 月的最後 2 週通常包括春夏產品的大批量運輸，而且我們的西海岸配送中心暫時關閉以及批發業務都對我們造成了乾擾合作夥伴關閉商店；由於我們在 3 月中旬關閉了大部分零售店，因此直接面向消費者的銷售額損失了 500 萬美元。

Gross margins for the full fiscal year was 51.8%, up 26 basis points to last year.

整個財年的毛利率為 51.8%，比去年上升 26 個基點。

The increase in gross margin was driven by margin expansion in our Performance Lifestyle group brands; lower UGG domestic wholesale promotional activity and less closeout volume, partially offset by negative currency pressure from foreign exchange rate fluctuations; increased UGG brand promotional activity outside of the U.S.; and channel mix headwinds due to wholesale dollar growth outpacing DTC.

毛利率的增長是由我們的 Performance Lifestyle 集團品牌的利潤率擴張推動的； UGG國內批發促銷活動減少，清倉量減少，部分被外匯匯率波動帶來的負面貨幣壓力所抵消；增加 UGG 品牌在美國以外的促銷活動；由於批髮美元增長超過 DTC，渠道組合逆風。

This result includes the strong performance of gross margins in the fourth quarter, which came in slightly above our implied guidance of 51.5%, with outperformance largely driven by gains in our Performance Lifestyle group.

這一結果包括第四季度毛利率的強勁表現，略高於我們 51.5% 的隱含指導，其表現主要是由於我們的 Performance Lifestyle 組的增長。

From an expense standpoint, our full-year spend was up 7.4% to $765.5 million compared to last year's GAAP spend of $712.9 million and up 7.3% to last year's non-GAAP spend of $713.3 million.

從支出的角度來看，我們的全年支出與去年 7.129 億美元的 GAAP 支出相比增長 7.4% 至 7.655 億美元，與去年的非 GAAP 支出 7.133 億美元相比增長 7.3%。

As a percentage of sales, expenses delevered against the prior year, which was aligned with our guidance as we executed reinvestment plans behind our key initiatives, including investments in marketing to drive brand heat and awareness in HOKA, UGG men's and UGG women's noncore styles; building our technology, tools and talent base to advance analytical capabilities and drive efficiencies in how we connect with consumers; and using innovation to develop incremental opportunities that can add value to our brand portfolio.

作為銷售額的百分比，費用與上一年相比有所下降，這與我們的指導一致，因為我們執行了關鍵舉措背後的再投資計劃，包括投資營銷以推動 HOKA、UGG 男裝和 UGG 女裝非核心款式的品牌熱度和知名度；建立我們的技術、工具和人才基礎，以提高分析能力並提高我們與消費者聯繫的效率；並利用創新來開發可以為我們的品牌組合增值的增量機會。

These results are inclusive of actions we were able to take during the fourth quarter in conjunction with the lower revenue we were experiencing.

這些結果包括我們在第四季度能夠採取的行動以及我們遇到的收入下降。

Additionally, in the fourth quarter we benefited from the reversal of accruals related to performance-based compensation as well as a lower tax expense resulting from jurisdictional mix and timing of certain tax items.

此外，在第四季度，我們受益於與基於績效的薪酬相關的應計項目的逆轉，以及由於管轄權組合和某些稅收項目的時間安排導致的較低稅收支出。

Our effective tax rate for the year was 19%, which was largely benefited from a state refund and other onetime discrete items, which compares favorably to a 19.6% in the previous year.

我們今年的有效稅率為 19%，這在很大程度上得益於國家退稅和其他一次性離散項目，與上一年的 19.6% 相比，這是有利的。

The impact of these results drove earnings per share of $0.57 in the fourth quarter, ultimately delivering a full-year fiscal 2020 earnings per share of $9.62, which compares to last year's $8.84 and our guidance range of $9.40 to $9.50.

這些結果的影響推動第四季度每股收益為 0.57 美元，最終實現 2020 財年全年每股收益 9.62 美元，而去年為 8.84 美元，我們的指導範圍為 9.40 美元至 9.50 美元。

The $0.78 increase to last year was driven by higher sales and profitability in the Performance Lifestyle group and the Fashion & Lifestyle group's domestic business; and benefits of share repurchase, interest income and a lower tax rate, with offsets coming from lower sales of UGG internationally due to the ongoing marketplace reset in EMEA and higher spend related to investment behind building technology tools and the talent base to advance our analytical capabilities.

與去年相比增加了 0.78 美元，這是由於 Performance Lifestyle 集團和 Fashion & Lifestyle 集團的國內業務的銷售額和盈利能力提高；股票回購、利息收入和較低稅率的好處，以及由於歐洲、中東和非洲地區正在進行的市場重置以及與構建技術工具和人才庫以提高我們的分析能力的投資相關的更高支出，UGG 在國際上的銷售額下降。 .

Turning to our balance sheet at March 31, 2020, we ended fiscal 2020 with $649 million in cash compared to $590 million cash last year, with additional availability of $469 million to borrow on existing lines of credit.

轉向我們在 2020 年 3 月 31 日的資產負債表，我們在 2020 財年結束時的現金為 6.49 億美元，而去年為 5.9 億美元，另外還有 4.69 億美元可用於現有信貸額度的借款。

Inventories were up 11.8% at $312 million compared to last year at $279 million.

與去年的 2.79 億美元相比，庫存增加了 11.8% 至 3.12 億美元。

Note that inventory growth over last year would have been below the rate of sales growth, if not for the revenue impacts experienced in the fourth quarter due to COVID-19.

請注意，如果不是由於 COVID-19 導致第四季度的收入影響，去年的庫存增長將低於銷售增長率。

And in looking at our inventory position, we are comfortable with the quality of our inventory on hand as a high proportion represents core product with low levels of markdown risk.

在查看我們的庫存狀況時，我們對現有庫存的質量感到滿意，因為高比例代表了降價風險低的核心產品。

During the fiscal year, we repurchased $190 million worth of shares, but as we did not repurchase any stock in the fourth quarter, we still have $160 million remaining authorized for repurchase as of March 31, 2020.

在本財年，我們回購了價值 1.9 億美元的股票，但由於我們在第四季度沒有回購任何股票，截至 2020 年 3 月 31 日，我們仍有 1.6 億美元的授權回購。

And with the current near-term uncertainty and emphasis on liquidity and cash management, we have decided to pause any share repurchase activity for the time being, although we may commence share repurchase in future periods as we deem appropriate.

鑑於當前近期的不確定性以及對流動性和現金管理的重視，我們決定暫時暫停任何股票回購活動，儘管我們可能會在我們認為合適的未來期間開始股票回購。

And for the year, these results once again returned invested capital above 20%.

而這一年，這些結果再次使投資資本回報率超過 20%。

Switching gears to our global backlog, which includes bulk orders and represents an order book snapshot as of March 31, 2020, backlog was up 4.6% versus the prior year at March 31, 2019.

切換到我們的全球積壓訂單，其中包括大宗訂單並代表截至 2020 年 3 月 31 日的訂單簿快照，截至 2019 年 3 月 31 日，積壓訂單與上一年相比增長了 4.6%。

Given the current state of the economy, we do not believe backlog represents a true indicator of performance, and we are not planning our business based on backlog.

鑑於當前的經濟狀況，我們認為積壓不能代表業績的真實指標，我們也不會根據積壓來規劃我們的業務。

Subsequent to March 31, we have experienced some cancellations related to COVID-19 disruption.

3 月 31 日之後，我們經歷了一些與 COVID-19 中斷相關的取消。

As a result, our total backlog as of mid-May, inclusive of all brands, has declined to be roughly flat as compared to last year.

因此，我們截至 5 月中旬的總積壓訂單（包括所有品牌）與去年相比已下降至大致持平。

While we haven't seen a large amount of cancellations to date, we anticipate there will be additional cancellations and thus are taking a cautious approach in planning the back half of fiscal year 2021.

雖然迄今為止我們還沒有看到大量取消，但我們預計還會有更多的取消，因此在計劃 2021 財年下半年時採取謹慎的態度。

Overall, we are forecasting cancellations to outweigh reorders.

總體而言，我們預計取消訂單將超過重新訂單。

The backlog does not include any indication of direct-to-consumer expectations and as mentioned earlier, the retail environment remains unclear.

積壓訂單不包括任何直接面向消費者的期望，如前所述，零售環境仍不清楚。

Finally, moving on to our forward-looking expectation for fiscal year 2021, given the ongoing and fluid economic environment related to the COVID-19 pandemic, we will not be providing specific guidance for full fiscal year 2021 at this time.

最後，繼續我們對 2021 財年的前瞻性預期，鑑於與 COVID-19 大流行相關的持續且多變的經濟環境，我們目前不會為整個 2021 財年提供具體指導。

However, I will outline the major themes and how we are managing the business in these uncertain times.

但是，我將概述主要主題以及我們在這些不確定時期如何管理業務。

While we are not providing guidance, we are approaching fiscal year 2021 with the expectation that total revenue will decline year-over-year, but we believe the HOKA brand will still experience some growth, albeit at a rate lower than we've seen in our first quarter-to-date trend.

雖然我們沒有提供指導，但我們正在接近 2021 財年，預計總收入將同比下降，但我們相信 HOKA 品牌仍將經歷一些增長，儘管增速低於我們在我們的第一個季度至今趨勢。

The Fashion & Lifestyle group will face headwinds related to the continued international softness and wholesale cancellations.

時尚與生活方式集團將面臨與國際持續疲軟和批發取消相關的不利因素。

Inventory levels will be elevated as we carry core product from spring and summer season disruption as well as delay product launches to protect the health of our brands, and expenses will be tightly managed as we look to conserve our cash balance.

庫存水平將升高，因為我們將核心產品從春季和夏季中斷以及延遲產品發布以保護我們的品牌健康，並且我們將嚴格管理費用，因為我們希望保存我們的現金餘額。

As Dave mentioned, we've already taken some actions to reduce expense in fiscal year 2021.

正如戴夫所說，我們已經採取了一些行動來減少 2021 財年的開支。

But we've also developed a number of scenarios to adjust spending based on the timing of expected economic recovery and our operational performance along the way.

但我們也制定了一些方案，根據預期經濟復甦的時間和我們在此過程中的運營表現來調整支出。

We have had meaningful discussions with our key wholesale partners to help inform our partnership in planning inventory buys and peak season volume.

我們與我們的主要批發合作夥伴進行了有意義的討論，以幫助我們在規劃庫存購買和旺季數量方面為我們的合作夥伴提供信息。

We believe a conservative approach in fiscal year 2021 will set up a strong return to our operating model in the year fiscal 2022.

我們相信，在 2021 財年採取保守的做法將在 2022 財年為我們的運營模式帶來強勁回報。

Prior to the spread of the pandemic, we had been planning a continuation of our operating model, which included increased investments in our key initiatives to drive further top-line growth.

在大流行蔓延之前，我們一直在計劃延續我們的運營模式，其中包括增加對我們關鍵舉措的投資，以推動進一步的收入增長。

Now that we are operating in a much different climate, we have reduced planned expenses related to our prior expectation of revenue growth and plan to redeploy a portion of our existing expense base to areas with the highest return.

既然我們在一個截然不同的環境中運營，我們已經減少了與我們先前對收入增長的預期相關的計劃費用，併計劃將我們現有費用基礎的一部分重新部署到回報率最高的領域。

More specifically, some of the adjustments that we've made include reducing costs associated with travel and brand conferences; reducing SKU complexity with an edit-to-amplify strategy that drives savings in our supply chain; finding efficiencies in the workforce, including the implementation of a hiring freeze and foregoing merit increases; savings related to store closures and operating stores in a more limited capacity, and reducing or eliminating other discretionary expenditures.

更具體地說，我們所做的一些調整包括降低與旅行和品牌會議相關的成本；通過編輯放大策略降低 SKU 的複雜性，從而節省我們的供應鏈；提高勞動力效率，包括實施招聘凍結和前面的加薪；與關閉商店和以更有限的能力經營商店有關的節省，以及減少或消除其他可自由支配的支出。

These adjustments give us the ability to dial up or back the planned marketing investments aimed at fueling global HOKA momentum, depending on the curve of economic recovery.

這些調整使我們能夠根據經濟復甦的曲線來增加或支持旨在推動全球 HOKA 勢頭的計劃營銷投資。

Our focus is to preserve the sanctity of our brands as well as the organization we've built to support our strong operating model.

我們的重點是維護我們品牌的神聖性以及我們為支持我們強大的運營模式而建立的組織。

This operating model is what allows us to make better decisions with an offense-focused mindset and will ultimately establish the foundation for success on the other side of this pandemic.

這種運營模式使我們能夠以以進攻為中心的心態做出更好的決策，並最終為在這場大流行的另一端取得成功奠定基礎。

With our healthy cash position of $649 million that included no debt under our credit facilities as of March 31, 2020, and $469 million available on our existing lines of credit, Deckers is in a competitive liquidity position and is poised to combat the economic pressures resulting from the COVID-19 pandemic.

憑藉我們 6.49 億美元的健康現金狀況，截至 2020 年 3 月 31 日，我們的信貸額度下沒有債務，以及我們現有信貸額度的 4.69 億美元，Deckers 處於具有競爭力的流動性狀況，並準備應對由此產生的經濟壓力來自 COVID-19 大流行。

Our focus is to make disciplined financial decisions in the best interest of the organization while protecting the momentum and health of our brands.

我們的重點是為了組織的最大利益做出有紀律的財務決策，同時保護我們品牌的發展勢頭和健康。

We are taking steps designed to put the company in a position to emerge from this crisis with a healthy balance sheet, including a strong cash position with the following considerations in mind: a current pause on share repurchase and disciplined inventory management, all paired with a focused investment in key drivers to ensure we capture demand where possible, ultimately emerging with continued strong brand positioning.

我們正在採取旨在使公司能夠以健康的資產負債表擺脫這場危機的措施，包括強勁的現金狀況，並考慮以下因素：當前暫停股票回購和嚴格的庫存管理，所有這些都與重點投資於關鍵驅動因素，以確保我們盡可能捕捉需求，最終以持續強大的品牌定位出現。

Again, I'd like to reiterate that with healthy and in-demand brands, we are in a position to play offense and build on the momentum of our brands.

再次，我想重申，對於健康和需求旺盛的品牌，我們有能力發揮進攻作用並建立我們品牌的勢頭。

Over the past few years, we've demonstrated the ability to course correct where necessary, and our fiscal year 2021 will be no different.

在過去的幾年裡，我們已經展示了在必要時進行修正的能力，我們的 2021 財年也不例外。

As we execute our strategies, we may experience some short-term pressures on operating margins, but it is our belief that this strategy will best enable our brands to emerge stronger as we move beyond this crisis.

在我們執行我們的戰略時，我們可能會在經營利潤率方面遇到一些短期壓力，但我們相信，隨著我們度過這場危機，這一戰略將最好地讓我們的品牌變得更強大。

With that, I'll turn it back to Dave for his closing remarks.

有了這個，我將把它轉回戴夫的閉幕詞。

Thank you, Steve.

謝謝你，史蒂夫。

As I reflect on the year's performance, my key takeaway is recognizing the strength of our brands, along with an appreciation for their commitment to staying purpose-driven.

當我回顧這一年的表現時，我的主要收穫是認識到我們品牌的實力，以及對他們堅持以目標為導向的承諾的讚賞。

The power of each brand lies within the authentic connections they've forged with their respective consumer base.

每個品牌的力量都在於他們與各自的消費者群體建立的真實聯繫。

Each of our brands remains open for business and are here to serve consumers during this uncertain time.

我們的每個品牌都將繼續營業，並在這個不確定的時期為消費者服務。

Special thanks to our employees on the front lines, including our warehouse teams, retail associates and customer-service agents who continue to deliver and serve our customers in these extraordinary circumstances.

特別感謝我們在前線的員工，包括我們的倉庫團隊、零售員工和客戶服務代理，他們在這些特殊情況下繼續為我們的客戶提供服務和服務。

As we look towards adapting our operations to endure the near-term challenges, we are doing so with our sights on the future.

在我們尋求調整我們的運營以應對近期挑戰的同時，我們也著眼於未來。

We are evaluating our business strategically and intend to emerge from this pandemic with new opportunities and additional strength in the Deckers portfolio.

我們正在戰略性地評估我們的業務，並打算在 Deckers 產品組合中以新的機會和額外的優勢擺脫這種流行病。

As we navigate forward, I am confident that the Deckers organization will embrace challenges, adopting new ways to collaborate, thrive and inspire each other as we build on our foundation to become stronger.

在我們前進的過程中，我相信 Deckers 組織將迎接挑戰，採用新的方式來合作、發展和相互激勵，因為我們在我們的基礎上變得更強大。

Through it all, we will develop ways to improve our business including innovations within our planning, production and the delivery of compelling product to the market.

通過這一切，我們將開發改進業務的方法，包括在我們的規劃、生產和向市場交付引人注目的產品方面進行創新。

As we evolve these operations, we will be mindful to preserve the progress we've made and will stay true to their underlying strategies.

隨著我們對這些業務的發展，我們將注意保持我們已經取得的進展，並將忠於他們的基本戰略。

The Deckers organization will overcome near-term hurdles, while setting our sights on the goal of emerging stronger.

Deckers 組織將克服近期的障礙，同時將目光投向變得更強大的目標。

With that in mind, we will continue to fuel the HOKA brand with digital marketing campaigns and virtual touchpoints to engage with consumers; focus on what matters in UGG, leaning into key styles and protecting marketplace management progress; enhance our e-commerce capabilities and digital presence in the omnichannel atmosphere as we look to accelerate even faster during and beyond this crisis; and stay true to the Deckers spirit, becoming better together as we evolve and innovate in the face of challenge, looking to continually develop and improve our operations and community.

考慮到這一點，我們將繼續通過數字營銷活動和虛擬接觸點來推動 HOKA 品牌與消費者互動；關注 UGG 中的重要內容，關注關鍵風格並保護市場管理進度；增強我們在全渠道氛圍中的電子商務能力和數字化存在，因為我們希望在這場危機期間和之後更快地加速發展；並忠於 Deckers 精神，隨著我們在挑戰中的發展和創新而共同變得更好，並尋求不斷發展和改善我們的運營和社區。

Overall, in the current environment, our company, brands and balance sheet are well positioned.

總體而言，在當前環境下，我們的公司、品牌和資產負債表處於有利地位。

We will manage the business with a high level of flexibility throughout the rest of the year.

在今年餘下的時間裡，我們將以高度的靈活性管理業務。

Thank you to all of our stakeholders.

感謝我們所有的利益相關者。

On behalf of the entire organization, I hope everyone is staying healthy and safe during these times.

我代表整個組織，希望每個人在這段時間都保持健康和安全。

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

有了這個，我將把電話轉給接線員進行問答。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Our first question today comes from Jonathan Komp with Robert Baird.

我們今天的第一個問題來自 Jonathan Komp 和 Robert Baird。

I hope everyone is doing well and healthy.

我希望每個人都做得很好，身體健康。

I wanted to maybe just start off, broader question on the wholesale environment, and you shared some detail there.

我想也許只是開始，關於批發環境的更廣泛的問題，你在那里分享了一些細節。

I just want to get a sense of your handle on the state of things, inventory and even some of the discussion about orders trends that you're expecting.

我只是想了解您對事物狀態、庫存甚至您所期望的有關訂單趨勢的一些討論的了解。

Just any way to frame up the range of variants or any other color that you can give as you think about the balance of the year on the wholesale side?

當您考慮批發方面的年度平衡時，是否可以通過任何方式來確定您可以提供的變體範圍或任何其他顏色？

Yes.

是的。

I can start off with that, Jonathan.

我可以從這個開始，喬納森。

First of all, I also want to say, I hope everybody on the call is safe and healthy with their families, and appreciate everybody listening in.

首先，我還想說，我希望通話中的每個人都與家人安全健康，並感謝大家的傾聽。

We are -- we have, I should say, over the last 3 years, built very, very strong relationships with our key wholesale partners.

我應該說，在過去 3 年中，我們與我們的主要批發合作夥伴建立了非常非常牢固的關係。

And I will say the teams on a weekly, if not daily basis, are having conversations with these partners to navigate through this what's happening in the business now.

我會說團隊每週（如果不是每天）都在與這些合作夥伴進行對話，以了解現在業務中正在發生的事情。

As you heard on the call, the script, the wholesale business right now is actually performing very well from a sell-through perspective.

正如您在電話會議上聽到的那樣，從銷售的角度來看，目前批發業務實際上表現得非常好。

And the order book is holding pretty well for the back half of the year.

下半年的訂單保持良好。

And what we are hearing from our wholesale partners from an UGG perspective is, they're still confident that UGG is going to be a key brand for them in the back half of the year.

從 UGG 的角度來看，我們從批發合作夥伴那裡聽到的是，他們仍然相信 UGG 將在今年下半年成為他們的關鍵品牌。

We've heard that they need UGG to be successful in the holiday timeframe, as we all know.

眾所周知，我們聽說他們需要 UGG 在假期期間取得成功。

And the current trend that's happening with the Fluff Yeah program, slippers and Neumel, things are progressing well.

而目前 Fluff Yeah 計劃、拖鞋和 Neumel 正在發生的趨勢，進展順利。

So certainly there's challenges with store openings, but we are seeing in our business and also with some of our key partners, very strong uptick in e-commerce, which is making up some of that loss in stores.

因此，開店肯定會遇到挑戰，但我們在我們的業務以及我們的一些主要合作夥伴中看到，電子商務的增長非常強勁，這彌補了商店的一些損失。

And I think with stores opening, hopefully in key areas and key partners over the coming months, we'll see some improvements there.

而且我認為隨著商店的開業，希望在未來幾個月內在關鍵地區和主要合作夥伴，我們會看到一些改進。

So the outlook right now seems good.

所以現在的前景看起來不錯。

We're confident about it, that we're hearing from our partners that UGG is going to be a key brand in their portfolio for the rest of the year.

我們對此充滿信心，我們從合作夥伴那裡得知 UGG 將在今年餘下時間成為他們產品組合中的關鍵品牌。

They are making cuts.

他們正在削減開支。

And so we are just being mindful that and monitoring it.

所以我們只是注意這一點並對其進行監控。

But so far in the first 5 or 6 weeks into the quarter, I think they're progressing nicely for UGG.

但到目前為止，在本季度的前 5 或 6 週內，我認為他們在 UGG 方面進展順利。

And then the same with HOKA.

然後 HOKA 也是如此。

I think what we're finding is both HOKA and UGG are proving to be really important brands for consumers right now.

我認為我們發現 HOKA 和 UGG 都被證明是目前對消費者來說非常重要的品牌。

UGG, on the work-from-home comfort lifestyle perspective, it's nice to know that when people think of comfort and home and casual, they do think of UGG first and foremost.

UGG，從在家工作的舒適生活方式的角度來看，很高興知道當人們想到舒適、居家和休閒時，他們首先想到的是 UGG。

And then a lot of consumers, as you all know, are doing home workouts and trying to exercise more.

然後，眾所周知，很多消費者都在進行家庭鍛煉並嘗試進行更多鍛煉。

And so that trend is also continuing to keep HOKA as a critical brand.

因此，這種趨勢也繼續使 HOKA 成為一個關鍵品牌。

And I think you you've seen that in the Google trends data that came out and we referenced in the script.

我想你已經在谷歌趨勢數據中看到了這一點，我們在腳本中引用了這一點。

The brands are in demand.

品牌需求旺盛。

We're challenged with wholesale store openings and our own store openings, but we think the outlook from where we stand today, looks good.

我們面臨著開設批發商店和開設自己的商店的挑戰，但我們認為從我們今天的立場來看，前景看起來不錯。

Yes.

是的。

And John, just to add on to that a little bit because I think you were referencing where we gave the quarter-to-date update and talked about wholesale being down kind of mid-30%, that's really because stores are still closed.

約翰，只是補充一點，因為我認為你是在參考我們提供季度最新更新的地方，並談到批發下降了 30% 左右，這真的是因為商店仍然關門。

So with wholesalers that have a strong online presence, they are doing well, and sell-through is doing well, and that's what we're seeing -- that's where we're also seeing a strong e-commerce business on our side.

因此，對於擁有強大在線業務的批發商來說，他們做得很好，銷售也做得很好，這就是我們所看到的——這也是我們看到強大的電子商務業務的地方。

So -- more so, what we're seeing is the result of the wholesale being down as still stores being closed with our wholesale accounts.

所以 - 更重要的是，我們看到的是批發下降的結果，因為我們的批發賬戶仍然關閉了商店。

But those that are doing business online are actually doing very well and sell-through as well.

但是那些在網上做生意的人實際上做得很好，而且銷售也很好。

Yes.

是的。

And I think it's key to understand, this is a small portion of our total year.

我認為理解這一點很關鍵，這只是我們全年的一小部分。

And so while the trends right now look good, and especially in the context of the situation we're all in, it is promising.

因此，雖然目前的趨勢看起來不錯，尤其是在我們所處的情況下，但它是有希望的。

We have a long way to go.

我們還有很長的路要走。

And what we don't know yet is what level of reorders we're going to get as wholesalers continue to manage tightly their [open-to-buys].

而我們還不知道的是，隨著批發商繼續嚴格管理他們的[開放購買]，我們將獲得什麼水平的重新訂購。

And then just a follow-up on HOKA and the kind of directional color around the growth you're expecting this year, could you just expand a little bit more on the drivers that you see?

然後只是對 HOKA 的跟進以及圍繞您今年預期的增長的那種定向顏色，您能否對您看到的驅動因素進行更多擴展？

I know you talked about pulling back on some of the launches, but maybe maintaining flexibility on marketing.

我知道你談到了推遲一些發布，但可能會保持營銷的靈活性。

And I know you have some new apparel product in a limited portion in the marketplace.

而且我知道你們在市場上的有限部分有一些新的服裝產品。

So maybe just comment a little bit more on the drivers you see there.

因此，也許只是對您在那裡看到的驅動程序發表更多評論。

Yes, I think there are a couple of things that are happening for HOKA.

是的，我認為 HOKA 正在發生一些事情。

One of the things we wanted to do, first and foremost, we want to protect the positioning and the strength and the distribution that the brand has built over the last 3 to 4 years.

我們想做的一件事，首先，我們要保護品牌在過去 3 到 4 年建立的定位、實力和分銷。

That is first and foremost.

這是首要的。

We see HOKA being around for a long time, being a very important brand in the industry for a long time, and we're taking a long-range approach to this.

我們看到 HOKA 存在很長時間，長期以來一直是行業中非常重要的品牌，我們正在採取長期的方法來解決這個問題。

So what the team did is pushed out some of the launches of products so that has allowed for our partners and ourselves to sell-through inventory product that's already in the pipeline at full price.

因此，團隊所做的是推遲了一些產品的發布，以便我們的合作夥伴和我們自己能夠以全價銷售已經在管道中的庫存產品。

If you've paid attention to the HOKA brands at all in the marketplace, you'll see there's little to no discounting on the brand.

如果您在市場上關注過 HOKA 品牌，您會發現該品牌幾乎沒有折扣。

That's because we've managed inventory tightly.

那是因為我們已經嚴格管理庫存。

There's no reason to discount it, because they're selling through well, the margins are high and our partners are benefiting from that high average retail and margin, and then staggering some of the launches throughout the year to be in line with where the demand is and the inventory levels.

沒有理由打折，因為它們賣得很好，利潤率很高，我們的合作夥伴正從高平均零售和利潤率中受益，然後在全年錯開一些發布，以符合需求是和庫存水平。

The HOKA ecosystem, which is what we like to call the combination of strategic partners and our online business, is performing very well.

HOKA生態系統，也就是我們喜歡稱之為戰略合作夥伴和我們在線業務的結合體，表現非常好。

And we're driving more business to our e-commerce site, which is great because we're acquiring more consumers, and that's driving up margins a little bit in the short-term right now as well.

我們正在為我們的電子商務網站帶來更多的業務，這很好，因為我們正在吸引更多的消費者，這也在短期內稍微提高了利潤率。

So still optimistic.

所以還是樂觀的。

We know that there's going to be headwinds for the brands.

我們知道品牌將面臨阻力。

But right now, the full price selling is strong.

但現在，全價銷售強勁。

We still see this as a growth brand, even though this year will be challenging and getting back to high level of growth coming into '22 and beyond.

我們仍然將其視為一個增長品牌，儘管今年將充滿挑戰並恢復到 22 年及以後的高增長水平。

So the goal is protect the brands, maintain tight distribution, maintain full price selling, more of a pull model from consumers and continue to do that with powerful launches.

所以目標是保護品牌，保持緊密的分銷，保持全價銷售，更多地吸引消費者，並繼續通過強大的發布來做到這一點。

And we have some great innovative launches coming through in the next 8 to 10 months.

在接下來的 8 到 10 個月內，我們將推出一些很棒的創新產品。

Next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

I hope you and your families are doing well.

我希望你和你的家人一切都好。

To start, Dave, I wanted to ask, a few times in your prepared remarks, you mentioned planning for a new normal and future state of the business.

首先，戴夫，我想問幾次，在你準備好的講話中，你提到了對新常態和未來業務狀態的規劃。

Can you share in the post-pandemic world maybe how you're thinking about that new normal and future state of the business, specifically for the UGG brands and some of the things you're doing to prepare for that?

您能否在大流行後的世界中分享一下您對新常態和未來業務狀態的看法，特別是對於 UGG 品牌以及您正在為此做的一些準備工作？

Yes.

是的。

We've had a lot of conversations just around that, what is the new normal?

我們圍繞這個問題進行了很多對話，新常態是什麼？

I think everybody is trying to figure that out.

我想每個人都在試圖弄清楚這一點。

And for us, there's a couple of things.

對我們來說，有幾件事。

From an employee standpoint, we are seeing some positive results from the work-from-home scenario or situation, both in the ability to stay connected and make decisions faster, which I think is great and been beneficial for the team.

從員工的角度來看，我們從在家工作的場景或情況中看到了一些積極的結果，無論是在保持聯繫和更快地做出決策的能力方面，我認為這非常好，並且對團隊有益。

It also allows us to be more efficient in our spend and reduce travel.

它還使我們能夠更有效地消費並減少旅行。

So there's things from an operation and employee workforce perspective that we will probably continue for the long term: Leveraging technology to reduce travel, using 3D and imaging for our sales samples, and reducing costs there.

因此，從運營和員工勞動力的角度來看，我們可能會長期繼續做一些事情：利用技術減少旅行，為我們的銷售樣品使用 3D 和成像，並降低成本。

There's a lot of good benefits.

有很多好處。

They're things that we knew and were working on, but we've had the opportunity right now through technology to accelerate some of those things.

它們是我們知道並正在努力的事情，但我們現在有機會通過技術來加速其中一些事情。

From a business standpoint, like we've been saying for the last few years now, we see a handful of really strong strategic wholesale partners, leveraging them to access the consumer and across the different demographics of our consumer base as that's emerging, and then really continuing to fuel our DTC business.

從商業的角度來看，就像我們過去幾年一直在說的那樣，我們看到了一些非常強大的戰略批發合作夥伴，利用它們來接觸消費者，並隨著我們消費者群的不同人口統計數據的出現，然後真正繼續推動我們的 DTC 業務。

And so we've shifted pretty dramatically the marketing efforts to be much more in tune with what's happening in the consumers now.

因此，我們已經極大地改變了營銷工作，以更加符合現在消費者的情況。

We're using a lot more user-generated content, leveraging PR, and we're getting fantastic response to that.

我們正在使用更多的用戶生成的內容，利用公關，我們得到了很好的回應。

So I think you're going to see a shift to faster product to market, faster adjustments in digital marketing, continuing to fuel our DTC business over time and continuing with the strength of the franchise styles, where the real upside for the brand long-term is.

所以我認為你會看到更快的產品上市，更快的數字營銷調整，隨著時間的推移繼續推動我們的 DTC 業務，並繼續保持特許經營風格的實力，而品牌的真正優勢是長期的——術語是。

And I think this is the first time we've seen this kind of reaction to the UGG brand in spring and summer.

而且我想這是我們第一次看到春夏對UGG品牌的這種反應。

And I truly believe that even without the situation, the UGG Fluff sandal franchise would have been an exciting product in this environment.

而且我真的相信，即使沒有這種情況，UGG Fluff 涼鞋系列在這種環境下也會是令人興奮的產品。

And so those are the types of things that we're going to continue doing, I would say, bigger and more powerful, closely related to the brand DNA launches, leveraging our partners to reach consumers with new product and then really fueling DTC from a long-range plan perspective.

所以這些是我們將繼續做的事情類型，我想說，更大更強大，與品牌 DNA 發布密切相關，利用我們的合作夥伴以新產品吸引消費者，然後真正推動 DTC 從長遠規劃視角。

Great.

偉大的。

Can I ask you to elaborate some on the merchandising strategies for this fiscal year with the UGG brand?

能否請您詳細說明一下本財年UGG品牌的營銷策略？

Can you talk more about balancing newness with concentrating the merchandising assortment and known high-velocity styles?

你能多談談平衡新穎性與集中商品分類和已知的高速風格嗎？

Yes.

是的。

So there's 2 keys to that.

所以有兩個關鍵。

One is we wanted to reduce the inventory in styles that were seasonally light -- with seasonal liabilities.

一是我們希望減少季節性清淡款式的庫存——有季節性負債。

So styles that were in and out, onetime styles that really in the scheme of things weren't generating a lot of volume.

因此，進進出出的風格，真正符合事物計劃的曾經的風格並沒有產生大量的銷量。

So the teams went back in the first week of the shutdown back in mid-March -- this is across all of our brands -- we went through and adjusted buys and really reduced SKU count anywhere from 20% to 30% going into the back half of the year, to protect our level of margin liability and inventory in the channel.

所以團隊在 3 月中旬停工的第一周就回去了——這涉及我們所有的品牌——我們經歷並調整了採購，真正將 SKU 數量從 20% 減少到 30%上半年，保障我們在渠道的保證金負債和庫存水平。

But more importantly, to really focus in on the big drivers of the business.

但更重要的是，要真正專注於業務的主要驅動力。

And so I think you're going to see continued newness in things like our Fluff franchise.

所以我認為你會在我們的 Fluff 特許經營權等方面看到持續的新鮮感。

We have another launch coming out in June.

我們將於 6 月推出另一款產品。

The Pride launch that just hit, there's another launch for that product in September.

剛剛發布的 Pride 發布，該產品在 9 月再次發布。

And we have a lot of these planned.

我們有很多這樣的計劃。

But what we've realized is the combination of UGG DNA and comfort and fashion is our formula for success.

但我們意識到，UGG DNA 與舒適和時尚的結合是我們成功的秘訣。

So we wanted to continue that with fewer styles, but bigger volume and a bigger impact size going forward.

因此，我們希望以更少的樣式繼續這一點，但未來的體積更大，影響更大。

And then we also have our apparel launch this year that we've talked about.

然後，我們還談到了今年的服裝發布會。

We're doing a pretty aggressive launch that was originally planned.

我們正在按照最初的計劃進行非常激進的發布。

We're still going to do it in DTC and some of the key wholesale doors with Nordstrom.

我們仍將在 DTC 和 Nordstrom 的一些主要批發門中這樣做。

So we're staying the course, but we're just getting more focused and disciplined and focused on speed along the way.

所以我們堅持到底，但我們只是變得更加專注和自律，並在此過程中專注於速度。

Next question comes from Camilo Lyon with BTIG.

下一個問題來自 BTIG 的 Camilo Lyon。

So a couple of questions.

所以有幾個問題。

So you talked about your backlog through mid-May being flattish.

所以你談到你在 5 月中旬之前的積壓工作很平淡。

And you also said that you're contemplating or expecting more cancellations to happen, but you haven't seen those yet to a large degree.

你還說你正在考慮或期待更多的取消，但你還沒有在很大程度上看到這些取消。

So a couple of questions on that.

所以有幾個問題。

Can you tell us at what point in the year will you stop accepting cancellations?

你能告訴我們你會在一年中的什麼時候停止接受取消嗎？

We're getting kind of in that window where we're a couple of months away from shipments of fall starting to unfold.

我們正在進入那個窗口，距離秋季出貨量開始展開還有幾個月的時間。

And it seems -- and it's early days, but it does seem that as stores start to reopen, the trends are less bad than initially feared, generally speaking.

看起來——而且現在還為時過早，但隨著商店開始重新開業，總體而言，趨勢似乎沒有最初擔心的那麼糟糕。

So I'm just curious to know how you're thinking about that.

所以我只是想知道你是怎麼想的。

Yes.

是的。

It's a good question.

這是個好問題。

I think that goes really to kind of how we're scenario planning.

我認為這確實與我們如何進行情景規劃有關。

So at this stage, as wholesale accounts are still opening up, we want to see how stores open up and kind of what the demand is.

所以在這個階段，批發賬戶還在開放，我們想看看商店是如何開放的，需求是什麼。

It goes back a little bit to the first question, where we're seeing, I think, initially -- and it's still early on in kind of the higher proportion of e-commerce sales in the first part of this quarter, then it shifts to wholesale -- but with the strength of e-commerce, it's giving us confidence in product sell-through, and wholesale accounts that are selling online are having strong sell-through.

它有點回到第一個問題，我認為，我們最初看到的地方 - 並且在本季度第一部分的電子商務銷售比例較高的情況下，它仍然處於早期階段，然後它發生了變化到批發——但藉助電子商務的力量，它讓我們對產品的銷售充滿信心，而在線銷售的批發賬戶銷售強勁。

So at this stage, we think it's still a little early to kind of call it in terms of when we call the line in terms of cancellations.

因此，在現階段，我們認為就取消電話的時間來調用它還為時過早。

We are working with accounts to understand where their product is, what the product is selling through.

我們正在與客戶合作，以了解他們的產品在哪裡，產品通過什麼銷售。

We have wholesale accounts who have both online and physical presence.

我們有在線和實體存在的批發賬戶。

They're trying to use what they're learning from their online sales to help formulate an opinion kind of on physical store.

他們正試圖利用他們從在線銷售中學到的東西來幫助形成一種關於實體店的意見。

So it's still ongoing.

所以它仍在進行中。

I think we've learned more in the last couple of weeks.

我想我們在過去幾週學到了更多。

We continue to see strong sell-through.

我們繼續看到強勁的銷售。

And I think it's giving some of our wholesalers confidence in how UGG is performing.

我認為這讓我們的一些批發商對 UGG 的表現充滿信心。

So we -- again, not providing guidance, but as we were thinking about the year and being cautious about what potentially could happen, recognizing we're still in the smallest part of our year -- so first quarter representing less than 12% of our business -- just being a little bit cautious.

所以我們 - 再次，不提供指導，但當我們考慮這一年並對可能發生的事情持謹慎態度時，認識到我們仍處於一年中最小的部分 - 所以第一季度佔不到 12%我們的業務——只是有點謹慎。

We do have inventory.

我們確實有庫存。

So we can fulfill orders, but we want to be a little bit cautious in terms of what we're ordering.

所以我們可以完成訂單，但我們希望對我們訂購的東西有點謹慎。

And we'll use what we're seeing to kind of educate us on how to think about kind of backlogs and cancellations.

我們將使用我們所看到的來教育我們如何考慮積壓和取消。

But at this point, we just felt kind of it's prudent to be a little bit cautious, and we expect that we'll see some more cancellations.

但在這一點上，我們只是覺得謹慎一點是謹慎的，我們預計我們會看到更多的取消。

But as we indicated in the change in the backlog, we have seen cancellations.

但正如我們在積壓的變化中指出的那樣，我們看到了取消。

And we probably think it's a good part of the cancellation, and then we'll see what happens as stores reopen.

我們可能認為這是取消的一個很好的部分，然後我們將看看商店重新開業時會發生什麼。

Yes.

是的。

We just initiated our last buy for the holiday season over the last week or so.

我們剛剛在過去一周左右開始了我們在假日季節的最後一次購買。

We've had a lot of conversations with the wholesale teams, validating assumptions from some of our wholesale partners and where we've decided to land is we're going to buy to the orders.

我們與批發團隊進行了很多對話，驗證了我們的一些批發合作夥伴的假設，以及我們決定在哪裡登陸是我們將按訂單購買。

In the past, we would buy a little bit more cushion on the upside.

過去，我們會購買更多的上行緩衝。

We have some good core inventory we're carrying over.

我們有一些很好的核心庫存，我們正在結轉。

We'll buy to the orders, but we are expecting to see some cancellations as those things progress.

我們會按訂單購買，但隨著這些事情的進展，我們預計會看到一些取消。

But the order book is also shifting between partners as people with more online presence are doing better than people with more store relevant or store -- physical store reliant business.

但訂單簿也在合作夥伴之間轉移，因為擁有更多在線業務的人比擁有更多商店相關性或商店的人做得更好 - 實體店依賴業務。

So there's shifts within the mix.

因此，混合中存在變化。

And then -- but the order book, as we said, still looks good, and we're buying to that order book, and then we'll put ourselves in a chase position, if things go better than planned.

然後 - 但正如我們所說，訂單簿看起來仍然不錯，我們正在購買該訂單簿，然後如果事情比計劃好，我們會將自己置於追逐位置。

That's great.

那太棒了。

And then -- it's very helpful, actually.

然後 - 實際上非常有幫助。

And then my follow-up is if you take -- so you've given great color on the wholesale order book and how you're planning and how you'll build to orders inventory.

然後我的後續行動是如果你接受 - 所以你已經在批發訂單簿上給出了很好的顏色，你是如何計劃的，以及你將如何建立訂單庫存。

Are you taking a comparable approach to the DTC business?

您是否對 DTC 業務採取了類似的方法？

It's now almost 40% of the business.

它現在幾乎佔業務的 40%。

So are you taking a little bit more of a proactive approach in allocating more or better inventory to your DTC channel?

那麼，您是否採取了更多主動的方法來為您的 DTC 渠道分配更多或更好的庫存？

Yes.

是的。

We made some shifts, obviously, between what the expectations were or have been for stores and e-commerce.

顯然，我們在對商店和電子商務的期望或過去的期望之間做出了一些轉變。

So no surprise, we're seeing a better business in e-commerce right now, obviously, because stores are closed.

所以毫不奇怪，我們現在看到電子商務的業務更好，很明顯，因為商店都關門了。

We think that trend will continue.

我們認為這種趨勢將繼續下去。

One of the big benefits of having a good e-commerce business right now is we are acquiring a lot of new consumers and a lot of new young consumers in both HOKA and UGG that we can go back to in the holiday timeframe.

現在擁有良好的電子商務業務的一大好處是我們在 HOKA 和 UGG 中獲得了許多新消費者和許多新的年輕消費者，我們可以在假期時間框架內回歸。

So we're optimistic that we're going to continue to have a strong online presence and online business, shifting inventory, but we can share inventory easily between online and retail.

因此，我們樂觀地認為，我們將繼續擁有強大的在線業務和在線業務，轉移庫存，但我們可以輕鬆地在在線和零售之間共享庫存。

And then we are planning for some more potential closeouts, if there are cancellations, that we can funnel through those DTC channels as well with higher margins.

然後，我們計劃進行更多潛在的平倉，如果有取消，我們也可以通過這些 DTC 渠道獲得更高的利潤。

So a little bit more conservative there, but we do think in key styles of franchises that there is upside in e-commerce and we put that into this July's expectations.

所以那裡有點保守，但我們確實認為在特許經營的關鍵風格中電子商務有上升空間，我們將其納入今年 7 月的預期。

So is it safe to say that your DTC plan is a little bit less conservative than what your wholesale plan is?

因此，可以肯定地說您的 DTC 計劃比您的批發計劃保守一點嗎？

Yes, I think so.

是的，我想是這樣。

Yes, that's fair.

是的，這很公平。

Next question comes from Sam Poser with Susquehanna.

下一個問題來自 Sam Poser 和 Susquehanna。

I guess, just a follow-up.

我想，只是一個後續。

With -- on the wholesale side of things, especially with HOKA on your partners direct-to-consumer business -- on your partners e-commerce businesses, are you utilizing a good deal of drop-ship right now?

在批發方面，尤其是 HOKA 在您的合作夥伴直接面向消費者的業務中 - 在您的合作夥伴電子商務業務中，您現在是否正在使用大量的直銷業務？

So you're basically reacting directly to the customers' demands through their websites?

所以你基本上是通過他們的網站直接對客戶的需求做出反應？

Are you doing a bit of that at the moment?

你現在正在做這件事嗎？

Yes.

是的。

We're doing a small portion because a lot of those are smaller independents, so we're doing some of that, but it's not a big part of our overall business at this time, but we're available.

我們只做一小部分，因為其中很多都是較小的獨立人士，所以我們正在做一些，但目前這不是我們整體業務的重要部分，但我們有空。

We're offering it, for sure.

我們肯定會提供它。

And then in the near term, Steve, are you seeing sort of -- because of the way the business is going and such a shift to e-commerce and so on, are there any structural gross margin headwinds so that in the near term just because of the state of the market, not necessarily because you have -- it would be more on the fixed-costs kind of situation rather than merch margin?

然後在短期內，史蒂夫，你是否看到 - 由於業務的發展方式以及向電子商務的轉變等等，是否存在任何結構性毛利率逆風，因此在短期內只是因為市場狀況，不一定是因為你有——它會更多地在固定成本的情況下，而不是商品利潤率？

Yes.

是的。

I mean what I would say on the near term, right, is -- and again, what we've seen in kind of the quarter-to-date is with a higher proportion of e-commerce, right, gross margins are contributing to an improvement in margins.

我的意思是，我在短期內要說的是 - 再說一次，我們在本季度迄今為止看到的是電子商務的比例更高，對，毛利率正在促成利潤率的提高。

So the higher gross margins associated with that.

因此，與此相關的更高的毛利率。

Some of that will shift as the bulk of the remaining quarters shift to kind of wholesale.

隨著剩餘季度的大部分轉向批發，其中一些將發生變化。

And then I think we'll have to see as we emerge from this kind of economic pressure.

然後我認為我們將不得不看到我們如何擺脫這種經濟壓力。

But in terms of kind of some margins as a higher proportion of our business in the first few weeks of the quarter have been more heavily on e-commerce, we're seeing some margin improvement there.

但就某些利潤率而言，由於本季度前幾週我們業務的較高比例更加依賴電子商務，我們看到那裡的利潤率有所改善。

We'll see a little bit of a shift as we see more wholesale gains fulfilled in the back half of the first quarter.

隨著第一季度後半期實現更多批發收益，我們將看到一些轉變。

And then again, not providing guidance, but as we look at the balance of the year, we'll see how things develop in terms of promotions.

再說一次，不提供指導，但當我們查看今年的餘額時，我們將看到事情在促銷方面的發展情況。

And then in terms of how we're thinking about the organization, as we talked about, it is shifting some resources to e-commerce to help drive the increased traffic that we're seeing there.

然後就我們如何看待組織而言，正如我們所談到的，它正在將一些資源轉移到電子商務，以幫助推動我們在那裡看到的增加的流量。

So where we're finding efficiencies in the organization, investing some of that in our e-commerce infrastructure to facilitate the increased traffic and demand that we're seeing.

因此，我們在組織中尋找效率的地方，將其中的一部分投資於我們的電子商務基礎設施，以促進我們所看到的流量和需求的增加。

Yes.

是的。

And right now, as I mentioned earlier, we're still seeing full-price selling at a very healthy rate for our brands, and we want to maintain that through as long as we can.

現在，正如我之前提到的，我們仍然看到我們品牌的全價銷售以非常健康的速度銷售，我們希望盡可能長時間地保持這種狀態。

We are predicting there will be more suitable promotional environment in the back half of the year.

我們預計下半年會有更合適的促銷環境。

But right now, full price sell-through is strong.

但目前，全價銷售強勁。

We opened the closet for UGG today for the Memorial Day weekend timeframe to liquidate some of the spring product that we want to get out so we go into the back half of the year clean.

我們今天為陣亡將士紀念日週末時間框架打開了 UGG 的壁櫥，以清算一些我們想要退出的春季產品，以便我們進入下半年。

And so you might see a little bit of that in the marketplace, but those are seasonal styles that aren't really important to the core business, and we'll manage through that with what we're seeing.

所以你可能會在市場上看到一點，但這些是季節性風格，對核心業務並不重要，我們會用我們所看到的來解決這個問題。

But as Steve said, e-commerce is a strength right now, a little bit more higher margins to date, but we have a lot of wholesale orders to do in the back half.

但正如史蒂夫所說，電子商務現在是一種優勢，迄今為止利潤率更高一些，但我們在後半部有很多批發訂單要做。

Yes.

是的。

And then the other thing that we've talked about, right, and which we demonstrated last year is using marketing.

然後我們談到的另一件事，對，我們去年展示的就是使用營銷。

So we've increased our marketing spend around that.

因此，我們圍繞這一點增加了營銷支出。

And we'll continue to use that as a lever as we evaluate kind of how sales continue to come in.

我們將繼續使用它作為一個槓桿，因為我們評估銷售如何繼續進入。

And then just 2 more things.

然後還有兩件事。

You alluded to sort of new channels of distribution.

你提到了某種新的分銷渠道。

And I've been hearing that some of the sort of more athletic [rets] you're starting to maybe build up assortments with some of the more athletic retailers that happen to generally have a decent digital platform as well.

而且我一直聽說一些更具運動性的 [rets] 你開始可能與一些更運動的零售商建立分類，這些零售商通常也有一個不錯的數字平台。

Can you give us some color on what's going on there?

你能給我們一些關於那裡發生的事情的顏色嗎？

And then one of your major accounts earlier in the season decided to get promotional for a little bit of time.

然後，您在本賽季早些時候的一個主要客戶決定在一段時間內進行促銷。

How are you reacting if people -- if your wholesale partners do stuff that can hurt the brands?

如果人們——如果你的批發合作夥伴做了可能損害品牌的事情，你會如何反應？

Yes.

是的。

A great question.

一個很好的問題。

And as we've been saying for a while now, the sanctity of our brands and the positioning in the market is first and foremost for us.

正如我們一直在說的那樣，我們品牌的神聖性和市場定位對我們來說是最重要的。

So we've been firm on pricing.

所以我們一直在定價。

And we've had firm conversations with some of our partners.

我們與一些合作夥伴進行了堅定的對話。

I think you saw some of that earlier in the quarter.

我想你在本季度早些時候看到了一些。

And that's the way we're going to approach this.

這就是我們要處理的方式。

This is -- we see this as a shorter-term headwind for the economy and our brands.

這是 - 我們認為這是經濟和我們品牌的短期逆風。

But we're in this for the long haul.

但我們是長期的。

We want our brands to weather through this in a quality way.

我們希望我們的品牌能夠以高質量的方式度過難關。

We're not going to chase revenue just for the sake of chasing revenue and discounting brands to get there.

我們不會僅僅為了追逐收入和折扣品牌而追逐收入。

And that's the approach.

這就是方法。

For HOKA, generally speaking, we've said the distribution -- and it is the right distribution today.

對於 HOKA，一般來說，我們已經說過分佈——它是今天正確的分佈。

I think our access point for the consumer gave us a good footprint as well as driving business to our e-commerce business.

我認為我們的消費者接入點為我們提供了良好的足跡，並推動了我們的電子商務業務。

We did open DICK'S recently for the first time.

我們最近第一次打開了 DICK'S。

We did a test with them like 3 or 4 years ago.

我們在 3 或 4 年前對他們進行了測試。

We were in and out quickly and that was before people really understood what HOKA was all about, but the test so far has been going very well.

我們進出很快，那是在人們真正理解 HOKA 的全部內容之前，但到目前為止的測試進展順利。

We're very pleased with that, and we're going to continue to do business with DICK'S, with HOKA.

我們對此非常滿意，我們將繼續與 DICK'S 和 HOKA 開展業務。

Really primarily staying online and probably 10 stores and expanding the assortment a little bit, right now Clifton and Bondi, but we're going to be expanding into Rincon as well.

主要是保持在線，可能有 10 家商店，並稍微擴大分類，現在是 Clifton 和 Bondi，但我們也將擴展到 Rincon。

But very pleased to see the reaction of the consumer, which tells us that awareness is growing dramatically for the HOKA brand.

但很高興看到消費者的反應，這告訴我們對 HOKA 品牌的認識正在急劇增長。

And in an environment like that, we're competing head-to-head with some of the best brands out there.

在這樣的環境中，我們正在與一些最好的品牌進行正面競爭。

And to see the response is very encouraging for us.

看到反應對我們來說非常令人鼓舞。

The next question comes from Tom Nikic with Wells Fargo.

下一個問題來自富國銀行的 Tom Nikic。

First, I wanted to ask about the European reset.

首先，我想問一下歐洲重置。

Does this -- the pandemic and what's been going on in the last couple of months, does that change anything as far as the European reset goes?

就歐洲重置而言，這種流行病以及過去幾個月發生的事情是否會改變任何事情？

Does it accelerate it?

它會加速嗎？

Slow it down?

放慢速度？

Just any color you could give around there would be helpful.

您可以在周圍提供的任何顏色都會有所幫助。

Yes.

是的。

As you know, we talked about this on our last earnings call, we're going into this year with a focus on resetting in the European marketplace.

如您所知，我們在上次財報電話會議上談到了這一點，我們將在今年重點關注歐洲市場的重置。

There's been some brand heat issues, inventory and the channel cleanup that we need to do.

有一些品牌熱度問題、庫存和我們需要做的渠道清理。

So the plan is still to do that.

所以計劃仍然是這樣做的。

We're looking at allocating the resources this year from a marketing perspective where we want to focus.

我們正在考慮從我們想要關注的營銷角度分配今年的資源。

We've made some adjustments between the EMEA business and the China business to shore most of those up.

我們在 EMEA 業務和中國業務之間進行了一些調整，以支持其中的大部分業務。

But really staying on course.

但真的堅持到底。

And like I just said, we've instructed the teams over there not to chase revenue, don't try not to discount the product, still focus on cleaning it up.

就像我剛才說的，我們已經指示那邊的團隊不要追逐收入，不要試圖不打折產品，仍然專注於清理它。

It will be a challenge this year.

今年將是一個挑戰。

Obviously, they're getting pretty heavily affected across the region.

顯然，他們在整個地區受到了相當大的影響。

And we're going to manage that tightly.

我們將嚴格管理這一點。

But it's still -- reset is the goal and reigniting the brand, the Classic franchise for the European consumer.

但它仍然 - 重置是目標，並重新點燃歐洲消費者的經典特許經營品牌。

Some good news, though, is we are seeing more adoption of the Fluff franchise and slippers in that marketplace, which we haven't seen in the past.

不過，一些好消息是，我們看到在那個市場上更多地採用了 Fluff 特許經營權和拖鞋，這是我們過去從未見過的。

And a lot of the PR and social and celebrity post that we're getting for UGG right now, which has just been phenomenal, is starting to resonate nicely with the younger consumer over in that marketplace as well.

我們現在為 UGG 獲得的許多公關、社交和名人帖子，這簡直是驚人的，也開始在該市場上與年輕消費者產生很好的共鳴。

So hopefully, that will help with brand key positioning.

因此，希望這將有助於品牌關鍵定位。

But from an inventory and a marketplace perspective, we're going to manage it tightly with the goal of creating more of a scarcity model and resetting the brand through the year.

但從庫存和市場的角度來看，我們將對其進行嚴格管理，目標是創造更多的稀缺模型並在全年重置品牌。

Got it.

知道了。

And then just a follow-up on HOKA.

然後只是對 HOKA 的跟進。

Right now, the wholesale distribution is a lot of independent, I guess, smaller retailers.

現在，批發分銷是很多獨立的，我猜，較小的零售商。

Is there any concern about some of those retailers, maybe not surviving the current lockdown and what that would potentially do for the growth trajectory of HOKA?

是否對其中一些零售商有任何擔憂，可能無法在當前的封鎖中倖存下來，這可能會對 HOKA 的增長軌跡產生什麼影響？

Yes.

是的。

It's interesting.

這真有趣。

We had a call with the HOKA sales team and some of the marketing folks yesterday, and they're using some of the new analytical capabilities that we've created in the company to really take an assessment of each individual account based on their geographic location of where their states are within the closings or social distancing measures where they're opening up.

昨天，我們與 HOKA 銷售團隊和一些營銷人員通了電話，他們正在使用我們在公司中創建的一些新分析功能，根據他們的地理位置對每個帳戶進行真正的評估他們的州在他們開放的地方處於關閉或社會疏離措施的範圍內。

And they're making assumptions on which stores they think will thrive, survive and then not survive potentially.

他們正在假設他們認為哪些商店會蓬勃發展，生存下來，然後可能無法生存。

And so I can't share any of that color, but I'd say, know that we're looking at that level.

所以我不能分享任何顏色，但我想說，知道我們正在關注那個級別。

The teams are closely monitoring and working with a lot of various partners.

這些團隊正在密切監視並與許多不同的合作夥伴合作。

Some of them may not make it.

他們中的一些人可能無法做到。

And -- but I think overall, it won't be significant to the trajectory that the HOKA brand is on.

而且——但我認為總的來說，這對 HOKA 品牌的發展軌跡並不重要。

We're still continuing to fuel that with our big players in our online business and that potential growth with DICK's maybe offset some of that.

我們仍在繼續與在線業務的大玩家一起推動這一點，而 DICK 的潛在增長可能會抵消其中的一部分。

So still optimistic.

所以還是樂觀的。

It all depends on when they're able to reopen and the velocity of sales they're going to get at that time.

這完全取決於他們何時能夠重新開業以及屆時他們將獲得的銷售速度。

Yes.

是的。

And Tom, just to add to that.

湯姆，只是補充一下。

In my prepared remarks, I made the comment about kind of HOKA were planning a little bit slower growth this year.

在我準備好的評論中，我發表了關於 HOKA 計劃今年增長放緩的評論。

So clearly, we will see some disruption as a result of COVID-19.

很明顯，我們將看到 COVID-19 造成的一些破壞。

But it's a short-term kind of disruption to the brand.

但這是對品牌的短期破壞。

So as Dave said, we're going to manage closely.

正如戴夫所說，我們將密切管理。

We're going to work with accounts.

我們將使用帳戶。

We're going to try to help accounts where we can.

我們將盡力幫助帳戶。

And some won't make it, but that business will transfer to somewhere else, hopefully online.

有些人不會成功，但該業務將轉移到其他地方，希望是在線的。

Yes.

是的。

I think the demand is there, certainly, and I think this is not going to have an impact on the trajectory of the HOKA business overall.

我認為需求確實存在，而且我認為這不會對 HOKA 業務的整體發展軌跡產生影響。

Just a further update, we are doing a little few more drop-ships for the HOKA brand at this time.

只是進一步的更新，我們目前正在為 HOKA 品牌做更多的直銷船。

You can get an update from David, our CFO.

您可以從我們的首席財務官大衛那裡獲得最新消息。

So that is happening, which we're happy to do with the situation.

所以這種情況正在發生，我們很高興能處理這種情況。

Last question today will come from Paul Lejuez with Citi Research.

今天的最後一個問題來自 Citi Research 的 Paul Lejuez。

I'm sorry if I missed it, but did you give an e-comm growth rate for quarter-to-date by brand?

如果我錯過了，我很抱歉，但是您是否按品牌提供了季度至今的電子商務增長率？

That's first.

這是第一個。

Second, just curious what percent of your SKUs sold to a wholesale partner ultimately sells through a store versus online?

其次，只是好奇您出售給批發合作夥伴的 SKU 最終通過商店與在線銷售的百分比是多少？

And then last, just curious what you've seen in China.

最後，只是好奇你在中國看到了什麼。

I think you said those stores are all open.

我想你說那些商店都開門了。

Curious how business has come back there.

很好奇生意是如何回到那裡的。

I think the first part of the question was what did we mention on kind of brand growth quarter-to-date?

我認為問題的第一部分是我們在本季度至今提到的品牌增長類型是什麼？

So what we've said was UGG was down.

所以我們說的是UGG倒閉了。

We don't break out e-comm, but UGG is down, which is all channels down mid-single digit, HOKA up low 30% range, Teva down low 40s, Sanuk down mid-30%, but we don't necessarily break that out by channel.

我們沒有打破電子商務，但 UGG 下降了，所有渠道都下降了中個位數，HOKA 下降了 30% 範圍，Teva 下降了 40s，Sanuk 下降了 30%，但我們不一定通過渠道打破它。

Total e-commerce about 40%.

電子商務總量約佔40%。

DTC...

故障診斷碼...

DTC is up, which is sales is up 40%.

DTC 上漲，即銷售額上漲 40%。

Stores and e-commerce combined.

商店和電子商務相結合。

Stores and e-commerce, yes.

商店和電子商務，是的。

E-commerce within that total company is up triple digits.

整個公司的電子商務增長了三位數。

And e-comm is up triple digit, correct.

電子商務上升了三位數，正確的。

And then you talked about SKU, sorry, what was the percent of SKUs was sold at wholesale online versus store.

然後你談到了 SKU，抱歉，SKU 在網上批發與商店銷售的百分比是多少。

Is that -- did I hear that right?

是不是——我沒聽錯？

Correct.

正確的。

Yes, you're selling -- you've got a big wholesale business.

是的，你正在銷售——你有一個很大的批發業務。

Curious if you have a sense of what percent of those units that you sell-through in one of your partners ultimately gets sold through a store versus online.

好奇您是否知道您在其中一個合作夥伴處銷售的這些單位中有多少最終是通過商店而不是在線銷售的。

Yes.

是的。

I would say, generally speaking, it's probably in the 30%, 40% range in a normal environment.

我想說，一般來說，正常環境下大概在30%、40%的範圍內。

Certainly in this environment, it's 95% to 100% with store closures in our wholesale partners.

當然，在這種環境下，我們批發合作夥伴的商店關閉率是 95% 到 100%。

Got it.

知道了。

And then just China experience?

然後只是中國經驗？

China, they've been through this, right?

中國，他們經歷過，對吧？

And we're learning a lot from our China team and the management over there.

我們從我們的中國團隊和那裡的管理層學到了很多東西。

They were shut down, obviously, earlier in the year for about 3 months, stores, working from home.

顯然，他們在今年早些時候關閉了大約 3 個月的商店，在家工作。

Obviously, a lot more serious than the shutdown has been here.

顯然，這裡比停工嚴重得多。

They are back to work in the offices, not fully back, there's still some work-from-home situations happening there, which is fine.

他們回到辦公室工作，沒有完全回來，那裡仍然有一些在家工作的情況，這很好。

They're managing the business right, they're working closely with our wholesale partners who are also having some serious headwinds because they don't have e-commerce, they're just stores.

他們正在正確地管理業務，他們正在與我們的批發合作夥伴密切合作，這些合作夥伴也遇到了一些嚴重的不利因素，因為他們沒有電子商務，他們只是商店。

And then the stores that we're opening, they're back online but not to the levels that they were, where we'd expect them to be.

然後我們正在開設的商店重新上線，但沒有達到我們預期的水平。

But keep in mind, retail stores for August this time of year in China is very low volume.

但請記住，中國每年這個時候 8 月的零售店銷量都非常低。

But the e-commerce business has picked up nicely in that marketplace.

但是電子商務業務在那個市場上已經很好地回升了。

So there'll still be some headwinds through the year.

因此，今年仍然會有一些不利因素。

We're going to have do some cleanup and help our partners through some of their inventory challenges.

我們將進行一些清理工作，並幫助我們的合作夥伴應對他們的一些庫存挑戰。

But all in all, we're seeing a good reaction to the product that's in the marketplace now, both in the slippers category, but also from our sneakers, such as the LA Cloud style that just launched.

但總而言之，我們看到現在市場上的產品反響不錯，既有拖鞋類別，也有我們的運動鞋，例如剛剛推出的 LA Cloud 款式。

And then continuing to manage tightly the HOKA business in that marketplace as well.

然後繼續密切管理該市場中的 HOKA 業務。

So back on track, back up and operating, but the consumers response to open stores is still slowly coming back, and I think it's going to be that way for a little while.

所以回到正軌，備份和運營，但消費者對開店的反應仍在慢慢恢復，我認為這種情況會持續一段時間。

Got you.

得到你。

Can I just go back to that 30% to 40% that you mentioned selling online through your wholesale partners, does that differ much by brand?

我可以回到你提到的通過批發合作夥伴在線銷售的 30% 到 40% 嗎，這是否因品牌而異？

It will be -- HOKA will have a higher percentage of what they're selling online in terms of the line of products.

它將是——HOKA 將在他們在線銷售的產品線中佔有更高的百分比。

Across the board, specialty independents are not.

總的來說，專業獨立人士不是。

Those will be heavily weighted more on store versus e-commerce, the smaller independents.

這些將更側重於商店而不是電子商務，較小的獨立企業。

Yes.

是的。

Correct.

正確的。

Yes.

是的。

So generally speaking, I think it all depends on the account -- department stores anywhere from 30% to 40%, in some cases, maybe a little bit higher.

所以一般來說，我認為這完全取決於賬戶——百貨商店的比例從 30% 到 40% 不等，在某些情況下，可能會更高一些。

And then the smaller independents is less online business, so it averages out.

然後較小的獨立企業的在線業務較少，因此平均起來。

I would say, across all brands, around 30% to 40%.

我想說，在所有品牌中，大約 30% 到 40%。

The other thing just [going by] real quick is, I don't know how the industry has really thought about this, but it is something that we're thinking about with the lack of Chinese tourist travel, presumably through the rest of the year and beyond, that's going to have an impact on global outlet businesses, European businesses, but it could have a positive impact on the China business.

另一件事真的很快[過去] 是，我不知道這個行業是如何真正考慮這個問題的，但這是我們正在考慮的，因為缺乏中國遊客旅行，大概是通過其餘的一年及以後，這將對全球奧特萊斯業務、歐洲業務產生影響，但可能對中國業務產生積極影響。

So we don't know what that looks like yet.

所以我們還不知道那是什麼樣子。

It's something that we're monitoring closely, but I think it is going to be a factor in the industry that we're going to have to pay attention to.

這是我們正在密切關注的事情，但我認為這將成為我們必須關注的行業因素。

This concludes our question-and-answer session and also concludes our conference.

這結束了我們的問答環節，也結束了我們的會議。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。