Deckers Outdoor Corp (DECK) 2025 Q1 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 Brands first quarter fiscal 2025 earnings conference call.

歡迎參加 Deckers Brands 2025 財年第一季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Following the presentation, we will conduct a question-and-answer session.

演講結束後，我們將進行問答環節。

(Operator Instructions) I would like to remind everyone that this conference call is being recorded.

（操作員說明）我想提醒大家，本次電話會議正在錄音。

I will now turn the call over to Erinn Kohler, Vice President, Investor Relations and Corporate Planning.

我現在將把電話轉給投資者關係和企業規劃副總裁艾琳·科勒 (Erinn Kohler)。

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

大家好，謝謝大家今天加入我們。

On the call is Dave Powers, President and Chief Executive Officer; Steve Fasching, Chief Financial Officer; and Stefano Caroti, our Chief Commercial Officer and incoming CEO.

總裁兼執行長 Dave Powers 接聽電話；法辛（Steve Fasching），財務長；以及我們的首席商務官兼即將上任的執行長 Stefano Caroti。

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.

這些前瞻性聲明旨在符合 1995 年《私人證券訴訟改革法案》規定的安全港責任。

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; capital allocation; anticipated impacts from our brand and marketplace management strategies; changes in consumer behavior; strength and performance of our brands; demand for our products; product and channel distribution strategies, including DTC; marketing, plans and strategies; disruptions to our supply chain and logistics; our anticipated revenue, product mix, margins, expenses, inventory levels and promotional activity; the impacts of the macroeconomic environment on our operations and performance, including fluctuations in foreign currency exchange rates; our ability to achieve our financial outlook; and the expected timing and impact of the planned leadership transition.

今天在這次電話會議上所做的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括有關我們當前和長期戰略目標的陳述；資本配置；我們的品牌和市場管理策略的預期影響；消費者行為的改變；我們品牌的實力和表現；對我們產品的需求；產品和通路分銷策略，包括 DTC；行銷、計劃和策略；我們的供應鏈和物流中斷；我們的預期收入、產品組合、利潤、費用、庫存水準和促銷活動；宏觀經濟環境對我們的經營和業績的影響，包括外幣匯率的波動；我們實現財務前景的能力；以及計劃的領導層過渡的預期時間和影響。

Forward-looking statements made on this call represent management's current expectations and are based on the information available at the time such statements are made.

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。

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，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。

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.

該公司在其向 SEC 提交的文件中解釋了其中一些風險和不確定性，包括其 10-K 表年度報告和 10-Q 表季度報告的風險因素部分。

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

除法律或紐約證券交易所上市規則要求外，本公司明確否認有任何更新任何前瞻性陳述的意圖或義務。

On this call, management may refer to financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including constant currency.

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。

In addition, the Company reports comparable direct-to-consumer sales on a constant currency basis for operations that were opened throughout the current and prior reporting periods.

此外，該公司還報告了在當前和先前報告期間開設的業務以固定貨幣為基礎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.

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。

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

有了這個，我現在將把它交給戴夫。

Thanks, Erinn.

謝謝，艾琳。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

I'm glad to be here today to discuss our strong start to fiscal year 2025.

我很高興今天能在這裡討論我們 2025 財年的強勁開局。

With this being my final call before I pass the torch to Stefano at the end of the month, I am confident that the Deckers team has laid the groundwork to deliver another year of excellent results as they build for the future of this amazing company.

這是我在本月底將火炬傳遞給Stefano 之前的最後一次電話會議，我相信Deckers 團隊已經奠定了基礎，在為這家令人驚嘆的公司的未來建設的過程中，在新的一年裡取得優異的業績。

Specifically, Decker's first quarter performance was highlighted by revenue growing 22% versus last year to $825 million, gross margin improving to 56.9%, and diluted earnings per share increasing 87% versus last year to $4.52. Importantly, this quarter's results were closely aligned with our objectives for fiscal year 2025, as HOKA was our main growth driver, increasing 30% versus last year to $545 million; UGG increased 14% versus last year, as it continues to build year-round relevancy with consumers through iconic products; both DTC and wholesale increased above 20% versus last year, as our brands captured healthy demand across the global marketplace; and international regions increased 21% versus last year, led by robust DTC growth.

具體來說，Decker 第一季的業績表現突出，營收較去年增長 22%，達到 8.25 億美元，毛利率提高到 56.9%，攤薄後每股收益較去年增長 87%，達到 4.52 美元。重要的是，本季的業績與我們 2025 財年的目標密切相關，因為 HOKA 是我們的主要成長動力，與去年相比成長了 30%，達到 5.45 億美元； UGG 與去年相比成長了 14%，因為它繼續透過標誌性產品與消費者建立全年的相關性；由於我們的品牌抓住了全球市場的健康需求，DTC 和批發量均比去年增長了 20% 以上；在 DTC 強勁成長的帶動下，國際地區與去年相比成長了 21%。

These incredible results, which include some unique benefits specific to the first quarter, give us confidence that we can deliver the increased profitability reflected in our updated outlook for full fiscal year 2025.

這些令人難以置信的業績，其中包括第一季特有的一些獨特優勢，讓我們有信心實現 2025 財年更新展望中所反映的盈利能力的提高。

Steve will provide further details on our updated outlook later in the call.

史蒂夫將在稍後的電話會議中提供有關我們最新展望的更多詳細資訊。

But first, I will share some of the brand highlights from our first quarter before turning it over to our Chief Commercial Officer and incoming CEO, Stefano Caroti, to review channel performance.

但首先，我將分享第一季的一些品牌亮點，然後將其交給我們的商務長和即將上任的執行長 Stefano Caroti 來審查通路績效。

Starting with the brand highlights, Global HOKA revenue in the first quarter increased 30% versus last year to a quarterly record of $545 million. HOKA

從品牌亮點開始，第一季全球 HOKA 營收較去年成長 30%，達到季度紀錄的 5.45 億美元。霍卡

performance was driven by the brand's compelling product assortment, including new launches, which experienced strong demand across the brand's global marketplace.

業績是由該品牌引人注目的產品種類推動的，其中包括新推出的產品，這些產品在該品牌的全球市場上受到了強勁的需求。

More specifically, top styles like the Clifton and Bondi continued to experience healthy growth; emerging franchises like the Mach, Transport, and Kawana drove outsized gains; and new styles like the Skyward X, Cielo X1, and Skyflow brought incremental volume and attention to the brand through segmentation and greater innovation.

更具體地說，Clifton 和 Bondi 等頂級款式繼續健康成長； 《Mach》、《Transport》和《Kawana》等新興特許經營業務帶來了巨大的收益； Skyward X、Cielo X1 和 Skyflow 等新款式透過細分和更大的創新為品牌帶來了增量和關注。

Diving into our top styles, gateway products such as Clifton and Bondi remain the leading franchises for HOKA.

深入探討我們的頂級款式，Clifton 和 Bondi 等門戶產品仍然是 HOKA 的領先特許經營產品。

The brand continues to build demand for these popular franchises through distribution segmentation, as the introduction of model updates increasingly allow for differentiation of key partners to satisfy incremental demand, and limited edition lifestyle treatments and collaborations that regularly sell out offering unique versions of these hero styles.

該品牌繼續透過分銷細分來建立對這些受歡迎的特許經營權的需求，因為模型更新的引入越來越多地允許關鍵合作夥伴的差異化以滿足增量需求，以及定期售罄的限量版生活方式治療和合作，提供這些英雄風格的獨特版本。

In terms of emerging HOKA franchises, I want to start by highlighting the Mach 6 launch, which has been a universal success.

就新興的 HOKA 系列產品而言，我想首先重點介紹 Mach 6 的推出，該產品取得了普遍的成功。

This redesign and upgraded Mach has experienced strong sell-through across the global marketplace, resulting in the Mach being a top 5 revenue style for HOKA in Q1.

這款重新設計和升級的 Mach 在全球市場上獲得了強勁的銷量，使 Mach 成為 HOKA 第一季營收前 5 名的款式。

Thus far, we are encouraged by the consumer adoption of the Mach, which is skewing younger and driving considerable acquisition in the U.S. and EMEA.

到目前為止，消費者對 Mach 的採用令我們感到鼓舞，消費者越來越年輕化，並推動了美國和歐洲、中東和非洲地區的大量購買。

We believe the expansive consumer demand we're seeing for the Mach is attributable to the fantastic work of the HOKA product and merchandising team, who designed the collection with color and branding variations that allow for greater differentiation across points of distribution.

我們相信，消費者對 Mach 的廣泛需求歸功於 HOKA 產品和銷售團隊的出色工作，他們設計了具有顏色和品牌變化的系列，從而在各個分銷點之間實現了更大的差異化。

Regarding Transport and Kawana, we continue to see these styles perform well in our DTC channel and with our lifestyle athletic partners.

關於 Transport 和 Kawana，我們繼續看到這些風格在我們的 DTC 頻道以及我們的生活方式運動合作夥伴中表現良好。

Both style saw explosive growth in the quarter, landing them in the HOKA brand's top 10 styles, ranked by revenue.

這兩種款式在本季度都出現了爆炸性增長，躋身 HOKA 品牌按收入排名的前 10 款款式。

While the Transport and Kawana were designed as a light hiker and fitness shoe, respectively, the consumer is increasingly adopting them for more casual and versatile wear.

雖然 Transport 和 Kawana 分別被設計為輕型健行鞋和健身鞋，但消費者越來越多地將它們用於更休閒和多功能的穿著。

On the innovation front, the HOKA brand's most advanced performance-leading styles, the Cielo X1 and Skyward X have far outperformed our expectations.

在創新方面，HOKA品牌最先進的性能領先款式Cielo X1和Skyward X的表現遠遠超出了我們的預期。

These groundbreaking styles were featured as part of the HOKA FLYLAB experience, which was celebrated at worldwide events such as the Boston Marathon, Big Sur International Marathon, Hackney Half Marathon in London, and the Tokyo Marathon.

這些突破性的款式是 HOKA FLYLAB 體驗的一部分，並在波士頓馬拉松、大蘇爾國際馬拉松、倫敦哈克尼半程馬拉松和東京馬拉松等世界各地的賽事中慶祝。

The Skyward X in particular has been a key focus of our marketing efforts, as it reinforces the HOKA brand's origins and leadership position and max cushion performance.

Skyward X 尤其是我們行銷工作的重點，因為它強化了 HOKA 品牌的起源和領導地位以及最大的緩衝表現。

The success of innovative styles like the Cielo and Skyward is critical to HOKA maintaining its performance roots, and emboldens the product team to continue pushing the envelope of our technologies.

Cielo 和 Skyward 等創新款式的成功對於 HOKA 保持其性能根源至關重要，並鼓勵產品團隊繼續突破我們的技術極限。

The Skyflow, which only launched about 10 days ago, is also an all-new style focused on innovation, but at a much more commercial price point within the HOKA brands product range.

大約 10 天前才推出的 Skyflow 也是一款注重創新的全新款式，但在 HOKA 品牌產品系列中價格更加商業化。

This exciting style, which combines premium Skyward X inspired geometry with upgraded foam compounds, creating an elevated experience for daily runs.

這款令人興奮的風格將受 Skyward X 啟發的優質幾何結構與升級的泡沫化合物相結合，為日常跑步創造了更高的體驗。

As part of our segmentation efforts, the Skyflow was developed as a co-exclusive for our DTC and our run specialty partners, continuing to elevate the HOKA brand's everyday performance lineup, while differentiating its global marketplace.

作為我們細分工作的一部分，Skyflow 被開發為我們的 DTC 和我們經營的專業合作夥伴的共同獨家產品，繼續提升 HOKA 品牌的日常性能陣容，同時使其在全球市場中脫穎而出。

We are receiving great feedback from consumers and our retail partners in the early days of this launch.

在此發布的初期，我們收到了來自消費者和零售合作夥伴的大量回饋。

The strength and performance across the HOKA product lineup is amplified by the continued evolution of the brand's global marketplace.

隨著該品牌全球市場的不斷發展，HOKA 產品系列的實力和性能得到了增強。

During the first quarter, HOKA drove balanced growth across channels, with DTC revenue increasing 33% versus last year, and wholesale revenue increasing 28% versus last year.

一季度，HOKA推動各通路均衡成長，DTC營收年增33%，批發營收年增28%。

From a DTC perspective, HOKA continues to experience global gains through consumer acquisition and retention, with particular strength among retained consumers in the first quarter.

從 DTC 的角度來看，HOKA 透過消費者獲取和保留繼續獲得全球收益，尤其是第一季保留消費者的實力。

We believe this is a powerful reflection of HOKA consumer loyalty, reinforcing the long runway we see for this brand and the reason we are focused on building the HOKA brand's awareness, while there remains significant opportunity.

我們相信，這有力地反映了 HOKA 消費者的忠誠度，強化了我們對該品牌的長期發展前景，也是我們專注於建立 HOKA 品牌知名度的原因，同時仍存在巨大的機會。

Part of our approach to building HOKA brand awareness is through expanded points of distribution with key partners.

我們建立 HOKA 品牌知名度的方法之一是擴大與主要合作夥伴的分銷點。

During the quarter, we added strategic doors with select partners around the world, which contributed to HOKA wholesale growth in the quarter.

在本季度，我們與世界各地的精選合作夥伴增加了戰略門，這為 HOKA 在本季度的批發成長做出了貢獻。

We also continued adding shelf space and gaining market share, as the brand refilled inventory in the channel, and continued to see high levels of full-price sell-through.

隨著該品牌在通路中補充庫存，我們也繼續增加貨架空間並獲得市場份額，並繼續看到高水準的全價銷售。

Outside of adding new distribution, HOKA is building awareness through its global marketing campaign.

除了增加新的分銷管道外，HOKA 還透過其全球行銷活動來提高知名度。

The latest chapter of the HOKA brand's Fly Human Fly campaign launched on July 1st with the new film Bird's Eye, which brings to life the brand's origin story and captures the exhilaration and joy of movement.

HOKA 品牌 Fly Human Fly 活動的最新篇章於 7 月 1 日推出，新影片《Bird's Eye》將生動呈現品牌的起源故事，捕捉運動中的興奮和喜悅。

The film is the centerpiece of a 360 degree integrated brand campaign, inclusive of connected TV, out-of-home content, social and earned media and in-person community activations in key cities.

該影片是 360 度綜合品牌活動的核心內容，包括連網電視、戶外內容、社群和免費媒體以及主要城市的現場社群活動。

All of the elements of the Fly Human Fly campaign are aimed at deepening connections with the consumers, inspiring brand love and introducing new consumers to HOKA around the world.

Fly Human Fly 活動的所有元素都旨在加深與消費者的聯繫，激發品牌喜愛度，並向世界各地的 HOKA 介紹新消費者。

We are really proud of this elevated campaign, and I hope you all check out the Bird's Eye film when you have a chance.

我們對這次高水準的活動感到非常自豪，我希望大家有機會時都看看鳥瞰影片。

Overall, this quarter was an excellent start to the year for HOKA, with healthy full-price demand across global markets.

總體而言，本季對 HOKA 來說是今年的良好開端，全球市場對全價的需求保持健康。

The team is laser-focused on executing the brand's strategy to build global brand awareness and market share with an enhanced focus on international markets, expand DTC through consumer acquisition and retention gains, and excite consumers with performance innovations.

該團隊專注於執行品牌策略，以建立全球品牌知名度和市場份額，同時更加關注國際市場，透過消費者獲取和保留來擴大 DTC，並透過性能創新來激發消費者的興趣。

Shifting to UGG, global UGG revenue in the first quarter increased 14% versus last year to $223 million.

轉向UGG，第一季全球UGG營收較去年成長14%，達到2.23億美元。

Performance in the quarter was driven by strong full-price selling of key iconic franchises with increased year-round momentum, increased adoption of the expanding Golden Collection, continued momentum in global DTC and robust wholesale growth in the U.S., reflecting earlier demand.

本季業績的推動因素包括關鍵標誌性特許經營權的全價銷售強勁、全年勢頭增強、不斷擴大的金典系列的採用率增加、全球DTC 的持續增長勢頭以及美國批發市場的強勁增長（反映了早期的需求）。

We are encouraged by the consumer demand for UGG in the first quarter, as we believe it reflects continued progress in creating year-round excitement for the brand's versatile and seasonally relevant product.

第一季消費者對 UGG 的需求令我們感到鼓舞，因為我們相信這反映出該品牌在為該品牌的多功能和季節性相關產品創造全年興奮感方面不斷取得進展。

The UGG product team has done a fantastic job building product with purpose that is consumer-informed, champions UGG brand codes, and has increased wearing occasions, allowing the brand to build and sustain demand over longer periods of time.

UGG 產品團隊在開發產品方面做得非常出色，其目的是了解消費者、倡導 UGG 品牌代碼，並增加穿著場合，使品牌能夠在更長的時間內建立和維持需求。

This is best evidenced by the continued year-round adoption of the Tasman franchise, as well as the growth being driven by an expanded Golden Collection.

塔斯曼特許經營權全年持續採用以及金典系列擴大所推動的成長就是最好的證明。

The UGG brand's ability to drive continued strong selling for the Tasman's franchise speaks to the power of its thoughtful management across the global marketplace, versatility of styling and the marketing activations that preserve its relevance in the mind of our consumers.

UGG 品牌能夠推動 Tasman 特許經營權持續強勁銷售，這證明了其在全球市場上周到的管理、款式的多功能性以及保持其在消費者心目中的相關性的營銷活動的力量。

Specifically, on the marketing front, UGG has collaborated with various brands and designers to create exclusive versions of Tasman franchise styles.

具體來說，在行銷方面，UGG 與各個品牌和設計師合作，打造 Tasman 特許經營風格的獨家版本。

During the first quarter, our upcoming Tasman collaboration with Chinese-born, London-based designer Feng Chen Wang was featured as part of her spring/summer 2025 collection unveiling at Paris Fashion Week.

第一季度，我們即將與出生於中國、居住在倫敦的設計師王風晨 (Feng Chen Wang) 進行 Tasman 合作，作為其在巴黎時裝週上亮相的 2025 年春夏系列的一部分。

Her collection, and in particular, the Tasman collaboration was featured across influential fashion and cultural publications, including Vogue, Hypebeast, and Highsnobiety.

她的系列，尤其是與 Tasman 的合作，在《Vogue》、《Hypebeast》和《Highsnobiety》等頗具影響力的時尚和文化出版物上都有專題報導。

The UGG team's ability to maintain consumer interest through our exciting marketing activations and collaborations is also benefiting newer franchises like the Golden Collection.

UGG 團隊透過令人興奮的行銷活動和合作來維持消費者興趣的能力也讓 Golden Collection 等新特許經營商受益。

The increasing consumer demand for this collection led to an expansion of silhouettes in the current year, which performed extremely well.

消費者對該系列的需求不斷增長，導致今年款式的擴展，表現非常出色。

Of the UGG brand's top 10 styles in the first quarter, ranked by revenue, four came from the Golden Collection, two of which were new to the brand this year.

在UGG品牌第一季營收排名前10的款式中，有4款來自Golden Collection，其中2款是該品牌今年新增的。

The Tasman franchise and Golden Collection were also key drivers of the UGG brand's DTC success in the first quarter, which was equally strong in the U.S. and international regions.

Tasman 特許經營權和 Golden Collection 也是 UGG 品牌第一季 DTC 成功的關鍵驅動力，在美國和國際地區同樣強勁。

The UGG brand's more focused assortment of relevant franchises is driving the majority of consumer demand, which contributed to lower promotion as compared to prior first quarters, where the DTC business has historically been more influenced by end-of-season discounting on seasonal colors.

UGG 品牌更集中的相關特許經營品種正在推動大部分消費者需求，這導致促銷活動與之前第一季相比有所下降，而 DTC 業務歷來更多地受到季節性顏色的季末折扣的影響。

While this dynamic is not expected to continue throughout fiscal year 2025, we do think it speaks to the strength of the brand and its ability to maintain year-round demand.

雖然這種動態預計不會持續到 2025 財年，但我們確實認為這證明了該品牌的實力及其維持全年需求的能力。

UGG has exciting things ahead, with the upcoming launch of its Feels Like UGG global marketing campaign, which features a dynamic group of creators who evoke the ethos of UGG.

UGG 即將推出令人興奮的事情，即將推出 Feels Like UGG 全球行銷活動，該活動的特色是一群充滿活力的創作者，他們喚起了 UGG 的精神。

The Feels Like UGG campaign will come to life across the brand's global marketplace through social media, in-store events, and multisensory community activations that promote self-expression and a connected community.

Feels Like UGG 活動將透過社群媒體、店內活動和促進自我表達和互聯社群的多感官社群活動在品牌的全球市場上展開。

The brand is on track to deliver another year of healthy growth, with premium products and elevated experiences that enhance our consumer connections.

該品牌預計再創健康成長一年，提供優質產品和提升體驗，增強我們與消費者的連結。

Both UGG and HOKA are off to strong starts in fiscal year 2025, and are well-positioned to continue capturing high levels of consumer demand for the remainder of this year and beyond.

UGG 和 HOKA 在 2025 財年都有強勁的開局，並處於有利位置，可以在今年剩餘時間及以後繼續抓住高水平的消費者需求。

Before passing off to Steve, I want to give Stefano an opportunity to review Deckers' excellent channel performance in the first quarter.

在交給史蒂夫之前，我想給斯特凡諾一個機會回顧德克斯第一季出色的通路表現。

As all of you know, Stefano will be becoming Deckers' next CEO on August 1st.

眾所周知，Stefano 將於 8 月 1 日成為 Deckers 的下一任執行長。

I'm excited to welcome him today to speak on. one of the areas he has been successfully leading for some time now in his current capacity as our Chief Commercial Officer.

我很高興今天歡迎他發言。這是他目前擔任我們的首席商務官一段時間以來成功領導的領域之一。

Stefano?

斯特凡諾？

Thanks, Dave.

謝謝，戴夫。

It's great to be here with you all today and share Deckers' channel highlights within the global marketplace.

很高興今天能與大家一起分享 Deckers 在全球市場上的通路亮點。

Before diving in, I want to thank Dave for his thoughtful, enlightened leadership over the last eight years and in particular, the mentorship provided over the last six months.

在深入探討之前，我要感謝戴夫在過去八年裡深思熟慮、開明的領導，特別是在過去六個月裡提供的指導。

Dave has been an extremely valuable resource for me throughout the transition, and I'm thrilled to have the opportunity to lead Deckers on our continued exciting journey ahead.

在整個過渡過程中，戴夫（Dave）對我來說是極其寶貴的資源，我很高興有機會領導德克斯（Deckers）繼續我們令人興奮的未來旅程。

Diving into channel performance in the quarter, our results continue to reflect Deckers' successful global marketplace that ha maintained a pull model of consumer demand, driving high levels of full-price selling.

深入研究本季的通路績效，我們的業績繼續反映了 Deckers 成功的全球市場，該市場保持了消費者需求的拉動模式，推動了高水準的全價銷售。

This year, we signaled a much more balanced growth story between our DTC and wholesale channels, which was well-executed in the first quarter.

今年，我們在 DTC 和批發通路之間實現了更平衡的成長，這在第一季執行得很好。

For the quarter, global DTC increased 24% versus last year on a reported basis and 22% on a comparable basis.

本季度，全球 DTC 按報告數據計算較去年增長 24%，以可比較數據計算較去年增長 22%。

HOKA drove the majority of gains in the DTC channel, but we also saw positive contributions from the UGG brand.

HOKA 推動了 DTC 管道的大部分收益，但我們也看到了 UGG 品牌的正面貢獻。

From a regional standpoint, DTC growth was robust across international regions and within the U.S., which increased 31% and 21%, respectively.

從區域角度來看，國際地區和美國境內的 DTC 成長強勁，分別成長了 31% 和 21%。

Among international regions, growth was most meaningful in China and EMEA, as both drove strong increases online and benefited from successful recent retail store openings.

在國際地區中，中國和歐洲、中東和非洲地區的成長最為有意義，因為這兩個地區都推動了線上業務的強勁成長，並受益於最近成功開設的零售店。

Regarding wholesale, global revenues increased 21% versus last year.

在批發方面，全球收入比去年增長了 21%。

Similar to DTC, HOKA drove the majority of the year-over-year volume gains, with similar strength in the U.S. and international regions.

與 DTC 類似，HOKA 推動了大部分同比銷量成長，在美國和國際地區的成長勢頭相似。

Our growth was particularly strong in the U.S. as the brand continues to see earlier demand from wholesale partners and benefited from favorable year-over-year comparisons.

我們在美國的成長尤其強勁，因為該品牌繼續看到批發合作夥伴的早期需求，並受益於有利的同比比較。

Growth across HOKA and UGG was driven by full-price business, as both brands delivered exceptional gross margins in the wholesale channel.

HOKA 和 UGG 的成長是由全價業務推動的，因為這兩個品牌在批發管道中的毛利率都很高。

The health of our balanced business across the global marketplace reflects both the demand for our brands and our team's outstanding channel management.

我們在全球市場上均衡業務的健康狀況反映了對我們品牌的需求以及我們團隊出色的通路管理。

Our brands are off to a great start to fiscal 2025, and I look forward to sharing more with you next quarter.

我們的品牌在 2025 財年有了一個良好的開端，我期待下個季度與您分享更多資訊。

With that, I'll hand over to Steve to provide further details on our first quarter financial results as well as our updated financial outlook for fiscal 2025.

接下來，我將請 Steve 提供有關我們第一季財務業績以及 2025 財年最新財務前景的更多詳細資訊。

Thanks, Stefano, and good afternoon, everyone.

謝謝斯特凡諾，大家下午好。

Deckers delivered strong results in the first quarter and demonstrated great progress towards our full fiscal year guidance, leading to increased profitability within our outlook that I'll cover shortly.

Deckers 在第一季取得了強勁的業績，並在我們的整個財年指導方面取得了巨大進展，從而導致我們的盈利能力提高，我將很快介紹這一點。

As Dave outlined, HOKA was the main driver of growth in the quarter, delivering healthy gains in both the DTC and wholesale channels, as the brand continues to build global awareness and market share.

正如 Dave 所概述的那樣，HOKA 是本季度成長的主要推動力，隨著品牌不斷建立全球知名度和市場份額，在 DTC 和批發通路方面都實現了健康成長。

UGG delivered a solid quarter, as the brand continued to see global demand in the DTC channel and increased its full-price wholesale business in the U.S..

UGG 季度業績表現強勁，該品牌繼續看到 DTC 管道的全球需求，並增加了其在美國的全價批發業務。

As we continue to operate in a very dynamic consumer environment, we will remain nimble in our approach to managing the business for the long-term sustainable growth and executing against our strategic priorities.

隨著我們繼續在充滿活力的消費者環境中運營，我們將保持靈活的方式來管理業務，以實現長期可持續增長，並根據我們的策略重點執行。

Our portfolio of leading brands continues to resonate with consumers, which positions us well in the global marketplace.

我們的領導品牌組合繼續引起消費者的共鳴，這使我們在全球市場中佔據有利地位。

With that, let's get into the details of our first quarter fiscal year 2025 results.

接下來，讓我們詳細了解 2025 財年第一季的業績。

Revenue was $825 million, up 22% versus the prior year.

營收為 8.25 億美元，比上年增長 22%。

Growth was primarily driven by HOKA, as the brand increased 30% versus last year, due to the exceptional demand experienced across the brand's global marketplace.

成長主要由 HOKA 推動，由於該品牌全球市場的巨大需求，該品牌比去年增長了 30%。

Additionally in the quarter, UGG increased 14%, primarily through wholesale gains, as the brand continues to refill certain inventory in the marketplace.

此外，在本季度，UGG 成長了 14%，主要是透過批發收益，因為該品牌繼續補充市場上的某些庫存。

Gross margin for the quarter was 56.9%, which was up 560 basis points from last year's 51.3%.

該季度毛利率為 56.9%，比去年的 51.3% 上升 560 個基點。

As compared to last year, first quarter gross margin primarily benefited from favorable brand and product mix, as both our highest-margin brand HOKA as well as higher-margin products within UGG and HOKA drove a larger proportion of growth.

與去年相比，第一季的毛利率主要受益於有利的品牌和產品組合，我們利潤率最高的品牌 HOKA 以及 UGG 和 HOKA 中利潤率較高的產品推動了較大比例的成長。

Higher levels of full-price selling, particularly with the UGG brand, which was more promotional in the prior-year first quarter, and lower freight rates recognized in this quarter, which are anticipated to be a headwind for the remainder of this year.

全價銷售水平較高，尤其是 UGG 品牌，該品牌在去年第一季的促銷力度更大，而本季度的運費較低，預計這將成為今年剩餘時間的阻力。

SG&A dollar spend in the first quarter was $337 million, which is up 22% from last year's $276 million.

第一季的銷售、管理及行政費用支出為 3.37 億美元，比去年的 2.76 億美元成長 22%。

As a percentage of revenue, SG&A was 40.9% versus 40.8% in the prior year.

SG&A 佔營收的百分比為 40.9%，而前一年為 40.8%。

SG&A dollar growth compared to last year was driven by investment in key areas of the business in support of our growth initiatives, which include higher marketing spend, primarily related to expanding global HOKA awareness, and investments in talent to support key functions within our growing organization.

與去年相比，SG&A 美元的成長是由對業務關鍵領域的投資推動的，以支持我們的成長計劃，其中包括增加行銷支出（主要與擴大全球HOKA 意識相關），以及對人才的投資以支持我們不斷發展的組織內的關鍵職能。

Our tax rate was 22.5%, which compares to 21.9% in the prior year.

我們的稅率為 22.5%，前一年為 21.9%。

These results, coupled with higher interest income and a lower share count as the result of our share repurchase program, drove diluted earnings per share of $4.52 for the quarter, which was $2.11 above last year's $2.41 per share, representing growth of 87%.

這些業績，加上利息收入的增加和股票回購計畫導致的股票數量減少，推動本季攤薄每股收益達到 4.52 美元，比去年的每股 2.41 美元高出 2.11 美元，成長 87%。

Turning to our balance sheet, at June 30, 2024, we ended June with $1.44 billion of cash and equivalents.

轉向我們的資產負債表，截至 2024 年 6 月 30 日，我們截至 6 月份的現金及等價物為 14.4 億美元。

Inventory was $753 million, up 2% versus the same point in time last year, and we had no outstanding borrowings.

庫存為 7.53 億美元，比去年同期增長 2%，我們沒有未償還的借款。

During the first quarter, we repurchased approximately $152 million worth of shares at an average price of $858.79. As of June 30, 2024, the Company had approximately $790 million remaining under it stock repurchase authorization.

第一季度，我們以平均價格 858.79 美元回購了價值約 1.52 億美元的股票。截至 2024 年 6 月 30 日，本公司股票回購授權剩餘約 7.9 億美元。

Now, moving into our updated outlook for fiscal year 2025, we still expect total company revenue to grow approximately 10% versus last year to $4.7 billion, inclusive of HOKA, which is still expected to grow approximately 20%, and UGG, which is still expected to grow in the mid-single-digit range.

現在，進入我們對2025 財年的最新展望，我們仍然預計公司總收入將比去年增長約10%，達到47 億美元，其中包括預計仍將增長約20% 的HOKA 和仍將增長約20% 的UGG預計將在中個位數範圍內成長。

We are increasing our gross margin, which is now expected to be approximately 54%, up 50 basis points from our prior guidance, based on the strength of our first quarter results, which included near-term benefits that are not expected to repeat for the remainder of the fiscal year.

基於我們第一季業績的強勁表現，我們正在提高毛利率，目前預計毛利率約為 54%，比我們之前的指導提高了 50 個基點，其中包括預計不會在 2019 年重複出現的近期收益。財政年度剩餘時間。

As a reminder, our assumptions for the full fiscal year include a more normalized promotional environment, with lower full-price selling relative to the exceptional levels delivered in fiscal year 2024, and higher freight costs incurred and still experiencing related to the inventory brought in that will be expensed in the remainder of the year.

提醒一下，我們對整個財年的假設包括更正常化的促銷環境，相對於 2024 財年交付的特殊水平，全價銷售較低，並且與該財年帶來的庫存相關的運輸成本較高。將在今年剩餘時間內支出。

SG&A is now expected to be in the range of 34% to 34.5%, as we remain committed to investing in our key growth initiatives.

由於我們仍然致力於投資於我們的關鍵成長計劃，SG&A 目前預計在 34% 至 34.5% 之間。

Operating margin is now expected to be in the range of 19.5% to 20%.

目前預計營業利潤率在 19.5% 至 20% 之間。

Our effective tax rate is still projected to be in the range of 22% to 23%.

我們的有效稅率預計仍將在 22% 至 23% 的範圍內。

As a result of these changes, we are increasing our diluted earnings per share expectations to now be in the range of $29.75 to $30.65, representing a $0.65 increase on the high end.

由於這些變化，我們將稀釋後每股盈餘預期提高至 29.75 美元至 30.65 美元，較高端增加了 0.65 美元。

Please note, as mentioned in our release this afternoon, we have entered into an agreement to divest the Sanuk brand, which we expect to close in August 2024.

請注意，正如我們今天下午的新聞稿中提到的，我們已簽訂剝離 Sanuk 品牌的協議，預計將於 2024 年 8 月完成。

As such, the ongoing Sanuk business has been removed from our forward-looking guidance.

因此，正在進行的 Sanuk 業務已從我們的前瞻性指引中刪除。

Further, this guidance excludes any unforeseen charges that may be considered nonrecurring to our ongoing business or any impact from future share repurchases.

此外，本指南不包括任何可能被視為對我們正在進行的業務不經常發生的不可預見的費用或未來股票回購的任何影響。

Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include but are not limited to changes in consumer confidence and recessionary pressures, inflationary pressures, fluctuation in foreign currency exchange rates, supply chain disruptions, and geopolitical tensions.

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的變化和衰退壓力、通膨壓力、外幣匯率波動、供應鏈中斷和地緣政治緊張局勢。

In addition, as most of you may have seen, our Board recently approved a six-for-one forward stock split of our outstanding capital stock, which is pending stockholder approval at our 2024 Annual Meeting to be held on September 9.

此外，正如你們大多數人可能已經看到的那樣，我們的董事會最近批准了對我們已發行股本進行六比一的遠期股票分割，該計劃有待股東在9 月9 日舉行的2024 年年會上獲得批准。

The potential impact of the stock split is not reflected in our EPS guidance.

股票分割的潛在影響並未反映在我們的每股盈餘指引中。

Looking ahead, we remain confident in our ability to deliver the increased full fiscal year guidance, as our disciplined operating model, in-demand global brands and robust financial profile position us well to adapt to evolving marketplace dynamics.

展望未來，我們對提供更高的整個財年指導的能力仍然充滿信心，因為我們嚴格的營運模式、受歡迎的全球品牌和穩健的財務狀況使我們能夠很好地適應不斷變化的市場動態。

Before I hand the call back to Dave for his last time, I want to express my genuine appreciation for him.

在我最後一次把電話回給戴夫之前，我想表達我對他真誠的謝意。

It has been a privilege and a pleasure working together for the last 12 years, especially the last eight years with him as our CEO.

在過去的 12 年裡，特別是在過去的 8 年裡，與他一起擔任我們的首席執行官，我們感到非常榮幸和愉快。

I am proud of all we have achieved together, building Deckers into an industry-leading company with an exciting future ahead.

我為我們共同取得的成就感到自豪，我們將 Deckers 打造成一家領先業界的公司，並擁有令人興奮的未來。

Dave, I wish you all the best in your retirement, and I look forward to working with you as a member of our Board.

戴夫，我祝您退休後一切順利，我期待著作為我們董事會成員與您合作。

Thanks, everyone.

謝謝大家。

I'll now hand the call back to Dave for his final remarks.

現在我將把電話轉回給戴夫，讓他作最後的演講。

Thank you, Steve, for the kind words, and Stefano for your kind remarks earlier.

謝謝史蒂夫的客氣話，也謝謝斯特凡諾之前的客氣話。

I appreciate all you continue to do for the Deckers organization.

我感謝您繼續為 Deckers 組織所做的一切。

HOKA and UGG continue to excite and delight consumers, with unique and innovative products that are driving increased demand.

HOKA 和 UGG 憑藉著獨特和創新的產品不斷讓消費者興奮和愉悅，從而推動需求的成長。

The momentum of these brands gives us confidence to achieve our updated guidance for the year.

這些品牌的勢頭讓我們有信心實現今年更新的指導方針。

I believe Deckers is poised for long-term continued success, with the strength of these two powerful brands, a well-managed global marketplace, a focused and aligned management team, a disciplined approach to financial management, and engaged employees who embrace a purpose-led culture.

我相信，憑藉這兩個強大品牌的實力、管理良好的全球市場、專注且一致的管理團隊、嚴格的財務管理方法以及擁護目標的敬業員工，Deckers 已做好長期持續成功的準備。

I am proud of the culture we have built within our organization, and for Deckers being recognized externally as well as one of U.S. News & World Report's 2024 to 2025 Best Companies to Work For, and as one of have Time Magazine's World's Most Sustainable Companies of 2024.

我為我們在組織內建立的文化感到自豪，為Deckers 獲得外部認可而感到自豪，並被《美國新聞與世界報道》評為2024 至2025 年最佳工作公司之一，並被《時代》雜誌評為全球最具永續發展能力的公司之一2024 年。

Before handing off to the operator, there are a few things I'd like to add.

在交給操作員之前，我想補充一些內容。

First, I want to sincerely thank Steve Fasching.

首先，我要衷心感謝史蒂夫法辛。

Steve has been an amazing partner to me over the past eight years, and has had a tremendous impact on Deckers and our success.

在過去的八年裡，史蒂夫一直是我的一位出色的合作夥伴，他對德克斯和我們的成功產生了巨大的影響。

Steve deserves to be recognized for his leadership and disciplined strategic approach to developing and maintaining our strong operating model and fortified balance sheet.

史蒂夫在開發和維護我們強大的營運模式和強化的資產負債表方面的領導力和嚴格的策略方法值得認可。

We've been through a lot together, and I just want to say thank you, Steve.

我們一起經歷了很多，我只想說謝謝你，史蒂夫。

I also want to thank Erinn and Andy on our investor relations team.

我還要感謝我們投資人關係團隊的艾琳和安迪。

They have done an outstanding job preparing us for these quarterly calls and communicating Deckers' strategy with all of you.

他們出色地為我們做好了準備這些季度電話會議的準備，並向大家傳達了 Deckers 的策略。

It has been a pleasure working with them both.

與他們一起工作非常愉快。

Thank you for all you've done and will continue to do at Deckers.

感謝您在 Deckers 所做的並將繼續做的一切。

I'm actually going to miss these earnings calls.

我實際上會錯過這些財報電話會議。

Lastly, I want to express my gratitude for the final time.

最後，我想對最後一次表示感謝。

It has been the honor of a lifetime leading Deckers for the last eight years, and I'm proud of all we accomplished together during this time.

在過去的八年裡，這是德克斯一生的榮幸，我為我們在這段時間共同取得的成就感到自豪。

I want to thank all of our dedicated employees for making Deckers not only a successful company, but also an amazing place to work.

我要感謝我們所有敬業的員工，他們讓 Deckers 不僅成為一家成功的公司，而且成為一個令人驚嘆的工作場所。

We have proven that we are truly better together and that we can do a lot of good while doing great.

我們已經證明，我們在一起確實會變得更好，而且我們可以在做得很好的時候做很多好事。

Deckers is in excellent hands with Stefano and his leadership team.

德克斯在斯特凡諾和他的領導團隊的精心照料下。

I have no doubt that he will do an exceptional job leading this organization and maintaining our great culture and strong results as he, along with our leadership team and all of our amazing employees, build the future of Deckers.

我毫不懷疑，他將出色地領導這個組織並保持我們偉大的文化和強勁的業績，因為他將與我們的領導團隊和所有出色的員工一起建立 Deckers 的未來。

One last time, on behalf of our management team, I want to thank everyone for listening and for your continued support.

最後，我謹代表我們的管理團隊感謝大家的聆聽與持續的支持。

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

然後，我會將電話轉給接線生進行問答。

Operator?

操作員？

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Jonathan Komp from Baird.

你的第一個問題來自貝爾德 (Baird) 的喬納森康普 (Jonathan Komp)。

Your line is open.

您的線路已開通。

Thank you.

謝謝。

Good afternoon.

午安.

And Dave, certainly not my typical approach to say congratulations in this forum, but I think congratulations certainly are in order for just an incredible run here.

戴夫，當然不是我在這個論壇上表達祝賀的典型方式，但我認為祝賀肯定是為了在這裡取得令人難以置信的成績。

Thank you, Jon.

謝謝你，喬恩。

Yes, thank you.

是的，謝謝。

Really to turn to the business, I want to ask about the HOKA business, the momentum that you're seeing in light of, frankly, mixed footwear data points in the industry.

真正轉向業務，我想問一下 HOKA 業務，坦白說，根據行業中混合的鞋類數據點，您所看到的勢頭。

And then just given the shape of the year, how you're planning still 20% growth for the year after you exceeded that to start.

然後，考慮到今年的情況，在超出年初目標後，您計劃如何在今年實現 20% 的成長。

Could you maybe just share a little bit more how you're planning distribution and product launches as we think about the balance of the year?

當我們考慮今年剩下的時間時，您能否多分享您如何規劃分銷和產品發布？

Yes.

是的。

Good question.

好問題。

I think come in.

我想進來吧

I think it's important to just think of the context of this company.

我認為考慮一下這家公司的背景很重要。

We're a global multi-channel, multi-brand business, and I think a little bit of data in a subset of that global business can can be misleading in some ways.

我們是一家全球性多通路、多品牌企業，我認為該全球業務子集中的一點數據可能在某些方面產生誤導。

So I think I think our results speak for themselves in the past quarter, and we're super confident in the remainder of the year, and I'll let Stefano talk a little bit more about where the business is going from here for the rest of the year.

因此，我認為我們上個季度的業績不言而喻，我們對今年剩餘時間非常有信心，我將讓 Stefano 多談談接下來的業務發展方向今年的。

Yes, hey, Jon.

是的，嘿，喬恩。

Keep in mind, we build brands for long-term health and sustainable growth.

請記住，我們打造品牌是為了長期健康和永續成長。

We just closed a great Q1, and we're confident in our full-year guidance.

我們剛剛結束了出色的第一季度，我們對全年指導充滿信心。

We are very happy with how our brands are performing today.

我們對我們品牌今天的表現非常滿意。

Key product launches have been selling through very, very strongly.

主要產品的推出銷售非常非常強勁。

So our brands are strong and in demand.

所以我們的品牌很強大而且很受歡迎。

So I don't anticipate major issues for the balance of the year.

因此，我預計今年剩餘時間不會出現重大問題。

I think, Jon, just to kind of add onto that, as we think about the year, and it's what we discussed on the call last quarter, in terms of how we saw the cadence of the year play out.

我想，喬恩，只是補充一下，當我們思考這一年時，這就是我們在上個季度的電話會議上討論的內容，即我們如何看待今年的節奏。

We always said in percentage terms, right, that Q1 was going to be our strongest quarter, and as we came up against kind of more difficult comparisons from a year ago, those percentage rates would drop.

我們總是用百分比表示，對吧，第一季將是我們最強勁的季度，當我們遇到與一年前更困難的比較時，這些百分比將會下降。

Just to remind everybody, we are in control of this marketplace, right?

只是提醒大家，我們控制這個市場，對吧？

And so we're being very careful and thoughtful about distribution, how we're growing wholesale, how we're growing DTC, how we keep that balance in place.

因此，我們對分銷、如何發展批發、如何發展 DTC、如何保持這種平衡非常謹慎和深思熟慮。

And as we said, FY 2025 is going to be a year of wholesale growth.

正如我們所說，2025 財年將是批發成長的一年。

So we are expanding points of distribution, but we're keeping that in mind as we think about that expanded distribution in light of the DTC.

因此，我們正在擴大分銷點，但在根據 DTC 考慮擴大分銷時，我們會牢記這一點。

We also know that when we feed and bring in new customers through wholesale, we do see them migrate to our DTC.

我們也知道，當我們透過批發吸引和引入新客戶時，我們確實會看到他們遷移到我們的 DTC。

So again, this is part of our strategy.

再說一次，這是我們策略的一部分。

And again, it's about that growth.

再說一次，這與成長有關。

And so we're not trying to do too much.

所以我們不會嘗試做太多事情。

Everything we do is to sustain the brands for long-term growth into the future.

我們所做的一切都是為了維持品牌在未來的長期成長。

So I think that's what you're seeing play out.

所以我認為這就是你所看到的結果。

I think the quarter was a great quarter, very much kind of in line -- a little bit better than what we expected.

我認為這個季度是一個很棒的季度，非常符合預期——比我們的預期要好一點。

But that's really how we see the year play out with the next few quarters.

但這確實是我們對這一年和接下來幾季的看法。

And just to finish that off, I think our objective is to control the marketplace and the health of our brands.

最後，我認為我們的目標是控制市場和我們品牌的健康狀況。

And we're obviously experiencing very high rates of full-price sell-through and healthy margins, and our goal is to continue that, continue our pull model in the marketplace for all of our brands, take opportunities where we can.

顯然，我們正經歷著非常高的全價銷售率和健康的利潤率，我們的目標是繼續下去，繼續我們所有品牌在市場上的拉動模式，盡可能地抓住機會。

But we're not chasing numbers.

但我們並不追數字。

We're in this for the long game and looking for sustainable, healthy, profitable growth for years to come.

我們致力於長期發展，並尋求未來幾年可持續、健康、獲利的成長。

That's very helpful.

這非常有幫助。

Just one follow-up, if I could.

如果可以的話，只需跟進一次。

Should we still be expecting a new version of Bondi, and maybe if you could comment at all on Clifton this fiscal year?

我們是否也應該期待新版本的邦迪，也許您能否對本財年的克利夫頓發表評論？

And any color/feedback on some of the new segmentation approach for some of your new launches recently?

對於您最近推出的一些新產品的一些新的細分方法，有什麼顏色/反饋嗎？

Thanks again.

再次感謝。

Yes, good point.

是的，好點。

We've created a collection with styles and colors and branding variation that allows for greater differentiation across points of distribution.

我們創建了一個具有款式、顏色和品牌變化的系列，可以在各個分銷點之間實現更大的差異化。

Mach 6 has been performing super well.

馬赫 6 的表現非常出色。

Bondi, yes, Bondi's update will hit Q4.

Bondi，是的，Bondi 的更新將在第四季發布。

So it's a February launch.

所以這是二月的發布。

And then we push back Clifton 10 to fiscal 2026, to give Bondi 9 breathing room.

然後我們將 Clifton 10 推遲到 2026 財年，給 Bondi 9 喘息的空間。

And then I would also add the new Skyflow that recently just launched in the last couple of weeks is another opportunity for -- it's kind of a gateway issue for runners into the brand.

然後我還要補充一下，最近幾週剛推出的新 Skyflow 是另一個機會——這是跑步者進入該品牌的門戶問題。

Incredible innovation, but a more commercial price point that will help round out that Clifton/Bondi franchise, and so we're less reliant on those two.

令人難以置信的創新，但更商業化的價格點將有助於完善克利夫頓/邦迪的特許經營權，因此我們對這兩者的依賴較少。

Those will still be super important, very, very strong sellers for us.

對我們來說，這些仍然是非常重要、非常非常強大的賣家。

But we think the Skyflow can add to that group of key sellers, and we'll see how that performs over the next 12 months.

但我們認為 Skyflow 可以加入到這個主要賣家群體中，我們將看看它在未來 12 個月內的表現如何。

But so far, the response to that's been very strong and we're super pleased with that as well.

但到目前為止，對此的反應非常強烈，我們對此也非常滿意。

That's great.

那太棒了。

And Dave, best of luck with your transition.

戴夫，祝你過渡順利。

Thanks again.

再次感謝。

Thanks, Jon.

謝謝，喬恩。

Appreciate it.

欣賞它。

Your next question comes from the line of Laurent Vasilescu from BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

Thank you very much for taking my question.

非常感謝您回答我的問題。

Dave, again, congrats for all you've done and for your future endeavors.

戴夫，再次祝賀您所做的一切以及未來的努力。

I wanted to ask about your envious cash balance position of $1.4 billion and obviously, there's going to be future cash generation.

我想問您令人羨慕的 14 億美元現金餘額頭寸，顯然，未來將會產生現金。

Dave, Stefano, this is also a question for you and Steve.

戴夫、斯特凡諾，這也是你和史蒂夫的問題。

Can you talk about your capital allocation priorities?

您能談談您的資本配置優先事項嗎？

Clearly buybacks is still important, but would you consider issuing a dividend at some point?

顯然回購仍然很重要，但您會考慮在某個時候發放股利嗎？

Also, I don't think M&A is in the cards near term, but just wanted to be sure that's still the thought process going forward.

另外，我認為短期內不會進行併購，但只是想確保這仍然是未來的思考過程。

Sure.

當然。

Good question.

好問題。

I tis a healthy cash balance and we're very proud of that.

我擁有健康的現金餘額，我們對此感到非常自豪。

We've built it over the last eight years.

我們在過去八年裡建造了它。

I will speak to the M&A piece of it and then I'll hand it over to Steve on dividends, et cetera.

我將談論其中的併購部分，然後我會將其交給史蒂夫關於股息等問題。

M&A is something that our strategy hasn't changed here.

併購是我們的策略沒有改變的事情。

We're always looking, we're always exploring and evaluating opportunities, and we keep coming back to the same answer, that we have incredible organic growth with the brands we have for years to come, and we think we want to focus as much as we can on HOKA and UGG and reactivating Teva.

我們一直在尋找，我們一直在探索和評估機會，我們不斷回到同一個答案，即我們的品牌在未來幾年將實現令人難以置信的有機增長，我們認為我們希望盡可能關注正如我們在HOKA和UGG 上所做的那樣，並重新啟動Teva。

We have category expansion opportunities.

我們有品類擴展的機會。

We have men's opportunities in UGG, apparel opportunity in HOKA over the years.

多年來我們在UGG有男裝機會，在HOKA有服裝機會。

And so I think given valuations on the marketplace, given the integration challenges that ir would cause in our end and potentially taking our eye off the ball, anything sizable is not on the radar right now.

因此，我認為，考慮到市場的估值，考慮到它最終會給我們帶來的整合挑戰，並可能使我們的注意力轉移，目前任何重大的事情都不會出現在我們的關注範圍內。

We just launched AHNU; we think that's got long-term potential.

我們剛剛推出了 AHNU；我們認為這具有長期潛力。

So no news really on M&A front from a cash perspective.

因此，從現金角度來看，併購方面並沒有真正的消息。

Steve?

史蒂夫？

Yes.

是的。

I think just to add to that a little bit, with the growth rate that we're putting up, too, our focus really is on continued organic growth and delivering exceptional levels of profitability.

我想補充一點，隨著我們所提高的成長率，我們的重點實際上是持續的有機成長和提供卓越的獲利水準。

It's what's helping us, at the same time, build a strong balance sheet.

同時，這也幫助我們建立了強大的資產負債表。

And I think as I've said for some time, we like to operate with a position of strength and a strong balance sheet gives us that opportunity.

我認為正如我一段時間以來所說的那樣，我們喜歡以強勢地位進行運營，而強大的資產負債表給了我們這個機會。

To Dave's point, it gives us an opportunity to look at what's around but at the same time and first and foremost is about how we're investing in our business to continue to grow this over the long term.

對戴夫來說，它讓我們有機會了解周圍的情況，但同時，最重要的是我們如何投資我們的業務，以繼續長期發展。

I think you've seen some of our step-up in investment on the CapEx side.

我想您已經看到我們在資本支出方面加強了投資。

And then as you know, Laurent, we are committed -- we don't guide to any future share repurchase.

正如你所知，勞倫特，我們承諾——我們不會指導任何未來的股票回購。

But you can see with the path, with what we delivered in Q1, there's definitely a commitment to share repurchase.

但你可以從我們在第一季交付的路徑中看到，肯定有股票回購的承諾。

And then to your question on dividend, sure, that's something that we always consider and it's something that we discuss with our Board of Directors.

然後關於你關於股利的問題，當然，這是我們一直在考慮的問題，也是我們與董事會討論的問題。

So it's something that's on the table and being discussed, but nothing to announce at this stage.

所以這是擺在桌面上並正在討論的事情，但現階段沒有什麼可宣布的。

Okay.

好的。

Thanks very much.

非常感謝。

And then a follow-up question, two-part follow-up question.

然後是後續問題，由兩部分組成的後續問題。

I think, Dave, you mentioned there's opportunities with HOKA apparel.

我想，戴夫，你提到過 HOKA 服裝有機會。

I saw that you launched Airolite recently.

我看到你們最近推出了 Airolite。

It looks like it's doing very well.

看起來做得很好。

I'd just love to get your take there.

我很想聽聽你的意見。

And then Steve, the guidance on the top line implies 8% for the balance of the year.

然後史蒂夫，頂線的指導意味著今年剩餘時間為 8%。

I know you've got the hardest comp in 2Q.

我知道你們在第二季度遇到了最難的比賽。

Last quarter, you did give us some commentary about 1Q revenues.

上個季度，您確實給了我們一些關於第一季收入的評論。

Any way -- I know you don't guide by quarter, but how do we think about the shape of the revenues for the remaining three quarters?

無論如何 - 我知道你不會按季度進行指導，但我們如何看待剩餘三個季度的收入狀況？

Yes, just real quick on the HOKA piece, the new launch.

是的，快速了解新推出的 HOKA 作品。

It's doing okay.

一切順利。

It's selling through well, small units.

它通過小型單位銷售良好。

It's been a limited distribution.

這是一個有限的分佈。

I think one of -- well, I know one of the key priorities for Robin and the team over the course of the next few years, is to really create a compelling and exciting and innovative apparel offer.

我認為，我知道羅賓和團隊在未來幾年的首要任務之一是真正創造出引人注目、令人興奮和創新的服裝產品。

We've yet to do that, quite honestly, and it's been okay to this point because we have such amazing footwear growth, but we know that A, consumers want apparel from us, and B, we have some tremendous opportunity to disrupt that category.

老實說，我們還沒有做到這一點，到目前為止還不錯，因為我們的鞋類增長如此驚人，但我們知道，A，消費者想要我們的服裝，B，我們有一些巨大的機會來顛覆這個類別。

So consider that a key priority of Robin and Stefano and the team, and we're investing in leadership and also some infrastructure to be able to support those efforts over the years to come.

因此，考慮到羅賓和斯特凡諾以及團隊的首要任務，我們正在投資領導力和一些基礎設施，以便能夠在未來幾年內支持這些努力。

But we -- you know, it's early days still.

但我們——你知道，現在還處於早期階段。

Yes.

是的。

Then Laurent, on the guidance, you're right, we don't give quarterly guidance.

那麼洛朗，關於指導，你是對的，我們不提供季度指導。

I think as we've seen shifts in the business, we've seen revenue move, as demonstrated in Q1 with the health of our brands and the in-demand nature of our brands, we are seeing demand move a little bit earlier, which is why we saw Q1 stronger.

我認為，正如我們看到業務的變化，我們看到收入的變化，正如第一季我們品牌的健康狀況和我們品牌的需求性質所證明的那樣，我們看到需求的變化稍早一些，這就是我們看到第一季走強的原因。

We talked about that in kind of giving some direction on Q1.

我們討論了這一點，為第一季提供了一些方向。

As we look out into the year, and with the guidance that we're holding from a revenue growth standpoint year over year at the 10%, the future quarters start to fall in line with that future or full year guidance that we've given on the year.

當我們展望這一年時，根據我們從收入同比增長 10% 的角度來看的指導，未來幾個季度開始與我們給出的未來或全年指導一致於年。

So we expected Q1 to be our strongest percentage grower.

因此，我們預計第一季將成為我們百分比成長最快的季度。

Again, it's one of our smaller quarters.

再說一遍，這是我們較小的宿舍之一。

As you stated, we know we're going to be up against harder comparisons against a year ago, and so that growth will slow down, but still delivering top line growth of around 10%.

正如您所說，我們知道與一年前相比，我們將面臨更嚴峻的比較，因此成長將會放緩，但仍會實現 10% 左右的營收成長。

Very helpful.

非常有幫助。

Thank you very much and best of luck, Dave, and to the team as well.

非常感謝你，祝戴夫好運，也祝我們的團隊好運。

Thanks, Laurent.

謝謝，洛朗。

Your next question comes from the line of Sam Poser from Williams Trading.

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

Your line is open.

您的線路已開通。

Well, thank you, guys, for taking my questions.

嗯，謝謝你們回答我的問題。

Dave, I I wish you all the best in your future endeavors.

戴夫，我祝福你在未來的事業中一切順利。

I believe, since I mentioned sand in all of my notes with you guys, that there's a little bit of sandbagging on you're really going to miss these earnings calls.

我相信，既然我在與你們的所有筆記中都提到了沙子，那麼如果有一點沙袋，你們真的會錯過這些財報電話會議。

I just we feel that a little bit, but that's neither here nor there.

我只是我們有一點感覺，但這既不存在也不存在。

I have three things.

我有三件事。

One, Erinn, the normal question because the numbers didn't add up on the HOKA numbers.

第一，Erinn，這是一個正常的問題，因為這些數字與 HOKA 數字相加不符。

So if we can get the dollars for wholesale or dollars for direct by each brand for the quarter, that would be great.

因此，如果我們能夠獲得本季每個品牌的批發費用或直接費用，那就太好了。

And then, Steve, the freight impact in the -- like the freight impact you're anticipating for the gross margin and the mix impact, which would both be geographic, because you're expecting international growth to, I think, outpace domestic as well as channel.

然後，史蒂夫，貨運影響——就像您預期的毛利率和混合影響的貨運影響一樣，這都是地域性的，因為我認為，您預計國際增長將超過國內增長以及渠道。

How will that impact the margins as well?

這將如何影響利潤率？

Hi, Sam, it's Erinn.

嗨，山姆，我是艾琳。

So I'll go ahead and kick off.

那我就開始吧。

So for our first quarter results for our global wholesale and distributor by brand, for UGG it was approximately $143 million; HOKA, $333 million; Teva, $31.4 million; and Sanuk, $4.4 million.

因此，對於我們按品牌劃分的全球批發和分銷商的第一季業績，UGG 約為 1.43 億美元； HOKA，3.33 億美元；梯瓦製藥，3,140 萬美元；和薩努克，440萬美元。

And that leaves you with other, which is predominantly Koolaburra, at $3.7 million.

剩下的就是其他的，主要是 Koolaburra，價格為 370 萬美元。

Okay, Sam, it's Steve.

好的，山姆，是史蒂夫。

On the freight, of the 560-ish basis point increase that we saw in Q1, 80 basis points of that was freight.

在運費方面，我們在第一季看到 560 個基點左右的成長，其中 80 個基點是運費。

So recall a year ago, we still had higher freight rates that came down throughout the year, and we still benefited from that in Q1.

所以回想一年前，我們的運價仍然較高，全年都在下降，我們仍然受益於第一季。

So that Q1 comparison was a freight benefit.

因此，第一季的比較是運費優勢。

As we move forward, and as I indicated in the prepared remarks, that now turns to a headwind, right?

隨著我們前進，正如我在準備好的發言中指出的那樣，現在變成了逆風，對嗎？

And what we think the full year impact of that freight will be is a negative 80 bps.

我們認為該運費對全年的影響將是負 80 個基點。

So the positive 80 bps now flips to a negative 80 bps and that negative balance is going to be incurred over the next three quarters.

因此，正 80 個基點現在會翻轉為負 80 個基點，並且負餘額將在未來三個季度內出現。

Okay.

好的。

Okay.

好的。

And then as far as mix and channel?

那麼就混合和渠道而言？

So in the quarter, what we're saying of the 560 basis points, roughly about 250 basis points from margin expansion and brand mix.

因此，在本季度，我們所說的 560 個基點，大約來自利潤擴張和品牌組合的 250 個基點。

So we saw an improvement in the brand proportion as well as some of the product mix that contributed to that margin expansion.

因此，我們看到品牌比例以及一些產品組合的改善有助於利潤率的擴大。

And then we had about 250 basis points of full-price selling.

然後我們進行了大約 250 個基點的全價銷售。

So recall, a year ago in Q1, we had more closeout business, and that's where we've probably performed a little bit better, which is what you're seeing on the pass-through to the full year and the lift of the gross margin.

所以回想一下，一年前的第一季度，我們有更多的清倉業務，這就是我們表現可能更好一點的地方，這就是你在全年的傳遞和總收入的提升中看到的利潤。

Some of that better full-price selling that we experienced and fewer closeout sales in Q1 this year.

今年第一季度，我們經歷了一些更好的全價銷售和更少的清倉銷售。

And you're expecting things to normalize going forward from a promotional activity, which is sort of your cushion if things continue they are and margins would be higher, I assume.

而且你期望促銷活動能讓事情變得正常化，我認為，如果事情繼續下去，利潤率會更高，這對你來說是一種緩衝。

Yes, so look, and we'll see how it plays out.

是的，所以看看，我們會看看結果如何。

But yes, and that's what we said in our guidance.

但是，是的，這就是我們在指南中所說的。

We anticipate it to be a more promotional environment going forward.

我們預計未來將成為一個更具促銷性的環境。

And we'll see how things play out.

我們會看看事情會如何發展。

Thank you very much and continued success.

非常感謝您並繼續取得成功。

Thanks, Sam.

謝謝，山姆。

Your next question comes from the line of Dana Telsey from Telsey Advisory Group.

您的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Your line is open.

您的線路已開通。

Hi, good afternoon, everyone, and congratulations.

大家下午好，恭喜大家。

Dave, wishing the best of luck on your next, and what a terrific accomplishment at Deckers, and the team that you've put in place to succeed.

戴夫，祝你接下來一切順利，德克斯取得了多麼了不起的成就，以及你所組建的團隊取得了成功。

As you think about the freight costs, Steve, what you were just saying, is there any difference in terms of what the exposure to China is, how you're thinking about that going forward?

當你考慮貨運成本時，史蒂夫，你剛才所說的，在中國的風險敞口方面有什麼不同嗎？

And what are you seeing in terms of pricing, both on the retail price front and what you're seeing in terms of raw materials?

您對零售價格和原物料的定價有何看法？

And then Dave, on distribution, for both HOKA and UGG, what are you seeing in new channels of distribution, new retail partners, and the expansion of any of those doors?

然後戴夫，關於分銷，對於 HOKA 和 UGG，你對新的分銷管道、新的零售合作夥伴以及這些門的擴張有何看法？

Thank you.

謝謝。

Okay.

好的。

This Steve.

這個史蒂夫.

I'll start with the freight.

我先從貨運開始。

So I think what we are -- and we started to see it earlier in the year.

所以我認為我們是什麼——我們在今年早些時候開始看到它。

What we benefited from in Q1 was rates on product that was kind of in place before we started to see these freight rate increases, and that's what we were able to benefit from in Q1.

我們在第一季受益的是在我們開始看到運費上漲之前就已經到位的產品費率，這就是我們在第一季受益的。

And recall, the way we've spent inventory and that freight which gets allocated to that inventory is when it sells through.

回想一下，我們消耗庫存的方式以及分配給該庫存的運費是在其售完時進行的。

So when we started to see the freight increases a few months ago, that's on the inventory that was inbound.

因此，當我們幾個月前開始看到運費增加時，這是在入庫庫存上。

That's what we're anticipating to sell through and therefore experience a higher rate.

這就是我們期望出售的產品，因此會獲得更高的利率。

As you saw last year, rates declined during the year.

正如您去年所見，這一年利率有所下降。

So we are now anticipating rates increasing and we've seen significant increases.

因此，我們現在預計利率會上升，並且我們已經看到了顯著的成長。

We haven't necessarily assumed any further rate increases from the rates that are out there today.

我們不一定假設目前的利率會進一步上漲。

So our assumptions are more around stabilization of freight rates for the year.

因此，我們的假設更多的是圍繞今年運價的穩定。

And we'll see.

我們拭目以待。

If it gets worse, that could be a headwind.

如果情況變得更糟，那可能會變成逆風。

If it gets better, it could be a little bit of a tailwind.

如果情況變得更好，可能會帶來一些順風。

But we're not seeing any indications of freight rates getting better at this point in time.

但目前我們沒有看到任何貨運價格好轉的跡象。

To be determined.

待定。

And then just in terms of input costs, we're not seeing -- and we're well bought kind of through the fall season, buying into spring season -- not seeing too much change on the input costs at this stage, something that we're keeping a close eye on.

然後就投入成本而言，我們沒有看到——我們在秋季、春季都買進了很多——現階段投入成本沒有發生太大變化，我們正在密切關注。

We have seen a little bit increase, but we're pretty much set for the year at this point.

我們已經看到了一點成長，但目前我們已經為今年做好了準備。

Yes, this is Dave.

是的，這是戴夫。

On the distribution side, I think the teams are doing an exceptional job on managing the marketplace, making sure that our current accounts are having healthy full-price sell-through with us and managing inventory levels appropriately.

在分銷方面，我認為團隊在管理市場方面做得非常出色，確保我們的經常帳戶與我們進行健康的全價銷售，並適當管理庫存水準。

But at the same time, we are looking for other opportunities, strategic growth, more so on the HOKA side.

但同時，我們正在尋找其他機會、策略成長，尤其是在 HOKA 方面。

We have store openings of our own that we'll be doing across UGG and HOKA globally.

我們將在全球開設自己的 UGG 和 HOKA 專賣店。

You know, it's not rolling out massively, but we will be rolling out some new doors.

你知道，它不會大規模推出，但我們會推出一些新的門。

We think that's important for both brands.

我們認為這對兩個品牌都很重要。

But I'll let Stefano speak to a little bit more specifics on which partners we're working with on the HOKA side.

但我會讓 Stefano 詳細介紹一下我們在 HOKA 方面與哪些合作夥伴合作。

Yes, Dana, yes, we'll be seeing some expansion with key partners, both domestically and internationally, with the likes of DSG, JS, both in the U.S., in Europe and Asia, Intersport in Europe, Foot Locker, as well as Top Sport in China and Sport Chek in Canada.

是的，Dana，是的，我們將看到與國內和國際主要合作夥伴的一些擴張，例如美國、歐洲和亞洲的 DSG、JS、歐洲的 Intersport、Foot Locker 以及中國的Top Sport 和加拿大的Sport Chek 。

And this is specific to HOKA.

這是 HOKA 特有的。

Thank you.

謝謝。

You bet.

你打賭。

Your next question comes from the line of Janine Stichter from BTIG.

您的下一個問題來自 BTIG 的 Janine Stichter。

Your line is open.

您的線路已開通。

Hey, everyone.

嘿，大家。

You've got Ethan on for Janine.

你已經讓伊森代替珍妮了。

My first question, just on the higher SG&A guide.

我的第一個問題是關於更高的 SG&A 指南。

Can you give us a bit more color on where the spend is going, and just philosophically how you think about investing revenue and margin upside into SG&A?

您能否給我們更多關於支出去向的信息，以及您如何從哲學角度考慮將收入和利潤上升投資於 SG&A？

Yes.

是的。

I think I'll start.

我想我會開始了。

This is Steve.

這是史蒂夫。

What our thinking on that was with some margin expansion, it affords us an opportunity delivering still exceptional levels of profitability to continue to invest in building brands and global awareness of our brands, right?

我們的想法是，透過一定的利潤率擴張，它為我們提供了一個機會，提供仍然卓越的盈利水平，以繼續投資於品牌建設和我們品牌的全球知名度，對嗎？

And we see the competition.

我們看到了競爭。

We see what's coming on.

我們看看會發生什麼。

And so again, as we improve profitability, we can invest some of that back into continuing to build our brands and the awareness of our brands globally, and at the same time, pass some of it through to lift our guidance.

因此，當我們提高盈利能力時，我們可以將其中的一些資金重新投入到繼續在全球範圍內打造我們的品牌和我們品牌的知名度，同時，將其中的一些資金用於提升我們的指導。

We think, again, this is a great long-term sustainable strategy of how we build our brands and the global awareness around it.

我們再次認為，這是一個偉大的長期永續策略，關於我們如何建立我們的品牌和圍繞它的全球意識。

Additionally, what's also included in there is as we're growing at these rates, we have to build our teams and continue to invest in infrastructure that supports the continued growth of our business.

此外，隨著我們以這樣的速度成長，我們必須建立我們的團隊並繼續投資於支持我們業務持續成長的基礎設施。

So you're seeing continued step-up in that respect.

所以你會看到這方面的持續進步。

But again, in line in percentage terms with what we've said with the revenue growth and again, delivering exceptional levels, especially in comparison to our peers in the space.

但同樣，按照我們所說的收入成長百分比計算，再次實現了卓越的水平，特別是與該領域的同行相比。

So just a good place to be and to take advantage of that when we're able to expand some of the gross margin.

因此，當我們能夠擴大一些毛利率時，這是一個很好的位置並可以利用這一點。

Yes, and we're continuing to work within our own internal guardrails on our financial model.

是的，我們將繼續在我們自己的內部框架中致力於我們的財務模型。

But given the opportunity in margin, we can be more flexible.

但考慮到保證金的機會，我們可以更加靈活。

And like we've said all along, we're going to continue to invest in these brands for growth.

就像我們一直以來所說的那樣，我們將繼續投資這些品牌以實現成長。

But as we get bigger, especially in HOKA, there's more products to market.

但隨著我們規模的不斷擴大，尤其是 HOKA，我們將推出更多產品。

We just launched a handful of brand new innovations to the marketplace, and they all need their time in the sun, so to speak, and support from a marketing perspective, in addition to top-of-the-funnel marketing to drive awareness globally.

我們剛剛向市場推出了一些全新的創新產品，可以說，除了透過漏斗頂部的行銷來提高全球知名度之外，它們都需要在陽光下曬曬太陽，並從行銷角度提供支援。

So it's going to good use.

所以它會很好用。

I can tell you that.

我可以告訴你。

Our marketing teams are exceptional at managing our marketing spend across the globe.

我們的行銷團隊在管理全球行銷支出方面表現出色。

We do that centrally, with a very talented team, and we monitor the return on that spend almost daily.

我們與一支非常有才華的團隊集中進行這項工作，我們幾乎每天都會監控支出的回報。

So we feel really confident that if we continue to invest in marketing in the right areas to promote the brand awareness and also individual launches, that's going to be a successful for us.

因此，我們非常有信心，如果我們繼續在正確的領域進行行銷投資，以提高品牌知名度並推出個人產品，那麼這對我們來說將是成功的。

And at the same time, we're heading into a big season with UGG and we have some exciting marketing activations that we need to get behind as well, and we feel really confident about that spend going that way.

同時，我們的 UGG 即將進入一個重要的銷售季，我們也需要支持一些令人興奮的行銷活動，我們對這樣的支出非常有信心。

Got it.

知道了。

That's all really helpful.

這一切都非常有幫助。

And just a follow-up from me.

這只是我的後續行動。

For the wholesale growth you're talking about with HOKA driving it, just how much of that is going to be shelf space expansion or partners taking product earlier versus new door expansion?

對於您所說的 HOKA 推動的批發增長，其中有多少是貨架空間擴張或合作夥伴提前獲取產品而不是新門擴張？

And just how should we think about the cadence of volume growth from new door openings for the rest of the year?

我們該如何看待今年剩餘時間內新門開幕帶來的銷售成長節奏？

Thank you.

謝謝。

It's a combination of the two, both shelf space gain as well as new doors.

這是兩者的結合，既增加了貨架空間，也增加了新門。

Thank you so much.

太感謝了。

You bet.

你打賭。

Thank you.

謝謝。

Your next question comes from the line of Ike Boruchow from Wells Fargo.

您的下一個問題來自富國銀行的 Ike Boruchow。

Your line is open.

您的線路已開通。

I just wanted a quick question on the HOKA DTC number.

我只想快速詢問一下 HOKA DTC 編號。

It's been strong for many years, but it's the first time it's accelerated in growth rate in about five quarters, the 33%.

多年來一直保持強勁勢頭，但這是五個季度以來首次加速成長，達到 33%。

And it's doing it -- I think you guys mentioned about the Clifton launch kind of being kicked out later.

它正在這樣做——我想你們提到過克利夫頓的發射後來被踢出了。

So with that acceleration, with Clifton kind of not benefiting you, is it more Bondi, is it more some of these newer launches?

因此，隨著這種加速，克利夫頓對你沒有好處，是更多的是邦迪，還是更多一些新推出的產品？

Like what exactly is driving that?

究竟是什麼推動了這一點？

Is there a certain region that we could look

我們可以看看某個區域嗎

[that's driving that]?

[這就是驅動力]？

It's just, it's impressive to see, especially with the timing of these shifts.

只是，這令人印象深刻，尤其是考慮到這些轉變的時機。

We want to build a balanced business across more franchises and recent launches of Gaviotas, Arahis, the Mach 6 have been very successful.

我們希望在更多特許經營權中建立平衡的業務，最近推出的 Gaviotas、Arahis、Mach 6 都非常成功。

So we want to build more legs to the HOKA store.

因此，我們希望為 HOKA 商店建立更多的分支。

Yes, and I think these new launches in the last quarter, the Cielo X1 and the Skyward, et cetera, those really resonate on our DTC channels first, and styles like that bring a lot of energy from our core loyal consumers.

是的，我認為上個季度推出的這些新產品，Cielo X1 和 Skyward 等，這些確實首先在我們的 DTC 管道上引起了共鳴，而類似的款式為我們的核心忠實消費者帶來了很多能量。

They can't wait to get the new product.

他們迫不及待地想獲得新產品。

And then in addition, too, just the marketing efforts we're making across the board on awareness-building and bringing new customers into the brand in general.

此外，我們正在全面開展行銷工作，以提高意識並為該品牌帶來新客戶。

So I think as Stefano said, as we build a balanced business across categories and franchises, this is an example of how that can benefit our business going forward.

因此，我認為正如斯特凡諾所說，當我們在不同類別和特許經營權之間建立平衡的業務時，這是一個如何有利於我們未來業務的例子。

Yes.

是的。

I think the other thing that we're watching closely, as we expand distribution and build brand awareness, we know customers come to us directly.

我認為我們正在密切關注的另一件事是，隨著我們擴大分銷和建立品牌知名度，我們知道客戶直接來找我們。

So the thing that we continue to watch is even as we're growing wholesale distribution, as consumers come into the brand, a way for them to find a broader offering is through our DTC experience.

因此，我們繼續關注的事情是，即使我們正在發展批發分銷，隨著消費者進入該品牌，他們找到更廣泛產品的一種方法是透過我們的 DTC 經驗。

And so here, through DTC, they're able to experience a fuller line, plus we know we've engaged them.

因此，在這裡，透過 DTC，他們能夠體驗更完整的產品線，而且我們知道我們已經吸引了他們。

So they'll continue to buy through wholesale in many cases, but in some cases, they just want the product dropped at their doorstep.

因此，在許多情況下，他們會繼續透過批發購買，但在某些情況下，他們只希望產品能送到家門口。

And so this is what we've talked about really for quarters, a part of our strategy of how we balance that wholesale growth and combined with DTC and bringing customers in through DTC.

這就是我們幾個季度真正討論的內容，也是我們如何平衡批發成長以及與 DTC 結合併透過 DTC 吸引客戶的策略的一部分。

Your next question comes from the line of John Kernan from TD Cowen.

您的下一個問題來自 TD Cowen 的 John Kernan。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

It's Krista Zuber for John, and Dave, we wish you all the best and congratulations on your accomplishments at Deckers.

我是約翰 (John) 的克里斯塔祖伯 (Krista Zuber)，還有戴夫 (Dave)，我們祝你們一切順利，並祝賀你們在 Deckers 取得的成就。

Two questions for us.

有兩個問題想問我們。

First, on the inventory, sort of in total, it was up relatively low single digits.

首先，就庫存而言，總體而言，庫存成長了相對較低的個位數。

Kind of how would you characterize the inventory positioning across the channels for UGG, both domestic and internationally, and same for HOKA?

您如何描述 UGG 國內和國際通路的庫存定位以及 HOKA 的庫存定位？

And then just as a follow up, can you provide some insight into the shape of your order book trends in relation to your comments around marketplace management and maintaining a pull market?

然後，作為後續行動，您能否根據您對市場管理和維持拉動市場的評論，提供一些有關訂單簿趨勢形狀的見解？

I suspect they're likely running higher than your planned revenue guide for fiscal 2025.

我懷疑它們的運行速度可能會高於您計劃的 2025 財年收入指南。

Thanks very much.

非常感謝。

Yes.

是的。

I'll speak to the first one, and then I'll hand it over to Steve and he can handle the order book trends, which we don't generally give that information, but I'll see how Steve answers it for you.

我將與第一個交談，然後將其交給史蒂夫，他可以處理訂單簿趨勢，我們通常不會提供該信息，但我會看看史蒂夫如何為您解答。

But the inventory, yes, up about approximately 2%.

但庫存確實增加了約 2%。

And specifically for UGG, we're feeling really, really good about our inventory position.

特別是對於 UGG，我們對我們的庫存狀況感覺非常非常好。

I think you saw the success of Q1 with core styles like the Tasman and some of our franchise styles that do a lot of volume, but also the sell-through of the Golden Collection, both the Golden Star and the Golden Globe.

我認為您看到了第一季的成功，包括塔斯曼(Tasman) 等核心款式和我們的一些銷量很大的特許經營款式，以及金星系列(Golden Collection) 的銷售量，包括金星(Golden Star) 和金球獎(Golden Globe)。

It's probably the best sell-through at top line and bottom line that we've had of a spring sandal ever, and we're super excited about that momentum.

這可能是我們有史以來銷量最好的春季涼鞋，我們對這種勢頭感到非常興奮。

But it helps us go into fall with a very clean marketplace.

但它幫助我們以一個非常乾淨的市場進入秋季。

And we're in a good inventory position to be able to take care of the wholesale demand that we have and also funnel our DTC engine with a tighter line, fewer SKUs, more inventory in the top drivers of the assortment.

我們的庫存狀況良好，能夠滿足我們的批發需求，並透過更緊密的產品線、更少的 SKU、更多的頂級驅動產品庫存來集中我們的 DTC 引擎。

And I think that's going to continue to serve us well going forward.

我認為這將繼續為我們的未來提供良好的服務。

Steve?

史蒂夫？

Yes, I think I'd just add on the inventory, too.

是的，我想我也應該添加庫存。

That's something that we've been at work for a couple of years now.

這是我們幾年來一直在努力的事情。

And I think what you saw, especially coming out of the pandemic, is we were pretty aggressive in terms of getting inventories in line.

我認為你所看到的，特別是在疫情結束後，我們在庫存方面非常積極。

And I think we were, when I kind of look across the space, one of the first ones really to get in a good position.

我認為，當我環顧整個空間時，我們是第一批真正處於有利位置的公司之一。

I think from the balance that we're carrying, we feel really good.

我認為從我們所保持的平衡來看，我們感覺非常好。

It's a good, healthy inventory position.

這是一個良好、健康的庫存狀況。

We're not over-inventoried.

我們的庫存並沒有過多。

And it also allows us to get quick into the market, and so that's where you're able for us to move on innovation and move to new styles, is being really disciplined on our inventory and inventory management.

它還使我們能夠快速進入市場，這就是我們能夠繼續創新並轉向新風格的地方，這對我們的庫存和庫存管理來說是非常嚴格的。

On the order book, as Dave said, we don't comment on kind of order book levels, but what I will say is with the model that we've run, the demand is greater than what we're supplying.

在訂單簿上，正如戴夫所說，我們不會評論訂單簿水平，但我要說的是，在我們運行的模型中，需求大於我們的供應。

And so that is our model, right?

這就是我們的模型，對吧？

And it's working.

它正在發揮作用。

And so if you talk to a number of our accounts, I think you would likely hear that they would probably want to buy more than what we're allocating to them.

因此，如果您與我們的一些帳戶交談，我想您可能會聽到他們可能想要購買比我們分配給他們的更多的東西。

And so from that perspective, I think we're in a good, healthy position as we look forward to the coming quarters.

因此，從這個角度來看，我認為我們在展望未來幾季時處於良好、健康的位置。

Thanks very much.

非常感謝。

You bet.

你打賭。

Your next question comes from the line of [Jason] Sole from UBS, and this will be the last question.

您的下一個問題來自瑞銀集團的 [Jason] Sole，這將是最後一個問題。

Your line is open.

您的線路已開通。

Terrific.

了不起。

Thank you so much.

太感謝了。

If we can just dig in on HOKA DTC a little bit more.

如果我們能進一步深入了解 HOKA DTC 的話。

Can you give us a sense of what the DTC growth rates were in, say, North America versus Europe, and if you're starting to see the HOKA brand really ramp in Asia, was that a contributor to the growth?

您能否讓我們了解一下北美和歐洲的 DTC 成長率？

That's my first question.

這是我的第一個問題。

Thank you.

謝謝。

Yes, sure.

是的，當然。

Yes, we haven't necessarily given the breakout of all that.

是的，我們不一定會給出所有這些突破。

But what we will say is that we're continuing to see strong international growth.

但我們要說的是，我們繼續看到強勁的國際成長。

We're seeing good growth, as demonstrated by the numbers in North America as well.

我們看到了良好的成長，北美的數字也證明了這一點。

All of that is contributing to the global lift that we did report.

所有這些都為我們報告的全球經濟成長做出了貢獻。

So I think what we believe -- and a lot of this is what we set out a couple of years ago -- is the importance of building international business.

因此，我認為我們所相信的——其中許多是我們幾年前提出的——是建立國際業務的重要性。

That's well on track.

這一切都步入正軌。

And what we are seeing is kind of strong and building awareness of the HOKA brand internationally that is contributing to DTC.

我們看到 HOKA 品牌在國際上的知名度正在不斷增強，這為 DTC 做出了貢獻。

It's also part of a bit of our expansion within the wholesale channel.

這也是我們批發管道擴張的一部分。

So Asia is more DTC still, but small numbers but growing.

因此，亞洲的 DTC 仍然較多，但數量雖少，但仍在增長。

And so that's something that we're continuing to focus on, eyes kind of on the China market and the opportunity there.

所以這是我們繼續關注的事情，關注中國市場和那裡的機會。

And there you will see us being more aggressive with like a retail buildout.

在那裡你會看到我們更積極地進行零售擴建。

So we have more HOKA stores in China than we do any other country.

因此，我們在中國擁有的 HOKA 商店比其他國家都多。

So I'd say well balanced, in terms of the growth of how we looked at it.

所以我想說，就我們看待它的方式的成長而言，這是非常平衡的。

Pleased with the progress that we're making.

對我們所取得的進展感到高興。

But, you know, a big focus of ours is growing that international component.

但是，您知道，我們的一大重點是發展國際成分。

Yes, I would just add, I think we're really pleased with the success of the DTC business over the last few years and I'm excited by the level of repeat customers we're getting both in UGG and HOKA that are driving incremental gains in addition to new customers.

是的，我想補充一點，我認為我們對過去幾年 DTC 業務的成功感到非常高興，而且我對我們在 UGG 和 HOKA 中獲得的回頭客水平感到興奮，這些客戶正在推動增量除了新客戶之外，還有其他收益。

And then on the international front, we have a long way to go, but we're off to a really good start in the last couple of years, particularly in HOKA, with the growth of our online and store distribution network in the international region and seeing good, healthy growth there.

然後在國際方面，我們還有很長的路要走，但在過去幾年中，我們有了一個非常好的開始，特別是在 HOKA，隨著我們在國際地區的線上和商店分銷網絡的增長並看到那裡良好、健康的增長。

So as we've talked about, it's a priority for us.

正如我們所討論的，這是我們的首要任務。

We want to get DTC to about 50% of our total business, potentially more down the road because we gain all the data, we have a better relationship with our consumers, we're more engaged with them, and it's best for our margins and top-line ASP.

我們希望DTC 占我們總業務的50% 左右，未來可能會更多，因為我們獲得了所有數據，我們與消費者建立了更好的關係，我們與他們有更多的互動，這對我們的利潤和利潤來說是最好的。

So we'll continue to invest in this channel and leverage the core model in wholesale and drive this to as high as it can be.

因此，我們將繼續投資這個管道，並利用批發的核心模式，並將其推向盡可能高的水平。

But so far, across the marketplace globally, we're in really good shape.

但到目前為止，在全球市場上，我們的狀況非常好。

Got it.

知道了。

Dave, if I could just do one follow-up.

戴夫，如果我能做一個後續行動就好了。

That's a very interesting answer, and just given the diversification of the UGG line, and now we're talking about Skyflow and Cielo and Skyward X and all the diversification in the HOKA line.

這是一個非常有趣的答案，考慮到 UGG 系列的多樣化，現在我們正在談論 Skyflow、Cielo 和 Skyward X 以及 HOKA 系列的所有多樣化。

And you said you [may start to] open up stores in both brands, which I think the diverse products are an unlock to that, but

你說你[可能開始]開設兩個品牌的商店，我認為多樣化的產品是一個解鎖點，但是

[it sounds like you're only going to open up two].

[聽起來你只會打開兩個]。

What's the unlock, what's the gating factor to deciding that maybe it's time to roll out both UGG and HOKA stores in a bigger way across the world?

到底什麼是解鎖因素？

Yes, you know, it's a good question.

是的，你知道，這是一個好問題。

They're very different strategies.

它們是非常不同的策略。

So in UGG, we're really employing more of a city flagship approach.

因此，在 UGG 中，我們實際上更多地採用了城市旗艦店的方式。

And so we have Fifth Avenue in New York, which we opened a few years ago.

因此，我們在幾年前開設了紐約第五大道。

We have a new store that's opening in Knightsbridge in London.

我們在倫敦騎士橋開設了一家新店。

We're looking for a flagship location similarly in Asia, in China.

我們正在亞洲、中國尋找類似的旗艦店。

We don't see us rolling out -- or a lot of fleet doors for UGG, but more focused on exceptional experience and product showcasing in these larger cities and larger formats.

我們並沒有看到我們推出大量的 UGG 品牌，而是更專注於在這些大城市和更大的業態中展示卓越的體驗和產品。

HOKA's a little bit different.

HOKA 有點不同。

We just opened Fifth Avenue in New York, which is doing extremely well.

我們剛在紐約開設了第五大道，生意非常好。

That's our biggest store ever, and we're learning a lot there.

那是我們有史以來最大的商店，我們在那裡學到了很多。

It's early days of HOKA retail, but we see the demand, we see the opportunity, and we'll be a little bit more strategic and a little bit more aggressive.

HOKA 零售業仍處於早期階段，但我們看到了需求，看到了機會，我們將採取更具策略性和進取性的措施。

But we're not looking to roll out to 200 doors across the fleet.

但我們並不打算在整個車隊中推出 200 扇門。

We're going to manage this tightly along with the marketplace and make sure that we have great experiences for our consumers.

我們將與市場一起緊密管理這一點，並確保我們為消費者提供良好的體驗。

We are connecting with our local communities, where we have opportunity for that, and then in big cities for our international consumers to experience the brand as well.

我們正在與當地社區建立聯繫，在那裡我們有機會這樣做，然後在大城市讓我們的國際消費者也體驗品牌。

So early days.

這麼早的日子。

It will be an investment and that's why apparel is so important down the road for both brands, to just kind of round out that overall assortment.

這將是一項投資，這就是為什麼服裝對於這兩個品牌來說如此重要，以完善整體品種。

But strategic, healthy quality growth across the globe, and leveraging our partners in Asia where we can to do the same.

但在全球範圍內實現策略性、健康的高品質成長，並利用我們在亞洲的合作夥伴，盡可能做到同樣的事情。

Understood.

明白了。

Thank you so much.

太感謝了。

You bet.

你打賭。

Thank you.

謝謝。

And that concludes our question-and-answer session and does conclude today's conference call.

我們的問答環節到此結束，今天的電話會議也到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。