Deckers Outdoor Corp (DECK) 2025 Q4 法說會逐字稿

Good afternoon and thank you for standing by. Welcome to the Decker Brand's fourth quarter fiscal 2025 earnings conference call. (Operator Instructions)

下午好，感謝您的支持。歡迎參加 Decker Brand 2025 財年第四季財報電話會議。（操作員指示）

I would like to remind everyone that this conference call is being recorded. I'll now turn the call over to Erinn Koller, Vice President Investor Relations, and AMP corporate planning.

我想提醒大家，本次電話會議正在錄音。現在我將把電話轉給 AMP 公司規劃兼投資人關係副總裁 Erinn Koller。

Hello and thank you everyone for joining us today. On the call is Stefano Caroti, President and Chief Executive Officer, and Steve Fasching, Chief Financial Officer. Before we begin, I would like to remind everyone of the company's Safe Harbor policy.

大家好，感謝大家今天的參與。參加電話會議的有總裁兼執行長 Stefano Caroti 和財務長 Steve Fasching。在我們開始之前，我想提醒大家注意公司的安全港政策。

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. These forward-looking statements are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1,995.

請注意，本次電話會議中所做的某些聲明屬於聯邦證券法所定義的前瞻性聲明，具有相當大的風險和不確定性。這些前瞻性聲明旨在符合 1995 年《私人證券訴訟改革法案》所建立的安全港責任規定。

All statements made on this call today, other than statements of historical fact, are forward-looking statements and include statements regarding our ability to respond to the macroeconomic environment and the impacts on our business and operating results, including changes to global trade policy and fluctuations in foreign currency exchange rates.

今天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，包括有關我們應對宏觀經濟環境的能力以及對我們的業務和經營業績的影響的陳述，包括全球貿易政策的變化和外匯匯率的波動。

Our current and long-term strategic objectives, the performance of our brands and demand for our products, anticipated impacts from our brand. Product marketing, marketplace, and distribution strategies, product development plans and the timing of product launches, changes in consumer behavior, our ability to achieve our financial outlook, including anticipated revenues, product mix, margins, expenses, inventory levels, promotional activity, anticipated rates of full price selling, and earnings per share, and our capital allocation strategy, including the potential repurchase of shares.

我們目前和長期的策略目標、我們品牌的表現和對我們產品的需求、我們品牌的預期影響。產品行銷、市場和分銷策略、產品開發計劃和產品發佈時間、消費者行為的變化、我們實現財務前景的能力（包括預期收入、產品組合、利潤率、費用、庫存水準、促銷活動、預期全價銷售率和每股收益）以及我們的資本配置策略（包括潛在的股票回購）。

Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results predicted, assumed, or implied by the forward-looking statements.

本次電話會議中所做的前瞻性陳述代表管理階層目前的預期，並基於做出此類陳述時可用的資訊。前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的結果有重大差異。

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

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的一些風險和不確定性，包括其 10-K 表年度報告和 10-Q 表季度報告中的風險因素部分。除法律或紐約證券交易所上市規則要求外，本公司明確否認更新任何前瞻性陳述的意圖或義務。

Please note, as previously disclosed, the company effected a six-for-one forward stock split during the second quarter of fiscal year 2025. The share per share and resulting financial amounts mentioned on this call has been adjusted to reflect the effectiveness of the stock split.

請注意，如前所述，該公司在 2025 財年第二季進行了六比一的遠期股票分割。本次電話會議中提到的每股金額和由此產生的財務金額已進行調整，以反映股票分割的有效性。

On this call, management may refer to financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including constant currency. In addition, the company reports comparable direct to consumer sales on a constant currency basis for operations that were open throughout the current and prior reporting periods.

在本次電話會議上，管理階層可能會參考一些未依照美國公認會計原則編製的財務指標，包括不變貨幣指標。此外，該公司還以固定匯率為基礎報告了當前和先前報告期間內營運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. Please review our earnings release published today for additional information regarding our non-GAAP financial measures.

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反映其核心經營績效的項目。請查看我們今天發布的收益報告，以獲取有關我們的非公認會計準則財務指標的更多資訊。

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

現在，我將把發言權交給 Stefano。

Thanks, Erinn. Good afternoon and thank you all for joining today's call. I'd like to begin by congratulating the entire Decker's organization on another exceptional year. For the full fiscal year 2025, Decker's record performance included revenue growing 16% versus last year to just shy of $5 billion.

謝謝，艾琳。下午好，感謝大家參加今天的電話會議。首先，我要祝賀整個 Decker 組織又度過了非凡的一年。就 2025 年全年財報而言，Decker 的創紀錄業績包括營收較去年增長 16%，達到近 50 億美元。

Gross margin expanding 230 basis points above last year to 57.9%, operating margins improving 200 basis points over last year to 23.6%. In earnings per share, increasing 30% versus last year to $6.33. We are incredibly proud of our talented team whose dedication has driven these exceptional results. Our team's focus on the long term has proven to be a winning strategy.

毛利率較去年同期調高230個基點至57.9%，營業利益率較去年同期調高200個基點至23.6%。每股收益較去年同期成長 30%，達到 6.33 美元。我們為我們才華橫溢的團隊感到無比自豪，是他們的奉獻精神推動了這些卓越的成果。事實證明，我們團隊的長期關注是一個成功的策略。

Driving incredible progress over the past five years, including total company revenue growing at a compounded annual rate of 19%, HOKA adding approximately $1.9 billion of revenue, adding $1 billion of revenue. Gross margin expanding 600 basis points, operating margins increasing 750 basis points. And delivering an EPS compound annual growth rate of 32%.

過去五年取得了令人難以置信的進步，包括公司總收入以 19% 的複合年增長率增長，HOKA 增加了約 19 億美元的收入，增加了 10 億美元的收入。毛利率擴大600個基點，營業利益率增加750個基點。並實現每股收益複合年增長率32%。

These results demonstrate the strong foundation we've built and provide a powerful framework in which we continue to operate. In the nearly four months since our last earnings call, there's been a significant amount of uncertainty introduced as a result of shifting US trade policy.

這些結果證明了我們已經建立的堅實基礎，並為我們繼續運作提供了強大的框架。自從我們上次財報電話會議以來的近四個月裡，由於美國貿易政策的變化，出現了大量不確定性。

While we expect impacts to our business in fiscal 2026, we do believe that our company and brands are highly capable of responding to challenges with the ability to adapt to consumer and marketplace shifts as needed. Our discipline approach has yielded two industry leading brands, UGG and HOKA.

雖然我們預計 2026 財年我們的業務會受到影響，但我們相信，我們的公司和品牌完全有能力應對挑戰，並且能夠根據需要適應消費者和市場的變化。我們的紀律方法已經催生了兩個行業領先品牌：UGG 和 HOKA。

Each with distinct products that operate in differentiated marketplaces, giving us multiple levers to adjust in this period of uncertainty. We are confident in our long term strategy, which remains guided by a consumer first mindset as we see an ability to drive increased adoption of our brands through awareness building activations globally, elevating our product and creating meaningful connections to grow our consumer base well beyond today's footprint.

每個公司都有不同的產品，在不同的市場中運營，為我們在這個不確定的時期提供了多種調整手段。我們對我們的長期策略充滿信心，該策略仍然以消費者至上的理念為指導，因為我們看到我們有能力透過在全球範圍內開展知名度建設活動來推動人們更多地接受我們的品牌，提升我們的產品，並建立有意義的聯繫，從而使我們的消費者群體遠遠超出今天的範圍。

Dedicated to being brand led using the strength of our authenticity to continue to gain share across expanding categories, seasons, and applications, supported by innovation-focused advancements.

致力於以品牌為主導，利用我們的真實性優勢，在以創新為重點的進步的支持下，繼續在不斷擴大的類別、季節和應用中獲得份額。

Emphasizing our unique ability to create products that are both technical and comfortable and can command leading marketplace positions all paired with our consistent globally driven approach that aims to balance US and international profiles as international growth outpaces US growth.

強調我們獨特的能力，創造出既技術又舒適的產品，並能在市場上佔據領先地位，同時結合我們一貫的全球驅動方法，旨在平衡美國和國際形象，因為國際增長速度超過美國增長。

We also aim for a balanced channel mix of 50/50, DTC, and wholesale across the company. These building blocks of growth will be enabled by our talented and creative employees and fortified by the financial and operational discipline we've demonstrated as we continue building for a bright future ahead. Steve will provide further specifics on how we're thinking about the year ahead, as well as a financial recap on our fourth quarter and full fiscal year 2025.

我們也致力於在整個公司範圍內實現 50/50、DTC 和批發的平衡通路組合。這些成長基石將由我們才華橫溢、富有創造力的員工來實現，並透過我們在繼續建立美好未來的過程中所展現的財務和營運紀律得到加強。史蒂夫將進一步詳細說明我們對未來一年的展望，以及我們 2025 年第四季和全年財務狀況的回顧。

Before that, however, I'll share some brand highlights from the year just completed and some updates on how we're looking at the future of these captivating brands, starting with HOKA, our fastest growing brand. Global revenue in fiscal 2025 increased 24% versus the prior year to $2.2 billion.

不過，在此之前，我將與大家分享剛剛過去的一年裡的一些品牌亮點，以及我們如何看待這些迷人品牌的未來，首先從我們成長最快的品牌 HOKA 開始。2025財年的全球營收較前一年成長24%，達到22億美元。

HOKA revenue growth versus last year was robust across channels and regions, with wholesale revenue growing 24%, outpacing door growth, indicating share gains with existing doors as we increase brand presence. DTC revenue increasing 23%, driven by continued global gains in consumer acquisition and retention. International revenue expanding 39% and now representing 34% of global revenue, up from 30% last year.

霍卡與去年相比，各通路和各地區的收入成長強勁，批發收入成長 24%，超過了門市收入的成長，顯示隨著我們提高品牌影響力，現有門市的份額有所增長。DTC 營收成長 23%，這得益於全球消費者獲取和保留的持續成長。國際營收成長 39%，目前佔全球營收的 34%，高於去年的 30%。

And US revenue rising 17%, now totaling just under $1.5 billion. The HOKA brand's success across channels and regions continues to benefit from efforts to build brand awareness around the world. According to our most recent proprietary brand awareness survey, consumer awareness of HOKA in the US has now reached 50%, which is a 25% increase from the same point in time last year.

美國的營收成長了 17%，目前總額略低於 15 億美元。HOKA 品牌在跨通路和地區的成功持續得益於在全球範圍內建立品牌知名度的努力。根據我們最新的專有品牌知名度調查，美國消費者對 HOKA 的認知度現已達到 50%，比去年同期成長了 25%。

And across international markets, awareness has increased to an average of approximately 30%, which is up from approximately 20% at this point last year. This represents meaningful progress in our continued journey to build HOKA into a leading global performance brand. Achieved primarily through deepening our global investments in brand building initiatives.

在國際市場上，認知度已從去年同期的約 20% 上升至平均約 30%。這代表著我們在將 HOKA 打造為全球領先性能品牌的持續努力中取得了有意義的進展。主要透過深化我們對品牌建設計劃的全球投資來實現。

Adding points of distribution across key markets and most importantly, driving innovation with product newness and technology upgrades. Opening HOKA retail stores in influential locations contributes to this progress and demonstrates our commitment to brand building efforts.

在主要市場增加分銷點，最重要的是，透過產品創新和技術升級來推動創新。在有影響力的地點開設 HOKA 零售店有助於這一進步，並表明了我們對品牌建立工作的承諾。

Just a few weeks ago, I was able to attend the grand opening of our newest HOKA flagship store in Shanghai. This first of its kind flagship, which we are more appropriately labelling an experience center, is the highest and most comprehensive expression of HOKA to date. The HOKA Experience Center. Features a high tech testing lab open to all consumers, a shoe personalization station, a community hub for hosting unique consumer experiences, exclusive products, and much more.

就在幾週前，我有幸參加了我們在上海最新的 HOKA 旗艦店的盛大開幕典禮。這個首創的旗艦店，我們更適合稱之為體驗中心，是迄今為止 HOKA 最高、最全面的體現。HOKA體驗中心。設有向所有消費者開放的高科技測試實驗室、鞋子個人化站、提供獨特消費者體驗的社區中心、獨家產品等等。

I saw firsthand the enthusiasm from people exploring the store immersed in the origins of HOKA throughout as they experienced the full breadth of the brand's innovative products. We we're still in the early stages of building out the HOKA brand's physical DTC presence.

我親眼目睹了人們在探索商店時的熱情，他們沉浸在 HOKA 的起源之中，體驗了品牌的各種創新產品。我們仍處於建立 HOKA 品牌實體 DTC 業務的早期階段。

This experience center gives us a concept of engaging elements to deploy in future locations over time. At the same time, we continue to leverage our valued wholesale partners. To further expand the HOKA brand's in-store presence.

這個體驗中心為我們提供了在未來地點部署引人入勝的元素的概念。同時，我們繼續利用我們寶貴的批發合作夥伴。進一步擴大 HOKA 品牌的店內影響力。

As we view the progress in awareness both in the US and internationally as inflection points that indicate a growing appetite for a wider HOKA distribution. Further, the HOKA brand continues to level up both global brand campaigns and major product launches. The recent Everybody Bondi campaign, our most successful globally integrated campaign to date, reached a massive audience, generating record levels of impressions, a widespread press coverage around global markets.

我們認為，美國和國際上認知度的提高是一個轉折點，表明人們對更廣泛的 HOKA 分銷的興趣日益濃厚。此外，HOKA 品牌持續提升全球品牌活動和主要產品發表的水平。最近的「Everybody Bondi」活動是我們迄今為止最成功的全球綜合活動，吸引了大量受眾，產生了創紀錄的印象，並在全球市場獲得了廣泛的新聞報導。

On the product front, HOKA made great strides in fiscal '25 with key advancements, including introducing category defining technology for pinnacle athletes with Cielo X1 and Tecton X. Continuing to elevate well established franchises with technology upgrades to the Bondi, Clifton, and Mach and diversifying the assortment and marketplace with all new innovation and run specialty focused differentiation in the Skyward X and Skyflow through our most advanced innovation to date.

在產品方面，HOKA 在 2025 財年取得了長足進步，取得了多項關鍵進步，包括為頂尖運動員推出 Cielo X1 和 Tecton X 等類別定義技術。繼續透過對 Bondi、Clifton 和 Mach 進行技術升級來提升成熟特許經營權，並透過所有新創新實現產品種類和市場的多樣化，並透過我們迄今為止最先進的創新，在 Skyward X 和 Skyflow 中實現專注於專業的差異化。

Including material and foam enhancements and unique geometries, the brand is expanding the aperture of consumer adoption. HOKA now has five franchises that each deliver more than $100 million of global revenue, reflecting the power of the brand's top models and strength of the assortment overall. As many of you are aware, two of these top revenue driving franchises are Bondi and Clifton.

包括材料和泡沫增強以及獨特的幾何形狀，該品牌正在擴大消費者的接受範圍。HOKA 目前擁有五家特許經營店，每家特許經營店的全球收入均超過 1 億美元，這反映了該品牌頂級模特的實力以及整體產品系列的實力。許多人都知道，其中兩個收入最高的特許經營店是邦迪和克利夫頓。

Both of which are in the midst of model upgrades, with Bondi nine having launched in January and Clifton 10 in April. The consumer response and feedback from our wholesale partners has been extremely positive on both franchises, with great appreciation for the enhanced ride and fit of these new models. Over the next three months, we expect HOKA to continue delighting consumers with compelling product upgrades in the race, road, and trail categories. Including Rocket X3, designed for the highest performing athletes to set a new pace.

兩艘郵輪均處於型號升級階段，Bondi 9 號已於 1 月下水，Clifton 10 號已於 4 月下水。消費者對這兩款車型的反應和批發合作夥伴的反饋都非常積極，他們對這些新車型增強的乘坐舒適性和合身性表示高度讚賞。在接下來的三個月裡，我們預計 HOKA 將繼續透過在競賽、公路和越野類別中引人注目的產品升級來取悅消費者。其中包括 Rocket X3，專為表現最佳的運動員設計，幫助他們建立新的步伐。

Arahi 8, a highly anticipated redesign of our most popular motion-controlled road running franchise, [MFA 5], crafted to absorb the trail's impact on the underfoot through unique cushioning. We are very confident these new models will resonate well with consumers around the world.

Arahi 8 是我們最受歡迎的運動控制公路跑步系列 [MFA 5] 備受期待的重新設計，旨在透過獨特的緩衝吸收路徑對腳底的衝擊。我們非常有信心這些新車型將受到全球消費者的歡迎。

I'd like to thank and congratulate the entire HOKA team on another incredible year. Looking ahead, the global addressable market for Hoka continues to expand as more people are adopting active lifestyles. We see this as an opportunity to increase the brand's market share through a relentless focus on innovation across broader use cases.

我要感謝並祝賀整個 HOKA 團隊又度過了不可思議的一年。展望未來，隨著越來越多的人採取積極的生活方式，Hoka 的全球目標市場將繼續擴大。我們認為這是一個機會，透過不懈地關注更廣泛用例的創新來增加品牌的市場份額。

We like to say that we are in the early miles of a long-distance run for this powerful performance band. With our global markets in different stages of the journey. In the United States, we developed a successful playbook, the Bill HOKA, into a top performing brand in specialty distribution.

我們想說，對於這支強大的表演樂團來說，我們正處於長跑的初期階段。我們的全球市場正處於不同的發展階段。在美國，我們開發了一套成功的策略，將 Bill HOKA 打造成為專業分銷領域中表現最佳的品牌。

Drives acquisition in the brand's DTC channel as consumers have the ability to engage with the full breadth of the product assortment. And creates opportunities for new consumers to discover and experience HOKA to select wholesale expansion as brand awareness grows.

由於消費者有能力接觸到各種各樣的產品，因此推動了品牌 DTC 管道的收購。並隨著品牌知名度的提高，為新消費者創造發現和體驗 HOKA 選擇批發擴張的機會。

We continue to see substantial US market share opportunities head through controlled distribution increases, expanded categories, replenishment, and further consumer acquisition in the DTC channel. HOKA is still emerging across international markets. With our view that EMEA and China are the brand's two largest direct percentage growth drivers in the near term, aided by distributor contributions in other markets, in EMEA, HOKA is moving up brand rankings with our specialty partners in the UK, Germany, France, and Italy.

我們繼續看到大量美國市場份額機會透過控制分銷增加、擴大類別、補貨以及在 DTC 管道進一步獲取消費者而出現。HOKA 在國際市場上仍處於新興階段。我們認為，歐洲、中東和非洲地區和中國是該品牌短期內最大的兩個直接百分比成長動力，在其他市場分銷商的貢獻的幫助下，在歐洲、中東和非洲地區，HOKA 的品牌排名正在與我們在英國、德國、法國和義大利的專業合作夥伴一起上升。

It's one of the fastest growing athletic footwear brands with key influential sporting goods retailers and is expanding its presence with key lifestyle athletic partners as the brand gains recognition with the consumer. In China, HOKA is increasing its partner footprint in key city with strong local operators, resonating as a premium performance band online with a high degree of full price selling, gaining share at major road races in the region, and altogether building strong community engagement through local investments, partnerships, and athlete sponsorships.

它是成長最快的運動鞋品牌之一，擁有主要有影響力的體育用品零售商，並且隨著品牌獲得消費者的認可，正在擴大與主要生活方式運動合作夥伴的合作。在中國，HOKA 正與實力雄厚的本地運營商合作，擴大其在主要城市的合作夥伴覆蓋範圍，作為一款高端運動品牌，以高比例的全價銷售在網絡上引起反響，在該地區的主要公路賽事中獲得份額，並通過本地投資、合作夥伴關係和運動員贊助等方式，共同建立強大的社區參與度。

Through the strength of these markets, we expect to drive higher proportional international growth in relation to the US as we aim for regional parity, but realize this will take time as HOKA continues to expand in America.

憑藉這些市場的實力，我們期望推動相對於美國更高的國際成長比例，以實現區域平等，但我們意識到這需要時間，因為 HOKA 將繼續在美國擴張。

Globally, we remain committed to bringing more consumers to the starting line. While the origins of HOKA were primarily rooted in highly technical applications. The global consumer today has found HOKA to be much more than just the most comfortable shoe to wear for running down mountains.

在全球範圍內，我們仍然致力於讓更多的消費者站在起跑線上。而HOKA的起源主要植根於高技術的應用。如今，全球消費者已經發現 HOKA 不僅僅是最舒適的山地跑步鞋。

Whether running 50 miles, a 5K, a brisk walk around the block, or simply a desire to be more comfortable in everyday life. The applications for HOKA footwear are vast and increasing. Our plan to inspire a growing audience to show up at HOKA starting line includes winning a road, developing products that allow athletes to run faster and longer with shorter recovery times.

無論是跑 50 英里、5 公里、繞著街區快步走，還是只是希望在日常生活中更加舒適。HOKA 鞋類的應用範圍非常廣泛且不斷增加。我們的計劃是激勵越來越多的觀眾出現在 HOKA 起跑線上，包括贏得一條道路，開發讓運動員跑得更快、更久、恢復時間更短的產品。

Dominating the trail, delivering disruptive innovation across different surfaces and terrains. Igniting and scaling lifestyle, infusing HOKA technology and comfort into products that authentically resonate with the lifestyle consumer.

主宰賽道，在不同的路面和地形上提供顛覆性的創新。激發和擴展生活方式，將 HOKA 技術和舒適性融入真正引起生活方式消費者共鳴的產品中。

And accelerating fitness through lateral movement solutions that expand the use cases of our products. Although we have solid presence today in the road and trail categories, we still see much more room to increase HOKA share. Lifestyle and fitness are still in their global infancy for HOKA, and we believe that the brand can begin to establish meaningful market share in the years to come.

並透過橫向運動解決方案加速健身，擴大我們產品的使用案例。儘管我們目前在公路和越野類別中佔有穩固的地位，但我們仍然看到 HOKA 份額還有很大的提升空間。對於 HOKA 來說，生活方式和健身在全球範圍內仍處於起步階段，我們相信該品牌可以在未來幾年開始建立有意義的市場份額。

Hooker has an abundance of opportunity in sight, and our teams are aligned on the path forward to maximize the potential of this exceptional brand for years to come.

Hooker 面臨大量機遇，我們的團隊將齊心協力，在未來幾年內最大限度地發揮這個卓越品牌的潛力。

Moving to UGG, which also delivered another year of outstanding performance. Global revenue in fiscal '25 increased 13% first last year to $2.5 billion. The brand drove strong growth versus last year across channels and regions, with wholesale revenue increasing 15%, reflecting an elevated presence with key influential retailers that are enhancing the brand's global exposure.

說到 UGG，它今年也同樣表現優異。2025 財年的全球營收去年首次成長 13%，達到 25 億美元。與去年相比，該品牌在各個通路和地區都實現了強勁增長，批發收入增長了 15%，反映出該品牌在主要有影響力的零售商中的影響力不斷提升，從而提高了該品牌的全球知名度。

DTC revenue rising 11%, driven by continued global gains in consumer acquisitions and retention. International revenue expanding 20%, now representing 39% of global sales, up from 37% last year, and US revenue growing 9%, now totaling just over $1.5 billion.

受全球消費者獲取和保留持續成長的推動，DTC 收入成長 11%。國際營收成長 20%，目前佔全球銷售額的 39%，高於去年的 37%，美國營收成長 9%，目前總額略高於 15 億美元。

UGG built a universal love for its products through its iconic design and authentic brand codes that resonate across different categories.

UGG透過其標誌性的設計和在不同類別中產生共鳴的真實品牌代碼，其產品贏得了普遍的喜愛。

This is particularly evident as we look at the brand's fastest growing styles in fiscal 25, which include the Tasman. A shoe slipper hybrid, the Ultra Mini, a look-up version of our original classic boot, the Lommel, a lifestyle sneaker rich with that brand DNA. The diskette, a platform outdoor slipper.

當我們看到品牌在 25 財年成長最快的款式（包括 Tasman）時，這一點尤其明顯。Ultra Mini 是一款鞋拖鞋混合產品，是我們原創經典靴子 Lommel 的翻版，是一款富有該品牌 DNA 的生活風格運動鞋。軟盤，厚底戶外拖鞋。

And the Gold Star clog, a slip-on shoe with an adaptable strap for versatile wearing. These styles have a number of important traits that further a conviction in the brand's growth initiatives in the year heads, including recognizable visual identity, year-round wearability, global adoption, and resonance with male consumers.

還有 Gold Star 木屐，這是一款帶有可調節帶子的便鞋，可靈活穿著。這些款式具有許多重要特徵，進一步增強了該品牌在年度成長計畫中的信心，包括可識別的視覺識別、全年可穿戴性、全球採用以及與男性消費者的共鳴。

These attributes directly influence our perspective on the brand's future growth sources, which encompass elevating and expanding the global marketplace, leaning into international growth aligned with our company's objective to reach 50% of our time.

這些屬性直接影響了我們對品牌未來成長來源的看法，包括提升和擴大全球市場，傾向於國際成長，與我們公司實現 50% 的時間投入的目標保持一致。

Increasing adoption from male consumers and capturing the 365 opportunity to develop year-round products. We're very pleased with progress made in the early stages of our refocused men's product initiative. Some recent wins on this front include delivering our first male-focused global campaign in over five years, featuring Post Malone.

增加男性消費者的接受度並抓住 365 的機會開發全年產品。我們對重新聚焦男士產品計劃初期所取得的進展感到非常高興。我們最近在這方面取得的一些勝利包括推出五年多來第一個以男性為中心的全球宣傳活動，並由 Post Malone 擔任主角。

Launching a male focused collaboration with LA based designer Reese Cooper. Exceeding product with the influential European footballers, NBA players, and Hollywood A-listers. Earning media placement across key publications like GQ Sports, Esquire, and High Beast.

與洛杉磯設計師 Reese Cooper 展開以男性為中心的合作。與歐洲有影響力的足球員、NBA 球員和好萊塢一線明星合作的超越產品。在《GQ Sports》、《Esquire》和《High Beast》等主要出版物上獲得媒體曝光。

Open an exclusive men's pop-up at Selfridges in London and tripling full price sell-through of men's spring product in China during the fourth quarter, which benefited from new introductions such as the lo mell, Tasman lug, and peak mode.

在倫敦塞爾福里奇百貨公司開設男士專屬快閃店，第四季度在中國男士春季產品的全價銷售量增長了兩倍，這得益於 lo mell、Tasman lug 和 peak mode 等新品的推出。

We see tremendous potential to accelerate A adoption with male consumers and the teams working hard to make this a reality. Much of the UGG brand's current and future success is underpinned by increasing 365 wearability.

我們看到了加速男性消費者採用 A 的巨大潛力，團隊正在努力實現這一目標。UGG 品牌目前和未來的成功很大程度上取決於 365 天的可穿性。

As I mentioned earlier, the progress we're seeing with the brand's faster growing styles is a catalyst for continued year-round adoption, leveraging consumer insights in close collaboration with our wholesale partners. We're focused on extending the product wins we're seeing with the Tasman franchise, Golden Collection, and [Lomel].

正如我之前提到的，我們看到該品牌款式快速增長的進步，這是持續全年採用的催化劑，我們與批發合作夥伴密切合作，利用消費者洞察力。我們專注於擴大 Tasman 特許經營權、Golden Collection 和[洛梅爾]。

To put this initiative in perspective, only about 25% of UGG brand revenue comes from our first and fourth fiscal quarters. Which align with the brand's spring and summer seasonal product lines. We believe I can continue to build the shoulder periods with products that are distinctly and resonate with consumers year round, with an increasing addressable market for the UGG brand and with global trends continuing to shift towards casualization, UGG is well positioned to gain share across geographies, categories, and seasons for years to come.

從這個角度來看，UGG 品牌的營收中只有約 25% 來自我們的第一和第四財季。這與該品牌的春夏季季節性產品線一致。我們相信，我們可以繼續利用獨特且能引起消費者全年共鳴的產品來打造平季產品，隨著 UGG 品牌的潛在市場不斷擴大，以及全球趨勢繼續向休閒化轉變，UGG 完全有能力在未來幾年內跨地域、跨類別、跨季節獲得市場份額。

With great confidence that I will continue to drive growth in the US and further believe that the brand most significant long-term growth capture will come from international markets. I guess proven to be highly resilient with consumers in turbulent times.

我非常有信心繼續推動美國的成長，並進一步相信品牌最重要的長期成長動力將來自國際市場。我想這已證明在動盪時期消費者俱有極強的適應力。

And we believe that the brand is well situated to deliver sustained success over the long run. I want to congratulate and thank the entire team for their delivery of another outstanding year, and I very much look forward to their continued success. With that, I'll head over to Steve to provide further details on our fourth quarter.

我們相信，該品牌有能力在長期內取得持續的成功。我要祝賀並感謝整個團隊又一個出色的一年，我非常期待他們繼續取得成功。接下來，我將與史蒂夫聯繫，提供有關我們第四季度的更多詳細資訊。

And full fiscal year '25 results as well as our initial thoughts on fiscal year '26.

以及 25 財年全年業績以及我們對 26 財年的初步想法。

Thanks, Stefano, and good afternoon, everyone. I would echo Stefano's commentary that highlights Decker's exceptional performance in fiscal year 2025, as we drove our fifth consecutive year of double-digit revenue and earnings per share growth.

謝謝，斯特凡諾，大家下午好。我同意斯特凡諾的評論，他強調了德克爾在 2025 財年的出色表現，我們連續第五年實現了兩位數的收入和每股收益增長。

HOKA continues to gain market share with performance runners while also continuing to expand its addressable market by building global awareness and attracting consumers who want to wear more technical and comfortable footwear for a variety of use cases continues to build share across genders, generations, and geographies, inspiring brand love and consumer adoption for a variety of unique product franchises that span across seasons.

HOKA 繼續在高性能跑步者中贏得市場份額，同時還透過建立全球知名度和吸引想要在各種情況下穿著技術性更強、更舒適的鞋類的消費者來繼續擴大其目標市場，繼續在性別、世代和地域之間建立份額，激發品牌熱愛和消費者對跨季節的各種獨特產品系列的採用。

Both of these leading brands are succeeding by putting the consumer first, driving strong loyalty through compelling and continuous product innovation that maintains their distinct respective brand codes. Looking ahead, while the macroeconomic environment remains fluid and there is greater uncertainty around consumer spending, we remain committed to our fundamentals. Decker's flexible operating model and disciplined approach to financial management allows us to be nimble and navigate the current economic environment with confidence.

這兩個領先品牌都以消費者為中心，透過引人注目的持續產品創新來獲得強大的忠誠度，並保持各自獨特的品牌代碼，從而獲得了成功。展望未來，儘管宏觀經濟環境依然不穩定，消費者支出的不確定性也較大，但我們仍將堅持基本面。德克爾靈活的營運模式和嚴謹的財務管理方法使我們能夠靈活應對並充滿信心地應對當前的經濟環境。

Further, we exited fiscal year 2025 in a position of outstanding financial strength as our profitability profile and rock solid balance sheet reinforce our ability to continue investing behind our long-term strategies. With that, let's get into a recap of our fourth quarter and full fiscal year 2025 results.

此外，我們在 2025 財年結束時擁有出色的財務實力，因為我們的獲利狀況和穩固的資產負債表增強了我們繼續投資長期策略的能力。接下來，讓我們回顧一下我們 2025 財年第四季和全年的業績。

For the fourth quarter, revenue came in at $1.02 billion representing an increase of 6% versus the prior year. Performance in the quarter was driven by HOKA and UGG, which saw increases of 10% and 4% respectively. For HOKA, Global wholesale was the primary driver of growth in the fourth quarter, as the brand benefited from expanded distribution and sell-in of the Bondi 9 that launched in mid-January and experienced strong sell-through in the channel throughout the quarter as many consumers sought out new products in store.

第四季營收為 10.2 億美元，較上年成長 6%。本季業績主要由 HOKA 和 UGG 推動，分別成長 10% 和 4%。對於 HOKA 而言，全球批發是第四季度成長的主要驅動力，因為該品牌受益於 1 月中旬推出的 Bondi 9 的分銷和銷售擴大，並且由於許多消費者在店內尋找新產品，整個季度通路銷售強勁。

From a DTC standpoint, the HOKA brand drove a 3% increase versus last year, which reflected continued strong growth from international regions and a slight decline in the US due to some unique factors in the quarter. These included consumers opting to explore and purchase new product updates in store, higher levels of promotion on outgoing models, and slower new consumer acquisition in the face of macroeconomic uncertainty.

從DTC的角度來看，HOKA品牌較去年同期成長了3%，這反映了國際地區持續強勁成長，以及由於本季一些特殊因素導緻美國市場略有下降。其中包括消費者選擇在商店探索和購買新產品、即將推出的車型促銷力度加大，以及在宏觀經濟不確定性面前新消費者獲取速度放緩。

While in the near term this has put pressure on the HOKA brand's DTC growth, we are encouraged by the online retention metrics from repeat consumers in both the US and internationally and expect this trend to improve following the first fiscal quarter.

雖然短期內這給 HOKA 品牌的 DTC 成長帶來了壓力，但我們對美國和國際回頭客的線上保留指標感到鼓舞，並預計這一趨勢將在第一財季之後得到改善。

On the UGG brand's fourth quarter performance, wholesale was also the primary driver of global growth in the fourth quarter, as the channel benefited from selling of transitional styles like the Lowmel sneaker in addition to spring season sandals from the Goldman Collection.

就 UGG 品牌第四季的業績而言，批發也是第四季度全球成長的主要推動力，因為該通路受益於 Lowmel 運動鞋等過渡款式以及 Goldman Collection 春季涼鞋的銷售。

UGG DTC was down 3% versus last year in the fourth quarter, primarily due to limited availability of key styles during the quarter this year as a result of strong self through earlier in the year, whereas last year's fourth quarter benefited from 3rd quarter back order fulfilment.

與去年相比，第四季度 UGG DTC 銷售額下降了 3%，主要原因是由於今年早些時候的強勁自營銷售導致本季度主要款式供應有限，而去年第四季度則受益於第三季度的訂單履行。

Gross margin in the fourth quarter was 56.7%, a 50 basis point increase from the prior year period. The improved gross margin primarily relates to benefits from higher levels of full price selling for and favorable brand and product mix, primarily due to higher margin products within driving a larger percentage of growth, with partial offsets from increased freight costs, though less than what we anticipated. Unfavorable channel mix shifts with wholesale growing faster than DTC and unfavourable foreign currency exchange rates.

第四季毛利率為56.7%，較去年同期增加50個基點。毛利率的提高主要得益於更高的全價銷售水平以及有利的品牌和產品組合，這主要是因為利潤率更高的產品推動了更大比例的增長，而運費成本的增加部分抵消了這一影響，儘管低於我們的預期。不利的通路組合轉變，批發成長速度快於 DTC，且外匯匯率不利。

SG&A for the quarter was $406 million representing 39.7% of revenue, which compares to last year's $395 million and 41.2% of revenue. SG&A as a percentage of revenue was down 150 basis points year over year, primarily due to favorable impacts of foreign currency exchange rate measurement. These results drove diluted earnings per share of $1 which compares to $0.82 in the prior year period, representing a 22% increase.

本季銷售、一般及行政費用為 4.06 億美元，佔營收的 39.7%，去年同期為 3.95 億美元，佔營收的 41.2%。銷售、一般及行政費用佔收入的百分比年減了 150 個基點，主要原因是外幣匯率衡量的有利影響。這些結果推動每股攤薄收益達到 1 美元，而去年同期為 0.82 美元，成長了 22%。

Our fourth quarter closed out another impressive year for debtors. For full fiscal year 2025, results included revenue increasing 16% versus last year to a record $4.986 billion. As compared to last year, revenue growth was driven by the HOKA brand delivering an incremental $426 million to eclipse $2.2 billion in annual revenue with double digit percentage gain across all regions and channels.

我們的第四季為債務人帶來了另一個令人印象深刻的一年。2025 財年全年業績包括營收較去年增長 16%，達到創紀錄的 49.86 億美元。與去年相比，營收成長主要得益於 HOKA 品牌，該品牌增加了 4.26 億美元，年收入超過 22 億美元，所有地區和通路的百分比均實現了兩位數的成長。

And broad-based UGG growth as the brand grew 13%, surpassing $2.5 billion of revenue led by growth from international markets. Gross margins for the year were 57.9%, up 230 basis points versus last year. The increase in gross margin was primarily related to favorable brand and product mix shifts, with our highest margin products driving the majority of growth and favorable UGG full price selling as the brand delivered a near 60% gross margin with partial offsets from increased freight costs across all brands.

UGG 品牌實現了全面成長，成長了 13%，在國際市場成長的帶動下，營收超過 25 億美元。全年毛利率為57.9%，較去年同期上升230個基點。毛利率的成長主要歸功於品牌和產品組合的有利轉變，其中利潤率最高的產品推動了大部分成長，而 UGG 全價銷售的有利因素則使該品牌的毛利率接近 60%，但所有品牌的運費上漲部分抵消了這一影響。

SG&A dollar spend for the year was $1.71 billion up 17% versus the prior year $1.46 billion. SG&A represents 34.2% of revenue, which is slightly above last year's rate of 34%.

全年銷售、一般及行政開支為 17.1 億美元，較上年的 14.6 億美元成長 17%。銷售、一般及行政費用佔收入的 34.2%，略高於去年的 34%。

Key areas of increased investment in fiscal year 2025 included higher marketing spend, including successful strategic spend that amplified HOKA global awareness and increased investment supporting UGG growth initiatives. Investments in talent to support key functions and infrastructure investments and related depreciation to support the continued growth of our organization.

2025 財年增加投資的關鍵領域包括增加行銷支出，其中包括擴大 HOKA 全球知名度的成功策略支出以及增加支持 UGG 成長計畫的投資。投資人才以支持關鍵職能和基礎設施投資以及相關折舊，以支持我們組織的持續成長。

This all resulted in a full fiscal year 2025 operating margin of 23.6%, which is 200 basis points above last year, primarily reflecting the improvement in gross margin experienced. Our top tier operating margin reflects another year of exceptionally low levels of promotional activity coupled with better than expected returns on our marketing investments.

這一切使得 2025 財年全年營業利潤率達到 23.6%，比去年高出 200 個基點，主要反映了毛利率的提高。我們最高的營業利潤率反映了另一年極低的促銷活動水準以及好於預期的行銷投資回報。

While we are incredibly proud of the disciplined marketplace management and well targeted spend that contributed to these results, we are mindful of the current consumer environment and would not expect for these dynamics to be as favorable in the year ahead.

雖然我們對嚴謹的市場管理和精準的支出（這些支出促成了這些業績）感到無比自豪，但我們也注意到當前的消費環境，並不期望未來一年這些動態會同樣有利。

For the full year, our effective tax rate was 22.3%, which is slightly below last year's 22.4%. Our record breaking performance coupled with a lower share count from share repurchase activity and increased interest income on our strong cash balance culminated in a record diluted earnings per share of $6.33 which represents a 30% increase over last year's $4.86.

全年我們的有效稅率為22.3%，略低於去年的22.4%。我們創紀錄的業績加上股票回購活動帶來的較低股票數量以及強勁現金餘額帶來的利息收入增加，最終導致每股攤薄收益達到創紀錄的 6.33 美元，比去年的 4.86 美元增長了 30%。

Turning to our balance sheet at March 31, 2025, we ended the year with $1.9 billion of cash and equivalents, inclusive of repurchasing $567 million worth of shares in the year, driven by back to back years of delivering a free cash flow above $900 million. Inventory was $495 million up 4% versus the same point in time last year, and during the period we had no outstanding borrowings.

回顧我們截至 2025 年 3 月 31 日的資產負債表，我們在年底擁有 19 億美元的現金和等價物，其中包括當年回購價值 5.67 億美元的股票，這得益於連續幾年實現超過 9 億美元的自由現金流。庫存為 4.95 億美元，比去年同期成長 4%，在此期間我們沒有未償還借款。

For the year, these results once again returned invested capital above 35%. During the fourth quarter, we repurchased approximately $266 million worth of shares at a weighted average price per share of $149.62. For the entire fiscal year 2025, we repurchased 3.8 million shares for approximately $567 million at a weighted average price per share of $149.21.

今年，這些結果再次使投資資本報酬率達到 35% 以上。第四季度，我們以每股 149.62 美元的加權平均價格回購了價值約 2.66 億美元的股票。在整個 2025 財年，我們以每股 149.21 美元的加權平均價格回購了 380 萬股，總價值約為 5.67 億美元。

Moving to our forward-looking update, as a result of macroeconomic uncertainty related to global trade policy, we will not be providing a formal outlook for fiscal year 2026 at this time, but would like to provide insights into how we are thinking about the year ahead.

談到我們的前瞻性更新，由於與全球貿易政策相關的宏觀經濟不確定性，我們目前不會提供 2026 財年的正式展望，但希望提供一些我們對未來一年的看法的見解。

Prior to the introduction of tariff uncertainty aligned with our longer term aspirations, we were targeting our brands to deliver another year of double digit growth led by mid-teen growth from HOKA and mid-single digit growth from.

在引入與我們的長期願望相符的關稅不確定性之前，我們的目標是讓我們的品牌再實現一年的兩位數增長，其中 HOKA 的十幾位中段增長和的個位數中段增長為主導。

Based on the tariffs as of today's date, which are still subject to change, we expect to face an increase of up to $150 million to our cost of goods sold in fiscal year 2026 with a related yet to be determined impact to demand.

根據截至今天的關稅（該關稅仍有可能發生變化），我們預計 2026 財年的銷售成本將增加高達 1.5 億美元，對需求的影響尚待確定。

From a sourcing perspective, less than 5% of our footwear production comes from China, some of which would not be routed for sale into the US. The remainder of our production comes from Southeast Asian countries, primarily Vietnam.

從採購角度來看，我們的鞋類產品中只有不到 5% 來自中國，其中一些不會銷往美國。我們其餘的產品來自東南亞國家，主要是越南。

Our teams are closely monitoring changes to tariff policies and continue to evaluate levers to mitigate the impact on our business, including but not limited to flexing the pricing power of our brands which we are assessing for strategic, selective, and staggered implementation in the US market and negotiating cost sharing with our factory partners.

我們的團隊正在密切關注關稅政策的變化，並繼續評估減輕對我們業務影響的手段，包括但不限於調整我們品牌的定價能力，我們正在評估在美國市場進行策略性、選擇性和分階段實施，並與我們的工廠合作夥伴協商成本分攤。

Although even with these mitigation efforts we expect to absorb a portion of the tariff impact as we do not anticipate that these actions will fully offset incremental costs in fiscal year 2026. We also believe that there is potential to see demand erosion associated with the combination of price increases and general softness in the consumer spending environment.

儘管採取了這些緩解措施，我們預計仍將吸收部分關稅影響，因為我們預計這些措施無法完全抵銷 2026 財年的增加成本。我們也認為，價格上漲和消費支出環境普遍疲軟可能導致需求下降。

Furthermore, our approach to fiscal year 2026 remains consistent with long-term objectives highlighted by the following framework. From a revenue perspective, we expect Hoki to continue as our fastest growing brand, to grow as it builds on top of impressive recent momentum, international growth to outpace the US.

此外，我們對 2026 財年的方針與以下框架強調的長期目標保持一致。從收入角度來看，我們預計 Hoki 將繼續成為我們成長最快的品牌，並在近期令人印象深刻的發展勢頭的基礎上繼續成長，國際成長將超過美國。

And wholesale to likely outpace DTC, particularly for HOKA, as we view increased awareness as an inflection point to strategically expand points of distribution for a growing consumer base to experience the brand. We have a healthy order book across both brands that has not experienced material changes year-to-date but would note we have yet to see the full impact of the tariff implementation.

批發業務可能會超過 DTC，特別是對於 HOKA 而言，因為我們認為提高知名度是一個轉折點，可以策略性地擴大分銷點，讓越來越多的消費者體驗該品牌。這兩個品牌的訂單情況都很好，今年迄今沒有發生重大變化，但我們尚未看到關稅實施的全部影響。

We have existing and new partners who want to support the HOKA brand with incremental doors. We will continue to be selective about where and how many additional doors are open, but believe this is a great opportunity for HOKA to acquire new consumers through brand discovery at wholesale.

我們擁有現有和新的合作夥伴，他們希望透過增量門來支持 HOKA 品牌。我們將繼續選擇在哪裡開設更多門市以及開設多少家門市，但我們相信這對 HOKA 來說是一個絕佳的機會，可以透過批發市場的品牌發現來吸引新消費者。

At the same time, continues to bolster its position as a leading premium lifestyle brand, and there continues to be more demand from wholesalers than we have been willing to fulfil. From a gross margin perspective, we are facing a number of headwinds that include increased tariffs, higher levels of promotion relative to the exceptionally low levels experienced over the last couple of years, unfavourable impacts from more expensive upgraded materials absorbed into our margins, and higher ocean freight rates in the first half.

同時，我們持續鞏固其作為領先高端生活風格品牌的地位，批發商的需求也持續超出我們願意滿足的範圍。從毛利率角度來看，我們面臨著許多不利因素，包括關稅上調、促銷力度較過去幾年的低位有所加大、更昂貴升級材料被吸收到我們的利潤中帶來的不利影響，以及上半年海運費上漲。

We believe these headwinds can be fractionally offset by selective and staggered price increases in the US and partial cost sharing with factory partners. Overall, this is expected to result in a decline in our gross margin relative to the record high of 57.9% achieved in fiscal year 2025.

我們相信，透過美國選擇性地、分階段地提高價格以及與工廠合作夥伴分攤部分成本，可以部分抵銷這些不利因素。總體而言，預計這將導致我們的毛利率相對於 2025 財年創下的 57.9% 的歷史最高水準有所下降。

On the SG&A front, we are planning to largely keep our planned investments intact as the strength of our operating model continues to fuel the future of our brands. We will continue to tightly manage our expenses and drive efficiencies, but at the same time, provided the ability to grow brand awareness and share, we will look to invest in our brands. This could result in a short-term increase in our SG&A expense ratio to revenue. But we believe over the longer term better positions our brands in the global marketplace.

在銷售、一般及行政費用方面，我們計劃基本上保持計劃投資不變，因為我們營運模式的優勢將繼續推動我們品牌的未來發展。我們將繼續嚴格管理我們的開支並提高效率，但同時，只要有能力提高品牌知名度和份額，我們就會考慮對我們的品牌進行投資。這可能會導致我們的銷售、一般及行政費用佔收入的比率短期內上升。但我們相信，從長遠來看，我們的品牌在全球市場上的地位會更好。

Overall, we are viewing the current environment as an opportunity to flex our best-in-class operating model and free cash flow generation. We plan to invest in variable areas where we have a proven ability to adjust if necessary. Keep in mind our investments drove better than expected returns in fiscal year 2025, as evidenced by our 23.6% operating margin.

總體而言，我們將當前環境視為展示我們一流營運模式和自由現金流產生的機會。我們計劃投資於我們有能力在必要時進行調整的不同領域。請記住，我們的投資在 2025 財年帶來的回報優於預期，這從我們 23.6% 的營業利潤率就可以看出。

While we expect to continue investments that support strategic areas of growth, we are actively engaged to drive efficiencies in other areas of the business that can help offset some of these incremental investments. Our ability to continue investing in alignment with our long-term strategy is something we see as a competitive advantage. With a normalized consumer environment, we believe we can deliver leverage in the coming years.

雖然我們預計將繼續投資於支援策略成長領域，但我們也積極致力於提高其他業務領域的效率，以幫助抵消部分增量投資。我們將根據長期策略持續投資的能力視為一種競爭優勢。隨著消費環境的正常化，我們相信我們可以在未來幾年發揮槓桿作用。

Similar to how we're looking at SG&A, we expect to deploy focused capital expenditures in the range of $120 million to $130 million to support the future of our company. Further, as we lean into our strong cash position thus far in the first quarter of fiscal year 2026 as our subsequent event date of May 9, 2025, we have repurchased approximately $84 million worth of shares at a weighted average price per share of $109.75.

與我們對銷售、一般及行政費用的看法類似，我們預計將部署 1.2 億至 1.3 億美元的重點資本支出，以支持公司的未來發展。此外，由於我們依靠 2026 財年第一季迄今的強勁現金狀況作為我們的後續事件日期 2025 年 5 月 9 日，我們以每股 109.75 美元的加權平均價格回購了價值約 8,400 萬美元的股票。

As of May 9, 2025, the company still had approximately $291 million remaining under its stock repurchase authorization. As announced today, the board of directors approved an increase of $2.25 billion on top of the company's existing stock repurchase authorization, bringing the total amount authorized to $2.5 billion representing more than 10% of our current market capitalization.

截至 2025 年 5 月 9 日，該公司的股票回購授權仍有約 2.91 億美元剩餘。正如今天宣布的那樣，董事會批准在公司現有股票回購授權的基礎上增加 22.5 億美元，使授權總金額達到 25 億美元，占我們當前市值的 10% 以上。

We believe this highlights the board's confidence in our strategic plan and allows us to be opportunistic in our approach to repurchasing shares. While it is not our practice to provide quarterly guidance, and we do not intend to do so going forward in light of the current environment, we want to provide our outlook for the quarter ending June 30th.

我們相信，這凸顯了董事會對我們策略計畫的信心，並使我們能夠抓住機會回購股票。雖然我們通常不會提供季度指導，而且鑑於目前的環境，我們也不打算繼續這樣做，但我們希望提供截至 6 月 30 日的季度展望。

For the first quarter of fiscal year 2026, we expect revenue to be in the range of $890 million to $910 million with HOKA increasing at least low double digits and increasing at least mid-single digits. Gross margin is expected to be down approximately 250 basis points versus last year due to higher freight cost expensed relative to last year, increased promotional activity as we lap exceptionally low levels in the prior year, and channel mix headwinds with wholesale growing faster than DTC.

對於 2026 財年第一季，我們預計營收將在 8.9 億美元至 9.1 億美元之間，其中 HOKA 的營收至少會成長低兩位數，而營收至少會成長中個位數。預計毛利率將比去年下降約 250 個基點，原因是運費費用較去年增加、促銷活動增加（去年的水平非常低）以及批發增長速度快於 DTC 的渠道組合逆風。

SG&A is expected to increase slightly faster than revenue in the period as we prioritize disciplined and efficient spend while investing in brand building marketing. Diluted earnings per share is expected to be in the range of $0.62 to $0.67 as compared to last year's stock split restated $0.75.

由於我們在投資品牌建立行銷的同時優先考慮規範高效的支出，預計銷售、一般及行政費用 (SG&A) 在本期間的成長速度將略快於收入。預計每股攤薄收益將在 0.62 美元至 0.67 美元之間，而去年股票分割時每股收益為 0.75 美元。

As Stefano mentioned, Decker's has the experience and resilience to operate from a position of strength during this period of uncertainty. We have premium brands that are in demand, distinctive, and have proven capability of delivering category leading growth, coupled with our powerful financial model that generates top tier levels of profitability, free cash flow, and return on invested capital, giving us one of the healthiest debt-free balance sheets in our sector.

正如 Stefano 所提到的，Decker's 擁有豐富的經驗和韌性，能夠在當前不確定的時期保持優勢。我們擁有需求旺盛、獨具特色且具有實現領先成長能力的高端品牌，再加上我們強大的財務模型，可產生頂級的盈利能力、自由現金流和投資資本回報率，使我們擁有業內最健康的無債務資產負債表之一。

With $1.9 billion of cash and an increased share repurchase authorization that now totals $2.5 billion we are capable of continuing to return value to shareholders, even in a more challenged environment. I remain confident in the opportunities ahead for UGG and HOKA and look forward to sharing our continued progress in fiscal year 2026.

憑藉 19 億美元的現金和增加的股票回購授權（目前總額為 25 億美元），即使在更具挑戰性的環境中，我們也有能力繼續為股東帶來價值。我對 UGG 和 HOKA 未來的機會充滿信心，並期待在 2026 財年分享我們的持續進步。

Thanks everyone. And with that, I'll now hand off the call to Stefano for his closing remarks.

謝謝大家。現在，我將把電話交給斯特凡諾，請他作最後發言。

Thank you, Steve. Fiscal 2025 was a record setting year.

謝謝你，史蒂夫。2025財年是創紀錄的一年。

With industry leading growth from UGG and HOKA, gross margin and operating margin expanding to new heights. In disciplined financial management that further bolstered the strength of our balance sheet.

隨著 UGG 和 HOKA 的行業領先成長，毛利率和營業利潤率拓展到新的高度。在嚴格的財務管理下，我們的資產負債表實力進一步增強。

As we turn the page to fiscal year 2026, it is clear that we're operating in a very different environment. Our strategy and the significant opportunities ahead for UGG and HOKA remain consistent. We'll take advantage of our best in class operating model and continue advancing towards building HOKA to become a leading performance brand through disruptive innovation, elevating UGG to global brand status.

當我們翻開2026財年的書頁時，我們顯然正處於一個非常不同的環境。我們的策略與 UGG 和 HOKA 未來面臨的重大機會保持一致。我們將利用我們一流的營運模式，繼續透過顛覆性創新將 HOKA 打造成為領先的性能品牌，將 UGG 提升到全球品牌地位。

Expanding our DTC business through consumer acquisition and retention and increasing our international business through the implementation of our successful US playbook.

透過消費者獲取和保留來擴展我們的 DTC 業務，並透過實施我們成功的美國策略來增加我們的國際業務。

Before we turn to Q&A, I'd like to address the Board Chair succession we announced this afternoon. As you saw, Cynthia Davis was named our next Board Chair, succeeding Mike Devine, who's retiring from the Board after nearly 14 years of service, including six years as Chair. We're deeply grateful for Mike's incredible dedication to Deckers over the years.

在我們進入問答環節之前，我想談談我們今天下午宣布的董事會主席繼任事宜。如您所見，辛西婭·戴維斯 (Cynthia Davis) 被任命為我們的下一任董事會主席，接替邁克·迪瓦恩 (Mike Devine)，後者在董事會任職近 14 年後退休，其中包括擔任 6 年主席。我們非常感謝 Mike 多年來對 Deckers 的傑出貢獻。

His leadership during a period of immense growth and evolution has helped put us in the strong position we're in today. On a personal note, I'm extremely thankful to Mike for his support during my transition. I'd also like to congratulate Cynthia on her new role.

在巨大的成長和變革時期，他的領導幫助我們取得了今天的強勢地位。就我個人而言，我非常感謝麥克在我轉變期間給予的支持。我還要祝賀辛西婭擔任新職務。

As the iconic brands continue to gain momentum on a global scale, we know that Cynthia's expertise and experience on our board over the last seven years will be integral to our continued success. On behalf of our management team, I'd like to thank our employees around the world for their continued successful execution of our strategies and their continued dedication to building a bright future for decades.

隨著標誌性品牌在全球範圍內繼續獲得發展勢頭，我們知道辛西婭在過去七年中在我們董事會的專業知識和經驗對於我們繼續取得成功至關重要。我謹代表我們的管理團隊，感謝我們在世界各地的員工持續成功執行我們的策略，並持續致力於數十年來創造美好的未來。

Thank you all for joining today's call and thank you to our shareholders for your continued support. With that, I'll turn the call over to the operator for Q&A.

感謝大家參加今天的電話會議，並感謝我們股東的持續支持。說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions)

（操作員指示）

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good afternoon. I want to ask about the slowdown in HOKA [USD2C]. Steve, I know you mentioned several factors contributing. I don't know if you can give a little more color to the magnitude of those impacts and maybe just a broader question.

是的，你好，下午好。我想問一下HOKA[USD2C]放緩的情況。史蒂夫，我知道你提到了幾個因素。我不知道您是否可以更詳細地說明這些影響的程度，或者只是提出一個更廣泛的問題。

What gives you confidence that, there's not a broader change in the competitive dynamics and the trail and road category, especially as you're still working to establish, lifestyle and fitness?

是什麼讓您有信心，競爭動態以及越野和公路類別不會發生更廣泛的變化，特別是當您仍在努力建立生活方式和健身時？

Yeah, thanks, John. This is Steve. I'll start and I think Stefano can jump in too. I think, as I said in the prepared remarks, it was isolated in terms of some of the pressure that we saw in the US or in DTC in the US. When you look at it in terms of dollars, right, it's not huge dollars, but it is impacting the percentages.

是的，謝謝，約翰。這是史蒂夫。我先開始，我認為斯特凡諾也可以加入。我認為，正如我在準備好的演講中所說的那樣，就我們在美國或美國 DTC 看到的一些壓力而言，它是孤立的。當你從美元的角度來看時，雖然金額不大，但它確實影響著百分比。

I think when we look at the international business, the international DTC business did incredibly well. So that's where I think some factors were unique to the US market. I think we knew there would be some pressure on the DTC business. I'm not entirely surprised by that performance. Generally, where the quarter came in is where we expected HOKA to come in.

我認為，當我們審視國際業務時，國際 DTC 業務表現非常好。所以我認為這裡有一些美國市場獨有的因素。我認為我們知道 DTC 業務會面臨一些壓力。我對這樣的表現並不完全感到驚訝。整體而言，本季的業績表現與我們對 HOKA 的預期一致。

So not too surprised. They're very encouraged by the international business and very encouraged by the wholesale business. So as we expanded distribution, we saw very strong sell through with that expanded distribution which we knew would put a little bit of pressure in the near term.

所以並不太驚訝。他們對國際業務和批發業務感到非常鼓舞。因此，隨著我們擴大分銷管道，我們看到了非常強勁的銷售業績，我們知道這在短期內會帶來一些壓力。

As I said in the prepared remarks, we expect a little bit of near term pressure in DTC in the US for a number of factors, as we called out. But once we get beyond Q1, with the success that we're seeing with the new introductions in HOKA, we're encouraged you're going to start to see those numbers improve.

正如我在準備好的演講中所說，我們預計由於多種因素，美國的 DTC 近期將面臨一些壓力，正如我們所呼籲的那樣。但是，一旦我們度過第一季度，隨著 HOKA 新產品的成功推出，我們很高興您會看到這些數字有所改善。

And John hates this stuff now. Remember the Q4 was our biggest quarter ever for HOKA, and we grew $425 million year over year. And I personally never felt stronger about the power of this brand, the team that we have in place, as well as the financial model, and we see no change to our long-term expectations.

而約翰現在討厭這些東西。請記住，第四季度是 HOKA 有史以來最大的一個季度，我們的營收年增了 4.25 億美元。我個人從未感受到這個品牌的力量、我們現有的團隊以及財務模式如此強大，而且我們的長期預期沒有任何改變。

Okay, and maybe just one follow up. I know you mentioned Q1, at least slow double digit total global growth for HOKA, and it sounds like the US could improve after Q1. So just, are there still scenarios where you think, mid 10s or higher growth for the year is possible?

好的，也許只需要跟進一次。我知道您提到了第一季度，HOKA 的全球整體成長率至少是兩位數，而且聽起來美國在第一季之後可能會有所改善。那麼，您是否仍認為今年有可能實現 15% 左右或更高的成長率？

And then, thinking about the long term aspirations for HOKA, how would you frame up sort of the importance and relative size of the potential for lifestyle and fitness in some of the emerging categories?

然後，考慮到 HOKA 的長期願景，您如何看待一些新興類別中生活方式和健身潛力的重要性和相對規模？

Yeah, sure, thanks, John. I'll start and stuff if you want to jump in. Look, we're encouraged by where HOKA is growing. I think, as I said, we haven't given full your guidance. We gave you a bit of a framework of how we're thinking about the brands.

是的，當然，謝謝，約翰。如果您想加入的話，我會開始做其他事情。瞧，HOKA 的成長讓我們備受鼓舞。我認為，正如我所說，我們還沒有給予您充分的指導。我們為您提供了我們對品牌的一些思考框架。

We're very encouraged with the opportunity that HOKA has both in the US and internationally, as we've said for a couple of years, we knew that the growth rates internationally would outpace what we're seeing in the US. We're very encouraged with the strong progress that we're seeing and making on the international front.

我們對 HOKA 在美國和國際上所擁有的機會感到非常鼓舞，正如我們幾年來所說的那樣，我們知道國際上的成長率將超過我們在美國看到的。我們對在國際上看到和取得的重大進展感到非常鼓舞。

I think what's also encouraging to your point is when we look at awareness as we continue to grow awareness. We're still growing the brand. There's a lot that's going on in the US since the beginning of January. We know that that's had a bit of an impact on the consumer.

我認為，當我們審視意識時，您的觀點也令人鼓舞，因為我們的意識不斷增強。我們仍在發展該品牌。自一月初以來，美國發生了很多事情。我們知道這對消費者產生了一些影響。

We've also had model changeovers. We've expanded wholesale distribution. All of that's putting a little bit of pressure on DTC. I would be careful to put too much on just one number in DTC in the US. We're seeing incredible results across the globe. We are very encouraged with the progress that we are making.

我們的模型也進行了轉換。我們擴大了批發分銷。所有這些都給 DTC 帶來了一些壓力。在美國，我會小心不要在一個 DTC 號碼上投入太多資金。我們在全球範圍內看到了令人難以置信的成果。我們對所取得的進展感到非常鼓舞。

The feedback that we're getting from wholesale is very encouraging. We're seeing strong shelters with HOKA and so again. Don't judge one quarter on what the potential is. That's our framework, and I think why it was important to lay it out there. We do see this, in a normalized environment in terms of a mid-teen grower.

我們從批發商那裡得到的回饋非常令人鼓舞。我們再次看到了 HOKA 等提供的強大庇護所。不要根據一個季度的潛力來判斷。這就是我們的框架，我認為將它放在那裡很重要。就十幾歲的種植者而言，在正常化的環境中，我們確實看到了這一點。

I think what we are dealing with right now is with all the noise going on in the US economy, it's hard to gauge what impact that demand is going to have. And that's where we want to kind of see things play out, but we're encouraged with where Hoka is and the opportunity it has in front of it.

我認為我們現在面臨的問題是，鑑於美國經濟中存在的所有噪音，很難判斷這種需求將產生什麼影響。這就是我們希望看到事情發展的地方，但我們對 Hoka 的現狀和它面前的機會感到鼓舞。

Yeah, in, as we said previously, we're playing the long game. HOKA has still enormous potential across regions, channels, categories, seasons. The total addressable market the HOKA competes in is very sizable. So, plenty of opportunity for us in running, in trail, in hike, fitness, lifestyle.

是的，正如我們之前所說，我們正在進行一場長期博弈。HOKA在跨地區、跨渠道、跨品類、跨季節等方面仍有巨大的潛力。HOKA 所競爭的整體目標市場非常龐大。因此，我們在跑步、越野、健行、健身和生活方式方面有很多機會。

And despite our gains in brand awareness to this point, we still have plenty of opportunity here in the US and internationally. Our business in the US is $1.5 billion approximately, and it's one-third of that internationally.

儘管我們的品牌知名度已經提高，但我們在美國和國際上仍然有很多機會。我們在美國的業務約為 15 億美元，其中國際業務佔三分之一。

So the upside is very significant and vis a visa competitor were still relatively under penetrated. And as our product offer expands across these categories, we'll be able to better segment the market and expand distribution both in DTC and wholesale. With new partners and also existing partners. So, we're very positive about the future of this brand.

因此，其優勢非常顯著，而且相對於 Visa 的競爭對手而言，其滲透率仍然相對較低。隨著我們的產品範圍擴大到這些類別，我們將能夠更好地細分市場並擴大 DTC 和批發分銷。與新合作夥伴以及現有合作夥伴。因此，我們對這個品牌的未來非常樂觀。

Great, that's very helpful thank you.

太好了，這很有幫助，謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Thank you so much. .

太感謝了。。

I'm curious about the fourth quarter for HOKA. Can you just talk about units versus ASPs, and, maybe can you give us a little bit more color on how you felt about the transition to the Bondi 9 Clifton 10 was executed, over the quarter and here into Q1?

我對 HOKA 的第四季感到好奇。能否談談單位數與平均售價的關係？或者，您能否多講講您對本季以及第一季向 Bondi 9 Clifton 10 過渡的感受？

Yeah, Jay, I think clearly one of the impacts that we had is with the model changeovers, so there was more price promotion which impacted revenue, right, but volumes were still strong. So, we did see some top line dollar pressure as a result of promotions in that quarter, but volumes still healthy. Now there is a little bit of shift too in terms of where some of that volume went with the wholesale expansion year on year comparison.

是的，傑伊，我認為我們受到的影響之一顯然是車型的轉換，因此價格促銷力度加大，這影響了收入，但銷量仍然很強勁。因此，我們確實看到該季度促銷活動給營收帶來了一些壓力，但銷售量仍然健康。現在，與去年同期相比，批發擴張量的部分去向也發生了一些變化。

So again, this is where I think there's been a lot of attention on the DTC performance without necessarily recognition of the strategic nature of our wholesale expansion. So generally, what we saw was very encouraging. Good to see kind of how the transition with, the Clifton and the Bondi have occurred kind of since the beginning of January, and the feedback again has continued to be strong as we've closed out those older models and transition to the newer models.

所以，我認為，人們非常關注 DTC 的表現，而沒有意識到我們批發擴張的策略性。總的來說，我們所看到的情況非常令人鼓舞。很高興看到自 1 月初以來 Clifton 和 Bondi 的過渡情況，隨著我們淘汰舊款車型並過渡到新車型，反饋持續強勁。

Got it. And then I can just ask you about the $150 million in tariff cost. Is that sort of like the unmitigated cost? And then and there's an assumption that, you can like you said, you can take some price, you can share some cost to your vendors, so the overall net number will be less. So just want to make sure we got the 150 is a gross number or a net number.

知道了。然後我可以問你有關 1.5 億美元關稅成本的問題。這有點像是無法減輕的成本嗎？然後有一個假設，就像你說的，你可以收取一些價格，你可以將一些成本分攤給你的供應商，所以總體淨額會更少。因此，我們只是想確保我們得到的 150 是總額還是淨額。

Correct, yes, so the 150 is a gross number, in terms of how we're looking at still working through the details, we do kind of have a three pronged approach, so looking again at, price movements using some of our pricing power, but we probably know we have more pricing power than what we may take the price up to go to your 0.150 is a gross number and then you know we would look to recapture maybe up to 50%.

是的，沒錯，150 是一個總數，就我們如何看待仍在處理的細節而言，我們確實有一種三管齊下的方法，所以再次看一下價格變動，使用我們的一些定價權，但我們可能知道我們擁有的定價權比我們可能將價格上漲到 0.150 的定價權要大，這是一個總數，然後你知道我們會尋求高達的收益。

Understood. Great. Thank you so much.

明白了。偉大的。太感謝了。

Laura Vasilescu, BNP Paribas.

法國巴黎銀行的勞拉‧瓦西萊斯庫 (Laura Vasilescu)。

Good afternoon.

午安.

Thank you very much for taking my question. Steve, I recognize you're not exciting for the year, but you did provide a framework that calls for HOKA to grow mid-teens. How do you think about that framework between HOKA DTC and wholesale?

非常感謝您回答我的問題。史蒂夫，我知道你今年的表現並不令人興奮，但你確實提供了一個框架，要求 HOKA 實現十幾歲的成長。您如何看待 HOKA DTC 和批發之間的框架？

And then the full year framework of mid-teens growth for HOKA, would it have been included the guide that you're actually giving us for 12 in terms of low double digit growth for HOKA?

那麼，HOKA 全年十幾歲的成長框架是否包括您實際上為我們提供 12 年 HOKA 低兩位數成長的指南？

So it didn't quite follow the last part of the question so I think and I'll let you follow up but let me just kind of address the first part. So, I think yes, we're looking at the current year, right? We have some movements specifically related to tariffs and how that's going to impact demand in the US and that's where we're holding back on our full year guide at this point in terms of how we think about, okay, yeah, that's the right framework part of this year we do know as we've expanded US wholesale distribution.

所以它並沒有完全遵循問題的最後一部分，所以我認為我會讓你跟進，但讓我先解決第一部分。所以，我想是的，我們正在看今年的情況，對嗎？我們有一些特別與關稅相關的舉措，以及這將如何影響美國的需求，這就是我們目前對全年指南的看法，好的，是的，這是今年正確的框架部分，我們確實知道，因為我們已經擴大了美國批發分銷。

So we've included more doors and that's been intentional and strategic to bring more consumers into the brand. It's also taking advantage of some of the growing awareness of the HOKA brand, so that's all been intentional. I think what we're waiting to see is as we get into later months this year, what does, price adjustments have on the consumer, what else is going on in the economy in the US.

因此，我們增加了更多門市，這是有意且有策略性的，旨在吸引更多消費者關注該品牌。它還利用了 HOKA 品牌日益增長的知名度，所以這一切都是有意為之。我認為，我們正在等待觀察的是，隨著今年稍後價格調整對消費者會產生什麼影響，美國經濟還會發生什麼變化。

So we think this is the demand pressures are largely related to the US, we still want to sort that out, again, in a normal environment we would see mid mid-team growth we think with HOKA, and then we'll see. It may be more or less than kind of what we're thinking in terms of what that pressure is on kind of on the consumer and all that's definitely jump in here.

因此，我們認為需求壓力很大程度上與美國有關，我們仍然希望解決這個問題，同樣，在正常環境下，我們會看到 HOKA 的中期增長，然後我們再看看。就消費者承受的壓力而言，它可能比我們想像的更多或更少，所有這些都肯定會影響到我們。

Yeah, what is very encouraging is that. Our biggest two updates, Bondi 9 and Clifton 10, are performing very well in the marketplace here in the US and internationally, across all channels. And we're about to introduce, one of our other Top 5 franchises, the EMEA, the motion Control Shoe.

是的，這非常令人鼓舞。我們最大的兩個更新，Bondi 9 和 Clifton 10，在美國和國際市場的所有管道上都表現非常出色。我們即將推出我們的另外五大特許經營產品之一，即 EMEA 地區的運動控製鞋。

And the read on the shoe so far, from people inside it is very strong. So, we're a strong pipeline of products, in, at the beginning of this year and the back half of the year. That should help continue the momentum.

到目前為止，業內人士對這款鞋的解讀非常強烈。因此，在今年年初和下半年，我們擁有強大的產品線。這將有助於保持這一勢頭。

And then I think Laurent, the second part of your question was around the Q1 guide and was that pre-tariff or post-tariff. So no, that is post-tariff. I think just to provide some perspective on that, recall, so tariffs are in place, so we are incurring a higher tariff in Q1.

然後我認為 Laurent，你問題的第二部分是關於 Q1 指南的，是關稅前還是關稅後。所以不，那是關稅後。我認為只是為了提供一些觀點，回想一下，關稅已經到位，所以我們在第一季會產生更高的關稅。

What Q1 does not include is any price increases, right? So, we're not able to mitigate any of the tariff impact that is included in that Q1 guide because that won't come until after Q1? So, what you're seeing in our Q1 guide is kind of as of today what we know from a tariff front does not include any of the mitigating factors of price adjustments or cost sharing with partners?

Q1 不包括任何價格上漲，對嗎？那麼，我們無法減輕第一季指南中包含的任何關稅影響，因為這要到第一季之後才會出現？那麼，您在我們的第一季指南中看到的內容是，截至今天，我們從關稅方面了解到的內容不包括任何價格調整或與合作夥伴分攤成本的緩解因素？

Very helpful. And then as a follow up, curious to know how much legacy product you have in the marketplace and when do you expect DTC to accelerate and then I think you mentioned that HOKA International was 30% last year, last fiscal year, fiscal '25 was 34%. Should we assume it goes to like something like 37% for fiscal '26? Is that the right framework?

非常有幫助。然後作為後續問題，我很好奇想知道您在市場上有多少傳統產品，以及您預計 DTC 何時會加速，然後我記得您提到過 HOKA International 去年的增長率為 30%，上一財年，25 財年的增長率為 34%。我們是否應該假設 26 財年的成長率達到 37% 左右？這是正確的框架嗎？

Yeah, again, so we're not giving specific numbers in terms of growth, but what we are encouraged by is the continued success that we're seeing on the international front. So again, we haven't given specific guided numbers on the full year, but we are very encouraged with the continued progress that we're making on the international front. And then I think there was one more part.

是的，我們不會給出具體的成長數字，但令我們感到鼓舞的是，我們在國際上取得了持續的成功。因此，我們還沒有給出全年的具體指導數字，但我們對在國際領域的持續進展感到非常鼓舞。然後我認為還有一個部分。

Yeah, the first part was just yeah how much legacy product do you have? I mean, just out there in the marketplace, like, do you think the marketplace is clean following the Bondi and Clifton transition upgrade cycle?

是的，第一部分就是您有多少遺留產品？我的意思是，就在市場上，你認為在邦迪和克利夫頓過渡升級週期之後市場是否乾淨？

Yeah, Bondi 8 are pretty much liquidating the marketplace. There's not a huge hangover of [cry and nines]. There may be some Arahi 7 in the marketplace, but, not huge positions.

是的，Bondi 8 基本上正在清算市場。沒有嚴重的宿醉[哭泣和九]。市場上可能有一些 Arahi 7，但數量並不多。

Okay, thank you very much and best of luck.

好的，非常感謝，祝你好運。

Thank you, Laurent.

謝謝你，洛朗。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Thank you very much. I have a couple here. One on the inventory, when we think about inventory at the end of Q1, are you going to be pulling forward, are you trying to pull forward stuff, on the risk of what could happen on July 9th, and I guess then again, yeah, on July 9th really, and how should we think about where inventory is going to be at the end of the of the end of the first quarter?

非常感謝。我這裡有一對。關於庫存，當我們考慮第一季末的庫存時，您是否會提前考慮，您是否會嘗試提前考慮 7 月 9 日可能發生的事情的風險，我想再說一次，是的，實際上是在 7 月 9 日，我們應該如何考慮第一季末的庫存情況？

Yeah, I think comparatively speaking to prior years you are going to see a bigger increase in inventory, a couple of reasons for that. One is, as you said, Sam, is, how we're taking a look at tariffs and bringing inventory in a little bit earlier in the US. The other call out I would say is that we are going through a DTC transition in Europe, so we've brought more inventory in early to mitigate any potential issues with that warehouse transfer.

是的，我認為與前幾年相比，庫存將有更大的增長，原因有幾個。一是，正如你所說，山姆，我們如何看待關稅並在美國提前引入庫存。我想說的另一個原因是，我們正在歐洲經歷 DTC 轉型，因此我們提前引入了更多庫存，以緩解倉庫轉移中的任何潛在問題。

So you're going to see inventory increasing intentionally more this year early on compared to last year as we navigate kind of those two events. But as our inventory is incredibly lean and tight and well managed.

因此，隨著我們應對這兩件事，你會看到今年的庫存比去年同期顯著增加。但由於我們的庫存極其精簡、緊張且管理良好。

And thanks. And then, secondly, can you talk a little bit, you talked about your wholesale expansion in the US or globally, but really in the US, can you talk about sort of how you're approaching that with HOKA and, what, the decision making factors in that, I think the more specifics would be great.

謝謝。其次，您能否稍微談談您在美國或全球的批發擴張情況，但實際上在美國，您能否談談您如何與 HOKA 合作，以及其中的決策因素是什麼，我認為越具體越好。

Yeah, the decision making factors are the same. Door productivity turns, we've grown revenues faster than door expansion in the US and internationally this past year, and that is still the plan for the foreseeable future.

是的，決策因素是一樣的。隨著門的生產效率的提高，去年我們的收入成長速度超過了美國和國際門業擴張的速度，而且這仍然是可預見的未來的計劃。

In terms of expansion, we are, we did the tests, we journeys which went well to try to attract the younger consumer. So, we'll be. Systematically and slowly expanding with them, we are adding a few more doors with some of our partners in sporting goods and in athletic specialty both here and internationally with the likes of Intersports for check, the JD group across different divisions, etc.

在擴張方面，我們進行了測試，我們的旅程進展順利，試圖吸引更年輕的消費者。所以，我們會的。與他們一起有系統地、緩慢地擴張，我們正在與一些體育用品和運動專業領域的合作夥伴在國內和國際上增加一些門市，例如 Intersports、JD 集團的不同部門等。

Thanks. And then lastly, are there any new model? Are you working on some new models that nobody's seen yet, maybe making silhouette changes or, offering new ideas from silhouette, and maybe less the lower max cushioning or mini max cushioning idea or anything like that in the offing?

謝謝。最後，有沒有什麼新模型？您是否正在研究一些尚未有人見過的新模型，也許會改變輪廓，或者從輪廓上提供新的想法，也許會減少較低的最大緩衝或最小最大緩衝的想法或類似的東西？

Oh, yes, we're a strong pipelines of products that are being, presented as we speak, for spring summer 26, including some lower profile, versions.

哦，是的，我們擁有強大的產品線，目前正在展示 26 年春夏系列產品，其中包括一些低調的版本。

A product that has performed well for us, especially a higher tiers of distribution is Mafate Speed light, that is resonating with consumers. Also, [Speedoat] to, again, small pairage in high-end, pinnacle energy distribution, is off to a great start. So, the team is, working, at, broadening our, palette.

我們推出的一款表現良好的產品，尤其是在更高層次的分銷中，就是 Mafate Speed light，它引起了消費者的共鳴。此外，[Speedoat] 再次以小型配對的形式在高端、巔峰能量分配方面取得了良好的開端。因此，團隊正在努力拓寬我們的調色板。

All right. Thank you very much.

好的。非常感謝。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Good. Thanks for taking my question.

好的。感謝您回答我的問題。

So a lot of questions on HOKA. Obviously, UGG outperformed your expectations pretty significantly in the fourth quarter. Just curious if you give more color on and by region, channel, and how you're thinking about UGG and fiscal '26?

關於 HOKA 有很多疑問。顯然，UGG 在第四季的表現相當超出了你的預期。我只是好奇您是否能按地區、管道提供更多細節，以及您對 UGG 和 26 財年的看法？

I get has the more salivation it's ever had, and, as I said previously, we no longer compete in the boot and slipper category. We're now also competing across different segments, pandal, sneakers, clogs, and, in very distinctive and ownable new segments, such as the slipper sneaker hybrids. We've had a lot of success, with, new products.

我得到的口水比以前更多了，而且，正如我之前所說，我們不再參加靴子和拖鞋類別的比賽。我們現在也在不同的領域競爭，包括涼鞋、運動鞋、木屐，以及非常獨特且可自主開發的新領域，例如拖鞋運動鞋混合鞋。我們在新產品方面取得了巨大成功。

Such as the Lowmel and some of the new sandals like the Golden Globe ride that we introduced this season really across the globe. Most interestingly, our men's business continues to outpace their women's business, so that's an area we'll continue to invest in. So, we feel very strongly about their brand this year and beyond.

例如 Lowmel 和一些新款涼鞋，例如我們本季在全球推出的 Golden Globe ride。最有趣的是，我們的男裝業務繼續超過女裝業務，因此我們將繼續在該領域進行投資。因此，我們對今年及以後的品牌有著非常強烈的信心。

And Jen, I think a good question. I think just to clear up because there was a lot of discussion in terms of perception of the UGG brand as we entered Q4 and now what you're seeing with the results is the strong performance of. It's an indication of how strong the demand is for.

Jen，我認為這是一個好問題。我想澄清一下，因為當我們進入第四季度時，人們對 UGG 品牌的看法有很多討論，而現在您所看到的結果就是 UGG 品牌的強勁表現。這顯示需求有多強勁。

I think as we've said for years now in terms of a scarcity model approach, there are going to be times where you're going to run lean on inventory, right? And that is what contributes to these high levels of gross margin that we've delivered.

我認為，正如我們多年來在稀缺模型方法方面所說的那樣，有時你會依靠庫存來維持運營，對嗎？這就是我們實現如此高毛利率的原因。

Another example again is what we just delivered in Q4. The demand for UGG remains incredibly strong. Just said, and that's across the globe. What we were able to do is bring in a little bit more inventory to expedite it in terms of the quarter that's what helped contribute to a stronger performance, but I think the point here is we're going to manage inventory, we manage the scarcity model, when we run low, it's helping.

另一個例子是我們剛剛在第四季度交付的產品。UGG 的需求依然異常強勁。剛才說了，這是全球性的。我們所能做的就是在本季度引入更多的庫存來加快速度，這有助於提高業績，但我認為這裡的重點是我們要管理庫存，管理稀缺模型，當庫存不足時，它會有所幫助。

Maintain high levels of gross margin and increased levels of profitability and so again another strong brand in a great performance in the fourth quarter and you know I think just a demonstration of how strong the demand continues for us. So good question. I appreciate you bringing it up.

維持高水準的毛利率和提高的獲利水平，因此，另一個強勢品牌在第四季度再次表現出色，我認為這只是證明了我們的需求持續強勁。這個問題問得真好。我很感謝你提出這個問題。

You bet. Just one more for me. How should we think about these new wholesale partner doors for HOKA, globally, both domestically and internationally, and, which doors do you think you have the biggest opportunity?

當然。對我來說再多一個就好了。我們應該如何看待 HOKA 在全球範圍內（包括國內和國際）的這些新批發合作夥伴？您認為哪些合作夥伴擁有最大的機會？

Which account to the biggest shop turn the end?

哪個帳號到最大的商店轉到底？

As I mentioned, it's really by channel, we have that's like specialty in sporting goods, both here and internationally, as I said, our, we're much more under penetrated than many of our competitors, and as our offer expands, we'll be able to offer different channels and different accounts a distinctive proposition.

正如我所提到的，這實際上是透過管道實現的，我們在國內和國際上都有體育用品的專長，正如我所說，我們的滲透率比許多競爭對手要低得多，隨著我們提供的產品範圍擴大，我們將能夠為不同的管道和不同的客戶提供獨特的主張。

So, we feel good about where we are. We feel good about, what our marketplace plans are across regions.

因此，我們對目前的狀況感到滿意。我們對跨地區的市場計劃感到滿意。

Got it, thank you.

知道了，謝謝。

Rick Patel, Raymond James Financial.

雷蒙德詹姆斯金融公司的里克帕特爾。

Thanks. Good afternoon. Question on HOKA being planned mid-teens before the escalation of tariffs. So is there something that you're seeing in the wholesale order book for this fall or the way that consumers are shopping that leads you to have a more conservative view with the near term plan up low double digits?

謝謝。午安.關於 HOKA 在關稅升級之前計劃進行中期改革的問題。那麼，您是否從今年秋季的批發訂單簿或消費者的購物方式中看到了什麼，從而導致您對短期計劃增長兩位數以下持更為保守的看法？

Yeah, I think, Rick, and I appreciate the question. As I said in the prepared remarks, our order books remain strong. We haven't seen any fallout at this point, but it's, we see things on a macro element shifting, right? And we see low levels of consumer sentiment.

是的，我認為，里克，我很感謝這個問題。正如我在準備好的發言中所說，我們的訂單依然強勁。目前我們還沒有看到任何後果，但是，我們看到宏觀因素正在發生變化，對嗎？我們發現消費者信心水準低迷。

Again, largely attributed to the US market. We're not seeing anything on the international front. The International front continues to be very strong. The orders that we're seeing in the US continue to be very strong. It's really just us being a little cautious in terms of what the consumer response may be in the fall. So, there aren't any indications yet, but we expect that there may be, and those are hard to predict.

再一次，這很大程度上歸功於美國市場。我們在國際上沒有看到任何動靜。國際戰線持續強勁。我們看到美國的訂單持續強勁。事實上，我們只是對秋季消費者的反應有點謹慎。因此，目前還沒有任何跡象，但我們預計可能會有，而且這些很難預測。

So again people will begin to see higher prices across many things that they're purchasing. We don't know what that fallout is on what purchasing intent is, so again we'll see again why we're not guiding to the full year yet, once we have more certainty and we can see how that impacts, the US consumer then we'll be in a better position to give some guidance on that.

因此，人們將再次發現他們購買的許多商品的價格上漲。我們不知道這對購買意向有何影響，因此，我們會再次看看為什麼我們還沒有對全年做出指導，一旦我們有了更多的確定性，我們就能看到這對美國消費者有何影響，那麼我們將能夠更好地對此提供一些指導。

And also I have a question on the go to market strategy for HOKA in the US. So it sounds like you're more willing to lean into the wholesale channel this year than you have in the past, maybe just some color on the thinking behind that and you know how we should think about the long term potential of the D2C channel, which I think historically has been a strategic priority for you.

另外，我還有一個關於 HOKA 在美國行銷策略的問題。因此聽起來您今年比過去更願意依賴批發管道，也許只是對此背後的想法有些了解，您知道我們應該如何看待 D2C 管道的長期潛力，我認為從歷史上看這一直是您的戰略重點。

Our long term aim is to have a 50/50 split between DTC and wholesale. Keep in mind that the DTC for us is by and large, e-commerce. We have a very small retail footprint in the US and internationally, a bit more in Asia, which will gradually expand as we find the right locations. So, we're leaning on our wholesale partners. And as I said, as the offer expands, we'll be able to segment the marketplace, offer differentiated propositions.

我們的長期目標是實現 DTC 和批發業務各佔 50%。請記住，對我們來說，DTC 基本上就是電子商務。我們在美國和國際上的零售業務規模很小，在亞洲稍大一些，隨著我們找到合適的地點，我們的零售業務將逐步擴大。因此，我們依賴我們的批發合作夥伴。正如我所說，隨著產品範圍的擴大，我們將能夠細分市場，提供差異化的產品。

And but we're very selective because you should be very selective. We have more asks then, what we grant in terms of, distribution. And, we've been speaking to a wide variety of potential partners, but we want to make sure we do it right, systematically and methodically, as we've done until now.

但是我們非常挑剔，因為你應該要非常挑剔。那麼，我們有更多的要求，即我們在分配方面給予什麼。而且，我們一直在與各種潛在合作夥伴進行洽談，但我們希望確保我們能夠正確、有系統、有條理地完成這項工作，就像我們迄今為止所做的那樣。

Yeah, and I think great, just one more thing on that because as you've heard us talk about it kind of in FY '25 and now FY '26, this is not a change in our strategy. This is us taking advantage of the opportunity presented to us with a growing awareness. Consumers looking for more places to find our product.

是的，我覺得這很好，關於這一點還有一件事，因為正如你在我們 2025 財年和現在的 2026 財年談論的那樣，這並不是我們策略的改變。這是我們利用不斷增強的意識來抓住眼前的機會。消費者正在尋找更多地方來找到我們的產品。

So working with the right strategic partners and wholesalers, this is an opportunity to get product in front of consumers who are searching our brand. Yes, we recognize that it puts a little bit of pressure in the near term on some of that. See comp data, but as I said in my prepared remarks, once we get beyond Q1, our expectation is you're going to see some improvements there.

因此，與合適的策略合作夥伴和批發商合作，這是一個將產品呈現在搜尋我們品牌的消費者面前的機會。是的，我們認識到這會在短期內給其中一些方面帶來一些壓力。查看比較數據，但正如我在準備好的演講中所說，一旦我們超越第一季度，我們預計你會看到一些改進。

I think the other call out and we're talking about it again in our prepared remarks, is with new model changeovers, one of the dynamics that we saw, since January is that customers wanted to go see, feel, and try on the product.

我認為另一個呼籲是，我們在準備好的演講中再次談論它，那就是新車型的轉換，自一月份以來我們看到的動態之一是客戶想要去看看、感受和試用產品。

And that helped contribute to the strong wholesale performance that we saw. So there was a willingness on the part of the consumer to go into a physical retail presence to find the shoe to try it on because these were significant upgrades to our models that put a little bit of pressure on DTC.

這有助於我們看到強勁的批發業績。因此，消費者願意去實體零售店尋找並試穿鞋子，因為這些都是我們模型的重大升級，給 DTC 帶來了一些壓力。

So again, yes, the numbers were a little bit lower than what you've seen historically, not a change in. Strategy we're confident that they're going to return. There are unique dynamics that happened between January and now that have affected the DTC comp growth. We're not concerned about that with these unique factors, our ability to continue to grow this, but we're going to feel some pressure as we've opened up these points of distribution. So that's some of the near-term pressure that you're seeing.

所以，是的，這些數字比歷史上看到的數字低一點，而不是變化。策略我們相信他們會回歸。從一月到現在，發生了一些獨特的動態，影響了 DTC 的複合成長。由於這些獨特的因素以及我們繼續發展的能力，我們並不擔心這一點，但隨著我們開放這些分銷點，我們會感受到一些壓力。這就是您所看到的一些近期壓力。

Really helpful. Thank you.

真的很有幫助。謝謝。

And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。