Deckers Outdoor Corp (DECK) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands first-quarter fiscal 2026 earnings conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

下午好，感謝您的支持。歡迎參加 Deckers Brands 2026 財政年度第一季財報電話會議。（操作員指示）我想提醒大家，本次電話會議正在錄音。

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

現在我將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

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

大家好，感謝大家今天加入我們。參加電話會議的有總裁兼執行長 Stefano Caroti 和財務長 Steve Fasching。

Before we begin, I would like to remind everyone of the company's Safe Harbor policy. Please note that certain statements made on this call are forward-looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒大家注意公司的安全港政策。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 as a result of changes to global trade policy and fluctuations in foreign currency exchange rates, 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, including in response to price increases; our ability to respond to the dynamic consumer environment our ability to achieve our financial outlook, including anticipated revenues, product mix, margins, expenses, inventory levels, promotional activity, anticipated rate of full price selling and earnings per share; and our capital allocation strategy, including the potential repurchase of shares.

今天電話會議上所作的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括關於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，包括全球貿易政策變化和外匯匯率波動、我們當前和長期戰略目標、我們品牌的表現和對我們產品的需求；來自我們的品牌、產品、營銷、市場和分銷策略的預期影響；產品開發計畫和產品發佈時間；消費者行為的變化，包括對價格上漲的反應；我們應對動態消費環境的能力；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 Factors 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 6-for-1 Board stock split during the second quarter of fiscal year 2025. The share per share and resulting financial amounts mentioned on this call have 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 6 比 1 的董事會股票分割。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. For example, 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。例如，該公司以固定匯率為基礎報告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。

Thank you, Erinn. Good afternoon and thank you all for joining today's call.

謝謝你，艾琳。下午好，感謝大家參加今天的電話會議。

Fiscal year 2026 is off to a solid start for Deckers. With HOKA and UGG, both outperforming the first quarter expectations, we set forth on our year-end call. In the first quarter, our brands gained market share while maintaining a high degree of full price integrity.

2026 財政年度對 Deckers 來說是一個很好的開始。由於 HOKA 和 UGG 的表現都超出第一季預期，我們開始了年終電話會議。第一季度，我們的品牌在保持高度全價誠信的同時獲得了市場份額。

HOKA delivered its largest quarter in its history, driving strong sell-throughs during this period of key model transitions. We continue to make disciplined and strategic investments in our brands and our teams tightly managed spend in other areas of the business to provide flexibility. This all led to Deckers delivering a great first-quarter results, highlighted by revenue growing 17% versus last year to $965 million and diluted earnings per share increasing 24% to $0.93.

HOKA 實現了其歷史上最大的季度業績，在關鍵車型轉型期間推動了強勁的銷售業績。我們繼續對我們的品牌進行嚴謹的策略性投資，我們的團隊嚴格管理其他業務領域的支出，以提供靈活性。這一切使得 Deckers 取得了出色的第一季業績，其中最突出的是營收較去年同期增長 17% 至 9.65 億美元，每股攤薄收益增長 24% 至 0.93 美元。

The strength of our business continues to be driven by the remarkable growth in our international markets with HOKA and UGG both contributing to Decker's 50% increase in international revenue, while navigating a choppy US consumer environment.

我們業務的強勁成長持續受到國際市場顯著成長的推動，HOKA 和 UGG 均對 Decker 的國際收入成長 50% 做出了貢獻，同時也應對了美國消費環境的波動。

Looking at the global marketplace, our first-quarter results demonstrate that HOKA and UGG remain two of the best-performing and most consumer-loved brands in our industry. We believe that Deckers' key differentiator is our ability to build premium brands focused on authenticity, innovation and purpose. Our sustained track record of delivering healthy and profitable growth in challenging environments gives us confidence in navigating current uncertainties, and we believe that our brands and teams will continue to achieve long-term success.

縱觀全球市場，我們的第一季業績表明，HOKA 和 UGG 仍然是我們行業中表現最佳、最受消費者喜愛的兩個品牌。我們相信，Deckers 的主要優勢在於我們有能力打造專注於真實性、創新性和目的性的高端品牌。我們在充滿挑戰的環境中持續實現健康和獲利成長的記錄使我們有信心應對當前的不確定性，並且我們相信我們的品牌和團隊將繼續取得長期成功。

Our brands continue to be guided by the principles of consumer-first, elevating our products to exceed the expectation of consumers in a more competitive environment; brand-led, leveraging our unique brand codes to deliver a consistent brand experience as we target share gains across categories, seasons, and product applications; innovation forward, challenging ourselves to create distinct styles with tangible consumer benefits; and globally driven, balancing our business across regions and channels.

我們的品牌繼續遵循消費者至上的原則，在競爭更加激烈的環境中不斷提升產品品質，超越消費者的期望；以品牌為主導，利用我們獨特的品牌代碼，提供一致的品牌體驗，力爭在各個類別、季節和產品應用領域獲得市場份額的增長；以創新為先導，挑戰自我，創造出具有切實消費者利益的獨特風格；

As we build for the future, we believe these principles supported by the strength of our fundamentals and operational discipline will help us lead, adapt, and grow in the rapidly evolving consumer landscape. Steve will provide further details on our first-quarter financial results and an update on fiscal year '26.

在我們建立未來的過程中，我們相信，這些原則加上我們堅實的基礎和營運紀律，將幫助我們在快速發展的消費者環境中引領、適應和成長。史蒂夫將提供有關我們第一季財務業績的更多詳細資訊以及 26 財年的最新情況。

First, however, I'll share more details on brand performance and how we plan to execute the remainder of this year. Starting with HOKA. Global revenue in the first quarter increased 20% versus last year to $653 million. HOKA performance came in ahead of our expectations, but the shape of the brand's revenue growth versus last year was aligned with what we had anticipated as global wholesale increased 30%, driven primarily by the strength of international regions, with the US also contributing to this growth.

不過，首先，我將分享更多有關品牌表現的細節，以及我們計劃如何執行今年剩餘的時間。從 HOKA 開始。第一季全球營收較去年同期成長 20%，達到 6.53 億美元。 HOKA業績超出了我們的預期，但該品牌的營收成長態勢與去年同期相比與我們的預期一致，因為全球批發成長了 30%，這主要得益於國際地區的強勁成長，其中美國也為這一成長做出了貢獻。

And DTC increased 3% globally with international regions maintaining their momentum, which was partially offset by ongoing pressure in the US online channel as previously forecasted. As you can see, the HOKA brand international business continues to drive exciting and broad-based growth across all regions in both DTC and wholesale.

全球 DTC 成長了 3%，國際地區保持了成長勢頭，但如先前預測的那樣，美國線上管道的持續壓力部分抵消了這一增長。如您所見，HOKA 品牌國際業務繼續在 DTC 和批發的所有地區推動令人興奮且廣泛的成長。

EMEA contributed the most meaningful incremental dollar growth as Europe recorded record quarterly wholesale reorders and DTC continued to be fueled by gains in consumer acquisition and retention. The APAC region is also delivering impressive growth, as HOKA further penetrates the market with mono-brand partner stores as well as own retail stores in China.

由於歐洲季度批發訂單量創歷史新高，而 DTC 繼續受到消費者獲取和保留增長的推動，EMEA 地區貢獻了最有意義的美元增量增長。隨著 HOKA 透過在中國設立單一品牌合作店和自有零售店進一步滲透市場，亞太地區也實現了令人矚目的成長。

In the US, HOKA performance was in line with our expectations. Marketplace dynamics are generally playing out as anticipated amid key franchise upgrades, resulting in the brand experiencing a similar quarter relative to the one prior. From a US wholesale perspective, performance continues to reflect our disciplined approach to marketplace management. HOKA is driving revenue growth from increased selling additional doors with key partners to satisfy greater in-store demand and reorders as sell-through in the channel continue to outpace revenue growth.

在美國，HOKA 的表現符合我們的預期。在主要特許經營權升級的背景下，市場動態總體上如預期般發展，導致該品牌經歷了與上一季類似的表現。從美國批發的角度來看，業績持續反映我們對市場管理的嚴謹態度。HOKA 透過增加與主要合作夥伴的銷售來推動收入成長，以滿足更大的店內需求，並且隨著通路銷售量繼續超過收入成長，重新訂購。

The HOKA brand's ongoing success with the wholesale channel highlights a continued shift in US consumer shopping preferences toward in-person retail experiences. Our observations indicate that while consumers search for deals online, brick-and-mortar stores remain the primary venue for full price sales, aligning with the feedback received from our retail partners. Our continued journey to thoughtull expand wholesale doors plays well into this marketplace dynamic, providing HOKA the opportunity to build share and strengthen partnerships with key customers.

HOKA 品牌在批發通路的持續成功凸顯了美國消費者購物偏好向實體零售體驗的持續轉變。我們的觀察表明，雖然消費者在網上搜尋優惠，但實體店仍然是全價銷售的主要場所，這與我們從零售合作夥伴那裡收到的反饋一致。我們不斷拓展批發業務的歷程很好地融入了這一市場動態，為 HOKA 提供了與關鍵客戶建立份額和加強合作夥伴關係的機會。

On a much smaller scale, we also continue to selectively expand our own retail locations in key cities around the world, as we seek to build direct relationship with consumers and offer experiences that showcase the full breadth of the HOKA brand's product offering. These strategies help HOKA gain visibility and solidify its position as the leading running brand in the US, although they create short-term pressure on DTC due to our limited retail presence and reliance on e-commerce. Over time, we expect our DTC business to benefit from the conversion of newly acquired consumers to loyal repeat purchases.

在較小規模上，我們也繼續有選擇地擴大我們在全球主要城市的零售店，因為我們尋求與消費者建立直接關係並提供展示 HOKA 品牌全部產品的體驗。這些策略有助於 HOKA 提高知名度並鞏固其作為美國領先跑步品牌的地位，儘管由於我們有限的零售業務和對電子商務的依賴，它們在短期內給 DTC 帶來了壓力。隨著時間的推移，我們預計我們的 DTC 業務將受益於新獲得的消費者向忠誠的重複購買者的轉變。

In addition to the channel dynamics affecting HOKA, we have proactively identified opportunities for improved execution in response to evolving US consumer trends. As a relatively young brand, HOKA remains committed to applying insights gained from our experiences to drive future growth and development.

除了影響 HOKA 的通路動態之外，我們還積極尋找改善執行的機會，以因應不斷變化的美國消費趨勢。作為一個相對年輕的品牌，HOKA 始終致力於運用從經驗中獲得的見解來推動未來的成長和發展。

Recognizing some of the execution challenges we faced over the last six months, we're implementing changes that include adjusting product life cycles to ensure a steady and balanced introduction of new products across key categories, time to coincide with major shopping periods, while providing greater separation between launch dates for our largest franchises. Tightening marketplace inventory targets our outgoing models ahead of product updates and enhancing our HOKA DTC loyalty program to more effectively differentiate the DTC experience.

認識到過去六個月我們面臨的一些執行挑戰，我們正在實施一些變革，包括調整產品生命週期，以確保在關鍵類別中穩定、平衡地推出新產品，與主要購物期相吻合，同時為我們最大的特許經營產品的發布日期提供更大的間隔。收緊市場庫存的目標是在產品更新之前淘汰我們的車型，並增強我們的 HOKA DTC 忠誠度計劃，以更有效地區分 DTC 體驗。

It will take time for the benefits of these actions to meaningfully impact our business, but we're confident that will ultimately improve the consumer experience and facilitate more seamless key franchise updates in the future.

這些措施的益處需要時間才能對我們的業務產生重大影響，但我們相信，最終將改善消費者體驗，並促進未來更無縫的關鍵特許經營更新。

With respect to our current franchise upgrades, the consumer signals we're seeing for Bondi, Clifton, and Arahi are quite positive. Bondi and Clifton are driving consistent and healthy sell-through in the global marketplace across channels and segments of distribution, evidenced by representing the top two running franchises in the US according to Circana, driving very strong reorders and representing the top sellers among acquired and retained customers in EMEA and doubling year-over-year volumes in China for the spring/summer '25 season.

就我們目前的特許經營升級而言，我們看到的 Bondi、Clifton 和 Arahi 的消費者訊號非常積極。Bondi 和 Clifton 在全球市場各個通路和分銷領域推動著持續健康的銷售，這體現在：根據 Circana 的數據，Bondi 和 Clifton 代表著美國排名前兩位的特許經營權，推動著非常強勁的重新訂購，代表著 EMEA 地區已獲得和保留的客戶中最暢銷的產品，並且 2025 年夏季增長了一倍的同春。

Building up the success of Clifton and Bondi, the Arahi 8 update has also been a success since launching at the beginning of this month. Early feedback in the US has been very positive on the improved fit and feel, with particularly strong initial selling in the run specialty channel and DTC.

繼 Clifton 和 Bondi 的成功之後，Arahi 8 更新自本月初推出以來也取得了成功。美國市場對於其改進的貼合度和穿著感受的早期反饋非常積極，在跑步專業管道和 DTC 的初期銷售尤其強勁。

EMEA has experienced double-digit weekly sell-throughs since launch, and China has seen significant volume gains on this model versus last year, performing well ahead of plan for the first two weeks of July. While still early, we're very pleased with initial results.

自推出以來，歐洲、中東和非洲地區的每週銷售量均達到兩位數，而與去年相比，中國市場的該款車型銷量也大幅增長，7 月前兩週的表現遠超計劃。雖然還處於早期階段，但我們對初步結果非常滿意。

The consumer is showing a strong affinity for the updates to the HOKA brand's three largest franchises. We continue to believe there is more work to be done to build the same heat in other franchises across our compelling product assortment. We believe the HOKA brand's point of differentiation to the consumer is its relentless focus on innovation that delivers transformational experiences.

消費者對 HOKA 品牌三大特許經營店的更新表現出強烈的喜愛。我們始終相信，我們還有很多工作要做，才能在我們引人注目的產品系列中的其他特許經營店中創造出同樣的熱度。我們相信，HOKA 品牌對消費者的差異化之處在於其堅持不懈地專注於提供變革性體驗的創新。

To continue delivering the level of innovation consumers have come to expect from HOKA, we've bolstered capabilities across design, innovation, color, and lifestyle, allowing for greater dedicated resources to enhance a broader range of styles. As a result, we're seeing tangible improvements to the product pipeline, which is reflected in the positive retailer response to our spring/summer '26 offering.

為了持續滿足消費者對 HOKA 的創新期望，我們增強了設計、創新、色彩和生活方式方面的能力，從而能夠投入更多的專用資源來增強更廣泛的風格。因此，我們看到產品線有了實際的改善，這反映在零售商對我們 26 年春夏產品的正面反應。

We also expect to significantly enhance our ability to segment the marketplace with greater product ammunition allowing us to fuel DTC acquisition through differentiation and expand wholesale doors in a controlled manner as we continue to build awareness and broaden demand for the HOKA brand.

我們也希望透過更豐富的產品彈藥來顯著增強我們細分市場的能力，使我們能夠透過差異化來推動 DTC 收購，並以可控的方式擴大批發門市，同時繼續提高 HOKA 品牌的知名度並擴大需求。

To that end, you may have seen that just a few weeks ago, HOKA launched its 2025 global brand campaign titled, Together, We Fly Higher. The campaign is centered around the power of community and the idea that individual progress is fueled by the collective. This is a principle HOKA has always embraced as we believe the HOKA community has really been the driving force behind building this transformational brand.

為此，您可能已經看到，就在幾週前，HOKA 推出了其 2025 年全球品牌活動，主題為「攜手同行，飛得更高」。活動的核心是社區的力量以及個人進步受到集體推動的理念。這是 HOKA 一直秉持的原則，因為我們相信 HOKA 社群確實是打造這個變革品牌的驅動力。

Together, We Fly Higher celebrates the unifying power of running highlighted in a new anthem film and an inspiring series of short films, the spotlight real stories of runners. We'll amplify this campaign across retail stores, connected TV, out-of-home, digital and pit social across HOKA affiliated social media platforms. Personally, I'm super excited about this campaign. I feel the brand has found its voice and this is the strongest HOKA campaign to date.

《我們一起飛得更高》透過一部新的主題電影和一系列鼓舞人心的短片來慶祝跑步的凝聚力，並聚焦跑步者的真實故事。我們將在零售店、連網電視、戶外、數位和 HOKA 附屬社群媒體平台上擴大這項活動的影響力。就我個人而言，我對這次活動感到非常興奮。我覺得該品牌已經找到了自己的聲音，這是迄今為止最強大的 HOKA 活動。

Overall, fiscal '26 is off to a very good start for HOKA. Our three largest franchises are performing strongly with consumers, and we're expanding the brand's global reach, introducing HOKA footwear to a broader customer base.

總體而言，2026 財年對於 HOKA 來說開局非常好。我們的三大特許經營店在消費者中表現強勁，我們正在擴大品牌的全球影響力，向更廣泛的客戶群推出 HOKA 鞋類。

Shifting to UGG. Global revenue in the first quarter increased 19% versus last year to $265 million. From a channel perspective, UGG outperformed wholesale, as wholesale increased 30% versus last year, with consistent growth across the US and international regions. And DTC decreased 1%, with similar regional dynamics relative to HOKA, where we're seeing pressure in the US related to consumer sentiment and in-store shopping preferences, offset by continued strong international growth momentum.

轉向 UGG。第一季全球營收較去年同期成長 19%，達到 2.65 億美元。從通路角度來看，UGG 的表現優於批發，批發量較去年同期成長了 30%，在美國和國際地區都實現了持續成長。DTC 下降了 1%，與 HOKA 的區域動態類似，我們看到美國消費者情緒和店內購物偏好帶來的壓力，但持續強勁的國際成長勢頭抵消了這種壓力。

The main drivers of our growth this quarter came from our focus areas. International drove the bulk of growth for UGG this quarter with demand in China contributing the largest year-over-year gains. Men's footwear grew at nearly twice the overall brand rate, and standalone sneaker styles drove most of the growth, reflecting the success of UGG's 365 initiative.

本季我們成長的主要動力來自於我們的重點領域。本季度，國際市場是 UGG 成長的主要推動力，其中中國的需求貢獻了最大的年成長。男鞋的增速幾乎是整體品牌增速的兩倍，獨立的運動鞋款式推動了大部分成長，反映了 UGG 365 計畫的成功。

Although Q1 is primarily a selling quarter for the brand, we're encouraged by the robust start in wholesale, a positive early indicator of consumer interest as partners look to accelerate shipments. UGG products continue to gain relevance during transitional periods reflecting the brand's ongoing success in developing collections that align with consumer preferences.

儘管第一季主要是該品牌的銷售季度，但批發業務的強勁開局令我們感到鼓舞，這是消費者興趣的積極早期指標，因為合作夥伴希望加快出貨速度。UGG 產品在過渡時期繼續受到關注，反映出該品牌在開發符合消費者偏好的系列產品方面不斷取得成功。

Furthermore, we're particularly optimistic about the consistency of what has been working in key regions around the world. Jet team has effectively implemented a brand-led global marketplace strategy, delivering elevated experiences through distinctive UGG products around the world. The UGG brand focused on telling fewer, more targeted stories to amplify launches is demonstrating measurable success.

此外，我們對全球主要地區有效措施的一致性特別樂觀。Jet 團隊有效地實施了以品牌為主導的全球市場策略，透過世界各地獨特的 UGG 產品提供提升的體驗。UGG 品牌專注於講述更少、更有針對性的故事來擴大新品發布，並取得了顯著的成功。

The consumer response to the PeakMod style is a perfect example of the team's efforts in driving positive results. The PeakMod is a completely human-specific clock that takes design queues from popular UGG styles. It initially soft launched in March on the heels of our first-ever men's focused spring marketing campaign, it was then featured as part of our seasonal icons Imagine marketing campaign.

消費者對 PeakMod 風格的反應是團隊為取得正面成果所付出的努力的完美例證。PeakMod 是一款完全針對人類的時鐘，其設計靈感源自於流行的 UGG 風格。它最初於 3 月軟推出，緊隨我們首次針對男士的春季行銷活動之後，隨後成為我們季節性標誌 Imagine 行銷活動的一部分。

This versatile style quickly became a male consumer favorite across the US, EMEA, and China, even earning placement in major fashion publications as their go-to-style for more and [more that tire]. We believe there are four key reasons for the success: infusing UGG brand codes into a versatile design, leveraging consumer insights early and frequently, continue to edit the assortment to allow for more focused seasonal stories, and pursuing a long-term strategy to acquire more male consumers.

這種百搭風格迅速成為美國、歐洲、中東和非洲地區以及中國男性消費者的最愛，甚至登上了各大時尚刊物，成為他們越來越青睞的風格。[比輪胎還多]我們認為成功的關鍵因素有四個：將 UGG 品牌代碼融入多功能設計中、儘早並頻繁地利用消費者洞察、繼續編輯產品系列以提供更有針對性的季節性故事、以及推行長期戰略以吸引更多男性消費者。

With respect to our 365 initiative, UGG achieved strong global growth within the sandal and stinker segments through the following: the Golden collection, which generated significant consumer interest, particularly in the new Goldenstar Glide and Villa styles that commanded higher retail prices compared to existing silhouettes.

就我們的 365 計畫而言，UGG 透過以下舉措在涼鞋和臭鞋領域實現了強勁的全球成長：Golden 系列引起了消費者的極大興趣，尤其是新款 Goldenstar Glide 和 Villa 款式，與現有款式相比，它們的零售價更高。

In the Low melt franchise, which effectively blends the distinctive UGG aesthetic and comfort with adaptable wearability. As we move into late summer and early fall, despite ongoing concerns affecting the US consumer sentiment, the UGG brand is strategically positioned within the global marketplace to achieve growth in the second half of calendar year '25.

在 Low melt 系列中，它有效地融合了獨特的 UGG 美感和舒適性以及適應性。隨著我們進入夏末秋初，儘管持續的擔憂影響著美國消費者的情緒，UGG 品牌仍然在全球市場上佔據戰略地位，預計在 2025 年下半年實現成長。

To provide more context, we have operated with lean marketplace inventory for the [TAS] franchise maintain scarcity ahead of its core selling season. In addition, UGG would be launching its iconic design campaign to build heat and generate buzz for versatile footwear in advance for UGG season with activation planned in key cities around the world.

為了提供更多背景信息，我們在 [TAS] 特許經營店的精簡市場庫存下運營，以在核心銷售季節之前保持稀缺性。此外，UGG 將啟動其標誌性設計活動，提前為 UGG 季節營造熱度並引發人們對多功能鞋類的關注，並計劃在全球主要城市開展活動。

UGG begins this transitional period with three key product stories, leveraging its iconic mustard seed colorway on key styles, including the Lowmell sneaker, UGGbraid Clog, and all new Classic Micro. Early feedback on all three styles is very positive, and we anticipate more exciting UGG launches this fall. The UGG team executed the first quarter very well, reinforcing our confidence in achieving another strong year for this powerful brand.

UGG 透過三個主要產品故事開始這段過渡時期，在主要款式上利用其標誌性的芥菜籽配色，包括 Lowmell 運動鞋、UGGbraid Clog 和全新的 Classic Micro。這三種款式的早期回饋都非常積極，我們期待今年秋季推出更多令人興奮的 UGG。UGG 團隊在第一季表現非常出色，增強了我們對這個強大品牌再創輝煌的信心。

With that, I'll now hand over to Steve to provide further details on our first-quarter results as well as our updated thoughts around fiscal year 2026.

現在，我將把時間交給史蒂夫，讓他提供有關我們第一季業績的更多詳細資訊以及我們對 2026 財年的最新想法。

Thanks, Stefano, and good afternoon, everyone.

謝謝，斯特凡諾，大家下午好。

Deckers again delivered another quarter of strong results that came in above our expectations for the first quarter. As Stefano outlined, both HOKA and UGG experienced significant growth in the quarter with the wholesale channel being the primary driver.

德克斯 (Deckers) 本季再次取得強勁業績，超出了我們對第一季度的預期。正如 Stefano 所概述的，HOKA 和 UGG 在本季度都經歷了顯著增長，批發管道是主要推動力。

For HOKA, sell-in was strong as sell-through in the wholesale channel was very healthy. In addition, international DTC delivered robust growth as we continue to build brand awareness and grow market share. For UGG, growth was also driven by the wholesale channel as the brand experienced success with versatile year-round styles, refilled depleted inventory levels, and started fulfilling fall order books.

對於 HOKA 來說，由於批發通路的銷售情況非常良好，因此銷售表現強勁。此外，隨著我們不斷建立品牌知名度和擴大市場份額，國際 DTC 也實現了強勁成長。對於 UGG 而言，批發通路也推動了成長，因為該品牌憑藉全年多樣化的款式獲得了成功，補充了耗盡的庫存水平，並開始履行秋季訂單。

While macroeconomic uncertainty continues, our teams are directly engaged to drive improvements across our business, identifying and implementing actions that are aligned with and have the ability to bolster our long-term strategic opportunities. We believe our disciplined operating model and strong financial framework positions us well to remain nimble and react appropriately to further changes in the dynamic consumer environment. We are excited about the tremendous growth opportunity ahead for both HOKA and UGG and we'll continue to build upon the rock-solid foundation we have set over the last few years.

儘管宏觀經濟的不確定性持續存在，但我們的團隊直接致力於推動整個業務的改進，確定並實施符合我們長期戰略機會並能夠增強我們長期戰略機會的行動。我們相信，我們嚴謹的營運模式和強大的財務框架使我們能夠保持靈活並對動態消費環境的進一步變化做出適當反應。我們對 HOKA 和 UGG 未來的巨大成長機會感到非常興奮，我們將繼續在過去幾年奠定的堅實基礎上再接再厲。

With that, let's get into the details of our first-quarter fiscal year 2026 results. Total company revenue was $965 million, up 17% versus the prior year. HOKA drove the majority of incremental dollar volume, adding $108 million of revenue versus last year to deliver record quarterly revenue of $653 million. UGG drove its largest June ended quarter in history, contributing an incremental $42 million to deliver $265 million of first-quarter revenue.

接下來，讓我們來詳細了解 2026 財年第一季的業績。公司總收入為 9.65 億美元，比上年增長 17%。HOKA 推動了大部分增量美元交易量，與去年相比增加了 1.08 億美元的收入，實現了創紀錄的 6.53 億美元的季度收入。UGG 創造了歷史上 6 月底季度的最高紀錄，貢獻了 4,200 萬美元的增量收入，使第一季收入達到 2.65 億美元。

Gross margin for the quarter was 55.8%, which is down 110 basis points from last year's 56.9%. As compared to last year, first-quarter gross margin was impacted by unfavorable channel mix with wholesale growing faster than DTC, increased promotion across UGG and HOKA as we anticipated and higher freight rates, with partial offsets from favorable product mix, and favorable foreign currency exchange rates.

本季毛利率為55.8%，較去年同期的56.9%下降110個基點。與去年相比，第一季毛利率受到不利的通路組合的影響，批發成長速度快於 DTC，UGG 和 HOKA 的促銷活動如我們預期的那樣增加，運費上漲，但有利的產品組合和有利的外匯匯率部分抵消了這一影響。

SG&A dollar spend in the first quarter was $373 million, which is up 11% from last year's $337 million. As a percentage of revenue, SG&A was 38.6% versus 40.9% in the prior year, with leverage driven by favorable timing of certain expenses and onetime benefits in the quarter. 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 includes higher marketing spend for HOKA and UGG, increased warehouse costs as we transitioned our EMEA third-party logistics provider, and greater rent expense resulting from select retail store expansion.

第一季銷售、一般及行政費用 (SG&A) 支出為 3.73 億美元，較去年同期的 3.37 億美元成長 11%。銷售、一般及行政費用佔收入的百分比為 38.6%，而去年同期為 40.9%，槓桿率受本季某些費用和一次性福利的有利時機推動。與去年相比，銷售、一般及行政費用的成長得益於對業務關鍵領域的投資，以支持我們的成長計劃，其中包括增加對 HOKA 和 UGG 的營銷支出、隨著我們轉型 EMEA 第三方物流供應商而增加的倉庫成本，以及由於精選零售店擴張而增加的租金支出。

Our tax rate was 24%, which was slightly higher than last year's 22.5% due to one-time discrete tax items. These results, coupled with a lower share count as the result of our share repurchase program and higher interest income, net of higher tax rate drove diluted earnings per share of $0.93 for the quarter, which compares to $0.75 in the prior year period, representing growth of 24%.

我們的稅率為24%，由於一次性單獨稅項，比去年的22.5%略高。這些結果，加上由於我們的股票回購計劃導致的股票數量減少和利息收入增加，扣除較高的稅率後，本季度每股攤薄收益為 0.93 美元，而去年同期為 0.75 美元，增長了 24%。

In terms of our first-quarter performance, relative to the high end of our guidance provided in May, revenue came in approximately $55 million above expectations, driven by approximately $25 million of earlier HOKA wholesale shipments, largely related to our international business as we transition certain warehousing operation for the EMEA region. Approximately $15 million of incremental wholesale reorders for HOKA related to strong sell-through and approximately $15 million of UGG wholesale shipments from an earlier shift into Q1 from planned in Q2.

就我們第一季的業績而言，相對於我們 5 月份提供的指導的高端，收入比預期高出約 5500 萬美元，這主要得益於之前 HOKA 批發出貨量的約 2500 萬美元，這主要與我們的國際業務有關，因為我們正在將某些倉儲業務轉向 EMEA 地區。由於銷售強勁，HOKA 的批發訂單增量約為 1500 萬美元，而 UGG 批發出貨量約為 1500 萬美元，這比原計劃在第二季度提前轉移到第一季。

Gross margin came in approximately 130 basis points better than expected, primarily due to product mix benefits and favorable foreign currency exchange rates. SG&A grew slower than we anticipated, primarily due to favorable timing of certain expenses and one-time items, including a larger benefit from FX remeasurement, all resulting in a diluted earnings per share coming in approximately $0.26 above guidance with better performance contributing approximately $0.15 of favorability and timing contributing approximately $0.11 of favorability.

毛利率比預期高出約 130 個基點，主要得益於產品組合優勢和有利的外匯匯率。銷售、一般及行政費用的成長速度低於我們的預期，主要是由於某些費用和一次性項目的時機有利，包括外匯重估帶來的更大收益，所有這些都導致每股攤薄收益比預期高出約 0.26 美元，其中更好的業績貢獻了約 0.15 美元的有利因素，時機貢獻了約 0.11 美元的有利因素。

We did not experience a material impact from tariffs in the first quarter because the majority of products sold was either already in inventory or shipped prior to tariffs taking effect.

我們在第一季沒有受到關稅的重大影響，因為銷售的大部分產品要么已經庫存，要么在關稅生效前已經發貨。

In addition, we implemented selective initial price increases, which went into effect on July 1 and provided no meaningful benefit in the quarter. As a reminder, we plan to phase in product price increases over the course of fiscal year 2026. So the associated margin benefit intended to partially offset tariff headwinds would not align precisely with the timing of tariff-driven increases in the cost of goods sold.

此外，我們實施了選擇性的初始價格上調，該措施於 7 月 1 日生效，但在本季度並未帶來任何顯著的效益。提醒一下，我們計劃在 2026 財年逐步提高產品價格。因此，旨在部分抵銷關稅不利因素的相關利潤收益與關稅導致的銷售成本上漲的時間並不完全一致。

Turning to our balance sheet. At June 30, 2025, we ended June with $1.7 billion of cash and equivalents. Inventory was $849 million, up 13% versus the same point in time last year, and we had no outstanding borrowings. During the first quarter, we repurchased approximately $183 million worth of shares at an average price per share of $109.84. As of June 30, 2025, the company had approximately $2.4 billion remaining under its stock repurchase authorization.

轉向我們的資產負債表。截至 2025 年 6 月 30 日，我們 6 月底的現金及等價物為 17 億美元。庫存為 8.49 億美元，比去年同期增長 13%，我們沒有未償還借款。第一季度，我們回購了價值約1.83億美元的股票，平均每股價格為109.84美元。截至2025年6月30日，公司剩餘的股票回購授權金額約為24億美元。

Now moving into our forward-looking update. Given the continued macroeconomic uncertainty related to the global trade policy and difficulty predicting impact on the consumer environment and purchasing behavior, we are not providing a formal outlook for fiscal year 2026.

現在進入我們的前瞻性更新。鑑於全球貿易政策相關的宏觀經濟不確定性持續存在，且難以預測對消費環境和購買行為的影響，我們不會提供 2026 財年的正式展望。

However, I want to reiterate the key themes of our business and framework for fiscal year 2026. As a reminder, our fiscal year 2026 framework includes the following: from a revenue perspective, we expect HOKA to continue as our fastest-growing brand, UGG continuing to grow, international to outpace US growth, and wholesale to outpace DTC in the near term.

不過，我想重申我們 2026 財年業務和框架的關鍵主題。提醒一下，我們的 2026 財年框架包括以下內容：從收入角度來看，我們預計 HOKA 將繼續成為我們成長最快的品牌，UGG 將繼續成長，國際成長將超過美國，批發成長將在短期內超過 DTC。

From a gross margin perspective, we expect a year-over-year decline from headwinds that include increased tariffs, higher levels of promotion, upgraded materials on key styles and higher ocean freight rates in the first half. We believe these headwinds can be partially offset by selective and staggered price increases in the US and partial cost sharing with factory partners.

從毛利率來看，我們預期上半年關稅上調、促銷力道加大、主打款式材料升等、海運費上漲等不利因素將導致毛利率年減。我們相信，這些不利因素可以透過美國選擇性和分階段漲價以及與工廠合作夥伴分攤部分成本來部分抵銷。

On the SG&A front, we will continue to tightly manage our expenses and drive efficiencies, but we may deliver a short-term increase in our SG&A expense ratio to revenue as we take advantage of our unique ability to invest in our brands for the longer term. Overall, this should lead us to a lower operating margin relative to our record 23.6% delivered in fiscal year 2025. With a normalized consumer environment, we believe we have the ability to deliver leverage in the coming years.

在銷售、一般及行政費用方面，我們將繼續嚴格管理我們的費用並提高效率，但隨著我們利用我們獨特的能力對品牌進行長期投資，我們的銷售、一般及行政費用與收入的比率可能會在短期內增加。總體而言，這將導致我們的營業利潤率低於 2025 財年創紀錄的 23.6%。隨著消費環境的正常化，我們相信我們有能力在未來幾年發揮槓桿作用。

On tariffs, we are still awaiting final details, but based on the recent updates, assuming Vietnam increases from 10% to 20%, we would expect to face a total of $185 million of unmitigated impact to our cost of goods sold in fiscal year 2026, up from our previously provided estimate of up to $150 million. As we said last quarter, we put in measures to recapture up to approximately $75 million and we'll continue to evaluate additional levers for potential further mitigation.

關於關稅，我們仍在等待最終細節，但根據最近的更新，假設越南的關稅從 10% 增加到 20%，我們預計 2026 財年我們的銷售成本將面臨總計 1.85 億美元的不可緩解影響，高於我們之前提供的高達 1.5 億美元的估計。正如我們上個季度所說，我們採取措施收回高達約 7500 萬美元的損失，並且我們將繼續評估其他手段以進一步緩解損失。

One of our mitigating levers is price adjustments. Since our last call, the majority of these have been communicated, and I would note that we have not seen any material changes to our order book resulting from these increases.

我們的緩解手段之一是價格調整。自上次電話會議以來，我們已傳達了大部分訊息，我想指出的是，我們並未看到這些增加導致我們的訂單發生任何重大變化。

Similar to our approach last quarter, as we continue to operate in a period of elevated macro uncertainty, we will be providing an outlook for the quarter ending September 30. For the second quarter of our fiscal year 2026, we expect revenue in the range of $1.38 billion to $1.42 billion, with HOKA increasing approximately 10% reflecting our earlier Q1 wholesale shipments and UGG increasing at least mid-single digits.

與上個季度的做法類似，由於我們繼續在宏觀不確定性較高的時期運營，我們將提供截至 9 月 30 日的季度展望。對於 2026 財年第二季度，我們預計營收將在 13.8 億美元至 14.2 億美元之間，其中 HOKA 成長約 10%，反映了我們之前第一季的批發出貨量，UGG 至少成長中等個位數。

Gross margin is expected to be in the range of 53.5% to 54%, which is down versus the prior year, primarily due to increased tariffs for goods shipped into the US, increased promotional activity as we lap exceptionally low levels in the prior year, and higher freight costs expensed relative to last year's low levels that we signaled would be not sustainable with partial offsets from our initial price increases that went into effect on July 1.

毛利率預計在 53.5% 至 54% 之間，較上年有所下降，主要原因是對運往美國的商品徵收關稅增加、我們在上年銷售額處於極低水平的情況下增加了促銷活動，以及相對於去年的低水平而言運費成本增加，我們曾表示，即使 7 月 1 日生效的初始提價能部分抵消這種影響。

SG&A is expected to be approximately 33.5% of revenue as we continue investing in brand building marketing and diluted earnings per share are expected to be in the range of $1.50 to $1.55 as compared to last year's $1.59.

由於我們繼續投資於品牌建設行銷，預計銷售、一般及行政費用將佔收入的約 33.5%，每股攤薄收益預計將在 1.50 美元至 1.55 美元之間，而去年為 1.59 美元。

Overall, the performance of our brands in the first quarter gives us further confidence in our ability to continue to grow these brands. We are operating from a position of strength as our in-demand brands resonate with consumers worldwide, and we remain driven by our long-term focus. Our top-tier levels of profitability, free cash flow, and debt-free balance sheet allow us to continue fueling the long-term opportunities ahead while maintaining an ability to adapt to evolving dynamics.

整體而言，我們品牌在第一季的表現讓我們對繼續發展這些品牌的能力更有信心。由於我們熱門品牌與全球消費者產生共鳴，我們擁有強大的營運實力，並且我們始終以長期目標為動力。我們頂級的獲利能力、自由現金流和無債務資產負債表使我們能夠繼續推動未來的長期機遇，同時保持適應不斷變化的動態的能力。

Thanks, everyone. I'll now hand the call back to Stefano for his final remarks.

謝謝大家。現在我將把電話交還給斯特凡諾，請他做最後的發言。

Thank you, Steve. As we've just covered, our brands are off to a solid start in fiscal '26. Both HOKA and UGG delivered growth above expectations for Q1 and above the full year growth rates we are targeting prior to tariff uncertainty. Of course, we're mindful that consumers are just beginning to feel the impact of higher prices. It will remain nimble to react to changes in the consumer environment, but we're encouraged by the current momentum of our brands.

謝謝你，史蒂夫。正如我們剛剛報導的那樣，我們的品牌在 26 財年取得了良好的開端。HOKA 和 UGG 第一季的成長均超出預期，並且高於我們在關稅不確定性之前設定的全年成長率目標。當然，我們注意到消費者才剛開始感受到價格上漲的影響。它將保持靈活，以應對消費環境的變化，但我們對品牌當前的發展勢頭感到鼓舞。

Though the vast majority of our year is still to come, our confidence in these brands remains high, given the performance of the momentum of the business as we see it today. The opportunities ahead are immense. HOKA and UGG continue to create distinctive products they uniquely resonate with consumers, and both have significant potential to gain market share in growing global segments.

儘管今年的大部分時間還未到來，但考慮到我們今天看到的業務發展勢頭，我們對這些品牌仍然充滿信心。未來的機會是巨大的。HOKA 和 UGG 不斷創造獨特的產品，以獨特的方式引起消費者的共鳴，並且都具有在不斷增長的全球市場中獲得份額的巨大潛力。

We continue to challenge ourselves to compete with our own success, building our innovation pipeline to fuel our powerful brands and stay ahead of the competition. As we continue navigating this period of uncertainty, we lead on our strong fundamentals to position our brands for long-term success.

我們不斷挑戰自我，憑藉自身的成功競爭，建立創新管道，為強大的品牌提供動力，保持競爭優勢。在我們繼續度過這個不確定時期的同時，我們憑藉著強大的基本面，為我們的品牌取得長期成功做好準備。

I want to thank our dedicated global team for their continued efforts to execute our strategy as we create the future for Deckers. Thank you all for joining us today, and thank you to our shareholders for your continued support.

我要感謝我們敬業的全球團隊，感謝他們在我們為 Deckers 創造未來的過程中不斷努力執行我們的策略。感謝大家今天的到來，也感謝股東們持續的支持。

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

說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions) Jay Sole, UBS.

（操作員指示）Jay Sole，瑞銀。

Can I ask about HOKA? Maybe to start off, Steve, if you could talk about the second-quarter guidance you gave for the company overall and HOKA was up 10%. Can you just talk about how you feel about the wholesale channel versus DTC channel? And then on the inventory, can you just tell us where it stands with the Bondi and Clifton 9, some of that -- the previous styles, do you think it's completely out of the channels for the most part at this point?

我可以問一下 HOKA 嗎？首先，史蒂夫，你能談談你對整個公司第二季的預期嗎？ HOKA 的股價上漲了 10%。您能談談您對批發管道和 DTC 管道的看法嗎？然後關於庫存，您能否告訴我們 Bondi 和 Clifton 9 的庫存情況，其中一些 - 以前的款式，您是否認為目前大部分款式已經完全脫離了渠道？

And then, Stefano, just on the innovation you mentioned, can you just talk about the pipeline a little bit, talk about some of the stuff that's coming later this year like in the market, maybe? What has you really excited about next year, calendar '26 that investors should be focused on?

然後，斯特凡諾，就您提到的創新而言，您能否稍微談一下管道，談談今年晚些時候將在市場上推出的一些東西？您對明年（26 年曆）真正感到興奮的是什麼，投資者應該關注哪些方面？

Got it. All right. Thanks, Jay. Yes, I think as we think about the 10% growth, we're taking into account clearly some of the international timing on the wholesale distributor orders that we fulfilled in Q1 that originally we thought might go in Q2. So when you adjust for that, we're still in that mid-teens for the first half of the year growth for the HOKA brand.

知道了。好的。謝謝，傑伊。是的，我認為當我們考慮 10% 的成長時，我們清楚地考慮到了我們在第一季度完成的批發分銷商訂單的一些國際時間安排，我們最初認為這些訂單可能會在第二季度完成。因此，當你對此進行調整時，HOKA 品牌上半年的成長速度仍處於十五六個百分點。

I think what you'll also see in Q2 is a little bit more balanced growth between the two channels. So still HOKA is growing a little bit faster, but you're going to see an improvement in the DTC performance. So that's how we're looking at it. I think what we've seen coming out kind of Q1 in a continued sequential improvement from April to May to June. So we were seeing improvements in our DTC performance.

我認為您還會在第二季度看到兩個管道之間的成長更加均衡。因此，HOKA 的成長速度仍然稍快一些，但你會看到 DTC 效能的提升。這就是我們看待它的方式。我認為，我們看到第一季的情況從 4 月到 5 月再到 6 月持續出現連續改善。因此，我們看到了 DTC 性能的改善。

So we're starting to clear some of that inventory, which will -- I think is one of your questions that we'll talk about. So improved performance, as we moved through Q1, which is giving us confidence. And then also as we look at growth, just managing some of that wholesale growth in Q2 and improving some of our DTC performance.

因此，我們開始清理部分庫存，我認為這是我們將要討論的問題之一。因此，隨著我們進入第一季度，業績有所改善，這給了我們信心。然後，當我們考慮成長時，只需管理第二季度的部分批發成長並改善我們的一些 DTC 業績。

And regarding the overhang of Bondi and Clifton, the market is largely clean of Bondi 8s and Clifton 9s. We do have a bit of inventory in Arahi 7, that is moving very fast out which is not impacting Arahi 8 that is performing very well against early days. We launched July 1, that the read from specialty, better sporting goods and DTC is very positive on Arahi 8. And Arahi 8, as I mentioned before, is our third largest franchise.

至於邦迪和克利夫頓的懸垂，市場上基本上沒有邦迪 8 和克利夫頓 9。我們的 Arahi 7 確實有一些庫存，這些庫存正在快速售出，但這不會影響 Arahi 8，因為 Arahi 8 早期表現非常好。我們於 7 月 1 日推出，專業、更好的運動用品和 DTC 對 Arahi 8 的評價非常正面。正如我之前提到的，Arahi 8 是我們第三大特許經營權。

In terms of product pipeline, I'm very, very encouraged by what is coming, especially next spring, but also in this fiscal year. We have a couple of products above $200 that we recently launched [Mahata] and Rocket X, that are performing well. Our second largest franchise is going to hit the market in August. We have strong bookings behind the style Mark X3 will also be launched in the back half of the year in addition to Skyward, laceless and transport high GTX GORE-TEX.

就產品線而言，我對即將推出的產品感到非常鼓舞，尤其是明年春季，以及本財年的產品。我們最近推出了幾款售價超過 200 美元的產品 [Mahata] 和 Rocket X，這些產品表現良好。我們的第二大特許經營店將於八月上市。我們對這款款式的預訂量很大，除了 Skyward、無鞋帶和高 GTX GORE-TEX 運輸款外，Mark X3 也將於今年下半年推出。

And early in the spring next year, we're upgrading our number four, five, and six franchise. MAX7, Gaviota and SpeedGoat are all being updated, and the bookings on these styles is strong. Very, very encouraged by what is coming down the pipe.

明年早春，我們將升級我們的第四、第五和第六家特許經營店。MAX7、Gaviota 和 SpeedGoat 都在更新，這些款式的預訂量很大。我對即將發生的事情感到非常非常鼓舞。

Yes. So I think, Jay, just kind of on the total inventory position, I think we're mindful of inventory. We're mindful of inventory in the channel. I think we are -- and I think it's demonstrated a little bit by the performance we saw throughout the quarter, improvements in the cleanup of some of that older inventory. We've seen that move out, which is better positioning us to move some of the newer inventory. And as Stefano highlighted, very excited about some of the oncoming models.

是的。所以我認為，傑伊，就總庫存狀況而言，我們會專注於庫存。我們關注渠道中的庫存。我認為我們確實如此——而且我認為我們整個季度的表現在一定程度上證明了這一點，部分舊庫存的清理工作有所改善。我們已經看到了這種轉變，這使我們能夠更好地轉移一些較新的庫存。正如斯特凡諾所強調的，我們對一些即將推出的車型感到非常興奮。

In addition, we haven't provided the outlook on this year. But I think what is encouraging is the start to our year. Now we recognize that that's not largely been impacted by the tariffs yet. But we are very encouraged with the better-than-expected performance start to the year that consumers are very engaged. And then with some of the surveys, and we talked about it in the prepared remarks, with how well our new models, especially within HOKA, are performing gives us more confidence on the year as we think about it.

此外，我們還沒有提供今年的展望。但我認為令人鼓舞的是我們的新年伊始。現在我們認識到這還沒有受到關稅的很大影響。但我們非常高興看到年初的業績好於預期，消費者的參與度很高。然後透過一些調查，我們在準備好的評論中談到了這一點，我們的新車型，特別是 HOKA 車型的良好表現，讓我們對今年更有信心。

And the unknown really again, still is just kind of more details on the tariffs and where do those land? And then potentially how do they impact the consumer. But I think as Q1 demonstrated, consumers are engaged in our brands and our brands are performing well around the world.

而真正的未知數仍然是有關關稅的更多細節以及這些關稅將落在哪裡？那麼它們可能會對消費者產生什麼影響呢？但我認為，正如第一季所表明的那樣，消費者對我們的品牌很感興趣，而且我們的品牌在全球表現良好。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

I wanted to follow up on Jay's question. I think, Steve, you mentioned that we should see balanced growth between wholesale and DTC for HOKA. So I just want to be sure that I understand that correctly. And within that, let's say, it's 10% for DTC, would you assume that there's a reacceleration in the US DTC business?

我想繼續回答傑伊的問題。史蒂夫，我認為你提到我們應該看到 HOKA 的批發和 DTC 之間實現平衡增長。所以我只是想確保我理解正確。假設 DTC 的成長率為 10%，您是否認為美國 DTC 業務會重新加速成長？

And then longer term on this DTC narrative, I think you ended last year in the fiscal year with 42 stores for HOKA, which I think only 5 were in the US. So how do we think about longer-term, Stefano, where you want this business to be on the DTC front in terms of store penetration globally?

從 DTC 敘事的長期來看，我認為去年財年結束時 HOKA 共有 42 家門市，其中只有 5 家在美國。那麼，Stefano，從長期來看，我們如何看待這項業務，從全球門市滲透率來看，您希望它在 DTC 領域處於什麼位置？

Yes, so I'll start on the first part, Laurent. In terms of, again, how we're thinking about HOKA growth in US, I think we -- as we experienced some challenges, and we talked about that again in the prepared remarks and some of the improvements that we can make through managing that. What we did see was a bit of a low point in April, as I said before, we've seen sequential improvement throughout Q1, which is encouraging for us as we enter Q2. It is what we expected.

是的，那麼我就從第一部分開始，Laurent。再次就我們如何看待 HOKA 在美國的發展而言，我認為我們——因為我們遇到了一些挑戰，我們在準備好的發言中再次談到了這一點，以及我們可以透過管理這些挑戰做出的一些改進。正如我之前所說，我們確實看到 4 月出現了一些低谷，但我們看到整個第一季都出現了連續的改善，這對我們進入第二季來說是令人鼓舞的。這正是我們所期望的。

So again, that's encouraging to see that we're seeing that level of improvement. And I think that's where we get to kind of that balanced approach.

所以，再次看到我們看到這種程度的改善是令人鼓舞的。我認為這就是我們採取的平衡方法。

Now from a geographic standpoint, the growth will still come largely from international because we still have a lot of opportunity to grow internationally. It's a smaller market, but we're seeing building brand awareness, which is resonating in our international markets. But with that, we will see and anticipate to see improvements in the domestic market, too.

現在從地理角度來看，成長仍然主要來自國際，因為我們仍有許多國際成長機會。雖然市場規模較小，但我們看到品牌知名度不斷提升，並在我們的國際市場上引起共鳴。但同時，我們也將看到並期待看到國內市場的改善。

So as we came off those April lows, we continue to expect to see kind of improvement. We saw that in May and June, and we'll look for that again as we move through Q2.

因此，當我們走出 4 月的低潮時，我們仍然期待看到某種程度的改善。我們在五月和六月看到了這一點，隨著我們進入第二季度，我們將再次尋找這一點。

Regarding retail, Laurent, we continue to be excited about the reset opportunity. We have a very small footprint, as you outlined, that we have 48 stores now on an operated and we have approximately twice as many partner stores across the globe. And they're all performing, they're all performing well.

關於零售，Laurent，我們繼續對重置機會感到興奮。正如您所概述的，我們的足跡非常小，現在我們經營著 48 家商店，並且在全球範圍內擁有大約兩倍的合作商店。他們的表現都很出色。

We have stores coming in Germany, in Berlin and thereafter, we're probably opening a store in Milan. We also have a new Global Head of Retail, Jessica Boer just joined us, and she will help lead the charge in retail.

我們在德國柏林開設了商店，之後我們可能會在米蘭開設一家商店。我們還有一位新的全球零售主管，Jessica Boer 剛加入我們，她將協助領導零售業務。

That's great to hear, Stefano. And then I think, Steve, you mentioned as a follow-up question here, you mentioned that your order books haven't really changed since the April 2 tariff announcement. I think last call, you mentioned that pre-April 2, the framework that you were thinking through was that there would be at least mid-teens growth for HOKA and at least mid-single growth for UGG.

很高興聽到這個消息，斯特凡諾。然後我想，史蒂夫，你在這裡提到的後續問題，你提到自 4 月 2 日關稅公告發布以來，你的訂單並沒有真正改變。我認為最後一次，您提到在 4 月 2 日之前，您所考慮的框架是 HOKA 至少會有十幾歲的中段增長，UGG 至少會有一歲半的中段增長。

Since the fact that order books haven't really changed, is that still the right framework to think about? And then what would you need to see to potentially reinstate guidance or at least provide formal guidance for this fiscal year?

由於訂單簿實際上並沒有改變，這仍然是值得思考的正確框架嗎？那麼，您需要看到什麼才能恢復指導或至少為本財政年度提供正式指導？

Yes. Good question. I appreciate that, Laurent. I think the framework still holds, I think, coming out of the performance of Q1 more confidence in the framework as we navigate kind of the uncertainty around tariffs. So I think, yes, largely, what we laid out at the beginning of the year in terms of how we're thinking about fiscal year '26 is still intact with more confidence.

是的。好問題。我很感激，洛朗。我認為該框架仍然有效，我認為，從第一季的表現來看，隨著我們應對關稅方面的不確定性，對該框架更有信心。所以我認為，是的，在很大程度上，我們在年初制定的關於 26 財年的計劃仍然完好無損，而且更有信心。

I think in terms of how we're looking at reinstating full year guidance, our intention is to get there. I think right now with uncertainty around the details of the tariffs, we're still looking for a greater level of clarity around those percentages applied to various countries.

我認為，就我們如何看待恢復全年指導而言，我們的目的是實現這一目標。我認為，由於目前關稅細節尚不明確，我們仍在尋求對適用於各國的關稅百分比有更清晰的了解。

And then also, I think what we're also looking at is as consumers begin to react to some of the tariffs that they will likely start to see in the second half, what consumer reaction is to that. So those are a couple of the elements that we're looking for. But again, encouraged by our Q1 performance, which is giving us increased confidence around our framework.

而且，我認為我們還在關注的是，隨著消費者開始對下半年可能開始看到的一些關稅做出反應，消費者對此有何反應。這些就是我們正在尋找的幾個元素。但同樣，我們第一季的業績讓我們對自己的框架更有信心。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

What a great start to the year. Congrats. Stefano, I wanted to talk a little bit more about the price increase strategy. It sounds like you are originally taking them on selective, but what percent of product kind of do you have expectations to increase prices in the fall season? Is it only on new launches? Is it also on some like-for-like product?

今年的開始真是太棒了。恭喜。斯蒂法諾，我想再多談談提價策略。聽起來您最初是選擇性地接受它們，但是您預計秋季有多少比例的產品會漲價？只適用新品發布嗎？它也適用於一些同類產品嗎？

And as we kind of go through the year, how are you thinking about broadly how much of the assortment you would put price increases on?

隨著這一年過去，您大致考慮要提高多少種商品的價格？

As we said before, Adrienne, we've been selective and staggered in our approach. We took some price increases in July. Some will take in the spring and the strategic. There are price points where -- and franchises where we can an increased price and price points, expections that we want to protect. So it varies across brands and across segments of the business. In terms of percentage, it's difficult to outline what percentage increases we have -- we've increased.

正如我們之前所說，艾德莉安，我們的做法是有選擇性的，而且是分階段的。我們在七月提高了一些價格。有些人將在春季採取策略行動。有一些價格點——以及特許經營權，我們可以提高價格和價格點，以及我們想要保護的預期。因此，不同品牌和不同業務部門的情況有所不同。就百分比而言，很難概括出我們的增幅是多少——我們已經增加了。

Yes, I'll just add a little bit on to that. So we looked at it and we kind of broke up the two seasons. So initially, when we were looking at the tariff of around $150 million, the $75 million was kind of based on a little -- getting a little bit from our suppliers and then staggering, as Stefano said, some of those price increases. So looking at not all products but certain products within the ball across all of our brands.

是的，我只想補充一點。因此我們對其進行了研究，並將兩個季節分開。因此，最初，當我們考慮約 1.5 億美元的關稅時，7500 萬美元是基於從我們的供應商那裡獲得的一點點東西，然後，正如斯特凡諾所說，其中一些價格上漲是驚人的。因此，我們不會查看所有產品，而是查看所有品牌中的某些產品。

You've seen some of those around $5 increases on some of that product. Then we've also looked at spring of next year. So looking at some price increases equivalent that's on some existing as well as some new models that will come in. We left room that we can continue to evaluate that. So in light of how tariffs land and where they're landing, we can revisit that as well.

您可能已經看到部分產品的價格上漲了約 5 美元。然後我們也展望了明年春天。因此，看看一些價格上漲，相當於一些現有的以及一些即將推出的新車型。我們留出了繼續評估的空間。因此，考慮到關稅如何實施以及在何處實施，我們也可以重新審視這一點。

So it's still ongoing, but we're fairly set at this point, and we'll see where tariffs land and then our ability to adjust any further.

所以它仍在進行中，但我們目前已經基本確定了，我們將看看關稅落在哪裡，然後看看我們是否有能力進一步調整。

Okay. Great. And then my follow-up is on the 2Q guidance or on the inventory, ending inventory, what percent of that growth is actually tariff-related cost increases? And I would assume that Q2 still has the pressure year on year from pushing through the price increases but not at a commensurate rate with the inventory that's coming through at higher cost. Is there a potentiality that in the back half of the year, you could see a gross margin return to expansion? So a flip of kind of those dynamics that you put more pricing through?

好的。偉大的。然後我的後續問題是，關於第二季的指導或庫存、期末庫存，其中成長的百分之多少實際上是與關稅相關的成本增加？我認為第二季仍將面臨同比價格上漲的壓力，但價格上漲的速度與成本上升帶來的庫存增加速度不成正比。今年下半年，毛利率有可能回升嗎？那麼，您是否對這些動態進行了翻轉，以便對價格進行更多調整？

Yes. I think the answer is no. We'll see more pressure in the back half on the margin, and that's going to largely be driven by the tariffs coming into effect. So as you recall, we started out the year where we said we are seeing some inflation on input costs. We're also using upgraded material costs. Overall, without tariffs, that was going to put pressure on our full year margin. Then with the tariffs, we're seeing kind of further pressure.

是的。我認為答案是否定的。我們將看到下半年利潤率面臨更大壓力，這主要是由於關稅生效所致。所以，正如你所記得的，我們在年初就說過，我們看到投入成本出現了一些通膨。我們也使用升級的材料成本。總體而言，如果沒有關稅，這將給我們的全年利潤帶來壓力。隨著關稅的實施，我們看到了進一步的壓力。

And again, in FY26, there's a dynamic where the tariffs are coming in before our price increases on a full year basis are able to offset that. So with some of the inflation that we're seeing and not fully adjusting prices to offset that, again, with upgraded materials, and the tariff impact, that is where we're looking at kind of lower year-on-year gross margins. Some of what you're seeing in the first half are related to that higher freight -- higher upgraded material input costs. What you're going to see in the second half a little bit in Q2 will then also be the differential of the tariffs. So the unmitigated offset a little bit by mitigation, but still unfavorable for fiscal year 2026.

再一次，在 26 財年，我們出現了一種動態情況，即關稅在我們全年價格上漲能夠抵消這一影響之前就已經到位了。因此，由於我們看到了一些通貨膨脹，並且沒有完全調整價格來抵消這種影響，再加上材料升級和關稅的影響，我們看到毛利率比去年同期有所下降。您在上半年看到的一些情況與更高的運費以及更高的升級材料投入成本有關。您將在第二季的下半年看到關稅的差異。因此，未緩解的影響會因緩解措施而得到一點抵消，但對 2026 財年來說仍然不利。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to follow up on HOKA. The discussion about bolstering some of the capabilities, driving better heat for other franchises and really making some of the launches more spread out and more seamless. Could you maybe just talk a little bit more about the insights in the business currently that are driving you to focus on those areas, especially in a fairly competitive running market?

我想跟進 HOKA。關於增強某些能力、為其他特許經營帶來更好的熱度以及真正使某些發布更加分散和更加無縫的討論。您能否再多談談目前業務方面的見解，這些見解促使您專注於這些領域，特別是在競爭相當激烈的跑步市場中？

Yes. To the capabilities, Jon, yes, we're adding capabilities in innovation, in design, in color and engineering. This is a very competitive landscape, especially with other players coming in. So we need to continue to lead. And to your point about a few learnings that there were few learnings recently.

是的。就能力而言，喬恩，是的，我們正在增加創新、設計、色彩和工程方面的能力。這是一個競爭非常激烈的市場，尤其是隨著其他參與者的加入。因此我們需要繼續發揮領導作用。關於您提到的一些學習內容，最近我學到了一些新東西。

We'll be spacing out key style launches further apart from each other, will be better in inflow with key commercial moments. We're tightening inventory of outgoing styles. And as the offer expands, we'll be able to create more segmentation for our channels and more differentiation for DTC.

我們將把主要風格的發布間隔得更長一些，以便在關鍵的商業時刻更好地流入。我們正在收緊即將離任的款式的庫存。隨著產品範圍的擴大，我們將能夠為我們的管道創建更多的細分，並為 DTC 創造更多的差異化。

Okay. That's helpful. And Steve, one separate question, if I could. Just thinking about the business ongoing. Is there a way to think about the minimum cash that you think you need to run the business? And just any insights on how the Board is viewing the buyback given the big authorization? And just how far your valuation has come in here?

好的。這很有幫助。史蒂夫，如果可以的話，我還有一個單獨的問題。只是考慮業務的進展。有沒有辦法考慮一下您認為經營業務所需的最低現金？鑑於如此大的授權，董事會對回購有何看法？那麼您的估值現在達到什麼程度了呢？

Yes. Thanks, Jon, for that. I think clearly, we're sitting on a very healthy cash position. And that has helped us and the Board consider kind of share repurchase opportunity, especially where we feel we're underappreciated for what we're delivering. And so I think what you've seen the past couple of quarters is we have stepped up.

是的。謝謝你，喬恩。我認為，我們的現金狀況顯然非常健康。這有助於我們和董事會考慮股票回購機會，特別是當我們覺得自己的貢獻沒有被充分重視的時候。所以我認為，過去幾季我們已經取得了進步。

Now with the increased authorization, we'll continue to look at that. But yes, again, where we feel we're putting up exceptional results, and it's not reflected in our stock price, we will take advantage of those opportunities.

現在授權已經增加，我們將繼續關注此事。但是的，再說一次，當我們覺得我們取得了非凡的業績，而這並沒有反映在我們的股價上時，我們就會利用這些機會。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Question on HOKA's international performance. Can you unpack the building blocks of growth that you saw in Q1 as we think about what was organic, what you might consider productivity versus new distribution? And how are you thinking about this growth driver as fiscal '26 moves forward?

關於 HOKA 國際表現的問題。當我們思考什麼是有機成長、什麼是生產力與新分銷時，您能否剖析一下您在第一季看到的成長基石？隨著 26 財年的推進，您如何看待這項成長動力？

Rick, this is Stefano. What is great for us internationally and domestically is that revenue growth is outpacing door expansion. And sell-through continues to help sell in. So yes, we're opening more doors with the likes of Intersport and the 40,000 and the JD Group and SportChek internationally. But our product is performing, and we are getting a record -- we received record reorders at once orders in Europe. Our China business is super strong. And as a result of this, we're seeing very healthy order books for the back half of this year and going to Spring/Summer '26.

瑞克，這是史蒂法諾。對我們而言，無論是在國際上或國內，最棒的是營收成長速度超過了門市擴張速度。且銷售量繼續有助於銷售。所以是的，我們正在與 Intersport、40,000、JD Group 和 SportChek 等國際公司合作，打開更多大門。但我們的產品表現不錯，並且創下了紀錄——我們在歐洲一次性收到了創紀錄的重新訂購訂單。我們的中國業務非常強勁。因此，我們看到今年下半年以及2026年春季和夏季的訂單非常健康。

And secondly, can you talk about the outlook for SG&A? I think you touched on timing having an impact on Q1 and seeing a short-term increase in the ratio just some additional details, there would be great. And if you're not guiding for the year, perhaps touch on the areas of spending that you have the most confidence in being able to control.

其次，您能談談銷售、一般及行政費用 (SG&A) 的前景嗎？我認為您提到了時間對第一季的影響，並且看到比率的短期增加，只需提供一些額外的細節，那就太好了。如果您沒有指導今年的支出，也許可以談談您最有信心能夠控制的支出領域。

Yes, Rick, this is Steve. I think as we think about SG&A and the margins that we're delivering, right, and recognition of increased competition, we have the advantage with a strong healthy balance sheet and strong levels of profitability to continue to invest in these brands. But we'll do it in a well-managed way. And I think that's something that we've demonstrated over the past.

是的，瑞克，這是史蒂夫。我認為，當我們考慮銷售、一般和行政費用以及我們提供的利潤率，以及對日益激烈的競爭的認識時，我們擁有強勁健康的資產負債表和強勁的盈利水平，可以繼續投資於這些品牌。但我們會以有序的方式完成此事。我認為這是我們過去已經證明的事情。

So as we talked about kind of on the last call, we will continue to invest to build brand awareness across the globe. That means that we're going to increase our investment in marketing efforts behind our brands to build global awareness. We've said we're investing more in global campaigns, but we're also investing more in localization content. As that resonates across communities across the world. And so those are important increases that we're making.

正如我們在上次電話會議上談到的那樣，我們將繼續投資以在全球範圍內建立品牌知名度。這意味著我們將加大對品牌行銷力度的投資，以提高全球知名度。我們說過我們會在全球活動上投入更多，但我們也會在在地化內容上投入更多。這引起了世界各地社區的共鳴。這些都是我們正在做出的重要增加。

In addition, as we build out offerings, especially on the HOKA brand, you're seeing continued investment in that brand from a brand capability but also from a commercialization capability across the globe. So you're going to see increases in those specific kind of branding and brand building efforts. I think from an enterprise, we continue to be very efficient.

此外，隨著我們不斷推出產品，尤其是 HOKA 品牌，您會看到我們不僅從品牌能力上持續投資，而且從全球商業化能力上也持續投資該品牌。因此，你會看到這些特定類型的品牌推廣和品牌建立力度增加。我認為從企業角度來說，我們仍然非常有效率。

We will continue to make investments that you're seeing in improving distribution and warehousing that's some of the changes that we're making in Europe that you're seeing this year. We're also committed to making investments in our IT efforts. But those will all be done in proportion to the growth of our business.

我們將繼續進行投資，以改善分銷和倉儲，這是我們今年在歐洲進行的一些變革。我們也致力於對 IT 工作進行投資。但這些都將按照我們業務的成長比例進行。

So you'll see some oversized investments in the brand and brand building capabilities across the globe, continuing to invest in infrastructure, in the enterprise functions that support that growth, but in a well-managed way.

因此，你會看到全球範圍內對品牌和品牌建立能力進行了一些超額投資，繼續以良好的管理方式投資於基礎設施和支持這種成長的企業功能。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

The first question I have is on -- can you delineate both HOKA and with UGG? How the stores perform, it's harder with HOKA, the less stores on a comp basis, but let's say, compound versus plan or versus your e-commerce business versus plan. So we can understand maybe get some color on that? People are sending big shopping stores more and seeing how that's impacting you guys, specifically.

我的第一個問題是——您能區分 HOKA 和 UGG 嗎？商店的表現如何，對於 HOKA 來說，這更難，相對而言，商店數量越少，但是，可以說，複合與計劃，或者與你的電子商務業務與計劃相比。那我們可以理解一下這方面的情況嗎？人們越來越多地向大型購物商店發送郵件，並觀察這對你們有何具體影響。

Yes. I think, Sam, just to kind of give general context because we've made reference, and I think you've heard others probably made some reference where they've seen consumers kind of in the past few months prefer an in-store experience. I think that's consistent with some of the trends that we've seen with some of our retail stores.

是的。山姆，我想，我們只是提供一般性的背景，因為我們已經提到過，而且我想你可能也聽過其他人也提到過，他們發現消費者在過去幾個月裡更喜歡店內體驗。我認為這與我們在一些零售店看到的一些趨勢一致。

Again, comparatively speaking to others, we have a much smaller retail footprint. So it doesn't necessarily move the needle as much for us as it does for others. But I think that is definitely a trend that we have seen, which also confirms a lot of the success that we've seen with our wholesale channel and what they've reported with kind of consumer in-store shopping experiences.

再次，與其他公司相比，我們的零售足跡要小得多。因此，它對我們產生的影響不一定像對其他人那麼大。但我認為這絕對是我們看到的趨勢，這也證實了我們在批發管道中看到的許多成功以及他們所報告的消費者店內購物體驗。

So yes, it is definitely something we've seen. But again, we've got a smaller retail footprint. So it doesn't move our DTC needle as much, but it is definitely a trend.

是的，這確實是我們所見過的事物。但我們的零售規模仍然較小。因此它不會對我們的 DTC 指標產生太大影響，但這絕對是一種趨勢。

Well, I understand it doesn't move the needle. I'm not asking if it does. I'm trying to get a number. So the question I have is your stores, let's say, with UGG, versus your total DTC was down 7%. What were the stores versus the total? And I know it's harder with HOKA because they are less stores, but I'd like to get some form of clarification on what that is, understanding that it's not material, but at least it is factual and would put more meat on the bone of the comments and of the comments you've made as well as the others, understanding it is not necessarily material.

嗯，我知道這沒什麼作用。我並不是問是否確實如此。我正在嘗試獲取一個號碼。所以我的問題是，您的商店，比如說，有 UGG，而您的總 DTC 下降了 7%。商店數量與總數相比是多少？我知道 HOKA 的情況比較困難，因為他們的商店較少，但我希望得到某種形式的澄清，了解這不是實質性的，但至少它是事實，並且會為評論以及您和其他人所發表的評論提供更多的實質內容，了解它不一定是實質性的。

Yes. I think the -- so clearly, the comp in a retail store was better than what we saw online. And we haven't broken that out. But again, I think if you're point...

是的。我認為——很明顯，零售店的業績比我們在網路上看到的要好。我們還沒有徹底解決這個問題。但再說一次，我認為如果你的觀點是…

To what (inaudible) 150 basis points, can you please give us something here? Really think it's important.

對於（聽不清楚）150 個基點，您能告訴我們一些資訊嗎？確實認為這很重要。

Yes. I don't know, Sam, that we want to go kind of down the path of breaking out that level of detail.

是的。山姆，我不知道我們是否想進一步深入探討這個細節層面。

(inaudible) performed better than e-commerce, significantly. In the concerns you have about the gross margin, you talked about the headwinds from the tariffs and so on and so forth. Two questions there. One, with the Clifton and the Bondi, where you raised price. I know it was on July 1, but have you seen any the Bondi -- have you seen any change in rate of sales since you raised those prices to its short time?

（聽不清楚）的表現明顯優於電子商務。在談到您對毛利率的擔憂時，您談到了關稅帶來的阻力等等。有兩個問題。一是克利夫頓和邦迪，你們提高了價格。我知道是在 7 月 1 日，但你有沒有看到邦迪——自從你在短時間內提高價格以來，你有沒有看到銷售率有任何變化？

And two, in your discussion about gross margin going back going forward, what is your expectation for promotional activity in that because you did get promotional on the Bondi A at the end of last year, but that should be an offset this year theoretically?

第二，在您討論未來毛利率回升時，您對促銷活動的預期是什麼，因為您去年年底確實在 Bondi A 上進行了促銷，但理論上這應該會抵消今年的促銷活動？

Let me answer the first part of the question. Since we increased prices on July 1, we haven't seen any material decline in performance for the products that we have raised prices on.

讓我來回答問題的第一部分。自7月1日我們提高價格以來，我們尚未發現已提高價格的產品的業績有任何實質性的下降。

And then on the promotion assumption, Sam, I think the way we're looking at it is we always assume a level of normal promotion right now. Is with some of the improvements that we saw in Q1, we did see an increase in promotion this year versus last year. We anticipate for the rest of this year that we'll see increased levels of promotion this year versus last year.

然後關於晉升假設，山姆，我認為我們看待這個問題的方式是，我們現在總是假設一個正常的晉升水平。由於我們在第一季看到了一些改進，因此與去年相比，今年的促銷活動確實有所增加。我們預計今年剩餘時間的促銷活動將比去年增加。

Again, we're not giving the full year guidance, but that's kind of the perspective of how we're looking at it. Q2 embedded in our guidance is an increased level of promotion. I think we'll see, again, how that plays out. I would just remind everyone that last year was exceptional in terms of the level of full price selling that we delivered.

再次強調，我們不會給予全年的指導，但這是我們看待這個問題的觀點。我們的指導中嵌入了 Q2 的提升水準。我想我們會再次看到事情會如何發展。我只是想提醒大家，去年我們實現的全價銷售水準非常出色。

And so we're not expecting to deliver that same level of full price selling than we did last year, but we'll aim to try to get as close as possibly, that we can. So again, we'll see how it plays out. Our assumption always embeds a level of more normalized promotion and then we'll see how things play out. And as they play out like Q1, we may see some upside.

因此，我們並不期望實現與去年相同的全價銷售水平，但我們會盡力接近這一水平。所以，我們再看看結果如何。我們的假設總是包含一定程度的更規範化的推廣，然後我們會看到事情如何發展。隨著它們像第一季那樣發展，我們可能會看到一些好處。

John Kernan with TD Cowen.

TD Cowen 的 John Kernan。

Steve, maybe just within the framework of US and international. US was down 3%, International 50% in Q1. How should we be thinking about that within Q2? I understand you don't give specific guidance, but just some guardrails on that?

史蒂夫，也許只是在美國和國際的框架內。第一季度，美國下降了 3%，國際下降了 50%。我們該如何考慮第二季內的問題？我知道您沒有給出具體的指導，但只是給了一些指導？

And then a follow-up is just HOKA DTC within your forecasting. How should we think about the reinflection of HOKA within the direct-to-consumer channel globally?

然後接下來的就是您預測範圍內的 HOKA DTC。我們該如何看待 HOKA 在全球直銷管道中的重新轉型？

Yes, sure. So in terms of, first, the international versus US. So with the slower growth, there will be some improvement, so Q2 compared to Q1. International, the growth won't be as robust as what you saw in Q1. Again, some of that was timing that we called out with the warehouse moves. And a little bit of improvement on the domestic side. So we're looking for incremental improvement in Q2, but still the bulk of the growth will come from the international perspective.

是的，當然。因此，首先就國際與美國而言。因此，隨著成長放緩，第二季與第一季相比會有一些改善。國際上，成長不會像第一季那麼強勁。再次強調，其中一些是我們在倉庫搬遷時所要求的時間。國內方面也有一些改善。因此，我們期待第二季度逐步改善，但大部分成長仍將來自國際視角。

And then your question on DTC growth, just -- sorry, could you repeat the question on --

然後你關於 DTC 成長的問題，只是——抱歉，你能重複一下--

Yes, sure. Within HOKA DTC, how should we be thinking about the inflection, particularly in US for HOKA DTC? It sounds like you exited the quarter at a stronger rate. Some of the data we've seen shows improved traffic trends. So just curious how you're thinking about HOKA DTC specifically within the US.

是的，當然。在 HOKA DTC 中，我們該如何考慮這種變化，特別是在美國的 HOKA DTC？聽起來您以更強勁的速度退出了本季。我們看到的一些數據顯示交通趨勢有所改善。我很好奇您對 HOKA DTC 有何看法，特別是美國國內的 HOKA DTC。

Yes. I think we saw slightly better improvement at the end of Q1. So we're encouraged with that. Again, I think it's incremental, right, as we continue to look at Q2. So as we saw in Q1, may incrementally built on April, June incrementally built on May. And as we're thinking about Q2, it's a build on Q1. We're not looking for anything dramatically different.

是的。我認為我們在第一季末看到了略微好轉的跡象。所以我們對此感到鼓舞。再說一次，我認為這是漸進的，對的，因為我們繼續關注第二季。因此，正如我們在第一季看到的那樣，5 月在 4 月的基礎上逐步擴大，6 月在 5 月的基礎上逐步擴大。當我們考慮第二季度時，它是在第一季的基礎上建構的。我們並不尋求任何截然不同的東西。

We're looking kind of for continued incremental improvement because remember, we're still managing some wholesale expansion. So we know that that will be pressured in the near term, but it's more about the incremental improvement.

我們正在尋求持續的漸進式改進，因為請記住，我們仍在管理一些批發擴張。因此，我們知道短期內這將面臨壓力，但更重要的是逐步改善。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。