Deckers Outdoor Corp (DECK) 2026 Q2 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to the Deckers Brands' second-quarter fiscal 2026 earnings conference call.

午安.感謝您的支持。歡迎參加 Deckers Brands 2026 財年第二季財報電話會議。

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

（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 conference call over to Ms. Erinn Kohler, VP, Investor Relations & Corporate Planning. Please go ahead, ma'am.

現在，我將把電話會議交給投資者關係和企業規劃副總裁 Erinn Kohler 女士。請繼續，女士。

Hello. Thank you, everyone, for joining us today.

你好。感謝大家今天加入我們。

On the call is Stefano Caroti, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer.

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》所規定的免責安全港規定。

All statements made on this call today, other than statements of historical fact, are forward-looking statements and includes statements regarding: our ability to respond to the dynamic macroeconomic environment and the impacts on our business and operating results, including as a result of changes to global trade policy, tariffs, pricing actions and mitigation strategies, and fluctuations in foreign currency exchange rates; our current and long-term strategic objectives, including continued international expansion, the performance of our brands and demands 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 acquire new consumers and gain share in a 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，包括有關以下方面的陳述：我們應對動態宏觀經濟環境的能力以及這些環境對我們的業務和經營業績的影響，包括全球貿易政策、關稅、定價行動和緩解策略的變化以及外匯匯率波動的影響；我們當前和長期的戰略目標，包括持續的國際和我們對我們的需求的影響品牌的預期影響、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，包括對價格上漲的反應；我們在動態消費者環境中獲得新消費者和增加市場份額的能力；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；

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了管理層目前的預期，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。

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 through 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。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開展的業務的可比較直接面向消費者的銷售額。

The company believes that these non-GAAP financial measures are important indicators of its operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results.

該公司認為，這些非公認會計準則財務指標是其經營績效的重要指標，因為它們排除了與其核心經營績效無關且可能無法反映其核心經營績效的項目。

Please review our earnings release published today for additional information regarding our non-GAAP financial measures.

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，我將把發言權交給斯特凡諾。

Thank you, Erinn. Good afternoon, everyone. Thank you for joining today's call.

謝謝你，艾琳。大家下午好。感謝您參加今天的電話會議。

Deckers delivered outstanding second-quarter results, ahead of our expectations on both the top and the bottom line. Specifically, in the second quarter as compared to last year, we drove revenue growth of 9% and a 14% increase in diluted earnings per share. These results closed out a solid first half for Deckers's fiscal year 2026, with highlights that include total company revenue growing by 12%, HOKA revenue increasing by 15%, UGG revenue rising 12%, and diluted earnings per share growing by 17%.

Deckers 的第二季業績表現出色，營收和利潤都超乎我們的預期。具體而言，與去年同期相比，第二季我們的營收成長了 9%，每股攤薄收益成長了 14%。這些業績為 Deckers 2026 財年的上半年畫上了堅實的句號，其中的亮點包括公司總收入增長 12%，HOKA 收入增長 15%，UGG 收入增長 12%，每股攤薄收益增長 17%。

In the first half, our international regions remained the driving force behind UGG and HOKA revenue growth, increasing 38% versus last year. Year-over-year gains were led by the wholesale channel, in part, from earlier shipment timing; while DTC also delivered strong growth for the first half.

上半年，國際地區仍是 UGG 和 HOKA 收入成長的驅動力，較去年同期成長 38%。年比成長主要由批發通路帶動，部分原因是出貨時間提前；而 DTC 在上半年也實現了強勁成長。

We continue to see progress from our brand-building marketing investments in these regions, helping grow HOKA awareness and expand UGG (inaudible) share with consumers around the world. I could not be more pleased with how our teams are executing our strategy in connecting consumers who are increasingly looking to HOKA and UGG for innovation and newness.

我們在這些地區的品牌建立行銷投資不斷取得進展，有助於提高 HOKA 的知名度並擴大 UGG（聽不清楚）在全球消費者中的份額。我對我們的團隊如何執行我們的策略感到非常滿意，我們的策略旨在連接越來越多尋求 HOKA 和 UGG 創新和新穎性的消費者。

In the US, consumer sentiment is still under pressure but we're encouraged by the size of progress we have seen in our business and have maintained our focus to ensure HOKA and UGG remain positioned for long-term success. The US marketplace remains dynamic, with recent consumer trends indicating a heightened preference for multi-brand shopping experiences.

在美國，消費者情緒仍然面臨壓力，但我們對業務的進展感到鼓舞，並將繼續專注於確保 HOKA 和 UGG 保持長期成功的地位。美國市場依然充滿活力，最近的消費者趨勢顯示他們對多品牌購物體驗的偏好有所增強。

We believe UGG and HOKA are prepared to acquire new consumers and gain share in this environment with consumers wherever they wish to interact with our brands, as with strong brand partnerships with premium wholesalers, which help elevate our brands. UGG resonates with consumers with high-quality, distinctive products that provide a unique [tactile] experience. HOKA sees the highest consumer adoption when people can try its unique blend of technologies, geometries, and materials, firsthand, on their feet.

我們相信，UGG 和 HOKA 已準備好在這種環境下吸引新消費者，並在消費者希望與我們的品牌互動的任何地方獲得市場份額，同時與優質批發商建立強大的品牌合作夥伴關係，這有助於提升我們的品牌。UGG 憑藉其高品質、獨特的產品和獨特的觸覺體驗贏得了消費者的共鳴。當人們能夠親身體驗 HOKA 獨特的技術、幾何形狀和材料組合時，其消費者的接受度最高。

We view this as a strategic opportunity to continue expanding our consumer base across both brands, while maintaining this relationship through our direct-to-consumer business. This approach supports our long-term objective of achieving a balance of 50% between direct-to-consumer and wholesale channels.

我們將此視為一個策略機遇，可以繼續擴大兩個品牌的消費者基礎，同時透過直接面向消費者的業務來維持這種關係。這種方法支持我們實現直接面向消費者和批發管道之間 50% 平衡的長期目標。

As we enter our historically largest fiscal quarter, our brand and global marketplace teams are focused on delivering profitable growth in building UGG and HOKA for sustainable value creation. I'm confident that our solid foundation, sound financial discipline, and nimble operations will serve us well to continue executing against our long-term strategic objectives.

隨著我們進入史上最大的財政季度，我們的品牌和全球市場團隊專注於實現獲利成長，打造 UGG 和 HOKA，實現永續價值創造。我相信，我們堅實的基礎、健全的財務紀律和靈活的營運將幫助我們繼續實現我們的長期策略目標。

Steve will provide additional details on our second-quarter financial results and an update on our latest fiscal year 2026 projections later in the call. Prior to that, I will share further details on first-half brand performance, as well as the forward direction we see for HOKA and UGG.

史蒂夫將在電話會議的稍後部分提供有關我們第二季度財務業績的更多詳細資訊以及我們最新的 2026 財年預測的更新。在此之前，我將分享更多有關上半年品牌表現的細節，以及我們對 HOKA 和 UGG 未來發展方向的展望。

Starting with HOKA, Global HOKA revenue in the first half increased by 15% versus last year. Performance was driven by consumer (inaudible) updates to the brand's three largest road-running franchises: the Clifton, Bondi, and Arahi; as well as exciting updates in the trail category, with the expansion and evolution of the Mafate franchise.

從HOKA開始，上半年全球HOKA收入比去年成長了15%。業績的成長得益於消費者對該品牌三大公路跑步特許經營權（Clifton、Bondi 和 Arahi）的更新；以及越野跑類別中令人興奮的更新，包括 Mafate 特許經營權的擴展和發展。

Bondi, Clifton, and Arahi have continued to deliver strong growth and impressive (inaudible) rates for the brand, as consumers embrace the significant enhancements implemented by our product team. The success of these top franchises helped HOKA gain market share.

由於消費者對我們產品團隊實施的重大改進的接受度較高，Bondi、Clifton 和 Arahi 繼續為品牌帶來強勁增長和令人印象深刻的（聽不清楚）成長率。這些頂級特許經營店的成功幫助 HOKA 獲得了市場份額。

According to Circana, HOKA gained 2 points of market share in the overall US road-running category for the past rolling-12 months, ended September 25; and also outpaced the competition in Europe as one of the fastest-growing road-running brands across Italy, France, and Germany for the first half of 2025.

根據 Circana 的數據，截至 9 月 25 日的過去 12 個月中，HOKA 在美國整體路跑類別中的市佔率增加了 2 個百分點；並且在 2025 年上半年，HOKA 也超越了歐洲的競爭對手，成為義大利、法國和德國成長最快的路跑品牌之一。

Beyond the success of top franchises, the HOKA team is making great progress developing product families deeply rooted in the brand's origins. We're leveraging a multilayered approach to build recognizable icons that resonate across multiple categories and use cases, including dimensions of peak performance, everyday performance use, and versatile active lifestyle. The Mafate, HOKA's original shoe is the latest example of how we are aligning our products within these key dimensions.

除了頂級特許經營的成功之外，HOKA 團隊在開發深深植根於品牌起源的產品系列方面也取得了巨大進展。我們正在利用多層次的方法來建立可識別的圖標，這些圖標可以在多個類別和用例中產生共鳴，包括峰值效能、日常效能使用和多功能積極生活方式的維度。HOKA 的原創鞋款 Mafate 是我們如何根據這些關鍵維度調整產品的最新例證。

Mafate X was created to deliver peak performance through maximum cushioning and carbon plate propulsion for agile long-haul efforts on the trail. Mafate 5 was upgraded to adapt to all types of trail terrain, with premium performance cushioning and traction. The Mafate Speed 2 has been reintroduced from the archive with an updated aesthetic to achieve a contemporary, active lifestyle look. This product family has already contributed meaningful growth during the first half of the year and now accounts for a larger share of total brand revenue, supported by targeted marketing initiatives that have strengthened consumer awareness, visibility, and alignment with HOKA's brand heritage.

Mafate X 的設計旨在透過最大程度的緩衝和碳板推進來實現最佳性能，從而實現長途跋涉的敏捷努力。Mafate 5 經過升級，可適應所有類型的越野地形，具有卓越的緩衝性能和牽引力。Mafate Speed 2 從檔案中重新推出，具有更新的美學設計，以實現現代、積極的生活方式外觀。該產品系列在今年上半年已經實現了顯著的成長，目前在品牌總收入中所佔份額更大，這得益於有針對性的營銷舉措，這些舉措增強了消費者的認知度、知名度以及與 HOKA 品牌傳統的契合度。

We've previously discussed the importance of the UTMB World Series finals in Chamonix, France, where HOKA is a title sponsor. The event includes seven races attracting top trail runners from around the globe and nearly 100,000 spectators. HOKA reinforced its leadership in UTMB. It was the top brand in overall shoe share, as well as among top 5 finishers, including first place finishes for HOKA athletes, Jim Walmsley, Francesco Puppi, and Martyna Mlynarczyk.

我們之前討論過法國霞慕尼 UTMB 世界大賽決賽的重要性，HOKA 是該賽事的冠名贊助商。本次賽事包括七場比賽，吸引了來自世界各地的頂級越野跑運動員和近10萬名觀眾。HOKA 鞏固了在 UTMB 中的領導地位。它是整體鞋類市場份額最高的品牌，同時也是前五大品牌之一，包括獲得第一名的 HOKA 運動員 Jim Walmsley、Francesco Puppi 和 Martyna Mlynarczyk。

Our marketing initiatives for the HOKA brand are designed to establish coherent product narratives to foster consumer engagement and encourage adoption across our portfolio. We're seeing traction with our approach to building product families that are supported by marketing investments. This approach will, over time, allow us to further segment and differentiate the marketplace.

我們針對 HOKA 品牌的行銷措施旨在建立連貫的產品敘述，以促進消費者參與並鼓勵他們採用我們的產品組合。我們看到，透過行銷投資來支持產品系列的建構方法正在取得進展。隨著時間的推移，這種方法將使我們能夠進一步細分和區分市場。

You will soon see this product strategy evolution comes to life through the Mach franchise, where we recently introduced the X3 Peak performer in the lineup; and in Spring '26, we'll be launching the Mach 7 and Mach Remastered for everyday road running and active lifestyle, respectively.

您很快就會看到這項產品策略演變透過 Mach 系列變為現實，我們最近在該系列中推出了 X3 Peak 表演者；2026 年春季，我們將分別推出適合日常公路跑步和積極生活方式的 Mach 7 和 Mach Remastered。

From a regional standpoint, HOKA performance in the first half was driven by the strength of our international business, where the brand continues to grow awareness and gain market share. We tailor our strategy for each region, taking into account the unique stages of brand distribution and awareness while staying attuned to evolving consumer preferences.

從區域角度來看，HOKA 上半年的業績得益於我們國際業務的強勁增長，該品牌在國際業務中的知名度不斷提高，市場份額不斷擴大。我們針對每個地區制定策略，考慮到品牌分銷和知名度的獨特階段，同時關注不斷變化的消費者偏好。

What remains consistent is our focus to maintain high levels of full-price selling as we continue to expand our presence within the premium and elevated marketplace. We're very pleased with HOKA brand's results across the board.

我們始終如一的重點是維持高水準的全價銷售，同時繼續擴大我們在高端和高端市場的影響力。我們對 HOKA 品牌的全面表現感到非常滿意。

HOKA has seen constantly strong gains across all international regions throughout the first half, with notable incremental revenue contributions from EMEA and China.

上半年，HOKA 在所有國際地區均取得了強勁成長，其中歐洲、中東和非洲地區以及中國地區的收入貢獻顯著增加。

In the EMEA region, HOKA is driving impressive results across all countries and segments of distribution, including market share gains and robust reorders with our specialty partners, as we continue to drive double-digit growth: best-in-class sell-through with our key sporting good partners; significant percentage gains with athletic and lifestyle specialty accounts, where we are just beginning to build our business; and broad-based strength in our DTC channel across Germany, France, Italy, and the UK, with our first German store opening in Berlin and a pop-up retail experience in Chamonix for UTMB.

在 EMEA 地區，HOKA 在所有國家和分銷領域都取得了令人矚目的成績，包括市場份額的增長和專業合作夥伴的強勁重新訂購，我們繼續實現兩位數的增長：與我們的主要體育用品合作夥伴實現了一流的銷售；運動和生活方式專業帳戶的百分比增長顯著，而我們的業務才剛剛開始；我們在德國、法國、金融和英國的 DTC 新渠道在德國開業，並在德國新門市開業；開設了快閃零售體驗。

In China, the HOKA brand's premium positioning and product innovation continue to drive resilient consumer demand. Highlights include new store openings in key cities that are attracting strong consumer interest; substantial growth in loyalty membership, with particularly strong gains with females and younger consumers; industry-leading full-price selling and sell-through rates for wholesale exceeding the goals set for monobrand partner locations.

在中國，HOKA 品牌的高端定位和產品創新持續推動強勁的消費者需求。亮點包括在主要城市開設的新店，吸引了強烈的消費者興趣；忠誠會員數量大幅增長，尤其是女性和年輕消費者的增長尤為強勁；行業領先的全價銷售和批發銷售率超過了單一品牌合作夥伴店設定的目標。

As we navigate a dynamic US marketplace, HOKA continues to gain market share in the athletic footwear category. We remain dedicated to controlling distribution and driving a pull model of demand.

隨著我們進入充滿活力的美國市場，HOKA 在運動鞋類別的市佔率不斷擴大。我們仍然致力於控制分銷和推動需求拉動模式。

There are a number of positive signals for the HOKA Brand's US business. They give us great confidence in the vast opportunities ahead for this brand, with wholesale sell-through increasing double digits in the first half; DTC delivering a sequential improvement from Q1 to Q2, maintaining a high-quality full-price business; a strong Spring/Summer '26 season order book; and positive feedback from retailers on our Fall '26 product line.

HOKA 品牌的美國業務出現了許多正面訊號。它們讓我們對該品牌未來的巨大機會充滿信心，上半年批發銷售額實現了兩位數增長；DTC 從第一季到第二季度實現了連續改善，保持了高品質的全價業務；26 年春夏季訂單強勁；零售商對我們 26 年秋季產品線的積極反饋。

HOKA is a disruptive and transformational brand with the ability to further capture billions of incremental global market share dollars. Across both domestic and international markets, we'll continue to uphold our disciplined approach to marketplace management by building our DTC business and carefully exploring potential expansion into attractive wholesale channels and partnerships.

HOKA 是一個顛覆性和變革性的品牌，有能力進一步奪取數十億美元的全球市場份額。在國內和國際市場，我們將繼續堅持嚴謹的市場管理方法，建立我們的 DTC 業務，並仔細探索向有吸引力的批發管道和合作夥伴關係擴展的潛在機會。

We are committed to building sustainable growth for HOKA and are confident in the strategy we're executing to achieve this goal. As we enter the second half of fiscal '26, our priorities are driving healthy sell-through and gaining market share; leveraging our enhanced DTC loyalty program to drive consumer engagement, preparing the marketplace for Spring '26 updates to Gaviota, Mach, and Speed (inaudible) franchises; and investing in marketing to build global HOKA awareness.

我們致力於為 HOKA 實現永續成長，並對我們為實現這一目標而實施的策略充滿信心。隨著我們進入 26 財年下半年，我們的首要任務是推動健康的銷售和獲得市場份額；利用我們增強的 DTC 忠誠度計劃來推動消費者參與，為 Gaviota、Mach 和 Speed（聽不清）特許經營權的 26 年春季更新做好市場準備；並投資營銷以建立全球 HOKA 知名度。

Moving on to the UGG brand, global UGG revenue in the first half increased by 12% versus last year. The UGG brand's first-half performance stayed consistent, fueled by our key brand initiatives. Top-performing styles remained in line with our 365 focus. Men's footwear achieved growth at twice the rate of the overall brand. International regions accounted for the lion's share of our growth.

就UGG品牌而言，上半年全球UGG營收較去年同期成長了12%。由於我們的主要品牌舉措，UGG 品牌上半年的業績保持穩定。表現最佳的風格與我們 365 度的焦點保持一致。男鞋的成長率是整個品牌的兩倍。國際地區佔了我們成長的最大份額。

We are especially encouraged by the consumer response to newer products and expanded franchises aligned to our men's and 365 initiatives, including the male franchise, which across sneaker, Chukka, and Chelsea silhouette has more than doubled versus last year in the first half; the classic Micro, our most versatile derivative to the original classic boot, debuting as the top 5 style across DTC and wholesale; and, also, the Zora ballet flat, an unmistakable UGG version of [tiny] silhouette that is significantly outperforming our expectations in its first month since launch.

我們特別感到鼓舞的是消費者對新產品和擴大的特許經營權的反響，這些產品和特許經營權與我們的男裝和 365 計劃相一致，其中包括男裝特許經營權，其運動鞋、Chukka 和 Chelsea 輪廓比去年上半年增長了一倍多；經典的 Micro 是我們最百搭的原創經典產品，還有一個原始的 DTC 就成為 DTC 就開始。芭蕾平底鞋，這是一款獨特的 UGG 版 [tiny] 輪廓，自推出以來的第一個月就大大超出了我們的預期。

While these products have driven positive sell-throughs, I would note that wholesale sell-in was the driver for total UGG brand performance in the first half, which includes benefits from earlier shipments that were carefully curated in alignment with our marketplace management strategy. These shipments have provided greater opportunities for consumers to discover UGG at wholesale points of distribution which we believe, in combination with the shift to consumer shopping habits, has put pressure on our DTC business, near term.

雖然這些產品推動了積極的銷售，但我要指出的是，批發銷售才是上半年 UGG 品牌整體業績的驅動力，其中包括根據我們的市場管理策略精心策劃的早期發貨帶來的收益。這些貨物為消費者在批發分銷點發現 UGG 提供了更多機會，我們認為，再加上消費者購物習慣的轉變，短期內會給我們的 DTC 業務帶來壓力。

From a regional perspective, as anticipated, international markets are leading our growth but we've seen a very strong order book conversion across all regions. The consumer response to our Fall '25 collection has been very consistent globally, with consumers gravitating towards fresh seasonal colors and transitional newness, such as the classic Micro, (inaudible), PeakMod, and Zora ballet flat. This quarter, these style saw gains as consumer preferred versatile buy-now, wear-now items.

從區域角度來看，正如預期的那樣，國際市場正在引領我們的成長，但我們看到所有地區的訂單轉換都非常強勁。全球消費者對我們 25 年秋季系列的反應非常一致，他們傾向於新鮮的季節色彩和過渡性新品，例如經典的 Micro、（聽不清楚）、PeakMod 和 Zora 芭蕾平底鞋。本季度，由於消費者更青睞多功能的即買即穿商品，這些款式的銷量有所成長。

As we prepare to ignite UGG season, our teams have created cohesive brand stories with our iconic style and iconic design global marketing campaigns, aiming to generate excitement and drive consumer engagement.

在我們準備迎接 UGG 季節之際，我們的團隊透過標誌性風格和標誌性設計的全球行銷活動創造了具有凝聚力的品牌故事，旨在激發興奮並推動消費者參與。

In August, UGG's Iconic from the First Step campaign, featuring Stefon Diggs; Sarah Jessica Parker; and Founder, Brian Smith (inaudible) to celebrate the brand's legacy. In September, UGG served as the official signing partner for Highsnobiety's New York Fashion Week opening ceremony party, aimed at building fashion credibility with influential males. At the beginning of this month, to celebrate Paris Fashion Week, UGG took over the atrium of Galeries Lafayette to create a curated icons pop-up store. And, tomorrow, UGG will launch an aspirational product collaboration with renowned Japanese fashion label, SACAI. These brand activations help UGG brand generate momentum with consumers while, at the same time, maintaining cultural relevance.

8 月份，UGG 的「Iconic from the First Step」活動邀請了 Stefon Diggs、Sarah Jessica Parker 和創辦人 Brian Smith（聽不清）來慶祝品牌的輝煌歷史。9月，UGG成為Highsnobiety紐約時裝週開幕式派對的官方簽約合作夥伴，旨在與有影響力的男性建立時尚信譽。本月初，為慶祝巴黎時裝週，UGG 進駐老佛爺百貨中庭，打造了精選標誌快閃店。並且，明天，UGG 將與日本知名時尚品牌 SACAI 推出一款令人嚮往的產品合作。這些品牌活化活動有助於 UGG 品牌在消費者中產生動力，同時保持文化相關性。

Our team will continue to build upon the compelling content we've created to elevate the brand and amplify key seasonal product stories. I'm confident that the global marketplace is well positioned for UGG season.

我們的團隊將繼續以我們創建的引人注目的內容為基礎，提升品牌並擴大關鍵的季節性產品故事。我相信全球市場已經為 UGG 季做好了充分準備。

Thanks, everyone. I'll now pass it off to Steve to discuss our second-quarter financial results and provide an update on fiscal year 2026.

謝謝大家。現在我將交給史蒂夫討論我們的第二季度財務業績並提供 2026 財年的最新情況。

Thanks, Stefano. Good afternoon, everyone.

謝謝，斯特凡諾。大家下午好。

We are extremely proud of the results achieved in the second quarter and first half of our fiscal year 2026.

我們對2026財年第二季和上半年的業績感到非常自豪。

For the second quarter, HOKA delivered more balanced growth across wholesale and DTC, led by the strength of international; and included sequential improvement in US DTC compared to the prior quarter, as we continue expanding the brand's presence to gain global awareness and market share.

第二季度，HOKA 在批發和 DTC 方面實現了更均衡的成長，這主要得益於國際市場的強勁成長；與上一季相比，美國 DTC 也實現了連續改善，因為我們繼續擴大品牌影響力，以獲得全球知名度和市場份額。

The UGG brand drove robust wholesale growth, also led by the strength of international as we prepare the global marketplace for the brand's peak season.

隨著我們為品牌旺季的全球市場做好準備，UGG 品牌的批發業務也取得了強勁成長，這也得益於國際市場的強勁成長。

Our disciplined approach, flexible operating model, and strong balance sheet continue to position us favorably in a dynamic marketplace, as we head into the second half of our fiscal year 2026. We remain energized by the opportunities ahead for HOKA and UGG and look forward to further progress towards our long-term vision for these consumer-loved brands.

隨著我們進入 2026 財年下半年，我們嚴謹的方法、靈活的營運模式和強勁的資產負債表將繼續使我們在充滿活力的市場中佔據有利地位。我們對 HOKA 和 UGG 未來的機會充滿信心，並期待在這些深受消費者喜愛的品牌的長期願景方面取得進一步進展。

Now, let's get into the details of our second-quarter results.

現在，讓我們來了解一下第二季的業績詳情。

Second-quarter fiscal year 2026 revenue came in at $1.43 billion, representing an increase of 9% versus the prior year. Performance in the quarter was driven by HOKA and UGG, which increased 11% and 10% versus last year, respectively, with small offset primarily from winding down standalone operations of smaller brands.

2026 財年第二季營收為 14.3 億美元，較上年成長 9%。本季度業績主要由 HOKA 和 UGG 推動，與去年相比分別增長了 11% 和 10%，但主要由於小品牌獨立運營的逐步結束而產生了小幅抵消。

For HOKA, wholesale remained the primary driver of growth, increasing 13% in the quarter as the brand continues to experience and healthy sell-through with innovative and compelling products that are resonating with consumers. HOKA DTC grew 8% versus last year, as international momentum carried through from the previous quarter. We saw improvements in the US business, as anticipated.

對於 HOKA 而言，批發仍然是成長的主要動力，本季批發額成長了 13%，因為該品牌繼續憑藉引起消費者共鳴的創新和引人注目的產品實現健康的銷售。HOKA DTC 較去年同期成長 8%，國際化勢頭延續了上一季的動能。正如預期的那樣，我們看到美國業務有所改善。

For UGG, growth was driven by wholesale increasing 17% in the quarter, which was partially offset by a 10% decline in DTC. Wholesale strength was driven by strong demand from our retail partners, including earlier demand, as well as European shipments that were pulled forward related to our upcoming third-party warehouse transition. UGG DTC was softer than anticipated, as we have continued to experience pressures from better in-stock positions with our wholesale partners due to increased allocations delivered earlier in the year in an effort to match the demand that has continued to build in recent years; a more challenging macroeconomic environment for the US consumers, with shifts in consumer preference toward multi-brand, in-store shopping experiences. Additionally, we believe these factors will continue to have an impact on UGG growth in the second half.

對於 UGG 而言，成長主要得益於本季批發銷售額成長 17%，但直銷銷售額下降 10% 部分抵銷了這一成長。批發業務的強勁成長得益於我們零售合作夥伴的強勁需求，包括早期的需求，以及與我們即將進行的第三方倉庫轉型相關的提前發貨。UGG DTC 的表現弱於預期，因為我們繼續感受到來自批發合作夥伴庫存狀況改善的壓力，因為為了滿足近年來持續增長的需求，今年早些時候增加了分配量；美國消費者面臨的宏觀經濟環境更具挑戰性，消費者偏好轉向多品牌、店內購物體驗。此外，我們相信這些因素將繼續對下半年的 UGG 成長產生影響。

Gross margin for the second quarter was 56.2%, up 30 basis points from last year's 55.9%. Second-quarter gross margins compared to last year benefited from price increases, favorable product mix, favorable foreign currency exchange rates, and factory cost sharing, with partial offsets from incremental tariffs on US goods and channel mix headwinds.

第二季毛利率為56.2%，較去年同期的55.9%上升30個基點。與去年同期相比，第二季的毛利率受益於價格上漲、有利的產品組合、有利的外匯匯率以及工廠成本分攤，但美國商品的增量關稅和通路組合逆風部分抵銷了這一影響。

As a result of our price increases being implemented at the beginning of July, in combination with actions to bring additional inventory in ahead of increased tariff rates being implemented, we saw a slight delay in the net headwind of tariffs and did not experience a meaningful negative impact in the second quarter compared to the prior year result. However, this is unique to the second quarter. Our expectation of net tariff headwinds in the back half of fiscal year remain largely unchanged.

由於我們在 7 月初實施了價格上漲，並結合在實施提高關稅稅率之前採取的增加庫存的行動，我們看到關稅淨逆風略有延遲，並且與去年同期相比，第二季度沒有受到重大負面影響。然而，這是第二季獨有的。我們對財政年度下半年淨關稅逆風的預期基本上保持不變。

SG&A dollar spend in the second quarter was in line with expectations at $477 million, up 11% versus last year's $428 million, as we continue investing in key areas of the business. As a percentage of revenue, SG&A was 33.4% versus last year's 32.7%.

由於我們持續對業務的關鍵領域進行投資，第二季銷售、一般及行政費用支出符合預期，達到 4.77 億美元，較去年的 4.28 億美元成長 11%。銷售、一般及行政費用佔收入的百分比為 33.4%，去年為 32.7%。

Our tax rate was 21.7%, which compares to 24% for the prior year as a result of one-time benefits recorded in the quarter. These results culminated in diluted earnings per share of $1.82 for the quarter, which is $0.23 above last year's $1.59 diluted earnings per share, representing EPS growth of 14%.

我們的稅率為 21.7%，而去年同期為 24%，這是由於本季記錄的一次性福利。這些結果最終導致本季每股攤薄收益達到 1.82 美元，比去年每股攤薄收益 1.59 美元高出 0.23 美元，每股收益成長 14%。

In terms of our second-quarter performance, relative to the guidance we provided in July, gross margin was the primary driver of EPS favorability. Again, the better-than-expected gross margin result was largely driven by favorable timing of tariff-related variables unique to the second quarter, with benefits of our pricing actions flowing through in advance of the full burden from increased tariffs.

就我們第二季的業績而言，相對於我們 7 月提供的指引，毛利率是每股盈餘 (EPS) 成長的主要驅動因素。再次，毛利率結果好於預期，很大程度上是由於第二季特有的關稅相關變數的有利時機所致，我們的定價行動帶來的好處在關稅上調的全部負擔到來之前就已顯現。

Turning to our balance sheet at September 30, 2025, we ended September with $1.4 billion of cash and equivalents. Inventory was $836 million, up 7% versus the same point in time last year. During the period, we had no outstanding borrowings.

查看我們截至 2025 年 9 月 30 日的資產負債表，截至 9 月底，我們的現金和等價物為 14 億美元。庫存為 8.36 億美元，比去年同期成長 7%。期內，我們並無未償還借款。

During the second quarter, we repurchased approximately $282 million worth of shares at an average price of $109.31. As of September 30, 2025, the company had approximately $2.2 billion remaining authorized for share repurchases.

第二季度，我們以平均每股109.31美元的價格回購了價值約2.82億美元的股票。截至2025年9月30日，本公司剩餘授權股票回購金額約22億美元。

Now, moving into our forward-looking update, we are now providing an outlook for our full-year fiscal 2026 and expect total company revenue of approximately $5.35 billion, with HOKA increasing by a low-teens percentage versus last year and UGG growing in the range of a low-to-mid-single-digit percentage; gross margin of approximately 56%, as we anticipate headwinds from the impact of tariffs as this becomes material in the back half of this fiscal year, with partial offsets from our mitigation strategies and normalized levels of promotion in a more pressured macroeconomic environment; SG&A to be approximately 34.5% of revenue, reflecting our commitment to investing in the long-term opportunities of our powerful brands. This results in an expected operating margin of approximately 21.5%, which remains at a top-tier level of profitability, relative to our peers.

現在，進入我們的前瞻性更新，我們現在提供 2026 財年全年的展望，並預計公司總收入約為 53.5 億美元，其中 HOKA 比去年增長百分之十幾，UGG 增長百分之低到中等個位數；毛利率約為56%，因為我們預期關稅的影響將在本財年下半年變得重要，這將帶來阻力，但在更緊張的宏觀經濟環境下，我們的緩解策略和正常化的促銷水平將部分抵消這一阻力；銷售、一般和行政費用約佔收入的 34.5%，這反映了我們致力於投資於強勢品牌的長期機會的承諾。這使得預期營業利潤率達到約 21.5%，相對於我們的同行而言，仍處於頂級盈利水平。

We are projecting an effective tax rate of approximately 23%.

我們預計有效稅率約為 23%。

Finally, we expect earnings per share in the range of $6.30 to $6.39. This guidance assumes a blended growth rate of approximately 9% from our two largest brands, as we have streamlined our brand portfolio to focus on our most profitable long-term opportunities and expect to, yet again, deliver record years for UGG and HOKA, each with annual revenues north of $2.5 billion and significantly contributing to our best-in-class profitability profile. Within this revenue guidance, we continue to expect international to outpace US growth and global wholesale to outpace DTC for this fiscal year.

最後，我們預計每股收益將在6.30美元至6.39美元之間。該指引假設我們最大的兩個品牌的綜合成長率約為9%，因為我們已精簡品牌組合，專注於最具盈利能力的長期機遇，並預計UGG和HOKA將再次創下歷史新高，這兩個品牌的年收入均超過25億美元，並將為我們一流的盈利能力做出重大貢獻。在這項營收指引下，我們繼續預期本財年國際業務的成長速度將超過美國，全球批發業務的成長速度將超過 DTC。

Over the longer term, our focus remains to create a balanced business across regions and channels, as we continue building our consumer base, bolstering connections with consumers through direct relationships, and capturing incremental market share for years to come.

從長遠來看，我們的重點仍然是創建跨地區和跨渠道的平衡業務，同時我們將繼續建立消費者基礎，透過直接關係加強與消費者的聯繫，並在未來幾年內佔據增量市場份額。

Regarding tariffs, with timing-related favorability seen in the second-quarter result and our expectation of tariff impact in the second fiscal half largely unchanged, we now expect the unmitigated tariff impact on fiscal year 2026 to be approximately $150 million. Further, we now estimate that our mitigation efforts for this fiscal year will offset approximately $75 million to $95 million of this pressure, including benefits from select strategic and staggered pricing increases, as well as partial cost sharing with factory partners.

關於關稅，由於第二季業績中出現了與時間相關的有利因素，並且我們對下半年關稅影響的預期基本沒有變化，我們現在預計 2026 財年的未緩解關稅影響約為 1.5 億美元。此外，我們現在估計，本財年的緩解措施將抵消約 7,500 萬至 9,500 萬美元的壓力，包括選擇性策略和分階段漲價帶來的好處，以及與工廠合作夥伴分攤部分成本。

Please note: This guidance excludes any unforeseen charges that may be considered non-recurring to our ongoing business or impact from any future share repurchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include, but are not limited to, further updates to imposed tariffs or other global trade policy; changes in consumer confidence; and recessionary pressures, inflationary pressures, fluctuation in foreign currency exchange rates, supply chain disruptions and geopolitical tensions.

請注意：本指南不包括任何可能被視為對我們的持續業務不經常發生的不可預見的費用或任何未來股票回購的影響。此外，我們的指導假設當前風險和不確定性不會顯著惡化，這些風險和不確定性包括但不限於進一步更新徵收的關稅或其他全球貿易政策；消費者信心的變化；以及經濟衰退壓力、通膨壓力、外匯匯率波動、供應鏈中斷和地緣政治緊張局勢。

Overall, our second-quarter and first-half fiscal year 2026 results illustrate the strong demand for our brands and strength of our disciplined model, giving us conviction to provide and achieve a compelling outlook for fiscal year 2026.

總體而言，我們 2026 財年第二季和上半年的業績表明，市場對我們品牌的需求強勁，並且我們嚴謹的模式實力雄厚，這使我們有信心為 2026 財年提供並實現令人信服的前景。

We remain confident in the growth trajectory of our consumer-loved brands, as our top-tier levels of profitability provide opportunities for targeted investments supported by our fortified balance sheet, all of which position us effectively to drive sustainable growth over the long term.

我們對消費者喜愛的品牌的成長軌跡充滿信心，因為我們頂級的盈利水平為我們強大的資產負債表支持的有針對性的投資提供了機會，所有這些都使我們能夠有效地推動長期可持續增長。

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.

謝謝你，史蒂夫。

Before we take your questions, I would like to highlight that our brands have continued to perform very well through the first half of this fiscal year. More importantly, we remain committed to supporting and strategically managing our brands to ensure sustained long-term growth.

在回答您的問題之前，我想強調一下，我們的品牌在本財年上半年繼續表現良好。更重要的是，我們將繼續致力於支持和策略性地管理我們的品牌，以確保長期持續成長。

We believe that both HOKA and UGG are well positioned across the global marketplace, as we enter the holiday quarter. Our teams are energized and hyper-focused to deliver our full-year guidance.

我們相信，隨著我們進入假期季節，HOKA 和 UGG 在全球市場上都佔有有利地位。我們的團隊充滿活力，高度專注，致力於提供全年指導。

HOKA has established itself as a prominent global performance brand, extending far beyond its disruptive origins. HOKA has just begin to realize its full potential and capability to innovate. We are excited to continue building this transformational brand.

HOKA 已成為全球知名的運動品牌，其影響力遠遠超出了其顛覆性的起源。HOKA 才剛開始充分發揮其潛力和創新能力。我們很高興能夠繼續打造這個變革品牌。

The UGG brand continues to inspire generations of consumers with its iconic products and its global appeal. This powerful brand has established a unique position in the marketplace, with a strong loyal customer base and an ability to capture new audiences through compelling product evolution.

UGG 品牌憑藉其標誌性產品和全球吸引力不斷激勵著一代又一代的消費者。這個強大的品牌在市場上建立了獨特的地位，擁有強大的忠實客戶群，並能夠透過引人注目的產品演變吸引新的受眾。

These two premium brands maintain a strong commitment to the original values, consistently creating purposeful products while adapting to the evolving demands of their respective global customer base.

這兩個高端品牌始終堅守最初的價值觀，並不斷創造有目的的產品，同時適應各自全球客戶群不斷變化的需求。

We're very excited about the opportunities ahead. We remain focused and disciplined on our approach to delivering long-term sustainable growth and value creation.

我們對未來的機會感到非常興奮。我們始終專注並嚴格遵循實現長期可持續成長和價值創造的方法。

I'd like to sincerely thank all of our valued employees across the global Deckers team for their continued commitment to our collective success. Thank you, all, for joining us today. Thank you to our shareholders for your continued support.

我要真誠地感謝 Deckers 全球團隊的所有尊貴員工，感謝他們為我們的共同成功所做的持續承諾。謝謝大家今天加入我們。感謝股東們的持續支持。

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)

（操作員指示）

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Steve, very glad to hear that you are reinstating guidance here. I want to ask about that.

史蒂夫，很高興聽到你在這裡恢復指導。我想問一下這個。

Originally, Steve, the framework, I think, on the fourth-quarter call was calling for HOKA to grow mid-teens for this year, UGG to grow around mid-single digits. I think, last quarter, there was greater confidence in that framework.

史蒂夫，我認為，最初第四季度電話會議上的框架是要求 HOKA 今年實現十幾歲左右的成長率，UGG 實現個位數左右的成長率。我認為，上個季度人們對該框架的信心更大了。

With today's guide, lower expectations on those two metrics. Can you maybe just unpack that a little bit more? Is there just a degree of conservatism?

根據今天的指南，降低對這兩個指標的期望。您能否再進一步解釋一下這個問題？是否存在一定程度的保守主義？

I didn't hear anything about weather with regards to UGG -- of the low single to mid-single -- but do you think that's a factor playing into your guidance?

我沒有聽到任何有關 UGG 天氣的消息——無論是低矮單層還是中矮單層——但您認為這是影響您指導的一個因素嗎？

Laurent, this is Stefano.

洛朗，這是斯特凡諾。

We have two of the healthiest brands in the global marketplace, with a very strong and loyal consumer base and a growing global demand.

我們擁有全球市場上最健康的兩個品牌，擁有非常強大和忠誠的消費者基礎以及不斷增長的全球需求。

Our first half demonstrates the strength of these brands. For the back half, we are anticipating a more cautious consumer, as the full impact of tariffs and price increases will be felt here in the US.

我們的上半年展現了這些品牌的實力。對於下半年，我們預計消費者將更加謹慎，因為關稅和價格上漲的全面影響將在美國感受到。

Having said that, our brands are well positioned when the consumer shows up for the holidays. As we said, we don't manage our business month-to-month and quarter-to-quarter, we build brands for long-term profitable sustainable growth.

話雖如此，當消費者在假日到來時，我們的品牌就處於有利地位。正如我們所說，我們不會按月或按季度管理我們的業務，我們打造品牌是為了實現長期盈利的可持續增長。

Yeah, Laurent, this is Steve.

是的，勞倫特，這是史蒂夫。

I think, just to talk a little bit about the guidance and reorient everyone in terms of what we said at the beginning of the year, you're right, we didn't give full-year guidance -- (inaudible) fact -- and appreciate your recognition of that. Giving guidance now, I think, is a demonstration of our confidence of how well our brands are performing in the marketplace and the continued path that we see on that.

我認為，只是稍微談一下指導意見，並根據我們在年初所說的話重新調整大家的方向，你是對的，我們沒有給出全年指導 - （聽不清）事實 - 並感謝你對此的認可。我認為，現在給出指導表明了我們對我們的品牌在市場上的表現以及我們所看到的持續發展方向的信心。

Part of the framework that we gave at the beginning of the year really said, if tariffs did not have an impact on consumers, how we saw certain growth. We still believe that, right? But we do know and we are more currently seeing some impacts on the US consumer.

我們在今年年初給出的框架的一部分實際上是說，如果關稅不會對消費者產生影響，我們如何看到一定的成長。我們仍然相信這一點，對嗎？但我們確實知道，而且我們目前看到它對美國消費者產生了一些影響。

So as US consumers are beginning to see some price increases, it is impacting their purchase behavior within the consumer discretionary space. And so as we now look out at the next six months to give the full-year guidance, our HOKA back-half still is a low-teen guide.

因此，隨著美國消費者開始看到一些價格上漲，這正在影響他們在非必需消費品領域的購買行為。因此，當我們展望未來六個月並給予全年指導時，我們的 HOKA 後半部分仍然是一個低青少年指導。

So in many respects, we're not off of what we originally thought, maybe a little bit of a reduction. But we are now anticipating the impacts of tariffs. I think that's a demonstration, again, that the brand continues to do better than what we thought in a tariff-imposed environment. We feel good about that.

所以在很多方面，我們並沒有偏離我們最初的想法，也許有一點點減少。但我們現在正在預測關稅的影響。我認為這再次證明，該品牌在關稅環境下的表現仍然比我們想像的要好。我們對此感到很高興。

To Stefano's point, we're going to manage these brands for the long run. We're not going to try to chase growth in the current period that could be detrimental to the brand. Again, that is what our guidance reflects: We are going to maintain these brands. We're going to manage them in the marketplace that allows us to grow these meaningful over a sustainable longer period of time. I think that is a bit of what you're seeing in our guidance.

正如 Stefano 所說，我們將長期管理這些品牌。我們不會在當前時期試圖追求可能對品牌有害的成長。再次強調，這正是我們的指導方針所反映的：我們將保留這些品牌。我們將在市場上管理它們，以便我們在可持續的較長時間內實現有意義的成長。我認為這與我們在我們的指導中看到的內容有些相似。

Yeah. We do know that the revenue is below where the consensus was. We're taking into account a consumer who's a little bit more cautious. I think: Is there opportunity that we could do better? Sure. We'll see how the consumer shows up. That's how we're looking at it.

是的。我們確實知道收入低於預期。我們正在考慮那些更謹慎的消費者。我想：我們還有機會做得更好嗎？當然。我們將觀察消費者如何表現。我們就是這樣看待它的。

From an inventory position, we have inventory that if the consumer shows up, we will be able to capture some upside to this. But we're confident, again, in how our brands are performing in the marketplace, internationally and domestically. We know, domestically, that the US consumer is a little bit more pressured. So we're reflecting that in our outlook for the next six months. But, again, our positioning of the brands remains with long-term sustainable growth in mind.

從庫存情況來看，我們有庫存，如果消費者出現，我們將能夠獲得一些好處。但我們對我們的品牌在國際和國內市場上的表現充滿信心。我們知道，在國內，美國消費者面臨的壓力更大一些。因此，我們在未來六個月的展望中反映了這一點。但是，我們對品牌的定位仍然著眼於長期可持續成長。

And then, just the other bit on the guidance: I think, again, we're showing a demonstration of how we can manage our business from an overall perspective. So even with a more conservative approach on some of the revenue guidance, we're still delivering profitability on the consensus bracketed for the full year.

然後，關於指導的另一點：我認為，我們再次展示瞭如何從整體角度管理我們的業務。因此，即使對部分收入預期採取更保守的態度，我們仍將實現全年普遍預期的獲利。

Again, I think we will continue to manage these brands in a healthy way and drive long-term sustainable growth.

再次，我認為我們將繼續以健康的方式管理這些品牌並推動長期永續成長。

Very helpful.

非常有幫助。

And then, Steve, just to understand a little bit more on the back-half guide for HOKA, low-double digits. I know you don't guide anymore by quarter out but any nuances we should consider, just because there are some compares that we can look at between 3Q and 4Q?

然後，史蒂夫，只是想更多地了解 HOKA 的後半部分指南，低兩位數。我知道您不再按季度進行指導，但是我們應該考慮任何細微差別，只是因為我們可以在第三季度和第四季度之間進行一些比較？

I thought it was also interesting that you mentioned there's positive reception regarding Spring/Summer order book. Maybe can you unpack that a little bit more?

我認為您提到的春季/夏季訂單受到積極歡迎也很有趣。也許你可以進一步解釋一下這個問題？

Thank you very much.

非常感謝。

Yeah. Sure. I think, in terms of how we're looking at the back-half, more pressure in Q3, with more growth in Q4. Again, I think that's where we're going to see how the consumer shows up -- Thanksgiving through the holiday season. That's one thing that we're going to keep a very close eye on.

是的。當然。我認為，就我們對下半年的看法而言，第三季壓力更大，第四季成長更多。再說一次，我認為我們將會看到消費者在感恩節到假期期間的表現。這是我們將密切關注的一件事。

We believe our brands are positioned better than most, right? If the consumer shows up, our brands are positioned to capture that demand. And so, really, this is more about how does the consumer show up. So we're being a little bit more cautious with our third-quarter growth, with a little bit more aggressive growth in the fourth quarter.

我們相信我們的品牌定位比大多數品牌都好，對嗎？如果消費者出現，我們的品牌就能滿足這項需求。所以，實際上，這更多的是關於消費者如何出現。因此，我們對第三季的成長持更謹慎的態度，而對第四季的成長則採取更積極的措施。

And then, to your point on the order book -- and I'll let Stefano jump in here -- very confident with how things are shaping up; and the consumer response to our product.

然後，關於您提到的訂單簿——我讓斯特凡諾插話——我對事情的進展非常有信心；以及消費者對我們產品的反應。

Yeah, Laurent. I'm very happy with what the teams have done, specifically in the US market, for HOKA. We are growing awareness. We're gaining share, really, across every country. But this is (inaudible) to the US, the market place is clean, sell-throughs are stronger than sell-in. Our full-price business is very, very strong.

是的，洛朗。我對團隊為 HOKA 所做的一切感到非常滿意，特別是在美國市場。我們的認識正在不斷增強。事實上，我們在每個國家的市佔率都在不斷擴大。但這對美國來說（聽不清楚），市場很乾淨，銷售量比銷售量更大。我們的全價業務非常非常強勁。

Our key franchises, Clifton, Bondi, and Arahi are performing well in the marketplace. Our most recent product launches have also performed well. I'm referring to Challenger in the (inaudible), Rocket X 3, Rocket X (inaudible).

我們的主要特許經營店 Clifton、Bondi 和 Arahi 在市場上表現良好。我們最近推出的產品也表現良好。我指的是挑戰者號（聽不清楚）、火箭X 3、火箭X（聽不清楚）。

Our order books are healthy. We're gaining share in performance (inaudible). We're back to number 1 in our specialty.

我們的訂單狀況良好。我們的業績份額正在提升（聽不清楚）。我們重新回到專業領域的第一名。

We're well set up with the transition to these two models I just mentioned.

我們已經做好了向我剛才提到的這兩種模式過渡的準備。

Our marketing, also, has been resonating. We're seeing improvements, also, in our DTC business.

我們的行銷也引起了共鳴。我們的 DTC 業務也正在改善。

So all is good in the HOKA side of the US.

因此，美國 HOKA 方面一切順利。

Wonderful. Thank you very much. Best of luck with the holiday season.

精彩的。非常感謝。祝您節日愉快。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Steve, can you talk to the split between DTC and wholesale in Q3 and Q4 a bit more? The DTC compare gets a lot easier as you enter the fourth quarter. You did provide some color to Laurent's question.

史蒂夫，您能否再多談談第三季和第四季 DTC 和批發之間的差距？進入第四季度，DTC 比較變得容易得多。您確實為 Laurent 的問題提供了一些解釋。

Just curious on the channel split between wholesale and DTC and what you're doing specifically to reaccelerate DTC same-store sales or omnichannel comps, particularly in in the US?

我只是好奇批發和 DTC 之間的通路劃分，以及您具體做了什麼來重新加速 DTC 同店銷售或全通路銷售，特別是在美國？

Yeah. I think from a total-company DTC perspective, we expect to continue to see improvements in Q3 and then, further improvements in Q4.

是的。我認為從整個公司 DTC 的角度來看，我們預計第三季將繼續改善，然後在第四季進一步改善。

I think, also, important just to -- as you look at our growth and understand what we said about this year is, again, remember, as we're expanding wholesale this year, we said much of that was going to come in the first half of the year, right? That's what we've delivered and more so. I think that's a demonstration of the strong demand that's out there for both brands -- is that our wholesale partners to get their hands on product earlier. They wanted to be able to showcase product earlier. And so we were selling in into that environment.

我認為，同樣重要的是——當你看到我們的成長並理解我們對今年的評價時，請記住，隨著我們今年擴大批發業務，我們說過其中大部分將在上半年實現，對嗎？這就是我們所傳遞的訊息，甚至更多。我認為這證明了這兩個品牌都有著強勁的需求——我們的批發合作夥伴可以更早獲得產品。他們希望能夠更早展示產品。因此，我們在那種環境下進行銷售。

That has put some pressure on our first-half DTC. So with expanded distribution, right? It's more a demonstration of the growth of our demand for our brands and, really, a timing effect. And so it's not an indication of things slowing down for a brand and from a demand perspective. They are still increasing. On a full-year basis, it still has increased.

這給我們上半年的 DTC 帶來了一些壓力。那麼，分佈範圍擴大了，對嗎？這更能反映我們對品牌的需求在成長，實際上也是一種時機效應。因此，從需求角度來看，這並不表示品牌發展放緩。它們仍在增加。從全年來看，還是有所成長的。

But as we've shipped more of that in the first half of the year, you're just seeing a timing flow of that. And so in respect to that, right, that's where we'll see a little bit or expect a little bit more DTC growth on a percentage basis in the back half, a little bit more in Q3, a little bit more in Q4.

但隨著我們在今年上半年出貨量增加，您看到的只是時間流程。因此，就這一點而言，我們將看到或預計下半年 DTC 的百分比成長率會更高一些，第三季會更高一些，第四季會更高一些。

And then, with selling more in the first half in wholesale, you're going to see lower numbers as a result of having more product move in into the wholesale channel earlier in the year.

然後，由於上半年批發銷售增加，你會看到銷售量下降，因為今年早些時候有更多的產品進入批發通路。

That's helpful. You obviously called out the company's top-tier profitability. I think you have the highest operating margin structure of anybody in the athletic footwear and apparel space.

這很有幫助。您顯然強調了該公司一流的盈利能力。我認為你們擁有運動鞋和服裝領域中最高的營業利潤結構。

I'm just curious, as we look into next year, obviously, tariff pressure is going to be pretty significant in the first half of the year, how do we put guardrails on the long-term margin structure of the business? We're finishing this year around 21.5%. Is north of 20%-plus operating margins how you look at the business, long term?

我只是好奇，展望明年，顯然，上半年的關稅壓力將非常大，我們如何為業務的長期利潤結構設置護欄？今年我們的預期收益率約為 21.5%。從長遠來看，您認為公司的營業利潤率會達到 20% 以上嗎？

Yeah. It's a good question, John. We appreciate it. Clearly, right, what you're seeing.

是的。這是個好問題，約翰。我們對此表示感謝。顯然，對，這就是你所看到的。

Last year, we delivered exceptional levels. Again, this year, I think, in comparison to what others are saying, it's going to be another exceptional year, with half of the year being impacted by tariffs. Next year, you're going to have another half of year so that will be a headwind to further margins.

去年，我們取得了卓越的成績。再說一次，我認為，與其他人所說的話相比，今年又將是一個特別的一年，因為有一半的時間會受到關稅的影響。明年，你還會有半年的時間，所以這對進一步的利潤率來說將是一個阻力。

But, again -- and I think you can see, as demonstrated by Q2, how we manage our business. We are continuing to organically grow our business. The demand for our brands continues to increase.

但是，我想您再次可以看到，正如第二季所展示的，我們如何管理我們的業務。我們將繼續有機地發展我們的業務。對我們品牌的需求持續增加。

At the same time, we're doing, I think, a very good job of managing an uncertain, volatile environment. You can see how we've mitigated some of those tariff impacts in Q2. Where we earlier thought that we would see some headwinds, we were able to take some actions and mitigate some of that and flow that improvement through. That's what you're seeing on that gross margin.

同時，我認為我們在管理不確定、不穩定的環境方面做得非常好。您可以看到我們在第二季如何減輕了部分關稅影響。我們之前認為會遇到一些阻力，但我們能夠採取一些行動，減輕一些阻力，並推動改善。這就是您所看到的毛利率。

We will continue to operate in that disciplined approach. But, yes, to your point, we're going to continue to see tariff headwinds as we look into FY27. We're not in finishing (multiple speakers) to give guidance on that. But, yeah, you will see further pressure.

我們將繼續以這種嚴謹的方式進行工作。但是，是的，正如您所說，當我們展望 27 財年時，我們將繼續看到關稅阻力。我們還沒有結束（多位發言者）對此提供指導。但是，是的，你會看到進一步的壓力。

Our strong financial profile will also allow us to invest in capabilities we're building, whether it's innovation or apparel or technology, digital.

我們強大的財務狀況也使我們能夠投資於我們正在建立的能力，無論是創新、服裝、技術還是數位領域。

Got it. And then, the gross margin pressure you're guiding to in the back half of this year, it's safe to assume that at least that magnitude carries into the first half of next year, I'll assume?

知道了。那麼，您預測今年下半年的毛利率壓力，可以肯定地說，至少這種壓力會延續到明年上半年，對嗎？

Yes. Correct. If the tariffs stay in effect the way they currently are, yes, equivalent.

是的。正確的。如果關稅保持目前狀態，是的，是等效的。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

This is probably for both of you but Stefano and Steve, can you talk about the price actions that you have taken at both brands earlier in July? Earlier in back-to-school, it seemed like those price actions didn't have a lot of impact on the demand. But, obviously, that was in the back-to-school time period. Is there something that you've seen, either sell-through in the channel at your own DTC or maybe on the products that actually have those price increases that has given you a little bit more concern about the consumer?

這可能適用於你們兩個，但是 Stefano 和 Steve，你們能談談你們在 7 月初對這兩個品牌採取的價格行動嗎？在開學初期，這些價格行為似乎對需求沒有太大影響。但顯然，那是在開學期間。您是否發現某些情況，無論是您自己的 DTC 管道的銷售情況，還是那些實際上已經漲價的產品，讓您對消費者更加擔心？

And then, Steve, my follow-on is how are you seeing -- it's a really good point on more points of wholesale distribution, right, because there's more places to buy the product but how are you thinking about when we see a more normalization in the DTC versus wholesale balancing?

然後，史蒂夫，我的後續問題是，您如何看待——批發分銷的更多點確實是一個很好的觀點，對吧，因為有更多的地方可以購買產品，但是當我們看到 DTC 與批發平衡更加正常化時，您是如何看待的？

On the pricing question, with premium brands. And premium brands have more elasticity than other brands. We've been very selective and strategic in our price increases. We have not seen any issues on sell-throughs. Key styles continue to be strong for both UGG and HOKA. No issues, so far.

關於定價問題，我們採用高端品牌。高端品牌比其他品牌具有更大的彈性。我們在提價方面非常有選擇性和策略性。我們沒有發現任何銷售問題。UGG 和 HOKA 的主打款式繼續保持強勁勢頭。到目前為止沒有問題。

And then, on the wholesale question, it's a good one. We appreciate you asking it.

然後，關於批發問題，這是一個很好的問題。感謝您提出這個問題。

I think if you go back one-and-a-half years or two years ago, we talked about how we are, in the marketplace, significantly underpenetrated in wholesale in comparison to many of our peers. Many of our peers are selling in a lot more points of wholesale distribution than we are. We've talked about marketplace management for years now, about how we do this. This is how we lean into wholesale.

我想，如果回顧一年半或兩年前，我們談到了我們在市場上與許多同行相比批發業務的滲透率明顯不足。我們的許多同業在批發分銷點的銷售量比我們多得多。多年來，我們一直在談論市場管理以及如何做到這一點。這就是我們如何依賴批發。

I know there's questions out there about, oh, their growth is coming through wholesale. Yeah, we're putting more shoes on feet, right? But we're doing it in a strategic, long-term way, right? We're not chasing growth in a quarter or in a year trying to blow out wholesale distribution, just to show sales increases. This is how we're expanding our brand globally and sustaining longer-term growth over a longer period of time.

我知道有人會問，他們的成長是透過批發實現的。是的，我們穿的鞋子越來越多了，對吧？但我們是以策略性、長期性的方式來做這件事的，對嗎？我們並不追求一個季度或一年內的成長，試圖擴大批發分銷，而只是為了顯示銷售額的成長。這就是我們如何在全球擴展我們的品牌並在較長時期內維持長期成長。

Does it mean that we deliver slightly lower levels of growth rates in the current period, as we continue to expand but are able to longer-term growth rates? Yes, that's what we're doing. And so last year was a big year of wholesale expansion. We are anniversary-ing some of that this year, as well as some additional wholesale expansion this year. But that will begin to slow.

這是否意味著，隨著我們繼續擴張，當前時期的成長率會略有下降，但我們能夠實現更長期的成長率？是的，這就是我們正在做的。因此，去年是批發擴張的重要一年。今年我們將慶祝其中一些業務的周年紀念，同時也將進行一些額外的批發擴張。但這一速度將會開始放緩。

It doesn't change our outlook on that balance that we talked about of getting to 50-50 wholesale-to-DTC. So we're still on that.

這不會改變我們對批發與 DTC 之間 50-50 比例平衡的看法。所以我們仍在討論這個問題。

You will begin to see wholesale growth slow a little bit; and DTC, again, begin to pick up. But, again, this is about taking opportunities, increasing demand in the marketplace, giving the consumers more points to purchase product, and overall leading to more shoes on feet. That's what we're building.

您將開始看到批發增長略有放緩；而 DTC 則再次開始回升。但是，這又是為了抓住機遇，增加市場需求，為消費者提供更多購買產品的點，並總體上讓更多的鞋子穿上。這就是我們正在建造的。

Yes. We operate in an omnichannel model. We have the ability to flex and react to consumer demand, as needed.

是的。我們採用全通路模式營運。我們有能力根據需要靈活應對消費者的需求。

Yeah. Very helpful. Thank you very much. Best of luck.

是的。非常有幫助。非常感謝。祝你好運。

Samuel Poser, Williams Trading.

塞繆爾·波瑟 (Samuel Poser)，威廉斯貿易公司。

I got a handful.

我抓了一把。

Number one, you talked about the healthy order book in for spring. I assume that's for both UGG and HOKA. Can you define what that means, please?

首先，您談到了春季的健康訂單。我認為這適用於 UGG 和 HOKA。你能解釋一下這是什麼意思嗎？

Sam, we don't provide those details. But we are very happy with the order book that we have for Spring/Summer '26 and the early reaction to Fall '26.

山姆，我們不提供這些細節。但我們對 2026 年春夏系列的訂單以及 2026 年秋季系列的早期反應感到非常滿意。

Yeah. I think, Sam, it's fair to say that it's up, right? That's why we're happy. We're seeing increases in order book.

是的。我認為，山姆，可以公平地說，它已經上漲了，對嗎？這就是我們高興的原因。我們看到訂單量正在增加。

I'm going to get into a little bit of weeds here. Can you talk a little bit about, like, how, especially the UGG brand in and out of back-to-school, you saw, both in your own DTC and within your wholesale partners because you got sales reports, that business like peak and valley? Are you seeing any big differences between the, like, peaks and valleys versus last year because I'm really wondering what -- sorry, go ahead.

我要在這裡討論一些細節。您能否稍微談談，特別是開學期間和開學後 UGG 品牌的情況，根據您的銷售報告，您在自己的 DTC 和批發合作夥伴中都看到了業務高峰和低谷的情況？您是否看到與去年相比高峰和低谷之間有很大差異，因為我真的很想知道——抱歉，請繼續。

It's a good question, Sam. What we're experiencing -- and this is probably due to the consumer uncertainty in the US -- deeper valleys and higher peaks. Back-to-school are strong and anticipate to have a strong holiday season. But September, October, actively not the strongest months in our space.

這是個好問題，山姆。我們正在經歷的是——這可能是由於美國消費者的不確定性——更深的低谷和更高的高峰。返校季銷售強勁，預計假期銷售也將強勁。但九月和十月並不是我們領域最活躍的月份。

And so that leads to: Is your guidance for the back half and, particularly, holiday, is it more about what you saw turning in back-to-school or is it more about what's going on right now? Because given those peaks and valleys and given the fact that it's your own DTC business, every day between Thanksgiving and Christmas, you'll do more business in a day that you're basically do in week, July through probably beginning of October.

那麼問題來了：您對下半年，特別是假期的指導，更多的是針對開學季的情況，還是更多地考慮當前的情況？因為考慮到這些高峰和低谷，並且考慮到這是您自己的 DTC 業務，感恩節和聖誕節之間每天，您一天的營業額基本上會比您整個星期（從 7 月到 10 月初）的營業額還要多。

I'm wondering how much of this is just caution or my favorite saying -- so I won't say that in front of everybody guys but you do (inaudible) you're the [beach] out there. I'm just wondering how much of the -- because consumer seems to know your product, it seems to -- and so the concern about the consumer seems, like, whatever. They're buying your stuff at full price. You're not getting margin pressure. You're not getting those things.

我想知道這其中有多少只是警告，或者是我最喜歡的說法——所以我不會在大家面前這麼說，但你確實（聽不清）你就是那裡的[海灘]。我只是想知道有多少——因為消費者似乎了解你的產品，似乎——所以對消費者的關注似乎無論如何。他們以全價購買你的東西。您沒有感受到利潤壓力。你得不到那些東西。

So the fact is they're not buying [Joe's Perrygoop] brand. They generally want UGG. They're not buying Champions sneakers because they want UGG. And so either they want your brands or they don't.

所以事實是他們不會購買 [Joe's Perrygoop] 品牌。他們一般都想要UGG。他們購買 Champions 運動鞋並不是因為他們想要 UGG。所以他們要嘛想要你的品牌，要嘛不要。

You talked about the elasticity you had in price, which tells me that you actually believe that the consumer is buying your stuff, regardless. So why so much caution around this macro consumer like, oh my god, the consumer in the US might be hurting but they still seem to go to your brands (inaudible) UGG?

您談到了價格的彈性，這告訴我，無論如何，您確實相信消費者會購買您的產品。那麼，為什麼對宏觀消費者如此謹慎呢？天哪，美國消費者可能受到了傷害，但他們似乎仍然會購買你們的品牌（聽不清楚）UGG？

Yeah. I think, Sam, on that, clearly, our guidance for the year, which is reflective of the next six months, is taking into consideration what we're currently seeing right now. And so I think that's where the question is, right? It's not about a question about how we think our brands are placed in the marketplace. We think we're, again, positioned better than most. In many cases, very well positioned.

是的。山姆，我認為，顯然，我們對今年的指導反映了未來六個月的情況，並考慮到了我們目前所看到的情況。所以我認為這就是問題所在，對嗎？這並不是關於我們認為自己的品牌在市場上應該如何定位的問題。我們認為，我們的地位再次比大多數人要好。在很多情況下，定位非常準確。

But we'll have to see how the consumer begins to show up. I think some of the economic signals are consumers are beginning to see higher prices, inflation is starting to affect them more in the US. And so there is some caution on our part, as we take that into consideration. Again, we don't want to just chase sales because we want to achieve a higher number. We're about building brands for the long term.

但我們必須觀察消費者如何開始出現。我認為一些經濟訊號是消​​費者開始看到更高的價格，通貨膨脹開始在美國對他們產生更大的影響。因此，考慮到這一點，我們會採取一些謹慎的態度。再說一次，我們不想只追求銷量，因為我們想要實現更高的數字。我們致力於長期打造品牌。

And so we don't want to do something in the quarter that could be detrimental to us in the longer term.

因此，我們不想在本季做一些可能對我們長期造成不利影響的事情。

To your point, yeah, we're taking a little bit of caution in there. We don't know how the consumer is going to show up. But we do know if the consumer does show up, we're better positioned than most.

是的，正如你所說，我們在這方面採取了一點謹慎的態度。我們不知道消費者將會如何出現。但我們確實知道，如果消費者確實出現，我們就會比大多數人處於更有利的位置。

And then, lastly, Stefano, with HOKA, are there any lower-profile max cushioning? Or are we going to see any evolution to lower-profile shoes out of HOKA?

最後，Stefano，HOKA 有沒有低調的最大緩衝？或者我們會看到 HOKA 推出低調鞋款的演變？

Yes. You will see more lower-profile solutions, going forward, ready for spring. We have the new Solimar that's been very well received; been transported on a lower-profile tooling.

是的。您將會看到更多低調的解決方案，為春天做好準備。我們推出了新款 Solimar，它受到了廣泛好評；並採用低調的工具進行運輸。

We have the (inaudible) 2 in lifestyle that is resonating. It's a profile that we've had in the past.

我們的生活方式中有（聽不清楚）2 種正在產生共鳴。這是我們過去曾有過的簡介。

So you'll see a more vast array of products, going forward.

因此，未來您將會看到更豐富的產品。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to follow up on HOKA, hoping that maybe you can be a little bit more specific.

我想跟進 HOKA 的情況，希望您能更具體一些。

When you think about changes to the product launch plans into 2026, just any more details on what we should expect broadly? And then, maybe for some of the key styles going forward, the big 3, in terms of cadence and plans? And then, just bigger picture on HOKA, as you talk about having potential to add billions of revenue yet, can you give somewhat of a build-up or some of the big buckets or growth opportunities that you see when you make that comment?

當您考慮對 2026 年的產品發布計劃進行更改時，您是否能提供更多關於我們應該大致期待的細節？然後，也許對於未來的一些主要風格，就節奏和計劃而言，有三大風格？然後，從 HOKA 的更大角度來看，當您談到有可能增加數十億美元的收入時，您能否在發表這一評論時提供一些積累或看到的一些大的機會或成長機會？

Yeah. Let's start with the latter. We're focusing on (inaudible) categories for HOKA. It's performing [run a] trail. It's hike. It's fitness. It's lifestyle. Over time, you also see apparel. So those are the five key areas of growth for us.

是的。讓我們從後者開始。我們專注於 HOKA 的（聽不清楚）類別。它正在進行[跑步]。這是徒步旅行。這是健身。這是一種生活方式。隨著時間的推移，您還會看到服裝。這些就是我們五個關鍵的成長領域。

We compete in a $0.5 trillion market. There's plenty of upside for HOKA, both in the US and internationally. As we continue to grow awareness and consideration, we should continue to grow our brand in a healthy way.

我們在一個價值 0.5 兆美元的市場中競爭。HOKA 在美國和國際上都擁有很大的優勢。隨著我們知名度和關注度的不斷提高，我們應該繼續以健康的方式發展我們的品牌。

Regarding product transitions, we have tightened inventory of our [key going style], as we prepare for the upcoming launches of Gaviota, Mach, (inaudible) and (inaudible). So you should see us experience less noise in the marketplace, as we have bought less and tightened inventories.

關於產品轉型，我們收緊了[主要流行款式]的庫存，為即將推出的 Gaviota、Mach、（聽不清楚）和（聽不清楚）。因此，您應該會看到我們在市場上感受到的噪音減少了，因為我們減少了購買量並收緊了庫存。

In regards to cadence, you will see an update to our biggest franchise, the Clifton, in Fall '26. Clifton and Bondi will no longer overlap.

關於節奏，您將在 26 年秋季看到我們最大的特許經營權 Clifton 的更新。克利夫頓和邦迪將不再重疊。

Okay. That's helpful.

好的。這很有幫助。

Steve, one follow-up then on margin. It looks like the back-half margin for operating margin -- reported in the low-20% range. Historically, when the back-half was in the low 20%s, the full-year margin was more in the high-teens, below 20% on an annual basis.

史蒂夫，接下來是關於保證金的問題。看起來，下半年的營業利潤率據稱在 20% 左右。從歷史上看，當下半年的利潤率處於 20% 以下時，全年利潤率則處於 15% 左右，以年率計算則低於 20%。

Is that the run rate for the business currently, as we think about annualizing some of the second-half pressures? How should we think about the back half-margin guide, in relation to the current annual run rate that you're performing at?

當我們考慮將下半年的一些壓力年度化時，這是目前的業務運作率嗎？結合您目前的年度運行率，我們應該如何看待後半部分的利潤率指南？

Yeah. I think, Jon, just on that, as we look at the back-half this year in comparison to last year, the declines that we're reflecting are really being driven by the tariffs, right? So in terms of how we're running the business, how we think about margins and the margin profile of the business, really, the change that you're seeing in the back-half is tariff-driven.

是的。喬恩，我想，就這一點而言，當我們將今年下半年與去年進行比較時，我們所反映的下降實際上是由關稅推動的，對嗎？因此，就我們如何經營業務、如何看待利潤率以及業務的利潤率狀況而言，實際上，您在下半年看到的變化是由關稅驅動的。

That's what we expect, again, based on the tariffs as they are imposed today.

根據今天實施的關稅，我們再次預期會出現這種情況。

Just a follow-up. Given the discussion about maintaining premium positioning, should we view that pressure and the unmitigated portion that you guided to for tariffs, is that more temporary? Or is that a permanent step-down in the margin that you're willing to give up, essentially?

只是後續行動。考慮到關於維持優質定位的討論，我們是否應該將這種壓力和您所指導的關稅的未緩解部分視為暫時的？或者本質上這是您願意放棄的利潤率的永久性下降？

Yeah. The margin change that you're seeing between last year and this year is going to be driven by the tariffs. And then, we'll see if promotion changes. We do have an element of promotion assumed for the back-half. So we'll see that. Again, the biggest driver being tariffs. That's the overall driver but there is a level of promotion, given the environment today.

是的。您所看到的去年和今年之間的利潤變化將受到關稅的影響。然後，我們將看看促銷活動是否有變化。我們確實認為後半部有晉升的因素。所以我們會看到這一點。再次強調，最大的驅動因素是關稅。這是整體驅動力，但考慮到當今環境，還有一定程度的提升。

That will, again, to the earlier question, I think, that John asked -- is that that will also trickle into FY27. Again, we haven't given any update on '27. But the first half will be pressured by that margin. So there will be overall headwinds.

我認為，這又回到了約翰之前提出的問題——這也將滲透到 27 財年。再次強調，我們還沒有提供關於 27 的任何更新。但上半年將面臨這一差距的壓力。因此整體而言仍將面臨阻力。

We have done, I think, a very good job of mitigating that in Q2. That's what you saw us deliver. We don't have the same levers necessarily going into the back half nor will we have those levers going into. We were able to take advantage of inventory movements that now that the tariffs are fully into effect, you would not necessarily get that, you'll get that benefit into future periods.

我認為，我們在第二季度已經很好地緩解了這個問題。這就是您看到我們交付的成果。我們不一定會使用相同的槓桿進入後半部分，也不會使用這些槓桿進入後半部分。我們能夠利用庫存變動，現在關稅已經全面生效，您不一定會得到這種好處，但您會在未來時期獲得這種好處。

But we'll continue to look. As we talked about some of our mitigation strategies, we'll, again, continue to review pricing.

但我們會繼續關注。當我們討論一些緩解策略時，我們將再次繼續審查定價。

To an earlier question, we didn't really see much pushback on some of our price increases. So we'll always -- with a strong brand that's well positioned in the marketplace, we'll continue to evaluate levers that we have. But the way we're currently looking at it, we still have headwinds in the back-half that will continue into FY27.

對於先前的問題，我們確實沒有看到對某些價格上漲的太多阻力。因此，我們將始終——憑藉在市場上佔據有利地位的強大品牌，繼續評估我們所擁有的槓桿。但從我們目前的角度來看，下半年我們仍面臨阻力，並將持續到 2027 財年。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. Maybe, Stefano, first question for you. As you just think about calendar '25 for HOKA brand, do you see this year as a little bit of a transition year where you had the accelerated life cycles of Bondi 8 and Clifton 9 and then, you have this tariff situation where next year, maybe not a transition year where you have a lot of newness and clean inventories in the marketplace and a good brand momentum, where you might see different momentum, financially?

偉大的。也許，斯特凡諾，這是我要問你的第一個問題。當您想到 HOKA 品牌的 25 年日曆時，您是否認為今年是一個過渡年，因為 Bondi 8 和 Clifton 9 的生命週期加速，然後，您面臨這樣的關稅情況，而明年可能不是一個過渡年，因為市場上有很多新產品和乾淨的庫存，而且品牌勢頭良好，您可能會在財務上看到不同的勢頭？

And then, Steve, the question for you is that -- I know this was asked on an earlier question but the guidance before was, say, mid-teens for HOKA, assuming no tariffs. Now, you're saying low-teens for HOKA with tariffs. So if we had gone back to the beginning of the year and you would have given guidance for HOKA with tariffs, what would it have been? Or without giving us an exact (inaudible) of what would have been, with the guidance you gave today, would it have been in line with that, would it have been better than that, would it have been worse than that? Maybe if you could just (inaudible) for us, that would be super helpful.

然後，史蒂夫，你的問題是——我知道這個問題是在之前的問題中提出的，但之前的指導是，假設沒有關稅，HOKA 的價格是十幾歲。現在，您說 HOKA 的關稅低於十幾歲。那麼，如果我們回到年初，您會為 HOKA 提供關稅指導，指導內容會是什麼？或者，如果沒有給我們一個確切的（聽不清楚）說明，按照您今天給出的指導，情況會如何，會比這更好，還是會比這更糟？也許如果您能為我們（聽不清楚），那將會非常有幫助。

Yeah. Sure, Jay. I'll start with that question, then Stefano can talk about a bit of the transition year of 2025.

是的。當然，傑伊。我先從這個問題開始，然後斯特凡諾可以談談 2025 年的過渡年。

To your point, if we look back, I think one way to answer your question is that how we've seen HOKA perform, especially with the product transitions, we're very encouraged by the year. So to the point where in a pre-tariff environment, we saw mid-teens; and the fact now with a tariff-imposed world in the back-half were low-teens, I'm very encouraged by that, right?

對於您的觀點，如果我們回顧一下，我認為回答您的問題的一種方式是，我們看到了 HOKA 的表現，特別是產品轉型，我們對這一年感到非常鼓舞。因此，在徵收關稅之前的環境中，我們看到了十幾歲的中段增長率；而現在，在徵收關稅的後半段，我們看到了十幾歲的中段增長率，我對此感到非常鼓舞，對嗎？

Because what it shows is even in a tariff-imposed world, consumers are still showing up for our brands, probably a little bit better than what we may have thought at the beginning of the year. So I think that speaks to how well some of our updates are resonating with consumers in the US and globally, too. You're seeing that in the global numbers.

因為這表明，即使在徵收關稅的世界裡，消費者仍然青睞我們的品牌，可能比我們年初想像的要好一些。所以我認為這說明我們的一些更新在美國和全球消費者中引起了共鳴。您可以從全球數據中看到這一點。

Where the tariff is impacting a US consumer, I think we've seen a good response. And then, we've seen a very good response from an international perspective, which gives us a view into that non-tariff-imposed world of a consumer response.

當關稅影響到美國消費者時，我認為我們已經看到了良好的反應。然後，我們從國際角度看到了非常好的反應，這讓我們看到了非關稅環境下消費者的反應。

So having seen that be very positive, it's actually very positive on the brand because I do think tariffs are having an impact on the US consumer.

因此，看到這一積極跡象，實際上對品牌非常有利，因為我確實認為關稅正在對美國消費者產生影響。

Yeah. Regarding the question on transition, yes, it's -- '25 is a bit of a transition year. We probably amassed a few too many big product launch in the first half of the year. We didn't space them out enough. There are a few learnings from us in the transition to the model.

是的。關於過渡的問題，是的，25 年是過渡年。我們可能在上半年推出了太多的大型產品。我們沒有將它們分開足夠的距離。在向該模型過渡的過程中，我們學到了一些東西。

So I think it was a learning year for us. Hopefully, this will help, going forward.

所以我認為這對我們來說是學習的一年。希望這能對未來有所幫助。

Got it. Thank you so much.

知道了。太感謝了。

Great. Thanks, Jay.

偉大的。謝謝，傑伊。

Everyone, that does conclude our question-and-answer session. This does conclude our conference for today.

各位，我們的問答環節到此結束。今天的會議就到此結束了。

We would like to thank you all for your participation. You may now disconnect.

我們感謝大家的參與。您現在可以斷開連線。