Deckers Outdoor Corp (DECK) 2026 Q3 法說會逐字稿

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

下午好，感謝您的耐心等待。歡迎參加 Deckers Brands 2026 財年第三季財報電話會議。（操作員指示）現在我想提醒大家，本次電話會議正在錄音。

I'll now turn the call over to Erinn Kohler, Vice President of Investor Relations and Corporate Planning. Please go ahead.

現在我將把電話交給投資人關係和企業規劃副總裁艾琳‧科勒。請繼續。

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，感謝各位今天收看。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，本次電話會議中某些陳述屬於聯邦證券法意義上的前瞻性陳述，這些陳述存在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》所規定的免責條款。

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 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.

今天在電話會議上作出的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括關於我們應對動態宏觀經濟環境的能力以及對我們的業務和經營業績的影響的陳述，包括全球貿易政策、關稅、定價措施和緩解策略的變化以及外匯匯率波動的影響。

Our current and long-term strategic objectives, including continued international expansion, 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 acquire new consumers and gain share in a dynamic consumer environment, our ability to achieve our financial outlook, including anticipated revenues, product mix, margin, 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.

我們目前和長期的策略目標，包括持續的國際擴張、我們品牌的表現和產品需求、我們的品牌、產品、行銷、市場和分銷策略的預期影響、產品開發計劃和產品上市時間、消費者行為的變化（包括對價格上漲的反應）、我們在動態的消費環境中獲取新消費者和獲得市場份額的能力、我們實現財務展望的能力（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. The company has explained some of these risks and uncertainties in its SEC filings including in the Risk Factor section of its annual report on Form 10-K and quarterly reports on Form 10-Q. Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements.

本次電話會議中所作的前瞻性陳述代表了管理階層目前的預期，並且是基於作出此類陳述時可獲得的資訊。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所預測、假設或暗示的任何結果有重大差異。該公司已在其提交給美國證券交易委員會的文件中解釋了其中一些風險和不確定性，包括在其 10-K 表格年度報告和 10-Q 表格季度報告的風險因素部分中。除法律或紐約證券交易所上市規則要求外，本公司明確聲明不承擔更新任何前瞻性聲明的任何意圖或義務。

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. 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.

在本次電話會議中，管理階層可能會提及一些並非依照美國公認會計原則編製的財務指標，包括以固定匯率計算的指標。例如，該公司報告了在當前和以前報告期內正常運營的業務的按固定匯率計算的可比較直接面向消費者的銷售額。該公司認為，這些非GAAP財務指標是衡量其經營績效的重要指標，因為它們剔除了與公司核心經營績效無關且可能無法反映公司核心經營績效的項目。請查閱我們今天發布的獲利報告，以了解有關我們非GAAP財務指標的更多資訊。

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

接下來，我將把麥克風交給斯特凡諾。

Thanks, Erinn. Good afternoon, everyone, and thank you for joining today's call. Deckers has delivered an outstanding third-quarter performance, underscored by a strong composition of results that demonstrate robust global demand for our brands, fueling an increased outlook for fiscal year 2026.

謝謝你，艾琳。各位下午好，感謝各位參加今天的電話會議。Deckers 第三季業績表現出色，各項業績組成強勁，充分展現了全球對我們品牌的強勁需求，從而提升了 2026 財年的業績預期。

For the third quarter, we delivered $1.96 billion of revenue, representing a 7% increase versus the prior year. Global HOKA and UGG performance was exceptional, with revenue increasing by 18% and 5% versus last year respectively, and each brand delivering balanced growth across DTC and wholesale.

第三季度，我們實現了 19.6 億美元的收入，比去年同期成長了 7%。HOKA 和 UGG 的全球業績表現卓越，營收分別比去年成長了 18% 和 5%，每個品牌在 DTC 和批發方面都實現了均衡成長。

From a regional perspective, HOKA and UGG collectively drove third-quarter revenue increases of 15% in international markets reflecting continued momentum from the first half, and 5% in the United States, demonstrating positive inflection relative to the first half based on our effective marketplace management initiatives. This result exceeded our expectations for both brands.

從區域角度來看，HOKA 和 UGG 在國際市場第三季度合計推動收入增長 15%，反映了上半年持續的成長勢頭；在美國，這一數字增長了 5%，表明相對於上半年，由於我們有效的市場管理舉措，出現了積極的轉折。這結果超出了我們對這兩個品牌的預期。

Importantly, it was achieved while maintaining high levels of full-price selling and demonstrated resilient price elasticity. As a result, Deckers preserved strong gross margins, which contributed to an 11% increase in our third-quarter diluted earnings per share, a record $3.33.

重要的是，這一目標是在保持高水準全價銷售的同時實現的，並展現出強大的價格彈性。因此，Deckers 保持了強勁的毛利率，這使得我們第三季稀釋後每股收益成長了 11%，達到創紀錄的 3.33 美元。

As I reflect on our progress this year and our focus to build brands for long-term sustainable growth, I'm extremely pleased with our performance over the first nine months of this fiscal year, which contributed to total company revenue increasing 10%, HOKA revenue growing 16%, UGG revenue growing 8% and diluted earnings per share increasing 13%. Decker's year-to-date fiscal results and raised outlook demonstrate our commitment to generate shareholder value through sustained growth in revenue and earnings per share, bolstered by our share repurchase program and fortified balance sheet.

回顧今年的進展以及我們致力於打造品牌以實現長期可持續增長的努力，我對本財年前九個月的業績感到非常滿意，公司總收入增長了 10%，HOKA 收入增長了 16%，UGG 收入增長了 8%，稀釋後每股收益增長了 13%。Decker 今年迄今的財務表現和上調的展望表明，我們致力於透過持續成長的收入和每股盈餘來創造股東價值，而我們的股票回購計劃和強化的資產負債表則為此提供了支持。

Now, in the final quarter of this fiscal year and looking into the next, I'm confident that we'll continue to execute on our strategic plan and deliver compelling results through the sustained, strong momentum of our global brands. Steve will provide specific details on our updated guidance and third-quarter performance later in the call.

現在，在本財年的最後一個季度以及展望下一個季度，我有信心我們將繼續執行我們的戰略計劃，並透過我們全球品牌持續強勁的發展勢頭取得令人矚目的成果。史蒂夫將在電話會議稍後提供關於我們更新後的業績指引和第三季業績的具體細節。

But first, I'll share some brand-specific highlights from the third quarter. Starting with UGG, global UGG revenue in the third quarter increased 5% versus last year to a record $1.3 billion. UGG continues to be top of mind for consumers, growing its leadership position as a premium lifestyle brand through a combination of purposeful, consumer-informed product creation that celebrates recognizable brand codes, broadening the dimensions of category acceptance, and an elevated global marketplace aligned to our target consumer segments, where the brand is able to build connections and community through a tailored yet consistent brand identity.

但首先，我將分享第三季一些與品牌相關的亮點。以 UGG 為例，UGG 第三季全球營收年增 5%，創下 13 億美元的紀錄。品牌始終是消費者心目中的首選，透過以消費者為導向、注重實效的產品創造，鞏固其作為高端生活風格品牌的領導地位。這種創作方式彰顯了品牌的標誌性特徵，拓寬了品類接受度的維度，並打造了一個與目標消費者群體相契合的高端全球市場。在這個市場中，品牌能夠透過量身訂製但又始終如一的品牌形象，建立連結和社群。

As discussed on our last call, in response to the ongoing rise in consumer demand for the UGG brand, we strategically allocated additional products to the wholesale channel prior to peak season. The results indicate that this approach has proven effective. Our strategic execution enabled improved in-stock positions for wholesale partners, boosting fall sales, and as planned, we effectively addressed late season demand through our direct-to-consumer channels.

正如我們在上次電話會議中所討論的，為了應對消費者對 UGG 品牌的持續增長的需求，我們在旺季到來之前，有策略地向批發渠道分配了更多產品。結果表明，這種方法已被證明是有效的。我們的策略執行改善了批發合作夥伴的庫存狀況，促進了秋季銷售，並且按照計劃，我們透過直接面向消費者的管道有效地滿足了季末需求。

In terms of the UGG brand's third-quarter performance across channels, DTC revenue increased 5% versus last year, and wholesale revenue grew 4% compared to last year. From a direct-to-consumer perspective, our marketplace teams around the globe work closely across different departments to fill consumer demand both in retail locations and online. Through these efforts, we drove meaningful growth in UGG reward membership, email subscribers, and retained consumers. providing ample opportunity to further strengthen consumer connections and drive repeat purchases in the future.

就 UGG 品牌第三季各通路的業績而言，DTC 營收比去年成長了 5%，批發收入比去年成長了 4%。從直接面向消費者的角度來看，我們全球各地的市場團隊與不同部門緊密合作，以滿足零售店和線上消費者的需求。透過這些努力，我們大幅提升了 UGG 會員獎勵計劃、電子郵件訂閱用戶和留存客戶的數量，為未來進一步加強與消費者的聯繫並促進重複購買提供了充足的機會。

During the quarter, we also use our DTC channel to test products with speed to market, strategically pulling forward targeted new silhouettes to generate early reads at a time where UGG historically has the greatest attention from consumers. Our new Quill franchise was a standout success through this initiative. By sharing performance insights with our wholesale partners for products like the Quill, we are able to accelerate the global expansion and adoption of new offerings.

本季度，我們也利用 DTC 通路快速測試產品，有策略地提前推出有針對性的新款式，以便在 UGG 歷來最受消費者關注的時期獲得早期關注。透過這項舉措，我們新開的 Quill 特許經營店取得了顯著的成功。透過與我們的批發合作夥伴分享 Quill 等產品的性能見解，我們能夠加速新產品的全球擴張和推廣。

UGG has firmly positioned itself as the top premium lifestyle brand in the global market. Our ongoing goal is to further enhance UGG's presence at every consumer touchpoint through consistent product presentation that highlights our distinctive brand identity. While we focus on improving the consumer experience in our direct-to-consumer channels, we're also collaborating very closely with our retail partners to elevate the brand through intentional product offerings that support year-round wearability in our men's initiatives.

UGG已穩固確立了其在全球市場上頂級高端生活風格品牌的地位。我們始終致力於透過一致的產品展示，突顯我們獨特的品牌形象，從而在每個消費者接觸點進一步提升 UGG 的影響力。在專注於改善直接面向消費者管道的消費者體驗的同時，我們也與零售合作夥伴緊密合作，透過精心策劃的產品供應來提升品牌形象，從而支持男士產品全年穿著。

By planning strategically for shared growth, we sustain strong partnerships and nurture future opportunities, all while ensuring marketplace scarcity for UGG remains healthy. We're especially proud of how our retail partners supported the UGG brand during the holiday season, strengthening consumer connections, and raising awareness and adoption across categories. Overall, this was an exceptionally well-executed third quarter and holiday season for the UGG brand.

透過制定策略計劃以實現共同成長，我們維持了牢固的合作夥伴關係，並培養了未來的機遇，同時確保 UGG 的市場稀缺性保持健康。我們尤其為零售合作夥伴在假期季節對 UGG 品牌的支持感到自豪，他們加強了與消費者的聯繫，並提高了各個品類的知名度和銷售量。整體而言，UGG 品牌第三季和假日季的業績都非常出色。

Our marketing teams did a brilliant job leveraging product collaborations, brand activations, and ambassadors to drive UGG brand Heat, including a field house experience in New York City, celebrating the UGG SACAI product collaboration, pop-ups in Chicago and Berlin, that featured the UGG Palace product collaboration, and new male brand ambassadors across sport and pop culture in China, contributing to our strongest men's regional performance.

我們的行銷團隊出色地利用產品合作、品牌推廣活動和品牌大使來推動 UGG 品牌熱度，包括在紐約市舉辦的體育館體驗活動，慶祝 UGG 與 SACAI 的產品合作；在芝加哥和柏林舉辦的快閃店活動，以展示 UGG 與 Palace 的產品合作；以及在中國體育和流行文化領域推出新的男性品牌大使，在該地區都促成了我們的男裝最強勁品牌。

Globally, the men's category performed very well, as you continue to see healthy adoption of popular all-gender products like the Tasman, Ultra Mini, and Lowmel, as well as men-specific styles like the Weather Hybrid collection that spans across multiple silhouettes. Overall product performance was positively influenced by robust consumer response to newness, which underscores the growing demand for UGG and its diversified product range across various categories.

在全球範圍內，男裝類別表現非常出色，Tasman、Ultra Mini 和 Lowmel 等流行的男女通用產品以及 Weather Hybrid 系列等涵蓋多種廓形的男士專屬款式都持續受到消費者的青睞。整體產品表現受到消費者對新品的正面反應的正面影響，這凸顯了消費者對 UGG 及其在各個類別中多樣化產品系列的日益增長的需求。

Iconic UGG franchises continue to benefit from the addition of complementary styles, such as the new Tazzelle and Classic Micro, helping fuel growth for the brand, with the latter even placing among the 10 best-selling styles this quarter. We also made notable progress with products aimed at supporting the UGG brand's 365 initiative. The Lowmel franchise continues to expand UGG's presence in the lifestyle sneaker segment, more than doubling its revenue this quarter and ranking among the brand's top five best sellers.

標誌性的 UGG 系列繼續受益於新增的互補款式，例如新款 Tazzelle 和 Classic Micro，有助於推動品牌成長，其中 Classic Micro 甚至躋身本季度十大暢銷款式之列。我們在旨在支持 UGG 品牌 365 計畫的產品方面也取得了顯著進展。Lowmel 特許經營店繼續擴大 UGG 在休閒運動鞋領域的市場份額，本季收入翻了一番多，並躋身該品牌銷量前五名。

As we approach the fourth quarter, our priority is to finish another successful year by boosting interest in new product launches that align with our brand strategies, including the Minimel, an all-new low-profile Spring sneaker with the Lowmel collection; the Otzo, an all-new clog with a sleeker aesthetic that features elevated materials; and new fashion sandal silhouettes within the Golden Collection.

隨著第四季度的臨近，我們的首要任務是透過提高人們對符合我們品牌策略的新產品發布的興趣，來為又一個成功的年份畫上句號，其中包括Lowmel系列的全新低幫春季運動鞋Minimel；採用高級材料打造的全新時尚木屐Otzo；以及Golden系列中的新款時尚涼鞋。

Congratulations to Anne and the entire UGG team on a fantastic fall season and holiday quarter. We are excited for what's to come as we continue to expand consumer reach and category acceptance of our compelling product assortment and grow this amazing brand around the world.

恭喜 Anne 和整個 UGG 團隊度過了一個精彩的秋季和假期季節。我們對未來充滿期待，我們將繼續擴大消費者群體，提升我們極具吸引力的產品系列的市場接受度，並在全球範圍內發展壯大這個卓越的品牌。

Speaking of amazing brands, let's shift to HOKA. Global HOKA revenue in the third quarter increased 18% versus last year to $629 million. This growth included strength in both DTC and wholesale, with gains in the US as well as international markets.

說到優秀的品牌，我們來看看 HOKA。HOKA 第三季全球營收年增 18%，達到 6.29 億美元。這一成長包括直接面向消費者 (DTC) 和批發業務的強勁成長，並在美國和國際市場均取得了進展。

The strong performance was driven by broader consumer adoption of the HOKA brand's innovative and versatile products, especially as we've refined our approach to managing the global marketplace. This helped achieve balanced growth across channels as DTC revenue increased 19% versus last year and wholesale revenue grew 18% compared to last year. As we continue to build this brand and introduce new products to the market, we are proactively maintaining a healthy pull model of demand across all channels. This approach aligns with our long-term objectives of achieving growth in every channel and region.

HOKA品牌創新且用途廣泛的產品受到消費者的廣泛認可，這推動了其強勁的業績成長，尤其是在我們不斷改進全球市場管理方法之後。這有助於實現各通路的均衡成長，其中 DTC 收入比去年增長了 19%，批發收入比去年增長了 18%。隨著我們不斷打造這個品牌並向市場推出新產品，我們正在積極地在所有管道中保持健康的需求拉動模式。這種方法符合我們實現每個通路和地區成長的長期目標。

While some fluctuations in channel growth may occur as we make strategic adjustments to distribution, we remain committed to creating a more balanced business over time, as demonstrated by HOKA's performance this quarter. We continue to incorporate insights from consumers and learnings from the marketplace to refine how we go to market.

儘管在對分銷管道進行策略調整的過程中，通路成長可能會出現一些波動，但我們仍然致力於隨著時間的推移打造一個更加平衡的業務，HOKA 本季的業績就證明了這一點。我們不斷吸收消費者的回饋和市場回饋，以改善我們的市場推廣方式。

A notable initiative this quarter has been our HOKA membership program. which enhance consumer loyalty by delivering a distinct and differentiated customer experience. Our revamped membership program now includes exclusive and early product access, select opportunities for special discounts, and rewards for higher purchase frequency.

本季度值得關注的舉措是我們的HOKA會員計劃，該計劃透過提供獨特且差異化的客戶體驗來增強消費者忠誠度。我們改進後的會員計劃現在包括獨家和提前購買產品、特定折扣機會以及更高的購買頻率獎勵。

Though we are still early in the development of the HOKA membership program, with additional consumer engagement drivers and differentiation in the pipeline for next year, we're already seeing a benefit in revenue per consumer, units per transaction, and multi-category purchasing from HOKA members relative to the average consumer. These members' key performance indicators are directly contributing to our positive results, helping drive an acceleration of the HOKA brand's DTC growth in the third quarter compared to the first half of the fiscal year.

雖然 HOKA 會員計畫仍處於早期發展階段，明年還將推出更多消費者互動驅動因素和差異化措施，但我們已經看到 HOKA 會員相對於普通消費者而言，在每位消費者的收入、每次交易的商品數量以及多類別購買方面都具有優勢。這些成員的關鍵績效指標直接促成了我們的積極成果，幫助推動了 HOKA 品牌在第三季 DTC 成長速度較上半年加快。

In the US, DTC returned to healthy growth in the quarter with a meaningful improvement of new consumer acquisition online compared to what HOKA experienced earlier this year. In addition, as we look ahead to future product transitions, we see an opportunity to more effectively utilize our higher-margin DTC channel to strategically manage end-of-season inventory in a controlled manner, as we tightly manage wholesale marketplace inventories to ensure a clean environment for future launches.

在美國，DTC（直接面向消費者）在本季度恢復了健康成長，與HOKA今年稍早的情況相比，線上新客戶獲取量有了顯著改善。此外，展望未來的產品轉型，我們看到了一個機會，可以更有效地利用我們利潤更高的 DTC 管道，以可控的方式策略性地管理季末庫存，同時嚴格管理批發市場庫存，以確保未來產品上市的良好環境。

The HOKA brand's improved DTC performance demonstrates the effectiveness of our loyalty marketing tactics. which have enabled us to enhance the consumer's journey, increase brand affinity, build lasting relationships, and increase customer lifetime value for a growing base of consumers. At the same time, we remain focused on driving strong performance with HOKA in the wholesale channel.

HOKA品牌DTC業績的提升證明了我們忠誠度行銷策略的有效性，這些策略使我們能夠改善消費者的購物體驗，提高品牌親和力，建立持久的客戶關係，並為不斷增長的消費者群體提高客戶終身價值。同時，我們將繼續專注於推動 HOKA 在批發通路取得強勁的業績。

We believe it's very important for HOKA to compete in a multi-brand environment, particularly in the performance category where innovation is critical to success. Our partners, remain an important destination for consumers to experience the HOKA brand's unique blend of technology, geometry, and premium materials directly on their feet.

我們認為，對於 HOKA 來說，在多品牌環境中競爭非常重要，尤其是在性能領域，創新對於成功至關重要。我們的合作夥伴仍然是消費者體驗 HOKA 品牌獨特技術、幾何結構和優質材料融合的重要場所。

HOKA has continued to perform very well in the wholesale channel globally, driving healthy levels of full-price sell-through and gaining additional market share. In the US, according to Cercana, HOKA's market share increased significantly in the road-running category, above $140, for the three months ending in December. This growth further establishes HOKA as the top brand in the segment and demonstrates the strength of our full-price sell-through.

HOKA 在全球批發管道持續表現出色，實現了健康的全價銷售水平，並獲得了額外的市場份額。據 Cercana 稱，在美國，截至 12 月的三個月內，HOKA 在售價超過 140 美元的公路跑鞋類別中的市場份額顯著增長。這一成長進一步鞏固了 HOKA 在該細分市場的領先品牌地位，並證明了我們全價銷售的強勁實力。

In Europe, the pace of sell-out continues to drive record levels of reorders, with our top strategic customers averaging 90% sell-through, which is fueling future season demand. We attribute the HOKA brand's market share expansion to three main factors: compelling innovative products that resonate with consumers, enhanced global brand awareness and recognition, and increased brand access in more locations. These developments have opened the door for a wider range of consumers to connect with the brand, not just for performance-related reasons.

在歐洲，銷售速度持續加快，導致補貨量創下紀錄，我們的頂級策略客戶平均售罄率達到 90%，這進一步推動了未來季度的需求。我們認為 HOKA 品牌市場佔有率的擴張主要歸功於三個因素：能夠引起消費者共鳴的創新產品、增強的全球品牌知名度和認可度，以及在更多地區增加品牌可及性。這些發展為更廣泛的消費者群體打開了與該品牌建立聯繫的大門，而不僅僅是出於與產品性能相關的原因。

With more people choosing to wear HOKA as part of their active lifestyle wardrobe, the brand is well positioned to take advantage of this growing trend. HOKA is proactively advancing its lifestyle strategy, identifying the segment as a significant opportunity in terms of product development and expansion through wholesale distribution, account segmentation, and differentiation.

隨著越來越多的人選擇將 HOKA 作為其積極生活方式服飾的一部分，該品牌已做好充分準備，可以利用這一不斷增長的趨勢。HOKA 積極推進其生活方式策略，認為該細分市場在產品開發和擴張方面具有重要機遇，可透過批發分銷、客戶細分和差異化來實現。

As the lifestyle category evolves, HOKA is positioned to leverage the company's global expertise in this area. As HOKA continues to tap into significant lifestyle opportunities, it's important to acknowledge the valuable growth potential within our established categories. Our main global marketplace priorities for HOKA include enhancing the brand's premium position through product innovation, engaging authentically with consumers through strategic product segmentation, and expanding the brand's reach while maintaining performance integrity.

隨著生活風格類別的發展，HOKA 已做好充分準備，利用該公司在該領域的全球專業知識。隨著 HOKA 不斷挖掘重要的生活方式機遇，認識到我們現有產品類別中蘊藏的巨大成長潛力也至關重要。HOKA 在全球市場的主要優先事項包括：透過產品創新提升品牌的優質地位；透過策略性的產品細分與消費者建立真誠的聯繫；以及在維持性能完整性的同時擴大品牌的覆蓋範圍。

As we look at wholesale distribution in the US market, run specialty remains our priority segment to introduce and engage consumers with HOKA brand's innovative performance products. Our aim here is to uphold HOKA's performance credibility by continuing to lead in this segment.

當我們審視美國市場的批發分銷時，跑步專賣店仍然是我們的優先細分市場，旨在向消費者介紹 HOKA 品牌的創新性能產品並吸引他們參與。我們的目標是透過繼續在該領域保持領先地位來維護 HOKA 的卓越性能信譽。

In sporting goods, HOKA is present in roughly half of the targeted stores we consider potential distribution points. We also see more opportunities to expand shelf space and market share in existing doors as we continue to diversify our product offering.

在體育用品領域，HOKA 已進入我們認為具有潛在分銷點的目標商店的大約一半。隨著我們不斷豐富產品種類，我們也看到了在現有門類產品中擴大貨架空間和市場份額的更多機會。

The biggest opportunity for HOKA's expansion in the US lies within the athletic specialty segment, where we're currently represented in only about a quarter of the stores we believe will be relevant for the brand moving forward. Internationally, we're much earlier in the process of expanding HOKA's distribution.

HOKA 在美國擴張的最大機會在於運動專賣店領域，目前我們只在大約四分之一的商店有售，而我們認為這些商店對於品牌未來的發展至關重要。在國際上，我們尚處於擴大 HOKA 分銷管道的早期階段。

In Europe, we're making steady progress in building awareness and marketplace presence. We still have room for door and market share expansion in the European run specialty segment, where we continue to climb in brand ranking throughout various countries in the region, having captured around 80% of the opportunity we see for the segment.

在歐洲，我們在提升品牌知名度和市場影響力方面正穩步取得進展。我們在歐洲專業門市領域仍有拓展市場份額的空間，我們在該地區各國的品牌排名持續攀升，已經佔據了我們認為該領域約 80% 的機會。

Furthermore, HOKA has reached approximately 40% of the European sporting goods destinations considered relevant for the brand. It is available in less than 20% of suitable athletic specialty stores in the region. This illustrates the significant opportunity that remains for attractive distribution expansion.

此外，HOKA 已涵蓋歐洲約 40% 被認為與該品牌相關的體育用品目的地。該地區只有不到 20% 的合適的運動用品專賣店有售。這表明，在拓展有吸引力的分銷管道方面，仍然存在著巨大的機會。

In Asia, our primary area of focus remains China, where we operate mainly through a mix of company-owned and partner-run mono-brand retail stores. Typically, we keep a two-to-one ratio of wholesale partner locations to company-owned retail stores. Currently, we occupy a little less than one-third of the potential we see over the next several years.

在亞洲，我們的主要關注區域仍然是中國，我們主要透過公司自營和合作夥伴經營的單一品牌零售店相結合的方式開展業務。通常情況下，我們的批發合作夥伴門市與公司自營零售店的比例為二比一。目前，我們所利用的潛力還不到未來幾年我們所能利用潛力的三分之一。

All of this to say we continue to see meaningful, untapped global opportunities for HOKA. We're building this brand for the long term, and we'll continue to take a methodical approach to global expansion, maintaining a full model of demand while gradually improving the balance between DTC and wholesale channels.

總而言之，我們認為 HOKA 在全球範圍內仍然擁有許多意義重大且尚未開發的機會。我們正在著眼長遠打造這個品牌，並將繼續採取有條不紊的方式進行全球擴張，保持完整的需求模式，同時逐步改善 DTC 和批發管道之間的平衡。

Our ongoing progress in international markets, along with positive developments in our US operations, makes us very optimistic about HOKA's promising future. From a product perspective, top franchises continue to perform very well, and we are now operating in a much cleaner global marketplace relative to a year ago.

我們在國際市場上的持續進步，以及我們在美國業務的積極發展，使我們對 HOKA 的美好未來充滿信心。從產品角度來看，頂級特許經營品牌繼續表現非常出色，而且與一年前相比，我們現在所處的全球市場環境要乾淨得多。

The brand's launch of Gaviota 6 is off to a great start, further bolstering our position in the stability category alongside the positive reception of the Arahi 8. Hook has a number of exciting product updates to come in the fourth quarter across our key strategic priorities of winning in road, dominating trail, and igniting lifestyle.

品牌推出的 Gaviota 6 取得了良好的開端，加上 Arahi 8 的正面反響，進一步鞏固了我們在穩定性類別中的地位。Hook 將在第四季度推出一系列令人興奮的產品更新，涵蓋我們在公路賽場上取得勝利、越野賽場上佔據主導地位以及點燃生活方式等關鍵戰略重點。

The road category has two key product stories launching in Q4. Our pinnacle racing shoe, the Cielo X1 3.0, which is the fastest and lightest racing shoe HOKA has ever created, and our completely redesigned Mach 7, crafted for responsive daily runs with tempo. Beyond the road segment, we eagerly anticipate the launch of Speedgoat 7, which is designed to build HOKA's legacy in the trail category by offering an exceptional underfoot experience across diverse terrains.

公路車類別在第四季將推出兩款重點產品。我們巔峰之作——Cielo X1 3.0，是 HOKA 迄今為止打造的最快、最輕的競速跑鞋；以及我們全新設計的 Mach 7，專為響應靈敏的日常節奏跑而打造。除了公路鞋款之外，我們熱切期待 Speedgoat 7 的發布，它旨在透過在各種地形上提供卓越的足底體驗，鞏固 HOKA 在越野鞋領域的輝煌歷史。

In lifestyle, we're excited to announce the launch of our first fully integrated marketing campaign for this category, featuring new ambassador partnerships, global brand experiences, and products that connect with well-known HOKA franchises. Congratulations to the whole HOKA team on a well-executed quarter. We look forward to closing out the year with these exciting product launches to come.

在生活風格領域，我們很高興地宣布推出該類別中的第一個完全整合的行銷活動，其中包括新的品牌大使合作關係、全球品牌體驗以及與知名 HOKA 特許經營店相關的產品。恭喜 HOKA 團隊整個季度表現出色。我們期待以即將推出的這些令人興奮的新產品來為這一年畫上圓滿的句號。

I am really proud of the success our entire team has delivered this year. And I'm even more excited for what lies ahead as I look at the opportunities for the next year and beyond. We intend to continue driving healthy, profitable growth for both UGG and HOKA. We expect HOKA to remain a fast-growing brand with significant potential for international expansion and consistent progress in the US, supported by effective marketplace management.

我為我們整個團隊今年所取得的成就感到非常自豪。展望未來，我對未來一年及以後的機會感到更加興奮。我們計劃繼續推動 UGG 和 HOKA 兩大品牌實現健康、獲利的成長。我們預計 HOKA 將繼續保持快速成長的品牌地位，在有效的市場管理支援下，具有巨大的國際擴張潛力，並在美國取得持續進步。

At the same time, we also expect the UGG brand to continue driving growth across DTC and wholesale through its men's and 365 product initiatives, similarly led by international regions alongside continued growth in the US. Given these growth opportunities, our disciplined management of the global marketplace to sustain strong full-price sales, and our strategic investments leveraging portfolio synergies, I'm confident that Deckers will continue to be a leader in our space.

同時，我們也期待 UGG 品牌能夠繼續透過其男裝和 365 產品計劃推動 DTC 和批發業務的成長，同樣由國際地區引領，同時在美國市場也將持續成長。鑑於這些成長機會，我們對全球市場進行嚴謹的管理以維持強勁的全價銷售，以及我們利用投資組合協同效應的策略投資，我相信德克斯將繼續成為我們領域的領導者。

Thanks, everyone. Over to Steve for more details on our third-quarter financial results and an update to our fiscal year '26 guidance.

謝謝大家。接下來請史蒂夫詳細介紹我們第三季的財務表現以及我們對 2026 財年的業績預期。

Thanks, Stefano, and good afternoon, everyone. Our third-quarter performance exceeded expectations and demonstrated robust momentum of the UGG and HOKA brands. For the third quarter, UGG drove solid growth to deliver its largest quarter in history with balanced increases across channels and regions. HOKA delivered another quarter of strong global growth with this quarter being balanced across DTC and wholesale.

謝謝你，斯特凡諾，大家下午好。我們第三季的業績超乎預期，並展現了 UGG 和 HOKA 品牌強勁的發展勢頭。第三季度，UGG實現了穩健成長，在各個通路和地區均實現了均衡成長，創下了公司歷史上最大的季度業績。HOKA 再次實現了強勁的全球成長，本季 DTC 和批發業務均保持平衡。

HOKA growth was led by international and included meaningful contributions from the US market highlighted by the positive inflection of the US DTC business. These results are a testament to the exceptional strength of our premium brands within the US and internationally as our disciplined approach to marketplace management, combined with innovative product and an elevated consumer experience, led to high levels of full-price selling and exceptional performance during the holiday season.

HOKA 的成長主要由國際市場推動，其中美國市場做出了重要貢獻，美國 DTC 業務的積極轉變尤為突出。這些結果證明了我們在美國和國際上的高端品牌擁有卓越的實力，我們嚴謹的市場管理方法，加上創新的產品和提升的消費者體驗，使得正價銷售量居高不下，並在假日季取得了卓越的業績。

Now, let's get into the details of the third-quarter results. Third-quarter fiscal 2026 revenue was $1.96 billion, representing a 7% increase as compared to the prior year. Revenue growth in the quarter was primarily driven by HOKA, which increased 18% versus last year to deliver $629 million, adding $98 million of incremental revenue over the prior year. As anticipated, HOKA performance benefited from another sequential improvement in the US DTC business which delivered healthy growth in the quarter, contributing to a more balanced result across DTC and wholesale.

現在，讓我們詳細了解一下第三季的業績。2026 財年第三季營收為 19.6 億美元，較上年同期成長 7%。本季營收成長主要由 HOKA 推動，該公司營收較去年同期成長 18%，達到 6.29 億美元，較上年同期新增 9,800 萬美元。正如預期的那樣，HOKA 的業績受益於美國 DTC 業務的另一個環比改善，該業務在本季度實現了健康成長，從而使 DTC 和批發業務的業績更加平衡。

UGG increased 5% versus last year to deliver record quarterly revenue of $1.3 billion, adding $61 million of incremental revenue over the prior year. UGG growth also benefited from improved global DTC performance, which inflected to positive growth following a more pressured first half.

UGG 的季度營收較去年同期成長 5%，創下 13 億美元的紀錄，比上年同期增加了 6,100 萬美元的收入。UGG 的成長也得益於全​​球 DTC 業務表現的改善，在經歷了上半年的較大壓力後，轉為正成長。

Gross margin for the third quarter was 59.8%, which was better than we had expected for the quarter, primarily due to a lower-than-expected impact from increased tariffs, reflecting the timing of inventory flows and the mix of inventory sold through during the quarter benefiting from lower-tariffed inventory in the pipeline. Larger benefits from our pricing actions primarily attributable to the UGG brand -- and though above last year, we had slightly lower promotions than planned for the quarter.

第三季毛利率為 59.8%，優於我們對該季度的預期，主要原因是關稅上漲的影響低於預期，這反映了庫存流動的時間安排以及該季度售出庫存的組合，受益於在途的低關稅庫存。我們的定價策略帶來的更大收益主要歸功於 UGG 品牌——儘管高於去年同期，但我們本季的促銷活動略低於計劃。

In achieving this result, both UGG and HOKA maintained a very healthy level of full-price selling, with each achieving an average selling price slightly above the prior year, and HOKA delivering gross margin expansion in the quarter, contributing to our better-than-expected results.

為了取得這一成績，UGG 和 HOKA 都保持了非常健康的全價銷售水平，兩家的平均售價均略高於上一年，HOKA 在本季度實現了毛利率的增長，從而促成​​了我們超出預期的業績。

SG&A dollar spend in the third quarter was $557 million, up 4% versus last year's $535 million, as we continue investing in key areas of the business. As a percentage of revenue, SG&A was 28.5%, which is 80 basis points below last year's rate of 29.3%, with leverage primarily driven by favorable impacts from foreign currency exchange rate remeasurement.

第三季銷售、一般及行政費用支出為 5.57 億美元，比去年同期的 5.35 億美元成長 4%，因為我們持續投資於業務的關鍵領域。銷售、一般及行政費用佔收入的百分比為 28.5%，比去年的 29.3% 低 80 個基點，槓桿作用主要由外匯匯率重新計量帶來的有利影響所驅動。

Our tax rate for the quarter was 23.3%, which compares to 21.8% for the prior year. These results culminated in a record diluted earnings per share of $3.33 for the quarter, which is $0.33 above last year's $3 diluted earnings per share, representing EPS growth of 11%.

本季我們的稅率為 23.3%，而去年同期為 21.8%。這些結果最終使該季度稀釋後每股收益達到創紀錄的 3.33 美元，比去年同期的 3 美元稀釋後每股收益高出 0.33 美元，相當於每股收益增長了 11%。

Turning to our balance sheet, at December 31, 2025, we ended December with $2.1 billion of cash and equivalents. Inventory was $633 million, up 10% versus the same point in time last year, and includes tariffs paid on inventory received this year. And during the period, we had no outstanding borrowings.

從我們的資產負債表來看，截至 2025 年 12 月 31 日，我們 12 月底擁有 21 億美元的現金及現金等價物。庫存為 6.33 億美元，比去年同期成長 10%，其中包括今年收到的庫存所支付的關稅。在此期間，我們沒有任何未償還的借款。

In the third quarter, we repurchased approximately $349 million worth of shares at an average price of $92.36. Through the first nine months of fiscal year 2026, we have repurchased approximately 8 million shares, representing more than 5% of shares outstanding at the beginning of this fiscal year. As of December 31, 2025, the company had approximately $1.8 billion remaining authorized for share repurchases. And given our strong cash flow and cash balance, and in consideration of the current market valuation, we remain committed to continue returning value to shareholders through our share repurchase program.

第三季度，我們以平均每股 92.36 美元的價格回購了價值約 3.49 億美元的股票。在 2026 財年的前九個月，我們已回購了約 800 萬股股票，佔本財年初已發行股票總數的 5% 以上。截至 2025 年 12 月 31 日，該公司還有約 18 億美元的剩餘授權用於股票回購。鑑於我們強勁的現金流和現金餘額，並考慮到當前的市場估值，我們將繼續透過股票回購計畫為股東創造價值。

In fiscal year 2026, we are on track to repurchase more than $1 billion in total by the end of the year, which is expected to contribute more than $0.20 of diluted earnings per share improvement.

在 2026 財年，我們預計在年底前完成超過 10 億美元的股票回購，預計將使稀釋後的每股收益提高超過 0.20 美元。

Now, moving into our updated guidance for fiscal year 2026. Based on the strength of our brand's performance in the third quarter, we are increasing our full-year revenue expectations to a range of $5.4 billion to $5.425 billion. For HOKA specifically, we've raised our expectation, now reflecting mid-teens revenue growth versus last year. And for UGG, we now expect revenue to increase mid-single digits versus last year, which is at the high end of our prior guidance.

接下來，我們來看看2026財年的最新業績指引。鑑於我們品牌在第三季的強勁表現，我們將全年營收預期上調至 54 億美元至 54.25 億美元之間。具體到 HOKA，我們提高了預期，現在預計其收入將比去年增長兩位數以上。對於 UGG，我們現在預計其收入將比去年實現中等個位數成長，這處於我們之前預期的高端。

Gross margin is now expected to be approximately 57%, which is 100 basis points above our prior guidance, primarily due to lower than previously anticipated net impact from tariffs. We still expect SG&A to be approximately 34.5% of revenue, as we continue to make investments that support the long-term growth and opportunities ahead for UGG and HOKA.

預計毛利率目前約為 57%，比我們先前預期的高出 100 個基點，這主要是由於關稅的淨影響低於先前的預期。我們仍預期銷售、一般及行政費用將佔收入的 34.5% 左右，因為我們將繼續進行投資，以支持 UGG 和 HOKA 的長期成長和未來機會。

Our operating margin is now expected to be approximately 22.5%, which is 100 basis points above our prior guidance and remains best in class. We still expect an effective tax rate of approximately 23%. These updates and the continued benefits from both year-to-date and projected fourth quarter share repurchase result in a raise to our expected diluted earnings per share, which is now in the range of $6.80 to $6.85, representing a 7% to 8% increase over last year's record EPS.

我們的營業利潤率目前預計約為 22.5%，比我們之前的預期高出 100 個基點，仍然是業內最佳。我們仍然預計實際稅率約為 23%。這些更新以及年初至今和預計第四季度股票回購帶來的持續收益，使我們預期稀釋後每股收益上調至 6.80 美元至 6.85 美元，比去年創紀錄的每股收益增長 7% 至 8%。

Regarding tariffs, based on the robust pricing power of our brands, which has not materially impacted demand to date, combined with a lower than expected blended tariff rate in Q3, we now expect the unmitigated tariff impact on fiscal year 2026 to be approximately $110 million. As a result of our better-than-expected price action benefits and the favorable timing of inventory sold, we now estimate a net tariff impact of approximately $25 million. Please note this does not represent a full-year impact if tariffs remain in place moving forward.

關於關稅，基於我們品牌強大的定價能力，迄今尚未對需求產生實質影響，再加上第三季的綜合關稅稅率低於預期，我們現在預計，2026 財年未緩解的關稅影響約為 1.1 億美元。由於價格行動帶來的收益優於預期，且庫存銷售的時機也較為有利，我們現在估計淨關稅影響約為 2,500 萬美元。請注意，這並不代表如果關稅繼續實施，全年都會受到影響。

Our increased full-year 2026 guidance includes the following assumptions for the fourth quarter. HOKA is expected to deliver 13% to 14% growth, representing the brand's largest-ever quarterly revenue based on the momentum from international regions and continued US growth, with both contributing to global market share gains.

我們上調後的 2026 年全年業績預期包括以下第四季的假設。HOKA 預計將實現 13% 至 14% 的成長，這得益於國際市場的強勁勢頭和美國市場的持續成長，兩者均有助於提升其全球市場份額。

UGG revenue is assumed to be roughly flat to last year, as some orders previously planned for Q4 shipped earlier in Q3 with the total of both quarters contributing to the brand's increased outlook for the year. Our implied gross margin assumes an approximate 200 basis point headwind, the entirety of which is expected to come from the net pressure from tariffs.

UGG 的收入預計與去年大致持平，因為一些原計劃在第四季度發貨的訂單已提前在第三季度發貨，這兩個季度的總和推高了該品牌今年的業績預期。我們隱含的毛利率假設存在約 200 個基點的不利因素，預計全部不利因素將來自關稅帶來的淨壓力。

Note that this is projected to be our largest quarterly net impact from tariffs in fiscal year 2026 on a rate basis as we anticipate the full 20% burden in Q4. And slightly more deleverage in our SG&A spend in the quarter as we continue to make investments while taking advantage of our overall improved outlook. We believe these targeted variable investments will help us continue to carry momentum into FY27.

請注意，預計這將是 2026 財年關稅稅率方面最大的季度淨影響，因為我們預計第四季將承擔全部 20% 的負擔。由於我們持續進行投資，並利用整體前景的改善，本季我們的銷售、管理及行政費用略有下降。我們相信，這些有針對性的可變投資將有助於我們保持成長動能進入 2027 財年。

As Stefano touched on, we have a high degree of confidence in our brands to continue delivering exceptional results into next fiscal year. Specifically, we believe Deckers has the ability to continue delivering meaningful revenue growth paired with a top-tier operating margin beyond this year through operating a pull model of demand, maintaining a well-managed global marketplace that drives high levels of full-price selling, utilizing shared service synergies across brands as we invest to add capabilities, and remaining disciplined in our approach to portfolio management, focusing on investments in areas that we see the highest long-term returns.

正如斯特凡諾所提到的，我們對我們的品牌充滿信心，相信它們將在下一個財政年度繼續取得卓越的表現。具體而言，我們相信，透過以下方式，Deckers 有能力在今年之後繼續實現可觀的收入增長，並保持一流的營業利潤率：採用拉動式需求模式，維持管理良好的全球市場，推動高水平的全價銷售，利用跨品牌的共享服務協同效應，同時投資增加能力，並在投資組合管理方面保持嚴謹的態度，專注於我們認為具有長期回報的領域。

In closing, we are proud of the outstanding results achieved in the third quarter as our in-demand brands drove record quarterly revenue and earnings per share. UGG and HOKA are operating at a high level across the global marketplace, and I, along with the rest of our leadership team, remain confident in our ability to deliver on our increased guidance for fiscal year 2026 and continue driving healthy growth over the long term.

最後，我們對第三季的優異成績感到自豪，我們備受追捧的品牌推動了季度收入和每股盈餘創下歷史新高。UGG 和 HOKA 在全球市場上的營運水準很高，我和我們領導團隊的其他成員仍然對我們實現 2026 財年更高業績預期並繼續推動長期健康成長的能力充滿信心。

With that, I'll hand the call back to Stefano for his final remarks.

接下來，我將把電話交還給斯特凡諾，請他作最後總結發言。

Thank you, Steve. Deckers performed very well in the quarter, achieving record results that highlight the strength of our brands in the global marketplace. During the holiday season, again, HOKA drove consistent growth across channels, demonstrating success in both international markets and in the US through compelling and innovative products that are meeting the demands of our consumers.

謝謝你，史蒂夫。Deckers 在本季表現出色，取得了創紀錄的業績，凸顯了我們品牌在全球市場上的實力。在假日季期間，HOKA 再次實現了各通路的持續成長，透過引人注目且富有創意的產品滿足了消費者的需求，在國際市場和美國市場都取得了成功。

Deckers has once again demonstrated resilience, gaining share, and improving growth momentum in the current environment. We have visibility to continue growth, both domestically and internationally, and this gives us the confidence to raise our four-year outlook. We are very proud of our company's ability to guide for another year of robust and profitable growth through our powerful differentiated brands that are operating in growing segments of the global marketplace.

在當前環境下，Deckers再次展現了強大的韌性，不斷擴大市場份額，並提升成長動能。我們有信心在國內和國際市場繼續保持成長，這使我們有信心提高未來四年的業績預期。我們非常自豪公司能夠憑藉其強大的差異化品牌，在不斷成長的全球市場領域中引領公司再創一年強勁且獲利的成長。

UGG and HOKA are both actively scaling their respective addressable audiences through category expansion, giving each brand ample opportunity to gain market share, grow in under-penetrated markets, and capture new consumers globally. They remain highly complementary, allowing us to benefit from shared synergies and knowledge expertise across the organization as we maintain our best-in-class profitability profile.

UGG 和 HOKA 都在積極透過品類擴張來擴大各自的目標受眾，這為每個品牌提供了充足的機會來獲得市場份額、在滲透率較低的市場中發展壯大，並在全球範圍內吸引新的消費者。它們之間仍然高度互補，使我們能夠受益於整個組織內的共享協同效應和知識專長，同時保持我們一流的獲利能力。

Before we close, I want to once again express my sincere gratitude for the tremendous work of our dedicated global teams and all that we've accomplished thus far in this fiscal year, 2026. In December, the Wall Street Journal recognized Deckers as one of the best-managed companies of 2025, an honor made possible by the collective efforts of our employees, who are the driving force behind what makes our company so special.

在結束之前，我想再次對我們敬業的全球團隊的巨大工作以及我們在 2026 財年迄今為止所取得的一切成就表示衷心的感謝。去年 12 月，《華爾街日報》將 Deckers 評為 2025 年管理最佳公司之一，這項榮譽的取得離不開我們員工的共同努力，他們是我們公司如此特別的驅動力。

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

感謝各位參加今天的電話會議，也感謝各位股東一直以來的支持。接下來，我將把電話轉交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Jay Sole, UBS Financial.

Jay Sole，瑞銀金融。

Great. Stefano, it sounds like HOKA really had a terrific quarter. It sounds like you've seen an acceleration in the business from last quarter to this quarter. Can you maybe just dive into what has changed? What has driven the improvement?

偉大的。Stefano，聽起來HOKA這季表現非常出色。聽起來你們的業務從上個季度到這個季度有所加速成長。您能否深入探討一下發生了哪些變化？是什麼因素促成了這種進步？

You talked a lot about product. I think you mentioned the Gaviota, the Arahi. There's a lot of newness out there. You mentioned the Cielo, the Mach, Stenton, some of these other things that have popped up. Is it product? Is it marketing? Is it just maintaining a very strong full-price sell-through mentality? Maybe just explain to us what has gotten better, and do you see it as sustainable going forward?

你談了很多關於產品的事情。我想你提到了海鷗（Gaviota）和阿拉希（Arahi）。現在有很多新鮮事物。你提到了 Cielo、Mach、Stenton，以及其他一些新出現的車款。這是產品嗎？這是行銷手段嗎？只是堅持以全價銷售的理念嗎？或許您可以解釋哪些方面有所改進，以及您認為這種改進能否持續下去？

Yeah. First of all, I do see it as sustainable going forward. I think we had a few learnings last year. We decided to space out key franchise launches. We tighten inventories of outgoing styles, and we better leverage our DTC channel to move closed-outs in a controlled manner.

是的。首先，我認為它在未來是可持續的。我認為我們去年吸取了一些經驗教訓。我們決定錯開重點加盟店的開幕時間。我們收緊了即將停產款式的庫存，並更好地利用我們的 DTC 管道以可控的方式銷售清倉商品。

We see opportunity across every region, every channel in every category of our business this year. So I feel confident that this trajectory will continue.

今年，我們看到了業務各個領域、各個管道和各個類別中的機會。所以我相信這種發展趨勢將會持續下去。

Yeah. I think, Jay, just to add on to that too, I think what's also encouraging in some of where we're seeing acceleration is with some of the new product that we introduced last year, performing very well with consumers. So recall that we had some of our big franchise updates last year -- early last year, and we've continued to see consumers engage with those updates, quite a bit.

是的。傑伊，我想補充一點，令人鼓舞的是，我們看到一些產品成長加速，其中去年推出的一些新產品在消費者中表現非常出色。所以回想一下，我們去年年初進行了一些重要的特許經營更新，而且我們一直看到消費者對這些更新的參與度相當高。

Yeah. And as you mentioned, Jay, and Gaviota 5 is off to a great start on the back of a successful Iraqi aid introduction. Now we're a meaningful player in the stability category. Transport to -- again, launched last week, but after a good start, Cielo X1 3.0, our fastest and lightest shoe to date, that launched today and it's already a bestselling style online. So I feel very good about the pro pipeline coming.

是的。正如你所提到的，Jay，在伊拉克援助成功引入之後，Gaviota 5 取得了良好的開端。現在我們在穩定性領域已成為一個舉足輕重的角色。Transport to – 上週再次推出，但開局良好，Cielo X1 3.0，我們迄今為止速度最快、重量最輕的鞋子，今天推出，並且已經成為網上最暢銷的款式。所以我對即將到來的職業球員培養計畫感到非常樂觀。

Maybe I can just follow up on that. You talked about lifestyle in your prepared remarks. I think you mentioned you're going to do a new ad campaign. Can you talk a little bit more about where lifestyle is today, what your projection is for how that business will develop?

或許我可以跟進一下。你在事先準備好的演講稿中談到了生活方式。我想你之前提到過你要開一項新的廣告宣傳活動。您能否再詳細談談當今生活方式產業的發展現狀，以及您對該產業未來發展的預測？

With all the new stuff that you're talking about, Machs, Speedgoats, Cielo, Gaviota, Arahi, Stinson, Transport, I mean how much is the diversification of the product line really changed the mix of the business from just Bondi and Clifton? Can you give us a sense of that as well? Those are really the two questions.

你提到的所有這些新產品，Machs、Speedgoats、Cielo、Gaviota、Arahi、Stinson、Transport，我的意思是，產品線的多元化究竟在多大程度上改變了公司從邦迪和克利夫頓兩大業務模式轉變為如今的經營模式？您能否也為我們描述一下這方面的情況？實際上，問題就只有這兩個。

That is really one of our aims. We have boosted capabilities, as you know, across innovation, design, color, and lifestyle, and this is helping us more effectively segment the marketplace and also differentiate DTC.

這的確是我們的目標之一。如您所知，我們在創新、設計、色彩和生活方式方面的能力得到了提升，這有助於我們更有效地細分市場，並實現 DTC 的差異化。

Performance, however, remains at the core of what the brand is. And as you know, the lifestyle consumer has adopted many performance styles. At the same time, we do view this category as a huge opportunity for the brand.

然而，性能仍然是該品牌的核心所在。如你所知，追求時尚的消費者已經接受了多種不同的消費風格。同時，我們認為這一品類對品牌而言是一個巨大的機會。

And I'm really encouraged by what is coming. Early reads on some of the products we launched in Q4 is very positive. Stinson One7, Bondi Mary Jane, Speed Loafer are performing very well. And as I look ahead, the team has done a great job in clarifying the line architecture, simplifying designs, and also hit more commercial price points. So I do believe that we have a good runway also in lifestyle going forward.

我對即將發生的事情感到非常鼓舞。我們在第四季推出的一些產品的早期回饋非常積極。Stinson One7、Bondi Mary Jane 和 Speed Loafer 的表現都非常出色。展望未來，團隊在明確產品線架構、簡化設計以及實現更具商業性的價格點方面都做得非常出色。所以我相信，未來我們在生活方式上也有良好的發展前景。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

I was interested in the channel strategy for the UGG brand. It's encouraging to see both channels grow in tandem in the key sell-through quarter. Given the shift in strategy to prioritize retail partner in stocks for fiscal 26, I'm curious how we should think of your plans to manage the UGG brand in fiscal '27 on wholesale versus DTC basis.

我對 UGG 品牌的通路策略很感興趣。令人鼓舞的是，在關鍵的銷售季度，這兩個管道都實現了同步成長。鑑於 2026 財年策略調整為優先考慮零售合作夥伴的庫存，我很好奇我們應該如何看待您在 2027 財年以批發還是 DTC 方式管理 UGG 品牌的計劃。

All right. Potential for the UGG brand across all channels, all regions, and all categories. So you should continue to see a balanced growth in the UGG portfolio. We're very happy with what the brand has delivered in terms of newness. Our 365 offering has been very well received. Our -- we're now playing legitimately in the sneaker category with the Lowmel. And our classic products continue to perform very well.

好的。UGG品牌在所有管道、所有地區和所有類別中都具有巨大潛力。因此，UGG產品組合應該會繼續保持均衡成長。我們對該品牌在創新方面所取得的成就感到非常滿意。我們的365天服務方案廣受好評。我們現在憑藉著 Lowmel 正式進軍運動鞋領域了。我們的經典產品依然表現出色。

So you should expect continued segmentation of the marketplace, continued differentiation, and growth across all channels, markets, and categories.

因此，您可以預期市場將繼續細分，差異化將持續，並且所有通路、市場和類別都將成長。

And I think, Peter, also, as you looked at this year in terms of channel strategy, I think the important thing to recall is a couple of things that impacted timing, especially around the wholesale channel distribution. So recall in Europe, we had a distribution center move, so we were shipping earlier product to avoid disruption on some of that business logistics change in Europe.

而且，Peter，我認為，當你回顧今年的通路策略時，需要記住的重要一點是，有幾件事影響了時機，尤其是在批發通路分銷方面。所以回想一下，我們在歐洲搬遷了配送中心，因此我們提前發貨，以避免歐洲業務物流變化帶來的一些幹擾。

And then I think with the strong demand that we saw coming out of last year, we saw strong wholesale orders and then reorders. And so much of those customers wanted product earlier this year. That's why you were seeing a shift of the wholesale growth more to the first half of the year. And that was really more of an indication of the strength of the demand of the UGG brand coming up to our biggest season. And so what that allowed us to do was shift more focus to DTC.

我認為，去年強勁的需求帶動了批發訂單和補貨訂單的強勁成長。今年早些時候，許多顧客都希望收到產品。這就是為什麼你會看到批發業務的成長更集中在上半年。這更能體現 UGG 品牌在即將到來的銷售旺季的強勁需求。因此，這使我們能夠將更多精力轉移到直接面向消費者（DTC）模式。

So very encouraging to see how that channel played out during the course of the year, because again, we're not managing just every quarter. We're managing the business for the long run and for the season. So what's very encouraging is how well the season did. And I think some of the dynamics that you saw play out between quarters was just a way of managing the increasing demand that we're seeing for the brand.

看到這個管道在這一年中的表現，真的非常令人鼓舞，因為我們並不是每個季度都只管理。我們既著眼​​於長遠發展，也著眼於當季業績。所以，最令人鼓舞的是，本季的表現非常出色。我認為，你們看到的季度間的一些動態變化，只是為了應對我們看到的品牌需求不斷增長而採取的一種管理方式。

I appreciate that. And Steve, a follow-up for you on DTC performance. Nice to see the consolidated inflection. I'm curious how we should consider this moving forward?

我很感激。史蒂夫，關於DTC效能，我還有一個後續問題想問你。很高興看到拐點趨於穩定。我很想知道我們接下來該如何看待這個問題？

It seems like you've got some nice structural contributors from HOKA membership, and then we're looking at easier comparisons. Can you help us think about assumptions for traffic conversion, ticket and basket embedded in outlook?

看來 HOKA 會員提供了一些不錯的結構性貢獻因素，接下來我們可以進行一些更容易的比較。您能否幫助我們思考 Outlook 中嵌入的流量轉換率、票務和購物籃的相關假設？

Yeah. So we continue to see improvements. So I think encouraged with what we saw, consistent with what we've been saying for the past few quarters in terms of -- and expectation that we would see momentum and improvements in the DTC performance. You're seeing that continue in the current quarter that we just reported, and we're continuing to look for improvements going forward.

是的。因此，我們持續看到進步。因此，我認為我們所看到的令人鼓舞，這與我們過去幾個季度一直在說的一致，即我們預計 DTC 業績將出現成長勢頭並有所改善。正如我們剛剛公佈的本季業績所示，這種情況仍在持續，我們將繼續尋求未來的改進。

So I think encouraged with everything that we've said, I think the other highlight was some of the things that we talked about in prepared remarks, which improved DTC and I think importantly, drove gross margin improvement on the HOKA brand, right? So it shows that the work that we're doing to improve the business, draw more full-priced consumers in and bring them through the DTC channel, is working and we'll continue to build on that.

所以我覺得，在我們所說的一切之後，另一個亮點是我們事先準備好的演講稿中提到的一些內容，這些內容改善了 DTC，而且我認為更重要的是，推動了 HOKA 品牌的毛利率提高，對吧？這表明，我們為改善業務、吸引更多全價消費者並透過 DTC 管道購買產品所做的工作是有效的，我們將繼續在此基礎上繼續努力。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

I wanted to follow up on Peter's -- Steve's, you know, the HOKA guide of 13% to 14%, this is despite a very, very easy compare. Any considerations there on that front is just conservatism. I think you mentioned in your prepared remarks, maybe with Stefano, going forward, there's fluctuations in channel growth and [make] strategic decisions. Can you maybe unpack a little bit more for the audience?

我想跟進 Peter 和 Steve 的 HOKA 指南，他們給出的結果是 13% 到 14%，儘管這是一個非常非常容易的比較。在這方面的任何考量都只是保守主義。我認為你在準備好的發言稿中提到過，也許對 Stefano 來說，未來通路成長會有波動，需要做出策略決策。能否再為觀眾們詳細解釋？

Yeah, sure. I'll start on that. I think the point there, right, is how we're managing both our brands for long-term sustainable growth, right? And so we're not going to get hung up on kind of quarterly compares if we believe it's kind of detrimental to the brand.

當然可以。我先著手做這件事。我認為關鍵在於我們如何管理我們的兩個品牌，以實現長期永續成長，對吧？因此，如果我們認為季度比較會對品牌造成損害，我們就不會過於糾結於此。

So if we look at what happened this year, right, as I talked about with Peter's question in terms of how we were flowing inventory into the channel, we're making sure that we have the appropriate amount of inventory with the demand that we're seeing, but also setting up an opportunity to continue to grow our DTC, right, with a long-term target of improving the proportion of our DTC business overall, which will take several years.

所以，如果我們回顧今年發生的事情，正如我之前在回答彼得的問題時提到的，關於我們如何將庫存輸送到渠道，我們正在確保庫存量與我們看到的需求相匹配，同時也為繼續發展我們的 DTC 業務創造了機會，我們的長期目標是提高 DTC 業務的整體比例，這需要幾年時間。

It's an important marketplace management setup of how you get there. And I think that's what you're seeing play out this year is a focus on balancing some of that wholesale demand out, fulfilling it a little bit earlier, placing then a little bit more emphasis on DTC growth as we get into the bigger selling seasons. And that works, right? And so as we look going forward, it's about maintaining that.

這是你實現目標的重要市場管理設定。我認為今年我們看到的情況是，重點在於平衡一些批發需求，提前一些時間滿足這些需求，然後在銷售旺季到來之際，更加重視 DTC 成長。這樣行得通，對吧？所以展望未來，關鍵在於維持這一點。

One of the positive things I think that we see is when we have these strong quarters, it's a signal of the consumer demand that's out there, right? And the demand for our brand is very strong. What it also does is it encourages some wholesale accounts to order bigger and order earlier, and we'll take advantage of that. And that's where that will play out.

我認為我們看到的一個積極現像是，當出現這些強勁的季度業績時，這表明市場上存在消費需求，對吧？市場對我們品牌的需求非常強勁。這樣做還能鼓勵一些批發客戶訂購更多、更早的商品，我們將利用這一點。事情最終會在那裡解決。

But again, we have a very key focus on how we continue to develop our DTC business. You've seen some of the improvements that we've made, and how that's driving more consumer engagement and more full-price consumer engagement for us.

但是，我們仍然非常關注如何繼續發展我們的 DTC 業務。您已經看到了我們所做的一些改進，以及這些改進如何為我們帶來更多的消費者參與和更多的全價消費者參與。

Very, very helpful. And then as a follow-up second question here. I think on the last call it was noted that you have strong spring-summer order for HOKA. I think today you talked about meaningful growth. I'm curious to know what your order books look like? If you can maybe unpack that a little bit more in terms of dimension, like in terms of how do we think about the growth rates there because you mentioned meaningful growth.

非常非常有用。然後，我還有一個後續問題。我認為上次電話會議中提到，HOKA 的春夏訂單非常強勁。我認為你今天談到了有意義的成長。我很想知道你們的訂單簿是什麼樣的？如果您能從維度上再詳細解釋一下就好了，例如我們應該如何看待那裡的成長率，因為您提到了有意義的成長。

And did I hear this correctly, Steve, that you anticipate UGG to grow next year for fiscal '27? Was that in the prepared marks?

史蒂夫，我沒聽錯吧，你預計 UGG 在 2027 財年將會成長？那部分成績在預估分數裡嗎？

Here, I'll take a shot at the first one, then Stefano can jump in. Yes, we're anticipating growth for UGG in FY27. I think, you know, through the quarter that we just delivered, is a demonstration of how well the UGG brand resonates with consumers across the globe, including the US. So even as we continue to get bigger, The demand continues to grow for this brand. And so, yes, we see UGG continuing to grow in FY27.

我先來嘗試第一個，然後斯特凡諾可以接手。是的，我們預計 UGG 在 2027 財年將會成長。我認為，我們剛剛公佈的季度業績充分證明了 UGG 品牌在全球（包括美國）消費者中享有極高的聲譽。所以即使我們不斷發展壯大，對該品牌的需求也持續成長。所以，是的，我們預計 UGG 在 2027 財年將繼續成長。

Yeah. And to the order book, we're not going to provide today, fiscal '27 guidance. But I'm pleased with how the order books are coming in for both brands, especially for HOKA, given the fact that HOKA books a bit early fall than UGG does.

是的。至於訂單方面，我們今天不會提供 2027 財年的業績指引。但我對這兩個品牌目前的訂單狀況都很滿意，尤其是 HOKA，因為 HOKA 的訂單通常在秋季初就開始下了，而 UGG 的訂單則比 HOKA 早一些。

Typically, wholesalers wait for the holiday season to end given how big that season is for UGG to place orders in early spring. But we have visibility through the first three quarters of next year, and we're very encouraged by how the order book is developing globally.

通常情況下，鑑於 UGG 在假日期間的銷售量龐大，批發商都會等到假日結束後才在早春下訂單。但我們對明年前三個季度的業績有清晰的預期，我們對全球訂單量的成長感到非常鼓舞。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

I'm curious within the HOKA wholesale business if you can talk about sell-through by channel, specialty running, sporting goods, athletic specialty, what you saw this quarter? And I'm curious if you've seen any change quarter to date?

我很好奇HOKA批發業務方面的情況，您能否談談本季按通路、專業跑步用品、運動用品、運動專賣店等劃分的銷售情況？我很好奇，到目前為止，您是否觀察到任何變化？

No major changes. Throughout the fall season, sell-through continued to outpace sell-in, which is a good indicator of brand health in the marketplace. All our major introductions for the season and the color updates on our two biggest franchise continue to perform well.

沒有重大變化。整個秋季，售出量持續超過進貨量，這是品牌在市場上健康狀況良好的指標。本季所有主要新品以及我們兩大最暢銷系列的配色更新都繼續表現出色。

In the athletic specialty space, our performance product has actually outperformed our lifestyle product. But in one of the two leading athletic specialty retailers for the month of December, we're the number two brand in the doors we're in. So the brand is performing well really across channels.

在運動專業領域，我們的性能產品實際上已經超越了我們的生活方式產品。但在 12 月兩家領先的運動用品專賣店中，我們進駐的門市中，我們的品牌銷售排名第二。所以這個品牌在各個通路的表現都非常好。

Can you talk about the sell-through at the supporting goods channel as well?

能否也談談配套商品通路的銷售狀況？

Yes, very similar. My comment was for all channels. Generally speaking, yes, we continue to perform well across all channels, across every market.

是的，非常相似。我的評論是針對所有管道的。總的來說，是的，我們在所有通路、所有市場都持續保持良好的表現。

And then just one follow-up. I think last quarter, you had some cautionary comments about the US consumer. Just curious about your outlook for the consumer, just given that we've just got through the holiday season, how that might influence or inform how you're thinking about growth for each brand in the US next year.

然後只有一次後續跟進。我認為上個季度，您對美國消費者發表了一些謹慎的評論。我很好奇您對消費者的看法，鑑於我們剛剛度過了假期，這會如何影響或指導您如何看待明年美國各品牌的成長。

Yeah, that's fair. We've been cautious about the economy and the consumer, but never about our brands. So the brands did show up, and this increases our optimism going into next year.

嗯，這很合理。我們一直對經濟和消費者保持謹慎，但從未對我們的品牌掉以輕心。所以這些品牌確實都出現了，這增強了我們對明年的樂觀情緒。

Yes. I think, Paul, just on that, I think as Stefano said, our comments in prior quarters more has been just watching especially the US consumer as we've seen very strong growth internationally. We knew our brands are well positioned. And I think we even said that on the call last quarter, which was, hey, if the consumer shows up, we expect our brands to do well. And that's exactly what happened.

是的。保羅，關於這一點，我認為正如斯特凡諾所說，我們前幾季的評論更多的是關注美國消費者，因為我們看到了國際市場的強勁成長。我們知道我們的品牌定位很有利。而且我認為我們在上個季度的電話會議上也說過，那就是，如果消費者到場，我們預期我們的品牌會表現出色。事情果然如此發展。

So even in the current environment, I think we see consumers choosing and buying the brands that they want. And again, with our performance, this is just an indication of the resonance that our brand has with consumers. And so that really gives us confidence going into next year.

所以即使在當前環境下，我認為我們仍然可以看到消費者選擇和購買他們想要的品牌。再次證明，我們的業績也充分體現了我們的品牌與消費者之間的共鳴。因此，這確實讓我們對明年充滿信心。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

Erinn, I'm sorry, we can't go through our normal stuff. We already got all the info. Can you hear me?

艾琳，對不起，我們不能像往常一樣見面了。我們已經掌握了所有資訊。你聽得到我嗎？

Yes. We can hear you.

是的。我們能聽到你的聲音。

Okay, all right. A couple of questions. Can you give us some idea of how the domestic DTC business was for HOKA and for UGG?

好的，沒問題。幾個問題。能否簡單介紹一下 HOKA 和 UGG 的國內 DTC 業務狀況？

Both UGG and HOKA performed well indeed.

UGG和HOKA的表現都非常出色。

And I think continuing to grow positively inflecting, right, which is kind of what we said on the call. So again, as we said at the beginning of last year, we expected sequential improvement. We've delivered sequential improvement, and we've positively inflected in the US.

我認為持續成長會帶來正面的影響，對吧，這正是我們在電話會議上所說的。所以，正如我們去年年初所說，我們預期業績會逐年改善。我們取得了持續進步，並且在美國市場出現了積極的轉變。

So is that -- I mean, you're up 19% with your DTC. Does that mean US was up like 8% and you were -- or I mean, can you give us a little warmer? And then was the UGG DTC business up in the US?

所以——我的意思是，你的DTC成長了19%。那是不是意味著美國上漲了 8%，而你們——或者我的意思是，你能給我們更確切地說一下嗎？那麼，UGG 在美國的 DTC 業務發展如何呢？

Yes. So both were up.

是的。所以他們倆都醒了。

Okay. And then you talked about lifestyle. And then, Stefano, but you mentioned like with athletic specialty, how they were doing better with performance products. How do you define lifestyle? I mean, because a lot of product over the years has -- so the product has run over the years, has just always hit the --

好的。然後你們聊了聊生活方式。然後，Stefano，你提到了運動用品專賣店，他們在性能產品方面做得更好。你如何定義生活方式？我的意思是，因為多年來很多產品——所以這些產品多年來一直暢銷——總是能獲得成功。--

It's a gray area. What's lifestyle and what's performance sometimes based on how consumers respond. So how do you define lifestyle?

這是一個灰色地帶。生活方式和性能之間的區別，有時取決於消費者的反應。那麼，你如何定義生活方式？

We define lifestyle as product created by our category, right? But to your point, we're treating performance products also in a lifestyle manner that have been adopted by our Flex specialty distribution, and those have performed very well, so.

我們對生活方式的定義是：由我們這個品類創造的產品，對嗎？但正如您所說，我們也以一種生活方式的方式來對待高性能產品，這種方式已被我們的 Flex 專業分銷管道所採用，而且這些產品的表現非常好。

Yeah. And I think, Sam, just on that a little bit, right? I think to your point on kind of the gray area nature is we build performance product. But clearly, we have people wearing it once they experience kind of the comfort of HOKA for lifestyle applications. So we have performance shoes that are being worn in lifestyle applications.

是的。我覺得，山姆，就這點吧，對吧？我認為你提到的灰色地帶問題在於，我們打造的是高性能產品。但很顯然，當人們體驗到 HOKA 在生活方式方面的舒適性後，就會開始穿著它。所以我們既有高性能運動鞋，也有適合日常穿著的鞋款。

When we talk about the further lifestyle ability, it's more around the improvement on certain styles or designs where we can further amplify our ability to get into a lifestyle category. Clearly, people are wearing -- individuals, consumers are wearing HOKA product for lifestyle. That is giving us more permission to move more aggressively into a lifestyle-defined category.

當我們談到進一步提升生活方式能力時，更多的是指在某些風格或設計上的改進，從而進一步增強我們進入某種生活方式類別的能力。顯然，人們——個人、消費者——穿著 HOKA 產品是為了追求生活方式。這讓我們更有理由積極進軍以生活方式為定義的領域。

And one last thing. Back to the breakout -- the regional breakout. Based on the information you gave us about DTC, that implies that one of the two brands, HOKA or UGG, was down -- the wholesale business was down in the quarter. Could we assume that, that was HOKA just because of the amount of Bondi that you shipped?

還有最後一件事。回到突破口——區域突破口。根據您提供的有關 DTC 的信息，這意味著 HOKA 或 UGG 這兩個品牌中有一個業務下滑——該季度批發業務下滑。我們是否可以假設，由於你運送了大量的 Bondi 鞋款，那一定是 HOKA 的產品？

Yeah. So just to clarify on that, no, both UGG and HOKA were up. If you'll see on the press release, part of what's driving the decline is the phaseout of the Koolaburra brand. And so that's where you're seeing decline.

是的。所以澄清一下，UGG 和 HOKA 兩個品牌都上架了。如果你看看新聞稿就會發現，導致銷售下滑的部分原因是 Koolaburra 品牌的逐步淘汰。所以，這就是衰退出現的地方。

So if you refer back to the press release, you'll see where we've broken out kind of the three categories, the declines there are driven by the phaseout of Koolaburra. UGG and HOKA were all positive.

所以，如果你回顧一下新聞稿，你會看到我們已經把這三個類別分開了，其中的下降是由 Koolaburra 的逐步淘汰造成的。UGG和HOKA的回覆均為肯定。

In both geographies?

兩個地區都包括在內嗎？

Yes.

是的。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

I also have a question on HOKA US DTC. So you've touched on the numbers, but can you help us understand what drove the positive inflection in Q3 relative to the first half? Because you previously alluded to consumers preferring to shop in person for new products and this weighed on D2C in the first half. So just curious what's changed in the go-to-market strategy to drive the positive outcome in Q3 as we evaluate the durability of this DTC growth.

我也有一個關於 HOKA US DTC 的問題。您已經談到了這些數字，但您能否幫助我們理解是什麼因素推動了第三季相對於上半年的正面轉折點？因為你之前提到消費者更喜歡親自購買新產品，這在上半年對 D2C 模式造成了壓力。所以，我們很好奇，為了在第三季取得正面成果，市場推廣策略發生了哪些變化，以便評估這種 DTC 成長的可持續性。

One of the main reasons, Rick, has been the HOKA membership program that has helped us improve revenue per customer, units per transaction, multi-category purchases and relative to the average customer. That was one of the main reasons for our success, and the fact that there was less noise in the marketplace of outgoing styles.

Rick，主要原因之一是 HOKA 會員計劃幫助我們提高了每位客戶的收入、每筆交易的商品數量、多類別購買量，以及相對於普通客戶的收入。這是我們成功的主要原因之一，另一個原因是市場上的潮流風向標較少。

If you recall last year with the Bondi transition, and there was a lot of product in the marketplace. This year, the marketplace is a lot cleaner, and we benefited from it.

如果你還記得去年邦迪海灘的改造，當時市面上有許多相關產品。今年市場環境更加規範，我們也從中受益良多。

Yeah, and I think Rick to the point you've made where we were saying people were finding the updates, right, and people were more familiar with the updates. So as we moved into Q3 -- and this was part of our comment on the sequential improvements, as people became more familiar with the product having been in the market, they were responding to the updates. That's, to my earlier one of the questions where I talked about what's driven confidence for us is the consumer engagement with our updates.

是的，里克，我覺得你說的沒錯，我們之前說過人們發現了這些更新，對吧，而且人們對這些更新也更加熟悉了。因此，隨著我們進入第三季度——這也是我們對產品逐步改進的評論的一部分——隨著產品上市，人們對產品越來越熟悉，他們也對更新做出了回應。這與我之前回答的一個問題有關，我談到是什麼增強了我們的信心，那就是消費者對我們更新的參與。

And so, yes, it's Clifton, Bondis, Arahis, it's other styles too, but that, it speaks to consumers coming back to us directly through improvements through the membership program and engaging with us to buy that product. So it -- there are a number of things there that are embedded. It's product improvement --

所以，是的，它包括 Clifton、Bondis、Arahas，還有其他風格，但這說明消費者透過會員計畫的改進直接回到我們這裡，並與我們互動購買產品。所以——裡麵包含了很多東西。這是產品改進--

Exclusives, early drops, and that has definitely helped DTC business.

獨家銷售、提前發售，這些無疑對 DTC 業務有所幫助。

Great. And then can you also help us think about the opportunity for HOKA pricing. I think the increase you took last year was a bit lower than what competitors have done. So do you see room to take pricing higher? And if so, is that a near term event?

偉大的。那麼，您能否也幫助我們思考一下 HOKA 的定價策略呢？我認為你去年採取的漲幅比競爭對手略低。所以你認為價格還有上漲的空間嗎？如果真是如此，那會是近期發生的事件嗎？

Selectively and strategically, as we've done, we have some price increases hitting the spring and some more in the fall. We typically, when we upgrade the product, we price it up. that has been our approach and has served us well so far.

正如我們一直以來所做的那樣，我們將會有選擇地、有策略地進行一些價格上漲，部分上漲將在春季到來，部分將在秋季到來。通常情況下，當我們升級產品時，我們會提高價格。這是我們一直以來的做法，而且到目前為止效果很好。

Yeah. And I think the quarter demonstrates that we have more pricing power, and that's something that we can always look at.

是的。我認為本季業績顯示我們擁有更大的定價權，這是我們可以一直關注的方面。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

As you think about the DTC channel, any difference by brand of e-commerce and stores? And what are your plans for opening stores this year?

在考慮DTC通路時，您認為不同品牌的電商平台和實體店之間有什麼區別嗎？今年你們有什麼開設新店的計畫？

And then just on the wholesale channel, any more color on any specific retailers that's been working? And did you have any exposure to [Saks]?

那麼，就批發通路而言，有沒有關於哪些零售商表現比較好的更多資訊？你是否接觸過…[薩克斯]？

On the latter, no, we have little or no exposure to Saks. Both channels, retail and e-commerce performed well. And your third question was sort of related to DTC -- on wholesale. We're very happy with really the performance of the brand really across all retailers.

關於後者，不，我們幾乎沒有或根本沒有與 Saks 有任何接觸。零售和電商兩個通路表現都很好。你的第三個問題與 DTC（直接面對消費者）批發有關。我們對該品牌在所有零售商處的表現都非常滿意。

Journeys had a good run with the brand. Foot Locker is performing well with the brand. ESG is performing well with the brand. Run specialty continues to perform well with the brand, and we are, together with Brooks, number one, two in the run specialty channel. So generally, the brand has performed in a balanced way across the wholesale portfolio in the US.

Journeys 在品牌合作期間取得了不錯的成績。Foot Locker的品牌表現良好。ESG表現與品牌契合度良好。跑步專賣店的品牌表現依然良好，我們與 Brooks 一起，在跑步專賣店通路中排名第一、第二。因此，整體而言，該品牌在美國批發業務組合中的表現較為均衡。

There are no further questions at this time. With that, ladies and gentlemen, concludes today's call. We thank you for participating. You may now disconnect your lines.

目前沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。