Deckers Outdoor Corporation (DECK) 2026 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to the Deckers Brands Fourth Quarter Fiscal 2026 Earnings Call. (Operator Instructions) And I would like to remind everyone that this conference call is being recorded. I would now like to turn the call over to Ms. Erinn Kohler, Vice President, Investor Relations and Corporate Planning. Please go ahead, ma'am.

各位下午好。歡迎參加 Deckers Brands 2026 會計年度第四季財報電話會議。(接線員指示) 同時提醒各位，本次電話會議將被錄音。現在我想把電話交給投資人關係與企業規劃副總裁 Erinn Kohler 女士。女士，請開始。

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，感謝各位今天加入我們。出席本次電話會議的有總裁暨執行長 Stefano Caroti，以及財務長 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，我想提醒各位注意本公司的安全港政策。請注意，本次電話會議中所作的某些陳述屬於聯邦證券法所定義的前瞻性陳述，並可能面臨相當大的風險與不確定性。這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法》所建立的責任安全港條款。

All statements made on this call today, other than statements of historical fact, are forward-looking statements and include statements regarding our ability to drive long-term value, 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, geopolitical conflicts, including the ongoing Middle East conflict and related supply chain logistics and cost impacts, our current and long-term strategic objectives, the performance of our brands and demand for our products; anticipated impacts from our brand, product, marketing, marketplace and distribution strategies, product development plans and the timing of product launches; changes in consumer behavior, including in response to price increases; our ability to acquire new consumers and gain share; our ability to achieve our financial outlook and multiyear framework, 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 potential share repurchases.

除歷史事實陳述外，本次電話會議中今天所作的所有陳述均為前瞻性陳述，並包括關於我們推動長期價值的能力、因應動態宏觀經濟環境及其對我們業務與經營成果的影響（包括因全球貿易政策變動、關稅、定價行動與緩解策略以及外匯匯率波動所致）、地緣政治衝突（包括持續中的中東衝突及其相關供應鏈物流與成本影響）、我們目前與長期的策略目標、品牌表現與產品需求；我們的品牌、產品、行銷、市場與通路策略、產品開發計畫及產品上市時程的預期影響；消費者行為的變化（包括對漲價的反應）；我們獲取新消費者並提升市占率的能力；我們達成財務展望與多年期框架的能力（包括預期營收、產品組合、毛利率、費用、庫存水位、促銷活動、預期正價銷售比例以及每股盈餘），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 such as foreign exchange rate fluctuation and changes to trade policies 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 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.

本次電話會議中的前瞻性陳述代表管理層目前的預期，並以作出該等陳述時可得資訊為基礎。前瞻性陳述涉及眾多已知與未知的風險、不確定性及其他因素（例如外匯匯率波動與貿易政策變動），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存在重大差異。公司已在其向美國證券交易委員會（SEC）提交的文件中說明部分風險與不確定性，包括其 Form 10-K 年度報告及 Form 10-Q 季度報告中的「風險因素」章節。除法律或紐約證券交易所上市規則要求外，公司明確聲明不具任何意圖或義務更新任何前瞻性陳述。

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 as well as free cash flow. For example, the company reports comparable direct-to-consumer sales on a constant currency basis for operations that were open throughout the current and prior reporting periods.

在本次電話會議中，管理層可能會提及未依照美國一般公認會計原則（GAAP）編製的財務衡量指標，包括固定匯率（constant currency）以及自由現金流。例如，公司以固定匯率基礎報告在本期與前期報告期間均持續營運之業務的可比直接面向消費者（DTC）銷售。

The company believes that these non-GAAP financial measures are useful supplemental indicators of its operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results. Additionally, free cash flow is defined as net cash provided by operating activities for a particular period less capital expenditures made during that same period. The company believes free cash flow is a useful supplemental measure of liquidity as it reflects the cash generated from its operations after investments required to support the strategic growth of the business.

公司認為，這些非 GAAP 財務衡量指標是有用的補充性營運績效指標，因其排除與核心營運結果無關且可能不具代表性的項目。此外，自由現金流定義為特定期間由營運活動提供的淨現金，扣除同期間的資本支出。公司認為自由現金流是有用的補充性流動性衡量指標，因其反映公司在投入支持業務策略性成長所需投資後，由營運所產生的現金。

Please review our earnings release published today for additional information regarding our non-GAAP financial measures. With that, I'll now turn it over to Stefano.

有關我們非 GAAP 財務衡量指標的更多資訊，請查閱我們今天發布的財報新聞稿。接下來，我把電話交給 Stefano。

Thank you, Erinn. Good afternoon and thank you all for joining today's call. We're closing fiscal '26 with exceptional results, strong momentum and deep conviction in the durability of our model and the demand for our consumer-love products.

謝謝你，Erinn。各位下午好，感謝大家參加今天的電話會議。我們以卓越的成果、強勁的動能，以及對我們商業模式韌性與消費者喜愛產品需求持續性的高度信心，為 2026 會計年度畫下句點。

Over the past year, our teams executed with discipline by innovating our product pipelines, building brand heat and evolving the marketplace. Collectively, these actions once again translated into outstanding financial results in a dynamic environment. We have influential globally relevant brands led by UGG and HOKA, each with distinctive product propositions, deep consumer collections and meaningful runways for growth and expansion across head-to-toe categories, channels and regions,

在過去一年，我們的團隊以紀律執行，透過創新產品管線、提升品牌熱度並推動市場演進。綜合而言，這些行動在動態環境中再次轉化為亮眼的財務成果。我們擁有具影響力且具全球相關性的品牌，由 UGG 與 HOKA 領軍；兩者各自具備鮮明的產品主張、深厚的消費者連結，並在從頭到腳的品類、通路與區域上擁有可觀的成長與擴張跑道。

Built on disruptive category-defining innovation, HOKA has a unique opportunity to attract an even broader global consumer base through cutting-edge performance technologies while extending into a growing lifestyle audience, creating a compelling pathway for continued growth. UGG has inspired generations of consumers through the evolution of iconic designs that transcend silhouettes and seasons, positioning the brand for meaningful long-term growth.

HOKA 建立在顛覆性、重新定義品類的創新之上，透過尖端的性能科技延伸，具備吸引更廣泛全球消費者基礎的獨特機會；同時拓展至成長中的生活風格族群，形成持續成長的具吸引力路徑。UGG 透過經典設計的演進啟發了世代消費者，這些設計超越鞋型與季節，使品牌具備實現具意義的長期成長的定位。

Our growth strategy remains clear and consistent, build and sustain category leadership for UGG and HOKA, excite consumers and captivate a growing global audience, prioritize high-quality, full price sell-through and scale market share over the long term. In addition, we have proven our ability to create shareholder value, driven by authentic, innovative product that fuels the continued growth of our brands and is further supported by industry-leading profitability that enables us to keep investing in the opportunities ahead.

我們的成長策略依然清晰且一致：為 UGG 與 HOKA 建立並維持品類領導地位，讓消費者感到興奮並吸引日益成長的全球受眾，優先追求高品質、正價的銷售售罄（sell-through），並在長期擴大市占率。此外，我們已證明具備創造股東價值的能力，這由真實且創新的產品所驅動，推動品牌持續成長，並進一步受惠於業界領先的獲利能力，使我們能持續投資於未來的機會。

With that, I'll start with highlights from the quarter and full fiscal year, recap brand performance and provide further perspective around our longer-term growth vision. In the fourth quarter, HOKA delivered its largest quarter ever, driven by new products in road and trail and robust global DTC growth, including continued healthy gains in the US, complemented by ongoing wholesale momentum worldwide. The ad brand's strong performance was fueled by seasonal extensions across both iconic and emerging franchises, primarily driven by strength in global DTC. Both brands contributed to expanded gross margins despite tariff headwinds as high levels of full price sell-through underscored our continued focus on quality sales.

接下來，我將先分享本季與全年重點，回顧品牌表現，並就我們較長期的成長願景提供更多觀點。在第四季，HOKA 創下史上最大單季表現，受惠於公路與越野新品帶動，以及強勁的全球 DTC 成長（包括美國持續健康的增長），並由全球批發通路動能持續推進作為補充。該品牌的強勁表現來自於在經典與新興系列上的季節性延伸，主要由全球 DTC 的強勢所帶動。儘管面臨關稅逆風，兩大品牌仍共同推動毛利率擴張；高比例的正價售罄凸顯我們持續聚焦於高品質銷售。

The outstanding fourth quarter performance contributed to another record year for Deckers, across both revenue and earnings. For the full fiscal year, total Deckers' revenue increased 10% versus last year to nearly $5.5 billion. HOKA and UGG together added more than $0.5 billion of revenue over the prior year record highs, increasing 16% and 8%, respectively. We maintain high gross margins and investment discipline delivering best-in-class operating margins above 23%, and we drove record earnings per share to $7.02, reflecting an 11% increase versus last year. These results further demonstrate the momentum of our brands and the continued effectiveness of our marketplace execution. Fiscal '26, strengthened our organization and fortified our foundation for future growth.

第四季的傑出表現，促成 Deckers 在營收與獲利方面再創紀錄的一年。就全年而言，Deckers 總營收較去年成長 10%，接近 55 億美元。HOKA與 UGG 合計較前一年創高水準再增加超過 5 億美元營收，分別成長 16% 與 8%。我們維持高毛利率並秉持投資紀律，交出超過 23% 的同業最佳營業利益率，同時推動每股盈餘創新高至 7.02 美元，較去年成長 11%。這些成果進一步展現我們品牌的動能，以及我們市場執行的持續有效性。2026 會計年度強化了我們的組織，並鞏固了未來成長的基礎。

Now let's dive into brand highlights. Starting with HOKA, our fastest-growing brand. Global revenue in the full fiscal year '26 increased 16% over last year to nearly $2.6 billion. HOKA growth was fueled by greater consumer adoption of its leading performance products with more people choosing the brand for various wearing occasions. HOKA continues to attract a wider audience through advancing product offerings that enhance the on-foot experience, offering unparalleled combination of performance and comfort, building awareness across the globe by investing in high-impact by marketing, fostering consumer loyalty by developing direct-to-consumer membership programs and exclusive experiences that build the HOKA community and expanding in-store visibility through collaboration with strategic wholesale partners.

現在讓我們深入品牌重點。先從我們成長最快的品牌 HOKA 開始。2026 會計年度全年全球營收較去年成長 16%，接近 26 億美元。HOKA的成長來自消費者對其領先性能產品的採用提升，更多人選擇該品牌以滿足各種穿著情境。HOKA 持續透過精進產品供給以提升足下體驗，提供無與倫比的性能與舒適結合；並透過投資高影響力的行銷在全球提升知名度；藉由發展 DTC 會員計畫與專屬體驗以培養消費者忠誠度、建立 HOKA 社群；同時與策略性批發合作夥伴協作，擴大門市能見度。

In addition, the HOKA brand's fiscal '26 product upgrade significantly boosted our global reach and appeal. For the year, growth primarily came from consumer love upgrades to our most popular road running franchises, Bondi and Clifton, newly developed a H-frame technology and updated design aesthetic in our key stability models, Iraq and Gaviota; advancements in foam, midsole geometry and meta rocker technology in our fastest shoes, Cielo, ROCCAT and Mark; and expanded dimensions in the Masate franchise across performance and lifestyle.

此外，HOKA 品牌在 2026 會計年度的產品升級顯著提升了我們在全球的觸及範圍與吸引力。本年度的成長主要來自：消費者對我們最受歡迎的公路跑鞋系列 Bondi 與 Clifton 的升級所展現的喜愛；在我們的核心穩定型鞋款 Iraq 與 Gaviota 中，新開發的 H-frame 技術與更新的設計美學；在我們速度最快的鞋款 Cielo、ROCCAT 與 Mark 上，泡棉、中底幾何結構與 meta rocker 技術的進步；以及 Mafate 系列在性能與生活風格兩端的尺寸擴展。

Our franchises function as scalable platforms representing families of products, rather than single styles, allowing us to extend across performance and lifestyle tiers to deepen consumer engagement. There is significant equity in our most popular franchises, which is why we've placed greater emphasis on developing product families that can include multiple styles tiered across categories. The Mafate and Bondi franchises are two great examples of this successful strategy.

我們的系列（franchises）作為可擴展的平台，代表的是一個產品家族，而非單一款式，讓我們得以跨越性能與生活風格層級延伸，深化消費者互動。我們最受歡迎的系列具有顯著的品牌資產（equity），因此我們更著重於打造可涵蓋多種款式、並可跨品類分層的產品家族。Mafate 與 Bondi 系列就是此成功策略的兩個絕佳例子。

The Mafate franchise saw a great response to the launch of its peak performance version, Mafate X, which drove a halo of demand to both the Trail workhorse Mafate 5 in their more lifestyle-focused Mafate Speed 2. The Bondi franchise also demonstrated notable success, with the Bondi 9 excelling in performance channels, while Bondi 7, we introduced the and positioning key prominent lifestyle destinations has achieved robust sell-through following its release. The ongoing development of franchise families supports the HOKA brand's premium positioning and creates additional opportunities for segmentation and differentiation throughout the global marketplace.

Mafate 系列推出其巔峰性能版本 Mafate X 後獲得極佳回響，並帶動需求外溢（halo），推升 Trail 主力鞋款 Mafate 5 以及更偏生活風格取向的 Mafate Speed 2 的需求。Bondi 系列同樣展現顯著成功：Bondi 9 在性能通路表現出色；而 Bondi 7，我們推出並將其定位於關鍵且具代表性的生活風格通路據點，在上市後也達成強勁的銷售消化（sell-through）。持續發展系列產品家族，有助於強化 HOKA 品牌的高端定位，並在全球市場中創造更多分眾與差異化的機會。

By the end of fiscal '26, six HOKA franchise families had generated over $100 million of annual revenue, and three more are close to reaching that milestone. Since January of '25, all nine of these top franchises have now been updated. And we also have launched new complementary products. In the seasons ahead, we intend to build on this momentum, enhancing and elevating how we communicate HOKA product innovation to consumers through refined design principles, standardized technology branding and sharper franchise positioning that leverages brand equity across category and experiences.

截至 2026 會計年度末，已有六個 HOKA 系列產品家族的年營收超過 1 億美元，另有三個也接近達成該里程碑。自 2025 年 1 月以來，這九個頂尖系列如今都已完成更新。我們也推出了新的互補性產品。在接下來的季度，我們將延續這股動能，透過更精煉的設計原則、標準化的技術品牌化，以及更清晰的系列定位（運用跨品類與體驗的品牌資產），來強化並提升我們向消費者傳達 HOKA 產品創新的方式。

With this polished approach to product creation, we believe HOKA is well positioned to accelerate the pace of performance to establish new standards, capture the imagination and loyalty of the next generation of athletes and maintain deep, meaningful connections with our consumers, ensuring their needs and aspirations remain at the heart of everything we create across footwear, apparel and accessories. You will see this evolution begins to take shape this fall when we augment the Clifton franchise through the introductions of Clifton 11, which introduces a premium engineered match upper with streamlined aesthetic crafted to extend the reach of our most beloved franchise. And the all-new Clifton Pro, our pinnacle offering in the franchise with enhanced technology, adding resilience and efficiency to the signature Clifton Ride.

憑藉這套更成熟的產品打造方法，我們相信 HOKA 已具備良好條件加速性能進步的步伐、建立新標準、捕捉下一代運動員的想像與忠誠，並與消費者維持深刻且有意義的連結，確保他們的需求與抱負始終是我們在鞋履、服飾與配件創作中的核心。今年秋季，你將看到這項演進開始成形：我們將推出 Clifton 11 來強化 Clifton 系列，該鞋款導入高端工程針織鞋面（engineered match upper），並以更俐落的美學設計打造，以擴大我們最受喜愛系列的觸及範圍。以及全新 Clifton Pro——該系列的旗艦之作，搭載更強化的技術，為標誌性的 Clifton Ride 增添韌性與效率。

This represents the first of several HOKA launches in the product pipeline, each designed to segment our most beloved franchises by capitalizing on existing franchise equity. HOKA performs best with consumers who understand its differentiated value proposition, which is why we continue to invest in brand marketing. These efforts are making an impact as HOKA brand recognition experienced notable growth over the past year.

這是 HOKA 產品管線中多項上市計畫的第一波，每一項都旨在運用既有系列的品牌資產，對我們最受喜愛的系列進行分眾區隔。當消費者理解 HOKA 差異化的價值主張時，HOKA 的表現最佳，因此我們持續投資品牌行銷。這些努力正在產生影響，過去一年 HOKA 的品牌辨識度出現顯著成長。

According to our proprietary brand awareness survey, in the United States, HOKA awareness is now approximately 60%, reflecting an increase from 50% during the same period last year. In international markets, HOKA brand awareness now average approximately 40%, up from roughly 30% in the previous year. This increased awareness represents important progress in growing the HOKA brands audience, which we expect to continue acquiring through our focus to build a great product and expand the brand's in-store presence. The HOKA brand channel performance in fiscal '26 reflected our strategic evolution of the global marketplace, with wholesale increasing 18%, driven by strong full price sell-through and healthy reorders and DTC growing 12%, reflecting second half acceleration.

根據我們自有的品牌認知度調查，在美國，HOKA 的認知度目前約為 60%，較去年同期的 50% 提升。在國際市場，HOKA 的品牌認知度目前平均約為 40%，高於前一年的約 30%。這項認知度提升，代表我們在擴大 HOKA 品牌受眾方面取得重要進展；我們預期將透過專注打造優秀產品並擴大品牌在店內的能見度，持續獲取更多受眾。HOKA 品牌在 2026 會計年度的通路表現反映了我們對全球市場的策略性演進：批發（wholesale）成長 18%，受強勁的全價銷售消化與健康的補貨帶動；DTC 成長 12%，反映下半年加速。

International regions delivered robust DTC growth across the fiscal year, while improved second half performance of the US. DTC business was driven by increased consumer awareness and adoption of key franchise updates, momentum for our enhanced HOKA membership program, including new benefits such as early exclusive product access, driving strong sign-ups since the August '25 update, strong product storytelling around GavioraSpike and Mark highlighting full price newness and lower marketplace inventory related to better management of outgoing models.

國際地區在整個會計年度帶來強勁的 DTC 成長，而美國市場的 DTC 業務在下半年表現改善。DTC 業務的驅動因素包括：消費者認知度提升與對關鍵系列更新的採用增加；我們強化的 HOKA 會員計畫所帶來的動能（包含如搶先獨家購買新品等新福利），自 2025 年 8 月更新以來帶動強勁註冊；圍繞 GavioraSpike 與 Mark 的強化產品敘事，突顯全價新品；以及因更妥善管理汰換款式而使市場庫存降低。

Some regional highlights from the year include maintaining top brand share in US performance road and trail footwear above $140 and becoming a top three performance running brand in France, Italy and the U.K. both according to Secarna. Furthermore, we also grew our premium brand presence in China with strong full price performance across existing and new retail and partner locations contributing to market share gains. These highlights reflect the power of our brand, and the strong partnerships HOKA has established throughout the global marketplace.

本年度的一些區域亮點包括：在美國單價 140 美元以上的性能公路與越野跑鞋領域，維持第一品牌市占；並且根據 Secarna 的資料，在法國、義大利與英國成為前三大性能跑步品牌。此外，我們也在中國擴大高端品牌能見度，既有與新設的零售與合作夥伴據點皆展現強勁的全價表現，推動市占提升。這些亮點反映了我們品牌的力量，以及 HOKA 在全球市場建立的強大合作夥伴關係。

We remain committed to the strategic positioning of the HOKA brand with our trusted wholesale and distribution partners, regardless of whether we're expanding or maintaining doors with individual retailers, sustaining HOKA performance and fostering mutually beneficial partnerships are essential to our ongoing collective success.

無論我們是在擴張或維持與個別零售商的門店數（doors），我們都將持續致力於與值得信賴的批發與經銷合作夥伴共同維持 HOKA 品牌的策略定位；維持 HOKA 的市場表現並促進互利的合作關係，是我們持續共同成功的關鍵。

Based on the growing global demand we're seeing for HOKA, we plan to continue selectively expanding wholesale distribution in both the US and international regions in fiscal '27, including a few thoughtfully chosen tests with new partners this fall. Door increases for HOKA will be primarily focused on high-quality sporting goods and athletic specialty retailers as the brand's presence remains relatively underpenetrated in these segments.

基於我們所觀察到 HOKA 在全球日益增長的需求，我們計畫在 2027 會計年度持續於美國及國際地區有選擇地擴大批發通路，並在今年秋季與少數經審慎挑選的新合作夥伴進行測試。HOKA 的門店數增加將主要聚焦於高品質的運動用品與專業運動零售商，因為品牌在這些細分領域的滲透率仍相對不足。

As always, our planned or growth will be controlled with a focus on maintaining a pull model of demand to build market share through healthy full price softer. As part of our effort to achieve a balanced channel mix over time, we'll also continue selectively expanding the HOKA brand's retail store presence with a focus on key cities that traditionally amplify the brand's DTC performance online as well.

一如既往，我們規劃的成長將在可控範圍內進行，並以維持「拉動式」（pull）需求模型為重點，透過健康的全價銷售消化來提升市占。作為我們長期達成均衡通路組合的努力之一，我們也將持續有選擇地擴大 HOKA 品牌的零售門市據點，聚焦於傳統上也能放大品牌線上 DTC 表現的關鍵城市。

I want to congratulate the entire HOKA team on delivering another great year. Together, we're well poised to further elevate the HOKA brand and shape its bright future as a leading performance brand.

我想祝賀整個 HOKA 團隊再度交出亮眼的一年。我們攜手並進，已蓄勢待發，將進一步提升 HOKA 品牌，並以領先的性能品牌之姿塑造其光明的未來。

Moving to UGG now, which once again drove growth above expectations, delivering another record-breaking year. Global UGG revenue in fiscal year '26 increased 8% versus last year to $2.7 billion. UGG's performance was primarily driven by more diversified product mix and broader consumer engagement with continued global market share gains as our iconic franchise families anchored the brand's leadership in quality and craftsmanship, our 365 strategy continued to gain traction with year-round products, consumers increasingly engage in new models that resonate with authentic brand codes and the brand continues to attract new consumer cohorts, including higher engagement from the male audience.

接著談 UGG。UGG 再次帶動超出預期的成長，締造另一個破紀錄的年度。UGG 在 2026 會計年度的全球營收較去年成長 8%，達 27 億美元。UGG 的表現主要受以下因素驅動：更為多元化的產品組合與更廣泛的消費者互動；在全球持續提升市占；我們的經典系列產品家族鞏固品牌在品質與工藝上的領導地位；365 策略持續發酵，帶動全年型產品；消費者愈來愈多地投入於符合品牌正宗基因（brand codes）的新款式；以及品牌持續吸引新的消費者族群，包括男性受眾的互動提升。

Cementing brands expanded relevance and versatility starts with the right product. Our iconic UGG franchise families continue to deliver foundational growth for the brand through incremental diversification and our product teams have done a fantastic job continuing to evolve the brand's category appeal through new collections deeply rooted in the brand codes. The Tasman remains our most popular franchise, boosted by complementary styles like the Taze and seasonal newness such as the Love TAC. Our iconic classic boot franchise was refreshed through the addition of the new plastic micro. And heritage slippers remain bestsellers as that remains the go-to brand in this category.

要鞏固品牌擴大的相關性與多用途性，首先要從正確的產品開始。我們的經典 UGG 系列產品家族透過逐步的多元化，持續為品牌帶來基礎性成長；而我們的產品團隊也做得非常出色，持續以深植於品牌基因的新系列，推進品牌在品類上的吸引力演進。Tasman 仍是我們最受歡迎的系列，並受 Taze 等互補款式以及 Love TAC 等季節性新品帶動。我們的經典靴款系列也透過新增全新的 plastic micro 而完成更新。而傳承款拖鞋仍是暢銷品，因為我們依然是此品類的首選品牌。

We're experiencing deeper consumer engagement with core franchise families like these, including with our top-selling apparel item, the as well as with our newer for styles, proving the demand of UGG as a multi-category and multi-seasonal brand. This is increasingly evident with our sneakers and sandals offering. Successful sneakers and sandals has come primarily through the development of the Loma franchise and the Golden collection, which accounted for more than half of the brand's growth in fiscal year '26. We continue to augment these collections through seasonal newness, most recently with the minimal and Golden Gate styles. These fresh souettes added new dimensions to each franchise and both have resonated well across the global marketplace since launching during the fourth quarter.

我們在這些核心經典系列家族上看到更深層的消費者互動，包括我們最暢銷的服飾單品，以及較新的款式，證明市場對 UGG 作為多品類、跨季節品牌的需求。這一點在我們的運動鞋與涼鞋產品線上愈發明顯。運動鞋與涼鞋的成功主要來自 Loma 系列與 Golden 系列的開發，這兩個系列在 2026 財年貢獻了品牌成長的一半以上。我們持續透過季節性新品來擴充這些系列，最近推出了 minimal 與 Golden Gate 款式。這些全新輪廓為各系列增添了新的面向，且自第四季上市以來，在全球市場皆獲得良好迴響。

In addition to modernized styles within multiyear collections, UGG has driven demand with all new silhouettes delevers the brand's distinctive product DNA. Earlier this year, we highlighted the success of Vale Inspired newness with Zora and Quill. Most recently, the Otocog showcased our momentum in both innovation and in strengthening the UGG brands appeal to men, supported by focused product storytelling and locally relevant influencer seating, the also is leak all gender clog crafted with premium materials debited in February and delivered strong sell-throughs across global regions, particularly among new male consumers.

除了在多年期系列中推出更現代化的款式外，UGG 也透過全新輪廓帶動需求，並傳遞品牌獨特的產品 DNA。今年稍早，我們曾強調 Vale Inspired 系列新品（Zora 與 Quill）的成功。最近，Otocog 展現了我們在創新以及強化 UGG 對男性吸引力方面的動能，並透過聚焦的產品敘事與在地化、具相關性的網紅種草支持；此外，這款以高級材質打造、主打全性別的 clog 鞋型於 2 月首次亮相，並在全球各區域繳出強勁的售罄/銷售轉化表現，尤其在新進男性消費者之間表現突出。

The UGG brand is gaining meaningful traction with male consumers. Men's styles accounted for more than 20% of the brand's global growth in fiscal '26 with progress across all regions as North America's exclusive collaboration with menswear brand Hidden sold out very rapidly extracting a predominantly new and younger consumer base of the brand with over half of the buyers new to the brand between the ages of 18 and 34.

UGG 品牌在男性消費者中正取得具意義的成長動能。在 2026 財年，男款風格貢獻了品牌全球成長的 20% 以上，且各區域皆有進展；其中北美與男裝品牌 Hidden 的獨家聯名迅速售罄，帶來以新客與更年輕族群為主的消費者基礎，買家中超過一半為 18 至 34 歲且為首次購買該品牌的消費者。

EMEA delivered the highest incremental revenue growth in ongo markets, reflecting exciting momentum and significant opportunity given its relatively lower penetration. In China showed broad adoption across various categories through full-price sales of new products like weather Hybris, Viosca clog and the minimal sneaker.

EMEA 在既有市場中帶來最高的增量營收成長，反映出令人振奮的動能與顯著機會，因其滲透率相對較低。在中國，我們看到多品類的廣泛採用，主要來自 weather Hybris、Viosca clog 以及 minimal 運動鞋等新品的正價銷售。

From a channel perspective, UGG revenue growth versus the prior year was primarily driven by wholesale, which increased 13% for the fourth fiscal year. The brand benefited from strong early demand in the year that led to higher wholesale channel replenishments, increased allocations of the styles and compelling new product driving higher holiday demand. For fiscal '26, DTC grew 4% over last year, with growth weighted towards the second half of the year. The channel experienced temporary pressure early on in the year from improved wholesale in-stock positions, reflecting our strategic increase of product allocations. Overall, channel growth was much more balanced in the second half.

從通路角度來看，UGG 相較去年同期的營收成長主要由批發通路帶動，第四季批發成長 13%。品牌受惠於年初強勁的提前需求，帶動批發通路更高的補貨量、增加款式配貨，以及具吸引力的新品推升假期需求。2026 財年，DTC 較去年成長 4%，成長動能偏向下半年。年初因批發通路庫存到位情況改善而對該通路造成短期壓力，反映我們策略性提高產品配貨。整體而言，下半年通路成長更為均衡。

Looking ahead to fiscal '27, we expect UGG to maintain a balanced business across channels. enhance its presence across the global marketplace and continue making progress to develop the 365 in men's opportunities. A big congratulations to the Global UGG team on another outstanding year, maintaining leadership in the premium lifestyle space and increasing relevance across various product categories.

展望 2027 財年，我們預期 UGG 將在各通路維持均衡的業務結構，強化其在全球市場的能見度，並持續推進 365 策略下的男款機會開發。恭喜全球 UGG 團隊再度交出亮眼的一年，在高端生活風格領域維持領導地位，並提升在多個產品品類的相關性。

As I reflect on the past couple of years, we have made significant progress to strengthen our teams, our brands and our platform for future growth. Our brands are generating increasing levels of consumer interest through distinct and innovative products and operating in growing segments of the global marketplace with expanding category and distribution opportunities. Looking ahead, our long-term strategy provides clear visibility to sustain growth over the coming years.

回顧過去幾年，我們在強化團隊、品牌以及未來成長平台方面取得了顯著進展。我們的品牌透過差異化且具創新的產品，持續提升消費者興趣，並在全球市場中具成長性的細分領域運營，同時擁有擴大的品類與通路機會。展望未來，我們的長期策略為未來數年的持續成長提供清晰的可見度。

While Steve will provide specific guidance for fiscal year '27 later in the call, I would like to provide further insight into Deckers' multiyear growth framework, highlighting our continued strategic focus and belief in our distinctive brands. Including our vision to further elevate the HOKA brand's positioning as the leading performance brand through disruptive innovation and enhanced lifestyle appeal and drive UGG momentum forward as we evolve iconic franchises to expand category adoption while cementing the brand's position as a leading premium lifestyle brand.

雖然 Steve 稍後會在電話會議中提供 2027 財年的具體指引，但我想進一步說明 Deckers 的多年期成長框架，並強調我們持續的策略重點以及對旗下獨特品牌的信心。其中包括我們的願景：透過顛覆式創新與更強的生活風格吸引力，進一步提升 HOKA 作為領先性能品牌的定位；同時在演進經典系列、擴大品類採用的過程中，推動 UGG 動能向前，並鞏固其作為領先高端生活風格品牌的地位。

Given the significant opportunity ahead across categories, channels and geographies, all supported by our strong marketplace execution, we remain highly confident in our brand portfolio's ability to deliver high single-digit revenue growth on a consolidated company basis for our fiscal year 2030, with HOKA expected to increase low double digits annually and are anticipated to grow mid-single digits annually. Over this period of time, we anticipate the composition of our revenue growth to be consistent with what we've been communicating with DTC growing faster than the wholesale channel and international growing faster than the US region.

鑑於在品類、通路與地理區域上皆存在顯著機會，且有我們強勁的市場執行力作為支撐，我們對品牌組合在公司合併口徑下於 2030 財年實現高個位數營收成長的能力仍高度有信心；其中，HOKA 預期每年成長低雙位數，而 UGG 預期每年成長中個位數。在此期間，我們預期營收成長的結構將與我們一貫的溝通一致：DTC 成長快於批發通路，國際市場成長快於美國市場。

To support our longer-term growth outlook. We will focus our investments on category-defining product innovation, brand marketing, including greater localization of regional content, DTC capabilities that drive lifetime value. in technology advancements, including the responsible use of AI designed to support gains in productivity, efficiency and consumer acquisition and connectivity. Taken all together, these investments are designed to further build brand heat, deepen consumer engagement and enhance our industry-leading operations, positioning Deckers to deliver operating expense leverage beyond this fiscal year.

為支持我們較長期的成長展望，我們將把投資重點放在：具品類定義性的產品創新、品牌行銷（包括更高程度的區域內容在地化）、能提升終身價值的 DTC 能力，以及技術進步（包括負責任地使用 AI），以支持生產力、效率、消費者獲取與連結性的提升。綜合而言，這些投資旨在進一步提升品牌熱度、加深消費者互動並強化我們業界領先的營運能力，使 Deckers 在本財年之後仍能實現營運費用槓桿效益。

As such, our fiscal '28 to '30 framework incorporates maintaining strong operating margins through industry-leading full price selling, disciplined marketplace execution and realizes the benefits of our multiyear investments. And with today's announcement of our Board's approval of an additional share repurchase authorization, this demonstrates the Board's confidence in our multiyear framework.

因此，我們 2028 至 2030 財年的框架納入：透過業界領先的正價銷售、嚴謹的市場執行，以及實現多年期投資效益，來維持強勁的營運利潤率。此外，今日宣布董事會核准新增股票回購授權，也展現董事會對我們多年期框架的信心。

Deckers' disciplined operational execution paired with this increased authorization for sustained shareholder capital returns through share repurchases, reinforced by a superior balance sheet and robust expected free cash flow generation is expected to drive low double-digit annual earnings per share growth for fiscal year 2028 to 2030. Building on our proven track record, this framework embodies our durable multiyear multi-brand growth algorithm, positioning Deckers to deliver sustained long-term value for our shareholders.

Deckers 嚴謹的營運執行，搭配此次提高的回購授權以透過股票回購持續回饋股東資本，再加上優異的資產負債表與強勁的預期自由現金流創造能力，預期將推動 2028 至 2030 財年每股盈餘（EPS）年增率達低雙位數。在既有的良好實績基礎上，此框架體現我們具韌性的多年期、多品牌成長演算法，使 Deckers 能為股東創造可持續的長期價值。

With that, I'll hand it over to Steve to provide further details on our fourth quarter and full fiscal year '26 results as well as our outlook for fiscal year '27.

接下來我把時間交給 Steve，請他進一步說明我們第四季與 2026 全財年的業績，以及對 2027 財年的展望。

Thanks, Stefano, and good afternoon, everyone. Deckers' fiscal year 2026 performance was exceptional. HOKA and UGG delivered another year of sequential revenue growth, underscoring growing global demand across both of these amazing brands and their premium products. Our focused execution in the global marketplace yielded high levels of full price selling to deliver strong gross margins, which combined with our investment discipline and commitment to share repurchase resulted in best-in-class operating margins and another record earnings per share.

謝謝你，Stefano，各位下午好。Deckers 2026 財年的表現非常出色。HOKA 與 UGG 再度實現連續性的營收成長，凸顯全球市場對這兩個卓越品牌及其高端產品的需求持續提升。我們在全球市場的聚焦執行帶來高比例的正價銷售，推動強勁的毛利率；再結合我們嚴謹的投資紀律與對股票回購的承諾，最終實現同業最佳的營運利潤率，並再創每股盈餘新高。

HOKA continues to build upon its strong foundation by growing global awareness and continuing to gain market share with performance runners while also expanding demand with consumers who are looking for a more technical and comfortable footwear for a variety of use cases. UGG continues to build share across genders, generations and geographies through the expansion of iconic franchises, product newness infused with unique brand codes and our 365 strategy, which all combined to drive high levels of demand in consumer adoption across a variety of distinctive product franchises.

HOKA 持續在其堅實基礎上前進，提升全球知名度，並在性能跑者族群中持續擴大市占，同時也擴展對尋求更具技術性與舒適性的鞋款、以滿足多元使用情境之消費者需求。UGG 透過擴展經典系列、注入獨特品牌識別的產品新品，以及我們的 365 策略，持續在性別、世代與地理區域上擴大市占；上述因素共同推動消費者對多個具辨識度的產品系列產生高度需求與採用。

Now let's get into the details of our fourth quarter and full fiscal year 2026 results, and then I will provide our initial outlook on fiscal year 2027. For the fourth quarter, revenue came in at $1.12 billion, representing an increase of 10% versus the prior year. Growth in the quarter was driven by HOKA and UGG, which increased 15% and 9%, respectively. HOKA delivered revenue of $671 million, representing the largest quarter in the brand's history. DTC was the fastest-growing channel in the quarter, increasing 18% versus last year, with wholesale increasing 13%. Across both channels, revenue growth reflected continued strong momentum from international regions and positive contributions in the US.

現在我們來看第四季與 2026 全財年的業績細節，接著我將提供對 2027 財年的初步展望。第四季營收為 11.2 億美元，較去年同期成長 10%。本季成長由 HOKA 與 UGG 帶動，分別成長 15% 與 9%。HOKA 營收達 6.71 億美元，創下該品牌史上最大單季。DTC 為本季成長最快的通路，較去年成長 18%，批發通路則成長 13%。在兩個通路中，營收成長反映國際市場持續強勁的動能，以及美國市場的正向貢獻。

UGG delivered revenue of $409 million, which was above our expectation as the brand benefited from extended selling of fall products primarily in the DTC channel. Gross margin in the fourth quarter was 57.6%, up 90 basis points versus the prior year period, primarily due to higher levels of full price selling across UGG and HOKA, favorable foreign currency exchange rates, reduced freight costs and a slight benefit from favorable product and channel with partial offsets from a net headwind of tariffs.

UGG 實現營收 4.09 億美元，高於我們的預期，因該品牌受惠於秋季產品在銷售期延長，主要發生在 DTC 通路。第四季毛利率為 57.6%，較去年同期提升 90 個基點，主要受惠於 UGG 與 HOKA 全價銷售占比提高、有利的外匯匯率、運費成本下降，以及產品與通路組合略為有利；部分被關稅帶來的淨不利因素所抵銷。

Gross margin was well above our implied fourth quarter expectations, primarily due to higher full price selling, greater freight savings and a slightly larger benefit from product mix favorability. SG&A for the quarter was $488 million, representing 43.6% of revenue aligned with our expectation and taking advantage of our stronger FY26 performance. This included shifting certain expenses earlier to provide a stronger setup as we begin fiscal year 2027.

毛利率顯著高於我們對第四季的隱含預期，主要因全價銷售占比更高、運費節省更多，以及產品組合有利帶來的效益略大。本季 SG&A 為 4.88 億美元，占營收 43.6%，符合我們的預期，並善用我們 FY26 較強的表現。其中包含將部分費用提前認列，以在進入 2027 會計年度時建立更有利的起跑基礎。

This earlier and higher spend primarily related to accelerating top of the funnel marketing to build brand awareness, advanced technology and also reflected unfavorable impacts from foreign currency exchange rate remeasurement. These results drove diluted earnings per share of $0.96 in which compares to $1 in the prior year period.

這些提前且較高的支出，主要與加速漏斗上端行銷以提升品牌知名度、先期技術投入有關，並且也反映外匯匯率重估帶來的不利影響。上述結果帶動稀釋後每股盈餘為 0.96 美元，對比去年同期為 1.00 美元。

Our fourth quarter performance marked a strong close to the year. For the full fiscal year 2026, we delivered record revenue of $5.47 billion, which increased 10% versus last year. As compared to last year, revenue growth was driven by HOKA adding an incremental $354 million, totaling $2.59 billion in annual revenue with double-digit percentage gains across both DTC and wholesale. And UGG increasing $207 million, totaling $2.74 billion of annual revenue, led by the global strength of wholesale as well as an increase in DTC.

我們第四季的表現為本年度畫下強勁句點。2026 會計年度全年，我們創下 54.7 億美元的歷史新高營收，較去年成長 10%。相較去年，營收成長主要由 HOKA 貢獻新增 3.54 億美元，全年營收合計達 25.9 億美元，且 DTC 與批發通路皆呈現雙位數百分比成長。UGG 亦增加 2.07 億美元，全年營收合計達 27.4 億美元，成長動能來自批發通路的全球強勁表現，以及 DTC 的提升。

Gross margin for the year was 57.7%, down 20 basis points versus last year. The net headwind of tariffs in the fiscal year accounted for approximately 80 basis points of decline year-over-year, with underlying margin expansion offsetting approximately 60 basis points, largely related to favorable product mix and lower freight costs. Product mix favorability continues to be driven by successful scaling of our highest-margin products across UGG and HOKA.

全年毛利率為 57.7%，較去年下降 20 個基點。本會計年度關稅的淨不利影響約造成 80 個基點的年減幅度，而基礎毛利擴張抵銷約 60 個基點，主要與產品組合有利及運費成本下降相關。產品組合有利持續受惠於我們在 UGG 與 HOKA 成功擴大最高毛利產品的規模。

SG&A dollar spend for the year was $1.89 billion, up 11% versus the prior year, $1.71 billion. SG&A represented 34.6% of revenue, which is slightly above last year's rate of 34.2%. Key areas of increased investment in fiscal year 2026 included higher marketing spend across HOKA and UGG to fuel brand initiatives, increased rent primarily from international HOKA store openings, hiring additional talent primarily to support future HOKA growth opportunities and strategic technology investments. We held our unallocated enterprise and shared brand expenses roughly flat versus the prior year, which created leverage to allow for strategic investments that support the long-term growth of our brands.

全年 SG&A 金額為 18.9 億美元，較前一年度 17.1 億美元增加 11%。SG&A占營收比重為 34.6%，略高於去年的 34.2%。2026 會計年度增加投資的重點領域包括：HOKA 與 UGG 的行銷支出提高以推動品牌計畫、主要因 HOKA 國際門市開設而增加的租金、增聘人才以支援 HOKA 未來成長機會，以及策略性技術投資。我們將未分攤的企業層級與品牌共享費用大致維持與去年持平，形成槓桿空間，以進行支持品牌長期成長的策略性投資。

Our exceptional levels of profitability reflect Deckers' unique ability to play offense, invest behind our brands while remaining disciplined across other areas of the organization. Our full fiscal year 2026 operating margin was 23.1%, inclusive of our targeted investments to support long-term growth opportunities across our brands. This result came in above our expectation primarily due to gross margin favorability in the fourth quarter as our brands deliver high levels of full price selling. For the full year, our effective tax rate was 22.8%, which compares to last year's rate of 22.3%. During the fourth quarter, we repurchased approximately $262 million worth of shares at a weighted average price per share of $105.61.

我們卓越的獲利能力，反映 Deckers 具備獨特的進攻能力：在投資品牌的同時，仍能在組織其他領域維持紀律。2026 會計年度全年營業利益率為 23.1%，已包含我們為支持各品牌長期成長機會而進行的目標性投資。此結果高於我們的預期，主要因第四季毛利率優於預期，品牌維持高水準的全價銷售。全年有效稅率為 22.8%，對比去年的 22.3%。第四季期間，我們以每股加權平均價格 105.61 美元回購約 2.62 億美元的股份。

For the entire fiscal year 2026, we repurchased $1.075 billion worth of shares at a weighted average price per share of $102.43. Our record performance coupled with a lower share count that resulted from our highest ever annual share repurchase culminated in a record diluted earnings per share of $7.02, representing an 11% increase over last year's $6.33.

2026 會計年度全年，我們以每股加權平均價格 102.43 美元回購 10.75 億美元的股份。我們的創紀錄表現，加上因史上最高年度庫藏股回購而帶來的較低流通股數，使稀釋後每股盈餘創下 7.02 美元新高，較去年的 6.33 美元成長 11%。

Turning to our balance sheet. At March 31, 2026, we ended the year with $1.9 billion of cash and equivalents inclusive of repurchasing nearly $1.1 billion worth of shares in the year, driven by three consecutive years of delivering a free cash flow above $900 million. Inventory, inclusive of tariffs paid on inventory received this year was $487 million, down 2% versus the same point in time last year. And during the period, we had no outstanding filings.

接著談資產負債表。截至 2026 年 3 月 31 日，我們年末現金及約當現金為 19 億美元；儘管全年回購近 11 億美元股份，仍能維持此水位，主要受惠於連續三年自由現金流均超過 9 億美元。存貨（包含今年收到存貨所支付的關稅）為 4.87 億美元，較去年同期下降 2%。此外，在此期間我們沒有任何未償還的申報案。

For the third consecutive year, our results returned invested capital above 35%. Now moving to our outlook. For the full fiscal year 2027, we expect revenue in the range of $5.86 billion to $5.91 billion, reflecting high single-digit growth versus the prior year with HOKA increasing low double digits versus the prior year, reflecting a higher DTC growth rate relative to wholesale and UGG increasing mid-single digits with balanced growth across channels. Gross margin is expected to be approximately 56.5%, which is down versus last year, primarily due to higher freight costs from rising transportation costs and shipping disruption related to the ongoing Middle East conflict and increased input costs related to material upgrades and inflationary pressures.

連續第三年，我們的投入資本報酬率超過 35%。接著談展望。針對 2027 會計年度全年，我們預期營收介於 58.6 億至 59.1 億美元，較前一年度呈現高個位數成長；其中 HOKA 預期較前一年度成長低雙位數，反映 DTC 成長率高於批發；UGG 預期成長中個位數，且各通路成長均衡。毛利率預期約為 56.5%，較去年下降，主要因運輸成本上升導致運費提高、持續的中東衝突造成航運中斷，以及材料升級與通膨壓力帶來的投入成本上升。

Our guidance assumes the current tariff rate of 10% remaining in effect for the duration of the fiscal year with inventory expected to be sold in the first half at higher EPA tariff rates already paid. And while we are pursuing government refunds, our guidance does not include an assumed refund amount. SG&A is expected to be approximately 35% of revenue as we reinforce our foundation and support key growth initiatives. Increased investments are primarily focused on marketing to fuel the long-term success of our leading brands, people as we anniversary new hires supporting critical long-term growth opportunities technology to facilitate effective and efficient data utilization and DTC, including the strategic expansion of the HOKA brand's global retail presence. We believe these investments will position Deckers to begin delivering operating expense leverage in fiscal year 2028 and beyond as reflected in the framework Stefano provided earlier in the call.

我們的指引假設目前 10% 的關稅稅率在整個會計年度內維持不變，且預期上半年銷售的存貨已支付較高的 EPA 關稅稅率。此外，儘管我們正尋求政府退稅，我們的指引未納入任何假設的退稅金額。SG&A 預期約占營收 35%，以強化我們的基礎並支持關鍵成長計畫。增加的投資主要聚焦於：行銷以推動領先品牌的長期成功、人員（因新聘人員進入滿周年而帶來的成本）以支援關鍵的長期成長機會、技術以促進有效且高效率的資料運用，以及 DTC（包含策略性擴張 HOKA 品牌的全球零售據點）。我們相信這些投資將使 Deckers 自 2028 會計年度起及其後開始展現營業費用槓桿效益，正如 Stefano 先前在電話會議中所提供的架構所示。

We expect an operating margin of approximately 21.5%, reflecting our commitment to deliver top-tier levels of profitability while continuing to invest in the long-term growth of our brands. We are projecting an effective tax rate of approximately 23%. This all results in an expected diluted earnings per share in the range of $7.30 to $7.45 and which includes an expectation to repurchase an amount equivalent to at least 80% of our free cash flow. Capital expenditures are expected to be in the range of $145 million to $155 million, which is above last year, primarily due to bolstering our technology infrastructure, adding select global focused stores and refreshing some of stores.

我們預期營業利益率約為 21.5%，反映我們在持續投資品牌長期成長的同時，仍致力於提供頂尖水準的獲利能力。我們預估有效稅率約為 23%。綜合以上，預期稀釋後每股盈餘介於 7.30 至 7.45 美元，並包含回購金額至少相當於自由現金流 80% 的預期。資本支出預期介於 1.45 億至 1.55 億美元，高於去年，主要用於強化技術基礎設施、增設部分以全球為重點的門市，以及翻新部分門市。

Our outlook reflects a deliberate strategy to prioritize long-term growth and brand strength. We have a high degree of confidence in our outlook, but we also recognize the challenges in the current macroeconomic environment. While difficult to determine what these impacts may be, we remain focused on executing our objectives, including the full year guidance I just walked through and the newly introduced multiyear framework that Stefano outlined earlier in the call.

我們的展望反映一項審慎的策略：優先著眼於長期成長與品牌力。我們對展望具有高度信心，但也認知到當前總體經濟環境的挑戰。儘管難以判斷這些影響可能為何，我們仍專注於執行既定目標，包括我剛才說明的全年指引，以及 Stefano 先前在電話會議中提出、最新導入的多年期架構。

And while we want to maintain focus on our long-term opportunities and given we are halfway through our first quarter, there are a few certain unique timing dynamics to consider for the current quarter. Our anticipated performance for the quarter ending June 30 includes consolidated revenue up approximately 5% to deliver our first ever $1 billion quarter ending June 30. With HOKA up high single digits, primarily from DTC growth. Wholesale timing dynamics to consider include last year's earlier shipments related to the EMEA warehouse transition delayed distributor shipments in APAC moving out of this quarter in preparation of the marketplace for the Clifton launch in July as we reduced shipments of the outgoing model leading up to the release.

雖然我們希望持續聚焦於長期機會，且目前正處於第一季進行到一半的時間點，但就本季而言，仍有幾項需要納入考量的特殊時點動態。我們對截至 6 月 30 日季度的預期表現包括：合併營收約成長 5%，並將實現我們有史以來首個截至 6 月 30 日的單季 10 億美元營收。HOKA 預計成長高個位數，主要來自 DTC 成長。需要考量的批發時點動態包括：去年因 EMEA 倉庫轉換而提前出貨；APAC 的經銷商出貨延後並移出本季，以便為 7 月 Clifton 上市清出市場空間，因我們在新品發布前降低了即將汰換款式的出貨量。

UGG is expected to grow mid-single digits, aligned with our full year guide. Gross margin is expected to be down versus last year, primarily due to the wraparound net impact of higher tariffs on US goods with slight positive offsets from favorable channel mix in currency. SG&A is expected to grow about double the rate of revenue in the quarter, reflecting marketing investments to support brand initiatives, lapping favorable timing elements in the prior year, including FX remeasurement and annualization of new hires in the prior year, with EPS expected to be in the range of $0.82 to $0.87.

UGG 預計將以中個位數成長，與我們全年指引一致。毛利率預計將較去年下滑，主要原因是美國商品較高關稅所帶來的環狀淨影響，並由通路組合與匯率帶來的些微正向抵銷。SG&A 預計在本季的成長率約為營收的兩倍，反映為支持品牌計畫而增加的行銷投資，以及去年同期有利時點因素的比較基期（包括外匯重估與前一年新進人員成本年化），預期 EPS 將落在 0.82 至 0.87 美元區間。

With this first quarter context in mind, we want to reiterate that growth may not be linear across quarters, but our conviction in the broader outlook reflects our belief in our long-term strategy, powerful portfolio and operating model and proven ability to deliver results over many years.

在上述第一季背景之下，我們想再次強調，各季度的成長可能不會呈線性，但我們對整體展望的信心，反映我們對長期策略、強大產品組合與營運模式，以及多年來已證明能交付成果的能力之信念。

Specific to the last three fiscal years, Deckers has grown revenue at a compound annual rate of 15% and earnings per share has more than doubled. With the framework Stefano shared, we anticipate earnings per share growing low double digits on a compounded annual basis for our fiscal year's 2027 to 2030, above the expected high single-digit revenue CAGR over the same time period. This multiyear growth framework is among the best in our industry, and it's on top of nine consecutive fiscal years of revenue and earnings growth. Deckers has a very bright future ahead, and we look forward to executing on our plans to deliver outstanding results for years to come.

就過去三個會計年度而言，Deckers 的營收以 15% 的年複合成長率成長，而每股盈餘已超過翻倍。依照 Stefano 分享的框架，我們預期在 2027 至 2030 會計年度期間，每股盈餘將以低雙位數的年複合成長率成長，高於同期間預期的高個位數營收 CAGR。這項多年成長框架在本產業中名列前茅，且是在我們連續九個會計年度營收與獲利成長的基礎之上。Deckers 的未來非常光明，我們期待執行計畫，在未來多年持續交出卓越成果。

We will continue to prioritize the long-term health of our amazing brands, execute a pull model of demand and high full price sell-through, maintain investment discipline without sacrificing the long-term opportunities for our brands and preserve the strength and optionality of our pristine balance sheet.

我們將持續優先維護我們卓越品牌的長期健康，執行以需求拉動（pull model）與高比例全價售罄（full price sell-through）為核心的模式，在不犧牲品牌長期機會的前提下維持投資紀律，並保有我們極為健全資產負債表的強度與彈性選擇。

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

接下來，我把電話交回給 Stefano 做結語。謝謝大家。

Thank you, Steve. Fiscal year '26 marked another record-setting performance for Deckers. Importantly, we achieved this primarily through full-price business and disciplined inventory management. Looking ahead to fiscal '27, our outlook remains strong. With steady and profitable revenue growth anticipated as we continue to invest in and strengthen our brands.

謝謝你，Steve。2026 會計年度再度創下 Deckers 的紀錄性表現。重要的是，我們主要是透過全價業務與嚴謹的庫存管理達成這些成果。展望 2027 會計年度，我們的前景依然強勁。隨著我們持續投資並強化品牌，預期營收將穩健且具獲利性地成長。

In addition, we've outlined a multiyear framework through our fiscal year 2030, which includes annual total company revenue growth in the high single-digit range. With HOKA expected to achieve low double-digit growth and now targeting mid-single-digit increases. We'll continue to operate the global marketplace with full price execution and invest with discipline to maintain top-tier levels of operating margins.

此外，我們也提出延伸至 2030 會計年度的多年框架，其中包括公司整體年度營收以高個位數區間成長。HOKA 預期可達低雙位數成長，而我們目前的目標為中個位數增幅。我們將持續以全價執行來經營全球市場，並以紀律投資以維持頂尖水準的營業利益率。

And with continued capital returns through increased share repurchase authorization, earnings per share are expected to grow low double digits annually in fiscal '28 to fiscal '30. We have established a very solid foundation for continued growth.

同時，透過提高股票回購授權所帶來的持續資本回饋，預期在 2028 至 2030 會計年度期間，每股盈餘將以每年低雙位數成長。我們已為持續成長建立非常穩固的基礎。

Our long-term strategy is clear and well defined, and a highly skilled team is already executing on our priorities. I want to express my gratitude to all Decker's employees for their dedication and hard work in building our company into what it is today. I look forward to collaborating with all of you as we shape the future together.

我們的長期策略清晰且明確，一支高度專業的團隊已在執行我們的優先事項。我要向所有 Deckers 員工表達感謝，感謝你們的投入與辛勤付出，將公司打造為今日的樣貌。我期待與各位合作，一同塑造未來。

Thank you all for joining today's call, and thank you to all of our stakeholders for your continued support. I'll now turn the call over to the operator for your questions.

感謝各位參與今天的電話會議，也感謝所有利害關係人持續的支持。接下來我將把電話交給接線員，進行提問。

(Operator Instructions) Laurent Vasilescu, BNP Paribas.

(接線員指示) Laurent Vasilescu，法國巴黎銀行（BNP Paribas）。

I wanted to ask a first a near-term question and then a longer-term question about the multiyear framework. But near term, Steve, Stefano, you usually don't comment about the quarter out. I appreciate you giving us some color around HOKA up high single digits. It sounds like there were earlier timing shipments moves around the launches. Maybe can you help us for the audience, the confidence around low double-digit growth for HOKA for the full year? How do we think about that 1H versus 2H in terms of that framework?

我想先問一個短期問題，接著再問一個關於多年框架的長期問題。不過就短期而言，Steve、Stefano，你們通常不會評論尚未結束的季度。我很感謝你們提供一些關於 HOKA 成長高個位數的補充說明。聽起來上市節奏周邊有一些提前出貨的時點調整。也許你們能否協助我們與聽眾理解：對於 HOKA 全年低雙位數成長的信心來源？在這個框架下，我們該如何看待上半年（1H）與下半年（2H）的分布？

Yes. Sure, Laurent, I'll take the first one. So clearly, we are confident on the year with high single digits total company, low double-digits HOKA. And as I said kind of in our commentary on Q1, there are dynamics in Q1 this year that we have to look at what happened last year. And so that's not indicative of a normal trend of business.

好的。當然，Laurent，我先回答第一個。很明確地，我們對全年表現有信心：公司整體高個位數、HOKA 低雙位數。如同我在第一季評論中提到的，今年第一季有一些動態需要對照去年發生的情況來看。因此，這並不代表正常的業務趨勢。

That's just some of the dynamics that happened last year. compared to what we're having this year with differences in timing of launches, differences in close-out of products. So it's not an indication of a change in business. We are as confident as ever in terms of the growth that we can achieve. And then recall last year, we did have a timing difference related to moving more inventory in Q1 with our 3PL conversion in Europe.

那只是去年發生的一些動態，相較於今年我們在上市時點、以及產品清倉節奏上的差異。所以這不是業務出現變化的訊號。我們對可達成的成長一如既往地有信心。另外回想去年，我們確實因歐洲 3PL 轉換，在第一季有一個把更多庫存前移的時點差異。

So we were shipping more in Europe in that first quarter to accommodate a transition with our 3PL move. So short answer to your question, extremely confident, good trends. We're seeing positive trends across the globe and confident in delivering the year.

因此，為了配合 3PL 移轉的過渡期，我們在第一季於歐洲出貨較多。所以簡短回答你的問題：我們非常有信心，趨勢良好。我們在全球各地都看到正向趨勢，並有信心達成全年目標。

Yes. Let me add something to that. Laurent, our wholesale ship and timing in Q1 also reflects setting up a clear marketplace for the launch of Clifton later in July.

是的。我再補充一點。Laurent，我們第一季的批發出貨與時點，也反映了為 7 月稍晚推出 Clifton 做準備，先把市場環境整理得更清晰。

Super helpful. And then nice to see the multiyear framework provided today. As we think about long-term HOKA growth of low double digits. Maybe can you help us frame it in terms of US international?

非常有幫助。另外，也很高興看到今天提供了多年框架。當我們思考 HOKA 長期低雙位數成長時，你們能否協助我們從美國與國際市場的角度來理解？

Should we assume mid-single digits for US mid-teens international. And then maybe can you just provide a little bit more color around how you think about gross margins versus SG&A margins overall for the year -- for the full multiyear? And then sorry, Steve, I got to ask you this question. You tend to have a -- you tend to set conservative guidance. Does that apply to this multiyear framework?

我們是否可以假設美國為中個位數、國際為中十位數的成長？另外，你們能否再多提供一些說明：在全年——以及整個多年期間——你們如何看待毛利率相對於 SG&A 比率的走勢？最後抱歉，Steve，我一定得問這題。你一向會給出較保守的指引。這個多年框架也同樣偏保守嗎？

Sure, Laurent, let me kind of go through some of those questions. So in terms of how you're thinking about the breakout between domestic and international in terms of growth, I think you're in line with how we're looking at it. As we've said, international will continue to grow at a faster pace in the US. The US will continue to grow.

當然，Laurent，我來依序回覆其中幾個問題。就你提到的美國與國際成長拆分來看，我認為你的看法與我們的評估方向一致。如同我們所說，國際市場將持續以快於美國的速度成長。美國也將持續成長。

Just international will continue to grow at a faster pace. . The second question was -- gross margin. So we're seeing some -- yes, some of the pressure on the gross margin in the year really has to do with inflation and higher material costs. So other than that, we're not assuming a significant change in the movement of the gross margin on the year, just some pressures that we're seeing currently with input costs going higher as well as using upgraded material costs. And so that is contributing to a little bit of a hit on the gross margins.

Just international 將持續以更快的速度成長。.第二個問題是——毛利率。因此，我們看到——是的，今年毛利率的一些壓力確實與通膨以及更高的材料成本有關。除此之外，我們並未假設今年毛利率走勢會有顯著變化，只是目前看到一些壓力，因為投入成本上升，以及採用升級後的材料成本。因此，這也導致毛利率受到些許影響。

And then the last bit on the multiyear. So yes, I think to your point, we have been viewed as conservative guides. As we're looking out over the next few years, we are leaning into it, right? This -- I would not call this a conservative guide as we look out to FY30. But given the strength and the confidence that we've seen and the performance of our brands over the last two years, it's giving us confidence in our ability to do this. Our brands are in an incredible position. But to your point, we are leaning into it more than we have in the past.

接著是關於多年期的最後一點。所以是的，我想如你所說，我們一直被視為給出保守指引。當我們展望未來幾年時，我們正在更積極投入，對吧？就我們展望到 FY30 而言——我不會把這稱為保守指引。但鑑於過去兩年我們所看到的強勁態勢、信心以及品牌表現，這讓我們對自身達成這些目標的能力更有信心。我們的品牌處於極佳的位置。但如你所說，我們比過去更積極投入。

Paul Lejuez, Citi.

Paul Lejuez，花旗。

Just if you could talk about your HOKA order book and your visibility for the brand to grow significantly wholesale this year? And also specifically how you think about US versus international within that HOKA wholesale business? And if you could you just touch on performance of lifestyle, that offering, what you've got planned in terms of the lifestyle initiatives this year? And how important is that to achieving now this year's plan, but with multiyear goals for that HOKA business to grow low double digits?

想請你談談 HOKA 的訂單簿，以及你們對該品牌今年在批發通路大幅成長的可見度？另外，特別是你如何看待 HOKA 批發業務中美國與國際市場的占比？以及能否簡要談一下 lifestyle（生活風格）產品線的表現、你們今年在 lifestyle 方面的規劃與推動措施？而這對於達成今年的計畫，以及 HOKA 業務多年期目標（以低雙位數成長）有多重要？

Yes. So on the on the framework, as Steve said, we anticipate mid-single-digit growth in the US for HOKA and double-digit growth internationally. In terms of our order book, we have a strong healthy order book. Our innovation stories across road and trail have been very well received by retail partners.

好的。就整體框架而言，如 Steve 所說，我們預期 HOKA 在美國將有中個位數成長，國際市場則為雙位數成長。就我們的訂單簿而言，我們有一個強勁且健康的訂單簿。我們在公路與越野領域的創新故事，已獲得零售合作夥伴非常好的回饋。

We now have a very clear design distinction between our Max silo glide and our speed silo slide. And this Pro concept that we're introducing with Clifton Pro is going to expand our reach in attracting audiences. And all this on the back of strong spring sell-throughs across new models, Gaviota, Mac, SpeedGoat 7 are all performing well in the marketplace. Regarding lifestyle, we're starting to see green shoots in our lifestyle business with Mafate Speed 2, Bondi 7 leading the charge. And this is very encouraging for us given the potential we've seen in this category.

我們現在在 Max 系列（silo）glide 與 speed 系列（silo）slide 之間，已有非常清楚的設計區隔。而我們將透過 Clifton Pro 推出的 Pro 概念，將擴大我們的觸及面並吸引更多受眾。此外，在春季多款新型號強勁的銷售動能帶動下，Gaviota、Mac、SpeedGoat 7 在市場上的表現都很不錯。至於 lifestyle，我們開始在 lifestyle 業務看到一些初步回溫的跡象（green shoots），由 Mafate Speed 2、Bondi 7 帶頭。考量到我們在此類別看到的潛力，這對我們而言非常令人鼓舞。

And I think, Paul, just a little bit back on to the order book, strong performance always drives a strong order book. And coming off of a few years now where we've had success, our wholesale partners have had success -- it really does help form the order book, and we see strong earlier signals. So again, some of our signals around the confidence that we're seeing around the business with the success that we're having with our wholesale partners and the success that they're seeing with the sell-through of our product at full price selling. Those are all things that give us confidence and help us drive that order book.

Paul，我再補充一點關於訂單簿：強勁的表現一向會帶動強勁的訂單簿。在過去幾年我們持續成功、我們的批發合作夥伴也取得成功——這確實有助於形成訂單簿，而且我們也看到更早期的強勁訊號。因此，我們對業務的信心訊號，部分來自於我們與批發合作夥伴的成功，以及他們看到我們產品以全價銷售的良好售罄（sell-through）表現。這些都讓我們更有信心，也有助於推動訂單簿。

Is any way to quantify the order book that you're seeing or maybe sell-throughs at retail that might be an indication of future orders?

有沒有辦法量化你們看到的訂單簿，或是零售端的售罄情況，作為未來訂單的指標？

Yes. We don't break that out in terms of numbers other than what we have with clearly, we just -- we aren't providing it in terms of numbers. What I can say is that clearly, with the gross margin that you've seen us deliver, it's an indication of the strong sell-through of our product. So our product is selling through very well. Our wholesale partners are having success with it.

是的。我們不會以數字方式拆分揭露訂單簿；也就是說——我們不提供相關數字。但我可以說的是，你們看到我們交出的毛利率表現，清楚反映了我們產品強勁的售罄。因此，我們的產品售罄表現非常好。我們的批發合作夥伴也因此獲得成功。

And the other indicator of how strong that is its inventory levels. Even with the growth in the business, we're delivering lower inventory levels on our balance sheet as well as what our wholesale partners have in their stores. So those are really strong indicators of the health of our brand, the strong sell-through that we're seeing and, again, then another strong setup for our order book.

另一個能反映其強勁程度的指標是庫存水位。即使業務在成長，我們資產負債表上的庫存水位，以及批發合作夥伴店內的庫存水位，都在下降。因此，這些都是非常強的指標，顯示品牌健康度、我們看到的強勁售罄表現，並再次為我們的訂單簿建立更強的基礎。

Jay Sole, UBS.

Jay Sole，瑞銀。

Stefano, two questions for me. One on UGG, if we think about the multiyear framework you just gave. How much of the growth do you think will come from, say, the winter business, the classic business versus some of the newer stuff spring summer fall as you've made the brand more of a 12-month brand? How do you see the mix of business evolving in those two segments? That's the first part of the question.

Stefano，我有兩個問題。第一個關於 UGG：如果我們看你剛提供的多年期框架，你認為成長有多少會來自例如冬季業務、經典款業務，相較於你們把品牌打造為全年 12 個月品牌後，春夏秋等較新的品類？你如何看待這兩個區塊的業務組合演變？這是第一部分。

Then the other part on the multiyear framework relative to HOKA, given that you're talking about franchise now with over $100 million in revenue in three that are close to $100 million. Lifestyle starting to see some green shoots, maybe some innovation coming next year. Do you see opportunity to open more HOKA stores? Is that part of the plan as you look out through 2030? What kind of growth driver would more HOKA stores be given the expanding assortment looking out over multi-year period?

第二部分是關於 HOKA 的多年期框架：鑑於你提到目前已有一個系列（franchise）年營收超過 1 億美元，另有三個接近 1 億美元。Lifestyle 開始看到一些初步回溫跡象，或許明年會有一些創新。你是否看到開設更多 HOKA 門市的機會？在你展望到 2030 的計畫中，這是否是其中一部分？在產品組合持續擴張、展望多年期的情況下，更多 HOKA 門市會是什麼樣的成長驅動力？

Let me start with that one, and then I'll tackle on. Yes, we plan to expand our HOKA retail footprint in proportion with the growth of the brand. We're focusing on major cities. We've recently opened stores in Berlin, Milan, Xiamoni, the birthplace of the brand. We continue to build and open stores in Asia, especially in China. We anticipate 20, 25 store openings per annum, which is what we have been doing over the past couple of years.

我先從這題開始，然後再回答另一題。是的，我們計畫隨著品牌成長，按比例擴大 HOKA 的零售據點。我們聚焦於主要城市。我們最近在柏林、米蘭、Xiamoni（品牌的誕生地）開了門市。我們也持續在亞洲、特別是中國，建置並開設門市。我們預期每年開設 20 到 25 家門市，這也是我們過去幾年一直在做的節奏。

Regarding UGG. Yes. UGG, to your point, has become a year-around premium lifestyle brand, and it's not competing across multiple categories, right, not just boots. So we expect the growth to continue to -- we intend to grow faster in spring/summer than in fall/winter. Our sneakers are performing super well.

至於 UGG。是的。如你所說，UGG 已成為全年型的高端生活風格品牌，並且在多個品類競爭，對吧，不只是靴子。因此，我們預期成長將持續——我們打算在春/夏的成長速度快於秋/冬。我們的運動鞋表現非常好。

Our number three product in the marketplace was the low melt sneaker this past year. Our sandals are performing super well clogs, slippers, our apparel and accessories also give us a reason to hope that we will continue to drive growth in textiles.

去年我們在市場上的第三大產品是 low melt 運動鞋。我們的涼鞋表現非常好，木屐、拖鞋，以及服飾與配件也讓我們有理由期待，我們將能持續推動紡織品類的成長。

The team has really done an incredible job in keeping this brand relevant deseasonalize the business and really increasing warrants. So and newness has been working. The auto Clog, the minimal sneaker, the Zora Paleflat, the Quill Nikin all performing well across the global marketplace. So this gives us reason to hope that we'll be able to continue to grow our 360 approach and continue to grow spring/summer at a faster pace

團隊在維持品牌相關性、推動業務去季節化（deseasonalize），並真正提升需求（warrants）方面，做得非常出色。因此，新品策略一直奏效。Auto Clog、minimal sneaker、Zora Paleflat、Quill Nikin 在全球市場的表現都很好。因此，這讓我們有理由期待，我們能持續推進 360 度策略，並讓春/夏以更快的速度成長。

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

I wanted to first ask about the medium-term financial framework. I appreciate all the color there. Steve, on the operating margin in the low 20s, it seemed like if we take the midpoint of that, it's kind of flat versus what you expect this year at 21.5%. And maybe I missed it earlier, but would be curious. Kind of any commentary on how you're thinking about gross margin there versus SG&A, especially given the commentary previously on how strong your levels of full price selling are that you've seen and then some of the freight impacts you're seeing this year. So kind of curious how you see the up versus down areas for gross margin versus SG&A over the next few years?

我想先問一下中期財務框架。我很感謝你們提供的所有細節。Steve，關於營業利益率落在20%出頭，你們提到的區間中點看起來相較於你們今年預期的21.5%大致持平。也許我前面漏聽了，但我很好奇。想請你們談談你們如何看待毛利率相對於SG&A（銷售、一般及行政費用）的走勢，尤其考量到你們先前提到全價銷售的強勁程度，以及今年你們看到的一些運費影響。所以我想了解，未來幾年毛利率與SG&A各自可能上升或下降的空間，你們怎麼看？

Thanks, Blake, for your question. In terms of how we're looking at the framework, it very similar to your point to how we're seeing the setup of this year. So continued driving along those lines. I didn't comment in the prepared remarks about an opportunity to achieve some level of operating expense leverage, and we have the ability to do that. At the same time, we'll continue to look at how we're investing in the brands.

謝謝你，Blake，謝謝你的提問。就我們如何看待這個框架而言，正如你所說，和我們今年看到的布局非常相似。所以我們會持續沿著這些方向推進。我在事先準備的發言中沒有提到一個機會點：我們有機會在營業費用上取得一定程度的槓桿效益，而我們也有能力做到。同時，我們也會持續檢視我們在品牌上的投資方式。

the operating margin will be a benefit of a function around our gross margin, but we expect to maintain strong gross margin. So the way we look at gross margins is kind of really how we price our product based on the value that we're delivering and we're delivering great product with high value. So we'll continue to maintain that going forward and then we'll continue to look at it. But I think in terms of how you're you've set up the question in the far -- that is how we're looking at the multiyear view.

營業利益率將受惠於我們毛利率的表現，但我們預期會維持強勁的毛利率。我們看待毛利率的方式，主要是依據我們所提供的價值來為產品定價，而我們提供的是高價值的優質產品。因此我們會在未來持續維持這一點，並且持續檢視。但我認為，就你在問題後段所設定的方向而言——這正是我們看待多年期展望的方式。

Great. And then if I could ask one more. You mentioned freight shipping, I think, some input costs due to upgraded materials as well. There's a lot going on with higher oil prices and the supply chain. Would love any more color you can provide on how much impact you're seeing from oil prices versus freight?

很好。如果我可以再問一個問題。你提到運輸貨運，我想還有一些因材料升級而帶來的投入成本。目前油價上升與供應鏈也有很多變化。希望你能再多分享一些：你們看到的影響中，油價相對於運費各自的影響有多大？

And then are you raising pricing along with some of those upgraded materials as well?

另外，針對這些材料升級，你們也會同步調漲價格嗎？

I would say still early in that sense. We have to see how things play out and where pricing begins to normalize. Clearly, we're seeing some pressure in terms of your point rate and fuel box and some of the input costs raising. Again, largely a lot of the products that we have is bought for FY27. As we move into next calendar year and pricing for that, we'll be very careful about what we're seeing in terms of those input costs. And again, with strong brands, we have pricing power. So those are things that we can always take a look at.

我會說就這方面而言現在仍偏早。我們必須看看事情如何發展，以及價格何時開始正常化。很明顯地，正如你所說，我們在運價與燃油附加費，以及部分投入成本上升方面，確實看到一些壓力。再者，我們很多產品其實已經為FY27採購完成。當我們進入下一個曆年並為其定價時，我們會非常謹慎地觀察這些投入成本的變化。而且，憑藉強勢品牌，我們具備定價能力。所以這些都是我們隨時可以再評估的事項。

Sam Poser, Williams Trading.

Sam Poser，Williams Trading。

Over the last two years, the UGG business has slowed from a, I guess, from a DTC or from a consumer demand perspective, it flowed two different ways. In 2024, it looks like it started really early. And then this year, it started -- this past year, it started much later. How are you looking at the flow of the business this year? And in the gross margin, have you -- you didn't mention it, but are you once again guiding to a more normalized promotional environment and then normalized doesn't seem to happen that often.

過去兩年，UGG業務從DTC或消費者需求的角度來看有所放緩，而且呈現兩種不同的走勢。在2024年，看起來啟動得非常早。而今年——也就是剛過去這一年——啟動得晚很多。你們如何看待今年業務的節奏？另外在毛利率方面，你們沒有提到，但你們是否再次指引回到較為正常化的促銷環境？不過「正常化」似乎並不常發生。

Yes. I'll start, maybe and then Stefano, if you want kind of jump in. In terms of the business, Sam, we've talked about this a little bit on the prior calls in terms of how we're seeing consumer respond in the market. So when you look at that dynamic, we are seeing trends where purchasing is more event-driven currently than it has been in years past. I think that's created some of the volatility.

是的。我先回答，然後Stefano如果你想補充也可以加入。Sam，就業務而言，我們在先前幾次電話會議中已稍微談過我們如何看待消費者在市場上的反應。因此，當你看這個動態時，我們確實看到目前的購買行為比過去幾年更偏向事件驅動。我認為這造成了一些波動。

We've talked about peaks and valleys before in terms of seeing that. I think what we've seen in the last two years is that the consumer is still showing up for our brand. I think our Q3 and our Q4 performance is a further indication of that. And so while consumer purchasing patterns are changing and if they are shifting to event-driven purchasing, they're showing up and buying our brands. And that's really what our performance has been driven.

我們之前談過所謂的高峰與低谷。我認為過去兩年我們看到的是，消費者仍然會為我們的品牌而來。我認為我們第三季與第四季的表現也進一步印證了這一點。因此，儘管消費者的購買模式正在改變，且若他們正轉向事件驅動的購買，他們仍然會出現並購買我們的品牌。而這正是我們業績的主要驅動因素。

In terms of the context of how you've answered the question, as Stefano said earlier, we're also driving a bigger spring summer business. So we are seeing increases in the spring/summer season because we're bringing more relevant products to the consumer who's looking for that product in that time frame. So we are seeing kind of multiple dynamics that are impacting sales patterns, but in both cases, we're capturing the consumer and increased purchases.

就你提問的脈絡而言，正如Stefano先前所說，我們也在推動更大的春夏業務。因此我們確實看到春/夏季的成長，因為我們帶來了更貼近消費者需求、適合該時間段的產品。所以我們看到有多種動態在影響銷售節奏，但在兩種情況下，我們都在抓住消費者並帶動更多購買。

But there's something a buy now wear now mindset.

但也有一種「現在買、現在穿」的心態。

Yes. And then you had a question kind of on the gross margin. In terms of how we've laid out this year? We are assuming a more promotional environment, not in this turn back. So in terms of what the previous questions that I received in terms of how we're thinking about the gross margin pressure that we're seeing in FY27. It really more is about inflation and higher input costs and material upgrades.

是的。然後你也問到毛利率。就我們今年的規劃而言？我們假設促銷環境會更強一些，但不是在這一輪回落中。因此，針對我先前收到的問題——也就是我們如何看待FY27所看到的毛利率壓力——其實更多是關於通膨、更高的投入成本以及材料升級。

And then secondly, you mentioned the tariffs, how they're not in your numbers. How -- what was -- how much did you pay in tariffs under IEEPA? And how do you intend -- I assume you thought for the refunds, how do you intend to account for it once you get it?

第二點，你提到關稅沒有納入你們的數字。在IEEPA之下，你們實際支付了多少關稅？以及你們打算——我假設你們在等待退稅——一旦拿到退款，你們打算如何在會計上處理？

Yes. So as we've said earlier, the gross amount that we paid was around $120 million. And we will look, once we receive the money back. Clearly, we have partners who were cost sharing in that. So we want to make sure that we're taking care of them in terms of any return amounts. That's still to be determined. And then for the accounting of it, we'll address that kind of when we see it come back into the bank account.

是的。如同我們先前所說，我們支付的總額大約是1.2億美元。一旦我們收到退款，我們會再評估。很明顯地，我們有合作夥伴在其中分攤成本。因此我們要確保在任何返還金額方面妥善照顧他們。這部分仍有待決定。至於會計處理，我們會在看到款項實際回到銀行帳戶時再行處理。

Adrienne Yih, Barclays.

Adrienne Yih，Barclays。

Congratulations. Great to see the early momentum. Stefano, I wanted to talk about HOKA and sort of the wholesale channel. I guess, wholesale and international. In the past, you've talked about kind of not really penetrating all of the places that you can be you're kind of in the top spaces in the premium doors.

恭喜。很高興看到早期的動能。Stefano，我想談談HOKA以及批發通路。我想是批發與國際市場。過去你們談到，你們其實還沒有滲透到所有可能進入的據點，你們目前主要是在高端門店的頂級位置。

So can you talk about over this kind of the structural three-year horizon, how you think about potentially penetrating doors that are kind of in maybe that second tier. If so, what would be the trigger for that? And when might we see that happen? And then on the international side of things, can you talk a little bit more about international strategy, both in Europe and in Asia and when we might see that accelerate?

所以你能否談談在這種結構性的三年期視野下，你們如何看待可能進一步滲透到一些可能屬於第二梯隊的門店？如果會的話，觸發條件會是什麼？我們可能何時會看到這件事發生？另外在國際方面，你能否再多談一些國際策略，包括歐洲與亞洲，以及我們何時可能看到那邊加速？

Starting with international as has been accelerating. And as we said before, we applied the US playbook to our International business. International for HOKA is between two and four years behind based on awareness of we are at 40% awareness in Europe, 60% in the US, we are 30% in China. But our approach is still very, very consistent. We are monitoring signals in the marketplace, consumer demand turns, margins, door productivity and to determine when the right time to expand is.

先從國際市場談起，國際業務一直在加速成長。如同我們先前所說，我們把美國的作戰手冊套用到我們的國際業務上。以品牌認知度來看，HOKA 的國際市場大約落後兩到四年：我們在歐洲的認知度約 40%，美國約 60%，中國約 30%。但我們的方法仍然非常、非常一致。我們會監測市場訊號、消費者需求的變化、毛利、門店生產力，以判斷何時是擴張的適當時機。

And as our offer expands and our -- this gives us more differentiation and segmentation opportunities, and we're slowly and thoughtfully expanding where it makes sense. As I mentioned on the last call, sporting goods in the US is still only 50% penetrated, affecting specialty only 25% penetrated. In EMEA, it's 40% for sporting goods and less than 20% for flood specialty. So plenty of upside for us within the framework that I shared to enter some of these destinations.

隨著我們的產品供給擴大，這也讓我們有更多差異化與分眾的機會，我們會在合理之處，緩慢且審慎地擴張。如我在上次電話會議提到的，美國的運動用品通路目前滲透率仍只有 50%，而專業通路（specialty）僅滲透 25%。在 EMEA，運動用品通路為 40%，而（跑步）專業通路的滲透率不到 20%。因此，在我分享的框架下，我們在進入部分通路/據點方面仍有很大的上行空間。

We are doing some tests with some new upcoming retailers in the fall, both in the US and Europe. And if those tests go well, we'll slowly and thoughtfully and systematically expand. So the approach that we've taken until now doesn't really change. Now we have a broader product offer that allows us to systematically differentiate the marketplace and offer consumers a differentiated proposition we have in the shop, and allowing us to see the marketplace more thoughtfully, including DTC.

我們在秋季會與一些新的、即將合作的零售商進行測試，美國與歐洲都會有。如果測試結果良好，我們將以緩慢、審慎且有系統的方式擴張。因此，我們迄今採取的方法其實不會有太大改變。現在我們有更廣的產品組合，讓我們能更有系統地在市場上做差異化，並在店內為消費者提供差異化的價值主張，也讓我們能更審慎地看待市場，包括 DTC（直營/電商）。

Great. And then Steve, my follow-up is on the inventory. So the dollars are down, I guess, low single digits, which means the units are probably down more so than that. As we kind of go into the back half of the -- as we go into sort of the back half of the year, are you -- and you typically don't restock people right? So whatever is out there is out there. You're not really chasing inventory. So how do you think about the positioning of that inventory? And then what macro backdrop are you assuming for the rest of FY27?

了解。Steve，我的追問是關於庫存。所以以金額來看庫存下降了，我猜是低個位數，這代表件數可能降得更多。當我們進入下半年——也就是進入今年後半段時，你們通常不會補貨，對吧？所以外面有多少貨就是多少貨。你們不太會去追貨、追庫存。那你如何看待目前庫存的配置/定位？另外，你們對 FY27 剩餘期間的總體環境假設是什麼？

Yes, it's a good question. So clearly, having lower inventory helps. To your point, we have historically, when we run out of product, we're out of product, that helps drive full price selling and also helps drive increased orders for future seasons. And again, that's what you're seeing play out in the playbook, and that works very well for us. I think as we look at the environment, consumers even with everything going on, are still operating from a healthy position.

是的，這是個好問題。很明顯，較低的庫存水位是有幫助的。如你所說，我們過去一向是：產品賣完就賣完了，這有助於維持正價銷售，也有助於帶動未來季度的追加訂單。而這正是你在我們作戰手冊中看到正在發生的事情，對我們非常有效。我認為就環境來看，即使有各種事情在發生，消費者整體仍處於相對健康的狀態。

I think what we've seen, especially in what played out in Q3 and Q4 was the consumers showed up for the brands that they want and they purchase the brands that they want. And that's our outlook for the rest of this year is that we see the demand for our brands. We see the growing awareness. We see the interest in the new products that we've been bringing to market. And so that's what's giving us confidence.

我認為我們看到的情況，特別是在 Q3 和 Q4 的表現是：消費者會為他們想要的品牌而來，也會購買他們想要的品牌。而我們對今年剩餘期間的展望是，我們看到市場對我們品牌的需求。我們看到品牌認知度持續提升。我們也看到市場對我們推出的新產品有興趣。因此，這些都讓我們更有信心。

So I think from a macroeconomic standpoint, I think I made the comment, we'll see how things evolve and develop, but we're confident with how our brands how the brands are resonating with consumers and the consumers' interest to purchase our product.

所以我認為從總體經濟角度來看，我之前也提過，我們會觀察事情如何演變與發展；但我們對品牌與消費者之間的共鳴，以及消費者購買我們產品的意願，仍然有信心。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

I was hoping you can unpack your domestic performance in Q4. I believe it was flattish. What were the puts and takes by brand? And what are your expectations for the domestic market as you think about fiscal '27?

我希望你們可以拆解一下 Q4 的美國本土市場表現。我記得大概是持平。各品牌之間有哪些拉抬與拖累因素？以及當你們思考 2027 會計年度時，對美國本土市場的預期是什麼？

Yes. Sure, Rick. So I think you're still there. I don't know if we can. But just to answer your question, in terms of performance in the US, the performance in the US was positive, as we made in the remarks, the -- what you're seeing from a top line perspective is being impacted from some of our discontinued brands.

是的。當然可以，Rick。我想你還在線上。我不確定我們是否可以——不過直接回答你的問題，就美國的表現而言，美國的表現是正向的；如同我們在發言中提到的，你從營收端看到的情況，受到我們部分已停產品牌的影響。

Those brands this year versus last year, that's muted. But when we look at both UGG and HOKA, both have grown in the US and across the globe. So positive trends in that respect. We made the comment that we're seeing kind of positive trends. So I think still looking forward, we continue to see those positive trends continuing.

這些品牌今年相較去年表現較為溫和。但當我們看 UGG 與 HOKA，兩者在美國以及全球都在成長。因此在這方面是正向趨勢。我們也提到我們看到一些正向趨勢。所以往前看，我們仍預期這些正向趨勢會延續。

Got it. And then for HOKA, just zooming out to your plan to grow low double digits between fiscal '28 and '30, what needs to occur to drive that growth that you're not doing today? You touched on testing out some new wholesale accounts. Does it also embed entering new sports that HOKA doesn't participate in today or new categories like apparel. Just some color on the building blocks would be great.

了解。接著針對 HOKA，拉高一個層級來看你們在 2028 到 2030 會計年度要達成低雙位數成長的規劃，為了推動這個成長，哪些事情需要發生、而你們今天還沒在做？你提到會測試一些新的批發客戶。這是否也包含進入 HOKA 目前尚未參與的新運動項目，或是像服飾這樣的新類別？如果能分享一下成長的基石/構成要素會很有幫助。

No. Plenty of upside for us in the categories we're competing in, the categories, the channels and the geographies. The categories we're competing are $100 billion. And so plenty of upside for us across road trail fitness recovery lifestyle and apparel. So it doesn't -- we continue to explore new categories, but the framework doesn't incorporate any categories at this point.

不。我們在目前競爭的品類、通路與地理市場中，仍有很大的上行空間。我們所競爭的品類市場規模約 1,000 億美元。因此，我們在公路跑、越野、健身、恢復、生活風格以及服飾等領域都有很大的成長空間。所以——我們會持續探索新類別，但目前這個框架並未納入任何新類別。

Thank you. And ladies and gentlemen, that is all the time we have for questions on today's call. So this will conclude today's Deckers Brands Fourth Quarter Fiscal 2026 Earnings Conference Call. Please disconnect your lines at this time, and have a wonderful day. Goodbye.

謝謝。各位女士、先生，今天的提問時間到此為止。因此，今天的 Deckers Brands 2026 會計年度第四季財報電話會議到此結束。請各位現在掛斷電話，祝各位有美好的一天。再見。