Deckers Outdoor Corporation (DECK) 2027 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. Welcome to the Deckers Brands first quarter fiscal 2027 earnings conference call. (Operator Instruction) And finally, 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，感謝各位撥冗等候。歡迎參加 Deckers Brands 2027 會計年度第一季財報電話會議。(接線員指示) 最後，我想提醒各位，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 are Stefano Caroti, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer. Before we begin, I would like to remind everyone of the company's safe harbor policy.

各位好，感謝大家今天加入我們的電話會議。出席本次會議的有總裁暨執行長 Stefano Caroti，以及財務長 Steve Fasching。在開始之前，我想提醒各位公司之安全港政策。

Please note that certain statements made on this call are forward-looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

請注意，本次電話會議中的部分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》所建立之責任安全港條款。

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, the dynamic macroeconomic environment and related impacts on our business and operating results, including changes to global trade policy, freight costs 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 expected performance of our brands and demand for our products.

除歷史事實陳述外，本日電話會議中的所有陳述均屬前瞻性陳述，並包括關於我們推動長期價值的能力、動態的總體經濟環境及其對我們業務與營運結果的相關影響（包括全球貿易政策變動、運費成本以及外匯匯率波動）、地緣政治衝突（包括持續中的中東衝突及其對供應鏈、物流與成本的相關影響）、我們目前與長期的策略目標、我們品牌的預期表現以及對我們產品的需求等陳述。

The anticipated impacts of our brand, product, marketing, marketplace, distribution and investment strategies, our product development plans and the timing and anticipated performance of product launches, changes in consumer behavior, our ability to acquire new consumers and gain market 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, the timing of wholesale and distributor shipments, our ability to maintain a premium full-price global marketplace, statements regarding tariff refunds and our ability to generate free cash flow and execute our capital allocation strategy, including potential share repurchases.

亦包括我們品牌、產品、行銷、市場通路、配銷與投資策略的預期影響，我們的產品開發計畫以及產品上市的時程與預期表現、消費者行為的變化、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架構的能力（包括預期營收、產品組合、毛利率、費用、庫存水位、促銷活動、預期正價銷售比率與每股盈餘）、批發與經銷商出貨時點、我們維持高端正價全球市場環境的能力、關於關稅退還的陳述，以及我們產生自由現金流並執行資本配置策略（包括潛在庫藏股回購）的能力。

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 currency rate fluctuations 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.

本次電話會議中的前瞻性陳述代表管理階層目前的預期，並以作出該等陳述時可得之資訊為基礎。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。

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.

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另有要求外，公司明確聲明不具任何更新任何前瞻性陳述之意圖或義務。

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 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，管理階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，對於在本期與前期報導期間皆持續營運的業務，公司以固定匯率基礎報告可比的直接面向消費者（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.

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之淨現金，扣除同期間的資本支出。

The company believes free cash flow is a useful supplemental measure of liquidity as it reflects the cash generated from operations after investments required to support the strategic growth of the business. Please review our earnings release published today for additional information regarding our non-GAAP financial measures.

公司認為自由現金流是有用的補充性流動性衡量指標，因其反映在支持業務策略性成長所需投資之後，由營運所產生的現金。關於我們的非 GAAP 財務衡量指標之更多資訊，請參閱我們今日發布的財報新聞稿。

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

接下來，我把時間交給 Stefano。

Thanks, Erinn. Good afternoon, and thank you all for joining today's call. For the first time in Deckers history, we delivered over $1 billion of revenue in the first quarter as total company revenue increased 5.7% versus last year, and diluted earnings per share was $0.94, both above our expectations for the quarter. As anticipated, performance was led by total company DTC, which increased 13% versus last year. Both HOKA and UGG maintained solid momentum and continued to capture high level of full-price consumer demand, driving global DTC revenue growth of 17% and 6%, respectively.

謝謝你，Erinn。各位下午好，感謝大家參加今天的電話會議。Deckers 歷史上首次在第一季實現超過 10 億美元的營收，整體公司營收較去年成長 5.7%，稀釋後每股盈餘為 0.94 美元，兩者皆高於我們對本季的預期。如預期所示，表現主要由公司整體 DTC 帶動，較去年成長 13%。HOKA 與 UGG 皆維持穩健動能，並持續掌握高水準的正價消費需求，分別帶動全球 DTC 營收成長 17% 與 6%。

Wholesale channel growth was in line with our expectation, which included planned international shipment timing differences moving later this year as compared to last. Underlying consumer demand for our brands remains strong across international markets and domestically. HOKA and UGG each delivered healthy first quarter growth in terms of wholesale revenue sell-in, and full price unit sell-through in the US market. I'm especially pleased with our progress across innovation and product newness, which are resonating globally.

批發通路成長符合我們的預期，其中包含已規劃的國際出貨時點差異，相較去年將延後至今年稍晚。我們品牌在國際市場與美國本土的基礎消費需求仍然強勁。HOKA 與 UGG 在第一季的批發營收（sell-in）以及美國市場的正價銷售單位終端銷售（sell-through）方面，皆實現健康成長。我尤其對我們在創新與產品上新方面的進展感到滿意，這些成果正在全球引起共鳴。

The engagement we're seeing is not limited to a single region, channel or product family. It reflects the broader impact of our consistent approach to creating distinctive consumer-led products that connect emotionally, perform exceptionally and amplify the relevance of our brands. Further, we have been disciplined in how we're managing supply, protecting brand heat and avoiding unnecessary promotional pressure reflected in both the quality of our inventories and high levels of full-price business.

我們所看到的互動與參與並不局限於單一地區、通路或產品系列。這反映出我們一貫的方法所帶來的更廣泛影響：打造以消費者為導向、具辨識度的產品，能在情感上產生連結、具卓越性能，並提升品牌的相關性。此外，我們在供應管理上保持紀律，維持品牌熱度並避免不必要的促銷壓力，這也反映在我們庫存品質與高水準正價業務上。

This gives us greater flexibility and visibility as we plan forward because we are operating from a stronger inventory position with cleaner channels, better pricing integrity and continued consumer demand for the products we're bringing to market. These results reinforce our confidence in our fiscal '27, outlook and multi-year framework.

這使我們在向前規劃時擁有更大的彈性與能見度，因為我們在更強健的庫存基礎上運作，通路更為乾淨、價格完整性更佳，且市場對我們推向市場的產品仍持續有需求。這些結果強化了我們對 2027 會計年度展望與多年期架構的信心。

Our teams are bringing new and innovative ideas to market at the right time. while staying focused on quality, authenticity and long-term brand health. We remain committed to the fundamentals that have long differentiated Deckers, building powerful brands, preserving a pull model of demand and investing with purpose to enhance our competitive positioning and capitalize on the opportunities ahead.

我們的團隊在正確的時間將新穎且具創新的想法帶入市場，同時持續聚焦於品質、真實性與品牌長期健康。我們仍致力於長期以來使 Deckers 脫穎而出的基本面：打造強勢品牌、維持以拉動（pull）為主的需求模式，並以明確目的進行投資，以強化競爭定位並把握未來機會。

While the consumer backdrop remains pressured, we continue to see people showing up for the brands they love, and we believe the compelling product pipeline for both HOKA and UGG will support continued market share gains throughout this year and beyond. Steve will provide further details on our first quarter results and fiscal year '27, outlook later in the call.

儘管消費環境仍承受壓力，我們仍持續看到消費者願意支持他們喜愛的品牌；我們相信，HOKA 與 UGG 具吸引力的產品管線將支持我們在今年及未來持續提升市占率。Steve 將在稍後的電話會議中，提供第一季業績與 2027 會計年度展望的更多細節。

But first, I will share an update on Q1 brand performance. Starting with HOKA, global revenue in the first quarter increased 8% versus last year to $704 million. HOKA performance was driven by global DTC revenue increasing 17%, with all international regions continuing to deliver robust growth and the US maintaining positive momentum. DTC growth was broad-based across HOKA franchise families with continued strong demand for our most popular products alongside well-received updates to emerging models in the assortment.

但首先，我將分享第一季品牌表現的最新進展。先從 HOKA 開始，第一季全球營收較去年成長 8%，達 7.04 億美元。HOKA的表現主要由全球 DTC 營收成長 17% 所帶動，所有國際地區持續展現強勁成長，美國市場亦維持正向動能。DTC 成長涵蓋 HOKA 各主要系列產品，最受歡迎產品需求持續強勁，同時產品組合中新興款式的更新亦獲得良好回響。

As growth and consumer affinity for Clifton and Bondi continues to build, additional models driving full-price DTC demand included Speedgoat 7, benefiting from our global integrated Run Wilder marketing campaign that delivered meaningful consumer engagement across our key markets, Mach 7, featuring a lower profile geometry inspired by fastest shoe, the Cielo X1; Mafate Speed 2 leading the HOKA brand's acquisition of global lifestyle consumers, particularly with the recent XLIM collaboration that was a resounding success in building brand heat and attention to the model more broadly and Skyward attracting consumers to the X 2 for an ultra-premium daily ride and the Skyward Laceless as an easy pull-on recovery shoe.

隨著消費者對 Clifton 與 Bondi 的偏好與黏著度持續提升，其他帶動 DTC 正價需求的鞋款包括 Speedgoat 7，其受惠於我們全球整合式「Run Wilder」行銷活動，在主要市場帶來顯著的消費者互動；Mach 7，採用受最快鞋款 Cielo X1 啟發的低輪廓幾何設計；Mafate Speed 2，帶動 HOKA 品牌吸引全球生活風格消費者，尤其近期與 XLIM 的聯名合作在提升品牌熱度並擴大市場對該鞋款的關注方面取得巨大成功；以及 Skyward，吸引消費者選擇 X 2 以獲得超高端的日常跑乘體驗，而 Skyward Laceless 則作為一款易穿脫的恢復鞋。

We're very encouraged by the meaningful consumer engagement with these models, spanning across road running, trail and lifestyle, which collectively contributed over half of global HOKA DTC growth in the quarter. The breadth of DTC demand across HOKA is the result of our targeted investments in capabilities across technology, design, color, lifestyle and marketing, which have allowed HOKA to expand consumer appeal for a wider array of styles.

我們對這些鞋款所帶來的顯著消費者互動感到非常振奮，涵蓋公路跑、越野與生活風格等領域，合計貢獻了本季全球 HOKA DTC 成長的一半以上。HOKA 在 DTC 端需求的廣度，源自我們在技術、設計、配色、生活風格與行銷等能力上的精準投資，使 HOKA 得以擴大對更廣泛款式的消費者吸引力。

This provides HOKA with an even greater opportunity to expand closet share with existing consumers and attract new consumers through models that offer a distinct HOKA performance experience while extending into lifestyle wearing occasions. We expect the benefits of these investments to continue building season after season, with current product assortment representing early days of the strategic elevation and even more exciting things to come in spring '27, and beyond.

這讓 HOKA 有更大的機會，透過既能提供獨特 HOKA 性能體驗、又能延伸至生活穿搭情境的鞋款，提升既有消費者的衣櫥占比並吸引新客。我們預期這些投資的效益將一季接一季持續累積；目前的產品組合仍處於策略性升級的早期階段，而在 2027 年春季及其後，還會有更令人期待的內容推出。

On that front, I'd like to highlight one of our most recent launches, the first-ever Clifton Pro, though it only has been in the market for about two weeks. We are very encouraged by the early response from consumers and wholesale partners with some accounts already placing reorders. The launch of Clifton Pro is an important milestone for HOKA as it represents the progress we're making to offer more impactful differentiation, both within our product assortment and relative to the competition.

在此我想特別提及我們最新的上市產品之一：史上首款 Clifton Pro，雖然上市至今僅約兩週。我們對消費者與批發合作夥伴的早期反應感到非常鼓舞，部分客戶已開始追加訂單。Clifton Pro 的推出是 HOKA 的重要里程碑，代表我們在產品組合內部以及相對於競品方面，正持續取得更具影響力的差異化進展。

Building on the strength of the Clifton franchise, Clifton Pro elevates the performance experience with HOKA PROGLIDE plus midsole technology, featuring a supercritical foam that offers greater resilience and efficiency with every stride. Clifton Pro introduces our updated technology branding for HOKA, creating a clear performance product architecture that makes our Fly and Glide collections more intuitive for consumers.

在 Clifton 系列強勁基礎上，Clifton Pro 透過 HOKA PROGLIDE plus 中底科技提升性能體驗，採用超臨界泡棉，讓每一步都具備更高的回彈性與效率。Clifton Pro 也導入我們更新後的 HOKA 技術品牌識別，建立清晰的性能產品架構，讓消費者更直覺理解我們的 Fly 與 Glide 兩大系列。

Our Glide collection is designed to feel smooth, soft and cushioned, which encapsulates franchises like Clifton and Bondi. On the other end of the performance spectrum, our Fly collection is designed to be responsive, fast and propulsive, including franchises like the Mach, Cielo X and Rocket X. The Clifton Pro launched with selective strategic wholesale segmentation, while the Clifton 11 update is positioned for broader wholesale distribution with both styles available through DTC.

我們的 Glide 系列旨在帶來順暢、柔軟且具緩震的腳感，涵蓋 Clifton 與 Bondi 等核心系列。在性能光譜的另一端，Fly 系列則主打回饋靈敏、速度快且具推進感，包含 Mach、Cielo X 與 Rocket X 等系列。Clifton Pro 以選擇性、策略性的批發分級方式上市；而 Clifton 11 的更新版本則定位於更廣泛的批發通路鋪貨，兩款皆可透過 DTC 購買。

As we build upon the Pro concept, the Mach Pro will be our first model within the Fly collection, which is receiving very encouraging bookings in advance of its strategically segmented spring '27, release. The introduction of HOKA brand technologies is helping create more structure and differentiation throughout our innovation pipeline across performance and lifestyle improving model clarity for consumers, supporting premium price points and expanding the HOKA brand's addressable market over time.

隨著我們持續深化 Pro 概念，Mach Pro 將成為 Fly 系列中的首款 Pro 鞋型；在其策略性分級的 2027 年春季上市前，目前已獲得非常令人鼓舞的預訂。HOKA 品牌技術的導入，正協助我們在性能與生活風格兩端的創新管線中建立更多結構與差異化，提升消費者對各鞋款定位的清晰度，支撐更高端的定價，並隨時間擴大 HOKA 品牌的可觸及市場。

From a HOKA wholesale perspective, global revenue increased 3% versus last year, aligned with our expectation that outlined an international shipment timing difference this year versus last. Growth in the quarter was driven by the US market, which delivered higher sell-in and strong increase in full price sell-through, reflecting a healthier marketplace and smooth transition for Clifton.

就 HOKA 批發端而言，全球營收較去年成長 3%，符合我們先前所述、今年相較去年存在國際出貨時點差異的預期。本季成長主要由美國市場帶動，該市場帶來更高的進貨（sell-in）以及正價銷售出清（sell-through）的強勁提升，反映市場環境更健康，且 Clifton 的轉換過程順利。

While reported international wholesale revenue reflected the comparison to unusually early shipments last year, underlying consumer demand remains strong across regions and channels. EMEA delivered robust wholesale sell-through and another quarterly record for reorders.

雖然報告中的國際批發營收反映了與去年異常偏早出貨的比較基期，但各地區與各通路的底層消費需求仍然強勁。EMEA 批發端出清表現強勁，並再度創下單季追加訂單的紀錄。

And international DTC continued to generate exceptional revenue growth across Europe, China and Japan. This momentum is fueled by the HOKA brand's relentless focus on innovation and performance. Last month, that spirit was on full display at the Western States Endurance Run, the oldest continuously run 100-mile trail race, where HOKA celebrates its origin in trail running as a title sponsor.

同時，國際 DTC 在歐洲、中國與日本持續創造卓越的營收成長。這股動能來自 HOKA 品牌對創新與性能的不懈專注。上個月，這種精神在 Western States Endurance Run 上充分展現；該賽事是歷史最悠久、持續舉辦的 100 英里越野賽，HOKA 作為冠名贊助商，也在此慶祝品牌源自越野跑的起點。

This year's ultramarathon was particularly special because our very own Senior Manager of Product Engineering and HOKA athlete, Vincent Bouillard set a new course record, winning the race in a custom-made HOKA Tecton prototype that he helped design. We are incredibly proud of Vincent's accomplishment, both as an athlete and as an employee.

今年的超馬格外特別，因為我們的產品工程資深經理兼 HOKA 運動員 Vincent Bouillard，以他協助設計的客製化 HOKA Tecton 原型鞋創下新的賽道紀錄並奪冠。我們為 Vincent 的成就感到無比自豪，無論作為運動員或作為員工皆是如此。

Bravo, Vincent. We're also proud to congratulate Sam Laidlow, one of the world's top triathletes on his recent world record-setting victory at Challenge Roth, the largest iron distance triathlon in the world. Competing in the HOKA Rocket X 3, Sam's performance highlights the potential of HOKA innovation at the highest levels of competition.

太棒了，Vincent。我們也很榮幸祝賀全球頂尖鐵人三項選手之一 Sam Laidlow，近期在 Challenge Roth（全球規模最大的鐵人距離三項賽）以破世界紀錄的表現奪冠。Sam 穿著 HOKA Rocket X 3 參賽，他的表現凸顯 HOKA 創新在最高競技層級的潛力。

As we move into the second quarter, we're focused on advancing our global marketplace execution to elevate and differentiate our strategic partners, supported by the continued strength of our DTC business. In the coming quarters, we'll continue to bring HOKA innovation to market across road, trail and lifestyle to grow brand awareness and capture global share.

進入第二季，我們將專注推進全球市場的執行力，以提升並差異化我們的策略合作夥伴，同時持續仰賴 DTC 業務的強勁表現。在接下來幾季，我們將持續把 HOKA 的創新帶到公路、越野與生活風格市場，以提升品牌知名度並擴大全球市占。

Shifting to UGG, global revenue in the first quarter increased 5% versus last year to $278 million. Performance was balanced across channels with DTC and wholesale growing 6% and 5%, respectively. UGG delivered growth in both the US and international regions. Growth was led by international markets with particular strength in Asia as the mono-brand retail presence has been especially effective at driving consumer adoption of versatile UGG products across new categories.

接著談 UGG，第一季全球營收較去年成長 5%，達 2.78 億美元。各通路表現均衡，DTC 與批發分別成長 6% 與 5%。UGG 在美國與國際地區皆實現成長。成長主要由國際市場帶動，其中亞洲表現尤為強勁，因為單一品牌零售據點的布局在推動消費者採用多元用途的 UGG 產品、並拓展至新類別方面特別有效。

UGG performance in the first quarter reflected continued progress with our 365 and men's growth initiatives. During our first fiscal quarter, we continue to allocate availability of key classic styles while directing greater marketing and product investments toward fashion casual footwear, sneakers and sandals. These efforts have driven increased consumer adoption across those categories, resulting in favorable product mix shifts that supported higher gross margins for the UGG brand.

UGG 第一季的表現反映我們在 365 與男士成長計畫上持續取得進展。在本財年第一季，我們持續控管關鍵經典款式的供給，同時將更多行銷與產品投資導向時尚休閒鞋、運動鞋與涼鞋。這些努力推動上述品類的消費者採用度提升，帶來有利的產品組合轉移，進而支撐 UGG 品牌更高的毛利率。

Key franchise families that have contributed to these product mix shifts include the Lowmel family, which continues to drive demand through the original Lowmel franchise while expanding into low profile with the Minimal introduction and the Golden collection, which benefited from strong selling across new seasonal GoldenGaze silhouettes. This quarter, our 365 initiative is also reflected in the performance of our men's business, which accounted for the largest portion of incremental UGG revenue.

促成這些產品組合轉移的關鍵系列家族包括 Lowmel 家族：在原始 Lowmel 系列持續帶動需求的同時，亦透過推出 Minimal 版本擴展至低輪廓風格；以及 Golden 系列，其受惠於新一季 GoldenGaze 鞋型的強勁銷售。本季，我們的 365 計畫也反映在男士業務的表現上，男士業務貢獻了 UGG 營收增量中最大的一部分。

We continue to see a combination of increased engagement for male consumers for all gender franchises like Tasman and Lowmel as well as demand for newer products specifically designed to serve our men's consumers such as the Otzo Clog. We're also encouraged by the reception to our Spring UGG apparel offering.

我們持續看到男性消費者對 Tasman 與 Lowmel 等全性別系列的互動提升，同時也看到對專為男士消費者設計的新產品（例如 Otzo Clog）的需求。我們也對春季 UGG 服飾產品的市場反應感到鼓舞。

Our fleece collection performed especially well across US, Europe and Asia reinforcing apparel as a natural extension of the UGG brand with an opportunity to deepen engagement across a broader range of occasions. Our common thread across UGG product successes remains our ability to reinterpret iconic brand codes through silhouettes, categories and consumer occasions, expanding the brand's relevance while maintaining the distinctive product attributes that consumers expect from the UGG brand.

我們的抓絨系列在美國、歐洲與亞洲的表現尤其亮眼，進一步強化服飾作為 UGG 品牌自然延伸的定位，並帶來在更廣泛使用情境中深化互動的機會。UGG 產品成功的共同主軸，仍在於我們能透過鞋型輪廓、品類與消費者使用情境，重新詮釋品牌的經典識別元素，在維持消費者對 UGG 產品獨特特性期待的同時，擴大品牌的相關性。

Importantly, these encouraging results reflect the UGG brand's ability to both influence and anticipate evolving consumer preferences translating those insights into products and brand stories that help shape demand across categories and seasons. Our marketing initiatives continue to elevate the brand's cultural relevance, expand consumer engagement and strengthen consumer connections across key markets.

重要的是，這些令人鼓舞的成果反映出 UGG 品牌既能影響也能預判不斷演變的消費者偏好，並將這些洞察轉化為產品與品牌故事，協助在不同品類與季節塑造需求。我們的行銷計畫持續提升品牌的文化相關性、擴大消費者參與度，並在主要市場強化與消費者的連結。

Men's momentum was supported by the continued halo from our spring product campaign as well as lifestyle storytelling that resonated with global consumers. At the same time, the brand benefited from a series of culturally relevant activations across Atlanta, Los Angeles, Paris, London, Chengdu and Seoul, leveraging social-first content and talent partnerships that expanded awareness, deepen engagement and reinforced UGG as a year-round lifestyle brand.

男款動能受惠於我們春季產品行銷活動所帶來的持續光環效應，以及能引起全球消費者共鳴的生活風格敘事。同時，品牌也受益於在亞特蘭大、洛杉磯、巴黎、倫敦、成都與首爾等地一系列具文化相關性的活動，運用以社群優先的內容與人才合作夥伴關係，擴大知名度、深化互動，並強化 UGG 作為全年生活風格品牌的定位。

Overall, our integrated approach to product storytelling, community-driven experiences and digital engagement helped maintain strong consumer interest while building momentum behind iconic UGG franchise families and new footwear styles that enhance brand growth and credibility across categories and seasons.

整體而言，我們在產品敘事、社群驅動體驗與數位互動上的整合式作法，有助於在維持強勁消費者興趣的同時，為經典 UGG 主力系列家族與新款鞋履風格累積動能，進一步提升品牌在不同品類與季節的成長與可信度。

As we transition towards the fall season, our teams are focused on driving our progress forward with the introduction of a new mule and hidden wedge silhouettes in the Mel franchise family. In addition to launching our Dusty Orchid pink collection, which spans across classics, sneakers and ballet-inspired models. We'll continue to cultivate this brand's energy with our Born to Feel fall campaign later in the second quarter.

隨著我們邁向秋季，我們的團隊聚焦於透過在 Mel 主力系列家族中推出全新穆勒鞋與隱藏式楔形鞋跟輪廓，持續推動進展。此外，我們也將推出 Dusty Orchid 霧蘭粉系列，涵蓋經典款、運動鞋與芭蕾舞風格鞋款。我們將在第二季稍晚推出 Born to Feel 秋季行銷活動，持續培養這個品牌的能量。

Our team's efforts to continue strengthening the UGG brand's relevance across seasons and consumer occasions are reflected in our performance and the growing consumer demand for UGG, which gives us the confidence in the market share opportunities ahead for the special brand.

我們團隊持續強化 UGG 品牌在不同季節與消費者使用情境中的相關性，這些努力反映在我們的業績表現以及對 UGG 日益成長的消費者需求上，讓我們對這個特殊品牌未來的市占機會更具信心。

With that, I'll hand it over to Steve, who will provide further details on our first quarter financial results and our fiscal year '27, outlook.

接下來我把時間交給 Steve，他將進一步說明我們第一季的財務結果以及 2027 會計年度的展望。

Thanks, Stefano, and good afternoon, everyone. Our first quarter reflects continued consumer demand across both HOKA and UGG, supported by compelling product innovation, strong consumer engagement and continued strength in our DTC channel. While our wholesale results included planned shipment timing dynamics, the underlying brand adoption for HOKA and UGG across regions and channels remained encouraging.

謝謝你，Stefano，各位下午好。我們第一季反映出 HOKA 與 UGG 兩大品牌持續的消費者需求，並受到具吸引力的產品創新、強勁的消費者互動，以及我們 DTC（直面消費者）通路持續強勢的支持。雖然我們的批發業績包含了既定的出貨時點安排因素，但 HOKA 與 UGG 在各地區與各通路的品牌採用度基本面仍令人鼓舞。

Against that backdrop, we delivered first quarter revenue and earnings modestly above our expectations while continuing to invest in the long-term growth opportunities ahead. Now let's dive into the details of our first quarter fiscal year 2027 results.

在此背景下，我們第一季營收與獲利略高於預期，同時持續投資於未來的長期成長機會。現在讓我們深入說明 2027 會計年度第一季的結果細節。

Total company revenue was $1.02 billion, up 5.7% versus the prior year. Growth was primarily driven by HOKA increasing 8% versus last year to deliver quarterly revenue of $704 million, driven by DTC channel growth across Europe, China, Japan and the US UGG increased 5% versus last year to deliver $278 million of revenue as year-round styles continue to resonate with consumers. Gross margin for the quarter was 56.4%, which is up 60 basis points from last year's 55.8%.

公司總營收為 10.2 億美元，較去年同期成長 5.7%。成長主要由 HOKA 帶動，較去年成長 8%，單季營收達 7.04 億美元，動能來自歐洲、中國、日本與美國的 DTC 通路成長；UGG 較去年成長 5%，營收達 2.78 億美元，反映全年型款式持續受到消費者青睞。本季毛利率為 56.4%，較去年 55.8% 提升 60 個基點。

As compared to last year, first quarter gross margin primarily benefited from favorable channel mix with DTC growing faster than wholesale, favorable product mix and full price selling, favorable foreign currency exchange rates and unique items in the quarter primarily related to better management of product closeouts with partial offsets from the net headwind of tariffs.

相較去年，第一季毛利率主要受惠於有利的通路組合（DTC 成長快於批發）、有利的產品組合與正價銷售、有利的外匯匯率，以及本季的特殊項目（主要與更佳的清倉品管理相關）；部分被關稅帶來的淨逆風所抵銷。

SG&A dollar spend in the first quarter was $420 million, which is up 13% from last year's $373 million. As anticipated, SG&A dollar growth reflects annualization of new hires in the prior year, primarily to support key brand initiatives, marketing investments to support our growth strategies, higher rent costs primarily related to adding global HOKA stores, increased technology expenses to enhance our operating platform and improve data analytics and an increase related to foreign currency remeasurement.

第一季 SG&A（銷售、一般及行政費用）金額為 4.20 億美元，較去年 3.73 億美元增加 13%。如預期，SG&A 金額成長反映前一年度新增人員的全年化影響（主要用以支持關鍵品牌計畫）、支持成長策略的行銷投資、主要因新增全球 HOKA 門市而增加的租金成本、用以強化營運平台並改善數據分析的科技費用增加，以及與外幣重估相關的增加。

Our tax rate was 23.1%, which compared to 24% for the prior year. During the first quarter, we repurchased approximately $338 million worth of shares at an average price per share of $103.79. As of June 30, 2026, the company had approximately $4.7 billion remaining under its stock repurchase authorization.

我們的稅率為 23.1%，去年同期為 24%。第一季期間，我們以每股平均 103.79 美元回購約 3.38 億美元的股份。截至 2026 年 6 月 30 日，公司在股票回購授權項下尚餘約 47 億美元可用額度。

These results, including a lower share count from our share repurchase activity, drove diluted earnings per share of $0.94 for the quarter, which compared to $0.93 in the prior year period. In terms of our first quarter performance relative to the expectations we shared in May, favorable gross margin was the primary driver of our $0.07 EPS beat relative to the high end of our guidance, which is our outlook.

這些結果，加上我們回購股份使流通股數下降，帶動本季稀釋後每股盈餘（EPS）為 0.94 美元，去年同期為 0.93 美元。就我們第一季表現相對於 5 月所分享的預期而言，毛利率優於預期是我們 EPS 較指引上緣高出 0.07 美元的主要驅動因素，這也反映在我們的展望中。

Turning to our balance sheet at June 30, 2026. We ended June with $1.6 billion of cash and equivalents. Inventory was $808 million, down 5% versus the same point in time last year, and we had no outstanding borrowings.

接著看 2026 年 6 月 30 日的資產負債表。我們在 6 月底持有 16 億美元的現金及約當現金。存貨為 8.08 億美元，較去年同期下降 5%，且我們沒有任何未償借款。

Now moving into our updated outlook for fiscal year 2027. We still expect total company revenue in the range of $5.86 billion to $5.91 billion, reflecting high single-digit growth versus the prior year. HOKA is still expected to increase to low double digits and UGG is still expected to increase mid-single digits. We have increased our gross margin expectations to now be slightly better than 56.5%, reflecting the first quarter's outperformance while also updating our go-forward tariff rate assumption to 12.5% from the prior 10%. On the tariffs previously paid, we continue to pursue tariff refunds related to the IEEPA ruling but have not included any assumptions regarding refunds as a part of our guidance at this time.

接下來說明我們更新後的 2027 會計年度展望。我們仍預期公司總營收介於 58.6 億至 59.1 億美元，較去年呈現高個位數成長。HOKA 仍預期成長至低雙位數，UGG 仍預期成長中個位數。我們已將毛利率預期上調至略優於 56.5%，反映第一季表現優於預期，同時也將未來關稅率假設由先前的 10% 更新為 12.5%。就先前已支付的關稅而言，我們仍在依據 IEEPA 裁定持續爭取關稅退還，但目前在指引中尚未納入任何退稅假設。

SG&A is still expected to be approximately 35% of revenue as we remain committed to investing in our key growth initiatives. As a reminder, consistent with our long-term framework, our investments in this fiscal year are focused on fortifying the foundation of our business and supporting the continued growth of our brands, positioning us to begin delivering operating expense leverage in fiscal year 2028 and beyond.

我們仍預期 SG&A 約占營收的 35%，因我們仍致力於投資關鍵成長計畫。提醒一下，依據我們的長期架構，本會計年度的投資重點在於鞏固業務基礎並支持品牌持續成長，使我們得以在 2028 會計年度及之後開始實現營業費用槓桿效益。

With these updates, operating margin is now expected to be slightly better than 21.5%, reflecting an increase from our prior outlook as we flow through a higher expected gross margin. Our effective tax rate is still projected to be approximately 23%. And we now expect diluted earnings per share in the range of $7.35 to $7.50, which represents a $0.05 increase due to our increased gross margin expectations on the year.

在這些更新下，營業利益率目前預期將略優於 21.5%，反映我們將較高的毛利率預期反映至展望中，較先前展望有所上調。我們的有效稅率仍預估約為 23%。我們目前預期稀釋後每股盈餘介於 7.35 至 7.50 美元，因全年毛利率預期上調而增加 0.05 美元。

This earnings per share guidance still assumes share repurchases with a value equal to approximately 80% of our projected fiscal year 2027 free cash flow. Our teams remain focused on delivering the full fiscal year 2027 guidance that I just walked through. Within this full year's outlook, we continue to expect growth rates to accelerate in the second half.

這項每股盈餘指引仍假設進行股票回購，其金額約等於我們預估 2027 會計年度自由現金流的 80%。我們的團隊仍專注於達成我剛才說明的 2027 會計年度全年指引。在這份全年展望中，我們仍預期成長率將在下半年加速。

Similar to our first quarter, our second quarter expectations also reflect the planned timing differences in our wholesale and distributor businesses with shipments moving later in the year as well as an impact from lapping last year's wind down of the Koolaburra brand in Q2. With that in mind, we'd like to provide additional context on the current quarter.

與第一季類似，我們對第二季的預期也反映了批發與經銷商業務中計畫性的時點差異，出貨將在今年稍晚進行，此外也受到去年第二季 Koolaburra 品牌收尾所造成的比較基期影響。基於此，我們想就本季提供更多背景說明。

In the second quarter compared to last year, we continue to expect HOKA contributing high single-digit percentage growth with acceleration in the second half of this year, UGG maintaining its mid-single-digit growth rate and other brands are expected to be down approximately 50% versus last year, primarily from streamlining our brand portfolio, with this all driving consolidated revenue up approximately 5% in Q2 versus last year.

第二季相較去年，我們仍預期 HOKA 將貢獻高個位數百分比成長，且在今年下半年加速；UGG 維持其中個位數成長率；其他品牌預期較去年下滑約 50%，主要因我們精簡品牌組合所致；綜合以上因素，帶動第二季合併營收較去年成長約 5%。

Our second quarter gross margin is expected to be down due to tariffs and rising freight costs, while SG&A will continue to reflect first half weighted investments, leading to an expected diluted earnings per share in the range of $1.73 to $1.78. Given the unique operational timing dynamics embedded in the first half of fiscal year 2027, the planned acceleration of revenue growth in the second half is being driven primarily by the HOKA brand and our international wholesale and distributor business.

我們預期第二季毛利率將因關稅與運費上升而下滑，而 SG&A 仍將反映上半年偏重的投資配置，導致預期稀釋後每股盈餘落在 1.73 至 1.78 美元區間。鑑於 2027 會計年度上半年所內含的獨特營運時點動態，下半年營收成長加速的規劃主要由 HOKA 品牌以及我們的國際批發與經銷商業務所驅動。

As we have said in the past, quarterly growth is not always linear, particularly for a brand like HOKA that continues to prioritize maintaining a pull model of demand to deliver long-term sustainable growth. Overall, the performance of our brands in the first quarter was solid as underlying global demand signals for our brands continue to be strong, reinforcing our confidence in the ability to achieve our increased full fiscal year guidance.

如同我們過去所說，季度成長並不總是線性的，特別是像 HOKA 這樣持續優先維持「拉動式」需求模式、以實現長期可持續成長的品牌。整體而言，第一季各品牌表現穩健，因為我們品牌在全球的基礎需求訊號仍然強勁，進一步強化我們對達成上調後全年指引的信心。

Our top-tier levels of profitability, robust free cash flow generation and debt-free balance sheet provide us the flexibility to continue fueling our long-term growth opportunities while remaining agile in the current environment. Thanks, everyone. I'll now hand the call back to Stefano for his final remarks.

我們頂尖的獲利水準、強勁的自由現金流創造能力以及零負債的資產負債表，使我們在當前環境下仍能保持靈活，同時持續投入以推動長期成長機會。謝謝各位。接下來我把電話交回給 Stefano，請他做最後的結語。

Thank you, Steve. As we have discussed today, our first quarter was defined by broad-based consumer demand across both HOKA and UGG, supported by compelling product innovation, disciplined marketplace execution and strong engagement across channels and geographies. While the external environment remains dynamic, the underlying health of our brands and the quality of demand we continue to see reinforce our confidence in the opportunities ahead.

謝謝你，Steve。如同我們今天所討論的，第一季的特徵是 HOKA 與 UGG 兩大品牌皆呈現廣泛的消費者需求，並由具吸引力的產品創新、嚴謹的市場執行，以及跨通路與跨地區的強勁互動所支撐。儘管外部環境仍在變動，我們品牌的基本健康度以及我們持續看到的需求品質，強化了我們對未來機會的信心。

At HOKA, we're expanding consumer participation through a more differentiated product portfolio growing international reach and building an innovation pipeline that continues to elevate the brand. With UGG, we're broadening relevance across seasons, categories and consumer segments, creating new avenues for long-term growth.

在 HOKA，我們透過更具差異化的產品組合擴大消費者參與、拓展國際觸及範圍，並建立持續提升品牌的創新產品管線。在 UGG，我們正擴大其跨季節、跨品類與跨消費者族群的相關性，創造長期成長的新途徑。

At both brands, our teams are executing the strategies that we believe will strengthen our market position and support sustainable share gains over time. Looking ahead, we remain disciplined in our approach to delivering exceptional products that resonate with our target audience, investing behind our brands and maintaining a premium full-price global marketplace.

在兩個品牌上，我們的團隊正執行我們相信能強化市場地位、並隨時間推進支持可持續市占提升的策略。展望未來，我們仍將以嚴謹的方式提供能與目標受眾產生共鳴的卓越產品、加大對品牌的投資，並維持高端、以正價為主的全球市場環境。

I want to thank our global teams for their passion and commitment, our retail partners for their collaboration and our shareholders for their continued support. We're encouraged by the start to fiscal '27, and remain confident in our ability to deliver long-term value. Thank you for joining us today.

我要感謝我們全球團隊的熱情與投入、感謝零售合作夥伴的協作，也感謝股東持續的支持。我們對 2027 會計年度的良好開局感到鼓舞，並對我們創造長期價值的能力仍充滿信心。感謝各位今天加入。

Operator, we're now ready to begin Q&A.

接線員，我們現在準備開始問答。

(Operator Instructions)

（接線員指示）

Jay Sole, UBS.

UBS 的 Jay Sole。

Stefano, a question for you. Actually, two questions and also one for Steve. First, you talked a lot about the new products. You talked about Clifton Pro, which is great. You talked about a lot of the new products that are coming out there for HOKA.

Stefano，我有一個問題要問你。其實是兩個問題，另外也有一個要問 Steve。首先，你談了很多新產品。你提到 Clifton Pro，這很棒。你也談到很多即將推出的 HOKA 新產品。

Can you I think last quarter, you talked about how you had multiple franchises, which are already almost at least $100 million in revenue. Can you just talk about how the different franchises that you're launching contribute to HOKA's ability to grow double digits beyond this year into next year?

我記得上季你提到你們有多個系列（franchises），其營收已經幾乎至少達到 1 億美元。你能否談談你們正在推出的不同系列，如何在今年之後、延伸到明年，支撐 HOKA 維持雙位數成長？

And like what you've seen from things like Torrent, which you didn't mention or Arahi or some of the ones that are -- seem like they're strong, but you didn't mention on the call. And then maybe just talk about Bondi 10, what you're expecting from that as you get into the first part of calendar '27. And then maybe on the gross margin, you also talked about the importance of full price sell-through.

另外像 Torrent（你沒有提到）、或 Arahi，或一些看起來很強但你在電話會議中沒有提到的產品，你們觀察到的情況如何？再來也請談談 Bondi 10，當你們進入 2027 年曆年的前段時期，對它有什麼期待？最後關於毛利率，你也談到正價售罄（full price sell-through）的重要性。

And I know that's one of your top KPIs. You talked about the flexibility that gives you as a brand to continue to grow. But can you just give us an example of why it's so important to stay at a high gross margin and keep the marketplace clean? And then Steve, can you talk about in the quarter how much upside to gross margin came from better-than-expected full price sell-through? Those are my questions. Thank you.

我知道那是你們最重要的 KPI 之一。你談到這能讓品牌在持續成長上更具彈性。但你能否舉例說明，為什麼維持高毛利率並保持市場秩序（讓市場保持乾淨）如此重要？另外 Steve，你能否談談本季毛利率的上行有多少是來自正價售罄優於預期？以上是我的問題。謝謝。

Consumers are responding to newness and innovation. And I'm really happy with how the new product drops, new product launches are performing across the marketplace. Speedgoat 7 has been a resounding success. Most recently, Clifton 11 and Clifton Pro are off to a great start. We're already seeing reorders and some customers already topping up their spring/summer '27, orders.

消費者對新品與創新有反應。我也非常高興看到新品投放、新品上市在整個市場上的表現。Speedgoat 7 取得了極大的成功。最近，Clifton 11 與 Clifton Pro 也有非常好的開局。我們已經看到追加訂單，而且有些客戶已經在加碼他們 2027 年春夏的訂單。

So consumers are responding to newness, and that's what gives me confidence that things will continue for the second half of the year. Keep in mind that for the second half of the year, Jay, we have a broader assortment. The broader assortment allows us to segment and differentiate the market even further and gives us the ability to expand with key strategic partners, key strategic partners to champion the brand. We'll have more differentiation than ever before. We have Cielo 70 for lifestyle destinations and department stores.

因此消費者對新品有反應，這也是我對下半年表現能延續的信心來源。Jay，請記得下半年我們會有更廣的產品組合。更廣的產品組合讓我們能進一步細分並差異化市場，也讓我們有能力與關鍵策略夥伴擴張，由關鍵策略夥伴來推動品牌。我們將擁有前所未有的差異化。我們有 Cielo 70，面向生活風格通路與百貨公司。

We have the Clifton CL for athletic lifestyle, athletic specialty destination. We have a new Mach Pro for athletic specialty and a new shoe for sporting goods called the Fly Pace. So consumers are responding to newness and innovation. That's what gives me the confidence that things will continue. Our full price sell-through continues to be strong.

我們有 Clifton CL，面向運動生活風格、運動專業通路。我們有全新的 Mach Pro，面向運動專業通路；也有一款面向運動用品通路的新鞋 Fly Pace。因此消費者對新品與創新有反應。這就是我對後續表現能延續的信心來源。我們的正價售罄表現仍然強勁。

Inventories are tight. Inventories were down 5% for the quarter. So clearly, we continue to drive a pull model, and that's very, very important to us. And we enforce scarcity in the marketplace. So consumers can buy our product at full price.

庫存偏緊。本季庫存下降了5%。因此很明顯，我們持續推動拉式（pull）模式，這對我們非常、非常重要。我們也在市場上維持稀缺性。因此消費者可以用原價購買我們的產品。

Yeah. And Jay, just to then carry on. I think this quarter, again, demonstrates execution on our part to maintain that high gross margin. As we said, we value it quite a bit, and that is what we will strive to achieve. You can see how it helps us maintain brand credibility in the marketplace.

是的。Jay，我接著說。我認為本季再次展現了我們在維持高毛利率方面的執行力。如同我們所說，我們非常重視這點，這也是我們將努力達成的目標。你可以看到這如何幫助我們在市場上維持品牌公信力。

It also works well with our partners in terms of, as we've talked about in the past, profit generation for them down channel as well. So those are all important elements for our brand to be successful for ourselves as well as for our partners.

就如我們過去談到的，這也能與合作夥伴良好配合，因為這也有助於他們在通路下游創造利潤。因此，這些都是讓我們品牌成功、同時也讓合作夥伴成功的重要要素。

When we look at Q1, to your question in terms of where we saw the overperformance, largely, it was maintaining that full price selling. As I mentioned, a component of that was better product closeout this year compared to last year. And so just to give you a bit of a bridge in terms of how we saw that.

回到你關於第一季（Q1）的問題，若看我們超預期表現主要來自哪裡，基本上是維持原價銷售。如我提到，其中一個因素是今年相較去年在清倉產品處理上做得更好。我簡單說明一下我們如何看待這之間的銜接。

So with the better management of closeout in the quarter, we saw that as worth about 60 basis points. The full price selling, combined with some of the channel and brand mix, in the quarter contributed about 110 basis points. And then FX, we benefited a little bit with about 40 basis points. And then that was offset by increased tariffs in Q1 this year that we didn't have last year, which was about a negative impact of about 150 basis points. And again, that's year-over-year on Q1.

本季因更好的清倉管理，我們估計約貢獻60個基點。原價銷售再加上一些通路與品牌組合，本季約貢獻110個基點。另外匯率（FX）也讓我們小幅受益，約40個基點。但這被今年第一季新增、去年沒有的關稅上升所抵銷，約帶來150個基點的負面影響。再次強調，這是第一季的年對年比較。

Got it. Super helpful. Thank you so much.

了解。非常有幫助。非常感謝。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊（Barclays）。

Great. Thank you very much. It's nice to see the start to the quarter and UGG looks really good. So I just wanted to throw that out there. Stefano, I am going to talk about HOKA. I was wondering if you can talk about sort of the changing competitive landscape. There's some -- it's clearly not promotional anymore.

很好。非常感謝。很高興看到本季一開始的表現，而且UGG看起來非常好。所以我想先提一下。Stefano，我想談談HOKA。我想請你談談競爭格局的變化。目前看起來——顯然已經不再是促銷導向了。

But there's some new entrants in this space. There are some recovering older players that are kind of coming back in the space. Can you talk about kind of where HOKA is positioned, what you're going after kind of with your traditional performance-based product? And then when we think about the tariffs, you've taken some price increases last year across both businesses. There are some refunds coming back.

但這個領域有一些新進入者。也有一些正在復甦的老牌業者回到這個市場。你能談談HOKA目前的定位、你們在傳統以性能為基礎的產品上想要攻下哪些方向嗎？另外談到關稅，你們去年在兩個業務上都做了部分提價。現在有一些退稅（refund）可能會回來。

Can you talk about if you were to get those refunds, how will you -- some of it was kind of from the vendor. So will you pass any of it back? Will you kind of hold on to current pricing and not raise prices further? Can you just kind of talk about some of the puts and takes on what you might do with the tariff refunds? Thank you.

如果你們拿到這些退稅，能否談談你們會如何處理——其中一部分可能是來自供應商端。那你們會把其中一些回饋給客戶嗎？你們會維持目前定價、而不再進一步調價嗎？能否談談你們對關稅退稅可能採取的取捨與做法？謝謝。

Yeah, thanks, Adrienne. On the competitive side and how HOKA is performing across the global marketplace, we continue to maintain or gain share in performance run and trail. I just saw the latest Circana data for the past three months, and we've gained share above $120, which is fantastic. Our products continue to perform.

好的，謝謝你，Adrienne。在競爭面以及HOKA在全球市場的表現方面，我們在性能跑步與越野領域持續維持或提升市占。我剛看到過去三個月最新的Circana數據，我們在120美元以上價位帶的市占有所提升，這非常棒。我們的產品持續有很好的表現。

And as I said to Jay's question before, the newness that is coming is resonating with the end consumer. Clifton Pro and Clifton 11 appear to be coexisting well. We have a new Mach Pro hitting the market. So we'll continue to invest across performance run, trail, hike, training fitness and lifestyle inspired by performance. Those are the areas we'll be competing in across footwear, apparel and accessories.

而且如我先前回覆Jay的問題所說，推出的新產品正與終端消費者產生共鳴。Clifton Pro與Clifton 11看起來能夠良好共存。我們也有新的Mach Pro即將上市。因此我們會持續在性能跑步、越野、健行、訓練健身，以及以性能為靈感的生活風格領域投入。這些將是我們在鞋類、服飾與配件上競爭的重點。

And then, Adrienne, just on tariffs, the way we're looking at it. So clearly, we have not recorded anything related to a refund of the tariffs paid over the last year. We're continuing to work on that. Timing on that is not specific yet, but we look to see some recovery potentially down the road. And we'll be able to provide more details when we get clarity on that.

另外，Adrienne，關於關稅，我們的看法是這樣。很明確地說，我們尚未就過去一年已支付關稅的任何退稅入帳。我們仍在持續推進相關工作。目前時間點還不明確，但我們認為未來可能有機會回收一部分。等我們更清楚時，會提供更多細節。

We don't see it necessarily as a lump sum. It's going to most likely come in over a period of time. And so then to your point of kind of how we're looking at uses of that. So clearly, we will work with our partners who shared in some of that and return some of those funds to our partners. There will likely and will be tax related to anything that we recover.

我們不認為它會以一次性總額的方式出現。更可能是在一段時間內逐步回來。因此回到你提到的，我們會如何運用這些資金。很明確地，我們會與那些分擔了部分成本的合作夥伴合作，並把其中一部分資金返還給合作夥伴。任何回收的金額也很可能會涉及稅務。

So there will be a portion on that. And then the other areas that we're going to continue to look at is what helps us drive the business forward. So we don't have a specific list yet to articulate today, but we'll look at ways that help us either drive growth in the business and, or how we also return value to our shareholders. So those are all factors that are on the table, but we see when that happens, if that happens, is definitely beneficial to the business in terms of driving it forward. And then just one more point kind of going forward because I know there's -- especially today, more questions around where tariffs are going.

因此其中會有一部分用於稅務。接著我們也會持續評估哪些領域能幫助我們推動業務向前。目前還沒有一份可以在今天具體說明的清單，但我們會尋找能夠推動業務成長，和／或回饋股東價值的方法。以上都是我們會考量的因素；但若真的發生、也就是若真的拿到退稅，對推動業務向前肯定是有利的。另外再補充一點，因為我知道——尤其今天——大家對關稅走向有更多問題。

I did want to just highlight that we have increased our assumption on the go-forward rate. So embedded in our raised outlook on the year, we are actually including a higher rate assumption of a tariff go-forward rate. So where we were previously at 10%, we're now assuming that goes to 12.5%. So we know we're in a volatile tariff environment. We're planning our business accordingly.

我想強調的是，我們已提高對未來關稅稅率的假設。因此在我們上調的年度展望中，實際上已納入更高的未來關稅稅率假設。先前我們假設是10%，現在我們假設會升至12.5%。我們知道關稅環境波動很大。我們也會據此規劃業務。

And we're looking for ways that we're going to continue to drive the business forward, continue to grow awareness, continue to grow share while returning value back to our shareholders.

我們也在尋找方法持續推動業務向前、持續提升知名度、持續提高市占，同時把價值回饋給股東。

Great. Thank you. Very helpful. Thank you.

很好。謝謝。非常有幫助。謝謝。

Laurent Vasilescu, BNP Paribas.

Laurent Vasilescu，法國巴黎銀行（BNP Paribas）。

Good afternoon. Thank you very much for taking my question. I think in the prepared remarks, it was noted that supported by continued strength of our DTC business, Stefano, Steve, can you maybe unpack that a little bit more? And then as we think about HOKA overall high single digits for the second quarter, should we think about similar channel growth dynamics until we go to the second half of the year as we think about the launches and the timing shift of distribution -- distributors? Thank you very much.

下午好。非常感謝讓我提問。我想在事先準備的發言中提到，在我們 DTC 業務持續強勁的支撐下，Stefano、Steve，你們能否再多拆解說明一下？另外，當我們看 HOKA 整體第二季為高個位數成長時，考量新品上市以及通路—經銷商出貨時點的移轉，我們是否應該預期在進入下半年之前，通路成長動能會維持相近？非常感謝。

Yeah, Laurent, I'll take that last part first. Yes, I think the important thing here, and we articulated it on the last call and just kind of want to further reemphasize this again on this call. The growth that you're seeing this year is really a change in logistics. It's not any change in assumption in demand, right?

好的，Laurent，我先回答你最後那一部分。是的，我認為這裡的重點，而且我們在上一通電話會議已經說明過，也想在這次會議再次強調。你今年看到的成長，主要是物流上的變化。這並不是對需求假設的任何改變，對吧？

And so recall last year where we had a new warehouse that we were bringing online in Europe a year ago, that was shifting more of our wholesale and distributor orders earlier in the year, so really more first half.

所以回想去年，我們在歐洲有一座新的倉庫在一年前上線，這使得我們更多的批發與經銷商訂單提前到年初出貨，因此主要集中在上半年。

Whereas this year, as we're ramping that up to speed, we're seeing more of a normal shift back to a more normal cadence. So that's where you're seeing really the acceleration of growth. To your question, how we're seeing growth outside of that change in logistics, yes, it's fairly comparable through first half and second half.

而今年，隨著我們把那邊的運作拉升到穩定速度，我們看到出貨節奏回到更正常的步調。因此你看到的其實是成長加速。至於你問到，撇除物流變動之外的成長表現，是的，上半年與下半年的狀況相當可比。

And really, what this is, is just us aligning to a different logistics. The demand continues to be very strong. Overall, the demand is strong for the year. We're just seeing a shift in fulfilling that demand slightly differently across quarters this year versus last.

而這整件事，本質上就是我們在對齊不同的物流安排。需求仍然非常強勁。整體而言，今年的需求很強。我們只是看到今年相較去年，在各季度之間以稍微不同的方式去履行這些需求。

Thank you, Steve, for that. But maybe can you just unpack that comment about DTC continued strength? Like how do we think about DTC for HOKA globally for the second quarter? I appreciate you giving us color, giving us quarterly comment, but just to help for the audience, like how do we think about DTC embedded in that 2Q commentary about the topline? Thank you very much.

謝謝你，Steve，說明得很清楚。但你能否再拆解一下你提到的「DTC 持續強勁」這句話？例如，我們該如何看待 HOKA 全球第二季的 DTC 表現？我很感謝你提供一些顏色、提供季度性的評論，但為了讓聽眾更好理解，我們該如何把 DTC 納入你對第二季營收（topline）的評論中來看？非常感謝。

Yeah. Basically, just a quick answer there is not a significant change. We still continue to drive significant growth in our DTC channel this year.

好的。基本上，簡短回答是：沒有顯著變化。今年我們的 DTC 通路仍持續推動顯著成長。

Okay. Maybe one more question. Because there's some concerns about warm weather, I'm just curious to know if you've had any conversations with your key partners around this maybe -- are you seeing any cancellations in the order book for the second half? Or is that continuing to be really sturdy on that front? Thank you very much.

好的。我再問一個問題。因為外界對暖冬有些疑慮，我想了解你們是否與主要合作夥伴就此有過任何討論——你們是否看到下半年訂單簿有任何取消？還是說在這方面仍然非常穩健？非常感謝。

No, cancellations to the order book, Laurent. The great thing about the UGG brand and what the team has done is that the brand is more versatile, diversified and balanced than ever before across categories, geographies, segments, our sneakers, as I mentioned on previous calls, continue to perform well. Now we have -- we're building this Lowmel family across mules. We have the wedge that we just launched that is -- that we're chasing because it's doing super well. The Minimal has done well.

沒有，Laurent，訂單簿沒有取消。UGG 品牌以及團隊所做的很棒的一點是：品牌在品類、地理區域與客群區隔上，比以往任何時候都更具多元性、分散性與均衡性；我們的運動鞋，如我在先前電話會議提到的，持續表現良好。現在我們正在把 Lowmel 系列延伸到穆勒鞋（mules）。我們剛推出的楔型鞋表現非常好——我們正在追貨。Minimal 也表現不錯。

Our Tasman family has now become a year-round business with sheepskin but also deconstructed. We just launched the Flex, which do well. Our Golden collection has done super well. The Toe Post -- the GoldenGaze Toe Post was one of the key sandals success stories, the season.

我們的 Tasman 系列現在已成為全年型業務，既有羊皮款，也有解構款。我們剛推出 Flex，表現也不錯。我們的 Golden 系列表現非常好。Toe Post——GoldenGaze Toe Post 是本季涼鞋成功案例之一。

So the brand is more diversified than ever before. So even -- and we're less depending on a cold winter than ever before. So even if we had a warmer winter, we believe we will continue to perform, and we're seeing no cancellations to the order books.

因此，品牌比以往任何時候都更為多元。所以即便——而且我們對寒冷冬季的依賴也比以往任何時候都更低。因此即使冬天更暖，我們相信仍會持續有良好表現，而且我們沒有看到訂單簿有任何取消。

Fantastic. Thank you, Stephan. Best of luck.

太好了。謝謝你，Stephan。祝你們好運。

Thank you.

謝謝。

Paul Lejuez, Citi.

Paul Lejuez，花旗（Citi）。

Hey, thanks, guys. I'm curious if you could talk about the Europe market a little bit more, what you're seeing in terms of promotional levels, also at point of sale and where you're seeing market share gains and what's driving it? And then, Steve, I just wanted one clarification on the tariff pressure in the first quarter. Were you still running through the majority of IEEPA tariffs? Is that what ran through the P&L causing that pressure? I just wanted to understand that a little bit more.

嗨，謝謝各位。我想請你們再多談談歐洲市場：你們看到的促銷強度如何，包括在銷售端（POS）的情況？你們在哪些地方看到市占率提升？背後的驅動因素是什麼？另外，Steve，我想釐清第一季關稅壓力的一點。你們當時是否仍在消化（sell-through）大部分 IEEPA 關稅？是否就是這些關稅反映在損益表（P&L）上造成了壓力？我想更了解這部分。

Yes, Paul, on the Europe market, we continue to see high levels of demand for both brands. As I said in the opening remarks, we saw record levels of reorders for the HOKA brand in Q1. We've seen some timing differences, as Steve outlined before in Q1, but the demand continues to be robust really across all markets. Yes, the consumer in Europe is probably a bit more pressured than it is in the US as a result of energy prices going up. But we're holding our own. And even in times of challenge, what I've experienced is consumers gravitate to premium brands and brands that make them feel good. So we anticipate having a great year in Europe.

是的，Paul，關於歐洲市場，我們仍持續看到兩個品牌都有很高的需求水準。如我在開場發言所說，我們在第一季看到 HOKA 品牌的追加訂單（reorders）創下紀錄新高。如 Steve 先前所說，第一季確實有一些時點差異，但需求在各市場整體仍然強勁。是的，歐洲消費者可能因能源價格上升而比美國更有壓力。但我們仍能維持表現。而且以我的經驗，即使在具挑戰的時期，消費者也會更傾向選擇高端品牌，以及能讓他們感覺良好的品牌。因此我們預期歐洲今年會有很棒的一年。

And then on the tariffs, Paul, you're right. Basically, recall last year, the inventory that we were selling through in Q1 did not have tariffs associated with that. The inventory that we're selling through in Q1 of this year did have tariffs on it. So that year-over-year headwind that we -- that I just called out is the tariffs that have impacted this year. Now as we move into the year, we'll start to have a more comparable basis on that tariff paid last year versus tariff paid this year. But Q1 was the biggest headwind in terms of the four quarters that we will experience this year.

至於關稅，Paul，你說得沒錯。基本上，回想去年，我們在第一季銷售消化的庫存並沒有包含關稅。而我們今年第一季銷售消化的庫存則包含了關稅。因此，我剛剛提到的那個年對年逆風，就是今年受到關稅影響所致。接下來隨著年度推進，去年已支付關稅與今年已支付關稅之間，基期會變得更可比。但就今年四個季度而言，第一季在關稅逆風方面是最大的。

Thanks, guys. Good luck.

謝謝各位。祝好運。

Thank you, Paul.

謝謝你，Paul。

Sam Poser, Williams Tradings.

Sam Poser，Williams Trading。

Thank you for taking my questions. I have a few. On HOKA, with the mix of the business, how much of the -- both the margins and the revenue in the first quarter were driven by the decision to promote on your website versus last year, you were keeping things clean. I would assume that was both sales and margin accretive to you. How much did -- am I thinking about that properly? And if so, how much did that help?

謝謝讓我提問。我有幾個問題。關於 HOKA，考量業務組合，第一季的毛利與營收有多少是由於你們決定在官網做促銷所帶動？相較之下，去年你們是維持較乾淨的定價與促銷環境。我猜這對你們的銷售與毛利應該都是增益（accretive）。我這樣想對嗎？如果是的話，這帶來了多大幫助？

Yes, Sam, I'm not going to give you kind of specifics because it's included in that margin overperformance. So there is definitely a component to how we handled closeouts this year and its contribution to the gross margin in Q1. So we definitely benefited this year kind of with that better management closeout product.

是的，Sam，我不打算給你太多具體細節，因為這已經包含在毛利率超預期的表現裡了。所以，今年我們在清倉結案（closeouts）的處理方式，確實有一部分貢獻到第一季的毛利率。因此，今年我們在更好地管理清倉商品方面，確實受益。

It wasn't just isolated to HOKA, but in the Clifton franchise, that was a player and component within the quarter. But yes, what you're seeing in Q1 is how we've managed close-outs better using some of that product and selling it through our direct channels, which have contributed to higher gross margins and contributed to the overperformance in Q1.

這不只是侷限於HOKA，在Clifton系列中，這也是本季的一個因素與組成部分。但沒錯，你在第一季看到的，是我們如何更好地管理清倉：把部分商品透過我們的直營通路銷售，這推升了更高的毛利率，也促成了第一季的超預期表現。

Okay. Great. And then with UGG, I've heard that you're -- in the US you're rethinking some of your distribution, some smaller accounts are being cut off, and some other accounts are being fed. Can you talk a little bit about, I guess, making certain accounts more important and others not? And how much of that may have been the result of last year where it looks like, let's say, in early mid-November, you lost some -- you may have gotten some cancellations, which then were taken up by others and rewarding those retailers that supported you and not the ones that were trying to cancel orders last year, probably regretted it come end of December.

好的。很好。接著關於UGG，我聽說你們——在美國正在重新思考部分通路配置，一些較小的客戶被停止供貨，而另一些客戶則獲得更多供貨。你能否談談，某些客戶變得更重要、而另一些則不那麼重要的原因？以及這在多大程度上可能是去年情況的結果：看起來例如在11月上旬到中旬，你們失去了一些——可能遇到一些取消訂單，之後由其他客戶承接；也就是獎勵那些支持你們的零售商，而不是那些去年試圖取消訂單的零售商——他們大概在12月底時就後悔了。

Our goal is to continue to build a premium marketplace, and we've been doing it for some time, and we want to work with retailers who completely champion the brand year-round. And that's why you've seen some changes. But the strategy doesn't change. The strategy we've applied over the past five, six years. So things are continuing to develop according to how we set up to elevate these brands across the marketplace. So no major changes.

我們的目標是持續打造一個高端的市場環境（premium marketplace）。我們已經做了一段時間，也希望與那些全年都全力支持品牌的零售商合作。這也是你看到一些調整的原因。但策略並沒有改變。這是我們過去五、六年一直在採用的策略。因此，一切都在依照我們為了在市場上提升這些品牌而建立的方式持續推進。所以沒有重大變化。

Okay. And I just -- I asked this question before, but two years ago, you had a very early response to product. The business got cooking in August. But last year, it happened significantly later more in the holiday. How do you look at sort of the flow of the business really from a consumer demand perspective?

好的。我之前也問過這個問題，但兩年前，你們對產品的反應非常早。業務在8月就開始熱起來。但去年，明顯晚了很多，更多是在假期期間才發生。從消費者需求的角度，你們如何看待整體業務的節奏與走勢？

Like are you expecting back-to-school to be up and then see another lull, a big lull again in September, October and then have it kick in back at Thanksgiving and have another year at the end that would look similar to last year, around different volumes, but from the way the chart would look on that.

例如你們是否預期返校季會成長，然後又出現另一段空窗——在9月、10月再次出現很大的空窗，接著在感恩節又重新啟動；年底再出現一個看起來類似去年的年度走勢——量可能不同，但從圖表形狀來看會是那樣。

I think we're seeing a bit more event-driven buying this year versus last year. That may be the difference we are experiencing. But I wouldn't say patterns are changing dramatically. Yes, there is a buy now, wear now component, but I think we're well prepared, and we're flowing product according to key commercial moments to maximize sell-through for us and our partners. So I don't anticipate major, major changes versus last year.

我認為今年相較去年，我們看到更多由事件驅動的購買行為。這可能就是我們正在經歷的差異。但我不會說模式出現了劇烈改變。是的，確實有「現在買、現在穿」（buy now, wear now）的成分，但我認為我們準備得很充分，並且會依照關鍵商業時點來鋪貨，以最大化我們與合作夥伴的銷售轉化（sell-through）。所以我不預期相較去年會有非常、非常重大的變化。

I think on that, Sam, and I know we've talked about it in kind of prior quarters and even higher peaks and lower valleys. And that goes a little bit to what Stefano says is we're seeing consumers respond to more event-driven buying, the demand for our brands, we're not seeing a change. Now we may be seeing some concentration of buying patterns. But what we see, and the data reflects is kind of strong consumer response to our brands.

我想就這點，Sam，而且我知道我們在之前幾季也談過——甚至談到更高的高峰與更低的低谷。這也呼應Stefano所說：我們看到消費者對更事件驅動的購買有所反應；對我們品牌的需求並沒有改變。現在我們可能看到購買模式有些集中。但我們看到、而且數據也反映出的是，消費者對我們品牌的反應依然強勁。

I think our gross margins are another indication of the healthy -- or health of the position of our brands in the marketplace. And yes, we may see some more points of concentrated buying in periods of time, but demand remains strong.

我認為我們的毛利率也是另一個指標，顯示我們品牌在市場中的地位是健康的——或說其健康程度。是的，我們可能會在某些時間段看到更多集中購買的節點，但需求仍然強勁。

Good luck to the rest of the year.

祝你們今年接下來一切順利。

Blake Anderson, Jefferies.

Jefferies的Blake Anderson。

Thanks for taking our question. I wanted to ask, first of all, for the second half for HOKA. Steve, is there any color you can give us in terms of DTC versus wholesale? I know you talked about the delay kind of wholesale into the second half. Does that mean that wholesale could be above DTC? Just wondering if there's any more color you could give us on how to think about the magnitude of those two channels in the second half and any other puts and takes, especially given the level of newness as well?

謝謝讓我們提問。我想先問HOKA下半年。Steve，你能否就DTC（直營）相對於批發（wholesale）提供一些補充說明？我知道你提到批發端有些延後到下半年。這是否意味著批發可能會高於DTC？想請你再多分享一些，讓我們理解下半年這兩個通路的量級該如何看待，以及其他可能的增減因素，尤其考量到新品比例也很高？

Yeah, sure. I think -- and this really relates again to just the logistics timing change this year versus last. Where you're going to see the change is an increase in the rate of growth on HOKA in the back half due to our logistical fulfillment of the orders that are out there. So what you've seen in the first half, that growth rate being lower than the full year number will begin to increase as you get into the back half on the wholesale and distributor orders that are international related because that's really the change that you're seeing and the acceleration in the back half. Other than that, we're not expecting a significant shift in our business.

好的，當然。我想——這其實又回到今年相較去年物流時點的變化。你會看到的變化，是由於我們對既有訂單的物流履約（fulfillment），HOKA在下半年的成長率會提高。所以你在上半年看到的成長率低於全年數字，隨著進入下半年，會開始上升；主要來自與國際相關的批發與經銷商訂單，因為這正是你看到的變化，以及下半年加速的原因。除此之外，我們不預期業務結構會出現顯著轉移。

Got it. And then I wanted to ask on Lifestyle in particular. You mentioned some of the newer products and then the Clifton Pro and Mach Pro on more of the performance side. Stefano, are there any other hints you can give us on what's in the pipeline for HOKA product or retailer segmentation for Lifestyle in particular? And when do you think we could start to see a larger impact from Lifestyle to HOKA's growth over time?

了解。接著我想特別問Lifestyle（生活風格）這塊。你提到一些較新的產品，以及偏性能端的Clifton Pro和Mach Pro。Stefano，針對HOKA產品管線，或特別是Lifestyle的零售商分層/分眾（retailer segmentation），你還能給我們哪些提示嗎？以及你認為Lifestyle對HOKA長期成長帶來更大影響，可能從什麼時候開始看得到？

Yes, you'd like to see a bit more of an impact in the second half of the year. We just launched Speedgoat 2 now. We did the collaboration with Foot Locker with a rapper called Smino on the Speedgoat 2. There's more product hitting in the spring. I mentioned Cielo 70, a low profile running inspired shoe that you should see in lifestyle destinations.

是的，你會希望在下半年看到更明顯的影響。我們剛推出Speedgoat 2。我們也與Foot Locker合作，在Speedgoat 2上與一位名叫Smino的饒舌歌手做了聯名。春季還會有更多產品上市。我提到的Cielo 70，是一款低輪廓、以跑鞋為靈感的鞋款，你應該會在生活風格通路看到。

We're building these product families, the Bondi franchise, the Bondi CL you should be able to see in key athletic specialty destinations. So you'll see in addition to colorways and materials of existing performance products that appeal to a lifestyle consumer. So you should see a more differentiated marketplace going into the second half of the year.

我們正在打造這些產品家族，例如Bondi系列；Bondi CL你應該會在關鍵的運動專業通路（athletic specialty destinations）看到。因此，除了既有性能產品的配色與材質更新、以吸引生活風格消費者之外，你也會在下半年看到一個更具差異化的市場呈現。

Really helpful. Thanks so much.

非常有幫助。非常感謝。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

On the last call, you talked about HOKA expanding distribution to new wholesale partners. Can you just provide an update there? Like how many points of distribution could be added? And to what extent could that be a material part of the building blocks for the back half acceleration?

在上次電話會議中，你們談到 HOKA 將通路擴展到新的批發合作夥伴。能否請你提供一下最新進展？例如可新增多少個通路據點？以及這在多大程度上可能成為下半年加速成長的關鍵構成要素之一？

Yes. You'll definitely see some new partners, again, partners to help elevate and champion the brand, especially in sporting goods in the back half of the year. And expansion given the broader assortment that we have with existing partners, both sporting goods and athletic specialty. I don't think we want to provide specific numbers, but you'll see an expanded distribution with elevated retailers, elevated quality retailers across really all regions in the second half.

是的。你們肯定會看到一些新的合作夥伴；同樣地，這些合作夥伴將有助於提升並推廣品牌，尤其是在今年下半年於運動用品通路方面。此外，鑑於我們與既有合作夥伴（包含運動用品與運動專業通路）合作的產品組合更為廣泛，也會帶來擴張。我想我們不會提供具體數字，但你們會在下半年看到與高端零售商合作的通路擴大，且在幾乎所有地區都會與高品質的零售商擴展分銷。

Great. And then for UGG, I believe in the commentary, you touched on gross margin tailwinds from the outperformance of certain lines. Can you just expand on that? And is this something that you expected? Or is this something that drove upside? And then as a follow-up on UGG, like maybe some context on the UGG men's business, which sounds like it's terrific and going well, just how big that is and where it can go?

很好。接著談 UGG，我記得在評論中你提到某些產品線表現優於預期，帶來毛利率的順風。能否再多說明一下？這是你們原本就預期會發生的嗎？還是這帶來了超預期的上行？另外，關於 UGG 的追問：能否提供一些 UGG 男款業務的背景？聽起來表現非常出色、進展順利；它目前規模有多大，以及未來成長空間在哪裡？

Yeah, the men's business is still 15% of revenues, but the goal is to get to 20% higher. It was one of our key growth drivers this spring. We have healthier assortments, healthier sell-throughs than we've had in the past and healthier margins. So the product -- the diversified product, this 365 offering that I mentioned earlier has been performing well across the marketplace and gives us confidence that things continue going into the back half of the year.

是的，男款業務目前仍占營收的 15%，但目標是提升到 20% 以上。它是我們今年春季的主要成長動能之一。我們的產品組合更健康、售罄率也比過去更健康，毛利也更健康。因此，產品——也就是我先前提到的多元化產品、全年 365 的產品供給——在市場各通路的表現都很好，讓我們對下半年持續推進更有信心。

Thanks very much.

非常感謝。

Thanks, Rick.

謝謝你，Rick。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Hey, guys. Thanks for fitting me in. I wanted to follow up on Jay's question about the full price dynamics. You pointed to 60 bps of benefit in the first quarter from lower closeouts. Can you help us think about what's embedded in the outlook for the remainder of the year and remind us of what the base year closeouts and full price foundation is?

嗨，各位。謝謝讓我加入提問。我想延續 Jay 關於正價銷售動態的問題。你們提到第一季因清倉減少而帶來 60 個基點的利多。能否協助我們理解，對於今年剩餘期間的展望中已納入哪些假設？也請提醒我們基期年度的清倉水位與正價銷售基礎是什麼？

Yes, sure, Peter. I think the -- in terms of the overperformance in Q1, because of the volume of the closeouts that was planned in Q1, a bit of that tailwind that we received is unique to that quarter, and that's why we're calling it out as really a unique performance in the quarter. We think that as we go through the rest of the year, it is more equivalent to what we've seen in years past.

好的，當然可以，Peter。我想——就第一季的超預期表現而言，由於第一季原本規劃的清倉量較大，我們所獲得的一部分順風是該季度特有的，因此我們才特別指出這是本季相當獨特的表現。我們認為，隨著進入今年其餘時間，情況會更接近過去幾年所看到的水準。

So we haven't assumed any significant change in the promotional cadence in the rest of the year. And again, we won't necessarily have the volumes that you do or some of the franchise changeovers in the models in the franchises that we have in Q1.

因此，我們並未假設今年其餘時間的促銷節奏會有任何顯著變化。而且同樣地，我們也不一定會像第一季那樣，在我們的各個系列中出現那種清倉量或某些系列換代所帶來的量。

And so that's why it is a bit of a unique benefit to Q1. And then, again, just the expectation is we will see some pressure on the gross margin in comparison to year ago quarters. But overall, that overperformance has helped us lift our thinking on the year. So again, the lift is primarily driven by the Q1 performance. And it's also, again, helped us reconsider the increase in the tariffs to the 12.5% go rate. So again, that's embedded as well.

所以這也是為什麼它對第一季而言是一項較為獨特的利多。另外，再次強調，我們的預期是：與去年同期季度相比，毛利率仍會面臨一些壓力。但整體而言，這次超預期表現幫助我們上調了對全年表現的看法。因此，這次上調主要是由第一季表現所驅動。同時，它也再次幫助我們重新評估關稅提高至 12.5% 的執行稅率（go rate）。所以，這部分也已納入其中。

So with all of those factored in, that's what's led us to a slight improvement in our thinking around the gross margin for the year.

綜合以上因素後，這些就是促使我們對全年毛利率的看法略為改善的原因。

Excellent. And then the follow-up for me on gross margin, just a housekeeping item on the gross margin bridge. Can you help size the underlying assumption move from 12.5% -- to 12.5% from the prior 10% tariff assumption? Can you size that in basis points or EPS, however, you want to represent that?

很好。接著我對毛利率的追問，是關於毛利率橋接的一個例行問題。能否協助量化一下，關稅假設從先前的 10% 上調至 12.5% 這項變動的影響？你可以用基點或 EPS 來表示，依你方便的方式即可。

Yeah. We haven't called it out, but I'll just tell you kind of how we're thinking about it from this perspective. So much of our inventory is in place for what we're currently selling. So as we look at the increase, there is some impact to it in Q3 and more impact on a full Q4 basis. So we haven't called out the specific amount on that.

好的。我們沒有特別點出，但我可以告訴你我們大致是從這個角度來思考。我們目前正在銷售的商品，很多庫存其實都已經到位。因此，當我們看關稅上調時，第三季會有一些影響，而在第四季整季的基礎上影響會更大。所以我們沒有就此點出具體金額。

You can calculate some of it in your model. But the assumption there is on the inventory that we'll be receiving that will sell through kind of later Q3 and Q4 will be subject to that. What is still being negotiated, I think, in terms of an increased tariff rate.

你可以在你的模型中自行計算其中一部分。但這裡的假設是：我們將會收到、並在第三季後段以及第四季售出的那部分庫存，將適用於該關稅。至於是否會有更高的關稅稅率，我想目前仍在協商中。

Very helpful. Thank you.

非常有幫助。謝謝。

All right. Thank you.

好的。謝謝。

Thank you. And ladies and gentlemen, that will bring us to the conclusion of today's conference call. We'd like to thank you all so much for joining the Deckers Brands first quarter fiscal 2027 earnings conference call. Please disconnect your lines at this time and have a wonderful day.

謝謝。各位女士、先生，今天的電話會議到此結束。非常感謝各位參加 Deckers Brands 2027 會計年度第一季財報電話會議。請現在掛斷電話，祝各位有美好的一天。