Deckers Outdoor Corporation (DECK) 2027 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands second quarter fiscal 2027 earnings conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

下午好，感謝各位撥冗等候。歡迎參加 Deckers Brands 2027 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I'll now turn the call over to Erinn Kholer, Vice President, Investor Relations and Corporate Planning.

現在我將把電話交給投資人關係與企業規劃副總裁 Erinn Kholer。

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. 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.

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。請注意，本次電話會議中所作的某些陳述，依聯邦證券法之定義屬於前瞻性陳述，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》(Private Securities Litigation Reform Act of 1995) 所建立之責任豁免安全港規定。

All statements made on this call today, other than statements of historical fact, are forward-looking statements and include statements regarding our ability to drive profitable growth, brand health, and long-term value, the macroeconomic and consumer environment and related impacts on our business and operating results; including the expected persistence of current consumer and promotional trends, our current and long-term strategic objectives, the expected performance of our brands and demand for our products; the anticipated impacts of our brand, product, marketing, marketplace, distribution and investment strategies, including the expansion of our wholesale presence and our brand's lifestyle apparel and year-round product offerings; 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, including anticipated revenues, gross margin, SG&A expenses, operating margin, effective tax rate, promotional activity, anticipated rate of full price selling, and earnings per share; our cost management and resource allocation actions; the anticipated effects of corrective actions related to our European third-party logistics provider; 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.

今天電話會議中除歷史事實陳述之外的所有陳述，均屬前瞻性陳述，並包括關於我們推動獲利成長、品牌健康度與長期價值的能力；宏觀經濟與消費者環境及其對我們業務與營運結果的相關影響（包括目前消費者與促銷趨勢預期將持續的情況）；我們目前與長期的策略目標；我們各品牌的預期表現與產品需求；我們品牌、產品、行銷、市場通路、配銷與投資策略的預期影響（包括擴大批發通路布局，以及品牌生活風格服飾與全年產品供應）；我們的產品開發計畫以及產品上市時程與預期表現；消費者行為的變化；我們獲取新消費者與提升市占率的能力；我們達成財務展望的能力（包括預期營收、毛利率、SG&A 費用、營業利益率、有效稅率、促銷活動、預期全價銷售比率與每股盈餘）；我們的成本管理與資源配置行動；與歐洲第三方物流供應商相關之矯正措施的預期效果；批發與經銷出貨時點；我們維持高端、全價的全球市場環境之能力；關於關稅退稅的陳述；以及我們創造自由現金流並執行資本配置策略（包括可能的庫藏股回購）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 changes in consumer demand, foreign currency exchange rate fluctuations, and changes to trade qualities, including the amount and timing of any future tariff refunds 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，並係基於作出該等陳述時可得之資訊。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，例如消費者需求變化、外匯匯率波動，以及貿易條件的變動（包括任何未來關稅退稅的金額與時點），上述因素可能導致我們的實際結果與前瞻性陳述所預測、假設或暗示的結果存在重大差異。

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, free cash flow, and certain results and outlook measures presented excluding the net benefit of IEEPA tariff refunds and related interest, such as diluted earnings per share, gross margin, and operating margin.

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）、自由現金流，以及若干在排除 IEEPA 關稅退稅淨利益及相關利息後所呈現的結果與展望指標，例如稀釋每股盈餘、毛利率與營業利益率。

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. The company believes 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.

例如，對於在本期與前一期報導期間皆持續營運的業務，公司以固定匯率基礎揭露可比的直接面向消費者（DTC）銷售。公司認為這些非 GAAP 財務衡量指標可作為營運表現的有用補充指標，因其排除了與核心營運結果無關、且可能無法反映核心營運表現的項目。

The company defines free cash flow as net cash provided by operating activities for a particular period less capital expenditures made during that same period, and 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.

公司將自由現金流定義為特定期間由營運活動提供之淨現金，扣除同期間資本支出後的金額，並認為自由現金流是流動性的一項有用補充衡量指標，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。

Thank you, Erinn. Good afternoon, everyone, and thank you for joining today's call. In the second quarter, Deckers delivered another solid result. We expanded our global presence, performed well in multi-brand environments, and delivered a high mix of full price sales.

謝謝你，Erinn。各位下午好，感謝大家參加今天的電話會議。在第二季，Deckers 再次交出穩健的成績。我們擴大了全球布局，在多品牌通路環境中表現良好，並實現了較高比例的全價銷售。

For the quarter, total company revenue grew 3.5% versus last year, with HOKA and UGG increasing 7% and 4%, respectively. Diluted earnings per share was $2.31, including a $0.28 benefit from the impact of IEEPA net tariff refunds received in the quarter.

本季公司整體營收較去年成長 3.5%，其中 HOKA 與 UGG 分別成長 7% 與 4%。稀釋每股盈餘為 2.31 美元，其中包含本季收到 IEEPA 關稅退稅淨額所帶來的 0.28 美元利益。

Excluding this benefit, diluted EPS would have been $2.03, well above the high end of our guidance range and up 11.5% versus last year. Despite some top line pressure, we maintained healthy gross margins, delivered global growth, and continue to invest in the long-term strength of our brands.

若排除此項利益，稀釋 EPS 將為 2.03 美元，不僅明顯高於我們財測區間的上緣，且較去年成長 11.5%。儘管營收端面臨一些壓力，我們仍維持健康的毛利率、實現全球成長，並持續投資於品牌的長期實力。

Our commitment to full price selling and disciplined expense management demonstrates the resilience of our operating model and the value of our strategic approach to growth. As consumers face increasing economic pressure, our updated fiscal year outlook reflects a more measured approach to growth over the next two quarters.

我們對全價銷售的承諾與嚴謹的費用管理，展現了我們營運模式的韌性，以及我們成長策略方法的價值。在消費者面臨日益增加的經濟壓力之際，我們更新後的年度展望反映了未來兩季將採取更為審慎的成長步調。

Consistent with our strategic framework, we're making deliberate choices about how we compete, win, and grow our brands. We will continue to prioritize margin preservation and long-term value over chasing potential incremental near-term revenue that could dilute our brands. We will use our flexible expense levers to stay agile and protect the integrity of our premium global brands.

依循我們的策略架構，我們正有意識地就如何競爭、取勝並推動品牌成長做出選擇。我們將持續把毛利率維持與長期價值置於優先地位，而非追逐可能稀釋品牌的短期增量營收。我們將運用具彈性的費用調整槓桿，保持敏捷，並維護我們高端全球品牌的完整性。

Against the backdrop, I will now share what we are seeing across the business in the operating environment, along with the actions we are taking to build on what's working and address the areas where we see opportunity for improvement.

在此背景之下，我接下來將分享我們在營運環境中於各項業務所觀察到的情況，以及我們為了延續有效作法並針對我們看到的改善機會領域所採取的行動。

International continues to be an area of strength for our brands. Within International, APAC delivered our highest percentage growth and was a meaningful contributor to incremental year-over-year dollar growth in the second quarter.

國際市場仍是我們品牌的強項領域。在國際市場中，亞太（APAC）繳出最高的成長百分比，並在第二季對年增的營收金額作出重要貢獻。

International markets serve as a proving ground for our brands in emerging categories. With UGG and HOKA sale in earlier stages of development in many of these markets, these consumers often view our brands through a broader lifestyle lens, helping to influence trends that late gain traction in other regions.

國際市場可作為我們品牌在新興品類中的驗證場域。由於 UGG 與 HOKA 在許多市場仍處於較早期的發展階段，當地消費者往往以更廣泛的生活風格視角看待我們的品牌，進而有助於影響之後才會在其他地區逐步形成的趨勢。

In EMEA, demand signals remain strong. However, service disruptions at our third-party logistics provider during a peak shipping period affected the timing of certain shipments. While this impacted revenue in the quarter, we've taken corrective action with our partner to restore normal operations, improve visibility, and reduce the risk of future disruptions.

在歐洲、中東與非洲（EMEA），需求訊號仍然強勁。然而，我們的第三方物流供應商在出貨高峰期間出現服務中斷，影響了部分出貨的時點。雖然這對本季營收造成影響，但我們已與合作夥伴採取矯正措施，以恢復正常營運、提升可視性，並降低未來再次中斷的風險。

In the US, we saw promotional activity increase throughout the quarter, particularly in athletic footwear, which weighed on our US e-commerce performance as we maintain full price discipline. We also observed two shifts in consumer behavior. Consumers increasingly seeking discounts concentrating traffic around promotional events and consumers becoming more purposeful in their spending and prioritizing products with immediate relevance and utility. Given the trends across our brands and the growing pressure on consumers, we've identified areas where improving execution can have a meaningful impact.

在美國，我們看到整季促銷活動增加，尤其是在運動鞋類領域；在我們維持全價紀律的情況下，這對我們美國電商表現造成壓力。我們也觀察到消費者行為出現兩項轉變。消費者愈來愈傾向尋求折扣，使得流量更集中於促銷檔期；同時，消費者在支出上更具目的性，並優先購買具立即相關性與實用性的產品。鑑於我們各品牌的趨勢以及消費者壓力持續升高，我們已辨識出若能提升執行力將可帶來顯著影響的領域。

Our objective is to deliver healthy market share gains even in a more challenging environment. These actions are grounded in our four guiding principles of consumer first, brand-led, innovation forward, and globally driven. Along with our playbook, these key pillars are designed to support sustainable brand growth and create long-term value for shareholders.

我們的目標是在更具挑戰的環境中，仍能實現健康的市占率提升。這些行動以我們四項指導原則為基礎：以消費者為先、以品牌為主導、以創新為前進方向、以及以全球驅動。結合我們的作戰手冊，這些關鍵支柱旨在支持品牌的永續成長，並為股東創造長期價值。

As we look ahead, we're focused on: first, delivering product excellence. We have a robust innovation pipeline designed to deliver tangible consumer benefits, reinforce the positioning and credibility of our brands, and create meaningful new revenue streams. We will maximize its impact through sharper franchise segmentation, clear differentiation, elevated design, and purposeful innovation that is commercially relevant and directly connected to consumer demand.

展望未來，我們聚焦於：第一，交付卓越的產品。我們擁有強勁的創新產品管線，旨在帶來可感知的消費者效益、強化我們品牌的定位與可信度，並創造具意義的新營收來源。我們將透過更精準的系列（franchise）區隔、清晰的差異化、更高階的設計，以及具明確目的且在商業上相關、並與消費者需求直接連結的創新，來最大化其影響力。

Second, elevating marketing capabilities. We're strengthening our global marketing capabilities, so our products connect with consumers more meaningfully. Through sharper brand storytelling, more impactful consumer messaging, and more compelling experiences will build deeper engagement across our growing global audience. This integrated approach will also enable us to deploy resources more effectively and generate greater consistency, leverage, and returns from our marketing investments.

第二，提升行銷能力。我們正在強化全球行銷能力，使我們的產品能以更有意義的方式與消費者連結。透過更鮮明的品牌敘事、更具影響力的消費者訊息傳遞，以及更具吸引力的體驗，我們將在不斷成長的全球受眾中建立更深的互動與黏著。這種整合式方法也將使我們能更有效地配置資源，並從行銷投資中取得更高的一致性、槓桿效益與報酬。

Third, strengthening marketplace execution. Consumer behavior is changing rapidly, and we're evolving how we show up. We're focusing our resources in the channels, platforms, and points of sale where consumers are most engaged and purchase intent is highest. By amplifying our digital presence, deepening engagement, enhancing loyalty programs, and elevating execution at point of sale, we can meet consumers more effectively and convert interest into demand.

第三，強化市場端的執行力。消費者行為正在快速改變，我們也在調整我們在市場上的呈現方式。我們將資源聚焦於消費者參與度最高、購買意圖最強的通路、平台與銷售據點。透過強化數位能見度、深化互動、提升會員忠誠計畫，以及提升銷售據點的執行力，我們能更有效地觸達消費者，並將興趣轉化為需求。

And finally, continuing to apply disciplined cost control and resource allocation. We're making clear choices moving faster, and prioritizing initiatives that we believe will deliver the greatest results. This approach will help us manage cost pressures, spend efficiently, and concentrate resources on the actions that will most effectively support the long-term health of our brands. Steve will provide more detail on our second quarter financial performance and updated fiscal '27 outlook later in the call.

最後，持續落實嚴謹的成本控管與資源配置。我們正在做出明確取捨、加快行動，並優先推動我們相信能帶來最大成果的計畫。此一作法將協助我們管理成本壓力、提升支出效率，並將資源集中於最能有效支持品牌長期健康發展的行動。Steve 將在稍後的電話會議中，提供我們第二季財務表現與更新後的 2027 會計年度展望的更多細節。

Before that, however, I will review HOKA and UGG's second quarter performance and discuss how we expect current trends to develop through the balance of the year. Starting with HOKA, global revenue in the second quarter increased 7% versus last year to HOKA growth versus last year was driven by both wholesale and DTC.

不過在那之前，我將回顧 HOKA 與 UGG 的第二季表現，並討論我們預期目前趨勢在今年剩餘期間的發展。先從 HOKA 開始，第二季全球營收較去年成長 7%至……；HOKA 相較去年之成長由批發與 DTC（直營面向消費者）共同帶動。

HOKA wholesale increased 9% to $444 million, while DTC grew by 4% to $234 million. HOKA continued to perform well across our global wholesale accounts with strong sell-through in domestic and international regions. Consumers are increasingly turning to wholesale partners, both in stores and online to explore and compare brands in multi-brand destinations.

HOKA 批發業務成長 9%至 4.44 億美元，而 DTC 成長 4%至 2.34 億美元。HOKA 在全球批發客戶中持續表現良好，國內與國際市場皆有強勁的終端銷售（sell-through）。消費者愈來愈傾向透過批發合作夥伴（無論是實體店或線上）在多品牌通路中探索並比較各品牌。

And HOKA continues to deliver a high degree of full price selling. This performance reinforces the brand's premium positioning and the strength of key franchises. While HOKA maintained strong performance in a competitive wholesale landscape, DTC results were uneven across markets. While the international DTC growth remained robust, US performance was pressured amid a highly promotional US environment, particularly in the athletic footwear category.

同時，HOKA 仍維持高度的正價銷售占比。此一表現強化了品牌的高端定位以及核心系列（franchise）的實力。儘管 HOKA 在競爭激烈的批發環境中維持強勁表現，DTC 在各市場的結果則不盡一致。國際 DTC 成長依然強勁，但在美國市場，由於促銷氛圍濃厚，尤其在運動鞋類別，美國表現承壓。

Across the business, our core franchises performed well, led by Bondi. With the introduction of Clifton Pro, a well-received extension of the Clifton franchise also contributed to that success. However, feedback from consumers and wholesale partners indicated that some other franchise updates in calendar year '26 did not resonate as well. This feedback highlights where we have an opportunity to improve for future seasons, starting with spring 2027. We remain focused on continuing to deliver high-quality growth with our wholesale partners, while also improving DTC execution.

整體業務方面，我們的核心系列表現良好，其中以 Bondi 領先。Clifton Pro 的推出——作為 Clifton 系列廣受好評的延伸——也對此成功有所貢獻。然而，來自消費者與批發合作夥伴的回饋顯示，2026 日曆年度中部分其他系列的更新未能同樣引起共鳴。這些回饋凸顯了我們在未來季度可改進之處，並將從 2027 年春季開始著手。我們仍專注於與批發合作夥伴持續交付高品質成長，同時改善 DTC 的執行。

Across the global marketplace, we'll continue to focus on distinctive performance product franchises that reinforce our innovation credibility, convert awareness into a broader base of lifetime consumers, and expand the HOKA brand's authentic relevance in lifestyle. As we advance these initiatives, we're confident we will improve our ability to capture market share moving forward.

在全球市場中，我們將持續聚焦於具辨識度的性能產品系列，以強化我們的創新可信度、將品牌認知轉化為更廣泛的終身消費者基礎，並擴大 HOKA 品牌在生活風格領域的真實相關性。隨著這些計畫推進，我們有信心提升未來搶占市占率的能力。

Specific to our product pipeline, our work to sharpen franchise segmentation is already in flight. Let me provide further insight into the work we're doing. On the performance side, we have a clear approach across the glide and fly collections that I shared on last quarter's earnings call. We will extend our leadership in Max Cushioning through Glide and expand our speed platform with Fly.

就產品管線而言，我們針對系列區隔的精準化工作已在進行中。我再進一步分享我們正在推動的工作。在性能端，我們在 Glide 與 Fly 兩大系列上有清晰的策略，我已在上季財報電話會議中分享過。我們將透過 Glide 延伸在「極致緩震」（Max Cushioning）領域的領導地位，並以 Fly 擴展我們的速度平台。

Within the Glide collection, Bondi 10 launches in January, introducing an upgraded dual density super critically foam midsole with streamlined design built for performance runners looking for premium cushioning and comfort. I'm confident Bondi 10 will be a standout performer.

在 Glide 系列中，Bondi 10 將於 1 月上市，導入升級的雙密度超臨界發泡中底，並採用更俐落的設計，專為追求高端緩震與舒適的性能跑者打造。我有信心 Bondi 10 將成為表現突出的產品。

In our Fly collection, we launched Mach Pro in April, which brings a bold and aesthetic and ATPU midsole to our fastest performance word franchise designed for daily training. Testing of Mach Pro has been exceptional and bookings are very strong.

在 Fly 系列中，我們於 4 月推出 Mach Pro，為我們主打日常訓練、速度取向的性能跑鞋系列帶來更大膽的美學設計與 ATPU 中底。Mach Pro 的測試結果非常出色，訂貨（bookings）也非常強勁。

Then in early fall, we'll build on that momentum with another major update to the Mach franchise. We recently previewed Mach 8 with several major accounts and the reaction was excellent. In addition, we'll be expanding our price architecture in both directions, up and down, broadening access while elevating the pinnacle of the brand.

接著在初秋，我們將在此動能上再接再厲，對 Mach 系列進行另一項重大更新。我們近期向數個重要客戶預覽 Mach 8，反應極佳。此外，我們也將在價格架構上朝兩端延伸——向上與向下——在擴大可及性的同時，提升品牌的頂級定位。

In the first half of calendar '27, we'll introduce two powerful expressions of this strategy: Fly Pace in January, at $115, will welcome a new consumer into HOKA. And Bondi Ultra X in June at $325, will deliver our softest, most cushion ride for consumers seeking the very best. Bondi Ultra X represents a major leap forward in HOKA innovation, featuring a triple density ATPU midsole that takes maximum cushioning to a whole new level.

在 2027 日曆年度上半年，我們將推出兩項能充分體現此策略的強力產品：1 月推出、售價 115 美元的 Fly Pace，將迎來新的消費者加入 HOKA；6 月推出、售價 325 美元的 Bondi Ultra X，將為追求極致體驗的消費者帶來我們最柔軟、緩震最強的乘坐感受。Bondi Ultra X 代表 HOKA 創新的重大躍進，採用三重密度 ATPU 中底，將極致緩震提升到全新層級。

Turning to Lifestyle. We have a three-pronged approach. First, we're building on the success of archived models such as Mafate Speed 2 with modernized applications, taking insights from early success we are seeing in certain markets to influence opportunities across the globe.

接著談生活風格（Lifestyle）。我們採取三管齊下的策略。第一，我們將在 Mafate Speed 2 等經典存檔款式的成功基礎上，導入更現代化的應用，並將我們在部分市場早期看到的成功洞察，轉化為影響全球機會的做法。

Second, we'll expand Bondi and Clifton through fresh colors and new materials that unlock more wearing occasions to drive greater franchise segmentation and differentiation across the marketplace. And third, we'll see new models like Cielo 70, a lower profile silhouette inspired by running shoes from the 1970s and designed to bring new lifestyle consumers into the brand.

第二，我們將透過新配色與新材質擴展 Bondi 與 Clifton，解鎖更多穿著情境，以推動更強的系列區隔，並在市場中形成更清晰的差異化。第三，我們將推出如 Cielo 70 等新款式——其為低筒輪廓，靈感來自 1970 年代跑鞋設計，旨在吸引新的生活風格消費者進入品牌。

As we build the lifestyle opportunity for HOKA, we're applying the same authentic approach that established the brand's performance credibility. We're still grounded in our performance heritage while building lifestyle relevance through differentiated product and consistent storytelling, refined season over season based on consumer and partner insights. Positive feedback from key accounts reinforces our belief that we're building momentum with our target consumer and have ample opportunity to take share in this category.

在打造 HOKA 的生活風格機會時，我們採用與建立品牌性能可信度相同的真實方法。我們仍以性能傳承為根基，同時透過差異化產品與一致的品牌敘事建立生活風格相關性，並依據消費者與合作夥伴洞察逐季精進。來自關鍵客戶的正面回饋，強化了我們的信念：我們正與目標消費者建立動能，並在此品類中擁有充足的搶占市占空間。

We have a powerful product pipeline across performance and lifestyle, grounded in meaningful innovation, clear segmentation, and disciplined distribution. That combination will help us switch more consumers, strengthen the brand every level, and drive the next phase of HOKA growth.

我們在性能與生活風格兩端皆擁有強大的產品管線，建立在具意義的創新、清晰的區隔，以及嚴謹的通路策略之上。這樣的組合將協助我們吸引更多消費者轉換品牌、在各個層面強化品牌力，並推動 HOKA 成長的下一階段。

Delivering differentiated products is only part of the equation. We must also connect innovation with consumers in more compelling and impactful ways. Working with external experts, we reviewed the deployment of our marketing investments and are making changes to improve its effectiveness and efficiency. We're clarifying HOKA brand messaging, sharpening product storytelling, and broadening our content to resonate with a larger audience.

提供具差異化的產品只是方程式的一部分。我們也必須以更具說服力與影響力的方式，將創新與消費者連結起來。在外部專家的協助下，我們檢視了行銷投資的投放方式，並正進行調整，以提升其效能與效率。我們正在釐清 HOKA 的品牌訊息、強化產品敘事，並擴充內容面向，以與更廣泛的受眾產生共鳴。

Specific to our third quarter, we're focused on executing a strong holiday season for HOKA, maintaining the strength of full-price demand while preparing the marketplace for key launches in our fiscal fourth quarter. We remain focused on protecting what makes the HOKA brand distinctive while raising the level of execution needed to capture the significant global opportunity ahead.

就第三季而言，我們聚焦於為 HOKA 執行一個強勁的假期銷售季，在維持正價需求強度的同時，為我們 2027 會計年度第四季的關鍵新品上市做好市場準備。我們仍專注於守護 HOKA 品牌的獨特性，同時提升執行水準，以把握前方龐大的全球機會。

Moving on to UGG. Global revenue in the second quarter increased by 4% versus last year to $786 million. Growth was driven by wholesale, which increased 7% to $641 million. This was partially offset by an 8% decline in DTC, which delivered $146 million in the quarter. With the second quarter being a largely selling quarter for the brand, wholesale performance was healthy across the US in international regions, which sets the stage for the upcoming holiday season.

接著談UGG。第二季全球營收較去年成長4%，達7.86億美元。成長主要由批發通路帶動，批發營收成長7%至6.41億美元。部分被DTC（直營）下滑8%所抵銷，該通路本季貢獻1.46億美元。由於第二季對該品牌而言主要為銷售季，批發在美國及國際市場的表現皆維持健康，為即將到來的假期旺季奠定基礎。

In addition, we continue to see very positive indicators of brand health and interest, giving us confidence that UGG is well positioned for peak season. At the same time, pressures on consumers are prompting some to delay purchase and feel closer to need. We believe that this shift toward a more deliberate buy now, wear now purchasing behavior makes it even more important to give consumers compelling reasons to choose UGG across a broader range of styles and occasions.

此外，我們持續看到品牌健康度與關注度的非常正向指標，讓我們有信心UGG已為旺季做好充分準備。同時，消費者壓力使部分人延後購買，並更貼近「有需要才買」的心態。我們認為，這種轉向更審慎的「現在買、現在穿」購買行為，使得向消費者提供更具吸引力的理由、讓他們在更廣泛的款式與場合中選擇UGG，變得更加重要。

Across the globe, consumers are responding to elevated product that is distinctly UGG, gravitating towards fresh expressions of iconic franchises as well as new styles that bring recognizable ag brand codes into new and unexpected categories.

在全球各地，消費者對更高端、且具有鮮明UGG特色的產品反應熱烈，傾向於經典系列的全新演繹，同時也青睞將可辨識的UGG品牌基因帶入全新且出乎意料品類的新款式。

In Q2, we drove success with Lowmel, continue to build UGG brand's relevance in sneakers; Goldenstar Evelina, extending our presence in clogs; and Zora and Quill demonstrating the brand's ability to quickly adapt to fashion trends. We're also seeing growing demand for UGG head to toe, with fleece-led apparel driving engagement and reinforcing the brand's potential to cement itself as a premium global lifestyle brand.

第二季，我們透過Lowmel推動成功，持續提升UGG品牌在運動鞋領域的相關性；以Goldenstar Evelina延伸我們在木屐鞋（clogs）品類的布局；並由Zora與Quill展現品牌快速因應時尚趨勢的能力。我們也看到市場對「從頭到腳」UGG穿搭的需求成長，以刷毛（fleece）為主的服飾帶動互動並強化品牌潛力，助其鞏固為高端的全球生活風格品牌。

The goal now is to bring these innovation stories to a broader audience. Our most loyal consumers look to UGG for what is next, and we're focused on extending that excitement across a broader consumer base and all genders.

目前的目標是將這些創新故事帶給更廣泛的受眾。我們最忠誠的消費者會向UGG尋找下一個新亮點，因此我們專注於把這份興奮感延伸到更廣泛的消費族群與所有性別。

Classics and Tasman are already well-established franchises, while we're building Lowmel, Golden, Zora, and Quill into more meaningful contributors. This deliberate season-by-season approach is designed to create hero franchises with lasting relevance.

Classics與Tasman已是成熟的核心系列，而我們正將Lowmel、Golden、Zora與Quill打造為更具意義的成長貢獻者。這種按季節循序推進的策略，旨在建立具長期相關性的主打系列（hero franchises）。

As awareness grows, these franchises can expand how consumers engage with UGG across categories and wearing occasions. During the quarter, our teams created urgency through scarcity, timely restock messaging, and culturally relevant product stories. Sunburst, Classic Tall, and Classic Mini Dipper Legwarmer demonstrated the effectiveness of the strategy with early season demand exceeding our expectations. These successes show that consumers continue to respond to compelling styles and fresh expressions of the brand, even in a more selective spending environment.

隨著知名度提升，這些系列將能在不同品類與穿著情境中，擴大消費者與UGG的互動方式。本季期間，我們的團隊透過稀缺性策略、適時補貨訊息，以及具文化關聯的產品故事來營造急迫感。Sunburst、Classic Tall與Classic Mini Dipper Legwarmer展現了該策略的有效性，季初需求即超出我們預期。這些成果顯示，即使在更為謹慎的消費環境中，消費者仍會對具吸引力的款式與品牌的新鮮演繹做出回應。

As we move deeper into UGG season, our focus is on applying those learnings more broadly and raising our level of execution across the business. That means being more purposeful in how we tell our product stories creating greater energy and urgency around key franchises and newness and driving elevated consumer engagement through sharper alignment across product, marketing, and marketplace execution.

隨著我們進入UGG旺季更深的階段，我們的重點是更廣泛地運用這些學習，並提升全公司層面的執行力。這意味著在產品故事的傳達上更具目的性，為關鍵系列與新品創造更強的能量與急迫感，並透過產品、行銷與市場端執行的更緊密對齊，帶動更高層次的消費者互動。

Building on the encouraging response to key styles, our teams are hyper focused around the key action plan to deliver the brand's largest quarter in its nearly 50-year history. We will support peak shopping periods with coordinated marketing and enhanced digital experience and compelling product storytelling incurred in our gift the feeling holiday campaign.

在關鍵款式獲得令人鼓舞的回饋基礎上，我們的團隊高度聚焦於關鍵行動計畫，目標是交出品牌近50年歷史中最大的單季表現。我們將以協同一致的行銷、強化的數位體驗，以及在「Gift the Feeling」假期行銷活動中所呈現的引人入勝的產品故事，來支援購物高峰期。

Throughout the third quarter, we remain disciplined in how we drive digital conversion and execute peak shopping periods while managing promotions selectively to protect the long-term health of the brand. I'm excited to see the brand activations come to life this holiday season.

在第三季期間，我們將持續以紀律方式推動數位轉換並執行購物高峰期策略，同時選擇性管理促銷，以維護品牌的長期健康。我很期待看到這個假期季的品牌活動落地呈現。

With that, I'll now hand over the call to Steve, who will provide more detail on our second quarter financial results and updated fiscal year '27 outlook.

接下來，我將把電話會議交給Steve，他將更詳細說明我們第二季的財務結果，以及更新後的2027會計年度展望。

Thanks, Stefano, and good afternoon, everyone. As Stefano outlined, second quarter performance reflected a combination of continued international momentum and solid performance in multi-brand environments. Combined with softer US DTC trend dated with our EMEA third-party logistics transition.

謝謝你，Stefano，各位下午好。如Stefano所述，第二季表現反映了國際動能的延續，以及在多品牌通路環境中的穩健表現。同時也受到美國DTC趨勢較疲弱，以及我們在EMEA地區第三方物流（3PL）轉換所帶來影響的共同作用。

As the quarter progressed, the US marketplace became increasingly promotional. However, we remain disciplined in how we manage the market marketplace, protecting full price selling and prioritizing the long-term health of our brands.

隨著季度推進，美國市場的促銷力度愈發加大。然而，我們在市場管理上仍保持紀律，維護全價銷售，並優先考量品牌的長期健康。

That discipline is reflected in our financial results. While revenue came in slightly below our expectations, our continued focus on full price selling and expense management contributed to exceptional gross margin and earnings per share performance. Importantly, these results demonstrate the flexibility and the resilience of the Deckers operating model even in a more pressured environment.

這份紀律反映在我們的財務結果中。雖然營收略低於我們的預期，但我們持續聚焦全價銷售與費用管理，帶來了出色的毛利率與每股盈餘表現。更重要的是，這些結果展現了Deckers營運模式即使在壓力更大的環境下，仍具備彈性與韌性。

As we execute against the actions Stefano outlined, our financial strength gives us the capacity to continue investing behind our brands while remaining disciplined in how we allocate resources. We believe that balance, protecting profitability today while investing behind our most compelling long-term opportunities remains fundamental to how we aim to create sustainable value over time.

在我們落實Stefano所概述的各項行動之際，我們的財務實力使我們有能力持續投資於旗下品牌，同時在資源配置上保持紀律。我們相信，這種平衡——在保護當前獲利能力的同時，投資於最具吸引力的長期機會——仍是我們隨時間推進、創造可持續價值的核心。

Now let's get into the details of second quarter results. Second quarter fiscal 2027 revenue came in at $1.48 billion, representing an increase of 3.5% versus the prior year. Performance in the quarter was driven by HOKA and UGG, which increased 7% and 4% versus last year, respectively. And our Other Brands segment was down 54% versus last year, primarily due to lapping the final quarter of impacts related to the wind down of stand-alone operations for the Koolaburra brand.

現在我們來看第二季業績細節。2027會計年度第二季營收為14.8億美元，較去年成長3.5%。本季表現主要由HOKA與UGG帶動，兩者分別較去年成長7%與4%。而Other Brands（其他品牌）部門較去年下滑54%，主要因去年同期包含Koolaburra品牌逐步結束獨立營運相關影響的最後一季基期因素。

As Stefano mentioned, we saw some top line pressure against our original expectation for the quarter as a result of shipping delays related to our European 3PL transition as well as some e-commerce softness. The amount of the 3PL shipment delays impacting the quarter was approximately $22 million.

如Stefano提到的，由於歐洲3PL轉換造成的出貨延遲，以及部分電商走弱，我們本季營收相較原先預期承受了一些壓力。3PL出貨延遲對本季造成的影響金額約為2,200萬美元。

The softness in our domestic DTC business was largely offset by better-than-expected wholesale selling across the globe. Gross margins for the second quarter was 60.5%, up 430 basis points from last year's 56.2%. Second quarter gross margin included an approximate 310 basis point benefit from IEEPA tariff refunds net of cost sharing arrangements with our independent manufacturers.

我們在美國本土DTC業務的疲弱，主要被全球批發銷售優於預期所大致抵銷。第二季毛利率為60.5%，較去年56.2%提升430個基點。第二季毛利率包含IEEPA關稅退稅（扣除與獨立製造商的成本分攤安排後）帶來約310個基點的利多。

The underlying 120 basis point improvement was driven by favorable full price selling and favorable product mix. SG&A dollar spend for the second quarter was $506 million, up 6% versus last year's $477 million. The total SG&A expense was below our prior expectations in actions to better align spend with lower revenue growth, while marketing and technology remain the primary drivers of year-over-year investment. This led to an operating margin of 26.3%. Excluding the net IEEPA refund benefit, our operating margin was 23.2%, 40 basis points above last year's 22.8%. Our tax rate was 22.4%, which compares to 21.7% in the prior year quarter.

其餘120個基點的改善，主要由全價銷售表現有利及產品組合有利所驅動。第二季SG&A（銷售、一般及行政）費用金額為5.06億美元，較去年4.77億美元成長6%。由於我們採取行動使支出更貼近較低的營收成長，整體SG&A低於先前預期；其中行銷與科技仍是年對年投資增加的主要驅動因素。因此營業利益率為26.3%。若排除IEEPA退稅淨收益，營業利益率為23.2%，較去年22.8%高40個基點。我們的稅率為22.4%，相較去年同期為21.7%。

During the second quarter, we repurchased approximately $299 million worth of shares at an average price of $93.65. Over the first six months of fiscal year 2027, we have repurchased $637 million, representing approximately 5% of our outstanding common stock, pacing well ahead of what we signaled at the beginning of the year. This continues to demonstrate our commitment to returning capital to shareholders through disciplined share repurchases while utilizing our strong free cash flow.

第二季期間，我們以平均每股93.65美元的價格回購約2.99億美元的股票。在2027會計年度前六個月，我們已回購6.37億美元，約占流通在外普通股的5%，進度明顯快於我們年初所釋出的訊號。這持續展現我們在運用強勁自由現金流的同時，透過有紀律的股票回購向股東返還資本的承諾。

As of September 30, 2026, the company had approximately $4.4 billion remaining under its stock repurchase authorization. These results culminated in diluted earnings per share of $2.31 for the quarter, which is $0.49 above last year's $1.82 diluted earnings per share, representing EPS growth of 27%. Excluding the net impact of the IEEPA tariff refunds and related interest, diluted earnings per share was $2.03, representing growth of 11.5% versus last year.

截至2026年9月30日，公司在股票回購授權項下仍有約44億美元的剩餘額度。上述結果使本季稀釋後每股盈餘（EPS）為2.31美元，較去年1.82美元增加0.49美元，EPS成長27%。若排除IEEPA關稅退稅及相關利息的淨影響，稀釋後每股盈餘為2.03美元，較去年成長11.5%。

Turning to our balance sheet. At September 30, 2026, we ended September with $1.2 billion of cash and equivalents. We continue to tightly manage inventory, which was up 3% versus the same point in time last year to $861 million. And during the period, we had no outstanding filings.

接著談談我們的資產負債表。截至2026年9月30日，我們在9月底的現金及約當現金為12億美元。我們持續嚴格管理庫存，庫存較去年同期增加3%，至8.61億美元。此外，在本期間我們沒有任何未結案的申報。

Now moving into our updated outlook for fiscal year 2027. As Stefano outlined, our updated outlook reflects a measured approach to revenue growth in the current landscape, maintaining our focus on protecting brand health and profitability. Importantly, we are maintaining our operating margin outlook and in large part, maintaining our prior EPS expectations before the benefit of net IEEPA tariff refunds. Then with the net impact of refunds received to date, we are increasing our full year EPS outlook.

接下來談我們更新後的2027會計年度展望。如Stefano所述，我們更新後的展望反映在當前環境下對營收成長採取審慎的做法，同時維持我們對品牌健康與獲利能力的聚焦。重要的是，我們維持營業利益率展望，且在很大程度上，於未計入IEEPA關稅淨退稅利益之前，仍維持先前的每股盈餘（EPS）預期。接著，隨著截至目前已收到的退稅淨影響，我們上調全年EPS展望。

With that in mind, let me walk you through our expectations for fiscal year 2027. Total company revenue is now expected to be in the range of $5.7 billion to $5.725 billion with HOKA now increasing by a high single-digit percentage versus last year and UGG now increasing by a low single-digit percentage.

基於此，讓我帶各位了解我們對2027會計年度的預期。公司整體營收目前預期落在57億至57.25億美元區間，其中HOKA相較去年預期將以高個位數百分比成長，UGG則預期以低個位數百分比成長。

We are increasing our gross margin expectation to now be approximately 58.5%, reflecting slightly better performance as well as the approximate $88 million IEEPA tariff refund benefit in cost of sales, which is net of cost sharing arrangements with our independent manufacturers for amounts received to date in both the second and third quarter, representing approximately 90% of the amounts we have submitted. We have not factored any remaining unreceived amounts in our forward-looking guidance.

我們將毛利率預期上調至約58.5%，反映略優於預期的表現，以及銷貨成本中約8,800萬美元的IEEPA關稅退稅利益；該金額已扣除與獨立製造商就截至目前在第二季與第三季收到款項所做的成本分攤安排，且這些已收到的款項約占我們已提交申請金額的90%。我們在前瞻性指引中未納入任何尚未收到的剩餘款項。

SG&A is now expected to be approximately 35.5% of revenue as we manage costs with discipline and reduced dollar spend in response to lower revenue growth expectations, resulting in a slightly higher percentage of revenue, with these all culminating in a raised operating margin expectation of approximately 23% inclusive of the net IEEPA tariff refunds received to date.

SG&A目前預期約占營收的35.5%。我們以紀律管理成本，並因應較低的營收成長預期而降低支出金額，導致其占營收比重略為提高；綜合上述因素，我們上調營業利益率預期至約23%，其中包含截至目前已收到的IEEPA關稅淨退稅。

Our effective tax rate is still projected to be approximately 23%, and we now expect diluted earnings per share in the range of $7.80 to $7.95. This earnings per share guidance now includes IEEPA's net tariff refunds and associated interest received to date and assumes share repurchases with a value of $1 billion in fiscal year 2027.

我們的有效稅率仍預估約為23%，而稀釋後每股盈餘目前預期落在7.80至7.95美元區間。此EPS指引已納入截至目前收到的IEEPA關稅淨退稅及相關利息，並假設2027會計年度將進行價值10億美元的庫藏股回購。

Excluding the benefit of IEEPA net tariff refunds received that are now reflected in our outlook, gross margin would be increasing to 57%, and our full year operating margin would still be slightly better than 21.5%, highlighting our discipline and (inaudible) selling.

若排除目前已反映在展望中的IEEPA關稅淨退稅利益，毛利率將提升至57%，而全年營業利益率仍將略優於21.5%，凸顯我們的紀律以及（聽不清）銷售。

To provide a little insight on the third quarter as we are comparing to a very strong quarter last year, we are expecting third quarter total company revenue growth to be in the low single digits with UGG expected to grow low single digits and HOKA anticipated to deliver low- to mid-single digits in the third quarter.

為了就第三季提供一些洞見，因我們正與去年非常強勁的一季相比，我們預期第三季公司整體營收成長為低個位數；UGG預期成長低個位數，HOKA則預期在第三季達成低至中個位數成長。

Our expectations have factored continued strength internationally, along with anticipated ongoing pressures in the US market, primarily impacting DTC. Third quarter diluted EPS is expected to be in the range of $3.52 to $3.60, which includes an IEEPA net tariff refund benefit of approximately $0.24.

我們的預期已納入國際市場持續強勁，以及美國市場預期持續承壓，主要影響DTC。第三季稀釋後EPS預期落在3.52至3.60美元區間，其中包含約0.24美元的IEEPA關稅淨退稅利益。

With this third quarter context in mind and our updated full year outlook, we recognize this implies acceleration of revenue growth in the fourth quarter for HOKA. This expectation reflects our confidence in continued international demand signals and includes the benefit of planned global product launches Stefano discussed earlier. As always, these forward-looking statements are subject to the risks Erinn outlined at the beginning of the call.

在此第三季背景以及我們更新後的全年展望下，我們也理解這意味著HOKA在第四季的營收成長將加速。此一預期反映我們對國際需求訊號持續的信心，並包含Stefano先前提到的既定全球產品上市計畫所帶來的效益。一如既往，這些前瞻性陳述仍受Erinn在電話會議一開始所提及之風險影響。

In closing, our second quarter results represent the flexibility and the resilience of the Decker's operating model. Our high levels of profitability and the need to make targeted investments that we believe can support future market share gains and drive sustainable long-term growth.

最後，我們第二季的結果展現了Deckers營運模式的彈性與韌性。我們維持高水準的獲利能力，同時也需要進行我們認為能支持未來市占提升並推動可持續長期成長的精準投資。

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

謝謝各位。接下來我把電話交回Stefano，請他做最後結語。

Thank you, Steve. As we look ahead, we remain confident in the power of HOKA and UGG and the significant long-term opportunities in front of both brands. We recognize that the consumer landscape continues to evolve, and we are operating with the agility and discipline required to respond.

謝謝你，Steve。展望未來，我們對HOKA與UGG的品牌力，以及兩個品牌面前龐大的長期機會，仍然充滿信心。我們也認知消費者環境持續演變，因此我們以所需的敏捷度與紀律來因應。

We will remain laser-focused on protecting our premium brand positioning, driving growth with a high degree of full-price business, managing inventory with discipline, building clear channel and franchise segmentation while preserving industry-leading levels of profitability.

我們將持續高度聚焦於維護我們高端的品牌定位，以高比例的正價銷售推動成長，以紀律管理庫存，建立清晰的通路與系列（franchise）區隔，同時維持業界領先的獲利水準。

Fundamentally, our long-term goals remain intact, and we believe in the significant runway ahead for both HOKA and UGG. Our brands are strong. Our balance sheet provides flexibility and our operating model allows us to move decisively without sacrificing the long-term health of our brands.

從根本來看，我們的長期目標依然不變，我們相信HOKA與UGG兩個品牌仍有很大的成長跑道。我們的品牌很強。我們的資產負債表提供彈性，而我們的營運模式讓我們能果斷行動，同時不犧牲品牌的長期健康。

We believe that this combination positions Deckers well to navigate the near term and capture the substantial opportunities ahead. Before turning to Q&A, I'd like to mention a board update we announced today.

我們相信這樣的組合使Deckers能妥善因應短期環境，並把握前方可觀的機會。在進入Q&A之前，我想先提一下我們今天宣布的一項董事會更新。

We are pleased to welcome Rati Sahi Levesque to the Deckers Board effective December 1. Rati brings more than 15 years of leadership experience in the retail industry with deep expertise in digital innovation, brand positioning, elevating brands online, and consumer engagement. I'm super excited to have Rati joined the Board and bring her expertise, especially her deep knowledge within the digital commerce channel. We look forward to working with Rati to advance our disciplined growth strategy.

我們很高興歡迎Rati Sahi Levesque自12月1日起加入Deckers董事會。Rati在零售產業擁有超過15年的領導經驗，並在數位創新、品牌定位、提升品牌線上表現與消費者互動方面具備深厚專長。我非常期待Rati加入董事會並帶來她的專業，特別是她在數位商務通路方面的深厚知識。我們期待與Rati合作，推進我們有紀律的成長策略。

I also want to thank Lauri Shanahan, who will retire from the Board when Rati joins. Lauri has been a tremendous asset to me and to Deckers through a period of exceptional growth.

我也要感謝Lauri Shanahan；她將在Rati加入時自董事會退休。在公司經歷卓越成長的期間，Lauri對我以及對Deckers而言都是極為重要的資產。

Her knowledge, passion, and insights have been incredibly valuable, and we're grateful for Lauri's immense contribution, dedication, and service to Deckers.

她的知識、熱情與洞見都極具價值，我們也感謝Lauri對Deckers的重大貢獻、投入與服務。

We wish her all the best. Thank you for joining us today. We'll now open the call for questions.

我們祝福她一切順利。感謝各位今天與會。接下來我們開放提問。

(Operator Instructions)

(接線員指示)

Jay Sole, UBS.

UBS的Jay Sole。

I'm going to start with one question, and then I do have a follow-up. Stefano, clearly, you're protecting the health of the brand, you're playing the long game, lowering the guidance for both brands right now to high single digit and low single digit. How do we think about the long-term guidance that we talked about in May with HOKA being a -- potentially growing low double digits through fiscal '30 and UGG being mid-single digits. Can you get back to that all going forward next year? If so, how? Just if you can tell us a feel about that, that would be great to start.

我先問一個問題，之後還有一個追問。Stefano，很明顯你們正在保護品牌健康、著眼長期，並將兩個品牌目前的指引下調至高個位數與低個位數。那我們該如何看待我們在5月談到的長期指引：HOKA在2030會計年度前可能維持低雙位數成長，而UGG為中個位數成長？明年之後你們能回到那樣的軌道嗎？如果可以，會怎麼做到？如果你能先給我們一些感覺，會很棒。

Yes, of course. Hi, Jay. We're only six months into the guidance we shared. The near-term challenges do not change my belief in our brands and their potential for growth. As you know, growth is never a straight line.

是的，當然。嗨，Jay。我們分享該指引才過了六個月。短期挑戰不會改變我對我們品牌及其成長潛力的信念。如你所知，成長從來不是一條直線。

And in this environment, we don't want to trade brand equity for short-term revenue. We need to manage the next couple of quarters with discipline. At the same time, we need to keep investing in the opportunities that will drive long-term growth.

在這樣的環境下，我們不想用品牌資產去換取短期營收。我們需要以紀律管理接下來幾個季度。同時，我們也必須持續投資於能推動長期成長的機會。

And the discipline starts really with the quality of our growth. Not all growth is healthy, not all growth is profitable, not all growth is bad enhancing. And I assure you, we'll compete aggressively, but we're not participating in a race to bottom.

而紀律真正是從我們成長的品質開始。並非所有成長都是健康的，並非所有成長都是有利可圖的，並非所有成長都能提升品牌。我向你保證，我們會積極競爭，但我們不會參與一場比誰降到最低的競賽。

Experience has stopped really all of us that the right approach in this environment is to continue to build your brand, to keep inventories tight, and to really focus on full price selling. So our brands continue to be healthy, engagement is strong. Our strategy, we believe, is sound and our premium model continues to support attractive management. So our vision remains largely intact at this point in time.

經驗已經讓我們所有人真正明白，在這樣的環境下，正確的做法是持續打造品牌、維持緊縮的庫存，並且真正聚焦於全價銷售。因此，我們的品牌依然健康，互動參與度也很強。我們相信我們的策略是穩健的，而我們的高端模式也持續支撐具吸引力的經營表現。所以截至目前，我們的願景大致仍然完整不變。

Yes, Jay, it's Steve. Just to kind of add on that. I think the most important thing is these brands are healthy and we're controlling them in the marketplace. And so the takedown that you're seeing reflected in this year is more an indication of what we're seeing in the current environment. It is not indicative of what we see for these brands kind of going forward.

是的，Jay，我是Steve。我想補充一下。我認為最重要的是，這些品牌很健康，而且我們正在市場上掌控它們。因此，你看到今年反映出的下調，更多是我們在當前環境中所看到情況的指標。這並不代表我們對這些品牌未來走向的看法。

So the brands are in healthy shape. This is our ability to control the market and to control pricing and margins and profitability. And we just think given some of the pressures that we're seeing in the market, some of the level of promotion that's going on in the market, especially with our competitors, this is the right step for us and for our brand health. And in the long term, these brands will continue to do well. And I would just be careful about kind of extrapolating what we're doing in a quarter or two into any indication of what this represents for the brand over the long term. We believe and have high confidence in what these brands can do over the long term.

所以品牌狀況是健康的。這體現了我們掌控市場、掌控定價、毛利率與獲利能力的能力。而且我們認為，鑑於我們在市場上看到的一些壓力、以及市場上正在進行的一些促銷力度，特別是競爭對手那邊，這對我們以及品牌健康而言是正確的一步。從長期來看，這些品牌仍會持續表現良好。我也會提醒大家，不要把我們在一兩個季度的作法外推成任何對品牌長期意義的指標。我們相信並且對這些品牌長期能做到的事情有高度信心。

Got it. I mean that makes total sense. If I can follow up on that. Steve, obviously, I think gross margin this quarter better than the Street had modeled, even though wholesale grew a lot faster than DTC. Can you just talk about what drove the gross margin upside?

了解。我的意思是，這完全說得通。如果我可以追問一下。Steve，很明顯，本季毛利率比華爾街模型預期更好，儘管批發成長比DTC快很多。你能談談是什麼推動了毛利率的超預期嗎？

And then maybe, Stefano, obviously, there's a lot of promotions out there from your competitors in the athletic footwear space across the wholesale channel. When do you think the marketplace gets clean? When do you think that sort of like just maybe irrational pricing that's out there sort of gets back to a more rational level where maybe full price selling doesn't get hit so much?

然後也許，Stefano，很明顯你們在運動鞋領域的競爭對手，透過批發通路做了很多促銷。你認為市場何時會回到比較乾淨的狀態？你覺得目前市場上那種可能有點不理性的定價，什麼時候會回到更理性的水準，讓全價銷售不會受到那麼大的衝擊？

Yes, you go first.

是的，你先。

Yes, I'll start first. So Jay, kind of in terms of that 120 basis point improvement that we talked about outside fund --

好的，我先開始。所以Jay，關於我們提到的那個120個基點的改善（不含基金——）

Ex IEEPA refunds, ex IEEPA tariff refunds.

不含IEEPA退款，不含IEEPA關稅退款。

So that really was kind of split evenly between full price selling and product mix. And so I think it was -- as we look at it, what drove that, it was higher-margin products selling through better as well as us maintaining our full price selling environment.

所以那基本上大致平均分配在全價銷售與產品組合之間。因此我認為——從我們的角度來看，推動因素是高毛利產品的銷售表現更好，以及我們維持了全價銷售的環境。

So where we saw others being more promotional or heavily promotional we stayed out of that. We were not getting as aggressive in our promotion levels. We do know that weighed on our DTC performance in the US as a result. But again, to Stefano's point, we don't want to chase revenue that is not productive to the brand or profitability. And so in pulling back on that, we actually performed better from a margin perspective.

所以當我們看到其他人更促銷或大幅促銷時，我們選擇不參與。我們沒有在促銷力度上變得那麼激進。我們也知道，這因此拖累了我們在美國的DTC表現。但同樣地，呼應Stefano的觀點，我們不想追逐對品牌或獲利能力沒有助益的營收。因此在收斂之後，我們其實在毛利率角度表現更好。

Is your question about the marketplace and how soon it will be clean, Jay? I don't have a crystal ball, but what I see is that the second summer '27 and the fall will look better. What I can assure you is that the transition of our models, there was a bit still of an overhang of Clifton 10. We introduced Clifton 11, but we'll be very, very clean of Bondi 9 when we introduce Bondi 10 in January. So I'm confident that we will be quite clean in the marketplace, and that will allow us to continue to drive price business.

Jay，你的問題是關於市場環境，以及多久會變乾淨嗎？我沒有水晶球，但我看到的是，27年第二個夏季以及秋季會更好。我可以向你保證的是，我們型號的轉換方面，Clifton 10仍有一點尾端庫存壓力。我們已推出Clifton 11，但當我們在一月推出Bondi 10時，Bondi 9將會非常、非常乾淨。所以我有信心我們在市場上會相當乾淨，這也將讓我們能持續推動全價業務。

Yes. And I think just one more thing to add on that, Jay. Look, we're also watching to see what competitors are doing. We don't want to enter that race to the bottom. There's a lot of promotional product out there.

是的。我想再補充一點，Jay。你看，我們也在觀察競爭對手在做什麼。我們不想加入那種一路比誰更便宜的競賽。市場上有很多促銷商品。

There's a lot of product in the inventory that's weighing especially in the athletic footwear space, our belief is we steer pulp over the long term, you're seeing in the current quarter how it's driving better margins. So this will serve us better in the long run. And that's really a big driver of, again, the reduction.

庫存裡有很多產品形成壓力，尤其是在運動鞋領域；我們相信，長期來看我們會堅持這個方向，你也在本季看到它如何帶來更好的毛利率。所以從長遠來看，這會讓我們處於更有利的位置。而這也確實是再次推動（指引）下調的一個重要因素。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Stefano, I guess my question will still be on the promotional environment. I mean we know that there is kind of an excess of inventory in kind of that lifestyle category, but it now also sounds like it's kind of also in the performance category. Is it broadly the athletic footwear in general, is promotional and therefore, you can end up competing against lifestyle products that are also promotional in the marketplace?

Stefano，我想我的問題仍然是關於促銷環境。我的意思是，我們知道生活風格（lifestyle）品類那邊有某種程度的庫存過剩，但現在聽起來似乎在性能（performance）品類也有。這是否代表整體運動鞋類普遍都在促銷，因此你們在市場上可能會與同樣在促銷的生活風格產品競爭？

And then secondarily, UGG, it's really in my mind and the call out has been -- it really is UGG brand's moment, or a little bit more on the brown to a little bit of a nonathletic look to it. So I guess the question there is, are you holding back some sell-in because it is promotional out there? Do you see the order book sort of building into spring/summer? As I've said before, I think that you have some of the most newness that you've had in a couple of years, and it really looks fantastic. Just a little bit more color commentary on the sales mix there.

然後第二個問題，UGG，在我看來，而且你們也特別點出——這確實是UGG品牌的時刻，或是偏棕色調、帶點非運動風格的外觀。所以我想問的是，你們是否因為外部促銷而刻意保守一些出貨（sell-in）？你是否看到訂單簿在春夏季逐步建立？如我之前所說，我認為你們擁有近幾年最多的新款，真的看起來非常棒。想請你再多分享一些關於那邊銷售組合的補充說明。

Yes. Adrienne, hi. Let me start with UGG, buy now, wear now is real, and consumers are purchasing closer to need. To your point, what is very encouraging is that our 360 strategy is paying off, and it's really working across categories and also seasons and wearing occasions. Our growth is increasingly driven by sneakers, shoes, flats, clogs apparel, and consumers are indeed responding to newness.

是的。Adrienne，你好。我先從UGG開始，「現在買、現在穿」確實存在，消費者更接近實際需求時點才購買。如你所說，非常令人鼓舞的是，我們的360策略正在奏效，而且確實跨品類、跨季節與跨穿著情境發揮作用。我們的成長愈來愈多由運動休閒鞋（sneakers）、鞋款、平底鞋、木屐鞋（clogs）與服飾所驅動，消費者確實對新品有反應。

Keep in mind that we've also been allocating our key styles to ensure scarcity of full price selling. So some of the new products that the team has delivered, Quill, Zora, Evelina Clog have been really stand out. And the way that we've has been really resonating. So we are looking forward to have -- things are slower than we would like at this present time, but we're confident the consumer will show up because the brand is super healthy and consumer engagement is strong.

請記住，我們也一直在分配我們的關鍵款式，以確保全價銷售的稀缺性。因此團隊推出的一些新品，例如Quill、Zora、Evelina Clog，表現非常突出。而且我們的呈現方式確實引起很強的共鳴。所以我們期待——目前的節奏比我們希望的慢一些，但我們有信心消費者會回來，因為品牌非常健康、消費者互動也很強。

On the first question, Adrienne, maybe I'll take a first shot and then Stefano can jump in. In terms of kind of the difference between performance and lifestyle, clearly, I think one dynamic that we're seeing in the current environment is -- some people are wearing performance as lifestyle.

關於第一個問題，Adrienne，也許我先回答，然後Stefano再補充。就性能與生活風格之間的差異而言，很明顯，我認為我們在當前環境看到的一個動態是——有些人把性能產品當作生活風格來穿。

So anytime you have heavy promotion in performance, it is carried over to an individual who may be wearing performance for lifestyle. So that is creating kind of this promotional cloud, I think, over the environment. That's what we're trying to stay out of.

所以只要性能品類出現大量促銷，就會外溢到那些可能把性能產品當作日常穿搭的人身上。因此我認為這在整體環境上形成了一種促銷陰影。這正是我們試圖避免捲入的。

Clearly, there are going to be elements that will always be promotional, your closeout product and so forth. What we don't want to get into is a heavy promotional environment where you're seeing a lot of promotion across multiple franchises, and that includes both brands. And so this is just our step to say some of our competitors want to be very promotional.

顯然，總會有一些帶促銷性質的元素，例如清倉商品等等。我們不希望陷入一個高度促銷的環境，在那裡你會看到跨多個系列的大量促銷，而且這包括兩個品牌。因此，這只是我們的一個表態：我們的一些競爭對手想要非常促銷。

We don't need to enter that competitive promotional environment. Our brands are healthy. We can maintain better health just by staying clean with a bigger focus on that fuller price sale.

我們不需要進入那種競爭性的促銷環境。我們的品牌很健康。只要保持價格體系乾淨，並把重心更多放在全價銷售上，我們就能維持更好的健康度。

Laurent Vasilescu, BNP Paribas.

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

I wanted to ask Steve, Stefano, I think at the beginning of the year, you guys called out that HOKA continues to see what outpace HOKA wholesale. Just curious -- and I think on UGG, it was supposed to be an equal balance growth between both channels. So with the revised guidance, any chance you can give us some updated thoughts on how we should think about those channels across both brands for the year? And then I've got a follow-up question on the gross margin.

我想請教 Steve、Stefano，我記得在年初你們提到 HOKA 的自營（DTC）持續成長、且增速快於 HOKA 的批發通路。另外在 UGG 方面，原本應該是兩個通路之間較為均衡的成長。那在更新後的財測指引下，你們能否分享一些最新看法，讓我們理解今年兩個品牌在各通路的表現應該如何看待？然後我還有一個關於毛利率的追問。

Sure. Just related on HOKA. I think from an international perspective, we still believe that to be true. What you stated where we're seeing the pressure more is in the US market.

好的。先談 HOKA。我認為從國際市場的角度來看，我們仍然相信這個判斷成立。你提到的壓力主要出現在美國市場。

So that dynamic has changed a little bit with the pressure that we're seeing in the US and where we're trying to remain as clean as possible within our e-commerce platform, especially. That's where we're seeing some of the pressure where consumers may be finding product through wholesalers through wholesale online at heavier promotions.

因此，隨著我們在美國看到的壓力，這個動態有些改變；而我們也在努力讓自家電商平台，尤其是電商平台，盡可能維持價格體系乾淨。我們看到的部分壓力在於，消費者可能透過批發商、或批發商的線上渠道，以更大幅度的促銷買到產品。

We don't want to enter into that promotional environment within our e-commerce. Again, we'll have some level of promotion, but we don't want to get overly promotional, that's putting a little bit of pressure on that DTC growth. So that dynamic within the US where we'll now expect to see wholesale growth in the US outpaced DTC growth.

我們不希望在自家電商中進入那種促銷環境。同樣地，我們會有一定程度的促銷，但不想過度促銷；這也對 DTC 成長造成了一些壓力。所以在美國市場的這個動態下，我們現在預期美國的批發成長將快於 DTC 成長。

Okay. Very helpful. And then I wanted to ask a housekeeping question. The $22 million shift, is that -- in Europe, is that a shift, Steve? Or is that kind of just lost sales?

了解，很有幫助。接著我想問一個釐清性的問題。那 2,200 萬美元的移轉，是在歐洲那邊的遞延/移轉嗎，Steve？還是說那其實算是流失的銷售？

And then on the gross margin question specifically, ex IEEPA tariffs, they were up. I think you were calling them to be down for 2Q. For 3Q, it's a little bit hard for us to model so far but -- because there was an IEEPA benefit in 3Q on EPS. But should -- ex IEEPA, should we think about your 3Q gross margin up or down?

然後就毛利率問題來說，若排除 IEEPA 關稅的影響，毛利率是上升的。我記得你們原本預期第二季會下降。第三季目前我們比較難建模，因為第三季的 EPS 有 IEEPA 的利益。但第三季若排除 IEEPA，我們應該把你們第三季毛利率視為上升還是下降？

Yes, sure. So first, starting on the European shift, that $22 million, it's not a full shift into Q3. Some of it will get potentially pushed out longer and some of it may get canceled, right? So again, we'll have to see how the environment plays out. Right now, the way we've modeled it is not all of it carries through into the back half of the year.

好的，當然。先從歐洲的移轉來看，那 2,200 萬美元不會全部移到第三季。其中一部分可能會被推遲更久，還有一部分可能會被取消，對吧？所以我們還得看環境如何發展。目前我們的模型是假設並非全部都會在下半年實現。

A portion of it will move in and some of it is risk of cancellation. In terms of the gross margin, I think your question was how does it compare to the prior -- to the kind of the prior guide. We didn't give a prior guide kind of on the quarter.

其中一部分會往後移，但也有一部分存在被取消的風險。至於毛利率，我理解你的問題是要跟先前的指引相比。但我們先前其實沒有針對單一季度提供過指引。

Really, the assumption, if you kind of look at a bit of Q3 is, there is the IEEPA benefit, which we haven't necessarily called out, but you can calculate it. That's going to drive an overall net improvement in the gross margin. There will be some slight offset to that, that we're anticipating, which is higher freight rates as well as a slight increase in the promotion environment. So again, we won't get highly promotional, but we are anticipating the promotional level to increase slightly. So net overall positive, driven by the IEEPA tariff refunds that we've received to date, partially offset by some pressure on rising freight rates and then a slightly increased promotion assumption.

基本上，如果你看第三季的假設，會有 IEEPA 的利益，我們未必特別點出，但你可以自行計算。這將推動毛利率整體呈現淨改善。我們也預期會有一些輕微的抵銷因素，包括更高的運費費率，以及促銷環境的些微升溫。所以同樣地，我們不會變得高度促銷，但我們預期促銷程度會小幅增加。因此整體淨效應為正，主要由截至目前收到的 IEEPA 關稅退稅所驅動，部分被運費上升帶來的壓力，以及促銷假設小幅提高所抵銷。

Sam Poser, Williams Trading.

Sam Poser，Williams Trading。

I'm just going to follow-up on Laurent's question. I believe he asked if compared to last year, how to think about the gross margin, last 3Q, how to think about the gross margin in 3Q '27 without the IEEPA refund? So that's what he wants -- I think that was the question. So I want an answer to it.

我想接續 Laurent 的問題追問一下。我理解他問的是：相較去年，第三季的毛利率該怎麼看——也就是 2027 年第三季在沒有 IEEPA 退稅的情況下，毛利率該怎麼看？所以他想要的是這個答案——我認為那就是問題本身。所以我希望你能回答。

Yes. No, I think that's the way we're thinking about it is in terms of kind of compared to last year as well, we will get a net improvement driven by the IEEPA refund and then a partial offset from higher freight rates this year versus last year and a slight increase in promotional activity this year versus last year.

是的。我的理解是，我們的思考方式是：即便與去年相比，我們仍會看到由 IEEPA 退稅帶來的淨改善；但今年相較去年會有更高的運費，以及今年相較去年促銷活動略有增加，形成部分抵銷。

Okay. I'll -- all right. The thing is, is that we're going to have to take out these benefits in Q2 and Q3 of next year. So if you gave us -- like we know that you were at 57.1%, I believe, in to without IEEPA. Can't you just give us where you're guiding without it?

好，我——好吧。問題在於，明年第二季和第三季我們都必須把這些利益扣掉。所以如果你能給我們——例如我們知道你們在不含 IEEPA 的情況下是 57.1%（我記得是這樣）。你們不能直接告訴我們你們在不含 IEEPA 下的指引嗎？

And because we're going to have to take it out next year anyway, and it's going to going to be -- all the numbers are going to be wrong unless you give it to us.

因為反正明年我們也得把它扣掉；如果你不提供，所有數字都會不準。

Sure, sure. So if I give it to you in terms of last year, last year Q3, we were at 59.8% on the gross margin. And what we're implying is just north of 60% in the current quarter. The way you can break that out is a little more than 200 basis point IEEPA tariff refund impact, offset by 150 related to mostly freight with a little bit of promo. So up, call it, 210 million, off by 150, that net is the increase you're seeing year over year.

可以，可以。如果我用去年來對比，去年第三季我們的毛利率是 59.8%。而我們目前暗示本季會略高於 60%。你可以這樣拆解：IEEPA 關稅退稅的影響略高於 200 個基點；其中約 150 個基點的抵銷主要來自運費，另有一點點來自促銷。所以，上升約 210、抵銷約 150，淨額就是你看到的年對年增幅。

And then with the Bondi transition to the -- from the 9 to the 10, when are you going to break price on the 9 to ensure that you're clean when the 10 comes out in January?

另外，關於 Bondi 從 9 代過渡到 10 代，你們什麼時候會開始對 9 代做價格調整，以確保 10 代在一月上市時庫存是乾淨的？

First of all, it's already pretty clean because the Bondi 9 continues to perform very, very well across the marketplace at full price. I believe the markdown cadence starts around Cyber. But let me get back to you on that, Sam.

首先，目前其實已經相當乾淨，因為 Bondi 9 在市場上以全價的表現仍然非常、非常好。我認為降價（markdown）的節奏大約會從 Cyber（網購旺季/網路星期一檔期）前後開始。不過這點我再回覆你，Sam。

Yes. Part of that, Sam, will depend on inventory levels and kind of when we want to go. But to Stefano's point, the sell-through of Bond 9 right now continues to be very strong at full price.

是的，Sam，其中一部分也取決於庫存水位，以及我們想在什麼時點採取動作。但如 Stefano 所說，Bondi 9 目前以全價的銷售動能仍然非常強。

Jon Komp, Baird.

Jon Komp，Baird。

I want to follow up just on HOKA and the US wholesale marketplace. When you look at indicators of sell-through and wholesale, are you seeing any similar dynamics where you maybe are losing out on some sales to brands that are being more promotional.

我想就 HOKA 以及美國批發市場再追問一下。當你們觀察銷售穿透率（sell-through）以及批發端的指標時，是否看到類似的動態——也就是你們可能因為其他品牌更積極促銷而流失了一些銷售？

And as you think about total growth for the wholesale category for HOKA, how far runway or visibility do you have on the distribution front, some of the new doors that could sustain total growth, even though it's a more difficult to sell through the marketplace.

另外，當你們思考 HOKA 在批發品類的總體成長時，在通路鋪貨（distribution）方面你們還有多長的跑道或能見度？例如一些新增門店（new doors）是否能支撐總體成長，即便市場的銷售穿透變得更困難？

Yes. Let me start with the second part, Jon. As you know, we're still in much less distribution than many of our peers in sporting goods, athletic specialty especially, in run specialty, we're pretty covered. So ample opportunities for us in terms of expansion. And now that we have a line, a collection, an offer that allows us to segment the market more purposefully, we'll be able to differentiate accounts more meaningfully.

是的。Jon，讓我先從你問題的第二部分開始。如你所知，相較於我們在運動用品領域的許多同業，尤其是在運動專賣通路方面，我們目前的鋪貨/分銷覆蓋仍少得多；在跑步專賣通路我們的覆蓋則相當完整。因此，就擴張而言，我們仍有充足的機會。而且現在我們已經有一條產品線、一個系列與一套產品組合，能讓我們更有目的性地進行市場分層，我們也將能更有意義地區隔不同客戶帳戶。

So starting with spring, you should see a continued thoughtful expansion of our wholesale distribution in the US, which will continue in the fall and not just in the US, in Europe as well because the line now allows us to do so.

因此，從春季開始，你應該會看到我們在美國的批發分銷將持續以審慎的方式擴張，並在秋季延續；而且不僅在美國，在歐洲也會如此，因為現在這條產品線讓我們能夠這麼做。

Regarding the first part of your question, we continue to gain share above $120 and we continue to be the leading performance running brand in the US at a premium price point. So where we potentially lose share to others are the more compressed price points below $120, where the competition is greater.

關於你問題的第一部分，我們在120美元以上的價位帶持續提升市占，並且在美國高端價位帶仍是領先的性能跑步品牌。因此，我們可能流失市占給其他品牌的地方，是在120美元以下、價格更為壓縮的價位帶，那裡競爭更激烈。

Okay. And can you comment at all, when you look at a few of the new model changeovers that didn't go as planned, are you making significant changes as you look ahead? Or is it more tied to the product features on the Bondi 10 and others? Just any more color there.

好的。那你能否評論一下，當你回頭看幾個未如預期的新款型號切換時，你們在往前看是否會做出重大調整？還是說這更多是與Bondi 10以及其他產品的功能特性相關？想請你再多補充一些細節。

No, no, no. It's a good question. So as I referred in the remarks, some products didn't go as planned. I referred to Transport, Kawana, and Solimar. Others have performed super well.Speedgoat 7, Arahi 9, Stinson 8 continue to do well, are doing very well across the marketplace.

不，不，不。這是個好問題。如同我在發言中提到的，有些產品的表現未如預期。我提到了Transport、Kawana與Solimar。其他產品則表現非常好。Speedgoat 7、Arahi 9、Stinson 8持續有很好的表現，在整個市場上都賣得很強。

I am very encouraged by what Robin and team have crafted and created for spring/summer '27 and fall '27. The lineup of new products and I'm talking about not just Bondi and Clifton, which are -- have been received very, very well but the supporting cast. Mach Pro, well received, booked super well. Mach 8 early in the fall, best Mach to date, also been very, very well received by the market.

我對Robin和團隊為2027年春夏與2027年秋季所打造與創作的內容感到非常振奮。新產品的陣容——我指的不只是Bondi與Clifton（它們的市場反應非常、非常好），還包括周邊支援產品。Mach Pro反應很好、訂貨表現非常強。秋季初推出的Mach 8，是迄今為止最好的Mach，同樣也獲得市場非常、非常好的回饋。

So the supporting lineup of products and some of the upgrades that are coming across performance and lifestyle will be very strong. Cielo 70 will help us attract a new consumer. And these extensions of Bondi and Clifton with material applications and colors to appeal to a lifestyle consumer, also very well received. So I am very confident that the lineup we have, the collection we have for spring and fall will allow us to get the US market back to growth.

因此，支援產品線以及即將在性能與生活風格兩端推出的一些升級都會非常強。Cielo 70將幫助我們吸引新的消費者。而Bondi與Clifton的這些延伸款，透過材質運用與配色來吸引生活風格消費者，也獲得非常好的回饋。所以我非常有信心，我們春季與秋季的產品陣容與系列，將使我們能讓美國市場重回成長。

Yes. I think on that, Jon, too, with some of the updates that you'll see in '27 are more significant than the updates you saw in '26. And that's kind of really what Stefano is highlighting, is that the updates you saw and what you will see next calendar year.

是的。我想在這點上，Jon，你在2027年會看到的一些更新幅度，會比你在2026年看到的更顯著。而這也正是Stefano在強調的：你所看到的更新，以及你在下一個曆年將會看到的更新。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

I wanted to ask on the UGG brand as we enter holiday. With UGG wholesale performing better than DTC, can you help us think about the assumptions around retail sell-through and replenishment embedded in the low single-digit growth outlook for the December quarter? And then how do those assumptions compare to the current trends you're experiencing in the marketplace right now?

我想在我們進入假期季時，詢問一下UGG品牌。在UGG批發表現優於DTC（直營）的情況下，你能否協助我們理解：在12月季度低個位數成長展望中，對零售端銷售消化（sell-through）與補貨（replenishment）所內含的假設是什麼？另外，這些假設與你們目前在市場上所觀察到的趨勢相比如何？

Yes, I'll start. Maybe just a little bit about kind of how we're thinking about the setup. So coming out of Q2, we definitely saw some of the impact on the consumer. I think, as we mentioned a little bit in the prepared remarks, we are seeing consumers kind of buying closer to wearing occasions. We're also seeing sales events driving kind of higher level of sales as opposed to kind of routine level of sales. So that is how we're looking at it.

好的，我先開始。也許先談一下我們如何看待整體的盤勢/鋪陳。從第二季結束後，我們確實看到一些消費者端的影響。我想，如同我們在事先準備的發言中稍微提到的，我們看到消費者更傾向於在接近實際穿著情境時才購買。我們也看到促銷活動帶動較高水準的銷售，而不是較為常態性的銷售水準。因此，我們是以這樣的角度來看待。

As we mentioned and Stefano talked about the excitement around some of the new product. We think that's going to garner consumer attention, especially as we're getting closer to season. As you know, we just opened up our UGG season. And so we've seen some strong early reaction to the opening of UGG season that is encouraging. But again, it's still very early days in that. A lot of of sales will come in November kind of through December. So so very early on in that.

如同我們提到的，以及Stefano談到對一些新產品的期待。我們認為這將吸引消費者注意力，尤其是在更接近旺季時。如你所知，我們剛剛開啟UGG季。因此，我們看到UGG季開啟後的早期反應相當強勁，這令人鼓舞。但同樣地，現在仍是非常早期的階段。許多銷售會在11月一路延續到12月。所以目前確實還很早。

In terms of the assumptions then, we are necessarily making the same assumptions around reorders that we had last year was a very strong season. The set up, the weather contributed very well, that drove a very, very strong additional order business for us in December and January. So we're not anticipating that same level of reorder but we'll see what happens. We think our brands are well positioned in the market. If the consumers show up, we believe we've got the product out there that will resonate, and we'll see what happens.

至於這些假設，我們並沒有做出與去年相同的追加訂單（reorders）假設；去年是非常強勁的一季。當時的盤勢與天氣條件都非常有利，帶動我們在12月與1月出現非常、非常強的追加訂單業務。因此，我們不預期會有同等水準的追加訂單，但我們會觀察後續發展。我們認為我們的品牌在市場上的定位良好。如果消費者願意買單，我們相信我們已經把能引起共鳴的產品投放到市場上，接下來就看結果如何。

Yes. To Steve's point, the way consumers are responding to newness is fantastic. And some of the heritage styles that we're bringing back like Sunburst Tall, Disquette Heritage, Classic Mini Dipper Legwarmer are all performing well. So that gives us confidence that the consumer will show up.

是的。呼應Steve的觀點，消費者對新品的反應非常出色。而且我們帶回來的一些經典傳承款式，例如Sunburst Tall、Disquette Heritage、Classic Mini Dipper Legwarmer，表現都很好。因此，這讓我們更有信心消費者會出現並購買。

Okay. And then on the HOKA opportunity and zooming out a bit, I wanted to ask how the current environment is influencing your multiyear opportunity to penetrate more meaningfully in athletic specialty, sporting goods and run specialty environment?

好的。然後回到HOKA的機會、把視角拉遠一些，我想問目前的環境如何影響你們在多年期的機會：在運動專賣、運動用品以及跑步專賣通路中，更有意義地提升滲透率？

Our strategy doesn't change. As we shared is, we're going to slowly expand where it makes sense. And now that the offer gives us more differentiation opportunities that's what we'll be doing. So our strategy and outlook doesn't change for HOKA.

我們的策略不變。如同我們分享的，我們會在合理之處逐步擴張。而現在產品組合讓我們有更多差異化的機會，這正是我們會去做的事。因此，我們對HOKA的策略與展望不變。

Thank you. This concludes today's Deckers Brand second quarter fiscal 2027 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的Deckers Brands 2027會計年度第二季財報電話會議到此結束。請於此時掛斷電話，祝各位有美好的一天。