Canada Goose Holdings Inc (GOOS) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Canada Goose Q2 2024 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Canada Goose 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Ana Raman, Head of Investor Relations. Please go ahead, Ms. Raman.

我現在想將電話轉給投資者關係主管安娜·拉曼 (Ana Raman)。請繼續，拉曼女士。

Thank you, operator, and good morning, everyone. With me are Dani Reiss, Chairman and CEO; Jonathan Sinclair, EVP and CFO; and Carrie Baker, President.

謝謝接線員，大家早安。和我在一起的還有董事長兼執行長 Dani Reiss；喬納森·辛克萊（Jonathan Sinclair），執行副總裁兼財務長；和總裁凱莉·貝克。

After Dani's and Jonathan's prepared remarks, we will open it up for your questions. Our call today, including the Q&A portion, includes forward-looking statements. Each forward-looking statement, including without limitation, discussion of our financial outlook, is subject to risks and uncertainties that could cause actual results to differ materially from those projected.

在丹尼和喬納森準備好發言後，我們將開放供大家提問。我們今天的電話會議，包括問答部分，都包含前瞻性陳述。每項前瞻性陳述，包括但不限於對我們財務前景的討論，都受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測有重大差異。

Certain material factors and assumptions were considered and applied in making these forward-looking statements. Additional information regarding these statements, factors and assumptions, and regarding material factors that could cause actual results to differ from those projected is available in our earnings press release issued this morning, as well as in our filings with U.S. and Canadian securities regulators.

在做出這些前瞻性陳述時考慮並應用了某些重大因素和假設。有關這些陳述、因素和假設以及可能導致實際結果與預測不同的重大因素的更多信息，請參閱我們今天上午發布的收益新聞稿以及我們向美國和加拿大證券監管機構提交的文件。

These documents are also available on the Investor Relations section of our website. The forward-looking statements made on this call speak only as of today, and we undertake no obligation to update or revise any of these statements.

這些文件也可以在我們網站的投資者關係部分找到。本次電話會議中所做的前瞻性陳述僅代表今天的情況，我們不承擔更新或修改任何這些陳述的義務。

We report in Canadian dollars, so all amounts discussed today are in Canadian dollars unless otherwise indicated.

我們以加幣為單位進行報告，因此除非另有說明，今天討論的所有金額均以加幣為單位。

Please note that financial results described on today's call will compare second quarter results ended October 1, 2023, with the same period ended October 2, 2022, unless noted otherwise.

請注意，除非另有說明，今天電話會議中所述的財務業績將截至 2023 年 10 月 1 日的第二季業績與截至 2022 年 10 月 2 日的同期業績進行比較。

Lastly, our commentary today will also include certain non-IFRS financial measures, which are reconciled at the end of our earnings press release.

最後，我們今天的評論還將包括某些非國際財務報告準則的財務指標，這些指標將在我們的收益新聞稿末尾進行調整。

With that, I'll turn the call over to Dani.

這樣，我會將電話轉給丹尼。

Thanks, Ana, and good morning, everyone. We delivered solid second quarter results, reflecting the strength of our iconic brand in key global markets and progress across our strategic initiatives. Our Q2 fiscal 2024 revenue was in line with our expectations at $281.1 million, and we exceeded the top end of our earnings guidance range as we balance investment in our growth initiatives with a focus on operational discipline, delivering $15.6 million in adjusted EBIT and $0.16 in adjusted earnings per share.

謝謝安娜，大家早安。我們第二季業績強勁，反映了我們標誌性品牌在全球主要市場的實力以及我們策略舉措的進展。我們2024 財年第二季度的收入符合我們的預期，為2.811 億美元，並且我們超出了盈利指導範圍的上限，因為我們平衡了增長計劃的投資與運營紀律的重點，調整後的息稅前利潤為1,560 萬美元，調整後的息稅前利潤為0.16 美元。調整後每股盈餘。

For Q3, we are taking a more conservative approach in regards to our expectations given the macro environment we see across many of our markets today. As a result, we are revising our full year outlook, which reflects the moderation in sales growth and continued investments in our priorities, balanced with prudent expense actions. Jonathan will expand on both our second quarter results and updated guidance shortly.

對於第三季度，鑑於我們今天在許多市場看到的宏觀環境，我們對我們的預期採取了更保守的態度。因此，我們正在修改全年展望，這反映了銷售成長的放緩和對我們優先事項的持續投資，並與審慎的支出行動相平衡。喬納森很快就會詳細介紹我們的第二季業績和更新的指導。

In Q2, more consumers came to shop with Canada Goose but in the same period last year as our brand continues to capture the attention of shoppers around the world. Our innovative high-performance products and elevated luxury experience are resonating with our loyal consumers, who even with this high inflationary backdrop are returning to enjoy more of our offerings.

第二季度，更多的消費者來到 Canada Goose 購物，但與去年同期相比，我們的品牌繼續吸引世界各地購物者的注意。我們創新的高性能產品和提升的奢華體驗引起了我們忠實消費者的共鳴，即使在高通膨的背景下，他們也會回歸享受我們的更多產品。

As we continue to navigate an uncertain global macro landscape, our business is prepared for anticipated demand, admits to reduced visibility. While this macro environment presents a headwind, we remain focused on building for the long term, guided by our 3 strategic pillars: driving consumer-focused growth, building our DTC network and expanding our product categories.

隨著我們繼續應對不確定的全球宏觀形勢，我們的業務已為預期需求做好了準備，但承認可見度降低。儘管這種宏觀環境帶來了阻力，但我們仍然專注於長期建設，以我們的三大策略支柱為指導：推動以消費者為中心的成長、建立我們的 DTC 網路和擴大我們的產品類別。

I will take you through the progress we have made on each of these pillars. First, driving consumer-focused growth. Q2 DTC channel revenue of $109.4 million was up by 15% compared to the same period last year. Our top priority here is investing in our brand to inspire and engage consumers and drive desirability through customer experiences, targeted marketing campaigns and partnerships.

我將向您介紹我們在每個支柱上取得的進展。首先，推動以消費者為中心的成長。第二季DTC通路營收為1.094億美元，較去年同期成長15%。我們的首要任務是投資我們的品牌，以激勵和吸引消費者，並透過客戶體驗、有針對性的行銷活動和合作夥伴關係來提高需求。

Starting with our distinctive elevated luxury retail experience that we call Canadian warmth, which is defined as Canada Goose's customer journey. In Q2, we began to roll out the Canadian warmth experience across our store network, which during our pilot phase showed a positive uplift in conversion. This is important as we look to capitalize on our strong traffic trends.

首先是我們獨特的高端奢侈品零售體驗，我們稱之為“加拿大溫暖”，這被定義為 Canada Goose 的客戶旅程。第二季度，我們開始在我們的商店網路中推出加拿大式的溫暖體驗，在試點階段顯示出轉換率的正面提升。這很重要，因為我們希望利用強勁的流量趨勢。

While the effects on conversion across our networks are not expected to completely take hold immediately, we are taking a test and learn approach to guide us in moving this metric up and to the right.

雖然對整個網路轉換的影響預計不會立即完全顯現，但我們正在採取測試和學習方法來指導我們將該指標向上和向右移動。

Second, our brand marketing campaigns. In September, we launched our fall winter campaign, featuring 3 trailed leading women who represent the Canada Goose ethos, while they are living their authentic lives out in the open. The early weeks of this campaign have been very successful, receiving well over 1 billion media impressions.

第二，我們的品牌行銷活動。 9 月，我們推出了秋冬廣告活動，以 3 位代表 Canada Goose 精神的傑出女性為主角，她們在戶外過著真實的生活。該活動的前幾週非常成功，獲得了超過 10 億次媒體曝光。

In late October, we held our largest event to date in China, as we celebrated our fifth anniversary of our first brick-and-mortar store in the region. We welcomed nearly 500 guest tour event held in Shanghai, during which they took in our first ever fashion show in the country, which was held outdoors. The event was one of our most successful activation in the market so far, resulting in over 3 billion media impressions.

十月底，我們舉辦了迄今為止在中國最大規模的活動，慶祝我們在該地區的第一家實體店開業五週年。我們在上海迎來了近500名嘉賓的巡迴活動，期間他們觀看了我們在國內首次在戶外舉行的時裝秀。該活動是我們迄今為止在市場上最成功的活動之一，媒體曝光量超過 30 億次。

Chinese shoppers continue to be a driver of our growth, both inside and increasingly outside the country. As of Q2, we had 21 stores in China, a position that we have built opportunistically, backed by strong demand for our brand in this market and knowing that this will position us well following the pandemic.

無論是在國內還是國外，中國購物者仍然是我們成長的動力。截至第二季度，我們在中國擁有 21 家門市，這一地位是我們趁機建立的，受到該市場對我們品牌的強勁需求的支持，並知道這將使我們在疫情後處於有利地位。

I was in China last month for our 5-year anniversary celebration, and visited our stores, and met with top customers, and I was pleased to see the level of profit in the stores and truly impressed with the guest experience our customers are receiving.

上個月我在中國參加我們的五週年慶典，參觀了我們的商店，會見了頂級客戶，我很高興看到商店的利潤水平，並對我們的客戶所獲得的客戶體驗印象深刻。

Our third approach of brand building is partnerships, through which we continue to drive cultural relevancy and tap into new audiences, one important aspect being product collaborations. In September, we launched a collaboration with London-based fashion house, Rokh, and artist, Matt McCormick, that included 8 exclusive pieces for women. Products from this collab were featured across select Canada Goose stores, in place with strategic and influential fashion retailers like the overstreet market.

我們品牌建立的第三種方法是合作夥伴關係，透過這種方法，我們繼續推動文化相關性並吸引新的受眾，其中一個重要方面是產品合作。 9 月，我們與倫敦時裝品牌 Rokh 和藝術家 Matt McCormick 推出了合作款，其中包括 8 件專為女性設計的單品。此次合作的產品在精選的 Canada Goose 商店以及 Overstreet Market 等具有戰略意義和影響力的時尚零售商中均有展示。

In October, we launched another collab with luxury streetwear brand, Pyer Moss, featuring a colorful, limited edition capsule, inspired by the street culture in Brooklyn, catering to both men and women.

10 月，我們與奢華街頭服飾品牌 Pyer Moss 推出了另一項合作，推出色彩繽紛的限量版膠囊系列，其靈感源自布魯克林街頭文化，適合男士和女士。

Both collabs are seeing solid reception from our customers, and more importantly, growing exciting media coverage globally and building brand awareness around the world.

這兩項合作都受到了客戶的熱烈歡迎，更重要的是，全球媒體報道不斷增加，並在全球範圍內建立了品牌知名度。

Earnings during second quarter, building our DTC network. In Q2, we opened 6 new permanent stores. In addition to the conversion of 2 temporary stores to permanent during the quarter, we had 62 permanent stores at the end of the period. We opened new stores in L.A., Atlanta and Philadelphia in the United States. In Mainland China, we opened a store in Tianjin and a second store in Shanghai. And in Japan, we will open our second store in Tokyo.

第二季獲利，建置我們的 DTC 網路。第二季度，我們新開了 6 家常設店。除了本季將 2 家臨時店轉為永久店外，期末我們還擁有 62 家永久店。我們在美國洛杉磯、亞特蘭大和費城開設了新店。在中國大陸，我們在天津開了一家店，在上海開了第二家店。在日本，我們將在東京開設第二家店。

With 9 new permanent stores opened so far in fiscal '24, we are well positioned with consumers in key geographies as we enter the holiday shopping season.

2024 財年迄今為止，我們新開了 9 家常設店，隨著假日購物季的到來，我們在關鍵地區的消費者中佔據了有利地位。

We also opened our first travel retail store in the Frankfurt International Airport in September. With just a month into its opening, and the store is off to a good start, receiving positive feedback from customers as they connect to this important international hubs.

我們也於九月在法蘭克福國際機場開設了第一家旅遊零售店。開業僅一個月，商店就取得了良好的開端，在連接這個重要的國際樞紐時收到了客戶的正面回饋。

(inaudible) Retail is a new part of our wholesale programs, and we're eager to test and learn in the selling environment as we refine our growth plan and attract a brand-new type of clientele, traveler.

（聽不清楚）零售是我們批發計劃的新組成部分，隨著我們完善增長計劃並吸引全新類型的客戶（旅行者），我們渴望在銷售環境中進行測試和學習。

Let's now talk about DTC home sales. which include both in-store and online sales. DTC comp sales were down 7% year-over-year, as total store comp sales increased slightly, offset by a decrease in e-commerce revenue. While traffic grew significantly both online and off-line across all regions, DTC comp growth was down in the U.S., EMEA and Mainland China.

現在我們來談談 DTC 房屋銷售。其中包括店內銷售和網上銷售。 DTC 贈品銷售額年減 7%，商店贈品總銷售額略有成長，但被電子商務收入的下降所抵銷。儘管所有地區的線上和線下流量均顯著成長，但美國、歐洲、中東和非洲和中國大陸的 DTC 年成長率有所下降。

Growth in Hong Kong, Taiwan, and Macau was robust, fueled by the return of mainland Chinese to us. Canada DTC growth also increased, particularly in cities with high levels of tourism, including Vancouver, (inaudible) and Toronto.

在中國大陸回歸的推動下，香港、台灣和澳門的成長強勁。加拿大 DTC 的成長也有所增加，特別是在旅遊業發達的城市，包括溫哥華（聽不清楚）和多倫多。

Overall, we saw softer conversion in Q2 year-over-year, which we believe may be due to the macroeconomic environment in which consumers are spending closer to need, exacerbated by the later onset of cold weather that many regions have been experiencing.

總體而言，我們看到第二季的轉換較去年同期疲軟，我們認為這可能是由於宏觀經濟環境中消費者的支出更接近需求，而許多地區隨後出現的寒冷天氣加劇了這種情況。

Turning to online commerce. Although our stores contributed the majority of our DTC revenue in Q2, e-commerce is an important part of our broader strategy to create a seamless omnichannel experience. We are investing in the end-to-end online shopping journey to drive better conversion and minimize returns.

轉向線上商務。儘管我們的商店貢獻了第二季 DTC 收入的大部分，但電子商務是我們創建無縫全通路體驗的更廣泛策略的重要組成部分。我們正在投資端到端的線上購物之旅，以提高轉換率並最大限度地減少回報。

On the front end, we continue to implement new features, such as a size and fit module, while enhancing the back end through improvements in merchandising, navigation and site architecture and performance, just to name a few initiatives.

在前端，我們繼續實施新功能，例如尺寸和合身模組，同時透過改進銷售、導航和網站架構和效能來增強後端，僅舉幾例。

In Q2, we made good traction in both top and middle of funnel activities, increasing visits to our product pages in additions to (inaudible). While our overall Q2 DTC comp results were not ideal, our teams are actively working to change its dynamic and trajectory to drive top line growth such as converting on the strong profit trends we have had in the quarter across our owned channels.

在第二季度，我們在漏斗活動的頂部和中部都取得了良好的牽引力，除了（聽不清楚）之外，還增加了對我們產品頁面的訪問量。雖然我們第二季的整體 DTC 業績並不理想，但我們的團隊正在積極努力改變其動態和軌跡，以推動營收成長，例如利用我們自有通路本季強勁的利潤趨勢進行轉換。

Turning to our third pillar, expanding on product categories. In Q2, the demand for non-heavyweight down products grew, expanding its share of revenue within the overall mix. While total sales were heavily down or flat year-over-year, revenue in this category grew within our DTC channel, reflecting continued strength for our core product.

轉向我們的第三個支柱，擴大產品類別。第二季度，對非重量級羽絨產品的需求成長，擴大了其在整體組合中的收入份額。雖然總銷售額較去年同期大幅下降或持平，但我們的 DTC 通路內該類別的收入有所增長，反映出我們核心產品的持續實力。

Within non-heavy weight down, rainwear was our fastest-growing category in the second quarter, followed by apparel. The Chilliwack fleece bomber, [hit on] pants and hoody and jacket and HyBridge knit jacket were the most popular apparel pieces with our customers.

在非厚重羽絨外套中，雨衣是我們第二季成長最快的類別，其次是服裝。 Chilliwack 羊毛飛行員夾克、[流行] 褲子、連帽衫和夾克以及 HyBridge 針織夾克是最受客戶歡迎的服裝單品。

When we look at who is purchasing our non-heavy weight down products in Q2, we see that more of our repeat customers are coming back to the brand they love to purchase additional items. This is another reason that we are focused on offering customers amazing and authentic experiences that keep them returning for more.

當我們查看第二季度誰在購買我們的非厚重羽絨產品時，我們發現更多的回頭客回到他們喜歡的品牌購買額外的商品。這是我們專注於為客戶提供令人驚嘆和真實的體驗，讓他們再次光顧的另一個原因。

As in our footwear category, sales of our recently launched sneaker line in July ramped up and remained at consistent levels through the second quarter, and I'm happy to see the category performing to our expectations.

與我們的鞋類類別一樣，我們最近推出的運動鞋系列在 7 月份的銷量有所增加，並在第二季度保持穩定水平，我很高興看到該類別的表現符合我們的預期。

Taking a step back, we are executing on our product road map, and we're excited with the newness we're injecting into our upcoming product assortments. Product is always top of mind for us, and I and our design teams are actively working with top-tier design talent to ensure that execution against our product road map continues during this time of transition.

退一步來說，我們正在執行我們的產品路線圖，我們對即將推出的產品類別中註入的新鮮感感到興奮。產品始終是我們的首要考慮因素，我和我們的設計團隊正在積極與頂級設計人才合作，以確保在過渡期間繼續執行我們的產品路線圖。

In closing, Canada Goose is first and foremost about our product. We don't compromise on our vision of being a leading luxury brand, which is defined by our products' high-performance style and craftsmanship.

最後，Canada Goose 首先也是最重要的是我們的產品。我們不會妥協成為領先奢侈品牌的願景，這個願景是由我們產品的高性能風格和工藝決定的。

Although we are facing an uncertain and challenging global macroeconomic backdrop at this time, our fundamentals are strong, and we look forward to seeing many more people enjoy Canada Goose products in the months and the years ahead.

儘管我們目前面臨著不確定且充滿挑戰的全球宏觀經濟背景，但我們的基本面依然強勁，我們期待在未來的幾個月和幾年裡看到更多的人享受 Canada Goose 產品。

Before I hand the call over to Jonathan, I want to congratulate him on his appointment to the role of President of APAC; and Neil Bowden on the role of Chief Financial Officer, both of which will be effective on April 1, 2024. Both Jonathan and Neil have deep experience with Canada Goose, allowing for a smooth transition between role and continuity across the business while supporting our growth and expansion in APAC.

在將電話轉交給喬納森之前，我要祝賀他被任命為亞太區總裁；和Neil Bowden 任命首席財務官，兩者均將於2024 年4 月1 日生效。Jonathan 和Neil 都在Canada Goose 擁有豐富的經驗，可以在角色和整個業務的連續性之間實現平穩過渡，同時支持我們的發展以及在亞太地區的擴張。

Thank you. And with that, I'll hand it over to Jonathan.

謝謝。這樣，我就把它交給喬納森。

Thank you, Dani, and good morning, everyone. We are pleased with our solid top and bottom line performance in the quarter, reflecting demand and strong operational discipline. Revenue for the second quarter was $281.1 million, up 1% year-over-year, driven by growth in our DTC channel.

謝謝丹尼，大家早安。我們對本季穩健的營收和利潤表現感到滿意，這反映了需求和嚴格的營運紀律。在 DTC 通路成長的推動下，第二季營收為 2.811 億美元，年增 1%。

On a constant currency basis, revenue was down 3% year-over-year as the euro strengthened against the Canadian dollar. DTC sales of $109.4 million grew 15%, or just under 12% on a constant currency basis over the same period last year as a result of retail store expansion. DTC revenue was 39% of total sales in Q2, compared to 34% in the same quarter last year.

以固定匯率計算，由於歐元兌加幣走強，營收年減 3%。由於零售店擴張，DTC 銷售額達到 1.094 億美元，年增 15%，以固定匯率計算略低於 12%。第二季 DTC 營收佔總銷售額的 39%，去年同期為 34%。

As our store footprint expanded and consumer demand increased in our more profitable DTC segment, we continue to intentionally shift our proportion of channel revenue to sell directly to our end consumers.

隨著我們的商店覆蓋範圍擴大以及利潤更高的 DTC 細分市場中消費者需求的增加，我們繼續有意將通路收入的比例轉變為直接向最終消費者銷售。

Q2 wholesale revenue of $162 million was down 10% year-over-year, or 15% down on a constant currency basis due to the planned streamlining of our wholesale partners.

由於計畫精簡批發合作夥伴，第二季批發收入為 1.62 億美元，年減 10%，以固定匯率計算下降 15%。

Similar to Q1, we delivered earlier shipments to our wholesalers who are excited to have the products available ahead of the peak season.

與第一季類似，我們提前向批發商發貨，他們很高興能在旺季之前提供產品。

We continue to see caution amongst the wholesale community, which is reflected in our order book across all geographies as a challenging macroeconomic backdrop continues to present headwinds.

我們繼續看到批發界持謹慎態度，這反映在我們所有地區的訂單簿中，因為充滿挑戰的宏觀經濟背景繼續帶來阻力。

Moving to performance by geography. Q2 revenue increased in Asia Pacific and in EMEA, whilst it decreased in North America year-over-year. North America revenue of $124.1 million was down 7% or 8% down on a constant currency basis as lower wholesale revenue was partially offset by growth in our DTC channel.

轉向按地理位置劃分的效能。第二季亞太地區和歐洲、中東和非洲地區的營收有所成長，而北美地區的營收則是年減。北美地區的收入為 1.241 億美元，以固定匯率計算下降了 7% 或 8%，因為我們的 DTC 通路的成長部分抵消了批發收入的下降。

In Q2, our DTC segment in North America grew high single digits year-over-year due to solid store performance. In the U.S., DTC sales grew low double digits due to new store sales. Traffic was substantially higher year-over-year as we more than doubled our store count to 13 permanent stores. We're taking meaningful steps to grow the female consumer while continuing to build on the success of the men's business.

第二季度，由於門市業績穩健，我們在北美的 DTC 業務年增了高個位數。在美國，由於新店銷售，DTC 銷售額實現了兩位數的低成長。我們的店鋪數量增加了一倍多，達到 13 家常設店鋪，客流量較去年同期大幅增加。我們正在採取有意義的措施來發展女性消費者，同時繼續鞏固男性業務的成功。

In the second quarter, the share of transactions from women remained stable year-over-year, with pieces from our full winter '23 collection resonating in the quarter. From a product standpoint, apparel and rain categories led the growth in the non-heavyweight down portion of the business. This demonstrates our ability to provide an all-season relevant product offering to our customers.

第二季度，女性的交易份額同比保持穩定，我們 23 年冬季全系列的單品在本季度引起了共鳴。從產品角度來看，服裝和雨具品類引領了非重量級羽絨業務的成長。這表明我們有能力為客戶提供全季節相關產品。

Moving to Canada, our home market, we registered modest DTC growth compared to the same period last year due to growth at our brick-and-mortar stores as revenue contributions from tourists continued to grow within the mix alongside a reduced wholesale penetration.

轉向我們的本土市場加拿大，與去年同期相比，我們的 DTC 略有增長，這是由於遊客的收入貢獻持續增長以及批發滲透率下降，導致我們的實體店增長。

Turning to Asia Pacific. This region had a solid quarter, with revenue increasing 13% year-over-year to $63.8 million, up 11% on a constant currency basis. We had especially strong performance in our stores in Hong Kong, in Taiwan and in Macau, with a continued return of Chinese tourism.

轉向亞太地區。該地區季度表現強勁，營收年增 13% 至 6,380 萬美元，以固定匯率計算成長 11%。隨著中國旅遊業的持續回歸，我們在香港、台灣和澳門的商店表現尤其強勁。

Store sales rose in Mainland China, where lifting of COVID restrictions that has led to a solid rebound in domestic spending. We continue to expand our product mix and grow our non-heavyweight down offers, with rainwear apparel and footwear, representing a larger portion of total revenues on a year-over-year basis in the region.

中國大陸的商店銷售成長，新冠疫情限制的取消導致國內支出強勁反彈。我們繼續擴大我們的產品組合，並增加我們的非重量級羽絨產品，其中雨衣和鞋類在該地區同比總收入中所佔的比例更大。

Lastly, EMEA revenue was up 6% year-over-year to $93.2 million, or down 4% on a constant currency basis as wholesale revenue was partially offset by softer DTC channel performance.

最後，歐洲、中東和非洲地區的營收年增 6%，達到 9,320 萬美元，以固定匯率計算下降 4%，因為批發收入被 DTC 通路表現疲軟部分抵銷。

Wholesale outperformance was led by earlier shipments of orders to our partners. DTC store revenue was offset by lower e-commerce revenue as consumers felt the pinch of weakening macroeconomic conditions. We continue to see the share of revenue from international tourism grow as a proportion of total revenues in the region.

批發表現優異是由於較早向我們的合作夥伴發貨的訂單。由於消費者感受到宏觀經濟狀況疲軟的壓力，DTC 商店的收入被電子商務收入的下降所抵消。我們繼續看到國際旅遊業收入佔該地區總收入的比例不斷增長。

Rainwear was a standout category during the quarter, growing significantly compared to last year, with Europe experiencing more rainfall than average during the summer.

雨衣是本季的一個突出類別，與去年相比顯著增長，歐洲夏季的降雨量高於平均水平。

Moving to gross profit. Our second quarter gross profit grew 8% year-over-year to $179.5 million, driven by gross margin expansion. Q2 gross margin expanded 410 basis points to 63.9%. This was due to pricing, a favorable product mix, even with non-heavyweight down, outpacing heavyweight down, I might say, and a higher mix of DTC sales.

轉向毛利。在毛利率擴張的推動下，我們第二季的毛利年增 8% 至 1.795 億美元。第二季毛利率擴大 410 個基點至 63.9%。我可能會說，這是由於定價、有利的產品組合（即使是非重量級下跌，其速度也超過了重量級下跌）以及更高的 DTC 銷售組合。

The increase in the gross margin of our products were seen across nearly all categories, with non-heavyweight down outpacing the margin expansion of our established heavyweight downs segment.

我們產品的毛利率幾乎在所有類別中都出現了增長，其中非重量級羽絨服的利潤率擴張超過了我們已建立的重量級羽絨服部門的利潤率擴張。

DTC gross margin was 76% in Q2, down 60 basis points year-over-year, while wholesale margins increased to 57%, up 620 basis points, again compared to the second quarter of last year.

第二季 DTC 毛利率為 76%，年減 60 個基點，而批發利潤率升至 57%，較去年第二季上升 620 個基點。

Gross margin in the DTC segment was marginally low due to inflationary product costs and higher freight charges due to increased volume in the U.S. and in Mainland China, partially offset by favorable pricing.

由於產品成本通膨以及美國和中國大陸銷售增加導致運費上漲，DTC 業務的毛利率略低，但部分被有利的定價所抵銷。

Wholesale margin was higher primarily due to pricing, which included, importantly, foreign exchange tailwinds due to the strengthening of the euro relative to the Canadian dollar, as well as preference for our higher-margin styles within the heavyweight and lightweight segments by our wholesale partners.

批發利潤率較高主要是由於定價，其中重要的是，由於歐元相對加元走強而帶來的外匯順風，以及我們的批發合作夥伴對我們在重量級和輕量級細分市場中利潤率較高的款式的偏好。

Adjusted EBIT was $15.6 million. That was down compared to $26.3 million we made in the second quarter of last year, but at the same time, was above the top end of our guidance range due to strong operational execution. This was primarily due to lower-than-planned SG&A spend as we drove efficiencies across the business through a combination of slowing hiring, process improvements and automation of manual processes.

調整後息稅前利潤為 1560 萬美元。與我們去年第二季的 2,630 萬美元相比有所下降，但同時由於強勁的營運執行力，該數字高於我們指導範圍的上限。這主要是由於我們透過放慢招聘速度、流程改進和手動流程自動化來提高整個業務的效率，因此銷售管理、行政管理 (SG&A) 支出低於計劃。

SG&A spend of $177.2 million was largely associated with the higher cost coming from the expansion of our retail network, in particular, rent and employee costs, as well as the timing of marketing spend, onetime corporate restructuring expenses and our transformation program, which I'll discuss in a little bit more detail shortly. Adjusted net income attributable to shareholders was $16.2 million or $0.16 per basic share.

SG&A 支出為1.772 億美元，很大程度上與我們零售網絡擴張帶來的更高成本有關，特別是租金和員工成本，以及營銷支出的時間安排、一次性公司重組費用和我們的轉型計劃，我認為我們很快就會更詳細地討論。調整後歸屬於股東的淨利潤為 1,620 萬美元，即每股基本股 0.16 美元。

Moving to our balance sheet. We ended the second quarter of fiscal '24 with inventory of $519.7 million, and that was up 2% from $511.5 million at the end of the same period last year as inventory growth decelerated for the third consecutive quarter.

轉向我們的資產負債表。截至 24 財年第二季度，我們的庫存為 5.197 億美元，比去年同期末的 5.115 億美元成長了 2%，因為庫存成長連續第三個季度放緩。

In Q2, we bought back approximately 1.36 million shares for a total cash consideration of $29.9 million, ending the quarter with $851.9 million of net debt on our balance sheet compared to $734.1 million at the end of the second quarter of fiscal 2023. The year-over-year increase was due to our investment in the NCIB, our share buyback program, and higher borrowing as we prepare for our peak season.

第二季度，我們回購了約136 萬股股票，總現金代價為2,990 萬美元，本季末資產負債表上的淨負債為8.519 億美元，而2023 財年第二季末的淨負債為7.341億美元。年成長是由於我們對 NCIB 的投資、股票回購計劃以及為旺季做準備而增加的借款。

Since the commencement of our NCIB, we have repurchased 3.7 million shares, or 68% of the amount authorized under the program. As you know, this is a strategic pillar in our capital allocation policy and something we keep under constant review.

自 NCIB 啟動以來，我們已回購 370 萬股股票，即該計劃授權金額的 68%。如您所知，這是我們資本配置政策的策略支柱，也是我們不斷審查的內容。

We're comfortable with net debt leverage of 3.3x adjusted EBITDA at the end of the quarter, which you should remember reflects a seasonal cash flow point for the business. Based on the seasonality of the business, we expect to reduce our net debt leverage ratio by the end of the fiscal year.

我們對本季末 3.3 倍調整後 EBITDA 的淨債務槓桿感到滿意，您應該記住，這反映了企業的季節性現金流點。根據業務的季節性，我們預計將在本財政年度結束時降低淨債務槓桿率。

During the second quarter, as part of the transformation program, we took meaningful steps to identify and eliminate inefficiencies from our cost base while enhancing customer experiences.

在第二季度，作為轉型計劃的一部分，我們採取了有意義的措施來識別和消除成本基礎中的低效率問題，同時增強客戶體驗。

We streamlined our corporate workforce, reducing nonstore and nonmanufacturing head count by approximately 10%, resulting in a more lean and centralized structure to support the next phase of growth.

我們精簡了公司員工隊伍，將非商店和非製造人員數量減少了約 10%，從而形成了更精簡和集中的結構，以支持下一階段的成長。

We also transitioned more production in-house with nearly 85% of our domestically produced jackets manufactured in-house in the second quarter of fiscal 2024, compared to 58% as recently as the fourth quarter of fiscal 2023. In-house production gives us greater flexibility and quality control over our manufacturing process and consequently control over inventory management.

我們也轉向了更多的內部生產，2024 財年第二季度，近85% 的國產夾克是在內部生產的，而2023 財年第四季度這一比例為58%。內部生產為我們帶來了更大的優勢我們製造流程的靈活性和品質控制，以及庫存管理的控制。

We also rolled out a number of initiatives to enhance store productivity, touching staffing, merchandising and layout as we seek to improve conversion and customer satisfaction.

我們還推出了一系列措施來提高商店生產力，涉及人員配置、商品陳列和佈局，以提高轉換率和客戶滿意度。

Together, this has resulted in an estimated savings run rate of approximately 15% of the $150 million we expect as a result of our transformation program by fiscal '28, and that progress is ahead of our expectations.

到 28 財年，我們預計轉型計畫將帶來 1.5 億美元的節省，預計節省率約為 15%，而且這項進展超出了我們的預期。

Turning to our outlook. We had a solid first half of fiscal 2024, delivering on the top line, delivering on the bottom line expectations. And we're making good progress across our strategic pillars and our transformation program and seeing some early benefits of our work in the positive adjusted EBIT achieved in the second quarter.

轉向我們的展望。我們 2024 財年上半年業績強勁，實現了營收和利潤預期。我們在策略支柱和轉型計劃方面取得了良好進展，並在第二季度實現的正調整息稅前利潤中看到了我們工作的一些早期效益。

We remain confident that our strategy is the right one to achieve long-term sustainable growth and improved profitability.

我們仍然相信，我們的策略是實現長期可持續成長和提高獲利能力的正確策略。

All of that said, however, our outlook for the back half of fiscal '24 has come under pressure due to an increasingly challenging global macroeconomic environment that has impact to consumer decision-making and prioritization of spend.

然而，儘管如此，我們對 24 財年後半段的前景仍面臨壓力，因為全球宏觀經濟環境日益嚴峻，影響了消費者決策和支出優先順序。

As a result, we saw early momentum gathered in our second quarter, begin to slow noticeably in September. While we began to see some improvement in late October, visibility remains reduced. To reflect the increased uncertainty in the macro environment, we are revising and expanding the potential range of outcomes for revenue, for non-IFRS adjusted EBIT, and for non-IFRS adjusted net income per diluted share for fiscal 2024.

因此，我們看到第二季度的早期勢頭聚集，但在 9 月開始明顯放緩。雖然我們在 10 月下旬開始看到一些改善，但能見度仍然較低。為了反映宏觀環境中日益增加的不確定性，我們正在修訂和擴大2024 財年收入、非國際財務報告準則調整後的息稅前利潤和非國際財務報告準則調整後每股攤薄淨利潤的潛在結果範圍。

As a result, we are updating our full year 2024 guidance as follows. We expect total revenue to be between $1.2 billion and $1.4 billion for the full year. Our revenue guidance assumes DTC revenue to be around 70% of total revenue, representing a high single-digit increase to a low double-digit decrease in year-over-year DTC comparable sales growth and continued store expansion. We now plan to open 15 new permanent stores this year, 9 of which are open as of today. We also expect wholesale revenue to decrease year-over-year by a low to mid-teens percentage, reflecting the continued editing of our wholesale door count, which I would remind you is 6% down. Revised reorder expectations and expansion of our store retail network.

因此，我們將 2024 年全年指引更新如下。我們預計全年總收入將在 12 億美元至 14 億美元之間。我們的收入指引假設 DTC 收入佔總收入的 70% 左右，這意味著 DTC 可比銷售額同比增長和持續的門市擴張從高個位數增長到低兩位數下降。我們現在計劃今年新開 15 家常設店，其中 9 家已於今日開幕。我們也預期批發收入將年減 10% 左右，這反映出我們對批發門數的持續編輯，我想提醒您的是，下降了 6%。修改了再訂購預期並擴大了我們的商店零售網絡。

We now expect non-IFRS adjusted EBIT between $135 million and $225 million in fiscal 2024, representing an operating margin of between 11% and 16%. This assumes the gross margin percentage to be in the high 60s on a full year basis, with DTC and wholesale gross margin in the mid-70s and low 50s, respectively.

我們現在預計 2024 財年非 IFRS 調整後的息稅前利潤將在 1.35 億美元至 2.25 億美元之間，營業利潤率在 11% 至 16% 之間。假設全年毛利率百分比在 60 多歲左右，DTC 和批發毛利率分別在 70 多歲和 50 多歲左右。

We expect SG&A expense to grow at a mid-teens percentage rate on a year-over-year basis due to the larger DTC network and the associated operating cost base, moderated by cost-saving initiatives, including around $15 million in savings from the transformation program in fiscal 2024.

我們預計，由於 DTC 網路規模更大以及相關的營運成本基礎，加上成本節約舉措（包括轉型節省約 1500 萬美元），SG&A 費用將同比以 15% 左右的百分比增長2024 財年計劃。

We expect non-IFRS adjusted net income per diluted share to be between $0.60 and $1.40. This assumes an effective tax rate in the high teens as a percentage of income before taxes and a weighted average of diluted shares outstanding of 103.5 million units for fiscal 2024.

我們預計非 IFRS 調整後每股攤薄淨利潤將在 0.60 美元至 1.40 美元之間。假設有效稅率佔稅前所得的百分比為十多歲，2024 財年稀釋後流通股的加權平均數為 1.035 億股。

Consistent with this annual guidance, our guidance for the third quarter is as follows. We expect revenue between $575 million and $700 million. Non-IFRS adjusted EBIT between $190 million and $265 million and non-IFRS adjusted net income per diluted share between $1.22 and $1.76.

與本年度指引一致，我們對第三季的指導如下。我們預計營收在 5.75 億美元至 7 億美元之間。非國際財務報告準則調整後的息稅前利潤在 1.9 億美元至 2.65 億美元之間，非國際財務報告準則調整後每股攤薄淨利潤在 1.22 美元至 1.76 美元之間。

The outlook I provided represents our most likely range of outcomes based on the trends we've seen so far this quarter, and consequently, where we believe this may take us for the entire third quarter and the full fiscal year.

我提供的前景代表了我們根據本季迄今所看到的趨勢最有可能出現的結果範圍，因此，我們相信這可能會影響整個第三季和整個財年。

In summary, while the macroeconomic environment presents challenges, we remain very focused on the things we can control: our products, our brand and our operations.

總之，雖然宏觀經濟環境帶來挑戰，但我們仍然非常關注我們可以控制的事情：我們的產品、我們的品牌和我們的營運。

In addition to advancing our 3 pillars, we are taking clear steps to improve our operational efficiencies, and we're seeing positive results.

除了推進我們的三大支柱之外，我們還採取明確的步驟來提高我們的營運效率，並且我們看到了積極的成果。

I'm excited about our prospects as we continue to build on our luxury positioning and execute our strategy to drive profitable growth over the long term and the best possible results in the coming quarter.

我對我們的前景感到興奮，因為我們將繼續鞏固我們的奢侈品定位並執行我們的策略，以推動長期盈利增長並在下一季取得最佳業績。

With that, operator, please open up the lines for questions.

那麼，接線員，請打開提問線路。

(Operator Instructions) Our first question comes from Brooke Roach from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的布魯克·羅奇（Brooke Roach）。

I was wondering if we could discuss a little bit more context on the trend that you're seeing throughout the quarter as you move through the fall season, both in stores and online by consumer cohort. What changes are you seeing in consumer behavior? And how are consumers resonating with different aspects of your brand, including a new women's collection?

我想知道我們是否可以更多地討論整個季度在秋季期間看到的趨勢背景，無論是在商店還是在網上按消費者群體劃分。您看到消費者行為發生了哪些變化？消費者對您品牌的不同面向（包括新的女裝系列）有何共鳴？

Brooke, thanks for the question. We are -- so yes, the trends that we're seeing are mixed, we are seeing traffic in our stores is up. We would see to see that, we have opportunity to continue to drive conversion of that traffic. It's -- our consumers are (inaudible) towards the new products and the mix of consumers in our stores remains strong. There's lots of a high percentage of new consumers as well as returning consumers. And we're encouraged by that.

布魯克，謝謝你的提問。我們是——是的，我們看到的趨勢是好壞參半的，我們看到我們商店的客流量正在上升。我們希望看到，我們有機會繼續推動該流量的轉換。這是－我們的消費者（聽不清楚）喜歡新產品，而且我們商店裡的消費者組合仍然很強大。新消費者和回頭客的比例很高。我們對此感到鼓舞。

We do continue to see, and we have started to see some softening earlier. And as Jonathan alluded to earlier, in October and recently, we've started to see that getting a little bit better. And it's hard at this point to know what -- how much of that is a new trend and this is going to continue, which is why we've taken a cautious approach. But we're certainly encouraged from a brand perspective to see the traffic at our stores is up.

我們確實會繼續看到，而且我們早些時候已經開始看到一些軟化。正如喬納森早些時候在十月和最近提到的那樣，我們開始看到情況有所改善。目前很難知道其中有多少是新趨勢並且這種趨勢將持續下去，這就是我們採取謹慎態度的原因。但從品牌角度來看，看到我們商店的客流量增加，我們當然受到鼓舞。

I can just jump in, too. Brooke, just on the split of men to women. So you've heard Jonathan talk about what we talked about before, about how we're really trying to dial in and increase that share of women customers. And so we saw that happen significantly in the U.S., in Canada and EMEA that remained pretty stable.

我也可以跳進去。布魯克，剛剛談到男女的分裂。所以你已經聽過喬納森談論我們之前談論過的事情，關於我們如何真正嘗試撥入並增加女性客戶的份額。因此，我們看到這種情況在美國、加拿大和歐洲、中東和非洲地區發生顯著，並且保持相當穩定。

Where we saw a bit more change is GenX customers, that decreased within the mix this quarter, which again, it lines up with what we're thinking and what we're hearing and seeing in the industry in terms of the aspirational customer being a little bit more challenged right now.

我們看到更多變化的是 GenX 客戶，該客戶在本季度的組合中有所減少，這再次符合我們的想法以及我們在行業中聽到和看到的情況，即有抱負的客戶現在面臨的挑戰更大一些。

And if I could just follow up with one additional question on China. Can you elaborate on what is now embedded in your updated full year guidance for Chinese consumer growth, both in Mainland China but also globally?

我能否再問一個有關中國的問題。您能否詳細說明一下最新的全年中國消費者成長指引（無論是在中國大陸還是全球範圍內）的具體內容？

Yes. So I think when it comes to China, we're seeing an environment which is still somewhat challenged in terms of the economic impact on the Chinese consumer.

是的。因此，我認為就中國而言，我們看到的環境在對中國消費者的經濟影響方面仍然面臨一些挑戰。

That said, we are coming up against very much softer comps as we go through November and into December, as you recall last year, there was very little business being done at that critical time. So we do expect to see some growth coming out of Mainland China for that reason.

也就是說，從 11 月到 12 月，我們面臨著非常疲軟的競爭，正如您去年所記得的那樣，在那個關鍵時刻幾乎沒有什麼業務可做。因此，我們確實預計中國大陸將出現一些增長。

When we look more broadly, what we're seeing is that the Chinese consumer is starting to travel. But really, that travel is an Asian phenomenon rather than a global phenomenon. So we are definitely seeing more Chinese consumers across Southeast Asia, and we're seeing that manifest itself, particularly in our stores in Hong Kong and Macau.

當我們放眼更廣的範圍時，我們發現中國消費者開始旅行。但實際上，旅行是亞洲現象而不是全球現象。因此，我們肯定會在東南亞看到更多的中國消費者，而且我們看到了這一點，特別是在我們香港和澳門的商店中。

Our next question comes from Ike Boruchow from Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Two questions for me. Number one, just at a high level curious. How is the business preparing for the banning of PFAs in key markets like New York, for example? I'm just kind of curious, how do you -- are you adjusting manufacturing? What's the conversation internally?

有兩個問題問我。第一，只是處於高度好奇。例如，企業如何為紐約等關鍵市場禁止 PFA 做準備？我只是有點好奇，你們要如何調整製造業？內部討論什麼？

And then looking at the P&L, this quarter specifically. The other revenue line was up to $8 million or $9 million from like less than $2 million last year again. Just can you comment on what exactly is driving that? What's embedded in that? And then, what is that other line kind of forecasted to be the rest of the year as well? How should we think about that?

然後再看看損益表，特別是本季的損益表。其他收入線也從去年的不到 200 萬美元增加到 800 萬美元或 900 萬美元。您能評論一下到底是什麼推動了這個趨勢嗎？其中嵌入了什麼？那麼，預計今年剩餘時間的另一條路線是什麼？我們該如何思考這個問題？

On the -- thanks, Ike. On the first question of PFAs. So this is a topic we've been talking about for many, many years. We obviously have a robust program in our sustainability, and you've seen our goals and objectives on that trajectory. So we're well underway. We're -- I would say, we're feeling strong, ahead of schedule. So it's something that we look at region by region. I would not say that's the only factor that we look at.

關於——謝謝，艾克。關於PFA的第一個問題。所以這是我們多年來一直在談論的話題。顯然，我們在永續發展方面有一個強有力的計劃，並且您已經在這個軌道上看到了我們的目標和目標。所以我們進展順利。我想說，我們感覺很強大，比計劃提前了。所以我們會逐一研究這個問題。我不會說這是我們考慮的唯一因素。

Our sustainability under our human nature platform is quite robust. And so that's one of our key factors and focuses as we come up to some of these deadlines that we see ahead.

我們的人性平台下的永續性非常強勁。因此，這是我們在接近最後期限時的關鍵因素和重點之一。

Yes. I'll just add to that. I think that our (inaudible) integrated supply chain manufacturing infrastructure lever our strengths, and one of our core competencies is an area that we excel, and we feel that we're very much ahead of the curve when it comes to these sorts of matters.

是的。我就補充一下。我認為我們的（聽不清楚）整合供應鏈製造基礎設施充分發揮了我們的優勢，我們的核心能力之一是我們擅長的領域，我們認為在此類問題上我們處於領先地位。

And then when it comes to the growth in the performance in the second quarter. Obviously, it was year-over-year. I think you have to remember is that quarter 2 is all about our wholesale business, really. And the DTC only starts to get going in earnest towards the end of the quarter 2, as you go through September.

然後說到第二季的業績成長。顯然，這是逐年上升的。我想你必須記住，第二季的重點是我們的批發業務，真的。 DTC 直到第二季末（也就是 9 月）才開始真正開始實施。

And so as a result, any growth you see there doesn't really show up in the waiting, and it's therefore something that's very much more about the wholesale business, which, as we've said all along, is going to be down year-over-year.

因此，你看到的任何增長都不會真正體現在等待中，因此，這更多地與批發業務有關，正如我們一直所說的那樣，批發業務今年將會下降-同比。

And even though, we were able to meet consumer request to ship somewhat sooner, the reality is that we still end up down year-over-year in wholesale, and that produces an overall flat picture.

儘管我們能夠滿足消費者提早發貨的要求，但現實是我們的批發量最終仍然同比下降，這導致整體情況平淡。

The key numbers in there, though, is our DTC business is growing in double digits despite the drop in comps. We're still making headwind and the growth in that business.

不過，其中的關鍵數字是，儘管比較下降，我們的 DTC 業務仍以兩位數成長。我們仍然面臨著逆風和該業務的成長。

Right. But I'm asking about the other line. I'm just seeing because of the friends and family event that happened a couple of quarters ago, I was curious, like what is going on that's driving the higher revenue and other? And then what should we expect the rest of the year?

正確的。但我問的是另一條線。我只是看到因為幾個季度前發生的朋友和家人的活動，我很好奇，例如是什麼推動了更高的收入和其他？那麼今年剩下的時間我們該期待什麼呢？

I mean, again, as I said before, friends and family for us is a relatively insignificant part of the total business. It was up 8 million year-over-year in terms of sales from employees, and friends and family generally speaking.

我的意思是，正如我之前所說，朋友和家人對我們來說只是整個業務中相對微不足道的一部分。一般來說，來自員工、朋友和家人的銷售額年增了 800 萬美元。

It's a level of business that is likely to, in our view, mirror last year as we go through the rest of the year. And we see it as a normal business activity.

我們認為，今年剩餘時間的業務水準可能會與去年相同。我們將其視為正常的商業活動。

Our next question comes from Oliver Chen from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Oliver Chen。

On the call up on certain macros and buying closer to need in cold weather, just at the -- in your guidance range, it would be helpful to understand what's assumed on the higher end of guidance as well as the lower end.

在呼籲某些宏觀政策並在寒冷天氣下購買更接近需求的產品時，就在您的指導範圍內，了解指導上限和下限的假設將很有幫助。

And as you thought about this consumer, that's prioritizing certain things. Which parts of your assortment were most impacted?

當你想到這個消費者時，就會優先考慮某些事情。您的產品系列中的哪些部分受到的影響最大？

And second, you have made a lot of progress in innovation and a lot of great callouts about what's happening forward with innovation and cultural relevance as well as product. What percentage mix is non-heavyweight down? And how should we forecast that going forward given all your initiatives?

其次，你們在創新方面取得了巨大進展，並對創新、文化相關性以及產品的未來發展提出了許多精彩的建議。非重量級下跌的比例是多少？鑑於你們所有的舉措，我們該如何預測未來的發展？

So if I can comment on the -- obviously, we expect a continuation of the macro. We're not expecting that suddenly to pivot.

因此，如果我可以對此發表評論——顯然，我們預計宏觀政策將繼續下去。我們預計這種情況不會突然發生轉變。

I think what we would say is that, particularly in the U.S., remember that, really, we saw that bite quite suddenly and quite sharply as the holiday season began last year. So we sort of become a bit more comparable with that at the back part of Q3.

我想我們要說的是，特別是在美國，請記住，實際上，去年假期開始時，我們就看到了這種突然而劇烈的衝擊。因此，我們與第三季後半部的情況更具可比性。

I think when it comes to weather, obviously, we're coming out of a very unseasonally warm -- unseasonably warm September, which, by popular record is -- by popular account is record-breaking across both geographies. We have not assumed an especially mild winter or especially cold winter in the range of guidance, we've assumed normal weather conditions.

我認為，就天氣而言，很明顯，我們正在經歷一個異常溫暖的九月，根據流行的記錄，這在兩個地區都打破了記錄。我們沒有假設指導範圍內的冬季特別溫和或特別寒冷，我們假設了正常的天氣條件。

Weather impacts this business in the sense that it's -- it prompts -- the first cold snap prompts business. It sort of reminds the consumer that this is the time that they should go and buy cold weather gift. And so the longer you wait for that, the later it starts. And I think that is what we've experienced this year.

天氣對這項業務的影響是——它提示——第一次寒流促進了業務。它有點提醒消費者，現在是他們應該去買寒冷天氣禮物的時候了。因此，您等待的時間越長，它開始的時間就越晚。我認為這就是我們今年所經歷的。

I think when it comes to the consumer set, as Carrie was describing before. I think that GenX, and that's really where the aspirational consumer is most concentrated, is probably the area we're seeing most affected by all.

我認為當涉及消費者群體時，正如嘉莉之前所描述的那樣。我認為 GenX 確實是有抱負的消費者最集中的地方，也可能是我們看到的受所有人影響最嚴重的領域。

When it comes to non-heavyweight down, our business is -- obviously, it's fairly seasonal, and therefore, non-heavyweight down is more concentrated in particularly Q1 and Q2 as we saw this year. But as we think about it for the full year, it's still going to be over half of the business by value.

當談到非重量級下跌時，我們的業務顯然是相當季節性的，因此，非重量級下跌更加集中在第一季度和第二季度，正如我們今年看到的那樣。但當我們考慮全年時，它仍將佔業務價值的一半以上。

Last year, it was, I think, 63%. And we should think about it to be in and around the high 50s, low 60s, as a sort of normal place for the time being as we grow and establish the non-heavyweight down categories.

我認為去年這個數字是 63%。隨著我們成長並建立非重量級羽絨類別，我們應該將其視為暫時的正常水平，即 50 年代左右，60 年代左右。

What I would also add is in Q2, we saw about 5, 6x the growth rate in non-heavyweight down, compared to the growth that we saw in heavyweight down, understanding both of them were up.

我還要補充的是，在第二季度，與我們看到的重量級下跌的成長相比，我們看到非重量級下跌的成長率約為 5 至 6 倍，因為兩者都上漲了。

And on that, the thing that -- very helpful -- the thing that excites me about that is where we're seeing that. So higher sales growth in terms of rainwear. So we're seeing that in APAC, followed by North America and then EMEA.

在這一點上，非常有幫助的事情讓我感到興奮的是我們所看到的。因此雨衣的銷售成長較高。我們在亞太地區看到了這一點，其次是北美，然後是歐洲、中東和非洲。

I think Dani referred to this before about our fleece category. So we're seeing massive uptick in that, whether it's outerwear, whether it's a layering piece, customers are gravitating towards the other Chilliwack and the Simcoe.

我想丹尼之前提到過我們的羊毛類別。因此，我們看到這種趨勢大幅上升，無論是外套還是疊搭單品，顧客都傾向於選擇其他 Chilliwack 和 Simcoe。

What I really love about all of this is that none of the category expansion isn't coming at the expense of gross margin. So as we get into new categories at different price points, we're still able to both margins.

我真正喜歡這一切的是，所有類別的擴張都不會以犧牲毛利率為代價。因此，當我們進入不同價位的新類別時，我們仍然能夠同時獲得利潤。

Oliver, if I can just -- sorry, just jump in and just to add into -- I just want to go back to the point I made earlier about traffic and how strong we're feeling about our brand, given the traffic trends in our stores.

奧利弗，如果我可以 - 抱歉，只是插話並補充一下 - 我只想回到我之前提出的關於流量的觀點以及考慮到流量趨勢，我們對我們的品牌的感覺有多強烈我們的商店。

And this company has changed a lot over the years, from one that was really wholesale-focused one, to we're now we're more DTC than ever before, which is a really good thing for us in so many ways.

這些年來，這家公司發生了很大的變化，從一家真正以批發為中心的公司，到現在我們比以往任何時候都更加重視 DTC，這在很多方面對我們來說都是一件好事。

But also, when it does, as it pushes our revenue further to the right. And I think we've just brought back to your guidance question, all the responsible, why didn't the range of outcomes.

而且，當它發生時，它也會將我們的收入進一步推向右側。我想我們剛剛回到了你的指導問題，所有的責任，為什麼沒有結果的範圍。

It's really early to tell. I'm excited to how the macro environment is going to play out these at certain times, and we felt that's the responsible thing to do. But in regards to how we're feeling about our brand. And overall, we're feeling really good about it.

現在說還真是早。我對宏觀環境在某些時候將如何發揮這些作用感到興奮，我們認為這是負責任的事情。但關於我們對我們品牌的感受。總的來說，我們對此感覺非常好。

A quick follow-up. You made progress on your e-commerce, and you have really great leadership there. But what's happening in that business in terms of what we should know? The consumer interface looks much better, and the content looks really integrated. But overall, across the industry, we've been seeing traffic and conversion issues.

快速跟進。你們在電子商務方面取得了進展，而且你們在這方面擁有非常出色的領導能力。但就我們應該了解的內容而言，該行業正在發生什麼？使用者介面看起來好多了，而且內容看起來確實很整合。但總的來說，在整個行業中，我們已經看到了流量和轉換問題。

Yes. I appreciate the comments on our website, you call a platform network. We're really focused on it. Also seeing traffic being very strong there as we are in store, which is great. And we've got multiple projects going on. Many, we test that we're working on currently to optimize conversion, and that's where we're focusing on.

是的。我很欣賞我們網站上的評論，你稱之為平台網絡。我們真的很專注。我們在店裡時也看到那裡的交通非常繁忙，這很棒。我們正在進行多個項目。我們測試目前正在努力優化轉化，這就是我們關注的重點。

And many of those tests are working, and I expect to continue to see those show progress in the quarter and the years to come.

其中許多測試正在發揮作用，我預計這些測試將在本季和未來幾年繼續取得進展。

Our next question comes from Rick Patel from Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的里克·帕特爾。

You talked about seeing more gross margin expansion in the non-heavyweight down category. I was hoping you can expand on the drivers of that and how we should think about the sustainability of these margins as we think about the puts and takes going forward.

您談到非重量級羽絨外套類別的毛利率將會出現更多成長。我希望您能詳細闡述這一趨勢的驅動因素，以及在我們考慮未來的看跌期權和收益時，我們應該如何考慮這些利潤的可持續性。

Yes, Rick, it's Jonathan. Our gross margin story has been very much consistent over the years. We've been very clear that over the longer run, we are talking about mid-70s in DTC, mid-high 40s in wholesale. At the moment, we've got a tailwind of FX. So hence, this year, we're somewhat stronger than that in wholesale.

是的，瑞克，我是喬納森。多年來，我們的毛利率一直非常穩定。我們非常清楚，從長遠來看，我們談論的是 DTC 中的 70 年代中期，批發中的中高 40 年代。目前，我們有外匯的順風。因此，今年我們的批發業務比批發業務更強。

But the reality is that the way we manage this is that we mature the margins as the category grows. And so back in the Investor Day that we did in February this year, we deliberately printed the consolidated gross margin for lightweight down to illustrate the fact that it's very close to the corporate margin.

但現實是，我們管理這個問題的方式是隨著品類的成長而提高利潤率。因此，在今年 2 月的投資者日活動中，我們特意印製了輕質羽絨的綜合毛利率，以說明它非常接近企業利潤率。

And that's important because as the category has built out to a meaningful second pillar in this business, what we've been able to do is to grow the gross margins back to the level that we would expect them to be as a mature category.

這很重要，因為隨著該類別已成為該業務中有意義的第二支柱，我們能夠做的就是將毛利率提高到我們期望其作為成熟類別的水平。

So you correctly assume that, for example, footwear margins are not that strong right now. But that's okay because we're on a trajectory. And if I stand back from all of this, and I go back to, call it, 2018 when we were, let's say, 85% heavyweight down, and consider that we've -- that mix has come down to sort of low 60s.

因此，您正確地假設，例如，鞋類利潤目前並不那麼強勁。但這沒關係，因為我們正走在正軌上。如果我從這一切中退一步，然後我回到 2018 年，比如說，當時我們的重量級下跌了 85%，並考慮到我們已經 - 這種組合已經下降到 60 左右。

Our margins have stayed the same. So what we've been able to do through that journey is actually manage the overall algorithm to accommodate those -- the maturing and improving gross margins outside of heavyweight down and balance the tailwinds that we create with the investment in product development and investment in scale until that point happens.

我們的利潤保持不變。因此，我們在這過程中所能做的實際上是管理整體演算法，以適應這些因素——重量級下跌之外毛利率的成熟和提高，並平衡我們透過產品開發投資和規模投資創造的順風直到那一刻發生。

So I hope that gives you a sense of it. We're certainly not changing our perspective on the sustainability of those gross margins, nor are we expecting to raise them overall because one of the key components is that we continue to invest new product development in new categories. We need the space to do it within the overall gross margin.

所以我希望這能讓你有所了解。我們當然不會改變對毛利率可持續性的看法，也不期望整體提高毛利率，因為關鍵因素之一是我們繼續投資新類別的新產品開發。我們需要在整體毛利率範圍內做到這一點的空間。

And you also touched on an improvement in late October. Can you just expand on that? Does that reflect marketing or product activation? Or is it a function of just week-to-week volatility?

您還談到了十月下旬的改進。能擴展一下嗎？這是否反映了行銷或產品活化？或者它只是每週波動的函數？

I think the -- you're right, we do touch on the fact that we're seeing sequential improvement. And I think that's obviously key. Inevitably, there are activities that we do as we get into peak season, that's true every year. I think around us, you were also getting the advent of fall, which you're probably seeing or feeling firsthand. And as that happens as well, it's -- you've got the coalescence, if you like, of the activity that we're undertaking and the climate becoming a little bit more seasonal. And so the two come together and the business starts to build.

我認為——你是對的，我們確實談到了我們正在看到連續改進的事實。我認為這顯然是關鍵。進入旺季時，我們不可避免地會進行一些活動，每年都是如此。我想在我們周圍，你也正在經歷秋天的到來，你可能親眼目睹或感受到了秋天的到來。當這種情況發生時，如果你願意的話，你已經得到了我們正在進行的活動和氣候變得更加季節性的結合。就這樣，兩者走到了一起，業務開始發展。

Absolutely, to that. I mean, the time when we expect to see this happen, this is where our business and the flow of our business every year.

絕對是這樣。我的意思是，當我們期望看到這種情況發生時，這就是我們每年的業務和業務流程的所在地。

And starting in September, every week is bigger than the previous week, and -- so this -- the acceleration we started to see towards the end of October, it's promising. And it's not enough yet to indicate a complete shift in trends, but it's certainly a right spot and we're optimistic.

從 9 月開始，每週都比前一周更大，所以，我們在 10 月底開始看到加速，這是有希望的。雖然這還不足以表明趨勢發生了徹底轉變，但它肯定是一個正確的位置，我們對此感到樂觀。

Next question comes from Robby Ohmes from Bank of America.

下一個問題來自美國銀行的 Robby Ohmes。

I was curious if, given the sort of change in the global operating environment, if you're thinking about changes in the promotional strategy for Canada Goose to drive better response from customers? And also just with the weakness in the wholesale channel, are there any thoughts of any adjustments to strategy in wholesale, like maybe more of a relationship with Amazon or other distribution channels to sort of support revenue growth in this tougher environment?

我很好奇，考慮到全球營運環境的變化，您是否正在考慮改變 Canada Goose 的促銷策略，以提高客戶的反應？而且，鑑於批發通路的弱點，是否有任何調整批發策略的想法，例如可能更多地與亞馬遜或其他分銷管道建立關係，以在這種更嚴峻的環境中支持收入成長？

Robby, thanks for your question. Yes. So from our point, there is absolutely no change with regards to our strategy. We're -- in our commercial brand, our product sells through very well at full price. And the value that is inherent in the products that we build here in Canada is something that our consumer recognize, and know the demand that we build for our products is something that we've always taken great pride in. And so yes -- so no, we have no plans to change our strategy.

羅比，謝謝你的提問。是的。因此，從我們的角度來看，我們的策略絕對沒有改變。在我們的商業品牌中，我們的產品以全價銷售得很好。我們在加拿大生產的產品所固有的價值是我們的消費者認可的，並且知道我們對產品的需求是我們一直感到非常自豪的。所以是的 - 所以不，我們沒有計劃改變我們的策略。

And any thoughts on changes in distribution strategy? Maybe opening up more with Amazon, as an example?

對於分銷策略的變化有什麼想法嗎？例如，也許可以向亞馬遜開放更多？

No, in fact, we don't. There's a time when we sold through Amazon many years ago, and we decided that to stop doing that. That decision turned out to be the right one for us, and helped accelerate our own online business at the time.

不，事實上，我們不這樣做。很多年前，我們曾經透過亞馬遜進行銷售，但我們決定停止這樣做。事實證明，這項決定對我們來說是正確的，並有助於加速我們當時的線上業務。

So we feel that we have the right alchemy of partners, and we're going to stick with them.

所以我們覺得我們有合適的合作夥伴，我們將堅持與他們合作。

Yes, I think just to cut in on the -- just to add on some color on the state stay with the same strategy. We may add some doors. We're not looking to add volume of doors. But strategic accounts, influencer accounts, of course, those change year-after-year, season after season, who -- are they meeting a different customer that we want to reach?

是的，我認為只是為了插話——只是為了在國家保持相同策略的情況下添加一些色彩。我們可能會添加一些門。我們不打算增加門的體積。但策略客戶、有影響力的客戶，當然，這些客戶年復一年、季復一季地變化，他們是否會遇到我們想要接觸的不同客戶？

So those are where we think about adding. Generally, as you've heard us talk about it's streamlining wholesale to make sure that we're doing better business, bigger business with the right partners that treat the brand right, understand that it's a full price brand, full-price proposition.

所以這些就是我們考慮要添加的地方。一般來說，正如您聽到我們談論的那樣，它正在簡化批發，以確保我們與正確對待品牌的正確合作夥伴開展更好的業務、更大的業務，了解這是一個全價品牌、全價主張。

So nothing on that front has changed, but I just want to clarify who we would add with if we did.

所以這方面沒有任何改變，但我只是想澄清如果我們改變的話我們會添加誰。

Otherwise, it has to be brand accretive. And that's our guiding light. And ultimately, that's why we're leaning further into DTC in this journey.

否則，它必須具有品牌增值作用。這就是我們的指路明燈。最終，這就是我們在過程中進一步傾向於 DTC 的原因。

Our next question comes from Jonathan Komp from Baird.

我們的下一個問題來自貝爾德 (Baird) 的喬納森康普 (Jonathan Komp)。

Jonathan, congrats on the new role. I want to ask just about that transition, and I know it will take some time to occur.

喬納森，恭喜你擔任新角色。我想問的是有關這種轉變的問題，我知道這需要一些時間才能實現。

But could you just maybe elaborate more on the reasons for the leadership change in the Asia Pacific region? And then maybe more near term, if you could just talk a little bit more about separate of the easy comparisons in China in the next few months. What's your sense of the recovery for the Chinese consumer, and how that's faring versus your expectations?

但能否詳細說明一下亞太地區領導層更迭的原因？然後也許是更近期的事情，如果你能多談談未來幾個月在中國進行的簡單比較的話。您對中國消費者的復甦有何看法？與您的預期相比，情況如何？

Thanks, Jon, for question. I'll start to give high level commentary on the management changes and leadership changes, which I'm very excited about.

謝謝喬恩的提問。我將開始對管理層變動和領導層變動發表高水準評論，對此我感到非常興奮。

So Jonathan moving to APAC. Obviously, Jonathan is a tremendous knowledge of our business over the years. And that goes on the same. And he's also got a tremendous knowledge of the agent market from this business and past businesses. He's been involved with in that region. Great knowledge of the retail landscape and storage agencies. And was a key also in negotiating our JV agreement with Japan.

所以喬納森搬到了亞太地區。顯然，喬納森多年來對我們的業務非常了解。這也是一樣的。他還從這項業務和過去的業務中獲得了對代理市場的豐富了解。他參與了該地區的活動。對零售環境和倉儲機構有豐富的了解。這也是我們與日本談判合資協議的關鍵。

So Jonathan perfectly suit that role and gives me someone -- another person that I trust deeply in that region, and that's very important.

所以喬納森非常適合這個角色，並給了我一個人——另一個我在該地區深深信任的人，這非常重要。

And with all regards to Neil. Neil's been working at Canada Goose for a long time now. He knows our business and our brand intimately, he's a protector of it, and has been -- we've been molding him and building him up for this role, and he's ready to take an audience. We're excited for us and for him that we've reached this moment. So it's an exciting future.

向尼爾致敬。 Neil 在 Canada Goose 工作很久了。他非常了解我們的業務和我們的品牌，他是它的保護者，而且我們一直在塑造他並為他培養這個角色，他已經準備好迎接觀眾了。我們為我們和他感到興奮，我們已經到達了這一刻。所以這是一個令人興奮的未來。

And I don't know, Jonathan, talk about that.

我不知道，喬納森，談談這個吧。

So to answer it, and thank you for your comments. But to answer your question about Mainland China, I think that you'll recall what was happening a year ago. I think (inaudible) week has been an interesting time this year. It's not been the sort of peak that we've experienced in pre-COVID and in years prior.

所以回答一下，感謝您的評論。但回答你關於中國大陸的問題，我想你會回想起一年前發生的事。我認為（聽不清楚）這一周是今年有趣的時刻。這並不是我們在新冠疫情之前和之前幾年經歷過的那種高峰。

But I -- what we're -- as we look forward, we're going to be open in November. We're going to open in December. And these are critical months as important as October is, November is way more important, December way more important to get.

但我——我們是什麼——正如我們所期待的，我們將於 11 月開業。我們將於十二月開幕。這些是與 10 月一樣重要的關鍵月份，11 月更重要，12 月更重要。

And we're looking forward to full trading in all of our stores. We've got all of the right inventories well staged around the region. And we believe we're well positioned to take advantage of the consumer demand. And particularly as the cooler temperatures are settling, which is probably it's only just beginning to happen, Northern China and Shanghai is still very warm.

我們期待著我們所有商店的全面交易。我們已在該地區妥善安置了所有合適的庫存。我們相信我們處於有利地位，可以充分利用消費者的需求。特別是隨著氣溫逐漸下降（這可能才剛開始），中國北方和上海仍然非常溫暖。

That's really helpful. And then if I could just ask one follow-up on the margin outlook. I know that lower half of the guidance this year embeds lower EBIT margin year-over-year for the full year. Is there any way, as we look forward, you can give a better sense of what SG&A growth might look like? And just any more context around the multiyear margin recovery potential?

這真的很有幫助。然後我是否可以詢問有關利潤率前景的後續情況。我知道今年指導的下半部分包含了全年較低的息稅前利潤率。正如我們所期望的那樣，有什麼方法可以讓您更好地了解 SG&A 成長嗎？還有更多關於多年利潤恢復潛力的背景資訊嗎？

Yes. I mean we -- yes, we remain very clear that there are 3 things that will drive our overall margin recovery. One is comp growth, and clearly, that's a pressure point right now. The second is successful opening of stores during the expected levels of productivity. And the third is the transformation program, where we're already making headway.

是的。我的意思是，是的，我們仍然非常清楚，有三件事將推動我們整體利潤率的恢復。其中之一是複合成長，顯然，這是目前的一個壓力點。第二是在預期的生產力水平下成功開設商店。第三個是轉型計劃，我們已經在這方面取得了進展。

And you're hearing today that not only are we -- we got run rate savings, we've got in year savings. And the best way I can manifest that operational execution to you is if you look at the upper end of the guidance now and look at the level of profitability that's in build into it, it's the same level of profitability that we were expecting when we got to a higher level of revenue previously.

今天您會聽到，我們不僅節省了運行費，還節省了年費。我可以向您展示營運執行的最佳方式是，如果您現在查看指南的上限，並查看其中內置的盈利水平，這與我們獲得時預期的盈利水平相同達到之前更高的收入水平。

So we've been able to bring into the mix a significant first step. That's important because that gives us some of the momentum we need to start building that third leg of our growth where we focus on building comp growth and continuing the retail network development alongside.

因此，我們已經能夠踏出重要的第一步。這很重要，因為這為我們提供了開始建立成長的第三條腿所需的一些動力，我們專注於建立競爭成長並繼續零售網路的發展。

Our next question comes from Mark Petrie from CIBC.

我們的下一個問題來自 CIBC 的 Mark Petrie。

I just want to follow up on the U.S. specifically. And if you could give any more color with regards to sort of the detail on sales patterns, particularly by regions, and then also, store cohorts. And I appreciate any comments about the ramp-up of stores opened in the last year or so.

我只想具體跟進美國的情況。如果您可以提供有關銷售模式的詳細信息的更多信息，特別是按地區，然後還有商店群體。我感謝任何有關去年左右開設的商店數量增加的評論。

So the U.S., yes, we talked about -- under some pressure. Obviously, revenue is down year-over-year, 11%.

所以，是的，我們談到了美國——在某種壓力下。顯然，營收年減了 11%。

But the good news, as we've talked about a lot, and this is what our opportunity to win, is traffic is substantially higher. So obviously, doubled our store count. We opened 3 new stores in best center, in Phipps Plaza and King of Prussia.

但好消息是，正如我們已經討論過的那樣，流量大幅增加，這也是我們獲勝的機會。顯然，我們的商店數量增加了一倍。我們在 Best Center、Phipps Plaza 和 King of Prus 開設了 3 家新店。

So traffic is there. They're coming. They're engaging with the brand. As we said, I think there's a bit of a hit to that aspirational customer that generally people are just maybe waiting to see. Their urgency isn't the same as we've seen in years previous.

所以流量就在那裡。他們來了。他們正在與該品牌互動。正如我們所說，我認為對於那些有抱負的客戶來說，他們可能會受到一些打擊，而人們通常只是在等待看到。他們的緊迫性與我們前幾年看到的不同。

In terms of regional news, I mean, we continue to succeed a bit, similar to Canada, where tourism is happening. So you see that in the West Coast. You see that in New York area. That's not a new phenomenon for us but continue to see that.

就地區新聞而言，我的意思是，我們繼續取得一些成功，類似於旅遊業正在蓬勃發展的加拿大。所以你在西海岸看到了這一點。你在紐約地區就能看到這一點。這對我們來說並不是一個新現象，但我們會繼續看到這種現象。

New stores are opening well. I would say, because we're opening it in this environment where it's a little bit more challenged, we're not seeing the same types of instant lineups that we would before. Again, still very happy with the traffic and the engagement and the brand buzz around that. But a little bit more tempered, I would say, than maybe -- definitely pre-pandemic, but maybe in the last 3 years.

新店開張情況良好。我想說，因為我們是在這個更具挑戰性的環境中開放它的，所以我們沒有看到與以前相同類型的即時陣容。再說一次，我仍然對圍繞它的流量、參與度和品牌熱度感到非常滿意。但我想說，比可能的情況要溫和一些——肯定是在大流行之前，但也許是在過去三年裡。

So it hasn't changed our strategy. Again, we build stores for the long term effect. We know that those are the right locations. We know that, that's where the traffic will be eventually, and that they will convert. So we're just waiting for those days to start happening.

所以這並沒有改變我們的策略。再次強調，我們建立商店是為了長期效果。我們知道這些是正確的位置。我們知道，這就是流量最終會到達的地方，並且它們會轉換。所以我們只是等待那些日子的到來。

And we're seeing a good contribution from the store expansion to the overall business in the U.S. to the point where as you'd expect and hope. But nevertheless, it's important we reaffirm. We're actually seeing significant top line growth in our total stores cohort in the U.S. even if we're negative on the comps.

我們看到商店擴張對美國整體業務做出了良好的貢獻，達到了您所期望和希望的程度。但無論如何，我們重申這一點很重要。實際上，即使我們對比較結果持負面態度，我們在美國的總商店群體的收入仍顯著增長。

Our next question comes from Michael Vu from Barclays.

我們的下一個問題來自巴克萊銀行的 Michael Vu。

Yes, as operator said, this is Michael Vu, and I'm on for Adrienne Yih.

是的，正如接線員所說，我是 Michael Vu，我是 Adrienne Yih。

So your inventory position has vastly improved, but we were wondering how does your big sales guidance impact fiscal year and inventory expectations?

因此，您的庫存狀況已大大改善，但我們想知道您的大銷售指導如何影響財年和庫存預期？

Yes. It's -- obviously, it's a fairly broad range. The range is clearly driven by DTC volatility. And if you go with that, and then you're going to assume that, that range has a maximum impact of 25% of that revenue number on the inventory at the end of the year.

是的。顯然，這是一個相當廣泛的範圍。該範圍顯然是由 DTC 波動性驅動的。如果你遵循這一點，然後你會假設，這個範圍對年底庫存的最大影響是收入數字的 25%。

Therefore, it is possible that we end the year, instead of being flat, being slightly up. But we're working very hard to make sure that our production plans and our purchasing are very -- are as tailored as they can be to what we're seeing because we are still driving for improvements and inventory turns both this year and over time.

因此，我們有可能在今年結束時，不是持平，而是小幅上漲。但我們正在非常努力地工作，以確保我們的生產計劃和採購盡可能適合我們所看到的情況，因為我們今年和以後仍在努力改進和庫存週轉。

And what you've also seen this quarter is, as you know, it's our third successive quarter of inventory deceleration. And I think that's important. We've said it all along. We continue to expect that to be the case. And obviously, we're working to make sure we don't end up at the bottom of the revenue range in any event.

如您所知，本季度您還看到，這是我們庫存連續第三個季度減速。我認為這很重要。我們一直都這麼說過。我們仍然預計情況會如此。顯然，我們正在努力確保無論如何我們都不會處於收入範圍的底部。

Great. And then can I ask one follow-up question since we're discussing inventory. So how much more do you plan to manufacture in-house this year versus last year? And would you please repeat what you said about the improved merch margin drivers from in-house manufacturing?

偉大的。既然我們正在討論庫存，我可以問一個後續問題嗎？那麼，與去年相比，今年您計劃內部生產多少？能否重複一下您所說的內部製造提高商品利潤驅動因素的話？

Yes. I mean -- so we're running at 85% now. I think we were, I remember, 75% to 78% in the previous quarter. But with this quarter, we were at 85%. That's sort of where it belongs.

是的。我的意思是——所以我們現在的運行率為 85%。我記得，上一季我們的比例是 75% 到 78%。但本季度，我們達到了 85%。這就是它所屬的地方。

We like having complementary CMT manufacturer. It allows us to put the right manufacturing in the right locations, gives us flexibility. It keeps us resilient. But it's sort of -- that helps us in terms of how we operate.

我們喜歡擁有互補的 CMT 製造商。它使我們能夠在正確的地點進行正確的製造，為我們提供了靈活性。它讓我們保持彈性。但這在某種程度上對我們的運作方式有所幫助。

When it comes to the tailwind that comes through, there is a modest tailwind, but whenever I think about where it comes from because the materials come from us. So if you think about product makeup being, call it, 40% material, 40% labor, 20% overhead. To the extent there's a profit element. The profit elements on the labor and the overheads are not in the materials because it's CMT, they're getting the packages of materials from us in the first place.

當談到所帶來的順風時，有一個適度的順風，但每當我想到它來自哪裡，因為材料來自我們。因此，如果您考慮產品組成，可以稱之為 40% 材料、40% 勞動力、20% 管理費用。在一定程度上有利潤因素。勞動力和管理費用的利潤要素並不在材料中，因為它是 CMT，他們首先從我們這裡獲得材料包。

So it's one of the components of tailwind that we create alongside pricing alongside sourcing efficiencies. But it sits within our overall margin algorithm, which I was talking about before, is normally being mid-70s, mid- to high 40s between the 2 key channels. And this year's low 50s because of the FX tailwind in wholesale.

因此，它是我們與定價和採購效率一起創造的順風車的組成部分之一。但它位於我們的整體保證金演算法之內，我之前談到過，通常是 70 年代中期，2 個關鍵通道之間的 40 年代中到高。今年的低點 50 多歲是因為批發市場的外匯順風。

Our last question will come from Jay Sole from UBS.

我們的最後一個問題將由瑞銀 (UBS) 的傑伊·索爾 (Jay Sole) 提出。

My question is, you said you're opening 15 stores this year. How many leases have you committed to for next year's store openings?

我的問題是，你說今年要開15家店。您為明年的新店開幕承諾了多少租約？

Yes. We're relatively early in that journey at the moment, as you'd expect. So we probably got -- we're somewhere in the single digits, a handful of stores at this point, as you would expect.

是的。正如您所期望的，我們目前處於這趟旅程的相對早期階段。所以我們可能會得到——正如你所期望的那樣，我們目前處於個位數，有幾家商店。

But obviously, we have our plans and we've got our target locations, and we're well on the negotiations. So it's just sort of where you'd expect to find this at this point in time.

但顯然，我們有我們的計劃，我們已經有了我們的目標地點，而且我們的談判進展順利。所以這正是您希望在此時找到它的地方。

And Jonathan, can you tell us how many stores you expect to open next year?

喬納森（Jonathan），您能告訴我們您預計明年開設多少家商店嗎？

It's a little early for that at the moment because we haven't talked specifically plans for next year. But what I would remind you from the Investor Day is that we've set our stall out for, call it 130 to 150 stores over a 5-year time horizon, including conversion of stores that might be under different arrangements today into our own network.

目前來說還為時過早，因為我們還沒有討論明年的具體計劃。但我想在投資者日提醒您的是，我們已經在 5 年的時間範圍內將我們的攤位稱為 130 至 150 家商店，包括將今天可能處於不同安排的商店轉變為我們自己的網絡。

So that's the best guidance point I can give you with (inaudible) in that sense, that gives you a sense of pacing.

所以這是我可以給你的最好的指導點（聽不清楚），從這個意義上說，它給你一種節奏感。

We have no further questions. I would like to turn the call back over to Ana Raman for closing remarks.

我們沒有其他問題了。我想將電話轉回給安娜·拉曼（Ana Raman）做總結發言。

Thanks, everyone, for joining us today. If you have any questions, please reach out to us at ir@canadagoose.com. Have a great day. Thank you.

謝謝大家今天加入我們。如果您有任何疑問，請透過 ir@canadagoose.com 與我們聯繫。祝你有美好的一天。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。