Canada Goose Holdings Inc (GOOS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by my name [Desriee] and I will be your conference operator today. At time, I would like to welcome everyone to the Canada Goose first quarter fiscal 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝你們支持我的名字 [Desriee]，今天我將擔任你們的會議操作員。屆時，我謹歡迎大家參加 Canada Goose 2025 財年第一季財報電話會議。（操作員說明）

I would now like to turn the conference over to Ana Ramon, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁安娜·拉蒙 (Ana Ramon)。請繼續。

Thank you, operator and good morning everyone. With me are Dani Reiss, our Chairman and CEO, Neil Bowden, Chief Financial Officer, Carrie Baker, President of Brand and commercial, and Beth Clymer, President of Finance Strategy & Administration.

謝謝接線員，大家早安。與我同業的有我們的董事長兼執行長 Dani Reiss、財務長 Neil Bowden、品牌與商業總裁 Carrie Baker 以及財務策略與管理總裁 Beth Clymer。

To start off brand new this quarter, we are introducing presentation slides to accompany our prepared remarks. Please follow along on this webcast.

為了在本季開始全新的工作，我們將引入簡報投影片來配合我們準備好的評論。請關注此網路廣播。

We will make forward-looking statements on our call today that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected. We undertake no obligation to update these statements, except as required by law, you can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with the US and Canadian regulators. These documents are also available on the Investor Relations section of our website. We report in Canadian dollars. So all amounts discussed today are in Canadian dollars unless otherwise indicated.

我們將在今天的電話會議上做出基於假設的前瞻性聲明，因此存在可能導致實際結果與預測有重大差異的風險和不確定性。我們不承擔更新這些聲明的義務，除非法律要求，您可以在我們今天早上的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些假設、風險和不確定性。這些文件也可以在我們網站的投資者關係部分找到。我們以加幣報告。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 first quarter results ended June 30, 2024, with the same period ended July 2, 2023, unless otherwise noted.

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 2024 年 6 月 30 日的第一季業績與截至 2023 年 7 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 for today's call. Dani, Neil, Carrie and Beth will deliver prepared remarks, following which we will open the call to take questions.

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，這些指標將在我們今天電話會議的收益新聞稿的末尾進行調整。丹尼、尼爾、嘉莉和貝絲將發表準備好的講話，隨後我們將開始電話提問。

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. Canada Goose's first quarter results marked a solid start to the year. We achieved sales growth and operational efficiencies that reflect progress across our key operating imperatives for fiscal 2025, Q1 revenue was $88.1 million, up 4% year-over-year also reflecting the relatively smaller size of this quarter. Our performance in Mainland China was a highlight this quarter as we continue to capitalize on key shopping moments in this market, on the back of our strong brand advancement of our DTC initiatives.

謝謝安娜，大家早安。Canada Goose 第一季的業績標誌著今年的良好開局。我們實現了銷售成長和營運效率，這反映了 2025 財年關鍵營運任務的進展。我們在中國大陸的表現是本季的亮點，我們繼續利用該市場的關鍵購物時刻，在 DTC 計劃的強大品牌推廣的支持下。

We believe these results, combined with ongoing execution of our plan initiatives have us on track towards achieving our annual expectations as we navigate the continued dynamic global operating environment, our fourth quarter call, we shared our operating imperatives with you. First setting the foundation for the next phase of our brand and product evolution. To accomplish this. In May, we announced our first ever Creative Director, Haider Ackermann and launched the inaugural design was represented our best ever marketing campaign performance. And obviously, there is so much more to come.

我們相信，這些結果，加上我們計劃舉措的持續執行，使我們能夠在持續動態的全球營運環境中實現我們的年度預期，我們在第四季度電話會議上與您分享了我們的營運要務。首先為我們的品牌和產品發展的下一階段奠定基礎。為了實現這一目標。五月，我們任命了第一位創意總監 Haider Ackermann，並推出了代表我們有史以來最佳行銷活動表現的首個設計。顯然，還有更多的事情要做。

Second, implementing best-in-class retail execution to maximize the positive traffic we generate, drive a more consistent, excellent customer experience and greater sales productivity and profitability over the year. And third, simplify the way we operate to become more efficient and more effective to hear further details of the progress that we've made across all [three] imperatives that are on this call from Carrie and Beth. Imperatives I described represent our North Star and the activities behind each are expected to position our company to better meet the needs of the business has evolved significantly selling into new channels in different geographies and new products over the last five to 10 years.

其次，實施一流的零售執行，以最大限度地提高我們產生的積極流量，推動全年更加一致、卓越的客戶體驗以及更高的銷售效率和盈利能力。第三，簡化我們的運作方式，以提高效率和效果，以進一步了解我們在 Carrie 和 Beth 的電話會議上所提出的所有[三]項要求方面所取得的進展細節。我所描述的要務代表了我們的北極星，每一項活動背後的活動都旨在使我們的公司更好地滿足業務需求，在過去的五到十年中，業務已顯著發展到不同地區的新通路和新產品的銷售。

As a reminder, the execution of our imperatives is underpinned by several strengths, which include a resilient business model that features strong gross margins and an ability to expand EBIT as we scale. Our deep heritage of function and craftsmanship and a globally recognized brand. Advantages of own manufacturing capabilities, both in Canada and in Europe. And a highly dedicated and talented team is passionate about the delivery of our vision and results and our purpose to keep the planet hold and the people on it form. Given these competitive advantages, a relatively smaller revenue base and a large market opportunity, we still have plenty of runway ahead of us.

需要提醒的是，我們的使命的執行是以多種優勢為基礎的，其中包括具有強勁毛利率的彈性業務模式，以及隨著我們規模的擴大而擴大息稅前利潤的能力。我們深厚的功能和工藝傳統以及全球公認的品牌。在加拿大和歐洲擁有自己的製造能力的優勢。一支高度敬業且才華橫溢的團隊熱衷於實現我們的願景和成果，以及我們保持地球穩定和地球上人類健康的目標。鑑於這些競爭優勢、相對較小的收入基礎和巨大的市場機會，我們仍有足夠的發展空間。

Before I pass the call over to Neil to review our first quarter financial performance, I'd like to share that we released our fiscal 2024 sustainability report earlier this week. As we execute on our key operating imperatives in fiscal 2025 and build our business for the long term, we are mindful of our impact on the planet and the people in our communities and across our organization.

在我打電話給尼爾回顧我們第一季的財務表現之前，我想告訴大家，我們本週稍早發布了 2024 財年永續發展報告。當我們在 2025 財年執行關鍵營運任務並建立長期業務時，我們會注意到我們對地球以及社區和整個組織中的人們的影響。

I'm very proud of our achievements over the past year, which included some notable highlights. First, we actively reduce our carbon footprint progressing towards our net zero target. Fiscal '24, we began improving the efficiency of our manufacturing facilities and global headquarters and investing in renewable energy credits and carbon offsets. As a result, we reduced scope one and two emissions by 6% over the previous fiscal year with Scope one and two emissions down 38% compared to our base year of fiscal 2019, even as our own operations have grown.

我對我們過去一年的成就感到非常自豪，其中包括一些值得注意的亮點。首先，我們積極減少碳足跡，朝著淨零目標邁進。24 財年，我們開始提高製造設施和全球總部的效率，並投資於再生能源信用和碳抵消。因此，即使我們自己的業務有所成長，我們的範圍一和範圍二排放量比上一財年減少了 6%，範圍一和範圍二排放量比我們的 2019 財年基準年減少了 38%。

Second, we continue to prioritize the sourcing of responsible materials, steadily progressing our preferred fiber and materials goal and reaching 80% of our materials coming from sources. We also furthered our commitment to eliminating forever chemicals from our products with 100% of products made in Canada in fiscal 2024 the PFAS-free.

其次，我們繼續優先考慮負責任材料的採購，穩步推進我們的首選纖維和材料目標，達到 80% 的材料來自源頭。我們也進一步承諾從我們的產品中永遠消除化學物質，到 2024 財年加拿大製造的產品將 100% 不含 PFAS。

Our commitment and progress in this area was recognized by fast company earlier this year, naming us as one of the most innovative companies in fashion. And we strengthened our relationships in the communities we live in and serve providing a record amount of fabric and material donations across Canada's north through our regional center programs in fiscal 2024. We're pleased with our achievements across our sustainability strategy and the progress with our initiatives underway relating to this year's key operating imperatives, we believe we are well positioned to make steady progress towards our goals for fiscal 2025.

今年早些時候，我們在這一領域的承諾和進步得到了 Fast Company 的認可，將我們評為時尚界最具創新力的公司之一。我們加強了與我們所居住和服務的社區的關係，透過 2024 財年的區域中心計劃，在加拿大北部提供了創紀錄數量的織物和材料捐贈。我們對永續發展策略所取得的成就以及與今年關鍵營運要求相關的舉措所取得的進展感到高興，我們相信我們有能力在實現 2025 財年目標方面取得穩步進展。

And with that, I'll now pass the call over to Neil.

現在，我將把電話轉給尼爾。

Thanks, Dani. Our financial performance for the first quarter of fiscal 2025 reflected the early progress we are making across our key operating imperatives as we focus on the things within our control. While we are closely monitoring the macro economic dynamics in our markets and the impact they are having on consumer behaviour.

謝謝，丹尼。我們 2025 財年第一季的財務表現反映了我們在專注於我們控制範圍內的事情時在關鍵營運任務方面取得的早期進展。我們正在密切關注市場的宏觀經濟動態及其對消費者行為的影響。

Our energy and actions are squarely aimed within the organization at our operating imperatives on to the results, revenue in our first quarter increased 4% year-over-year or 3% on a constant currency basis, primarily due to growth in our direct to consumer channel advancement of our exit inventory strategy and incremental revenue contribution from the European manufacturing facility we acquired in Q3 of fiscal 24, partially offset by an expected decline in wholesale revenue.

我們的精力和行動完全針對組織內部的營運要求，以實現結果，我們第一季的收入同比增長 4%，按固定匯率計算增長 3%，這主要是由於我們直接面向消費者的增長我們的退出庫存策略的通路進展以及我們在24 財年第三季收購的歐洲製造工廠的增量收入貢獻，部分被批發收入的預期下降所抵銷。

I'll walk through the key revenue drivers by channel. Starting with [DTC] sales grew 13% or 12% on a constant currency basis over the same period last year. Overall store revenue increased across all regions, partially offset by lower e-commerce revenue in North America and EMEA. DTC comparable sales were down 4.4% year-over-year, largely reflecting a shift in our product sales mix, which more heavily leaned toward our spring summer collection, in addition to softer conversion trends primarily in North America, which I'll address shortly.

我將按管道介紹主要收入驅動因素。自 [DTC] 起，銷售額較去年同期成長 13% 或以固定匯率計算 12%。所有地區的商店整體收入均有所增長，但被北美和歐洲、中東和非洲電子商務收入的下降部分抵消。DTC 可比銷售額年減4.4%，很大程度上反映了我們產品銷售組合的轉變，除了主要在北美的轉化趨勢疲軟之外，我們的產品銷售組合更傾向於春夏系列（我將很快討論這一點） 。

While we know our year-over-year, comp growth results can be improved. We are very pleased with some positive developments that took place during the quarter in this channel. First, we sold significantly more seasonal product across all regions compared to the prior year with our apparel, wind wear and footwear strongly resonating with new and existing customers, resulting in non-Heavyweight down units up over 20% versus a year ago.

雖然我們知道我們的同比增長結果可以得到改善。我們對該管道在本季度取得的一些積極進展感到非常高興。首先，與去年相比，我們在所有地區銷售的季節性產品顯著增加，我們的服裝、風衣和鞋類與新舊客戶產生了強烈共鳴，導致非重量級羽絨單位數量比去年同期增長了20 % 以上。

While the change in unit mix lowered average unit revenue compared to Q1 of last year, the favourable response to our full product range demonstrates progress toward our strategy to evolve our product offering and become an all-season brand. We are focused on initiatives aimed at furthering our growth in these categories and expect our higher heavyweight down sales to ramp up as we approach our peak season, supported by our new initiatives in product and marketing.

雖然與去年第一季相比，單位組合的變化降低了平均單位收入，但對我們全產品系列的良好反應表明我們在發展產品供應並成為全季品牌的策略方面取得了進展。我們專注於旨在進一步促進這些類別成長的舉措，並預計在我們產品和行銷方面的新舉措的支持下，隨著旺季的臨近，我們的重量級羽絨外套銷量將會增加。

Second, we exited Q1 on an upward trend in certain markets. Most notably the UK, Germany and Canada. More critically, we saw strength in Mainland China and Japan throughout the quarter, a continuation from our strong Q4 performance in those markets. Overall, DTC comp revenue and comp units sold experienced sequential improvement in each month of the quarter in tandem with progressing execution of our key operating imperatives.

其次，我們在某些​​市場呈上升趨勢的情況下退出了第一季。最引人注目的是英國、德國和加拿大。更重要的是，我們在整個季度看到中國大陸和日本的強勁表現，這是我們在這些市場第四季強勁表現的延續。總體而言，隨著我們關鍵營運要求的持續執行，DTC 補償收入和銷售補償單位在本季度每個月都經歷了連續改善。

So far, we've seen mixed results in July, and we continue to monitor the consumer behaviour around the world while driving forward with our peak plans. You will hear much more from Carrie about what we're doing on the operational end to address the gaps. In Q1, Wholesale revenue decreased $11.1 million year-over-year, as expected, down 41% year-over-year or 42% on a constant currency basis impacted by the relatively small sales volume for wholesale in Q1.

到目前為止，我們在 7 月看到的結果好壞參半，我們將繼續監控世界各地的消費者行為，同時推動我們的高峰計畫。您將從 Carrie 那裡聽到更多關於我們在營運方面為解決差距所做的工作。第一季度，批發收入年減 1,110 萬美元，符合預期，年減 41%，以固定匯率計算下降 42%，原因是第一季批發銷量相對較小。

This decline reflected our planned lower order book as we tighten supply to wholesale partners and a soft business environment and the continued optimization of wholesale relationships as we elevate the quality of our partners in this sales channel. Overall, we're confident in delivery of our order book to wholesale partners for the full year and continue to expect wholesale revenue to decrease 20% year-over-year on a full year basis, we delivered some incremental product in Q1, albeit small above and beyond the planned order book with select partners.

這一下降反映出我們計劃減少訂單，因為我們收緊了對批發合作夥伴的供應，以及疲軟的商業環境，以及隨著我們提高該銷售通路合作夥伴的品質而持續優化批發關係。總體而言，我們對全年向批發合作夥伴交付訂單充滿信心，並繼續預計全年批發收入將同比下降 20%，我們在第一季度交付了一些增量產品，儘管增量很小超出了與精選合作夥伴的計畫訂單。

Revenue in our other segment increased to $9 million in Q1 of fiscal '25 from $1.9 million in Q1 of fiscal '24, which included third party sales from the European manufacturing facility we acquired in Q3 of last year, friends and family sales to exit slow-moving and discontinued inventory, which did not occur in Q1 of fiscal '24 and employee sales for which we implemented a new program in Q3 of fiscal '24.

我們其他部門的收入從24 財年第一季的190 萬美元增至25 財年第一季的90​​0 萬美元，其中包括我們去年第三季收購的歐洲製造工廠的第三方銷售、朋友和家人的銷售緩慢退出-移動和停產庫存，這在 24 財年第一季沒有發生，以及我們在 24 財年第三季度實施了新計劃的員工銷售。

Moving to a brief regional overview of performance regional revenue will be discussed in terms of constant currency. Asia Pacific was our fastest growing region in the quarter with revenue up 25% over the same period last year. Even as we lapped strong comps of 43% year-over-year growth in Q1 fiscal '24. Domestic shopping in Mainland China and Mainland Chinese tourists shopping at our stores in Japan were once again, the primary drivers of [DTC] growth in the quarter where consumers demonstrated strong demand for our in-season product, solid store and online DTC performance in Mainland China and Japan resulted in double digit comp growth in these two markets in our first quarter of this year.

接下來將簡要介紹區域績效，區域收入將按照固定匯率進行討論。亞太地區是我們本季成長最快的地區，營收比去年同期成長了 25%。儘管我們在 2024 年第一季的財年同比增長了 43%，但業績強勁。中國大陸的國內購物和中國大陸遊客在我們日本商店購物再次成為本季度[DTC]增長的主要推動力，消費者對我們的當季產品、實體店和在線DTC表現出強勁需求今年第一季度，中國和日本這兩個市場的複合成長率達到了兩位數。

That said, in total, DTC comp sales were slightly down in the region as lower sales in greater China, excluding Mainland China, more than offset the strength in Mainland China and Japan. Within Greater China, Hong Kong, Macau and Taiwan faced significant pressure as shoppers chose to spend their dollars either domestically within Mainland China or in Japan.

儘管如此，總體而言，該地區 DTC 公司銷售額略有下降，因為大中華區（不包括中國大陸）的銷售額下降，遠遠抵消了中國大陸和日本的強勁勢頭。在大中華區，香港、澳門和台灣面臨巨大的壓力，因為購物者選擇在中國大陸或日本消費。

North America revenue was down 3% over the same period last year, with US sales growing by 2% and Canada, down 7% year-over-year. In the first quarter, both regions experienced lower e-commerce revenue in addition to lower wholesale revenue as was planned, partially offset by higher sales from new stores and other revenue contributions in Canada. Our bank and Vancouver store has benefited from stronger tourism traffic in those cities contributing to positive year-over-year DTC comparable growth in the market.

北美營收年減3%，其中美國銷售額年增2%，加拿大年減7%。第一季度，除了按計劃減少批發收入外，這兩個地區的電子商務收入均出現下降，但部分被加拿大新店銷售額的增加和其他收入貢獻所抵消。我們的銀行和溫哥華商店受益於這些城市強勁的旅遊客流量，推動了市場 DTC 年比積極成長。

DTC growth in the US was driven by the impact of stores opened later in fiscal '24 and therefore, not in the comp base. We faced slower traffic trends in the quarter. We believe as a result of continued pressure on consumer spending in the market and heat waves experienced across the country in June and a strategic decision to intensify our performance marketing spend closer to peak period. We also faced softer conversion likely due to not having enough seasonal inventory on hand to meet consumer demand in our stores and online, which we rectified late in the quarter.

美國 DTC 的成長是由 24 財年稍後開業的商店的影響所推動的，因此不在比較基礎上。本季我們面臨流量放緩的趨勢。我們認為，由於市場消費者支出持續面臨壓力以及 6 月份全國範圍內經歷的熱浪，以及在接近高峰期時加強績效營銷支出的戰略決策。我們還面臨著轉換疲軟的問題，這可能是由於手頭上沒有足夠的季節性庫存來滿足商店和網上消費者的需求，我們在本季度末對此進行了糾正。

This led to a decrease in comp sales in the region over the full quarter, but brand awareness and having the right amount of inventory at the right place at the right time are key areas of focus for us so that we are ready to meet the demand as we drive it. EMEA revenue decreased 11% due to a decline in wholesale revenue, partially offset by higher DTC revenue.

這導致整個季度該地區的複合銷售額下降，但品牌知名度和在正確的時間、正確的地點擁有正確數量的庫存是我們關注的關鍵領域，以便我們做好滿足需求的準備當我們駕駛它時。由於批發收入下降，歐洲、中東和非洲地區收入下降 11%，但 DTC 收入增加部分抵消了這一影響。

While the first quarter got off to a slower start execution in our DTC initiatives, combined with increased tourist traffic generated by some popular live events in the region contribute to improvement in comparable year-over-year revenue growth in the region from May to June, we are especially encouraged by revenue improvements we've seen in our London Regent Street store as a result of our execution, which Carrie will describe in a moment.

雖然第一季我們的 DTC 計劃的啟動執行速度較慢，但加上該地區一些熱門現場活動帶來的遊客流量增加，有助於改善該地區 5 月至 6 月的可比同比收入增長，由於我們的執行，我們在倫敦攝政街商店看到的收入增長尤其令我們感到鼓舞，嘉莉稍後將對此進行描述。

Moving down our income statement, let's turn to gross profit, our first quarter gross profit decreased by 5% year-over-year. In turn, gross margin declined 540 basis points to 59.7%. As always, in our smallest quarter, small dollar impacts can have an outsized effect on the quarterly results. In Q1, channel mix and product mix had an outsized impact on our gross margin given our smaller first quarter, but we expect it will have a minimal impact on the full year, and we continue to expect that gross margin over the full year will be similar to fiscal '24 the year-over-year decrease in gross margin in Q1 was mainly due to the following factors.

往下看損益表，我們來看毛利，第一季毛利年減了 5%。毛利率則下降 540 個基點至 59.7%。一如既往，在我們最小的季度，微小的美元影響可能會對季度業績產生巨大影響。由於第一季規模較小，第一季通路組合和產品組合對我們的毛利率產生了巨大影響，但我們預計這對全年的影響很小，並且我們繼續預計全年毛利率將與24 財年類似，第一季毛利率年減主要是由於以下因素。

First, our new European manufacturing facility, in particular contributed to 330 basis points of the 540 basis points decline given its relatively fixed cost base seeing deleverage in a relatively small quarter. The factory remains an integral part of our category expansion strategy, allowing us to leverage best-in-class manufacturing capabilities as we expand our luxury offerings. The remainder of the decline was related to product and channel mix, which was slightly offset by the positive benefits from pricing in our DTC channel.

首先，鑑於其相對固定的成本基礎在相對較小的季度內實現了去槓桿化，我們新的歐洲製造工廠尤其貢獻了 540 個基點下降中的 330 個基點。該工廠仍然是我們品類擴張策略不可或缺的一部分，使我們能夠在擴展奢侈品產品時利用一流的製造能力。其餘的下降與產品和通路組合有關，但我們的 DTC 通路定價帶來的正面效益略微抵消了這一下降。

We had a higher proportion of lower-margin non heavyweight down product revenue within the mix compared with the prior year which carries a lower gross margin than our heavyweight down products. While a DTC product mix had a larger than anticipated impact on our gross margin this quarter, we believe the increase in demand for our in-season collection was a very positive development, which can drive the gross profit dollar growth over the long term.

與前一年相比，我們的低利潤非重量級羽絨產品收入的比例較高，而毛利率低於我們的重量級羽絨產品。雖然 DTC 產品組合對我們本季毛利率的影響大於預期，但我們相信，對我們當季產品的需求增加是一個非常積極的發展，從長遠來看，這可以推動毛利的成長。

Channel wise, we sold significantly more units year-over-year through our lower margin other channels.

從通路角度來看，我們透過利潤率較低的其他通路銷售的銷售量較去年同期顯著增加。

Moving further down the P&L, our adjusted EBIT was a loss of $96 million for the quarter, which increased from a loss of $91.1 million in Q1 of last year due to lower gross profit and higher costs associated with operating 14 more stores year-over-year, partially offset by lower corporate SG&A spend.

進一步降低損益表，我們本季調整後的息稅前利潤為虧損9,600 萬美元，較去年第一季的虧損9,110 萬美元有所增加，原因是毛利下降以及與年比經營14 家門市相關的成本上升。

The decrease in corporate SG&A spend was primarily due to savings that resulted from the two workforce reductions implemented in fiscal '24 and led to a significant improvement in our SG&A as a percentage of revenue on a year-over-year basis. In Q1 FY24, we also had significant spend associated with our transformation program, which was included in our reported results and excluded from adjusted EBIT.

企業 SG&A 支出的減少主要是由於 24 財年實施的兩次裁員所帶來的節省，並導致我們的 SG&A 佔收入的百分比同比顯著改善。在 2024 財年第一季度，我們也有與轉型計畫相關的大量支出，這些支出已包含在我們報告的業績中，但不包括在調整後的息稅前利潤中。

Lastly, on the income statement, Q1 adjusted net loss attributable to shareholders was $76.1 million or a loss of $0.79 per basic share compared to a loss of $73 million or $0.70 per basic share in Q1 fiscal 24.

最後，在損益表上，第一季調整後股東應佔淨虧損為7,610 萬美元，即每股基本股虧損0.79 美元，而24 財年第一季的虧損為7,300 萬美元，即每股基本股虧損0.70 美元。

Turning to our balance sheet. At June 30, inventory was $484 million, down 7% year-over-year, driven by a notable decrease in finished goods and raw materials and marking our third consecutive quarter of decreasing our year-over-year inventory balance. Beth will provide more colour on the topic in a few minutes.

轉向我們的資產負債表。截至 6 月 30 日，庫存為 4.84 億美元，年減 7%，這是由於製成品和原材料顯著減少，這標誌著我們的庫存餘額連續第三個季度同比下降。貝絲將在幾分鐘內就該主題提供更多資訊。

SG&A efficiency and improved inventory levels are key metrics associated with our third operating imperative of operating with Simplicity, and we are pleased to see progress on both of those metrics in Q1.

SG&A 效率和改善的庫存水準是與我們的第三個營運要務（即簡單營運）相關的關鍵指標，我們很高興看到第一季這兩個指標都取得了進展。

We ended the year with $766 million of net debt on our balance sheet compared to $712 million at the end of the first quarter fiscal '24, primarily due to approximately $140 million of cash investments in our share buyback program throughout fiscal '24. We ended the period with approximately $335 million in unused borrowing capacity on our revolving credit facility having drawn $54 million in preparation for peak season. Our net debt leverage at the end of Q1 was 2.8 times adjusted EBITDA, which is in line with our net debt leverage at this time last year, we expect to end the year with leverage in line with historical levels.

截至年底，我們的資產負債表上的淨債務為7.66 億美元，而2024 財年第一季末的淨債務為7.12 億美元，這主要是由於我們在整個24 財年的股票回購計劃中進行了約1.4 億美元的現金投資。期末時，我們的循環信貸額度中尚未使用的借款能力約為 3.35 億美元，為迎接旺季而提取了 5,400 萬美元。第一季末我們的淨負債槓桿率為調整後 EBITDA 的 2.8 倍，這與去年此時的淨負債槓桿率一致，我們預計年底槓桿率將與歷史水準保持一致。

Turning to our fiscal 2025 financial outlook our first quarter results came in line with our expectations, and we're pleased with the progress made across our key operating imperatives. Consumers are responding favourably to our apparel wind wear and footwear product lines, and we expect to capitalize on our heavyweight down offerings as we enter peak season.

談到 2025 財年財務展望，我們第一季的業績符合我們的預期，我們對關鍵營運任務所取得的進展感到滿意。消費者對我們的服裝風衣和鞋類產品線反應良好，我們預計隨著進入旺季，我們將充分利用我們的重量級羽絨產品。

As for our annual outlook, we are maintaining our fiscal year 2025 guidance provided with fourth quarter and fiscal year results on May 16, which reflects our positive first quarter performance and incorporates an appropriate level of caution as we continue to operate in a dynamic global consumer environment and much of the year lies ahead. That wraps up the financial summary for our first quarter.

至於我們的年度展望，我們維持5 月16 日第四季和財年業績中提供的2025 財年指引，這反映了我們積極的第一季業績，並在我們繼續在充滿活力的全球消費者中營運時採取了適當的謹慎態度環境和今年的大部分時間都在等著我們。我們第一季的財務摘要到此結束。

I will now hand it to Carrie and Beth to discuss our three operating imperatives for the year and the progress we've made thus far.

現在我將把它交給嘉莉和貝絲討論我們今年的三項營運要務以及我們迄今為止所取得的進展。

Thanks, Neil. I'm happy to provide an update on our Q1 progress for two of our three key operating imperatives for fiscal '25. First, brand and product evolution, and Second, best in class luxury retail execution that we'll follow with an update on our third imperative, operating with Simplicity. In fiscal '25, we are strengthening the foundations of our brand product and channel experiences to set ourselves up for long-term sustainable growth at scale, while also unlocking near-term value. Our goal is to elevate the total experience for consumers, sparking new interest and excitement in the brand and enticing prospective customers at every step of the shopping journey.

謝謝，尼爾。我很高興向您介紹 25 財年三項關鍵營運任務中兩項第一季進度的最新情況。首先，品牌和產品的演變，其次，一流的奢侈品零售執行，我們將隨後更新我們的第三個要務，即簡單運營。在 25 財年，我們正在加強品牌產品和通路體驗的基礎，為實現長期可持續大規模成長做好準備，同時釋放短期價值。我們的目標是提升消費者的整體體驗，激發對品牌的新興趣和興奮，並在購物旅程的每一步吸引潛在客戶。

Starting with our brand and product update. In May, we announced tighter acumen as our first creative director and launched his inaugural design with Canada Goose, the PBI Hoodie. This was named in support of our long-time partner, Polar Bears International to raise awareness of the impact of global climate change. The response we've seen to Haider's announcement the launch of the PBI Hoodie and the accompanying campaign featuring Jane Fonda has been incredible.

從我們的品牌和產品更新開始。5 月，我們宣布擔任第一位創意總監，並推出了他與 Canada Goose 合作的首款設計：PBI 連帽衫。這個名稱的命名是為了支持我們的長期合作夥伴北極熊國際組織，以提高人們對全球氣候變遷影響的認識。Haider 宣布推出 PBI 連帽衫以及由 Jane Fonda 主演的相關宣傳活動，我們所看到的反應令人難以置信。

Our main objective for the PBI campaign was to drive brand heat and interest through our owned and earned channels. As Dani previewed, our marketing efforts drove more than double the media impressions than our previous best ever campaign, and we were equally as pleased with the commercial results, which delivered strong sell-through rates. In June, we launched our spring summer collection, introducing lightweight style suited for the warmer and wetter seasons, including T-shirts, polos and new wind wear styles.

我們 PBI 活動的主要目標是透過我們自有和贏得的管道提高品牌熱度和興趣。正如丹尼所預見的那樣，我們的行銷工作使媒體印像比我們之前最好的行銷活動增加了一倍多，而且我們對商業結果同樣感到滿意，它帶來了強勁的銷售率。6月，我們推出了春夏系列，推出了適合溫暖多雨季節的輕薄款式，包括T卹、polo衫和新風穿搭款式。

The collection featured 27 new styles, including the launch of our very first rain boot, the Vancouver rain boot, further expanding our category of functional and stylish footwear. The response to this Canada Goose product which appeals to a buy-now wear-now consumer mentality has been very strong. From a consumer lens. We're also happy with the effectiveness of our digital marketing efforts in attracting interest from new audiences and expanding our followership as well as exciting or existing fan base. In Q1, our spring-summer '24 and PBI Hoodie campaigns together resulted in significant year-over-year growth in new email subscribers and improvement in our global search results and success in attracting higher quality followers on our social media channels.

該系列共有 27 種新款式，包括推出我們的首款雨靴——Vancouver 雨靴，進一步拓展了我們功能性和時尚鞋類的類別。Canada Goose 這款吸引「即買即穿」消費者心態的產品反應非常強烈。從消費者的角度來看。我們也對我們的數位行銷工作在吸引新受眾興趣、擴大我們的追隨者以及令人興奮的或現有粉絲群方面的有效性感到滿意。在第一季度，我們的24 春夏系列和PBI 連帽衫活動共同推動了新電子郵件訂閱者的同比顯著增長，改善了我們的全球搜尋結果，並成功在我們的社交媒體管道上吸引了更高品質的追隨者。

We're making progress advancing other digital initiatives as well. We're on track to deliver a faster e-commerce shopping experience ahead of peak season. And we introduced new photography for our online channels this quarter, which has produced positive results. We're also in the process of updating our online catalogue to better reflect our elevated brand with Alfredo Tan, our new Chief Digital and Information Officer coming on board and look forward to accelerating our digital efforts with increasing impact. The progress we made in Q1 marked the beginning of our evolving brand efforts, both our Fall Winter collection launching in August and Haider's first capsule collection, which will launch before holiday will be key brand moments that will reflect the bolder approach to marketing to build further brand momentum.

我們在推進其他數位計劃方面也取得了進展。我們預計在旺季到來之前提供更快的電子商務購物體驗。本季我們為線上管道推出了新的攝影技術，並取得了積極的成果。我們也正在更新我們的線上目錄，以更好地反映我們的高端品牌，新任首席數位和資訊長 Alfredo Tan 即將上任，並期待著加快我們的數位化工作，擴大影響力。我們在第一季取得的進展標誌著我們不斷發展的品牌努力的開始，我們於8 月推出的秋冬系列和將在假期前推出的Haider 首個膠囊系列都將是關鍵的品牌時刻，這將反映出更大膽的行銷方法，以進一步打造品牌形象。

As we said on our Q4 call, a big part of our brand evolution extends to our wholesale channel as a result of the work we've already set in motion. We're seeing our wholesale partners who have known us for years as leader in warrant shifting their perception of our brand's relevance all year round as they discover the expanding breadth of our offering, and they're extremely positive about Haider joining the brand and leading our design and creative vision. In Q1, this work has already resulted in select partners choosing to relocate Canada Goose on their floors for upcoming fall winter season from the outerwear department to the luxury department, which is the right path forward.

正如我們在第四季度電話會議上所說，由於我們已經啟動的工作，我們品牌演變的很大一部分延伸到了我們的批發管道。我們看到我們的批發合作夥伴多年來一直將我們視為認股權證的領導者，隨著他們發現我們的產品範圍不斷擴大，他們對我們品牌相關性的看法全年都發生了變化，並且他們對Haider 加入品牌並領導市場非常積極我們的設計和創意願景。在第一季度，這項工作已經導致部分合作夥伴選擇將 Canada Goose 在即將到來的秋冬季節的樓層中從外套部門轉移到奢侈品部門，這是正確的前進道路。

Turning to our second operating imperative, implementing best-in-class retail execution to become a best-in-class retailer. Last year, we undertook a thorough top-to-bottom review of every component of our retail business as part of our transformation program, from the way we move product through our supply chain to the way we sell in stores so that the consumer experience is consistent across our retail network. This year, we're in execution mode, focused on getting the fundamentals in place so that we're set up to seize the exciting growth opportunities we see ahead as we scale our stores, our product categories and our customer base.

談到我們的第二個營運要務，即實施一流的零售執行力，成為一流的零售商。去年，作為轉型計劃的一部分，我們對零售業務的每個組成部分進行了徹底的自上而下的審查，從我們在供應鏈中移動產品的方式到我們在商店中銷售的方式，以便消費者體驗我們的零售網路保持一致。今年，我們處於執行模式，專注於打好基礎，以便我們在擴大門市、產品類別和客戶群時抓住未來令人興奮的成長機會。

To accomplish this, we're focused on three primary streams of work, one, boosting our sales training to strengthening our store operations and three, improving product availability. First is levelling up sales training for our store employees, whom we call brand ambassadors. This is about reinforcing critical elements of our Canadian warm experience, which means delivering warrants in every interaction and expertise behind every recommendation. We're not a brand that just makes ourselves pretty things. Our products are crafted with precision and purpose with performance at their core.

為了實現這一目標，我們專注於三個主要工作流程，一是加強銷售培訓以加強我們的商店運營，三是提高產品可用性。首先是加強商店員工（我們稱之為品牌大使）的銷售訓練。這是為了強化我們加拿大溫暖體驗的關鍵要素，這意味著在每一次互動和每項建議背後的專業知識中提供保證。我們不是一個只是讓自己變得漂亮的品牌。我們的產品以性能為核心，精心打造，具有針對性。

So it's imperative that our brand ambassadors understand and can showcase the details of every product and category to ensure our customers confident we leave with the ideal candidate use product in hand. In Q1, we delivered in-depth product training to our brand ambassadors that equips them with the technical knowledge and brand stories to make deeper connections with our customers and consistently deliver a stellar in-store experience. We are in the process of rolling out the remaining training modules to set our store teams up for success ahead of our peak selling season.

因此，我們的品牌大使必須了解並能夠展示每個產品和類別的詳細信息，以確保我們的客戶相信我們手頭上有理想的候選使用產品。在第一季度，我們為品牌大使提供了深入的產品培訓，讓他們掌握技術知識和品牌故事，以便與客戶建立更深入的聯繫，並始終如一地提供一流的店內體驗。我們正在推出剩餘的培訓模組，以使我們的商店團隊在銷售旺季之前取得成功。

In June, we also introduced a new bonus compensation program in North America and EMEA that rewards our store teams as individuals and as a team. We believe this approach more aptly combines our team-based culture with individual level accountability, and it serves as a tool to attract the very best retail talent combined with our coaching and training initiatives. This new program is already producing results with labour productivity increasing in June over the previous two months in the first quarter.

六月，我們還在北美和歐洲、中東和非洲推出了新的獎金補償計劃，獎勵我們的商店團隊作為個人和團隊。我們相信這種方法更恰當地將我們基於團隊的文化與個人層面的責任相結合，並且它可以作為吸引最優秀零售人才的工具，並結合我們的輔導和培訓計劃。這項新計劃已經產生了成效，六月的勞動生產力比第一季的前兩個月有所提高。

Second, we are strengthening our store operations in Q1, we reset labour hours across all regions to ensure we offer optimal staffing levels during our busiest periods to best serve our customers. We're also optimizing our in-store product presentations to [better showcase] seasonal product stories in combination with Evergreen icons and showcase the breadth of our full lifestyle offering through layering and combining categories on the floor, highlighting the progress we've made in our brand and our product evolution.

其次，我們在第一季度加強了門市運營，我們重新調整了所有地區的工作時間，以確保我們在最繁忙的時期提供最佳的人員配備水平，以最好地為客戶服務。我們也正在優化店內產品展示，以[更好地展示]季節性產品故事，並與Evergreen 圖標相結合，並透過分層和組合地板上的類別來展示我們完整的生活方式產品的廣度，突出我們在我們的品牌和產品的演變。

And third, we're improving product availability by focusing on bringing more precision to our merchandising planning and inventory allocation capabilities. In Q1, we narrowed our skew count to focus efforts and showcase our most sought-after silhouettes and styles and newness from our 2024 collection. This also allows us to integrate and bring more focus to new designs that Haider will launch later this year and beyond. And to enhance inventory allocation, we redeployed product sizes and styles into different regions based on local demand, which led to better sell through this quarter, and we're testing more direct shipping routes from factory to store to increase speed to market and get products to our customers faster.

第三，我們透過專注於提高我們的銷售規劃和庫存分配能力來提高產品可用性。在第一季度，我們縮小了傾斜數量，以專注於展示我們最受歡迎的輪廓、款式以及 2024 年系列的新品。這也使我們能夠整合並更加關注 Haider 將在今年稍後及以後推出的新設計。為了加強庫存分配，我們根據當地需求將產品尺寸和款式重新部署到不同地區，這使得本季度的銷售情況更好，並且我們正在測試從工廠到商店的更多直接運輸路線，以提高產品上市速度和獲取產品的速度更快提供給我們的客戶。

These DTC execution efforts are producing real results. In Mainland China, our stores were prepared to capture and strong consumer demand for our seasonal products in Q1, complemented by engaged sales teams, which contributed to the solid performance we saw there. Another great example is the progress we made in our London Regent Street store. This flagship store is a top 10 revenue store and a beacon for the brand in Europe as well as for tourists around the world. In Q1, we remerchandised the store with an assortment that represents our heritage of also being seasonally relevant.

這些 DTC 執行工作正在產生實際成果。在中國大陸，我們的商店準備在第一季抓住消費者對季節性產品的強勁需求，並輔以敬業的銷售團隊，這為我們在那裡看到的穩健業績做出了貢獻。另一個很好的例子是我們在倫敦攝政街商店的進展。這家旗艦店是收入排名前十的商店，也是該品牌在歐洲以及世界各地遊客的燈塔。在第一季度，我們對商店進行了重新銷售，產品組合代表了我們與季節相關的傳統。

We changed up how we presented our men's and women's assortments, and we better matched brand ambassadors staffing according to traffic levels. Additionally, the team at this store was one of the first to complete our new intensive training program. These efforts, plus capitalizing on increased traffic trends contributed to a lift in store comp sales, which accelerated to double digit growth as measured 45 days prior to implementation to 45 days post implementation. Our job now is to implement the learnings from these initiatives and then scale them across the network.

我們改變了男士和女士系列的展示方式，並根據流量水平更好地匹配了品牌大使的人員配置。此外，這家商店的團隊是第一批完成我們新的密集培訓計畫的團隊之​​一。這些努力，加上利用增加的客流量趨勢，促進了商店銷售額的提升，根據實施前 45 天到實施後 45 天的測量，銷售額加速達到兩位數增長。我們現在的工作是實施從這些措施中學到的知識，然後在整個網路中進行擴展。

Circling back to our Q1 results, which has typically been about 5% of our total annual revenue. While we are not satisfied with the negative DTC comp growth in our first quarter, I am encouraged by the progress we have made in these early days of execution. The actions we're undertaking and the results they've driven already gives us confidence in our ability to drive improved comp performance as we head into the larger quarters ahead.

回到我們第一季的業績，通常占我們年總收入的 5% 左右。雖然我們對第一季 DTC 的業績負成長並不滿意，但我對我們在執行初期所取得的進展感到鼓舞。我們正在採取的行動及其所帶來的結果已經讓我們對在未來更大的季度中推動改善公司業績的能力充滿信心。

Now I'll pass it on to Beth, who will discuss our third operating imperative for fiscal '25.

現在我將其轉交給 Beth，她將討論我們 25 財年的第三個營運要務。

Thanks, Carrie, and good morning all. In May, we talked about two primary ways. We're simplifying and focusing the way we operate. First by achieving internal operating excellence and second, through focused capital deployment. I'm happy to share updates today on good progress in both of these areas. First, achieving operating excellence. As I've said before, quite simply, operating excellence is fewer people working more effectively on fewer priorities and driving the results.

謝謝嘉莉，大家早安。五月份，我們討論了兩種主要方式。我們正在簡化並集中我們的營運方式。首先是實現內部卓越運營，其次是透過集中的資本部署。我很高興今天分享這兩個領域取得的良好進展的最新情況。第一，實現卓越營運。正如我之前所說，很簡單，卓越營運就是更少的人在更少的優先事項上更有效地工作並推動結果。

On our fourth quarter earnings call, we spoke about the headcount reductions and organizational changes we made at the end of March. I'm pleased to report that now four months out the organization has embraced these changes. When I highlight a few examples and data points, we continue to evolve teams where we have the opportunity to be more efficient and effective. For example, in June, we further streamline our product development and sourcing teams globally.

在第四季財報電話會議上，我們談到了 3 月底進行的裁員和組織變革。我很高興地報告，四個月後，該組織已經接受了這些變化。當我強調一些例子和數據點時，我們將繼續發展團隊，讓我們有機會變得更有效率和更有效率。例如，在六月，我們進一步精簡了全球的產品開發和採購團隊。

This enables us to work more effectively with our European manufacturing partners as we prepare to deliver new products across our global portfolio. It also allows us to redeploy more resources to support our Creative Director. We continue to evolve our culture and practices to be more efficient data-driven behaviours. For example, we've completely revamped our operating and commercial review cycles to produce more actionable outcomes, a focus on driving near term top and bottom line results. We've also introduced an updated travel tool and policy that helps our employees act like owners and take greater accountability for costs incurred.

這使我們能夠在準備在全球產品組合中提供新產品時與歐洲製造合作夥伴更有效地合作。它還使我們能夠重新部署更多資源來支援我們的創意總監。我們不斷發展我們的文化和實踐，以實現更有效率的數據驅動行為。例如，我們徹底修改了我們的營運和商業審查週期，以產生更多可操作的結果，並專注於推動近期的頂線和底線結果。我們也推出了更新的差旅工具和政策，幫助我們的員工像業主一樣行事，並對所產生的費用承擔更大的責任。

And lastly, we continue to exercise very tight controls over headcount only hiring for the most critical roles. This has resulted in our corporate headcount remaining relatively flat as of June 30, compared to where we were at the end of the fiscal year. These actions we've taken so far have had a positive impact on our cost base with SG&A as a percent of revenue improving in Q1 over the same period last year. This not only reflects the workforce reductions implemented in fiscal '24.

最後，我們繼續對員工人數實施非常嚴格的控制，只招募最關鍵的職位。這導致截至 6 月 30 日，我們的公司員工人數與本財政年度結束相比保持相對穩定。到目前為止，我們採取的這些行動對我們的成本基礎產生了積極影響，第一季的銷售、管理費用佔收入的百分比比去年同期有所改善。這不僅反映了 24 財年實施的勞動削減。

But also importantly, incremental cost savings efforts as well, which contributed to the operating leverage observed for the quarter, maybe more importantly, we've just completed our first employee NPS pulse survey since the organizational changes and are seeing our overall employee NPS maintaining despite the large amount of change that has occurred over the last several months. Most encouragingly, we're seeing NPS increases in our retail team, reflecting the positive impact of our DTC execution and brand and product evolution operating imperatives.

但同樣重要的是，增量成本節約工作也有助於提高本季觀察到的營運槓桿，也許更重要的是，我們剛剛完成了自組織變革以來的第一次員工NPS 脈搏調查，並且看到我們的整體員工NPS 保持不變，儘管過去幾個月發生的巨大變化最令人鼓舞的是，我們看到零售團隊的 NPS 增加，這反映出我們的 DTC 執行以及品牌和產品演變營運要求的正面影響。

Second, I'll talk about our plan to improve capital deployment and working capital.

其次，我將談談我們改善資本配置和營運資金的計畫。

On the capital deployment side, we've prioritized technology investments supporting our key operating imperatives that we expect to generate a strong ROI we've also slowed our store openings to focus on driving productivity in our existing store base. Combination of these two efforts is resulting in a significant reduction in CapEx year-over-year. Our plan to rightsized our inventory levels is working as we increase inventory efficiency through our planned temporary lower production levels with both third party contract manufacturing partners as well as in our owned manufacturing facilities while continuing to use our friends and family sales to exit slow-moving and non carryover SKUs.

在資本部署方面，我們優先考慮支持我們關鍵營運需求的技術投資，我們希望產生強勁的投資回報率，我們也放慢了開店速度，專注於提高現有商店基地的生產力。這兩項努力的結合導致資本支出較去年同期大幅減少。我們調整庫存水平的計劃正在發揮作用，因為我們計劃暫時降低與第三方合約製造合作夥伴以及我們自己的製造工廠的生產水平，同時繼續利用我們的朋友和家人的銷售來退出緩慢流動，從而提高庫存效率和非結轉 SKU。

In Q1, we made solid progress, lowering inventory levels by 7% year-on-year and increasing inventory turns by 6% for the 12-month period ending June 30, 2024 versus last year. Given the seasonality of our business and the build-up of inventory in the first half of the year to meet demand during our peak season, we expect to see even more notable movement of inventory turnover in the second half of the year. Coinciding with the ramp-up of sales. We're early in our work here. I have plenty more opportunity to continue to simplify and transform the way we work.

第一季度，我們取得了紮實進展，截至 2024 年 6 月 30 日的 12 個月期間，庫存水準年減了 7%，庫存週轉率比去年提高了 6%。考慮到我們業務的季節性以及上半年為滿足旺季需求而累積的庫存，我們預計下半年庫存週轉率的變動將更加顯著。與銷量的上升同時發生。我們在這裡的工作還處於早期階段。我有很多機會繼續簡化和轉變我們的工作方式。

We are operating in a more coordinated focus and cross-functional manner than we were this time last year, which is helping to drive the progress we've highlighted on the call today. We continue to focus on the most impactful areas to support improvement across our key performance metrics and margin expansion in the remainder of this fiscal year and beyond.

與去年同期相比，我們的營運重點更加協調，跨職能方式也更加明確，這有助於推動我們在今天的電話會議上強調的進展。我們繼續關注最具影響力的領域，以支持本財年剩餘時間及以後的關鍵績效指標的改進和利潤率的擴張。

In closing, we feel good about the tremendous progress we made in the quarter. Overall financial results were in line with our expectations, and we continue to show our ability to engage more consumers with our year-round product and our incredible craftsmanship, design and authority as a luxury brands. We intend to continue to introduce compelling innovation and enhance our marketing. We are ruthlessly focused on improving our execution across the enterprise.

最後，我們對本季取得的巨大進展感到滿意。整體財務表現符合我們的預期，我們繼續展示我們透過全年產品以及我們作為奢侈品牌的令人難以置信的工藝、設計和權威吸引更多消費者的能力。我們打算繼續推出引人注目的創新並加強我們的行銷。我們堅定不移地致力於提高整個企業的執行力。

We are both elevating our cannabis brand and experience and building a more efficient and effective foundation for the company to deliver consistent long term sales growth at higher levels of profitability in the future. We remain confident that we've identified and are actioning the right plan and look forward to continuing to update you on our progress as we move through the year.

我們正在提升我們的大麻品牌和經驗，並為公司奠定更有效率、更有效的基礎，以便在未來以更高的獲利水準實現持續的長期銷售成長。我們仍然相信，我們已經確定並正在實施正確的計劃，並期待在這一年中繼續向您通報我們的進展。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Dani, Neil, Beth and Carrie. The Haider is quite talented and comes from a really strong background and fashion and execution as well healthy, integrating the company. How are things progressing and how will this intersect with continued progress and non heavy weight down on non-heavyweight? And a related question, what are some key goalposts that you're looking for to ahead and how will the margin complexion interact with the model in terms of gross margins there? And second point, the SKU reduction sounds quite prudent in terms of getting goods to the right place at the right time.

嗨，丹尼、尼爾、貝絲和嘉莉。海德爾非常有才華，背景非常強大，時尚和執行力也很健康，將公司融為一體。事情進展如何？還有一個相關的問題，您正在尋找哪些關鍵目標，以及利潤率狀況將如何與模型的毛利率相互作用？第二點，就在正確的時間將貨物運送到正確的地點而言，減少 SKU 聽起來相當謹慎。

And also on working more efficiency, what do you have ahead for SKU reduction and how should we think about that, how that will impact the model. Thank you.

還有關於提高工作效率，您對減少 SKU 有何展望，我們應該如何考慮這一點，這將如何影響模型。謝謝。

Hi Oliver, as [Danny has gone]. Thanks so much for your question about Haider, and we're very excited about some of the work that we're doing Haider and he's been intervening in the ways of entry integrating into our company is going extremely well. Our debt we know we launched on the now someone May 15, and we launched we launched with a single product which did extremely well. And Um, we are super-excited event. Haider is a designer of the highest ever used the word passion, his will and just multiple fashions.

嗨奧利弗，作為[丹尼走了]。非常感謝您提出有關 Haider 的問題，我們對 Haider 正在做的一些工作感到非常興奮，他一直在幹預融入我們公司的方式，進展非常順利。我們知道我們的債務是在 5 月 15 日推出的，我們推出了一款表現非常好的單一產品。嗯，我們非常興奮。Haider 是一位曾經用過最高激情這個詞的設計師，他的意志和多種時尚。

He gets our brand. He gets a tea and a guest where we are and where we come from and he he will be designing beautiful products that will that go on and with our collection. This is a bold move for us, and we're super excited about our milestones to look forward to the next one is he going to be dropping capsule collections on the fall of this fall for before on that before from before the end of Q3 and done for holiday, and we're super excited about that. I think that this is really going to add a lot of energy to our brand. Also no surprise. He mixed specifically and also all of our products has a Halo effect. [So on before to more to come].

他得到了我們的品牌。他會為我們所在的地方和我們來自的地方提供一杯茶和一位客人，他將設計出美麗的產品，這些產品將繼續存在於我們的系列中。這對我們來說是一個大膽的舉動，我們對我們的里程碑感到非常興奮，期待下一個他將在今年秋天推出膠囊系列，從第三季度結束之前開始，假期結束了，我們對此感到非常興奮。我認為這確實會為我們的品牌增添很多能量。也不足為奇。他專門混合，我們所有的產品都有光環效應。[在此之前，還有更多內容]。

As it relates to gross margin, I mean, we are we're planning this year to be similar to fiscal '24 key things that we're looking at. There are a price increase. And so we've enacted our sort of price increase across the portfolio. It sort of blends out at a mid-single digit We're clearly managing production levels. And we know that there's going to, as we said, I think the year-end earnings call that we expected that we put a little bit of pressure on cost, which is okay.

由於它與毛利率有關，我的意思是，我們計劃今年與我們正在考慮的 24 財年關鍵事項類似。有漲價的情況。因此，我們對整個投資組合進行了漲價。它以中等個位數混合，我們正在明確地管理生產水準。我們知道，正如我們所說，我認為我們預計的年終收益電話會議會給成本帶來一點壓力，這是可以的。

And then as we always have done, we'll mix the evolution of the products in this year, certainly away from heavy weight down into sort of some of those who are not heavyweight down products as well as the channels. And we think that all rolls up to a in line with fiscal '24 gross margin. Carrie, you want to just talk a little bit about the SKU rationalization?

然後，正如我們一直所做的那樣，我們將混合今年產品的演變，當然從重量級羽絨到一些非重量級羽絨產品以及渠道。我們認為所有這些都將達到與 24 財年毛利率一致的水平。Carrie，您想談談 SKU 合理化嗎？

So first, I just want to add on the [hiring front]. I think the biggest impact will of course, be on product, but also having an impact already with our team in marketing and on the brand. So the response from our wholesale partners, lots of positivity and excitement about what's to come. And then on Patrick, bringing his creative vision to life from a brand perspective. And you started to see that with the PBI Hoodie to launch that we did with Jane Fonda. So really marks a step change in the way that we're bringing this brand to life back to product and SKU rationalization.

首先，我只想補充一下[招募前沿]。我認為最大的影響當然是在產品上，但也已經對我們的行銷和品牌團隊產生了影響。因此，我們的批發合作夥伴的反應對即將發生的事情充滿了積極性和興奮。然後帕特里克從品牌角度將他的創意願景變為​​現實。隨著我們與 Jane Fonda 一起推出 PBI 連帽衫，你開始看到這一點。因此，這確實標誌著我們在產品和 SKU 合理化方面使品牌煥發活力的方式發生了重大變化。

Yes, I think we're making good progress. I think you can expect to see that continue as we focus on our top sellers and making for us to focus on the newness as well as the newness that Haider will be bringing in. So nothing in terms of category rationalization. It's just looking at category by category. What of where do we have the best chance at winning? Where is it strongest demand from customers so that we can really design and market to that.

是的，我認為我們正在取得良好進展。我想你可以期待看到這種情況繼續下去，因為我們專注於我們的暢銷產品，並讓我們專注於新事物以及海德爾將帶來的新事物。所以在品類合理化方面沒有什麼。只是按類別看。我們在哪裡最有機會獲勝？客戶最強烈的需求在哪裡，以便我們能夠真正針對該需求進行設計和行銷。

Thank you. Best regards.

謝謝。此致。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Hi, Thanks for taking my questions on. I wondered, can you comment on sort of the efforts to expand outside the heavy weight down category? I guess you talked about a lot of different product categories on outside of heavyweight down, which ones are you expecting the most contribution from this year? And then would you still be expecting growth from the heavyweight down category this year? Thank you.

您好，感謝您回答我的問題。我想知道，您能否評論一下在重量級羽絨外套類別之外擴張的努力？我想您在重量級羽絨之外談到了很多不同的產品類別，您預計今年哪些產品類別的貢獻最大？那麼您是否仍預期今年重量級羽絨外套類別會出現成長？謝謝。

Thanks, Alex. So yes, I'm always this is a journey. So we've been on this journey for some time now because they're making rapid progress on the different categories that we have introduced. So whether that's likely down, you've seen in our results in Q1. So apparel and everyday, which is what we call our wind wear collection and footwear that lead those lead and not heavyweight down. So we're really happy with that. Seeing very strong demand from and response from our consumers, particularly in a pack this quarter so that basket is truly evolving.

謝謝，亞歷克斯。所以是的，我一直認為這是一段旅程。因此，我們已經踏上這一旅程一段時間了，因為他們在我們引入的不同類別上取得了快速進展。因此，無論這是否可能下降，您都可以從我們第一季的結果中看到。因此，服裝和日常用品，也就是我們所說的風衣系列和鞋類，引領那些領先的潮流，而不是重量級的潮流。所以我們對此感到非常高興。看到消費者的強烈需求和反應，特別是本季的包裝，因此購物籃正在真正發展。

And people are not only seeing the brand for what how we've expanded, but also buying it in different seasons, which again, you're seeing the results of that in Q1. So we do expect heavy weight down to grow. There's lots of focus and attention on how do we keep our icons, and that's what people know us best for as well as moving into other categories. We think there's lots of opportunity in footwear for one accessories to a smaller degree, but we think there's lots of room there. Knitwear, obviously, our acquisition of a factory last quarter. So we have we think that there's lots of opportunity and we know that people come to us for for warmed and protection. And we think those two qualities apply to many more categories than we are in today.

人們不僅會看到該品牌的擴張方式，還會在不同季節購買它，同樣，您會在第一季看到結果。因此，我們確實預期重量級下降將會成長。我們如何保留我們的偶像受到了很多關注，這也是人們最了解我們的地方，也正是我們進入其他類別的原因。我們認為鞋類在較小程度上有很多機會作為配件，但我們認為那裡有很大的空間。顯然，針織品是我們上季收購的工廠。所以我們認為有很多機會，我們知道人們來找我們尋求溫暖和保護。我們認為這兩種品質適用於比今天更多的類別。

Really helpful. And then my follow-up is, how should we sort of think about the cadence of DTC comp sales from here? Are you sort of expecting the strongest growth to come in your highest volume season? Or how should we sort of think about the phasing of that comp sales to get to the low-single digit guide?

真的很有幫助。然後我的後續問題是，我們該如何思考 DTC comp 銷售的節奏？您是否期望在銷量最高的季節出現最強勁的成長？或者我們應該如何考慮該公司銷售的分階段以達到低個位數的指導？

Yeah. I mean, you'll recall we didn't necessarily give quarterly guidance. And so I'm not going to speak specifically about expected metrics in any given quarter. But I think you're directionally correct that for two real reasons, one, and we're putting a ton of effort, as you heard in the prepared remarks. And as we talked about in the call a few months ago, we're putting a ton of effort around how do we become a best-in-class retailer and that takes some time and so while we've got sort of mixed results on comps in the first quarter, we would expect that by the time that we get to our peak season that we would be driving towards positive comps in order to get us to that low single digit estimate for the year.

是的。我的意思是，您會記得我們不一定會提供季度指導。因此，我不會具體談論任何特定季度的預期指標。但我認為你的方向是正確的，有兩個真正的原因，一是我們正在付出巨大的努力，正如你在準備好的發言中聽到的那樣。正如我們在幾個月前的電話會議中談到的那樣，我們正在圍繞如何成為一流的零售商投入大量精力，這需要一些時間，因此儘管我們在這方面的結果好壞參半在第一季度的比較中，我們預計，當我們進入旺季時，我們將朝著積極的方向發展，以便使我們達到今年較低的個位數估計。

Incredibly helpful. Best of luck going forward.

非常有幫助。祝你好運。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hi, this is [Jeff Walmart] behalf of Michael Binetti and thanks for taking our questions here. And maybe double-click on the Europe manufacturing facility. Can you speak to how much that fixed cost base will impact gross margin in the rest of the year period? And given the guidance of flat grosses for the year seems to imply that back half and the rest of the year, we'll expand that crop like about 30 basis points. So we think about the 330 basis points of compression in the first quarter. Maybe could you give us an idea of how much that impacts the rest of your guide.

大家好，我是 Michael Binetti 的 [Jeff Walmart] 代表，感謝您在這裡提出我們的問題。也許還可以雙擊歐洲製造工廠。您能否談談固定成本基礎將對今年剩餘時間的毛利率產生多大影響？鑑於今年總收入持平的指導似乎意味著下半年和今年剩餘時間，我們將把產量擴大約 30 個基點。所以我們考慮第一季壓縮330個基點。也許您可以告訴我們這對指南的其餘部分有多大影響。

Sir, you may begin.

先生，您可以開始了。

And so operator, I think we're ready for the next question.

接線員，我想我們已經準備好回答下一個問題了。

Jonathan Komp, Cape Breton.

喬納森康普，布雷頓角。

Hi, good morning. This is Alex Conway on for John. Neil, I think you've previously talked about expecting a mid single digit luxury market growth this year with kind of some of the headwinds that competitors have called out and I know you said a more dynamic environment. Could you maybe share a little bit more about maybe what you're expecting for both for your now?

嗨，早安。我是亞歷克斯·康威（Alex Conway）替約翰發言。尼爾，我想您之前曾談到，預計今年奢侈品市場將實現中個位數成長，同時面臨競爭對手提出的一些不利因素，我知道您說過一個更具活力的環境。您能否分享一下您現在對兩者的期望？

Yes. I mean, I think you're probably right that the external data points suggest that mid-single digits is maybe on the optimistic side at sort of a lower single digit on growth environment is maybe more appropriate and I think as we've looked at how that impacts our business and the relative size that we are in the markets that we are in the versus those markets, I don't think we view that what might be a slight contraction in the in your estimate as having a meaningful impact on the business. And so while we are clearly monitoring health of the US consumer health of the Chinese consumer, a level of tourism, et cetera, et cetera. We feel pretty good about our ability to execute the plans even with that, that production.

是的。我的意思是，我認為你可能是對的，外部數據點表明中個位數可能是樂觀的一面，增長環境中較低的個位數可能更合適，我認為正如我們所看到的那樣如何影響我們的業務以及我們所在市場與這些市場的相對規模，我不認為我們認為您估計中的輕微收縮會對商業。因此，雖然我們正在明確監測美國消費者的健康狀況，但中國消費者的健康狀況、旅遊業的程度等等。即使有了這樣的生產，我們對執行計劃的能力也感到非常滿意。

Yes. Thank you. That's very helpful. And then I guess just one more on China. Could you dig into a little bit what you're seeing and the difference between some of the territories and then Mainland China and Japan? And really, why do you think that dynamic's ongoing right now?

是的。謝謝。這非常有幫助。然後我想還有一個關於中國的問題。您能否深入研究您所看到的以及某些地區與中國大陸和日本之間的差異？事實上，您認為為什麼這種動態現在仍在持續？

Yes, it is. I'll start and Carrie can certainly add some color. So I think in terms of operating performance in the quarter, mainly China was a standout as was Japan. And I just want to caution that standout in a small quarter can be [$1 billion or $2] more. And so it's really not a meaningful dollar contribution, but the trend is it has been now for six months, pretty strong in Mainland China and we're really happy when you get outside of Mainland and into places like Hong Kong, Macau, Taiwan, it seems like the consumer pressure there and the traffic and the willingness to spend is much more under pressure, and that's probably a trend that's been that's been kind of going on for three to six months. We're happy with our locations in each of those places.

是的。我先開始，嘉莉當然可以加入一些色彩。因此，我認為就本季的經營業績而言，主要是中國和日本表現出色。我只是想提醒一下，小季度的表現可能會多 [10 億美元或 2 美元]。因此，這確實不是一個有意義的美元貢獻，但趨勢是，它已經持續了六個月，在中國大陸相當強勁，當你走出大陸並進入香港、澳門、台灣等地時，我們真的很高興，那裡的消費者壓力、交通和消費意願似乎承受了更大的壓力，這可能是一種趨勢，已經持續了三到六個月。我們對我們在這些地方的位置感到滿意。

We're particularly happy with what the Macau business will ultimately bring, but certainly seems to be a little bit of tourist pressure there. If you them Japan currency situation there seems to be that the relative weakness of the Japanese yen is there resulting in a lot of inbound tourism, some of that mainland Chinese, some from other places. And when they're there. They're spending to take advantage of the arbitrage. We see that in our business, although still relatively light quarter, as we said number of times this morning, and we clearly see that that's still that's still the market trend. And with some of the other, some of our other peers in them, they've reported over the last few weeks.

我們對澳門業務最終帶來的結果感到特別滿意，但顯然那裡的遊客壓力似乎有點大。如果你看看日本的貨幣情況，日圓的相對疲軟會導致大量入境遊客，其中一些是中國大陸，一些來自其他地方。當他們在那裡時。他們花錢是為了利用套利。我們在我們的業務中看到這一點，儘管季度仍然相對清淡，正如我們今天早上多次說過的那樣，我們清楚地看到這仍然是市場趨勢。還有其他一些人，我們的其他一些同行，他們在過去幾週進行了報告。

Thanks for all the color.

感謝所有的顏色。

Michael Vu, Barclays.

麥可‧武 (Michael Vu)，巴克萊銀行。

Good morning and thank you for taking our questions. I just wanted to touch on your customer base as your product mix continues to shift more towards the lightweight portion on heavyweight products, are you seeing more of an impact from repeat purchases from existing customers or a more outsized impact from new customers because of the new products?

早安，感謝您回答我們的問題。我只是想談談您的客戶群，因為您的產品組合繼續更多地轉向重量級產品的輕量級部分，您是否看到現有客戶的重複購買產生了更大的影響，或者由於新產品而導致新客戶產生了更大的影響？

Your question to our repeat customer purchase rate is quite strong and are encouraged to see that when we announced [Haider] in particular for the big moment for Q1. And in that we had a significant repeat purchase rate. Of course, it was also meant to attract new customers, which I did. But I think the idea that as we're changing that mix as rich elevating the brand as we're bringing things to market in a different way, we're holding onto our customers and also growing it with new quality followers with the right kind of audience. So and it's a bit of both. I hate to give I don't have specific numbers to share with you. But we're happy with the progress in terms of both exciting fans that have been with us for many, many years, and you've seen us evolve it and then attracting new customers and bringing them into the fold.

您對我們的回頭客購買率的疑問非常強烈，當我們特別在第一季的重要時刻宣布 [Haider] 時，我們很高興看到這一點。我們的重複購買率很高。當然，這也是為了吸引新客戶，我就是這麼做的。但我認為，當我們以不同的方式將產品推向市場時，我們正在改變這種組合，豐富提升品牌，我們會留住我們的客戶，並透過合適的新優質追隨者來發展它的觀眾。所以兩者兼而有之。我不想告訴你，我沒有具體的數字可以跟你分享。但我們對與我們在一起很多年的激動人心的粉絲方面取得的進展感到高興，並且您已經看到我們不斷發展它，然後吸引新客戶並將他們納入其中。

Great. Yes, that sounds great. And then you have a follow-up regarding that. Have you seen any kind of change in your target demographic by any chance because of the introduction of the newer products? And is there any kind of shifts or different and the geographies for who's purchasing what?

偉大的。是的，聽起來很棒。然後你會對此進行跟進。由於新產品的推出，您是否發現您的目標群體發生了任何變化？誰購買什麼產品，是否存在任何類型的轉變或不同以及地理位置？

I think, I mean that's an interesting it's hard to point to specific data points on that. I mean our approach has always been to reach a wide audience. So starting so the newest youngest generation have always been fans of Canada use as we've always been really relevant with that group, and they tend to stick with us until and Cyril and later years. So which we like greatly grow with us. They get excited, they buy certain products and then that that product has evolved. So I wouldn't say there's necessarily a change in how we're approaching that one of the biggest thing for us is making sure that we're relevant. And so staying relevant being a part of relevant culture has always been a strong point for Canada Goose and so we continue to do that.

我認為，這很有趣，很難指出特定的數據點。我的意思是，我們的方法一直是吸引廣泛的受眾。因此，從一開始，最年輕的一代一直是加拿大使用的粉絲，因為我們一直與該群體真正相關，他們傾向於堅持我們，直到西里爾和後來的幾年。所以我們喜歡的東西會隨著我們一起成長。他們很興奮，購買某些產品，然後該產品已經進化了。所以我不會說我們的處理方式一定會改變，對我們來說最重要的事情之一就是確保我們的相關性。因此，保持相關性並成為相關文化的一部分一直是 Canada Goose 的強項，因此我們將繼續這樣做。

I think in terms of shifting and geographies, and each market has its own fee generation and marketing strategies in order to attract the audiences that we know that modern luxury consumer, who is interested in Canada Goose that brands like Canada Goose so and nothing dramatic has changed in terms of our approach in reaching them but the shift has been in how we bring to market. So where we're finding those customers, making sure that our in our channel approach to marketing is really laser focused on it from a regional perspective so that we can deliver the best results with the money that we're investing there.

我認為就轉移和地理位置而言，每個市場都有自己的費用產生和營銷策略，以吸引我們知道的現代奢侈品消費者的受眾，他們對Canada Goose 感興趣，像Canada Goose 這樣的品牌並沒有什麼戲劇性的我們實現目標的方法發生了變化，但我們將產品推向市場的方式也發生了變化。因此，在我們尋找這些客戶的地方，請確保我們的通路行銷方法真正從區域角度關注它，以便我們能夠用我們在那裡投資的資金提供最佳結果。

I understood. Thank you so much.

我明白了。太感謝了。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning and thank you for taking our question. In the prepared remarks, you outlined several actions you're taking in the store to improve retail execution, including labour hours, changes in associate compensation and product availability. Can you speak to the opportunity you see here from these initiatives for four-wall margins and your profitability of DTC during peak season as a results? And what are the opportunities beyond fiscal '25 for continued retail execution improvements? Thank you.

早安，感謝您提出我們的問題。在準備好的評論中，您概述了您在商店中為改善零售執行而採取的幾項行動，包括工時、員工薪酬和產品可用性的變化。您能否談談您從這些四面牆利潤舉措中看到的機會以及您在旺季期間 DTC 的盈利能力？25 財年之後持續改善零售執行力的機會有哪些？謝謝。

Thanks. And so yes, we're doing a lot of work, as you heard in my remarks, and we're seeing strong green shoots this quarter, which is great as we head into peak. I mean the biggest thing that you've heard us talk about we want to drive revenue. We want to drive comp sales, and that's the best opportunity for us to improve our margins.

謝謝。所以，是的，正如您在我的演講中聽到的那樣，我們正在做很多工作，並且本季度我們看到了強勁的萌芽，這對於我們進入頂峰來說非常好。我的意思是你聽到我們談論的最重要的事情是我們想要增加收入。我們希望推動同品銷售，這是我們提高利潤的最佳機會。

So the team is really focused on the traffic that is coming into the stores. How do we maximize that, whether it's converting them immediately on one item or four items? How do we make sure that we're delivering that Canadian works on experience and they leave with the product that there's thrills us and that keeps them coming back time and time again in the different seasons. So that really is our focus of driving that top line revenue. And I don't know if you want to add anything else.

因此，團隊真正關注的是進入商店的流量。我們如何最大化這一點，無論是立即將它們轉化為一件物品還是四件物品？我們如何確保我們提供加拿大人的經驗作品，讓他們留下讓我們興奮的產品，並讓他們在不同的季節一次又一次地回來。因此，這確實是我們推動營收的重點。我不知道你是否還想補充什麼。

Yes, I think, but we're also being realistic about the amount of time that making some of these behavioural changes within the stores and spreading that across 70 plus stores will take the amount of time that will take and the effect that we should expect this year. We've been reasonably cautious on the effect of that with respect to the overall margin. And obviously, our four-wall is embedded in that overall margin forecast for the year.

是的，我想，但我們也現實地認識到，在商店內做出一些行為改變並將其傳播到 70 多家商店將需要花費多少時間以及我們應該預期的效果今年。我們對其對整體利潤率的影響一直相當謹慎。顯然，我們的四牆已融入今年的整體利潤率預測中。

And so I think we see beyond this year further opportunity. But when we when we put enough division sort of track record behind us, we can speak more confidently about what that will deliver. But for now, our focus is getting ready over the next several weeks for peak and then executing within people. We know people will be in our stores, expecting our product to integrate Canadian worth of experience.

因此，我認為今年之後我們會看到更多的機會。但當我們把足夠的部門業績記錄拋在腦後時，我們就可以更自信地談論這將帶來什麼。但目前，我們的重點是在接下來的幾週內為高峰做好準備，然後在人員中執行。我們知道人們會來到我們的商店，並期待我們的產品融入加拿大的經驗。

Great. And then just as a quick follow-up, there's been a lot of discussion about pricing in the industry overall and you're continuing to take select price increases in your assortment. Have you seen any change in consumer response to your typical pricing actions that you've taken this year in comparison to prior years? And what gives you confidence in the opportunity for continued price gains for the candidate?

偉大的。然後，作為快速跟進，整個行業對定價進行了很多討論，並且您將繼續在您的產品組合中選擇漲價。與往年相比，您是否發現消費者對您今年採取的典型定價行動的反應有任何變化？是什麼讓您對候選人的價格持續上漲的機會充滿信心？

Yes. I mean, we've been cautious this year, I think, on pricing and some. Certainly we evaluate what the competitive set does, what the market can bear, how that impacts consumer demand in. We speak to our consumers, both in a formal and informal way and so we want to be aware of what that means at the same time, the quality of the product and the function of the product. It's critical in sort of creating a value proposition that we know we have.

是的。我的意思是，我認為今年我們在定價等方面一直保持謹慎。當然，我們會評估競爭者的行為、市場的承受能力以及這對消費者需求的影響。我們以正式和非正式的方式與消費者交談，因此我們希望同時了解這意味著什麼、產品的品質和產品的功能。這對於創造我們所知道的價值主張至關重要。

And so we will continue to be aware, but we also need to be sort of commercially responsible and no plans yet for what the future looks like. But our job is to be continue to monitor and make sure that we're creating the best possible products with the best possible value proposition to the consumers we want to and feel that what they get from the product is matches with the prices.

因此，我們將繼續保持警惕，但我們也需要承擔一定的商業責任，而且目前還沒有對未來的計劃。但我們的工作是繼續監控並確保我們正在為我們想要的消費者創造具有最佳價值主張的最佳產品，並讓他們感覺到他們從產品中獲得的東西與價格相符。

I can just add one thing I do we do know from talking to consumers that we do still think that our product assortment has room to grow. And so we do think that there's a category or a level and an opportunity at the higher end where it's particularly as we bring in new designs that are out from [Haider]. And we think that there's a strong opportunity and strong demand to build into there.

我可以補充一件事，透過與消費者的交談，我們確實知道我們仍然認為我們的產品種類還有成長的空間。因此，我們確實認為高端領域存在一個類別或水平以及機會，特別是當我們引入來自其他領域的新設計時[海德爾].我們認為那裡存在著巨大的機會和強烈的需求。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Ike Boruchow from Wells Fargo

富國銀行的艾克‧博魯喬 (Ike Boruchow)

Yes, thanks for taking my question. This is Robert, on behalf of [Mike], I was wondering if you could talk a little bit more about your full year plan for for the wholesale channel. I mean, move out years as well received I think you have a going down here. How does it look next year will become at a point where raised are growing or [ETFs more of that type]?

是的，感謝您提出我的問題。我是羅伯特，我代表 [麥克]，我想知道您是否可以多談談批發管道的全年計劃。我的意思是，搬出去幾年也很受歡迎，我想你會在這裡繼續下去。明年的情況會如何，募集資金將會成長或[更多此類ETF]？

Great. I'll take that. I think reminder that we're executing a lot of change and significant change in the wholesale channel. And our objective this year is really to elevate that channel. So making sure that the experience they receive in that channel is exactly the same as what they would receive online or I can use or in one of our stores. So we continue to optimize the network. So focusing theories, stringently on accounts that are brand accretive. We're also tightening up the supply of inventory to increase that exclusivity. We know that wholesale channel overall has a lot of inventory in many, many categories.

偉大的。我會接受的。我想提醒大家，我們正在對批發管道進行大量變革和重大變革。我們今年的目標實際上是提升該管道。因此，請確保他們在該頻道中獲得的體驗與他們在網路上或我可以使用的或在我們的商店之一獲得的體驗完全相同。所以我們繼續優化網路。因此，重點關注理論，嚴格關注具有品牌增值作用的帳戶。我們也收緊了庫存供應，以提高這種排他性。我們知道批發管道整體上有很多很多類別的大量庫存。

And so we want to work with them to make sure that we're not [landing] that issue, but we're also trying to make sure that we usually express the brand in the right way and grow our breadth of our offering. And we've been seeing really strong response to that is this quarter in particular. So moving Canada goes from the outerwear [part IT] department to a luxury floor, which is where we belong. And so they're recognizing the both the elevation work that we're doing on the brand perspective, but also the breadth of the offering. So that response is very encouraging.

因此，我們希望與他們合作，以確保我們不會[解決]這個問題，但我們也努力確保我們通常以正確的方式表達品牌並擴大我們產品的廣度。我們看到對此的反應非常強烈，尤其是在本季。因此，搬家加拿大從外套 [部分 IT] 部門轉移到豪華樓層，這就是我們所屬的地方。因此，他們認識到我們在品牌角度所做的提升工作，以及產品的廣度。所以這個反應非常令人鼓舞。

Over the full year, you see an outsized impact, as we said in Q1, but on a full year basis, we expected to see that decrease at about 20%. It's really just a timing issue of seeing that much more in Q1 because that's a big of them quicker.

正如我們在第一季所說，在全年中，您會看到巨大的影響，但在全年的基礎上，我們預計下降幅度約為 20%。這實際上只是一個時間問題，因為第一季會出現更多情況，因為其中很大一部分速度更快。

Great. Thanks.

偉大的。謝謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much. Dani, I'm interested in your decision to hire your first ever Creative Director, what made the right choice at? What do you expect to change how they expect the brand to evolve given the higher? Thank you.

偉大的。太感謝了。丹尼，我對你聘請第一位創意總監的決定很感興趣，什麼時候做了正確的選擇？鑑於更高的水平，您希望如何改變他們對品牌發展的期望？謝謝。

Yes, thanks for question. And I think we do the right thing at the right time and you cannot use. We in fact, we swapped we have moved from an upstream to get to where we have arrived and this is the right inflection point for us to take a take another arm. We'll take another significant step toward zone the global luxury brand that we're becoming into and building capabilities in them in past with some of the best design talent in the world exists.

是的，謝謝提問。我認為我們在正確的時間做了正確的事情，但你不能使用。事實上，我們已經從上游移動到了我們所到達的地方，這是我們採取另一隻手臂的正確拐點。我們將向我們正在進入的全球奢侈品牌領域邁出又一重大一步，並在過去與世界上一些最優秀的設計人才一起建立能力。

And with Haider that charge someone, it took me a long time to find and to connect with them to realize was the right person for the role in it. Someone who is very excited about it. And I think this is because this is something that has the potential we all believe is going to take this brand up to the next level and that some in that. And that's we're one of them.

對於海德爾負責的人來說，我花了很長時間才找到並與他們聯繫，才意識到是最適合這個角色的人選。對此感到非常興奮的人。我認為這是因為我們都相信這有潛力將這個品牌提升到一個新的水平，其中一些。我們就是其中之一。

All right. Thank you so much.

好的。太感謝了。

I will now turn the call back to Ana Roman, Vice President of Investor Relations for any closing remarks.

現在，我將把電話轉回給投資者關係副總裁安娜·羅曼 (Ana Roman)，讓其發表結束語。

Thank you and thank you, everyone, for joining our call today. If you do have further questions, please feel free to reach out to the Investor Relations team at Canada Goose. Thank you.

謝謝大家今天加入我們的電話會議。如果您還有其他疑問，請隨時聯繫 Canada Goose 的投資者關係團隊。謝謝。

Ladies and gentlemen, that will conclude our call for today. Thank you all for joining. You may now disconnect.

女士們、先生們，我們今天的呼籲到此結束。感謝大家的加入。您現在可以斷開連線。