Canada Goose Holdings Inc (GOOS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Canada Goose Second Quarter Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Ana Raman, Vice President, Investor Relations. Ana, you may begin.

女士們先生們，謝謝你們的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Canada Goose 2025 財年第二季財報電話會議。[操作員指示] 我現在想將會議轉交給投資者關係副總裁 Ana Raman。安娜，你可以開始了。

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

謝謝接線員，大家早安。今天與我在一起的有我們的董事長兼執行長 Dani Reiss； Carrie Baker，品牌與商業總裁； Beth Clymer，財務、策略與行政總裁；和財務長尼爾·鮑登。

Today's presentation will contain forward-looking statements that are based on assumptions and, therefore, are 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 issued this morning as well as in our filings with U.S. and Canadian regulators. These documents are also available on the Investor Relations section of our website. .

今天的簡報將包含基於假設的前瞻性陳述，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。除法律要求外，我們不承擔更新這些聲明的義務。您可以在我們今天早上發布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。。

We report in Canadian dollars, so all amounts discussed today are in Canadian dollars unless otherwise indicated. Please note that financial results described on today's call will compare second quarter results ended September 29, 2024, with the same period ended October 1, 2023, unless otherwise noted. 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, Carrie, Beth, and Neil will deliver prepared remarks, following which we will open the call to take questions.

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。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 9 月 29 日的第二季業績與截至 2023 年 10 月 1 日的同期業績進行比較。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。在今天的電話會議中，丹尼、凱莉、貝絲和尼爾將發表準備好的講話，隨後我們將開始電話會議並回答問題。

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. I'll share my thoughts on our second quarter results and progress and then turn it over to Carrie, Beth, and Neil to review our performance in greater detail. All-in, a solid start to the year with sales up 4% in the first quarter. Top line momentum decelerated in the second quarter, down 5% year-over-year. Our wholesale business performed as expected, down 15% year-over-year on a reported basis as we continue to elevate the status of our brand presence within the channel. Our D2C business came under more pressure than anticipated and we face an increasingly challenging consumer environment. This resulted in D2C comparable sales declining 13% over the second quarter of last year.

謝謝安娜，大家早安。我將分享我對第二季業績和進展的想法，然後將其交給 Carrie、Beth 和 Neil，以更詳細地審查我們的業績。總而言之，今年開局良好，第一季銷售額成長 4%。第二季營收成長動能放緩，年減 5%。隨著我們持續提升品牌在通路中的地位，我們的批發業務表現符合預期，按報告計算年減 15%。我們的D2C業務面臨的壓力超乎預期，我們面臨日益嚴峻的消費環境。這導致 D2C 可比銷售額比去年第二季下降 13%。

As Carrie will discuss later, we also shifted the timing of some of our marketing spend as we build excitement with first capsule from our Creative Director, Haider Ackermann, to be unveiled later this month. While this shift impacted Q2 results, we expect to see benefit from this activity over the second half of the fiscal year with more marketing dollars at work across several initiatives. As a reminder, approximately 75% of our revenue opportunity is still ahead of us this fiscal year based on our historical performance. We remain steadfast in our view that we can drive positive D2C comparable sales growth out of our stores in both the near and the long term. We are focused on executing with excellence through our busy holiday season and building an enduring brand that connects with our customers.

正如 Carrie 稍後將討論的那樣，我們還改變了一些行銷支出的時間安排，因為我們的創意總監 Haider Ackermann 將於本月晚些時候推出的第一個膠囊系列讓我們興奮不已。雖然這一轉變影響了第二季的業績，但我們預計本財年下半年將受益於此活動，多項措施將投入更多行銷資金。提醒一下，根據我們的歷史業績，本財年我們仍有約 75% 的營收機會。我們仍然堅定地認為，無論是短期還是長期，我們都可以推動我們商店的 D2C 可比銷售額的積極成長。我們致力於在繁忙的假期期間實現卓越執行，並建立一個與客戶建立聯繫的持久品牌。

In the second quarter, we took concrete action through our 3 key operating imperatives to set us up for success. That said, due to a softer second quarter and the weaker macro environment around us that has impacted consumer confidence, you will see that we introduced a lower range for our guidance. As a reminder, our 3 operating imperatives are: number one, setting the foundation for the next stage of our brand and product evolution; number two, implementing best-in-class luxury retail execution; and number three, simplifying the way that we operate.

在第二季度，我們透過三項關鍵營運要求採取了具體行動，為我們的成功奠定了基礎。也就是說，由於第二季的疲軟和周圍宏觀環境的疲軟影響了消費者信心，您會看到我們引入了較低的指導範圍。提醒一下，我們的三大營運要務是：第一，為我們品牌和產品發展的下一階段奠定基礎；第二，實施一流的奢侈品零售執行；第三，簡化我們的營運方式。

I will share some insight into our first operating imperative while touching on some elements of our second and third imperatives, which both will be expanded upon later in the call. First, as it relates to preparing for the next stage of our brand and product evolution. Through the first half of this fiscal year, we set the foundation for long-term product design and development at Canada Goose, opening our new design studio in Paris and building a strong team that support Haider in the execution of our product vision.

我將分享對我們的第一個操作要務的一些見解，同時談到我們的第二個和第三個要務的一些要素，這兩個要素都將在電話會議的稍後部分中進行擴展。首先，因為它關係到為我們的品牌和產品發展的下一階段做準備。在本財年上半年，我們為 Canada Goose 的長期產品設計和開發奠定了基礎，在巴黎開設了新的設計工作室，並建立了一支強大的團隊來支持 Haider 執行我們的產品願景。

We've come a long way in building the infrastructure and capabilities in just a matter of months, and we are now just a few weeks out to launching Haider's first capsule. I'm incredibly excited and incredibly proud of our teams and the progress that they've made to get us ready for this very important milestone. Just a couple of weeks ago, we started to tease Haider's capsule with an exclusive launch in Iceland.

我們在短短幾個月內就在基礎設施和能力建設方面取得了長足的進步，現在距離推出 Haider 的第一個太空艙只有幾週的時間了。我對我們的團隊以及他們為幫助我們為這個非常重要的里程碑做好準備所取得的進展感到非常興奮和自豪。就在幾週前，我們開始在冰島獨家推出 Haider 的膠囊系列。

We hosted a group of industry influencers and global media to experience his new collection against one of the most inspiring backdrops in the world. I was there myself to see the overwhelmingly positive response to his capsule, which will appear under the label Snow Goose. This is the brand name we operated under before we became Canada Goose. With this capsule, Haider reached deep into our archives as a source of inspiration to innovate in both our core and newer product categories. This new collection represents where we've come from and where we're going and will serve alongside Canada Goose's mainland. Haider's vision and his respect for where we've been makes this new collection a perfect expression of our future.

我們接待了一群行業影響者和全球媒體，在世界上最鼓舞人心的背景之一下體驗他的新系列。我親自在那裡看到了人們對他的膠囊的壓倒性積極反應，該膠囊將出現在 Snow Goose 的標籤下。這是我們成為 Canada Goose 之前經營的品牌名稱。透過這個膠囊，Haider 深入研究了我們的檔案，作為我們核心和更新產品類別創新的靈感來源。這個新系列代表了我們的來處和去向，並將與 Canada Goose 的大陸一起服務。 Haider 的遠見卓識以及他對我們已經取得的成就的尊重使這個新系列完美地表達了我們的未來。

In regards to our second and third operating imperatives, we have taken measured steps to simplify the way we work and advance our retail execution. As a result, we are well positioned for our peak selling season from having our product where it needs to be throughout our retail network to readying our stores to greet guests as they arrive and offer them elevated shopping experiences.

關於我們的第二個和第三個營運要務，我們已採取謹慎的步驟來簡化我們的工作方式並提高我們的零售執行力。因此，我們為銷售旺季做好了充分準備，從在整個零售網絡中提供所需的產品，到準備好商店迎接客人到來，並為他們提供更高的購物體驗。

You will hear more about these and other initiatives during today's call. When we spoke to you first about our 3 operating imperatives at the beginning of our fiscal year, we knew that execution would not be easy. We are in the midst of a transformation and a transformation of this magnitude takes time, especially within the current macro backdrop.

在今天的電話會議中，您將聽到更多有關這些舉措和其他舉措的資訊。當我們在本財年開始時首次與您談論我們的 3 項營運要求時，我們知道執行起來並不容易。我們正處於轉型之中，這種規模的轉型需要時間，特別是在當前的宏觀背景下。

I spent my entire life in this industry. Trends and economic cycles come and go, but we have proven resilient through the evolution of our business. With this understanding, we are pushing forward, prioritizing intent and focus on driving change for long-term impact, which has had some short-term impacts on our results. We are committed to doing the hard things and making the hard decisions to fulfill our brand's potential, all of which is underpinned by a resilient business model, a strong brand backed by a deep heritage of quality and craftsmanship, of vertical integration and a deeply committed team. As our key operating imperatives come together, we believe that our efforts will drive improvement in our overall business performance and enhance the strength of our brand.

我一生都在這個行業度過。趨勢和經濟週期來來去去，但我們透過業務的發展證明了我們的韌性。有了這種認識，我們正在推進，優先考慮意圖並專注於推動變革以產生長期影響，這對我們的結果產生了一些短期影響。我們致力於做艱難的事情並做出艱難的決定，以發揮我們品牌的潛力，所有這一切都以富有彈性的商業模式、以深厚的質量和工藝傳統、垂直整合和堅定的承諾為後盾的強大品牌為基礎。隨著我們的關鍵營運要求結合在一起，我們相信我們的努力將推動我們整體業務績效的改善並增強我們的品牌實力。

And with that, I will now turn it over to Carrie.

現在，我將把它交給嘉莉。

Thanks, Dani. Q2 was a productive quarter as our team continued to execute against our key operating imperatives while also preparing for peak, our season. We made significant progress on several fronts, which I'm proud of, and I'm excited to share with you shortly. First, though, let me start by putting our Q2 D2C comparable sales results into context. One of our biggest priorities in retail this fiscal is driving comp growth, but this fell short of our expectations in the quarter. Year-over-year D2C comp revenue declined 13% as performance in Asia Pacific and North America weighed on overall results. While EMEA comp growth was down year-over-year, performance improved sequentially compared to our first quarter.

謝謝，丹尼。第二季度是一個富有成效的季度，因為我們的團隊繼續執行我們的關鍵營運要求，同時也為高峰季節做好準備。我們在幾個方面取得了重大進展，我對此感到自豪，並且很高興很快與您分享。首先，讓我先將我們第二季的 D2C 可比銷售結果放在背景中。本財年我們零售業最重要的優先事項之一是推動複合成長，但這低於我們本季的預期。由於亞太地區和北美地區的業績影響了整體業績，D2C 營收年減了 13%。儘管歐洲、中東和非洲地區的綜合成長率年減，但與第一季相比，業績環比有所改善。

On a global basis, store traffic and conversion declined year-over-year, while e-commerce saw increased sessions yet lower conversion. The exception here was also EMEA, where store traffic was up significantly, reflecting the busy summer event season in the region. We were encouraged to see conversion start to improve across our key regions in September. While consumer sentiment weakened during the quarter, our Q2 performance was further pressured by 2 decisions we made in line with our long-term strategy, a part of the transformation work we started last year. First, we made the deliberate decision to implement most of our marketing spend in the second half of fiscal '25 as opposed to previous years where we typically ramp investments in Q2.

在全球範圍內，商店客流量和轉換率同比下降，而電子商務的會話數增加，但轉換率卻較低。歐洲、中東和非洲地區也是個例外，該地區的商店客流量顯著上升，反映出該地區夏季活動旺季的繁忙程度。9 月份，我們很高興地看到我們主要地區的轉換率開始改善。雖然本季消費者信心減弱，但我們根據長期策略做出的兩項決定進一步給我們第二季的業績帶來壓力，這是我們去年開始的轉型工作的一部分。首先，我們深思熟慮地決定在 25 財年下半年實施大部分行銷支出，而不是往年，我們通常在第二季加大投資。

This enables us to fully support the launch of Haider's first capsule ahead of holiday, our season of strength, and showcase our elevated brand expressions and consumer engagement strategies during our peak season when it matters most. Haider's first capsule is a big brand moment for Canada Goose, not just from a product perspective, but also in how our brand comes to life across all touch points. Driving increased brand momentum is a critical goal this year. And while this capsule is just the beginning, it marks a milestone moment for the brand.

這使我們能夠在假期（我們的強勢季節）之前全力支持海德爾首個膠囊系列的推出，並在最重要的旺季期間展示我們提升的品牌表達和消費者參與策略。Haider 的首個膠囊系列對於 Canada Goose 來說是一個重要的品牌時刻，不僅從產品的角度來看，而且從我們的品牌如何在所有接觸點上體現出來的角度來看。推動品牌動力的增強是今年的關鍵目標。雖然這個膠囊系列只是一個開始，但它標誌著該品牌的一個里程碑時刻。

Second, we are working towards a more productive and curated product assortment, focusing on icons and best sellers while we expand into other categories strategically. Compared to previous years, we made a conscious choice to limit the total volume of newness this season, adding new styles where they were needed most by building on key product families. The benefit of this decision is we're better able to engage our customers through clear storytelling as well as giving space and focus in our D2C channels to Haider's new designs. While this means fewer new styles this season, this decision sets us up to deliver a more strategic offering to drive sales and conversion in the long term.

其次，我們正在努力打造更有效率、更精心策劃的產品分類，並專注於經典產品和暢銷產品，同時策略性地擴展到其他類別。與往年相比，我們有意識地選擇限製本季新款的總量，透過在關鍵產品系列的基礎上在最需要的地方添加新款式。這項決定的好處是我們能夠透過清晰的故事敘述更好地吸引客戶，並在我們的 D2C 管道中為 Haider 的新設計提供空間和重點。雖然這意味著本季的新款式會減少，但這項決定使我們能夠提供更具策略性的產品，以長期推動銷售和轉換。

Now let me share highlights from our Q2 operating imperatives, which aim to address these performance issues, starting with our product and brand operating imperatives. From a product perspective, it's no secret that we occupy an enviable position of leadership in delivering the warmest outerwear, but we are fully focused on complementing that with new innovative styles that expand into other categories and seasons. Early results are encouraging. Our spring/summer '24 collection was positively received, in particular, our apparel and everyday products, confirming a significant market opportunity for a full year assortment.

現在讓我分享我們第二季度營運要求的要點，旨在解決這些績效問題，從我們的產品和品牌營運要求開始。從產品角度來看，我們在提供最溫暖的外套方面佔據著令人羨慕的領導地位，這已不是什麼秘密，但我們完全專注於透過擴展到其他類別和季節的新創新款式來補充這一點。早期結果令人鼓舞。我們的 24 年春夏系列受到積極好評，尤其是我們的服裝和日常產品，這證實了全年品種的重大市場機會。

And more recently, we launched our Fall Winter collection in September, which delivers a more useful attitude with relevant silhouettes and style-forward designs that don't compromise on function. Based on October sales results, which are substantially improved over Q2, this collection is resonating. Looking ahead, our category expansion story now includes eyewear as we announced plans to launch our first collection in Spring 2025 in partnership with Marchon Eyewear. Our DNA of protection and craftsmanship translate well into eyewear, and we're excited to see this category come to life soon.

最近，我們在 9 月推出了秋冬系列，透過相關輪廓和不影響功能的前衛設計，傳達了更實用的態度。根據 10 月的銷售結果（較第二季大幅改善），該系列引起了共鳴。展望未來，我們的品類擴展故事現在包括了眼鏡，因為我們宣布計劃與 Marchon Eyewear 合作於 2025 年春季推出我們的第一個系列。我們的保護和工藝 DNA 很好地轉化為眼鏡，我們很高興看到這個類別很快就會誕生。

Lastly, on the product front, we have hired a new Head of Merchandising, who will start early in 2025 to lead and strengthen our long-term product strategy. This is a critical role that we have not had in the business for some time and will be a driving force in working with Haider and his creative vision. Together, they will build a product offering that strengthens the link between market demand and our product road map to drive both revenue and margin.

最後，在產品方面，我們聘請了一位新的銷售主管，他將於 2025 年初上任，以領導和加強我們的長期產品策略。這是我們在業務中一段時間以來沒有擔任過的關鍵角色，並將成為與 Haider 及其創意願景合作的驅動力。他們將共同打造一個產品，加強市場需求和我們的產品路線圖之間的聯繫，以提高收入和利潤。

Turning to marketing activity highlights. In Q2, we continued to move the needle on the marketing front in targeted ways. We launched an engaging campaign with our global brand ambassador and NBA star, Shai Gilgeous-Alexander, which delivered increased earned media, significant new subscribers, strong social engagement as well as solid commercial results. In September, we joined the world of live streaming with the opening of a new sales channel on Chinese social platform, Douyin. This is a powerful way for us to tell our brand story and engage customers in a more direct way on style and functional aspects of our products. Our performance in these early days on Douyin is strong and contributed meaningfully to our Asia Pacific e-commerce revenue in Q2. And we were successful in expanding our audience, both on social and our own community.

轉向行銷活動亮點。第二季度，我們持續有針對性地在行銷方面取得進展。我們與全球品牌大使兼 NBA 球星 Shai Gilgeous-Alexander 一起發起了一項引人入勝的活動，該活動帶來了更多的贏得媒體、大量新訂閱者、強大的社交參與度以及堅實的商業成果。九月，我們在中國社群平台抖音上開設了新的銷售管道，加入了直播世界。這是我們講述品牌故事並以更直接的方式吸引客戶了解我們產品的風格和功能的強大方式。我們早期在抖音上的表現強勁，為我們第二季的亞太電子商務營收做出了重大貢獻。我們成功地擴大了社群媒體和我們自己社群的受眾。

Through consistent and targeted engagement, we have grown the number of subscribers by over 30% year-over-year with the share of e-mail attributed sales in our e-commerce revenue also growing significantly. In the near term, our attention and focus is on creating excitement for Haider's capsule and a bolder brand expression overall and sustain that momentum through commercial and regional campaigns that also drive demand for our mainline collection. The expedition we led in Iceland that Dani mentioned earlier, reflects our experience-first marketing strategy designed to make impressions, not buy them. The capsule campaign that follows will build on our authenticity and credibility as an experiential brand, amplified globally through a robust marketing campaign with investments throughout the funnel, including digital and out-of-home campaigns, regional events, and impactful retail theater.

透過持續和有針對性的參與，我們的訂閱者數量同比增長了 30% 以上，電子郵件銷售在我們的電子商務收入中所佔的份額也顯著增長。在短期內，我們的注意力和重點是為Haider 的膠囊系列創造興奮點，並整體上更大膽的品牌表達，並透過商業和區域活動來維持這一勢頭，這些活動也推動了對我們主線系列的需求。丹尼之前提到的我們在冰島領導的探險活動反映了我們體驗第一的行銷策略，旨在留下印象，而不是購買印象。接下來的膠囊活動將建立在我們作為體驗式品牌的真實性和可信度的基礎上，透過強有力的行銷活動在全球範圍內擴大規模，並在整個管道進行投資，包括數位和戶外活動、區域活動和有影響力的零售劇院。

Early data coming out of our campaign indicates that brand momentum is building, reflected through the level of earned media impressions globally, growth in our social following, an increase in U.S. search demand and continued growth of our membership base. Another critical component of our brand and product evolution imperative is our wholesale strategy. Our efforts to elevate the wholesale shopping experience started nearly 18 months ago and began to bear fruit in Q2. Key second quarter achievements include positive sell-through with our top partners in EMEA, our largest wholesale market, which reverses prior year trends. Our brand is better positioned within strategic wholesale partners, including a men's pop-up and Galeries Lafayette alongside luxury peers, resulting in significantly higher sales compared to the same period last year.

我們活動的早期數據表明，品牌勢頭正在增強，這反映在全球贏得的媒體印像水平、我們的社交追隨者的增長、美國搜尋需求的增加以及我們會員基礎的持續增長。我們的品牌和產品發展勢在必行的另一個關鍵組成部分是我們的批發策略。我們提升批發購物體驗的努力始於近 18 個月前，並於第二季開始取得成果。第二季度的主要成就包括我們在歐洲、中東和非洲（我們最大的批發市場）的頂級合作夥伴的積極銷售，這扭轉了去年的趨勢。我們的品牌在策略批發合作夥伴中處於更有利的地位，包括男裝快閃店、老佛爺百貨公司以及奢侈品同行，導致銷售額與去年同期相比顯著提高。

We also made significant progress in reducing the availability of our product with wholesale distributors that have historically not treated our product in a brand-aligned way. This has resulted in considerable improvement of our full price positioning. We also experienced solid travel retail growth as we gained deeper experience in this relatively new channel. And last but not least, in October, we introduced an elevated and bold visual expression at Selfridges in London, having just launched the Polar Bears International Pop-Up experience and taking over the entire window displays with our Fall Winter collection. We're pleased with the progress we've made in our wholesale business and are on track to deliver our full year outlook for this channel.

我們在減少批發分銷商的產品供應方面也取得了重大進展，這些分銷商歷來沒有以品牌一致的方式對待我們的產品。這使得我們的全價定位有了相當大的改善。隨著我們在這個相對較新的管道中獲得更深入的經驗，我們也經歷了穩健的旅遊零售成長。最後但並非最不重要的一點是，十月份，我們在倫敦 Selfridges 推出了一種高級而大膽的視覺表達方式，剛剛推出了北極熊國際快閃體驗，並用我們的秋冬系列佔據了整個櫥窗展示。我們對批發業務的進展感到滿意，並有望交付該管道的全年展望。

Finally, let me touch on our second operating imperative, implementing best-in-class retail execution. In Q2, we grew our permanent retail store network, opening 2 new stores in Montreal, Canada and Wuhan, China and converted 2 temporary spaces into permanent stores, one in Birmingham, U.K. and one in Shanghai, China. This brings our permanent store count to 72. We also expanded our store in Tokyo's luxury epicenter, the Ginza district, which now provides guests with an elevated flagship experience, including a beautiful VIP space and a renowned cold room. Last quarter, we laid out 3 streams of work to level up execution across our retail network. First, boosting our sales training; second, strengthening store operations; and third, improving product availability.

最後，讓我談談我們的第二個營運要務，即實施一流的零售執行。第二季度，我們擴大了永久零售店網絡，在加拿大蒙特利爾和中國武漢開設了 2 家新店，並將 2 個臨時空間轉變為永久店，其中 1 個位於英國伯明翰，1 個位於中國上海。這使得我們的常設店數量達到 72 家。我們還在東京豪華中心銀座區擴建了商店，現在為客人提供高級旗艦體驗，包括美麗的 VIP 空間和著名的冷藏室。上個季度，我們制定了 3 個工作流程，以提高整個零售網路的執行力。一是加強銷售培訓；二是加強門市營運；第三，提高產品可用性。

Our efforts here through the first half of the year have ensured our stores are well prepared to capitalize on the selling opportunities throughout our peak season. They are well staffed with labor optimized for weekend traffic. Employees are well trained to deliver that Canadian warmth experience, and our stores are well stocked for customers to find the product they're looking for. As mentioned earlier, we saw the most prominent evidence of this preparation in our EMEA stores, where these initiatives were quickly implemented across the regional network and have led to steadily improving conversion.

我們上半年的努力確保我們的商店做好充分準備，充分利用整個旺季的銷售機會。他們配備了針對週末交通進行最佳化的勞動力。員工接受過良好的培訓，可以提供加拿大式的溫馨體驗，我們的商店備有充足的庫存，可供顧客找到他們想要的產品。如前所述，我們在 EMEA 商店中看到了這種準備工作的最顯著證據，這些舉措在整個區域網路中迅速實施，並導致轉換率穩步提高。

With a much larger store base, it's taking a little longer in North America, but we are applying that same playbook for success there and also in Asia Pacific. We've made tremendous progress in the first half of our fiscal, and we are far from done as our journey of transformation continues. A change of this magnitude takes time, but we are on the right path. Near-term headwinds aside, we know what we are capable of delivering in Q3, and we are full steam ahead.

由於商店基礎更大，在北美需要更長的時間，但我們正在應用相同的策略在北美和亞太地區取得成功。我們在上半財年取得了巨大進展，但隨著轉型之旅的繼續，我們還遠遠沒有完成。如此巨大的變化需要時間，但我們走在正確的道路上。撇開近期的不利因素不談，我們知道我們有能力在第三季交付什麼，並且我們正在全力前進。

I'll now pass it over to Beth.

我現在將其交給貝絲。

Thanks, Carrie, and good morning, all. Our third operating imperative in fiscal '25 is to simplify and focus the way we operate as an organization. We are doing this through internal operating excellence and focused capital deployment. We've made good progress on both of these fronts in our second quarter, which I'll take you through now.

謝謝嘉莉，大家早安。我們在 25 財年的第三個營運當務之急是簡化並集中我們作為一個組織的運作方式。我們透過卓越的內部營運和集中的資本部署來實現這一目標。第二季度我們在這兩方面都取得了良好進展，現在我將向您介紹。

Starting with achieving operating excellence. In Q2, we continued to simplify the way we work and ensure our spending is lean while investing in key areas to drive growth through the business. To share some examples, we've been aggressively reviewing our third-party vendors, which has resulted in the renegotiation or cancellation of numerous contracts in the first half of the year and yielded significant savings. We also continue to evolve our teams in ways that reduce costs and improve their effectiveness. We continue to prudently manage our headcount, hiring for only the most critical roles as we exercise discipline over our cost base.

從實現卓越營運開始。第二季度，我們繼續簡化工作方式，確保支出精簡，同時投資關鍵領域以推動業務成長。舉一些例子，我們一直在積極審查我們的第三方供應商，這導致今年上半年重新談判或取消了許多合同，並節省了大量成本。我們也繼續以降低成本和提高效率的方式發展我們的團隊。我們繼續謹慎管理我們的員工人數，在嚴格控製成本基礎的同時，只招募最關鍵的職位。

While we've been hiring since the workforce reductions we implemented at the end of our last fiscal year in March, we have also been very judicious about when and whether roles are truly needed. Our actions drove efficiency with our Q2 SG&A expenses decreasing year-over-year. This occurred despite investments in critical areas such as technology, infrastructure and product design, including scaling up the team in our Paris Design Studio. However, it's important to note that due to slower top line growth, SG&A as a percent of revenue increased year-over-year after normalizing for adjustments in both periods.

雖然我們自 3 月上一財年末實施裁員以來一直在招募員工，但我們對於何時以及是否真正需要職位也非常明智。我們的行動提高了效率，第二季的 SG&A 費用年減。儘管在技術、基礎設施和產品設計等關鍵領域進行了投資，包括擴大巴黎設計工作室的團隊規模，但這種情況還是發生了。然而，值得注意的是，由於收入成長放緩，SG&A 佔收入的百分比在兩個時期的調整正常化後同比增長。

We acknowledge the importance of cost deleverage, and we are not satisfied with this outcome; however, we believe our focused investment and cost management strategies position us well to improve SG&A as a percent of revenue as we drive sales growth in the coming quarters. We intend to continue implementing specific cost optimization initiatives and remain disciplined in allocating resources to investments that directly support revenue growth no matter the market conditions. We expect these actions plus the scaling of revenue to yield tangible improvements in SG&A efficiency.

我們承認成本去槓桿的重要性，但我們對這個結果並不滿意；然而，我們相信，隨著我們推動未來幾季的銷售成長，我們的重點投資和成本管理策略使我們能夠很好地提高銷售、管理費用佔收入的百分比。我們打算繼續實施具體的成本優化舉措，並繼續嚴格地將資源分配給直接支持收入成長的投資，無論市場狀況如何。我們預期這些行動加上收入規模的擴大將能實際提高銷售管理、行政管理（SG&A）效率。

Next, I'll speak about focused capital deployment. As you'll recall, we made a decision to open a smaller number of stores in fiscal '25, while we focus on our existing base. This, plus our general conservatism on capital deployment has resulted in our CapEx declining significantly year-over-year in the second quarter, even while we invest in critical areas that drive revenue and strengthen the foundations of our business to support speed and scale. We also made significant progress in rightsizing our inventory levels. Inventory at the end of our second quarter decreased 9% year-over-year, an acceleration from a 7% year-on-year decrease at the end of Q1.

接下來我來講一下資金的集中配置。您可能還記得，我們​​決定在 25 財年開設較少數量的商店，同時專注於現有基礎。再加上我們對資本部署的普遍保守態度，導致我們第二季度的資本支出同比大幅下降，儘管我們投資於可推動收入並加強業務基礎以支持速度和規模的關鍵領域。我們在調整庫存水準方面也取得了重大進展。第二季末的庫存年減 9%，較第一季末的年減 7% 有所加快。

It also marks our fourth consecutive quarter of decreasing our year-over-year inventory balance. We realized this by temporarily lowering production levels with both our third-party contract manufacturing partners and in our own facilities. We supplemented that with friends and family sales to continue exiting slow-moving inventory and non-carryover styles. This resulted in a 0.9x inventory turnover for the 12-month period ending September 29, 2024, a 13% improvement year-over-year, accelerating from a 6% year-on-year improvement last quarter. We expect to see continued movement in our inventory turnover in the second half of the year as demand increases in our peak season and our sales ramp up.

這也標誌著我們的庫存餘額連續第四個季度減少。我們透過暫時降低與第三方合約製造合作夥伴和我們自己工廠的生產水準來實現這一點。我們透過朋友和家人的銷售來補充這一點，以繼續退出滯銷庫存和非結轉款式。截至 2024 年 9 月 29 日的 12 個月期間，庫存週轉率增加了 0.9 倍，同比增長 13%，較上季度的同比增長 6% 有所加快。隨著旺季需求的增加和銷售量的增加，我們預計下半年庫存週轉率將持續變化。

All of our efforts are contributing to improved inventory health within our operations and across our channels. As we achieve those goals, we are gradually rescaling our production capacity to support both this year's peak season and next fiscal year while still staying focused on improving inventory turns. Overall, we're pleased with the progress made in simplifying our operations and deploying our capital responsibly in Q2. We are committed to identifying and implementing further changes on an ongoing basis as we evolve our culture and internalize discipline and efficiency across the organization.

我們所有的努力都有助於改善我們營運中和整個通路的庫存健康。在實現這些目標的同時，我們正在逐步調整產能，以支持今年的旺季和下一財年，同時仍將重點放在改善庫存週轉上。總體而言，我們對第二季度在簡化營運和負責任地部署資本方面取得的進展感到滿意。隨著我們發展我們的文化並將整個組織的紀律和效率內化，我們致力於不斷確定和實施進一步的變革。

I'll now pass it over to Neil to discuss our Q2 financial performance and outlook.

我現在將其交給尼爾討論我們第二季度的財務表現和前景。

Thanks, Beth. As you've heard so far today, we are making good progress across our execution levers. I'll start with reviewing our second quarter financial performance and then discuss our updated outlook. Revenue in Q2 was down 5% year-over-year or 6% on a constant currency basis due to a decline in D2C revenue and a planned decrease in wholesale revenue, partially offset by an increase in other channel revenue.

謝謝，貝絲。正如您今天到目前為止所聽到的，我們在執行方面取得了良好進展。我將首先回顧我們第二季度的財務業績，然後討論我們更新的前景。由於 D2C 收入下降和批發收入計劃減少，第二季度營收年減 5%，按固定匯率計算下降 6%，但其他通路收入的成長部分抵消了這一影響。

First, I will describe our regional performance on a year-over-year constant currency basis. North America revenue decreased 3% on lower D2C and wholesale revenue, partially offset by higher sales activity in the other channel, primarily friends and family events. Asia Pacific revenue grew 3%, mainly due to higher travel retail revenue in Greater China, which is included in our wholesale business, partially offset by lower D2C in the region and revenue in EMEA down 17%, primarily due to a planned decrease in wholesale revenue. From a channel perspective, second quarter D2C revenue was down 5% or 6% on a constant currency basis due to softer demand in both our in-store and e-commerce channels.

首先，我將描述我們在固定匯率基礎上的年比表現。由於 D2C 和批發收入下降，北美收入下降了 3%，但部分被其他管道（主要是朋友和家庭活動）銷售活動的增加所抵消。亞太地區收入成長3%，主要是由於大中華區旅遊零售收入增加（包含在我們的批發業務中），部分被該地區D2C 下降所抵消，而歐洲、中東和非洲地區收入下降17%，主要是由於計劃減少批發業務收入。從通路角度來看，由於店內和電子商務通路的需求疲軟，第二季 D2C 營收以固定匯率計算下降了 5% 或 6%。

D2C comparable sales were down 13% year-over-year due to the factors Carrie discussed earlier that impacted both traffic and conversion in the quarter. August and September were the more challenging months in the quarter as consumer sentiment weakened. It's worth repeating that despite consumer caution in our markets, we believe that being somewhat quieter on marketing ahead of the Haider capsule launch later this fall dampened traffic as well. We began to see some improvement toward the end of September as we started to ramp up our marketing investments with the second drop of our Fall Winter collection and the kickoff of the Snow Goose campaign.

由於 Carrie 先前討論過的影響本季流量和轉換率的因素，D2C 可比銷售額年減 13%。由於消費者信心減弱，八月和九月是本季更具挑戰性的月份。值得重申的是，儘管我們市場上的消費者持謹慎態度，但我們認為，在今年秋季晚些時候 Haider 膠囊推出之前，行銷上的安靜也抑制了流量。到九月底，我們開始看到一些改善，因為我們開始增加行銷投資，推出第二批秋冬系列，並啟動 Snow Goose 活動。

I would like to point out that Golden Week was a bright spot for us with revenue in Mainland China better than last year for a 7-day period. While this is 1 week out of a full quarter and not an indicator of the total period, it does demonstrate the strength of our brand in China. Our focus continues to be on the day in, day out retail execution, and our expectation continues to be that these actions will result in positive comparable sales growth in fiscal '25. We've seen a trajectory improvement to positive comparable sales growth in October in several of our stores in Mainland China, EMEA, the U.S. and Canada, although pockets of consumer pressure remain throughout those markets.

我想指出的是，黃金週對我們來說是一個亮點，中國大陸的收入連續7天比去年好。雖然這是整個季度中的一周，並不是總時期的指標，但它確實證明了我們品牌在中國的實力。我們的重點仍然是日復一日的零售執行，我們的期望仍然是這些行動將在 25 財年帶來積極的可比銷售成長。儘管整個這些市場仍然存在一些消費者壓力，但我們在中國大陸、歐洲、中東和非洲、美國和加拿大的幾家商店看到 10 月的可比銷售額出現了改善。

Online performance is lagging somewhat, though it is being bolstered by the launch of Douyin and some early Singles Day sales in Mainland China. Mainland China performed well in October, leading to a low single-digit increase in total D2C comparable sales growth for the month. Q2 wholesale revenue was down 15% or 17% on a constant currency basis, reflecting our planned lower order book as we elevate the quality of this channel.

儘管抖音的推出和中國大陸的一些早期雙十一銷售提振了線上業績，但線上業績仍有些落後。中國大陸 10 月表現良好，導致 10 月 D2C 可比銷售額增幅僅為個位數增幅。以固定匯率計算，第二季批發收入下降了 15% 或 17%，這反映出我們計劃降低訂單量，因為我們提高了該通路的品質。

For the first half of the year, wholesale revenue was down 21%, which is in line with our full year outlook. While the North American and EMEA order books are smaller year-over-year as planned, there is improvement in both Greater China and Korea as we deepen our wholesale relationships, especially in key travel retail locations, such as Hainan Island and airports. Despite continued uncertainty about traditional and pure-play digital wholesale partners, channel inventory has significantly improved year-over-year. We are seeing stronger commercial alignment, as you heard from Carrie, about the brand's representation at our partners. This gives us optimism about this channel moving forward.

上半年批發收入下降 21%，這與我們全年的預期相符。雖然北美和歐洲、中東和非洲的訂單量按計劃同比減少，但隨著我們深化批發關係，大中華區和韓國的訂單量有所改善，特別是在海南島和機場等主要旅遊零售地點。儘管傳統和純數位批發合作夥伴仍然存在不確定性，但通路庫存較去年同期顯著改善。正如您從 Carrie 那裡聽到的，關於該品牌在我們合作夥伴中的代表，我們看到了更強大的商業聯盟。這讓我們對這個頻道的前進感到樂觀。

Revenue in our other channel segment increased to $26.6 million in Q2 of fiscal '25, up from $9.7 million in Q2 of fiscal '24, primarily due to an increase in friends and family sales to exit slower moving and discontinued inventory. We expect to be much quieter on this front in the third quarter and are evaluating opportunities in early calendar 2025. In addition, we had positive improvements from third-party sales from the knitwear manufacturing facility we acquired in Q3 of fiscal '24 and employee sales for which we implemented a new program in Q3 of fiscal '24.

我們其他通路部門的收入從24 財年第二季的970 萬美元增至25 財年第二季的2,660 萬美元，這主要是由於朋友和家人的銷售增加，以退出流動較慢和停產的庫存。我們預計第三季在這方面會更加安靜，並正在評估 2025 年初的機會。此外，我們在 24 財年第三季收購的針織品製造工廠的第三方銷售以及我們在 24 財年第三季實施的新計劃的員工銷售也取得了積極的改善。

Let's now turn to gross profit. Our second quarter gross profit decreased by 9% year-over-year. Gross margin declined 260 basis points to 61.3%, primarily due to a higher proportion of non-heavyweight down revenue within our product mix. We expect to expand gross margin over the balance of the fiscal year, driven by a more favorable D2C channel mix, lapping both the acquisition of our European knitwear manufacturer and the introduction of our updated employee sales program, complemented by further cost efficiencies on production labor and more favorable overhead absorption than planned.

現在讓我們轉向毛利。我們第二季的毛利年減了 9%。毛利率下降 260 個基點至 61.3%，主要是由於我們的產品組合中非重量級羽絨外套收入比例較高。我們預計，在更有利的D2C 通路組合的推動下，本財年剩餘時間的毛利率將擴大，包括收購我們的歐洲針織品製造商和推出更新的員工銷售計劃，並進一步提高生產勞動力的成本效率。

Moving further down the P&L. Our adjusted EBIT was $2.5 million, which was down from $15.6 million in the second quarter of last year. While we reduced overall SG&A expenses by nearly $15 million, top line pressure resulted in a lower adjusted EBIT and lower adjusted EBIT margin. We've mentioned several ongoing initiatives aimed at driving the top line while also demonstrating discipline in managing our cost base. Lower SG&A in Q2 was primarily due to lower corporate SG&A spend and a shift in timing of our marketing spend to the back half of this fiscal year.

進一步降低損益表。我們調整後的息稅前利潤為 250 萬美元，低於去年第二季的 1,560 萬美元。雖然我們將整體 SG&A 費用減少了近 1500 萬美元，但營收壓力導致調整後息稅前利潤和調整後息稅前利潤率下降。我們已經提到了幾項正在進行的舉措，旨在提高收入，同時也展現了管理成本基礎的紀律。第二季 SG&A 下降主要是因為企業 SG&A 支出減少以及我們的行銷支出時間轉移到本財年後半段。

This was primarily offset by higher costs associated with operating 10 more permanent stores year-over-year and increased technology and design studio investments. The decreases in corporate SG&A spend was primarily due to savings that resulted from the workforce reductions implemented in fiscal '24 and significant costs associated with our transformation program in Q2 last year, which was included in our reported results and excluded from adjusted EBIT. Lastly, on the income statement. Q2 adjusted net income attributable to shareholders was $5.2 million or $0.05 per diluted share compared to $16.2 million or $0.16 per diluted share in Q2 fiscal '24.

這主要被與去年同期相比增加 10 家永久性商店相關的成本上升以及技術和設計工作室投資的增加所抵消。企業SG＆A支出的減少主要是由於24財年實施的勞動力削減以及去年第二季度與我們的轉型計劃相關的大量成本所帶來的節省，這些成本已包含在我們的報告結果中，但不包括在調整後的息稅前利潤中。最後，關於損益表。第二季調整後歸屬於股東的淨利為 520 萬美元，即稀釋後每股收益 0.05 美元，而 2024 年第二季的調整後淨利為 1,620 萬美元，即稀釋後每股收益 0.16 美元。

Turning to our balance sheet. At the end of the quarter, inventory was $473 million, down 9% year-over-year, driven by a noticeable decrease in finished goods. We ended the quarter with $826 million of net debt compared with $852 million at the end of the second quarter of fiscal '24. We ended the period with approximately $282 million in unused borrowing capacity on our revolving credit facility. Our net debt leverage at the end of the second quarter was 2.9x adjusted EBITDA compared with 3.3x at the same time last year. We expect to end the year with leverage below historical levels.

轉向我們的資產負債表。截至本季末，庫存為 4.73 億美元，年減 9%，原因是製成品明顯減少。本季結束時，我們的淨債務為 8.26 億美元，而 2024 財年第二季末的淨債務為 8.52 億美元。期末時，我們的循環信貸額度未使用借款能力約為 2.82 億美元。第二季末我們的淨負債槓桿率為調整後 EBITDA 的 2.9 倍，而去年同期為 3.3 倍。我們預計年底槓桿率將低於歷史水準。

As a reminder, our capital allocation priorities towards driving shareholder value are: first, to invest in organic growth opportunity, including brand and product development as well as in the expansion of our retail network; second, to invest in the foundational needs of the business like leveling up our technology; and third, to ensure we have an efficient capital structure.

提醒一下，我們為推動股東價值而進行的資本配置優先事項是：首先，投資於有機成長機會，包括品牌和產品開發以及零售網路的擴張；其次，投資於業務的基本需求，例如提升我們的技術；第三，確保我們擁有高效率的資本結構。

Turning now to our fiscal 2025 financial outlook. While our revenue for the first half of fiscal '25 is largely in line with our forecast, our D2C business has performed below our expectations. Considering the weakening in consumer sentiment since we provided our initial outlook in May and our first half performance, we are taking the prudent decision to introduce a bottom range to our full year fiscal '25 guidance. Full year fiscal '25 revenue is expected to range between an increase in the low single digits to a low single-digit decline compared to fiscal '24. We expect D2C comparable sales to also move in a similar range this year versus the prior year.

現在轉向我們的 2025 財年財務展望。雖然我們 25 財年上半年的營收基本上符合我們的預測，但我們的 D2C 業務的表現低於我們的預期。考慮到自我們在 5 月提供初步展望以及上半年業績以來消費者情緒的疲軟，我們正在做出謹慎的決定，為我們的 25 財年全年指引引入一個底部範圍。與 24 財年相比，25 財年全年營收預計將介於低個位數成長和低個位數下降之間。我們預計今年 D2C 的可比銷售額也將與去年類似。

We continue to expect wholesale revenue to decrease 20% year-over-year, which is unchanged from our initial outlook. Our gross margin outlook is also unchanged, which we expect will remain similar in fiscal '25 compared to the previous year. Due to the lower range we are providing on the top line, we expect non-IFRS adjusted EBIT margin to range between an increase of 60 basis points to a decline of 60 basis points over the prior year. We have lowered the top end of our adjusted EBIT margin range from the 100 basis point increase in our initial outlook to reflect our increased investments in marketing activities compared to what we planned at the onset of the year and a change in our expected regional revenue mix towards Asia Pacific.

我們繼續預期批發收入將年減 20%，這與我們最初的預期相同。我們的毛利率前景也沒有變化，我們預計 25 財年的毛利率將與前一年保持相似。由於我們提供的營業額範圍較低，我們預計非 IFRS 調整後的息稅前利潤率將比上年增加 60 個基點到下降 60 個基點。我們將調整後息稅前利潤率範圍的上限從最初展望中的 100 個基點增幅下調，以反映與年初計劃相比我們對營銷活動的投資增加以及我們預期的區域收入組合的變化面向亞太地區。

We expect the lower mix contribution in D2C comparable sales from North America and EMEA to compress margins given the higher fixed cost structures in these regions, particularly in our stores. As a result, we expect non-IFRS adjusted net income per diluted share to increase in the mid-single-digit range with approximately 98 million shares in weighted average diluted shares outstanding. Let me remind you, 75% of our revenue is historically recorded in the back half of our fiscal year, and we are relentlessly working to drive positive comparable sales growth over that period.

鑑於這些地區（尤其是我們的商店）固定成本結構較高，我們預期北美和歐洲、中東和非洲地區 D2C 可比銷售額的混合貢獻較低，將壓縮利潤率。因此，我們預計非國際財務報告準則調整後每股攤薄淨利潤將在中個位數範圍內成長，加權平均稀釋後流通股數約為 9,800 萬股。讓我提醒您，歷史上我們 75% 的收入是在本財年後半段記錄的，我們正在不懈地努力，推動該時期可比銷售額的正增長。

To close out today's prepared remarks, I'd underscore that we're encouraged by the progress we're making to transform our operations and to evolve engagement with the Canada Goose brand despite difficult macro conditions. Let me reiterate that a transformation of this magnitude takes time and things are moving in the right direction as we build stronger connections with our consumers and deliver elevated shopping experiences. Our team is deeply engaged in executing across our 3 operating imperatives with an immediate focus on delivering sales during our peak season. We continue to test and learn and unlock opportunities across our brand, product and D2C execution and are confident in our ability to stabilize our revenue base, leading to improved and sustainable growth and profitability in the near and long term.

在結束今天準備好的演講時，我想強調，儘管宏觀環境困難，但我們在營運轉型和發展與 Canada Goose 品牌的合作方面所取得的進展令我們感到鼓舞。讓我重申，這種規模的轉變需要時間，隨著我們與消費者建立更牢固的聯繫並提供更高的購物體驗，事情正在朝著正確的方向發展。我們的團隊深入執行我們的 3 項營運任務，並立即專注於在旺季期間實現銷售。我們繼續測試、學習和釋放我們的品牌、產品和 D2C 執行方面的機會，並對我們穩定收入基礎的能力充滿信心，從而在短期和長期內改善和可持續的增長和盈利能力。

With that, I'll open the call up for questions.

這樣，我將開始提問。

(Operator Instructions)

（操作員說明）

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Dani, I guess we're -- the macro aside, the macro is kind of setting everybody back, let's call it, a year, and it's not you specific. It's just macro generally. But as we think about kind of the things that you can control, let's say, the notion that we kind of want to move some of the seasonality and not have so much concentrated in the back 2 quarters of the year, expansion into other categories, non -- more of the seasonally adjusted kind of like apparel for other seasons. Can you talk about what the business looks like by channel mix and by region, by winter versus kind of nonseasonal apparel in 3 to 5 years? So just kind of maybe like a relandscape of that LRP that you had given us probably pre-pandemic, at this point, just to recalibrate where we are in that cycle. Thank you so much.

丹尼，我想我們──拋開宏觀因素不談，宏觀因素會讓每個人都倒退，我們稱之為一年，這不是你特有的。一般只是宏觀的。但當我們考慮一些你可以控制的事情時，比如說，我們想要改變一些季節性因素，而不是集中在今年的後兩個季度，擴展到其他類別，非——更像是季節性調整的那種，就像其他季節的服裝一樣。您能談談 3 到 5 年內按通路組合和地區、冬季服裝與非季節性服裝劃分的業務情況嗎？因此，這可能就像您在大流行前給我們的 LRP 的重新規劃，只是為了重新調整我們在該週期中的位置。太感謝了。

Yes. Thank you for your question. And I'll give some high-level commentary and color on the future. I mean, I think, that we know that our opportunity remains tremendous, and we know that our brand is extremely strong through multiple ways of research that we've been doing, and we're very excited about that. And we -- from a product evolution point of view, we've evolved. As you've seen, our product has evolved quite a bit over the last number of years and the plans for that to continue. We have a new merchandiser joining us soon, which will really help with that.

是的。謝謝你的提問。我將對未來給予一些高水準的評論和色彩。我的意思是，我認為，我們知道我們的機會仍然巨大，我們知道透過我們一直在進行的多種研究方式，我們的品牌非常強大，我們對此感到非常興奮。而我們——從產品進化的角度來看，我們已經進化了。正如您所看到的，我們的產品在過去幾年中已經取得了很大的發展，並且計劃繼續下去。我們很快就會有一位新跟單員加入我們，這將對此很有幫助。

And with our new design studio in Paris, which is, to me, one of the biggest things we're doing this year and most impactful moves we're making. To drive this business forward, we're really going to have strong design and desirable products coming out of that facility and which works together, of course, with our designing capabilities here in Toronto and manufacturing capabilities in Canada. So I do believe that my vision is to see our product line expand quite considerably with beautiful products that people are -- people really want to have, and we're working really diligently to build an organization that can support that.

我們在巴黎的新設計工作室對我來說是我們今年所做的最重要的事情之一，也是我們正在採取的最有影響力的舉措。為了推動這項業務向前發展，我們確實將從該工廠生產出強大的設計和理想的產品，當然，這些產品與我們在多倫多的設計能力和加拿大的製造能力一起工作。因此，我確實相信，我的願景是看到我們的產品線大幅擴展，推出人們真正想要擁有的精美產品，我們正在非常努力地建立一個能夠支持這一點的組織。

Adrienne, this is Beth. I'll add to that. Well, obviously, we're not specifically pointing to that long-term guidance anymore. There are many themes in that, that remain very true. We have a significant amount of footprint expansion opportunity across all geographies. We have a significant amount of expansion of retail and D2C execution expansion opportunity, brand building opportunity that will continue to grow consumer sentiment, which will create both D2C and wholesale revenue opportunities in multiple markets.

艾德麗安，這是貝絲。我會補充一點。嗯，顯然，我們不再專門指出長期指導。其中有許多主題，仍然非常真實。我們在所有地區都有大量的足跡擴張機會。我們擁有大量的零售擴張和 D2C 執行擴張機會、品牌建立機會，將繼續增強消費者信心，這將在多個市場創造 D2C 和批發收入機會。

And we do expect to see our non-heavyweight down categories grow faster because they are newer categories for us. But we also believe there's plenty of growth opportunities in heavyweight down as well. So the thematic elements that you heard in that long-range plan, we certainly still feel are very much true, even though the specific revenue and EBIT forecast suggested by that, we pulled back on.

我們確實希望看到我們的非重量級羽絨類別成長得更快，因為它們對我們來說是較新的類別。但我們也相信重量級下跌也存在大量成長機會。因此，您在長期計劃中聽到的主題元素，我們當然仍然認為非常真實，儘管我們取消了其中建議的具體收入和息稅前利潤預測。

Great. And then a quick one, just a follow-up for Neil. What was the shift in marketing dollars? How should we think about that hitting the SG&A line as we model out the SG&A for next quarter? And then are there any stores anywhere globally that are not hitting your 4-wall, your internal -- your IRR metrics that would be under consideration for potential closing? Or is that kind of not even in the cards?

偉大的。然後是一個快速的，只是尼爾的後續行動。行銷資金發生了什麼變化？當我們為下個季度製定 SG&A 模型時，我們應該如何考慮觸及 SG&A 線？然後，全球各地是否有任何商店沒有觸及您的四面牆，即您的內部 IRR 指標，這些指標將在潛在關閉時考慮？或者說這根本就不可能發生？

Yes. I'll take the second part of the question first, Adrienne, and thanks for your questions. No, we're not giving any consideration to that right now. The focus for the business top to bottom is about peak and peak execution. And to the extent that we need to look beyond that, we will at the right time. But right now we're very focused on driving productivity and profitability out of every store. And as a reminder, our metrics in those stores are very, very strong. As it relates to shift in marketing, we don't necessarily give color on specific marketing spend or where it falls particularly in the quarters.

是的。艾德麗安，我將先回答問題的第二部分，感謝您的提問。不，我們現在不考慮這一點。業務從上到下的重點是峰值和峰值執行。如果我們需要超越這一點，我們會在適當的時候這樣做。但現在我們非常專注於提高每家商店的生產力和獲利能力。提醒一下，我們在這些商店的指標非常非常強勁。由於它與行銷的轉變有關，我們不一定會詳細說明具體的行銷支出或具體在各個季度的支出情況。

But what I can tell you is on a year-to-year basis, we're going to be slightly up in the marketing spend, and we have been a little bit quieter in the first half than we will be in the second half of the year, obviously, putting all of our heft behind the Haider launch, which is coming soon as well as some commercial marketing activities that we know that can drive some search volume and some of the other KPIs that help fund -- help lead to revenue in the channels.

但我可以告訴你的是，與去年同期相比，我們的行銷支出將略有增加，而且上半年我們比下半年要安靜一些。一些我們知道可以推動搜尋量的商業行銷活動，以及有助於籌集資金的其他一些關鍵績效指標（KPI）——有助於帶來收入在通路中。

Fantastic. Thank you very much and I'll see you next week.

極好的。非常感謝，下週見。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Hi, this is Josh Reiss filling in for Rick. I was hoping you can provide additional color behind your plans to improve on the comps for the remainder of the year. Curious how to really think about the opportunity to drive those higher productivity levels on a -- from a regional perspective?

大家好，我是喬許賴斯 (Josh Reiss) 接替里克 (Rick)。我希望你們能夠為今年剩餘時間的比賽改進計劃提供更多的支持。好奇如何真正考慮從區域角度推動生產力水準提高的機會？

Yes, absolutely. It's Carrie here. So one of the biggest things that we started in the first half is what I talked about before, making sure our stores are well staffed -- sorry, are well stocked with inventory, and we're in such a better position than we were this time last year, even 6 months ago. We've made considerable efforts on training our staff and then also making sure that we're staffed appropriately when we see the traffic. So all of those programs have been massive efforts in the first half, and we started to see green shoots of that probably fastest in EMEA as we talked about. We're applying that same playbook to every region. And so we're really seeing that improvement in APAC.

是的，絕對是。這裡是嘉莉。因此，我們上半年開始的最重要的事情之一就是我之前談到的，確保我們的商店配備充足的人員 - 抱歉，庫存充足，而且我們的處境比現在更好去年的時間，甚至是6個月前。我們在培訓員工方面付出了相當大的努力，並確保在交通擁堵時配備適當的人員。因此，所有這些計劃在上半年付出了巨大的努力，正如我們所討論的，我們開始看到歐洲、中東和非洲地區可能最快的萌芽。我們正在將相同的策略應用於每個地區。因此，我們確實看到了亞太地區的這種進步。

North America is taking a little bit longer. It's obviously a larger store base. So really, it's continuing what we've already started and making sure that we're just being as aggressive as we have been in the first half. Hopefully, with the influx of warm marketing, we're going to see a little bit more traffic, especially in our comp stores. So to me, it's really staying in the path of things that we've already done and hopefully seeing a lot more traction from those efforts.

北美需要更長的時間。這顯然是一個更大的商店基地。所以實際上，我們正​​在繼續我們已經開始的工作，並確保我們像上半場一樣積極進取。希望隨著熱情行銷的湧入，我們將看到更多的流量，尤其是在我們的比較商店中。所以對我來說，這確實是在堅持我們已經做過的事情，並希望從這些努力中看到更多的牽引力。

And then I think as we stand here today as well, I mean, we're clearly through the first big month in our peak. We've got some data on how those things have contributed. There are regions, particularly China, where we see some level of resilience in the consumer that perhaps wasn't there in the second quarter. And so that gives us a degree of confidence. What we can do about the macro is really out of our control. And so we're focused on how do we drive traffic to the stores and then all the stuff that Carrie just referred to that helps lead to conversion once they're in there. And I just don't think we can underscore enough how much effort there is around the world going into labor and training and ensuring that the luxury experience for the consumer is where it needs to be as we get deep into peak.

然後我想，當我們今天也站在這裡時，我的意思是，我們顯然已經度過了巔峰時期的第一個重要月份。我們已經獲得了一些有關這些事物如何發揮作用的數據。在某些地區，尤其是中國，我們看到消費者在第二季可能沒有出現一定程度的彈性。這給了我們一定程度的信心。我們對宏觀能做的事情確實是我們無法控制的。因此，我們專注於如何吸引商店的客流量，然後是 Carrie 剛才提到的所有有助於在他們進入商店後實現轉換的東西。我認為我們無法充分強調世界各地在勞動力和培訓方面付出了多少努力，以確保消費者在進入高峰時獲得所需的奢華體驗。

And one quick follow-up on just that China component. Can you talk -- like I know you performed pretty well relative to the industry. Can you talk about what you're currently seeing from like the Chinese consumer? Perhaps any more color on what you're seeing in China that can inform our expectations for the region for the rest of the year?

還有一個關於中國部分的快速跟進。你能談談嗎——就像我知道你相對於這個行業來說表現得相當不錯。您能談談您目前從中國消費者那裡看到的情況嗎？也許您在中國看到的更多資訊可以幫助我們了解該地區今年剩餘時間的預期？

Yes. I think today, the story is a little bit different than it probably was in the second quarter. We have continued to open stores as planned. We know that, as you probably do, that the macro environment in China is a challenge. We're hopeful that the stimulus that came through will lead to something over the long term. We're not necessarily planning for that. What we do know is that our brand resonates with Chinese consumers wherever they are in the world, and they shop our stores in Canada, in the U.S., in Europe and especially in Mainland China.

是的。我認為今天的故事與第二季可能有點不同。我們繼續按計劃開店。我們知道，正如您可能知道的那樣，中國的宏觀環境是一個挑戰。我們希望所實施的刺激措施能帶來長期的成果。我們不一定會為此做計劃。我們所知道的是，我們的品牌與世界各地的中國消費者產生共鳴，他們在加拿大、美國、歐洲，尤其是中國大陸的商店裡購物。

Travel seems to be somewhat muted. But again, that's -- and over the long term, those trends will correct. What we have seen in the past few weeks with both Golden Week and with Singles' Day is some positive forward momentum. We're hopeful that, that trajectory continues. And that gives us, as I said a few moments ago, some confidence that the Chinese consumer will continue to support Canada Goose.

旅行似乎有些平靜。但從長遠來看，這些趨勢將會修正。過去幾週的黃金週和雙十一我們看到了一些積極的前進勢頭。我們希望這種軌跡能夠持續下去。正如我剛才所說，這讓我們有信心中國消費者將繼續支持 Canada Goose。

I just one add on there is the other -- the growth that we're seeing also in -- with our wholesale business, whether it's travel retail, that also gives us confidence. There is demand out there. Our partners do want more inventory. And so having been there, yes, it's a little quieter. So we'll see if that stimulus really affects the luxury spender, but I think there's so many bright spots that are giving us confidence in both the mid and long term.

我只是補充一點，還有另一個——我們也看到了批發業務的成長，無論是旅遊零售，這也給了我們信心。那裡有需求。我們的合作夥伴確實需要更多庫存。所以去過那裡之後，是的，這裡安靜了一些。因此，我們將看看這種刺激措施是否真的會影響奢侈品消費者，但我認為有很多亮點讓我們對中長期充滿信心。

Thank you so much.

太感謝了。

Oliver Chen, TD Cowen

奧利佛陳，TD Cowen

Hi, thank you. Regarding the new Head of Merchandising, what would be some key priorities? And as you think ahead with the innovation and the execution you're having with the new creative designer, how are you thinking about creating new icons and the balancing new versus evergreen product and just developing new evergreen icons as well? Thank you.

你好，謝謝。關於新的採購主管，有哪些關鍵優先事項？當您提前思考與新創意設計師一起進行的創新和執行時，您如何考慮創建新圖標以及平衡新產品與常青產品以及開發新的常青圖標？謝謝。

Thanks, Oliver. This is Carrie here. So our new Head of Merchandising, so I mentioned in my remarks that worth noting, they'll be working very closely, obviously, with Haider and the team, in broadening our assortment. So again, we've made such great progress in showing up as a lifestyle brand, but there's so many more opportunities still ahead of us. And as you said, we're not trying to do more just for the sake of more. We want to do more that's better. And so reflected by our current season offering, it's a lot of focus on bestsellers and icons because we don't want to just have this broad assortment that confuses customers.

謝謝，奧利佛。這是嘉莉。我們的新任行銷主管，我在演講中提到，值得注意的是，他們將與 Haider 和團隊非常密切地合作，擴大我們的產品種類。再說一次，我們在生活風格品牌方面已經取得瞭如此巨大的進步，但我們仍然有更多的機會。正如您所說，我們並不是為了做得更多而做得更多。我們想要做得更多、更好。從我們目前季節的產品中可以看出，我們非常注重暢銷書和經典產品，因為我們不想只擁有如此廣泛的品種，讓顧客感到困惑。

We want to have a very clear, well mapped-out distinctive voice that comes through our products. So whether it's eyewear that we're introducing, whether it's accessories, whether it's doubling down on some new icons that we're introducing for heavyweight down, that's going to be the focus. So really understanding the consumer demand, listening to what's what they're asking for, but then also really translating our DNA of who Canada Goose is in protection and performance and style.

我們希望我們的產品能夠發出非常清晰、精心設計的獨特聲音。因此，無論是我們推出的眼鏡、配件，或是我們推出的重量級羽絨外套新標誌，這都將成為焦點。因此，我們要真正了解消費者的需求，傾聽他們的需求，然後真正將 Canada Goose 的 DNA 轉化為保護、性能和風格。

Okay. And Neil, as we think about the gross margin longer term, what should we know about puts and takes that you could articulate and also category mix dynamics?

好的。尼爾，當我們考慮長期毛利率時，我們應該對您可以闡明的看跌期權和類別組合動態了解什麼？

Yes. I mean, I think keeping in mind that we don't necessarily have a long-term view out, I'll speak sort of more qualitatively, Oliver. Clearly, product mix over the last many years has shifted away from heavyweight down in a way that excites us, both because it makes the store economics really, really attractive as we start to get deeper into the categories that as Carrie just alluded to, the merchandising leader will help alongside Haider. And so product mix perhaps creates a little bit of a headwind. I'm not certain that's the case, but it certainly is going to create a lot more dollars of gross profit and ultimately EBIT leverage as we look forward. We continue to be vertically integrated. That is a major competitive advantage for us.

是的。我的意思是，我認為請記住，我們不一定有長遠的眼光，我會更定性地說話，奧利佛。顯然，在過去的許多年裡，產品組合已經從重量級轉向了讓我們興奮的方式，這既是因為它使商店的經濟效益非常非常有吸引力，因為我們開始更深入地了解嘉莉剛才提到的類別，銷售主管將與海德爾一起提供協助。因此，產品組合可能會帶來一些阻力。我不確定情況是否如此，但正如我們所期望的那樣，它肯定會創造更多美元的毛利並最終產生息稅前利潤槓桿。我們繼續進行垂直整合。這對我們來說是一個主要的競爭優勢。

The team that exists both in our product development chain as well as inside our supply chain are laser-focused on delivering high-quality products that consumers love, but it allows us to control the manufacturing in a cost environment that gives us informed decisions. And so we think, as I say, I think that gives us a competitive advantage over the long term. I think beyond that, certainly, our view is over the long term, we want to grow each revenue channel, and we're going to do that responsibly through comp growth as well as some pricing. But pricing isn't necessarily the lever that we want to pull on. We want to pull on creating tremendous products for our consumers and growing volume through those -- through all of our channels.

我們的產品開發鏈和供應鏈中的團隊都專注於提供消費者喜愛的高品質產品，但它使我們能夠在成本環境中控制製造，從而為我們做出明智的決策。因此，正如我所說，我們認為這為我們帶來了長期競爭優勢。我認為除此之外，當然，我們的觀點是長期的，我們希望擴大每個收入管道，並且我們將透過競爭成長和一些定價來負責任地做到這一點。但定價不一定是我們想要利用的槓桿。我們希望透過我們所有的管道，為我們的消費者創造巨大的產品，並透過這些產品增加銷售量。

Thanks Neil and Carrie. Best regards.

謝謝尼爾和嘉莉。此致。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning and thank you for taking our question. I was hoping you could elaborate on your plans to drive an acceleration in comp trends in North America and how you're thinking about that growth opportunity between stores and online? And then separately, can you contextualize the number of days of wholesale inventory you have on hand by channel -- or by region in the channel? Thank you.

早安，感謝您提出我們的問題。我希望您能詳細說明您推動北美競爭趨勢加速的計劃，以及您如何考慮商店和線上之間的成長機會？然後，您能否分別根據渠道或渠道中的區域來了解您手邊的批發庫存天數？謝謝。

Thanks, Brooke. It's Carrie here. So in terms of accelerating D2C comps in North America, so we talked about North America is a little more challenged on the store front, just it's a larger network, a little more mature, and so just hasn't come as fast as maybe some other regions. And so it's the same playbook that we talked about. So making sure that we're just being super diligent on whether it's traffic, labor -- matching labor hours, monitoring BA performance, making sure we've got the right inventory in those stores. It's really the same playbook.

謝謝，布魯克。這裡是嘉莉。因此，就加速北美的 D2C 競爭而言，我們談到北美在商店方面面臨更大的挑戰，只是它的網絡更大，更成熟，所以只是沒有像某些國家那樣快其他地區。這與我們討論的劇本是一樣的。因此，我們要確保我們在客流量、勞動力方面都非常勤奮——匹配工時、監控 BA 績效，確保我們在這些商店中擁有正確的庫存。這確實是同一個劇本。

The only other thing I would say in North America is looking at just the state of the U.S. So Canada is actually remaining quite strong in an environment where the macro headwinds are there. I would say the luxury spending in the U.S. and the weakened consumer sentiment is impacting those stores a little bit more. And so we're looking at whether we need to put a little more marketing investment, how do we make sure that we're being responsible to the different consumer demand patterns that we see by region. The brand health is not the same across the U.S. And so we're being very laser-focused on a local level to drive that comp performance. In terms of wholesale channel, Beth, do you want to talk about inventory?

在北美，我要說的唯一另一件事是只關注美國的狀況，因此加拿大實際上在宏觀逆風存在的環境中保持相當強勁。我想說，美國的奢侈品消費和疲軟的消費者信心對這些商店的影響更大。因此，我們正在考慮是否需要投入更多的行銷投資，如何確保我們對不同地區的不同消費者需求模式負責。美國各地的品牌健康狀況並不相同，因此我們非常專注於本地層面，以推動競爭績效。在批發管道方面，Beth，您想談談庫存嗎？

Yes, I can -- I'll take the question, Brooke, about inventory by channel and region. So I think there's really 2 stories here. There's the wholesale channel inventory story, which is that we are in a significantly lower inventory position in the channel this year than we were last year. That's obviously quite intentional. Our pullback in wholesale revenue this year is to create that so that those wholesalers can experience higher sell-through so that we are maintaining our full price proposition in wholesale as well as in retail. And so we see that coming to fruition, which we and our wholesale partners are pleased with.

是的，我可以——布魯克，我將回答有關按渠道和地區劃分的庫存的問題。所以我認為這裡確實有兩個故事。有批發渠道庫存的故事，今年我們在渠道中的庫存狀況比去年顯著降低。這顯然是很有目的的。我們今年批發收入的下降是為了讓那些批發商能夠體驗到更高的銷量，這樣我們就能維持批發和零售的全價主張。因此，我們看到這項成果即將實現，我們和我們的批發合作夥伴對此感到滿意。

In D2C, it's the opposite. We were not in, as Carrie alluded to, a strong enough inventory position in D2C everywhere. We had certain products that were well received by customers that were sold through too quickly, et cetera. So we are in a much stronger inventory position in our D2C channel now at the beginning of peak than we were last year. And we expect that we'll retain and we're leveraging the vertical integration. You heard Neil talk about earlier to capitalize on that and to chase sales opportunities when they do exist and we can get more product quickly enough. So that's really -- it's really a tale of 2 channels there. By region, I don't think there's a lot of variation between region. Those are pretty -- those themes are pretty true across regions within each of those channels.

在 D2C 中，情況恰恰相反。正如 Carrie 所提到的，我們在 D2C 領域的庫存狀況並不充足。我們的某些產品深受客戶歡迎，但銷售速度太快，等等。因此，在高峰期初期，我們的 D2C 通路的庫存狀況比去年強得多。我們預計我們將保留並利用垂直整合。您之前聽到尼爾談到要利用這一點並在銷售機會確實存在時追逐銷售機會，這樣我們就可以足夠快地獲得更多產品。所以這實際上是一個關於兩個頻道的故事。從地區來看，我認為地區之間沒有太大差異。這些都很漂亮——這些主題在每個管道的各個地區都是非常真實的。

Great. Thank you so much. I'll pass it on.

偉大的。太感謝了。我會把它傳遞下去。

(Operator Instruction)

（操作員說明）

I would now like to turn the conversation to Ana Raman. Thank you everyone for joining.

我現在想把話題轉向安娜·拉曼。感謝大家的加入。

Today's call. We look forward to giving you our next update with our Q3 results. We wish everyone a happy and healthy holiday season. Thank you.

今天的電話。我們期待為您提供下一次第三季結果的更新。我們祝福大家有個快樂、健康的假期。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。