Canada Goose Holdings Inc (GOOS) 2025 Q3 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 third quarter fiscal year '25 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加加拿大鵝 25 財年第三季財報電話會議。（操作員指令）

Thank you. And I would now like to turn the conference over to Neil Bowden, Chief Financial Officer. Neil, you may begin.

謝謝。現在我想將會議交給財務長尼爾鮑登 (Neil Bowden)。尼爾，你可以開始了。

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.

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；品牌與商業總裁 Carrie Baker；財務、策略與行政總裁貝絲‧克萊默 (Beth Clymer)。

Today's presentation will contain forward-looking statements 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.

今天的演示將包含基於假設的前瞻性陳述，因此受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。除非法律要求，我們不承擔更新這些聲明的義務。

You can read about these assumptions, risks and uncertainties in our press release issued 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.

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 the financial results described on today's call will compare third quarter results ended December 29, 2024, with the same period ended December 30, 2023, unless otherwise noted.

我們以加元報告，因此今天討論的所有金額均為加元，除非另有說明。請注意，除非另有說明，今天電話會議上描述的財務結果將比較截至 2024 年 12 月 29 日的第三季度結果與截至 2023 年 12 月 30 日的同一期間的結果。

For today's call, Dani, Carrie, Beth, and I will deliver prepared remarks, following which we will open the call to take questions. With that, I'll turn the call over to Dani.

在今天的電話會議上，丹妮、嘉莉、貝絲和我將發表準備好的發言，然後我們將開始回答問題。說完這些，我會把電話轉給丹尼。

Thanks, Neil, and good morning, everyone. I'll start my thoughts on our third quarter performance and progress before turning it over to the team to review our results in greater detail. The third quarter marked solid progress towards our three operating imperatives leading to favorable momentum throughout the month of December and into the new year.

謝謝，尼爾，大家早安。我將首先思考我們第三季的表現和進展，然後再交給團隊更詳細地審查我們的結果。第三季度，我們在三大營運要務方面取得了堅實的進展，從而為整個 12 月乃至新的一年帶來了良好的發展勢頭。

Our third quarter revenue was slightly lower year over year, primarily due to the expected decline in wholesale revenue. The direct-to-consumer business showed positive momentum. We delivered a negative 6% DTC comp, which while below our expectations was an improvement from our year-to-date comp. More importantly, we saw very significant improvement in the month of December, particularly in North America, where comp sales grew 22%.

我們第三季的營收較去年同期略有下降，主要原因是預計批發收入會下降。直接面向消費者的業務呈現正面動能。我們的 DTC 年減了 6%，雖然低於我們的預期，但與今年迄今的同比下降相比有所改善。更重要的是，我們看到 12 月的銷售額出現了非常顯著的改善，特別是在北美，其同店銷售額增加了 22%。

We are particularly encouraged by this performance as it validates the inherent strength of our business when we execute well across product and marketing. Third quarter results witnessed continued progress across our three operating imperatives.

我們對這一表現感到特別鼓舞，因為它證明了我們在產品和行銷方面表現良好時業務的內在實力。第三季的業績見證了我們三大營運要務持續取得進展。

First, setting the foundation for the next stage of our brand and product evolution. A major highlight was the launch of our first capsule collection from creative director, Heider Ackerman, under their heritage label, Snow Goose, which happened in November.

首先，為我們的品牌和產品進化的下一個階段奠定基礎。一大亮點是創意總監 Heider Ackerman 於 11 月推出了我們旗下傳統品牌 Snow Goose 的首個膠囊系列。

The Snow Goose capsule reimagines our heritage through a new lens while staying true to our performance roots. The launch was amplified by an integrated global launch featuring influential talent and a coordinated suite of activations around the world. We set records in earned media over 30 billion impressions, representing our highest launch in recent history.

Snow Goose 膠囊系列透過新的視角重新構想了我們的傳統，同時忠於我們的性能根源。此次發布會透過一場全球性的綜合發布會擴大影響力，其中包括有影響力的人才和在世界各地協調的一系列活動。我們在賺取媒體方面的記錄超過了 300 億次展示，創下了我們近期歷史上的最高紀錄。

Our purposeful and strategic efforts around this launch drove significant impact across key brand heat metrics and establishes a foundation for our marketing strategy in the future. The commercial results were equally impressive. 25% of people who purchased Snow Goose also bought mainline products, while nearly two-thirds of existing customers were returning to the brand.

我們圍繞著此次發布所做的有目的的、有策略性的努力對關鍵品牌熱度指標產生了重大影響，並為我們未來的行銷策略奠定了基礎。商業成果也同樣令人印象深刻。 25% 購買 Snow Goose 的客戶也購買了主線產品，而近三分之二的現有客戶又購買了該品牌。

We also hit a three-year high in US search interest and exceeded our customer acquisition targets. All of this validated the more intensive, mature approach we took with our marketing and organizational alignment to reach both loyal fans and new customers.

我們的美國搜尋熱度也達到了三年來的最高水平，並且超額完成了客戶獲取目標。所有這些都驗證了我們在行銷和組織協調方面採取的更深入、更成熟的方法，以便接觸忠實粉絲和新客戶。

Our evolving marketing strategy this quarter included increased investment behind Snow Goose and peak holiday activities. Our mainline collection resonated well beyond our traditional channels, showing up on the film set of Wicked and on the screen in Baby Girl.

我們本季不斷發展的行銷策略包括增加對 Snow Goose 的投資和假日高峰活動。我們的主線系列在傳統管道之外引起了強烈反響，出現在《魔法壞女巫》的電影場景中和《寶貝女孩》的螢幕上。

Having a robust prevalence across the film and entertainment industry has always been a hallmark of our brand and demonstrates our broad cultural relevance. Key fashion capitals like Paris, London, and Italy drove significant follower growth as well.

在電影和娛樂產業中擁有強大的影響力一直是我們品牌的標誌，並體現了我們廣泛的文化相關性。巴黎、倫敦和義大利等主要時尚之都也推動了粉絲數量的大幅成長。

In our brand ambassador, Shai Gilgeous-Alexander, the NBA MVP frontrunner continued to perfectly embody our combination of style and performance. The breadth and caliber of these campaigns, alongside the extraordinary reach of the Snow Goose campaign showcases the growing global relevance of Canada Goose as a lifestyle brand. We are incredibly proud of what the team has accomplished.

我們的品牌大使、NBA MVP 領跑者 Shah Gilgeous-Alexander 繼續完美地體現了我們的風格和表現的結合。這些活動的廣度和水平，加上雪雁活動的非凡影響力，展示了加拿大鵝作為一個生活方式品牌日益增長的全球影響力。我們為團隊所取得的成就感到無比自豪。

Now turning to our second operating imperative, implementing best-in-class retail execution. Here, our precise focus on inventory management, labor optimization and boosting sales training, growth improvements and store conversion rates year over year, particularly in North America and EMEA.

現在談談我們的第二個營運要務，實施一流的零售執行。在這裡，我們精確地關注庫存管理、勞動力優化和提高銷售培訓、成長改善和商店轉換率，特別是在北美和歐洲、中東和非洲地區。

Third, simplifying the way we operate. We continue to streamline operations while maintaining strategic investments in key growth areas. We diligently managed our operating expenses and our inventory position improved significantly year-over-year, marking our fifth consecutive quarter of decreases.

第三，簡化營運方式。我們持續精簡運營，同時保持對關鍵成長領域的策略性投資。我們認真管理營運費用，庫存狀況較去年同期大幅改善，連續第五個季度下降。

During the third quarter, while macro factors influenced consumer behavior in certain markets, overall we saw strong performance as operational improvement and marketing initiatives gained traction. As we continue our transformation journey, we are energized by the strong execution of our strategy and increasing global resonance of our brand. p

第三季度，雖然宏觀因素影響了某些市場的消費者行為，但總體而言，由於營運改善和行銷舉措獲得推動，我們表現強勁。在我們繼續轉型之旅的同時，我們策略的強大執行和品牌在全球的不斷增強的共鳴為我們注入了活力。頁

Positive response to initiatives like Snow Goose, the related marketing campaign, and our expanded product offering demonstrates how we are building and sustaining our momentum with consumers worldwide.

Snow Goose 等計劃、相關行銷活動以及我們擴大的產品供應都獲得了積極的回應，這表明我們正在與全球消費者建立並維持良好的發展勢頭。

And now I'll turn it over to Carrie to discuss our commercial performance in more detail.

現在我將讓 Carrie 更詳細地討論我們的商業表現。

Thanks, Dani. Q3 marked a foundational transformation for Canada Goose as we executed with focus, discipline and strategic intent. We saw meaningful progress across our operating imperatives, particularly in December, and I'm excited to share the results.

謝謝，丹尼。第三季標誌著 Canada Goose 的根本轉型，我們以專注、自律和策略意圖執行。我們在營運要務方面取得了有意義的進展，特別是在十二月份，我很高興與大家分享這些成果。

So first, let me start by discussing our first operating imperative, setting the foundation for the next stage of our brand and our product evolution. Our performance in the third quarter was shaped by our strategic decision to fully support the Snow Goose launch at the end of November, our biggest brand moment for the year.

首先，讓我先討論一下我們的第一個營運要務，為我們的品牌和產品發展的下一階段奠定基礎。我們第三季的業績受到我們策略決策的影響，即全力支持 11 月底 Snow Goose 的上市，這是我們今年最重要的品牌時刻。

To do that, we deliberately concentrated our marketing investments in the second half of the quarter, which meant that we were quieter than we normally would be in October and early November. As Dani mentioned, once we activated, our efforts delivered a remarkable improvement in brand momentum and commercial results across all regions, and this continued through the end of the year.

為了實現這一目標，我們特意將行銷投入集中在本季的後半段，這意味著我們比 10 月和 11 月初的正常情況下更加安靜。正如 Dani 所提到的，一旦我們啟動，我們的努力就會顯著改善所有地區的品牌動能和商業成果，而且這種情況會持續到年底。

Our Snow Goose launch marked a sea change. It was a defining moment for us, not just for the quarter, but for how we move forward. Our campaign creative set a new standard. We showed up differently in all markets, bolder, louder and yet unmistakably true to our brand.

我們的 Snow Goose 發射標誌著巨大的轉變。這對我們來說是一個決定性的時刻，不僅對於本季而言，而且對我們未來的發展也是如此。我們的活動創意樹立了新的標準。我們在所有市場都以不同的方式展現自己，更大膽，更響亮，但仍然忠於我們的品牌。

And in doing so, we've built a new muscle of executing engaging, immersive, and fully integrated global campaigns that drive real results. On a product front, our mix continued to evolve in the third quarter with lighter downfield outerwear revenue growing year over year, particularly in December.

在此過程中，我們打造了新力量，能夠執行引人入勝、身臨其境且完全整合的全球活動，從而取得實際成果。在產品方面，我們的產品組合在第三季繼續發展，輕便外套收入年增，尤其是在 12 月。

At the same time, we saw robust growth in our apparel offering, which demonstrates our accelerating brand heat, confirms our relevance beyond extreme cold weather moments, and reinforces our position beyond outerwear.

同時，我們的服裝產品也實現了強勁增長，這表明我們的品牌熱度不斷上升，證實了我們在極寒天氣之外的相關性，並鞏固了我們在外套之外的地位。

Best sellers included the Grandview Crop Jacket and Vest, part of our new Fall Winter 24 collection, and the beloved Chilliwack Fleece Bomber, which was a top seller within apparel. That product evolution continued this month with our expansion into eyewear, representing another milestone in our product journey.

暢銷商品包括 Grandview 短版夾克和背心（屬於我們的全新 24 秋冬系列）以及深受喜愛的 Chilliwack 羊毛飛行員夾克（服裝類中的暢銷商品）。本月，我們繼續進行產品革新，將業務擴展到眼鏡領域，這代表了我們產品歷程中的另一個里程碑。

Eyewear is a natural next step for us, and we are bringing a uniquely Canada Goose perspective to the category, inspired by nature, designed with purpose and delivering function and style. The launch complements the momentum we saw in lighter downfield outerwear and apparel during peak season, and it underscores our transformation into a brand with year-round relevance and assortment for any market.

眼鏡是我們自然而然的下一步，我們為這個類別帶來了獨特的 Canada Goose 視角，靈感來自大自然，設計有目的性，兼具功能性和時尚感。這次新品發表延續了旺季輕便外套和服飾的銷售勢頭，凸顯了我們向全年都與任何市場息息相關、產品種類齊全的品牌的轉變。

Lastly, we strengthened our product leadership team in January, welcoming Judit Bankus as our new SVP of Merchandising. With nearly 20 years of luxury and fashion experience, Judit will oversee our global merchandising and pricing strategies from our London office.

最後，我們在一月份加強了我們的產品領導團隊，歡迎 Judit Bankus 擔任我們的新任商品銷售資深副總裁。憑藉近 20 年的奢侈品和時尚經驗，Judit 將在倫敦辦事處監督我們的全球行銷和定價策略。

She will work closely with Haider Ackermann in partnership with our design and product development teams to bring his vision to life while guiding the expansion and the evolution of our product roadmap. One of the other key elements of our brand evolution is our wholesale strategy. Bottom line is it's working.

她將與 Haider Ackermann 密切合作，與我們的設計和產品開發團隊合作，將他的願景變為現實，同時指導我們產品路線圖的擴展和發展。我們的品牌發展的另一個關鍵要素是我們的批發策略。底線是它正在發揮作用。

We intentionally limited allocations. We invested with strategic partners with brand aligned values, and we executed brand first activations. This drove higher sell-through rates year over year, particularly in North America. It increased appetite for in-season reorders, and it means cleaner markets overall.

我們有意限制分配。我們與具有與品牌一致的價值觀的策略合作夥伴一起進行投資，並執行品牌優先的激活功能。這使得銷售率逐年上升，尤其是在北美。它增加了人們對季節內重新訂購的興趣，並且意味著整個市場更加乾淨。

Across the entire channel, we also saw wholesale partners holding to our full price positioning much more consistently in Q3 than last year. This is exactly where we want to be, and this progress sets a strong foundation for our strategy going forward.

在整個管道中，我們也看到批發合作夥伴在第三季比去年更持續堅持我們的全價定位。這正是我們想要達到的目標，而這項進展為我們未來的策略奠定了堅實的基礎。

Now, let me share some more detail about our second operating imperative, delivering best-in-class retail execution. As Dani mentioned, our DTC performance accelerated notably throughout the third quarter, with December delivering improvement in both brand momentum and commercial results, which have carried through present day.

現在，讓我分享一些有關我們的第二個營運要務的更多細節，即提供一流的零售執行。正如 Dani 所提到的，我們的 DTC 表現在第三季度顯著加速，12 月份品牌動能和商業業績均有所改善，並且一直延續到今天。

The intensity of our actions to improve conversion and productivity started to pay dividends, despite the headwinds of lower traffic and macroeconomic pressures. In North America, we saw encouraging results with DTC comparable sales growing 3% in Q3, driven by strength in the US market.

儘管面臨客流量下降和宏觀經濟壓力等不利因素，我們為提高轉換率和生產力所採取的行動已開始產生效益。在北美，我們看到了令人鼓舞的業績，受美國市場強勁推動，第三季 DTC 可比銷售額成長 3%。

Our focus on streamlining retail operations, weekend staffing optimization, and the introduction of host positions across key locations drove meaningful improvements in customer engagement, UPT, AUR and conversion.

我們專注於簡化零售營運、優化週末人員配置以及在關鍵地點引入接待職位，從而顯著提高客戶參與度、UPT、AUR 和轉換率。

During the busiest shopping season when people's expectations are highest and their time is at a premium, our hosts were critical in not only managing queue wait times, but in making sure customers were served with Canadian warmth and also were guided quickly and expertly to find the product they desired.

在最繁忙的購物季節，人們的期望值最高，時間也非常寶貴，我們的服務員不僅在管理排隊等待時間方面發揮了重要作用，而且還確保客戶享受到加拿大人的熱情服務，并快速而專業地引導他們找到他們想要的產品。

In EMEA, our focus on improved execution delivered meaningful improvements in conversion rates, but not enough to offset the more challenging traffic trends. While broader market conditions led to slower foot traffic, particularly in the UK, I'm proud of how our teams capitalized on every selling opportunity, driving higher conversion, UPT and AUR year over year. This is a direct outcome of our retail initiatives and training programs.

在歐洲、中東和非洲地區，我們專注於改善執行力，從而顯著提高轉換率，但不足以抵消更具挑戰性的流量趨勢。儘管更廣泛的市場條件導致客流量放緩，特別是在英國，但我為我們的團隊如何利用每一個銷售機會，逐年推動更高的轉換率、UPT 和 AUR 而感到自豪。這是我們的零售計劃和培訓計劃的直接成果。

In Asia Pacific, we saw positive momentum during key shopping periods, including Golden Week and Singles Day despite slower traffic in some markets. This momentum has carried into Q4 with positive trends around Lunar New Year.

在亞太地區，儘管部分市場的購物流量有所放緩，但我們在黃金周和光棍節等關鍵購物時段仍看到了積極的勢頭。這一勢頭一直延續到第四季度，並在農曆新年前後呈現積極趨勢。

In Japan, we opened two more department store concessions, and DTC for the quarter improved significantly year-over-year as we continue to build into the demand in this important global market. Looking at our online business, while e-commerce faced headwinds in Q3 that impacted conversion, global traffic saw substantial year-over-year growth.

在日本，我們又開設了兩家百貨公司專營店，隨著我們繼續滿足這個重要全球市場的需求，本季的 DTC 年比大幅改善。縱觀我們的線上業務，雖然電子商務在第三季面臨影響轉換率的阻力，但全球流量較去年同期大幅成長。

We continue to believe this is a channel that can deliver stronger results and are actively implementing initiatives to enhance the digital experience, improve site speed, and drive improved performance. We are seeing some bright spots, though.

我們始終相信這是一個能夠帶來更強勁成果的管道，並正在積極實施舉措，以增強數位體驗、提高網站速度並提高效能。然而，我們也看到一些亮點。

We launched live shopping on Douyin in September, and despite facing challenges in Mainland China, it continues to show promise as a new channel for us. And in North America, branded search demand increased approximately 20% in December, pointing to the considerable growth potential as we continue to enhance our digital capabilities.

我們在9月在抖音上推出了直播購物，儘管在中國大陸面臨挑戰，但作為我們的新管道，它仍然顯示出良好的前景。在北美，12 月品牌搜尋需求成長了約 20%，這表明隨著我們不斷增強數位化能力，品牌搜尋具有巨大的成長潛力。

This quarter was a defining moment for us and goes beyond strong commercial performance. We have proven our ability to execute complex global initiatives like Snow Goose, driving meaningful retail improvements and strengthening our position in the wholesale channel, all while maintaining brand discipline and full price positioning.

這個季度對我們來說是一個決定性的時刻，不僅僅是強勁的商業表現。我們已經證明我們有能力執行像 Snow Goose 這樣複雜的全球計劃，推動有意義的零售改進並加強我們在批發管道中的地位，同時保持品牌紀律和全價定位。

This demonstrates not just the power of our strategy, but our increasing capability to deliver against it. As we look ahead, it's clear these foundations will continue driving both brand heat and commercial momentum across all our channels.

這不僅證明了我們策略的威力，也證明了我們不斷增強的實施策略的能力。展望未來，很明顯這些基礎將繼續推動我們所有通路的品牌熱度和商業發展動能。

I'll now turn it over to Beth.

現在我將把它交給貝絲。

Thanks, Carrie, and hello all. As a reminder, our third operating imperative for fiscal 2025 is to simplify and focus the way we operate. We are doing this through internal operating excellence and focused capital deployment. I'm pleased to share our progress in the third quarter.

謝謝，Carrie，大家好。提醒一下，我們 2025 財年的第三個營運要務是簡化和集中我們的營運方式。我們透過內部卓越營運和有針對性的資本部署來實現這一目標。我很高興分享我們在第三季的進展。

Starting with achieving operating excellence. As you have heard me say each quarter, we remain ruthlessly focused on prudently managing our headcount and third-party cost base. We are making critical hires in key areas of our business. For example, design and product development talent to support our brand and product evolution and welcoming Judit to the team.

從實現卓越營運開始。正如您每個季度都聽到我所說的那樣，我們仍然堅持不懈地專注於審慎管理我們的員工數量和第三方成本基礎。我們正在業務的關鍵領域進行關鍵招募。例如，設計和產品開發人才支持我們的品牌和產品發展，並歡迎 Judit 加入團隊。

Even with these investments, our corporate headcount has not grown since our March organizational changes, and we are continually making changes where required to ensure our organization is fit for purpose. Additionally, we have been working to make our operations capabilities more flexible and nimbler to support the business.

即使進行了這些投資，自三月進行組織變革以來，我們的公司員工人數仍未增加，並且我們正在不斷進行必要的變革，以確保我們的組織適合目標。此外，我們一直在努力使我們的營運能力更加靈活、更加敏捷，以支援業務。

We demonstrated this with the Snow Gose capsule. These products included new fabrics, trims and design features, yet we brought them from design conception to consumers in record time. This required new ways of working across our organization.

我們利用 Snow Gose 膠囊證明了這一點。這些產品包括新的布料、裝飾和設計特色，但我們以創紀錄的速度將它們從設計構思帶給消費者。這要求我們整個組織採用新的工作方式。

We are also now manufacturing in season small quantities of mainline product in response to consumer demand signals. For example, our human nature Chilliwack Fleece Bomber, a very popular product and one of my personal favorites is manufactured in Winnipeg and in response to strong consumer demand, we've produced more of that style in season.

我們現在也根據消費者的需求訊號按季節生產少量主線產品。例如，我們的人性化 Chilliwack 羊毛飛行員夾克是一款非常受歡迎的產品，也是我個人最喜歡的產品之一，它是在溫尼伯生產的，為了滿足強勁的消費者需求，我們當季生產了更多該款式的夾克。

This has enabled us to capture incremental revenue opportunities and maintain strong sell through rates. We have done this despite all of the teams involved in this work being smaller in Q3 this year than they were at the same time last year. This is about being simpler and more effective.

這使我們能夠抓住增量收入機會並保持強勁的銷售率。儘管今年第三季參與這項工作的所有團隊的規模都比去年同期小，但我們還是做到了這一點。這是為了變得更簡單和更有效。

As you will recall, the metric we look at to measure the success of this operating imperative is SG&A expenses as a percentage of revenue. This metric as reported improved by 40 bps year over year in Q3 fiscal 2025.

您可能還記得，我們​​衡量這項營運要務成功與否的標準是銷售、一般和行政費用佔收入的百分比。據報道，2025 財年第三季該指標較去年同期提高了 40 個基點。

However, after accounting for the EBIT adjustments from last year's transformation program investments, SG&A percentage of revenue unfortunately remains higher year over year for both Q3 and year-to-date.

然而，在考慮了去年轉型計畫投資的息稅前利潤調整後，遺憾的是，無論是第三季還是年初至今，銷售、一般及行政費用佔收入的百分比仍然同比上升。

Let's break that down.

讓我們來分析一下。

SG&A deleveraged by 110 bps, primarily driven by 230 bps of higher direct costs associated with expanding our store base and our year-to-date comp sales performance not being as strong as we had hoped to give us greater leverage on those costs.

銷售、一般及行政開支去槓桿化了 110 個基點，主要原因是擴大門市基礎導致的直接成本上升了 230 個基點，而今年迄今的可比銷售業績不如我們所希望的那樣強勁，這讓我們能夠更好地利用這些成本。

This was however offset by approximately 120 bps of efficiency in our overhead costs. These were driven by corporate savings from our two workforce reductions and our continued focus on optimizing headcount and third-party costs.

但這被我們的管理費用效率提高約 120 個基點所抵銷。這是由於我們兩次裁員帶來的企業節約以及我們持續致力於優化員工人數和第三方成本。

We are proud of this overhead cost leverage, but we are of course not satisfied with our aggregate SG&A as a percent of revenue and remain committed to improving efficiency in SG&A independent of topline performance.

我們為這種間接成本槓桿感到自豪，但我們當然對銷售、一般及行政開支佔收入的百分比並不滿意，並將繼續致力於提高銷售、一般及行政開支的效率，而不依賴於營業收入的績效。

Turning to capital deployment. I'll first speak to our focused capital expenditures. You'll recall, we are opening fewer stores in fiscal '25 as we concentrate on optimizing our existing footprint. This along with a general focus on prudent capital allocation has resulted in a significant year over year decline in CapEx for the third quarter.

轉向資本部署。我先談談我們重點的資本支出。您會記得，我們​​在 25 財年開設的商店數量會減少，因為我們將專注於優化現有的業務範圍。這項變更加上普遍注重審慎的資本配置，導致第三季的資本支出較去年同期大幅下降。

At the same time, we continue to invest in critical areas that drive revenue and fortify the foundation of our business. Next inventory, we remain proud of our progress here. Our Q3 inventory decreased 15% year over year, marking our fifth consecutive quarter of reduction.

同時，我們繼續投資於推動收入成長和鞏固業務基礎的關鍵領域。下一次盤點，我們仍然為我們在這裡取得的進步感到自豪。我們第三季的庫存年減了 15%，這是我們連續第五個季度減少。

Our inventory turns were 0.95 times, a 16% increase versus last year. Both of these reductions are an acceleration and improvement from prior quarters. Similar to prior quarters, this was due to the temporary reduction in production levels, reducing aged inventory through responsible exit channels and an improvement in our planning and operations processes.

我們的庫存週轉率為0.95次，比去年增加了16％。這兩次降幅較前幾個季度都有所加速和改善。與前幾季類似，這是由於生產水準暫時下降、透過負責任的退出管道減少陳舊庫存以及我們的計劃和營運流程的改進。

Given our progress on inventory, we are ramping our production capacity from the temporarily lower levels at which we started the year. We intentionally remain below historical levels and will maintain our disciplined approach to inventory management while also planning effectively for the next fiscal year.

鑑於我們在庫存方面的進展，我們正在從年初暫時較低的水平提高生產能力。我們有意將其保持在歷史水準以下，並將保持嚴謹的庫存管理方法，同時為下一財年進行有效規劃。

This progress on our third operating imperative reflects our commitment to simplifying our organization and driving greater efficiency while maintaining strategic investments in key areas. We believe the foundation we are building positions us well for sustainable and profitable growth.

我們在第三項營運要務上的進展反映了我們致力於簡化組織、提高效率，同時維持在關鍵領域的策略投資。我們相信，我們正在建立的基礎將為我們實現可持續的獲利成長奠定良好的基礎。

I'll now turn over to Neil to review our financial performance and outlook.

現在我將交給尼爾來回顧我們的財務表現和前景。

Thanks, Beth. I'll now review our third quarter financial results and provide an update on our outlook. Revenue for the third quarter was $608 million, slightly below last year's $610 million. This reflects revenue growth in the DTC channel, offset by the anticipated decline in the wholesale channel.

謝謝，貝絲。我現在將回顧我們第三季的財務業績並提供我們展望的最新資訊。第三季營收為 6.08 億美元，略低於去年的 6.1 億美元。這反映了 DTC 通路的收入成長，但抵消了批發通路預期的下滑。

Here's a breakdown of our channel performance on a year-over-year constant currency basis. From a channel perspective, DTC revenue increased to $518 million from $514 million last year, reflecting sales from our 74 permanent stores, up from 65 in Q3 fiscal 2024.

以下是按年固定匯率計算的我們通路表現的細分。從通路角度來看，DTC 營收從去年的 5.14 億美元增至 5.18 億美元，反映了我們 74 家永久門市的銷售額，高於 2024 財年第三季的 65 家。

While comparable DTC sales declined 6%, we saw promising results in North America with comparable sales up for the third quarter. While we recorded positive comparable sales growth in both October and December, these were not enough to overcome a very challenging November.

儘管可比 DTC 銷售額下降了 6%，但我們在北美看到了令人鼓舞的業績，第三季可比銷售額上升。雖然我們 10 月和 12 月的可比銷售額均實現正成長，但這不足以克服 11 月的艱難時期。

As we noted in our Q2 earnings call and what was repeated today, we chose to be quieter on marketing leading to the Snow Goose launch in late November, a massive grand heat moment. Since then, with marketing spend more in line with historical levels, we have seen positive results with both North America and APAC delivering positive comparable sales growth in January.

正如我們在第二季財報電話會議上所指出的以及今天所重複的那樣，我們選擇在行銷方面保持低調，這導致了 11 月下旬 Snow Goose 的推出，這是一個巨大的熱潮時刻。自那時起，隨著行銷支出越來越接近歷史水平，我們看到了積極的結果，北美和亞太地區在 1 月都實現了可比銷售額的正成長。

Specifically, in APAC, we've been encouraged by the consumer response to our brand during Lunar New Year. Wholesale revenue declined 8% on a reported basis and constant currency basis, aligning with our strategy to reduce wholesale order volume over the year. For the first nine months of the year, wholesale revenue is down 17%, tracking toward our full-year expectation of a 20% decline.

具體來說，在亞太地區，農曆新年期間消費者對我們品牌的反應令我們感到鼓舞。以報告基礎和固定匯率計算，批發收入下降了 8%，這與我們全年減少批發訂單量的策略一致。今年前九個月，批發收入下降了 17%，與我們預計的全年下降 20% 一致。

Channel inventory improved significantly year-over-year, an outcome that we welcome as we turn our attention towards next year's order book. Other revenue rose to $14.4 million, essentially flat from $14.1 million last year. We expect full year revenue from this segment to align with fiscal 2024 levels.

渠道庫存同比大幅改善，我們對此表示歡迎，因為我們將注意力轉向明年的訂單。其他收入增至 1,440 萬美元，與去年的 1,410 萬美元基本持平。我們預計該部門的全年收入將與 2024 財年的水平保持一致。

Now some color on regional performance. North America revenue declined 2%, driven by a planned reduction in wholesale order volume. This was partially offset by strong DTC performance in both the US and Canada, which continued to show momentum into January.

現在介紹一下區域表現。由於計劃減少批發訂單量，北美收入下降了 2%。但美國和加拿大 DTC 市場的強勁表現在一定程度上抵消了這一趨勢，並且這一勢頭在 1 月持續保持。

North America Q3 DTC comparable sales was up 3% year over year. In APAC, revenue fell 2%, primarily due to macroeconomic factors impacting DTC in Greater China. However, wholesale revenue grew due to timing shifts from Q4 to Q3 and higher travel retail sales.

北美第三季 DTC 可比銷售額年增 3%。在亞太地區，收入下降了 2%，主要原因是宏觀經濟因素影響了大中華區的 DTC。然而，由於時間從第四季度轉移到第三季度以及旅遊零售額增加，批發收入有所增長。

Excluding Greater China, APAC saw robust growth, particularly in Japan. In EMEA, revenue was down 4% as the UK was weaker compared to the rest of EMEA, impacting DTC results. Wholesale revenue also declined slightly year over year, as expected.

除大中華區外，亞太地區均實現了強勁成長，尤其是日本。在 EMEA 地區，由於英國與 EMEA 其他國家相比實力較弱，導致收入下降 4%，從而影響了 DTC 的表現。如預期，批發收入也較去年同期略有下降。

Now let's turn to gross profit. Gross margin expanded by 70 basis points to 74.4%, driven by favorable pricing and reduced inventory provisions, partially offset by a greater mix of apparel, accessories and everyday product. We see this product growth as a major positive, as these categories are clearly resonating with consumers.

現在我們來談談毛利。毛利率擴大了 70 個基點，達到 74.4%，這得益於優惠的定價和減少的庫存撥備，但服裝、配件和日常用品組合的增加部分抵消了這一影響。我們認為該產品的成長是一個重大利好，因為這些類別顯然引起了消費者的共鳴。

Adjusted EBIT for Q3 was $205.2 million, representing a margin of 33.8%, compared to $207.2 million and a margin of 34% last year. SG&A expenses decreased to $248 million from $251 million a year ago. We had mentioned several ongoing initiatives aimed at driving topline while also demonstrating discipline in managing our cost base.

第三季調整後息稅前利潤為 2.052 億美元，利潤率為 33.8%，去年同期為 2.072 億美元，利潤率為 34%。銷售、一般及行政開支從一年前的 2.51 億美元降至 2.48 億美元。我們曾提到幾項正在進行的舉措，旨在推動營收成長，同時也展現出管理成本基礎的紀律。

SG&A as a percentage of sales was 40.7%, down 40 basis points year over year. You have heard the details on this from Beth, but it is worth underlining a few key points. First, margin compression from DTC comparable sales decline is a function of our business model and why we are so focused on the activities that drive those metrics positively. Specifically, traffic generation and conversion.

銷售、一般及行政費用佔銷售額的百分比為 40.7%，較去年同期下降 40 個基點。您已經從貝絲那裡聽說了有關此事的詳細信息，但值得強調幾個關鍵點。首先，DTC 可比銷售額下降導致的利潤率壓縮是我們商業模式的一個功能，也是我們如此專注於推動這些指標積極發展的活動的原因。具體來說，就是流量的產生與轉換。

Second, as we simplify the business, we are seeing real gains in corporate costs that are holding. And finally, marketing expense, particularly related to Snow Goose, but also demand generation activities in Q3 were significantly higher year over year as we capitalized on this key brand moment and consumer interest during the period.

其次，隨著我們簡化業務，我們看到企業成本確實有所提高。最後，行銷費用（特別是與 Snow Goose 相關的費用）以及第三季的需求產生活動同比均顯著增加，因為我們利用了這一關鍵的品牌時刻和消費者在此期間的興趣。

Beyond these three items, the year over year improvement on a reported basis reflects favorable foreign exchange impacts and transformation program costs incurred in fiscal 2024 that did not recur this year, as well as investment in the store network during Q3 year over year.

除了這三項之外，報告顯示，同比增長反映了有利的外匯影響和 2024 財年發生的今年未重複的轉型計劃成本，以及第三季度同比門市網絡的投資。

We remain committed to enhancing efficiency and overhead costs regardless of topline performance. Adjusted net income attributable to shareholders was $148.3 million or $1.51 per diluted share, up from $138.6 million or $1.37 per diluted share in Q3 Fiscal 24, driven in part by share repurchases in the last fiscal year and a more favorable effective tax rate for this quarter.

無論營收表現如何，我們始終致力於提高效率和管理成本。調整後歸屬於股東的淨利潤為 1.483 億美元或每股攤薄收益 1.51 美元，高於 24 財年第三季的 1.386 億美元或每股攤薄收益 1.37 美元，部分原因是上一財年的股票回購以及本季更優惠的有效稅率。

Inventory decreased 15% year over year, driven by reductions primarily in finished goods and raw materials, which drove strong cash generation in the quarter relative to the same period last year. As a result, net debt at quarter end was $546 million compared to $587 million last year.

庫存年減 15%，主要由於成品和原材料的減少，推動本季現金產生量較去年同期強勁。因此，季末的淨債務為 5.46 億美元，而去年同期為 5.87 億美元。

Net debt leverage was down to 1.9 times adjusted EBITDA from 2.1 times EBITDA a year ago and is expected to end the year below historical levels. Our capital allocation priorities remain focused on driving shareholder value in the medium and long term.

淨債務槓桿率從一年前的調整後 EBITDA 的 2.1 倍降至 1.9 倍，預計年底將低於歷史水準。我們的資本配置重點仍是推動中長期股東價值。

First, investing in organic growth opportunities, such as brand and product development, and expanding our retail network. Secondly, enhancing businesses' foundational needs, including upgrading our technology. And third, maintaining an efficient capital structure.

首先，投資有機成長機會，例如品牌和產品開發，以及擴大我們的零售網絡。第二，增強企業的基礎需求，包括升級我們的技術。第三，保持高效率的資本結構。

Turning now to our fiscal 2025 financial outlook. We are maintaining our full-year revenue guidance to a range between a low single-digit increase to a low single-digit decline compared to fiscal '24.

現在來談談我們的 2025 財年財務展望。與24財年相比，我們將全年營收預期維持在低個位數成長至低個位數下降之間。

Considering our year-to-date DTC performance was below our expectation, in particular comparable sales growth, and we had a quieter October and November in marketing ahead of the Snow Goose campaign, we have adjusted our full-year DTC comp sales outlook.

考慮到我們今年迄今為止的 DTC 表現低於我們的預期，特別是可比銷售額的增長，以及在 Snow Goose 活動之前我們的 10 月和 11 月的營銷較為平靜，我們調整了全年 DTC 可比銷售額預期。

We now expect DTC comparable sales to range between flat growth to a mid-single digit decrease compared to our previous range of a low-single digit increase to low-single digit decrease. Our wholesale revenue outlook remains unchanged with an expected decrease of approximately 20% year over year. Similarly, we continue to expect gross margin to stay consistent with fiscal '24.

我們現在預計，DTC 可比銷售額將在持平增長至中等個位數下降之間，而我們之前的預測範圍是低個位數增長至低個位數下降。我們的批發收入前景保持不變，預計將年減約 20%。同樣，我們繼續預期毛利率將與24財年保持一致。

Based on our performance in the first nine months, and revised outlook for DTC comparable sales and a higher investment in marketing activities, we now expect the adjusted EBIT margin to range between flat to down 100 basis points compared to the prior year. This is a revision from our previous range of an increase of 60 basis points to a decline of 60 basis points.

根據我們前九個月的業績、對 DTC 可比銷售額的修訂前景以及對行銷活動的更高投入，我們現在預計調整後的息稅前利潤率將與上年持平至下降 100 個基點。這是我們將先前增加的 60 個基點的範圍修改為下降 60 個基點。

As a result, we expect non-IFRS adjusted income per diluted share to range between low single-digit increase to flat compared to last year with approximately 98 million weighted average diluted shares outstanding.

因此，我們預計非國際財務報告準則調整後每股攤薄收益與去年相比將在低個位數增長至持平之間，流通在外的加權平均攤薄股份約為 9,800 萬股。

As a reminder, we continue to expect revenue distribution between the first half and second half of fiscal '24 to follow our historical pattern of approximately 25% and 75% respectively. To close out today's remarks, we are seeing clear signs of progress against each of our strategic priorities.

提醒一下，我們仍然預計24財年上半年和下半年的收入分配將分別遵循我們約25％和75％的歷史模式。在今天的演講結束時，我們看到了每個戰略重點都取得明顯進展的跡象。

The Snow Goose launch demonstrated the power of our brand to captivate consumers, and we are excited about this next phase for Canada Goose. In our channels, we are pursuing best-in-class retail execution and have seen evidence that our plans are working, both in the consumer response but also in the growth capabilities of our team.

Snow Goose 的推出展示了我們品牌吸引消費者的力量，我們對 Canada Goose 的下一個階段感到非常興奮。在我們的管道中，我們追求一流的零售執行，並且已經看到我們的計劃正在發揮作用的證據，無論是在消費者的反應方面，還是在我們團隊的成長能力方面。

As we look ahead, we remain focused on what we can control, elevating our brand, driving operational excellence and nurturing deeper connections with our customers around the globe.

展望未來，我們仍將專注於我們能夠控制的事情，提升我們的品牌，推動卓越運營，並與全球客戶建立更深的聯繫。

On behalf of the senior leadership team, I want to thank our teams around the world for everything they are doing to navigate the current environment while evolving the brand and delivering for our consumers on a day-to-day basis.

我謹代表高階領導團隊，感謝我們在世界各地的團隊為應對當前環境、不斷發展品牌和日常為消費者提供服務所做的一切努力。

With that, let me turn the call over to our operator for questions. Operator, you can open the line.

說完這些，我想把電話轉給我們的接線生來回答問題。接線員，您可以開通線路了。

(Operator Instructions) Alex Perry, Bank of America.

（操作員指示）美國銀行亞歷克斯·佩里。

Hi. Thanks for taking my questions here. Just first, I wanted to ask about the revenue guide. So you kept the topline the same but lowered the DTC comp sales forecast with no change to the wholesale guide. What are the puts and takes there to get you in the same revenue range? Does it assume a higher other revenue line? That's my first question.

你好。感謝您在這裡回答我的問題。首先，我想問一下有關收入指南的問題。因此，您保持營業收入不變，但降低了 DTC 可比銷售預測，而批發指南保持不變。要讓您達到相同的收入範圍，需要付出哪些努力和代價？它是否假設其他收入線較高？這是我的第一個問題。

Sure, Alex. Thanks for your question. Yeah. So I think a couple of things as it relates to, obviously, we know where we are on the February 1 or so. And so, we've got it clearly a handful of weeks under our belt and performance in January, which we're happy about.

當然，亞歷克斯。感謝您的提問。是的。因此，我認為有幾件事與之相關，顯然，我們知道 2 月 1 日左右的情況。所以，顯然我們已經累積了幾週的經驗，並且在一月份取得了不錯的成績，我們對此感到高興。

I think our issue is that with not enough time left in the year, we didn't think that we could deliver our original expectation around D2C. And so, we probably put a little bit of conservatism in that comparable sales forecast and where there may be upside in terms of performance that we've seen today, we'll happily take that.

我認為我們的問題是由於今年剩下的時間不夠，我們認為我們無法實現我們對 D2C 的最初期望。因此，我們可能會在可比較銷售預測中採取一些保守態度，如果我們今天看到的業績可能有上升空間，我們會很樂意接受。

As it relates to other, we're not anticipating really to be materially different than last year, which is where the guide is. And the same thing is true about wholesale. Although, that's a channel where there's a possibility of some upside if the rest of the year goes better than expected.

與其他情況相比，我們預計不會與去年有實質差異，這也是指南所說的情況。批發市場也是如此。不過，如果今年剩餘時間的表現好於預期，那麼這個管道還是有可能出現上行的。

Perfect. And then just my follow up, I wanted to ask about the 22% comp in North America in December, if I heard that correctly. Can you just talk about what you think drove that? Was that mostly the shift in the marketing activation and then in terms of the momentum you're seeing in January, I think you spoke to some positive comps in January was that overall DTC comps in January are positive at the company level and what do you think is driving the January momentum as well? Thank you.

完美的。然後我的後續問題是，如果我沒聽錯的話，我想問一下 12 月份北美 22% 的年銷售額。你能談談你認為是什麼導致了這個現象嗎？這主要是行銷活化的轉變嗎？謝謝。

Thanks, Alex. I'll take the first one. So 22% comp in December, yes, for North America. So really that's driven strength of the US and there's a few reasons for that. Of course, it absolutely was about the initiatives that we put in place. Our teams were well trained, they knew how to capitalize on all the traffic that was coming. They knew how -- they had inventory.

謝謝，亞歷克斯。我選擇第一個。是的，北美 12 月的年漲幅為 22%。所以這其實是美國實力的驅動力，原因有幾個。當然，這絕對與我們實施的措施有關。我們的團隊訓練有素，他們知道如何利用所有湧入的流量。他們知道怎麼做——他們有庫存。

The marketing though component I think is a big thing. So if you remember, we were intentionally quiet in October and November to really support the Snow Goose launch. And so, once that we fully turned that on and started activating that really drove strong momentum around the world but saw the results of that in North America and stores in particular and that has continued.

我認為，行銷要素非常重要。所以如果你還記得的話，我們在 10 月和 11 月故意保持沉默，以真正支持 Snow Goose 的發布。因此，一旦我們完全啟動並開始激活它，它就真正在世界範圍內推動了強勁的發展勢頭，但我們在北美和商店尤其看到了其成果，而且這種勢頭還在持續。

So I think, of course, in certain markets, it was a little bit colder. And so, that always is an added benefit. But primarily it's the combo of our teams do what they had to do. They executed really well against their imperatives. And then turning on the marketing just drove the momentum and gave us the reach we were looking for.

因此我認為，當然，在某些市場，情況會稍微冷一點。所以，這始終是額外的好處。但最主要的是我們團隊的組合做了他們必須做的事情。他們確實出色地完成了自己的任務。然後開啟行銷，這推動了這一勢頭，並讓我們獲得了想要的覆蓋範圍。

In January, I think your question really is about some color on where positive comps are. So we are seeing at a consolidated level or at least consolidated D2C positive comps, stores are particularly outstanding and that's across the world. So we're really happy about that.

在一月份，我認為你的問題實際上是關於積極比較的具體情況。因此，我們看到，從綜合水平或至少從綜合 D2C 正面比較來看，商店表現尤為出色，而且遍布全球。所以我們對此感到非常高興。

Now, it's a little bit of a timing shift in Asia in terms of having earlier Lunar New year. And so, as we getting into the comp component of that for last year's Lunar New Year, which was a little bit later, it's possible we're going to see a little bit of slowing in performance in Asia in the first few weeks of February.

現在，亞洲的農曆新年時間略有提前。因此，當我們進入去年農曆新年的比較部分時，會發現時間稍晚一些，我們可能會看到 2 月份頭幾週亞洲的表現有所放緩。

But we're really excited about what we've seen in the stores and what feels like continued acceleration. And I'll just underscore the point Carrie made, and this goes a little bit to where the EBIT guide is as well. We have continued to spend on demand generation and marketing activities both top and bottom funnel as we come through January because we know and see that it's working.

但我們對於在商店看到的情況以及持續加速的感覺感到非常興奮。我只想強調一下 Carrie 提出的觀點，這也與 EBIT 指南有一點相關。進入一月份，我們繼續在需求產生和行銷活動（包括頂部和底部管道）上投入資金，因為我們知道並看到它正在發揮作用。

And so, we recognize that it may have a little bit of short-term pressure in terms of our ability to deliver EBIT for the year, but now that it's working.

因此，我們認識到，就我們實現全年息稅前利潤的能力而言，它可能在短期內帶來一些壓力，但現在它正在發揮作用。

(Operator Instructions) Jonathan Komp, Baird.

（操作員指示）喬納森·康普，貝爾德。

Hi. Good morning. Thank you. Maybe just first to follow up there. Neil, could you give any more color, I know they implied fourth quarter, given the seasonality of the business. There's a pretty wide range of outcomes yet implied by the full year guidance. So just any other detail or color you can share on some of the assumptions you're making in the fourth quarter.

你好。早安.謝謝。也許只是先跟進一下。尼爾，你能否提供更多細節，我知道考慮到業務的季節性，他們暗示的是第四季。全年指引暗示了相當廣泛的結果。因此，您可以分享有關您在第四季度做出的一些假設的其他細節或情況。

Yeah. I think the math kind of squares with the full year guide. But I think the one thing I'd point to is that we're anticipating to be just a little bit better on gross margin year over year. And so, that may not be completely clear in the guide because the full year guide is flat on gross margin, but the Q4 number likely to be a little bit better and that's going to translate to some benefit.

是的。我認為數學計算結果與全年指南相符。但我想指出的一點是，我們預計毛利率年比會略有提高。因此，這在指南中可能不是完全清楚的，因為全年指南的毛利率持平，但第四季的數字可能會好一些，這將轉化為一些好處。

And as I just said, we continue to expect to spend in marketing while those numbers are delivering. And so, down the P&L, that's going to put some pressure on operating income. And of course, if revenue outperforms, then that's also a help.

正如我剛才所說，在這些數據實現的同時，我們仍預期在行銷方面投入資金。因此，降低損益表會對營業收入造成一些壓力。當然，如果收入表現出色，也會有所幫助。

Okay. Thanks for that. And then maybe just a bigger picture takeaway question as you step back and look at the performance of the new product and merchandizing initiatives, the shift in marketing strategy, but also some of the short-term pressures.

好的。謝謝。然後，也許只是一個更大的圖景問題，當你退後一步看看新產品和商品計劃的表現，行銷策略的轉變，以及一些短期壓力。

What are you taking away in terms of factors that are unique to the quarter versus any changes or implications for both the future growth of the business as well as the profitability just as we think forward beyond the fourth quarter here.

當我們展望第四季度之後時，您認為本季獨有的因素以及對業務未來成長和獲利能力的任何變化或影響是什麼？

Yeah. So I'll take that. I think the biggest thing is we know we -- again, it was intentional but starting later, obviously, has an impact on it from a short term basis on Q3. So really not activating our marketing until end of November. That has an impact and that wouldn't be our plan moving forward.

是的。所以我會接受。我認為最重要的是我們知道我們——再說一次，這是故意的，但較晚開始顯然會在短期內對第三季度產生影響。因此我們的行銷活動實際上要到 11 月底才會啟動。這會產生影響，而且這也不符合我們未來的計畫。

I think the thing that to take away from that though is this was really such a foundational moment. So it has an impact short term. But when you think about that long term and we're seeing the impact of that throughout the quarter and into Q4, this is such a different way to come to market.

我認為，從中可以得出的結論是，這確實是一個至關重要的時刻。因此它會產生短期影響。但當你從長遠角度考慮，並且我們看到其對整個季度甚至第四季度的影響時，就會發現這是一種完全不同的進入市場的方式。

It was a different creative level, it was a different execution level in terms of the quality, the boldness of the events that whether it was in APAC or whether it was EMEA, whether it was in North America. So that is like a new way forward for us and that will continue to pay dividends in Q4 and Q1, Q2, Q3 forever.

這是一個不同的創意水平，也是一個不同的執行水平，無論是在亞太地區、歐洲、中東和非洲地區，還是在北美，活動的品質和大膽程度都不同。所以這對我們來說就像是一個新的前進方式，並且將永遠在第四季、第一季、第二季、第三季繼續帶來紅利。

And so, that's how we're thinking about that. In terms of just the strategic -- the timing and the strategy around marketing, of course, we would always want to be pulling that earlier. And so that's reflected in our plans as we look at FY26.

這就是我們對此的想法。就策略而言——當然，在行銷時機和策略方面，我們總是希望儘早實現這些目標。在我們展望 26 財年時，這已經反映在我們的計劃中。

I think I'd add to that. What's really encouraging to us is the proportion of the business that's happening outside of downfield outerwear. And so, really strong performance in apparel and fleece in the other categories.

我想我應該補充一點。對我們來說真正令人鼓舞的是，除了戶外服裝之外，我們的業務所佔的比例也很大。因此，其他類別的服裝和羊毛表現非常強勁。

And so, as we move away from -- in terms of the retail footprint away from sort of traditional colder weather spots, we love what we're seeing in terms of adoption rate for those other categories. And clearly, that's an area where we expect to lean into.

因此，隨著我們遠離傳統的寒冷天氣地區，零售足跡也隨之遠離，我們很高興看到其他類別的採用率有所提高。顯然，這是我們期望傾向的領域。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. I was hoping we could dive a little bit deeper into the brand resonance that you're seeing with the Chinese consumer. There's some noise with marketing timing shifts and shift of the Lunar New year. But as you spent more money marketing in the market and launched new products, specifically Snow Goose.

早安，感謝您回答我們的問題。我希望我們能更深入地探討中國消費者對品牌的共鳴。隨著行銷時間的轉變和農曆新年的轉變，會出現一些噪音。但隨著你在市場上投入更多資金進行行銷並推出新產品，特別是雪雁。

Can you talk a little bit about the consumer response you saw with the Chinese consumer as well as what you view as the current competitive and macro environment leading to potential for growth in that market on a go forward basis. Thank you.

您能否談談中國消費者的反應，以及您認為當前的競爭和宏觀環境將如何為中國市場帶來未來的成長潛力。謝謝。

Sure. Thanks for your question, Brooke. So the response is it's pretty consistent globally in terms of just how people are responding to Snow Goose as a capsule collection. But in China, you've got to remember, it's one of our healthiest markets in terms of brand awareness, brand strength.

當然。謝謝你的提問，布魯克。因此，就人們對 Snow Goose 膠囊系列的反應而言，全球的反應相當一致。但你必須記住，在中國，就品牌知名度和品牌實力而言，它是我們最健康的市場之一。

And so, the addition and all the energy and the marketing investments that we made in that market only amplified that. And so, we continue to see that, as I said, in January. Their activation, I can't remember the exact date, but it was close to mid-December. And so, that really started to turn on and we've just seen that momentum build over the week over week.

因此，我們在該市場投入的所有精力和行銷投資都只會放大這一點。因此，正如我所說的，我們在一月份繼續看到這種情況。他們的激活，我不記得具體的日期，但應該是接近十二月中旬。所以，事情真的開始發生了變化，我們看到這種勢頭一周週來不斷增強。

So the response has been really strong, they love the newness. As Dani mentioned, I think in his remarks, it didn't just bring in new customers. It also really appealed to existing customers. So two-thirds of the purchasers globally of Snow Goose are existing customers. So it did the job that we needed to do and that we saw that in China, we saw that in EMEA, we saw that in North America. So very happy with those results.

因此反應非常強烈，他們喜歡新鮮事物。正如丹尼所提到的，我認為在他的演講中，它不僅僅帶來了新客戶。它也確實吸引了現有客戶。因此，Snow Goose 全球購買者的三分之二都是現有客戶。所以它完成了我們需要做的工作，我們在中國、在歐洲、中東和非洲地區以及北美都看到了這一點。我對這些結果非常滿意。

In terms of the macro view, I mean, it continues to be pressured when you look at Hong Kong, Macau, Taiwan, those markets, we're still seeing lower traffic levels. Mainland China is a little bit more mixed. We had really strong performance on Douyin.

從宏觀角度來看，香港、澳門、台灣等市場仍面臨壓力，我們仍看到較低的客流量水準。中國大陸的情況稍微複雜一些。我們在抖音上的表現非常出色。

As we talked about Golden Week was strong. Lunar New Year, we're really happy with what we're seeing there. So it's still a tough market, but we're seeing the momentum in the places that we are investing in. And so, those commercial moments, we're really happy with the results that we're seeing.

正如我們所說，黃金週很強勁。農曆新年，我們對在那裡所看到的一切感到非常高興。因此，這仍然是一個艱難的市場，但我們在投資的地方看到了發展勢頭。所以，對於這些商業時刻，我們對所看到的結果感到非常滿意。

Just as one quick follow up, if we could pivot to the outlook for wholesale. Great to see some improving sell throughs in North America wholesale. Can you speak to how those conversations with your wholesale partners are trending for fall and winter 2025? What is your outlook for stabilization in the wholesale channel into the next fiscal year?

作為一個快速的後續問題，我們是否可以轉向批發的前景。很高興看到北美批發市場的銷售量有所提高。您能談談與批發合作夥伴的對話在 2025 年秋冬季的趨勢是什麼嗎？您對下一財年批發通路的穩定有何展望？

So wholesale, as I said in my remarks, the strategy is working. So we're having very positive conversations with our partners. So, us being very selective on the ones that we're investing with. The ones that are brand aligned, that see the future, that see the potential for us to be a 360 relevant brand, those are going really well.

總體來說，正如我在發言中所說，這項策略正在發揮作用。因此，我們與合作夥伴進行了非常積極的對話。所以，我們對投資對象非常挑剔。那些與品牌保持一致、看清未來、看到我們成為 360 相關品牌的潛力的企業，都發展得非常好。

So the partnerships that we've done and you heard us talk about the PBI activation at [selfridges], those are working. So not only just in the quarter of driving stronger sell through. So they all have lower inventory but they're seeing stronger sell through results, which is exactly what we want to see.

所以，我們建立的合作夥伴關係以及您聽到的我們談論的 [selfridges] 的 PBI 活化都是有效的。因此，這不僅限於本季推動更強勁的銷售成長。因此，他們的庫存都較低，但銷售業績卻更強勁，這正是我們希望看到的。

Because of that, there's cleaner markets and they're holding price. And so that is boding well for future conversations. They're really excited about Heider and what he's bringing and the energy and the newness and the bold color palette. So it feels like there's a renewed energy and a trust there that go both ways that we're really excited about what that means for the future.

因此，市場更加清潔，價格也得以維持。這對於未來的對話來說是一個好兆頭。他們對海德以及他所帶來的活力、新穎性和大膽的色調感到非常興奮。因此感覺雙方都煥發了新的活力和信任，我們對這對未來意味著什麼感到非常興奮。

So we saw most of that in Q3 in North America, but having strong conversations in EMEA as well and saw (inaudible) orders in both of those markets. In APAC, it's much more of a growth from a travel retail perspective. And so that, obviously, goes into our wholesale channel but similar response, very excited, understand the future, see what we're doing with the investments and it's starting to pay off.

因此，我們在北美第三季看到了大部分此類情況，但在歐洲、中東和非洲地區也有強勁的對話，並且在這兩個市場都看到了（聽不清楚）訂單。從旅遊零售的角度來看，亞太地區的成長更為迅猛。因此，這顯然會進入我們的批發管道，但我們的反應也類似，非常興奮，了解未來，看看我們在投資方面所做的事情，而且它開始獲得回報。

As far as '26 goes, we're in the middle of our process. So we'll update that outlook on the next call as we normally do.

就'26而言，我們正處於進程中。因此，我們將像往常一樣在下次電話會議上更新這項展望。

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

A lot of the Heider products has been exciting. What have been key learnings and also your thoughts on launch cadence and the interplay with the new design and product development talent you mentioned.

Heider 的許多產品都令人興奮。您最關鍵的經驗是什麼？

And second on traffic. How has that trended digitally and physically in terms of store traffic or any major callouts by geographies would be helpful as well? And third, longer term on pricing, what do you see happening across the portfolio perhaps like for like and mix as you think about modernization of the assortment? Thank you.

其次是交通。從商店流量或按地區劃分的主要呼叫的角度來看，數位和實體趨勢如何，這是否也有幫助？第三，從長期定價來看，當您考慮產品組合的現代化時，您認為整個產品組合中會出現什麼樣的變化？謝謝。

Hey, Oliver. Thanks. Good question. It's Danny. You learn this from the first capital provider, and we were really happy with how it performed. I think that we validated that this new energy is top of the brand and the new way we're launching Snow Goose. It really brought us new customers, existing customers and also, there was lots of cross selling that went on. So it really did what it was supposed to do in terms of cross selling and bringing more customers.

嘿，奧利佛。謝謝。好問題。是丹尼。您可以從第一家資本提供者那裡了解這一點，我們對它的表現感到非常滿意。我認為我們證實了這種新能量是品牌的頂級元素，也是我們推出 Snow Goose 的新方式。它確實為我們帶來了新客戶、現有客戶，也帶來了大量的交叉銷售。因此，在交叉銷售和吸引更多客戶方面，它確實做了它應該做的事情。

I think that the product was -- we got some amazing product feedback, amazing feedback on the campaigns that we did. I think that we're trailing a whole new place now with regards to on the way our brand is being perceived again, and I think that Heider is our record, has really catalyzed that and I'm really excited for the next few things to come up. We're double down and it's going to be even better.

我認為該產品是——我們收到了一些令人驚嘆的產品回饋，以及對我們開展的活動的令人驚嘆的回饋。我認為，就我們的品牌重新被認知的方式而言，我們現在正在走在一個全新的位置，我認為 Heider 是我們的記錄，真正催化了這一點，我對接下來的幾件事感到非常興奮。我們會加倍努力，做得更好。

And I think I'll add to that, Oliver, that some of the product development and operations insights you heard me say in the remarks. How new and different this was for us? These products look very different. The materials are very different, the elevation of design and the speed at which we executed it was also really different.

奧利佛，我想我要補充一點，你在評論中聽到我提到的一些產品開發和營運見解。這對我們來說有多新穎和不同？這些產品看起來非常不同。材料非常不同，設計的高度和執行速度也非常不同。

And so that just required new muscles across the organization, the way it design, product development, manufacturing, supply chain, all linked together, the way we migrate product from the floor of the factory to the stores in a much faster period of time.

因此，這需要整個組織注入新的力量，包括設計、產品開發、製造、供應鏈等所有環節的聯繫，以及我們在更短的時間內將產品從工廠車間轉移到商店的方式。

We experimented with a lot of new things there and those will have pay future dividends both in future Snow Goose capsules. But more importantly, we're taking a lot of those learnings about how to be more nimble into the mainline. And with Judit to joining with an additional investment and product development resources, our capabilities there are only going to grow.

我們在那裡嘗試了很多新事物，這些事物將在未來的 Snow Goose 膠囊中帶來紅利。但更重要的是，我們正在將大量關於如何更靈活的經驗運用到主線中。隨著 Judit 的加入以及額外的投資和產品開發資源，我們的能力只會不斷增強。

As far as traffic goes just on the second theme, Oliver, I'll start with e-commerce. I think that dovetails nicely with the answer Dani gave around how much interest there has been from the Snow Goose moment and sort of the rest of the particularly digital marketing spend that we've had. We're way up on traffic to the e-commerce site in the third quarter, which is exciting.

就流量而言，奧利佛，關於第二個主題，我將從電子商務開始。我認為這與 Dani 給出的答案完美契合，關於雪雁時刻引起了多大的興趣，以及我們所做的其他特別是數位行銷支出。我們第三季電子商務網站的流量大幅增加，這令人興奮。

If I carve out a little bit of that, there's some benefit to do which I'm sure you understand has maybe a much higher sort of number obsessions. But that's also encouraging that new channel, new type of commercial experience, new type -- new way to touch our customers has also been met with some real interest.

如果我雕刻出一點點，就會有一些好處，我相信你們明白，這可能會對數字產生更高程度的迷戀。但令人鼓舞的是，新管道、新類型的商業體驗、新類型——接觸客戶的新方式也引起了真正的興趣。

I think as it relates to the store traffic, it's maybe a little bit more of an indication of the macro environment that we experienced throughout the quarter. And so, traffic was down a little bit across the entire portfolio within the individual regions, US and Canada in particular as the quarter we're on much improved and over the quarter was up.

我認為，由於它與商店客流量有關，因此可能更多地反映了我們整個季度經歷的宏觀環境。因此，整個投資組合在各個地區（尤其是美國和加拿大）的流量略有下降，因為我們所在季度的流量有很大改善，並且比上一季上升。

In Asia, flat on the quarter. But again, early part of the quarter challenged and good in markets like Japan where they continue to be an influx of tourism, a little bit softer in China. And again, as January has this calendar -- has turned in January has unfolded. It's been pretty good as well.

在亞洲，本季持平。但是，本季初，日本等市場仍面臨挑戰，但表現良好，因為日本的旅遊業繼續蓬勃發展，而中國市場則略顯疲軟。又到了一月，日曆也翻到了一月。它也非常好。

Europe is a market where it's sort of a tale of two has. The UK is a spot where we have experienced and seen more macro headwinds than we have in continental Europe where traffic is up and we're really happy with the performance. I think the UK is a market that continue to be challenged and it's not a surprise, I don't think given the news.

歐洲是一個類似兩個故事的市場。與歐洲大陸相比，我們在英國經歷並看到了更多的宏觀阻力，因為歐洲大陸的流量正在增加，但我們對英國的表現感到非常滿意。我認為英國是一個持續面臨挑戰的市場，從新聞來看這並不奇怪。

I'll just make a real quick comment on the pricing. I think we haven't really done a lot of different things on pricing. We continue to look at it across the categories, across the world, mainly focused on what the consumer value proposition is and exactly what we are delivering for the consumers. And as Judit gets her arms around what the merchandizing plan looks like and we introduce more things from the Snow Goose collection, we'll continue to evolve what that pricing looks like.

我只想對定價做一個簡短的評論。我認為我們在定價方面實際上還沒有做很多不同的事情。我們將繼續從各個類別、從世界各地來檢視這個問題，主要關註消費者價值主張是什麼，以及我們究竟能為消費者提供什麼。隨著 Judit 逐漸了解商品銷售計劃，並且我們推出更多 Snow Goose 系列產品，我們將繼續改進定價方案。

I just have one quick point just on pricing. The one thing that we're encouraged by is we're not seeing it as a limiter. So when you look at the moments like whether it's Black Friday, whether it's holiday, price is not an issue.

關於定價，我只想簡單說一點。令我們感到鼓舞的是，我們並沒有將其視為限制因素。因此，無論是黑色星期五還是假期，價格都不是問題。

And so that is obviously a factor. So you know that snow goose is already at the top of the pyramid and that will continue. But as Neil said, we're researching that and it's always about meeting that consumer demand with the right price point with the right product.

所以這顯然是一個因素。所以你知道雪雁已經處於金字塔的頂端，而且這個狀態還會持續下去。但正如尼爾所說，我們正在研究這個問題，並且始終致力於以合適的價格和合適的產品來滿足消費者的需求。

And that concludes our question-and-answer session. And I will now turn the call back over to management for closing comments.

我們的問答環節到此結束。現在我將把電話轉回給管理層，請他們發表最後評論。

Thank you, operator and thank you everyone for your continued interest in Canada Goose. To the extent that there may be additional questions, we're always here, either myself or the IR team to handle those. Take care and have a great day.

謝謝接線員，也感謝大家對 Canada Goose 的持續關注。如果還有其他問題，我們隨時都會在這裡，無論是我本人還是 IR 團隊都會處理這些問題。請多保重並祝您有美好的一天。

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。