Canada Goose Holdings Inc (GOOS) 2025 Q4 法說會逐字稿

Good morning and welcome to the Canada Goose fourth-quarter fiscal 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加加拿大鵝 2025 財年第四季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Neil Bowden, Chief Financial Officer. Thank you. Please go ahead.

現在我想將電話轉給財務長 Neil Bowden。謝謝。請繼續。

Good morning, everyone. With me today are Dani Reiss, our Chairman and CEO; Carrie Baker, President of Brand and Commercial; and Beth Clymer, President, Chief Operating Officer. 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.

大家早安。今天和我一起的還有我們的董事長兼執行長 Dani Reiss；品牌和商業總裁 Carrie Baker；以及總裁兼營運長 Beth Clymer。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。

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 the US and Canadian regulators. These documents are also available on the Investor Relations section of our website.

除非法律要求，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 fourth quarter results ended March 30, 2025, with the same period ended March 31, 2024, unless otherwise noted.

我們以加幣報告。因此，除非另有說明，今天討論的所有金額均以加幣為單位。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 2025 年 3 月 30 日的第四季度結果與截至 2024 年 3 月 31 日的同期結果。

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

在今天的電話會議上，丹妮、凱莉、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 with our fourth quarter performance and progress on our operating imperatives before I turn it over to the team to review our results in greater detail.

謝謝，尼爾，大家早安。我首先會介紹我們第四季的業績和經營要務方面的進展，然後再交給團隊更詳細地審查我們的業績。

The fourth quarter marked a strong finish to fiscal 2025 with revenue up 7% year over year. Our direct-to-consumer business showed positive momentum from a very strong December, delivering 7% DTC comparable sales growth for the quarter, a substantial improvement from a year-to-date performance.

第四季標誌著 2025 財年強勁收官，營收年增 7%。我們的直接面向消費者業務自 12 月以來表現出積極勢頭，本季 DTC 可比銷售額增長 7%，較年初至今的表現有顯著改善。

We're very pleased with our strong finish to the year and the progress that we've made, building on the strength of our brand, enhancing our deep to sea execution and operating more efficiently.

我們對今年的強勁表現和所取得的進步感到非常高興，我們鞏固了品牌實力，增強了深海執行能力，提高了營運效率。

Our focus has delivered results, strengthening our foundation for future growth. The Canada Goose that customers experienced this quarter was more culturally relevant, more deliberate in our execution and much more impactful in everything we did.

我們的專注已經取得了成果，為我們未來的成長奠定了基礎。本季顧客體驗到的加拿大鵝更具文化相關性，執行起來更加慎重，對我們所做的一切也更具影響力。

We didn't just meet the moment, we created moments that elevated our brand in the global conversation. For example, our marketing campaigns for Sea Mantra and Eyewear in February significantly boosted global brand search demand with a 19% year over year increase. This positive momentum continued into March, particularly in the United States.

我們不僅滿足於當下，我們也創造了提升品牌在全球對話中地位的機會。例如，我們 2 月針對 Sea Mantra 和 Eyewear 所進行的行銷活動顯著提升了全球品牌搜尋需求，較去年同期成長 19%。這種積極勢頭持續到了三月份，尤其是在美國。

We took significant steps to become a better retailer in order to drive higher sales productivity in our stores. Our focus on enhancing store staffing, inventory position, and the in-store experience contributed to higher conversion rates in comparable stores for the year.

我們採取了重大舉措，成為更好的零售商，以提高我們商店的銷售效率。我們專注於加強店內人員配備、庫存狀況和店內體驗，從而提高了當年同類商店的轉換率。

We evolved our marketing and brand strategy delivering impactful brand moments during our Snow Goose campaign, which now serves as the blueprint for future campaigns. And we successfully managed our inventory, which is now down year-over-year for six consecutive quarters, resulting in cleaner inventory across all channels and paving the way for a much more product newness in the coming years.

我們改進了行銷和品牌策略，在 Snow Goose 活動期間打造了具有影響力的品牌時刻，現在這已成為未來活動的藍圖。我們成功管理了庫存，目前庫存已連續六個季度同比下降，這使得所有通路的庫存更加清潔，為未來幾年推出更多新產品鋪平了道路。

In today's uncertain trade environment, it is worth noting that our Made in Canada products which represent the vast majority of our offering are not currently impacted by the recently announced tariffs on imports into the United States. Well, these are uncertain times. I want to emphasize that this is not the first time Canada has successfully navigated uncertainty.

在當今不確定的貿易環境中，值得注意的是，我們絕大多數的加拿大製造產品目前並未受到最近宣布的美國進口關稅的影響。嗯，這是一個不確定的時期。我想強調的是，這不是加拿大第一次成功應對不確定性。

We've endured challenging times before, through 2008, through COVID, and each time we've emerged stronger. Looking ahead, we're building on this momentum with a clear path forward. What works will continue to amplify. What needs refinement will evolve. In fiscal year 2026, we're going to focus on four key operating imperatives, each of which build on the success we saw from our efforts in fiscal 2025.

我們以前也經歷過充滿挑戰的時期，例如 2008 年、新冠疫情，但每次都變得更強大。展望未來，我們將以此動能為基礎，制定明確的前進道路。有效的方法將會繼續推廣。需要改進的東西將會進化。在 2026 財年，我們將專注於四項關鍵營運要務，每一項都要以我們在 2025 財年的努力所取得的成功為基礎。

First, building brand heat through focused marketing investments. The results that we've achieved through our approach to marketing and fiscal '25 have informed our approach for the year ahead. When we invest boldly in strategic brand moments, we see a direct commercial impact.

首先，透過有針對性的行銷投入來打造品牌熱度。我們透過行銷方法和 25 財年所取得的成果為我們未來一年的方針提供了指導。當我們大膽投資策略品牌時刻時，我們會看到直接的商業影響。

Our second key area is expanding our product offering to enhance year-round relevance. With our strengthened product leadership team and with Haider Ackermann's creative involvement and vision, we will continue to develop and launch newness and strengthen our seasonal collections that will continue to resonate with customers throughout the year.

我們的第二個關鍵領域是擴大我們的產品供應，以增強全年的相關性。憑藉我們加強的產品領導團隊以及 Haider Ackermann 的創意參與和遠見，我們將繼續開發和推出新產品，並加強我們的季節性系列，以在全年繼續引起客戶的共鳴。

Third, we will be driving business expansion through strategic channel development. We will continue to selectively expand our store footprint while renovating existing locations to deliver an exceptional brand experience and to better position our brand across strategic wholesale partners.

第三，我們將透過策略管道建設推動業務擴張。我們將繼續有選擇地擴大我們的門市規模，同時翻新現有門市，以提供卓越的品牌體驗，並在策略批發合作夥伴中更好地定位我們的品牌。

And finally, we are operating efficiently and with pace and accountability, building for the future requires strategic investments in our people, systems and processes, particularly in areas directly connected to revenue generation and customer experience. We will be making those critical investments while at the same time continuing our efforts to drive efficiency throughout our business.

最後，我們有效率、快速、負責地運營，建立未來需要對我們的人員、系統和流程進行策略性投資，特別是在與創收和客戶體驗直接相關的領域。我們將進行這些關鍵投資，同時繼續努力提高整個業務的效率。

We are entering fiscal 2026 with strong momentum, momentum built on lasting foundations. With a sharp focus on our operating imperatives, we're strengthening our brand, building for generations, not just a single season. I want to thank our talented employees around the world for their dedication and commitment to excellence.

我們正以強勁的勢頭邁入 2026 財年，這種勢頭建立在持久的基礎之上。我們高度重視我們的經營要務，不斷強化我們的品牌，為幾代人打造品牌，而不只是為一個季節打造。我要感謝我們遍佈全球的優秀員工，感謝他們的奉獻和對卓越的追求。

And with that, I'll turn over to Carrie to discuss our commercial performance in more detail.

接下來，我將請 Carrie 更詳細地討論我們的商業表現。

Thanks, Dani. Building on the inflection point in December, our momentum continued through the fourth quarter. Let me walk you through our progress in two of our three key operating imperatives in fiscal 2025 and how they position us for the future.

謝謝，丹尼。基於 12 月的拐點，我們的勢頭持續到了第四季。讓我向您介紹我們在 2025 財年三大關鍵營運要務中的兩項方面取得的進展，以及它們如何為我們的未來做好準備。

Starting with fueling the next phase of our brand strategy. In Q4, on the heels of our successful Snow Goose campaign, we introduced the Sea Mantra collection, our most technically advanced rain jackets yet. Designed for extreme wet weather, they offer the same high-performance standards that define our Snow Mantra jackets in extreme cold.

從推動我們品牌策略的下一階段開始。在第四季度，繼我們成功的 Snow Goose 活動之後，我們推出了 Sea Mantra 系列，這是我們迄今為止技術最先進的雨衣。它們專為極端潮濕天氣而設計，具有與我們的 Snow Mantra 夾克在極端寒冷條件下相同的高性能標準。

This bold addition to our performance category shows how we continue to push the limits in craftsmanship and innovation. And the launch also drove significant interest within our rainwear category. Our product mix continued to evolve with down filled outerwear seeing growth and apparel remaining our fastest growing category in both Q4 and across the full fiscal year.

我們性能類別的這個大膽新增產品顯示了我們如何不斷突破工藝和創新的極限。此次發布也引起了我們雨衣類別的極大興趣。我們的產品組合不斷發展，羽絨外套實現成長，服裝仍然是我們第四季和整個財年成長最快的類別。

Our wholesale strategy is another key part of our brand evolution, and we are seeing clear results. Strengthening our strategic partnerships and our focused approach to curated allocations are paying off with stronger year-over-year sell through, especially in North America. This led to higher in-season reorder demand and a cleaner inventory position in the channel.

我們的批發策略是我們品牌發展的另一個關鍵部分，我們已經看到了明顯的結果。加強我們的策略合作夥伴關係和專注於精選分配的方法正在帶來回報，銷售額同比大幅增長，尤其是在北美。這導致當季補貨需求增加，通路庫存狀況更加清潔。

Now turning to our second operating imperative, driving best in class retail execution, as Dani mentioned, fourth quarter DTC sales comp was up 7%, and we saw higher year-over-year conversion in every region. This growth validates both the investments we've made and our relentless focus on getting the fundamentals right to enhance the consumer experience across our retail network.

現在談談我們的第二個營運要務，推動一流的零售執行，正如 Dani 所提到的，第四季度 DTC 銷售額成長了 7%，並且我們看到每個地區的同比轉換率都有所提高。這一成長證明了我們所做的投資以及我們為提升整個零售網路的消費者體驗而不斷努力的成果。

Let me provide some color on a regional DTC performance. In North America, we saw exceptional momentum with DTC comps up 17% for the quarter. Store performance was particularly strong with double-digit growth each month, reflecting the success of our retail execution strategies and marketing initiatives in the region.

讓我提供一些有關區域 DTC 表現的詳細資訊。在北美，我們看到了非凡的發展勢頭，本季 DTC 銷售額年增 17%。門市業績尤為強勁，每月均實現兩位數成長，反映了我們在該地區零售執行策略和行銷舉措的成功。

In EMEA, results were mixed throughout the quarter. The UK continued to face more challenging market conditions compared with the rest of the region where our stores in Milan and Paris in particular delivered strong performance. In APAC, we experienced a strong January driven by Lunar New Year, but softness in February and March.

在歐洲、中東和非洲地區，整個季度的業績好壞參半。與該地區其他地區相比，英國繼續面臨更具挑戰性的市場條件，而我們在米蘭和巴黎的門市表現尤為強勁。在亞太地區，受農曆新年的推動，一月市場表現強勁，但二月和三月則表現疲軟。

While traffic in the region continued to be impacted by macro challenges, we increased sales conversion. Our expanded live streaming presence in mainland China is another continued opportunity, driving significant brand visibility and enhanced consumer engagement.

儘管該地區的交通繼續受到宏觀挑戰的影響，但我們提高了銷售轉換率。我們在中國大陸擴大的直播業務是另一個持續的機遇，可顯著提高品牌知名度並增強消費者參與度。

Looking at global digital channel performance, we saw a spike in revenue and traffic in February, thanks to the online launch of our Eyewear collection, where we introduced AI-powered virtual try-on tools which consumers loved. These tools didn't just improve the online experience, they boosted sales across other categories.

從全球數位管道的表現來看，由於我們眼鏡系列的線上發布，我們在 2 月的收入和流量出現激增，我們在其中推出了消費者喜愛的人工智慧虛擬試戴工具。這些工具不僅改善了線上體驗，還促進了其他類別的銷售。

And by staying consistent and intentional with how we connect with our consumers, we've seen our subscriber base grow year-over-year, with email now driving a much bigger share of our e-commerce sales.

透過堅持與消費者保持一致和有意識的溝通方式，我們的用戶群逐年增長，電子郵件現在在我們的電子商務銷售中所佔的份額大大增加。

Now let me share our fiscal 2026 operating imperatives which Dani introduced earlier. First, building brand heat through focused marketing investments in upper funnel marketing to drive brand heat and cultural relevance. What we saw in fiscal 2025 is clear, when we make bold moves that spark attention, search and sales follow.

現在讓我來分享 Dani 之前介紹的 2026 財年營運要務。首先，透過對上層漏斗行銷進行集中行銷投資來打造品牌熱度，以推動品牌熱度和文化相關性。我們在 2025 財年看到的情況很明顯，當我們採取大膽舉措引起關注時，搜尋和銷售就會隨之而來。

This work is all part of our journey to elevate the brand and connect with the right audience by shifting our marketing efforts and investments earlier in the year and higher up the funnel. Our aim is to create standout moments that build momentum and demand ahead of peak periods and keep Canada Goose top of mind all year long.

這項工作是我們提升品牌並與合適的受眾建立聯繫的旅程的一部分，我們將行銷工作和投資轉移到今年早些時候並更上一層樓。我們的目標是創造出色的時刻，在高峰期之前建立勢頭和需求，並讓 Canada Goose 全年保持領先。

To do that, we're increasing marketing spend as a percentage of revenue. We're increasing our investment in upper funnel marketing efforts, and we're enhancing marketing impact through high profile campaigns, exclusive products and impactful storytelling.

為了實現這一目標，我們提高了行銷支出佔收入的百分比。我們正在增加對上層漏斗行銷工作的投資，並透過高知名度的活動、獨家產品和有影響力的故事敘述來增強行銷影響力。

We're also evolving how we measure impact, recognizing that it's the full journey from brand building to conversion that drives results. This approach is already showing its value, helping us understand what's working and why. We're learning more about how each channel contributes, whether it's building long-term affinity or generating immediate sales and using those insights to make smarter, more effective decisions.

我們也不斷改進衡量影響力的方式，並認識到從品牌建立到轉化的整個過程才能推動成果的實現。這種方法已經顯示出它的價值，幫助我們了解什麼是有效的以及為什麼有效。我們正在進一步了解每個管道如何發揮作用，無論是建立長期的親和力還是產生即時銷售，並利用這些見解做出更明智、更有效的決策。

Our second operating imperative for fiscal 2026 is expanding our product offering to enhance year-round relevance, which will deliver through three key initiatives. First, bringing more newness than ever, nearly doubling the mix of updated and brand-new styles, giving consumers more reasons to shop with us again. The excitement here is already building. We've received strong enthusiasm from our wholesale partners for both our spring, summer and fall winter '25 collections.

我們 2026 財年的第二個營運重點是擴大我們的產品供應，以增強全年的相關性，這將透過三個關鍵措施來實現。首先，帶來比以往更多的新品，更新和全新款式的數量幾乎翻了一番，讓消費者有更多理由再次來我們這裡購物。這裡的氣氛已然變得熱鬧起來。我們的批發合作夥伴對我們的 2025 年春夏和秋冬系列展現了極大的熱情。

Second, growing our apparel line to strengthen our year-round relevance and reach a broader range of lifestyles and environments while still remaining a leader in downfield outerwear through elevated fabrics, standout style and innovative design.

其次，擴大我們的服裝系列，以增強我們全年的相關性並涵蓋更廣泛的生活方式和環境，同時透過高級面料、出色的款式和創新設計仍然保持在戶外服裝領域的領先地位。

Our data shows that consumers who discover us through apparel are more likely to become repeat customers versus those who start their journey with other categories. So we're confident this investment will have meaningful commercial benefits. And third, starting in spring summer 2026, Haider Ackermann's creative vision will extend across both Snow Goose and our mainline collections.

我們的數據顯示，與從其他類別開始購物的消費者相比，透過服裝發現我們的消費者更有可能成為回頭客。因此我們相信這項投資將帶來有意義的商業利益。第三，從 2026 年春夏開始，Haider Ackermann 的創意願景將延伸至 Snow Goose 和我們的主線系列。

To bring this to life, we're making meaningful investments to accelerate progress, starting with our product creation teams. By better connecting design, development, sourcing and merchandizing through a more integrated and collaborative process, we're already seeing faster speed to market.

為了實現這一目標，我們正在進行有意義的投資以加快進展，從我們的產品創造團隊開始。透過更整合和協作的流程更好地連接設計、開發、採購和銷售，我們已經看到了更快的上市速度。

Our third operating imperative is driving strategic channel development through DTC excellence and elevated wholesale partnerships. For DTC, we're focused on the following, growing our store presence with new openings and refreshing existing locations to create an even better experience for our consumers, ss well as taking our retail store execution strategy to the next level,

我們的第三個營運要務是透過 DTC 卓越性和提升的批發合作夥伴關係推動策略管道發展。對於 DTC，我們專注於以下方面：透過開設新店和翻新現有門市來擴大門市覆蓋面，為消費者創造更好的體驗，並將我們的零售店執行策略提升到新的水平。

That means we're doubling down on what we kicked off last year with a focus on smarter staffing tied to store traffic, hiring earlier for peak seasons, creating more consistent in-store experiences and using our omnichannel tools to keep inventory flowing where and when it's needed most.

這意味著我們將加倍努力，繼續去年開始的工作，重點是與商店客流量緊密相關的更智能的人員配置、在旺季提前招聘、創造更一致的店內體驗，並使用我們的全渠道工具，確保庫存在最需要的時間和地點流動。

Now to our digital initiatives. We will continue to enhance the site experience and personalization journey, making it easier for customers to discover, shop and engage with our brand. We intend to bring our products to life through richer storytelling, offering a more seamless, unified experience across our full assortment and improving how we connect our mainline and Snow Goose collections.

現在談談我們的數位化措施。我們將持續增強網站體驗和個人化旅程，讓客戶更容易發現、購買和參與我們的品牌。我們打算透過更豐富的故事敘述方式讓我們的產品栩栩如生，在我們的全系列產品中提供更無縫、統一的體驗，並改善我們主線和 Snow Goose 系列的連接方式。

By leveraging attribute-based merchandizing and behavior driven insights, we aim to personalize the consumer journey, delivering relevant products and experiences at every step in their digital journey.

透過利用基於屬性的商品推銷和行為驅動的洞察力，我們旨在個性化消費者旅程，在他們的數位旅程的每一步提供相關的產品和體驗。

In wholesale, we're focused on showing up more consistently for our consumers wherever they shop with us. We're investing in shop-in shops and enhancing our showrooms to reflect the look and feel of our evolving brand, bringing our seasonal stories to life in a more immersive way.

在批發方面，無論消費者在我們這裡購物，我們都致力於為他們提供更一致的服務。我們正在投資店內商店並改善我們的陳列室，以反映我們不斷發展的品牌的外觀和感覺，以更身臨其境的方式將我們的季節性故事帶入生活。

With sharper marketing and upgraded sales training for both in-person and virtual appointments, shopping in a multi-brand environment will feel more like Canada Goose than ever before.

透過更敏銳的行銷和升級的面對面和虛擬預約銷售培訓，在多品牌環境中購物將比以往任何時候都更像加拿大鵝。

To summarize our commercial efforts, in a market full of noise and challenge throughout fiscal 2025, we stayed focused to own where we missed and deliver it where it counted most. We turned disciplined commercial execution into meaningful progress and we're moving into fiscal year 2026 with strength.

總結我們的商業努力，在整個 2025 財年充滿噪音和挑戰的市場中，我們始終專注於彌補我們錯過的領域，並在最重要的地方實現目標。我們將嚴謹的商業執行轉化為有意義的進步，並強勢邁入 2026 財年。

I'll now turn it over to Beth.

現在我將把話題交給貝絲。

Thanks, Carrie, and hello, everyone. As a reminder, our third operating imperative for fiscal '25 was to simplify and focus the way we operate. We are doing this through internal operating excellence and focused capital deployment.

謝謝，Carrie，大家好。提醒一下，我們 25 財年的第三個營運要務是簡化和集中我們的營運方式。我們透過卓越的內部營運和有針對性的資本配置來實現這一目標。

First, internal operating excellence. I have consistently shared our focus on controlling corporate headcount, and we made further progress on that in Q4. We ended fiscal '25 with corporate headcount approximately 3% lower than we had at the start of the year, and that was after our March 2024 headcount reduction.

一是內部經營卓越。我一直在強調我們對控制公司員工人數的關注，我們在第四季度在這方面取得了進一步的進展。截至 2025 財年末，我們的公司員工總數比年初減少了約 3%，這是在我們 2024 年 3 月裁員之後。

We achieved this all while doing significant hiring in important areas like standing up our Paris Design Studio. Our focus on controlling corporate headcount is working. Not only are we a leaner team, but our employee net promoter scores are substantially higher than they were prior to our March 2024 org changes.

我們在建立巴黎設計工作室等重要領域進行大量招募的同時實現了這一切。我們對控制公司員工數量的關注正在發揮作用。我們不僅成為了一支更精簡的團隊，而且我們的員工淨推薦值也比 2024 年 3 月組織變革之前大幅提高。

Change is hard, especially when that change requires things like headcount reductions. But this data tells us that our team is more engaged and more productive, which directly contributes to our improved business performance and operational efficiency.

改變是困難的，尤其是當這種改變需要裁員等措施時。但這些數據告訴我們，我們的團隊更加投入，工作效率更高，這直接有助於我們提高業務績效和營運效率。

Second, focused capital deployment. We've made real progress in rightsizing inventory across all sales channels. We ended the year with $384 million of inventory, down 14% year-over-year, and we've met our objective of inventory turns reaching 1.0 times, up from 0.9 times at the same time last year.

二是資金投放有重點。我們在所有銷售管道的庫存優化方面取得了真正的進展。我們截至年底的庫存總額為 3.84 億美元，年減 14%，並且我們已實現庫存週轉率 1.0 次的目標，高於去年同期的 0.9 次。

We achieved this through a combination of disciplined production levels, planning and allocation improvements to make and ship the right inventory to the right place at the right time and leveraging brand right channel to exit slow-moving inventory.

我們透過嚴格的生產水準、規劃和分配改進來實現這一目標，以便在正確的時間將正確的庫存運送到正確的地點，並利用品牌正確的管道退出滯銷庫存。

Now I'll talk about the efficiency metric we are most focused on, SG&A as a percent of revenue. In the fourth quarter, SG&A as a percent of revenue increased 220 bps year-over-year after accounting for adjustments related to the transformation program last year.

現在我將討論我們最關注的效率指標，即銷售、一般及行政費用佔收入的百分比。第四季度，在列入去年轉型計畫相關調整後，銷售、一般及行政費用佔營收的百分比年增了 220 個基點。

On a full year basis, this metric increased 130 bps year-over-year. There are three reasons for this. First, we did generate productivity by reducing SG&A in our corporate overheads predominantly in headcount. Second, we made important revenue-driving investments, specifically in stores, those that opened in fiscal '24 and in fiscal '25 in marketing and in our design and product development teams.

從全年來看，該指標年增了 130 個基點。造成這種情況的原因有三。首先，我們確實透過減少公司管理費用（主要是員工人數）來提高生產力。其次，我們進行了重要的創收投資，特別是在門市方面，包括 24 財年和 25 財年開設的門市，以及行銷、設計和產品開發團隊。

These investments are intentional and reflect a deliberate strategy to drive sustainable growth, and we saw the benefit of this with four consecutive months of positive DTC comp growth. Lastly, we unfortunately did not generate positive comps for the entirety of the year, and that meant we did not leverage those costs as much as we had hoped.

這些投資是有意為之，體現了推動永續成長的深思熟慮的策略，我們從連續四個月的 DTC 複合成長中看到了這一策略的好處。最後，遺憾的是，我們全年沒有產生積極的業績，這意味著我們沒有像我們希望的那樣充分利用這些成本。

We are, of course, disappointed that we did not drive lower SG&A costs as a percent of revenue in fiscal 2025. That said, it is important to recognize that not all SG&A dollars are weighted equally. The investments we are making right now are intentional and focused, targeted specifically at brand relevance, product freshness and revenue generation to support long-term growth.

當然，我們很失望，因為我們未能降低 2025 財年的銷售、一般及行政費用佔收入的百分比。話雖如此，重要的是要認識到並非所有銷售、一般和行政費用都具有同等權重。我們現在進行的投資是有目的、有重點的，專門針對品牌相關性、產品新鮮度和創收，以支持長期成長。

We truly believe this is the smartest use of our resources. And while we're investing in the right areas, we remain very disciplined and cautious about how and where we spend. Over the course of fiscal '26, you will hear me continue to talk about our fourth imperative, operating efficiently with pace and accountability.

我們堅信這是對我們資源最明智的利用。雖然我們在正確的領域進行投資，但我們對如何以及在何處進行投資仍然非常自律和謹慎。在 2026 財年期間，您將聽到我繼續談論我們的第四個要務，即有效率、快速、負責地營運。

This means maintaining efficiency on our controllable costs, including corporate, operations and supply chain costs as well as third-party costs, making investments in critical drivers of sustainable growth, specifically design, product and marketing.

這意味著保持我們可控成本的效率，包括企業、營運和供應鏈成本以及第三方成本，對永續成長的關鍵驅動力進行投資，特別是設計、產品和行銷。

And third, efficiently deploying capital expenditures and managing inventory. We will continue to measure and share with you our progress on this initiative, looking at SG&A as a percent of revenue, corporate head count and inventory turns.

第三，有效部署資本支出和管理庫存。我們將繼續衡量並與您分享我們在這項計劃上的進展，並將銷售、一般及行政費用佔收入、公司員工人數和庫存週轉率的百分比視為這一目標。

Before I hand it over to Neil, I want to address the global trade environment. Tariffs are a standard part of our global business. We successfully managed them across markets throughout our history, and our team is well versed in adapting the policy changes.

在將發言權交給尼爾之前，我想先談談全球貿易環境。關稅是我們全球業務的標準組成部分。在我們的歷史上，我們成功地在各個市場管理它們，我們的團隊非常善於適應政策變化。

As they stand right now, the new United States tariffs have a minimal impact on our P&L. Approximately 75% of our units are made in Canada, virtually all complying with USMCA requirements, which means as Dani mentioned earlier, they are currently exempt from tariffs.

就目前情況而言，美國新關稅對我們的損益影響甚微。我們約 75% 的產品是在加拿大製造的，幾乎全部符合 USMCA 的要求，這意味著正如 Dani 之前提到的，它們目前免徵關稅。

Our remaining production, which is primarily from Europe, is facing an increase in tariffs, but they will have minimal financial impact. We are actively monitoring this evolving situation and remain well positioned to react swiftly to any changes in US or global tariff policies.

我們剩餘的產品主要來自歐洲，正面臨關稅上調，但對財務的影響微乎其微。我們正在積極監測這一不斷變化的形勢，並隨時準備對美國或全球關稅政策的任何變化做出迅速反應。

More importantly, beyond tariffs, our vertical manufacturing is a real source of competitive advantage for us. It gives us control over quality and craftsmanship and it gives us agility in adjusting production to meet demand.

更重要的是，除了關稅之外，我們的垂直製造是我們真正的競爭優勢來源。它使我們能夠控製品質和工藝，並使我們能夠靈活地調整生產以滿足需求。

We are currently leveraging this capability more than we ever have before, which is especially valuable in today's dynamic market. Of course, there will undoubtedly be second-order implications on consumer sentiment, supply chain costs, et cetera, which we are monitoring closely and then, Neil will discuss shortly. But overall, we feel well positioned to navigate these uncertain waters.

我們目前比以往任何時候都更加重視這項能力，這在當今充滿活力的市場中尤其有價值。當然，這無疑會對消費者情緒、供應鏈成本等產生二階影響，我們正在密切關注，然後尼爾很快就會進行討論。但整體而言，我們感覺自己有能力渡過這些不確定的時期。

I'll now turn it over to Neil.

現在我將把發言權交給尼爾。

Thanks, Beth. First, I'll review our fourth quarter financial results and then discuss our plans for fiscal '26. As a headline, Q4 was a notably stronger quarter for us against the deteriorating consumer backdrop and challenging global trade environment.

謝謝，貝絲。首先，我將回顧我們第四季的財務業績，然後討論我們 26 財年的計畫。總體而言，在消費市場惡化和全球貿易環境充滿挑戰的情況下，第四季對我們來說是一個明顯強勁的季度。

In spite of these factors, we delivered consolidated revenue for the fourth quarter of $385 million, up 7% or 4% on a constant currency basis from the fourth quarter in fiscal '24. D2C revenue increased to $314 million, up 12% year-over-year, including comparable D2C sales growth of 7%.

儘管有這些因素，我們第四季的綜合營收仍達到 3.85 億美元，比 24 財年第四季成長 7%（以固定匯率計算成長 4%）。D2C 營收增至 3.14 億美元，年增 12%，其中可比 D2C 銷售額成長 7%。

Operating performance in our stores and e-commerce channels around the world was strong with North America leading the pack, building on momentum that started in the back half of Q3 that has continued into fiscal '26. In the wholesale channel, in Q4, revenue declined more year-over-year as we compared against the later shipping window in EMEA in fiscal '24.

我們在全球的商店和電子商務通路的經營業績強勁，其中北美地區處於領先地位，這一勢頭延續到了第三季度後半段，並持續到了 26 財年。在批發通路中，與 24 財年歐洲、中東和非洲地區較晚的出貨窗口相比，第四季的營收年減幅度更大。

For the full year, we performed ahead of our expectations of a 20% decline, reporting an 18% decline for the year. This was primarily the result of better in-season reorders, particularly in APAC, where our travel retail business is strengthening. We ended the year with channel inventory in a much healthier position and with better commercial alignment with our partners.

就全年而言，我們的業績超出了 20% 降幅的預期，全年降幅為 18%。這主要是由於當季重新訂購情況較好，特別是在亞太地區，我們的旅遊零售業務正在加強。今年底，我們的通路庫存狀況更加健康，與合作夥伴的商業合作也更加順暢。

Revenue in our other channel was down year-over-year as we held fewer friends and family events in the period. As you've heard, we're satisfied with our inventory position at the end of fiscal '25, which has been improved through brand right strategies in this channel.

由於我們在此期間舉辦的朋友和家人活動減少，其他管道的收入較去年同期下降。正如您所聽到的，我們對 25 財年末的庫存狀況感到滿意，這一狀況已透過該管道的品牌權利策略得到改善。

Earlier, Carrie provided the regional performance highlights, and I'll reiterate a few key points now. First, D2C comp performance improved materially in every region from our results in Q3 and over the first nine months of fiscal '25.

之前，Carrie 介紹了地區表現的亮點，現在我將重申幾個重點。首先，從第三季和 25 財年前九個月的業績來看，每個地區的 D2C 公司業績都有顯著改善。

In Q4, North America D2C comparable sales growth was 17% and 4% for the full year. In EMEA, D2C comparable sales growth was 4%, but negative 7% for the full year. And in APAC, D2C comparable sales growth was flat and negative 10% for the full year.

第四季度，北美D2C可比銷售額成長率為17%，全年成長率為4%。在 EMEA 地區，D2C 可比銷售額成長率為 4%，但全年銷售額卻下降了 7%。在亞太地區，D2C 可比銷售額成長持平，全年為負 10%。

APAC was comping against a particularly strong Q4 of fiscal '24 as a reminder. If we double-click into the markets, we saw a strong performance everywhere throughout the quarter with two exceptions, Greater China and the UK. Both saw slower traffic as a result of a more difficult consumer sentiment and in both cases, conversion improved.

值得一提的是，亞太地區正在與 24 財年第四季特別強勁的表現進行比較。如果我們仔細觀察市場，我們會看到整個季度各地都表現強勁，但大中華區和英國除外。由於消費者情緒更加低迷，兩家店的客流量均有所下降，但轉換率均提高。

As we move down the P&L, let's turn to gross profit, which increased 18%, exceeding the pace of revenue growth. Gross margin expanded by 620 basis points in the quarter to 71.3% and 69.9% for the full year, up 110 basis points over the previous fiscal year and ahead of our expectations.

隨著我們向下查看損益表，我們來看看毛利，其成長了 18%，超過了收入成長的速度。本季毛利率擴大 620 個基點至 71.3%，全年毛利率為 69.9%，比上一財年高出 110 個基點，超出我們的預期。

Though results for Q4 and the full year share similar reasons. First, the benefit of a higher proportion of DTC revenue. Second, lower inventory provisioning in the current year against somewhat higher provisions in Q4 of fiscal '24 related to our e-commerce business. And third, the modest benefit of pricing.

儘管第四季和全年業績的原因類似。首先，受益於更高比例的DTC收入。其次，本年度的庫存撥備較低，而 24 財年第四季與我們的電子商務業務相關的撥備略高。第三，定價的適度優勢。

Growth in our apparel category delivered incremental gross profit dollars at a slightly lower gross margin, which somewhat offset items positively impacting gross margin during the quarter. Adjusted EBIT for Q4 was $60 million, up 49% year-over-year. Adjusted EBIT margin was 15.5%, a 430 basis point expansion year-over-year compared to 11.2% last year.

服裝類別的成長帶來了毛利的增量，但毛利率略低，這在一定程度上抵消了本季對毛利率產生積極影響的項目。第四季調整後息稅前利潤為 6,000 萬美元，較去年同期成長 49%。調整後的息稅前利潤率為 15.5%，較去年的 11.2% 年增 430 個基點。

Gross profit improvement in the quarter and a disciplined approach to corporate expenses delivered meaningful year-over-year adjusted EBIT improvement in the period despite the increased costs of operating a larger store network, investments in our product creation capabilities and the larger marketing investments.

儘管經營更大的門市網路、對產品創造能力的投資以及更大的營銷投資導致成本增加，但本季毛利的提高以及對公司費用的嚴格控制使調整後的息稅前利潤較去年同期實現了顯著增長。

With positive D2C comparable sales and discipline on controllable SG&A, we delivered operating margin improvement, reflecting the power of our business model and the right elements come together. For the full year, adjusted EBIT was $171 million compared to $172 million in fiscal '24, representing a modest decline in operating margin.

憑藉積極的 D2C 可比銷售額和可控銷售、一般及行政費用的嚴格控制，我們實現了營業利潤率的提高，這反映了我們商業模式的力量以及正確要素的結合。全年調整後的息稅前利潤為 1.71 億美元，而 24 財年為 1.72 億美元，這意味著營業利潤率略有下降。

While this was below our original plan, we are pleased to see that we have been able to navigate the pressure on D2C comparable sales performance, the intentional rationalization of our wholesale order book and planned investments in our design and merchandising teams and marketing expenditures.

雖然這低於我們最初的計劃，但我們很高興地看到，我們已經能夠克服 D2C 可比銷售業績的壓力、批發訂單的有意合理化以及對設計和銷售團隊以及營銷支出的計劃投資。

As Beth mentioned earlier, we are disappointed to have deleveraging our SG&A line in fiscal '25. Our plan for the year contemplated SG&A leverage as a path to operating margin expansion, which was based on higher levels of revenue growth at the beginning of our peak season than we delivered.

正如 Beth 之前提到的，我們對 25 財年銷售、一般及行政費用 (SG&A) 的去槓桿化感到失望。我們今年的計劃是將銷售、一般及行政費用槓桿作為擴大營業利潤率的途徑，這是基於旺季開始時收入增長水平高於實際水平。

Adjusted net income attributable to shareholders was $32 million or $0.33 per diluted share compared to $19.3 million or $0.19 per diluted share in Q4 fiscal '24. For the full year, adjusted net income attributable to shareholders per diluted share was $1.12, an improvement of $0.13 or growth of 13% compared to fiscal '24.

調整後歸屬於股東的淨收入為 3,200 萬美元，即每股攤薄收益 0.33 美元，而 2024 財年第四季為 1,930 萬美元，即每股攤薄收益 0.19 美元。全年調整後每股攤薄淨利為 1.12 美元，較 24 財年增加 0.13 美元，成長 13%。

Turning to our balance sheet. As Beth mentioned earlier, inventory decreased 14% year-over-year, a material improvement directly resulting from a disciplined inventory management throughout fiscal '25. We're well positioned for fiscal '26 with inventory strategically positioned in key markets, providing flexibility amid global trade challenges.

轉向我們的資產負債表。正如 Beth 先前提到的，庫存年減了 14%，這項實質改善直接得益於整個 25 財年的嚴格庫存管理。我們已為 26 財年做好了充分準備，庫存已策略性地部署在關鍵市場，能夠在全球貿易挑戰中提供靈活性。

The resulting cash flow generation from working capital improvement and operating performance added $189 million more cash at the end of the fiscal year, leading to a net debt improvement of a similar amount. Net debt leverage on a trailing 12-month basis improved to 1.3 times adjusted EBITDA from 2.0 times adjusted EBITDA a year ago.

營運資本改善和經營業績產生的現金流在財政年度結束時增加了 1.89 億美元的現金，從而帶來了類似數額的淨債務改善。過去 12 個月的淨債務槓桿率從一年前的調整後 EBITDA 的 2.0 倍改善至調整後 EBITDA 的 1.3 倍。

We started fiscal '26 in a strong liquidity position that provides flexibility to make strategic investments while maintaining an efficient capital structure. Our capital allocation priorities remain focused on driving shareholder value in the medium and long term.

我們在 26 財年伊始就擁有強大的流動性，這為進行策略投資提供了靈活性，同時保持了高效的資本結構。我們的資本配置重點仍集中在推動中長期股東價值。

First, by investing in organic growth opportunities central to long-term value creation such as brand and product development and expanding our retail network. Secondly, enhancing the business' foundational needs, including upgrading our technology. And third, maintaining an efficient capital structure.

首先，透過投資對長期價值創造至關重要的有機成長機會，例如品牌和產品開發以及擴大我們的零售網絡。第二，增強業務的基礎需求，包括升級我們的技術。第三，保持高效率的資本結構。

Now turning to fiscal '26. There is no doubt that it has been a very turbulent period over these past several months, giving rise to material changes in the global trading environment. With changes occurring frequently and with limited line of sight to the impact of these changes on the economy and consumer health, at this time, we do not believe it is prudent to provide a financial outlook for the year.

現在轉向 26 財年。毫無疑問，過去幾個月是非常動盪的時期，導致全球貿易環境發生重大變化。由於變化頻繁發生，而且這些變化對經濟和消費者健康的影響的觀察範圍有限，因此目前我們認為提供今年的財務展望是不明智的。

Specifically on trade duties and tariffs, and we have heard the questions of how we are impacted a number of times. I want to be clear about two things. First, as a global business, tariffs are a reality of life and have been for a while. We have navigated through them successfully. And as you heard Beth say, the newly implemented tariffs are not material to the fiscal '26 financial plans directly.

特別是關於貿易關稅和關稅，我們已經多次聽到有關我們受到何種影響的問題。我想明確兩件事。首先，作為一家全球性企業，關稅是一個現實問題，而且已經存在一段時間了。我們已經成功渡過了難關。正如貝絲所說，新實施的關稅對 26 財年的財務計畫沒有直接影響。

However, and secondly, the indirect effect of these actions on the global economy and changing landscape create greater uncertainty for us, especially as we are months away from our peak revenue periods, and the situation has changed frequently over the past several months.

然而，其次，這些行動對全球經濟和不斷變化的格局的間接影響給我們帶來了更大的不確定性，特別是因為我們距離收入高峰期還有幾個月的時間，而且過去幾個月情況經常發生變化。

As you will expect, we are closely monitoring these dynamics and maintaining operational flexibility to respond as needed with a healthy balance sheet and liquidity position, where we do have clarity, however, is in what will create the greatest medium and long-term value for our business and controlling those things that we can control.

正如您所期望的，我們正在密切關注這些動態並保持營運靈活性，以便根據需要通過健康的資產負債表和流動性狀況做出反應，但我們確實清楚什麼將為我們的業務創造最大的中長期價值並控制那些我們能夠控制的事情。

Before I turn it over to the operator, I'd like to recap what you've heard from us today in terms of our operating imperatives for fiscal '26. First, building brand heat through focused marketing investment. As Carrie mentioned, when we invest boldly in brand moments, we see a direct commercial impact.

在將麥克風交給接線員之前，我想重述一下大家今天聽到的有關我們 26 財年的營運要求的內容。一是重點行銷投入，打造品牌熱度。正如 Carrie 所提到的，當我們大膽投資品牌時刻時，我們會看到直接的商業影響。

This year, we will strategically increase marketing investment and emphasize upper funnel activities to drive brand resonance, balancing near-term performance with long-term value creation. Our plan for fiscal '26 is to ensure that the marketing activities will cover the full year which we know from our experience in fiscal '25 is the plan we need to drive those commercial outcomes that we've just seen over the past six months.

今年，我們將策略性地增加行銷投入，並強調上層漏斗活動以推動品牌共鳴，平衡短期績效和長期價值創造。我們對 26 財年的計劃是確保行銷活動涵蓋全年，從 25 財年的經驗來看，我們需要製定這樣的計劃來推動過去六個月所看到的商業成果。

Based on that, we are confident this year's investment will bring a significant return, but given the shift up the marketing funnel are not planning for the full benefit to be realized within the year. Second, expanding our product offering to enhance year-round relevance.

基於此，我們相信今年的投資將帶來可觀的回報，但考慮到行銷管道的轉變，我們並不計劃在年內實現全部收益。其次，擴大我們的產品供應以增強全年的相關性。

Product and category newness is resonating with downfield outerwear, seeing growth and apparel remaining our fastest-growing category in both the quarter and fiscal '25. Our expanded design teams in Paris and Toronto are accelerating new product development across multiple categories, responding to consumer demand, while shortening our go-to-market cycle.

產品和類別的新穎性與戶外外套產生了共鳴，服裝在本季和 25 財年仍然是我們成長最快的類別。我們在巴黎和多倫多擴大的設計團隊正在加速多個類別的新產品開發，以滿足消費者的需求，同時縮短我們的上市週期。

Pricing changes will be made imminently. We are planning for modest increases on carryover styles with some more strategic pricing on newness as we build category depth and assortment with.

價格變動將很快發生。隨著我們不斷增加產品類別的深度和種類，我們計劃適度增加結轉款式，並對新品製定更具策略性的定價。

Third, driving business expansion through strategic channel development. Our second half of fiscal '25 delivered solid improvements in D2C comparable sales and conversion rates with this positive trajectory continuing into the first quarter of fiscal '26.

三是策略通路建設帶動業務拓展。我們在 25 財年下半年的 D2C 可比銷售額和轉換率方面取得了穩步提升，這種積極的趨勢一直延續到 26 財年第一季。

We have more work to do here, and we're committed to building on this foundation with specific performance metrics to track and drive our progress throughout fiscal '26, and on that, we will keep you posted. Capital deployment this year is focused on investing in critical markets like Paris and Milan, where we expect high returns over time, and our total net store opening plans will exceed fiscal '25 levels.

我們還有更多的工作要做，我們致力於在此基礎上建立具體的績效指標來追蹤和推動我們在整個 26 財年的進展，我們將隨時向您通報這一情況。今年的資本部署主要集中在巴黎和米蘭等關鍵市場，我們預計這些市場將隨著時間的推移獲得高回報，而且我們的淨門市開設計畫將超過 25 財年的水平。

Finally, operating efficiently with pace and accountability. We are enhancing operational efficiency through improved inventory turnover and disciplined SG&A management, particularly in corporate overhead as we scale revenue.

最後，以節奏和責任制高效運作。我們透過提高庫存週轉率和嚴格的銷售、一般及行政管理來提高營運效率，特別是在擴大收入的同時提高企業管理費用。

To close out today's remarks, I want to emphasize that our fiscal '25 performance, particularly in the second half of the year demonstrated the strength of our brand and the effectiveness of our strategy when well executed. Despite market uncertainties, our strategy positions us for sustainable growth and enhanced shareholder value creation while deepening our connection with consumers around the globe.

在結束今天的演講之前，我想強調的是，我們的 25 財年業績，特別是下半年的業績，證明了我們品牌的實力以及我們戰略的有效性（如果執行得當）。儘管市場存在不確定性，但我們的策略使我們能夠實現永續成長、提高股東價值創造，同時加深與全球消費者的連結。

On behalf of the senior leadership team, I want to thank our teams around the world for their dedication and hard work throughout fiscal '25, and we are excited about what fiscal '26 will bring for Canada Goose.

我謹代表高階領導團隊感謝我們遍布全球的團隊在 25 財年的奉獻和辛勤工作，我們對 26 財年加拿大鵝的前景充滿期待。

With that, I'll turn the call over to our operator for questions. Operator, you can open the line.

說完這些，我將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) Brooke Roach, Goldman Sachs.

（操作員指示）高盛的布魯克·羅奇。

Good morning and thank you for taking our question. I was hoping you could elaborate on some of the opportunities that you see in comp growth this year, particularly in North America. In your view, how sustainable is that North America comp trend that you delivered in the fourth quarter?

早安，感謝您回答我們的問題。我希望您能詳細說明您今年看到的公司成長方面的一些機會，特別是在北美。您認為，第四季度北美市場的競爭趨勢的可持續性如何？

And what are the things that you're doing to protect yourself from an uncertain macro environment into the peak winter season? And then a quick follow-up for Neil. Can you contextualize the magnitude of the incremental SG&A marketing investments that you'll be making this year. What is percent of sales this year that's planned versus last year? And how are you thinking about that opportunity? Thank you.

那麼，在冬季高峰期，您會採取哪些措施來保護自己免受不確定的宏觀環境的影響？然後快速跟進一下 Neil 的情況。您能否具體說明今年您將進行的增量銷售、一般和行政費用 (SG&A) 行銷投資的規模？與去年相比，今年的計畫銷售額佔比是多少？您如何看待這個機會？謝謝。

Hey Brooke, it's Carrie here. So to talk about North America, yeah, we had a great quarter. We saw tremendous momentum and that continues. And so, we continue to see that opportunity ahead. And I mean, I talked about it in my remarks, but a few things.

嘿，布魯克，我是凱莉。談到北美，是的，我們度過了一個很棒的季度。我們看到了巨大的發展勢頭，而且這種勢頭還在持續。因此，我們繼續看到未來的機會。我的意思是，我在我的發言中談到了這一點，但只談了幾件事。

One, when you look at our product expansion, I think the way that consumers are responding to, whether it's Eyewear, whether it's responding or newness and apparel, our newness in our core, we continue to see opportunities ahead to drive more of that.

首先，當你看到我們的產品擴展時，我認為消費者的反應方式，無論是眼鏡，還是新品和服裝，我們核心的新品，我們繼續看到未來的機會來推動更多這樣的產品。

The second part I would say is that everything that we started last year and kicked off in terms of our store execution. So really focusing on putting the right people in place on that when we see traffic, we can see our inventory is in the right place, making sure our staff is really well trained.

我想說的第二部分是，我們去年開始做的所有事情都是從商店執行方面開始的。因此，真正注重的是將合適的人員安排到位，這樣當我們看到客流量時，我們就能看到我們的庫存在正確的位置，確保我們的員工訓練有素。

I think we have the opportunity to keep doing that embedded at scale and see that across every store, not just in North America, but I would say in every region. The third thing I would say is the response to the way we've been bringing those product stories to life, whether it's our Eyewear launch, whether it was our Sea Mantra collection that introduced our spring product assortment.

我認為我們有機會繼續大規模地實施這項舉措，並將其推廣到每家商店，不僅僅是在北美，而是在每個地區。我想說的第三件事是我們對將這些產品故事帶入生活的方式的回應，無論是我們的眼鏡發布會，還是推出春季產品系列的 Sea Mantra 系列。

The way consumers have been responding to that really (technical difficulty) more focus on brand storytelling, more focus on upper funnel investments. That continues to give us confidence that there is more there. And so, that is a blueprint that we will continue to execute in FY26 because it's delivering results.

消費者對此的反應實際上（技術難題）更專注於品牌故事，而更專注於上層漏斗投資。這讓我們更加相信那裡還有更多。因此，這是我們將在 2026 財年繼續執行的藍圖，因為它正在產生成果。

So very excited to keep doing that. We have lots of new exciting things coming up on the product front. Haider's Snow Goose capsule is second. We'll be coming out imminently. And so, we're excited to see the market come up.

我非常高興能夠繼續這樣做。我們在產品方面有許多令人興奮的新產品即將推出。Haider 的 Snow Goose 膠囊排名第二。我們很快就要出來了。因此，我們很高興看到市場復甦。

Thanks, Brooke. Nice to hear your voice. As it relates to SG&A, obviously, no, we're not providing any directional on what the percentages will be of sales. But I'll tell you a couple of things. First of all, as you heard, both in fiscal '25 as well as what's going to continue in fiscal '26.

謝謝，布魯克。很高興聽到你的聲音。至於銷售、一般及行政費用 (SG&A)，顯然，我們不會提供任何有關銷售額百分比的指示。但我會告訴你一些事情。首先，正如您所聽到的，25 財年以及 26 財年的情況都將持續下去。

We're focused on SG&A that is strategic and will deliver the long-term value, which means it may not all come back this year. The focus areas are clearly on marketing, where we've seen over the last several months a very substantial uptick in brand heat as well as paid media that's delivering.

我們專注於具有戰略意義且能帶來長期價值的銷售、一般和行政費用，這意味著它可能不會在今年全部恢復。重點領域顯然是行銷，過去幾個月來，我們看到品牌熱度和付費媒體的影響力大幅上升。

Second area of focus is going to be around product design and merchandising, where again we've seen some benefits early on, but that's a longer-term play, of course. And then finally, we're going to put some more stores in place as you've heard.

第二個重點領域是產品設計和行銷，我們早期已經看到了一些好處，但這當然是一個長期的舉措。最後，正如您所聽到的，我們將開設更多的商店。

So we're certainly focused on areas of investment that we'll deliver. And on the other side, we're going to control costs around things like headcount and other corporate costs that maybe aren't necessarily returning at the same rate or over the same time horizon.

因此，我們當然會專注於我們將要實現的投資領域。另一方面，我們將控制員工人數和其他公司成本等方面的成本，這些成本可能不一定會以相同的速度或在相同的時間範圍內回報。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you. Good morning and congrats on the next program. I'd like to focus on product newness. It sounds like it accelerating how the store today represents what would consider core products versus what we considered units and how is this going to change over the course of the next year.

謝謝。早安，恭喜下一個節目。我想重點關注產品的新穎性。這聽起來像是在加速當今商店如何代表核心產品與單位產品之間的區別，以及這種區別在明年將如何改變。

Can you also help us think through the timing of some of the newer products coming in, they're going to be gradual or do you see a particular season where we should see a bigger output.

您能否幫助我們考慮一些新產品的上市時間，它們將逐步推出，還是您認為在某個特定季節我們應該看到更大的產量。

Thanks, Rick. It was a little bit choppy, but I think the question was really around product newness and how that assortment is going to progress. So (technical difficulty)

謝謝，里克。雖然有點不連貫，但我認為問題實際上在於產品的新穎性以及產品組合將如何發展。所以（技術難度）

Yeah. I'll take that. So you heard me talk about it in my remarks. So we are definitely focused on newness, not just new products, but also adding newness, whether it's through fabrics, whether it's through innovations on our core products. So we continue to see core products, whether it's things we've introduced 10 years ago, there's still lots of opportunity and demand to animate that. And so, that also is part of our newness strategy.

是的。我會接受的。所以你們聽到我在演講中談論了這一點。因此，我們絕對注重新穎性，不僅是新產品，而且還增加新穎性，無論是透過布料，還是透過核心產品的創新。因此，我們繼續看到核心產品，無論是我們 10 年前推出的產品，仍然有許多機會和需求來激發它。這也是我們新穎策略的一部分。

We want to be able to give people new reasons to come back as well as attract new consumers. So you heard me talk about apparel that is definitely a focus. We see the demand that people we're serving, customers across different regions, across different climates. So wind wear, rain wear. Sea Mantra would be a great example.

我們希望能夠為人們提供回來的新理由並吸引新的消費者。所以您聽到我談論的服裝肯定是一個焦點。我們看到了我們所服務的人、不同地區、不同氣候的客戶的需求。所以防風穿，防雨穿。Sea Mantra 就是一個很好的例子。

When we introduced Sea Mantra, it's the pinnacle product for rain. It has such a strong impact on demand for other rainwear, other wind wear jackets. So that's what we're responding to. We continue to see -- Snow Goose also as an opportunity. That's much more of an opportunity to bring the brand to life in a very different way. Haider's creative vision, his aesthetic, his standards in craftsmanship that continues to delight our consumer. So I'm excited for you guys to see that shortly.

當我們推出 Sea Mantra 時，它是防雨領域的頂級產品。這對其他雨衣、防風外套的需求產生了很大的影響。這就是我們所回應的。我們繼續將「雪雁」視為一個機會。這更是一個以非常不同的方式讓品牌煥發生機的機會。Haider 的創造性視野、他的美學以及他的工藝標準持續令我們的消費者感到滿意。所以我很高興你們很快就能看到它。

In terms, I think the second part of your question is around timing. This isn't -- it's an ongoing progressive introduction. So there's not going to be one season where you suddenly see a brand-new Canada goose. We don't need to reinvent ourselves. We're just bringing life and adding units to round out the assortment and to meet people where they're at.

就此而言，我認為你問題的第二部分與時間有關。這不是——這是一個持續漸進的介紹。因此，你不會在某個季節突然看到一隻全新的加拿大鵝。我們不需要重塑自我。我們只是注入活力並增加單位來完善產品種類並滿足人們的需求。

So I would expect to see -- you will see lots of newness in fall winter that will continue into spring and of course with hydro seasonal capsules, those are all brand new styles and colors and fabrics, and you name it. So it's very exciting. I think consumers are going to be very interested to see a new slightly different lens on the Canada Goose.

因此我希望看到——你會看到秋冬季節的許多新鮮事物，這些新鮮事物將持續到春季，當然還有季節性膠囊，這些都是全新的款式、顏色和布料，等等。所以這非常令人興奮。我認為消費者會對 Canada Goose 略有不同的新鏡頭非常感興趣。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi. Thanks for taking my questions here. The decision to pull the guide, was that just based on volatile trends you're seeing from an end consumer standpoint? I guess a follow-up on that is like have you seen the same level of comp sales growth continue into the first quarter here and the momentum from the fourth quarter continue here. Just wanted to ask a little more on the decision to pull the guide given not a ton of direct trade exposure. Thanks.

你好。感謝您在這裡回答我的問題。撤下該指南的決定是否僅僅是基於您從最終消費者的角度看到的不穩定趨勢？我想接下來的問題是，您是否看到相同水平的銷售額成長持續到第一季度，並且第四季度的勢頭持續下去。我只是想再問一下，鑑於沒有太多直接的交易曝光，為什麼決定撤下指南。謝謝。

Sure. So just to answer the second part first. Sales performance and just more generally, sales performance in the early part of fiscal '26 has been positive. And so, we're certainly encouraged by that. We see that momentum as a continuation of all the success that we've seen in the back half of the year, whether that's marketing or product or just pure better execution from a DTC perspective.

當然。因此，先回答第二部分。銷售業績，或者更普遍地說，26 財年初期的銷售業績一直很好。因此，我們確實對此感到鼓舞。我們認為這種勢頭是今年下半年所有成功的延續，無論是行銷、產品還是從 DTC 角度來看純粹更好的執行。

The pull of the guide and the decision not to provide an outlook for the year is entirely around what we see as a fairly uncertain consumer environment around the world. There's no doubt that the trade environment is choppy, and you correctly point out that our impacts are not necessarily direct, but we're quite away from our peak season and where we thought we were on the February 1 and the March 1 and today are all different.

該指南的吸引力以及不提供年度展望的決定完全是因為我們認為全球消費環境相當不確定。毫無疑問，貿易環境是動蕩的，您正確地指出，我們受到的影響不一定是直接的，但我們已經遠離了旺季，而且我們認為 2 月 1 日、3 月 1 日的情況與今天的情況完全不同。

And so, the level of unpredictability there. At least in our view, it's such that we're not prepared to provide an outlook for the year, although we've got a lot of great plans that you've heard that we intend on executing, and we fully expect successful execution of those plans over the next 12 months.

因此，那裡的不可預測程度是很高的。至少在我們看來，我們還沒有準備好提供今年的展望，儘管我們已經制定了很多您已經聽說的我們打算執行的偉大計劃，並且我們完全期望這些計劃能夠在未來 12 個月內成功執行。

Perfect. And then just my follow-up was on wholesale. Can you just give us at least the guidepost in terms of how we should be thinking about wholesale this year? Are you done with the curtailing of the wholesale accounts. Are you seeing any significant change in retailer order patterns in the current environment? Thanks.

完美的。然後我的後續工作就是批發。您能否至少為我們提供一些關於今年我們應該如何考慮批發業務的指導？你們已經完成了批發帳戶的縮減工作了嗎？在當前環境下，您是否發現零售商的訂單模式發生了顯著變化？謝謝。

Sure. I'll take that. So yeah, we talked about this before. I think the majority of our streamlining efforts are behind us. So we would say FY26 is really a trough. So we'll continue our strategy of deepening our partnerships with the best brands that are aligning with their values, with our full price strategy, with people that understand the journey that we are on.

當然。我會接受的。是的，我們之前討論過這個問題。我認為我們大部分的精簡工作已經完成。因此，我們可以說 26 財年確實是個低谷。因此，我們將繼續我們的策略，深化與符合其價值觀的最佳品牌的合作夥伴關係，採用我們的全價策略，與了解我們所走的旅程的人們合作。

And so, very pleased with what we're hearing from both the partners. They've seen our fall in our spring assortments. We're getting great response not really what we've done in '25 really created the blueprint for how we're going to execute in '26. So we do have expansion plans. I would say, increasing our presence in travel retail, particularly in the APAC region.

因此，我們對雙方合作夥伴的回饋感到非常高興。他們在我們的春季系列中看到了秋天。我們得到了很好的反響，我們在 25 年所做的一切確實為我們在 26 年如何執行製定了藍圖。所以我們確實有擴張計劃。我想說的是，我們將增加在旅遊零售領域的影響力，特別是在亞太地區。

And then in EMEA, we have investing more with influential partners. And that means branded environments, working with them on special exclusives and that means maintaining a more consistent connection to Canada Goose brand, whether that's your training, whether that's through visual merchandising. So we're quite happy with where we're at. And yeah, we expect fiscal '26 really to be the trough and to grow from here.

然後在歐洲、中東和非洲地區，我們與有影響力的合作夥伴進行了更多投資。這意味著品牌環境，與他們合作開發特殊獨家產品，這意味著與 Canada Goose 品牌保持更一致的聯繫，無論是透過培訓，還是透過視覺行銷。我們對目前的狀況非常滿意。是的，我們預計 26 財年將會是低谷，然後開始成長。

(Operator Instructions) Oliver Chen, TD Cowen.

（操作員指示） Oliver Chen，TD Cowen。

Hi. Thanks. We've been noticing some really encouraging lifestyle changes in the store. Across global luxury, a lot of the regions have been pretty different within the sector. What regions are you most concerned about? Or would you call out as you think about opportunities or where you need to go?

你好。謝謝。我們注意到商店裡發生了一些真正令人鼓舞的生活方式變化。縱觀全球奢侈品產業，許多地區的差異都非常大。您最關注哪些地區？或者當您想到機會或需要去的地方時，您會大聲呼喊嗎？

And then as we think and continue to see newness. How would you think about [Jim Roy] or gross margin return on inventory and or the segment where you think about margins and markdown cadence, just would love to understand that complexion or just general thoughts as some of the seasonal apparel maybe relative to different seasons and your SKUs may change in terms of breadth versus depth as you become more lifestyle. Thank you.

然後我們思考並繼續看到新事物。您如何看待[Jim Roy]或庫存的毛利率回報率，或者您考慮利潤率和降價節奏的部分，只是想了解這種情況或只是一般的想法，因為一些季節性服裝可能與不同的季節有關，並且隨著您變得更加註重生活方式，您的 SKU 的廣度和深度可能會發生變化。謝謝。

Thanks, Oliver. So let me walk through it. So in terms of regions, we continue to believe there's a lot of opportunity in all of them. So I would say when you look back at the Q4 macro factors, probably the biggest impact was on the UK and in our EMEA region and then the in China. So traffic definitely was lower, Conversion was higher. So we're proud of the way that we're able to convert that traffic.

謝謝，奧利佛。讓我來詳細講解一下。因此，就地區而言，我們仍然相信所有地區都有許多機會。因此我想說，當你回顧第四季的宏觀因素時，可能影響最大的是英國和我們的歐洲、中東和非洲地區，然後是中國。因此流量肯定較低，但轉換率較高。因此，我們為能夠轉換這些流量而感到自豪。

I would say when you look at EMEA, we have really strong performance in outside of the UK. So that's an area or a market that we are looking at and definitely dedicating our focus and attention to. In China, the consumer, we see them (technical difficulty) when we invest again, the demand is there when we're introducing new things. We saw the results of that in Lunar New Year. And so, we expect that to continue. We just continue to see lower traffic levels.

我想說，當你看歐洲、中東和非洲地區時，你會發現我們在英國以外的表現非常強勁。所以這是我們正在關注的領域或市場，我們一定會將注意力集中到這個領域或市場。在中國，當我們再次投資時，我們會看到消費者（技術難題），而當我們推出新產品時，需求就在那裡。我們在農曆新年看到了成果。因此，我們預計這種情況將會持續下去。我們只是看到交通量持續下降。

In North America, I think we're well placed. We're a well-placed brand. The consumer's resilient. We're seeing traction in both Canada and the US. So you just deliver on the strategy, whether it's marketing, whether it's our DTC execution, whether it's our product expansion. So really no areas of major concern. We just understand that there are fluctuating traffic patterns that we're responding to.

在北美，我認為我們處於有利地位。我們是一個定位良好的品牌。消費者俱有韌性。我們看到加拿大和美國都出現了成長勢頭。因此，你只需執行策略，無論是行銷、DTC 執行或產品擴展。因此確實沒有什麼值得特別關注的地方。我們只是了解到我們正在應對波動的流量模式。

I can take the second one over on Jim Roy and the inventory margin questions. Obviously, we're really pleased with our progress on that front. This year, we saw very significant reduction in inventory levels, expansion of turns, and strong margin performance. And I think there's lots more of that to come. I'll note we are less focused next year on absolute dollars of margin decline and more focused on driving turns, driving inventory efficiency.

我可以接手第二個關於 Jim Roy 和庫存保證金的問題。顯然，我們對這方面的進展感到非常滿意。今年，我們的庫存水準顯著下降，週轉率擴大，利潤率表現強勁。我認為未來還會有更多這樣的事發生。我要指出的是，我們明年將不再關注利潤率的絕對下降，而是更專注於推動營業額和庫存效率。

With regards to markdowns as we extend into more lifestyle categories, you've heard us share in the past that some of those newer categories are slightly lower margin, but we feel very good about the margins in those categories. We also feel very good about aggregate impact of those net new categories on consumer purchasing, more repeat purchases, more multi-unit purchases, basket builders.

關於隨著我們擴展到更多生活方式類別而進行的降價，您過去曾聽到我們分享過，其中一些較新的類別的利潤率略低，但我們對這些類別的利潤率感到非常滿意。我們也對這些淨新類別對消費者購買的整體影響感到非常滿意，包括更多的重複購買、更多的多單位購買和購物籃建構者。

So even if you have a slight gross margin impact from an apparel category, for example, relative to downfield outerwear, the aggregate impact on our overall margins is going to be significantly advantaged. So we feel good about all of the trends that should drive that inventory efficiency and margin profile in the short, medium and long term.

因此，即使服裝類別對毛利率的影響很小（例如相對於外衣而言），但對我們的整體利潤率的整體影響將顯著有利。因此，我們對所有將在短期、中期和長期推動庫存效率和利潤率的趨勢感到樂觀。

Okay. And a follow-up, like, as you know, timing is everything regarding sequencing of marketing and as you think about return on ad spend relative to product execution and changes to newness in the new designer, would love thoughts there?

好的。後續問題，如您所知，時機對於行銷順序至關重要，當您考慮相對於產品執行的廣告支出回報以及新設計師的新穎性變化時，您會有什麼想法嗎？

And related is customer lifetime value. As you analyze new customers, how is that complexion looking between new versus existing insurance and thinking about that UPT opportunity. Thank you.

與之相關的是客戶終身價值。當您分析新客戶時，新保險和現有保險之間的情況如何，並考慮 UPT 機會。謝謝。

All the things you can see on marketing. So when you think about the difference between fiscal '26 and fiscal '25, we're investing much earlier. So you remember that we were strategically made a decision last year to focus on putting our investments and attention and energy around our biggest brand moment, which was the introduction of Haider's first capsule.

您在行銷中可以看到的所有內容。因此，當您考慮 26 財年和 25 財年之間的差異時，您會發現我們的投資要早得多。所以你記得，我們​​去年做出了戰略決定，將我們的投資、注意力和精力集中在我們最大的品牌時刻上，那就是推出 Haider 的第一個膠囊。

And so, that happened late in the year. So what you'll see this year is whether it's a pull forward or planned earlier, we'll be executing much earlier. That's already started. We had a great kickoff of spring that started back in February, and that has continued. We've executed summer to a bigger degree. So across top to bottom funnel, and that will continue with the next Snow Goose capsule with a fall holiday.

所以，那件事就發生在年底了。因此，今年您將看到，無論是提前推進還是提前規劃，我們都會提前執行。那已經開始了。從二月開始，我們就迎來了春天，這種勢頭一直持續著。我們已經將夏季的氣氛推向了更大程度。因此，從上到下貫穿整個漏斗，而這個過程將繼續在下一個 Snow Goose 膠囊中度過秋季假期。

So we feel very comfortable that we're wanting and executing earlier and more often. We'll have a chance to engage with our consumer ahead of peak, bringing in new customers, enticing existing customers to come back and purchase something different. So feeling really good about the sequencing and the frequency assessment.

因此，我們感到非常安心，因為我們可以更早、更頻繁地實現這個願望和目標。我們將有機會在高峰期之前與消費者互動，吸引新客戶，吸引現有客戶回來購買不同的東西。因此對於排序和頻率評估感覺非常好。

As it relates to measuring the effectiveness of those investments, Oliver, is think a couple comments. So obviously, further down the funnel you are, the easier it is to measure return either on ad spend or on investment. We are fully intending on moving up the funnel and driving brand heat and those metrics in terms of returns are not necessarily as easy to measure financially in over a particular short period of time.

至於衡量這些投資的有效性，奧利佛想提幾點評論。因此，顯然，你越深入漏斗，就越容易衡量廣告支出或投資的回報。我們完全有意提升通路並推動品牌熱度，而這些回報指標在特定的短時間內並不一定容易在財務上衡量。

We look at how is brand heat going to grow, and how do we compare to both our trends as well as what we view to be appropriate benchmarks there. I'd say just to be transparent around consumer life cycle and lifetime value, we're probably at the earlier stages of maturity there.

我們關注品牌熱度將如何成長，以及如何與我們的趨勢以及我們認為合適的基準進行比較。我想說的是，只要透明地了解消費者生命週期和終身價值，我們可能就處於成熟的早期階段。

And that's an opportunity for us, especially as we build out some capabilities on marketing analytics to evaluate what that looks like over time and as we as we grow, both awareness and execution throughout the marketing funnel, I think, we will improve on our ability to measure that and therefore be able to drive improvement over time.

這對我們來說是一個機會，特別是當我們在行銷分析方面建立一些能力來評估隨著時間的推移情況會怎樣時，隨著我們在整個行銷管道中的意識和執行力的提高，我認為，我們將提高衡量能力，從而能夠隨著時間的推移推動改進。

We have no further questions in queue. I'd like to turn the call back over to management for any closing remarks.

我們沒有其他問題。我想將電話轉回給管理階層，以便他們做最後的總結發言。

Okay. Thank you, everyone. Appreciate your interest today, and if you have any further follow-ups, please reach out to the talented Investor Relations team here at Canada Goose. Take care and have a great day.

好的。謝謝大家。感謝您今天的關注，如果您有任何進一步的後續事宜，請聯繫 Canada Goose 優秀的投資者關係團隊。保重，祝您有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。